The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

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

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	1.39%	10.14%

U.S. small cap equities (Russell 2000^® Index)	(5.29)	(8.56)

International equities (MSCI Europe, Australasia, Far East Index)	(7.88)	14.40

Emerging market equities (MSCI Emerging Markets Index)	(4.78)	10.80

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.63	4.77

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.70)	(3.25)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.13)	0.36

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.65)	2.64

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	0.02	6.23

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 produced a gain for the 12 months ended October 31, 2023 (the “reporting period”). The Markit iBoxx USD Liquid Investment Grade Index, a broad measure of U.S. investment-grade corporate bond performance, returned 2.18%.

Bond prices generally moved lower over the past 12 months. When the reporting period began, the market was seeing support from a decline in inflation from the peak reached in the months following the outbreak of war in Ukraine. The easing of price pressures fueled expectations that the U.S. Federal Reserve (Fed) could be nearing the end of its long series of interest rate hikes, leading to positive market performance in late 2022. As 2023 progressed, however, the combination of persistent inflation and communications from Fed officials made it clear that although rate hikes were indeed winding down, interest rates were likely to remain “higher for longer.” Continued strength in economic growth, together with elevated housing prices and robust employment, reinforced the notion that the Fed would need to maintain high rates to prevent a reacceleration of inflation. The Fed ultimately raised rates six times over the course of the 12-month period, bringing the benchmark fed funds rate from a range of 3.0-3.25% to 5.25%-5.50%. More important, however, was the fact that the markets continued to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating the initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October. In this environment, U.S. Treasury yields moved higher across the maturity spectrum (as prices fell). The two-year note moved from 4.48% to 5.07% over the course of the 12-month period, while the 10-year yield rose from 4.05% to 4.93%.

Despite the headwind from rising Treasury yields, corporate issues finished with positive total returns thanks to the contribution from income and the positive effect from a decline in yield spreads relative to government debt. According to the Federal Reserve Bank of St. Louis, the ICE BofA US Corporate Index Option-Adjusted Spread fell from 163 basis points (1.63 percentage points) on October 31, 2022, to 130 on the final day of the reporting period. The spread fell as low as 117 in late September, but it climbed in October as the conflict in the Middle East and worries about the long-term impact of the United States’ rapidly rising government debt weighed on investors’ appetite for risk.

Longer-term corporate issues, which are most sensitive to interest-rate movements, lagged the broader market. Higher-rated corporate bonds, whose performance is dictated more by interest-rate movements than credit developments, generally underperformed lower-rated issues. At the sector level, financials performed well thanks to relative strength in the banking and finance industries. Energy issues also outperformed, as did other commodity-related industries such as paper and metals. On the other end of the spectrum, the utilities sector failed to keep pace with the index.

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.

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 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.

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

The iShares iBonds Dec 2033 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 2033, as represented by the Bloomberg December 2033 Maturity Corporate Index (the “Underlying 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, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was June 21, 2023. The first day of secondary market trading was June 23, 2023.

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 — 0.2%
RTX Corp., 3.70%, 12/15/23 (Call 11/16/23)^(a)	$	4,365	$	4,350,098


Agriculture — 0.3%
Philip Morris International Inc., 3.60%, 11/15/23^(a)		5,418		5,413,637


Banks — 5.8%
Bank of Montreal, 0.45%, 12/08/23^(a)		14,345		14,265,749
Canadian Imperial Bank of Commerce, 0.50%, 12/14/23^(a)		12,620		12,541,276
Cooperatieve Rabobank UA, 4.63%, 12/01/23		6,355		6,344,983
Deutsche Bank AG/New York NY, Series E, 0.96%, 11/08/23		18,325		18,305,243
Goldman Sachs Group Inc. (The), 1.22%, 12/06/23 (Call 11/06/23)		23,171		23,065,276
State Street Corp., 3.70%, 11/20/23^(a)		9,019		9,005,133
Svenska Handelsbanken AB, 3.90%, 11/20/23		10,603		10,592,966
Truist Financial Corp., 3.75%, 12/06/23 (Call 11/13/23)^(a)		12,110		12,070,096


				106,190,722

Beverages — 0.3%
Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 12/01/23)		6,350		6,324,625


Building Materials — 0.2%
Lennox International Inc., 3.00%, 11/15/23		3,850		3,845,713


Chemicals — 0.8%
Ecolab Inc., 0.90%, 12/15/23 (Call 11/13/23)^(a)		5,955		5,920,297
Mosaic Co. (The), 4.25%, 11/15/23		8,185		8,176,352


				14,096,649

Diversified Financial Services — 0.6%
American Express Co., 0.75%, 11/03/23^(a)		11,085		11,085,000


Electric — 5.2%
Alabama Power Co., Series 13-A, 3.55%, 12/01/23		4,246		4,238,026
American Electric Power Co. Inc., Series M, 0.75%, 11/01/23^(a)		5,815		5,815,000
Berkshire Hathaway Energy Co., 3.75%, 11/15/23^(a)		6,150		6,144,576
Black Hills Corp., 4.25%, 11/30/23		7,115		7,101,478
Consolidated Edison Inc., Series A, 0.65%, 12/01/23		15,796		15,729,321
Delmarva Power & Light Co., 3.50%, 11/15/23^(a)		4,502		4,495,471
Entergy Louisiana LLC, 0.62%, 11/17/23 (Call 11/13/23)^(a)		8,385		8,368,173
Eversource Energy, Series N, 3.80%, 12/01/23 (Call 11/01/23)		7,293		7,278,911
National Rural Utilities Cooperative Finance Corp., 3.40%, 11/15/23		5,150		5,145,070
Pacific Gas and Electric Co. 1.70%, 11/15/23 (Call 11/13/23)^(a)		12,495		12,468,651
3.85%, 11/15/23 (Call 11/13/23)^(a)		6,005		5,995,369
Public Service Co. of New Hampshire, 3.50%, 11/01/23		2,276		2,276,000
Public Service Enterprise Group Inc., 0.84%, 11/08/23^(a)		9,808		9,798,392


				94,854,438


Security	Par (000)		Value

Electronics — 0.2%
Honeywell International Inc., 3.35%, 12/01/23^(a)	$	3,525	$	3,517,868


Food — 0.4%
Kellogg Co., 2.65%, 12/01/23		6,495		6,477,531


Gas — 0.2%
Eastern Energy Gas Holdings LLC, 3.55%, 11/01/23^(a)		4,635		4,635,000


Health Care - Products — 1.7%
Abbott Laboratories, 3.40%, 11/30/23		13,096		13,072,591
Baxter International Inc., 0.87%, 12/01/23^(a)		10,396		10,347,992
Stryker Corp., 0.60%, 12/01/23 (Call 11/13/23)		7,770		7,734,985


				31,155,568

Health Care - Services — 0.1%
Laboratory Corp. of America Holdings, 4.00%, 11/01/23		2,248		2,248,000


Home Builders — 0.3%
Lennar Corp., 4.88%, 12/15/23 (Call 11/29/23)^(a)		5,470		5,464,606


Insurance — 0.9%
Aon PLC, 4.00%, 11/27/23^(a)		4,340		4,332,719
Aspen Insurance Holdings Ltd., 4.65%, 11/15/23		4,241		4,237,605
Jackson Financial Inc., 1.13%, 11/22/23^(a)		7,740		7,717,511


				16,287,835

Lodging — 0.2%
Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/16/23)^(a)		3,805		3,798,599


Machinery — 0.6%
Caterpillar Financial Services Corp. 3.65%, 12/07/23^(a)		5,468		5,455,274
3.75%, 11/24/23^(a)		6,393		6,385,101


				11,840,375

Media — 0.6%
Thomson Reuters Corp., 4.30%, 11/23/23^(a)		10,480		10,458,012


Oil & Gas — 0.6%
Shell International Finance BV, 3.50%, 11/13/23^(a)		11,792		11,782,402


Oil & Gas Services — 1.5%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 1.23%, 12/15/23^(a)		8,415		8,368,252
Schlumberger Investment SA, 3.65%, 12/01/23^(a)		19,165		19,116,734


				27,484,986

Pharmaceuticals — 3.7%
AbbVie Inc., 3.75%, 11/14/23^(a)		17,215		17,198,755
Bristol-Myers Squibb Co.
0.54%, 11/13/23		18,430		18,399,679
3.25%, 11/01/23		4,860		4,860,000
CVS Health Corp., 4.00%, 12/05/23 (Call 12/01/23)^(a)		4,643		4,634,430
Johnson & Johnson, 3.38%, 12/05/23		10,375		10,353,796
Mylan Inc., 4.20%, 11/29/23 (Call 11/16/23)		5,931		5,921,230
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23		6,406		6,398,467


				67,766,357


Security	Par (000)		Value


Pipelines — 0.8%
Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23	$	7,135	$	7,135,000
Williams Companies Inc. (The), 4.50%, 11/15/23		7,040		7,035,427


				14,170,427

Real Estate Investment Trusts — 0.3%
AvalonBay Communities Inc., 4.20%, 12/15/23 (Call 12/01/23)^(a)		4,715		4,703,325


Retail — 0.3%
Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 11/13/23)		5,335		5,323,486


Software — 0.6%
Microsoft Corp., 3.63%, 12/15/23 (Call 12/01/23)		10,923		10,897,533


Telecommunications — 0.5%
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/16/23)		9,143		9,128,287


Transportation — 0.2%
Ryder System Inc., 3.88%, 12/01/23 (Call 11/01/23)^(a)		3,690		3,682,787


Total Long-Term Investments — 27.1% (Cost: $497,642,605)				496,983,866


Security	Shares		Value


Short-Term Securities

Money Market Funds — 74.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(b)(c)(d)		38,031,764	$	38,046,976
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(b)(c)		1,321,110,000		1,321,110,000


Total Short-Term Securities — 74.0% (Cost: $1,359,125,352)				1,359,156,976


Total Investments — 101.1% (Cost: $1,856,767,957)				1,856,140,842

Liabilities in Excess of Other Assets — (1.1)%			(19,542,629)


Net Assets — 100.0%			$	1,836,598,213

^(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.

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.4%
Omnicom Group Inc., 3.65%, 11/01/24 (Call 08/01/24)	$	5,719	$	5,577,497
WPP Finance 2010, 3.75%, 09/19/24		4,622		4,506,281


				10,083,778

Aerospace & Defense — 1.3%
Boeing Co. (The)
1.43%, 02/04/24 (Call 11/13/23)		14,010		13,836,912
1.95%, 02/01/24		4,876		4,823,481
2.80%, 03/01/24 (Call 02/01/24)^(a)		1,646		1,628,189
2.85%, 10/30/24 (Call 07/30/24)^(a)		1,907		1,848,621
General Dynamics Corp., 2.38%, 11/15/24 (Call 09/15/24)^(a)		4,331		4,183,878
L3Harris Technologies Inc., 3.95%, 05/28/24 (Call 02/28/24)		1,768		1,744,835
RTX Corp., 3.20%, 03/15/24 (Call 01/15/24)		5,815		5,753,728


				33,819,644

Agriculture — 1.4%
Altria Group Inc.
3.80%, 02/14/24 (Call 01/14/24)^(a)		2,309		2,290,973
4.00%, 01/31/24		3,905		3,884,742
BAT Capital Corp.
2.79%, 09/06/24 (Call 08/06/24)^(a)		5,514		5,364,718
3.22%, 08/15/24 (Call 06/15/24)		9,673		9,453,620
Philip Morris International Inc.
2.88%, 05/01/24 (Call 04/01/24)		4,994		4,920,123
3.25%, 11/10/24^(a)		4,786		4,663,550
5.13%, 11/15/24		5,753		5,711,262


				36,288,988

Airlines — 0.1%
Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 04/29/26		1,379		1,332,271
Delta Air Lines Pass Through Trust, Series 2019-1, Class AA, 3.20%, 10/25/25^(a)		205		201,222
United Airlines Pass Through Trust, Series 2012-1 A, Class A, 4.15%, 10/11/25		2,051		2,023,971


				3,557,464

Auto Manufacturers — 4.1%
American Honda Finance Corp.
0.55%, 07/12/24		9,602		9,260,754
0.75%, 08/09/24		5,247		5,047,489
2.15%, 09/10/24		3,957		3,834,595
2.40%, 06/27/24		3,318		3,244,547
2.90%, 02/16/24		2,841		2,815,947
3.55%, 01/12/24^(a)		3,249		3,233,752
General Motors Financial Co. Inc.
1.05%, 03/08/24		4,700		4,616,325
1.20%, 10/15/24		5,395		5,143,222
3.50%, 11/07/24 (Call 09/07/24)^(a)		4,837		4,704,605
3.95%, 04/13/24 (Call 02/13/24)		7,069		6,992,209
5.10%, 01/17/24 (Call 12/17/23)^(a)		6,998		6,979,483
PACCAR Financial Corp.
0.35%, 02/02/24^(a)		2,467		2,433,400
0.50%, 08/09/24^(a)		2,423		2,327,649
0.90%, 11/08/24		2,998		2,853,630
2.15%, 08/15/24^(a)		2,219		2,160,118
3.15%, 06/13/24		3,345		3,292,233


Security	Par (000)		Value

Auto Manufacturers (continued)
Toyota Motor Corp.
0.68%, 03/25/24 (Call 02/25/24)^(a)	$	6,315	$	6,187,548
2.36%, 07/02/24^(a)		2,065		2,019,401
Toyota Motor Credit Corp.
0.45%, 01/11/24^(a)		4,449		4,403,190
0.50%, 06/18/24^(a)		4,945		4,782,600
0.63%, 09/13/24^(a)		5,495		5,258,295
2.00%, 10/07/24^(a)		2,986		2,885,087
2.50%, 03/22/24^(a)		1,290		1,273,587
2.90%, 04/17/24^(a)		3,840		3,788,764
3.35%, 01/08/24^(a)		1,759		1,750,736
4.40%, 09/20/24		6,620		6,545,637


				107,834,803

Auto Parts & Equipment — 0.2%
Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24)		5,889		5,799,740


Banks — 27.5%
Banco Santander SA
2.71%, 06/27/24^(a)		8,590		8,397,949
3.89%, 05/24/24^(a)		8,050		7,937,366
Bank of America Corp.
4.00%, 04/01/24^(a)		12,109		12,008,783
4.13%, 01/22/24		11,973		11,922,739
4.20%, 08/26/24		16,572		16,307,778
Bank of Montreal
0.63%, 07/09/24^(a)		8,984		8,660,240
2.15%, 03/08/24		5,069		5,000,808
2.50%, 06/28/24^(a)		5,863		5,729,692
5.20%, 12/12/24		6,133		6,079,923
Series E, 3.30%, 02/05/24^(a)		9,838		9,766,479
Series H, 4.25%, 09/14/24^(a)		8,190		8,063,625
Bank of New York Mellon Corp. (The)
0.50%, 04/26/24 (Call 03/26/24)^(a)		3,030		2,951,326
2.10%, 10/24/24^(a)		6,081		5,862,925
3.25%, 09/11/24 (Call 08/11/24)^(a)		2,977		2,910,097
3.40%, 05/15/24 (Call 04/15/24)		2,482		2,447,831
Series 12, 3.65%, 02/04/24 (Call 01/05/24)^(a)		3,815		3,790,078
Series J, 0.85%, 10/25/24 (Call 09/25/24)^(a)		4,159		3,961,804
Bank of Nova Scotia (The) 0.65%, 07/31/24^(a)		5,163		4,960,707
0.70%, 04/15/24		7,110		6,943,465
2.44%, 03/11/24		4,323		4,267,349
3.40%, 02/11/24^(a)		5,855		5,810,889
5.25%, 12/06/24		5,890		5,840,366
Barclays Bank PLC, 3.75%, 05/15/24		3,930		3,881,593
Barclays PLC, 4.38%, 09/11/24		7,244		7,093,894
BNP Paribas SA, 4.25%, 10/15/24		6,325		6,177,050
BPCE SA, 4.00%, 04/15/24^(a)		8,242		8,160,832
Canadian Imperial Bank of Commerce
1.00%, 10/18/24^(a)		4,850		4,626,940
3.10%, 04/02/24^(a)		6,253		6,175,374
Citibank NA, 3.65%, 01/23/24 (Call 12/23/23)		12,093		12,031,191
Citigroup Inc.
3.75%, 06/16/24^(a)		4,106		4,045,927
4.00%, 08/05/24^(a)		4,316		4,245,734
Comerica Bank, 2.50%, 07/23/24^(a)		3,025		2,893,128
Cooperatieve Rabobank UA/NY
0.38%, 01/12/24^(a)		4,495		4,446,275
3.88%, 08/22/24		7,070		6,952,009


Security	Par (000)		Value

Banks (continued)
Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24 (Call 12/28/23)^(a)	$	745	$	719,457
Credit Suisse AG/New York NY
0.50%, 02/02/24		5,484		5,401,015
3.63%, 09/09/24^(a)		15,697		15,312,633
4.75%, 08/09/24		5,590		5,515,758
Deutsche Bank AG/London, 3.70%, 05/30/24^(a)		3,873		3,805,341
Deutsche Bank AG/New York NY
0.90%, 05/28/24^(a)		5,645		5,472,216
3.70%, 05/30/24		4,488		4,411,066
Discover Bank, 2.45%, 09/12/24 (Call 08/12/24)^(a)		4,469		4,303,168
Fifth Third Bancorp.
3.65%, 01/25/24 (Call 12/25/23)		8,858		8,791,194
4.30%, 01/16/24 (Call 12/16/23)^(a)		3,755		3,732,966
Goldman Sachs Group Inc. (The)
3.00%, 03/15/24^(a)		12,383		12,236,125
3.63%, 02/20/24 (Call 01/20/24)^(a)		6,940		6,884,828
3.85%, 07/08/24 (Call 04/08/24)^(a)		12,241		12,054,927
4.00%, 03/03/24		16,176		16,057,758
5.70%, 11/01/24^(a)		12,564		12,520,994
HSBC Holdings PLC, 4.25%, 03/14/24		10,178		10,085,075
HSBC USA Inc.
3.50%, 06/23/24^(a)		4,405		4,319,887
3.75%, 05/24/24^(a)		6,100		6,013,517
Huntington Bancshares Inc./OH, 2.63%, 08/06/24 (Call 07/06/24)		4,605		4,469,438
ING Groep NV, 3.55%, 04/09/24^(a)		6,842		6,767,916
Intesa Sanpaolo SpA, 5.25%, 01/12/24^(a)		2,185		2,179,241
JPMorgan Chase & Co.
3.63%, 05/13/24^(a)		10,493		10,364,492
3.88%, 02/01/24		7,289		7,252,271
3.88%, 09/10/24^(a)		16,447		16,130,803
Lloyds Banking Group PLC
3.90%, 03/12/24^(a)		6,812		6,754,592
4.50%, 11/04/24^(a)		5,534		5,413,140
M&T Bank Corp., 4.00%, 07/15/24 (Call 04/16/24)		2,819		2,751,840
Mitsubishi UFJ Financial Group Inc.
2.80%, 07/18/24^(a)		6,279		6,135,747
3.41%, 03/07/24		8,136		8,061,854
Morgan Stanley
3.70%, 10/23/24^(a)		17,462		17,063,460
Series F, 3.88%, 04/29/24^(a)		16,513		16,345,987
National Australia Bank Ltd./New York, 5.13%, 11/22/24		8,420		8,370,488
National Bank of Canada, 0.75%, 08/06/24^(a)		3,980		3,823,664
PNC Bank NA
3.30%, 10/30/24 (Call 09/30/24)^(a)		3,214		3,130,390
2.50%, 08/27/24 (Call 07/27/24)^(a)		3,537		3,435,273
PNC Financial Services Group Inc. (The)
2.20%, 11/01/24 (Call 10/02/24)		3,979		3,827,111
3.50%, 01/23/24 (Call 12/23/23)		5,811		5,776,231
3.90%, 04/29/24 (Call 03/29/24)^(a)		4,158		4,106,804
Royal Bank of Canada
0.43%, 01/19/24^(a)		4,416		4,362,752
0.65%, 07/29/24^(a)		5,060		4,868,726
0.75%, 10/07/24^(a)		5,661		5,395,584
2.25%, 11/01/24^(a)		8,798		8,484,797
2.55%, 07/16/24^(a)		7,991		7,802,134
3.97%, 07/26/24		8,400		8,277,839
5.66%, 10/25/24		4,504		4,489,428


Security	Par (000)		Value

Banks (continued)
Santander Holdings USA Inc., 3.50%, 06/07/24 (Call 05/07/24)	$	6,328	$	6,200,171
Santander UK PLC
2.88%, 06/18/24^(a)		2,215		2,169,354
4.00%, 03/13/24		6,565		6,514,081
Sumitomo Mitsui Banking Corp.
3.40%, 07/11/24^(a)		3,022		2,968,645
3.95%, 01/10/24		2,855		2,843,288
Sumitomo Mitsui Financial Group Inc.
0.51%, 01/12/24^(a)		2,470		2,443,494
2.45%, 09/27/24^(a)		5,983		5,793,451
2.70%, 07/16/24^(a)		10,767		10,517,586
Toronto-Dominion Bank (The)
0.55%, 03/04/24^(a)		4,475		4,394,191
0.70%, 09/10/24		5,765		5,513,249
1.25%, 12/13/24		3,945		3,745,916
2.35%, 03/08/24^(a)		4,489		4,432,272
2.65%, 06/12/24^(a)		8,169		8,004,363
3.25%, 03/11/24^(a)		5,597		5,543,006
4.29%, 09/13/24^(a)		5,200		5,125,151
Truist Bank
2.15%, 12/06/24 (Call 11/05/24)		7,074		6,754,603
3.20%, 04/01/24 (Call 03/01/24)^(a)		6,961		6,873,936
Truist Financial Corp.
2.50%, 08/01/24 (Call 07/01/24)^(a)		6,110		5,936,215
2.85%, 10/26/24 (Call 09/26/24)^(a)		5,606		5,412,356
U.S. Bancorp.
2.40%, 07/30/24 (Call 06/28/24)		6,944		6,751,763
3.38%, 02/05/24 (Call 01/05/24)		7,137		7,081,293
3.60%, 09/11/24 (Call 08/11/24)^(a)		6,290		6,141,842
3.70%, 01/30/24 (Call 12/29/23)^(a)		3,658		3,634,407
Wells Fargo & Co.
3.30%, 09/09/24^(a)		14,121		13,772,483
3.75%, 01/24/24 (Call 12/22/23)^(a)		15,411		15,326,812
4.48%, 01/16/24^(a)		3,960		3,944,714
Westpac Banking Corp.
1.02%, 11/18/24		7,603		7,243,010
3.30%, 02/26/24		5,910		5,860,634
5.35%, 10/18/24^(a)		7,637		7,606,913


				722,381,292

Beverages — 1.0%
Coca-Cola Co. (The), 1.75%, 09/06/24^(a)		5,140		4,979,043
Constellation Brands Inc.
3.60%, 05/09/24		3,645		3,600,277
4.75%, 11/15/24		3,134		3,095,176
Diageo Capital PLC, 2.13%, 10/24/24 (Call 09/24/24)^(a)		3,456		3,338,927
Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 11/13/23)		6,332		6,208,775
PepsiCo Inc., 3.60%, 03/01/24 (Call 12/01/23)^(a)		5,344		5,308,682


				26,530,880

Biotechnology — 0.7%
Amgen Inc., 3.63%, 05/22/24 (Call 02/22/24)^(a)		7,392		7,298,689
Gilead Sciences Inc., 3.70%, 04/01/24 (Call 01/01/24)		10,138		10,042,198


				17,340,887

Building Materials — 0.5%
Johnson Controls International PLC, 3.63%, 07/02/24 (Call 04/02/24)^(a)(b)		2,575		2,532,349


Security	Par (000)		Value

Building Materials (continued)
Martin Marietta Materials Inc., 4.25%, 07/02/24 (Call 04/02/24)	$	2,073	$	2,049,147
Owens Corning, 4.20%, 12/01/24 (Call 09/01/24)		3,345		3,289,644
Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)^(a)		4,278		4,178,239


				12,049,379

Chemicals — 1.1%
Air Products and Chemicals Inc., 3.35%, 07/31/24 (Call 04/30/24)^(a)		1,874		1,841,169
Celanese U.S. Holdings LLC
3.50%, 05/08/24 (Call 04/08/24)^(a)		2,420		2,386,141
5.90%, 07/05/24^(a)		2,780		2,771,908
FMC Corp., 4.10%, 02/01/24 (Call 12/01/23)^(a)		2,210		2,195,784
Linde Inc., 4.80%, 12/05/24		730		725,428
LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24)		4,240		4,231,344
Nutrien Ltd., 5.90%, 11/07/24^(a)		2,425		2,420,038
PPG Industries Inc., 2.40%, 08/15/24 (Call 07/15/24)^(a)		1,637		1,590,748
Sherwin-Williams Co. (The)
3.13%, 06/01/24 (Call 04/01/24)^(a)		4,078		4,009,318
4.05%, 08/08/24^(a)		3,509		3,455,976
Westlake Corp., 0.88%, 08/15/24 (Call 11/13/23)^(a)		2,230		2,141,325


				27,769,179

Commercial Services — 0.8%
Equifax Inc., 2.60%, 12/01/24 (Call 11/01/24)		4,631		4,461,479
Global Payments Inc., 1.50%, 11/15/24 (Call 10/15/24)		3,201		3,042,191
J Paul Getty Trust (The), Series 2021, 0.39%, 01/01/24 (Call 12/01/23)^(a)		2,395		2,373,101
PayPal Holdings Inc., 2.40%, 10/01/24 (Call 09/01/24)^(a)		8,314		8,062,180
Quanta Services Inc., 0.95%, 10/01/24 (Call 12/01/23)		2,872		2,736,551


				20,675,502

Computers — 3.1%
Apple Inc.
1.80%, 09/11/24 (Call 08/11/24)^(a)		2,987		2,894,029
2.85%, 05/11/24 (Call 03/11/24)^(a)		7,732		7,621,600
3.00%, 02/09/24 (Call 12/09/23)^(a)		6,832		6,782,045
3.45%, 05/06/24		12,676		12,539,320
Dell International LLC/EMC Corp., 4.00%, 07/15/24 (Call 06/15/24)^(a)		6,117		6,031,882
Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24)		2,871		2,768,893
Hewlett Packard Enterprise Co.
1.45%, 04/01/24 (Call 03/01/24)^(a)		6,132		6,016,271
5.90%, 10/01/24^(a)		8,470		8,457,627
International Business Machines Corp.
3.00%, 05/15/24^(a)		15,978		15,735,246
3.63%, 02/12/24^(a)		10,140		10,076,154
NetApp Inc., 3.30%, 09/29/24 (Call 07/29/24)^(a)		2,513		2,452,255


				81,375,322

Cosmetics & Personal Care — 0.7%
Colgate-Palmolive Co., 3.25%, 03/15/24^(a)		1,562		1,548,094
Estee Lauder Companies Inc. (The), 2.00%, 12/01/24 (Call 11/01/24)		3,355		3,230,183
GSK Consumer Healthcare Capital U.S. LLC, 3.02%, 03/24/24 (Call 11/16/23)^(a)		3,818		3,768,460


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
Unilever Capital Corp.
0.63%, 08/12/24 (Call 11/16/23)^(a)	$	2,912	$	2,799,298
2.60%, 05/05/24 (Call 03/05/24)^(a)		5,464		5,372,069
3.25%, 03/07/24 (Call 02/07/24)		2,744		2,720,093


				19,438,197

Diversified Financial Services — 6.8%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust
1.65%, 10/29/24 (Call 09/29/24)		17,785		16,958,451
2.88%, 08/14/24 (Call 07/14/24)^(a)		5,079		4,935,036
3.15%, 02/15/24 (Call 01/15/24)^(a)		4,835		4,783,853
4.88%, 01/16/24 (Call 12/16/23)		4,470		4,455,339
Series 3NC1, 1.75%, 10/29/24 (Call 12/01/23)		5,844		5,578,782
Affiliated Managers Group Inc., 4.25%, 02/15/24^(a)		2,009		1,997,710
Air Lease Corp.
0.70%, 02/15/24 (Call 01/15/24)^(a)		4,232		4,159,771
0.80%, 08/18/24 (Call 07/18/24)^(a)		3,945		3,771,799
4.25%, 02/01/24 (Call 01/01/24)^(a)		3,756		3,735,403
4.25%, 09/15/24 (Call 06/15/24)^(a)		3,397		3,337,995
Aircastle Ltd., 4.13%, 05/01/24 (Call 02/01/24)^(a)		3,107		3,064,423
Ally Financial Inc.
3.88%, 05/21/24 (Call 04/21/24)^(a)		4,221		4,148,795
5.13%, 09/30/24		4,263		4,200,690
American Express Co.
2.50%, 07/30/24 (Call 06/30/24)		8,712		8,493,882
3.00%, 10/30/24 (Call 09/29/24)^(a)		9,704		9,426,468
3.38%, 05/03/24		9,135		9,017,185
3.40%, 02/22/24 (Call 01/22/24)		6,757		6,702,788
3.63%, 12/05/24 (Call 11/04/24)		3,858		3,760,397
Ameriprise Financial Inc., 3.70%, 10/15/24^(a)		4,151		4,065,806
BGC Group Inc., 3.75%, 10/01/24 (Call 09/01/24)^(a)		1,797		1,728,654
Capital One Financial Corp.
3.30%, 10/30/24 (Call 09/30/24)^(a)		8,740		8,478,059
3.75%, 04/24/24 (Call 03/24/24)^(a)		4,247		4,192,050
3.90%, 01/29/24 (Call 12/29/23)^(a)		6,974		6,931,232
Charles Schwab Corp. (The)
0.75%, 03/18/24 (Call 02/18/24)^(a)		7,862		7,700,735
3.55%, 02/01/24 (Call 01/01/24)^(a)		3,021		3,000,448
3.75%, 04/01/24 (Call 03/02/24)^(a)		2,320		2,295,397
Citigroup Global Markets Holdings Inc./U.S, 0.75%, 06/07/24 (Call 12/07/23)^(a)		2,973		2,879,029
Discover Financial Services, 3.95%, 11/06/24 (Call 08/06/24)^(a)		3,157		3,070,290
Invesco Finance PLC, 4.00%, 01/30/24^(a)		3,716		3,696,369
Mastercard Inc., 3.38%, 04/01/24^(a)		6,221		6,157,538
ORIX Corp.
3.25%, 12/04/24^(a)		3,755		3,641,715
4.05%, 01/16/24^(a)		2,122		2,112,960
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)		2,630		2,563,034
Stifel Financial Corp., 4.25%, 07/18/24^(a)		3,111		3,057,219
Synchrony Financial
4.25%, 08/15/24 (Call 05/15/24)		6,965		6,820,420
4.38%, 03/19/24 (Call 02/19/24)		3,465		3,431,546


				178,351,268

Electric — 6.5%
Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24)		2,729		2,647,814
American Electric Power Co. Inc., 2.03%, 03/15/24		4,957		4,866,804
Avangrid Inc., 3.15%, 12/01/24 (Call 10/01/24)		3,693		3,568,457


Security	Par (000)		Value

Electric (continued)
Black Hills Corp., 1.04%, 08/23/24 (Call 11/16/23)^(a)	$	3,755	$	3,601,411
CenterPoint Energy Inc., 2.50%, 09/01/24 (Call 08/01/24)		3,192		3,097,833
Cleveland Electric Illuminating Co. (The), 5.50%, 08/15/24		2,170		2,160,411
Dominion Energy Inc., 3.07%, 08/15/24^(b)		5,612		5,470,606
DTE Electric Co., 3.65%, 03/15/24 (Call 12/15/23)^(a)		3,117		3,093,197
DTE Energy Co.
4.22%, 11/01/24^(b)		6,640		6,509,141
Series C, 2.53%, 10/01/24^(b)		4,051		3,922,048
Duke Energy Corp., 3.75%, 04/15/24 (Call 01/15/24)		6,044		5,985,167
Edison International, 3.55%, 11/15/24 (Call 10/15/24)		3,311		3,216,221
Emera U.S. Finance LP, 0.83%, 06/15/24^(a)		2,103		2,022,637
Enel Generacion Chile SA, 4.25%, 04/15/24 (Call 01/15/24)^(a)		1,454		1,431,510
Entergy Arkansas LLC, 3.70%, 06/01/24 (Call 03/01/24)		2,450		2,413,914
Entergy Louisiana LLC
0.95%, 10/01/24 (Call 11/13/23)		6,278		6,005,192
5.40%, 11/01/24		2,110		2,098,977
5.59%, 10/01/24^(a)		1,178		1,178,000
Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24)		5,217		5,050,877
Eversource Energy
4.20%, 06/27/24^(a)		5,115		5,051,038
Series L, 2.90%, 10/01/24 (Call 08/01/24)^(a)		3,259		3,167,421
Florida Power & Light Co., 3.25%, 06/01/24 (Call 12/01/23)^(a)		2,601		2,560,537
Georgia Power Co., Series A, 2.20%, 09/15/24 (Call 08/15/24)^(a)		2,850		2,756,450
Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24)		3,586		3,482,671
IPALCO Enterprises Inc., 3.70%, 09/01/24 (Call 07/01/24)^(a)		2,636		2,572,208
ITC Holdings Corp., 3.65%, 06/15/24 (Call 03/15/24)^(a)		3,278		3,227,151
MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24)^(a)		4,040		3,960,496
National Rural Utilities Cooperative Finance Corp.
0.35%, 02/08/24		1,933		1,904,448
2.95%, 02/07/24 (Call 12/07/23)^(a)		2,894		2,869,743
Series D, 1.00%, 10/18/24		2,831		2,705,329
NextEra Energy Capital Holdings Inc.
2.94%, 03/21/24 (Call 12/01/23)^(a)		5,042		4,982,176
4.20%, 06/20/24		4,247		4,196,960
4.26%, 09/01/24		8,329		8,194,412
Oncor Electric Delivery Co. LLC, 2.75%, 06/01/24 (Call 05/01/24)		3,191		3,131,166
Pacific Gas and Electric Co.
3.25%, 02/16/24 (Call 11/15/23)		4,148		4,110,455
3.40%, 08/15/24 (Call 05/15/24)^(a)		4,019		3,927,761
3.75%, 02/15/24 (Call 11/15/23)^(a)		1,635		1,622,623
PacifiCorp, 3.60%, 04/01/24 (Call 01/01/24)^(a)		2,524		2,499,878
Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23)		2,035		2,017,244
Public Service Enterprise Group Inc., 2.88%, 06/15/24 (Call 05/15/24)^(a)		4,770		4,676,135


Security	Par (000)		Value

Electric (continued)
Southern California Edison Co.
1.10%, 04/01/24 (Call 12/01/23)	$	4,584	$	4,496,239
Series K, 0.98%, 08/01/24		3,005		2,894,136
Southern Co. (The)
4.48%, 08/01/24^(a)(b)		5,489		5,416,909
Series 21-A, 0.60%, 02/26/24 (Call 01/26/24)^(a)		3,925		3,858,555
Southwestern Public Service Co., 3.30%, 06/15/24 (Call 12/15/23)^(a)		2,050		2,017,934
Tampa Electric Co., 3.88%, 07/12/24^(a)		1,970		1,941,512
Union Electric Co., 3.50%, 04/15/24 (Call 01/15/24)		2,247		2,223,759
Virginia Electric & Power Co., 3.45%, 02/15/24 (Call 11/21/23)		1,327		1,317,144
WEC Energy Group Inc., 0.80%, 03/15/24 (Call 02/15/24)^(a)		3,045		2,986,578
Wisconsin Electric Power Co., 2.05%, 12/15/24 (Call 11/15/24)^(a)		2,334		2,240,057


				171,349,342

Electronics — 1.1%
Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)		3,022		2,938,484
Amphenol Corp., 3.20%, 04/01/24 (Call 02/01/24)^(a)		2,930		2,897,092
Arrow Electronics Inc., 3.25%, 09/08/24 (Call 07/08/24)^(a)		3,664		3,570,063
Honeywell International Inc.
2.30%, 08/15/24 (Call 07/15/24)^(a)		5,730		5,580,738
4.85%, 11/01/24		2,680		2,658,670
Keysight Technologies Inc., 4.55%, 10/30/24 (Call 07/30/24)		3,162		3,113,112
TD SYNNEX Corp., 1.25%, 08/09/24 (Call 11/13/23)		3,900		3,740,842
Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24)^(a)		3,036		2,989,684
Tyco Electronics Group SA, 3.45%, 08/01/24 (Call 05/01/24)^(a)		2,311		2,270,880


				29,759,565

Environmental Control — 0.2%
Republic Services Inc., 2.50%, 08/15/24 (Call 07/15/24)		6,249		6,079,379


Food — 1.3%
Conagra Brands Inc., 4.30%, 05/01/24 (Call 04/01/24)		6,548		6,486,713
General Mills Inc., 3.65%, 02/15/24 (Call 11/16/23)		2,779		2,759,431
Hershey Co. (The), 2.05%, 11/15/24 (Call 10/15/24)		1,683		1,620,344
Hormel Foods Corp., 0.65%, 06/03/24 (Call 11/16/23)^(a)		5,350		5,190,447
Kroger Co. (The), 4.00%, 02/01/24 (Call 12/01/23)^(a)		2,980		2,963,878
McCormick & Co. Inc./MD, 3.15%, 08/15/24 (Call 06/15/24)^(a)		4,494		4,397,742
Mondelez International Inc., 2.13%, 03/17/24		3,055		3,011,641
Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24)^(a)		7,015		6,905,472


				33,335,668

Forest Products & Paper — 0.0%
Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24)^(a)		1,388		1,365,198


Security	Par (000)		Value

Gas — 0.5%
Eastern Energy Gas Holdings LLC
3.60%, 12/15/24 (Call 09/15/24)^(a)	$	1,024	$	995,124
Series A, 2.50%, 11/15/24 (Call 10/15/24)		4,931		4,752,778
ONE Gas Inc.
1.10%, 03/11/24 (Call 11/16/23)^(a)		2,798		2,748,847
3.61%, 02/01/24 (Call 12/01/23)^(a)		1,275		1,266,019
Southern California Gas Co., 3.15%, 09/15/24 (Call 06/15/24)^(a)		2,909		2,838,420


				12,601,188

Health Care - Products — 1.9%
Baxter International Inc., 1.32%, 11/29/24^(a)		7,828		7,441,007
Boston Scientific Corp., 3.45%, 03/01/24 (Call 02/01/24)^(a)		2,849		2,824,907
DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24)		5,491		5,293,012
GE HealthCare Technologies Inc., 5.55%, 11/15/24^(a)		6,145		6,118,673
Revvity Inc., 0.85%, 09/15/24 (Call 11/13/23)^(a)		3,405		3,248,076
Stryker Corp., 3.38%, 05/15/24 (Call 02/15/24)		4,101		4,048,906
Thermo Fisher Scientific Inc., 1.22%, 10/18/24 (Call 11/13/23)		15,704		15,002,942
Zimmer Biomet Holdings Inc., 1.45%, 11/22/24 (Call 11/13/23)		6,262		5,965,403


				49,942,926

Health Care - Services — 2.1%
Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24)		5,431		5,294,510
CommonSpirit Health, 2.76%, 10/01/24 (Call 07/01/24)		1,918		1,862,024
Elevance Health Inc.
3.35%, 12/01/24 (Call 10/01/24)^(a)		5,460		5,315,136
3.50%, 08/15/24 (Call 05/15/24)^(a)		4,912		4,817,717
HCA Inc., 5.00%, 03/15/24		10,059		10,015,769
Humana Inc., 3.85%, 10/01/24 (Call 07/01/24)		4,626		4,536,392
Laboratory Corp. of America Holdings
2.30%, 12/01/24 (Call 11/01/24)		3,323		3,192,026
3.25%, 09/01/24 (Call 07/01/24)^(a)		3,401		3,322,592
Quest Diagnostics Inc., 4.25%, 04/01/24 (Call 01/01/24)^(a)		1,733		1,718,672
UnitedHealth Group Inc.
0.55%, 05/15/24 (Call 11/13/23)^(a)		1,965		1,912,403
2.38%, 08/15/24^(a)		5,085		4,953,994
3.50%, 02/15/24^(a)		4,189		4,162,182
5.00%, 10/15/24^(a)		4,867		4,839,585


				55,943,002

Holding Companies - Diversified — 1.0%
Ares Capital Corp., 4.20%, 06/10/24 (Call 05/10/24)^(a)		5,331		5,238,667
Blackstone Private Credit Fund
1.75%, 09/15/24^(a)		2,836		2,711,066
2.35%, 11/22/24^(a)		2,724		2,590,134
Blue Owl Capital Corp., 5.25%, 04/15/24 (Call 03/15/24)^(a)		2,720		2,693,112
FS KKR Capital Corp.
1.65%, 10/12/24^(a)		3,042		2,900,948
4.63%, 07/15/24 (Call 06/15/24)^(a)		2,342		2,301,919
Golub Capital BDC Inc., 3.38%, 04/15/24 (Call 03/15/24)		2,843		2,790,669
Main Street Capital Corp., 5.20%, 05/01/24^(a)		2,715		2,688,448


Security	Par (000)		Value

Holding Companies - Diversified (continued)
Sixth Street Specialty Lending Inc., 3.88%, 11/01/24 (Call 10/01/24)	$	2,552	$	2,476,981


				26,391,944

Home Builders — 0.3%
DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24)		4,176		4,039,045
Lennar Corp., 4.50%, 04/30/24 (Call 01/31/24)		4,242		4,205,852


				8,244,897

Home Furnishings — 0.1%
Leggett & Platt Inc., 3.80%, 11/15/24 (Call 08/15/24)^(a)		770		749,473
Whirlpool Corp., 4.00%, 03/01/24^(a)		1,510		1,499,663


				2,249,136

Household Products & Wares — 0.1%
Avery Dennison Corp., 0.85%, 08/15/24 (Call 11/13/23)		1,757		1,685,468


Insurance — 1.4%
American International Group Inc., 4.13%, 02/15/24^(a)		2,779		2,760,076
Aon Global Ltd., 3.50%, 06/14/24 (Call 03/14/24)^(a)		3,560		3,503,889
Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24)^(a)		2,972		2,919,194
Chubb INA Holdings Inc., 3.35%, 05/15/24^(a)		3,735		3,682,193
CNA Financial Corp., 3.95%, 05/15/24 (Call 02/15/24)^(a)		3,084		3,045,243
First American Financial Corp., 4.60%, 11/15/24		1,155		1,135,949
Marsh & McLennan Companies Inc.
3.50%, 06/03/24 (Call 03/03/24)^(a)		3,434		3,383,281
3.88%, 03/15/24 (Call 02/15/24)^(a)		5,876		5,829,781
MetLife Inc., 3.60%, 04/10/24^(a)		5,733		5,674,492
Old Republic International Corp., 4.88%, 10/01/24 (Call 09/01/24)^(a)		1,778		1,751,900
Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)		3,647		3,591,406


				37,277,404

Internet — 2.7%
Alibaba Group Holding Ltd., 3.60%, 11/28/24 (Call 08/28/24)^(a)		11,400		11,117,942
Alphabet Inc., 3.38%, 02/25/24		4,065		4,035,611
Amazon.com Inc.
0.45%, 05/12/24		11,642		11,334,039
2.73%, 04/13/24		6,535		6,448,272
2.80%, 08/22/24 (Call 06/22/24)		10,850		10,621,025
3.80%, 12/05/24 (Call 09/05/24)		6,920		6,799,123
4.70%, 11/29/24		4,606		4,569,207
Baidu Inc., 4.38%, 05/14/24 (Call 04/14/24)^(a)		3,445		3,416,651
eBay Inc., 3.45%, 08/01/24 (Call 05/01/24)^(a)		6,605		6,485,508
Netflix Inc., 5.75%, 03/01/24^(a)		405		404,412
Weibo Corp., 3.50%, 07/05/24 (Call 06/05/24)^(a)		4,483		4,391,774


				69,623,564
Iron & Steel — 0.1%
Steel Dynamics Inc., 2.80%, 12/15/24 (Call 11/15/24)		3,185		3,070,070


Leisure Time — 0.1%
Brunswick Corp., 0.85%, 08/18/24 (Call 11/16/23)		2,753		2,632,054


Lodging — 0.3%
Hyatt Hotels Corp., 1.80%, 10/01/24 (Call 11/16/23)		5,141		4,945,381


Security	Par (000)		Value

Lodging (continued)
Marriott International Inc./MD, 3.60%, 04/15/24 (Call 03/15/24)^(a)	$	4,280	$	4,228,996


				9,174,377

Machinery — 2.1%
Caterpillar Financial Services Corp.
0.45%, 05/17/24^(a)		2,992		2,907,030
0.60%, 09/13/24^(a)		3,785		3,623,509
0.95%, 01/10/24		2,299		2,277,583
2.15%, 11/08/24		6,254		6,043,644
2.85%, 05/17/24		2,299		2,262,574
3.25%, 12/01/24		3,642		3,553,555
3.30%, 06/09/24^(a)		1,924		1,896,129
Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24)^(a)		3,691		3,644,178
CNH Industrial Capital LLC, 4.20%, 01/15/24^(a)		2,696		2,684,966
John Deere Capital Corp.
0.45%, 01/17/24		3,939		3,893,916
0.45%, 06/07/24^(a)		2,930		2,839,980
0.63%, 09/10/24		3,230		3,094,743
0.90%, 01/10/24		715		708,552
2.60%, 03/07/24^(a)		2,905		2,873,542
2.65%, 06/24/24		3,420		3,353,348
3.35%, 06/12/24^(a)		2,735		2,697,093
3.45%, 01/10/24^(a)		1,442		1,435,611
4.55%, 10/11/24		750		742,840
Westinghouse Air Brake Technologies Corp., 4.15%, 03/15/24 (Call 02/15/24)		4,503		4,464,356


				54,997,149

Manufacturing — 1.3%
3M Co., 3.25%, 02/14/24 (Call 01/14/24)^(a)		5,617		5,571,841
Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24)		3,068		2,975,900
Illinois Tool Works Inc., 3.50%, 03/01/24 (Call 12/01/23)		4,416		4,382,068
Parker-Hannifin Corp.
2.70%, 06/14/24 (Call 05/14/24)		3,777		3,700,618
3.30%, 11/21/24 (Call 08/21/24)^(a)		2,891		2,808,989
3.65%, 06/15/24		7,685		7,563,991
Teledyne Technologies Inc., 0.95%, 04/01/24 (Call 11/13/23)		3,525		3,449,162
Textron Inc., 4.30%, 03/01/24 (Call 12/01/23)^(a)		2,431		2,413,980


				32,866,549

Media — 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 02/01/24 (Call 01/01/24)		6,566		6,535,261
Comcast Corp., 3.70%, 04/15/24 (Call 03/15/24)		569		563,881
Discovery Communications LLC, 3.90%, 11/15/24 (Call 08/15/24)		3,086		2,999,712
Fox Corp., 4.03%, 01/25/24 (Call 12/25/23)		6,839		6,803,376
Walt Disney Co. (The)
1.75%, 08/30/24 (Call 07/30/24)		8,957		8,667,919
3.70%, 09/15/24 (Call 06/15/24)		4,681		4,599,706


				30,169,855

Metal Fabricate & Hardware — 0.1%
Timken Co. (The), 3.88%, 09/01/24 (Call 06/01/24)^(a)		1,482		1,449,909


Mining — 0.2%
Freeport-McMoRan Inc., 4.55%, 11/14/24 (Call 08/14/24)		4,486		4,404,560


Security	Par (000)		Value

Office & Business Equipment — 0.2%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 (Call 06/01/24)	$	4,144	$	4,103,927


Oil & Gas — 2.5%
Canadian Natural Resources Ltd., 3.80%, 04/15/24 (Call 01/15/24)^(a)		2,714		2,684,830
Chevron Corp., 2.90%, 03/03/24 (Call 01/03/24)^(a)		5,283		5,232,546
Chevron USA Inc., 3.90%, 11/15/24 (Call 08/15/24)^(a)		4,552		4,473,392
ConocoPhillips Co., 2.13%, 03/08/24 (Call 11/13/23)^(a)		250		246,734
Continental Resources Inc./OK, 3.80%, 06/01/24 (Call 03/01/24)^(a)		5,700		5,613,553
Devon Energy Corp., 5.25%, 09/15/24 (Call 06/15/24)		3,207		3,181,411
Exxon Mobil Corp.
2.02%, 08/16/24 (Call 07/16/24)^(a)		6,026		5,860,783
3.18%, 03/15/24 (Call 12/15/23)^(a)		3,948		3,911,144
Hess Corp., 3.50%, 07/15/24 (Call 04/15/24)^(a)		2,181		2,141,676
Marathon Petroleum Corp., 3.63%, 09/15/24 (Call 06/15/24)		5,061		4,950,461
Occidental Petroleum Corp., 2.90%, 08/15/24 (Call 07/15/24)^(a)		5,115		4,989,742
Phillips 66, 0.90%, 02/15/24 (Call 11/16/23)		2,775		2,734,734
Shell International Finance BV, 2.00%, 11/07/24 (Call 10/07/24)^(a)		7,410		7,150,835
TotalEnergies Capital International SA
3.70%, 01/15/24^(a)		5,414		5,390,106
3.75%, 04/10/24^(a)		6,802		6,745,549


				65,307,496

Packaging & Containers — 0.2%
Packaging Corp. of America, 3.65%, 09/15/24 (Call 06/15/24)		2,314		2,265,815
WRKCo Inc., 3.00%, 09/15/24 (Call 07/15/24)		3,643		3,548,960


				5,814,775

Pharmaceuticals — 4.6%
AbbVie Inc.
2.60%, 11/21/24 (Call 10/21/24)		20,417		19,733,068
3.85%, 06/15/24 (Call 03/15/24)		5,326		5,254,508
AmerisourceBergen Corp., 3.40%, 05/15/24 (Call 02/15/24)^(a)		2,621		2,584,026
Astrazeneca Finance LLC, 0.70%, 05/28/24 (Call 11/13/23)		8,511		8,270,972
Becton Dickinson and Co.
3.36%, 06/06/24 (Call 04/06/24)		6,183		6,085,835
3.73%, 12/15/24 (Call 09/15/24)		5,324		5,193,714
Bristol-Myers Squibb Co.
2.90%, 07/26/24 (Call 06/26/24)		13,306		13,038,010
3.63%, 05/15/24 (Call 02/15/24)		1,820		1,799,713
Cardinal Health Inc.
3.08%, 06/15/24 (Call 04/15/24)		4,634		4,549,130
3.50%, 11/15/24 (Call 08/15/24)		3,057		2,976,797
Cigna Group (The)
0.61%, 03/15/24 (Call 11/13/23)		3,227		3,163,859
3.50%, 06/15/24 (Call 03/17/24)^(a)		4,899		4,824,092
CVS Health Corp.
2.63%, 08/15/24 (Call 07/15/24)		5,962		5,806,465
3.38%, 08/12/24 (Call 05/12/24)		4,304		4,215,763
GlaxoSmithKline Capital PLC, 3.00%, 06/01/24 (Call 05/01/24)^(a)		5,487		5,397,386
McKesson Corp., 3.80%, 03/15/24 (Call 12/15/23)		350		346,991


Security	Par (000)		Value

Pharmaceuticals (continued)
Merck & Co. Inc., 2.90%, 03/07/24 (Call 02/07/24)^(a)	$	4,691	$	4,644,979
Novartis Capital Corp., 3.40%, 05/06/24		11,721		11,579,877
Pfizer Inc.
2.95%, 03/15/24 (Call 02/15/24)		3,688		3,650,337
3.40%, 05/15/24^(a)		5,394		5,325,570
Wyeth LLC, 6.45%, 02/01/24^(a)		2,713		2,716,392


				121,157,484

Pipelines — 3.1%
Boardwalk Pipelines LP, 4.95%, 12/15/24 (Call 09/15/24)		3,852		3,793,821
Enbridge Inc.
2.15%, 02/16/24		1,731		1,710,893
3.50%, 06/10/24 (Call 03/10/24)^(a)		3,151		3,103,107
Energy Transfer LP
3.90%, 05/15/24 (Call 02/15/24)		2,992		2,954,781
4.25%, 04/01/24 (Call 01/01/24)^(a)		2,900		2,874,720
4.50%, 04/15/24 (Call 03/15/24)		4,083		4,050,678
4.90%, 02/01/24 (Call 12/01/23)		1,807		1,798,989
5.88%, 01/15/24 (Call 11/16/23)^(a)		4,698		4,694,142
Enterprise Products Operating LLC, 3.90%, 02/15/24 (Call 12/01/23)^(a)		4,819		4,792,979
Kinder Morgan Energy Partners LP
4.15%, 02/01/24 (Call 12/14/23)		3,480		3,461,533
4.25%, 09/01/24 (Call 06/01/24)		4,082		4,019,798
4.30%, 05/01/24 (Call 02/01/24)^(a)		3,711		3,676,427
MPLX LP, 4.88%, 12/01/24 (Call 09/01/24)		7,015		6,921,013
ONEOK Inc., 2.75%, 09/01/24 (Call 08/01/24)^(a)		3,363		3,268,116
Plains All American Pipeline LP/PAA Finance Corp., 3.60%, 11/01/24 (Call 08/01/24)		4,846		4,725,354
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 (Call 02/15/24)^(a)		1,970		1,965,925
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)^(a)		5,357		5,331,414
TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24)		6,930		6,598,239
Williams Companies Inc. (The)
4.30%, 03/04/24 (Call 12/04/23)		5,696		5,660,853
4.55%, 06/24/24 (Call 03/24/24)^(a)		7,020		6,948,494


				82,351,276

Real Estate Investment Trusts — 3.2%
American Tower Corp.
0.60%, 01/15/24^(a)		2,916		2,882,316
3.38%, 05/15/24 (Call 04/15/24)		3,792		3,736,641
5.00%, 02/15/24		5,437		5,417,241
AvalonBay Communities Inc., 3.50%, 11/15/24 (Call 08/15/24)^(a)		2,170		2,118,998
Boston Properties LP, 3.80%, 02/01/24 (Call 12/01/23)		3,710		3,680,125
Brixmor Operating Partnership LP, 3.65%, 06/15/24 (Call 04/15/24)^(a)		541		530,413
Crown Castle International Corp., 3.20%, 09/01/24 (Call 07/01/24)		5,429		5,301,875
Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24)^(a)		6,844		6,608,543
Essex Portfolio LP, 3.88%, 05/01/24 (Call 02/01/24)^(a)		2,316		2,285,167
Federal Realty Investment Trust, 3.95%, 01/15/24 (Call 12/01/23)		2,274		2,259,282
GLP Capital LP/GLP Financing II Inc., 3.35%, 09/01/24 (Call 08/01/24)		2,858		2,776,297


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Host Hotels & Resorts LP, 3.88%, 04/01/24 (Call 02/01/24)^(a)	$	2,549	$	2,517,616
Kilroy Realty LP, 3.45%, 12/15/24 (Call 09/15/24)		2,711		2,607,790
Kimco Realty Corp., 2.70%, 03/01/24 (Call 01/01/24)^(a)		2,236		2,207,746
Mid-America Apartments LP, 3.75%, 06/15/24 (Call 03/15/24)^(a)		2,282		2,246,192
NNN REIT Inc., 3.90%, 06/15/24 (Call 03/15/24)^(a)		2,441		2,400,205
Omega Healthcare Investors Inc., 4.95%, 04/01/24 (Call 01/01/24)		2,150		2,135,763
Realty Income Corp.
3.88%, 07/15/24 (Call 04/15/24)^(a)		2,123		2,091,259
4.60%, 02/06/24 (Call 11/16/23)^(a)		2,827		2,811,628
Simon Property Group LP
2.00%, 09/13/24 (Call 06/13/24)^(a)		5,680		5,487,954
3.38%, 10/01/24 (Call 07/01/24)^(a)		5,316		5,188,853
3.75%, 02/01/24 (Call 12/01/23)^(a)		3,182		3,164,001
Ventas Realty LP
3.50%, 04/15/24 (Call 03/15/24)^(a)		2,232		2,202,838
3.75%, 05/01/24 (Call 02/01/24)^(a)		2,368		2,335,915
Welltower Inc., 4.50%, 01/15/24 (Call 12/01/23)^(a)		1,730		1,722,523
Welltower OP LLC, 3.63%, 03/15/24 (Call 02/15/24)		5,306		5,251,591
WP Carey Inc., 4.60%, 04/01/24 (Call 01/01/24)^(a)		2,901		2,877,168


				84,845,940

Retail — 2.2%
AutoNation Inc., 3.50%, 11/15/24 (Call 09/15/24)		3,165		3,064,233
AutoZone Inc., 3.13%, 04/18/24 (Call 03/18/24)^(a)		3,189		3,145,579
Costco Wholesale Corp., 2.75%, 05/18/24 (Call 03/18/24)^(a)		5,681		5,589,690
Dollar General Corp., 4.25%, 09/20/24		4,865		4,784,684
Home Depot Inc. (The), 3.75%, 02/15/24 (Call 12/01/23)		7,051		7,011,661
Lowe’s Companies Inc., 3.13%, 09/15/24 (Call 06/15/24)^(a)		4,027		3,931,571
McDonald’s Corp., 3.25%, 06/10/24		4,785		4,707,368
Target Corp., 3.50%, 07/01/24^(a)		7,946		7,832,556
Walgreens Boots Alliance Inc., 3.80%, 11/18/24 (Call 08/18/24)		180		174,942
Walmart Inc.
2.65%, 12/15/24 (Call 10/15/24)^(a)		3,325		3,227,384
2.85%, 07/08/24 (Call 06/08/24)^(a)		5,855		5,747,018
3.30%, 04/22/24 (Call 01/22/24)		8,407		8,312,534


				57,529,220

Semiconductors — 2.5%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 12/04/23)		5,096		5,069,800
Broadcom Inc., 3.63%, 10/15/24 (Call 09/15/24)		3,888		3,802,472
Intel Corp.
2.70%, 06/17/24 (Call 04/17/24)^(a)		400		392,904
2.88%, 05/11/24 (Call 03/11/24)^(a)		7,527		7,413,045
KLA Corp., 4.65%, 11/01/24 (Call 08/01/24)		4,897		4,838,014
Microchip Technology Inc.
0.97%, 02/15/24^(a)		8,325		8,201,402
0.98%, 09/01/24		5,423		5,197,029
NVIDIA Corp., 0.58%, 06/14/24 (Call 11/13/23)		4,730		4,585,867
NXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)		6,503		6,473,604
Qorvo Inc., 1.75%, 12/15/24 (Call 11/13/23)^(c)		3,184		3,011,819


Security	Par (000)		Value


Semiconductors (continued)
QUALCOMM Inc., 2.90%, 05/20/24 (Call 03/20/24)^(a)	$	4,962	$	4,886,475
Texas Instruments Inc.
2.63%, 05/15/24 (Call 03/15/24)		2,720		2,673,086
4.70%, 11/18/24		2,637		2,614,323
Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24)^(a)		5,529		5,432,179


				64,592,019

Software — 2.5%
Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)^(a)		2,315		2,283,323
Fidelity National Information Services Inc., 0.60%, 03/01/24		4,872		4,781,743
Fiserv Inc., 2.75%, 07/01/24 (Call 06/01/24)		10,907		10,669,320
Microsoft Corp., 2.88%, 02/06/24 (Call 12/06/23)^(a)		8,137		8,077,722
Oracle Corp.
2.95%, 11/15/24 (Call 09/15/24)		11,541		11,193,729
3.40%, 07/08/24 (Call 04/08/24)^(a)		10,883		10,693,255
Roper Technologies Inc., 2.35%, 09/15/24 (Call 08/15/24)^(a)		3,992		3,869,789
salesforce.com Inc., 0.63%, 07/15/24 (Call 11/13/23)^(a)		5,669		5,472,515
Take-Two Interactive Software Inc., 3.30%, 03/28/24^(a)		1,086		1,073,352
VMware Inc., 1.00%, 08/15/24 (Call 11/13/23)		7,812		7,505,804


				65,620,552

Telecommunications — 1.9%
AT&T Inc., 0.90%, 03/25/24 (Call 11/13/23)		12,722		12,462,415
Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24		3,545		3,475,432
Cisco Systems Inc., 3.63%, 03/04/24		5,088		5,051,956
Motorola Solutions Inc., 4.00%, 09/01/24^(a)		647		634,321
Sprint LLC, 7.13%, 06/15/24		10,864		10,922,444
Verizon Communications Inc.
0.75%, 03/22/24		5,445		5,337,249
3.50%, 11/01/24 (Call 08/01/24)^(a)		7,477		7,308,954
Vodafone Group PLC, 3.75%, 01/16/24^(a)		4,154		4,132,048


				49,324,819

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24)		3,565		3,452,138


Transportation — 1.7%
Burlington Northern Santa Fe LLC
3.40%, 09/01/24 (Call 06/01/24)		4,391		4,302,099
3.75%, 04/01/24 (Call 01/01/24)^(a)		2,831		2,805,515
Canadian National Railway Co., 2.95%, 11/21/24 (Call 08/21/24)		2,412		2,340,073
Canadian Pacific Railway Co., 1.35%, 12/02/24 (Call 12/01/23)		9,009		8,575,198
CSX Corp., 3.40%, 08/01/24 (Call 05/01/24)^(a)		4,014		3,940,001
Norfolk Southern Corp., 3.85%, 01/15/24 (Call 12/01/23)^(a)		2,545		2,532,647


Security	Par (000)		Value


Transportation (continued)
Ryder System Inc.
2.50%, 09/01/24 (Call 08/01/24)^(a)	$	3,219	$	3,123,624
3.65%, 03/18/24 (Call 02/18/24)		3,442		3,410,119
Union Pacific Corp.
3.15%, 03/01/24 (Call 02/01/24)^(a)		2,932		2,905,143
3.65%, 02/15/24 (Call 12/01/23)^(a)		2,456		2,439,091
3.75%, 03/15/24 (Call 12/15/23)^(a)		2,361		2,341,295
United Parcel Service Inc.
2.20%, 09/01/24 (Call 08/01/24)^(a)		2,530		2,457,373
2.80%, 11/15/24 (Call 09/15/24)^(a)		3,328		3,234,450


				44,406,628

Trucking & Leasing — 0.1%
GATX Corp., 4.35%, 02/15/24 (Call 01/15/24)^(a)		1,876		1,864,593


Water — 0.1%
American Water Capital Corp., 3.85%, 03/01/24 (Call 12/01/23)		2,188		2,173,093


Total Long-Term Investments — 99.1% (Cost: $2,643,736,100)				2,600,453,487


		Shares


Short-Term Securities

Money Market Funds — 10.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(d)(e)(f)		263,149,350		263,254,610
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(d)(e)		2,490,000		2,490,000


Total Short-Term Securities — 10.1% (Cost: $265,669,657)				265,744,610


Total Investments — 109.2% (Cost: $2,909,405,757)				2,866,198,097

Liabilities in Excess of Other Assets — (9.2)%				(242,118,214	)


Net Assets — 100.0%			$	2,624,079,883

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

^(d)	Affiliate of the Fund.

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 1.8%
Boeing Co. (The)
2.60%, 10/30/25 (Call 07/30/25)^(a)	$	1,070	$	1,000,266
4.88%, 05/01/25 (Call 04/01/25)		13,517		13,280,333
General Dynamics Corp.
3.25%, 04/01/25 (Call 03/01/25)		3,448		3,340,257
3.50%, 05/15/25 (Call 03/15/25)		3,287		3,190,244
Hexcel Corp., 4.95%, 08/15/25 (Call 05/15/25)^(a)		1,105		1,076,191
L3Harris Technologies Inc., 3.83%, 04/27/25 (Call 01/27/25)		3,027		2,931,171
Lockheed Martin Corp., 4.95%, 10/15/25 (Call 09/15/25)		1,163		1,154,413
Northrop Grumman Corp., 2.93%, 01/15/25 (Call 11/15/24)		6,987		6,749,440
RTX Corp., 3.95%, 08/16/25 (Call 06/16/25)		6,585		6,369,677


				39,091,992

Agriculture — 1.0%
Altria Group Inc., 2.35%, 05/06/25 (Call 04/06/25)		3,703		3,506,607
Bunge Ltd. Finance Corp., 1.63%, 08/17/25 (Call 07/17/25)		2,365		2,190,230
Philip Morris International Inc.
1.50%, 05/01/25 (Call 04/01/25)		3,717		3,493,777
3.38%, 08/11/25 (Call 05/11/25)		3,638		3,492,873
5.00%, 11/17/25		2,090		2,064,704
Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)^(a)		6,311		6,154,271


				20,902,462

Airlines — 0.3%
Southwest Airlines Co., 5.25%, 05/04/25 (Call 04/04/25)		5,564		5,486,554
United Airlines Pass Through Trust, Series 2013-1, Class A, 4.30%, 02/15/27		637		604,861


				6,091,415

Apparel — 0.6%
NIKE Inc., 2.40%, 03/27/25 (Call 02/27/25)^(a)		4,889		4,692,933
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		2,054		1,968,175
Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25)^(a)		2,070		1,996,448
Tapestry Inc., 4.25%, 04/01/25 (Call 01/01/25)		1,030		999,222
VF Corp., 2.40%, 04/23/25 (Call 03/23/25)		3,502		3,297,730


				12,954,508

Auto Manufacturers — 4.2%
American Honda Finance Corp.
1.00%, 09/10/25^(a)		2,977		2,734,774
1.20%, 07/08/25		3,180		2,954,921
1.50%, 01/13/25		3,245		3,088,914
5.00%, 05/23/25^(a)		2,280		2,259,939
5.80%, 10/03/25		1,905		1,911,354
Series A, 4.60%, 04/17/25^(a)		3,205		3,158,642
Cummins Inc., 0.75%, 09/01/25 (Call 08/01/25)		2,476		2,275,890
General Motors Co.
4.00%, 04/01/25^(a)		1,880		1,822,318
6.13%, 10/01/25 (Call 09/01/25)		7,425		7,411,586
General Motors Financial Co. Inc.
2.75%, 06/20/25 (Call 05/20/25)		4,480		4,230,062
2.90%, 02/26/25 (Call 01/26/25)		4,306		4,113,130
3.80%, 04/07/25^(a)		3,840		3,706,908
4.00%, 01/15/25 (Call 10/15/24)		3,215		3,126,064
4.30%, 07/13/25 (Call 04/13/25)		2,712		2,620,760


Security	Par (000)		Value

Auto Manufacturers (continued)
4.35%, 04/09/25 (Call 02/09/25)	$	3,942	$	3,831,814
6.05%, 10/10/25		4,530		4,512,554
Honda Motor Co. Ltd., 2.27%, 03/10/25 (Call 02/10/25)		3,490		3,336,933
PACCAR Financial Corp.
1.80%, 02/06/25		2,302		2,197,469
2.85%, 04/07/25^(a)		1,310		1,261,290
3.55%, 08/11/25		2,320		2,245,881
4.95%, 10/03/25		930		923,841
Toyota Motor Credit Corp.
0.80%, 10/16/25		3,336		3,047,712
1.45%, 01/13/25		3,299		3,141,531
1.80%, 02/13/25		4,434		4,226,429
3.00%, 04/01/25		4,666		4,500,573
3.40%, 04/14/25		1,330		1,289,130
3.65%, 08/18/25		2,855		2,764,153
3.95%, 06/30/25		4,400		4,289,866
4.80%, 01/10/25		1,492		1,479,095
5.40%, 11/10/25		2,580		2,576,413
5.60%, 09/11/25^(a)		1,225		1,227,477


				92,267,423

Auto Parts & Equipment — 0.3%
Aptiv PLC, 2.40%, 02/18/25 (Call 11/13/23)^(a)		3,791		3,616,443
BorgWarner Inc., 3.38%, 03/15/25 (Call 12/15/24)		45		43,410
Magna International Inc., 4.15%, 10/01/25 (Call 07/01/25)^(a)		3,332		3,237,645


				6,897,498

Banks — 25.1%
Australia & New Zealand Banking Group Ltd.
3.70%, 11/16/25		3,627		3,492,853
5.09%, 12/08/25		4,150		4,103,488
5.38%, 07/03/25		4,135		4,116,701
5.67%, 10/03/25		1,470		1,472,160
Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25		3,540		3,224,290
Banco Santander SA
2.75%, 05/28/25		5,900		5,560,574
3.50%, 03/24/25^(a)		4,840		4,655,532
5.15%, 08/18/25		6,785		6,606,610
5.18%, 11/19/25		5,719		5,527,529
Bank of America Corp.
3.88%, 08/01/25		6,982		6,758,997
4.00%, 01/22/25		10,129		9,857,776
Series L, 3.95%, 04/21/25		9,822		9,495,559
Bank of America NA, 5.65%, 08/18/25 (Call 07/18/25)		6,935		6,915,710
Bank of Montreal
1.50%, 01/10/25		6,045		5,733,702
1.85%, 05/01/25		6,023		5,660,601
3.70%, 06/07/25		5,539		5,339,478
5.92%, 09/25/25		2,800		2,792,795
Bank of New York Mellon Corp. (The)
1.60%, 04/24/25 (Call 03/24/25)		5,608		5,267,853
3.95%, 11/18/25 (Call 10/18/25)		1,981		1,902,405
Series G, 3.00%, 02/24/25 (Call 01/24/25)		3,746		3,610,624
Bank of Nova Scotia (The)
1.30%, 06/11/25		5,047		4,680,178
1.45%, 01/10/25		3,936		3,730,569
2.20%, 02/03/25		5,079		4,845,007
3.45%, 04/11/25		6,460		6,225,234


Security	Par (000)		Value

Banks (continued)
5.45%, 06/12/25^(a)	$	3,235	$	3,202,318
BankUnited Inc., 4.88%, 11/17/25 (Call 08/17/25)^(a)		1,522		1,422,647
Barclays PLC, 3.65%, 03/16/25		8,421		8,100,904
Canadian Imperial Bank of Commerce
0.95%, 10/23/25^(a)		2,479		2,249,838
2.25%, 01/28/25		4,432		4,232,149
3.30%, 04/07/25		5,550		5,339,838
3.95%, 08/04/25		5,539		5,348,296
5.14%, 04/28/25		2,805		2,767,454
Citibank NA, 5.86%, 09/29/25 (Call 08/29/25)^(a)		6,130		6,138,274
Citigroup Inc.
3.30%, 04/27/25		6,067		5,838,597
3.88%, 03/26/25		4,032		3,888,638
4.40%, 06/10/25		9,741		9,427,133
5.50%, 09/13/25^(a)		5,551		5,473,681
Citizens Bank NA, 2.25%, 04/28/25 (Call 03/28/25)^(a)		3,156		2,919,789
Citizens Financial Group Inc., 4.30%, 12/03/25 (Call 11/03/25)		1,332		1,252,569
Comerica Bank, 4.00%, 07/27/25^(a)		1,179		1,082,581
Commonwealth Bank of Australia, 5.50%, 09/12/25^(a)		2,345		2,341,754
Commonwealth Bank of Australia/ New York NY, 5.08%, 01/10/25		2,498		2,486,172
Cooperatieve Rabobank UA
4.38%, 08/04/25		5,944		5,709,267
5.50%, 07/18/25		3,130		3,109,804
Cooperatieve Rabobank UA/NY
1.38%, 01/10/25		3,155		2,994,269
3.38%, 05/21/25		3,992		3,844,500
5.00%, 01/13/25		590		584,219
Credit Suisse AG/New York NY
2.95%, 04/09/25		5,224		4,960,371
3.70%, 02/21/25		7,652		7,368,685
7.95%, 01/09/25		4,571		4,635,604
Deutsche Bank AG, 4.50%, 04/01/25^(a)		5,405		5,175,721
Deutsche Bank AG/New York NY, 4.16%, 05/13/25		3,405		3,304,868
Fifth Third Bancorp., 2.38%, 01/28/25 (Call 12/28/24)		3,534		3,360,043
Fifth Third Bank NA, 3.95%, 07/28/25 (Call 06/28/25)		2,375		2,277,510
First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)^(a)		1,377		1,280,814
FNB Corp., 5.15%, 08/25/25 (Call 07/25/25)		1,335		1,280,433
Goldman Sachs Group Inc. (The)
3.50%, 01/23/25 (Call 10/23/24)		9,717		9,412,321
3.50%, 04/01/25 (Call 03/01/25)^(a)		13,158		12,665,396
3.75%, 05/22/25 (Call 02/22/25)		8,458		8,152,446
4.25%, 10/21/25		8,004		7,675,497
HSBC Holdings PLC, 4.25%, 08/18/25		6,418		6,151,187
HSBC USA Inc., 5.63%, 03/17/25^(a)		2,610		2,593,188
Huntington Bancshares Inc./OH, 4.00%, 05/15/25 (Call 04/15/25)^(a)		1,655		1,585,587
JPMorgan Chase & Co.
3.13%, 01/23/25 (Call 10/23/24)		10,756		10,406,083
3.90%, 07/15/25 (Call 04/15/25)		10,274		9,955,598
7.75%, 07/15/25		870		896,844
KeyBank NA/Cleveland OH
3.30%, 06/01/25		2,723		2,526,549
4.15%, 08/08/25		2,435		2,264,644
KeyCorp, 4.15%, 10/29/25		2,308		2,148,770


Security	Par (000)		Value

Banks (continued)
Lloyds Bank PLC, 3.50%, 05/14/25	$	465	$	449,018
Lloyds Banking Group PLC
4.45%, 05/08/25^(a)		7,873		7,648,694
4.58%, 12/10/25		4,622		4,397,144
Manufacturers & Traders Trust Co.
2.90%, 02/06/25 (Call 01/06/25)		3,701		3,512,036
5.40%, 11/21/25 (Call 10/21/25)		1,513		1,460,333
Mitsubishi UFJ Financial Group Inc.
1.41%, 07/17/25		6,961		6,431,157
2.19%, 02/25/25		10,291		9,778,342
3.78%, 03/02/25		3,217		3,120,058
Morgan Stanley
4.00%, 07/23/25		11,631		11,257,749
5.00%, 11/24/25		8,114		7,927,924
Morgan Stanley Bank NA, 5.48%, 07/16/25 (Call 06/16/25)		4,375		4,354,494
National Australia Bank Ltd./New York
3.50%, 06/09/25^(a)		1,884		1,823,480
5.20%, 05/13/25		2,880		2,863,070
National Bank of Canada, 5.25%, 01/17/25		2,175		2,156,499
Northern Trust Corp., 3.95%, 10/30/25^(a)		3,367		3,249,481
PNC Bank NA
2.95%, 02/23/25 (Call 01/24/25)		3,492		3,347,184
3.25%, 06/01/25 (Call 05/02/25)		3,213		3,069,231
3.88%, 04/10/25 (Call 03/10/25)		3,057		2,951,320
4.20%, 11/01/25 (Call 10/02/25)		2,201		2,109,867
Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)		3,365		3,089,619
Royal Bank of Canada
1.15%, 06/10/25		6,642		6,171,339
1.60%, 01/21/25		3,845		3,656,098
3.38%, 04/14/25		6,216		5,998,103
4.95%, 04/25/25		1,735		1,709,092
Santander Holdings USA Inc.
3.45%, 06/02/25 (Call 05/02/25)^(a)		4,026		3,806,272
4.50%, 07/17/25 (Call 04/17/25)^(a)		4,429		4,251,417
State Street Corp., 3.55%, 08/18/25		5,979		5,743,998
Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25^(a)		855		821,801
Sumitomo Mitsui Financial Group Inc.
1.47%, 07/08/25		10,054		9,309,889
2.35%, 01/15/25		6,309		6,033,139
Synchrony Bank, 5.40%, 08/22/25 (Call 07/22/25)		2,527		2,411,900
Synovus Financial Corp., 5.20%, 08/11/25 (Call 07/11/25)		985		931,641
Toronto-Dominion Bank (The)
0.75%, 09/11/25		4,143		3,774,251
1.15%, 06/12/25		4,004		3,710,011
1.45%, 01/10/25		3,535		3,358,535
3.77%, 06/06/25		6,525		6,305,157
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)^(a)		4,960		4,640,677
3.63%, 09/16/25 (Call 08/16/25)		4,132		3,896,981
4.05%, 11/03/25 (Call 09/03/25)^(a)		1,975		1,895,512
Truist Financial Corp.
1.20%, 08/05/25 (Call 07/03/25)^(a)		2,219		2,022,783
3.70%, 06/05/25 (Call 05/05/25)		3,612		3,465,294
4.00%, 05/01/25 (Call 03/01/25)		3,575		3,436,457
U.S. Bancorp.
1.45%, 05/12/25 (Call 04/11/25)		5,867		5,468,677
3.95%, 11/17/25 (Call 10/17/25)^(a)		3,388		3,242,321


Security	Par (000)		Value

Banks (continued)
U.S. Bank NA/Cincinnati OH
2.05%, 01/21/25 (Call 12/20/24)	$	4,126	$	3,927,596
2.80%, 01/27/25 (Call 12/27/24)		3,348		3,212,127
UBS AG, 5.80%, 09/11/25		3,190		3,173,327
UBS Group AG, 3.75%, 03/26/25		8,335		8,024,659
Wells Fargo & Co.
3.00%, 02/19/25		10,679		10,275,871
3.55%, 09/29/25^(a)		10,407		9,936,910
6.00%, 10/28/25 (Call 04/28/24)		30		29,734
Wells Fargo Bank NA, 5.55%, 08/01/25 (Call 07/01/25)^(a)		1,630		1,624,161
Westpac Banking Corp.
2.35%, 02/19/25^(a)		6,326		6,067,826
3.74%, 08/26/25		3,260		3,155,292


				551,894,623

Beverages — 1.3%
Brown-Forman Corp., 3.50%, 04/15/25 (Call 02/15/25)		1,194		1,158,698
Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)		1,234		1,188,063
Constellation Brands Inc.
4.40%, 11/15/25 (Call 09/15/25)		2,407		2,338,255
4.75%, 12/01/25		1,900		1,857,811
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)^(a)		3,206		2,969,676
5.20%, 10/24/25		1,834		1,826,087
Keurig Dr Pepper Inc.
3.40%, 11/15/25 (Call 08/15/25)		2,438		2,326,109
4.42%, 05/25/25 (Call 03/25/25)^(a)		2,327		2,276,114
PepsiCo Inc.
2.25%, 03/19/25 (Call 02/19/25)		6,068		5,813,083
2.75%, 04/30/25 (Call 01/30/25)		3,947		3,794,921
3.50%, 07/17/25 (Call 04/17/25)		2,226		2,157,205


				27,706,022

Biotechnology — 1.6%
Amgen Inc.
1.90%, 02/21/25 (Call 01/21/25)		3,412		3,253,141
3.13%, 05/01/25 (Call 02/01/25)		4,267		4,104,242
5.25%, 03/02/25		4,745		4,707,943
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		2,970		2,882,306
Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)		7,228		6,975,388
Gilead Sciences Inc., 3.50%, 02/01/25 (Call 11/01/24)		8,348		8,112,119
Illumina Inc., 5.80%, 12/12/25 (Call 11/12/25)		1,260		1,246,991
Royalty Pharma PLC, 1.20%, 09/02/25 (Call 08/02/25)		4,058		3,701,362


				34,983,492

Building Materials — 0.4%
Carrier Global Corp., 2.24%, 02/15/25 (Call 01/15/25)		4,566		4,347,823
Fortune Brands Home & Security Inc., 4.00%, 06/15/25 (Call 03/15/25)		2,332		2,249,532
Lennox International Inc., 1.35%, 08/01/25 (Call 07/01/25)^(a)		1,373		1,268,399
Vulcan Materials Co., 4.50%, 04/01/25 (Call 01/01/25)		1,217		1,193,817


				9,059,571

Chemicals — 1.5%
Air Products and Chemicals Inc., 1.50%, 10/15/25 (Call 09/15/25)^(a)		2,542		2,355,073


Security	Par (000)		Value

Chemicals (continued)
Celanese U.S. Holdings LLC, 6.05%, 03/15/25	$	4,792	$	4,777,896
DuPont de Nemours Inc., 4.49%, 11/15/25 (Call 09/15/25)		7,450		7,260,573
Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24)		3,262		3,153,828
EIDP Inc., 1.70%, 07/15/25 (Call 06/15/25)		2,711		2,522,196
Linde Inc./CT
2.65%, 02/05/25 (Call 11/05/24)^(a)		1,777		1,713,469
4.70%, 12/05/25 (Call 11/05/25)^(a)		1,839		1,817,567
LYB International Finance III LLC, 1.25%, 10/01/25 (Call 09/01/25)^(a)		2,276		2,077,094
Nutrien Ltd.
3.00%, 04/01/25 (Call 01/01/25)		2,273		2,176,216
5.95%, 11/07/25^(a)		1,140		1,140,002
Sherwin-Williams Co. (The)
3.45%, 08/01/25 (Call 05/01/25)		1,996		1,913,955
4.25%, 08/08/25^(a)		1,180		1,146,389


				32,054,258

Commercial Services — 1.2%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)		5,339		5,148,730
Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)		1,250		1,225,817
Cintas Corp. No. 2, 3.45%, 05/01/25 (Call 04/01/25)		769		744,286
Equifax Inc., 2.60%, 12/15/25 (Call 11/15/25)		1,671		1,560,378
Global Payments Inc., 2.65%, 02/15/25 (Call 01/15/25)		4,701		4,481,957
Moody’s Corp., 3.75%, 03/24/25 (Call 02/24/25)		3,012		2,925,149
PayPal Holdings Inc., 1.65%, 06/01/25 (Call 05/01/25)		4,910		4,607,667
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)^(a)		3,246		3,143,600
Yale University, Series 2020, 0.87%, 04/15/25 (Call 03/15/25)		1,845		1,726,528


				25,564,112

Computers — 2.4%
Apple Inc.
0.55%, 08/20/25 (Call 07/20/25)		2,485		2,287,452
1.13%, 05/11/25 (Call 04/11/25)		7,642		7,170,760
2.50%, 02/09/25		4,215		4,069,216
2.75%, 01/13/25 (Call 11/13/24)		4,307		4,176,297
3.20%, 05/13/25		6,566		6,360,888
Dell International LLC/EMC Corp., 5.85%, 07/15/25 (Call 06/15/25)		4,631		4,622,082
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 (Call 07/15/25)^(a)		9,635		9,441,242
HP Inc., 2.20%, 06/17/25 (Call 05/17/25)^(a)		4,863		4,590,293
International Business Machines Corp.
4.00%, 07/27/25		2,976		2,898,022
7.00%, 10/30/25		2,424		2,493,584
Leidos Inc., 3.63%, 05/15/25 (Call 04/15/25)		1,436		1,379,484
NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25)		3,211		3,003,110


				52,492,430

Cosmetics & Personal Care — 0.6%
Colgate-Palmolive Co., 3.10%, 08/15/25^(a)		940		906,218
GSK Consumer Healthcare Capital UK PLC
3.13%, 03/24/25^(b)		45		43,257
3.13%, 03/24/25		4,820		4,633,333
Kenvue Inc., 5.50%, 03/22/25		965		963,604
Procter & Gamble Co. (The), 0.55%, 10/29/25^(a)		3,828		3,490,913


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
Unilever Capital Corp.
3.10%, 07/30/25	$	1,685	$	1,620,845
3.38%, 03/22/25 (Call 01/22/25)		1,448		1,406,230


				13,064,400

Distribution & Wholesale — 0.1%
WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)		3,335		3,173,946


Diversified Financial Services — 6.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.50%, 01/15/25 (Call 11/15/24)		3,495		3,370,763
4.45%, 10/01/25 (Call 08/01/25)		2,298		2,203,909
6.50%, 07/15/25 (Call 06/15/25)		4,970		4,960,006
Affiliated Managers Group Inc., 3.50%, 08/01/25		1,465		1,392,137
Air Lease Corp.
2.30%, 02/01/25 (Call 01/01/25)^(a)		3,279		3,112,618
3.25%, 03/01/25 (Call 01/01/25)		3,149		3,016,055
3.38%, 07/01/25 (Call 06/01/25)^(a)		3,210		3,046,510
Ally Financial Inc.
4.63%, 03/30/25		2,184		2,105,556
5.80%, 05/01/25 (Call 04/01/25)^(a)		3,063		2,998,074
American Express Co.
2.25%, 03/04/25 (Call 02/01/25)		7,170		6,820,368
3.95%, 08/01/25 (Call 07/01/25)^(a)		9,060		8,753,533
4.20%, 11/06/25 (Call 10/06/25)		3,128		3,028,218
Ameriprise Financial Inc., 3.00%, 04/02/25 (Call 03/02/25)		2,582		2,480,280
Capital One Financial Corp.
3.20%, 02/05/25 (Call 01/05/25)^(a)		4,458		4,261,059
4.20%, 10/29/25 (Call 09/29/25)		5,398		5,121,282
4.25%, 04/30/25 (Call 03/31/25)^(a)		3,571		3,447,660
Charles Schwab Corp. (The)
3.00%, 03/10/25 (Call 12/10/24)		1,622		1,554,543
3.63%, 04/01/25 (Call 01/01/25)^(a)		1,920		1,851,140
3.85%, 05/21/25 (Call 03/21/25)		2,975		2,876,232
4.20%, 03/24/25 (Call 02/24/25)^(a)		2,471		2,403,547
CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24)^(a)		3,827		3,703,407
Discover Financial Services, 3.75%, 03/04/25 (Call 12/04/24)		1,843		1,767,870
Franklin Resources Inc., 2.85%, 03/30/25		1,750		1,672,940
Intercontinental Exchange Inc.
3.65%, 05/23/25		2,675		2,587,030
3.75%, 12/01/25 (Call 09/01/25)		5,653		5,431,114
Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)^(a)		1,387		1,353,871
Lazard Group LLC, 3.75%, 02/13/25		1,949		1,883,656
Mastercard Inc., 2.00%, 03/03/25 (Call 02/03/25)^(a)		2,911		2,781,823
Nasdaq Inc., 5.65%, 06/28/25		1,270		1,265,666
Nomura Holdings Inc.
1.85%, 07/16/25		5,424		5,025,799
2.65%, 01/16/25		6,175		5,903,516
5.10%, 07/03/25		2,745		2,687,904
Radian Group Inc., 6.63%, 03/15/25 (Call 09/15/24)		2,170		2,148,476
Synchrony Financial
4.50%, 07/23/25 (Call 04/23/25)		4,315		4,051,573
4.88%, 06/13/25 (Call 05/13/25)		3,495		3,312,430
Visa Inc., 3.15%, 12/14/25 (Call 09/14/25)		15,750		15,033,162
Western Union Co. (The), 2.85%, 01/10/25 (Call 12/10/24)^(a)		2,268		2,174,733


				131,588,460


Security	Par (000)		Value

Electric — 5.5%
Ameren Illinois Co., 3.25%, 03/01/25 (Call 12/01/24)^(a)	$	986	$	955,397
American Electric Power Co. Inc.
5.70%, 08/15/25^(a)		240		238,050
Series N, 1.00%, 11/01/25 (Call 10/01/25)^(a)		2,081		1,887,608
Appalachian Power Co., 3.40%, 06/01/25 (Call 03/01/25)		1,863		1,789,151
Arizona Public Service Co., 3.15%, 05/15/25 (Call 02/15/25)^(a)		1,333		1,278,016
Avangrid Inc., 3.20%, 04/15/25 (Call 03/15/25)		3,490		3,340,934
Berkshire Hathaway Energy Co.
3.50%, 02/01/25 (Call 11/01/24)		2,176		2,115,538
4.05%, 04/15/25 (Call 03/15/25)		5,991		5,847,263
Connecticut Light & Power Co. (The), Series A, 0.75%, 12/01/25 (Call 11/01/25)^(a)		1,139		1,033,255
Constellation Energy Generation LLC, 3.25%,
06/01/25 (Call 05/01/25)^(a)		4,002		3,829,160
Dominion Energy Inc.
3.90%, 10/01/25 (Call 07/01/25)		2,906		2,801,754
Series A, 3.30%, 03/15/25 (Call 02/15/25)^(a)		2,091		2,017,841
DTE Electric Co., 3.38%, 03/01/25 (Call 12/01/24)		1,818		1,764,144
DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25)		3,864		3,570,894
Duke Energy Corp.
0.90%, 09/15/25 (Call 08/15/25)		2,660		2,426,965
5.00%, 12/08/25^(a)		1,847		1,817,017
Duke Energy Progress LLC, 3.25%, 08/15/25 (Call 05/15/25)^(a)		2,015		1,938,535
Edison International
4.70%, 08/15/25		1,595		1,548,499
4.95%, 04/15/25 (Call 03/15/25)		1,809		1,769,703
Entergy Corp., 0.90%, 09/15/25 (Call 08/15/25)		2,984		2,716,352
Evergy Metro Inc., 3.65%, 08/15/25 (Call 05/15/25)^(a)		1,136		1,093,058
Eversource Energy
Series H, 3.15%, 01/15/25 (Call 10/15/24)		1,568		1,516,319
Series Q, 0.80%, 08/15/25 (Call 07/15/25)^(a)		1,621		1,479,427
Exelon Corp., 3.95%, 06/15/25 (Call 03/15/25)		4,596		4,447,612
Florida Power & Light Co.
2.85%, 04/01/25 (Call 03/01/25)		4,640		4,462,715
3.13%, 12/01/25 (Call 06/01/25)^(a)		2,199		2,097,314
Iberdrola International BV, 5.81%, 03/15/25		1,942		1,938,347
Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/25 (Call 07/01/25)		954		914,195
National Rural Utilities Cooperative Finance Corp.
1.88%, 02/07/25		1,735		1,651,020
2.85%, 01/27/25 (Call 10/27/24)^(a)		1,982		1,914,311
3.25%, 11/01/25 (Call 08/01/25)^(a)		1,605		1,534,336
3.45%, 06/15/25^(a)		920		887,205
5.45%, 10/30/25		1,730		1,727,898
NextEra Energy Capital Holdings Inc.
4.45%, 06/20/25		3,040		2,965,820
5.75%, 09/01/25		3,795		3,776,927
6.05%, 03/01/25		8,066		8,062,523
Oncor Electric Delivery Co. LLC
0.55%, 10/01/25 (Call 09/01/25)		2,586		2,348,562
2.95%, 04/01/25 (Call 01/01/25)		1,597		1,537,764
Pacific Gas and Electric Co.
3.45%, 07/01/25^(a)		2,061		1,953,551
3.50%, 06/15/25 (Call 03/15/25)		3,190		3,036,029
4.95%, 06/08/25^(a)		2,501		2,441,760


Security	Par (000)		Value

Electric (continued)
PECO Energy Co., 3.15%, 10/15/25 (Call 07/15/25)^(a)	$	425	$	406,398
Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)^(a)		2,225		2,062,487
Public Service Electric & Gas Co., 3.00%, 05/15/25 (Call 02/15/25)^(a)		1,064		1,023,941
Public Service Enterprise Group Inc., 0.80%, 08/15/25 (Call 07/15/25)		2,227		2,037,885
Puget Energy Inc., 3.65%, 05/15/25 (Call 02/15/25)		2,171		2,083,575
Sempra Energy, 3.30%, 04/01/25 (Call 03/01/25)		2,864		2,754,281
Southern California Edison Co.
Series C, 4.20%, 06/01/25		1,455		1,417,173
Series E, 3.70%, 08/01/25 (Call 06/01/25)		3,612		3,468,068
Southern Co. (The), 5.15%, 10/06/25		1,470		1,453,137
Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25)		2,013		1,943,629
Tucson Electric Power Co., 3.05%, 03/15/25 (Call 12/15/24)^(a)		813		784,331
Virginia Electric & Power Co., Series A, 3.10%, 05/15/25 (Call 02/15/25)		1,566		1,502,440
WEC Energy Group Inc., 5.00%, 09/27/25 (Call 08/27/25)		1,070		1,054,378
Wisconsin Public Service Corp., 5.35%, 11/10/25 (Call 10/10/25)		748		745,066
Xcel Energy Inc., 3.30%, 06/01/25 (Call 12/01/24)		2,730		2,618,423


				121,827,981

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 3.15%, 06/01/25 (Call 03/01/25)^(a)		1,556		1,501,572


Electronics — 0.6%
Amphenol Corp., 2.05%, 03/01/25 (Call 02/01/25)		1,825		1,739,225
Arrow Electronics Inc., 4.00%, 04/01/25 (Call 01/01/25)		1,483		1,432,247
Flex Ltd., 4.75%, 06/15/25 (Call 03/15/25)		2,713		2,645,828
Honeywell International Inc., 1.35%, 06/01/25 (Call 05/01/25)		5,522		5,187,357
Legrand France SA, 8.50%, 02/15/25		1,490		1,548,503


				12,553,160

Entertainment — 0.4%
Warnermedia Holdings Inc.
3.64%, 03/15/25		6,800		6,573,284
3.79%, 03/15/25 (Call 11/13/23)^(a)		2,175		2,104,092


				8,677,376

Environmental Control — 0.3%
Republic Services Inc.
0.88%, 11/15/25 (Call 10/15/25)		1,309		1,186,297
3.20%, 03/15/25 (Call 12/15/24)		2,882		2,780,482
Waste Management Inc.
0.75%, 11/15/25 (Call 10/15/25)^(a)		1,753		1,596,713
3.13%, 03/01/25 (Call 12/01/24)^(a)		1,816		1,756,772


				7,320,264

Food — 1.2%
Campbell Soup Co.
3.30%, 03/19/25 (Call 12/19/24)		1,534		1,472,593
3.95%, 03/15/25 (Call 01/15/25)		3,888		3,781,090
Conagra Brands Inc., 4.60%, 11/01/25 (Call 09/01/25)		4,051		3,933,513


Security	Par (000)		Value

Food (continued)
General Mills Inc.
4.00%, 04/17/25 (Call 02/17/25)	$	4,000	$	3,892,955
5.24%, 11/18/25 (Call 11/18/23)^(a)		589		582,890
Hershey Co. (The)
0.90%, 06/01/25 (Call 05/01/25)^(a)		2,329		2,165,501
3.20%, 08/21/25 (Call 05/21/25)^(a)		530		510,760
JM Smucker Co. (The), 3.50%, 03/15/25		3,830		3,708,167
Mondelez International Inc., 1.50%, 05/04/25 (Call 04/04/25)		3,443		3,225,440
Sysco Corp., 3.75%, 10/01/25 (Call 07/01/25)		3,163		3,030,914


				26,303,823

Forest Products & Paper — 0.0%
Suzano International Finance BV, 4.00%, 01/14/25^(a)		895		869,254


Gas — 0.3%
National Fuel Gas Co., 5.20%, 07/15/25 (Call 04/15/25)		1,712		1,682,613
NiSource Inc., 0.95%, 08/15/25 (Call 07/15/25)^(a)		4,635		4,235,545
Southern California Gas Co., 3.20%, 06/15/25 (Call 03/15/25)		1,390		1,337,683


				7,255,841

Hand & Machine Tools — 0.1%
Stanley Black & Decker Inc., 2.30%, 02/24/25 (Call 11/13/23)^(a)		2,580		2,459,493


Health Care - Products — 1.1%
Abbott Laboratories
2.95%, 03/15/25 (Call 12/15/24)^(a)		4,067		3,934,240
3.88%, 09/15/25 (Call 06/15/25)^(a)		2,323		2,260,832
Boston Scientific Corp., 1.90%, 06/01/25 (Call 05/01/25)^(a)		2,922		2,748,656
Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25)^(a)		1,938		1,860,884
GE HealthCare Technologies Inc., 5.60%, 11/15/25 (Call 10/15/25)		5,084		5,052,556
Stryker Corp.
1.15%, 06/15/25 (Call 05/15/25)		2,571		2,388,263
3.38%, 11/01/25 (Call 08/01/25)		2,823		2,697,864
Zimmer Biomet Holdings Inc., 3.55%, 04/01/25 (Call 01/01/25)		4,385		4,236,390


				25,179,685

Health Care - Services — 2.1%
CommonSpirit Health, 1.55%, 10/01/25 (Call 07/01/25)		1,318		1,208,079
Elevance Health Inc.
2.38%, 01/15/25 (Call 12/15/24)		5,751		5,517,784
5.35%, 10/15/25 (Call 09/15/25)		2,101		2,085,007
HCA Inc.
5.25%, 04/15/25		6,055		5,970,468
5.38%, 02/01/25		9,630		9,528,184
Humana Inc., 4.50%, 04/01/25 (Call 03/01/25)		3,047		2,992,890
Laboratory Corp. of America Holdings, 3.60%, 02/01/25 (Call 11/01/24)		4,341		4,215,819
PeaceHealth Obligated Group, Series 2020, 1.38%, 11/15/25 (Call 08/15/25)		1,177		1,071,903
Quest Diagnostics Inc., 3.50%, 03/30/25 (Call 12/30/24)		2,155		2,077,194
Sutter Health, Series 20A, 1.32%, 08/15/25 (Call 05/15/25)		270		246,973
UnitedHealth Group Inc.
3.70%, 12/15/25^(a)		1,336		1,290,954


Security	Par (000)		Value

Health Care - Services (continued)
3.75%, 07/15/25	$	7,437	$	7,242,639
5.15%, 10/15/25		2,315		2,306,011
UPMC, Series D-1, 3.60%, 04/03/25		1,495		1,444,980


				47,198,885

Holding Companies - Diversified — 1.1%
Ares Capital Corp.
3.25%, 07/15/25 (Call 06/15/25)		4,898		4,593,476
4.25%, 03/01/25 (Call 01/01/25)		2,570		2,473,661
Blackstone Private Credit Fund
2.70%, 01/15/25 (Call 11/15/24)		2,600		2,466,803
4.70%, 03/24/25^(a)		2,613		2,526,961
7.05%, 09/29/25^(a)		2,797		2,786,804
Blue Owl Capital Corp.
3.75%, 07/22/25 (Call 06/22/25)		2,132		1,993,945
4.00%, 03/30/25 (Call 02/28/25)^(a)		1,524		1,449,615
Blue Owl Credit Income Corp., 5.50%, 03/21/25		1,730		1,673,171
FS KKR Capital Corp., 4.13%, 02/01/25 (Call 01/01/25)^(a)		1,852		1,784,520
Goldman Sachs BDC Inc., 3.75%, 02/10/25 (Call 01/10/25)^(a)		1,330		1,281,826
Oaktree Specialty Lending Corp., 3.50%, 02/25/25 (Call 01/25/25)		1,290		1,228,521


				24,259,303

Home Builders — 0.2%
DR Horton Inc., 2.60%, 10/15/25 (Call 09/15/25)		1,756		1,645,099
Lennar Corp., 4.75%, 05/30/25 (Call 02/28/25)		2,275		2,228,360
Toll Brothers Finance Corp., 4.88%, 11/15/25 (Call 08/15/25)		1,470		1,427,263


				5,300,722

Home Furnishings — 0.1%
Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)		1,791		1,740,144
Whirlpool Corp., 3.70%, 05/01/25		1,242		1,200,252


				2,940,396

Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.05%, 08/15/25		992		951,190


Insurance — 1.5%
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25)^(a)		1,413		1,354,147
Allstate Corp. (The), 0.75%, 12/15/25 (Call 11/15/25)		2,607		2,349,259
American International Group Inc., 2.50%, 06/30/25 (Call 05/30/25)		3,939		3,717,470
Aon Global Ltd., 3.88%, 12/15/25 (Call 09/15/25)		3,329		3,188,531
Chubb INA Holdings Inc., 3.15%, 03/15/25		3,806		3,672,692
CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25)		2,075		2,027,414
Corebridge Financial Inc., 3.50%, 04/04/25 (Call 03/04/25)		4,235		4,073,106
Kemper Corp., 4.35%, 02/15/25 (Call 11/15/24)^(a)		1,474		1,423,750
Lincoln National Corp., 3.35%, 03/09/25^(a)		1,010		971,094
Marsh & McLennan Companies Inc., 3.50%, 03/10/25 (Call 12/10/24)		2,707		2,623,828
MetLife Inc.
3.00%, 03/01/25		2,083		2,003,029
3.60%, 11/13/25 (Call 08/13/25)^(a)		2,313		2,220,147
Principal Financial Group Inc., 3.40%, 05/15/25 (Call 02/15/25)		1,652		1,585,580


Security	Par (000)		Value

Insurance (continued)
RenaissanceRe Finance Inc., 3.70%, 04/01/25 (Call 01/01/25)^(a)	$	1,150	$	1,107,495


				32,317,542

Internet — 1.5%
Alphabet Inc., 0.45%, 08/15/25 (Call 07/15/25)		4,372		4,025,666
Amazon.com Inc.
0.80%, 06/03/25 (Call 05/03/25)		5,090		4,739,386
3.00%, 04/13/25		5,600		5,417,525
4.60%, 12/01/25		1,535		1,516,105
5.20%, 12/03/25 (Call 09/03/25)		3,370		3,364,958
Baidu Inc.
3.08%, 04/07/25 (Call 03/07/25)^(a)		1,160		1,114,795
4.13%, 06/30/25^(a)		1,305		1,267,393
Booking Holdings Inc., 3.65%, 03/15/25 (Call 12/15/24)		2,044		1,989,863
eBay Inc.
1.90%, 03/11/25 (Call 02/11/25)		4,298		4,072,786
5.90%, 11/22/25 (Call 10/22/25)		1,640		1,640,587
Netflix Inc., 5.88%, 02/15/25		1,550		1,550,183
Tencent Music Entertainment Group, 1.38%, 09/03/25 (Call 08/03/25)^(a)		927		851,327
VeriSign Inc., 5.25%, 04/01/25 (Call 01/01/25)		1,790		1,769,094


				33,319,668

Iron & Steel — 0.3%
Nucor Corp.
2.00%, 06/01/25 (Call 05/01/25)		2,363		2,224,647
3.95%, 05/23/25		2,255		2,189,889
Reliance Steel & Aluminum Co., 1.30%, 08/15/25 (Call 07/15/25)		1,754		1,612,486
Steel Dynamics Inc., 2.40%, 06/15/25 (Call 05/15/25)		1,621		1,526,973


				7,553,995

Leisure Time — 0.1%
Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)^(a)		1,946		1,849,745


Lodging — 0.6%
Hyatt Hotels Corp., 5.38%, 04/23/25 (Call 03/23/25)		2,193		2,164,833
Marriott International Inc./MD
3.75%, 03/15/25 (Call 12/15/24)		1,696		1,645,197
3.75%, 10/01/25 (Call 07/01/25)		1,514		1,453,842
Series EE, 5.75%, 05/01/25 (Call 04/01/25)		2,861		2,851,301
Sands China Ltd., 5.38%, 08/08/25 (Call 06/08/25)		4,100		3,964,425


				12,079,598

Machinery — 2.0%
Caterpillar Financial Services Corp.
0.80%, 11/13/25		3,748		3,413,256
1.45%, 05/15/25^(a)		1,811		1,704,363
3.40%, 05/13/25^(a)		3,893		3,772,419
3.65%, 08/12/25		1,950		1,889,030
4.90%, 01/17/25^(a)		1,665		1,655,201
5.15%, 08/11/25		260		258,501
5.40%, 03/10/25		295		295,398
CNH Industrial Capital LLC
3.95%, 05/23/25		2,475		2,399,404
5.45%, 10/14/25^(a)		1,175		1,165,470
Deere & Co., 2.75%, 04/15/25 (Call 03/15/25)		1,912		1,838,865
Dover Corp., 3.15%, 11/15/25 (Call 08/15/25)^(a)		1,464		1,392,524
John Deere Capital Corp.
1.25%, 01/10/25^(a)		2,225		2,116,775


Security	Par (000)		Value

Machinery (continued)
2.05%, 01/09/25	$	1,577	$	1,515,125
2.13%, 03/07/25		1,760		1,682,191
3.40%, 06/06/25		2,425		2,349,075
3.40%, 09/11/25		862		831,276
3.45%, 03/13/25		2,598		2,529,984
4.05%, 09/08/25^(a)		1,799		1,756,700
4.95%, 06/06/25^(a)		1,460		1,449,733
5.15%, 03/03/25		180		179,542
Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)		5,863		5,557,045
Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24)^(a)		1,444		1,394,545
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/25 (Call 05/15/25)		2,181		2,076,215


				43,222,637

Machinery - Diversified — 0.1%
John Deere Capital Corp., 5.30%, 09/08/25^(a)		1,315		1,312,769


Manufacturing — 0.5%
3M Co.
2.00%, 02/14/25 (Call 01/14/25)		3,574		3,396,573
2.65%, 04/15/25 (Call 03/15/25)^(a)		1,979		1,885,375
3.00%, 08/07/25^(a)		2,519		2,399,704
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25^(a)		1,027		977,103
Textron Inc., 3.88%, 03/01/25 (Call 12/01/24)		1,369		1,331,312


				9,990,067

Media — 2.5%
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25 (Call 04/23/25)		16,416		16,051,098
Comcast Corp.
3.38%, 02/15/25 (Call 11/15/24)^(a)		180		175,004
3.38%, 08/15/25 (Call 05/15/25)^(a)		6,032		5,806,085
3.95%, 10/15/25 (Call 08/15/25)		10,853		10,528,445
5.25%, 11/07/25		1,655		1,646,827
Discovery Communications LLC
3.45%, 03/15/25 (Call 12/15/24)		1,310		1,260,660
3.95%, 06/15/25 (Call 03/15/25)		2,104		2,026,935
Fox Corp., 3.05%, 04/07/25 (Call 03/07/25)		3,068		2,943,845
Paramount Global, 4.75%, 05/15/25 (Call 04/15/25)		2,253		2,201,978
TWDC Enterprises 18 Corp., 3.15%, 09/17/25		3,471		3,323,089
Walt Disney Co. (The)
3.35%, 03/24/25		7,201		6,976,233
3.70%, 10/15/25 (Call 07/15/25)		3,018		2,917,397


				55,857,596

Metal Fabricate & Hardware — 0.2%
Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)		3,486		3,362,053


Mining — 0.0%
Southern Copper Corp., 3.88%, 04/23/25		1,114		1,077,152


Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp., 4.13%, 05/01/25 (Call 12/01/23)		2,545		2,457,646


Oil & Gas — 3.4%
BP Capital Markets America Inc., 3.80%, 09/21/25 (Call 07/21/25)^(a)		4,048		3,931,847


Security	Par (000)		Value

Oil & Gas (continued)
Canadian Natural Resources Ltd.
2.05%, 07/15/25 (Call 06/15/25)	$	2,732	$	2,551,790
3.90%, 02/01/25 (Call 11/01/24)		2,748		2,671,104
Chevron Corp.
1.55%, 05/11/25 (Call 04/11/25)		9,381		8,852,557
3.33%, 11/17/25 (Call 08/17/25)^(a)		2,154		2,069,244
Chevron USA Inc., 0.69%, 08/12/25 (Call 07/12/25)^(a)		3,124		2,877,735
ConocoPhillips Co., 2.40%, 03/07/25 (Call 11/13/23)		476		456,011
Devon Energy Corp., 5.85%, 12/15/25 (Call 09/15/25)		2,050		2,036,754
EOG Resources Inc., 3.15%, 04/01/25 (Call 01/01/25)		2,693		2,596,253
EQT Corp., 6.13%, 02/01/25 (Call 01/01/25)		2,433		2,425,725
Exxon Mobil Corp.
2.71%, 03/06/25 (Call 12/06/24)^(a)		5,715		5,512,361
2.99%, 03/19/25 (Call 02/19/25)		8,772		8,486,796
Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25)		5,266		5,155,735
Occidental Petroleum Corp.
5.50%, 12/01/25 (Call 09/01/25)^(a)		2,610		2,581,711
5.88%, 09/01/25 (Call 06/01/25)^(a)		505		503,289
Ovintiv Inc., 5.65%, 05/15/25		2,000		1,989,213
Phillips 66, 3.85%, 04/09/25 (Call 03/09/25)		3,287		3,195,311
Phillips 66 Co., 3.61%, 02/15/25 (Call 11/15/24)		1,977		1,919,429
Shell International Finance BV, 3.25%, 05/11/25		10,614		10,274,672
TotalEnergies Capital International SA, 2.43%, 01/10/25 (Call 10/10/24)		5,660		5,457,785


				75,545,322

Oil & Gas Services — 0.2%
Halliburton Co., 3.80%, 11/15/25 (Call 08/15/25)		1,972		1,909,214
Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)		2,062		1,911,952


				3,821,166

Packaging & Containers — 0.3%
Amcor Flexibles North America Inc., 4.00%, 05/17/25 (Call 04/17/25)		1,930		1,870,365
Sonoco Products Co., 1.80%, 02/01/25 (Call 11/13/23)		1,700		1,613,229
WRKCo Inc., 3.75%, 03/15/25 (Call 01/15/25)		3,049		2,951,725


				6,435,319

Pharmaceuticals — 5.6%
AbbVie Inc.
3.60%, 05/14/25 (Call 02/14/25)		13,999		13,541,738
3.80%, 03/15/25 (Call 12/15/24)		10,658		10,376,677
AstraZeneca PLC, 3.38%, 11/16/25		8,250		7,921,967
Bristol-Myers Squibb Co., 0.75%, 11/13/25 (Call 10/13/25)		3,643		3,321,797
Cardinal Health Inc., 3.75%, 09/15/25 (Call 06/15/25)		1,909		1,831,640
Cencora Inc., 3.25%, 03/01/25 (Call 12/01/24)^(a)		2,360		2,284,686
Cigna Group (The)
3.25%, 04/15/25 (Call 01/15/25)^(a)		4,273		4,120,045
4.13%, 11/15/25 (Call 09/15/25)		7,968		7,720,063
CVS Health Corp.
3.88%, 07/20/25 (Call 04/20/25)		11,022		10,661,743
4.10%, 03/25/25 (Call 01/25/25)		4,487		4,392,240
Eli Lilly & Co., 2.75%, 06/01/25 (Call 03/01/25)^(a)		2,150		2,064,634
GlaxoSmithKline Capital Inc., 3.63%, 05/15/25		4,191		4,078,849


Security	Par (000)		Value

Pharmaceuticals (continued)
Johnson & Johnson
0.55%, 09/01/25 (Call 08/01/25)^(a)	$	3,275	$	3,007,922
2.63%, 01/15/25 (Call 11/15/24)^(a)		2,359		2,287,035
McKesson Corp., 0.90%, 12/03/25 (Call 11/03/25)		1,783		1,616,281
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)		3,202		3,104,451
Merck & Co. Inc., 2.75%, 02/10/25 (Call 11/10/24)		9,783		9,463,221
Novartis Capital Corp.
1.75%, 02/14/25 (Call 01/14/25)		4,278		4,084,166
3.00%, 11/20/25 (Call 08/20/25)		6,732		6,418,190
Pfizer Inc., 0.80%, 05/28/25 (Call 04/28/25)		3,674		3,416,962
Pfizer Investment Enterprises Pte. Ltd., 4.65%, 05/19/25^(a)		11,020		10,880,541
Viatris Inc., 1.65%, 06/22/25 (Call 05/22/25)		3,470		3,222,485
Zoetis Inc.
4.50%, 11/13/25 (Call 08/13/25)		2,624		2,559,428
5.40%, 11/14/25 (Call 10/14/25)		930		923,186


				123,299,947

Pipelines — 3.3%
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/25 (Call 10/02/24)		5,706		5,677,011
Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)^(a)		3,992		3,894,933
DCP Midstream Operating LP, 5.38%, 07/15/25 (Call 04/15/25)		2,380		2,351,949
Enbridge Energy Partners LP, 5.88%, 10/15/25 (Call 07/15/25)		1,650		1,646,203
Enbridge Inc.
2.50%, 01/15/25 (Call 12/15/24)^(a)		2,340		2,244,471
2.50%, 02/14/25^(a)		2,116		2,023,590
Energy Transfer LP
2.90%, 05/15/25 (Call 04/15/25)		4,209		4,009,059
4.05%, 03/15/25 (Call 12/15/24)		4,127		4,012,640
5.95%, 12/01/25 (Call 09/01/25)^(a)		1,509		1,501,057
Enterprise Products Operating LLC, 3.75%, 02/15/25 (Call 11/15/24)		4,867		4,738,543
Kinder Morgan Inc., 4.30%, 06/01/25 (Call 03/01/25)		6,099		5,936,016
MPLX LP
4.00%, 02/15/25 (Call 11/15/24)^(a)		1,921		1,870,088
4.88%, 06/01/25 (Call 03/01/25)		4,800		4,707,070
ONEOK Inc.
2.20%, 09/15/25 (Call 08/15/25)^(a)		1,525		1,421,266
4.90%, 03/15/25 (Call 12/15/24)		1,952		1,917,942
Plains All American Pipeline LP/PAA Finance Corp., 4.65%, 10/15/25 (Call 07/15/25)^(a)		3,895		3,773,170
Sabine Pass Liquefaction LLC, 5.63%, 03/01/25 (Call 12/01/24)		7,734		7,683,682
Spectra Energy Partners LP, 3.50%, 03/15/25 (Call 12/15/24)		2,109		2,035,196
TC PipeLines LP, 4.38%, 03/13/25 (Call 12/13/24)^(a)		1,692		1,652,826
Western Midstream Operating LP
3.10%, 02/01/25 (Call 01/01/25)		2,528		2,429,507
3.95%, 06/01/25 (Call 03/01/25)^(a)		355		341,470
Williams Companies Inc. (The)
3.90%, 01/15/25 (Call 10/15/24)		3,306		3,219,186
4.00%, 09/15/25 (Call 06/15/25)		3,038		2,921,985


				72,008,860


Security	Par (000)		Value

Real Estate — 0.1%
Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)^(a)	$	2,575	$	2,506,191


Real Estate Investment Trusts — 3.6%
Alexandria Real Estate Equities Inc., 3.45%, 04/30/25 (Call 02/28/25)		2,925		2,813,482
American Tower Corp.
1.30%, 09/15/25 (Call 08/15/25)		2,208		2,018,052
2.40%, 03/15/25 (Call 02/15/25)		3,034		2,881,285
2.95%, 01/15/25 (Call 12/15/24)		2,751		2,647,739
4.00%, 06/01/25 (Call 03/01/25)		2,961		2,861,349
AvalonBay Communities Inc.
3.45%, 06/01/25 (Call 03/03/25)		1,674		1,612,795
3.50%, 11/15/25 (Call 08/15/25)		1,461		1,393,946
Boston Properties LP, 3.20%, 01/15/25 (Call 10/15/24)		3,798		3,634,457
Brixmor Operating Partnership LP, 3.85%, 02/01/25 (Call 11/01/24)		2,598		2,502,484
Crown Castle International Corp., 1.35%, 07/15/25 (Call 06/15/25)^(a)		2,414		2,225,793
CubeSmart LP, 4.00%, 11/15/25 (Call 08/15/25)^(a)		1,272		1,218,093
EPR Properties, 4.50%, 04/01/25 (Call 01/01/25)^(a)		700		675,884
Equinix Inc.
1.00%, 09/15/25 (Call 08/15/25)		2,863		2,607,878
1.25%, 07/15/25 (Call 06/15/25)		2,057		1,897,554
ERP Operating LP, 3.38%, 06/01/25 (Call 03/01/25)		1,784		1,713,719
Essex Portfolio LP, 3.50%, 04/01/25 (Call 01/01/25)		2,001		1,924,658
GLP Capital LP/GLP Financing II Inc., 5.25%, 06/01/25 (Call 03/01/25)		3,671		3,579,895
Healthpeak Properties Inc.
3.40%, 02/01/25 (Call 11/01/24)^(a)		1,180		1,140,083
4.00%, 06/01/25 (Call 03/01/25)^(a)		1,337		1,294,218
Host Hotels & Resorts LP, Series E, 4.00%, 06/15/25 (Call 03/15/25)		1,792		1,719,047
Kilroy Realty LP, 4.38%, 10/01/25 (Call 07/01/25)		1,620		1,546,794
Kimco Realty Corp., 3.30%, 02/01/25 (Call 12/01/24)		2,088		2,011,897
Kite Realty Group Trust, 4.00%, 03/15/25 (Call 12/15/24)		1,035		989,303
Mid-America Apartments LP, 4.00%, 11/15/25 (Call 08/15/25)		1,805		1,740,030
NNN REIT Inc., 4.00%, 11/15/25 (Call 08/15/25)		1,013		971,512
Omega Healthcare Investors Inc., 4.50%, 01/15/25 (Call 10/15/24)		1,911		1,854,066
Realty Income Corp.
3.88%, 04/15/25 (Call 02/15/25)		2,294		2,223,769
4.63%, 11/01/25 (Call 09/01/25)		2,443		2,380,507
Simon Property Group LP, 3.50%, 09/01/25 (Call 06/01/25)		4,738		4,539,597
SITE Centers Corp., 3.63%, 02/01/25 (Call 11/01/24)		2,044		1,965,498
Ventas Realty LP
2.65%, 01/15/25 (Call 12/15/24)^(a)		1,910		1,826,709
3.50%, 02/01/25 (Call 11/01/24)		2,620		2,524,969
VICI Properties LP, 4.38%, 05/15/25		2,410		2,333,593
Vornado Realty LP, 3.50%, 01/15/25 (Call 11/15/24)		1,606		1,525,056
Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25)		5,707		5,518,599
WP Carey Inc., 4.00%, 02/01/25 (Call 11/01/24)^(a)		1,813		1,763,897


				78,078,207

Retail — 2.8%
AutoNation Inc., 4.50%, 10/01/25 (Call 07/01/25)		1,584		1,529,021


Security	Par (000)		Value

Retail (continued)
AutoZone Inc.
3.25%, 04/15/25 (Call 01/15/25)	$	2,038	$	1,962,221
3.63%, 04/15/25 (Call 03/15/25)^(a)		1,599		1,547,947
Dollar General Corp., 4.15%, 11/01/25 (Call 08/01/25)^(a)		2,252		2,169,951
Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25)^(a)		4,518		4,374,949
Genuine Parts Co., 1.75%, 02/01/25 (Call 11/13/23)^(a)		2,743		2,592,043
Home Depot Inc. (The)
2.70%, 04/15/25 (Call 03/15/25)^(a)		2,200		2,116,804
3.35%, 09/15/25 (Call 06/15/25)^(a)		5,391		5,196,842
4.00%, 09/15/25 (Call 08/15/25)^(a)		890		868,052
Lowe’s Companies Inc.
3.38%, 09/15/25 (Call 06/15/25)		3,710		3,547,459
4.00%, 04/15/25 (Call 03/15/25)		3,892		3,793,214
4.40%, 09/08/25^(a)		2,535		2,478,474
McDonald’s Corp.
1.45%, 09/01/25 (Call 08/01/25)^(a)		2,263		2,100,139
3.30%, 07/01/25 (Call 06/01/25)^(a)		3,800		3,660,120
3.38%, 05/26/25 (Call 02/26/25)^(a)		2,147		2,075,264
Ross Stores Inc., 4.60%, 04/15/25 (Call 03/15/25)		3,282		3,220,332
Starbucks Corp., 3.80%, 08/15/25 (Call 06/15/25)^(a)		5,994		5,799,026
Target Corp., 2.25%, 04/15/25 (Call 03/15/25)		8,455		8,076,325
Walmart Inc.
3.55%, 06/26/25 (Call 04/26/25)^(a)		2,960		2,875,706
3.90%, 09/09/25		1,735		1,694,370


				61,678,259

Semiconductors — 1.9%
Analog Devices Inc., 2.95%, 04/01/25 (Call 03/01/25)		2,578		2,483,168
Applied Materials Inc., 3.90%, 10/01/25 (Call 07/01/25)		2,798		2,717,989
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/25 (Call 11/15/24)		1,908		1,840,298
Broadcom Inc., 3.15%, 11/15/25 (Call 10/15/25)		4,041		3,826,905
Intel Corp.
3.40%, 03/25/25 (Call 02/25/25)		6,806		6,601,855
3.70%, 07/29/25 (Call 04/29/25)		6,883		6,665,591
Lam Research Corp., 3.80%, 03/15/25 (Call 12/15/24)		1,919		1,872,078
Microchip Technology Inc., 4.25%, 09/01/25 (Call 12/01/23)		4,805		4,633,029
NXP BV/NXP Funding LLC/NXP USA Inc., 2.70%, 05/01/25 (Call 04/01/25)		2,230		2,120,594
QUALCOMM Inc., 3.45%, 05/20/25 (Call 02/20/25)		6,307		6,110,352
Texas Instruments Inc., 1.38%, 03/12/25 (Call 02/12/25)		3,848		3,643,107


				42,514,966

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 3.84%, 05/01/25 (Call 04/01/25)		2,054		1,987,581


Software — 3.1%
Adobe Inc.
1.90%, 02/01/25 (Call 01/01/25)		2,668		2,553,824
3.25%, 02/01/25 (Call 11/01/24)^(a)		4,633		4,511,074
Autodesk Inc., 4.38%, 06/15/25 (Call 03/15/25)		1,372		1,340,835
Fidelity National Information Services Inc., 4.50%, 07/15/25		2,650		2,588,963
Fiserv Inc., 3.85%, 06/01/25 (Call 03/01/25)		3,435		3,329,182
Intuit Inc., 0.95%, 07/15/25 (Call 06/15/25)		2,853		2,638,501


Security	Par (000)		Value

Software (continued)
Microsoft Corp.
2.70%, 02/12/25 (Call 11/12/24)	$	5,869	$	5,678,172
3.13%, 11/03/25 (Call 08/03/25)		11,527		11,066,476
Oracle Corp.
2.50%, 04/01/25 (Call 03/01/25)		10,722		10,229,769
2.95%, 05/15/25 (Call 02/15/25)		11,725		11,218,503
5.80%, 11/10/25^(a)		1,909		1,908,298
Roper Technologies Inc.
1.00%, 09/15/25 (Call 08/15/25)		2,738		2,507,487
3.85%, 12/15/25 (Call 09/15/25)^(a)		1,206		1,160,094
Take-Two Interactive Software Inc., 3.55%, 04/14/25		3,203		3,094,203
VMware Inc., 4.50%, 05/15/25 (Call 04/15/25)		3,247		3,171,212


				66,996,593

Telecommunications — 2.1%
Cisco Systems Inc., 3.50%, 06/15/25		2,128		2,063,716
Juniper Networks Inc., 1.20%, 12/10/25 (Call 11/10/25)		1,478		1,333,981
Rogers Communications Inc.
2.95%, 03/15/25		3,815		3,647,640
3.63%, 12/15/25 (Call 09/15/25)		2,906		2,759,509
Sprint LLC, 7.63%, 02/15/25 (Call 11/15/24)		5,205		5,276,530
T-Mobile USA Inc., 3.50%, 04/15/25 (Call 03/15/25)		12,699		12,269,248
Verizon Communications Inc.
0.85%, 11/20/25 (Call 10/20/25)		5,282		4,782,513
3.38%, 02/15/25		7,498		7,269,004
Vodafone Group PLC, 4.13%, 05/30/25		6,457		6,292,452


				45,694,593

Transportation — 1.2%
Burlington Northern Santa Fe LLC
3.00%, 04/01/25 (Call 01/01/25)		2,286		2,212,906
3.65%, 09/01/25 (Call 06/01/25)^(a)		2,011		1,948,177
7.00%, 12/15/25		673		694,954
Canadian Pacific Railway Co., 2.90%, 02/01/25 (Call 11/01/24)		3,666		3,534,831
CSX Corp., 3.35%, 11/01/25 (Call 08/01/25)		2,529		2,420,320
Norfolk Southern Corp., 3.65%, 08/01/25 (Call 06/01/25)		1,550		1,493,662
Ryder System Inc.
3.35%, 09/01/25 (Call 08/01/25)		1,788		1,707,963
4.63%, 06/01/25 (Call 05/01/25)		1,791		1,751,353
Union Pacific Corp.
3.25%, 01/15/25 (Call 10/15/24)^(a)		1,829		1,777,323
3.25%, 08/15/25 (Call 05/15/25)^(a)		2,092		2,010,779
3.75%, 07/15/25 (Call 05/15/25)		2,194		2,128,570
United Parcel Service Inc., 3.90%, 04/01/25 (Call 03/01/25)		5,289		5,164,964


				26,845,802

Trucking & Leasing — 0.1%
GATX Corp., 3.25%, 03/30/25 (Call 12/30/24)^(a)		1,255		1,203,412


Water — 0.1%
American Water Capital Corp., 3.40%, 03/01/25 (Call 12/01/24)		1,962		1,899,501


Total Long-Term Investments — 98.8% (Cost: $2,250,308,147)				2,169,301,744


Security	Shares		Value


Short-Term Securities

Money Market Funds — 4.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		87,115,402	$	87,150,249
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)(d)		6,140,000		6,140,000


Total Short-Term Securities — 4.3% (Cost: $93,231,785)				93,290,249


Total Investments — 103.1% (Cost: $2,343,539,932)				2,262,591,993

Liabilities in Excess of Other Assets — (3.1)%				(67,322,173	)


Net Assets — 100.0%			$	2,195,269,820

^(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.


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.3%
Omnicom Group Inc., 3.60%, 04/15/26 (Call 01/15/26)	$	5,161	$	4,885,549


Aerospace & Defense — 2.0%
Boeing Co. (The)
2.20%, 02/04/26 (Call 11/13/23)		16,310		14,988,597
2.25%, 06/15/26 (Call 03/15/26)		1,865		1,690,751
2.75%, 02/01/26 (Call 01/01/26)		5,193		4,833,102
3.10%, 05/01/26 (Call 03/01/26)		2,491		2,319,699
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)		2,258		2,025,554
2.13%, 08/15/26 (Call 05/15/26)		1,780		1,632,402
L3Harris Technologies Inc., 3.85%, 12/15/26 (Call 09/15/26)		1,865		1,757,111
Lockheed Martin Corp., 3.55%, 01/15/26 (Call 10/15/25)		4,321		4,151,488
RTX Corp.
2.65%, 11/01/26 (Call 08/01/26)		2,164		1,980,240
5.00%, 02/27/26 (Call 01/27/26)		1,155		1,134,966


				36,513,910

Agriculture — 1.6%
Altria Group Inc.
2.63%, 09/16/26 (Call 06/16/26)^(a)		1,316		1,207,325
4.40%, 02/14/26 (Call 12/14/25)		4,355		4,209,554
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)		4,021		3,728,621
BAT Capital Corp., 3.22%, 09/06/26 (Call 07/06/26)^(a)		3,231		2,989,831
BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26)		5,128		4,618,042
Bunge Ltd. Finance Corp., 3.25%, 08/15/26 (Call 05/15/26)		2,120		1,974,799
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		2,960		2,633,107
2.75%, 02/25/26 (Call 11/25/25)^(a)		3,045		2,851,479
4.88%, 02/13/26		5,085		4,993,034


				29,205,792

Airlines — 0.2%
American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 04/01/28		21		18,879
Southwest Airlines Co., 3.00%, 11/15/26 (Call 08/15/26)		1,281		1,177,497
United Airlines Pass Through Trust
Series 2014-1, Class A, 4.00%, 10/11/27		343		318,715
Series 2014-2, Class A, 3.75%, 03/03/28^(a)		1,295		1,186,277
Series 2020-1, Class B, 4.88%, 07/15/27		972		918,130


				3,619,498

Apparel — 0.2%
NIKE Inc., 2.38%, 11/01/26 (Call 08/01/26)		3,847		3,538,773


Auto Manufacturers — 2.4%
American Honda Finance Corp.
1.30%, 09/09/26^(a)		3,158		2,803,070
2.30%, 09/09/26		2,074		1,893,438
4.75%, 01/12/26^(a)		415		407,691
5.25%, 07/07/26^(a)		530		525,691
General Motors Financial Co. Inc.
1.25%, 01/08/26 (Call 12/08/25)		4,995		4,475,841
1.50%, 06/10/26 (Call 05/10/26)		4,248		3,748,222


Security	Par (000)		Value

Auto Manufacturers (continued)
4.00%, 10/06/26 (Call 07/06/26)	$	2,635	$	2,463,003
5.25%, 03/01/26 (Call 12/01/25)		4,310		4,198,371
5.40%, 04/06/26		4,135		4,046,278
PACCAR Financial Corp.
1.10%, 05/11/26		1,188		1,069,444
4.45%, 03/30/26^(a)		1,160		1,135,842
5.05%, 08/10/26^(a)		150		149,069
Toyota Motor Corp.
1.34%, 03/25/26 (Call 02/25/26)^(a)		3,612		3,278,765
5.28%, 07/13/26 (Call 06/13/26)^(a)		1,105		1,101,227
Toyota Motor Credit Corp.
0.80%, 01/09/26^(a)		2,089		1,887,244
1.13%, 06/18/26		3,474		3,108,323
4.45%, 05/18/26		4,395		4,290,668
5.00%, 08/14/26		2,930		2,893,334


				43,475,521

Auto Parts & Equipment — 0.0%
Magna International Inc., 5.98%, 03/21/26 (Call 03/21/24)		155		155,087


Banks — 24.9%
Banco Santander SA, 1.85%, 03/25/26		5,292		4,730,485
Bank of America Corp.
3.50%, 04/19/26^(a)		8,647		8,158,271
4.25%, 10/22/26		6,516		6,153,337
4.45%, 03/03/26		6,954		6,659,991
6.22%, 09/15/26^(a)		1,280		1,290,618
Bank of America NA, 5.53%, 08/18/26 (Call 07/18/26)		6,350		6,296,010
Bank of Montreal
1.25%, 09/15/26		5,800		5,081,000
5.30%, 06/05/26		3,280		3,225,860
Bank of New York Mellon Corp. (The)
0.75%, 01/28/26 (Call 12/28/25)		2,369		2,121,977
1.05%, 10/15/26 (Call 09/15/26)		1,752		1,535,380
2.45%, 08/17/26 (Call 05/17/26)		2,860		2,625,723
2.80%, 05/04/26 (Call 02/04/26)		2,500		2,326,643
Bank of Nova Scotia (The)
1.05%, 03/02/26^(a)		3,896		3,473,041
1.30%, 09/15/26 (Call 06/15/26)		3,525		3,091,449
1.35%, 06/24/26		3,195		2,833,263
2.70%, 08/03/26		4,317		3,961,374
4.75%, 02/02/26		2,325		2,263,566
Barclays PLC
4.38%, 01/12/26		8,653		8,257,718
5.20%, 05/12/26		6,947		6,631,365
BPCE SA, 3.38%, 12/02/26		2,084		1,918,464
Canadian Imperial Bank of Commerce
1.25%, 06/22/26 (Call 05/22/26)		3,115		2,758,693
5.61%, 07/17/26		1,520		1,505,201
5.93%, 10/02/26		2,175		2,171,192
Citigroup Inc.
3.20%, 10/21/26 (Call 07/21/26)		10,210		9,421,337
3.40%, 05/01/26^(a)		6,624		6,228,965
3.70%, 01/12/26		6,541		6,223,802
4.30%, 11/20/26		3,362		3,159,433
4.60%, 03/09/26		4,873		4,670,396
Citizens Bank NA/Providence RI, 3.75%, 02/18/26 (Call 11/18/25)		1,437		1,315,085
Citizens Financial Group Inc., 2.85%, 07/27/26 (Call 04/27/26)		2,072		1,836,609


Security	Par (000)		Value

Banks (continued)
Commonwealth Bank of Australia/New York NY, 5.32%, 03/13/26	$	2,725	$	2,708,874
Cooperatieve Rabobank UA
3.75%, 07/21/26		5,065		4,707,977
5.50%, 10/05/26		1,410		1,399,056
Credit Suisse AG/New York NY, 1.25%, 08/07/26		5,535		4,825,607
Deutsche Bank AG, 4.10%, 01/13/26^(a)		1,077		1,024,611
Deutsche Bank AG/New York NY
1.69%, 03/19/26		3,220		2,901,809
4.10%, 01/13/26		1,055		1,002,143
Discover Bank
3.45%, 07/27/26 (Call 04/27/26)		3,684		3,327,380
4.25%, 03/13/26		1,245		1,173,251
Fifth Third Bank NA, 3.85%, 03/15/26 (Call 02/15/26)		2,508		2,307,334
Goldman Sachs Group Inc. (The)
3.50%, 11/16/26 (Call 11/16/25)		9,551		8,855,915
3.75%, 02/25/26 (Call 11/25/25)		5,806		5,508,329
HSBC Holdings PLC
3.90%, 05/25/26		8,720		8,230,711
4.30%, 03/08/26		10,433		9,992,254
4.38%, 11/23/26		4,659		4,396,130
JPMorgan Chase & Co.
2.95%, 10/01/26 (Call 07/01/26)		9,347		8,647,912
3.20%, 06/15/26 (Call 03/15/26)^(a)		5,819		5,453,355
3.30%, 04/01/26 (Call 01/01/26)		8,345		7,861,678
4.13%, 12/15/26		6,855		6,472,160
7.63%, 10/15/26		1,727		1,804,443
KeyBank NA, 4.70%, 01/26/26 (Call 12/26/25)		835		774,965
KeyBank NA/Cleveland OH, 3.40%, 05/20/26		2,105		1,853,725
Lloyds Banking Group PLC, 4.65%, 03/24/26		5,054		4,788,659
Manufacturers & Traders Trust Co., 4.65%, 01/27/26 (Call 12/27/25)		3,490		3,293,905
Mitsubishi UFJ Financial Group Inc.
2.76%, 09/13/26		3,558		3,250,085
3.85%, 03/01/26		8,150		7,761,367
Mizuho Financial Group Inc., 2.84%, 09/13/26^(a)		3,342		3,057,238
Morgan Stanley
3.13%, 07/27/26		10,117		9,361,275
3.88%, 01/27/26		10,455		9,969,049
4.35%, 09/08/26		7,320		6,922,551
6.25%, 08/09/26		2,438		2,440,727
Morgan Stanley Bank NA
4.75%, 04/21/26 (Call 03/21/26)		5,100		4,975,847
5.88%, 10/30/26 (Call 09/30/26)		5,500		5,497,571
National Australia Bank Ltd./New York
2.50%, 07/12/26^(a)		4,775		4,406,669
3.38%, 01/14/26		3,337		3,178,892
4.97%, 01/12/26^(a)		2,595		2,563,063
NatWest Group PLC, 4.80%, 04/05/26		5,046		4,860,350
PNC Financial Services Group Inc. (The)
1.15%, 08/13/26 (Call 07/13/26)^(a)		2,121		1,862,732
2.60%, 07/23/26 (Call 05/23/26)		3,646		3,350,467
Royal Bank of Canada
0.88%, 01/20/26		4,285		3,839,564
1.15%, 07/14/26^(a)		2,490		2,194,066
1.20%, 04/27/26		5,895		5,257,027
1.40%, 11/02/26		3,030		2,658,559
4.65%, 01/27/26^(a)		5,049		4,893,161
4.88%, 01/12/26		3,150		3,082,302
5.20%, 07/20/26		2,790		2,744,472


Security	Par (000)		Value

Banks (continued)
Santander Holdings USA Inc., 3.24%, 10/05/26 (Call 08/05/26)	$	3,160	$	2,836,584
State Street Corp.
2.65%, 05/19/26^(a)		2,691		2,503,647
5.27%, 08/03/26 (Call 07/03/26)		1,815		1,785,197
Sumitomo Mitsui Financial Group Inc.
0.95%, 01/12/26		4,059		3,634,174
1.40%, 09/17/26		7,167		6,287,629
2.63%, 07/14/26^(a)		7,615		6,968,493
3.01%, 10/19/26		4,692		4,305,101
3.78%, 03/09/26^(a)		5,503		5,226,555
5.46%, 01/13/26		4,425		4,365,380
5.88%, 07/13/26		1,365		1,358,137
Toronto-Dominion Bank (The)
0.75%, 01/06/26^(a)		4,792		4,283,681
1.20%, 06/03/26		5,130		4,543,428
1.25%, 09/10/26		5,273		4,638,010
5.10%, 01/09/26^(a)		915		900,883
5.53%, 07/17/26		4,650		4,597,454
Truist Bank
3.30%, 05/15/26 (Call 04/15/26)		2,559		2,341,286
3.80%, 10/30/26 (Call 09/30/26)		2,798		2,561,152
U.S. Bancorp.
3.10%, 04/27/26 (Call 03/27/26)^(a)		3,429		3,157,653
Series V, 2.38%, 07/22/26 (Call 06/22/26)		4,605		4,167,058
UBS AG, 1.25%, 06/01/26		520		460,647
UBS Group AG, 4.55%, 04/17/26		6,841		6,537,202
Wachovia Corp., 7.57%, 08/01/26^(a)(b)		820		848,422
Wells Fargo & Co.
3.00%, 04/22/26		12,128		11,265,831
3.00%, 10/23/26		11,587		10,613,105
4.10%, 06/03/26		8,616		8,135,152
Wells Fargo Bank NA, 5.45%, 08/07/26 (Call 07/07/26)		4,910		4,862,580
Westpac Banking Corp.
1.15%, 06/03/26		3,800		3,395,879
2.70%, 08/19/26		4,082		3,774,752
2.85%, 05/13/26		5,960		5,581,816


				449,302,353

Beverages — 1.6%
Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)		11,332		10,887,936
Constellation Brands Inc.
3.70%, 12/06/26 (Call 09/06/26)		2,522		2,366,306
5.00%, 02/02/26 (Call 02/02/24)^(a)		1,015		997,188
Diageo Capital PLC, 5.38%, 10/05/26 (Call 09/05/26)		70		70,038
Keurig Dr Pepper Inc., 2.55%, 09/15/26 (Call 06/15/26)^(a)		1,260		1,153,931
Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)		6,926		6,428,395
PepsiCo Inc.
2.38%, 10/06/26 (Call 07/06/26)		3,308		3,063,426
2.85%, 02/24/26 (Call 11/24/25)		3,091		2,927,193
4.55%, 02/13/26 (Call 01/13/26)		780		769,001


				28,663,414

Biotechnology — 0.7%
Amgen Inc.
2.60%, 08/19/26 (Call 05/19/26)		4,627		4,261,484
5.51%, 03/02/26 (Call 03/02/24)		225		223,743


Security	Par (000)		Value

Biotechnology (continued)
Gilead Sciences Inc., 3.65%, 03/01/26 (Call 12/01/25)	$	9,246	$	8,826,049


				13,311,276

Building Materials — 0.2%
Johnson Controls International PLC, 3.90%, 02/14/26 (Call 11/14/25)^(a)		1,702		1,630,501
Owens Corning, 3.40%, 08/15/26 (Call 05/15/26)		1,412		1,314,644
Trane Technologies Luxembourg Finance SA, 3.50%, 03/21/26 (Call 01/21/26)		1,412		1,340,373
Vulcan Materials Co., 5.80%, 03/01/26 (Call 03/01/24)		88		87,217


				4,372,735

Chemicals — 1.0%
Celanese U.S. Holdings LLC, 1.40%, 08/05/26 (Call 07/05/26)		1,695		1,475,959
Ecolab Inc., 2.70%, 11/01/26 (Call 08/01/26)		2,529		2,342,752
EIDP Inc., 4.50%, 05/15/26 (Call 04/15/26)		2,005		1,946,700
FMC Corp.
3.20%, 10/01/26 (Call 08/01/26)		1,837		1,672,389
5.15%, 05/18/26 (Call 04/18/26)		1,775		1,713,106
Linde Inc./CT, 3.20%, 01/30/26 (Call 10/30/25)		2,071		1,974,113
Nutrien Ltd., 4.00%, 12/15/26 (Call 09/15/26)		1,461		1,383,058
PPG Industries Inc., 1.20%, 03/15/26 (Call 02/15/26)		2,060		1,848,399
Sherwin-Williams Co. (The), 3.95%, 01/15/26 (Call 10/15/25)		1,270		1,221,237
Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)		2,568		2,406,189


				17,983,902

Commercial Services — 0.6%
Global Payments Inc.
1.20%, 03/01/26 (Call 02/01/26)		3,925		3,497,962
4.80%, 04/01/26 (Call 01/01/26)		2,494		2,407,798
PayPal Holdings Inc., 2.65%, 10/01/26 (Call 08/01/26)		4,524		4,167,219


				10,072,979

Computers — 4.4%
Apple Inc.
0.70%, 02/08/26 (Call 01/08/26)		8,028		7,250,099
2.05%, 09/11/26 (Call 07/11/26)		6,609		6,056,848
2.45%, 08/04/26 (Call 05/04/26)		7,237		6,721,628
3.25%, 02/23/26 (Call 11/23/25)		10,884		10,416,029
CGI Inc., 1.45%, 09/14/26 (Call 08/14/26)		1,905		1,677,404
Dell International LLC/EMC Corp.
4.90%, 10/01/26 (Call 08/01/26)		5,778		5,621,789
6.02%, 06/15/26 (Call 03/15/26)		9,241		9,247,763
DXC Technology Co., 1.80%, 09/15/26 (Call 08/15/26)^(a)		2,315		2,026,975
Fortinet Inc., 1.00%, 03/15/26 (Call 02/15/26)		1,695		1,511,206
Genpact Luxembourg Sarl, 1.75%, 04/10/26 (Call 03/10/26)		910		819,982
Hewlett Packard Enterprise Co.
1.75%, 04/01/26 (Call 03/01/26)		3,114		2,825,200
6.10%, 04/01/26 (Call 04/01/24)		220		219,945
HP Inc., 1.45%, 06/17/26 (Call 05/17/26)		1,970		1,761,488
International Business Machines Corp.
3.30%, 05/15/26		8,855		8,375,981
3.45%, 02/19/26^(a)		5,340		5,088,371
4.50%, 02/06/26		1,465		1,429,498
Kyndryl Holdings Inc., 2.05%, 10/15/26 (Call 09/15/26)		2,235		1,947,205


Security	Par (000)		Value

Computers (continued)
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)	$	7,395	$	6,934,089


				79,931,500

Cosmetics & Personal Care — 0.8%
Colgate-Palmolive Co., 4.80%, 03/02/26		1,600		1,589,472
Conopco Inc., Series E, 7.25%, 12/15/26		994		1,044,030
Kenvue Inc., 5.35%, 03/22/26 (Call 02/22/26)		865		861,533
Procter & Gamble Co. (The)
1.00%, 04/23/26		3,374		3,048,846
2.45%, 11/03/26^(a)		3,116		2,884,517
2.70%, 02/02/26		1,955		1,850,679
4.10%, 01/26/26^(a)		1,115		1,090,150
Unilever Capital Corp., 2.00%, 07/28/26		2,371		2,170,479


				14,539,706

Diversified Financial Services — 4.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.75%, 01/30/26 (Call 12/30/25)		3,488		3,136,459
2.45%, 10/29/26 (Call 09/29/26)		12,325		10,962,478
4.45%, 04/03/26 (Call 02/03/26)		1,818		1,737,866
Air Lease Corp.
1.88%, 08/15/26 (Call 07/15/26)		4,145		3,667,719
2.88%, 01/15/26 (Call 12/15/25)		5,096		4,728,444
3.75%, 06/01/26 (Call 04/01/26)		2,590		2,431,577
Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)		2,466		2,309,702
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)		5,335		4,698,067
3.13%, 05/20/26 (Call 04/20/26)		3,632		3,407,517
4.90%, 02/13/26 (Call 01/13/26)		1,250		1,224,681
Ameriprise Financial Inc., 2.88%, 09/15/26 (Call 06/15/26)^(a)		2,305		2,142,235
Brookfield Finance Inc., 4.25%, 06/02/26 (Call 03/02/26)		1,783		1,701,441
Capital One Financial Corp., 3.75%, 07/28/26 (Call 06/28/26)		5,182		4,752,347
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)		4,349		3,834,580
1.15%, 05/13/26 (Call 04/13/26)^(a)		3,533		3,103,216
3.45%, 02/13/26 (Call 11/13/25)		1,365		1,284,250
5.88%, 08/24/26 (Call 07/24/26)		1,475		1,463,257
Discover Financial Services, 4.50%, 01/30/26 (Call 11/30/25)^(a)		1,761		1,664,591
Invesco Finance PLC, 3.75%, 01/15/26		2,155		2,057,534
Legg Mason Inc., 4.75%, 03/15/26^(a)		1,428		1,391,516
Mastercard Inc., 2.95%, 11/21/26 (Call 08/21/26)		3,014		2,811,630
Nasdaq Inc., 3.85%, 06/30/26 (Call 03/30/26)^(a)		1,952		1,861,138
Nomura Holdings Inc.
1.65%, 07/14/26		4,260		3,757,776
5.71%, 01/09/26		2,005		1,975,796
Synchrony Financial, 3.70%, 08/04/26 (Call 05/04/26)		1,766		1,565,715
Voya Financial Inc., 3.65%, 06/15/26		1,740		1,638,728
Western Union Co. (The), 1.35%, 03/15/26 (Call 02/15/26)		1,845		1,641,235


				76,951,495

Electric — 5.2%
AEP Transmission Co. LLC, 3.10%, 12/01/26 (Call 09/01/26)		1,445		1,345,294
AES Corp. (The), 1.38%, 01/15/26 (Call 12/15/25)		2,845		2,527,046
Ameren Corp., 3.65%, 02/15/26 (Call 11/15/25)		1,086		1,033,766


Security	Par (000)		Value

Electric (continued)
Baltimore Gas & Electric Co., 2.40%, 08/15/26 (Call 05/15/26)^(a)	$	1,201	$	1,103,060
Black Hills Corp., 3.95%, 01/15/26 (Call 07/15/25)^(a)		1,055		1,005,653
CenterPoint Energy Houston Electric LLC, Series Z, 2.40%, 09/01/26 (Call 06/01/26)		1,146		1,046,916
CenterPoint Energy Inc.
1.45%, 06/01/26 (Call 05/01/26)		1,815		1,628,276
5.25%, 08/10/26^(a)		1,010		994,866
Cleco Corporate Holdings LLC, 3.74%, 05/01/26 (Call 02/01/26)		2,077		1,943,591
CMS Energy Corp., 3.00%, 05/15/26 (Call 02/15/26)		901		839,919
Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26)		1,720		1,598,204
Dominion Energy Inc.
Series A, 1.45%, 04/15/26 (Call 03/15/26)		1,825		1,640,842
Series D, 2.85%, 08/15/26 (Call 05/15/26)		1,478		1,359,100
DTE Energy Co., 2.85%, 10/01/26 (Call 07/01/26)		2,051		1,883,707
Duke Energy Carolinas LLC, 2.95%, 12/01/26 (Call 09/01/26)		2,309		2,145,296
Duke Energy Corp., 2.65%, 09/01/26 (Call 06/01/26)^(a)		5,019		4,597,980
Emera U.S. Finance LP, 3.55%, 06/15/26 (Call 03/15/26)		2,381		2,230,449
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)		1,570		1,464,867
Entergy Arkansas LLC, 3.50%, 04/01/26 (Call 01/01/26)		2,083		1,979,277
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)		2,553		2,352,275
Entergy Louisiana LLC, 2.40%, 10/01/26 (Call 07/01/26)		1,560		1,421,958
Evergy Kansas Central Inc., 2.55%, 07/01/26 (Call 04/01/26)		459		424,242
Eversource Energy
4.75%, 05/15/26		735		714,565
Series U, 1.40%, 08/15/26 (Call 07/15/26)		1,275		1,129,285
Exelon Corp., 3.40%, 04/15/26 (Call 01/15/26)		2,477		2,347,944
Florida Power & Light Co., 4.45%, 05/15/26 (Call 04/15/26)		1,760		1,721,435
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		3,674		3,369,596
Georgia Power Co., 3.25%, 04/01/26 (Call 01/01/26)		972		917,119
ITC Holdings Corp., 3.25%, 06/30/26 (Call 03/30/26)		1,390		1,302,853
National Rural Utilities Cooperative Finance Corp.
1.00%, 06/15/26 (Call 05/15/26)		2,513		2,231,811
4.45%, 03/13/26 (Call 02/13/26)		915		891,540
5.60%, 11/13/26 (Call 10/13/26)		1,000		999,478
Pacific Gas and Electric Co.
2.95%, 03/01/26 (Call 12/01/25)		2,146		1,969,248
3.15%, 01/01/26		6,796		6,287,225
PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26)		2,268		2,120,504
Public Service Electric & Gas Co.
0.95%, 03/15/26 (Call 02/15/26)		1,621		1,461,114
2.25%, 09/15/26 (Call 06/15/26)		1,573		1,438,625
San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26)		2,000		1,850,677
Sempra Energy, 5.40%, 08/01/26 (Call 07/01/26)		1,815		1,788,285
Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26)		1,361		1,264,113


Security	Par (000)		Value

Electric (continued)
Southern California Edison Co.
4.90%, 06/01/26 (Call 05/01/26)	$	1,375	$	1,340,799
Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26)		1,216		1,094,897
Southern Co. (The), 3.25%, 07/01/26 (Call 04/01/26)		6,287		5,877,888
Southern Power Co., 0.90%, 01/15/26 (Call 12/15/25)		1,188		1,063,724
Southwestern Electric Power Co.
Series K, 2.75%, 10/01/26 (Call 07/01/26)		1,387		1,269,132
Series N, 1.65%, 03/15/26 (Call 02/15/26)		1,615		1,461,982
Virginia Electric & Power Co.
Series A, 3.15%, 01/15/26 (Call 10/15/25)		2,600		2,464,799
Series B, 2.95%, 11/15/26 (Call 08/15/26)^(a)		1,525		1,407,246
WEC Energy Group Inc.
4.75%, 01/09/26 (Call 12/09/25)		3,800		3,705,164
5.60%, 09/12/26 (Call 08/12/26)		1,440		1,431,063
Xcel Energy Inc., 3.35%, 12/01/26 (Call 06/01/26)		1,820		1,688,499


				93,177,194

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 0.88%, 10/15/26 (Call 09/15/26)^(a)		2,648		2,326,710


Electronics — 1.2%
Amphenol Corp., 4.75%, 03/30/26		515		503,055
Arrow Electronics Inc., 6.13%, 03/01/26 (Call 03/01/24)		680		674,771
Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26)		1,998		1,916,965
Flex Ltd., 3.75%, 02/01/26 (Call 01/01/26)		2,160		2,044,424
Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)		3,437		3,201,578
Honeywell International Inc., 2.50%, 11/01/26 (Call 08/01/26)		5,158		4,769,262
Hubbell Inc., 3.35%, 03/01/26 (Call 12/01/25)		1,318		1,248,722
Jabil Inc., 1.70%, 04/15/26 (Call 03/15/26)^(a)		1,570		1,412,854
TD SYNNEX Corp., 1.75%, 08/09/26 (Call 07/09/26)		2,207		1,930,909
Tyco Electronics Group SA
3.70%, 02/15/26 (Call 11/15/25)		1,375		1,316,367
4.50%, 02/13/26		735		717,557
Vontier Corp., 1.80%, 04/01/26 (Call 03/01/26)		1,873		1,672,231


				21,408,695

Entertainment — 0.2%
Warnermedia Holdings Inc., 6.41%, 03/15/26 (Call 03/15/24)		4,475		4,464,677


Environmental Control — 0.2%
Republic Services Inc., 2.90%, 07/01/26 (Call 04/01/26)^(a)		1,859		1,736,816
Veralto Corp., 5.50%, 09/18/26 (Call 08/18/26)^(c)		2,405		2,380,400


				4,117,216

Food — 1.5%
Conagra Brands Inc., 5.30%, 10/01/26		1,675		1,644,730
Flowers Foods Inc., 3.50%, 10/01/26 (Call 07/01/26)		1,095		1,022,107
Hershey Co. (The), 2.30%, 08/15/26 (Call 05/15/26)^(a)		1,616		1,496,673
Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26)		983		918,248
Kellogg Co., 3.25%, 04/01/26		3,002		2,831,102
Kraft Heinz Foods Co., 3.00%, 06/01/26 (Call 03/01/26)		6,975		6,515,585
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)		3,195		2,928,212


Security	Par (000)		Value

Food (continued)
3.50%, 02/01/26 (Call 11/01/25)	$	1,816	$	1,727,152
McCormick & Co. Inc./MD, 0.90%, 02/15/26 (Call 01/15/26)		2,133		1,907,077
Sysco Corp., 3.30%, 07/15/26 (Call 04/15/26)		3,231		3,021,017
Tyson Foods Inc., 4.00%, 03/01/26 (Call 01/01/26)		2,973		2,850,359


				26,862,262

Gas — 0.3%
National Fuel Gas Co.
5.50%, 01/15/26 (Call 12/15/25)		1,702		1,668,723
5.50%, 10/01/26		980		959,496
Southern California Gas Co., Series TT, 2.60%, 06/15/26 (Call 03/15/26)		1,595		1,472,667
Southern Co. Gas Capital Corp., 3.25%, 06/15/26 (Call 03/15/26)		960		900,496


				5,001,382

Hand & Machine Tools — 0.3%
Regal Rexnord Corp., 6.05%, 02/15/26^(a)(c)		3,805		3,741,932
Stanley Black & Decker Inc., 6.27%, 03/06/26 (Call 03/06/24)^(a)		125		125,053
Stanley Black & Decker Inc., 3.40%, 03/01/26 (Call 01/01/26)		2,298		2,167,822


				6,034,807

Health Care - Products — 0.9%
Abbott Laboratories, 3.75%, 11/30/26 (Call 08/30/26)		6,508		6,227,022
Agilent Technologies Inc., 3.05%, 09/22/26 (Call 06/22/26)		967		896,762
Baxter International Inc., 2.60%, 08/15/26 (Call 05/15/26)		2,295		2,092,252
Stryker Corp., 3.50%, 03/15/26 (Call 12/15/25)		3,755		3,571,588
Thermo Fisher Scientific Inc., 4.95%, 08/10/26 (Call 07/10/26)^(a)		290		287,146
Zimmer Biomet Holdings Inc., 3.05%, 01/15/26 (Call 12/15/25)		2,436		2,289,749


				15,364,519

Health Care - Services — 1.8%
Elevance Health Inc.
1.50%, 03/15/26 (Call 02/15/26)^(a)		3,403		3,082,149
4.90%, 02/08/26 (Call 02/08/24)		890		873,306
HCA Inc.
5.25%, 06/15/26 (Call 12/15/25)		5,072		4,951,073
5.38%, 09/01/26 (Call 03/01/26)		3,140		3,070,634
5.88%, 02/15/26 (Call 08/15/25)		5,130		5,084,663
Humana Inc., 5.70%, 03/13/26 (Call 03/13/24)		340		337,684
Laboratory Corp. of America Holdings, 1.55%, 06/01/26 (Call 05/01/26)		1,930		1,727,668
Providence St Joseph Health Obligated Group, Series H, 2.75%, 10/01/26 (Call 07/01/26)		720		657,825
Quest Diagnostics Inc., 3.45%, 06/01/26 (Call 03/01/26)		2,028		1,911,282
UnitedHealth Group Inc.
1.15%, 05/15/26 (Call 04/15/26)		3,202		2,890,623
1.25%, 01/15/26		2,057		1,879,688
3.10%, 03/15/26		3,800		3,606,847
Universal Health Services Inc., 1.65%, 09/01/26 (Call 08/01/26)		2,315		2,040,983
UPMC, Series 2021, 1.80%, 04/15/26 (Call 01/15/26)^(a)		100		90,474


				32,204,899


Security	Par (000)		Value

Holding Companies - Diversified — 1.9%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)^(a)	$	3,197	$	2,807,894
3.88%, 01/15/26 (Call 12/15/25)		4,328		4,046,633
Bain Capital Specialty Finance Inc.
2.55%, 10/13/26 (Call 09/13/26)^(a)		1,075		923,204
2.95%, 03/10/26 (Call 02/10/26)		1,087		967,602
Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)^(a)		1,045		914,793
Blackstone Private Credit Fund, 2.63%, 12/15/26 (Call 11/15/26)		4,247		3,636,720
Blackstone Secured Lending Fund
2.75%, 09/16/26 (Call 08/19/26)		2,365		2,074,854
3.63%, 01/15/26 (Call 12/15/25)		2,915		2,691,988
Blue Owl Capital Corp.
3.40%, 07/15/26 (Call 06/15/26)		3,513		3,132,283
4.25%, 01/15/26 (Call 12/15/25)		1,730		1,612,008
Blue Owl Credit Income Corp., 3.13%, 09/23/26 (Call 08/23/26)		1,285		1,127,004
FS KKR Capital Corp., 3.40%, 01/15/26 (Call 12/15/25)		3,381		3,092,263
Goldman Sachs BDC Inc., 2.88%, 01/15/26 (Call 12/15/25)		1,641		1,509,296
Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26)^(a)		1,957		1,712,521
Main Street Capital Corp., 3.00%, 07/14/26 (Call 06/14/26)^(a)		1,908		1,688,054
Prospect Capital Corp.
3.36%, 11/15/26 (Call 10/15/26)^(a)		1,081		927,378
3.71%, 01/22/26 (Call 12/22/25)		1,270		1,142,304
Sixth Street Specialty Lending Inc., 2.50%, 08/01/26 (Call 07/01/26)^(a)		961		847,083


				34,853,882

Home Builders — 0.3%
DR Horton Inc., 1.30%, 10/15/26 (Call 09/15/26)		2,077		1,822,524
Lennar Corp., 5.25%, 06/01/26 (Call 12/01/25)		1,506		1,479,895
PulteGroup Inc., 5.50%, 03/01/26 (Call 12/01/25)		2,243		2,216,785


				5,519,204

Household Products & Wares — 0.1%
Kimberly-Clark Corp., 2.75%, 02/15/26		1,350		1,270,954


Insurance — 2.3%
Aflac Inc.
1.13%, 03/15/26 (Call 02/15/26)		1,665		1,495,480
2.88%, 10/15/26 (Call 07/15/26)^(a)		1,117		1,031,397
Allstate Corp. (The), 3.28%, 12/15/26 (Call 09/15/26)^(a)		1,678		1,558,781
American International Group Inc., 3.90%, 04/01/26 (Call 01/01/26)		3,020		2,877,376
Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26)		1,770		1,670,016
Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25)		8,566		8,164,501
Chubb INA Holdings Inc., 3.35%, 05/03/26 (Call 02/03/26)		5,405		5,118,024
CNA Financial Corp., 4.50%, 03/01/26 (Call 12/01/25)		1,655		1,600,199
Hanover Insurance Group Inc. (The), 4.50%, 04/15/26 (Call 01/15/26)		1,454		1,397,911
Lincoln National Corp., 3.63%, 12/12/26 (Call 09/15/26)^(a)		1,215		1,106,084
Loews Corp., 3.75%, 04/01/26 (Call 01/01/26)^(a)		1,951		1,865,552


Security	Par (000)		Value

Insurance (continued)
Manulife Financial Corp., 4.15%, 03/04/26	$	3,708	$	3,567,747
Marsh & McLennan Companies Inc., 3.75%, 03/14/26 (Call 12/14/25)		2,328		2,226,475
Munich Re America Corp., Series B, 7.45%, 12/15/26^(a)		90		94,608
Old Republic International Corp., 3.88%, 08/26/26 (Call 07/26/26)		1,947		1,832,657
Principal Financial Group Inc., 3.10%, 11/15/26 (Call 08/15/26)^(a)		1,233		1,137,919
Prudential Financial Inc., 1.50%, 03/10/26 (Call 02/10/26)		2,400		2,166,875
Reinsurance Group of America Inc., 3.95%, 09/15/26 (Call 06/15/26)^(a)		1,250		1,181,043
Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)		2,009		1,927,236


				42,019,881

Internet — 1.7%
Alphabet Inc., 2.00%, 08/15/26 (Call 05/15/26)^(a)		7,302		6,713,513
Amazon.com Inc., 1.00%, 05/12/26 (Call 04/12/26)		9,490		8,535,763
Baidu Inc., 1.72%, 04/09/26 (Call 03/09/26)^(a)		1,315		1,193,731
Booking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26)		4,276		4,071,136
eBay Inc., 1.40%, 05/10/26 (Call 04/10/26)^(a)		3,323		2,977,324
Expedia Group Inc., 5.00%, 02/15/26 (Call 11/15/25)		3,250		3,176,966
JD.com Inc., 3.88%, 04/29/26^(a)		691		659,968
Netflix Inc., 4.38%, 11/15/26		3,450		3,321,201


				30,649,602

Iron & Steel — 0.2%
ArcelorMittal SA, 4.55%, 03/11/26		1,465		1,426,905
Steel Dynamics Inc., 5.00%, 12/15/26 (Call 12/01/23)		1,483		1,437,695


			2,864,600

Lodging — 0.4%
Hyatt Hotels Corp., 4.85%, 03/15/26 (Call 12/15/25)		1,607		1,561,692
Marriott International Inc./MD
5.45%, 09/15/26 (Call 08/15/26)		960		947,775
Series R, 3.13%, 06/15/26 (Call 03/15/26)^(a)		2,721		2,539,504
Sands China Ltd., 4.30%, 01/08/26 (Call 12/08/25)		2,040		1,892,944


				6,941,915

Machinery — 1.8%
Caterpillar Financial Services Corp.
0.90%, 03/02/26		2,628		2,369,546
1.15%, 09/14/26		1,437		1,276,636
2.40%, 08/09/26		1,385		1,279,713
4.35%, 05/15/26		5,040		4,913,277
4.80%, 01/06/26		970		956,755
CNH Industrial Capital LLC
1.45%, 07/15/26 (Call 06/15/26)		2,015		1,796,712
1.88%, 01/15/26 (Call 12/15/25)		1,723		1,581,153
John Deere Capital Corp.
0.70%, 01/15/26		2,778		2,504,103
1.05%, 06/17/26^(a)		1,827		1,632,884
1.30%, 10/13/26		1,400		1,250,120
2.25%, 09/14/26^(a)		1,776		1,636,208
2.65%, 06/10/26^(a)		1,407		1,314,190
4.75%, 06/08/26		1,815		1,786,534
4.80%, 01/09/26		3,895		3,844,190
5.05%, 03/03/26^(a)		595		590,805


Security	Par (000)		Value

Machinery (continued)
Westinghouse Air Brake Technologies Corp., 3.45%, 11/15/26 (Call 08/15/26)	$	2,659	$	2,466,689
Xylem Inc./NY, 3.25%, 11/01/26 (Call 08/01/26)		1,665		1,548,188


				32,747,703

Machinery - Diversified — 0.0%
John Deere Capital Corp., 5.15%, 09/08/26		925		920,076


Manufacturing — 0.4%
3M Co., 2.25%, 09/19/26 (Call 06/19/26)^(a)		2,176		1,971,342
Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26)		3,604		3,325,185
Teledyne Technologies Inc., 1.60%, 04/01/26 (Call 03/01/26)		1,633		1,474,867
Textron Inc., 4.00%, 03/15/26 (Call 12/15/25)		1,185		1,133,826


				7,905,220

Media — 1.5%
Comcast Corp., 3.15%, 03/01/26 (Call 12/01/25)		7,546		7,161,281
Discovery Communications LLC, 4.90%, 03/11/26 (Call 12/11/25)		2,322		2,259,557
Paramount Global, 4.00%, 01/15/26 (Call 10/15/25)		2,491		2,363,537
TCI Communications Inc., 7.88%, 02/15/26		1,764		1,841,899
Thomson Reuters Corp., 3.35%, 05/15/26 (Call 02/15/26)		1,769		1,660,851
TWDC Enterprises 18 Corp.
1.85%, 07/30/26		3,256		2,960,181
3.00%, 02/13/26		3,306		3,120,016
Walt Disney Co. (The)
1.75%, 01/13/26		4,887		4,511,975
3.38%, 11/15/26 (Call 08/15/26)		1,809		1,698,513


				27,577,810

Mining — 0.4%
BHP Billiton Finance USA Ltd.
4.88%, 02/27/26		3,255		3,203,643
5.25%, 09/08/26		3,850		3,815,626
6.42%, 03/01/26^(a)		955		969,814


				7,989,083

Office & Business Equipment — 0.2%
CDW LLC/CDW Finance Corp., 2.67%, 12/01/26 (Call 11/01/26)		3,390		3,037,423


Oil & Gas — 3.4%
BP Capital Markets America Inc.
3.12%, 05/04/26 (Call 02/04/26)		3,780		3,568,047
3.41%, 02/11/26 (Call 12/11/25)		3,466		3,304,078
Chevron Corp., 2.95%, 05/16/26 (Call 02/16/26)		8,758		8,279,720
Diamondback Energy Inc., 3.25%, 12/01/26 (Call 10/01/26)		2,947		2,746,808
EOG Resources Inc., 4.15%, 01/15/26 (Call 10/15/25)		3,416		3,308,750
Exxon Mobil Corp.
2.28%, 08/16/26 (Call 06/16/26)^(a)		4,445		4,106,161
3.04%, 03/01/26 (Call 12/01/25)		8,775		8,335,550
HF Sinclair Corp., 5.88%, 04/01/26 (Call 01/01/26)		2,963		2,922,170
Marathon Petroleum Corp., 5.13%, 12/15/26 (Call 09/15/26)		2,710		2,651,658
Occidental Petroleum Corp., 5.55%, 03/15/26 (Call 12/15/25)		2,695		2,658,356
Ovintiv Inc., 5.38%, 01/01/26 (Call 10/01/25)		2,145		2,108,084
Phillips 66, 1.30%, 02/15/26 (Call 01/15/26)		1,771		1,599,410
Phillips 66 Co., 3.55%, 10/01/26 (Call 07/01/26)		1,438		1,350,155


Security	Par (000)		Value

Oil & Gas (continued)
Pioneer Natural Resources Co.
1.13%, 01/15/26 (Call 12/15/25)	$	754	$	684,431
5.10%, 03/29/26		2,435		2,408,037
Shell International Finance BV
2.50%, 09/12/26^(a)		4,118		3,814,242
2.88%, 05/10/26		6,609		6,223,146
Valero Energy Corp., 3.40%, 09/15/26 (Call 06/15/26)^(a)		670		627,646


				60,696,449

Oil & Gas Services — 0.1%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 2.06%, 12/15/26 (Call 11/15/26)		1,718		1,540,061


Packaging & Containers — 0.5%
Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26)		2,055		1,936,473
Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25)		5,134		4,640,592
WRKCo Inc., 4.65%, 03/15/26 (Call 01/15/26)		2,981		2,887,870


				9,464,935

Pharmaceuticals — 5.5%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)		13,364		12,373,402
3.20%, 05/14/26 (Call 02/14/26)		6,918		6,520,891
Astrazeneca Finance LLC, 1.20%, 05/28/26 (Call 04/28/26)		4,290		3,857,312
AstraZeneca PLC, 0.70%, 04/08/26 (Call 03/08/26)^(a)		4,512		4,034,067
Bristol-Myers Squibb Co., 3.20%, 06/15/26 (Call 04/15/26)		6,143		5,819,334
Cigna Group (The)
1.25%, 03/15/26 (Call 02/15/26)		2,855		2,568,377
4.50%, 02/25/26 (Call 11/27/25)		4,374		4,244,197
5.69%, 03/15/26 (Call 03/15/24)		245		244,093
CVS Health Corp.
2.88%, 06/01/26 (Call 03/01/26)		6,413		5,955,917
3.00%, 08/15/26 (Call 06/15/26)		3,096		2,870,190
5.00%, 02/20/26 (Call 01/20/26)		2,528		2,478,768
Johnson & Johnson, 2.45%, 03/01/26 (Call 12/01/25)		7,483		7,026,248
McKesson Corp.
1.30%, 08/15/26 (Call 07/15/26)		2,055		1,822,309
5.25%, 02/15/26 (Call 02/15/24)		85		84,045
Merck & Co. Inc., 0.75%, 02/24/26 (Call 01/24/26)^(a)		3,686		3,319,914
Pfizer Inc.
2.75%, 06/03/26^(a)		3,941		3,692,004
3.00%, 12/15/26		5,954		5,544,527
Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/26 (Call 04/19/26)		9,440		9,214,367
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		10,467		9,744,286
Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26)		7,716		7,223,875


				98,638,123

Pipelines — 2.9%
Boardwalk Pipelines LP, 5.95%, 06/01/26 (Call 03/01/26)		1,535		1,521,954
Enbridge Inc.
1.60%, 10/04/26 (Call 09/04/26)^(a)		1,745		1,549,098
4.25%, 12/01/26 (Call 09/01/26)		2,620		2,488,522
5.97%, 03/08/26 (Call 03/08/24)		370		367,332


Security	Par (000)		Value

Pipelines (continued)
Energy Transfer LP
3.90%, 07/15/26 (Call 04/15/26)^(a)	$	2,243	$	2,118,188
4.75%, 01/15/26 (Call 10/15/25)		3,633		3,526,326
6.05%, 12/01/26 (Call 11/01/26)		2,620		2,616,662
Enterprise Products Operating LLC
3.70%, 02/15/26 (Call 11/15/25)		3,330		3,183,626
5.05%, 01/10/26		975		963,483
Kinder Morgan Inc., 1.75%, 11/15/26 (Call 10/15/26)		1,313		1,162,990
Magellan Midstream Partners LP, 5.00%, 03/01/26 (Call 12/01/25)		2,529		2,467,578
MPLX LP, 1.75%, 03/01/26 (Call 02/01/26)		5,336		4,840,288
ONEOK Inc.
5.55%, 11/01/26 (Call 10/01/26)		3,370		3,329,337
5.85%, 01/15/26 (Call 12/15/25)		1,396		1,393,255
Plains All American Pipeline LP/PAA Finance Corp., 4.50%, 12/15/26 (Call 09/15/26)		2,796		2,664,062
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 (Call 12/31/25)		5,732		5,688,801
Spectra Energy Partners LP, 3.38%, 10/15/26 (Call 07/15/26)		2,113		1,966,461
TransCanada PipeLines Ltd.
4.88%, 01/15/26 (Call 10/15/25)^(a)		3,696		3,606,378
6.20%, 03/09/26 (Call 03/09/24)		200		199,584
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)		4,072		4,204,349
Western Midstream Operating LP, 4.65%, 07/01/26 (Call 04/01/26)		695		665,618
Williams Companies Inc. (The), 5.40%, 03/02/26		1,035		1,022,724


				51,546,616

Real Estate — 0.1%
CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25)^(a)		2,684		2,595,091


Real Estate Investment Trusts — 5.1%
Alexandria Real Estate Equities Inc.
3.80%, 04/15/26 (Call 02/15/26)^(a)		1,245		1,182,341
4.30%, 01/15/26 (Call 10/15/25)^(a)		1,145		1,102,911
American Tower Corp.
1.45%, 09/15/26 (Call 08/15/26)		1,700		1,491,713
1.60%, 04/15/26 (Call 03/15/26)		2,655		2,377,937
3.38%, 10/15/26 (Call 07/15/26)^(a)		3,422		3,167,635
4.40%, 02/15/26 (Call 11/15/25)		1,792		1,725,300
AvalonBay Communities Inc.
2.90%, 10/15/26 (Call 07/15/26)^(a)		1,006		931,639
2.95%, 05/11/26 (Call 02/11/26)		1,510		1,410,716
Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)		3,239		2,863,554
3.65%, 02/01/26 (Call 11/03/25)		3,463		3,218,620
Brixmor Operating Partnership LP, 4.13%, 06/15/26 (Call 03/15/26)		2,070		1,946,375
Camden Property Trust, 5.85%, 11/03/26 (Call 10/03/26)		900		900,594
Corporate Office Properties LP, 2.25%, 03/15/26 (Call 02/15/26)		1,273		1,150,390
Crown Castle International Corp.
1.05%, 07/15/26 (Call 06/15/26)		3,723		3,254,442
3.70%, 06/15/26 (Call 03/15/26)		2,107		1,979,456
4.45%, 02/15/26 (Call 11/15/25)		3,413		3,286,930
CubeSmart LP, 3.13%, 09/01/26 (Call 06/01/26)^(a)		1,129		1,039,078
EPR Properties, 4.75%, 12/15/26 (Call 09/15/26)		808		736,670


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Equinix Inc.
1.45%, 05/15/26 (Call 04/15/26)	$	2,734	$	2,442,537
2.90%, 11/18/26 (Call 09/18/26)		1,952		1,779,803
ERP Operating LP, 2.85%, 11/01/26 (Call 08/01/26)		1,548		1,422,649
Essex Portfolio LP, 3.38%, 04/15/26 (Call 01/15/26)		1,512		1,423,509
Extra Space Storage LP, 3.50%, 07/01/26 (Call 04/01/26)		1,837		1,709,862
Federal Realty Investment Trust, 1.25%, 02/15/26 (Call 01/15/26)		1,351		1,213,592
GLP Capital LP/GLP Financing II Inc., 5.38%, 04/15/26 (Call 01/15/26)		3,560		3,414,511
Healthcare Realty Holdings LP, 3.50%, 08/01/26 (Call 05/01/26)		2,072		1,918,217
Healthpeak Properties Inc., 3.25%, 07/15/26 (Call 05/15/26)		2,237		2,092,180
Host Hotels & Resorts LP, Series F, 4.50%, 02/01/26 (Call 11/01/25)		1,235		1,181,210
Kimco Realty Corp., 2.80%, 10/01/26 (Call 07/01/26)		1,675		1,529,538
Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)		1,060		965,335
Mid-America Apartments LP, 1.10%, 09/15/26 (Call 08/15/26)^(a)		1,235		1,085,689
NNN REIT Inc., 3.60%, 12/15/26 (Call 09/15/26)^(a)		1,085		1,006,388
Omega Healthcare Investors Inc., 5.25%, 01/15/26 (Call 10/15/25)		2,391		2,305,906
Prologis LP
3.25%, 06/30/26 (Call 03/30/26)^(a)		1,288		1,211,278
3.25%, 10/01/26 (Call 07/01/26)^(a)		1,375		1,286,106
Public Storage Operating Co.
0.88%, 02/15/26 (Call 01/15/26)^(a)		1,903		1,707,128
1.50%, 11/09/26 (Call 10/09/26)		1,995		1,777,318
Realty Income Corp.
0.75%, 03/15/26 (Call 02/15/26)^(a)		1,270		1,123,378
4.13%, 10/15/26 (Call 07/15/26)		2,243		2,133,695
4.88%, 06/01/26 (Call 03/01/26)		2,289		2,229,277
5.05%, 01/13/26 (Call 01/13/24)		290		284,637
Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26)		1,895		1,796,959
Simon Property Group LP
3.25%, 11/30/26 (Call 08/30/26)		2,585		2,389,332
3.30%, 01/15/26 (Call 10/15/25)		2,747		2,598,396
SITE Centers Corp., 4.25%, 02/01/26 (Call 11/01/25)		1,196		1,127,773
Spirit Realty LP, 4.45%, 09/15/26 (Call 06/15/26)^(a)		1,030		981,073
Tanger Properties LP, 3.13%, 09/01/26 (Call 06/01/26)		1,244		1,123,820
UDR Inc., 2.95%, 09/01/26 (Call 06/01/26)		835		771,056
Ventas Realty LP
3.25%, 10/15/26 (Call 07/15/26)		1,591		1,459,561
4.13%, 01/15/26 (Call 10/15/25)		1,688		1,613,756
Vornado Realty LP, 2.15%, 06/01/26 (Call 05/01/26)^(a)		1,241		1,045,456
Welltower OP LLC, 4.25%, 04/01/26 (Call 01/01/26)		2,448		2,345,315
Weyerhaeuser Co., 4.75%, 05/15/26		2,530		2,462,940
WP Carey Inc., 4.25%, 10/01/26 (Call 07/01/26)		1,258		1,198,313


				91,923,794

Retail — 2.9%
AutoZone Inc.
3.13%, 04/21/26 (Call 01/21/26)		1,915		1,793,259
5.05%, 07/15/26		1,370		1,347,396


Security	Par (000)		Value

Retail (continued)
Home Depot Inc. (The)
2.13%, 09/15/26 (Call 06/15/26)	$	4,038	$	3,696,304
3.00%, 04/01/26 (Call 01/01/26)		4,134		3,908,920
Lowe’s Companies Inc.
2.50%, 04/15/26 (Call 01/15/26)		5,516		5,123,911
4.80%, 04/01/26 (Call 03/01/26)		3,220		3,152,463
McDonald’s Corp., 3.70%, 01/30/26 (Call 10/30/25)		6,391		6,145,065
O’Reilly Automotive Inc., 3.55%, 03/15/26 (Call 12/15/25)		1,822		1,730,231
Ross Stores Inc., 0.88%, 04/15/26 (Call 03/15/26)		1,957		1,733,209
Starbucks Corp.
2.45%, 06/15/26 (Call 03/15/26)		1,749		1,612,579
4.75%, 02/15/26 (Call 01/15/26)		2,780		2,730,505
Target Corp., 2.50%, 04/15/26		3,779		3,549,761
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)		4,084		3,750,212
Walgreens Boots Alliance Inc., 3.45%, 06/01/26 (Call 03/01/26)		2,916		2,656,639
Walmart Inc.
1.05%, 09/17/26 (Call 08/17/26)^(a)		4,770		4,250,664
3.05%, 07/08/26 (Call 05/08/26)		2,770		2,622,865
4.00%, 04/15/26 (Call 03/15/26)^(a)		2,620		2,549,567


				52,353,550

Semiconductors — 2.0%
Analog Devices Inc., 3.50%, 12/05/26 (Call 09/05/26)		3,118		2,947,798
Broadcom Inc., 3.46%, 09/15/26 (Call 07/15/26)^(a)		2,951		2,766,850
Intel Corp.
2.60%, 05/19/26 (Call 02/19/26)		4,051		3,791,263
4.88%, 02/10/26		4,655		4,590,623
Lam Research Corp., 3.75%, 03/15/26 (Call 01/15/26)		2,696		2,586,916
Marvell Technology Inc., 1.65%, 04/15/26 (Call 03/15/26)		1,400		1,264,770
Micron Technology Inc., 4.98%, 02/06/26 (Call 12/06/25)		2,210		2,154,536
NVIDIA Corp., 3.20%, 09/16/26 (Call 06/16/26)^(a)		4,290		4,048,443
NXP BV/NXP Funding LLC, 5.35%, 03/01/26 (Call 01/01/26)		1,785		1,756,110
NXP BV/NXP Funding LLC/NXP USA Inc., 3.88%, 06/18/26 (Call 04/18/26)		2,529		2,391,451
Skyworks Solutions Inc., 1.80%, 06/01/26 (Call 05/01/26)		1,758		1,569,478
Texas Instruments Inc., 1.13%, 09/15/26 (Call 08/15/26)		1,725		1,543,491
TSMC Arizona Corp., 1.75%, 10/25/26 (Call 09/25/26)		4,275		3,839,239


				35,250,968

Software — 3.3%
Activision Blizzard Inc., 3.40%, 09/15/26 (Call 06/15/26)		2,982		2,816,302
Broadridge Financial Solutions Inc., 3.40%, 06/27/26 (Call 03/27/26)		1,617		1,512,340
Concentrix Corp., 6.65%, 08/02/26 (Call 07/02/26)		2,675		2,657,480
Electronic Arts Inc., 4.80%, 03/01/26 (Call 12/01/25)^(a)		1,405		1,378,524
Fidelity National Information Services Inc., 1.15%, 03/01/26 (Call 02/01/26)		4,426		3,962,427
Fiserv Inc., 3.20%, 07/01/26 (Call 05/01/26)		6,645		6,207,320
Intuit Inc., 5.25%, 09/15/26 (Call 08/15/26)		2,360		2,352,579


Security	Par (000)		Value


Software (continued)
Microsoft Corp., 2.40%, 08/08/26 (Call 05/08/26)	$	12,937	$	12,025,706
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)		9,583		8,688,052
2.65%, 07/15/26 (Call 04/15/26)		10,076		9,271,713
Roper Technologies Inc., 3.80%, 12/15/26 (Call 09/15/26)		2,281		2,155,137
Take-Two Interactive Software Inc., 5.00%, 03/28/26^(a)		1,200		1,174,970
VMware Inc., 1.40%, 08/15/26 (Call 07/15/26)		5,130		4,518,035


				58,720,585

Telecommunications — 2.8%
AT&T Inc.
1.70%, 03/25/26 (Call 11/13/23)		9,720		8,823,097
2.95%, 07/15/26 (Call 04/15/26)		986		915,484
3.88%, 01/15/26 (Call 10/15/25)		1,421		1,362,915
5.54%, 02/20/26 (Call 02/20/24)		885		877,458
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)		5,335		4,953,296
2.95%, 02/28/26		3,306		3,137,265
Rogers Communications Inc., 2.90%, 11/15/26 (Call 08/15/26)		1,681		1,532,221
Sprint LLC, 7.63%, 03/01/26 (Call 11/01/25)		5,150		5,289,889
T-Mobile USA Inc.
1.50%, 02/15/26 (Call 01/15/26)		3,410		3,092,150
2.25%, 02/15/26 (Call 11/13/23)		5,510		5,071,832
2.63%, 04/15/26 (Call 11/13/23)		4,360		4,031,537
Verizon Communications Inc.
1.45%, 03/20/26 (Call 02/20/26)		6,625		5,990,892
2.63%, 08/15/26		6,595		6,067,887


				51,145,923

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26)		2,214		2,036,597


Transportation — 1.4%
Canadian National Railway Co., 2.75%, 03/01/26 (Call 12/01/25)		2,369		2,224,442
Canadian Pacific Railway Co., 1.75%, 12/02/26 (Call 11/02/26)^(a)		3,665		3,260,651
CSX Corp., 2.60%, 11/01/26 (Call 08/01/26)^(a)		2,506		2,295,397
FedEx Corp., 3.25%, 04/01/26 (Call 01/01/26)^(a)		3,552		3,357,060
GXO Logistics Inc., 1.65%, 07/15/26 (Call 06/15/26)		1,638		1,441,538
JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)		3,031		2,909,182
Norfolk Southern Corp., 2.90%, 06/15/26 (Call 03/15/26)^(a)		2,345		2,189,837
Ryder System Inc.
1.75%, 09/01/26 (Call 08/01/26)		810		726,169
2.90%, 12/01/26 (Call 10/01/26)		1,533		1,396,587


Security	Par (000)		Value


Transportation (continued)
Union Pacific Corp.
2.75%, 03/01/26 (Call 12/01/25)	$	2,405	$	2,253,792
4.75%, 02/21/26 (Call 01/21/26)		1,220		1,201,730
United Parcel Service Inc., 2.40%, 11/15/26 (Call 08/15/26)		1,837		1,689,868


				24,946,253

Trucking & Leasing — 0.1%
GATX Corp., 3.25%, 09/15/26 (Call 06/15/26)^(a)		1,360		1,261,231


Venture Capital — 0.0%
Hercules Capital Inc., 2.63%, 09/16/26 (Call 08/16/26)^(a)		1,031		893,392


Total Long-Term Investments — 98.3% (Cost: $1,871,831,500)				1,774,796,772


	Shares


Short-Term Securities

Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(d)(e)(f)		53,318,651		53,339,978
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(d)(e)		14,737,000		14,737,000


Total Short-Term Securities — 3.8% (Cost: $68,043,925)				68,076,978


Total Investments — 102.1% (Cost: $1,939,875,425)				1,842,873,750

Liabilities in Excess of Other Assets — (2.1)%				(37,957,645	)


Net Assets — 100.0%			$	1,804,916,105

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

^(d)	Affiliate of the Fund.

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 2.3%
Boeing Co. (The)
2.70%, 02/01/27 (Call 12/01/26)	$	3,466	$	3,120,019
2.80%, 03/01/27 (Call 12/01/26)		1,351		1,213,365
5.04%, 05/01/27 (Call 03/01/27)		6,890		6,671,449
General Dynamics Corp.
2.63%, 11/15/27 (Call 08/15/27)		1,026		918,225
3.50%, 04/01/27 (Call 02/01/27)		3,682		3,452,648
Hexcel Corp., 4.20%, 02/15/27 (Call 11/15/26)		1,545		1,424,351
L3Harris Technologies Inc., 5.40%, 01/15/27		3,860		3,792,836
Lockheed Martin Corp., 5.10%, 11/15/27 (Call 10/15/27)		2,530		2,500,134
Northrop Grumman Corp., 3.20%, 02/01/27 (Call 11/01/26)^(a)		3,024		2,800,497
RTX Corp.
3.13%, 05/04/27 (Call 02/04/27)		4,581		4,172,332
3.50%, 03/15/27 (Call 12/15/26)		4,765		4,406,052
7.20%, 08/15/27		413		430,181


				34,902,089

Agriculture — 1.2%
BAT Capital Corp.
3.56%, 08/15/27 (Call 05/15/27)		6,513		5,903,037
4.70%, 04/02/27 (Call 02/02/27)		3,939		3,749,068
Bunge Ltd. Finance Corp., 3.75%, 09/25/27 (Call 06/25/27)		2,082		1,925,813
Philip Morris International Inc.
3.13%, 08/17/27 (Call 05/17/27)		1,738		1,589,900
5.13%, 11/17/27 (Call 10/17/27)		5,505		5,362,914


				18,530,732

Airlines — 1.0%
American Airlines Pass Through Trust
Series 2015-1, Class A, 3.38%, 11/01/28^(a)		1,035		912,552
Series 2015-2, Class AA, 3.60%, 03/22/29		245		220,264
Southwest Airlines Co.
3.45%, 11/16/27 (Call 08/16/27)^(a)		995		897,967
5.13%, 06/15/27 (Call 04/15/27)		6,895		6,655,561
United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 04/15/29^(a)		6,587		6,457,006


				15,143,350

Apparel — 0.4%
NIKE Inc., 2.75%, 03/27/27 (Call 01/27/27)		3,698		3,405,252
Tapestry Inc., 4.13%, 07/15/27 (Call 04/15/27)		1,369		1,240,286
VF Corp., 2.80%, 04/23/27 (Call 02/23/27)		1,968		1,731,144


				6,376,682

Auto Manufacturers — 2.7%
American Honda Finance Corp., 2.35%, 01/08/27		2,262		2,043,167
Ford Motor Credit Co. LLC, 7.35%, 11/04/27 (Call 10/04/27)		50		50,602
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)^(a)		2,605		2,412,337
6.80%, 10/01/27 (Call 08/01/27)		3,419		3,470,128
General Motors Financial Co. Inc.
2.35%, 02/26/27 (Call 01/26/27)		3,400		2,988,516
2.70%, 08/20/27 (Call 06/20/27)		3,161		2,759,059
4.35%, 01/17/27 (Call 10/17/26)		3,857		3,621,073
5.00%, 04/09/27 (Call 03/09/27)		4,520		4,318,750
Honda Motor Co. Ltd., 2.53%, 03/10/27 (Call 02/10/27)		3,320		3,001,545
PACCAR Financial Corp., 2.00%, 02/04/27		765		684,297


Security	Par (000)		Value

Auto Manufacturers (continued)
Toyota Motor Credit Corp.
1.15%, 08/13/27^(a)	$	1,972	$	1,682,758
1.90%, 01/13/27		2,190		1,953,949
3.05%, 03/22/27^(a)		4,390		4,047,825
3.20%, 01/11/27		1,998		1,860,634
4.55%, 09/20/27		3,215		3,105,872
5.45%, 11/10/27^(a)		2,010		2,004,100


				40,004,612

Auto Parts & Equipment — 0.4%
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)^(a)		4,107		3,652,111
Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)		1,823		1,668,215


				5,320,326

Banks — 14.8%
Banco Santander SA
4.25%, 04/11/27		3,510		3,257,404
5.29%, 08/18/27		5,942		5,671,942
Bank of America Corp.
3.25%, 10/21/27 (Call 10/21/26)^(a)		9,055		8,184,288
Series L, 4.18%, 11/25/27 (Call 11/25/26)		7,159		6,587,594
Bank of Montreal
2.65%, 03/08/27		4,743		4,242,476
Series H, 4.70%, 09/14/27 (Call 08/14/27)^(a)		3,740		3,558,772
Bank of New York Mellon Corp. (The)
2.05%, 01/26/27 (Call 12/26/26)		3,140		2,783,651
3.25%, 05/16/27 (Call 02/16/27)		3,141		2,873,916
Bank of Nova Scotia (The)
1.95%, 02/02/27		2,980		2,627,749
2.95%, 03/11/27		2,755		2,499,895
Canadian Imperial Bank of Commerce, 3.45%, 04/07/27 (Call 03/07/27)		4,045		3,697,873
Citigroup Inc., 4.45%, 09/29/27		13,729		12,684,411
Credit Suisse AG/New York NY, 5.00%, 07/09/27^(a)		4,495		4,289,240
Deutsche Bank AG/New York NY, 5.37%, 09/09/27^(a)		1,200		1,161,215
Fifth Third Bancorp., 2.55%, 05/05/27 (Call 04/05/27)		2,344		2,021,067
Fifth Third Bank NA, 2.25%, 02/01/27 (Call 01/01/27)^(a)		1,984		1,728,225
Goldman Sachs Group Inc. (The)
3.85%, 01/26/27 (Call 01/26/26)		11,014		10,258,199
5.95%, 01/15/27		3,126		3,083,217
ING Groep NV, 3.95%, 03/29/27		5,573		5,158,076
JPMorgan Chase & Co.
3.63%, 12/01/27 (Call 12/01/26)		4,176		3,811,797
4.25%, 10/01/27		5,438		5,126,623
8.00%, 04/29/27^(a)		2,685		2,851,618
KeyBank NA/Cleveland OH
4.39%, 12/14/27		530		463,514
5.85%, 11/15/27 (Call 10/16/27)		2,905		2,685,551
KeyCorp, 2.25%, 04/06/27		3,196		2,649,668
Lloyds Banking Group PLC, 3.75%, 01/11/27		4,803		4,416,278
Manufacturers & Traders Trust Co., 3.40%, 08/17/27		1,430		1,209,722
Mitsubishi UFJ Financial Group Inc.
3.29%, 07/25/27^(a)		2,945		2,683,351
3.68%, 02/22/27^(a)		3,251		3,029,285
Mizuho Financial Group Inc.
3.17%, 09/11/27^(a)		3,186		2,859,480
3.66%, 02/28/27		2,055		1,901,123


Security	Par (000)		Value

Banks (continued)
Morgan Stanley
3.63%, 01/20/27	$	10,873	$	10,099,726
3.95%, 04/23/27		7,280		6,700,328
National Australia Bank Ltd./New York, 3.91%, 06/09/27		3,465		3,252,939
Northern Trust Corp., 4.00%, 05/10/27 (Call 04/10/27)		4,177		3,923,694
PNC Bank NA, 3.10%, 10/25/27 (Call 09/25/27)		3,705		3,299,580
PNC Financial Services Group Inc. (The), 3.15%, 05/19/27 (Call 04/19/27)^(a)		2,844		2,569,812
Royal Bank of Canada
2.05%, 01/21/27		977		864,909
3.63%, 05/04/27		4,231		3,915,423
4.24%, 08/03/27		4,592		4,311,921
6.00%, 11/01/27^(a)		5,350		5,349,200
Santander Holdings USA Inc., 4.40%, 07/13/27 (Call 04/14/27)		4,042		3,711,744
Sumitomo Mitsui Financial Group Inc.
2.17%, 01/14/27		2,345		2,076,448
3.35%, 10/18/27^(a)		3,174		2,861,759
3.36%, 07/12/27		5,331		4,847,147
3.45%, 01/11/27		3,517		3,247,780
Synchrony Bank, 5.63%, 08/23/27 (Call 07/23/27)		2,185		2,000,293
Toronto-Dominion Bank (The)
1.95%, 01/12/27^(a)		2,790		2,463,530
2.80%, 03/10/27		4,070		3,670,724
4.11%, 06/08/27		5,380		5,041,308
4.69%, 09/15/27		4,299		4,093,233
Truist Financial Corp., 1.13%, 08/03/27 (Call 06/03/27)		2,525		2,081,381
U.S. Bancorp., Series X, 3.15%, 04/27/27 (Call 03/27/27)		4,498		4,057,962
Wells Fargo & Co., 4.30%, 07/22/27		9,155		8,538,303
Westpac Banking Corp.
3.35%, 03/08/27^(a)		4,672		4,333,762
4.04%, 08/26/27^(a)		2,015		1,913,607
5.46%, 11/18/27		3,830		3,799,013


				223,082,746

Beverages — 1.5%
Coca-Cola Co. (The)
1.45%, 06/01/27^(a)		4,978		4,372,628
2.90%, 05/25/27^(a)		1,676		1,545,445
3.38%, 03/25/27^(a)		3,224		3,043,361
Constellation Brands Inc.
3.50%, 05/09/27 (Call 02/09/27)		2,000		1,850,792
4.35%, 05/09/27 (Call 04/09/27)		1,765		1,682,567
Diageo Capital PLC, 5.30%, 10/24/27 (Call 09/24/27)		1,375		1,363,458
Keurig Dr Pepper Inc., 3.43%, 06/15/27 (Call 03/15/27)^(a)		1,360		1,256,170
PepsiCo Inc.
2.63%, 03/19/27 (Call 01/19/27)		2,377		2,179,391
3.00%, 10/15/27 (Call 07/15/27)		4,880		4,499,056


				21,792,868

Biotechnology — 1.4%
Amgen Inc.
2.20%, 02/21/27 (Call 12/21/26)		6,446		5,776,620
3.20%, 11/02/27 (Call 08/02/27)		3,716		3,391,130
Bio-Rad Laboratories Inc., 3.30%, 03/15/27 (Call 02/15/27)^(a)		1,559		1,422,337


Security	Par (000)		Value

Biotechnology (continued)
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)	$	2,342	$	1,978,760
2.95%, 03/01/27 (Call 12/01/26)		5,258		4,818,402
Illumina Inc., 5.75%, 12/13/27 (Call 11/13/27)		1,206		1,177,253
Royalty Pharma PLC, 1.75%, 09/02/27 (Call 07/02/27)		3,603		3,065,933


				21,630,435

Building Materials — 0.6%
Carrier Global Corp., 2.49%, 02/15/27 (Call 12/15/26)		2,904		2,599,138
Lennox International Inc., 1.70%, 08/01/27 (Call 06/01/27)		1,245		1,066,727
Martin Marietta Materials Inc.
3.45%, 06/01/27 (Call 03/01/27)		1,060		976,434
3.50%, 12/15/27 (Call 09/15/27)^(a)		1,620		1,478,765
Masco Corp., 3.50%, 11/15/27 (Call 08/15/27)		1,066		963,430
Vulcan Materials Co., 3.90%, 04/01/27 (Call 01/01/27)^(a)		1,921		1,791,055


				8,875,549

Chemicals — 1.6%
Air Products and Chemicals Inc., 1.85%, 05/15/27 (Call 03/15/27)		2,651		2,342,050
Albemarle Corp., 4.65%, 06/01/27 (Call 05/01/27)		2,515		2,374,451
Celanese U.S. Holdings LLC, 6.17%, 07/15/27 (Call 06/15/27)		7,209		7,035,690
Ecolab Inc.
1.65%, 02/01/27 (Call 01/01/27)		2,251		1,987,889
3.25%, 12/01/27 (Call 09/01/27)		1,889		1,738,360
LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)		1,125		1,039,617
Mosaic Co. (The), 4.05%, 11/15/27 (Call 08/15/27)^(a)		911		850,320
RPM International Inc., 3.75%, 03/15/27 (Call 12/15/26)		1,896		1,762,461
Sherwin-Williams Co. (The), 3.45%, 06/01/27 (Call 03/01/27)^(a)		5,976		5,528,188


				24,659,026

Commercial Services — 1.1%
Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27)^(a)		2,643		2,489,537
Equifax Inc., 5.10%, 12/15/27 (Call 11/15/27)		2,147		2,068,605
Global Payments Inc.
2.15%, 01/15/27 (Call 12/15/26)		3,731		3,278,709
4.95%, 08/15/27 (Call 07/15/27)		1,210		1,148,774
Leland Stanford Junior University (The), 1.29%, 06/01/27 (Call 04/01/27)^(a)		445		387,311
PayPal Holdings Inc., 3.90%, 06/01/27 (Call 05/01/27)		2,010		1,908,146
S&P Global Inc.
2.45%, 03/01/27 (Call 02/01/27)		4,020		3,636,992
2.95%, 01/22/27 (Call 10/22/26)		2,083		1,920,073


				16,838,147

Computers — 2.7%
Apple Inc.
2.90%, 09/12/27 (Call 06/12/27)		6,019		5,536,704
3.00%, 06/20/27 (Call 03/20/27)		2,094		1,942,612
3.00%, 11/13/27 (Call 08/13/27)		5,519		5,075,261
3.20%, 05/11/27 (Call 02/11/27)		4,724		4,414,073
3.35%, 02/09/27 (Call 11/09/26)		6,673		6,291,638


Security	Par (000)		Value

Computers (continued)
Dell International LLC/EMC Corp., 6.10%, 07/15/27 (Call 05/15/27)	$	1,785	$	1,788,923
HP Inc., 3.00%, 06/17/27 (Call 04/17/27)^(a)		3,778		3,404,614
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)		4,284		3,738,205
2.20%, 02/09/27 (Call 01/09/27)		2,440		2,187,168
3.30%, 01/27/27		1,928		1,793,524
4.15%, 07/27/27 (Call 06/27/27)		2,700		2,559,161
6.22%, 08/01/27^(a)		1,030		1,056,626
NetApp Inc., 2.38%, 06/22/27 (Call 04/22/27)		1,583		1,406,052


				41,194,561

Cosmetics & Personal Care — 1.2%
Colgate-Palmolive Co., 3.10%, 08/15/27 (Call 07/15/27)		780		724,285
Estee Lauder Companies Inc. (The), 3.15%, 03/15/27 (Call 12/15/26)		1,471		1,362,759
GSK Consumer Healthcare Capital U.S. LLC, 3.38%, 03/24/27 (Call 02/24/27)		5,910		5,450,791
Procter & Gamble Co. (The)
1.90%, 02/01/27		2,736		2,468,406
2.80%, 03/25/27		2,255		2,082,523
2.85%, 08/11/27^(a)		2,584		2,374,957
Unilever Capital Corp., 2.90%, 05/05/27 (Call 02/05/27)		3,695		3,395,840


				17,859,561

Diversified Financial Services — 6.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.65%, 07/21/27 (Call 04/21/27)		3,637		3,268,215
4.63%, 10/15/27 (Call 08/15/27)		2,235		2,073,333
6.10%, 01/15/27 (Call 12/15/26)		3,130		3,081,111
Air Lease Corp.
2.20%, 01/15/27 (Call 12/15/26)		3,040		2,664,125
3.63%, 04/01/27 (Call 01/01/27)^(a)		2,048		1,866,928
3.63%, 12/01/27 (Call 09/01/27)^(a)		2,230		1,995,217
5.85%, 12/15/27 (Call 11/15/27)		1,640		1,600,284
Ally Financial Inc.
4.75%, 06/09/27 (Call 05/09/27)^(a)		2,895		2,621,132
7.10%, 11/15/27 (Call 10/15/27)^(a)		2,280		2,238,737
American Express Co.
2.55%, 03/04/27 (Call 02/01/27)		5,980		5,352,232
3.30%, 05/03/27 (Call 04/03/27)		5,608		5,128,492
5.85%, 11/05/27 (Call 10/05/27)^(a)		5,095		5,099,305
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)		835		764,347
Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)^(a)		335		284,569
Capital One Financial Corp.
3.65%, 05/11/27 (Call 04/11/27)		3,722		3,356,473
3.75%, 03/09/27 (Call 02/09/27)		4,899		4,425,862
Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26)		2,788		2,626,455
Charles Schwab Corp. (The)
2.45%, 03/03/27 (Call 02/03/27)^(a)		5,610		4,945,509
3.20%, 03/02/27 (Call 12/02/26)^(a)		2,318		2,096,812
3.30%, 04/01/27 (Call 01/01/27)		2,266		2,057,263
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)		3,649		3,273,964
Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)		1,134		1,048,025


Security	Par (000)		Value

Diversified Financial Services (continued)
Intercontinental Exchange Inc.
3.10%, 09/15/27 (Call 06/15/27)^(a)	$	1,806	$	1,643,633
4.00%, 09/15/27 (Call 08/15/27)		5,270		4,927,647
Jefferies Financial Group Inc.
4.85%, 01/15/27		2,742		2,603,226
6.45%, 06/08/27		1,171		1,162,611
Lazard Group LLC, 3.63%, 03/01/27 (Call 12/01/26)		1,010		911,902
Mastercard Inc., 3.30%, 03/26/27 (Call 01/26/27)		3,864		3,607,560
Nomura Holdings Inc.
2.33%, 01/22/27		4,856		4,254,228
5.39%, 07/06/27^(a)		1,720		1,652,405
ORIX Corp.
3.70%, 07/18/27		909		842,501
5.00%, 09/13/27^(a)		1,444		1,402,049
Radian Group Inc., 4.88%, 03/15/27 (Call 09/15/26)		1,690		1,572,707
Synchrony Financial, 3.95%, 12/01/27 (Call 09/01/27)^(a)		3,441		2,949,484
Visa Inc.
0.75%, 08/15/27 (Call 06/15/27)		1,872		1,588,599
1.90%, 04/15/27 (Call 02/15/27)^(a)		5,349		4,764,445
2.75%, 09/15/27 (Call 06/15/27)^(a)		2,809		2,551,876


				98,303,263

Electric — 5.9%
Alabama Power Co., 3.75%, 09/01/27 (Call 08/01/27)^(a)		1,750		1,643,100
Ameren Corp., 1.95%, 03/15/27 (Call 02/15/27)		2,060		1,821,828
American Electric Power Co. Inc.
3.20%, 11/13/27 (Call 08/13/27)		1,746		1,578,947
5.75%, 11/01/27 (Call 10/01/27)		1,888		1,875,305
Appalachian Power Co., Series X, 3.30%, 06/01/27 (Call 03/01/27)		1,147		1,047,960
Arizona Public Service Co., 2.95%, 09/15/27 (Call 06/15/27)^(a)		479		434,177
Black Hills Corp., 3.15%, 01/15/27 (Call 07/15/26)		1,682		1,532,926
CenterPoint Energy Houston Electric LLC, Series AA, 3.00%, 02/01/27 (Call 11/01/26)^(a)		1,414		1,303,361
CMS Energy Corp., 3.45%, 08/15/27 (Call 05/15/27)		1,232		1,128,063
Commonwealth Edison Co., Series 122, 2.95%, 08/15/27 (Call 05/15/27)		1,101		998,012
Connecticut Light & Power Co. (The), Series A, 3.20%, 03/15/27 (Call 12/15/26)		1,581		1,459,285
Consolidated Edison Co. of New York Inc., Series B, 3.13%, 11/15/27 (Call 08/15/27)^(a)		1,157		1,055,688
Dominion Energy Inc., Series B, 3.60%, 03/15/27 (Call 01/15/27)^(a)		1,318		1,222,193
Duke Energy Corp.
3.15%, 08/15/27 (Call 05/15/27)		2,749		2,488,318
5.00%, 12/08/27 (Call 11/08/27)		1,620		1,564,212
Duke Energy Florida LLC, 3.20%, 01/15/27 (Call 10/15/26)		2,190		2,037,813
Edison International, 5.75%, 06/15/27 (Call 04/15/27)		2,478		2,436,466
Entergy Louisiana LLC, 3.12%, 09/01/27 (Call 06/01/27)		1,552		1,409,894
Evergy Kansas Central Inc., 3.10%, 04/01/27 (Call 01/01/27)		985		906,973
Eversource Energy
2.90%, 03/01/27 (Call 02/01/27)		2,675		2,426,144
4.60%, 07/01/27 (Call 06/01/27)		2,350		2,237,783
Exelon Corp., 2.75%, 03/15/27 (Call 02/15/27)		2,320		2,097,144


Security	Par (000)		Value

Electric (continued)
Georgia Power Co., 3.25%, 03/30/27 (Call 12/30/26)	$	1,486	$	1,363,512
Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27)^(a)		917		843,889
ITC Holdings Corp., 3.35%, 11/15/27 (Call 08/15/27)		1,745		1,583,211
MidAmerican Energy Co., 3.10%, 05/01/27 (Call 02/01/27)		1,624		1,489,849
National Rural Utilities Cooperative Finance Corp., 3.05%, 04/25/27 (Call 01/25/27)^(a)		1,240		1,137,855
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)		3,515		3,089,333
3.55%, 05/01/27 (Call 02/01/27)		5,013		4,611,951
4.63%, 07/15/27 (Call 06/15/27)^(a)		4,355		4,149,987
NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)		1,545		1,424,523
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)^(a)		3,468		2,936,105
3.30%, 03/15/27 (Call 12/15/26)		1,290		1,155,910
3.30%, 12/01/27 (Call 09/01/27)		4,002		3,486,747
5.45%, 06/15/27 (Call 05/15/27)		1,920		1,833,695
Public Service Electric & Gas Co., 3.00%, 05/15/27 (Call 02/15/27)		1,348		1,237,884
Public Service Enterprise Group Inc., 5.85%, 11/15/27 (Call 10/15/27)^(a)		2,435		2,423,249
Sempra Energy, 3.25%, 06/15/27 (Call 03/15/27)		2,888		2,618,871
Southern California Edison Co.
5.85%, 11/01/27 (Call 10/01/27)		1,775		1,774,622
Series D, 4.70%, 06/01/27 (Call 05/01/27)		2,625		2,521,589
Southern Co. (The), 5.11%, 08/01/27		2,940		2,835,937
Union Electric Co., 2.95%, 06/15/27 (Call 03/15/27)		1,704		1,555,247
Virginia Electric & Power Co.
Series A, 3.50%, 03/15/27 (Call 12/15/26)		2,889		2,684,998
Series B, 3.75%, 05/15/27 (Call 04/15/27)		2,415		2,263,941
WEC Energy Group Inc.
1.38%, 10/15/27 (Call 08/15/27)		1,816		1,531,044
5.15%, 10/01/27 (Call 09/01/27)		1,520		1,482,080
Wisconsin Power and Light Co., 3.05%, 10/15/27 (Call 07/15/27)		947		861,729
Xcel Energy Inc., 1.75%, 03/15/27 (Call 02/15/27)		2,071		1,805,929


				89,409,279

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 1.80%, 10/15/27 (Call 08/15/27)		1,903		1,660,756


Electronics — 0.8%
Allegion U.S. Holding Co. Inc., 3.55%, 10/01/27 (Call 07/01/27)		1,394		1,254,468
Honeywell International Inc., 1.10%, 03/01/27 (Call 02/01/27)		4,309		3,760,962
Hubbell Inc., 3.15%, 08/15/27 (Call 05/15/27)		1,035		942,833
Jabil Inc., 4.25%, 05/15/27 (Call 04/15/27)		1,920		1,801,035
Keysight Technologies Inc., 4.60%, 04/06/27 (Call 01/06/27)		2,663		2,538,978
Tyco Electronics Group SA, 3.13%, 08/15/27 (Call 05/15/27)		1,552		1,422,553


				11,720,829

Entertainment — 0.8%
Warnermedia Holdings Inc., 3.76%, 03/15/27 (Call 02/15/27)^(a)		12,808		11,792,608


Security	Par (000)		Value

Environmental Control — 0.3%
Republic Services Inc., 3.38%, 11/15/27 (Call 08/15/27)	$	2,360	$	2,171,102
Waste Management Inc., 3.15%, 11/15/27 (Call 08/15/27)^(a)		2,755		2,521,082


				4,692,184

Food — 2.1%
Conagra Brands Inc., 1.38%, 11/01/27 (Call 09/01/27)		3,994		3,321,956
General Mills Inc., 3.20%, 02/10/27 (Call 11/10/26)		3,108		2,868,939
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 2.50%, 01/15/27 (Call 12/15/26)		2,495		2,189,289
JM Smucker Co. (The), 3.38%, 12/15/27 (Call 09/15/27)		1,860		1,697,297
Kellogg Co., 3.40%, 11/15/27 (Call 08/15/27)^(a)		2,204		2,001,153
Kraft Heinz Foods Co., 3.88%, 05/15/27 (Call 02/15/27)		4,985		4,673,275
Kroger Co. (The), 3.70%, 08/01/27 (Call 05/01/27)		2,577		2,386,313
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)		2,940		2,691,291
Mondelez International Inc., 2.63%, 03/17/27 (Call 02/17/27)		3,549		3,211,655
Sysco Corp., 3.25%, 07/15/27 (Call 04/15/27)		2,889		2,630,561
Tyson Foods Inc., 3.55%, 06/02/27 (Call 03/02/27)		4,810		4,430,014


				32,101,743

Forest Products & Paper — 0.2%
Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27 (Call 08/02/27)		1,561		1,397,513
Suzano International Finance BV, 5.50%, 01/17/27		1,438		1,398,584


				2,796,097

Gas — 0.6%
Atmos Energy Corp., 3.00%, 06/15/27 (Call 03/15/27)		1,384		1,270,073
National Fuel Gas Co., 3.95%, 09/15/27 (Call 06/15/27)^(a)		530		481,280
NiSource Inc., 3.49%, 05/15/27 (Call 02/15/27)		3,541		3,257,538
Southern California Gas Co., 2.95%, 04/15/27 (Call 03/15/27)		2,830		2,580,390
Southwest Gas Corp., 5.80%, 12/01/27 (Call 11/01/27)^(a)		1,005		997,977


				8,587,258

Hand & Machine Tools — 0.0%
Snap-on Inc., 3.25%, 03/01/27 (Call 12/01/26)		491		455,812


Health Care - Products — 1.1%
Baxter International Inc., 1.92%, 02/01/27 (Call 01/01/27)		5,411		4,741,805
GE HealthCare Technologies Inc., 5.65%, 11/15/27 (Call 10/15/27)		6,150		6,087,841
HCA Inc., 3.13%, 03/15/27 (Call 02/15/27)		3,717		3,353,134
Thermo Fisher Scientific Inc., 4.80%, 11/21/27 (Call 10/21/27)		1,925		1,884,897


				16,067,677

Health Care - Services — 2.5%
Centene Corp., 4.25%, 12/15/27 (Call 11/16/23)		7,811		7,189,010
CommonSpirit Health, 6.07%, 11/01/27 (Call 08/01/27)		1,000		996,977
Elevance Health Inc., 3.65%, 12/01/27 (Call 09/01/27)		6,134		5,649,961
HCA Inc., 4.50%, 02/15/27 (Call 08/15/26)		4,418		4,176,104


Security	Par (000)		Value

Health Care - Services (continued)
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)	$	3,154	$	2,733,637
3.95%, 03/15/27 (Call 12/15/26)		2,419		2,280,052
Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27)		2,236		2,072,396
Laboratory Corp. of America Holdings, 3.60%, 09/01/27 (Call 06/01/27)		1,836		1,707,668
SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27)^(a)		1,217		1,139,389
UnitedHealth Group Inc.
3.70%, 05/15/27 (Call 04/15/27)^(a)		2,140		2,016,306
2.95%, 10/15/27		3,540		3,220,603
3.38%, 04/15/27		2,136		1,995,688
3.45%, 01/15/27		2,437		2,290,774


				37,468,565

Holding Companies - Diversified — 1.4%
Ares Capital Corp.
2.88%, 06/15/27 (Call 05/15/27)		1,600		1,385,449
7.00%, 01/15/27^(a)		1,705		1,698,985
Blackstone Private Credit Fund, 3.25%, 03/15/27 (Call 02/15/27)		3,465		2,986,159
Blackstone Secured Lending Fund, 2.13%, 02/15/27 (Call 01/15/27)^(a)		1,945		1,640,968
Blue Owl Capital Corp., 2.63%, 01/15/27 (Call 12/15/26)		1,740		1,485,195
Blue Owl Credit Income Corp.
4.70%, 02/08/27 (Call 01/08/27)		1,478		1,335,243
7.75%, 09/16/27 (Call 08/16/27)		2,055		2,021,617
Blue Owl Technology Finance Corp., 2.50%, 01/15/27 (Call 12/15/26)^(a)		1,055		876,805
FS KKR Capital Corp.
2.63%, 01/15/27 (Call 12/15/26)		1,905		1,622,436
3.25%, 07/15/27 (Call 06/15/27)^(a)		1,260		1,079,762
Golub Capital BDC Inc., 2.05%, 02/15/27 (Call 01/15/27)		1,230		1,035,121
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)^(a)		1,041		954,032
Oaktree Specialty Lending Corp., 2.70%, 01/15/27 (Call 12/15/26)		1,310		1,119,649
Owl Rock Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27)^(a)		1,200		1,022,707


				20,264,128

Home Builders — 0.6%
DR Horton Inc., 1.40%, 10/15/27 (Call 08/15/27)		1,369		1,153,302
Lennar Corp.
4.75%, 11/29/27 (Call 05/29/27)		3,516		3,345,655
5.00%, 06/15/27 (Call 12/15/26)		1,496		1,443,525
PulteGroup Inc., 5.00%, 01/15/27 (Call 10/15/26)		2,011		1,954,943
Toll Brothers Finance Corp., 4.88%, 03/15/27 (Call 12/15/26)		1,778		1,693,427


				9,590,852

Home Furnishings — 0.1%
Leggett & Platt Inc., 3.50%, 11/15/27 (Call 08/15/27)^(a)		1,932		1,735,635


Household Products & Wares — 0.4%
Church & Dwight Co. Inc., 3.15%, 08/01/27 (Call 05/01/27)		1,920		1,763,786
Clorox Co. (The), 3.10%, 10/01/27 (Call 07/01/27)^(a)		2,084		1,886,500


Security	Par (000)		Value

Household Products & Wares (continued)
Kimberly-Clark Corp., 1.05%, 09/15/27 (Call 07/15/27)	$	2,200	$	1,869,796


				5,520,082

Insurance — 1.9%
American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)		1,768		1,638,065
Aon Corp., 8.21%, 01/01/27^(a)		1,165		1,222,174
Aon Global Ltd., 2.85%, 05/28/27 (Call 04/28/27)		2,795		2,526,826
AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)		1,388		1,274,136
Berkshire Hathaway Finance Corp., 2.30%, 03/15/27 (Call 02/15/27)^(a)		1,325		1,207,875
Brighthouse Financial Inc., 3.70%, 06/22/27 (Call 03/22/27)		1,875		1,692,471
CNA Financial Corp., 3.45%, 08/15/27 (Call 05/15/27)		1,820		1,666,027
Corebridge Financial Inc., 3.65%, 04/05/27 (Call 03/05/27)		4,345		3,977,825
Jackson Financial Inc., 5.17%, 06/08/27 (Call 05/08/27)^(a)		1,345		1,282,407
Manulife Financial Corp., 2.48%, 05/19/27 (Call 03/19/27)		2,498		2,229,776
Markel Group Inc., 3.50%, 11/01/27 (Call 08/01/27)		1,569		1,433,133
Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)		1,261		1,159,118
Progressive Corp. (The)
2.45%, 01/15/27^(a)		1,646		1,491,577
2.50%, 03/15/27 (Call 02/15/27)^(a)		2,729		2,464,500
RenaissanceRe Finance Inc., 3.45%, 07/01/27 (Call 04/01/27)		966		875,787
Willis North America Inc., 4.65%, 06/15/27 (Call 05/15/27)		2,985		2,840,639


				28,982,336

Internet — 3.7%
Alibaba Group Holding Ltd., 3.40%, 12/06/27 (Call 09/06/27)		7,946		7,260,180
Alphabet Inc., 0.80%, 08/15/27 (Call 06/15/27)^(a)		4,600		3,938,192
Amazon.com Inc.
1.20%, 06/03/27 (Call 04/03/27)		4,554		3,946,452
3.15%, 08/22/27 (Call 05/22/27)^(a)		11,077		10,249,243
3.30%, 04/13/27 (Call 03/13/27)		5,165		4,839,313
4.55%, 12/01/27 (Call 11/01/27)		6,340		6,168,256
Baidu Inc.
1.63%, 02/23/27 (Call 01/23/27)		130		113,455
3.63%, 07/06/27		1,255		1,160,185
eBay Inc.
3.60%, 06/05/27 (Call 03/05/27)		3,314		3,060,891
5.95%, 11/22/27 (Call 10/22/27)^(a)		1,265		1,265,633
Expedia Group Inc., 4.63%, 08/01/27 (Call 05/01/27)		3,167		2,997,176
Meta Platforms Inc., 3.50%, 08/15/27 (Call 07/15/27)		8,295		7,801,084
VeriSign Inc., 4.75%, 07/15/27 (Call 12/01/23)		2,226		2,119,304


				54,919,364

Iron & Steel — 0.5%
ArcelorMittal SA, 6.55%, 11/29/27 (Call 10/29/27)		4,580		4,599,695
Nucor Corp., 4.30%, 05/23/27 (Call 04/23/27)		2,070		1,975,170
Steel Dynamics Inc., 1.65%, 10/15/27 (Call 08/15/27)		1,261		1,066,399


				7,641,264


Security	Par (000)		Value

Lodging — 0.5%
Hyatt Hotels Corp., 5.75%, 01/30/27 (Call 12/30/26)	$	2,335	$	2,307,933
Marriott International Inc./MD, 5.00%, 10/15/27 (Call 09/15/27)^(a)		3,465		3,345,981
Sands China Ltd., 2.55%, 03/08/27 (Call 02/08/27)^(a)		2,035		1,735,017


				7,388,931

Machinery — 1.1%
Caterpillar Financial Services Corp.
1.10%, 09/14/27		2,642		2,250,450
1.70%, 01/08/27^(a)		815		728,144
3.60%, 08/12/27		1,945		1,822,752
CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)		1,844		1,699,430
John Deere Capital Corp.
1.70%, 01/11/27^(a)		1,926		1,711,934
1.75%, 03/09/27		1,892		1,675,399
2.35%, 03/08/27^(a)		1,955		1,766,300
2.80%, 09/08/27		1,259		1,143,578
4.15%, 09/15/27		1,610		1,540,111
Otis Worldwide Corp., 2.29%, 04/05/27 (Call 02/05/27)		1,721		1,533,420


				15,871,518

Manufacturing — 0.9%
3M Co., 2.88%, 10/15/27 (Call 07/15/27)^(a)		3,269		2,943,729
Carlisle Companies Inc., 3.75%, 12/01/27 (Call 09/01/27)		1,860		1,705,472
Eaton Corp., 3.10%, 09/15/27 (Call 06/15/27)		2,401		2,202,531
Parker-Hannifin Corp.
3.25%, 03/01/27 (Call 12/01/26)^(a)		2,071		1,916,946
4.25%, 09/15/27 (Call 08/15/27)		3,724		3,529,617
Textron Inc., 3.65%, 03/15/27 (Call 12/15/26)		1,476		1,373,467


				13,671,762

Media — 1.5%
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)		4,956		4,476,972
3.30%, 02/01/27 (Call 11/01/26)		4,448		4,137,451
3.30%, 04/01/27 (Call 02/01/27)		2,964		2,744,792
5.35%, 11/15/27 (Call 10/15/27)		1,240		1,229,780
FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)		2,175		1,965,611
Paramount Global, 2.90%, 01/15/27 (Call 10/15/26)		2,675		2,348,796
TWDC Enterprises 18 Corp., 2.95%, 06/15/27^(a)		3,316		3,060,406
Walt Disney Co. (The), 3.70%, 03/23/27^(a)		2,491		2,359,653


				22,323,461

Mining — 0.3%
Freeport-McMoRan Inc., 5.00%, 09/01/27 (Call 12/01/23)		2,115		2,003,453
Kinross Gold Corp., 4.50%, 07/15/27 (Call 04/15/27)		2,079		1,960,346


				3,963,799

Oil & Gas — 3.1%
BP Capital Markets America Inc.
3.02%, 01/16/27 (Call 10/16/26)		3,506		3,237,611
3.54%, 04/06/27 (Call 02/06/27)		1,841		1,725,011
3.59%, 04/14/27 (Call 01/14/27)		2,450		2,297,231
BP Capital Markets PLC, 3.28%, 09/19/27 (Call 06/19/27)		4,817		4,443,563
Canadian Natural Resources Ltd., 3.85%, 06/01/27 (Call 03/01/27)^(a)		4,808		4,459,404
Cenovus Energy Inc., 4.25%, 04/15/27 (Call 01/15/27)^(a)		1,210		1,141,014


Security	Par (000)		Value

Oil & Gas (continued)
Chevron Corp., 2.00%, 05/11/27 (Call 03/11/27)	$	3,330	$	2,978,700
Chevron USA Inc., 1.02%, 08/12/27 (Call 06/12/27)		2,846		2,438,621
Coterra Energy Inc., 3.90%, 05/15/27 (Call 02/15/27)		2,214		2,063,922
Devon Energy Corp., 5.25%, 10/15/27 (Call 11/13/23)		1,440		1,392,497
Eni USA Inc., 7.30%, 11/15/27^(a)		1,482		1,548,712
EQT Corp., 3.90%, 10/01/27 (Call 07/01/27)		4,236		3,894,045
Exxon Mobil Corp., 3.29%, 03/19/27 (Call 01/19/27)		2,741		2,574,465
Hess Corp., 4.30%, 04/01/27 (Call 01/01/27)		3,707		3,547,672
Marathon Oil Corp., 4.40%, 07/15/27 (Call 04/15/27)		3,781		3,541,874
Occidental Petroleum Corp., 8.50%, 07/15/27 (Call 01/15/27)^(a)		1,580		1,683,621
Phillips 66 Co., 4.95%, 12/01/27 (Call 11/01/27)		1,983		1,926,535
Valero Energy Corp., 2.15%, 09/15/27 (Call 07/15/27)		1,825		1,595,295


				46,489,793

Oil & Gas Services — 0.3%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 3.34%, 12/15/27 (Call 09/15/27)		5,286		4,816,008


Packaging & Containers — 0.4%
Berry Global Inc., 1.65%, 01/15/27 (Call 12/15/26)		1,626		1,401,864
Packaging Corp. of America, 3.40%, 12/15/27 (Call 09/15/27)		2,206		2,016,337
Sonoco Products Co., 2.25%, 02/01/27 (Call 01/01/27)		1,476		1,300,555
WRKCo Inc., 3.38%, 09/15/27 (Call 06/15/27)		1,574		1,425,073


				6,143,829

Pharmaceuticals — 4.3%
AstraZeneca PLC, 3.13%, 06/12/27 (Call 03/12/27)		2,914		2,695,253
Becton Dickinson and Co., 3.70%, 06/06/27 (Call 03/06/27)		6,369		5,929,762
Bristol-Myers Squibb Co.
1.13%, 11/13/27 (Call 09/13/27)		3,689		3,133,484
3.25%, 02/27/27		715		669,548
3.45%, 11/15/27 (Call 08/15/27)		2,082		1,934,158
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)		4,067		3,726,222
Cencora Inc., 3.45%, 12/15/27 (Call 09/15/27)		2,774		2,554,914
Cigna Group (The)
3.05%, 10/15/27 (Call 07/15/27)		1,835		1,658,269
3.40%, 03/01/27 (Call 12/01/26)		5,300		4,912,719
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)^(a)		7,797		6,576,640
3.63%, 04/01/27 (Call 02/01/27)		2,618		2,430,510
6.25%, 06/01/27		1,286		1,303,508
Eli Lilly & Co.
3.10%, 05/15/27 (Call 02/15/27)		1,623		1,510,460
5.50%, 03/15/27^(a)		678		685,409
Johnson & Johnson
0.95%, 09/01/27 (Call 07/01/27)^(a)		4,982		4,260,804
2.95%, 03/03/27 (Call 12/03/26)		3,096		2,884,716
Merck & Co. Inc., 1.70%, 06/10/27 (Call 05/10/27)		5,461		4,813,580
Novartis Capital Corp.
2.00%, 02/14/27 (Call 12/14/26)		4,350		3,914,951
3.10%, 05/17/27 (Call 02/17/27)		3,684		3,417,531
Viatris Inc., 2.30%, 06/22/27 (Call 04/22/27)^(a)		2,986		2,557,962


Security	Par (000)		Value

Pharmaceuticals (continued)
Zoetis Inc., 3.00%, 09/12/27 (Call 06/12/27)	$	2,761	$	2,507,093


				64,077,493

Pipelines — 3.3%
Boardwalk Pipelines LP, 4.45%, 07/15/27 (Call 04/15/27)		1,924		1,803,001
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27 (Call 01/01/27)^(a)		4,637		4,474,745
DCP Midstream Operating LP, 5.63%, 07/15/27 (Call 04/15/27)		2,085		2,047,859
Enbridge Inc., 3.70%, 07/15/27 (Call 04/15/27)		2,724		2,514,404
Energy Transfer LP
4.00%, 10/01/27 (Call 07/01/27)		2,733		2,516,007
4.20%, 04/15/27 (Call 01/15/27)		1,976		1,849,405
4.40%, 03/15/27 (Call 12/15/26)^(a)		2,095		1,973,673
5.50%, 06/01/27 (Call 03/01/27)		3,321		3,237,626
Enterprise Products Operating LLC, 3.95%, 02/15/27 (Call 11/15/26)		2,233		2,112,310
MPLX LP
4.13%, 03/01/27 (Call 12/01/26)		4,657		4,377,009
4.25%, 12/01/27 (Call 09/01/27)		2,521		2,344,646
Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)^(a)		1,380		1,293,308
ONEOK Inc., 4.00%, 07/13/27 (Call 04/13/27)		1,898		1,765,473
Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 (Call 09/15/26)		5,875		5,657,114
Targa Resources Corp.
5.20%, 07/01/27 (Call 06/01/27)		2,455		2,375,680
6.50%, 07/15/27 (Call 12/01/23)^(a)		2,097		2,072,759
TC PipeLines LP, 3.90%, 05/25/27 (Call 02/25/27)		1,624		1,504,699
Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27		763		780,480
Williams Companies Inc. (The), 3.75%, 06/15/27 (Call 03/15/27)^(a)		5,739		5,302,091


				50,002,289

Real Estate Investment Trusts — 4.9%
Alexandria Real Estate Equities Inc., 3.95%, 01/15/27 (Call 10/15/26)		1,514		1,415,324
American Tower Corp.
2.75%, 01/15/27 (Call 11/15/26)^(a)		2,763		2,482,335
3.13%, 01/15/27 (Call 10/15/26)^(a)		1,466		1,331,302
3.55%, 07/15/27 (Call 04/15/27)		2,730		2,485,470
3.65%, 03/15/27 (Call 02/15/27)		2,330		2,145,221
AvalonBay Communities Inc., 3.35%, 05/15/27 (Call 02/15/27)		1,345		1,239,693
Boston Properties LP, 6.75%, 12/01/27 (Call 11/01/27)		2,740		2,694,767
Brixmor Operating Partnership LP, 3.90%, 03/15/27 (Call 12/15/26)^(a)		1,361		1,245,306
Crown Castle International Corp.
2.90%, 03/15/27 (Call 02/15/27)		2,790		2,499,453
3.65%, 09/01/27 (Call 06/01/27)		3,665		3,330,491
4.00%, 03/01/27 (Call 12/01/26)		1,858		1,729,648
Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27)		3,969		3,626,334
EPR Properties, 4.50%, 06/01/27 (Call 03/01/27)		1,445		1,273,696
Equinix Inc., 1.80%, 07/15/27 (Call 05/15/27)		1,998		1,711,193
ERP Operating LP, 3.25%, 08/01/27 (Call 05/01/27)^(a)		1,577		1,434,277
Essex Portfolio LP, 3.63%, 05/01/27 (Call 02/01/27) .		1,125		1,032,265
Extra Space Storage LP, 3.88%, 12/15/27 (Call 09/15/27)		1,521		1,382,953


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Federal Realty Investment Trust, 3.25%, 07/15/27 (Call 04/15/27)	$	1,526	$	1,378,367
Healthcare Realty Holdings LP, 3.75%, 07/01/27 (Call 04/01/27)		1,786		1,631,805
Healthpeak Properties Inc., 1.35%, 02/01/27 (Call 01/01/27)		1,661		1,429,118
Highwoods Realty LP, 3.88%, 03/01/27 (Call 12/01/26)		825		734,855
Hudson Pacific Properties LP, 3.95%, 11/01/27 (Call 08/01/27)		1,128		870,566
Kimco Realty Corp., 3.80%, 04/01/27 (Call 01/01/27)		1,173		1,078,283
Mid-America Apartments LP, 3.60%, 06/01/27 (Call 03/01/27)		2,313		2,149,437
NNN REIT Inc., 3.50%, 10/15/27 (Call 07/15/27)		1,206		1,094,159
Omega Healthcare Investors Inc., 4.50%, 04/01/27 (Call 01/01/27)		2,461		2,265,588
Physicians Realty LP, 4.30%, 03/15/27 (Call 12/15/26)^(a)		1,450		1,347,764
Prologis LP
2.13%, 04/15/27 (Call 02/15/27)^(a)		2,233		1,980,295
3.38%, 12/15/27 (Call 09/15/27)		1,391		1,266,925
Public Storage Operating Co., 3.09%, 09/15/27 (Call 06/15/27)^(a)		1,996		1,827,287
Realty Income Corp.
3.00%, 01/15/27 (Call 10/15/26)		2,123		1,935,808
3.95%, 08/15/27 (Call 05/15/27)		2,666		2,472,841
Regency Centers LP, 3.60%, 02/01/27 (Call 11/01/26)		1,301		1,210,357
Simon Property Group LP
1.38%, 01/15/27 (Call 10/15/26)		1,986		1,721,884
3.38%, 06/15/27 (Call 03/15/27)^(a)		2,438		2,229,932
3.38%, 12/01/27 (Call 09/01/27)^(a)		3,342		3,027,780
SITE Centers Corp., 4.70%, 06/01/27 (Call 03/01/27)		1,643		1,521,349
Spirit Realty LP, 3.20%, 01/15/27 (Call 11/15/26)^(a)		1,110		1,002,454
Tanger Properties LP, 3.88%, 07/15/27 (Call 04/15/27)^(a)		765		672,943
UDR Inc., 3.50%, 07/01/27 (Call 04/01/27)^(a)		1,342		1,229,794
Ventas Realty LP, 3.85%, 04/01/27 (Call 01/01/27)		1,466		1,353,772
Welltower OP LLC, 2.70%, 02/15/27 (Call 12/15/26)		2,051		1,852,975
Weyerhaeuser Co., 6.95%, 10/01/27		1,421		1,469,215


				73,815,281

Retail — 3.4%
AutoNation Inc., 3.80%, 11/15/27 (Call 08/15/27)		1,065		951,358
AutoZone Inc., 3.75%, 06/01/27 (Call 03/01/27)^(a)		2,374		2,218,656
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		4,413		3,839,265
3.00%, 05/18/27 (Call 02/18/27)		3,545		3,283,878
Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27)		1,649		1,529,496
Dollar General Corp.
3.88%, 04/15/27 (Call 01/15/27)		3,111		2,901,215
4.63%, 11/01/27 (Call 10/01/27)		1,510		1,433,760
Home Depot Inc. (The)
2.50%, 04/15/27 (Call 02/15/27)^(a)		2,905		2,636,788
2.80%, 09/14/27 (Call 06/14/27)^(a)		3,822		3,476,429
2.88%, 04/15/27 (Call 03/15/27)		2,945		2,705,006
Lowe’s Companies Inc.
3.10%, 05/03/27 (Call 02/03/27)		5,661		5,186,361
3.35%, 04/01/27 (Call 03/01/27)^(a)		3,105		2,874,047


Security	Par (000)		Value

Retail (continued)
McDonald’s Corp.
3.50%, 03/01/27 (Call 12/01/26)	$	3,110	$	2,906,513
3.50%, 07/01/27 (Call 05/01/27)		4,189		3,887,942
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)		3,032		2,814,080
Starbucks Corp., 2.00%, 03/12/27 (Call 01/12/27)^(a)		2,463		2,187,687
Target Corp., 1.95%, 01/15/27 (Call 12/15/26)^(a)		2,590		2,331,757
Walmart Inc.
3.95%, 09/09/27 (Call 08/09/27)^(a)		3,406		3,260,674
5.88%, 04/05/27		1,135		1,164,092


				51,589,004

Semiconductors — 2.9%
Analog Devices Inc., 3.45%, 06/15/27 (Call 03/15/27)		1,786		1,655,860
Applied Materials Inc., 3.30%, 04/01/27 (Call 01/01/27)		4,988		4,647,645
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)		10,343		9,663,142
Intel Corp.
3.15%, 05/11/27 (Call 02/11/27)		3,578		3,297,839
3.75%, 03/25/27 (Call 01/25/27)		3,927		3,703,282
3.75%, 08/05/27 (Call 07/05/27)		2,850		2,675,563
Micron Technology Inc., 4.19%, 02/15/27 (Call 12/15/26)		3,507		3,280,673
NXP BV/NXP Funding LLC/NXP USA Inc.
3.15%, 05/01/27 (Call 03/01/27)		1,894		1,714,633
4.40%, 06/01/27 (Call 05/01/27)		1,869		1,761,913
QUALCOMM Inc., 3.25%, 05/20/27 (Call 02/20/27)^(a)		7,242		6,736,387
Texas Instruments Inc., 2.90%, 11/03/27 (Call 08/03/27)		1,754		1,596,518
TSMC Arizona Corp., 3.88%, 04/22/27 (Call 03/22/27)^(a)		2,942		2,787,699


				43,521,154

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 3.48%, 12/01/27 (Call 09/01/27)		2,326		2,105,686


Software — 3.6%
Activision Blizzard Inc., 3.40%, 06/15/27 (Call 03/15/27)		1,729		1,610,679
Adobe Inc., 2.15%, 02/01/27 (Call 12/01/26)		3,779		3,416,599
Autodesk Inc., 3.50%, 06/15/27 (Call 03/15/27)		2,322		2,147,198
Fidelity National Information Services Inc., 4.70%, 07/15/27 (Call 06/15/27)		1,568		1,499,317
Fiserv Inc., 2.25%, 06/01/27 (Call 04/01/27)^(a)		4,076		3,600,194
Intuit Inc., 1.35%, 07/15/27 (Call 05/15/27)		2,442		2,104,449
Microsoft Corp., 3.30%, 02/06/27 (Call 11/06/26)		11,259		10,638,272
Oracle Corp.
2.80%, 04/01/27 (Call 02/01/27)		8,048		7,279,316
3.25%, 11/15/27 (Call 08/15/27)		9,093		8,228,865
Roper Technologies Inc., 1.40%, 09/15/27 (Call 07/15/27)		2,555		2,162,365
Take-Two Interactive Software Inc., 3.70%, 04/14/27 (Call 03/14/27)		2,245		2,087,621
VMware Inc.
3.90%, 08/21/27 (Call 05/21/27)		4,401		4,079,090
4.65%, 05/15/27 (Call 03/15/27)^(a)		1,820		1,743,427
Workday Inc., 3.50%, 04/01/27 (Call 03/01/27)		3,595		3,335,765


				53,933,157


Security	Par (000)		Value

Telecommunications — 3.9%
AT&T Inc.
2.30%, 06/01/27 (Call 04/01/27)	$	8,369	$	7,394,761
3.80%, 02/15/27 (Call 11/15/26)		2,784		2,600,069
4.25%, 03/01/27 (Call 12/01/26)^(a)		5,321		5,045,623
Nokia OYJ, 4.38%, 06/12/27^(a)		2,025		1,872,484
Rogers Communications Inc., 3.20%, 03/15/27 (Call 02/15/27)		4,505		4,091,269
Telefonica Emisiones SA, 4.10%, 03/08/27		5,451		5,101,724
TELUS Corp.
2.80%, 02/16/27 (Call 11/16/26)		2,185		1,982,034
3.70%, 09/15/27 (Call 06/15/27)		1,993		1,845,613
T-Mobile USA Inc.
3.75%, 04/15/27 (Call 02/15/27)		14,095		13,103,875
5.38%, 04/15/27 (Call 11/13/23)		1,905		1,873,802
Verizon Communications Inc.
3.00%, 03/22/27 (Call 01/22/27)		2,970		2,710,872
4.13%, 03/16/27		11,872		11,245,180


				58,867,306

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.50%, 09/15/27 (Call 06/15/27)^(a)		1,729		1,574,979


Transportation — 1.2%
Burlington Northern Santa Fe LLC, 3.25%, 06/15/27 (Call 03/15/27)^(a)		2,050		1,905,813
CSX Corp., 3.25%, 06/01/27 (Call 03/01/27)		3,856		3,551,823
Norfolk Southern Corp.
3.15%, 06/01/27 (Call 03/01/27)^(a)		2,086		1,913,443
7.80%, 05/15/27^(a)		513		550,026
Ryder System Inc.
2.85%, 03/01/27 (Call 02/01/27)		1,620		1,464,483
4.30%, 06/15/27 (Call 05/15/27)		1,450		1,366,702
Union Pacific Corp.
2.15%, 02/05/27 (Call 12/05/26)		2,156		1,935,680
3.00%, 04/15/27 (Call 01/15/27)		2,102		1,932,428
United Parcel Service Inc., 3.05%, 11/15/27 (Call 08/15/27)^(a)		4,126		3,769,032


				18,389,430

Trucking & Leasing — 0.1%
GATX Corp., 3.85%, 03/30/27 (Call 12/30/26)		1,471		1,357,267


Venture Capital — 0.1%
Hercules Capital Inc., 3.38%, 01/20/27 (Call 12/20/26)		1,260		1,096,120


Water — 0.1%
American Water Capital Corp., 2.95%, 09/01/27 (Call 06/01/27)^(a)		1,653		1,495,957


Total Long-Term Investments — 98.5% (Cost: $1,579,213,420)				1,482,414,640


	Shares

Short-Term Securities

Money Market Funds — 4.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(b)(c)(d)		67,097,730		67,124,569


Security	Shares		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(b)(c)		5,790,000	$	5,790,000


Total Short-Term Securities — 4.8% (Cost: $72,876,871)				72,914,569


Total Investments — 103.3% (Cost: $1,652,090,291)				1,555,329,209

Liabilities in Excess of Other Assets — (3.3)%				(50,150,459	)


Net Assets — 100.0%			$	1,505,178,750

^(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.


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Interpublic Group of Companies Inc. (The), 4.65%, 10/01/28 (Call 07/01/28)^(a)	$	1,571	$	1,462,111


Aerospace & Defense — 2.4%
Boeing Co. (The)
3.25%, 02/01/28 (Call 12/01/27)		3,170		2,829,453
3.25%, 03/01/28 (Call 12/01/27)		1,140		1,012,631
3.45%, 11/01/28 (Call 08/01/28)^(a)		1,006		892,302
General Dynamics Corp., 3.75%, 05/15/28 (Call 02/15/28)		3,097		2,883,245
HEICO Corp., 5.25%, 08/01/28 (Call 07/01/28)		1,315		1,268,686
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)		5,126		4,785,295
Lockheed Martin Corp., 4.45%, 05/15/28 (Call 04/15/28)^(a)		1,410		1,351,395
Northrop Grumman Corp., 3.25%, 01/15/28 (Call 10/15/27)		5,401		4,917,036
RTX Corp., 4.13%, 11/16/28 (Call 08/16/28)		8,012		7,355,488


				27,295,531

Agriculture — 1.2%
Altria Group Inc., 6.20%, 11/01/28 (Call 10/01/28)		1,000		993,941
BAT Capital Corp., 2.26%, 03/25/28 (Call 01/25/28)^(a)		4,858		4,080,661
BAT International Finance PLC, 4.45%, 03/16/28 (Call 02/16/28)		2,921		2,689,961
Philip Morris International Inc.
3.13%, 03/02/28 (Call 12/02/27)		1,314		1,175,700
4.88%, 02/15/28 (Call 01/15/28)		4,065		3,905,935
5.25%, 09/07/28 (Call 08/07/28)		1,345		1,308,187


				14,154,385

Airlines — 0.4%
American Airlines Pass Through Trust
Series 2016-1, Class AA, 3.58%, 07/15/29^(a)		748		674,872
Series 2016-2, Class AA, 3.20%, 12/15/29^(a)		781		688,615
Series 2016-3, Class AA, 3.00%, 04/15/30^(a)		710		619,726
Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29		1,080		931,778
United Airlines Pass Through Trust
Series 2016-1, Class AA, 3.10%, 01/07/30		1,007		886,119
Series 2016-2, Class AA, 2.88%, 04/07/30^(a)		1,076		925,760


				4,726,870

Auto Manufacturers — 2.5%
American Honda Finance Corp.
2.00%, 03/24/28		2,463		2,110,983
3.50%, 02/15/28		1,410		1,292,229
4.70%, 01/12/28		970		932,416
5.13%, 07/07/28		2,210		2,154,790
General Motors Co., 5.00%, 10/01/28 (Call 07/01/28)^(a)		2,109		1,988,524
General Motors Financial Co. Inc.
2.40%, 04/10/28 (Call 02/10/28)		2,978		2,510,026
2.40%, 10/15/28 (Call 08/15/28)		2,688		2,216,523
3.85%, 01/05/28 (Call 10/05/27)^(a)		1,477		1,329,153
5.80%, 06/23/28 (Call 05/23/28)		3,075		2,978,535
6.00%, 01/09/28 (Call 12/09/27)		2,158		2,119,489
PACCAR Financial Corp.
4.60%, 01/10/28		378		366,017
4.95%, 08/10/28		305		299,119


Security	Par (000)		Value

Auto Manufacturers (continued)
Toyota Motor Corp.
3.67%, 07/20/28^(a)	$	709	$	658,482
5.12%, 07/13/28 (Call 06/13/28)^(a)		1,300		1,282,653
Toyota Motor Credit Corp.
1.90%, 04/06/28^(a)		2,013		1,733,342
3.05%, 01/11/28		1,691		1,540,488
4.63%, 01/12/28^(a)		1,860		1,800,290
5.25%, 09/11/28		1,440		1,417,741


				28,730,800

Banks — 12.6%
Banco Santander SA
3.80%, 02/23/28^(a)		2,796		2,486,706
4.38%, 04/12/28		3,300		3,002,278
5.59%, 08/08/28		3,790		3,655,892
6.61%, 11/07/28		2,400		2,402,431
Bank of Montreal
5.20%, 02/01/28 (Call 01/01/28)		3,426		3,302,583
5.72%, 09/25/28 (Call 08/25/28)		2,805		2,745,363
Bank of New York Mellon Corp. (The)
1.65%, 07/14/28 (Call 05/14/28)		1,345		1,113,825
3.00%, 10/30/28 (Call 07/30/28)^(a)		1,449		1,244,367
3.40%, 01/29/28 (Call 10/29/27)		2,139		1,941,860
3.85%, 04/28/28		2,309		2,138,413
Bank of Nova Scotia (The), 5.25%, 06/12/28		2,055		1,969,703
Barclays PLC
4.34%, 01/10/28 (Call 01/10/27)		3,285		3,002,620
4.84%, 05/09/28 (Call 05/07/27)		5,500		4,940,371
Canadian Imperial Bank of Commerce
5.00%, 04/28/28 (Call 03/28/28)		3,005		2,862,133
5.99%, 10/03/28 (Call 09/03/28)		2,090		2,064,280
Citibank NA, 5.80%, 09/29/28 (Call 08/29/28)		6,575		6,493,248
Citigroup Inc.
4.13%, 07/25/28^(a)		5,959		5,344,973
6.63%, 01/15/28^(a)		935		969,131
Credit Suisse AG/New York NY, 7.50%, 02/15/28^(a)		6,564		6,813,748
Discover Bank, 4.65%, 09/13/28 (Call 06/13/28)		2,614		2,297,360
Fifth Third Bancorp., 3.95%, 03/14/28 (Call 02/14/28)		1,654		1,477,341
First-Citizens Bank & Trust Co., 6.13%, 03/09/28^(a)		1,115		1,083,174
ING Groep NV, 4.55%, 10/02/28		3,510		3,239,168
KeyBank NA/Cleveland OH, 6.95%, 02/01/28^(a)		695		636,897
KeyCorp, 4.10%, 04/30/28		1,678		1,434,855
Lloyds Banking Group PLC
4.38%, 03/22/28		3,945		3,618,125
4.55%, 08/16/28		3,480		3,210,599
Manufacturers & Traders Trust Co., 4.70%, 01/27/28 (Call 12/27/27)		2,965		2,684,889
Mitsubishi UFJ Financial Group Inc.
3.96%, 03/02/28		3,261		3,019,692
4.05%, 09/11/28^(a)		2,723		2,503,097
Mizuho Financial Group Inc., 4.02%, 03/05/28		3,197		2,946,928
Morgan Stanley, 3.59%, 07/22/28 (Call 07/22/27)^(b)		4,240		3,841,924
National Australia Bank Ltd./New York
4.90%, 06/13/28		2,920		2,809,848
4.94%, 01/12/28^(a)		3,260		3,152,835
Northern Trust Corp., 3.65%, 08/03/28 (Call 05/03/28)^(a)		1,522		1,390,467
PNC Bank NA
3.25%, 01/22/28 (Call 12/23/27)		2,285		2,040,867
4.05%, 07/26/28		3,240		2,883,442


Security	Par (000)		Value

Banks (continued)
Regions Financial Corp., 1.80%, 08/12/28 (Call 06/12/28)	$	1,735	$	1,353,614
Royal Bank of Canada
4.90%, 01/12/28^(a)		2,325		2,230,956
5.20%, 08/01/28^(a)		2,815		2,713,029
Sumitomo Mitsui Financial Group Inc.
1.90%, 09/17/28		5,406		4,420,948
3.54%, 01/17/28^(a)		1,881		1,695,479
3.94%, 07/19/28		1,844		1,675,026
4.31%, 10/16/28^(a)		1,555		1,429,243
5.52%, 01/13/28		4,698		4,574,648
5.72%, 09/14/28		2,750		2,691,357
5.80%, 07/13/28		2,100		2,059,997
Synovus Bank, 5.63%, 02/15/28 (Call 01/15/28)		795		704,441
Toronto-Dominion Bank (The)
5.16%, 01/10/28		3,588		3,458,782
5.52%, 07/17/28^(a)		3,565		3,473,841
U.S. Bancorp., 3.90%, 04/26/28 (Call 03/24/28)		2,453		2,229,728
UBS AG, 5.65%, 09/11/28		3,500		3,424,110
Westpac Banking Corp.
1.95%, 11/20/28		3,363		2,809,773
3.40%, 01/25/28		2,826		2,591,281


				146,301,686

Beverages — 1.9%
Anheuser-Busch InBev Worldwide Inc., 4.00%, 04/13/28 (Call 01/13/28)		7,211		6,774,536
Coca-Cola Co. (The)
1.00%, 03/15/28		3,474		2,915,641
1.50%, 03/05/28^(a)		1,862		1,600,665
Constellation Brands Inc.
3.60%, 02/15/28 (Call 11/15/27)^(a)		2,114		1,933,150
4.65%, 11/15/28 (Call 08/15/28)		1,425		1,347,563
Diageo Capital PLC, 3.88%, 05/18/28 (Call 02/18/28)^(a)		1,250		1,168,033
Keurig Dr Pepper Inc., 4.60%, 05/25/28 (Call 02/25/28)^(a)		3,200		3,044,864
PepsiCo Inc.
3.60%, 02/18/28 (Call 01/18/28)		2,687		2,515,759
4.45%, 05/15/28 (Call 04/15/28)^(a)		500		487,452


				21,787,663

Biotechnology — 1.1%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)		3,995		3,317,132
5.15%, 03/02/28 (Call 02/02/28)		9,770		9,534,791


				12,851,923

Building Materials — 0.4%
Lennox International Inc., 5.50%, 09/15/28 (Call 08/15/28)		465		453,717
Masco Corp., 1.50%, 02/15/28 (Call 12/15/27)		1,740		1,445,751
Mohawk Industries Inc., 5.85%, 09/18/28 (Call 08/18/28)^(a)		1,200		1,179,947
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/28 (Call 05/21/28)		1,627		1,494,904


				4,574,319

Chemicals — 1.5%
Celanese U.S. Holdings LLC, 6.35%, 11/15/28 (Call 10/15/28)^(a)		2,650		2,587,253
Dow Chemical Co. (The), 4.80%, 11/30/28 (Call 08/30/28)		1,730		1,653,462


Security	Par (000)		Value

Chemicals (continued)
DuPont de Nemours Inc., 4.73%, 11/15/28 (Call 08/15/28)^(a)	$	6,004	$	5,738,290
Eastman Chemical Co., 4.50%, 12/01/28 (Call 09/01/28)		1,403		1,303,094
Ecolab Inc., 5.25%, 01/15/28 (Call 12/15/27)		1,370		1,358,827
International Flavors & Fragrances Inc., 4.45%, 09/26/28 (Call 06/26/28)		475		434,510
Nutrien Ltd., 4.90%, 03/27/28 (Call 02/27/28)		2,375		2,275,816
PPG Industries Inc., 3.75%, 03/15/28 (Call 12/15/27)		2,192		2,023,011


				17,374,263

Commercial Services — 1.0%
Automatic Data Processing Inc., 1.70%, 05/15/28 (Call 03/15/28)		2,967		2,547,708
Block Financial LLC, 2.50%, 07/15/28 (Call 05/15/28)		1,730		1,459,228
Equifax Inc., 5.10%, 06/01/28 (Call 05/01/28)		2,125		2,027,147
Global Payments Inc., 4.45%, 06/01/28 (Call 03/01/28)^(a)		1,578		1,452,252
Moody’s Corp., 3.25%, 01/15/28 (Call 10/15/27)		1,495		1,358,691
S&P Global Inc., 4.75%, 08/01/28 (Call 05/01/28)^(a)		1,850		1,786,552
UL Solutions Inc., 6.50%, 10/20/28 (Call 09/20/28)^(c)		750		743,217


				11,374,795

Computers — 2.3%
Apple Inc.
1.20%, 02/08/28 (Call 12/08/27)^(a)		5,674		4,814,027
1.40%, 08/05/28 (Call 06/05/28)		5,310		4,471,259
4.00%, 05/10/28 (Call 04/10/28)		3,145		2,995,347
Dell Inc., 7.10%, 04/15/28^(a)		920		963,881
Dell International LLC/EMC Corp., 5.25%, 02/01/28 (Call 01/01/28)		2,855		2,789,312
DXC Technology Co., 2.38%, 09/15/28 (Call 07/15/28)^(a)		1,778		1,435,417
Hewlett Packard Enterprise Co., 5.25%, 07/01/28 (Call 06/01/28)^(a)		1,720		1,659,452
HP Inc., 4.75%, 01/15/28 (Call 12/15/27)^(a)		2,564		2,442,155
International Business Machines Corp.
4.50%, 02/06/28 (Call 01/06/28)		3,360		3,211,987
6.50%, 01/15/28^(a)		687		716,375
Kyndryl Holdings Inc., 2.70%, 10/15/28 (Call 08/15/28)		1,112		898,668


				26,397,880

Cosmetics & Personal Care — 0.9%
Colgate-Palmolive Co., 4.60%, 03/01/28 (Call 02/01/28)^(a)		535		523,461
Estee Lauder Companies Inc. (The), 4.38%, 05/15/28 (Call 04/15/28)^(a)		2,000		1,909,403
Kenvue Inc., 5.05%, 03/22/28 (Call 02/22/28)		2,425		2,376,529
Procter & Gamble Co. (The), 3.95%, 01/26/28		605		578,787
Unilever Capital Corp.
3.50%, 03/22/28 (Call 12/22/27)		3,427		3,164,714
4.88%, 09/08/28 (Call 08/08/28)^(a)		1,660		1,620,767


				10,173,661

Distribution & Wholesale — 0.2%
LKQ Corp., 5.75%, 06/15/28 (Call 05/15/28)		2,225		2,157,356


Security	Par (000)		Value

Diversified Financial Services — 4.3%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust
3.00%, 10/29/28 (Call 08/29/28)	$	10,165	$	8,574,364
3.88%, 01/23/28 (Call 10/23/27)		1,624		1,460,658
5.75%, 06/06/28 (Call 05/06/28)		2,650		2,545,328
Air Lease Corp.
2.10%, 09/01/28 (Call 07/01/28)		1,669		1,368,338
4.63%, 10/01/28 (Call 07/01/28)		1,769		1,623,143
5.30%, 02/01/28 (Call 01/01/28)^(a)		1,220		1,168,255
Ally Financial Inc., 2.20%, 11/02/28 (Call 09/02/28)		2,100		1,611,908
BGC Group Inc., 8.00%, 05/25/28 (Call 04/25/28)		710		691,847
Blue Owl Credit Income Corp., 7.95%, 06/13/28 (Call 05/13/28)^(c)		1,802		1,762,262
Brookfield Finance Inc., 3.90%, 01/25/28 (Call 10/25/27)		2,948		2,687,066
Capital One Financial Corp., 3.80%, 01/31/28 (Call 12/31/27)^(a)		3,941		3,474,027
Charles Schwab Corp. (The)
2.00%, 03/20/28 (Call 01/20/28)		3,534		2,950,180
3.20%, 01/25/28 (Call 10/25/27)^(a)		2,068		1,828,155
CME Group Inc., 3.75%, 06/15/28 (Call 03/15/28)^(a)		1,424		1,330,639
Intercontinental Exchange Inc., 3.75%, 09/21/28 (Call 06/21/28)^(a)		1,776		1,620,676
Jefferies Financial Group Inc., 5.88%, 07/21/28 (Call 06/21/28)		2,755		2,655,465
Lazard Group LLC, 4.50%, 09/19/28 (Call 06/19/28)^(a)		1,421		1,306,205
Mastercard Inc.
3.50%, 02/26/28 (Call 11/26/27)		1,389		1,289,474
4.88%, 03/09/28 (Call 02/09/28)		1,162		1,142,848
Nasdaq Inc., 5.35%, 06/28/28 (Call 05/28/28)		3,005		2,926,443
Nomura Holdings Inc.
2.17%, 07/14/28^(a)		3,408		2,799,273
5.84%, 01/18/28		865		841,395
6.07%, 07/12/28		2,305		2,255,700


				49,913,649

Electric — 9.1%
AEP Texas Inc., 3.95%, 06/01/28 (Call 03/01/28)		1,453		1,331,439
AES Corp. (The), 5.45%, 06/01/28 (Call 05/01/28)		2,670		2,547,561
Ameren Corp., 1.75%, 03/15/28 (Call 01/15/28)		1,411		1,181,298
Ameren Illinois Co., 3.80%, 05/15/28 (Call 02/15/28)		1,253		1,166,317
American Electric Power Co. Inc., Series J, 4.30%, 12/01/28 (Call 09/01/28)		1,678		1,560,098
Atlantic City Electric Co., 4.00%, 10/15/28 (Call 07/15/28)^(a)		1,204		1,114,244
Berkshire Hathaway Energy Co., 3.25%, 04/15/28 (Call 01/15/28)		1,663		1,491,642
Black Hills Corp., 5.95%, 03/15/28 (Call 02/15/28)		1,335		1,320,585
CenterPoint Energy Houston Electric LLC, 5.20%, 10/01/28 (Call 09/01/28)		205		200,487
Commonwealth Edison Co., 3.70%, 08/15/28 (Call 05/15/28)		1,595		1,464,455
Consolidated Edison Co. of New York Inc.
3.80%, 05/15/28 (Call 02/15/28)		1,096		1,014,699
Series D, 4.00%, 12/01/28 (Call 09/01/28)		925		853,795
Constellation Energy Generation LLC, 5.60%, 03/01/28 (Call 02/01/28)		2,295		2,252,642
Consumers Energy Co.
3.80%, 11/15/28 (Call 08/15/28)		736		677,680
4.65%, 03/01/28 (Call 01/01/28)^(a)		947		913,409


Security	Par (000)		Value

Electric (continued)
Dominion Energy Inc., 4.25%, 06/01/28 (Call 03/01/28)	$	1,268	$	1,180,723
DTE Electric Co., Series A, 1.90%, 04/01/28 (Call 02/01/28)		1,871		1,604,052
DTE Energy Co., 4.88%, 06/01/28 (Call 05/01/28)		2,310		2,198,518
Duke Energy Carolinas LLC
3.95%, 11/15/28 (Call 08/15/28)		1,809		1,673,072
Series A, 6.00%, 12/01/28		555		563,804
Duke Energy Corp., 4.30%, 03/15/28 (Call 02/15/28)		2,965		2,782,131
Duke Energy Florida LLC, 3.80%, 07/15/28 (Call 04/15/28)		1,632		1,513,356
Duke Energy Progress LLC, 3.70%, 09/01/28 (Call 06/01/28)^(a)		1,272		1,166,947
Edison International
4.13%, 03/15/28 (Call 12/15/27)		1,526		1,387,001
5.25%, 11/15/28 (Call 10/15/28)		2,015		1,911,214
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		2,211		2,058,586
Entergy Arkansas LLC, 4.00%, 06/01/28 (Call 03/01/28)^(a)		332		309,602
Entergy Corp., 1.90%, 06/15/28 (Call 04/15/28)		2,131		1,780,902
Entergy Louisiana LLC, 3.25%, 04/01/28 (Call 01/01/28)		1,151		1,032,416
Entergy Mississippi LLC, 2.85%, 06/01/28 (Call 03/01/28)		1,370		1,206,941
Eversource Energy
5.45%, 03/01/28 (Call 02/01/28)		3,910		3,817,101
Series M, 3.30%, 01/15/28 (Call 10/15/27)		1,210		1,090,362
Exelon Corp., 5.15%, 03/15/28 (Call 02/15/28)		2,725		2,642,614
Florida Power & Light Co.
4.40%, 05/15/28 (Call 03/15/28)		1,395		1,327,795
5.05%, 04/01/28 (Call 03/01/28)		2,570		2,515,566
Georgia Power Co., 4.65%, 05/16/28 (Call 03/16/28)^(a)		2,075		1,981,817
Indiana Michigan Power Co., 3.85%, 05/15/28 (Call 02/15/28)		751		699,012
Interstate Power & Light Co., 4.10%, 09/26/28 (Call 06/26/28)		1,625		1,505,632
Mississippi Power Co., 3.95%, 03/30/28 (Call 12/30/27)		900		830,234
National Grid PLC, 5.60%, 06/12/28 (Call 05/12/28)		1,435		1,400,086
National Rural Utilities Cooperative Finance Corp.
3.40%, 02/07/28 (Call 11/07/27)		1,899		1,730,344
3.90%, 11/01/28 (Call 08/01/28)		1,108		1,018,881
4.80%, 03/15/28 (Call 02/15/28)		1,462		1,414,513
5.05%, 09/15/28 (Call 08/15/28)		1,455		1,412,434
NextEra Energy Capital Holdings Inc.
1.90%, 06/15/28 (Call 04/15/28)		3,975		3,318,384
4.90%, 02/28/28 (Call 01/28/28)		3,300		3,154,646
Oklahoma Gas & Electric Co., 3.80%, 08/15/28 (Call 02/15/28)		1,336		1,222,407
Oncor Electric Delivery Co. LLC
3.70%, 11/15/28 (Call 08/15/28)		1,915		1,749,037
4.30%, 05/15/28 (Call 04/15/28)^(c)		870		822,514
Pacific Gas and Electric Co.
3.00%, 06/15/28 (Call 04/15/28)		2,297		1,944,906
3.75%, 07/01/28		2,252		1,973,056
4.65%, 08/01/28 (Call 05/01/28)		1,050		950,086
Public Service Co. of Colorado, 3.70%, 06/15/28 (Call 12/15/27)		935		853,454


Security	Par (000)		Value

Electric (continued)
Public Service Electric & Gas Co.
3.65%, 09/01/28 (Call 06/01/28)	$	1,005	$	919,639
3.70%, 05/01/28 (Call 02/01/28)^(a)		935		864,301
Public Service Enterprise Group Inc., 5.88%, 10/15/28 (Call 09/15/28)		1,265		1,251,965
Puget Energy Inc., 2.38%, 06/15/28 (Call 04/15/28)		1,812		1,532,960
San Diego Gas & Electric Co., 4.95%, 08/15/28 (Call 07/15/28)		1,155		1,113,803
Sempra Energy, 3.40%, 02/01/28 (Call 11/01/27)		3,240		2,918,960
Southern California Edison Co.
5.30%, 03/01/28 (Call 02/01/28)		1,925		1,882,146
5.65%, 10/01/28 (Call 09/01/28)		720		712,915
Series B, 3.65%, 03/01/28 (Call 12/01/27)		956		875,678
Southern Co. (The)
4.85%, 06/15/28 (Call 04/15/28)		2,210		2,113,677
Series 21-B, 1.75%, 03/15/28 (Call 01/15/28)		1,050		882,635
Southwestern Electric Power Co., Series M, 4.10%, 09/15/28 (Call 06/15/28)		1,638		1,501,873
System Energy Resources Inc., 6.00%, 04/15/28 (Call 03/15/28)		860		830,048
Virginia Electric & Power Co., Series A, 3.80%, 04/01/28 (Call 01/01/28)		2,082		1,921,245
WEC Energy Group Inc.
2.20%, 12/15/28 (Call 10/15/28)		1,509		1,254,155
4.75%, 01/15/28 (Call 12/15/27)		1,685		1,609,835
Wisconsin Electric Power Co., 1.70%, 06/15/28 (Call 04/15/28)^(a)		500		422,799
Xcel Energy Inc., 4.00%, 06/15/28 (Call 12/15/27)		1,775		1,640,745


				105,083,876

Electronics — 1.0%
Arrow Electronics Inc., 3.88%, 01/12/28 (Call 10/12/27)^(a)		1,431		1,293,706
Avnet Inc., 6.25%, 03/15/28 (Call 02/15/28)		1,278		1,260,419
Flex Ltd., 6.00%, 01/15/28 (Call 12/15/27)		1,060		1,048,860
Honeywell International Inc., 4.95%, 02/15/28 (Call 01/15/28)		1,575		1,555,706
Hubbell Inc., 3.50%, 02/15/28 (Call 11/15/27)		1,130		1,037,705
Jabil Inc., 3.95%, 01/12/28 (Call 10/12/27)		1,199		1,092,412
TD SYNNEX Corp., 2.38%, 08/09/28 (Call 06/09/28)		1,555		1,275,589
Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28)		1,649		1,561,133
Vontier Corp., 2.40%, 04/01/28 (Call 02/01/28)		1,483		1,224,101


				11,349,631

Engineering & Construction — 0.1%
Jacobs Engineering Group Inc., 6.35%, 08/18/28 (Call 07/18/28)		830		825,405


Environmental Control — 0.6%
Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28)		2,368		2,206,946
Veralto Corp., 5.35%, 09/18/28 (Call 08/18/28)^(c)		2,135		2,070,655
Waste Connections Inc., 4.25%, 12/01/28 (Call 09/01/28)		1,303		1,219,428
Waste Management Inc., 1.15%, 03/15/28 (Call 01/15/28)		1,667		1,391,057


				6,888,086

Food — 1.8%
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)		3,018		2,811,407


Security	Par (000)		Value

Food (continued)
Conagra Brands Inc.
4.85%, 11/01/28 (Call 08/01/28)	$	3,654	$	3,433,698
7.00%, 10/01/28		1,032		1,070,849
General Mills Inc.
4.20%, 04/17/28 (Call 01/17/28)		4,297		4,028,384
5.50%, 10/17/28 (Call 09/17/28)		475		466,424
Hershey Co. (The), 4.25%, 05/04/28 (Call 04/04/28)		595		571,099
Hormel Foods Corp., 1.70%, 06/03/28 (Call 04/03/28)		2,150		1,822,217
J M Smucker Co. (The), 5.90%, 11/15/28 (Call 10/15/28)		2,080		2,063,943
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 5.13%, 02/01/28 (Call 01/01/28)		2,297		2,153,860
Kellogg Co., 4.30%, 05/15/28 (Call 02/15/28)		1,832		1,710,183
Mondelez International Inc., 4.13%, 05/07/28 (Call 02/07/28)^(a)		645		609,533


				20,741,597

Forest Products & Paper — 0.1%
Suzano Austria GmbH, 2.50%, 09/15/28 (Call 07/15/28)		1,425		1,182,129


Gas — 0.7%
CenterPoint Energy Resources Corp.
4.00%, 04/01/28 (Call 01/01/28)		715		669,271
5.25%, 03/01/28 (Call 02/01/28)		2,360		2,308,505
National Fuel Gas Co., 4.75%, 09/01/28 (Call 06/01/28)^(a)		702		649,378
NiSource Inc., 5.25%, 03/30/28 (Call 02/29/28)		2,805		2,724,724
Southwest Gas Corp.
3.70%, 04/01/28 (Call 01/01/28)		613		557,813
5.45%, 03/23/28 (Call 02/23/28)		765		746,968


				7,656,659

Hand & Machine Tools — 0.6%
Kennametal Inc., 4.63%, 06/15/28 (Call 03/15/28)		741		691,996
Regal Rexnord Corp., 6.05%, 04/15/28 (Call 03/15/28)^(c)		3,520		3,369,044
Stanley Black & Decker Inc.
4.25%, 11/15/28 (Call 08/15/28)		1,416		1,307,919
6.00%, 03/06/28 (Call 02/06/28)^(a)		1,335		1,332,746


				6,701,705

Health Care - Products — 1.3%
Abbott Laboratories, 1.15%, 01/30/28 (Call 11/30/27)		2,115		1,791,315
Baxter International Inc., 2.27%, 12/01/28 (Call 10/01/28)		3,535		2,925,390
Boston Scientific Corp., 4.00%, 03/01/28 (Call 12/01/27)^(a)		880		825,556
Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)		1,802		1,685,698
Medtronic Global Holdings SCA, 4.25%, 03/30/28 (Call 02/29/28)^(a)		2,815		2,680,434
Revvity Inc., 1.90%, 09/15/28 (Call 07/15/28)^(a)		1,660		1,362,151
Stryker Corp., 3.65%, 03/07/28 (Call 12/07/27)		1,660		1,531,240
Thermo Fisher Scientific Inc., 1.75%, 10/15/28 (Call 08/15/28)^(a)		2,485		2,077,896


				14,879,680

Health Care - Services — 2.5%
Advocate Health & Hospitals Corp., 3.83%, 08/15/28 (Call 05/15/28)		515		476,997
Centene Corp., 2.45%, 07/15/28 (Call 05/15/28)		6,140		5,163,783


Security	Par (000)		Value

Health Care - Services (continued)
CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)^(a)	$	764	$	719,766
Elevance Health Inc., 4.10%, 03/01/28 (Call 12/01/27)		3,416		3,191,163
HCA Inc.
5.20%, 06/01/28 (Call 05/01/28)		2,640		2,513,214
5.63%, 09/01/28 (Call 03/01/28)		4,150		4,012,703
Humana Inc., 5.75%, 03/01/28 (Call 02/01/28)		1,575		1,568,109
IQVIA Inc., 5.70%, 05/15/28 (Call 04/15/28)^(c)		2,250		2,157,760
Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28)		653		607,984
SSM Health Care Corp., 4.89%, 06/01/28 (Call 03/01/28)		190		183,533
Sutter Health, Series 2018, 3.70%, 08/15/28 (Call 05/15/28)		455		416,136
UnitedHealth Group Inc.
3.85%, 06/15/28^(a)		3,106		2,897,725
3.88%, 12/15/28		2,302		2,137,193
5.25%, 02/15/28 (Call 01/15/28)^(a)		2,700		2,681,263


				28,727,329

Holding Companies - Diversified — 0.7%
Ares Capital Corp., 2.88%, 06/15/28 (Call 04/15/28)		3,457		2,863,230
Blackstone Secured Lending Fund, 2.85%, 09/30/28 (Call 07/30/28)		1,813		1,467,648
Blue Owl Capital Corp., 2.88%, 06/11/28 (Call 04/11/28)		2,225		1,813,944
FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)		2,090		1,680,269
Prospect Capital Corp., 3.44%, 10/15/28 (Call 08/15/28)^(a)		851		656,156


				8,481,247

Home Builders — 0.1%
Toll Brothers Finance Corp., 4.35%, 02/15/28 (Call 11/15/27)		1,405		1,290,255


Household Products & Wares — 0.4%
Avery Dennison Corp., 4.88%, 12/06/28 (Call 09/06/28)		1,503		1,433,405
Clorox Co. (The), 3.90%, 05/15/28 (Call 02/15/28)		1,884		1,735,017
Kimberly-Clark Corp., 3.95%, 11/01/28 (Call 08/01/28)		1,160		1,092,146


				4,260,568

Insurance — 1.9%
American International Group Inc., 4.20%, 04/01/28 (Call 01/01/28)		1,351		1,253,644
Aon Corp., 4.50%, 12/15/28 (Call 09/15/28)		1,011		945,478
Assurant Inc., 4.90%, 03/27/28 (Call 12/27/27)		770		729,601
Assured Guaranty U.S. Holdings Inc., 6.13%, 09/15/28 (Call 08/15/28)^(a)		575		571,309
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)^(a)		2,941		2,659,407
Cincinnati Financial Corp., 6.92%, 05/15/28		1,023		1,062,915
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)		4,105		3,759,243
7.00%, 04/01/28^(a)		911		936,492
F&G Annuities & Life Inc., 7.40%, 01/13/28 (Call 12/13/27)		1,255		1,238,609
Fairfax Financial Holdings Ltd., 4.85%, 04/17/28 (Call 01/17/28)		1,797		1,696,874


Security	Par (000)		Value

Insurance (continued)
Fidelity National Financial Inc., 4.50%, 08/15/28 (Call 05/15/28)	$	1,336	$	1,228,529
Globe Life Inc., 4.55%, 09/15/28 (Call 06/15/28)		1,534		1,438,100
Horace Mann Educators Corp., 7.25%, 09/15/28 (Call 08/15/28)		690		688,537
Lincoln National Corp., 3.80%, 03/01/28 (Call 12/01/27)^(a)		1,119		997,509
Prudential Financial Inc., 3.88%, 03/27/28 (Call 12/27/27)		1,415		1,315,771
Willis North America Inc., 4.50%, 09/15/28 (Call 06/15/28)		1,650		1,534,381


				22,056,399

Internet — 2.1%
Amazon.com Inc., 1.65%, 05/12/28 (Call 03/12/28)^(a)		6,300		5,378,373
Baidu Inc.
4.38%, 03/29/28 (Call 12/29/27)^(a)		540		507,749
4.88%, 11/14/28 (Call 08/14/28)		920		876,794
Booking Holdings Inc., 3.55%, 03/15/28 (Call 12/15/27)		1,264		1,169,416
Expedia Group Inc., 3.80%, 02/15/28 (Call 11/15/27)		3,022		2,734,950
Meta Platforms Inc., 4.60%, 05/15/28 (Call 04/15/28)		4,225		4,095,342
Netflix Inc.
4.88%, 04/15/28		4,690		4,515,779
5.88%, 11/15/28^(a)		5,245		5,262,059


				24,540,462

Iron & Steel — 0.1%
Nucor Corp., 3.95%, 05/01/28 (Call 02/01/28)^(a)		1,630		1,515,480


Lodging — 0.7%
Hyatt Hotels Corp., 4.38%, 09/15/28 (Call 06/15/28)		1,428		1,308,248
Marriott International Inc./MD
5.55%, 10/15/28 (Call 09/15/28)		1,235		1,203,026
Series AA, 4.65%, 12/01/28 (Call 09/01/28)		638		596,065
Series X, 4.00%, 04/15/28 (Call 01/15/28)		1,501		1,379,394
Sands China Ltd., 5.65%, 08/08/28 (Call 05/08/28)		4,325		3,994,506


				8,481,239

Machinery — 1.6%
ABB Finance USA Inc., 3.80%, 04/03/28 (Call 01/03/28)^(a)		364		342,752
CNH Industrial Capital LLC, 4.55%, 04/10/28 (Call 03/10/28)		1,699		1,596,161
John Deere Capital Corp.
1.50%, 03/06/28^(a)		1,716		1,450,934
3.05%, 01/06/28		961		877,259
4.75%, 01/20/28^(a)		3,345		3,249,447
4.90%, 03/03/28^(a)		670		656,126
4.95%, 07/14/28		2,435		2,375,718
nVent Finance Sarl, 4.55%, 04/15/28 (Call 01/15/28)		1,171		1,087,250
Oshkosh Corp., 4.60%, 05/15/28 (Call 02/15/28)		809		767,203
Otis Worldwide Corp., 5.25%, 08/16/28 (Call 07/16/28)		1,735		1,688,029
Westinghouse Air Brake Technologies Corp., 4.70%, 09/15/28 (Call 06/15/28)		3,703		3,452,513
Xylem Inc./NY, 1.95%, 01/30/28 (Call 11/30/27)^(a)		1,623		1,385,775


				18,929,167


Security	Par (000)		Value

Machinery - Diversified — 0.1%
Ingersoll Rand Inc., 5.40%, 08/14/28 (Call 07/14/28)	$	1,110	$	1,081,592
Nordson Corp., 5.60%, 09/15/28 (Call 08/15/28)		635		622,652


				1,704,244

Manufacturing — 0.5%
3M Co., 3.63%, 09/14/28 (Call 06/14/28)^(a)		2,019		1,831,714
Eaton Corp., 4.35%, 05/18/28 (Call 04/18/28)		1,325		1,263,434
Teledyne Technologies Inc., 2.25%, 04/01/28 (Call 02/01/28)		2,101		1,793,703
Textron Inc., 3.38%, 03/01/28 (Call 12/01/27)		725		652,094


				5,540,945

Media — 2.7%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.75%, 02/15/28 (Call 11/15/27)		2,901		2,589,963
4.20%, 03/15/28 (Call 12/15/27)		3,055		2,782,224
Comcast Corp.
3.15%, 02/15/28 (Call 11/15/27)		4,663		4,224,599
3.55%, 05/01/28 (Call 02/01/28)		2,934		2,688,383
4.15%, 10/15/28 (Call 07/15/28)		9,929		9,275,696
Discovery Communications LLC, 3.95%, 03/20/28 (Call 12/20/27)		4,732		4,270,292
Paramount Global
3.38%, 02/15/28 (Call 11/15/27)		1,273		1,089,401
3.70%, 06/01/28 (Call 03/01/28)		1,233		1,062,819
TCI Communications Inc., 7.13%, 02/15/28		899		945,951
Walt Disney Co. (The), 2.20%, 01/13/28^(a)		3,194		2,811,416


				31,740,744

Metal Fabricate & Hardware — 0.1%
Timken Co. (The), 4.50%, 12/15/28 (Call 09/15/28)		1,028		948,333


Mining — 0.9%
AngloGold Ashanti Holdings PLC, 3.38%, 11/01/28 (Call 09/01/28)		2,061		1,704,315
BHP Billiton Finance USA Ltd.
4.75%, 02/28/28 (Call 01/28/28)		2,190		2,113,029
5.10%, 09/08/28 (Call 08/08/28)^(a)		2,350		2,291,319
Freeport-McMoRan Inc.
4.13%, 03/01/28 (Call 12/01/23)		1,370		1,244,570
4.38%, 08/01/28 (Call 12/01/23)		1,187		1,076,940
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28		2,010		2,130,137


				10,560,310

Office & Business Equipment — 0.2%
CDW LLC/CDW Finance Corp.
3.28%, 12/01/28 (Call 10/01/28)		1,345		1,151,937
4.25%, 04/01/28 (Call 12/01/23)		1,577		1,433,347


				2,585,284

Oil & Gas — 2.9%
Apache Corp., 4.38%, 10/15/28 (Call 07/15/28)		825		736,644
BP Capital Markets America Inc.
3.94%, 09/21/28 (Call 06/21/28)		2,992		2,779,915
4.23%, 11/06/28 (Call 08/06/28)		4,946		4,644,996
BP Capital Markets PLC, 3.72%, 11/28/28 (Call 08/28/28)		2,155		1,974,815
Chevron USA Inc., 3.85%, 01/15/28 (Call 10/15/27)		1,788		1,691,798
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)		2,882		2,655,144
Devon Energy Corp., 5.88%, 06/15/28 (Call 11/13/23)		1,069		1,053,627
EQT Corp., 5.70%, 04/01/28 (Call 03/01/28)		1,385		1,347,105


Security	Par (000)		Value

Oil & Gas (continued)
Marathon Petroleum Corp., 3.80%, 04/01/28 (Call 01/01/28)	$	1,387	$	1,266,064
Occidental Petroleum Corp., 6.38%, 09/01/28 (Call 03/01/28)^(a)		1,630		1,640,982
Ovintiv Inc., 5.65%, 05/15/28 (Call 04/15/28)		2,030		1,971,739
Patterson-UTI Energy Inc., 3.95%, 02/01/28 (Call 11/01/27)		850		752,898
Phillips 66, 3.90%, 03/15/28 (Call 12/15/27)		2,200		2,039,051
Phillips 66 Co., 3.75%, 03/01/28 (Call 12/01/27)		1,029		946,416
Shell International Finance BV, 3.88%, 11/13/28 (Call 08/13/28)		4,300		4,005,516
TotalEnergies Capital SA, 3.88%, 10/11/28		2,691		2,498,401
Valero Energy Corp., 4.35%, 06/01/28 (Call 03/01/28)		1,606		1,504,435


				33,509,546

Oil & Gas Services — 0.1%
Schlumberger Investment SA, 4.50%, 05/15/28 (Call 04/15/28)		1,030		986,327


Packaging & Containers — 0.5%
Amcor Finance USA Inc., 4.50%, 05/15/28 (Call 02/15/28)^(a)		1,252		1,171,092
Berry Global Inc., 5.50%, 04/15/28 (Call 03/15/28)^(a)(c)		1,590		1,523,148
WRKCo Inc.
3.90%, 06/01/28 (Call 03/01/28)		1,448		1,314,762
4.00%, 03/15/28 (Call 12/15/27)		1,786		1,639,049


				5,648,051

Pharmaceuticals — 6.7%
AbbVie Inc., 4.25%, 11/14/28 (Call 08/14/28)		4,950		4,661,017
Astrazeneca Finance LLC
1.75%, 05/28/28 (Call 03/28/28)		3,839		3,263,672
4.88%, 03/03/28 (Call 02/03/28)		2,561		2,499,658
Becton Dickinson and Co., 4.69%, 02/13/28 (Call 01/13/28)		2,576		2,464,998
Bristol-Myers Squibb Co., 3.90%, 02/20/28 (Call 11/20/27)		4,442		4,172,848
Cigna Group (The), 4.38%, 10/15/28 (Call 07/15/28)		10,470		9,785,894
CVS Health Corp., 4.30%, 03/25/28 (Call 12/25/27)		13,523		12,668,757
GlaxoSmithKline Capital Inc., 3.88%, 05/15/28		4,811		4,509,670
Johnson & Johnson, 2.90%, 01/15/28 (Call 10/15/27)		4,031		3,690,026
McKesson Corp.
3.95%, 02/16/28 (Call 11/16/27)^(a)		906		853,403
4.90%, 07/15/28 (Call 06/15/28)		989		959,541
Merck & Co. Inc.
1.90%, 12/10/28 (Call 10/10/28)		2,797		2,366,763
4.05%, 05/17/28 (Call 04/17/28)		985		937,708
Merck Sharp & Dohme Corp., 5.95%, 12/01/28		1,138		1,163,911
Mylan Inc., 4.55%, 04/15/28 (Call 01/15/28)		2,328		2,121,439
Pfizer Inc., 3.60%, 09/15/28 (Call 06/15/28)^(a)		2,465		2,278,502
Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/28 (Call 04/19/28)		9,405		8,985,836
Pharmacia LLC, 6.60%, 12/01/28		1,650		1,719,461
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)		2,648		2,470,975
Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28 (Call 08/26/28)		4,622		4,461,788
Zoetis Inc., 3.90%, 08/20/28 (Call 05/20/28)		1,631		1,515,291


				77,551,158


Security	Par (000)		Value

Pipelines — 3.6%
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 11/13/23)	$	4,305	$	3,934,256
Energy Transfer LP
4.95%, 05/15/28 (Call 02/15/28)		2,205		2,085,205
4.95%, 06/15/28 (Call 03/15/28)		2,614		2,470,422
5.55%, 02/15/28 (Call 01/15/28)		2,585		2,510,635
6.10%, 12/01/28 (Call 11/01/28)		1,085		1,072,084
Enterprise Products Operating LLC, 4.15%, 10/16/28 (Call 07/16/28)		2,665		2,477,053
Kinder Morgan Inc., 4.30%, 03/01/28 (Call 12/01/27)		3,807		3,550,329
MPLX LP, 4.00%, 03/15/28 (Call 12/15/27)		3,429		3,141,887
ONEOK Inc.
4.55%, 07/15/28 (Call 04/15/28)		2,028		1,891,780
5.65%, 11/01/28 (Call 10/01/28)		2,095		2,044,665
Sabine Pass Liquefaction LLC, 4.20%, 03/15/28 (Call 09/15/27)		4,015		3,694,620
Targa Resources Corp., 5.00%, 01/15/28 (Call 12/01/23)		1,910		1,802,525
Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28^(a)		1,008		1,032,617
TransCanada PipeLines Ltd., 4.25%, 05/15/28 (Call 02/15/28)		4,051		3,744,751
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28 (Call 12/15/27)		1,080		993,436
Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)		1,403		1,320,415
Western Midstream Operating LP
4.50%, 03/01/28 (Call 12/01/27)		1,060		977,120
4.75%, 08/15/28 (Call 05/15/28)		890		827,479
Williams Companies Inc. (The), 5.30%, 08/15/28 (Call 07/15/28)		2,090		2,014,950


				41,586,229

Real Estate Investment Trusts — 6.9%
Agree LP, 2.00%, 06/15/28 (Call 04/15/28)^(a)		1,132		927,297
Alexandria Real Estate Equities Inc., 3.95%, 01/15/28 (Call 10/15/27)		1,495		1,371,157
American Homes 4 Rent LP, 4.25%, 02/15/28 (Call 11/15/27)		1,457		1,337,441
American Tower Corp.
1.50%, 01/31/28 (Call 11/30/27)		1,969		1,620,103
3.60%, 01/15/28 (Call 10/15/27)		2,111		1,899,563
5.25%, 07/15/28 (Call 06/15/28)^(a)		1,820		1,736,981
5.50%, 03/15/28 (Call 02/15/28)		1,220		1,182,017
5.80%, 11/15/28 (Call 10/15/28)		2,545		2,485,677
AvalonBay Communities Inc.
1.90%, 12/01/28 (Call 10/01/28)^(a)		530		442,407
3.20%, 01/15/28 (Call 10/15/27)		1,523		1,379,091
Boston Properties LP, 4.50%, 12/01/28 (Call 09/01/28)		2,909		2,557,340
Brixmor Operating Partnership LP, 2.25%, 04/01/28 (Call 02/01/28)^(a)		1,104		921,683
Camden Property Trust, 4.10%, 10/15/28 (Call 07/15/28)		1,182		1,089,756
Crown Castle Inc.
4.80%, 09/01/28 (Call 08/01/28)		1,660		1,552,010
5.00%, 01/11/28 (Call 12/11/27)		2,700		2,562,089
Crown Castle International Corp., 3.80%, 02/15/28 (Call 11/15/27)		2,873		2,590,355
CubeSmart LP, 2.25%, 12/15/28 (Call 10/15/28)		1,675		1,383,769


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Digital Realty Trust LP
4.45%, 07/15/28 (Call 04/15/28)^(a)	$	1,787	$	1,653,091
5.55%, 01/15/28 (Call 12/15/27)		2,484		2,407,494
EPR Properties, 4.95%, 04/15/28 (Call 01/15/28)^(a)		802		698,632
Equinix Inc.
1.55%, 03/15/28 (Call 01/15/28)		1,772		1,469,592
2.00%, 05/15/28 (Call 03/15/28)		1,050		876,796
ERP Operating LP
3.50%, 03/01/28 (Call 12/01/27)		1,591		1,442,730
4.15%, 12/01/28 (Call 09/01/28)		1,001		925,475
Essex Portfolio LP, 1.70%, 03/01/28 (Call 01/01/28)		1,207		1,001,428
Extra Space Storage LP, 5.70%, 04/01/28 (Call 03/01/28)		1,460		1,422,784
Federal Realty OP LP, 5.38%, 05/01/28 (Call 04/01/28)		865		833,062
GLP Capital LP/GLP Financing II Inc., 5.75%, 06/01/28 (Call 03/03/28)		1,320		1,240,959
Healthpeak Properties Inc., 2.13%, 12/01/28 (Call 10/01/28)^(a)		1,419		1,170,560
Highwoods Realty LP, 4.13%, 03/15/28 (Call 12/15/27)		1,124		967,801
Hudson Pacific Properties LP, 5.95%, 02/15/28 (Call 01/15/28)^(a)		757		597,233
Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 (Call 09/15/28)		1,680		1,388,257
Kilroy Realty LP, 4.75%, 12/15/28 (Call 09/15/28)		1,007		885,062
Kimco Realty Corp., 1.90%, 03/01/28 (Call 01/01/28)		1,069		887,985
Mid-America Apartments LP, 4.20%, 06/15/28 (Call 03/15/28)		1,314		1,224,447
NNN REIT Inc., 4.30%, 10/15/28 (Call 07/15/28)^(a)		1,023		933,171
Omega Healthcare Investors Inc., 4.75%, 01/15/28 (Call 10/15/27)		1,598		1,458,864
Physicians Realty LP, 3.95%, 01/15/28 (Call 10/15/27)		846		759,503
Piedmont Operating Partnership LP, 9.25%, 07/20/28 (Call 06/20/28)		880		876,473
Prologis LP
3.88%, 09/15/28 (Call 06/15/28)		1,245		1,142,254
4.00%, 09/15/28 (Call 06/15/28)		1,423		1,310,075
4.88%, 06/15/28 (Call 05/15/28)		1,625		1,562,944
Public Storage Operating Co.
1.85%, 05/01/28 (Call 03/01/28)		1,958		1,658,924
1.95%, 11/09/28 (Call 09/09/28)^(a)		1,275		1,067,325
Realty Income Corp.
2.20%, 06/15/28 (Call 04/15/28)		1,145		964,777
3.40%, 01/15/28 (Call 11/15/27)		1,921		1,729,808
3.65%, 01/15/28 (Call 10/15/27)		1,771		1,611,702
4.70%, 12/15/28 (Call 11/15/28)		950		893,428
Regency Centers LP, 4.13%, 03/15/28 (Call 12/15/27)		855		783,334
Retail Opportunity Investments Partnership LP, 6.75%, 10/15/28 (Call 09/15/28)		770		747,732
Rexford Industrial Realty LP, 5.00%, 06/15/28 (Call 05/15/28)		890		843,152
Simon Property Group LP, 1.75%, 02/01/28 (Call 11/01/27)		2,477		2,079,781
Sixth Street Specialty Lending Inc., 6.95%, 08/14/28 (Call 07/14/28)		620		602,744
Spirit Realty LP, 2.10%, 03/15/28 (Call 01/15/28)		1,100		916,779


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
STORE Capital Corp., 4.50%, 03/15/28 (Call 12/15/27)	$	920	$	795,249
Sun Communities Operating LP, 2.30%, 11/01/28 (Call 09/01/28)		1,292		1,059,705
UDR Inc., 3.50%, 01/15/28 (Call 10/15/27)^(a)		620		557,321
Ventas Realty LP, 4.00%, 03/01/28 (Call 12/01/27)		1,837		1,672,272
VICI Properties LP, 4.75%, 02/15/28 (Call 01/15/28)		3,600		3,315,092
Welltower OP LLC, 4.25%, 04/15/28 (Call 01/15/28)		2,040		1,881,117


				79,355,650

Retail — 3.5%
AutoNation Inc., 1.95%, 08/01/28 (Call 06/01/28)		1,323		1,065,112
AutoZone Inc.
4.50%, 02/01/28 (Call 01/01/28)		975		921,679
6.25%, 11/01/28 (Call 10/01/28)		1,045		1,055,628
Best Buy Co. Inc., 4.45%, 10/01/28 (Call 07/01/28)^(a)		1,731		1,617,656
Dollar General Corp.
4.13%, 05/01/28 (Call 02/01/28)		1,498		1,382,851
5.20%, 07/05/28 (Call 06/05/28)^(a)		1,699		1,631,938
Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28)		3,855		3,551,055
Genuine Parts Co., 6.50%, 11/01/28 (Call 10/01/28) .		580		579,560
Home Depot Inc. (The)
0.90%, 03/15/28 (Call 01/15/28)		1,335		1,107,118
1.50%, 09/15/28 (Call 07/15/28)		2,690		2,236,752
3.90%, 12/06/28 (Call 09/06/28)^(a)		2,998		2,792,431
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)		2,998		2,477,235
1.70%, 09/15/28 (Call 07/15/28)		2,906		2,404,939
McDonald’s Corp.
3.80%, 04/01/28 (Call 01/01/28)		3,155		2,930,741
4.80%, 08/14/28 (Call 07/14/28)^(a)		1,920		1,853,291
O’Reilly Automotive Inc., 4.35%, 06/01/28 (Call 03/01/28)^(a)		1,862		1,757,820
Starbucks Corp.
3.50%, 03/01/28 (Call 12/01/27)		2,031		1,865,544
4.00%, 11/15/28 (Call 08/15/28)^(a)		1,932		1,796,106
TJX Companies Inc. (The), 1.15%, 05/15/28 (Call 03/15/28)		1,406		1,163,503
Walmart Inc.
1.50%, 09/22/28 (Call 07/22/28)		3,276		2,757,811
3.70%, 06/26/28 (Call 03/26/28)^(a)		3,468		3,259,098
3.90%, 04/15/28 (Call 03/15/28)		937		888,084


				41,095,952

Semiconductors — 2.4%
Analog Devices Inc., 1.70%, 10/01/28 (Call 08/01/28)		2,175		1,822,491
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/28 (Call 10/15/27)		2,225		2,003,316
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)^(c)		2,076		1,752,365
4.11%, 09/15/28 (Call 06/15/28)		3,002		2,751,623
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)		3,000		2,510,027
4.88%, 02/10/28 (Call 01/10/28)		4,685		4,553,820
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)		2,038		1,740,324
4.88%, 06/22/28 (Call 03/22/28)		1,365		1,284,394
Micron Technology Inc., 5.38%, 04/15/28 (Call 03/15/28)		1,645		1,577,722
NVIDIA Corp., 1.55%, 06/15/28 (Call 04/15/28)		3,387		2,864,558


Security	Par (000)		Value

Semiconductors (continued)
NXP BV/NXP Funding LLC, 5.55%, 12/01/28 (Call 09/01/28)	$	1,292	$	1,249,016
QUALCOMM Inc., 1.30%, 05/20/28 (Call 02/20/28)		2,692		2,246,481
Texas Instruments Inc., 4.60%, 02/15/28 (Call 01/15/28)		1,872		1,818,558


				28,174,695

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 2.04%, 08/16/28 (Call 06/16/28)		1,541		1,282,924


Software — 2.7%
Concentrix Corp., 6.60%, 08/02/28 (Call 07/02/28)^(a)		2,175		2,084,034
Fidelity National Information Services Inc., 1.65%, 03/01/28 (Call 01/01/28)^(a)		2,071		1,733,176
Fiserv Inc.
4.20%, 10/01/28 (Call 07/01/28)		3,492		3,221,626
5.38%, 08/21/28 (Call 07/21/28)		1,535		1,500,878
5.45%, 03/02/28 (Call 02/02/28)		2,070		2,028,165
Intuit Inc., 5.13%, 09/15/28 (Call 08/15/28)		2,200		2,164,243
Oracle Corp.
2.30%, 03/25/28 (Call 01/25/28)		5,669		4,869,870
4.50%, 05/06/28 (Call 04/06/28)^(a)		1,840		1,741,776
Roper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28)		2,512		2,331,030
salesforce.com Inc.
1.50%, 07/15/28 (Call 05/15/28)		2,916		2,454,250
3.70%, 04/11/28 (Call 01/11/28)^(a)		3,580		3,351,119
Take-Two Interactive Software Inc., 4.95%, 03/28/28 (Call 02/28/28)		1,280		1,229,679
VMware Inc., 1.80%, 08/15/28 (Call 06/15/28)^(a)		2,409		1,988,000


				30,697,846

Telecommunications — 4.5%
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)		6,273		5,246,541
4.10%, 02/15/28 (Call 11/15/27)		4,705		4,353,117
British Telecommunications PLC, 5.13%, 12/04/28 (Call 09/04/28)		2,000		1,898,774
Motorola Solutions Inc., 4.60%, 02/23/28 (Call 11/23/27)		1,935		1,829,001
Sprint Capital Corp., 6.88%, 11/15/28		6,720		6,874,822
T-Mobile USA Inc.
2.05%, 02/15/28 (Call 12/15/27)		4,550		3,877,759
4.75%, 02/01/28 (Call 11/13/23)		3,965		3,774,388
4.80%, 07/15/28 (Call 06/15/28)		2,380		2,265,011
4.95%, 03/15/28 (Call 02/15/28)		2,705		2,599,853
Verizon Communications Inc.
2.10%, 03/22/28 (Call 01/22/28)		7,924		6,759,988
4.33%, 09/21/28^(a)		11,014		10,255,599
Vodafone Group PLC, 4.38%, 05/30/28^(a)		2,415		2,294,169


				52,029,022

Transportation — 1.7%
Canadian National Railway Co., 6.90%, 07/15/28		1,334		1,408,916
Canadian Pacific Railway Co., 4.00%, 06/01/28 (Call 03/01/28)^(a)		1,618		1,503,471
CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)^(a)		1,767		1,634,250
CSX Corp., 3.80%, 03/01/28 (Call 12/01/27)		2,370		2,202,587
FedEx Corp.
3.40%, 02/15/28 (Call 11/15/27)		1,518		1,381,946


Security	Par (000)		Value


Transportation (continued)
4.20%, 10/17/28 (Call 07/17/28)^(a)	$	1,244	$	1,160,372
Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)		1,320		1,215,173
Norfolk Southern Corp., 3.80%, 08/01/28 (Call 05/01/28)		2,104		1,931,070
Ryder System Inc.
5.25%, 06/01/28 (Call 05/01/28)		2,045		1,967,647
5.65%, 03/01/28 (Call 02/01/28)^(a)		1,465		1,432,530
6.30%, 12/01/28 (Call 11/01/28)		1,075		1,071,067
Union Pacific Corp., 3.95%, 09/10/28 (Call 06/10/28)		3,315		3,101,155


				20,010,184

Trucking & Leasing — 0.1%
GATX Corp.
3.50%, 03/15/28 (Call 12/15/27)		812		725,062
4.55%, 11/07/28 (Call 08/07/28)		882		813,807


				1,538,869

Water — 0.2%
American Water Capital Corp., 3.75%, 09/01/28 (Call 06/01/28)		1,769		1,623,504
United Utilities PLC, 6.88%, 08/15/28^(a)		946		979,108


				2,602,612


Total Long-Term Investments — 98.6% (Cost: $1,203,967,800)				1,142,016,731


Security	Shares		Value


Short-Term Securities

Money Market Funds — 5.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(d)(e)(f)		56,192,618	$	56,215,095
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(d)(e)		2,660,000		2,660,000


Total Short-Term Securities — 5.1% (Cost: $58,852,778)				58,875,095


Total Investments — 103.7% (Cost: $1,262,820,578)				1,200,891,826

Liabilities in Excess of Other Assets — (3.7)%				(43,266,979	)


Net Assets — 100.0%			$	1,157,624,847

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

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

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

^(d)	Affiliate of the Fund.

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.6%
Boeing Co. (The), 3.20%, 03/01/29 (Call 12/01/28)	$	2,977	$	2,570,150
L3Harris Technologies Inc., 2.90%, 12/15/29 (Call 09/15/29)^(a)		1,012		850,724
RTX Corp., 7.50%, 09/15/29^(a)		1,115		1,199,123


				4,619,997

Agriculture — 1.9%
Altria Group Inc., 4.80%, 02/14/29 (Call 11/14/28)^(a)		5,073		4,749,647
BAT Capital Corp., 3.46%, 09/06/29 (Call 06/06/29)		1,470		1,247,946
BAT International Finance PLC, 5.93%, 02/02/29 (Call 01/02/29)		2,220		2,158,772
Philip Morris International Inc.
3.38%, 08/15/29 (Call 05/15/29)^(a)		2,069		1,800,083
5.63%, 11/17/29 (Call 09/17/29)		3,505		3,430,025


				13,386,473

Airlines — 0.1%
American Airlines Pass Through Trust
Series 2017-1, Class AA, 3.65%, 08/15/30		295		261,137
Series 2017-2, Class AA, 3.35%, 04/15/31		821		710,092


				971,229

Auto Manufacturers — 1.7%
American Honda Finance Corp., 2.25%, 01/12/29		2,063		1,749,121
Ford Motor Credit Co. LLC, 5.11%, 05/03/29 (Call 02/03/29)		45		40,807
General Motors Co., 5.40%, 10/15/29 (Call 08/15/29)^(a)		2,722		2,555,103
General Motors Financial Co. Inc.
4.30%, 04/06/29 (Call 02/06/29)		2,930		2,601,230
5.65%, 01/17/29 (Call 10/17/28)		1,437		1,379,377
Toyota Motor Corp., 2.76%, 07/02/29^(a)		847		736,795
Toyota Motor Credit Corp.
3.65%, 01/08/29		1,434		1,312,796
4.45%, 06/29/29^(a)		2,052		1,941,498


				12,316,727

Auto Parts & Equipment — 0.2%
Aptiv PLC, 4.35%, 03/15/29 (Call 12/15/28)^(a)		865		802,520
Lear Corp., 4.25%, 05/15/29 (Call 02/15/29)^(a)		1,029		920,090


				1,722,610

Banks — 6.8%
Banco Santander SA, 3.31%, 06/27/29		2,677		2,284,453
Bank of New York Mellon Corp. (The)
3.30%, 08/23/29 (Call 05/23/29)		1,948		1,654,357
3.85%, 04/26/29 (Call 02/26/29)		1,075		980,174
Series J, 1.90%, 01/25/29 (Call 11/25/28)		1,169		966,408
Comerica Inc., 4.00%, 02/01/29 (Call 11/03/28)		1,481		1,209,905
ING Groep NV, 4.05%, 04/09/29		2,878		2,572,006
KeyBank NA/Cleveland OH, 3.90%, 04/13/29 (Call 03/13/29)		836		651,358
KeyCorp, 2.55%, 10/01/29^(a)		1,885		1,409,701
Mitsubishi UFJ Financial Group Inc.
3.20%, 07/18/29		4,890		4,165,951
3.74%, 03/07/29		4,151		3,718,544
Northern Trust Corp., 3.15%, 05/03/29 (Call 02/03/29)		1,503		1,316,261
PNC Bank NA, 2.70%, 10/22/29		2,016		1,597,325
PNC Financial Services Group Inc. (The), 3.45%, 04/23/29 (Call 01/23/29)		4,276		3,693,163
Sumitomo Mitsui Financial Group Inc.
2.47%, 01/14/29^(a)		955		794,208
2.72%, 09/27/29		1,687		1,388,446


Security	Par (000)		Value

Banks (continued)
3.04%, 07/16/29	$	7,324	$	6,171,530
3.20%, 09/17/29		985		835,525
Truist Financial Corp., 3.88%, 03/19/29 (Call 02/16/29)^(a)		1,828		1,562,173
U.S. Bancorp., 3.00%, 07/30/29 (Call 04/30/29)		2,801		2,287,473
Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)		820		682,077
Wells Fargo & Co.
4.15%, 01/24/29 (Call 10/24/28)		6,616		6,007,522
Series B, 7.95%, 11/15/29		1,045		1,107,260
Wintrust Financial Corp., 4.85%, 06/06/29		565		488,318
Zions Bancorp. NA, 3.25%, 10/29/29 (Call 07/29/29)		1,135		844,307


				48,388,445

Beverages — 3.2%
Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29 (Call 10/23/28)		10,263		9,887,245
Coca-Cola Co. (The), 2.13%, 09/06/29^(a)		2,489		2,095,232
Constellation Brands Inc., 3.15%, 08/01/29 (Call 05/01/29)		2,549		2,201,628
Diageo Capital PLC, 2.38%, 10/24/29 (Call 07/24/29)^(a)		2,643		2,203,561
Keurig Dr Pepper Inc., 3.95%, 04/15/29 (Call 02/15/29)^(a)		3,115		2,835,881
PepsiCo Inc.
2.63%, 07/29/29 (Call 04/29/29)		2,679		2,317,017
7.00%, 03/01/29		1,189		1,267,733


				22,808,297

Biotechnology — 0.7%
Amgen Inc.
3.00%, 02/22/29 (Call 12/22/28)		2,117		1,858,694
4.05%, 08/18/29 (Call 06/18/29)^(a)		3,555		3,250,062


				5,108,756

Building Materials — 0.7%
Fortune Brands Home & Security Inc., 3.25%, 09/15/29 (Call 06/15/29)^(a)		2,044		1,741,631
Owens Corning, 3.95%, 08/15/29 (Call 05/15/29)		1,459		1,292,956
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)		1,908		1,740,968


				4,775,555

Chemicals — 2.2%
Cabot Corp., 4.00%, 07/01/29 (Call 04/01/29)		824		737,195
Celanese U.S. Holdings LLC, 6.33%, 07/15/29 (Call 05/15/29)		2,173		2,092,812
Dow Chemical Co. (The), 7.38%, 11/01/29		2,615		2,770,604
FMC Corp., 3.45%, 10/01/29 (Call 07/01/29)^(a)		1,399		1,158,400
Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29)		2,236		2,000,075
Nutrien Ltd., 4.20%, 04/01/29 (Call 01/01/29)^(a)		2,260		2,073,906
PPG Industries Inc., 2.80%, 08/15/29 (Call 05/15/29)		744		635,498
Rohm & Haas Co., 7.85%, 07/15/29		980		1,049,631
RPM International Inc., 4.55%, 03/01/29 (Call 12/01/28)		992		913,042
Sherwin-Williams Co. (The), 2.95%, 08/15/29 (Call 05/15/29)		2,469		2,105,079


				15,536,242

Commercial Services — 2.7%
Global Payments Inc.
3.20%, 08/15/29 (Call 05/15/29)		3,496		2,936,630
5.30%, 08/15/29 (Call 06/15/29)		1,425		1,335,998
Moody’s Corp., 4.25%, 02/01/29 (Call 11/01/28)		1,315		1,223,001


Security	Par (000)		Value

Commercial Services (continued)
PayPal Holdings Inc., 2.85%, 10/01/29 (Call 07/01/29)	$	4,295	$	3,653,018
RELX Capital Inc., 4.00%, 03/18/29 (Call 12/18/28)		3,016		2,777,250
S&P Global Inc.
2.50%, 12/01/29 (Call 09/01/29)		1,668		1,395,421
2.70%, 03/01/29 (Call 01/01/29)		2,739		2,371,946
4.25%, 05/01/29 (Call 02/01/29)		2,360		2,196,383
Verisk Analytics Inc., 4.13%, 03/15/29 (Call 12/15/28)		1,872		1,714,671


				19,604,318

Computers — 2.9%
Apple Inc.
2.20%, 09/11/29 (Call 06/11/29)		3,960		3,351,442
3.25%, 08/08/29 (Call 06/08/29)		2,367		2,135,867
Dell International LLC/EMC Corp., 5.30%, 10/01/29 (Call 07/01/29)		4,660		4,442,505
HP Inc., 4.00%, 04/15/29 (Call 02/15/29)^(a)		2,980		2,694,768
International Business Machines Corp., 3.50%, 05/15/29		8,085		7,202,386
Western Digital Corp., 2.85%, 02/01/29 (Call 12/01/28)		1,340		1,043,384


				20,870,352

Cosmetics & Personal Care — 0.9%
Estee Lauder Companies Inc. (The), 2.38%, 12/01/29 (Call 09/01/29)		2,141		1,770,180
GSK Consumer Healthcare Capital U.S. LLC, 3.38%, 03/24/29 (Call 01/24/29)		3,067		2,710,759
Unilever Capital Corp., 2.13%, 09/06/29 (Call 06/06/29)		2,395		1,992,353


				6,473,292

Diversified Financial Services — 3.2%
Air Lease Corp., 3.25%, 10/01/29 (Call 07/01/29)		1,526		1,282,906
American Express Co., 4.05%, 05/03/29 (Call 03/03/29)		2,780		2,542,800
Brookfield Finance Inc., 4.85%, 03/29/29 (Call 12/29/28)		2,977		2,768,084
Charles Schwab Corp. (The)
2.75%, 10/01/29 (Call 07/01/29)^(a)		1,308		1,075,750
3.25%, 05/22/29 (Call 02/22/29)^(a)		1,874		1,593,778
4.00%, 02/01/29 (Call 11/01/28)^(a)		1,643		1,475,931
Intercontinental Exchange Inc., 4.35%, 06/15/29 (Call 04/15/29)		3,697		3,418,093
Lazard Group LLC, 4.38%, 03/11/29 (Call 12/11/28)^(a)		1,599		1,451,201
Mastercard Inc., 2.95%, 06/01/29 (Call 03/01/29)^(a)		3,071		2,696,169
Nomura Holdings Inc.
2.71%, 01/22/29		1,774		1,467,137
5.61%, 07/06/29		1,443		1,373,845
Synchrony Financial, 5.15%, 03/19/29 (Call 12/19/28)		1,711		1,477,221


				22,622,915

Electric — 6.1%
Arizona Public Service Co., 2.60%, 08/15/29 (Call 05/15/29)		994		840,750
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)		2,126		1,868,144
Black Hills Corp., 3.05%, 10/15/29 (Call 07/15/29)		1,202		993,392
Consumers Energy Co., 4.90%, 02/15/29 (Call 12/15/28)		700		676,180
DTE Energy Co., Series C, 3.40%, 06/15/29 (Call 03/15/29)^(a)		1,049		909,820
Duke Energy Carolinas LLC, 2.45%, 08/15/29 (Call 05/15/29)		1,208		1,008,453
Duke Energy Corp., 3.40%, 06/15/29 (Call 03/15/29)		1,619		1,418,186


Security	Par (000)		Value

Electric (continued)
Duke Energy Florida LLC, 2.50%, 12/01/29 (Call 09/01/29)^(a)	$	1,719	$	1,430,487
Duke Energy Ohio Inc., 3.65%, 02/01/29 (Call 11/01/28)^(a)		1,023		923,258
Duke Energy Progress LLC, 3.45%, 03/15/29 (Call 12/15/28)		1,595		1,426,241
Edison International, 6.95%, 11/15/29 (Call 09/15/29)		1,565		1,591,406
Entergy Texas Inc., 4.00%, 03/30/29 (Call 12/30/28)		487		443,913
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		2,092		1,756,881
Eversource Energy, Series O, 4.25%, 04/01/29 (Call 01/01/29)		1,381		1,266,607
Georgia Power Co., Series B, 2.65%, 09/15/29 (Call 06/15/29)		1,984		1,666,737
Interstate Power & Light Co., 3.60%, 04/01/29 (Call 01/01/29)		1,022		915,384
MidAmerican Energy Co., 3.65%, 04/15/29 (Call 01/15/29)		2,728		2,459,062
National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29 (Call 12/15/28)^(a)		905		811,489
Nevada Power Co., Series CC, 3.70%, 05/01/29 (Call 02/01/29)		1,376		1,228,574
NextEra Energy Capital Holdings Inc.
2.75%, 11/01/29 (Call 08/01/29)		3,035		2,517,233
3.50%, 04/01/29 (Call 01/01/29)		1,333		1,175,887
NSTAR Electric Co., 3.25%, 05/15/29 (Call 02/15/29)		1,211		1,071,963
Oncor Electric Delivery Co. LLC, 5.75%, 03/15/29 (Call 12/15/28)^(a)		1,186		1,194,167
Pacific Gas and Electric Co.
4.20%, 03/01/29 (Call 01/01/29)		795		693,554
6.10%, 01/15/29 (Call 12/15/28)		2,710		2,607,408
PacifiCorp, 3.50%, 06/15/29 (Call 03/15/29)^(a)		626		547,593
Public Service Electric & Gas Co., 3.20%, 05/15/29 (Call 02/15/29)		579		509,892
Sempra Energy, 3.70%, 04/01/29 (Call 02/01/29)^(a)		1,496		1,327,193
Southern California Edison Co.
2.85%, 08/01/29 (Call 05/01/29)		1,417		1,202,620
6.65%, 04/01/29^(a)		589		597,190
Series A, 4.20%, 03/01/29 (Call 12/01/28)		1,508		1,386,487
Southern Co. (The), 5.50%, 03/15/29 (Call 01/15/29)		1,240		1,215,261
Union Electric Co., 3.50%, 03/15/29 (Call 12/15/28)		1,224		1,094,153
Virginia Electric & Power Co., Series A, 2.88%, 07/15/29 (Call 04/15/29)^(a)		1,633		1,403,336
Wisconsin Power and Light Co., 3.00%, 07/01/29 (Call 04/01/29)		750		648,560
Xcel Energy Inc., 2.60%, 12/01/29 (Call 06/01/29)		1,501		1,240,482


				44,067,943

Electronics — 1.4%
Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)^(a)		1,225		1,047,601
Amphenol Corp., 4.35%, 06/01/29 (Call 03/01/29)		1,028		959,157
Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)		1,965		1,799,671
Honeywell International Inc.
2.70%, 08/15/29 (Call 05/15/29)		2,160		1,857,681
4.25%, 01/15/29 (Call 12/15/28)		2,095		1,976,371
Jabil Inc., 5.45%, 02/01/29 (Call 01/01/29)		910		875,080
Keysight Technologies Inc., 3.00%, 10/30/29 (Call 07/30/29)		1,404		1,179,683


				9,695,244

Entertainment — 0.5%
Warnermedia Holdings Inc., 4.05%, 03/15/29 (Call 01/15/29)		4,062		3,593,324


Security	Par (000)		Value

Environmental Control — 0.8%
Republic Services Inc., 4.88%, 04/01/29 (Call 03/01/29)	$	1,295	$	1,242,282
Waste Connections Inc., 3.50%, 05/01/29 (Call 02/01/29)^(a)		1,583		1,417,426
Waste Management Inc.
2.00%, 06/01/29 (Call 04/01/29)		1,418		1,170,132
4.88%, 02/15/29 (Call 01/15/29)^(a)		2,230		2,148,759


				5,978,599

Food — 1.2%
Ahold Finance USA LLC, 6.88%, 05/01/29^(a)		740		771,354
Hershey Co. (The), 2.45%, 11/15/29 (Call 08/15/29)^(a)		818		694,527
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 3.00%, 02/02/29 (Call 12/02/28)		1,690		1,389,484
Kraft Heinz Foods Co., 4.63%, 01/30/29 (Call 10/30/28)^(a)		1,408		1,328,825
Kroger Co. (The), 4.50%, 01/15/29 (Call 10/15/28)^(a)		2,039		1,913,723
Tyson Foods Inc., 4.35%, 03/01/29 (Call 12/01/28)^(a)		3,026		2,781,499


				8,879,412

Forest Products & Paper — 0.7%
Georgia-Pacific LLC, 7.75%, 11/15/29		995		1,074,246
Suzano Austria GmbH, 6.00%, 01/15/29 (Call 10/15/28)^(a)		4,007		3,846,310


				4,920,556

Gas — 0.6%
Atmos Energy Corp., 2.63%, 09/15/29 (Call 06/15/29)		1,020		871,289
NiSource Inc., 2.95%, 09/01/29 (Call 06/01/29)^(a)		2,195		1,867,634
Piedmont Natural Gas Co. Inc., 3.50%, 06/01/29 (Call 03/01/29)^(a)		1,678		1,460,831


				4,199,754

Health Care - Products — 1.1%
Agilent Technologies Inc., 2.75%, 09/15/29 (Call 06/15/29)		1,384		1,165,713
DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)		2,609		2,206,408
Revvity Inc., 3.30%, 09/15/29 (Call 06/15/29)		2,548		2,171,670
Thermo Fisher Scientific Inc., 2.60%, 10/01/29 (Call 07/01/29)^(a)		2,889		2,449,030


				7,992,821

Health Care - Services — 5.3%
Adventist Health System/West, 2.95%, 03/01/29 (Call 12/01/28)		760		646,945
Ascension Health, Series B, 2.53%, 11/15/29 (Call 08/15/29)		2,155		1,812,060
Centene Corp., 4.63%, 12/15/29 (Call 12/15/24)		9,475		8,466,868
CommonSpirit Health, 3.35%, 10/01/29 (Call 04/01/29)		1,680		1,440,920
Elevance Health Inc., 2.88%, 09/15/29 (Call 06/15/29)		2,488		2,112,930
HCA Inc.
3.38%, 03/15/29 (Call 01/15/29)		1,280		1,100,097
4.13%, 06/15/29 (Call 03/15/29)		5,374		4,768,928
5.88%, 02/01/29 (Call 08/01/28)		2,758		2,671,415
Humana Inc.
3.13%, 08/15/29 (Call 05/15/29)		1,453		1,257,265
3.70%, 03/23/29 (Call 02/23/29)^(a)		2,269		2,052,010
Laboratory Corp. of America Holdings, 2.95%, 12/01/29 (Call 09/01/29)		1,774		1,496,204
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/29 (Call 07/01/29)		1,432		1,176,201
Quest Diagnostics Inc., 4.20%, 06/30/29 (Call 03/30/29)^(a)		1,463		1,345,142


Security	Par (000)		Value

Health Care - Services (continued)
Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29)^(a)	$	563	$	505,821
UnitedHealth Group Inc.
2.88%, 08/15/29^(a)		2,375		2,059,638
4.00%, 05/15/29 (Call 03/15/29)		2,497		2,311,206
4.25%, 01/15/29 (Call 12/15/28)		2,975		2,796,523


				38,020,173

Holding Companies - Diversified — 0.2%
Blackstone Private Credit Fund, 4.00%, 01/15/29 (Call 11/15/28)^(a)		1,600		1,338,835


Home Builders — 0.1%
Toll Brothers Finance Corp., 3.80%, 11/01/29 (Call 08/01/29)^(a)		1,100		948,100


Home Furnishings — 0.5%
Leggett & Platt Inc., 4.40%, 03/15/29 (Call 12/15/28)		1,467		1,330,450
Whirlpool Corp., 4.75%, 02/26/29 (Call 11/26/28)^(a)		2,114		1,976,538


				3,306,988

Household Products & Wares — 0.4%
Clorox Co. (The), 4.40%, 05/01/29 (Call 03/01/29)		1,725		1,598,863
Kimberly-Clark Corp., 3.20%, 04/25/29 (Call 01/25/29)^(a)		1,657		1,483,550


				3,082,413

Insurance — 3.6%
Aon Corp., 3.75%, 05/02/29 (Call 02/02/29)		2,378		2,125,729
AXIS Specialty Finance LLC, 3.90%, 07/15/29 (Call 04/15/29)^(a)		813		718,961
Brown & Brown Inc., 4.50%, 03/15/29 (Call 12/15/28)		805		737,163
CNA Financial Corp., 3.90%, 05/01/29 (Call 02/01/29)		961		862,080
CNO Financial Group Inc., 5.25%, 05/30/29 (Call 02/28/29)		1,548		1,427,506
Corebridge Financial Inc., 3.85%, 04/05/29 (Call 02/05/29)		2,599		2,294,308
Enstar Group Ltd., 4.95%, 06/01/29 (Call 03/01/29)		1,272		1,158,898
Hartford Financial Services Group Inc. (The), 2.80%, 08/19/29 (Call 05/19/29)^(a)		1,869		1,582,749
Markel Group Inc., 3.35%, 09/17/29 (Call 06/17/29)		923		802,984
Marsh & McLennan Companies Inc., 4.38%, 03/15/29 (Call 12/15/28)		4,433		4,148,536
PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29)^(a)		728		642,962
Principal Financial Group Inc., 3.70%, 05/15/29 (Call 02/15/29)		1,496		1,326,760
Progressive Corp. (The)
4.00%, 03/01/29 (Call 12/01/28)^(a)		1,742		1,619,573
6.63%, 03/01/29^(a)		1,069		1,121,492
Reinsurance Group of America Inc., 3.90%, 05/15/29 (Call 02/15/29)^(a)		1,877		1,653,604
RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29)		1,341		1,169,572
Unum Group, 4.00%, 06/15/29 (Call 03/15/29)		460		409,852
Willis North America Inc., 2.95%, 09/15/29 (Call 06/15/29)		2,237		1,875,639


				25,678,368

Internet — 1.3%
Amazon.com Inc.
3.45%, 04/13/29 (Call 02/13/29)		3,382		3,085,465
4.65%, 12/01/29 (Call 10/01/29)		3,704		3,566,326


Security	Par (000)		Value

Internet (continued)
Netflix Inc., 6.38%, 05/15/29^(a)	$	2,490	$	2,555,681


				9,207,472

Iron & Steel — 0.2%
ArcelorMittal SA, 4.25%, 07/16/29		1,430		1,288,517


Lodging — 0.6%
Choice Hotels International Inc., 3.70%, 12/01/29 (Call 09/01/29)		1,056		863,989
Marriott International Inc./MD, 4.90%, 04/15/29 (Call 03/15/29)		2,399		2,250,062
Sands China Ltd., 3.10%, 03/08/29 (Call 01/08/29)		1,675		1,345,098


				4,459,149

Machinery — 1.2%
Caterpillar Inc., 2.60%, 09/19/29 (Call 06/19/29)^(a)		1,341		1,155,061
CNH Industrial Capital LLC, 5.50%, 01/12/29 (Call 12/12/28)		705		682,639
Deere & Co., 5.38%, 10/16/29^(a)		1,108		1,105,454
Dover Corp., 2.95%, 11/04/29 (Call 08/04/29)^(a)		588		505,359
John Deere Capital Corp.
2.80%, 07/18/29		1,049		907,637
3.35%, 04/18/29		1,355		1,219,817
3.45%, 03/07/29		1,485		1,341,893
4.85%, 10/11/29^(a)		1,090		1,056,235
Rockwell Automation Inc., 3.50%, 03/01/29 (Call 12/01/28)^(a)		767		699,993


				8,674,088

Manufacturing — 1.6%
3M Co.
2.38%, 08/26/29 (Call 05/26/29)^(a)		2,764		2,256,494
3.38%, 03/01/29 (Call 12/01/28)^(a)		2,209		1,941,847
Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)		2,808		2,466,629
4.50%, 09/15/29 (Call 07/15/29)		2,815		2,618,786
Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29)		1,260		1,140,057
Textron Inc., 3.90%, 09/17/29 (Call 06/17/29)		934		830,749


				11,254,562

Media — 3.0%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)		3,390		2,746,369
5.05%, 03/30/29 (Call 12/30/28)		3,376		3,123,884
Comcast Corp., 4.55%, 01/15/29 (Call 12/15/28)		3,203		3,040,772
Discovery Communications LLC, 4.13%, 05/15/29 (Call 02/15/29)^(a)		2,097		1,846,613
Fox Corp., 4.71%, 01/25/29 (Call 10/25/28)		5,394		5,041,721
Paramount Global, 4.20%, 06/01/29 (Call 03/01/29)		1,307		1,108,349
Walt Disney Co. (The), 2.00%, 09/01/29 (Call 06/01/29)^(a)		5,497		4,504,567


				21,412,275

Mining — 0.4%
Freeport-McMoRan Inc., 5.25%, 09/01/29 (Call 09/01/24)^(a)		1,435		1,351,401
Newmont Corp., 2.80%, 10/01/29 (Call 07/01/29)		2,011		1,685,888


				3,037,289

Office & Business Equipment — 0.2%
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29 (Call 12/01/23)		1,693		1,436,857


Oil & Gas — 3.1%
Chevron USA Inc., 3.25%, 10/15/29 (Call 07/15/29)		1,655		1,469,596


Security	Par (000)		Value

Oil & Gas (continued)
ConocoPhillips Co., 6.95%, 04/15/29	$	3,323	$	3,544,585
Coterra Energy Inc., 4.38%, 03/15/29 (Call 12/15/28)^(a)		1,239		1,134,241
Diamondback Energy Inc., 3.50%, 12/01/29 (Call 09/01/29)		3,066		2,683,638
EQT Corp., 5.00%, 01/15/29 (Call 07/15/28)		975		913,112
Exxon Mobil Corp., 2.44%, 08/16/29 (Call 05/16/29)^(a)		2,691		2,295,464
Hess Corp., 7.88%, 10/01/29		1,106		1,214,396
Patterson-UTI Energy Inc., 5.15%, 11/15/29 (Call 08/15/29)^(a)		555		495,510
Phillips 66 Co., 3.15%, 12/15/29 (Call 09/15/29)		1,620		1,381,740
Shell International Finance BV, 2.38%, 11/07/29 (Call 08/07/29)		4,058		3,396,969
TotalEnergies Capital International SA, 3.45%, 02/19/29 (Call 11/19/28)^(a)		3,509		3,175,417
Valero Energy Corp., 4.00%, 04/01/29 (Call 01/01/29)^(a)		675		616,082


				22,320,750

Oil & Gas Services — 0.4%
Baker Hughes Holdings LLC/Baker Hughes
Co-Obligor Inc., 3.14%, 11/07/29 (Call 08/07/29)^(a)		1,735		1,486,659
NOV Inc., 3.60%, 12/01/29 (Call 09/01/29)		1,373		1,185,923


				2,672,582

Packaging & Containers — 0.5%
Packaging Corp. of America, 3.00%, 12/15/29 (Call 09/15/29)^(a)		1,442		1,217,011
WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)^(a)		2,242		2,120,217


				3,337,228

Pharmaceuticals — 5.6%
AbbVie Inc., 3.20%, 11/21/29 (Call 08/21/29)		14,192		12,368,266
AstraZeneca PLC, 4.00%, 01/17/29 (Call 10/17/28)		2,860		2,663,024
Bristol-Myers Squibb Co., 3.40%, 07/26/29 (Call 04/26/29)		6,174		5,539,014
CVS Health Corp.
3.25%, 08/15/29 (Call 05/15/29)		4,719		4,075,230
5.00%, 01/30/29 (Call 12/30/28)		2,710		2,592,157
Eli Lilly & Co., 3.38%, 03/15/29 (Call 12/15/28)		2,486		2,262,794
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)		2,651		2,388,117
Johnson & Johnson, 6.95%, 09/01/29		235		255,486
Merck & Co. Inc., 3.40%, 03/07/29 (Call 12/07/28)		4,492		4,061,221
Pfizer Inc., 3.45%, 03/15/29 (Call 12/15/28)^(a)		4,470		4,059,163


				40,264,472

Pipelines — 4.3%
Boardwalk Pipelines LP, 4.80%, 05/03/29 (Call 02/03/29)		1,186		1,091,515
Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 (Call 05/18/29)^(a)		3,302		2,878,255
Cheniere Energy Partners LP, 4.50%, 10/01/29 (Call 10/01/24)		3,945		3,532,328
DCP Midstream Operating LP, 5.13%, 05/15/29 (Call 02/15/29)		1,658		1,563,730
Eastern Gas Transmission & Storage Inc., 3.00%, 11/15/29 (Call 08/15/29)		1,167		977,792
Enbridge Inc., 3.13%, 11/15/29 (Call 08/15/29)		2,547		2,155,934
Energy Transfer LP
4.15%, 09/15/29 (Call 06/15/29)		1,605		1,427,113
5.25%, 04/15/29 (Call 01/15/29)^(a)		4,038		3,832,908
Enterprise Products Operating LLC, 3.13%, 07/31/29 (Call 04/30/29)		3,561		3,091,218


Security	Par (000)		Value

Pipelines (continued)
MPLX LP, 4.80%, 02/15/29 (Call 11/15/28)	$	2,074	$	1,940,894
ONEOK Inc.
3.40%, 09/01/29 (Call 06/01/29)		1,969		1,685,563
4.35%, 03/15/29 (Call 12/15/28)		1,819		1,653,666
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29 (Call 09/15/29)		2,844		2,415,746
Targa Resources Corp., 6.88%, 01/15/29 (Call 01/15/24)		1,715		1,708,088
Western Midstream Operating LP, 6.35%, 01/15/29 (Call 12/15/28)^(a)		990		984,022


				30,938,772

Real Estate Investment Trusts — 8.7%
Alexandria Real Estate Equities Inc.
2.75%, 12/15/29 (Call 09/15/29)		1,232		1,003,520
4.50%, 07/30/29 (Call 04/30/29)		918		833,436
American Homes 4 Rent LP, 4.90%, 02/15/29 (Call 11/15/28)^(a)		1,117		1,040,217
American Tower Corp.
3.80%, 08/15/29 (Call 05/15/29)		4,496		3,934,589
3.95%, 03/15/29 (Call 12/15/28)		1,698		1,512,462
AvalonBay Communities Inc., 3.30%, 06/01/29 (Call 03/01/29)		1,222		1,068,204
Boston Properties LP, 3.40%, 06/21/29 (Call 03/21/29)		2,432		1,969,261
Brixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29)		2,074		1,816,904
Camden Property Trust, 3.15%, 07/01/29 (Call 04/01/29)		1,679		1,458,090
Corporate Office Properties LP, 2.00%, 01/15/29 (Call 11/15/28)		1,080		819,417
Crown Castle International Corp.
3.10%, 11/15/29 (Call 08/15/29)		1,729		1,433,805
4.30%, 02/15/29 (Call 11/15/28)		1,597		1,446,914
CubeSmart LP, 4.38%, 02/15/29 (Call 11/15/28)		932		848,138
Digital Realty Trust LP, 3.60%, 07/01/29 (Call 04/01/29)^(a)		2,687		2,330,882
EPR Properties, 3.75%, 08/15/29 (Call 05/15/29)		900		710,432
Equinix Inc., 3.20%, 11/18/29 (Call 08/18/29)		3,363		2,841,478
ERP Operating LP, 3.00%, 07/01/29 (Call 04/01/29)		1,693		1,455,356
Essex Portfolio LP, 4.00%, 03/01/29 (Call 12/01/28)		1,437		1,287,971
Extra Space Storage LP
3.90%, 04/01/29 (Call 02/01/29)		1,185		1,050,348
4.00%, 06/15/29 (Call 03/15/29)		1,014		900,932
Federal Realty Investment Trust, 3.20%, 06/15/29 (Call 03/15/29)		590		500,574
GLP Capital LP/GLP Financing II Inc., 5.30%, 01/15/29 (Call 10/15/28)		1,808		1,650,878
Healthpeak Properties Inc., 3.50%, 07/15/29 (Call 04/15/29)		1,832		1,584,474
Highwoods Realty LP, 4.20%, 04/15/29 (Call 01/15/29)		895		751,278
Host Hotels & Resorts LP, Series H, 3.38%, 12/15/29 (Call 09/15/29)		1,888		1,553,764
Hudson Pacific Properties LP, 4.65%, 04/01/29 (Call 01/01/29)^(a)		1,099		786,165
Kilroy Realty LP, 4.25%, 08/15/29 (Call 05/15/29)		962		804,065
Mid-America Apartments LP, 3.95%, 03/15/29 (Call 12/15/28)		1,468		1,336,535
Oaktree Specialty Lending Corp., 7.10%, 02/15/29 (Call 01/15/29)		560		534,287


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Omega Healthcare Investors Inc., 3.63%, 10/01/29 (Call 07/01/29)	$	1,472	$	1,196,632
Prologis LP
2.88%, 11/15/29 (Call 08/15/29)		1,125		948,172
4.38%, 02/01/29 (Call 11/01/28)		924		857,908
Public Storage Operating Co.
3.39%, 05/01/29 (Call 02/01/29)		1,327		1,178,348
5.13%, 01/15/29 (Call 12/15/28)		1,460		1,421,829
Realty Income Corp.
3.10%, 12/15/29 (Call 09/15/29)		2,123		1,790,389
3.25%, 06/15/29 (Call 03/15/29)^(a)		1,003		876,257
Regency Centers LP, 2.95%, 09/15/29 (Call 06/15/29)^(a)		966		805,734
Sabra Health Care LP, 3.90%, 10/15/29 (Call 07/15/29)		879		725,484
Simon Property Group LP, 2.45%, 09/13/29 (Call 06/13/29)^(a)		3,522		2,873,463
Spirit Realty LP, 4.00%, 07/15/29 (Call 04/15/29)		1,292		1,126,710
STORE Capital Corp., 4.63%, 03/15/29 (Call 12/15/28)		998		841,755
UDR Inc., 4.40%, 01/26/29 (Call 10/26/28)		913		832,576
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		2,299		2,099,403
Welltower OP LLC
2.05%, 01/15/29 (Call 11/15/28)		1,313		1,069,372
4.13%, 03/15/29 (Call 12/15/28)		1,742		1,571,710
Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29)		2,190		1,941,287
WP Carey Inc., 3.85%, 07/15/29 (Call 04/15/29)		1,107		965,866


				62,387,271

Retail — 3.0%
AutoZone Inc., 3.75%, 04/18/29 (Call 01/18/29)		1,416		1,263,103
Home Depot Inc. (The), 2.95%, 06/15/29 (Call 03/15/29)		4,405		3,862,772
Lowe’s Companies Inc.
3.65%, 04/05/29 (Call 01/05/29)		4,268		3,828,815
6.50%, 03/15/29		840		871,132
McDonald’s Corp., 2.63%, 09/01/29 (Call 06/01/29)		3,105		2,642,662
O’Reilly Automotive Inc., 3.90%, 06/01/29 (Call 03/01/29)		1,731		1,568,155
Starbucks Corp., 3.55%, 08/15/29 (Call 05/15/29)		3,127		2,797,968
Target Corp., 3.38%, 04/15/29 (Call 01/15/29)		2,628		2,371,697
Walmart Inc.
2.38%, 09/24/29 (Call 06/24/29)		712		609,691
3.25%, 07/08/29 (Call 04/08/29)^(a)		1,525		1,374,278


				21,190,273

Semiconductors — 4.4%
Broadcom Inc.
4.00%, 04/15/29 (Call 02/15/29)^(a)(b)		2,235		1,995,518
4.75%, 04/15/29 (Call 01/15/29)		4,346		4,040,285
Intel Corp.
2.45%, 11/15/29 (Call 08/15/29)		5,225		4,386,654
4.00%, 08/05/29 (Call 06/05/29)		2,580		2,374,528
KLA Corp., 4.10%, 03/15/29 (Call 12/15/28)		2,480		2,311,382
Lam Research Corp., 4.00%, 03/15/29 (Call 12/15/28)		2,935		2,721,946
Marvell Technology Inc., 5.75%, 02/15/29 (Call 01/15/29)		940		913,051
Micron Technology Inc.
5.33%, 02/06/29 (Call 11/06/28)		1,947		1,849,649
6.75%, 11/01/29 (Call 09/01/29)		3,435		3,448,673


Security	Par (000)		Value


Semiconductors (continued)
NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 06/18/29 (Call 03/18/29)	$	2,927	$	2,639,082
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		2,275		1,978,053
Texas Instruments Inc., 2.25%, 09/04/29 (Call 06/04/29)		2,275		1,912,020
TSMC Arizona Corp., 4.13%, 04/22/29 (Call 02/22/29)^(a)		795		742,853


				31,313,694

Software — 2.3%
Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29)		2,039		1,696,231
Fidelity National Information Services Inc., 3.75%, 05/21/29 (Call 02/21/29)^(a)		1,170		1,049,953
Fiserv Inc., 3.50%, 07/01/29 (Call 04/01/29)		7,325		6,424,568
Oracle Corp., 6.15%, 11/09/29 (Call 09/09/29)		3,530		3,539,037
Roper Technologies Inc., 2.95%, 09/15/29 (Call 06/15/29)		1,953		1,662,433
Workday Inc., 3.70%, 04/01/29 (Call 02/01/29)		2,190		1,954,436


				16,326,658

Telecommunications — 4.7%
America Movil SAB de CV, 3.63%, 04/22/29 (Call 01/22/29)^(a)		2,500		2,226,481
AT&T Inc., 4.35%, 03/01/29 (Call 12/01/28)^(a)		7,965		7,331,473
Juniper Networks Inc., 3.75%, 08/15/29 (Call 05/15/29)		1,262		1,106,444
Motorola Solutions Inc., 4.60%, 05/23/29 (Call 02/23/29)^(a)		2,422		2,255,489
T-Mobile USA Inc.
2.40%, 03/15/29 (Call 01/15/29)		1,315		1,094,281
2.63%, 02/15/29 (Call 02/15/24)		2,655		2,228,655
3.38%, 04/15/29 (Call 04/15/24)		6,285		5,470,604
Verizon Communications Inc.
3.88%, 02/08/29 (Call 11/08/28)		3,674		3,333,785
4.02%, 12/03/29 (Call 09/03/29)^(b)		50		44,647
4.02%, 12/03/29 (Call 09/03/29)		9,828		8,775,902


				33,867,761

Toys, Games & Hobbies — 0.3%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		2,671		2,290,869


Transportation — 1.8%
Canadian Pacific Railway Co., 2.88%, 11/15/29 (Call 08/15/29)		1,311		1,105,761
CSX Corp., 4.25%, 03/15/29 (Call 12/15/28)		2,834		2,643,691
FedEx Corp., 3.10%, 08/05/29 (Call 05/05/29)		2,953		2,552,999
Norfolk Southern Corp., 2.55%, 11/01/29 (Call 08/01/29)		1,327		1,100,830


Security	Par (000)		Value


Transportation (continued)
Union Pacific Corp.
3.70%, 03/01/29 (Call 12/01/28)	$	1,968	$	1,805,023
6.63%, 02/01/29^(a)		895		943,739
United Parcel Service Inc.
2.50%, 09/01/29 (Call 06/01/29)^(a)		1,114		945,389
3.40%, 03/15/29 (Call 12/15/28)		2,187		1,979,615


				13,077,047

Trucking & Leasing — 0.2%
GATX Corp., 4.70%, 04/01/29 (Call 01/01/29)		1,322		1,218,786


Water — 0.3%
American Water Capital Corp., 3.45%, 06/01/29 (Call 03/01/29)		1,406		1,246,962
Essential Utilities Inc., 3.57%, 05/01/29 (Call 02/01/29)		918		816,847


				2,063,809


Total Long-Term Investments — 98.4% (Cost: $754,527,840)				704,947,919


	Shares


Short-Term Securities

Money Market Funds — 8.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		55,494,966		55,517,164
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)(d)		3,360,000		3,360,000


Total Short-Term Securities — 8.2% (Cost: $58,859,660)				58,877,164


Total Investments — 106.6% (Cost: $813,387,500)				763,825,083

Liabilities in Excess of Other Assets — (6.6)%				(47,500,677	)


Net Assets — 100.0%			$	716,324,406

^(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 — 0.5%
Interpublic Group of Companies Inc. (The), 4.75%, 03/30/30 (Call 12/30/29)	$	892	$	812,707
Omnicom Group Inc.
2.45%, 04/30/30 (Call 01/30/30)		957		758,748
4.20%, 06/01/30 (Call 03/01/30)		837		736,921


				2,308,376

Aerospace & Defense — 2.1%
Boeing Co. (The)
2.95%, 02/01/30 (Call 11/01/29)		1,225		1,011,550
5.15%, 05/01/30 (Call 02/01/30)		5,571		5,219,734
General Dynamics Corp., 3.63%, 04/01/30 (Call 01/01/30)		1,470		1,307,153
Lockheed Martin Corp., 1.85%, 06/15/30 (Call 03/15/30)		740		581,426
Northrop Grumman Corp., 4.40%, 05/01/30 (Call 02/01/30)		1,367		1,259,396
RTX Corp., 2.25%, 07/01/30 (Call 04/01/30)		1,485		1,165,364


				10,544,623

Agriculture — 2.0%
Altria Group Inc., 3.40%, 05/06/30 (Call 02/06/30)		1,295		1,081,339
Archer-Daniels-Midland Co., 3.25%, 03/27/30 (Call 12/27/29)		1,681		1,456,530
BAT Capital Corp.
4.91%, 04/02/30 (Call 01/02/30)		1,275		1,149,239
6.34%, 08/02/30 (Call 06/02/30)		1,338		1,297,181
Philip Morris International Inc.
1.75%, 11/01/30 (Call 08/01/30)		974		728,787
2.10%, 05/01/30 (Call 02/01/30)		1,007		790,331
5.13%, 02/15/30 (Call 12/15/29)		2,875		2,708,018
5.50%, 09/07/30 (Call 07/07/30)		940		899,779


				10,111,204

Airlines — 0.2%
Southwest Airlines Co., 2.63%, 02/10/30 (Call 11/10/29)		632		509,966
United Airlines Pass Through Trust, Series 2018-1, Class AA, 3.50%, 09/01/31		441		383,530


				893,496

Apparel — 0.7%
NIKE Inc., 2.85%, 03/27/30 (Call 12/27/29)^(a)		2,148		1,834,939
Ralph Lauren Corp., 2.95%, 06/15/30 (Call 03/15/30)^(a)		658		551,299
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)^(a)		1,230		960,731


				3,346,969

Auto Manufacturers — 1.5%
American Honda Finance Corp.
4.60%, 04/17/30		955		888,760
5.85%, 10/04/30		600		595,710
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)		1,090		835,289
General Motors Financial Co. Inc.
3.60%, 06/21/30 (Call 03/21/30)		1,455		1,199,446
5.85%, 04/06/30 (Call 02/06/30)		1,283		1,212,719
Toyota Motor Credit Corp.
2.15%, 02/13/30		914		740,965
3.38%, 04/01/30		1,525		1,328,359
4.55%, 05/17/30		915		856,610


				7,657,858

Auto Parts & Equipment — 0.2%
Lear Corp., 3.50%, 05/30/30 (Call 02/28/30)		635		525,176


Security	Par (000)		Value

Auto Parts & Equipment (continued)
Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)	$	816	$	657,774


				1,182,950

Banks — 7.0%
Banco Santander SA
2.75%, 12/03/30		1,973		1,442,228
3.49%, 05/28/30		1,342		1,100,016
Bank of Nova Scotia (The), 4.85%, 02/01/30^(a)		1,697		1,559,196
BankUnited Inc., 5.13%, 06/11/30 (Call 03/11/30)		327		258,596
Citizens Financial Group Inc.
2.50%, 02/06/30 (Call 11/06/29)		369		273,837
3.25%, 04/30/30 (Call 01/30/30)^(a)		1,000		773,615
Discover Bank, 2.70%, 02/06/30 (Call 11/06/29)		597		448,627
First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30)^(a)		695		588,047
Goldman Sachs Group Inc. (The)
2.60%, 02/07/30 (Call 11/07/29)		2,906		2,332,855
3.80%, 03/15/30 (Call 12/15/29)		3,534		3,052,868
HSBC Holdings PLC, 4.95%, 03/31/30		3,417		3,139,548
Huntington Bancshares Inc., 2.55%, 02/04/30 (Call 11/04/29)		1,127		865,375
Huntington National Bank (The), 5.65%, 01/10/30 (Call 11/10/29)		1,075		984,173
JPMorgan Chase & Co., 8.75%, 09/01/30		585		662,440
Mitsubishi UFJ Financial Group Inc.
2.05%, 07/17/30^(a)		1,735		1,325,273
2.56%, 02/25/30		1,547		1,241,442
Northern Trust Corp., 1.95%, 05/01/30 (Call 02/01/30)		1,450		1,122,417
PNC Financial Services Group Inc. (The), 2.55%, 01/22/30 (Call 10/24/29)		2,757		2,184,807
State Street Corp., 2.40%, 01/24/30^(a)		1,191		970,369
Sumitomo Mitsui Financial Group Inc.
2.13%, 07/08/30		2,130		1,631,138
2.14%, 09/23/30^(a)		1,235		936,112
2.75%, 01/15/30		1,879		1,525,431
5.71%, 01/13/30		1,640		1,578,900
5.85%, 07/13/30		785		760,163
Truist Bank, 2.25%, 03/11/30 (Call 12/11/29)		1,507		1,112,186
Truist Financial Corp., 1.95%, 06/05/30 (Call 03/05/30)^(a)		1,043		777,246
U.S. Bancorp., 1.38%, 07/22/30 (Call 04/22/30)		1,788		1,270,443
Westpac Banking Corp., 2.65%, 01/16/30		1,134		947,928


				34,865,276

Beverages — 2.3%
Anheuser-Busch InBev Worldwide Inc., 3.50%, 06/01/30 (Call 03/01/30)		2,710		2,380,185
Coca-Cola Co. (The)
1.65%, 06/01/30		1,827		1,442,354
3.45%, 03/25/30		1,527		1,360,272
Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30 (Call 10/22/29)		937		786,114
Constellation Brands Inc., 2.88%, 05/01/30 (Call 02/01/30)		1,114		916,536
Diageo Capital PLC, 2.00%, 04/29/30 (Call 01/29/30)		1,628		1,294,461
Keurig Dr Pepper Inc., 3.20%, 05/01/30 (Call 02/01/30)		1,118		942,964
PepsiCo Inc.
1.63%, 05/01/30 (Call 02/01/30)		1,290		1,014,590
2.75%, 03/19/30 (Call 12/19/29)		1,257		1,070,705


				11,208,181


Security	Par (000)		Value

Biotechnology — 2.1%
Amgen Inc.
2.45%, 02/21/30 (Call 11/21/29)	$	1,750	$	1,428,439
5.25%, 03/02/30 (Call 01/02/30)		3,307		3,175,327
Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30)		2,335		1,832,882
Gilead Sciences Inc., 1.65%, 10/01/30 (Call 07/01/30)		1,475		1,126,502
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)		2,050		1,543,709
Royalty Pharma PLC, 2.20%, 09/02/30 (Call 06/02/30)^(a)		1,420		1,082,736


				10,189,595

Building Materials — 1.2%
Carrier Global Corp., 2.72%, 02/15/30 (Call 11/15/29)		2,922		2,379,858
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 09/15/30 (Call 06/15/30)^(a)		840		638,799
Martin Marietta Materials Inc., Series CB, 2.50%, 03/15/30 (Call 12/15/29)		710		570,380
Masco Corp., 2.00%, 10/01/30 (Call 07/01/30)		631		473,273
Mohawk Industries Inc., 3.63%, 05/15/30 (Call 02/15/30)^(a)		420		360,331
Owens Corning, 3.88%, 06/01/30 (Call 03/01/30)		506		436,466
Vulcan Materials Co., 3.50%, 06/01/30 (Call 03/01/30)		1,285		1,097,353


				5,956,460

Chemicals — 1.6%
Air Products and Chemicals Inc., 2.05%, 05/15/30 (Call 02/15/30)		1,153		928,499
Celanese U.S. Holdings LLC, 6.55%, 11/15/30 (Call 09/15/30)		1,325		1,273,141
Dow Chemical Co. (The), 2.10%, 11/15/30 (Call 08/15/30)		1,475		1,143,199
Ecolab Inc., 4.80%, 03/24/30 (Call 12/24/29)^(a)		1,117		1,059,355
EIDP Inc., 2.30%, 07/15/30 (Call 04/15/30)^(a)		833		665,207
Linde Inc./CT, 1.10%, 08/10/30 (Call 05/10/30)		795		606,250
LYB International Finance III LLC, 2.25%, 10/01/30 (Call 07/01/30)^(a)		602		464,860
Nutrien Ltd., 2.95%, 05/13/30 (Call 02/13/30)^(a)		685		563,976
PPG Industries Inc., 2.55%, 06/15/30 (Call 03/15/30)^(a)		295		238,329
Sherwin-Williams Co. (The), 2.30%, 05/15/30 (Call 02/15/30)		745		593,785
Westlake Corp., 3.38%, 06/15/30 (Call 03/15/30)		499		414,670


				7,951,271

Coal — 0.1%
Teck Resources Ltd., 3.90%, 07/15/30 (Call 04/15/30)		565		481,299


Commercial Services — 1.7%
Automatic Data Processing Inc., 1.25%, 09/01/30 (Call 06/01/30)		1,287		978,897
Block Financial LLC, 3.88%, 08/15/30 (Call 05/15/30)^(a)		1,155		980,178
Emory University, Series 2020, 2.14%, 09/01/30 (Call 06/01/30)		358		287,279
Equifax Inc., 3.10%, 05/15/30 (Call 02/15/30)		865		708,262
Global Payments Inc., 2.90%, 05/15/30 (Call 02/15/30)		1,490		1,193,837
PayPal Holdings Inc., 2.30%, 06/01/30 (Call 03/01/30)		1,315		1,052,469
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)		1,490		1,172,474
RELX Capital Inc., 3.00%, 05/22/30 (Call 02/22/30)		1,149		962,187


Security	Par (000)		Value

Commercial Services (continued)
S&P Global Inc., 1.25%, 08/15/30 (Call 05/15/30)^(a)	$	997	$	741,341
Yale University, Series 2020, 1.48%, 04/15/30 (Call 01/15/30)		498		391,378


				8,468,302

Computers — 2.0%
Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)		1,090		856,443
Apple Inc.
1.25%, 08/20/30 (Call 05/20/30)		1,563		1,200,027
1.65%, 05/11/30 (Call 02/11/30)		1,762		1,405,511
4.15%, 05/10/30 (Call 03/10/30)		840		789,606
Dell International LLC/EMC Corp., 6.20%, 07/15/30 (Call 04/15/30)		1,265		1,253,447
HP Inc., 3.40%, 06/17/30 (Call 03/17/30)^(a)		700		584,160
International Business Machines Corp., 1.95%, 05/15/30 (Call 02/15/30)		2,148		1,693,830
Leidos Inc., 4.38%, 05/15/30 (Call 02/15/30)		690		606,689
NetApp Inc., 2.70%, 06/22/30 (Call 03/22/30)^(a)		994		797,044
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		607		477,132


				9,663,889

Cosmetics & Personal Care — 1.1%
Estee Lauder Companies Inc. (The), 2.60%, 04/15/30 (Call 01/15/30)		955		787,866
Kenvue Inc., 5.00%, 03/22/30 (Call 01/22/30)^(a)		915		879,756
Procter & Gamble Co. (The)
1.20%, 10/29/30		1,741		1,317,010
3.00%, 03/25/30		1,949		1,697,469
Unilever Capital Corp., 1.38%, 09/14/30 (Call 06/14/30)^(a)		710		539,584


				5,221,685

Diversified Financial Services — 3.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.15%, 09/30/30 (Call 07/30/30)		1,075		1,031,300
Affiliated Managers Group Inc., 3.30%, 06/15/30 (Call 03/15/30)		556		461,390
Air Lease Corp.
3.00%, 02/01/30 (Call 11/01/29)^(a)		956		775,028
3.13%, 12/01/30 (Call 09/01/30)		1,110		884,093
Brookfield Finance Inc., 4.35%, 04/15/30 (Call 01/15/30)		1,058		935,306
Cboe Global Markets Inc., 1.63%, 12/15/30 (Call 09/15/30)		896		675,345
Charles Schwab Corp. (The), 4.63%, 03/22/30 (Call 12/22/29)^(a)		852		777,531
Franklin Resources Inc., 1.60%, 10/30/30 (Call 07/30/30)		1,119		828,895
Intercontinental Exchange Inc., 2.10%, 06/15/30 (Call 03/15/30)		1,825		1,431,740
Jefferies Financial Group Inc., 4.15%, 01/23/30		1,397		1,192,831
Mastercard Inc., 3.35%, 03/26/30 (Call 12/26/29)		1,765		1,551,987
Nomura Holdings Inc.
2.68%, 07/16/30		1,442		1,117,437
3.10%, 01/16/30		2,096		1,699,097
Raymond James Financial Inc., 4.65%, 04/01/30 (Call 01/01/30)		1,011		936,681
Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)		450		377,124
Visa Inc., 2.05%, 04/15/30 (Call 01/15/30)		2,043		1,653,014


				16,328,799


Security	Par (000)		Value

Electric — 6.6%
AEP Texas Inc., Series I, 2.10%, 07/01/30 (Call 04/01/30)	$	655	$	506,767
Alabama Power Co., Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)		1,021		763,986
Ameren Illinois Co., 1.55%, 11/15/30 (Call 08/15/30)		755		564,675
American Electric Power Co. Inc., 2.30%, 03/01/30 (Call 12/01/29)		511		401,523
Berkshire Hathaway Energy Co., 3.70%, 07/15/30 (Call 04/15/30)		1,491		1,298,240
Black Hills Corp., 2.50%, 06/15/30 (Call 03/15/30)		408		319,691
CenterPoint Energy Inc., 2.95%, 03/01/30 (Call 12/01/29)		525		431,564
Commonwealth Edison Co., 2.20%, 03/01/30 (Call 12/01/29)		510		408,296
Consolidated Edison Co. of New York Inc., Series 20A, 3.35%, 04/01/30 (Call 01/01/30)		1,150		989,684
Dominion Energy Inc., Series C, 3.38%, 04/01/30 (Call 01/01/30)		1,879		1,580,157
DTE Electric Co., 2.25%, 03/01/30 (Call 12/01/29)^(a)		853		691,749
DTE Energy Co., 2.95%, 03/01/30 (Call 12/01/29)		380		312,091
Duke Energy Carolinas LLC, 2.45%, 02/01/30 (Call 11/01/29)		620		507,919
Duke Energy Corp., 2.45%, 06/01/30 (Call 03/01/30)^(a)		1,452		1,156,037
Duke Energy Florida LLC, 1.75%, 06/15/30 (Call 03/15/30)		575		442,423
Duke Energy Ohio Inc., 2.13%, 06/01/30 (Call 03/01/30)		575		449,428
Entergy Corp., 2.80%, 06/15/30 (Call 03/15/30)		727		590,370
Entergy Louisiana LLC, 1.60%, 12/15/30 (Call 09/15/30)		433		318,715
Evergy Metro Inc., Series 2020, 2.25%, 06/01/30 (Call 03/01/30)		632		500,725
Eversource Energy, Series R, 1.65%, 08/15/30 (Call 05/15/30)^(a)		860		644,255
Exelon Corp., 4.05%, 04/15/30 (Call 01/15/30)		1,942		1,716,475
Florida Power & Light Co., 4.63%, 05/15/30 (Call 03/15/30)		600		560,633
Interstate Power & Light Co., 2.30%, 06/01/30 (Call 03/01/30)		472		370,975
IPALCO Enterprises Inc., 4.25%, 05/01/30 (Call 02/01/30)		570		492,063
National Rural Utilities Cooperative Finance Corp., 2.40%, 03/15/30 (Call 12/15/29)		434		349,267
Nevada Power Co., Series DD, 2.40%, 05/01/30 (Call 02/01/30)		638		512,375
NextEra Energy Capital Holdings Inc.
2.25%, 06/01/30 (Call 03/01/30)		2,858		2,226,778
5.00%, 02/28/30 (Call 12/28/29)		785		733,802
NSTAR Electric Co., 3.95%, 04/01/30 (Call 01/01/30)		495		442,991
Ohio Power Co., Series P, 2.60%, 04/01/30 (Call 01/01/30)		507		411,792
Oklahoma Gas & Electric Co.
3.25%, 04/01/30 (Call 10/01/29)		744		628,745
3.30%, 03/15/30 (Call 09/15/29)		364		308,974
Oncor Electric Delivery Co. LLC, 2.75%, 05/15/30 (Call 02/15/30)		1,183		977,100
Pacific Gas and Electric Co., 4.55%, 07/01/30 (Call 01/01/30)		4,173		3,611,675
PacifiCorp, 2.70%, 09/15/30 (Call 06/15/30)		292		233,370


Security	Par (000)		Value

Electric (continued)
PPL Capital Funding Inc., 4.13%, 04/15/30 (Call 01/15/30)	$	423	$	374,183
Public Service Electric & Gas Co., 2.45%, 01/15/30 (Call 10/15/29)		365		300,007
Public Service Enterprise Group Inc., 1.60%, 08/15/30 (Call 05/15/30)		702		527,435
Puget Energy Inc., 4.10%, 06/15/30 (Call 03/15/30)		720		615,667
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/30 (Call 07/01/30)^(a)		982		742,815
Southern California Edison Co., 2.25%, 06/01/30 (Call 03/01/30)		780		614,810
Southern Co. (The), Series A, 3.70%, 04/30/30 (Call 01/30/30)		1,475		1,278,915
Tucson Electric Power Co., 1.50%, 08/01/30 (Call 05/01/30)		395		294,374
Union Electric Co., 2.95%, 03/15/30 (Call 12/15/29)		358		301,147
WEC Energy Group Inc., 1.80%, 10/15/30 (Call 07/15/30)		597		446,471
Xcel Energy Inc., 3.40%, 06/01/30 (Call 12/01/29)		822		696,411


				32,647,545

Electrical Components & Equipment — 0.2%
Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)		420		317,996
Emerson Electric Co., 1.95%, 10/15/30 (Call 07/15/30)		645		506,581


				824,577

Electronics — 0.7%
Amphenol Corp., 2.80%, 02/15/30 (Call 11/15/29)		1,068		887,992
Flex Ltd., 4.88%, 05/12/30 (Call 02/12/30)		785		712,053
Honeywell International Inc., 1.95%, 06/01/30 (Call 03/01/30)		1,444		1,147,035
Jabil Inc., 3.60%, 01/15/30 (Call 10/15/29)		718		609,143


				3,356,223

Environmental Control — 0.5%
Republic Services Inc., 2.30%, 03/01/30 (Call 12/01/29)		1,067		864,623
Waste Connections Inc., 2.60%, 02/01/30 (Call 11/01/29)		866		715,646
Waste Management Inc., 4.63%, 02/15/30 (Call 12/15/29)^(a)		865		812,578


				2,392,847

Food — 2.4%
Campbell Soup Co., 2.38%, 04/24/30 (Call 01/24/30)^(a)		830		657,327
Conagra Brands Inc., 8.25%, 09/15/30		357		390,810
General Mills Inc., 2.88%, 04/15/30 (Call 01/15/30)^(a)		1,215		1,004,851
Hershey Co. (The), 1.70%, 06/01/30 (Call 03/01/30)		603		472,614
Hormel Foods Corp., 1.80%, 06/11/30 (Call 03/11/30)		1,598		1,251,649
Ingredion Inc., 2.90%, 06/01/30 (Call 03/01/30)		678		556,379

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 5.50%, 01/15/30 (Call 01/15/25)		1,437		1,313,833
JM Smucker Co. (The), 2.38%, 03/15/30 (Call 12/15/29)		585		466,892
Kellogg Co., 2.10%, 06/01/30 (Call 03/01/30)		647		503,678
Kraft Heinz Foods Co., 3.75%, 04/01/30 (Call 01/01/30)		1,120		980,341
Kroger Co. (The), 2.20%, 05/01/30 (Call 02/01/30)		701		549,847
McCormick & Co. Inc./MD, 2.50%, 04/15/30 (Call 01/15/30)		960		769,083


Security	Par (000)		Value

Food (continued)
Mondelez International Inc., 2.75%, 04/13/30 (Call 01/13/30)	$	1,100	$	904,892
Sysco Corp.
2.40%, 02/15/30 (Call 11/15/29)		565		454,906
5.95%, 04/01/30 (Call 01/01/30)		1,430		1,419,083


				11,696,185

Forest Products & Paper — 0.2%
Suzano Austria GmbH, 5.00%, 01/15/30 (Call 10/15/29)^(a)		1,078		967,619


Gas — 0.7%
CenterPoint Energy Resources Corp., 1.75%, 10/01/30 (Call 07/01/30)		747		562,914
NiSource Inc., 3.60%, 05/01/30 (Call 02/01/30)		1,265		1,082,842
ONE Gas Inc., 2.00%, 05/15/30 (Call 02/15/30)^(a)		387		303,080
Southern California Gas Co., Series XX, 2.55%, 02/01/30 (Call 11/01/29)		1,126		916,149
Southwest Gas Corp., 2.20%, 06/15/30 (Call 03/15/30)		520		403,290


				3,268,275

Hand & Machine Tools — 0.4%
Regal Rexnord Corp., 6.30%, 02/15/30 (Call 12/15/29)^(b)		1,300		1,226,854
Stanley Black & Decker Inc., 2.30%, 03/15/30 (Call 12/15/29)		1,260		988,372


				2,215,226

Health Care - Products — 1.7%
Abbott Laboratories, 1.40%, 06/30/30 (Call 03/30/30)^(a)		730		566,680
Agilent Technologies Inc., 2.10%, 06/04/30 (Call 03/04/30)		840		654,965
Baxter International Inc., 3.95%, 04/01/30 (Call 01/01/30)		947		821,986
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)		2,026		1,666,088
DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)		935		760,888
GE HealthCare Technologies Inc., 5.86%, 03/15/30 (Call 01/15/30)		1,662		1,623,577
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)		1,120		842,644
Stryker Corp., 1.95%, 06/15/30 (Call 03/15/30)		1,262		986,015
Thermo Fisher Scientific Inc., 4.98%, 08/10/30 (Call 06/10/30)		542		516,896


				8,439,739

Health Care - Services — 3.4%
Advocate Health & Hospitals Corp., Series 2020, 2.21%, 06/15/30 (Call 03/15/30)^(a)		65		51,811
Banner Health, 2.34%, 01/01/30 (Call 10/01/29)		439		356,582
Baylor Scott & White Holdings, Series 2021, 1.78%, 11/15/30 (Call 05/15/30)		321		244,438
Bon Secours Mercy Health Inc., 3.46%, 06/01/30 (Call 12/01/29)		445		387,658
Centene Corp.
3.00%, 10/15/30 (Call 07/15/30)		3,095		2,446,976
3.38%, 02/15/30 (Call 02/15/25)		2,360		1,952,723
CommonSpirit Health, 2.78%, 10/01/30 (Call 04/01/30)		462		370,340
Elevance Health Inc., 2.25%, 05/15/30 (Call 02/15/30)		1,821		1,451,475
HCA Inc., 3.50%, 09/01/30 (Call 03/01/30)		3,863		3,197,247


Security	Par (000)		Value

Health Care - Services (continued)
Humana Inc., 4.88%, 04/01/30 (Call 01/01/30)	$	816	$	760,007
Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30)		1,064		873,382
Stanford Health Care, Series 2020, 3.31%, 08/15/30 (Call 05/15/30)		167		143,098
Sutter Health, Series 20A, 2.29%, 08/15/30 (Call 02/15/30)		590		465,261
UnitedHealth Group Inc.
2.00%, 05/15/30		1,880		1,493,645
5.30%, 02/15/30 (Call 12/15/29)		1,700		1,668,315
Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)		1,115		852,529


				16,715,487

Home Builders — 0.2%
MDC Holdings Inc., 3.85%, 01/15/30 (Call 07/15/29)		420		347,376
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		1,055		865,871


				1,213,247

Household Products & Wares — 0.4%
Avery Dennison Corp., 2.65%, 04/30/30 (Call 02/01/30)		480		386,490
Clorox Co. (The), 1.80%, 05/15/30 (Call 02/15/30)		825		634,420
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)		1,146		988,249


				2,009,159

Insurance — 4.2%
ACE Capital Trust II, Series N, 9.70%, 04/01/30		490		561,640
Aflac Inc., 3.60%, 04/01/30 (Call 01/01/30)		1,656		1,444,457
Alleghany Corp., 3.63%, 05/15/30 (Call 02/15/30)		343		301,436
Allstate Corp. (The), 1.45%, 12/15/30 (Call 09/15/30)		739		536,948
American Financial Group Inc./OH, 5.25%, 04/02/30 (Call 01/02/30)^(a)		253		237,155
American International Group Inc., 3.40%, 06/30/30 (Call 03/30/30)		578		487,148
Aon Corp., 2.80%, 05/15/30 (Call 02/15/30)		1,673		1,364,983
Assurant Inc., 3.70%, 02/22/30 (Call 11/22/29)		690		571,610
Athene Holding Ltd., 6.15%, 04/03/30 (Call 01/03/30)		850		826,388
AXA SA, 8.60%, 12/15/30^(a)		873		1,004,285
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (Call 07/15/30)		1,313		1,005,273
1.85%, 03/12/30 (Call 12/12/29)^(a)		570		456,914
Brighthouse Financial Inc., 5.63%, 05/15/30 (Call 02/15/30)^(a)		650		595,036
Chubb INA Holdings Inc., 1.38%, 09/15/30 (Call 06/15/30)^(a)		1,420		1,064,221
CNA Financial Corp., 2.05%, 08/15/30 (Call 05/15/30)^(a)		575		439,159
Fairfax Financial Holdings Ltd., 4.63%, 04/29/30 (Call 01/29/30)		680		604,101
Fidelity National Financial Inc., 3.40%, 06/15/30 (Call 03/15/30)		1,040		855,420
First American Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)		500		416,039
Globe Life Inc., 2.15%, 08/15/30 (Call 05/15/30)		534		407,123
Hanover Insurance Group Inc. (The), 2.50%, 09/01/30 (Call 06/01/30)		365		273,218
Kemper Corp., 2.40%, 09/30/30 (Call 06/30/30)		574		416,963
Lincoln National Corp., 3.05%, 01/15/30 (Call 10/15/29)^(a)		524		413,856
Loews Corp., 3.20%, 05/15/30 (Call 02/15/30)		411		348,653


Security	Par (000)		Value

Insurance (continued)
Marsh & McLennan Companies Inc., 2.25%, 11/15/30 (Call 08/15/30)	$	1,169	$	918,581
MetLife Inc., 4.55%, 03/23/30 (Call 12/23/29)^(a)		1,719		1,598,188
Principal Financial Group Inc., 2.13%, 06/15/30 (Call 03/15/30)		814		633,345
Progressive Corp. (The), 3.20%, 03/26/30 (Call 12/26/29)		870		741,726
Prudential Financial Inc., 2.10%, 03/10/30 (Call 12/10/29)^(a)		607		487,181
Prudential Funding Asia PLC, 3.13%, 04/14/30^(a)		1,106		922,361
Reinsurance Group of America Inc., 3.15%, 06/15/30 (Call 03/15/30)^(a)		820		664,621


				20,598,029

Internet — 2.5%
Alphabet Inc., 1.10%, 08/15/30 (Call 05/15/30)^(a)		2,587		1,982,145
Amazon.com Inc., 1.50%, 06/03/30 (Call 03/03/30)		2,668		2,079,772
Baidu Inc.
2.38%, 10/09/30 (Call 07/09/30)		300		233,541
3.43%, 04/07/30 (Call 01/07/30)		240		203,157
Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)^(a)		2,303		2,145,650
eBay Inc., 2.70%, 03/11/30 (Call 12/11/29)		1,587		1,287,699
Expedia Group Inc., 3.25%, 02/15/30 (Call 11/15/29)		1,902		1,575,868
JD.com Inc., 3.38%, 01/14/30 (Call 10/14/29)^(a)		545		460,992
Meta Platforms Inc., 4.80%, 05/15/30 (Call 03/15/30)		1,310		1,261,935
Tencent Music Entertainment Group, 2.00%, 09/03/30 (Call 06/03/30)		359		268,427
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)^(a)		1,042		806,031


				12,305,217

Iron & Steel — 0.7%
Nucor Corp., 2.70%, 06/01/30 (Call 03/01/30)		767		634,095
Reliance Steel & Aluminum Co., 2.15%, 08/15/30 (Call 05/15/30)		710		543,698
Steel Dynamics Inc., 3.45%, 04/15/30 (Call 01/15/30)		833		704,910
Vale Overseas Ltd., 3.75%, 07/08/30 (Call 04/08/30)		1,828		1,538,255


				3,420,958

Lodging — 0.5%
Hyatt Hotels Corp., 5.75%, 04/23/30 (Call 01/23/30)^(a)		783		743,880
Marriott International Inc./MD, Series FF, 4.63%, 06/15/30 (Call 03/15/30)		1,403		1,264,453
Sands China Ltd., 4.88%, 06/18/30 (Call 03/18/30)		730		610,816


				2,619,149

Machinery — 1.4%
Caterpillar Inc., 2.60%, 04/09/30 (Call 01/09/30)		1,141		959,547
Deere & Co., 3.10%, 04/15/30 (Call 01/15/30)		898		774,541
Flowserve Corp., 3.50%, 10/01/30 (Call 07/01/30)		815		656,609
IDEX Corp., 3.00%, 05/01/30 (Call 02/01/30)		395		326,452
John Deere Capital Corp.
2.45%, 01/09/30		917		764,197
4.70%, 06/10/30		870		819,284
Oshkosh Corp., 3.10%, 03/01/30 (Call 12/01/29)		634		535,493
Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29)		2,286		1,859,651


				6,695,774

Manufacturing — 0.4%
3M Co., 3.05%, 04/15/30 (Call 01/15/30)		886		748,080
Carlisle Companies Inc., 2.75%, 03/01/30 (Call 12/01/29)		1,122		907,195


Security	Par (000)		Value

Manufacturing (continued)
Textron Inc., 3.00%, 06/01/30 (Call 03/01/30)	$	510	$	420,279


				2,075,554

Media — 2.1%
Comcast Corp.
2.65%, 02/01/30 (Call 11/01/29)		2,181		1,809,460
3.40%, 04/01/30 (Call 01/01/30)		2,134		1,846,730
4.25%, 10/15/30 (Call 07/15/30)		2,344		2,119,067
Discovery Communications LLC, 3.63%, 05/15/30 (Call 02/15/30)		1,422		1,183,551
Fox Corp., 3.50%, 04/08/30 (Call 01/08/30)^(a)		1,020		864,891
Paramount Global, 7.88%, 07/30/30		1,030		1,013,942
Walt Disney Co. (The), 3.80%, 03/22/30^(a)		1,733		1,544,546


				10,382,187

Mining — 1.0%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 (Call 07/01/30)		937		734,163
BHP Billiton Finance USA Ltd., 5.25%, 09/08/30 (Call 07/08/30)		1,365		1,313,120
Freeport-McMoRan Inc.
4.25%, 03/01/30 (Call 03/01/25)		848		735,583
4.63%, 08/01/30 (Call 08/01/25)^(a)		905		799,157
Newmont Corp., 2.25%, 10/01/30 (Call 07/01/30)		1,492		1,167,059


				4,749,082

Oil & Gas — 4.6%
Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)^(a)		620		542,580
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)		1,325		1,026,261
3.63%, 04/06/30 (Call 01/06/30)		1,867		1,648,703
Canadian Natural Resources Ltd., 2.95%, 07/15/30 (Call 04/15/30)^(a)		835		680,736
Chevron Corp., 2.24%, 05/11/30 (Call 02/11/30)		1,856		1,520,638
Devon Energy Corp., 4.50%, 01/15/30 (Call 01/15/25)		762		678,391
EOG Resources Inc., 4.38%, 04/15/30 (Call 01/15/30)^(a)		1,340		1,242,018
EQT Corp., 7.00%, 02/01/30 (Call 11/01/29)		935		945,748
Exxon Mobil Corp.
2.61%, 10/15/30 (Call 07/15/30)		2,584		2,145,143
3.48%, 03/19/30 (Call 12/19/29)		2,555		2,266,653
HF Sinclair Corp., 4.50%, 10/01/30 (Call 07/01/30)		462		394,332
Occidental Petroleum Corp.
6.63%, 09/01/30 (Call 03/01/30)		2,627		2,636,651
8.88%, 07/15/30 (Call 01/15/30)		655		727,443
Ovintiv Inc., 8.13%, 09/15/30		380		406,830
Phillips 66, 2.15%, 12/15/30 (Call 09/15/30)^(a)		1,295		1,000,444
Pioneer Natural Resources Co., 1.90%, 08/15/30 (Call 05/15/30)		1,437		1,123,712
Shell International Finance BV, 2.75%, 04/06/30 (Call 01/06/30)^(a)		2,340		1,979,363
Tosco Corp., 8.13%, 02/15/30		390		430,577
TotalEnergies Capital International SA, 2.83%, 01/10/30 (Call 10/10/29)^(a)		1,560		1,330,918


				22,727,141

Oil & Gas Services — 0.6%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 4.49%, 05/01/30 (Call 02/01/30)		975		896,795
Halliburton Co., 2.92%, 03/01/30 (Call 12/01/29)		1,624		1,362,395
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)		1,106		915,915


				3,175,105


Security	Par (000)		Value

Packaging & Containers — 0.4%
Amcor Flexibles North America Inc., 2.63%, 06/19/30 (Call 03/19/30)	$	785	$	619,270
Sonoco Products Co., 3.13%, 05/01/30 (Call 02/01/30)		870		720,433
WestRock MWV LLC, 8.20%, 01/15/30^(a)		440		478,589


				1,818,292

Pharmaceuticals — 5.7%
Astrazeneca Finance LLC, 4.90%, 03/03/30 (Call 01/03/30)		1,000		959,053
AstraZeneca PLC, 1.38%, 08/06/30 (Call 05/06/30)		1,580		1,202,472
Becton Dickinson and Co., 2.82%, 05/20/30 (Call 02/20/30)		1,161		955,775
Bristol-Myers Squibb Co., 1.45%, 11/13/30 (Call 08/13/30)		1,605		1,209,577
Cencora Inc., 2.80%, 05/15/30 (Call 02/15/30)		610		501,145
Cigna Group (The), 2.40%, 03/15/30 (Call 12/15/29)^(a)		2,399		1,936,563
CVS Health Corp.
1.75%, 08/21/30 (Call 05/21/30)		1,635		1,234,797
3.75%, 04/01/30 (Call 01/01/30)		2,232		1,940,747
5.13%, 02/21/30 (Call 12/21/29)		1,885		1,773,953
Johnson & Johnson, 1.30%, 09/01/30 (Call 06/01/30)		2,024		1,563,283
Merck & Co. Inc.
1.45%, 06/24/30 (Call 03/24/30)^(a)		1,897		1,457,469
4.30%, 05/17/30 (Call 03/17/30)		1,205		1,116,253
Novartis Capital Corp., 2.20%, 08/14/30 (Call 05/14/30)		1,965		1,597,709
Pfizer Inc.
1.70%, 05/28/30 (Call 02/28/30)		1,964		1,546,747
2.63%, 04/01/30 (Call 01/01/30)		1,463		1,221,707
Pfizer Investment Enterprises Pte Ltd., 4.65%, 05/19/30 (Call 03/19/30)		3,220		3,027,493
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 (Call 12/31/29)		3,224		2,548,757
Viatris Inc., 2.70%, 06/22/30 (Call 03/22/30)^(a)		1,928		1,481,294
Zoetis Inc., 2.00%, 05/15/30 (Call 02/15/30)		1,320		1,039,427


				28,314,221

Pipelines — 3.7%
DCP Midstream Operating LP, 8.13%, 08/16/30^(a)		416		453,163
Energy Transfer LP
3.75%, 05/15/30 (Call 02/15/30)		1,842		1,574,957
6.40%, 12/01/30 (Call 10/01/30)		1,015		1,003,299
Enterprise Products Operating LLC, 2.80%, 01/31/30 (Call 10/31/29)		1,937		1,619,232
Magellan Midstream Partners LP, 3.25%, 06/01/30 (Call 03/01/30)^(a)		645		536,352
MPLX LP, 2.65%, 08/15/30 (Call 05/15/30)		1,908		1,507,691
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)		821		677,501
5.80%, 11/01/30 (Call 09/01/30)		920		885,932
Plains All American Pipeline LP/PAA Finance Corp., 3.80%, 09/15/30 (Call 06/15/30)		1,222		1,029,891
Sabine Pass Liquefaction LLC, 4.50%, 05/15/30 (Call 11/15/29)^(a)		2,820		2,530,553
Targa Resources Corp., 5.50%, 03/01/30 (Call 03/01/25)		1,525		1,407,866
TransCanada PipeLines Ltd., 4.10%, 04/15/30 (Call 01/15/30)		1,874		1,644,663
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/30 (Call 02/15/30)		1,110		929,352


Security	Par (000)		Value

Pipelines (continued)
Western Midstream Operating LP, 4.05%, 02/01/30 (Call 11/01/29)^(a)	$	1,413	$	1,223,617
Williams Companies Inc. (The), 3.50%, 11/15/30 (Call 08/15/30)^(a)		1,387		1,168,528


				18,192,597

Real Estate Investment Trusts — 6.2%
Agree LP, 2.90%, 10/01/30 (Call 07/01/30)		517		411,798
Alexandria Real Estate Equities Inc.
4.70%, 07/01/30 (Call 04/01/30)		595		532,432
4.90%, 12/15/30 (Call 09/15/30)		972		885,776
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)		1,154		852,970
2.10%, 06/15/30 (Call 03/15/30)		988		752,589
2.90%, 01/15/30 (Call 10/15/29)		940		766,992
AvalonBay Communities Inc., 2.30%, 03/01/30 (Call 12/01/29)		989		792,770
Boston Properties LP, 2.90%, 03/15/30 (Call 12/15/29)		1,001		765,242
Brixmor Operating Partnership LP, 4.05%, 07/01/30 (Call 04/01/30)		1,135		967,100
Camden Property Trust, 2.80%, 05/15/30 (Call 02/15/30)		1,194		986,563
Crown Castle International Corp., 3.30%, 07/01/30 (Call 04/01/30)		945		776,166
CubeSmart LP, 3.00%, 02/15/30 (Call 11/15/29)		487		398,117
Equinix Inc., 2.15%, 07/15/30 (Call 04/15/30)^(a)		1,447		1,110,317
ERP Operating LP, 2.50%, 02/15/30 (Call 11/15/29)		859		697,732
Essex Portfolio LP, 3.00%, 01/15/30 (Call 10/15/29)		1,012		826,024
Extra Space Storage LP
2.20%, 10/15/30 (Call 07/15/30)		470		356,751
5.50%, 07/01/30 (Call 05/01/30)		535		506,338
Federal Realty Investment Trust, 3.50%, 06/01/30 (Call 03/01/30)		473		396,074
GLP Capital LP/GLP Financing II Inc., 4.00%, 01/15/30 (Call 10/15/29)^(a)		946		789,249
Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29)		841		684,999
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)		1,012		832,080
Highwoods Realty LP, 3.05%, 02/15/30 (Call 11/15/29)		640		478,574
Host Hotels & Resorts LP, Series I, 3.50%, 09/15/30 (Call 06/15/30)		1,193		964,168
Hudson Pacific Properties LP, 3.25%, 01/15/30 (Call 10/15/29)		410		263,364
Invitation Homes Operating Partnership LP, 5.45%, 08/15/30 (Call 06/15/30)		355		331,060
Kilroy Realty LP, 3.05%, 02/15/30 (Call 11/15/29)^(a)		825		634,760
Kimco Realty Corp., 2.70%, 10/01/30 (Call 07/01/30)		623		490,334
Kite Realty Group Trust, 4.75%, 09/15/30 (Call 06/15/30)		410		356,316
LXP Industrial Trust, 2.70%, 09/15/30 (Call 06/15/30)		589		447,363
Mid-America Apartments LP, 2.75%, 03/15/30 (Call 12/15/29)		245		201,205
NNN REIT Inc., 2.50%, 04/15/30 (Call 01/15/30)		368		292,301
Piedmont Operating Partnership LP, 3.15%, 08/15/30 (Call 05/15/30)^(a)		446		310,025
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)		1,075		786,530
1.75%, 07/01/30 (Call 04/01/30)		594		453,286
2.25%, 04/15/30 (Call 01/15/30)		1,428		1,140,873


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Realty Income Corp., 4.85%, 03/15/30 (Call 01/15/30)	$	800	$	738,926
Regency Centers LP, 3.70%, 06/15/30 (Call 03/15/30)		610		518,268
Rexford Industrial Realty LP, 2.13%, 12/01/30 (Call 09/01/30)		448		333,786
Simon Property Group LP, 2.65%, 07/15/30 (Call 04/15/30)		1,061		855,416
Spirit Realty LP, 3.40%, 01/15/30 (Call 10/15/29)		925		769,170
STORE Capital Corp., 2.75%, 11/18/30 (Call 08/18/30)		475		333,750
UDR Inc., 3.20%, 01/15/30 (Call 10/15/29)		882		741,490
Ventas Realty LP
3.00%, 01/15/30 (Call 10/15/29)		689		562,557
4.75%, 11/15/30 (Call 08/15/30)		828		740,263
VICI Properties LP, 4.95%, 02/15/30 (Call 12/15/29)^(a)		1,230		1,096,164
Welltower OP LLC, 3.10%, 01/15/30 (Call 10/15/29)		997		827,507
Weyerhaeuser Co., 4.00%, 04/15/30 (Call 01/15/30)		1,296		1,133,410


			30,888,945

Retail — 3.9%
AutoNation Inc., 4.75%, 06/01/30 (Call 03/01/30)		728		637,175
AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)		1,053		927,625
Best Buy Co. Inc., 1.95%, 10/01/30 (Call 07/01/30)^(a)		615		468,471
Costco Wholesale Corp., 1.60%, 04/20/30 (Call 01/20/30)^(a)		1,954		1,544,865
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)		1,511		1,275,753
Genuine Parts Co., 1.88%, 11/01/30 (Call 08/01/30)		660		487,380
Home Depot Inc. (The), 2.70%, 04/15/30 (Call 01/15/30)^(a)		2,181		1,826,113
Lowe’s Companies Inc.
1.70%, 10/15/30 (Call 07/15/30)		1,805		1,355,511
4.50%, 04/15/30 (Call 01/15/30)		1,905		1,742,409
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)		939		754,671
3.60%, 07/01/30 (Call 04/01/30)		1,721		1,508,091
O’Reilly Automotive Inc., 4.20%, 04/01/30 (Call 01/01/30)		705		631,178
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)		1,091		880,304
2.55%, 11/15/30 (Call 08/15/30)		1,655		1,335,382
Target Corp.
2.35%, 02/15/30 (Call 11/15/29)^(a)		1,011		829,966
2.65%, 09/15/30 (Call 06/15/30)		587		482,463
TJX Companies Inc. (The), 3.88%, 04/15/30 (Call 01/15/30)^(a)		703		632,421
Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30)		772		572,021
Walgreens Boots Alliance Inc., 3.20%, 04/15/30 (Call 01/15/30)^(a)		505		393,150
Walmart Inc.
4.00%, 04/15/30 (Call 02/15/30)		580		535,144
7.55%, 02/15/30^(a)		375		422,046


				19,242,139

Semiconductors — 3.2%
Applied Materials Inc., 1.75%, 06/01/30 (Call 03/01/30)		1,127		886,918
Broadcom Inc.
4.15%, 11/15/30 (Call 08/15/30)		2,585		2,249,301
5.00%, 04/15/30 (Call 01/15/30)^(a)		999		932,895
Intel Corp.
3.90%, 03/25/30 (Call 12/25/29)		2,343		2,105,640
5.13%, 02/10/30 (Call 12/10/29)		1,575		1,524,144


Security	Par (000)		Value

Semiconductors (continued)
Lam Research Corp., 1.90%, 06/15/30 (Call 03/15/30)	$	1,512	$	1,189,921
Micron Technology Inc., 4.66%, 02/15/30 (Call 11/15/29)		1,379		1,235,165
NVIDIA Corp., 2.85%, 04/01/30 (Call 01/01/30)		2,089		1,784,930
NXP BV/NXP Funding LLC/NXP USA Inc., 3.40%, 05/01/30 (Call 02/01/30)		1,412		1,181,742
QUALCOMM Inc., 2.15%, 05/20/30 (Call 02/20/30)		1,687		1,364,475
Texas Instruments Inc., 1.75%, 05/04/30 (Call 02/04/30)		958		762,374
Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)		949		773,120


				15,990,625

Shipbuilding — 0.1%
Huntington Ingalls Industries Inc., 4.20%, 05/01/30 (Call 02/01/30)		635		561,464


Software — 2.5%
Activision Blizzard Inc., 1.35%, 09/15/30 (Call 06/15/30)^(a)		914		702,787
Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29)		1,371		1,140,111
Autodesk Inc., 2.85%, 01/15/30 (Call 10/15/29)		572		477,139
Fiserv Inc., 2.65%, 06/01/30 (Call 03/01/30)		1,345		1,084,417
Intuit Inc., 1.65%, 07/15/30 (Call 04/15/30)		635		490,313
Oracle Corp.
2.95%, 04/01/30 (Call 01/01/30)		4,255		3,525,992
3.25%, 05/15/30 (Call 02/15/30)^(a)		683		574,577
4.65%, 05/06/30 (Call 03/06/30)		965		883,978
Roper Technologies Inc., 2.00%, 06/30/30 (Call 03/30/30)		820		634,814
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)		2,110		1,588,923
VMware Inc., 4.70%, 05/15/30 (Call 02/15/30)		1,291		1,168,618


				12,271,669

Telecommunications — 6.5%
America Movil SAB de CV, 2.88%, 05/07/30 (Call 02/07/30)		1,124		925,878
AT&T Inc., 4.30%, 02/15/30 (Call 11/15/29)		4,345		3,893,791
British Telecommunications PLC, 9.63%, 12/15/30		3,625		4,178,402
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		4,618		5,173,368
Juniper Networks Inc., 2.00%, 12/10/30 (Call 09/10/30)		642		471,292
Koninklijke KPN NV, 8.38%, 10/01/30		702		768,484
Motorola Solutions Inc., 2.30%, 11/15/30 (Call 08/15/30)		1,198		915,238
Telefonica Europe BV, 8.25%, 09/15/30		1,875		2,038,743
T-Mobile USA Inc., 3.88%, 04/15/30 (Call 01/15/30)		9,251		8,052,080
Verizon Communications Inc.
1.50%, 09/18/30 (Call 06/18/30)^(a)		1,311		979,461
1.68%, 10/30/30 (Call 07/30/30)		1,526		1,137,952
3.15%, 03/22/30 (Call 12/22/29)		2,241		1,879,505
7.75%, 12/01/30^(a)		710		770,616
Vodafone Group PLC, 7.88%, 02/15/30		978		1,050,981


				32,235,791

Transportation — 1.0%
Canadian Pacific Railway Co., 2.05%, 03/05/30 (Call 12/05/29)		989		784,979
CSX Corp., 2.40%, 02/15/30 (Call 11/15/29)		661		539,714
FedEx Corp., 4.25%, 05/15/30 (Call 02/15/30)		982		888,543
Norfolk Southern Corp., 5.05%, 08/01/30 (Call 06/01/30)		590		557,731


Security	Par (000)		Value


Transportation (continued)
Union Pacific Corp., 2.40%, 02/05/30 (Call 11/05/29)	$	1,201	$	986,748
United Parcel Service Inc., 4.45%, 04/01/30 (Call 01/01/30)		1,058		992,417


				4,750,132

Trucking & Leasing — 0.1%
GATX Corp., 4.00%, 06/30/30 (Call 03/30/30)		643		551,877


Water — 0.2%
American Water Capital Corp., 2.80%, 05/01/30 (Call 02/01/30)		590		489,973
Essential Utilities Inc., 2.70%, 04/15/30 (Call 01/15/30)		748		604,747


				1,094,720


Total Long-Term Investments — 98.5% (Cost: $531,306,022)				486,787,030


	Shares


Short-Term Securities

Money Market Funds — 6.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		29,916,871		29,928,838



Security	Shares		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)(d)		1,710,000	$	1,710,000


Total Short-Term Securities — 6.4% (Cost: $31,627,660)				31,638,838


Total Investments — 104.9% (Cost: $562,933,682)				518,425,868

Liabilities in Excess of Other Assets — (4.9)%				(24,217,846	)


Net Assets — 100.0%			$	494,208,022

^(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 — 0.5%
Interpublic Group of Companies Inc. (The), 2.40%, 03/01/31 (Call 12/01/30)	$	1,138	$	875,704
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)^(a)		1,798		1,382,666


				2,258,370

Aerospace & Defense — 1.3%
Boeing Co. (The), 3.63%, 02/01/31 (Call 11/01/30)		3,186		2,685,565
General Dynamics Corp., 2.25%, 06/01/31 (Call 03/01/31)		1,080		852,985
L3Harris Technologies Inc., 1.80%, 01/15/31 (Call 10/15/30)		1,535		1,144,621
RTX Corp., 1.90%, 09/01/31 (Call 06/01/31)		2,355		1,727,813


				6,410,984

Agriculture — 0.8%
BAT Capital Corp., 2.73%, 03/25/31 (Call 12/25/30)		2,795		2,106,130
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)		2,358		1,867,212


				3,973,342

Airlines — 0.2%
United Airlines Pass Through Trust, Series 2019, Class AA, 4.15%, 02/25/33^(a)		805		713,569


Auto Manufacturers — 2.3%
American Honda Finance Corp., 1.80%, 01/13/31		1,474		1,118,579
General Motors Financial Co. Inc.
2.35%, 01/08/31 (Call 10/08/30)		2,225		1,655,550
2.70%, 06/10/31 (Call 03/10/31)		2,194		1,651,225
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31		3,321		3,838,555
Toyota Motor Corp., 2.36%, 03/25/31 (Call 12/25/30)^(a)		791		633,784
Toyota Motor Credit Corp.
1.65%, 01/10/31		1,480		1,120,842
1.90%, 09/12/31		1,323		1,000,293


				11,018,828

Banks — 3.2%
Banco Santander SA, 2.96%, 03/25/31		1,450		1,120,946
Bank of New York Mellon Corp. (The)
1.65%, 01/28/31 (Call 10/28/30)^(a)		1,106		818,744
1.80%, 07/28/31 (Call 04/28/31)		1,115		820,452
Bank of Nova Scotia (The), 2.15%, 08/01/31		1,626		1,208,097
Mizuho Financial Group Inc., 2.56%, 09/13/31		2,206		1,622,713
Royal Bank of Canada, 2.30%, 11/03/31		3,350		2,524,501
State Street Corp., 2.20%, 03/03/31^(a)		2,054		1,537,161
Sumitomo Mitsui Financial Group Inc.
1.71%, 01/12/31^(a)		1,235		899,161
2.22%, 09/17/31^(a)		2,145		1,589,027
Toronto-Dominion Bank (The), 2.00%, 09/10/31		2,051		1,515,369
Westpac Banking Corp., 2.15%, 06/03/31		2,246		1,740,678


				15,396,849

Beverages — 2.2%
Anheuser-Busch InBev Worldwide Inc., 4.90%, 01/23/31 (Call 10/23/30)^(a)		1,616		1,543,509
Coca-Cola Co. (The)
1.38%, 03/15/31		2,605		1,951,238
2.00%, 03/05/31		1,582		1,244,646
Constellation Brands Inc., 2.25%, 08/01/31 (Call 05/01/31)^(a)		2,334		1,773,351


Security	Par (000)		Value

Beverages (continued)
Keurig Dr Pepper Inc., 2.25%, 03/15/31 (Call 12/15/30)^(a)	$	1,277	$	981,537
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)		1,517		1,140,356
1.95%, 10/21/31 (Call 07/21/31)		2,610		2,004,944


				10,639,581

Biotechnology — 0.9%
Amgen Inc., 2.30%, 02/25/31 (Call 11/25/30)^(a)		2,803		2,190,157
Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30)		1,063		809,365
Royalty Pharma PLC, 2.15%, 09/02/31 (Call 06/02/31)		1,419		1,041,589


				4,041,111

Building Materials — 1.4%
Carrier Global Corp., 2.70%, 02/15/31 (Call 11/15/30)		1,823		1,438,885
Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)		1,800		1,370,569
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 2.00%, 09/16/31 (Call 06/16/31)^(a)		1,200		894,331
Martin Marietta Materials Inc., 2.40%, 07/15/31 (Call 04/15/31)		2,128		1,630,823
Masco Corp., 2.00%, 02/15/31 (Call 11/15/30)^(a)		1,459		1,093,823


				6,428,431

Chemicals — 0.6%
Ecolab Inc., 1.30%, 01/30/31 (Call 10/30/30)		1,550		1,141,793
Huntsman International LLC, 2.95%, 06/15/31 (Call 03/15/31)		989		751,212
NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30)		1,016		778,639


				2,671,644

Commercial Services — 0.9%
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		2,355		1,751,813
Global Payments Inc., 2.90%, 11/15/31 (Call 08/15/31)^(a)		1,807		1,381,405
Moody’s Corp., 2.00%, 08/19/31 (Call 05/19/31)^(a)		1,278		963,858


				4,097,076

Computers — 2.3%
Apple Inc.
1.65%, 02/08/31 (Call 11/08/30)		4,997		3,886,539
1.70%, 08/05/31 (Call 05/05/31)		2,160		1,661,550
CGI Inc., 2.30%, 09/14/31 (Call 06/14/31)		811		597,997
Fortinet Inc., 2.20%, 03/15/31 (Call 12/15/30)		1,111		846,862
HP Inc., 2.65%, 06/17/31 (Call 03/17/31)		2,348		1,794,063
Kyndryl Holdings Inc., 3.15%, 10/15/31 (Call 07/15/31)^(a)		1,418		1,032,932
Leidos Inc., 2.30%, 02/15/31 (Call 11/15/30)		1,708		1,284,166


				11,104,109

Cosmetics & Personal Care — 0.8%
Estee Lauder Companies Inc. (The), 1.95%, 03/15/31 (Call 12/15/30)		1,390		1,065,252
Procter & Gamble Co. (The), 1.95%, 04/23/31^(a)		1,575		1,246,769
Unilever Capital Corp., 1.75%, 08/12/31 (Call 05/12/31)		2,140		1,616,240


				3,928,261

Diversified Financial Services — 4.4%
Ally Financial Inc., 8.00%, 11/01/31		5,367		5,229,800
Brookfield Finance Inc., 2.72%, 04/15/31 (Call 01/15/31)		1,245		964,225
Charles Schwab Corp. (The)
1.65%, 03/11/31 (Call 12/11/30)		1,714		1,222,104
1.95%, 12/01/31 (Call 09/01/31)		1,858		1,322,085


Security	Par (000)		Value

Diversified Financial Services (continued)
2.30%, 05/13/31 (Call 02/13/31)	$	1,745	$	1,303,430
Jefferies Financial Group Inc., 2.63%, 10/15/31 (Call 07/15/31)^(a)		2,355		1,736,180
Mastercard Inc.
1.90%, 03/15/31 (Call 12/15/30)		1,263		979,526
2.00%, 11/18/31 (Call 08/18/31)		2,002		1,528,383
Nasdaq Inc., 1.65%, 01/15/31 (Call 10/15/30)		1,655		1,222,677
Nomura Holdings Inc., 2.61%, 07/14/31		2,340		1,741,606
ORIX Corp., 2.25%, 03/09/31^(a)		627		484,104
Synchrony Financial, 2.88%, 10/28/31 (Call 07/28/31) .		1,674		1,136,564
Visa Inc., 1.10%, 02/15/31 (Call 11/15/30)^(a)		2,291		1,697,222
Western Union Co. (The), 2.75%, 03/15/31 (Call 12/15/30)		744		565,372


				21,133,278

Electric — 9.0%
AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)^(a)		2,245		1,687,221
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)		1,914		1,603,507
Appalachian Power Co., Series AA, 2.70%, 04/01/31 (Call 01/01/31)		1,282		1,008,883
Arizona Public Service Co., 2.20%, 12/15/31 (Call 09/15/31)		1,075		794,856
Atlantic City Electric Co., 2.30%, 03/15/31 (Call 12/15/30)		990		767,941
Baltimore Gas & Electric Co., 2.25%, 06/15/31 (Call 03/15/31)		1,317		1,024,454
Berkshire Hathaway Energy Co., 1.65%, 05/15/31 (Call 02/15/31)^(a)		1,344		980,579
CenterPoint Energy Houston Electric LLC, Series AE, 2.35%, 04/01/31 (Call 01/01/31)		780		614,062
CenterPoint Energy Inc., 2.65%, 06/01/31 (Call 03/01/31)		984		767,409
Connecticut Light & Power Co. (The), Series A, 2.05%, 07/01/31 (Call 04/01/31)		1,399		1,066,012
Consolidated Edison Co. of New York Inc., 2.40%, 06/15/31 (Call 03/15/31)^(a)		2,029		1,595,222
Dominion Energy Inc., Series C, 2.25%, 08/15/31 (Call 05/15/31)		2,417		1,805,155
Dominion Energy South Carolina Inc., Series A, 2.30%, 12/01/31 (Call 09/01/31)		375		286,377
DTE Electric Co., Series C, 2.63%, 03/01/31 (Call 12/01/30)		1,532		1,235,816
Duke Energy Carolinas LLC, 2.55%, 04/15/31 (Call 01/15/31)		1,127		900,866
Duke Energy Corp., 2.55%, 06/15/31 (Call 03/15/31)		2,177		1,679,524
Duke Energy Florida LLC, 2.40%, 12/15/31 (Call 09/15/31)		1,431		1,101,758
Duke Energy Progress LLC, 2.00%, 08/15/31 (Call 05/15/31)		1,433		1,078,507
Emera U.S. Finance LP, 2.64%, 06/15/31 (Call 03/15/31)		632		477,615
Entergy Corp., 2.40%, 06/15/31 (Call 03/05/31)		1,430		1,086,652
Entergy Louisiana LLC, 3.05%, 06/01/31 (Call 03/01/31)		760		616,774
Entergy Texas Inc., 1.75%, 03/15/31 (Call 12/15/30)		1,436		1,061,650
Eversource Energy, 2.55%, 03/15/31 (Call 12/15/30)		766		593,916
National Rural Utilities Cooperative Finance Corp.
1.35%, 03/15/31 (Call 12/15/30)		974		698,351
1.65%, 06/15/31 (Call 03/15/31)^(a)		680		497,021
Northern States Power Co./MN, 2.25%, 04/01/31 (Call 10/01/30)		920		722,266
NSTAR Electric Co., 1.95%, 08/15/31 (Call 05/15/31)		494		370,502


Security	Par (000)		Value

Electric (continued)
Ohio Power Co., Series Q, 1.63%, 01/15/31 (Call 10/15/30)	$	710	$	527,158
Pacific Gas and Electric Co.
2.50%, 02/01/31 (Call 11/01/30)		4,470		3,314,021
3.25%, 06/01/31 (Call 03/01/31)		2,215		1,717,733
PacifiCorp, 7.70%, 11/15/31^(a)		260		285,860
Progress Energy Inc.
7.00%, 10/30/31		975		1,020,783
7.75%, 03/01/31		1,343		1,434,394
Public Service Co. of Colorado
1.88%, 06/15/31 (Call 12/15/30)		1,689		1,267,409
Series 35, 1.90%, 01/15/31 (Call 07/15/30)^(a)		915		693,317
Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31 (Call 03/15/31)		624		483,009
Public Service Co. of Oklahoma, Series J, 2.20%, 08/15/31 (Call 05/15/31)^(a)		979		738,093
Public Service Electric & Gas Co., 1.90%, 08/15/31 (Call 05/15/31)		790		597,296
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)		1,910		1,446,173
Southern California Edison Co., Series G, 2.50%, 06/01/31 (Call 03/01/31)^(a)		918		713,720
Tampa Electric Co., 2.40%, 03/15/31 (Call 12/15/30)		855		662,945
Virginia Electric & Power Co., 2.30%, 11/15/31 (Call 08/15/31)		1,147		875,949
Wisconsin Power and Light Co., 1.95%, 09/16/31 (Call 06/16/31)		470		348,710
Xcel Energy Inc., 2.35%, 11/15/31 (Call 05/15/31)		783		584,460


				42,833,926

Electronics — 1.6%
Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)		1,336		1,019,351
Avnet Inc., 3.00%, 05/15/31 (Call 02/15/31)		657		496,974
Honeywell International Inc., 1.75%, 09/01/31 (Call 06/01/31)		3,350		2,509,769
Hubbell Inc., 2.30%, 03/15/31 (Call 12/15/30)^(a)		600		464,767
Jabil Inc., 3.00%, 01/15/31 (Call 10/15/30)		1,472		1,165,244
TD SYNNEX Corp., 2.65%, 08/09/31 (Call 05/09/31)		1,180		864,386
Vontier Corp., 2.95%, 04/01/31 (Call 01/01/31)		1,275		957,321


			7,477,812

Environmental Control — 0.6%
Republic Services Inc., 1.45%, 02/15/31 (Call 11/15/30)		1,666		1,224,333
Waste Management Inc., 1.50%, 03/15/31 (Call 12/15/30)		2,458		1,825,117


				3,049,450

Food — 2.3%
Flowers Foods Inc., 2.40%, 03/15/31 (Call 12/15/30)		1,170		896,886
General Mills Inc., 2.25%, 10/14/31 (Call 07/14/31)^(a)		1,245		941,432
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 3.75%, 12/01/31 (Call 12/01/26)		910		708,383
Kellogg Co., Series B, 7.45%, 04/01/31		1,300		1,376,028
Kraft Heinz Foods Co., 4.25%, 03/01/31 (Call 12/01/30)		1,055		936,164
Kroger Co. (The)
1.70%, 01/15/31 (Call 10/15/30)^(a)		1,535		1,131,142
7.50%, 04/01/31		749		803,912
McCormick & Co. Inc./MD, 1.85%, 02/15/31 (Call 11/15/30)		962		713,231
Mondelez International Inc., 1.50%, 02/04/31 (Call 11/04/30)		1,279		939,283


Security	Par (000)		Value

Food (continued)
Pilgrim’s Pride Corp., 4.25%, 04/15/31 (Call 04/15/26)	$	2,045	$	1,686,537
Sysco Corp., 2.45%, 12/14/31 (Call 09/14/31)		1,182		902,487


				11,035,485

Forest Products & Paper — 0.6%
Georgia-Pacific LLC, 8.88%, 05/15/31		634		740,422
Suzano Austria GmbH, 3.75%, 01/15/31 (Call 10/15/30)		2,410		1,950,663


				2,691,085

Gas — 1.0%
Atmos Energy Corp., 1.50%, 01/15/31 (Call 10/15/30)^(a)		1,506		1,112,284
National Fuel Gas Co., 2.95%, 03/01/31 (Call 12/01/30)		1,024		778,111
NiSource Inc., 1.70%, 02/15/31 (Call 11/15/30)		1,680		1,231,007
Piedmont Natural Gas Co. Inc., 2.50%, 03/15/31 (Call 12/15/30)		835		644,177
Southern Co. Gas Capital Corp., Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)		1,045		771,567


				4,537,146

Hand & Machine Tools — 0.1%
Kennametal Inc., 2.80%, 03/01/31 (Call 12/01/30)		447		343,150


Health Care - Products — 1.8%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)		2,034		1,574,790
Baxter International Inc., 1.73%, 04/01/31 (Call 01/01/31)^(a)		1,485		1,077,997
Revvity Inc.
2.25%, 09/15/31 (Call 06/15/31)		1,302		968,332
2.55%, 03/15/31 (Call 12/15/30)		700		539,087
STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31 (Call 12/15/30)^(a)		1,338		1,058,714
Thermo Fisher Scientific Inc., 2.00%, 10/15/31 (Call 07/15/31)^(a)		2,763		2,083,446
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)		1,657		1,269,553


				8,571,919

Health Care - Services — 3.2%
Banner Health, 1.90%, 01/01/31 (Call 07/01/30)		290		220,648
Bon Secours Mercy Health Inc., Series 20-2, 2.10%, 06/01/31 (Call 12/01/30)		477		363,805
Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31 (Call 02/15/31)		363		279,917
Centene Corp.
2.50%, 03/01/31 (Call 12/01/30)		4,788		3,625,912
2.63%, 08/01/31 (Call 05/01/31)		2,795		2,107,408
Elevance Health Inc., 2.55%, 03/15/31 (Call 12/15/30)		2,421		1,915,068
HCA Inc., 2.38%, 07/15/31 (Call 04/15/31)		1,915		1,422,864
Laboratory Corp. of America Holdings, 2.70%, 06/01/31 (Call 03/01/31)		1,162		916,135
OhioHealth Corp., 2.30%, 11/15/31 (Call 05/15/31)^(a)		694		536,510
Quest Diagnostics Inc., 2.80%, 06/30/31 (Call 03/30/31)^(a)		1,066		843,253
UnitedHealth Group Inc., 2.30%, 05/15/31 (Call 02/15/31)		3,584		2,819,386


				15,050,906

Holding Companies - Diversified — 0.2%
Ares Capital Corp., 3.20%, 11/15/31 (Call 08/15/31)		1,305		971,961


Security	Par (000)		Value

Home Builders — 0.1%
MDC Holdings Inc., 2.50%, 01/15/31 (Call 07/15/30)	$	878	$	643,341


Home Furnishings — 0.1%
Whirlpool Corp., 2.40%, 05/15/31 (Call 02/15/31)		825		633,005


Household Products & Wares — 0.3%
Church & Dwight Co. Inc., 2.30%, 12/15/31 (Call 09/15/31)		693		538,969
Kimberly-Clark Corp., 2.00%, 11/02/31 (Call 08/02/31)^(a)		1,263		969,591


				1,508,560

Insurance — 2.8%
Aon Global Ltd.
2.05%, 08/23/31 (Call 05/23/31)		943		698,582
2.60%, 12/02/31 (Call 09/02/31)		1,217		931,982
Arthur J Gallagher & Co., 2.40%, 11/09/31 (Call 08/09/31)		1,033		776,004
Assured Guaranty U.S. Holdings Inc., 3.15%, 06/15/31 (Call 03/15/31)^(a)		1,295		1,048,184
Athene Holding Ltd., 3.50%, 01/15/31 (Call 10/15/30)		1,225		976,526
Brown & Brown Inc., 2.38%, 03/15/31 (Call 12/15/30)^(a)		1,654		1,238,869
Enstar Group Ltd., 3.10%, 09/01/31 (Call 03/01/31)		1,151		850,673
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30)^(a)		1,349		1,085,959
Fidelity National Financial Inc., 2.45%, 03/15/31 (Call 12/15/30)		1,356		1,017,144
First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31)		1,166		841,971
Jackson Financial Inc., 3.13%, 11/23/31 (Call 08/23/31)^(a)		1,161		867,823
Lincoln National Corp., 3.40%, 01/15/31 (Call 10/15/30)^(a)		827		646,299
Marsh & McLennan Companies Inc., 2.38%, 12/15/31 (Call 09/15/31)		1,066		815,960
Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)		1,037		798,531
Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31)		923		656,944


				13,251,451

Internet — 2.4%
Alibaba Group Holding Ltd., 2.13%, 02/09/31 (Call 11/09/30)^(a)		2,735		2,097,352
Amazon.com Inc., 2.10%, 05/12/31 (Call 02/12/31)		6,033		4,753,032
Baidu Inc., 2.38%, 08/23/31 (Call 05/23/31)		995		750,965
eBay Inc., 2.60%, 05/10/31 (Call 02/10/31)^(a)		1,839		1,434,618
Expedia Group Inc., 2.95%, 03/15/31 (Call 12/15/30)		1,252		983,383
VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)		1,809		1,396,846


				11,416,196

Iron & Steel — 0.2%
Steel Dynamics Inc., 3.25%, 01/15/31 (Call 10/15/30)		1,288		1,063,879


Leisure Time — 0.2%
Brunswick Corp., 2.40%, 08/18/31 (Call 05/18/31)^(a)		1,286		906,578


Lodging — 0.8%
Choice Hotels International Inc., 3.70%, 01/15/31 (Call 10/15/30)		1,040		816,856
Marriott International Inc./MD, Series HH, 2.85%, 04/15/31 (Call 01/15/31)		2,600		2,041,778
Sands China Ltd., 3.50%, 08/08/31 (Call 05/08/31)		1,085		819,894


				3,678,528


Security	Par (000)		Value

Machinery — 1.3%
Caterpillar Inc., 1.90%, 03/12/31 (Call 12/12/30)^(a)	$	897	$	707,229
Deere & Co., 7.13%, 03/03/31		245		265,519
IDEX Corp., 2.63%, 06/15/31 (Call 03/15/31)^(a)		1,190		927,057
John Deere Capital Corp.
1.45%, 01/15/31^(a)		1,825		1,368,302
2.00%, 06/17/31		1,295		995,927
nVent Finance Sarl, 2.75%, 11/15/31 (Call 08/15/31)		398		296,488
Rockwell Automation Inc., 1.75%, 08/15/31 (Call 05/15/31)		880		663,705
Xylem Inc./NY, 2.25%, 01/30/31 (Call 10/30/30)		1,097		848,090


				6,072,317

Manufacturing — 0.6%
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)		2,447		1,928,886
Textron Inc., 2.45%, 03/15/31 (Call 12/15/30)^(a)		1,248		972,484


				2,901,370

Media — 3.2%
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, 04/01/31 (Call 01/01/31)		3,612		2,771,838
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)		4,015		2,970,318
1.95%, 01/15/31 (Call 10/15/30)^(a)		3,413		2,615,049
Paramount Global, 4.95%, 01/15/31 (Call 10/15/30)^(a)		2,551		2,130,090
Walt Disney Co. (The), 2.65%, 01/13/31^(a)		5,780		4,689,461


				15,176,756

Mining — 0.4%
Rio Tinto Alcan Inc., 7.25%, 03/15/31		1,022		1,092,125
Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)		1,176		891,738


				1,983,863

Office & Business Equipment — 0.4%
CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 (Call 09/01/31)		2,149		1,730,256


Oil & Gas — 3.9%
Burlington Resources LLC
7.20%, 08/15/31		1,017		1,093,858
7.40%, 12/01/31		800		872,354
Conoco Funding Co., 7.25%, 10/15/31^(a)		888		957,386
Devon Energy Corp., 7.88%, 09/30/31		1,270		1,358,296
Diamondback Energy Inc., 3.13%, 03/24/31 (Call 12/24/30)^(a)		1,898		1,555,450
Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31)^(a)		1,333		1,023,714
Hess Corp., 7.30%, 08/15/31		1,498		1,621,389
Occidental Petroleum Corp.
6.13%, 01/01/31 (Call 07/01/30)		2,406		2,345,468
7.50%, 05/01/31^(a)		1,920		2,013,261
7.88%, 09/15/31		1,001		1,070,606
Ovintiv Inc.
7.20%, 11/01/31		771		776,967
7.38%, 11/01/31		1,099		1,130,635
Pioneer Natural Resources Co., 2.15%, 01/15/31 (Call 10/15/30)^(a)		2,269		1,783,571
Valero Energy Corp., 2.80%, 12/01/31 (Call 09/01/31)^(a)		1,168		905,585


			18,508,540

Packaging & Containers — 0.4%
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)		1,395		1,078,818


Security	Par (000)		Value

Packaging & Containers (continued)
WestRock MWV LLC, 7.95%, 02/15/31	$	643	$	695,344


				1,774,162

Pharmaceuticals — 4.3%
Astrazeneca Finance LLC, 2.25%, 05/28/31 (Call 02/28/31)		1,862		1,465,336
Becton Dickinson and Co., 1.96%, 02/11/31 (Call 11/11/30)		2,382		1,812,956
Bristol-Myers Squibb Co., 5.75%, 02/01/31 (Call 12/01/30)		2,175		2,164,499
Cencora Inc., 2.70%, 03/15/31 (Call 12/15/30)		2,384		1,887,873
Cigna Group (The), 2.38%, 03/15/31 (Call 12/15/30)^(a)		3,443		2,681,764
CVS Health Corp.
1.88%, 02/28/31 (Call 11/28/30)		2,412		1,792,430
2.13%, 09/15/31 (Call 06/15/31)^(a)		2,678		1,993,160
5.25%, 01/30/31 (Call 11/30/30)		1,595		1,501,351
Merck & Co. Inc., 2.15%, 12/10/31 (Call 09/10/31)^(a)		4,333		3,339,092
Pfizer Inc., 1.75%, 08/18/31 (Call 05/18/31)		2,096		1,582,057


				20,220,518

Pipelines — 3.2%
Boardwalk Pipelines LP, 3.40%, 02/15/31 (Call 11/15/30)		1,074		876,099
Cheniere Energy Partners LP, 4.00%, 03/01/31 (Call 03/01/26)^(a)		3,182		2,663,841
Kinder Morgan Energy Partners LP, 7.40%, 03/15/31		682		704,770
Kinder Morgan Inc.
2.00%, 02/15/31 (Call 11/15/30)^(a)		1,669		1,247,699
7.80%, 08/01/31		1,237		1,309,405
ONEOK Inc., 6.35%, 01/15/31 (Call 10/15/30)		1,436		1,418,961
Targa Resources Corp., 4.88%, 02/01/31 (Call 02/01/26)		2,331		2,065,054
TransCanada PipeLines Ltd., 2.50%, 10/12/31 (Call 07/12/31)^(a)		2,330		1,757,818
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)^(a)		3,046		2,375,872
Series A, 7.50%, 01/15/31^(a)		825		862,649


				15,282,168

Real Estate — 0.3%
CBRE Services Inc., 2.50%, 04/01/31 (Call 01/01/31)		1,229		925,166
Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)		817		583,783


				1,508,949

Real Estate Investment Trusts — 11.1%
Alexandria Real Estate Equities Inc., 3.38%, 08/15/31 (Call 05/15/31)		1,815		1,472,774
American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30)		1,166		838,598
American Homes 4 Rent LP, 2.38%, 07/15/31 (Call 04/15/31)		1,040		774,422
American Tower Corp.
2.30%, 09/15/31 (Call 06/15/31)		1,630		1,201,376
2.70%, 04/15/31 (Call 01/15/31)		1,435		1,109,437
AvalonBay Communities Inc., 2.45%, 01/15/31 (Call 10/17/30)		1,388		1,095,608
Boston Properties LP, 3.25%, 01/30/31 (Call 10/30/30)		2,805		2,126,806
Brixmor Operating Partnership LP, 2.50%, 08/16/31 (Call 05/16/31)^(a)		1,204		885,432
Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31)		899		621,735


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Corporate Office Properties LP, 2.75%, 04/15/31 (Call 01/15/31)	$	1,165	$	853,066
Crown Castle International Corp.
2.10%, 04/01/31 (Call 01/01/31)		2,285		1,690,473
2.25%, 01/15/31 (Call 10/15/30)		2,502		1,885,951
2.50%, 07/15/31 (Call 04/15/31)		1,662		1,255,171
CubeSmart LP, 2.00%, 02/15/31 (Call 11/15/30)		715		528,232
EPR Properties, 3.60%, 11/15/31 (Call 08/15/31)		701		504,718
Equinix Inc., 2.50%, 05/15/31 (Call 02/15/31)		2,270		1,732,591
ERP Operating LP, 1.85%, 08/01/31 (Call 05/01/31)^(a)		828		612,852
Essex Portfolio LP
1.65%, 01/15/31 (Call 10/15/30)		792		571,427
2.55%, 06/15/31 (Call 03/15/31)		700		533,398
Extra Space Storage LP
2.40%, 10/15/31 (Call 07/15/31)^(a)		1,332		993,333
2.55%, 06/01/31 (Call 03/01/31)		1,130		858,757
GLP Capital LP/GLP Financing II Inc., 4.00%, 01/15/31 (Call 10/15/30)		1,411		1,145,928
Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)		1,692		1,234,021
Healthpeak Properties Inc., 2.88%, 01/15/31 (Call 10/15/30)^(a)		1,238		975,848
Highwoods Realty LP, 2.60%, 02/01/31 (Call 11/01/30)		795		557,204
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/31 (Call 09/15/31)		902		673,471
Invitation Homes Operating Partnership LP, 2.00%, 08/15/31 (Call 05/15/31)		1,447		1,043,377
Kimco Realty Corp., 2.25%, 12/01/31 (Call 09/01/31)^(a)		1,040		760,602
LXP Industrial Trust, 2.38%, 10/01/31 (Call 07/01/31)		961		686,994
Mid-America Apartments LP, 1.70%, 02/15/31 (Call 11/15/30)^(a)		1,118		831,906
National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30)		938		675,839
Omega Healthcare Investors Inc., 3.38%, 02/01/31 (Call 11/01/30)		1,458		1,121,076
Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31)		690		496,229
Physicians Realty LP, 2.63%, 11/01/31 (Call 08/01/31)		1,098		807,953
Prologis LP
1.63%, 03/15/31 (Call 12/15/30)		775		570,652
1.75%, 02/01/31 (Call 11/01/30)^(a)		1,294		967,928
Public Storage Operating Co.
2.25%, 11/09/31 (Call 08/09/31)		1,436		1,096,858
2.30%, 05/01/31 (Call 02/01/31)		1,457		1,132,138
Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)		1,117		855,356
Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30)		2,227		1,827,728
Rexford Industrial Realty LP, 2.15%, 09/01/31 (Call 06/01/31)		1,029		745,143
Sabra Health Care LP, 3.20%, 12/01/31 (Call 09/01/31)		1,676		1,234,385
Safehold GL Holdings LLC, 2.80%, 06/15/31 (Call 03/15/31)^(a)		880		648,225
Simon Property Group LP, 2.20%, 02/01/31 (Call 11/01/30)		1,634		1,233,160
Spirit Realty LP, 3.20%, 02/15/31 (Call 11/15/30)		1,090		861,504
STORE Capital Corp., 2.70%, 12/01/31 (Call 09/01/31)		914		611,267


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Sun Communities Operating LP, 2.70%, 07/15/31 (Call 04/15/31)	$	1,773	$	1,324,949
Tanger Properties LP, 2.75%, 09/01/31 (Call 06/01/31)		908		641,752
UDR Inc., 3.00%, 08/15/31 (Call 05/15/31)^(a)		1,444		1,143,112
Ventas Realty LP, 2.50%, 09/01/31 (Call 06/01/31)		1,137		854,270
Vornado Realty LP, 3.40%, 06/01/31 (Call 03/01/31)		555		384,328
Welltower OP LLC
2.75%, 01/15/31 (Call 10/15/30)		1,431		1,123,416
2.80%, 06/01/31 (Call 03/01/31)		1,725		1,350,291
WP Carey Inc., 2.40%, 02/01/31 (Call 11/01/30)		1,246		946,317


				52,709,384

Retail — 3.2%
AutoNation Inc., 2.40%, 08/01/31 (Call 05/01/31)^(a)		1,016		723,611
AutoZone Inc., 1.65%, 01/15/31 (Call 10/15/30)		1,512		1,107,609
Dollar Tree Inc., 2.65%, 12/01/31 (Call 09/01/31)		1,895		1,439,012
Home Depot Inc. (The)
1.38%, 03/15/31 (Call 12/15/30)		2,798		2,068,852
1.88%, 09/15/31 (Call 06/15/31)		2,394		1,808,003
Lowe’s Companies Inc., 2.63%, 04/01/31 (Call 01/01/31)		3,501		2,764,505
O’Reilly Automotive Inc., 1.75%, 03/15/31 (Call 12/15/30)^(a)		1,046		774,660
Ross Stores Inc., 1.88%, 04/15/31 (Call 01/15/31)		1,027		763,030
TJX Companies Inc. (The), 1.60%, 05/15/31 (Call 02/15/31)		910		684,040
Walmart Inc., 1.80%, 09/22/31 (Call 06/22/31)		3,939		3,027,119


				15,160,441

Semiconductors — 3.7%
Analog Devices Inc., 2.10%, 10/01/31 (Call 07/01/31)		2,196		1,693,030
Broadcom Inc., 2.45%, 02/15/31 (Call 11/15/30)^(b)		6,018		4,616,850
Intel Corp., 2.00%, 08/12/31 (Call 05/12/31)		2,967		2,271,880
Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)		1,808		1,426,818
NVIDIA Corp., 2.00%, 06/15/31 (Call 03/15/31)		3,014		2,349,243
NXP BV/NXP Funding LLC/NXP USA Inc., 2.50%, 05/11/31 (Call 02/11/31)		2,264		1,728,118
Skyworks Solutions Inc., 3.00%, 06/01/31 (Call 03/01/31)		1,115		854,484
Texas Instruments Inc., 1.90%, 09/15/31 (Call 06/15/31)		1,148		883,632
TSMC Arizona Corp., 2.50%, 10/25/31 (Call 07/25/31)^(a)		2,285		1,806,743


				17,630,798

Software — 4.1%
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)^(a)		2,301		1,768,140
Broadridge Financial Solutions Inc., 2.60%, 05/01/31 (Call 02/01/31)		2,350		1,821,464
Electronic Arts Inc., 1.85%, 02/15/31 (Call 11/15/30)		1,612		1,225,854
Fidelity National Information Services Inc., 2.25%, 03/01/31 (Call 12/01/30)^(a)		2,874		2,190,484
Oracle Corp., 2.88%, 03/25/31 (Call 12/25/30)		6,981		5,598,207
Roper Technologies Inc., 1.75%, 02/15/31 (Call 11/15/30)		2,421		1,788,984
salesforce.com Inc., 1.95%, 07/15/31 (Call 04/15/31)		3,400		2,623,289
VMware Inc., 2.20%, 08/15/31 (Call 05/15/31)		3,451		2,551,147


				19,567,569

Telecommunications — 7.4%
AT&T Inc., 2.75%, 06/01/31 (Call 03/01/31)		6,740		5,300,728


Security	Par (000)		Value


Telecommunications (continued)
Motorola Solutions Inc., 2.75%, 05/24/31 (Call 02/24/31)	$	2,042	$	1,582,893
Orange SA, 9.00%, 03/01/31		5,531		6,337,005
T-Mobile USA Inc.
2.25%, 11/15/31 (Call 08/15/31)		2,192		1,627,107
2.55%, 02/15/31 (Call 11/15/30)		5,584		4,349,380
2.88%, 02/15/31 (Call 02/15/26)		2,107		1,680,627
3.50%, 04/15/31 (Call 04/15/26)^(a)		5,458		4,530,848
Verizon Communications Inc.
1.75%, 01/20/31 (Call 10/20/30)^(a)		5,395		3,989,428
2.55%, 03/21/31 (Call 12/21/30)		7,696		6,008,808


				35,406,824

Transportation — 1.7%
Canadian Pacific Railway Co.
2.45%, 12/02/31 (Call 09/02/31)		2,266		1,980,240
7.13%, 10/15/31		708		747,582
FedEx Corp., 2.40%, 05/15/31 (Call 02/15/31)^(a)		2,451		1,913,890
GXO Logistics Inc., 2.65%, 07/15/31 (Call 04/15/31)		883		659,607
Norfolk Southern Corp., 2.30%, 05/15/31 (Call 02/15/31)		1,377		1,078,389
Union Pacific Corp., 2.38%, 05/20/31 (Call 02/20/31)		2,217		1,751,385


				8,131,093

Trucking & Leasing — 0.1%
GATX Corp., 1.90%, 06/01/31 (Call 03/01/31)^(a)		934		672,168


Water — 0.3%
American Water Capital Corp., 2.30%, 06/01/31 (Call 03/01/31)		1,167		907,557
Essential Utilities Inc., 2.40%, 05/01/31 (Call 02/01/31)^(a)		733		560,829


				1,468,386


Total Long-Term Investments — 98.7% (Cost: $509,024,835)				469,385,373



Security	Shares		Value


Short-Term Securities

Money Market Funds — 7.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		32,234,703	$	32,247,597
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)(d)		1,810,000		1,810,000


Total Short-Term Securities — 7.2% (Cost: $34,048,566)				34,057,597


Total Investments — 105.9% (Cost: $543,073,401)				503,442,970

Liabilities in Excess of Other Assets — (5.9)%				(27,871,457	)


Net Assets — 100.0%			$	475,571,513

^(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%
Lockheed Martin Corp., 3.90%, 06/15/32 (Call 03/15/32)	$	1,014	$	887,852
RTX Corp., 2.38%, 03/15/32 (Call 12/15/31)		1,198		899,769


				1,787,621

Agriculture — 2.4%
Altria Group Inc., 2.45%, 02/04/32 (Call 11/04/31)		2,047		1,493,497
Archer-Daniels-Midland Co.
2.90%, 03/01/32 (Call 12/01/31)		801		649,432
5.94%, 10/01/32^(a)		500		505,058
BAT Capital Corp.
4.74%, 03/16/32 (Call 12/16/31)		1,071		919,514
7.75%, 10/19/32 (Call 07/19/32)		685		702,658
Philip Morris International Inc., 5.75%, 11/17/32 (Call 08/17/32)		1,774		1,694,136


				5,964,295

Airlines — 0.6%
American Airlines Pass Through Trust, Series 2019-1, Class AA, 3.15%, 08/15/33		430		357,629
JetBlue Pass Through Trust
Series 1A, Class A, 4.00%, 05/15/34		393		345,645
Series 2019-1, Class AA, 2.75%, 11/15/33		327		270,570
United Airlines Pass Through Trust, Series 2019-2, Class AA, 2.70%, 11/01/33		571		457,187


				1,431,031

Apparel — 0.2%
Tapestry Inc., 3.05%, 03/15/32 (Call 12/15/31)		612		437,498


Auto Manufacturers — 1.4%
General Motors Co., 5.60%, 10/15/32 (Call 07/15/32)^(a)		1,470		1,341,928
General Motors Financial Co. Inc., 3.10%, 01/12/32 (Call 10/12/31)		1,465		1,113,876
Honda Motor Co. Ltd., 2.97%, 03/10/32 (Call 12/10/31)^(a)		912		750,198
Toyota Motor Credit Corp., 2.40%, 01/13/32		274		214,459


				3,420,461

Auto Parts & Equipment — 0.4%
Aptiv PLC, 3.25%, 03/01/32 (Call 12/01/31)^(a)		979		785,042
Lear Corp., 2.60%, 01/15/32 (Call 10/15/31)		386		284,542


				1,069,584

Banks — 4.7%
Bank of New York Mellon Corp. (The), 2.50%, 01/26/32 (Call 10/26/31)		555		424,731
Bank of Nova Scotia (The), 2.45%, 02/02/32		1,047		786,482
Canadian Imperial Bank of Commerce, 3.60%, 04/07/32 (Call 03/07/32)^(a)		1,160		953,435
Citigroup Inc., 6.63%, 06/15/32^(a)		1,174		1,163,294
Citizens Financial Group Inc., 2.64%, 09/30/32 (Call 07/02/32)		690		457,882
KeyBank NA/Cleveland OH, 4.90%, 08/08/32		735		542,374
Morgan Stanley, 7.25%, 04/01/32		1,180		1,258,907
Northern Trust Corp., 6.13%, 11/02/32 (Call 08/02/32)		1,155		1,112,563
Royal Bank of Canada, 3.88%, 05/04/32		1,151		967,170
Toronto-Dominion Bank (The)
2.45%, 01/12/32		707		532,473
3.20%, 03/10/32		1,722		1,367,964
4.46%, 06/08/32		2,333		2,033,911


				11,601,186


Security	Par (000)		Value

Beverages — 2.3%
Coca-Cola Co. (The), 2.25%, 01/05/32	$	1,961	$	1,552,517
Coca-Cola Femsa SAB de CV, 1.85%, 09/01/32 (Call 06/01/32)^(a)		805		585,242
Constellation Brands Inc., 4.75%, 05/09/32 (Call 02/09/32)		876		787,746
Diageo Capital PLC, 2.13%, 04/29/32 (Call 01/29/32)		975		733,900
Keurig Dr Pepper Inc., 4.05%, 04/15/32 (Call 01/15/32)		1,048		900,779
PepsiCo Inc., 3.90%, 07/18/32 (Call 04/18/32)		1,277		1,131,593


				5,691,777

Biotechnology — 1.1%
Amgen Inc.
2.00%, 01/15/32 (Call 10/15/31)^(a)		1,197		884,602
3.35%, 02/22/32 (Call 11/22/31)		1,155		950,647
Bio-Rad Laboratories Inc., 3.70%, 03/15/32 (Call 12/15/31)		971		779,708


				2,614,957

Building Materials — 0.3%
Fortune Brands Home & Security Inc., 4.00%, 03/25/32 (Call 12/25/31)		357		295,715
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 4.90%, 12/01/32 (Call 09/01/32)^(a)		438		404,506


				700,221

Chemicals — 1.5%
Albemarle Corp., 5.05%, 06/01/32 (Call 03/01/32)^(a)		737		643,685
Cabot Corp., 5.00%, 06/30/32 (Call 03/30/32)		524		466,728
Celanese U.S. Holdings LLC, 6.38%, 07/15/32 (Call 04/15/32)		1,188		1,116,213
Ecolab Inc., 2.13%, 02/01/32 (Call 11/01/31)^(a)		870		662,402
RPM International Inc., 2.95%, 01/15/32 (Call 10/15/31)		415		316,501
Sherwin-Williams Co. (The), 2.20%, 03/15/32 (Call 12/15/31)		656		487,787


				3,693,316

Commercial Services — 2.6%
Cintas Corp. No. 2, 4.00%, 05/01/32 (Call 02/01/32)		748		654,232
Global Payments Inc., 5.40%, 08/15/32 (Call 05/15/32)		895		810,935
Johns Hopkins University, 4.71%, 07/01/32 (Call 04/01/32)^(a)		420		397,350
Moody’s Corp., 4.25%, 08/08/32 (Call 05/08/32)		662		583,685
PayPal Holdings Inc., 4.40%, 06/01/32 (Call 03/01/32)^(a)		1,220		1,092,625
Quanta Services Inc., 2.35%, 01/15/32 (Call 10/15/31)		563		405,022
RELX Capital Inc., 4.75%, 05/20/32 (Call 02/20/32)		608		557,472
S&P Global Inc., 2.90%, 03/01/32 (Call 12/01/31)		1,716		1,376,583
Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31)		693		501,544


				6,379,448

Computers — 1.7%
Apple Inc., 3.35%, 08/08/32 (Call 05/08/32)		1,435		1,231,803
HP Inc., 4.20%, 04/15/32 (Call 01/15/32)		750		632,029
International Business Machines Corp.
2.72%, 02/09/32 (Call 11/09/31)		435		347,876
4.40%, 07/27/32 (Call 04/27/32)		1,080		968,136
5.88%, 11/29/32^(a)		561		564,410


Security	Par (000)		Value

Computers (continued)
Western Digital Corp., 3.10%, 02/01/32 (Call 11/01/31)^(a)	$	514	$	362,110


				4,106,364

Cosmetics & Personal Care — 1.6%
Colgate-Palmolive Co., 3.25%, 08/15/32 (Call 05/15/32)		479		403,508
GSK Consumer Healthcare Capital U.S. LLC, 3.63%, 03/24/32 (Call 12/24/31)		2,284		1,901,693
Procter & Gamble Co. (The), 2.30%, 02/01/32		895		714,374
Unilever Capital Corp., 5.90%, 11/15/32		1,001		1,012,095


				4,031,670

Diversified Financial Services — 5.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/32 (Call 10/30/31)		4,491		3,482,720
Air Lease Corp., 2.88%, 01/15/32 (Call 10/15/31)^(a)		910		692,408
Ameriprise Financial Inc., 4.50%, 05/13/32 (Call 02/13/32)		657		591,570
Brookfield Finance Inc., 2.34%, 01/30/32 (Call 10/30/31)		745		541,877
Cboe Global Markets Inc., 3.00%, 03/16/32 (Call 12/16/31)		425		340,799
Charles Schwab Corp. (The), 2.90%, 03/03/32 (Call 12/03/31)^(a)		1,195		912,917
CME Group Inc., 2.65%, 03/15/32 (Call 12/15/31)		1,005		801,356
Credit Suisse USA Inc., 7.13%, 07/15/32		877		910,196
Discover Financial Services, 6.70%, 11/29/32 (Call 08/29/32)		885		819,695
Intercontinental Exchange Inc., 1.85%, 09/15/32 (Call 06/15/32)		1,775		1,262,618
Jefferies Group LLC, 2.75%, 10/15/32 (Call 07/15/32)		613		443,736
Nomura Holdings Inc., 3.00%, 01/22/32		905		685,011
ORIX Corp.
4.00%, 04/13/32		404		346,991
5.20%, 09/13/32^(a)		505		472,554


				12,304,448

Electric — 11.1%
AEP Texas Inc., 4.70%, 05/15/32 (Call 02/15/32)		565		502,558
Alabama Power Co.
3.05%, 03/15/32 (Call 12/15/31)^(a)		497		403,602
3.94%, 09/01/32 (Call 03/01/32)^(a)		383		329,682
Ameren Illinois Co., 3.85%, 09/01/32 (Call 06/01/32)		571		486,145
American Electric Power Co. Inc., 5.95%, 11/01/32 (Call 08/01/32)		613		592,543
Appalachian Power Co., 4.50%, 08/01/32 (Call 05/01/32)		595		520,164
Arizona Public Service Co., 6.35%, 12/15/32 (Call 09/15/32)		461		459,747
CenterPoint Energy Houston Electric LLC
Series AG, 3.00%, 03/01/32 (Call 12/01/31)		335		270,148
Series ai., 4.45%, 10/01/32 (Call 07/01/32)		630		563,306
Commonwealth Edison Co., 3.15%, 03/15/32 (Call 12/15/31)		368		301,135
Consumers Energy Co., 3.60%, 08/15/32 (Call 02/15/32)		482		405,387
Dominion Energy Inc.
4.35%, 08/15/32 (Call 05/15/32)		561		485,378
5.38%, 11/15/32 (Call 08/15/32)		1,180		1,092,815
Dominion Energy South Carolina Inc., 6.63%, 02/01/32		190		197,184


Security	Par (000)		Value

Electric (continued)
DTE Electric Co., Series A, 3.00%, 03/01/32 (Call 12/01/31)	$	655	$	527,609
Duke Energy Carolinas LLC
2.85%, 03/15/32 (Call 12/15/31)		755		599,201
6.45%, 10/15/32		260		261,536
Duke Energy Corp., 4.50%, 08/15/32 (Call 05/15/32)		1,162		1,015,598
Duke Energy Progress LLC, 3.40%, 04/01/32 (Call 01/01/32)		917		759,746
Entergy Louisiana LLC, 2.35%, 06/15/32 (Call 03/15/32)		602		450,584
Eversource Energy, 3.38%, 03/01/32 (Call 12/01/31)		770		619,430
Exelon Corp., 3.35%, 03/15/32 (Call 12/15/31)		715		578,761
Florida Power & Light Co., 2.45%, 02/03/32 (Call 11/03/31)		1,740		1,356,751
Georgia Power Co., 4.70%, 05/15/32 (Call 02/15/32)		695		629,834
National Rural Utilities Cooperative Finance Corp.
2.75%, 04/15/32 (Call 01/15/32)		735		571,792
4.02%, 11/01/32 (Call 05/01/32)		395		337,727
4.15%, 12/15/32 (Call 09/15/32)		625		538,612
Series C, 8.00%, 03/01/32		336		372,676
NextEra Energy Capital Holdings Inc.
2.44%, 01/15/32 (Call 10/15/31)		1,127		844,999
5.00%, 07/15/32 (Call 04/15/32)		1,145		1,040,889
Oncor Electric Delivery Co. LLC
4.15%, 06/01/32 (Call 03/01/32)^(a)		180		158,820
4.55%, 09/15/32 (Call 06/15/32)		995		889,059
7.00%, 05/01/32		545		575,815
Pacific Gas and Electric Co.
4.40%, 03/01/32 (Call 12/01/31)		364		299,388
5.90%, 06/15/32 (Call 03/15/32)		829		755,582
Public Service Co. of Colorado, 4.10%, 06/01/32 (Call 03/01/32)^(a)		280		242,480
Public Service Electric & Gas Co.
3.10%, 03/15/32 (Call 12/15/31)		833		682,464
4.90%, 12/15/32 (Call 09/15/32)		313		290,763
Puget Energy Inc., 4.22%, 03/15/32 (Call 12/15/31)		491		408,708
San Diego Gas & Electric Co., Series XXX, 3.00%, 03/15/32 (Call 12/15/31)		619		498,715
Southern California Edison Co.
2.75%, 02/01/32 (Call 11/01/31)		425		330,882
5.95%, 11/01/32 (Call 08/01/32)		985		961,681
Southern Co. (The), 5.70%, 10/15/32 (Call 04/15/32)		1,025		982,054
Tucson Electric Power Co., 3.25%, 05/15/32 (Call 02/15/32)^(a)		313		254,036
Union Electric Co., 2.15%, 03/15/32 (Call 12/15/31)		676		506,093
Virginia Electric & Power Co., 2.40%, 03/30/32 (Call 12/30/31)		514		390,578
Wisconsin Electric Power Co., 4.75%, 09/30/32 (Call 06/30/32)		588		541,172
Wisconsin Power and Light Co., 3.95%, 09/01/32 (Call 06/01/32)		582		500,729
Xcel Energy Inc., 4.60%, 06/01/32 (Call 12/01/31)		902		797,534


				27,182,092

Electronics — 0.9%
Allegion U.S. Holding Co. Inc., 5.41%, 07/01/32 (Call 04/01/32)		732		668,782
Arrow Electronics Inc., 2.95%, 02/15/32 (Call 11/15/31)		630		477,949
Avnet Inc., 5.50%, 06/01/32 (Call 03/01/32)		391		348,817


Security	Par (000)		Value

Electronics (continued)
Tyco Electronics Group SA, 2.50%, 02/04/32 (Call 12/04/31)	$	767	$	600,525


				2,096,073

Entertainment — 1.9%
Warnermedia Holdings Inc., 4.28%, 03/15/32 (Call 12/15/31)		5,556		4,605,258


Environmental Control — 1.1%
Republic Services Inc., 1.75%, 02/15/32 (Call 11/15/31)^(a)		963		700,638
Waste Connections Inc.
2.20%, 01/15/32 (Call 10/15/31)		779		586,594
3.20%, 06/01/32 (Call 03/01/32)		555		449,660
Waste Management Inc., 4.15%, 04/15/32 (Call 01/15/32)^(a)		1,169		1,035,475


				2,772,367

Food — 1.8%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.00%, 05/15/32 (Call 02/15/32)		1,075		779,620
3.63%, 01/15/32 (Call 01/15/27)		970		743,223
JM Smucker Co. (The), 2.13%, 03/15/32 (Call 12/15/31)^(a)		637		466,425
Kraft Heinz Foods Co., 6.75%, 03/15/32		418		431,457
Mondelez International Inc.
1.88%, 10/15/32 (Call 07/15/32)		690		496,429
3.00%, 03/17/32 (Call 12/17/31)		980		784,808
Pilgrim’s Pride Corp., 3.50%, 03/01/32 (Call 09/01/26)		1,022		778,488


				4,480,450

Forest Products & Paper — 0.3%
Suzano Austria GmbH, 3.13%, 01/15/32 (Call 10/15/31)^(a)		995		750,069


Gas — 0.9%
Atmos Energy Corp., 5.45%, 10/15/32 (Call 07/15/32)^(a)		302		291,582
CenterPoint Energy Resources Corp., 4.40%, 07/01/32 (Call 04/01/32)		475		416,917
ONE Gas Inc., 4.25%, 09/01/32 (Call 06/01/32)		430		378,722
Southern Co. Gas Capital Corp., 5.15%, 09/15/32 (Call 03/15/32)		515		473,296
Southwest Gas Corp., 4.05%, 03/15/32 (Call 12/15/31)		655		554,864


				2,115,381

Hand & Machine Tools — 0.2%
Stanley Black & Decker Inc., 3.00%, 05/15/32 (Call 02/15/32)^(a)		636		498,737


Health Care - Products — 2.3%
Baxter International Inc., 2.54%, 02/01/32 (Call 11/01/31)^(a)		1,793		1,343,425
GE HealthCare Technologies Inc., 5.91%, 11/22/32 (Call 08/22/32)		1,905		1,842,997
HCA Inc., 3.63%, 03/15/32 (Call 12/15/31)		2,221		1,783,572
Thermo Fisher Scientific Inc., 4.95%, 11/21/32 (Call 08/21/32)		781		726,802


				5,696,796

Health Care - Services — 1.9%
Adventist Health System, 5.43%, 03/01/32 (Call 12/01/31)		340		322,240
Anthem Inc., 4.10%, 05/15/32 (Call 02/15/32)		758		657,168


Security	Par (000)		Value

Health Care - Services (continued)
Elevance Health Inc., 5.50%, 10/15/32 (Call 07/15/32)	$	790	$	755,901
Humana Inc., 2.15%, 02/03/32 (Call 11/03/31)		944		695,371
Piedmont Healthcare Inc., 2.04%, 01/01/32 (Call 07/01/31)		260		194,546
UnitedHealth Group Inc., 4.20%, 05/15/32 (Call 02/15/32)		1,695		1,501,947
Universal Health Services Inc., 2.65%, 01/15/32 (Call 10/15/31)		565		414,483


				4,541,656

Home Builders — 0.2%
PulteGroup Inc., 7.88%, 06/15/32		393		421,801


Home Furnishings — 0.1%
Whirlpool Corp., 4.70%, 05/14/32 (Call 02/14/32)		404		356,008


Household Products & Wares — 0.7%
Avery Dennison Corp., 2.25%, 02/15/32 (Call 11/15/31)		595		436,924
Church & Dwight Co. Inc., 5.60%, 11/15/32 (Call 08/15/32)		615		601,663
Clorox Co. (The), 4.60%, 05/01/32 (Call 02/01/32)^(a)		770		694,228


				1,732,815

Insurance — 3.8%
Aon Global Ltd., 5.00%, 09/12/32 (Call 06/12/32)		645		584,783
Assurant Inc., 2.65%, 01/15/32 (Call 10/15/31)		435		312,896
Berkshire Hathaway Finance Corp., 2.88%, 03/15/32 (Call 12/15/31)		1,175		957,746
Brown & Brown Inc., 4.20%, 03/17/32 (Call 12/17/31)		741		620,818
Corebridge Financial Inc., 3.90%, 04/05/32 (Call 01/05/32)		1,711		1,399,607
Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32)		795		733,815
Globe Life Inc., 4.80%, 06/15/32 (Call 03/15/32)^(a)		445		399,792
Jackson Financial Inc., 5.67%, 06/08/32 (Call 03/08/32)		332		305,365
Kemper Corp., 3.80%, 02/23/32 (Call 11/23/31)		467		355,622
Lincoln National Corp., 3.40%, 03/01/32 (Call 12/01/31)		246		184,481
Manulife Financial Corp., 3.70%, 03/16/32 (Call 12/16/31)^(a)		778		663,094
Marsh & McLennan Companies Inc., 5.75%, 11/01/32 (Call 08/01/32)		606		591,046
MetLife Inc., 6.50%, 12/15/32^(a)		750		767,401
Progressive Corp. (The)
3.00%, 03/15/32 (Call 12/15/31)		669		543,958
6.25%, 12/01/32		438		442,378
Prudential Funding Asia PLC, 3.63%, 03/24/32 (Call 12/24/31)		460		379,094


				9,241,896

Internet — 3.2%
Amazon.com Inc.
3.60%, 04/13/32 (Call 01/13/32)		2,715		2,355,825
4.70%, 12/01/32 (Call 09/01/32)		2,297		2,152,104
eBay Inc., 6.30%, 11/22/32 (Call 08/22/32)^(a)		499		497,014
Meta Platforms Inc., 3.85%, 08/15/32 (Call 05/15/32)		3,249		2,821,512


				7,826,455

Iron & Steel — 0.7%
ArcelorMittal SA, 6.80%, 11/29/32 (Call 08/29/32)		1,114		1,066,250
Nucor Corp., 3.13%, 04/01/32 (Call 01/01/32)^(a)		707		570,932


				1,637,182


Security	Par (000)		Value

Leisure Time — 0.2%
Brunswick Corp., 4.40%, 09/15/32 (Call 06/15/32)	$	545	$	428,554


Lodging — 0.4%
Marriott International Inc./MD, Series GG, 3.50%, 10/15/32 (Call 07/15/32)		1,199		951,126


Machinery — 0.6%
Flowserve Corp., 2.80%, 01/15/32 (Call 10/15/31)		521		383,703
John Deere Capital Corp.
3.90%, 06/07/32		651		568,659
4.35%, 09/15/32		630		569,309


				1,521,671

Manufacturing — 1.4%
Carlisle Companies Inc., 2.20%, 03/01/32 (Call 12/01/31)		596		436,389
Eaton Corp., 4.00%, 11/02/32		741		646,988
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)		1,020		916,060
General Electric Co., 6.75%, 03/15/32		1,000		1,060,727
Pentair Finance Sarl, 5.90%, 07/15/32 (Call 04/15/32)		502		477,375


				3,537,539

Media — 1.8%
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, 02/01/32 (Call 11/01/31)		1,153		824,211
Comcast Corp., 5.50%, 11/15/32 (Call 08/15/32)^(a)		1,231		1,185,287
FactSet Research Systems Inc., 3.45%, 03/01/32 (Call 12/01/31)		593		479,242
Grupo Televisa SAB, 8.50%, 03/11/32^(a)		265		292,255
Paramount Global, 4.20%, 05/19/32 (Call 02/19/32)^(a)		1,130		872,049
TWDC Enterprises 18 Corp., Series B, 7.00%, 03/01/32		648		691,040


				4,344,084

Metal Fabricate & Hardware — 0.2%
Timken Co. (The), 4.13%, 04/01/32 (Call 01/01/32)		445		371,264


Mining — 0.4%
Newmont Corp., 2.60%, 07/15/32 (Call 04/15/32)		1,215		929,387


Oil & Gas — 2.4%
BP Capital Markets America Inc., 2.72%, 01/12/32 (Call 10/12/31)^(a)		2,019		1,602,404
Canadian Natural Resources Ltd., 7.20%, 01/15/32		508		524,449
Cenovus Energy Inc., 2.65%, 01/15/32 (Call 10/15/31)		626		474,453
ConocoPhillips Co., 5.90%, 10/15/32		660		664,550
Devon Energy Corp., 7.95%, 04/15/32		470		508,919
Marathon Oil Corp., 6.80%, 03/15/32		664		669,374
Suncor Energy Inc., 7.15%, 02/01/32		617		637,105
Valero Energy Corp., 7.50%, 04/15/32		832		883,825


				5,965,079

Packaging & Containers — 0.5%
AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)		415		338,062
Sonoco Products Co., 2.85%, 02/01/32 (Call 11/01/31)		633		491,607
WRKCo Inc., 4.20%, 06/01/32 (Call 03/01/32)^(a)		495		431,421


				1,261,090

Pharmaceuticals — 1.3%
Becton Dickinson and Co., 4.30%, 08/22/32 (Call 05/22/32)		660		579,378


Security	Par (000)		Value

Pharmaceuticals (continued)
Bristol-Myers Squibb Co., 2.95%, 03/15/32 (Call 12/15/31)^(a)	$	2,078	$	1,688,646
Zoetis Inc., 5.60%, 11/16/32 (Call 08/16/32)^(a)		860		833,682


				3,101,706

Pipelines — 3.5%
Boardwalk Pipelines LP, 3.60%, 09/01/32 (Call 06/01/32)		623		494,260
Cheniere Energy Partners LP, 3.25%, 01/31/32 (Call 01/31/27)		1,389		1,075,950
DCP Midstream Operating LP, 3.25%, 02/15/32 (Call 08/15/31)		521		409,941
Kinder Morgan Energy Partners LP, 7.75%, 03/15/32		323		338,656
Kinder Morgan Inc., 7.75%, 01/15/32		1,106		1,174,771
MPLX LP, 4.95%, 09/01/32 (Call 06/01/32)		1,143		1,015,564
ONEOK Inc., 6.10%, 11/15/32 (Call 08/15/32)		842		811,930
Targa Resources Corp., 4.00%, 01/15/32 (Call 07/15/26)		1,215		1,002,581
Texas Eastern Transmission LP, 7.00%, 07/15/32		576		602,275
Williams Companies Inc. (The)
4.65%, 08/15/32 (Call 05/15/32)		1,156		1,019,494
8.75%, 03/15/32		447		499,089


				8,444,511

Real Estate Investment Trusts — 7.1%
Agree LP, 4.80%, 10/01/32 (Call 07/01/32)		382		331,119
Alexandria Real Estate Equities Inc., 2.00%, 05/18/32 (Call 02/18/32)		1,037		728,981
American Homes 4 Rent LP, 3.63%, 04/15/32 (Call 01/15/32)		728		586,978
American Tower Corp., 4.05%, 03/15/32 (Call 12/15/31)^(a)		819		687,168
AvalonBay Communities Inc., 2.05%, 01/15/32 (Call 10/15/31)^(a)		565		426,007
Boston Properties LP, 2.55%, 04/01/32 (Call 01/01/32)		997		690,635
CubeSmart LP, 2.50%, 02/15/32 (Call 11/15/31)		637		472,240
Equinix Inc., 3.90%, 04/15/32 (Call 01/15/32)		1,407		1,170,719
Essex Portfolio LP, 2.65%, 03/15/32 (Call 12/15/31)		776		586,862
Extra Space Storage LP, 2.35%, 03/15/32 (Call 12/15/31)		731		535,476
GLP Capital LP/GLP Financing II Inc., 3.25%, 01/15/32 (Call 10/15/31)		961		727,045
Healthpeak Properties Interim Inc., 5.25%, 12/15/32 (Call 09/15/32)		907		821,036
Invitation Homes Operating Partnership LP, 4.15%, 04/15/32 (Call 01/15/32)		710		592,665
Kilroy Realty LP, 2.50%, 11/15/32 (Call 08/15/32)		442		292,282
Kimco Realty Corp., 3.20%, 04/01/32 (Call 01/01/32)		714		558,254
Piedmont Operating Partnership LP, 2.75%, 04/01/32 (Call 01/01/32)		290		185,473
Prologis LP, 2.25%, 01/15/32 (Call 10/15/31)		649		488,543
Realty Income Corp.
2.85%, 12/15/32 (Call 09/15/32)		576		436,331
5.63%, 10/13/32 (Call 07/13/32)		1,027		969,923
Safehold GL Holdings LLC, 2.85%, 01/15/32 (Call 08/15/31)^(a)		363		263,527
Simon Property Group LP
2.25%, 01/15/32 (Call 10/15/31)		1,032		756,437
2.65%, 02/01/32 (Call 12/01/31)^(a)		505		384,106
Spirit Realty LP, 2.70%, 02/15/32 (Call 11/15/31)		395		293,070


Security	Par (000)		Value


Real Estate Investment Trusts (continued)
Sun Communities Operating LP, 4.20%, 04/15/32 (Call 01/15/32)	$	697	$	575,215
UDR Inc., 2.10%, 08/01/32 (Call 05/01/32)		380		267,942
VICI Properties LP, 5.13%, 05/15/32 (Call 02/15/32)		1,659		1,432,418
Welltower Inc.
2.75%, 01/15/32 (Call 10/15/31)		613		467,739
3.85%, 06/15/32 (Call 03/15/32)		654		542,975
Weyerhaeuser Co., 7.38%, 03/15/32		671		707,633
WP Carey Inc., 2.45%, 02/01/32 (Call 11/01/31)		460		338,230


				17,317,029

Retail — 5.4%
AutoNation Inc., 3.85%, 03/01/32 (Call 12/01/31)		765		599,810
AutoZone Inc., 4.75%, 08/01/32 (Call 05/01/32)		919		815,914
Costco Wholesale Corp., 1.75%, 04/20/32 (Call 01/20/32)		1,027		768,885
Dick’s Sporting Goods Inc., 3.15%, 01/15/32 (Call 10/15/31)^(a)		814		614,147
Dollar General Corp., 5.00%, 11/01/32 (Call 08/01/32)^(a)		833		741,759
Genuine Parts Co., 2.75%, 02/01/32 (Call 11/01/31)		640		481,267
Home Depot Inc. (The)
3.25%, 04/15/32 (Call 01/15/32)		1,420		1,183,158
4.50%, 09/15/32 (Call 06/15/32)^(a)		1,393		1,278,570
Lowe’s Companies Inc., 3.75%, 04/01/32 (Call 01/01/32)		1,780		1,492,060
McDonald’s Corp., 4.60%, 09/09/32 (Call 06/09/32)^(a)		962		882,657
O’Reilly Automotive Inc., 4.70%, 06/15/32 (Call 03/15/32)		1,034		925,432
Starbucks Corp., 3.00%, 02/14/32 (Call 11/14/31)^(a)		1,152		929,662
Target Corp.
4.50%, 09/15/32 (Call 06/15/32)^(a)		1,250		1,133,642
6.35%, 11/01/32^(a)		245		254,519
Walmart Inc., 4.15%, 09/09/32 (Call 06/09/32)		1,320		1,202,290


				13,303,772

Semiconductors — 4.8%
Advanced Micro Devices Inc., 3.92%, 06/01/32 (Call 03/01/32)		689		603,074
Broadcom Inc.
4.15%, 04/15/32 (Call 01/15/32)^(b)		1,424		1,204,050
4.30%, 11/15/32 (Call 08/15/32)^(a)		2,287		1,945,680
Intel Corp.
4.00%, 12/15/32^(a)		860		748,459
4.15%, 08/05/32 (Call 05/05/32)		1,396		1,236,198
KLA Corp., 4.65%, 07/15/32 (Call 04/15/32)		1,226		1,136,261
Micron Technology Inc., 2.70%, 04/15/32 (Call 01/15/32)		1,221		906,380
NXP BV/NXP Funding LLC/NXP USA Inc., 2.65%, 02/15/32 (Call 11/15/31)		1,225		924,007
QUALCOMM Inc.
1.65%, 05/20/32 (Call 02/20/32)		1,380		1,006,404
4.25%, 05/20/32 (Call 02/20/32)		585		528,227
Texas Instruments Inc., 3.65%, 08/16/32 (Call 05/16/32)		563		481,825
TSMC Arizona Corp., 4.25%, 04/22/32 (Call 01/22/32)^(a)		1,000		903,022


				11,623,587

Software — 2.1%
Fidelity National Information Services Inc., 5.10%, 07/15/32 (Call 04/15/32)^(a)		911		838,221
Oracle Corp., 6.25%, 11/09/32 (Call 08/09/32)^(a)		2,492		2,467,144


Security	Par (000)		Value


Software (continued)
Take-Two Interactive Software Inc., 4.00%, 04/14/32 (Call 01/14/32)	$	644	$	550,904
Workday Inc., 3.80%, 04/01/32 (Call 01/01/32)^(a)		1,484		1,233,604


				5,089,873

Telecommunications — 6.4%
America Movil SAB de CV, 4.70%, 07/21/32 (Call 04/21/32)		940		844,612
AT&T Inc., 2.25%, 02/01/32 (Call 11/01/31)		2,952		2,180,731
Bell Telephone Co. of Canada or Bell Canada (The), Series US-5, 2.15%, 02/15/32 (Call 11/15/31)^(a)		776		578,356
Deutsche Telekom International Finance BV, 9.25%, 06/01/32		621		739,898
Motorola Solutions Inc., 5.60%, 06/01/32 (Call 03/01/32)		738		689,155
Rogers Communications Inc., 3.80%, 03/15/32 (Call 12/15/31)		2,305		1,868,956
Sprint Capital Corp., 8.75%, 03/15/32		2,316		2,604,210
TELUS Corp., 3.40%, 05/13/32 (Call 02/13/32)		1,079		855,868
T-Mobile USA Inc., 2.70%, 03/15/32 (Call 12/15/31)		1,221		930,636
Verizon Communications Inc., 2.36%, 03/15/32 (Call 12/15/31)		5,117		3,820,554
Vodafone Group PLC, 6.25%, 11/30/32^(a)		618		611,590


				15,724,566

Transportation — 1.5%
Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)		1,012		875,472
CSX Corp., 4.10%, 11/15/32 (Call 08/15/32)		1,179		1,031,482
Norfolk Southern Corp., 3.00%, 03/15/32 (Call 12/15/31)^(a)		780		626,130
Union Pacific Corp., 2.80%, 02/14/32 (Call 12/15/31)		1,541		1,233,394


				3,766,478

Trucking & Leasing — 0.2%
GATX Corp., 3.50%, 06/01/32 (Call 03/01/32)		517		408,444


Water — 0.3%
American Water Capital Corp., 4.45%, 06/01/32 (Call 03/01/32)^(a)		781		703,485


Total Long-Term Investments — 98.1% (Cost: $257,434,150)				239,982,158


		Shares


Short-Term Securities

Money Market Funds — 11.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		27,610,837		27,621,882
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)(d)		1,460,000		1,460,000


Total Short-Term Securities — 11.9% (Cost: $29,077,712)				29,081,882


Total Investments — 110.0% (Cost: $286,511,862)				269,064,040

Liabilities in Excess of Other Assets — (10.0)%				(24,550,091	)


Net Assets — 100.0%			$	244,513,949

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Interpublic Group of Companies Inc. (The), 5.38%, 06/15/33 (Call 03/15/33)	$	101	$	92,713


Aerospace & Defense — 2.4%
Boeing Co. (The), 6.13%, 02/15/33		145		142,525
HEICO Corp., 5.35%, 08/01/33 (Call 05/01/33)		224		205,612
L3Harris Technologies Inc., 5.40%, 07/31/33 (Call 04/30/33)		525		490,464
Lockheed Martin Corp., 5.25%, 01/15/33 (Call 10/15/32)		357		343,743
Northrop Grumman Corp., 4.70%, 03/15/33 (Call 12/15/32)		336		305,937
RTX Corp., 5.15%, 02/27/33 (Call 11/27/32)^(a)		450		414,914


				1,903,195

Agriculture — 2.1%
Archer-Daniels-Midland Co., 4.50%, 08/15/33 (Call 05/15/33)		205		184,654
BAT Capital Corp., 6.42%, 08/02/33 (Call 05/02/33)		438		412,762
Philip Morris International Inc.
5.38%, 02/15/33 (Call 11/15/32)		800		739,012
5.63%, 09/07/33 (Call 06/07/33)		325		304,965


				1,641,393

Auto Manufacturers — 0.9%
General Motors Financial Co. Inc., 6.40%, 01/09/33 (Call 10/09/32)^(a)		352		337,102
Toyota Motor Corp., 5.12%, 07/13/33 (Call 04/13/33)^(a)		182		175,153
Toyota Motor Credit Corp., 4.70%, 01/12/33		190		175,645


				687,900

Auto Parts & Equipment — 0.2%
Magna International Inc., 5.50%, 03/21/33 (Call 12/21/32)^(a)		175		166,830


Banks — 5.0%
Banco Santander SA, 6.92%, 08/08/33		645		599,655
Canadian Imperial Bank of Commerce, 6.09%, 10/03/33 (Call 07/03/33)		375		361,123
Citigroup Inc.
5.88%, 02/22/33		185		174,047
6.00%, 10/31/33		240		229,587
Goldman Sachs Group Inc. (The), 6.13%, 02/15/33		403		399,723
KeyBank NA, 5.00%, 01/26/33 (Call 10/26/32)		320		257,486
Royal Bank of Canada
5.00%, 02/01/33		570		515,311
5.00%, 05/02/33		315		283,588
Sumitomo Mitsui Financial Group Inc.
5.77%, 01/13/33		555		526,698
5.78%, 07/13/33		185		175,470
5.81%, 09/14/33		400		378,562


				3,901,250

Beverages — 1.7%
Brown-Forman Corp., 4.75%, 04/15/33 (Call 01/15/33)		257		238,212
Constellation Brands Inc., 4.90%, 05/01/33 (Call 02/01/33)^(a)		277		250,078
Diageo Capital PLC
5.50%, 01/24/33 (Call 10/24/32)		280		272,752
5.63%, 10/05/33 (Call 07/05/33)		185		181,608
PepsiCo Inc., 4.45%, 02/15/33 (Call 11/15/32)		380		355,148


				1,297,798


Security	Par (000)		Value

Biotechnology — 2.4%
Amgen Inc.
4.20%, 03/01/33 (Call 12/01/32)	$	237	$	204,253
5.25%, 03/02/33 (Call 12/02/32)		1,441		1,344,229
Gilead Sciences Inc., 5.25%, 10/15/33 (Call 07/15/33)		325		307,859


				1,856,341

Building Materials — 0.5%
Fortune Brands Innovations Inc., 5.88%, 06/01/33 (Call 03/01/33)		172		160,180
Trane Technologies Financing Ltd., 5.25%, 03/03/33 (Call 12/03/32)		240		224,827


				385,007

Chemicals — 2.1%
Air Products and Chemicals Inc., 4.80%, 03/03/33 (Call 12/03/32)		242		226,557
Celanese U.S. Holdings LLC, 6.70%, 11/15/33 (Call 08/15/33)^(a)		350		332,289
Dow Chemical Co. (The), 6.30%, 03/15/33 (Call 12/15/32)		228		228,847
Eastman Chemical Co., 5.75%, 03/08/33 (Call 12/08/32)		185		171,431
EIDP Inc., 4.80%, 05/15/33 (Call 02/15/33)^(a)		220		199,913
FMC Corp., 5.65%, 05/18/33 (Call 02/18/33)		175		154,149
LYB International Finance III LLC, 5.63%, 05/15/33 (Call 02/15/33)^(a)		189		177,135
Mosaic Co. (The), 5.45%, 11/15/33 (Call 05/15/33)		125		114,234


				1,604,555

Commercial Services — 0.6%
S&P Global Inc., 5.25%, 09/15/33 (Call 06/15/33)^(a)(b)		255		240,987
Verisk Analytics Inc., 5.75%, 04/01/33 (Call 01/01/33)		190		182,046


				423,033

Computers — 2.0%
Apple Inc., 4.30%, 05/10/33 (Call 02/10/33)^(a)		228		210,760
Booz Allen Hamilton Inc., 5.95%, 08/04/33 (Call 05/04/33)		220		208,832
Dell International LLC/EMC Corp., 5.75%, 02/01/33 (Call 11/01/32)		358		338,257
HP Inc., 5.50%, 01/15/33 (Call 10/15/32)^(a)		392		359,555
International Business Machines Corp., 4.75%, 02/06/33 (Call 11/06/32)		285		261,419
Leidos Inc., 5.75%, 03/15/33 (Call 12/15/32)		225		209,033


				1,587,856

Cosmetics & Personal Care — 1.7%
Colgate-Palmolive Co., 4.60%, 03/01/33 (Call 12/01/32)		211		198,069
Estee Lauder Companies Inc. (The), 4.65%, 05/15/33 (Call 02/15/33)^(a)		225		204,343
Kenvue Inc., 4.90%, 03/22/33 (Call 12/22/32)		454		424,747
Procter & Gamble Co. (The), 4.05%, 01/26/33^(a)		339		308,560
Unilever Capital Corp., 5.00%, 12/08/33 (Call 09/08/33)		215		202,225


				1,337,944

Distribution & Wholesale — 0.1%
LKQ Corp., 6.25%, 06/15/33 (Call 03/15/33)		100		93,554


Diversified Financial Services — 2.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.40%, 10/29/33 (Call 07/29/33)		515		387,229
Ameriprise Financial Inc., 5.15%, 05/15/33 (Call 02/15/33)		352		325,256
Brookfield Capital Finance LLC, 6.09%, 06/14/33 (Call 03/14/33)		227		213,895
Intercontinental Exchange Inc., 4.60%, 03/15/33 (Call 12/15/32)		576		514,508


Security	Par (000)		Value

Diversified Financial Services (continued)
Mastercard Inc., 4.85%, 03/09/33 (Call 12/09/32)	$	290	$	272,631
Nomura Holdings Inc.
6.09%, 07/12/33		300		286,134
6.18%, 01/18/33		175		167,845


				2,167,498

Electric — 12.7%
AEP Texas Inc., 5.40%, 06/01/33 (Call 03/01/33)		135		125,300
Ameren Illinois Co., 4.95%, 06/01/33 (Call 03/01/33)		198		182,329
American Electric Power Co. Inc., 5.63%, 03/01/33 (Call 12/01/32)		336		315,352
Arizona Public Service Co., 5.55%, 08/01/33 (Call 05/01/33)		144		135,273
Black Hills Corp., 4.35%, 05/01/33 (Call 02/01/33)		145		120,191
CenterPoint Energy Houston Electric LLC
4.95%, 04/01/33 (Call 01/01/33)		265		244,848
Series K2, 6.95%, 03/15/33		60		63,892
Commonwealth Edison Co., 4.90%, 02/01/33 (Call 11/01/32)^(a)		91		84,392
Connecticut Light & Power Co. (The), 4.90%, 07/01/33 (Call 04/01/33)		108		99,440
Consolidated Edison Co. of New York Inc., 5.20%, 03/01/33 (Call 12/01/32)^(a)		175		164,664
Constellation Energy Generation LLC, 5.80%, 03/01/33 (Call 12/01/32)		185		175,451
Consumers Energy Co., 4.63%, 05/15/33 (Call 11/15/32)		165		149,409
Dominion Energy Inc.
Series E, 6.30%, 03/15/33		105		102,494
Series F, 5.25%, 08/01/33		125		113,825
Dominion Energy South Carolina Inc., 5.30%, 05/15/33		160		150,835
DTE Electric Co., 5.20%, 04/01/33 (Call 01/01/33)		235		221,658
Duke Energy Carolinas LLC, 4.95%, 01/15/33 (Call 10/15/32)		485		447,829
Duke Energy Corp., 5.75%, 09/15/33 (Call 06/15/33)^(a)		190		180,420
Duke Energy Ohio Inc., 5.25%, 04/01/33 (Call 01/01/33)		75		70,463
Duke Energy Progress LLC, 5.25%, 03/15/33 (Call 12/15/32)		165		155,477
Entergy Arkansas LLC
5.15%, 01/15/33 (Call 10/15/32)		80		74,425
5.30%, 09/15/33 (Call 06/15/33)		130		121,498
Entergy Louisiana LLC, 4.00%, 03/15/33 (Call 12/15/32)		335		281,445
Entergy Mississippi LLC, 5.00%, 09/01/33 (Call 06/01/33)		55		50,316
Evergy Metro Inc., 4.95%, 04/15/33 (Call 01/15/33)		125		114,092
Eversource Energy, 5.13%, 05/15/33 (Call 02/15/33)		273		246,916
Exelon Corp., 5.30%, 03/15/33 (Call 12/15/32)		332		308,148
Florida Power & Light Co.
4.80%, 05/15/33 (Call 02/15/33)		221		202,554
5.10%, 04/01/33 (Call 01/01/33)		305		286,079
Georgia Power Co., 4.95%, 05/17/33 (Call 11/17/32)		364		332,539
Interstate Power & Light Co., 5.70%, 10/15/33 (Call 07/15/33)		110		105,164
Kentucky Utilities Co., 5.45%, 04/15/33 (Call 01/15/33)		130		123,825
Louisville Gas & Electric Co., 5.45%, 04/15/33 (Call 01/15/33)		100		95,386
National Grid PLC, 5.81%, 06/12/33 (Call 03/12/33)		290		273,510
National Rural Utilities Cooperative Finance Corp., 5.80%, 01/15/33 (Call 07/15/32)		205		198,519
NextEra Energy Capital Holdings Inc., 5.05%, 02/28/33 (Call 11/28/32)		352		319,562
Ohio Power Co., 5.00%, 06/01/33 (Call 03/01/33)		95		86,633


Security	Par (000)		Value

Electric (continued)
Oklahoma Gas & Electric Co., 5.40%, 01/15/33 (Call 07/15/32)^(a)	$	176	$	166,341
Oncor Electric Delivery Co. LLC, 7.25%, 01/15/33		134		144,953
Pacific Gas and Electric Co.
6.15%, 01/15/33 (Call 10/15/32)		265		244,375
6.40%, 06/15/33 (Call 03/15/33)		390		366,501
PECO Energy Co., 4.90%, 06/15/33 (Call 03/15/33)		214		198,329
PPL Electric Utilities Corp., 5.00%, 05/15/33 (Call 02/15/33)		274		254,012
Public Service Co. of New Hampshire, 5.35%, 10/01/33 (Call 07/01/33)		70		66,741
Public Service Co. of Oklahoma, 5.25%, 01/15/33 (Call 10/15/32)		165		152,194
Public Service Electric & Gas Co., 4.65%, 03/15/33 (Call 12/15/32)		84		76,588
Public Service Electric and Gas Co., 5.20%, 08/01/33 (Call 05/01/33)		295		279,967
Public Service Enterprise Group Inc., 6.13%, 10/15/33 (Call 07/15/33)		70		68,297
Sempra Energy, 5.50%, 08/01/33 (Call 05/01/33)		245		227,756
Southern Co. (The), 5.20%, 06/15/33 (Call 12/15/32)		262		240,808
Southwestern Electric Power Co., 5.30%, 04/01/33 (Call 01/01/33)		120		110,439
Virginia Electric & Power Co., 5.00%, 04/01/33 (Call 01/01/33)		160		145,922
Virginia Electric and Power Co., 5.30%, 08/15/33 (Call 05/15/33)		254		235,330
Wisconsin Electric Power Co., 5.63%, 05/15/33		65		63,654
Wisconsin Power & Light Co., 4.95%, 04/01/33 (Call 01/01/33)		121		110,810
Xcel Energy Inc., 5.45%, 08/15/33 (Call 02/15/33)		295		274,826


				9,951,996

Electronics — 0.8%
Honeywell International Inc., 5.00%, 02/15/33 (Call 11/15/32)		407		384,371
Trimble Inc., 6.10%, 03/15/33 (Call 12/15/32)		285		272,059


				656,430

Engineering & Construction — 0.1%
Jacobs Engineering Group Inc., 5.90%, 03/01/33 (Call 12/01/32)		110		101,906


Environmental Control — 1.0%
Republic Services Inc., 2.38%, 03/15/33 (Call 12/15/32)		185		138,050
Veralto Corp., 5.45%, 09/18/33 (Call 06/18/33)^(b)		240		224,083
Waste Connections Inc., 4.20%, 01/15/33 (Call 10/15/32)		282		244,740
Waste Management Inc., 4.63%, 02/15/33 (Call 11/15/32)		190		172,344


				779,217

Food — 2.4%
General Mills Inc., 4.95%, 03/29/33 (Call 12/29/32)^(a)		365		331,657
Hershey Co. (The), 4.50%, 05/04/33 (Call 02/04/33)		177		162,660
J M Smucker Co. (The), 6.20%, 11/15/33 (Call 08/15/33)		135		131,200
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 5.75%, 04/01/33 (Call 01/01/33)		705		620,012
Kellogg Co., 5.25%, 03/01/33 (Call 12/01/32)		144		132,000
McCormick & Co. Inc./MD, 4.95%, 04/15/33 (Call 01/15/33)		192		172,728
Pilgrim’s Pride Corp., 6.25%, 07/01/33 (Call 04/01/33)		356		327,888


				1,878,145


Security	Par (000)		Value

Gas — 1.2%
Atmos Energy Corp., 5.90%, 11/15/33 (Call 08/15/33)	$	85	$	83,733
CenterPoint Energy Resources Corp., 5.40%, 03/01/33 (Call 12/01/32)		184		171,832
NiSource Inc., 5.40%, 06/30/33 (Call 03/30/33)		174		161,977
Piedmont Natural Gas Co. Inc., 5.40%, 06/15/33 (Call 03/15/33)^(a)		128		118,979
Southern California Gas Co., 5.20%, 06/01/33 (Call 03/01/33)		170		157,142
Southern Co. Gas Capital Corp., 5.75%, 09/15/33 (Call 03/15/33)		140		133,614
Spire Missouri Inc., 4.80%, 02/15/33 (Call 11/15/32)		110		100,769


				928,046

Hand & Machine Tools — 0.5%
Regal Rexnord Corp., 6.40%, 04/15/33 (Call 01/15/33)^(b)		427		392,277


Health Care - Products — 0.8%
Medtronic Global Holdings SCA, 4.50%, 03/30/33 (Call 12/30/32)		342		310,495
Thermo Fisher Scientific Inc., 5.09%, 08/10/33 (Call 05/10/33)		370		346,113


				656,608

Health Care - Services — 3.1%
Elevance Health Inc., 4.75%, 02/15/33 (Call 11/15/32)		354		320,711
HCA Inc., 5.50%, 06/01/33 (Call 03/01/33)		441		402,402
Humana Inc., 5.88%, 03/01/33 (Call 12/01/32)		274		265,611
Providence St Joseph Health Obligated Group, 5.40%, 10/01/33 (Call 04/01/33)		123		115,263
Sutter Health, 5.16%, 08/15/33 (Call 02/15/33)		70		65,372
UnitedHealth Group Inc.
4.50%, 04/15/33 (Call 01/15/33)		523		470,613
5.35%, 02/15/33 (Call 11/15/32)		653		627,426
UPMC, 5.04%, 05/15/33 (Call 02/15/33)		175		162,691


				2,430,089

Home Builders — 0.2%
PulteGroup Inc., 6.38%, 05/15/33		150		145,901


Home Furnishings — 0.1%
Whirlpool Corp., 5.50%, 03/01/33 (Call 12/01/32)		106		96,582


Household Products & Wares — 0.3%
Avery Dennison Corp., 5.75%, 03/15/33 (Call 12/15/32)		118		112,669
Kimberly-Clark Corp., 4.50%, 02/16/33 (Call 11/16/32)		166		152,817


				265,486

Insurance — 4.2%
Allstate Corp. (The)
5.25%, 03/30/33 (Call 12/30/32)		349		321,760
5.35%, 06/01/33		29		26,975
American International Group Inc., 5.13%, 03/27/33 (Call 12/27/32)		259		235,392
Aon Global Ltd., 5.35%, 02/28/33 (Call 11/28/32)		265		246,920
Arthur J Gallagher & Co., 5.50%, 03/02/33 (Call 12/02/32)^(a)		135		125,629
Athene Holding Ltd., 6.65%, 02/01/33 (Call 11/01/32)		140		134,657
CNA Financial Corp., 5.50%, 06/15/33 (Call 03/15/33)		120		110,170
Corebridge Financial Inc., 6.05%, 09/15/33 (Call 06/15/33)^(b)		170		159,605
Equitable Holdings Inc., 5.59%, 01/11/33 (Call 10/11/32)		180		165,716
Marsh & McLennan Companies Inc., 5.88%, 08/01/33		133		130,922
Marsh & McLennan Cos. Inc., 5.40%, 09/15/33 (Call 06/15/33)		190		180,565


Security	Par (000)		Value

Insurance (continued)
MetLife Inc., 5.38%, 07/15/33 (Call 04/15/33)	$	341	$	318,808
Principal Financial Group Inc., 5.38%, 03/15/33 (Call 12/15/32)		150		140,042
Progressive Corp. (The), 4.95%, 06/15/33 (Call 03/15/33)		190		175,155
Prudential Financial Inc., 5.75%, 07/15/33		90		88,597
Reinsurance Group of America Inc., 6.00%, 09/15/33 (Call 06/15/33)		152		142,728
RenaissanceRe Holdings Ltd., 5.75%, 06/05/33 (Call 03/05/33)		250		230,275
Travelers Property Casualty Corp., 6.38%, 03/15/33		155		161,313
Willis North America Inc., 5.35%, 05/15/33 (Call 02/15/33)		225		205,071


				3,300,300

Internet — 0.8%
Meta Platforms Inc., 4.95%, 05/15/33 (Call 02/15/33)		628		588,592


Iron & Steel — 0.6%
Vale Overseas Ltd., 6.13%, 06/12/33 (Call 03/12/33)		475		444,923


Lodging — 0.2%
Marriott International Inc./MD, Series II, 2.75%, 10/15/33 (Call 07/15/33)		243		177,982


Machinery — 0.2%
nVent Finance Sarl, 5.65%, 05/15/33 (Call 02/15/33)		145		131,615


Machinery - Diversified — 1.0%
Ingersoll Rand Inc., 5.70%, 08/14/33 (Call 05/14/33)		340		321,276
John Deere Capital Corp., 5.15%, 09/08/33		305		289,864
Nordson Corp., 5.80%, 09/15/33 (Call 06/15/33)		170		161,771


				772,911

Manufacturing — 0.5%
Eaton Corp., 4.15%, 03/15/33 (Call 12/15/32)		474		416,821


Media — 3.3%
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 04/01/33 (Call 01/01/33)^(a)		353		292,446
Comcast Corp.
4.25%, 01/15/33		655		572,716
4.65%, 02/15/33 (Call 11/15/32)		372		336,419
4.80%, 05/15/33 (Call 02/15/33)		315		287,288
7.05%, 03/15/33		215		228,596
Fox Corp., 6.50%, 10/13/33 (Call 07/13/33)		230		224,647
Paramount Global, 5.50%, 05/15/33		118		98,929
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33		350		364,462
Walt Disney Co. (The), 6.55%, 03/15/33		141		146,218


				2,551,721

Mining — 1.6%
BHP Billiton Finance USA Ltd.
4.90%, 02/28/33 (Call 11/28/32)		344		317,991
5.25%, 09/08/33 (Call 06/08/33)		335		314,695
Kinross Gold Corp., 6.25%, 07/15/33 (Call 04/15/33)^(b)		184		175,232
Rio Tinto Alcan Inc., 6.13%, 12/15/33		241		240,420
Rio Tinto Finance USA PLC, 5.00%, 03/09/33 (Call 12/09/32)^(a)		250		234,139


				1,282,477

Oil & Gas — 3.6%
BP Capital Markets America Inc.
4.81%, 02/13/33 (Call 11/13/32)		738		674,468
4.89%, 09/11/33 (Call 06/11/33)		565		517,458


Security	Par (000)		Value

Oil & Gas (continued)
Canadian Natural Resources Ltd., 6.45%, 06/30/33	$	135	$	131,550
ConocoPhillips Co., 5.05%, 09/15/33 (Call 06/15/33)		370		344,833
Diamondback Energy Inc., 6.25%, 03/15/33 (Call 12/15/32)		397		391,790
Hess Corp., 7.13%, 03/15/33		210		226,320
Ovintiv Inc., 6.25%, 07/15/33 (Call 04/15/33)		217		205,961
Patterson-UTI Energy Inc., 7.15%, 10/01/33 (Call 07/01/33)		130		126,795
Phillips 66, 5.30%, 06/30/33 (Call 03/30/33)		194		180,835


				2,800,010

Oil & Gas Services — 0.2%
Schlumberger Investment SA, 4.85%, 05/15/33 (Call 02/15/33)		165		151,924


Packaging & Containers — 0.4%
Amcor Finance USA Inc., 5.63%, 05/26/33 (Call 02/26/33)		170		158,307
WRKCo Inc., 3.00%, 06/15/33 (Call 03/15/33)		228		174,299


				332,606

Pharmaceuticals — 6.0%
Astrazeneca Finance LLC, 4.88%, 03/03/33 (Call 12/03/32)		208		195,467
Cigna Group (The), 5.40%, 03/15/33 (Call 12/15/32)		297		280,700
CVS Health Corp.
5.25%, 02/21/33 (Call 11/21/32)		600		553,243
5.30%, 06/01/33 (Call 03/01/33)^(a)		421		388,288
Eli Lilly & Co., 4.70%, 02/27/33 (Call 11/27/32)		386		362,044
Johnson & Johnson
4.38%, 12/05/33 (Call 06/05/33)		275		255,817
4.95%, 05/15/33^(a)		170		165,777
McKesson Corp., 5.10%, 07/15/33 (Call 04/15/33)		234		217,552
Merck & Co. Inc.
4.50%, 05/17/33 (Call 02/17/33)		480		436,307
6.50%, 12/01/33		278		292,015
Pfizer Investment Enterprises Pte Ltd., 4.75%, 05/19/33 (Call 02/19/33)		1,685		1,546,525


				4,693,735

Pipelines — 6.9%
Cheniere Energy Partners LP, 5.95%, 06/30/33 (Call 12/30/32)^(b)		494		462,215
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)		253		182,688
5.70%, 03/08/33 (Call 12/08/32)		754		705,239
Energy Transfer LP
5.75%, 02/15/33 (Call 11/15/32)		533		498,925
6.55%, 12/01/33 (Call 09/01/33)		275		270,944
Enterprise Products Operating LLC
5.35%, 01/31/33 (Call 10/31/32)		355		338,267
Series D, 6.88%, 03/01/33		185		194,745
Kinder Morgan Energy Partners LP, 7.30%, 08/15/33		150		154,268
Kinder Morgan Inc.
4.80%, 02/01/33 (Call 11/01/32)		295		258,358
5.20%, 06/01/33 (Call 03/01/33)		494		444,778
MPLX LP, 5.00%, 03/01/33 (Call 12/01/32)		391		346,398
ONEOK Inc., 6.05%, 09/01/33 (Call 06/01/33)		530		508,230
Targa Resources Corp.
4.20%, 02/01/33 (Call 11/01/32)		286		237,149
6.13%, 03/15/33 (Call 12/15/32)		299		286,449
Western Midstream Operating LP, 6.15%, 04/01/33 (Call 01/01/33)		270		254,622


Security	Par (000)		Value

Pipelines (continued)
Williams Companies Inc. (The), 5.65%, 03/15/33 (Call 12/15/32)	$	277	$	261,370


				5,404,645

Real Estate Investment Trusts — 5.3%
Agree LP, 2.60%, 06/15/33 (Call 03/15/33)		101		71,825
Alexandria Real Estate Equities Inc., 1.88%, 02/01/33 (Call 11/01/32)		330		224,849
American Tower Corp.
5.55%, 07/15/33 (Call 04/15/33)		305		280,871
5.65%, 03/15/33 (Call 12/15/32)		251		233,550
5.90%, 11/15/33 (Call 08/15/33)		280		264,420
AvalonBay Communities Inc., 5.00%, 02/15/33 (Call 11/15/32)		126		117,032
Boston Properties LP, 2.45%, 10/01/33 (Call 07/01/33)^(a)		290		188,476
Corporate Office Properties LP, 2.90%, 12/01/33 (Call 09/01/33)		146		99,238
Crown Castle Inc., 5.10%, 05/01/33 (Call 02/01/33)		271		240,689
Invitation Homes Operating Partnership LP, 5.50%, 08/15/33 (Call 05/15/33)		131		118,805
Kilroy Realty LP, 2.65%, 11/15/33 (Call 08/15/33)		100		65,318
Kimco Realty Corp., 4.60%, 02/01/33 (Call 11/01/32)^(a)		227		196,094
NNN REIT Inc., 5.60%, 10/15/33 (Call 07/15/33)		175		161,147
Omega Healthcare Investors Inc., 3.25%, 04/15/33 (Call 01/15/33)		234		166,552
Prologis LP
4.63%, 01/15/33 (Call 10/15/32)		275		246,407
4.75%, 06/15/33 (Call 03/15/33)		225		201,497
Public Storage Operating Co., 5.10%, 08/01/33 (Call 05/01/33)		229		212,234
Realty Income Corp.
1.80%, 03/15/33 (Call 12/15/32)^(a)		135		92,005
4.90%, 07/15/33 (Call 04/15/33)		212		188,439
Simon Property Group LP, 5.50%, 03/08/33 (Call 12/08/32)		237		220,388
Sun Communities Operating LP, 5.70%, 01/15/33 (Call 10/15/32)		137		125,113
UDR Inc.
1.90%, 03/15/33 (Call 12/15/32)		166		113,031
2.10%, 06/15/33 (Call 03/15/33)		75		51,639
Weyerhaeuser Co., 3.38%, 03/09/33 (Call 12/09/32)		173		137,245
WP Carey Inc., 2.25%, 04/01/33 (Call 01/01/33)		155		108,080


				4,124,944

Retail — 3.7%
AutoZone Inc.
4.75%, 02/01/33 (Call 11/01/32)		171		151,100
5.20%, 08/01/33 (Call 05/01/33)		105		95,288
6.55%, 11/01/33 (Call 08/01/33)		130		130,356
Darden Restaurants Inc., 6.30%, 10/10/33 (Call 07/10/33)		130		126,170
Dollar General Corp., 5.45%, 07/05/33 (Call 04/05/33)		306		279,413
Genuine Parts Co., 6.88%, 11/01/33 (Call 08/01/33)		50		49,798
Lowe’s Companies Inc.
5.00%, 04/15/33 (Call 01/15/33)		420		382,430
5.15%, 07/01/33 (Call 04/01/33)		347		317,397
McDonald’s Corp., 4.95%, 08/14/33 (Call 05/14/33)		235		217,954
Starbucks Corp., 4.80%, 02/15/33 (Call 11/15/32)		201		183,936
Target Corp., 4.40%, 01/15/33 (Call 10/15/32)^(a)		205		184,549
Tractor Supply Co., 5.25%, 05/15/33 (Call 02/15/33)		275		251,561
Walmart Inc., 4.10%, 04/15/33 (Call 01/15/33)		558		499,498


				2,869,450


Security	Par (000)		Value


Semiconductors — 4.1%
Broadcom Inc.
2.60%, 02/15/33 (Call 11/15/32)^(b)	$	574	$	416,180
3.42%, 04/15/33 (Call 01/15/33)^(b)		730		567,422
Intel Corp., 5.20%, 02/10/33 (Call 11/10/32)		707		667,344
Marvell Technology Inc., 5.95%, 09/15/33 (Call 06/15/33)^(a)		170		161,456
Micron Technology Inc.
5.88%, 02/09/33 (Call 11/09/32)		257		238,852
5.88%, 09/15/33 (Call 06/15/33)		289		266,786
NXP BV/NXP Funding LLC/NXP USA Inc., 5.00%, 01/15/33 (Call 10/15/32)		359		320,022
QUALCOMM Inc., 5.40%, 05/20/33 (Call 02/20/33)		271		264,327
Texas Instruments Inc., 4.90%, 03/14/33 (Call 12/14/32)		358		336,746


				3,239,135

Software — 2.2%
Concentrix Corp., 6.85%, 08/02/33 (Call 05/02/33)		195		176,219
Fiserv Inc.
5.60%, 03/02/33 (Call 12/02/32)		320		301,080
5.63%, 08/21/33 (Call 05/21/33)		430		403,132
Intuit Inc., 5.20%, 09/15/33 (Call 06/15/33)		405		385,273
Oracle Corp., 4.90%, 02/06/33 (Call 11/06/32)		514		461,198


				1,726,902

Telecommunications — 4.4%
AT&T Inc., 2.55%, 12/01/33 (Call 09/01/33)		1,264		907,063
Bell Telephone Co. of Canada or Bell Canada (The), 5.10%, 05/11/33 (Call 02/11/33)^(a)		311		283,208
T-Mobile USA Inc.
5.05%, 07/15/33 (Call 04/15/33)		887		801,370
5.20%, 01/15/33 (Call 10/15/32)		411		377,272
Verizon Communications Inc.
4.50%, 08/10/33		740		641,264
5.05%, 05/09/33 (Call 02/09/33)		278		254,348
6.40%, 09/15/33		185		186,679


				3,451,204

Transportation — 1.2%
CSX Corp., 5.20%, 11/15/33 (Call 08/15/33)		175		164,208
Norfolk Southern Corp., 4.45%, 03/01/33 (Call 12/01/32)		193		171,223
Union Pacific Corp., 4.50%, 01/20/33 (Call 10/20/32)^(a)		334		302,054


Security	Par (000)		Value


Transportation (continued)
United Parcel Service Inc., 4.88%, 03/03/33 (Call 12/03/32)	$	284	$	265,387


				902,872

Trucking & Leasing — 0.3%
GATX Corp.
4.90%, 03/15/33 (Call 12/15/32)		90		79,487
5.45%, 09/15/33 (Call 06/15/33)		180		163,541


				243,028


Total Long-Term Investments — 98.5% (Cost: $80,196,272)				77,037,347


	Shares


Short-Term Securities

Money Market Funds — 7.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		5,332,668		5,334,801
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(c)(d)		320,000		320,000


Total Short-Term Securities — 7.2% (Cost: $5,654,602)				5,654,801


Total Investments — 105.7% (Cost: $85,850,874)				82,692,148

Liabilities in Excess of Other Assets — (5.7)%				(4,460,818	)


Net Assets — 100.0%			$	78,231,330

^(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, 2023 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.

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, 2023, 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, 2023, the Funds paid BTC the following amounts for securities lending agent services:

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

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

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

For the year ended October 31, 2023, 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, 2023, 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, 2023, permanent differences attributable to nondeductible expenses, realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of October 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

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

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

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

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

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

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

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

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

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

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

The Funds invest a significant portion of their assets in fixed-income securities and/or 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 period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

Certain Funds invest a significant portion of their assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted, but may negatively impact the Funds.

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.

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 item was noted:

Planned Fund Liquidation: In accordance with its prospectus and its investment objective, the iShares iBonds Dec 2023 Term Treasury ETF ceased trading after the close of business on December 15, 2023, 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 22, 2023.

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, 2023, 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, 2023, 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.

⁽¹⁾ Statement of operations for the year ended October 31, 2023 and statement of changes in net assets for each of the two years in the period ended October 31, 2023.

⁽²⁾ Statement of operations for the year ended October 31, 2023, and statement of changes in net assets for the year ended October 31, 2023 and for the period June 28, 2022 (commencement of operations) to October 31, 2022.

⁽³⁾ Statement of operations and statement of changes in net assets for the period June 21, 2023 (commencement of operations) to October 31, 2023.

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 procedures included confirmation of securities owned as of October 31, 2023 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, 2023:

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, 2023:

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, 2023:

iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2024 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 the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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, iShares iBonds Dec 2032 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 other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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).

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.

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.

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

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 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 to consider and approve the proposed Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. 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 terms of the proposed Advisory Agreement. At a meeting held on March 29-30, 2023, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement 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 Agreement 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; (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 Agreement 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 expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

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

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 Agreement.

Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Agreement. 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 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 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, and other matters related to BFA’s portfolio compliance program.

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 Agreement supported the Board’s approval of the Advisory Agreement.

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 Agreement 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 considered information that it had previously received regarding potential 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 Agreement 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 Agreement.

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 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 also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that will be provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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 Agreement.

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 to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Agreement.

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.

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

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

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of October 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. 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 ICE Data Indices, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		5.29	%		3.71	%		3.07	%		5.29	%		19.96	%		29.85	%
Fund Market		5.24			3.69			3.06			5.24			19.87			29.73
Index		4.53			3.63			3.04			4.53			19.53			29.54


Actual					Hypothetical 5% Return


	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,027.70	$ 0.41			$ 1,000.00	$ 1,024.80	$ 0.41		0.08	%




Moody’s Credit Ratings^*	Percent of Net Assets


Aaa		1.2%
Aa		1.9
A		12.6
Baa		11.4
Short-Term and Other Assets		72.9


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception


Fund NAV		4.97	%		3.36	%		2.83	%		4.97	%		17.99	%		27.32%
Fund Market		4.78			3.33			2.83			4.78			17.78			27.23
Index		5.04			3.47			2.98			5.04			18.60			28.86


Actual					Hypothetical 5% Return


	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,021.20	$ 0.51			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%


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


	Page


The Markets in Review		2
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		113
Statements of Operations		116
Statements of Changes in Net Assets		119
Financial Highlights		125
Notes to Financial Statements		136
Report of Independent Registered Public Accounting Firm		148
Important Tax Information		149
Board Review and Approval of Investment Advisory Contract		150
Supplemental Information		158
Trustee and Officer Information		159
General Information		161
Glossary of Terms Used in this Report		162


4		2 0 2 3 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, 2023		iShares^® iBonds^® Dec 2023 Term Corporate ETF


Fund Summary as of October 31, 2023 (continued)		iShares^® iBonds^® Dec 2023 Term Corporate ETF




Security	Percent of Net Assets^(a)


Goldman Sachs Group Inc. (The), 1.22%, 12/06/23		1.3%
Schlumberger Investment SA, 3.65%, 12/01/23		1.0
Bristol-Myers Squibb Co., 0.54%, 11/13/23		1.0
Deutsche Bank AG/New York NY, Series E, 0.96%, 11/08/23		1.0
AbbVie Inc., 3.75%, 11/14/23		0.9


Fund Summary as of October 31, 2023		iShares^® iBonds^® Dec 2024 Term Corporate ETF



Moody’s Credit Ratings^*			Percent of Net Assets


Aaa			1.6%
Aa			5.1
A			49.1
Baa			41.3
Ba			0.6
Not Rated			1.4
Short-Term and Other Assets			0.9



Security			Percent of Net Assets^(a)


AbbVie Inc., 2.60%, 11/21/24			0.8%
Morgan Stanley, 3.70%, 10/23/24			0.7
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24			0.6
Morgan Stanley, Series F, 3.88%, 04/29/24			0.6
Bank of America Corp., 4.20%, 08/26/24			0.6


Fund Summary as of October 31, 2023		iShares^® iBonds^® Dec 2025 Term Corporate ETF




Moody’s Credit Ratings^*	Percent of Net Assets


Aaa		2.2%
Aa		7.6
A		40.9
Baa		45.9
Ba		1.1
Not Rated		1.1
Short-Term and Other Assets		1.2


Fund Summary as of October 31, 2023		iShares^® iBonds^® Dec 2026 Term Corporate ETF




Moody’s Credit Ratings^*	Percent of Net Assets


Aaa		2.8%
Aa		7.2
A		41.9
Baa		44.2
Ba		1.0
Not Rated		1.2
Short-Term and Other Assets		1.7




Security	Percent of Net Assets^(a)


Boeing Co. (The), 2.20%, 02/04/26		0.8%
AbbVie Inc., 2.95%, 11/21/26		0.7
Microsoft Corp., 2.40%, 08/08/26		0.7
Wells Fargo & Co., 3.00%, 04/22/26		0.6
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26		0.6


Fund Summary as of October 31, 2023		iShares^® iBonds^® Dec 2027 Term Corporate ETF




Moody’s Credit Ratings^*	Percent of Net Assets


Aaa		2.7%
Aa		4.8
A		35.6
Baa		52.6
Ba		0.8
Not Rated		2.0
Short-Term and Other Assets		1.5




Security	Percent of Net Assets^(a)


T-Mobile USA Inc., 3.75%, 04/15/27		0.9%
Citigroup Inc., 4.45%, 09/29/27		0.8
Warnermedia Holdings Inc., 3.76%, 03/15/27		0.8
Verizon Communications Inc., 4.13%, 03/16/27		0.7
Microsoft Corp., 3.30%, 02/06/27		0.7


Fund Summary as of October 31, 2023		iShares^® iBonds^® Dec 2028 Term Corporate ETF


CREDIT QUALITY ALLOCATION


Moody’s Credit Ratings^*	Percent of Net Assets


Aaa		1.4%
Aa		4.6
A		33.2
Baa		56.6
Ba		1.7
Not Rated		1.1
Short-Term and Other Assets		1.4


FIVE LARGEST HOLDINGS


Security	Percent of Net Assets^(a)


CVS Health Corp., 4.30%, 03/25/28		1.1%
Verizon Communications Inc., 4.33%, 09/21/28		0.9
Cigna Group (The), 4.38%, 10/15/28		0.8
Amgen Inc., 5.15%, 03/02/28		0.8
Comcast Corp., 4.15%, 10/15/28		0.8


Fund Summary as of October 31, 2023		iShares^® iBonds^® Dec 2029 Term Corporate ETF


Fund Summary as of October 31, 2023		iShares^® iBonds^® Dec 2030 Term Corporate ETF


Fund Summary as of October 31, 2023		iShares^® iBonds^® Dec 2031 Term Corporate ETF


Fund Summary as of October 31, 2023		iShares^® iBonds^® Dec 2032 Term Corporate ETF


Fund Summary as of October 31, 2023		iShares^® iBonds^® Dec 2033 Term Corporate ETF


Actual						Hypothetical 5% Return


	Beginning Account Value (06/21/23)	^(a)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio
	$ 1,000.00		$ 944.80	$ 0.35			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	293,003,583	$	—		$	(255,133,137	)^(a)	$	123,772	$	52,758	$	38,046,976		38,031,764	$	926,432	^(b)	$	—

BlackRock Cash Funds: Treasury, SL Agency Shares		66,380,000		1,254,730,000	^(a)		—			—		—		1,321,110,000		1,321,110,000		14,323,474			56


									$	123,772	$	52,758	$	1,359,156,976			$	15,249,906		$	56




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	496,983,866	$	—	$	496,983,866
Short-Term Securities
Money Market Funds		1,359,156,976		—		—		1,359,156,976


	$	1,359,156,976	$	496,983,866	$	—	$	1,856,140,842




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,809,184	$	20,435,287	^(a)	$	—	$	(6,682	)	$	9,808	$	32,247,597		32,234,703	$	105,138	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		1,750,000	^(a)		—		—			—		1,810,000		1,810,000		53,933			—


								$	(6,682	)	$	9,808	$	34,057,597			$	159,071		$	—




Affiliated Issuer		Value at 06/21/23	^(a)		Purchases at Cost			Proceeds from Sale	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23	Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	5,334,618	^(b)	$	—	$ (16	)	$	199	$	5,334,801	5,332,668	$	2,276	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			320,000	^(b)		—	—			—		320,000	320,000		2,126			—


									$ (16	)	$	199	$	5,654,801		$	4,402		$	—