2020 semi-annual report (unaudited) - ishares · 2020. 10. 28. · 4.67 8.93 u .s . investment...

2020 Semi-Annual Report(Unaudited)

iShares Trust

• iShares Long-Term Corporate Bond ETF | IGLB | NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the

Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your

financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be

notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow

the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to

receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election

to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any

action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial

intermediary. Please note that not all financial intermediaries may offer this service.

AUGUST 31, 2020

Dear Shareholder,

The 12-month reporting period as of August 31, 2020 has been a time of sudden change in globalfinancial markets, as the emergence and spread of the coronavirus led to a vast disruption in the globaleconomy and financial markets. For most of the first half of the reporting period, U.S. equities and bondsboth delivered impressive returns, despite fears and doubts about the economy that were ultimately laidto rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S.economy. But as the threat from the coronavirus became more apparent throughout February and March2020, countries around the world took economically disruptive countermeasures. Stay-at-home ordersand closures of non-essential businesses became widespread, many workers were laid off, andunemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point during the reporting period in late March 2020, a steady recoveryensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equityprices continued to rise throughout the summer, fed by strong fiscal and monetary support and improvingeconomic indicators. By the end of the reporting period, all major investment categories posted positivereturns, and many equity indices were near all-time highs. In the United States, large-capitalization stocksadvanced significantly, outperforming small-capitalization stocks, which also gained for the reportingperiod. International equities from developed economies also turned in a positive performance whilelagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initiallydiverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environ-ment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bondprices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the“Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to postpositive returns.

The Fed reduced interest rates twice in late 2019 to support slowing economic growth. After thecoronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates closeto zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did severalother central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth,we believe that the global expansion is likely to continue as economic activity resumes. Several risksremain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policyfatigue among governments already deep into deficit spending, and structural damage to the financialsystem from lengthy economic interruptions.

Overall, we favor a moderately positive stance toward risk, and in particular toward credit given theextraordinary central bank measures taken in recent months. This support extends beyond investment-grade corporates and into high-yield, leading to attractive opportunities in that end of the market. Webelieve that international diversification and sustainable investments can help provide portfolio resilience,and the disruption created by the coronavirus appears to be accelerating the shift toward sustainableinvestments. We remain neutral on equities overall while favoring European stocks, which are poised forcyclical upside as re-openings continue.

In this environment, our view is that investors need to think globally, extend their scope across a broadarray of asset classes, and be nimble as market conditions change. We encourage you to talk with yourfinancial advisor and visit ishares.com for further insight about investing in today’s markets.

Sincerely,

Rob KapitoPresident, BlackRock, Inc.

Total Returns as of August 31, 2020

6-Month 12-Month

U.S. large cap equities(S&P 500� Index)

19.63% 21.94%

U.S. small cap equities(Russell 2000� Index)

6.57 6.02

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

7.10 6.13

Emerging market equities(MSCI Emerging MarketsIndex)

11.23 14.49

3-month Treasury bills(ICE BofA 3-MonthU.S. Treasury Bill Index)

0.34 1.26

U.S. Treasury securities(ICE BofA 10-YearU.S. Treasury Index)

4.67 8.93

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

2.98 6.47

Tax-exempt municipal bonds(S&P Municipal Bond Index)

0.29 3.15

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

3.04 4.65

Past performance is no guarantee of future results. Indexperformance is shown for illustrative purposes only. Youcannot invest directly in an index.

The Markets in Review

Rob KapitoPresident, BlackRock, Inc.

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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Financial Statements

Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

Table of Contents

Investment Objective

The iShares Long-Term Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-gradecorporate bonds with remaining maturities greater than ten years, as represented by the ICE BofA 10+ Year US Corporate Index (the "Index") (formerly the ICE BofAML 10+Year US Corporate 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.

Performance

Average Annual Total Returns Cumulative Total Returns

6 Months 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.54% 8.41% 8.85% 7.05% 8.41% 52.79% 97.59%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.51 8.31 8.93 6.92 8.31 53.34 95.23Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.55 8.54 9.11 7.32 8.54 54.66 102.67

Index performance through June 29, 2014 reflect the performance of the ICE BofA 10+ Year US Corporate & Yankees Index. Index performance beginning onJune 30, 2014 through July 31, 2018 reflects the performance of the Bloomberg Barclays U.S. Long Credit Index. Index performance beginning on August 1, 2018reflects the performance of the ICE BofA 10+ Year US Corporate Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemptionor sale of fund shares. See “About Fund Performance” on page 5 for more information.

Expense Example

Actual Hypothetical 5% Return

BeginningAccount Value

(03/01/20)

EndingAccount Value

(08/31/20)

ExpensesPaid Duringthe Period (a)

BeginningAccount Value

(03/01/20)

EndingAccount Value

(08/31/20)

ExpensesPaid Duringthe Period (a)

AnnualizedExpense

Ratio

$ 1,000.00 $ 1,025.40 $ 0.31 $ 1,000.00 $ 1,024.90 $ 0.31 0.06%

(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number ofdays in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, maybe paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 5 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody's Credit Rating*

Percent ofTotal Investments(a)

Aaa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3%Aa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.8Baa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.9Ba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Not Rated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2

ALLOCATION BY MATURITY

MaturityPercent of

Total Investments(a)

5-10 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1%10-15 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.115-20 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.3More than 20 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69.5

* Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization.Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher.Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

(a) Excludes money market funds.

Fund Summary as of August 31, 2020 iShares� Long-Term Corporate Bond ETF

F U N D S U M M A R Y 4

Past performance is no guarantee of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. Thesecircumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund's investments. As a result, currentperformance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performanceresults 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 oron 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 orless 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. The price used to calculatemarket return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fundare listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvestedat 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 doesnot incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may bepayable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoingcosts, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (orfrom the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars andcents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary feewaivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account valuedivided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on yourFund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in yourFund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissionsand other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determinethe relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

About Fund Performance

5 2 0 2 0 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

SecurityPar

(000) Value

Corporate Bonds & NotesAdvertising — 0.0%Interpublic Group of Companies Inc. (The), 5.40%, 10/01/48

(Call 04/01/48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 270 $ 320,242

Aerospace & Defense — 2.4%BAE Systems Holdings Inc., 4.75%, 10/07/44(a)(b) . . . . . . . . . . 465 588,204BAE Systems PLC, 5.80%, 10/11/41(a) . . . . . . . . . . . . . . . . . . . . . 25 34,733Boeing Co. (The)

3.25%, 02/01/35 (Call 11/01/34). . . . . . . . . . . . . . . . . . . . . . . . . 472 443,1733.30%, 03/01/35 (Call 09/01/34)(b). . . . . . . . . . . . . . . . . . . . . . . 35 32,4923.38%, 06/15/46 (Call 12/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 205 174,2303.50%, 03/01/39 (Call 09/01/38). . . . . . . . . . . . . . . . . . . . . . . . . 295 266,6863.50%, 03/01/45 (Call 09/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 809 704,5323.55%, 03/01/38 (Call 09/01/37). . . . . . . . . . . . . . . . . . . . . . . . . 280 253,2693.60%, 05/01/34 (Call 02/01/34). . . . . . . . . . . . . . . . . . . . . . . . . 610 598,5183.65%, 03/01/47 (Call 09/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 225 194,9663.75%, 02/01/50 (Call 08/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 835 750,6623.83%, 03/01/59 (Call 09/01/58). . . . . . . . . . . . . . . . . . . . . . . . . 350 308,4693.85%, 11/01/48 (Call 05/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 260 231,6223.90%, 05/01/49 (Call 11/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 612 560,4363.95%, 08/01/59 (Call 02/01/59). . . . . . . . . . . . . . . . . . . . . . . . . 590 546,6435.71%, 05/01/40 (Call 11/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 1,690 1,962,6645.81%, 05/01/50 (Call 11/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 3,075 3,689,0825.88%, 02/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 257,3265.93%, 05/01/60 (Call 11/01/59). . . . . . . . . . . . . . . . . . . . . . . . . 2,000 2,447,9146.13%, 02/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 380,2796.63%, 02/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156 189,5976.88%, 03/15/39(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427 531,150

General Dynamics Corp.3.60%, 11/15/42 (Call 05/14/42). . . . . . . . . . . . . . . . . . . . . . . . . 380 447,2214.25%, 04/01/50 (Call 10/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,140 1,485,988

L3Harris Technologies Inc.4.85%, 04/27/35 (Call 10/27/34). . . . . . . . . . . . . . . . . . . . . . . . . 595 788,1195.05%, 04/27/45 (Call 10/27/44). . . . . . . . . . . . . . . . . . . . . . . . . 425 568,3816.15%, 12/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 190,521

Lockheed Martin Corp.2.80%, 06/15/50 (Call 12/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 26,4403.60%, 03/01/35 (Call 09/01/34). . . . . . . . . . . . . . . . . . . . . . . . . 99 118,8583.80%, 03/01/45 (Call 09/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 966 1,180,0614.07%, 12/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,128 1,423,7404.09%, 09/15/52 (Call 03/15/52). . . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,383,4754.50%, 05/15/36 (Call 11/15/35). . . . . . . . . . . . . . . . . . . . . . . . . 710 917,9484.70%, 05/15/46 (Call 11/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 1,118 1,531,3235.72%, 06/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 73,437Series B, 6.15%, 09/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 260,366

Northrop Grumman Corp.3.85%, 04/15/45 (Call 10/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 450 533,3874.03%, 10/15/47 (Call 04/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 1,559 1,905,4564.75%, 06/01/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840 1,090,8775.05%, 11/15/40(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 397,3115.25%, 05/01/50 (Call 11/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 250 359,505

Northrop Grumman Systems Corp., 7.75%, 02/15/31 . . . . . . . 647 987,016Raytheon Technologies Corp.

3.13%, 07/01/50 (Call 01/01/50). . . . . . . . . . . . . . . . . . . . . . . . . 350 375,4403.75%, 11/01/46 (Call 05/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 815 941,1994.05%, 05/04/47 (Call 11/04/46)(b) . . . . . . . . . . . . . . . . . . . . . . . 335 405,0784.15%, 05/15/45 (Call 11/16/44). . . . . . . . . . . . . . . . . . . . . . . . . 220 266,3754.20%, 12/15/44 (Call 06/15/44)(a). . . . . . . . . . . . . . . . . . . . . . . 100 115,5394.35%, 04/15/47 (Call 10/15/46)(a). . . . . . . . . . . . . . . . . . . . . . . 705 877,9514.45%, 11/16/38 (Call 05/16/38). . . . . . . . . . . . . . . . . . . . . . . . . 764 945,754

SecurityPar

(000) Value

Aerospace & Defense (continued)4.50%, 06/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,155 $ 2,739,7784.63%, 11/16/48 (Call 05/16/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,051 1,384,7104.70%, 12/15/41(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 283,4384.80%, 12/15/43 (Call 06/15/43)(a). . . . . . . . . . . . . . . . . . . . . . . 380 488,8164.88%, 10/15/40(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 392 503,9995.40%, 05/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 591 806,6585.70%, 04/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 802 1,119,1136.05%, 06/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 327,6336.13%, 07/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840 1,232,458

43,630,016Agriculture — 1.4%Altria Group Inc.

3.88%, 09/16/46 (Call 03/16/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,486 1,551,3094.25%, 08/09/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 875 928,5744.45%, 05/06/50 (Call 11/06/49). . . . . . . . . . . . . . . . . . . . . . . . . 15 17,1494.50%, 05/02/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880 965,3665.38%, 01/31/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,082 1,342,9395.80%, 02/14/39 (Call 08/14/38)(b). . . . . . . . . . . . . . . . . . . . . . . 585 745,5875.95%, 02/14/49 (Call 08/14/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,655 2,249,8836.20%, 02/14/59 (Call 08/14/58). . . . . . . . . . . . . . . . . . . . . . . . . 190 259,792

Archer-Daniels-Midland Co.3.75%, 09/15/47 (Call 03/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 415 518,1334.02%, 04/16/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 579 726,4274.50%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 905 1,267,2074.54%, 03/26/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 151,1995.38%, 09/15/35(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 80,994

BAT Capital Corp.4.39%, 08/15/37 (Call 02/15/37). . . . . . . . . . . . . . . . . . . . . . . . . 1,855 2,021,9764.54%, 08/15/47 (Call 02/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 2,030 2,208,1464.76%, 09/06/49 (Call 03/06/49). . . . . . . . . . . . . . . . . . . . . . . . . 345 386,7775.28%, 04/02/50 (Call 02/02/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 30,016

Cargill Inc., 3.88%, 05/23/49 (Call 11/23/48)(a)(b) . . . . . . . . . . . . 680 828,446Philip Morris International Inc.

3.88%, 08/21/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 564 650,1414.13%, 03/04/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421 498,7304.25%, 11/10/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880 1,075,6304.38%, 11/15/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474 582,6124.50%, 03/20/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520 639,1514.88%, 11/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530 688,3866.38%, 05/16/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980 1,473,308

Reynolds American Inc.5.70%, 08/15/35 (Call 02/15/35). . . . . . . . . . . . . . . . . . . . . . . . . 413 511,9995.85%, 08/15/45 (Call 02/12/45). . . . . . . . . . . . . . . . . . . . . . . . . 1,170 1,451,4336.15%, 09/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 282,9417.25%, 06/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825 1,107,492

25,241,743Apparel — 0.2%NIKE Inc.

3.25%, 03/27/40 (Call 09/27/39). . . . . . . . . . . . . . . . . . . . . . . . . 90 101,4263.38%, 11/01/46 (Call 05/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 505 581,6523.38%, 03/27/50 (Call 09/27/49). . . . . . . . . . . . . . . . . . . . . . . . . 925 1,064,6913.63%, 05/01/43 (Call 11/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 575 683,6213.88%, 11/01/45 (Call 05/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 781 949,163

3,380,553Auto Manufacturers — 0.4%Cummins Inc., 4.88%, 10/01/43 (Call 04/01/43). . . . . . . . . . . . . 375 505,502Daimler Finance North America LLC, 8.50%, 01/18/31 . . . . . . 1,027 1,578,889General Motors Co.

5.00%, 04/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143 155,448

Schedule of Investments (unaudited)

August 31, 2020

iShares� Long-Term Corporate Bond ETF(Percentages shown are based on Net Assets)

S C H E D U L E O F I N V E S T M E N T S 6

SecurityPar

(000) Value

Auto Manufacturers (continued)5.15%, 04/01/38 (Call 10/01/37). . . . . . . . . . . . . . . . . . . . . . . . . $ 158 $ 168,2435.20%, 04/01/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840 910,0095.40%, 04/01/48 (Call 10/01/47)(b). . . . . . . . . . . . . . . . . . . . . . . 525 576,8765.95%, 04/01/49 (Call 10/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 897 1,058,2986.25%, 10/02/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 767 894,8546.60%, 04/01/36 (Call 10/01/35). . . . . . . . . . . . . . . . . . . . . . . . . 1,020 1,225,1906.75%, 04/01/46 (Call 10/01/45)(b). . . . . . . . . . . . . . . . . . . . . . . 606 736,560

7,809,869Auto Parts & Equipment — 0.1%Aptiv PLC

4.40%, 10/01/46 (Call 04/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 100 97,2045.40%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 206 229,727

BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)(b) . . . . . . . . 345 377,411Lear Corp., 5.25%, 05/15/49 (Call 11/15/48) . . . . . . . . . . . . . . . . 730 786,518

1,490,860Banks — 8.0%Bank of America Corp.

2.68%, 06/19/41 (Call 06/19/40)(c). . . . . . . . . . . . . . . . . . . . . . . 2,025 2,067,1073.95%, 01/23/49 (Call 01/23/48)(c). . . . . . . . . . . . . . . . . . . . . . . 880 1,080,2094.08%, 04/23/40 (Call 04/23/39)(c). . . . . . . . . . . . . . . . . . . . . . . 1,130 1,368,7974.08%, 03/20/51 (Call 03/20/50)(c). . . . . . . . . . . . . . . . . . . . . . . 3,325 4,163,6344.24%, 04/24/38 (Call 04/24/37)(c). . . . . . . . . . . . . . . . . . . . . . . 1,454 1,774,5974.33%, 03/15/50 (Call 03/15/49)(c). . . . . . . . . . . . . . . . . . . . . . . 1,814 2,346,0924.44%, 01/20/48 (Call 01/20/47)(c). . . . . . . . . . . . . . . . . . . . . . . 1,259 1,617,4704.88%, 04/01/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 495 667,9435.00%, 01/21/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 902 1,252,1845.88%, 02/07/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 853 1,275,3256.11%, 01/29/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,265 1,810,8507.75%, 05/14/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,165 1,936,990Series L, 4.75%, 04/21/45(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 264,759

Bank of America N.A., 6.00%, 10/15/36 . . . . . . . . . . . . . . . . . . . . 500 726,535Barclays PLC

4.95%, 01/10/47(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 940 1,268,4785.25%, 08/17/45(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 790 1,083,007

BNP Paribas SA, 7.20%, (Call 06/25/37)(a)(c)(d) . . . . . . . . . . . . . 545 593,505Citigroup Inc.

3.88%, 01/24/39 (Call 01/22/38)(c). . . . . . . . . . . . . . . . . . . . . . . 663 789,3384.28%, 04/24/48 (Call 04/24/47)(b)(c). . . . . . . . . . . . . . . . . . . . . 1,378 1,784,6824.65%, 07/30/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 297,5914.65%, 07/23/48 (Call 06/23/48). . . . . . . . . . . . . . . . . . . . . . . . . 2,119 2,852,1494.75%, 05/18/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,705 2,183,2935.30%, 05/06/44(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 262,5805.88%, 02/22/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 623,8115.88%, 01/30/42(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 897 1,326,9206.00%, 10/31/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 221,0666.13%, 08/25/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 482 654,5666.63%, 06/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 942 1,326,6146.68%, 09/13/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 437,9566.88%, 03/05/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 161,0756.88%, 02/15/98. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 26,9198.13%, 07/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,410 2,488,027

Commonwealth Bank of Australia3.74%, 09/12/39(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595 669,3333.90%, 07/12/47(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 839 1,035,6894.32%, 01/10/48(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990 1,204,043

Cooperatieve Rabobank UA5.25%, 05/24/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,292 1,911,2765.25%, 08/04/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321 451,3665.75%, 12/01/43(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 1,906,761

SecurityPar

(000) Value

Banks (continued)Credit Suisse Group Funding Guernsey Ltd., 4.88%,

05/15/45(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,566 $ 2,131,543Fifth Third Bancorp., 8.25%, 03/01/38 . . . . . . . . . . . . . . . . . . . . . . 741 1,232,384First Republic Bank/CA

4.38%, 08/01/46 (Call 02/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 350 425,6154.63%, 02/13/47 (Call 08/13/46)(b). . . . . . . . . . . . . . . . . . . . . . . 495 612,725

Goldman Sachs Group Inc. (The)4.02%, 10/31/38 (Call 10/31/37)(c). . . . . . . . . . . . . . . . . . . . . . . 1,765 2,082,0404.41%, 04/23/39 (Call 04/23/38)(c). . . . . . . . . . . . . . . . . . . . . . . 985 1,215,1544.75%, 10/21/45 (Call 04/21/45). . . . . . . . . . . . . . . . . . . . . . . . . 1,134 1,513,3214.80%, 07/08/44 (Call 01/08/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,100 1,448,8755.15%, 05/22/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,165 1,549,9376.13%, 02/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 615 871,2106.25%, 02/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,681 2,542,8966.45%, 05/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 423,0176.75%, 10/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,510 5,121,721

HSBC Bank USA N.A., 7.00%, 01/15/39 . . . . . . . . . . . . . . . . . . . 270 411,876HSBC Holdings PLC

5.25%, 03/14/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 540,5886.10%, 01/14/42(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 858 1,263,8996.50%, 05/02/36(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,540 2,124,6666.50%, 09/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,510 2,115,8066.80%, 06/01/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,335 1,921,2607.63%, 05/17/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 546 757,621

HSBC USA Inc., 7.20%, 07/15/97(b) . . . . . . . . . . . . . . . . . . . . . . . . 60 96,909JPMorgan Chase & Co.

3.11%, 04/22/41 (Call 04/22/40)(c) . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,098,8293.11%, 04/22/51 (Call 04/22/50)(c) . . . . . . . . . . . . . . . . . . . . . . . 1,456 1,585,1083.88%, 07/24/38 (Call 07/24/37)(c). . . . . . . . . . . . . . . . . . . . . . . 2,000 2,404,3853.90%, 01/23/49 (Call 01/23/48)(c). . . . . . . . . . . . . . . . . . . . . . . 1,260 1,544,9113.96%, 11/15/48 (Call 11/15/47)(c) . . . . . . . . . . . . . . . . . . . . . . . 1,602 1,968,1164.03%, 07/24/48 (Call 07/24/47)(c). . . . . . . . . . . . . . . . . . . . . . . 1,135 1,408,2634.26%, 02/22/48 (Call 02/22/47)(c). . . . . . . . . . . . . . . . . . . . . . . 1,255 1,596,5294.85%, 02/01/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745 1,029,2524.95%, 06/01/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 668 917,9455.40%, 01/06/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 855 1,252,5895.50%, 10/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 965 1,396,6985.60%, 07/15/41(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,425 2,117,2305.63%, 08/16/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,013 1,480,4656.40%, 05/15/38(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,161 1,797,2848.75%, 09/01/30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 74,110

Lloyds Banking Group PLC4.34%, 01/09/48(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 935 1,170,5455.30%, 12/01/45(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 720 1,001,070

Mitsubishi UFJ Financial Group Inc.3.75%, 07/18/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 450,2144.15%, 03/07/39(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925 1,130,8614.29%, 07/26/38(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525 652,913

Morgan Stanley3.97%, 07/22/38 (Call 07/22/37)(c). . . . . . . . . . . . . . . . . . . . . . . 1,281 1,546,2944.30%, 01/27/45(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,239 1,615,3604.38%, 01/22/47(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,960 2,612,7534.46%, 04/22/39 (Call 04/22/38)(c). . . . . . . . . . . . . . . . . . . . . . . 635 805,3245.60%, 03/24/51 (Call 03/24/50)(c). . . . . . . . . . . . . . . . . . . . . . . 799 1,231,7836.38%, 07/24/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,689 2,676,4907.25%, 04/01/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 808 1,236,540

Regions Bank/Birmingham AL, 6.45%, 06/26/37(b) . . . . . . . . . . 460 642,204Regions Financial Corp., 7.38%, 12/10/37. . . . . . . . . . . . . . . . . . 105 157,256Santander UK Group Holdings PLC, 5.63%, 09/15/45(a). . . . . 385 480,931Societe Generale SA, 5.63%, 11/24/45(a)(b) . . . . . . . . . . . . . . . . . 315 395,699

Schedule of Investments (unaudited) (continued)

August 31, 2020



SecurityPar

(000) Value

Banks (continued)Standard Chartered PLC

5.30%, 01/09/43(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 515 $ 627,7105.70%, 03/26/44(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,230 1,599,979

UBS AG/London, 4.50%, 06/26/48(a)(b) . . . . . . . . . . . . . . . . . . . . . 1,015 1,449,457Wachovia Corp.

5.50%, 08/01/35(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 472 632,6086.55%, 10/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 358,8197.50%, 04/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 257,576

Wells Fargo & Co.3.07%, 04/30/41 (Call 04/29/40)(c). . . . . . . . . . . . . . . . . . . . . . . 25 26,4743.90%, 05/01/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,212 1,426,8894.40%, 06/14/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,021 1,222,7474.65%, 11/04/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,126 1,371,6194.75%, 12/07/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,025 1,297,9024.90%, 11/17/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 660 838,2995.01%, 04/04/51 (Call 04/04/50)(c). . . . . . . . . . . . . . . . . . . . . . . 4,525 6,176,9135.38%, 02/07/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 568 771,8185.38%, 11/02/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,365 1,828,9585.61%, 01/15/44(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,690 2,302,0905.95%, 12/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 668 871,820

Wells Fargo Bank N.A.5.85%, 02/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 888,8735.95%, 08/26/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 570 775,3316.60%, 01/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,270 1,885,351

Westpac Banking Corp., 4.42%, 07/24/39 . . . . . . . . . . . . . . . . . . 812 1,004,752

145,409,536Beverages — 3.4%Anheuser-Busch Companies LLC/Anheuser-Busch InBev

Worldwide Inc.4.70%, 02/01/36 (Call 08/01/35). . . . . . . . . . . . . . . . . . . . . . . . . 3,517 4,224,7704.90%, 02/01/46 (Call 08/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 5,705 7,044,853

Anheuser-Busch InBev Finance Inc.4.00%, 01/17/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 658 718,6324.63%, 02/01/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557 657,0214.70%, 02/01/36 (Call 08/01/35). . . . . . . . . . . . . . . . . . . . . . . . . 600 714,4224.90%, 02/01/46 (Call 08/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 1,249 1,522,532

Anheuser-Busch InBev Worldwide Inc.3.75%, 07/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 835 893,1534.35%, 06/01/40 (Call 12/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 565 657,0914.38%, 04/15/38 (Call 10/15/37). . . . . . . . . . . . . . . . . . . . . . . . . 930 1,072,7474.44%, 10/06/48 (Call 04/06/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,421 1,657,9714.50%, 06/01/50 (Call 12/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,270 1,535,1254.60%, 04/15/48 (Call 10/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 1,798 2,143,4434.60%, 06/01/60 (Call 12/01/59). . . . . . . . . . . . . . . . . . . . . . . . . 400 491,5344.75%, 04/15/58 (Call 10/15/57). . . . . . . . . . . . . . . . . . . . . . . . . 945 1,176,1244.90%, 01/23/31 (Call 10/23/30)(b). . . . . . . . . . . . . . . . . . . . . . . 698 889,6934.95%, 01/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 860 1,045,8875.45%, 01/23/39 (Call 07/23/38). . . . . . . . . . . . . . . . . . . . . . . . . 1,395 1,780,9295.55%, 01/23/49 (Call 07/23/48). . . . . . . . . . . . . . . . . . . . . . . . . 2,485 3,343,9165.80%, 01/23/59 (Call 07/23/58). . . . . . . . . . . . . . . . . . . . . . . . . 635 907,2988.00%, 11/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 512,3898.20%, 01/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 827 1,330,955

Bacardi Ltd.5.15%, 05/15/38 (Call 11/15/37)(a) . . . . . . . . . . . . . . . . . . . . . . . 300 364,7525.30%, 05/15/48 (Call 11/15/47)(a) . . . . . . . . . . . . . . . . . . . . . . . 515 666,421

Brown-Forman Corp.4.00%, 04/15/38 (Call 10/15/37). . . . . . . . . . . . . . . . . . . . . . . . . 140 168,5484.50%, 07/15/45 (Call 01/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 213 283,143

Coca-Cola Co. (The)2.50%, 06/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150 1,191,127

SecurityPar

(000) Value

Beverages (continued)2.60%, 06/01/50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,255 $ 1,276,3752.75%, 06/01/60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 96,6444.20%, 03/25/50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 1,718,886

Coca-Cola FEMSA SAB de CV, 5.25%, 11/26/43(b) . . . . . . . . . 306 424,596Constellation Brands Inc.

3.75%, 05/01/50 (Call 11/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 45 49,6964.10%, 02/15/48 (Call 08/15/47)(b). . . . . . . . . . . . . . . . . . . . . . . 300 346,2394.50%, 05/09/47 (Call 11/09/46). . . . . . . . . . . . . . . . . . . . . . . . . 675 817,8945.25%, 11/15/48 (Call 05/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 618 827,662

Diageo Capital PLC3.88%, 04/29/43 (Call 10/29/42). . . . . . . . . . . . . . . . . . . . . . . . . 735 881,5695.88%, 09/30/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 771,693

Diageo Investment Corp., 4.25%, 05/11/42 . . . . . . . . . . . . . . . . . 95 119,513Fomento Economico Mexicano SAB de CV

3.50%, 01/16/50 (Call 07/16/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,500 1,608,8194.38%, 05/10/43(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 405,042

Heineken NV4.00%, 10/01/42(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 603 712,4254.35%, 03/29/47 (Call 09/29/46)(a). . . . . . . . . . . . . . . . . . . . . . . 120 152,306

Keurig Dr Pepper Inc.4.42%, 12/15/46 (Call 06/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 550 690,5644.50%, 11/15/45 (Call 05/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 585 735,7064.99%, 05/25/38 (Call 11/25/37). . . . . . . . . . . . . . . . . . . . . . . . . 660 865,8725.09%, 05/25/48 (Call 11/25/47). . . . . . . . . . . . . . . . . . . . . . . . . 475 648,660

Molson Coors Beverage Co.4.20%, 07/15/46 (Call 01/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,077 1,118,2435.00%, 05/01/42(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 904,968

PepsiCo Inc.2.88%, 10/15/49 (Call 04/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,050 1,124,7343.38%, 07/29/49 (Call 01/29/49). . . . . . . . . . . . . . . . . . . . . . . . . 703 809,3313.45%, 10/06/46 (Call 04/06/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,025 1,205,8613.50%, 03/19/40 (Call 09/19/39). . . . . . . . . . . . . . . . . . . . . . . . . 155 182,8043.60%, 08/13/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455 559,3393.63%, 03/19/50 (Call 09/19/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,185 1,440,4573.88%, 03/19/60 (Call 09/19/59). . . . . . . . . . . . . . . . . . . . . . . . . 40 51,0214.00%, 03/05/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 492 624,5374.00%, 05/02/47 (Call 11/02/46). . . . . . . . . . . . . . . . . . . . . . . . . 695 880,2624.25%, 10/22/44 (Call 04/22/44). . . . . . . . . . . . . . . . . . . . . . . . . 671 866,1054.45%, 04/14/46 (Call 10/14/45). . . . . . . . . . . . . . . . . . . . . . . . . 1,154 1,538,0104.60%, 07/17/45 (Call 01/17/45). . . . . . . . . . . . . . . . . . . . . . . . . 235 324,292

Pernod Ricard SA, 5.50%, 01/15/42(a)(b) . . . . . . . . . . . . . . . . . . . 250 342,835

62,117,436Biotechnology — 1.3%Amgen Inc.

2.77%, 09/01/53 (Call 03/01/53)(a). . . . . . . . . . . . . . . . . . . . . . . 1,795 1,769,2493.15%, 02/21/40 (Call 08/21/39). . . . . . . . . . . . . . . . . . . . . . . . . 1,704 1,812,9813.38%, 02/21/50 (Call 08/21/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,162,6334.40%, 05/01/45 (Call 11/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,365 1,715,0614.56%, 06/15/48 (Call 12/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 1,055 1,358,7094.66%, 06/15/51 (Call 12/15/50)(b). . . . . . . . . . . . . . . . . . . . . . . 1,980 2,618,1664.95%, 10/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366 487,0255.15%, 11/15/41 (Call 05/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 436 585,782

Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)(b). . . . . . . . . . . . . 354 491,899Biogen Inc.

3.15%, 05/01/50 (Call 11/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,205 1,226,3415.20%, 09/15/45 (Call 03/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 855 1,169,505

Gilead Sciences Inc.4.00%, 09/01/36 (Call 03/01/36)(b). . . . . . . . . . . . . . . . . . . . . . . 415 519,5674.15%, 03/01/47 (Call 09/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,445 1,857,5554.50%, 02/01/45 (Call 08/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,206 1,565,912


August 31, 2020



SecurityPar

(000) Value

Biotechnology (continued)4.60%, 09/01/35 (Call 03/01/35). . . . . . . . . . . . . . . . . . . . . . . . . $ 1,085 $ 1,444,2344.75%, 03/01/46 (Call 09/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 798 1,068,0294.80%, 04/01/44 (Call 10/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 1,095 1,457,7165.65%, 12/01/41 (Call 06/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 980 1,430,574

Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50(Call 03/15/50) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 248,675

Royalty Pharma PLC, 3.30%, 09/02/40 (Call 03/02/40)(a). . . . 250 245,765

24,235,378Building Materials — 0.5%Carrier Global Corp.

2.70%, 02/15/31 (Call 11/15/30)(a) . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,116,7013.38%, 04/05/40 (Call 10/05/39)(a). . . . . . . . . . . . . . . . . . . . . . . 1,360 1,413,7863.58%, 04/05/50 (Call 10/05/49)(a). . . . . . . . . . . . . . . . . . . . . . . 662 701,417

CRH America Finance Inc.4.40%, 05/09/47 (Call 11/09/46)(a) . . . . . . . . . . . . . . . . . . . . . . . 100 112,4154.50%, 04/04/48 (Call 10/04/47)(a). . . . . . . . . . . . . . . . . . . . . . . 751 839,695

Johnson Controls International PLC4.50%, 02/15/47 (Call 08/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 373 450,0404.63%, 07/02/44 (Call 01/02/44). . . . . . . . . . . . . . . . . . . . . . . . . 437 533,2724.95%, 07/02/64 (Call 01/02/64)(e). . . . . . . . . . . . . . . . . . . . . . . 415 519,9655.13%, 09/14/45 (Call 03/14/45). . . . . . . . . . . . . . . . . . . . . . . . . 43 56,3516.00%, 01/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 179,366

Martin Marietta Materials Inc., 4.25%, 12/15/47(Call 06/15/47) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 539 609,082

Masco Corp., 4.50%, 05/15/47 (Call 11/15/46) . . . . . . . . . . . . . . 345 377,061Owens Corning

4.30%, 07/15/47 (Call 01/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 167 179,1424.40%, 01/30/48 (Call 07/30/47). . . . . . . . . . . . . . . . . . . . . . . . . 354 388,8317.00%, 12/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 331,258

Votorantim Cimentos SA, 7.25%, 04/05/41(a) . . . . . . . . . . . . . . . 500 635,000Vulcan Materials Co.

4.50%, 06/15/47 (Call 12/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 144 167,8264.70%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 605 720,842

9,332,050Chemicals — 1.5%Air Products and Chemicals Inc.

2.70%, 05/15/40 (Call 11/15/39). . . . . . . . . . . . . . . . . . . . . . . . . 455 487,9702.80%, 05/15/50 (Call 11/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 313 333,056

Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44) . . . . . . . . . . 368 397,941Dow Chemical Co. (The)

4.25%, 10/01/34 (Call 04/01/34). . . . . . . . . . . . . . . . . . . . . . . . . 1,444 1,706,0664.38%, 11/15/42 (Call 05/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 243 274,1954.63%, 10/01/44 (Call 04/01/44)(b). . . . . . . . . . . . . . . . . . . . . . . 390 449,8134.80%, 05/15/49 (Call 11/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 900 1,079,8485.25%, 11/15/41 (Call 05/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 116 141,1705.55%, 11/30/48 (Call 05/30/48)(b) . . . . . . . . . . . . . . . . . . . . . . . 540 711,9709.40%, 05/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366 622,647

DuPont de Nemours Inc.5.32%, 11/15/38 (Call 05/15/38). . . . . . . . . . . . . . . . . . . . . . . . . 639 825,2925.42%, 11/15/48 (Call 05/15/48)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,820 2,491,726

Eastman Chemical Co.4.65%, 10/15/44 (Call 04/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 424 500,7934.80%, 09/01/42 (Call 03/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 478 568,977

Ecolab Inc.2.13%, 08/15/50 (Call 02/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 600 553,1923.70%, 11/01/46 (Call 05/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 75 85,6113.95%, 12/01/47 (Call 06/01/47)(b). . . . . . . . . . . . . . . . . . . . . . . 567 723,1475.50%, 12/08/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278 402,153

FMC Corp., 4.50%, 10/01/49 (Call 04/01/49) . . . . . . . . . . . . . . . 430 544,440

SecurityPar

(000) Value

Chemicals (continued)International Flavors & Fragrances Inc.

4.38%, 06/01/47 (Call 12/01/46). . . . . . . . . . . . . . . . . . . . . . . . . $ 275 $ 313,9115.00%, 09/26/48 (Call 03/26/48)(b). . . . . . . . . . . . . . . . . . . . . . . 345 429,097

Lubrizol Corp. (The), 6.50%, 10/01/34. . . . . . . . . . . . . . . . . . . . . . 350 545,533LYB International Finance BV

4.88%, 03/15/44 (Call 09/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 940 1,124,4535.25%, 07/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 910 1,113,947

LYB International Finance III LLC4.20%, 10/15/49 (Call 04/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 365 405,9754.20%, 05/01/50 (Call 11/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 27,407

LyondellBasell Industries NV, 4.63%, 02/26/55(Call 08/26/54) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 883 1,011,045

Mosaic Co. (The)4.88%, 11/15/41 (Call 05/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 230 239,8495.45%, 11/15/33 (Call 05/15/33). . . . . . . . . . . . . . . . . . . . . . . . . 393 452,0515.63%, 11/15/43 (Call 05/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 145 167,182

Nutrien Ltd.4.13%, 03/15/35 (Call 09/15/34)(b). . . . . . . . . . . . . . . . . . . . . . . 145 167,9454.90%, 06/01/43 (Call 12/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 95 118,0355.00%, 04/01/49 (Call 10/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 673 881,1985.25%, 01/15/45 (Call 07/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 229 287,6275.63%, 12/01/40(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 499,6045.88%, 12/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 297,2196.13%, 01/15/41 (Call 07/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 650 864,123

Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44(a) . . . . . . . 900 1,050,300Praxair Inc.

2.00%, 08/10/50 (Call 02/10/50). . . . . . . . . . . . . . . . . . . . . . . . . 350 323,9373.55%, 11/07/42 (Call 05/07/42)(b) . . . . . . . . . . . . . . . . . . . . . . . 750 895,195

RPM International Inc., 4.25%, 01/15/48 (Call 07/15/47) . . . . 560 586,881Sherwin-Williams Co. (The)

3.80%, 08/15/49 (Call 02/15/49)(b). . . . . . . . . . . . . . . . . . . . . . . 435 501,3884.00%, 12/15/42 (Call 06/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 285 318,9294.50%, 06/01/47 (Call 12/01/46)(b). . . . . . . . . . . . . . . . . . . . . . . 635 802,8454.55%, 08/01/45 (Call 02/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 120 147,765

Syngenta Finance NV, 5.68%, 04/24/48 (Call 10/24/47)(a) . . . 507 541,300Westlake Chemical Corp.

4.38%, 11/15/47 (Call 05/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 600 632,8265.00%, 08/15/46 (Call 02/15/46)(b). . . . . . . . . . . . . . . . . . . . . . . 330 377,902

28,025,476Commercial Services — 1.3%American University (The), Series 2019, 3.67%, 04/01/49 . . . 500 560,996California Institute of Technology, 4.70%, 11/01/2111. . . . . . . . 145 208,709Cleveland Clinic Foundation (The), 4.86%, 01/01/2114(b). . . . 200 288,977DP World PLC

4.70%, 09/30/49 (Call 03/30/49)(a). . . . . . . . . . . . . . . . . . . . . . . 300 313,8845.63%, 09/25/48(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,114 1,314,5206.85%, 07/02/37(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850 1,084,991

Duke University, 3.30%, 10/01/46 . . . . . . . . . . . . . . . . . . . . . . . . . . 25 28,497Equifax Inc., 7.00%, 07/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 141,322ERAC USA Finance LLC

4.20%, 11/01/46 (Call 05/01/46)(a) . . . . . . . . . . . . . . . . . . . . . . . 115 125,2235.63%, 03/15/42(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 80,0667.00%, 10/15/37(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,824 2,592,377

Ford Foundation (The), Series 2020, 2.82%, 06/01/70(Call 12/01/69) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 529,170

George Washington University (The), Series 2018, 4.13%,09/15/48 (Call 03/15/48)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,088 1,418,642

Georgetown University (The)Series 20A, 2.94%, 04/01/50. . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 177,183Series A, 5.22%, 10/01/2118 (Call 04/01/2118). . . . . . . . . . . 75 102,488


August 31, 2020



SecurityPar

(000) Value

Commercial Services (continued)Global Payments Inc., 4.15%, 08/15/49 (Call 02/15/49) . . . . . $ 168 $ 198,430Johns Hopkins University, Series 2013, 4.08%, 07/01/53(b) . . 36 48,256Leland Stanford Junior University (The), 3.65%, 05/01/48

(Call 11/01/47) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517 658,560Massachusetts Institute of Technology

3.89%, 07/01/2116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 295,4863.96%, 07/01/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 73,9734.68%, 07/01/2114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 487,5205.60%, 07/01/2111 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625 1,097,420Series F, 2.99%, 07/01/50 (Call 01/01/50) . . . . . . . . . . . . . . . 600 704,342

Moody's Corp.3.25%, 05/20/50 (Call 11/20/49). . . . . . . . . . . . . . . . . . . . . . . . . 85 93,7764.88%, 12/17/48 (Call 06/17/48). . . . . . . . . . . . . . . . . . . . . . . . . 159 212,7995.25%, 07/15/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525 724,533

Northwestern University4.64%, 12/01/44(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 484,831Series 2017, 3.66%, 12/01/57 (Call 06/01/57). . . . . . . . . . . . 55 69,016

PayPal Holdings Inc., 3.25%, 06/01/50 (Call 12/01/49) . . . . . . 575 649,781President and Fellows of Harvard College

3.15%, 07/15/46 (Call 01/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 500 568,0713.30%, 07/15/56 (Call 01/15/56). . . . . . . . . . . . . . . . . . . . . . . . . 385 473,6283.62%, 10/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 424,9114.88%, 10/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 281,438

S&P Global Inc.2.30%, 08/15/60 (Call 02/15/60). . . . . . . . . . . . . . . . . . . . . . . . . 75 69,4233.25%, 12/01/49 (Call 06/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 720 837,039

Trustees of Boston College, 3.13%, 07/01/52(b). . . . . . . . . . . . . 530 595,709Trustees of Boston University, Series CC, 4.06%, 10/01/48

(Call 04/01/48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 171,371Trustees of Dartmouth College, 3.47%, 06/01/46(b) . . . . . . . . . 260 298,481Trustees of Princeton University (The), 5.70%, 03/01/39 . . . . 515 796,107Trustees of the University of Pennsylvania (The), 3.61%,

02/15/2119 (Call 08/15/2118) . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 45,983Tufts University, Series 2012, 5.02%, 04/15/2112 . . . . . . . . . . . 100 131,160University of Notre Dame du Lac

Series 2015, 3.44%, 02/15/45. . . . . . . . . . . . . . . . . . . . . . . . . . . 149 178,697Series 2017, 3.39%, 02/15/48 (Call 08/15/47). . . . . . . . . . . . 365 432,113

University of Southern California2.81%, 10/01/50 (Call 04/01/50). . . . . . . . . . . . . . . . . . . . . . . . . 436 467,8143.03%, 10/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 892 984,6555.25%, 10/01/2111 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 399,349Series 2017, 3.84%, 10/01/47 (Call 04/01/47). . . . . . . . . . . . 280 352,749

Verisk Analytics Inc.3.63%, 05/15/50 (Call 11/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 455 521,9595.50%, 06/15/45 (Call 12/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 186 262,627

Wesleyan University, 4.78%, 07/01/2116 . . . . . . . . . . . . . . . . . . . 125 158,049William Marsh Rice University

3.57%, 05/15/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331 398,9793.77%, 05/15/55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 161,228

Yale University, Series 2020, 2.40%, 04/15/50(Call 10/15/49) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 143,758

23,921,066Computers — 1.9%Apple Inc.

2.40%, 08/20/50 (Call 06/20/50). . . . . . . . . . . . . . . . . . . . . . . . . 1,000 996,6942.65%, 05/11/50 (Call 11/11/49) . . . . . . . . . . . . . . . . . . . . . . . . . 188 194,2382.95%, 09/11/49 (Call 03/11/49) . . . . . . . . . . . . . . . . . . . . . . . . . 165 178,1603.45%, 02/09/45(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,644 1,922,5623.75%, 09/12/47 (Call 03/12/47). . . . . . . . . . . . . . . . . . . . . . . . . 460 556,8653.75%, 11/13/47 (Call 05/13/47). . . . . . . . . . . . . . . . . . . . . . . . . 975 1,183,506

SecurityPar

(000) Value

Computers (continued)3.85%, 05/04/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,718 $ 2,118,2393.85%, 08/04/46 (Call 02/04/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,720 2,123,8754.25%, 02/09/47 (Call 08/09/46)(b). . . . . . . . . . . . . . . . . . . . . . . 840 1,109,2794.38%, 05/13/45(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,680 2,218,8904.45%, 05/06/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 835 1,124,2054.50%, 02/23/36 (Call 08/23/35). . . . . . . . . . . . . . . . . . . . . . . . . 1,400 1,859,5684.65%, 02/23/46 (Call 08/23/45). . . . . . . . . . . . . . . . . . . . . . . . . 2,109 2,899,912

Dell International LLC/EMC Corp.8.10%, 07/15/36 (Call 01/15/36)(a). . . . . . . . . . . . . . . . . . . . . . . 1,286 1,711,8578.35%, 07/15/46 (Call 01/15/46)(a). . . . . . . . . . . . . . . . . . . . . . . 1,129 1,525,870

Hewlett Packard Enterprise Co.6.20%, 10/15/35 (Call 04/15/35). . . . . . . . . . . . . . . . . . . . . . . . . 500 625,1016.35%, 10/15/45 (Call 04/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 1,120 1,444,884

HP Inc., 6.00%, 09/15/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 869 1,068,569International Business Machines Corp.

2.95%, 05/15/50 (Call 11/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 410 423,6704.00%, 06/20/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,025 1,232,3404.15%, 05/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,063 1,308,2254.25%, 05/15/49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,865 2,369,6014.70%, 02/19/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 805 1,074,6785.60%, 11/30/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 680 976,5265.88%, 11/29/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356 518,8817.13%, 12/01/96. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 202,281

Seagate HDD Cayman4.13%, 01/15/31 (Call 10/15/30)(a)(b). . . . . . . . . . . . . . . . . . . . . 300 325,0195.75%, 12/01/34 (Call 06/01/34)(b). . . . . . . . . . . . . . . . . . . . . . . 391 443,717

33,737,212Cosmetics & Personal Care — 0.4%Colgate-Palmolive Co.

3.70%, 08/01/47 (Call 02/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 295 386,8724.00%, 08/15/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 446,687

Estee Lauder Companies Inc. (The)3.13%, 12/01/49 (Call 06/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 620 694,5103.70%, 08/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 55,1834.15%, 03/15/47 (Call 09/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 210 265,8284.38%, 06/15/45 (Call 12/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 535 694,4906.00%, 05/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 369,195

Procter & Gamble Co. (The)3.50%, 10/25/47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745 943,8083.55%, 03/25/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 930 1,139,1013.60%, 03/25/50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,115 1,415,2915.50%, 02/01/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 144,6495.55%, 03/05/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 74,3355.80%, 08/15/34(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 122,290

Unilever Capital Corp., 5.90%, 11/15/32. . . . . . . . . . . . . . . . . . . . 951 1,406,001

8,158,240Distribution & Wholesale — 0.1%WW Grainger Inc.

3.75%, 05/15/46 (Call 11/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 280 320,8884.20%, 05/15/47 (Call 11/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 195 237,5874.60%, 06/15/45 (Call 12/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 930 1,202,628

1,761,103Diversified Financial Services — 1.7%Ally Financial Inc., 8.00%, 11/01/31 . . . . . . . . . . . . . . . . . . . . . . . . 1,988 2,699,637American Express Co., 4.05%, 12/03/42(b) . . . . . . . . . . . . . . . . . 882 1,115,092Blackstone Holdings Finance Co. LLC

3.50%, 09/10/49 (Call 03/10/49)(a). . . . . . . . . . . . . . . . . . . . . . . 600 658,7994.00%, 10/02/47 (Call 04/02/47)(a)(b). . . . . . . . . . . . . . . . . . . . . 340 393,8654.45%, 07/15/45(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 242,346


August 31, 2020



SecurityPar

(000) Value

Diversified Financial Services (continued)5.00%, 06/15/44(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 61 $ 78,492

Brookfield Finance Inc., 4.70%, 09/20/47 (Call 03/20/47) . . . . 765 905,434Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49) . . . 625 622,508CME Group Inc.

4.15%, 06/15/48 (Call 12/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 831 1,093,2065.30%, 09/15/43 (Call 03/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 313 458,165

Credit Suisse USA Inc., 7.13%, 07/15/32 . . . . . . . . . . . . . . . . . . . 205 317,152FMR LLC

5.15%, 02/01/43(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 339,3256.50%, 12/14/40(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 763,914

GE Capital International Funding Co. Unlimited Co., 4.42%,11/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,430 7,675,840

Invesco Finance PLC, 5.38%, 11/30/43 . . . . . . . . . . . . . . . . . . . . 336 410,809Jefferies Financial Group Inc., 6.63%, 10/23/43

(Call 07/23/43) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 301,159Jefferies Group LLC

6.25%, 01/15/36(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 520,4196.50%, 01/20/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 120,414

KKR Group Finance Co. II LLC, 5.50%, 02/01/43(Call 08/01/42)(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 704,178

Legg Mason Inc., 5.63%, 01/15/44 . . . . . . . . . . . . . . . . . . . . . . . . . 230 312,898Mastercard Inc.

3.65%, 06/01/49 (Call 12/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 898 1,085,8233.80%, 11/21/46 (Call 05/21/46). . . . . . . . . . . . . . . . . . . . . . . . . 450 552,8063.85%, 03/26/50 (Call 09/26/49). . . . . . . . . . . . . . . . . . . . . . . . . 825 1,037,8683.95%, 02/26/48 (Call 08/26/47)(b). . . . . . . . . . . . . . . . . . . . . . . 340 427,409

Nasdaq Inc., 3.25%, 04/28/50 (Call 10/28/49) . . . . . . . . . . . . . . 313 335,659Neuberger Berman Group LLC/Neuberger Berman Finance

Corp., 4.88%, 04/15/45 (Call 10/15/44)(a) . . . . . . . . . . . . . . . . 50 54,621Raymond James Financial Inc., 4.95%, 07/15/46 . . . . . . . . . . . 561 716,770Visa Inc.

2.00%, 08/15/50 (Call 02/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 400 375,9863.65%, 09/15/47 (Call 03/15/47)(b). . . . . . . . . . . . . . . . . . . . . . . 774 954,3814.15%, 12/14/35 (Call 06/14/35). . . . . . . . . . . . . . . . . . . . . . . . . 1,124 1,464,6334.30%, 12/14/45 (Call 06/14/45). . . . . . . . . . . . . . . . . . . . . . . . . 2,470 3,287,746

Western Union Co. (The)6.20%, 11/17/36(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 308,9626.20%, 06/21/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 164,615

30,500,931Electric — 12.3%Abu Dhabi National Energy Co. PJSC

4.00%, 10/03/49(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 236,0006.50%, 10/27/36(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 1,174,064

Acwa Power Management And Investments One Ltd.,5.95%, 12/15/39(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 250,164

AEP Texas Inc.3.80%, 10/01/47 (Call 04/01/47)(b). . . . . . . . . . . . . . . . . . . . . . . 78 90,816Series E, 6.65%, 02/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 17,970Series G, 4.15%, 05/01/49 (Call 11/01/48) . . . . . . . . . . . . . . . 295 362,479Series H, 3.45%, 01/15/50 (Call 07/15/49) . . . . . . . . . . . . . . . 415 457,473

AEP Transmission Co. LLC3.15%, 09/15/49 (Call 03/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 50 53,8523.75%, 12/01/47 (Call 06/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 485 577,0633.80%, 06/15/49 (Call 12/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 420 505,6224.00%, 12/01/46 (Call 06/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 465 571,8174.25%, 09/15/48 (Call 03/15/48)(b). . . . . . . . . . . . . . . . . . . . . . . 320 407,741

Alabama Power Co.3.45%, 10/01/49 (Call 04/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 415 476,2613.75%, 03/01/45 (Call 09/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 610 718,3033.85%, 12/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220 261,855

SecurityPar

(000) Value

Electric (continued)4.10%, 01/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 85 $ 100,0944.15%, 08/15/44 (Call 02/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 367 453,0824.30%, 01/02/46 (Call 07/02/45). . . . . . . . . . . . . . . . . . . . . . . . . 425 529,4165.70%, 02/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 68,4446.00%, 03/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 58,3576.13%, 05/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 29,174Series A, 4.30%, 07/15/48 (Call 01/15/48) . . . . . . . . . . . . . . . 335 432,976Series B, 3.70%, 12/01/47 (Call 06/01/47) . . . . . . . . . . . . . . . 485 578,720

Ameren Illinois Co.3.25%, 03/15/50 (Call 09/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 340 391,8353.70%, 12/01/47 (Call 06/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 530 634,2064.15%, 03/15/46 (Call 09/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 25 31,3304.30%, 07/01/44 (Call 01/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 200 249,1234.50%, 03/15/49 (Call 09/15/48)(b). . . . . . . . . . . . . . . . . . . . . . . 418 569,2654.80%, 12/15/43 (Call 06/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 250 328,891

American Transmission Systems Inc., 5.00%, 09/01/44(Call 03/01/44)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 413,071

Appalachian Power Co.4.40%, 05/15/44 (Call 11/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 141 168,7964.45%, 06/01/45 (Call 12/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 405 491,3007.00%, 04/01/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 71,961Series L, 5.80%, 10/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212 293,359Series P, 6.70%, 08/15/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 112,601Series Y, 4.50%, 03/01/49 (Call 09/01/48) . . . . . . . . . . . . . . . 310 384,064

Arizona Public Service Co.3.35%, 05/15/50 (Call 11/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 27,9913.50%, 12/01/49 (Call 06/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 205 234,0323.75%, 05/15/46 (Call 11/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 630 730,9174.20%, 08/15/48 (Call 02/15/48)(b). . . . . . . . . . . . . . . . . . . . . . . 87 108,6534.25%, 03/01/49 (Call 09/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 610 769,6244.35%, 11/15/45 (Call 05/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 60 76,0504.50%, 04/01/42 (Call 10/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 351 440,1385.05%, 09/01/41 (Call 03/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 160 211,442

Avista Corp., 4.35%, 06/01/48 (Call 12/01/47) . . . . . . . . . . . . . . 300 381,062Baltimore Gas & Electric Co.

2.90%, 06/15/50 (Call 12/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 120 124,9253.20%, 09/15/49 (Call 03/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 360 392,1803.50%, 08/15/46 (Call 02/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 395 458,3323.75%, 08/15/47 (Call 02/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 50 59,6524.25%, 09/15/48 (Call 03/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 200 257,142

Berkshire Hathaway Energy Co.3.80%, 07/15/48 (Call 01/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 772 922,8464.25%, 10/15/50 (Call 04/15/50)(a). . . . . . . . . . . . . . . . . . . . . . . 220 279,3064.45%, 01/15/49 (Call 07/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 831 1,077,9944.50%, 02/01/45 (Call 08/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 353 453,2195.15%, 11/15/43 (Call 05/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 797 1,092,1805.95%, 05/15/37(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 680 986,3446.13%, 04/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 967 1,394,434

Black Hills Corp.3.88%, 10/15/49 (Call 04/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 370 425,0594.20%, 09/15/46 (Call 03/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 220 267,0054.35%, 05/01/33 (Call 02/01/33). . . . . . . . . . . . . . . . . . . . . . . . . 26 30,318

Celeo Redes Operacion Chile SA, 5.20%, 06/22/47(a). . . . . . . 194 217,059CenterPoint Energy Houston Electric LLC

3.55%, 08/01/42 (Call 02/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 485 559,6863.95%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 325 407,9844.50%, 04/01/44 (Call 10/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 465 615,686Series AC, 4.25%, 02/01/49 (Call 08/01/48). . . . . . . . . . . . . . 510 661,323Series AD, 2.90%, 07/01/50 (Call 01/01/50). . . . . . . . . . . . . . 240 257,523

CenterPoint Energy Inc., 3.70%, 09/01/49 (Call 03/01/49) . . . 135 152,182


August 31, 2020



SecurityPar

(000) Value

Electric (continued)Cleco Corporate Holdings LLC, 4.97%, 05/01/46

(Call 11/01/45) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 520 $ 584,433Cleco Power LLC, 6.00%, 12/01/40 . . . . . . . . . . . . . . . . . . . . . . . . 100 131,632Cleveland Electric Illuminating Co. (The)

4.55%, 11/15/30 (Call 08/15/30)(a) . . . . . . . . . . . . . . . . . . . . . . . 100 119,9905.95%, 12/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 447 574,269

CMS Energy Corp.4.70%, 03/31/43 (Call 09/30/42). . . . . . . . . . . . . . . . . . . . . . . . . 30 37,2474.88%, 03/01/44 (Call 09/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 346 462,179

Cometa Energia SA de CV, 6.38%, 04/24/35(Call 01/24/35)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 409,450

Comision Federal de Electricidad5.75%, 02/14/42(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 672,0006.13%, 06/16/45(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 473,004

Commonwealth Edison Co.3.00%, 03/01/50 (Call 09/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 26,9853.65%, 06/15/46 (Call 12/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 420 496,5973.70%, 03/01/45 (Call 09/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 275 326,4993.80%, 10/01/42 (Call 04/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 400 478,5854.00%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 695 876,6524.00%, 03/01/49 (Call 09/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 410 511,8604.35%, 11/15/45 (Call 05/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 375 487,4784.60%, 08/15/43 (Call 02/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 150 195,8124.70%, 01/15/44 (Call 07/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 275 367,5466.45%, 01/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 158,974Series 123, 3.75%, 08/15/47 (Call 02/15/47) . . . . . . . . . . . . . 400 481,911Series 127, 3.20%, 11/15/49 (Call 05/15/49) . . . . . . . . . . . . . 155 171,061

Connecticut Light & Power Co. (The)4.00%, 04/01/48 (Call 10/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 60 76,8154.30%, 04/15/44 (Call 10/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 703 909,495

Consolidated Edison Co. of New York Inc.3.70%, 11/15/59 (Call 05/15/59). . . . . . . . . . . . . . . . . . . . . . . . . 225 258,1353.85%, 06/15/46 (Call 12/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 550 642,4583.95%, 03/01/43 (Call 09/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 600 702,6864.45%, 03/15/44 (Call 09/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 744 932,2894.50%, 12/01/45 (Call 06/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 757 960,9154.50%, 05/15/58 (Call 11/15/57). . . . . . . . . . . . . . . . . . . . . . . . . 190 243,7174.63%, 12/01/54 (Call 06/01/54). . . . . . . . . . . . . . . . . . . . . . . . . 678 891,2825.70%, 06/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 271,634Series 05-A, 5.30%, 03/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 169,445Series 06-A, 5.85%, 03/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 172,527Series 06-B, 6.20%, 06/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 560,777Series 06-E, 5.70%, 12/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 122,132Series 07-A, 6.30%, 08/15/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 183,590Series 08-B, 6.75%, 04/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 670,709Series 09-C, 5.50%, 12/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . 465 641,566Series 12-A, 4.20%, 03/15/42 . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 135,862Series 2017, 3.88%, 06/15/47 (Call 12/15/46). . . . . . . . . . . . 635 733,752Series 20B, 3.95%, 04/01/50 (Call 10/01/49). . . . . . . . . . . . . 90 107,923Series A, 4.13%, 05/15/49 (Call 11/15/48) . . . . . . . . . . . . . . . 415 513,674Series C, 4.00%, 11/15/57 (Call 05/15/57) . . . . . . . . . . . . . . . 59 69,871Series C, 4.30%, 12/01/56 (Call 06/01/56) . . . . . . . . . . . . . . . 302 374,210Series E, 4.65%, 12/01/48 (Call 06/01/48) . . . . . . . . . . . . . . . 510 668,803

Consumers Energy Co.2.50%, 05/01/60 (Call 11/01/59). . . . . . . . . . . . . . . . . . . . . . . . . 515 500,1283.10%, 08/15/50 (Call 02/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 225 247,6593.25%, 08/15/46 (Call 02/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 450 512,1943.75%, 02/15/50 (Call 08/15/49)(b). . . . . . . . . . . . . . . . . . . . . . . 48 59,0853.95%, 05/15/43 (Call 11/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 245 304,3183.95%, 07/15/47 (Call 01/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 310 386,330

SecurityPar

(000) Value

Electric (continued)4.05%, 05/15/48 (Call 11/15/47). . . . . . . . . . . . . . . . . . . . . . . . . $ 430 $ 552,5644.35%, 04/15/49 (Call 10/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 649 871,846

Dayton Power & Light Co. (The), 3.95%, 06/15/49(Call 12/15/48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 384 418,257

Delmarva Power & Light Co., 4.15%, 05/15/45(Call 11/15/44) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 304,550

Dominion Energy Inc.4.70%, 12/01/44 (Call 06/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 371 487,2997.00%, 06/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403 593,310Series A, 4.60%, 03/15/49 (Call 09/15/48) . . . . . . . . . . . . . . . 60 80,738Series B, 5.95%, 06/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 572 787,182Series C, 4.05%, 09/15/42 (Call 03/15/42) . . . . . . . . . . . . . . . 275 325,561Series C, 4.90%, 08/01/41 (Call 02/01/41)(b) . . . . . . . . . . . . . 392 508,798Series E, 6.30%, 03/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391 526,845Series F, 5.25%, 08/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530 672,068

Dominion Energy South Carolina Inc.4.60%, 06/15/43 (Call 12/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 301 389,2865.10%, 06/01/65 (Call 12/01/64). . . . . . . . . . . . . . . . . . . . . . . . . 110 168,5695.30%, 05/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 210,1495.45%, 02/01/41 (Call 08/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 380 529,1136.05%, 01/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343 502,1476.63%, 02/01/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 471,243

DTE Electric Co.2.95%, 03/01/50 (Call 09/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 620 660,6613.70%, 03/15/45 (Call 09/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 375 445,7203.70%, 06/01/46 (Call 12/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 235 278,3723.75%, 08/15/47 (Call 02/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 175 209,3033.95%, 06/15/42 (Call 12/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 100 117,7983.95%, 03/01/49 (Call 09/01/48)(b). . . . . . . . . . . . . . . . . . . . . . . 55 69,3104.30%, 07/01/44 (Call 01/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 348 441,9305.70%, 10/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 413,103Series A, 4.00%, 04/01/43 (Call 10/01/42) . . . . . . . . . . . . . . . 408 497,937Series A, 4.05%, 05/15/48 (Call 11/15/47) . . . . . . . . . . . . . . . 380 480,093

DTE Energy Co., 6.38%, 04/15/33 . . . . . . . . . . . . . . . . . . . . . . . . . 396 554,550Duke Energy Carolinas LLC

3.20%, 08/15/49 (Call 02/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 665 752,3283.70%, 12/01/47 (Call 06/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 340 410,1513.75%, 06/01/45 (Call 12/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 240 286,7183.88%, 03/15/46 (Call 09/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 390 480,7803.95%, 03/15/48 (Call 09/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 450 558,0544.00%, 09/30/42 (Call 03/30/42)(b). . . . . . . . . . . . . . . . . . . . . . . 325 399,8964.25%, 12/15/41 (Call 06/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 465 595,4715.30%, 02/15/40(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555 785,8596.00%, 01/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 281,8816.05%, 04/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 581,7446.10%, 06/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323 483,1706.45%, 10/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391 558,739

Duke Energy Corp.3.75%, 09/01/46 (Call 03/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 918 1,061,1363.95%, 08/15/47 (Call 02/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 250 294,2104.20%, 06/15/49 (Call 12/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 305 374,8384.80%, 12/15/45 (Call 06/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 466 610,095

Duke Energy Florida LLC3.40%, 10/01/46 (Call 04/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 495 559,8963.85%, 11/15/42 (Call 05/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 380 454,0264.20%, 07/15/48 (Call 01/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 425 538,6565.65%, 04/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 216,3156.35%, 09/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 252,4376.40%, 06/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565 871,119


August 31, 2020



SecurityPar

(000) Value

Electric (continued)Duke Energy Indiana LLC

2.75%, 04/01/50 (Call 10/01/49). . . . . . . . . . . . . . . . . . . . . . . . . $ 25 $ 25,9583.75%, 05/15/46 (Call 11/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 495 585,4456.12%, 10/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 332,6756.35%, 08/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236 360,0706.45%, 04/01/39(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 437,727Series UUU, 4.20%, 03/15/42 (Call 09/15/41) . . . . . . . . . . . . 125 150,695Series WWW, 4.90%, 07/15/43 (Call 01/15/43) . . . . . . . . . . 190 255,101Series YYY, 3.25%, 10/01/49 (Call 04/01/49). . . . . . . . . . . . . 281 315,768

Duke Energy Ohio Inc.3.70%, 06/15/46 (Call 12/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 60 70,3864.30%, 02/01/49 (Call 08/01/48)(b). . . . . . . . . . . . . . . . . . . . . . . 335 434,897

Duke Energy Progress LLC3.60%, 09/15/47 (Call 03/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 470 553,8493.70%, 10/15/46 (Call 04/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 270 322,3714.10%, 05/15/42 (Call 11/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 410 510,1574.10%, 03/15/43 (Call 09/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 371 452,9684.15%, 12/01/44 (Call 06/01/44)(b). . . . . . . . . . . . . . . . . . . . . . . 444 556,5254.20%, 08/15/45 (Call 02/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 447 561,5584.38%, 03/30/44 (Call 09/30/43). . . . . . . . . . . . . . . . . . . . . . . . . 180 228,4566.30%, 04/01/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 266,595

E.ON International Finance BV, 6.65%, 04/30/38(a) . . . . . . . . . 539 780,642El Paso Electric Co.

5.00%, 12/01/44 (Call 06/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 200 248,4056.00%, 05/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 268,559

Electricite de France SA4.75%, 10/13/35 (Call 04/13/35)(a). . . . . . . . . . . . . . . . . . . . . . . 890 1,129,3164.88%, 09/21/38 (Call 03/21/38)(a)(b). . . . . . . . . . . . . . . . . . . . . 780 963,2384.88%, 01/22/44(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292 363,9624.95%, 10/13/45 (Call 04/13/45)(a). . . . . . . . . . . . . . . . . . . . . . . 680 840,7815.00%, 09/21/48 (Call 03/21/48)(a)(b). . . . . . . . . . . . . . . . . . . . . 1,200 1,566,1885.25%, 10/13/55 (Call 04/13/55)(a). . . . . . . . . . . . . . . . . . . . . . . 115 150,1615.60%, 01/27/40(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 860 1,134,4716.00%, 01/22/2114(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 554 737,3336.95%, 01/26/39(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 314,044

Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45) . . . 262 326,444Emirates Semb Corp. Water & Power Co. PJSC, 4.45%,

08/01/35(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 286,530Empresa de Transmision Electrica SA, 5.13%,

05/02/49(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 665 782,705Enel Finance International NV

4.75%, 05/25/47(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,795 2,267,2986.00%, 10/07/39(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 815 1,090,461

Entergy Arkansas LLC4.20%, 04/01/49 (Call 10/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 245 312,1324.95%, 12/15/44 (Call 12/15/24). . . . . . . . . . . . . . . . . . . . . . . . . 20 21,797

Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49). . . . . . . . . . . . . 265 306,219Entergy Louisiana LLC

2.90%, 03/15/51 (Call 09/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 25 26,5454.00%, 03/15/33 (Call 12/15/32)(b). . . . . . . . . . . . . . . . . . . . . . . 335 421,1604.20%, 09/01/48 (Call 03/01/48)(b). . . . . . . . . . . . . . . . . . . . . . . 481 622,6204.20%, 04/01/50 (Call 10/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 645 840,6674.95%, 01/15/45 (Call 01/15/25). . . . . . . . . . . . . . . . . . . . . . . . . 100 110,019

Entergy Mississippi LLC, 3.85%, 06/01/49 (Call 12/01/48). . . 635 777,506Entergy Texas Inc., 3.55%, 09/30/49 (Call 03/30/49) . . . . . . . . 350 397,673Evergy Kansas Central Inc.

3.25%, 09/01/49 (Call 03/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 225 252,3623.45%, 04/15/50 (Call 10/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 28,7894.10%, 04/01/43 (Call 10/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 218 265,6834.13%, 03/01/42 (Call 09/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 485 590,140

SecurityPar

(000) Value

Electric (continued)4.25%, 12/01/45 (Call 06/01/45). . . . . . . . . . . . . . . . . . . . . . . . . $ 280 $ 354,5124.63%, 09/01/43 (Call 03/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 245 306,887

Evergy Metro Inc.4.20%, 06/15/47 (Call 12/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 355 446,8204.20%, 03/15/48 (Call 09/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 260 330,3615.30%, 10/01/41 (Call 04/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 314 426,412Series 2019, 4.13%, 04/01/49 (Call 10/01/48)(b). . . . . . . . . . 380 478,460

Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49). . . . . . . . 250 277,435Exelon Corp.

4.45%, 04/15/46 (Call 10/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 696 858,1084.70%, 04/15/50 (Call 10/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 50 64,5304.95%, 06/15/35 (Call 12/15/34). . . . . . . . . . . . . . . . . . . . . . . . . 325 397,3405.10%, 06/15/45 (Call 12/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 511 666,8365.63%, 06/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 527 707,6067.60%, 04/01/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 257,830

Exelon Generation Co. LLC5.60%, 06/15/42 (Call 12/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 375 436,7355.75%, 10/01/41 (Call 04/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 410 482,2426.25%, 10/01/39(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 823 1,015,993

FirstEnergy Corp.Series C, 3.40%, 03/01/50 (Call 09/01/49) . . . . . . . . . . . . . . . 25 25,101Series C, 4.85%, 07/15/47 (Call 01/15/47) . . . . . . . . . . . . . . . 625 763,265Series C, 7.38%, 11/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 916 1,296,854

FirstEnergy Transmission LLC4.55%, 04/01/49 (Call 10/01/48)(a). . . . . . . . . . . . . . . . . . . . . . . 407 472,7375.45%, 07/15/44 (Call 01/15/44)(a). . . . . . . . . . . . . . . . . . . . . . . 400 505,640

Florida Power & Light Co.3.15%, 10/01/49 (Call 04/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 669 762,9983.70%, 12/01/47 (Call 06/01/47)(b). . . . . . . . . . . . . . . . . . . . . . . 680 841,0313.80%, 12/15/42 (Call 06/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 354 434,0953.95%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 210 269,9853.99%, 03/01/49 (Call 09/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 475 612,6604.05%, 06/01/42 (Call 12/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 460 577,3344.05%, 10/01/44 (Call 04/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 305 385,8304.13%, 02/01/42 (Call 08/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 540 681,6514.13%, 06/01/48 (Call 12/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 502 668,3224.95%, 06/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 710 990,0785.13%, 06/01/41 (Call 12/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 50 69,3475.25%, 02/01/41 (Call 08/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 200 284,3745.63%, 04/01/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 180,9905.65%, 02/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 210,8995.69%, 03/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 294,6365.95%, 02/01/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 820 1,249,8215.96%, 04/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 150,913

Georgia Power Co.4.30%, 03/15/42(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 890,0594.30%, 03/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346 414,2405.40%, 06/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 96,167Series 10-C, 4.75%, 09/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . 466 570,394Series B, 3.70%, 01/30/50 (Call 07/30/49) . . . . . . . . . . . . . . . 10 11,362

Iberdrola International BV, 6.75%, 07/15/36 . . . . . . . . . . . . . . . . 305 437,516Indiana Michigan Power Co.

4.25%, 08/15/48 (Call 02/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 410 519,7556.05%, 03/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 478,473Series K, 4.55%, 03/15/46 (Call 09/15/45) . . . . . . . . . . . . . . . 490 628,463Series L, 3.75%, 07/01/47 (Call 01/01/47) . . . . . . . . . . . . . . . 240 280,104

Indianapolis Power & Light Co.4.05%, 05/01/46 (Call 11/01/45)(a) . . . . . . . . . . . . . . . . . . . . . . . 186 230,2544.70%, 09/01/45 (Call 03/01/45)(a). . . . . . . . . . . . . . . . . . . . . . . 195 249,416


August 31, 2020



SecurityPar

(000) Value

Electric (continued)Infraestructura Energetica Nova SAB de CV, 4.88%,

01/14/48(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 250 $ 250,000Interstate Power & Light Co.

3.50%, 09/30/49 (Call 03/30/49). . . . . . . . . . . . . . . . . . . . . . . . . 360 407,2863.70%, 09/15/46 (Call 03/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 435 502,8234.70%, 10/15/43 (Call 04/15/43)(b). . . . . . . . . . . . . . . . . . . . . . . 143 179,7836.25%, 07/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 116,582

ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43) . . . . . . . 278 365,540Jersey Central Power & Light Co., 6.15%, 06/01/37. . . . . . . . . 157 207,480Kentucky Utilities Co.

4.38%, 10/01/45 (Call 04/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 570 716,1185.13%, 11/01/40 (Call 05/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 676 917,374Series 1, 4.65%, 11/15/43 (Call 05/15/43) . . . . . . . . . . . . . . . 50 63,315

LLPL Capital Pte Ltd., 6.88%, 02/04/39(a) . . . . . . . . . . . . . . . . . . 188 215,970Louisville Gas & Electric Co.

4.25%, 04/01/49 (Call 10/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 435 540,5284.38%, 10/01/45 (Call 04/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 25 31,217

Massachusetts Electric Co., 5.90%, 11/15/39(a) . . . . . . . . . . . . . 50 71,522MidAmerican Energy Co.

3.15%, 04/15/50 (Call 10/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 500 561,8283.65%, 08/01/48 (Call 02/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 530 644,6713.95%, 08/01/47 (Call 02/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 295 370,4894.25%, 05/01/46 (Call 11/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 271 347,3264.25%, 07/15/49 (Call 01/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 736 977,1434.40%, 10/15/44 (Call 04/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 550 706,4724.80%, 09/15/43 (Call 03/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 450 607,1525.75%, 11/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 156,5095.80%, 10/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 79,4706.75%, 12/30/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222 339,552

Minejesa Capital BV, 5.63%, 08/10/37(a) . . . . . . . . . . . . . . . . . . . 500 527,500Mississippi Power Co., Series 12-A, 4.25%, 03/15/42 . . . . . . . 425 504,240Monongahela Power Co., 5.40%, 12/15/43

(Call 06/15/43)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480 668,930Narragansett Electric Co. (The), 4.17%, 12/10/42(a) . . . . . . . . . 50 60,305National Grid USA, 5.80%, 04/01/35 . . . . . . . . . . . . . . . . . . . . . . . 680 878,754National Rural Utilities Cooperative Finance Corp.

4.02%, 11/01/32 (Call 05/01/32). . . . . . . . . . . . . . . . . . . . . . . . . 345 423,5104.30%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 335 434,8824.40%, 11/01/48 (Call 05/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 200 265,470Series C, 8.00%, 03/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296 471,969

Nevada Power Co.5.38%, 09/15/40 (Call 03/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 305 408,6445.45%, 05/15/41 (Call 11/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 25 33,589Series N, 6.65%, 04/01/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 443,189Series R, 6.75%, 07/01/37(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 374,677

New England Power Co., 3.80%, 12/05/47(Call 06/05/47)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 294,225

New York State Electric & Gas Corp., 3.30%, 09/15/49(Call 03/15/49)(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 174,778

Niagara Mohawk Power Corp.3.03%, 06/27/50 (Call 12/27/49)(a). . . . . . . . . . . . . . . . . . . . . . . 500 533,9314.28%, 10/01/34 (Call 04/01/34)(a). . . . . . . . . . . . . . . . . . . . . . . 750 930,630

Northern States Power Co./MN2.60%, 06/01/51 (Call 12/01/50). . . . . . . . . . . . . . . . . . . . . . . . . 50 51,0162.90%, 03/01/50 (Call 09/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 650 698,6183.40%, 08/15/42 (Call 02/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 360 411,2143.60%, 05/15/46 (Call 11/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 75 90,1133.60%, 09/15/47 (Call 03/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 75 89,4554.00%, 08/15/45 (Call 02/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 115 145,6844.13%, 05/15/44 (Call 11/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 232 294,944

SecurityPar

(000) Value

Electric (continued)4.85%, 08/15/40 (Call 02/15/40). . . . . . . . . . . . . . . . . . . . . . . . . $ 25 $ 32,3235.35%, 11/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 522,4656.25%, 06/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421 633,734

NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44) . . . . . . . 121 142,696NSTAR Electric Co.

4.40%, 03/01/44 (Call 09/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 175 230,0985.50%, 03/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346 491,319

Oglethorpe Power Corp.4.20%, 12/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 456,5264.25%, 04/01/46 (Call 10/01/45)(b). . . . . . . . . . . . . . . . . . . . . . . 105 113,2524.55%, 06/01/44(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 386,8555.05%, 10/01/48 (Call 04/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 200 238,2155.25%, 09/01/50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 115,8175.38%, 11/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 420 506,0755.95%, 11/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 98,228

Ohio Edison Co.6.88%, 07/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 498,3808.25%, 10/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 104,538

Ohio Power Co.4.00%, 06/01/49 (Call 12/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 275 336,6944.15%, 04/01/48 (Call 10/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 315 397,971Series D, 6.60%, 03/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 269,235

Oklahoma Gas & Electric Co.3.85%, 08/15/47 (Call 02/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 355 399,6534.15%, 04/01/47 (Call 10/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 405 479,9925.85%, 06/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 61,770

Oncor Electric Delivery Co. LLC3.10%, 09/15/49 (Call 03/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 670 739,9223.75%, 04/01/45 (Call 10/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 389 465,1693.80%, 09/30/47 (Call 03/30/47). . . . . . . . . . . . . . . . . . . . . . . . . 375 455,8873.80%, 06/01/49 (Call 12/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 490 606,2004.10%, 11/15/48 (Call 05/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 145 187,2364.55%, 12/01/41 (Call 06/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 410 526,3915.25%, 09/30/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 427,0485.30%, 06/01/42 (Call 12/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 205 290,9297.00%, 05/01/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 301,8557.25%, 01/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 311,9197.50%, 09/01/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 178,579

Pacific Gas & Electric Co.2.50%, 02/01/31 (Call 11/01/30). . . . . . . . . . . . . . . . . . . . . . . . . 2,000 1,921,7303.30%, 08/01/40 (Call 02/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 1,900 1,774,8963.50%, 08/01/50 (Call 02/01/50). . . . . . . . . . . . . . . . . . . . . . . . . 1,300 1,211,0854.50%, 07/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 1,562,2284.95%, 07/01/50 (Call 01/01/50). . . . . . . . . . . . . . . . . . . . . . . . . 2,000 2,204,166

PacifiCorp4.10%, 02/01/42 (Call 08/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 505 621,3394.13%, 01/15/49 (Call 07/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 485 606,7544.15%, 02/15/50 (Call 08/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 450 569,5245.75%, 04/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 482,2096.00%, 01/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 502 740,0336.10%, 08/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 580 831,9536.25%, 10/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 222,9336.35%, 07/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 270,560

PECO Energy Co.3.00%, 09/15/49 (Call 03/15/49)(b). . . . . . . . . . . . . . . . . . . . . . . 220 239,6903.90%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 540 675,3004.15%, 10/01/44 (Call 04/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 365 459,4754.80%, 10/15/43 (Call 04/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 360 480,9395.95%, 10/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 158,345

Pennsylvania Electric Co., 6.15%, 10/01/38 . . . . . . . . . . . . . . . . 75 95,540


August 31, 2020



SecurityPar

(000) Value

Electric (continued)Perusahaan Listrik Negara PT

4.88%, 07/17/49(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,015 $ 1,146,9506.15%, 05/21/48(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,425 1,870,3136.25%, 01/25/49(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 518,700

Potomac Electric Power Co.4.15%, 03/15/43 (Call 09/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 421 510,7586.50%, 11/15/37(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 597,2607.90%, 12/15/38(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 113,916

PPL Capital Funding Inc.4.00%, 09/15/47 (Call 03/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 130 152,4084.70%, 06/01/43 (Call 12/01/42)(b). . . . . . . . . . . . . . . . . . . . . . . 365 451,7805.00%, 03/15/44 (Call 09/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 425 544,095

PPL Electric Utilities Corp.3.00%, 10/01/49 (Call 04/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 330 355,2663.95%, 06/01/47 (Call 12/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 415 511,4614.13%, 06/15/44 (Call 12/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 185 227,5464.15%, 06/15/48 (Call 12/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 505 651,2564.75%, 07/15/43 (Call 01/15/43)(b). . . . . . . . . . . . . . . . . . . . . . . 195 263,0866.25%, 05/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 467,777

Progress Energy Inc.6.00%, 12/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 478,3687.00%, 10/30/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 441,8497.75%, 03/01/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 469 704,168

PSEG Power LLC, 8.63%, 04/15/31 . . . . . . . . . . . . . . . . . . . . . . . 270 398,523Public Service Co. of Colorado

3.55%, 06/15/46 (Call 12/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 350 394,7683.60%, 09/15/42 (Call 03/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 265 312,0023.80%, 06/15/47 (Call 12/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 187 230,1943.95%, 03/15/43 (Call 09/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 125 149,6784.05%, 09/15/49 (Call 03/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 205 262,2074.10%, 06/15/48 (Call 12/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 350 452,3704.30%, 03/15/44 (Call 09/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 205 264,7916.50%, 08/01/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 368,966Series 17, 6.25%, 09/01/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 628,509Series 34, 3.20%, 03/01/50 (Call 09/01/49)(b) . . . . . . . . . . . . 755 866,497Series 36, 2.70%, 01/15/51 (Call 07/15/49) . . . . . . . . . . . . . . 300 308,559

Public Service Co. of New Hampshire, 3.60%, 07/01/49(Call 01/01/49) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640 762,852

Public Service Co. of Oklahoma, Series G, 6.63%, 11/15/37. 50 72,239Public Service Electric & Gas Co.

3.15%, 01/01/50 (Call 07/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 500 569,7333.20%, 08/01/49 (Call 02/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 510 572,7683.60%, 12/01/47 (Call 06/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 355 430,9203.65%, 09/01/42 (Call 03/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 235 279,8513.80%, 03/01/46 (Call 09/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 513 626,1473.85%, 05/01/49 (Call 11/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 575 722,0743.95%, 05/01/42 (Call 11/01/41)(b) . . . . . . . . . . . . . . . . . . . . . . . 560 688,8464.05%, 05/01/48 (Call 11/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 205 263,2894.15%, 11/01/45 (Call 05/01/45)(b) . . . . . . . . . . . . . . . . . . . . . . . 75 92,8195.50%, 03/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 144,0495.80%, 05/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 375,303Series K, 4.05%, 05/01/45 (Call 11/01/44) . . . . . . . . . . . . . . . 60 73,377

Puget Sound Energy Inc.3.25%, 09/15/49 (Call 03/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 960 1,077,1954.22%, 06/15/48 (Call 12/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 126 160,4944.30%, 05/20/45 (Call 11/20/44). . . . . . . . . . . . . . . . . . . . . . . . . 499 634,7694.43%, 11/15/41 (Call 05/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 145 175,1865.64%, 04/15/41 (Call 10/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 235 337,1145.76%, 10/01/39(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 324,1665.80%, 03/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 202,779

SecurityPar

(000) Value

Electric (continued)6.27%, 03/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 365 $ 526,550

Ruwais Power Co. PJSC, 6.00%, 08/31/36(a) . . . . . . . . . . . . . . . 450 605,250San Diego Gas & Electric Co.

3.95%, 11/15/41(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 216,1604.15%, 05/15/48 (Call 11/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 565 711,6464.50%, 08/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 493,7965.35%, 05/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 33,2926.00%, 06/01/39(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208 303,482Series RRR, 3.75%, 06/01/47 (Call 12/01/46)(b) . . . . . . . . . . 621 734,865Series TTT, 4.10%, 06/15/49 (Call 12/15/48) . . . . . . . . . . . . . 30 36,888

Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a) . . . . 550 715,683Sempra Energy

3.80%, 02/01/38 (Call 08/01/37). . . . . . . . . . . . . . . . . . . . . . . . . 926 1,062,2524.00%, 02/01/48 (Call 08/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 29 33,7686.00%, 10/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 436,834

Southern California Edison Co.3.65%, 02/01/50 (Call 08/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 525 556,8144.00%, 04/01/47 (Call 10/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 536 586,1894.05%, 03/15/42 (Call 09/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 565 622,0694.50%, 09/01/40 (Call 03/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 443 509,4424.65%, 10/01/43 (Call 04/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 749 871,1465.50%, 03/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272 346,2055.63%, 02/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 343,3846.00%, 01/15/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403 545,6206.05%, 03/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 330,740Series 04-G, 5.75%, 04/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . 235 320,823Series 05-B, 5.55%, 01/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 359,347Series 05-E, 5.35%, 07/15/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 551,599Series 06-E, 5.55%, 01/15/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 311,403Series 08-A, 5.95%, 02/01/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 622,887Series 13-A, 3.90%, 03/15/43 (Call 09/15/42) . . . . . . . . . . . . 410 443,572Series B, 4.88%, 03/01/49 (Call 09/01/48) . . . . . . . . . . . . . . . 159 193,029Series C, 3.60%, 02/01/45 (Call 08/01/44) . . . . . . . . . . . . . . . 467 482,529Series C, 4.13%, 03/01/48 (Call 09/01/47) . . . . . . . . . . . . . . . 873 975,499

Southern Co. (The)4.25%, 07/01/36 (Call 01/01/36). . . . . . . . . . . . . . . . . . . . . . . . . 199 229,5954.40%, 07/01/46 (Call 01/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,150 1,383,915

Southern Power Co.5.15%, 09/15/41(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 457,1395.25%, 07/15/43(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 263,240Series F, 4.95%, 12/15/46 (Call 06/15/46) . . . . . . . . . . . . . . . 280 321,600

Southwestern Electric Power Co.6.20%, 03/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234 322,804Series J, 3.90%, 04/01/45 (Call 10/01/44)(b) . . . . . . . . . . . . . 420 465,127Series L, 3.85%, 02/01/48 (Call 08/01/47) . . . . . . . . . . . . . . . 350 394,490

Southwestern Public Service Co.3.40%, 08/15/46 (Call 02/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 55 61,7863.70%, 08/15/47 (Call 02/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 420 493,2983.75%, 06/15/49 (Call 12/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 115 137,3004.50%, 08/15/41 (Call 02/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 320 406,6276.00%, 10/01/36(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 535,282Series 6, 4.40%, 11/15/48 (Call 05/15/48) . . . . . . . . . . . . . . . 390 511,058Series 8, 3.15%, 05/01/50 (Call 11/01/49) . . . . . . . . . . . . . . . 25 27,268

State Grid Overseas Investment 2014 Ltd., 4.85%,05/07/44(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 963,333

State Grid Overseas Investment 2016 Ltd., 4.00%,05/04/47(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 520,617

Tampa Electric Co.3.63%, 06/15/50 (Call 12/15/49)(b). . . . . . . . . . . . . . . . . . . . . . . 375 435,9374.10%, 06/15/42 (Call 12/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 520 629,560


August 31, 2020



SecurityPar

(000) Value

Electric (continued)4.20%, 05/15/45 (Call 11/15/44). . . . . . . . . . . . . . . . . . . . . . . . . $ 350 $ 426,8834.35%, 05/15/44 (Call 11/15/43)(b) . . . . . . . . . . . . . . . . . . . . . . . 225 279,4654.45%, 06/15/49 (Call 12/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 170 221,8486.55%, 05/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 43,456

Toledo Edison Co. (The), 6.15%, 05/15/37 . . . . . . . . . . . . . . . . . 450 630,905Tri-State Generation & Transmission Association Inc.

4.25%, 06/01/46 (Call 12/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 55 64,0846.00%, 06/15/40(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 548,450

Tucson Electric Power Co., 4.85%, 12/01/48(Call 06/01/48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 405,663

Union Electric Co.3.25%, 10/01/49 (Call 04/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 270 304,9133.90%, 09/15/42 (Call 03/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 410 485,6134.00%, 04/01/48 (Call 10/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 405 508,7508.45%, 03/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290 491,197

Virginia Electric & Power Co.3.30%, 12/01/49 (Call 06/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 75 87,6904.00%, 01/15/43 (Call 07/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 446 547,6154.45%, 02/15/44 (Call 08/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 395 517,1714.60%, 12/01/48 (Call 06/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 600 831,4466.35%, 11/30/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 37,4958.88%, 11/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 699,380Series A, 6.00%, 05/15/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 157,319Series B, 3.80%, 09/15/47 (Call 03/15/47) . . . . . . . . . . . . . . . 450 551,539Series B, 4.20%, 05/15/45 (Call 11/15/44) . . . . . . . . . . . . . . . 27 34,517Series B, 6.00%, 01/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 350,635Series C, 4.00%, 11/15/46 (Call 05/15/46) . . . . . . . . . . . . . . . 426 532,685Series D, 4.65%, 08/15/43 (Call 02/15/43) . . . . . . . . . . . . . . . 286 381,609

Wisconsin Electric Power Co.4.30%, 10/15/48 (Call 04/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 429 545,2125.63%, 05/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 78,188

Wisconsin Power & Light Co., 6.38%, 08/15/37 . . . . . . . . . . . . . 380 571,322Wisconsin Public Service Corp.

3.30%, 09/01/49 (Call 03/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 815 908,2694.75%, 11/01/44 (Call 05/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 310 405,988

Xcel Energy Inc.3.50%, 12/01/49 (Call 06/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 145 164,4324.80%, 09/15/41 (Call 03/15/41)(b). . . . . . . . . . . . . . . . . . . . . . . 79 100,7116.50%, 07/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 331,125

223,996,113Electrical Components & Equipment — 0.0%Emerson Electric Co.

2.75%, 10/15/50 (Call 04/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 40 41,5955.25%, 11/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 48,1226.00%, 08/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 618,312

708,029Electronics — 0.1%Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45) . . . . . . . . . . . . . 499 604,597Honeywell International Inc.

2.80%, 06/01/50 (Call 12/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 545 592,0623.81%, 11/21/47 (Call 05/21/47). . . . . . . . . . . . . . . . . . . . . . . . . 520 663,4955.38%, 03/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 94,1705.70%, 03/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 107,6965.70%, 03/15/37(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 94,710

Tyco Electronics Group SA, 7.13%, 10/01/37 . . . . . . . . . . . . . . . 200 298,053

2,454,783

SecurityPar

(000) Value

Engineering & Construction — 0.1%Aeropuerto Internacional de Tocumen SA

5.63%, 05/18/36 (Call 05/11/35)(a) . . . . . . . . . . . . . . . . . . . . . . . $ 30 $ 33,4506.00%, 11/18/48 (Call 11/18/47)(a) . . . . . . . . . . . . . . . . . . . . . . . 846 944,627

Mexico City Airport Trust5.50%, 10/31/46 (Call 04/30/46)(a). . . . . . . . . . . . . . . . . . . . . . . 625 538,2885.50%, 07/31/47 (Call 01/31/47)(a). . . . . . . . . . . . . . . . . . . . . . . 1,179 1,021,014

2,537,379Environmental Control — 0.2%Republic Services Inc.

3.05%, 03/01/50 (Call 09/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 315 336,8645.70%, 05/15/41 (Call 11/15/40)(b) . . . . . . . . . . . . . . . . . . . . . . . 140 198,595

Waste Connections Inc., 3.05%, 04/01/50 (Call 10/01/49) . . . 25 25,940Waste Management Inc.

3.90%, 03/01/35 (Call 09/01/34). . . . . . . . . . . . . . . . . . . . . . . . . 488 586,4264.10%, 03/01/45 (Call 09/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 791 966,7564.15%, 07/15/49 (Call 01/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 498 627,612

2,742,193Food — 1.8%Campbell Soup Co.

3.13%, 04/24/50 (Call 10/24/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 25,2824.80%, 03/15/48 (Call 09/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 845 1,098,038

Conagra Brands Inc.5.30%, 11/01/38 (Call 05/01/38). . . . . . . . . . . . . . . . . . . . . . . . . 1,026 1,324,1525.40%, 11/01/48 (Call 05/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 295 406,8778.25%, 09/15/30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545 821,627

General Mills Inc.4.15%, 02/15/43 (Call 08/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 45 56,2394.55%, 04/17/38 (Call 10/17/37). . . . . . . . . . . . . . . . . . . . . . . . . 560 724,9854.70%, 04/17/48 (Call 10/17/47)(b). . . . . . . . . . . . . . . . . . . . . . . 564 775,5585.40%, 06/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 586,396

Grupo Bimbo SAB de CV4.00%, 09/06/49(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,071,2954.70%, 11/10/47 (Call 05/10/47)(a) . . . . . . . . . . . . . . . . . . . . . . . 200 236,750

Hershey Co. (The)2.65%, 06/01/50 (Call 12/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 80 82,8503.13%, 11/15/49 (Call 05/15/49)(b) . . . . . . . . . . . . . . . . . . . . . . . 750 824,0153.38%, 08/15/46 (Call 02/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 200 228,065

Ingredion Inc.3.90%, 06/01/50 (Call 12/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 105 120,4556.63%, 04/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 386,536

JM Smucker Co. (The)3.55%, 03/15/50 (Call 09/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 20 21,6374.25%, 03/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,110 1,331,2124.38%, 03/15/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 60,206

Kellogg Co.4.50%, 04/01/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 515 653,679Series B, 7.45%, 04/01/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 826 1,218,099

Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40 . . . . . . . . . . . . 480 674,831Kroger Co. (The)

3.88%, 10/15/46 (Call 04/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 525 600,8713.95%, 01/15/50 (Call 07/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 295 343,9754.45%, 02/01/47 (Call 08/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 640 787,1574.65%, 01/15/48 (Call 07/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 345 439,9765.00%, 04/15/42 (Call 10/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 375 472,9885.15%, 08/01/43 (Call 02/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 195 252,5515.40%, 07/15/40 (Call 01/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 295 382,2015.40%, 01/15/49 (Call 07/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 280 384,8366.90%, 04/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 482,4037.50%, 04/01/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 464,556


August 31, 2020



SecurityPar

(000) Value

Food (continued)Mars Inc.

3.60%, 04/01/34 (Call 01/01/34)(a). . . . . . . . . . . . . . . . . . . . . . . $ 455 $ 551,3973.88%, 04/01/39 (Call 10/01/38)(a)(b). . . . . . . . . . . . . . . . . . . . . 725 861,4603.95%, 04/01/44 (Call 10/01/43)(a). . . . . . . . . . . . . . . . . . . . . . . 213 255,9153.95%, 04/01/49 (Call 10/01/48)(a)(b). . . . . . . . . . . . . . . . . . . . . 625 785,1514.13%, 04/01/54 (Call 10/01/53)(a)(b). . . . . . . . . . . . . . . . . . . . . 475 607,4714.20%, 04/01/59 (Call 10/01/58)(a). . . . . . . . . . . . . . . . . . . . . . . 275 353,066

McCormick & Co. Inc., 4.20%, 08/15/47 (Call 02/15/47) . . . . . 315 403,128Mondelez International Inc., 4.63%, 05/07/48

(Call 11/07/47) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625 839,776Nestle Holdings Inc.

3.90%, 09/24/38 (Call 03/24/38)(a). . . . . . . . . . . . . . . . . . . . . . . 1,005 1,271,7494.00%, 09/24/48 (Call 03/24/48)(a)(b). . . . . . . . . . . . . . . . . . . . . 1,529 2,016,618

Sysco Corp.3.30%, 02/15/50 (Call 08/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 23,3564.45%, 03/15/48 (Call 09/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 157 171,9584.50%, 04/01/46 (Call 10/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 546 588,9424.85%, 10/01/45 (Call 04/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 625 696,0895.38%, 09/21/35(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 398,6626.60%, 04/01/40 (Call 10/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 55 73,5166.60%, 04/01/50 (Call 10/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,010 1,399,512

Tesco PLC, 6.15%, 11/15/37(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530 683,862Tyson Foods Inc.

4.55%, 06/02/47 (Call 12/02/46). . . . . . . . . . . . . . . . . . . . . . . . . 640 807,0234.88%, 08/15/34 (Call 02/15/34). . . . . . . . . . . . . . . . . . . . . . . . . 655 859,7365.10%, 09/28/48 (Call 03/28/48). . . . . . . . . . . . . . . . . . . . . . . . . 869 1,194,7955.15%, 08/15/44 (Call 02/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 140 183,306

32,366,786Forest Products & Paper — 0.5%Celulosa Arauco y Constitucion SA

5.50%, 11/02/47 (Call 05/02/47). . . . . . . . . . . . . . . . . . . . . . . . . 455 498,2255.50%, 04/30/49 (Call 10/30/48)(a)(b). . . . . . . . . . . . . . . . . . . . . 500 550,005

Domtar Corp.6.25%, 09/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 198,9476.75%, 02/15/44 (Call 08/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 220 252,204

Georgia-Pacific LLC, 8.88%, 05/15/31 . . . . . . . . . . . . . . . . . . . . . 578 943,434International Paper Co.

4.35%, 08/15/48 (Call 02/15/48)(b). . . . . . . . . . . . . . . . . . . . . . . 756 908,5804.40%, 08/15/47 (Call 02/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 805 972,2034.80%, 06/15/44 (Call 12/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 681 834,6095.00%, 09/15/35 (Call 03/15/35). . . . . . . . . . . . . . . . . . . . . . . . . 495 638,3875.15%, 05/15/46 (Call 11/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 625 797,9306.00%, 11/15/41 (Call 05/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 486 656,2127.30%, 11/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 58,2388.70%, 06/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 114,855

Stora Enso OYJ, 7.25%, 04/15/36(a) . . . . . . . . . . . . . . . . . . . . . . . 270 325,619Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)(a) . . 935 1,088,106

8,837,554Gas — 1.1%Atmos Energy Corp.

3.38%, 09/15/49 (Call 03/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 230 263,8024.13%, 10/15/44 (Call 04/15/44)(b). . . . . . . . . . . . . . . . . . . . . . . 365 454,0704.13%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 409 510,1454.15%, 01/15/43 (Call 07/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 340 420,1074.30%, 10/01/48 (Call 04/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 400 520,5985.50%, 06/15/41 (Call 12/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 305 432,182

Boston Gas Co., 4.49%, 02/15/42(a). . . . . . . . . . . . . . . . . . . . . . . . 35 43,738Brooklyn Union Gas Co. (The)

4.27%, 03/15/48 (Call 09/15/47)(a)(b). . . . . . . . . . . . . . . . . . . . . 285 360,546

SecurityPar

(000) Value

Gas (continued)4.49%, 03/04/49 (Call 09/04/48)(a). . . . . . . . . . . . . . . . . . . . . . . $ 550 $ 713,1004.50%, 03/10/46 (Call 09/10/45)(a). . . . . . . . . . . . . . . . . . . . . . . 25 32,058

CenterPoint Energy Resources Corp.4.10%, 09/01/47 (Call 03/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 265 305,5675.85%, 01/15/41 (Call 07/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 235 320,3476.63%, 11/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 50,263

Centrica PLC, 5.38%, 10/16/43 (Call 04/16/43)(a) . . . . . . . . . . . 250 307,284Dominion Energy Gas Holdings LLC

4.60%, 12/15/44 (Call 06/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 565 707,7154.80%, 11/01/43 (Call 05/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 175 222,053Series C, 3.90%, 11/15/49 (Call 05/15/49) . . . . . . . . . . . . . . . 270 311,741

KeySpan Gas East Corp., 5.82%, 04/01/41(a)(b). . . . . . . . . . . . . 250 346,787Korea Gas Corp., 6.25%, 01/20/42(a). . . . . . . . . . . . . . . . . . . . . . . 440 688,209Mega Advance Investments Ltd., 6.38%, 05/12/41(a) . . . . . . . . 200 282,133Nakilat Inc., 6.07%, 12/31/33(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 650 828,750NiSource Inc.

3.95%, 03/30/48 (Call 09/30/47). . . . . . . . . . . . . . . . . . . . . . . . . 345 411,7334.38%, 05/15/47 (Call 11/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 820 1,022,5704.80%, 02/15/44 (Call 08/15/43)(b). . . . . . . . . . . . . . . . . . . . . . . 82 105,0055.25%, 02/15/43 (Call 08/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 502 672,2295.65%, 02/01/45 (Call 08/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 561 775,4835.80%, 02/01/42 (Call 08/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 150 205,6025.95%, 06/15/41 (Call 12/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 360 513,081

ONE Gas Inc.4.50%, 11/01/48 (Call 05/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 355 463,5664.66%, 02/01/44 (Call 08/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 251 325,490

Piedmont Natural Gas Co. Inc.3.35%, 06/01/50 (Call 12/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 325 363,9203.64%, 11/01/46 (Call 05/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 170 194,2074.10%, 09/18/34 (Call 03/18/34). . . . . . . . . . . . . . . . . . . . . . . . . 100 121,9254.65%, 08/01/43 (Call 02/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 153 196,494

Southern California Gas Co.3.75%, 09/15/42 (Call 03/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 180 213,1984.45%, 03/15/44 (Call 09/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 570 698,6645.13%, 11/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 168,867Series UU, 4.13%, 06/01/48 (Call 12/01/47) . . . . . . . . . . . . . 201 252,640Series VV, 4.30%, 01/15/49 (Call 07/15/48) . . . . . . . . . . . . . . 525 687,926Series WW, 3.95%, 02/15/50 (Call 08/15/49). . . . . . . . . . . . . 800 1,015,345

Southern Co. Gas Capital Corp.3.95%, 10/01/46 (Call 04/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 275 309,8944.40%, 06/01/43 (Call 12/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 566 672,6044.40%, 05/30/47 (Call 11/30/46). . . . . . . . . . . . . . . . . . . . . . . . . 210 257,3125.88%, 03/15/41 (Call 09/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 467 646,5796.00%, 10/01/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 541,114

Southwest Gas Corp.3.80%, 09/29/46 (Call 03/29/46). . . . . . . . . . . . . . . . . . . . . . . . . 175 192,4044.15%, 06/01/49 (Call 12/01/48)(b). . . . . . . . . . . . . . . . . . . . . . . 403 470,455

Spire Inc., 4.70%, 08/15/44 (Call 02/15/44)(b) . . . . . . . . . . . . . . . 100 114,638Washington Gas Light Co.

3.65%, 09/15/49 (Call 03/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 423 481,773Series K, 3.80%, 09/15/46 (Call 03/15/46) . . . . . . . . . . . . . . . 210 232,847

20,448,760Hand & Machine Tools — 0.1%Snap-on Inc., 4.10%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . 370 456,054Stanley Black & Decker Inc.

4.85%, 11/15/48 (Call 05/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 276 387,2795.20%, 09/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 323,028

1,166,361


August 31, 2020



SecurityPar

(000) Value

Health Care - Products — 1.2%Abbott Laboratories

4.75%, 11/30/36 (Call 05/30/36). . . . . . . . . . . . . . . . . . . . . . . . . $ 155 $ 210,0504.75%, 04/15/43 (Call 10/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 508 701,8764.90%, 11/30/46 (Call 05/30/46). . . . . . . . . . . . . . . . . . . . . . . . . 3,135 4,496,8235.30%, 05/27/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 161,5356.00%, 04/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 308,382

Alcon Finance Corp., 3.80%, 09/23/49 (Call 03/23/49)(a)(b) . . 400 460,419Baxter International Inc., 3.50%, 08/15/46 (Call 02/15/46)(b) . 373 427,822Boston Scientific Corp.

4.70%, 03/01/49 (Call 09/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 980 1,303,0297.00%, 11/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335 493,5567.38%, 01/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240 385,123

Danaher Corp., 4.38%, 09/15/45 (Call 03/15/45). . . . . . . . . . . . 480 624,193DH Europe Finance II Sarl

3.25%, 11/15/39 (Call 05/15/39). . . . . . . . . . . . . . . . . . . . . . . . . 695 783,1103.40%, 11/15/49 (Call 05/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 840 975,613

Koninklijke Philips NV, 5.00%, 03/15/42 . . . . . . . . . . . . . . . . . . . . 980 1,288,021Medtronic Inc.

4.38%, 03/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,350 3,105,0164.63%, 03/15/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 881 1,215,265

Stryker Corp.2.90%, 06/15/50 (Call 12/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 26,1214.10%, 04/01/43 (Call 10/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 475 567,6344.38%, 05/15/44 (Call 11/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 291 362,6624.63%, 03/15/46 (Call 09/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 835 1,099,332

Thermo Fisher Scientific Inc.4.10%, 08/15/47 (Call 02/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 591 754,7835.30%, 02/01/44 (Call 08/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 512 715,524

Zimmer Biomet Holdings Inc.4.25%, 08/15/35 (Call 02/15/35). . . . . . . . . . . . . . . . . . . . . . . . . 465 492,6244.45%, 08/15/45 (Call 02/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 341 380,8575.75%, 11/30/39(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 253,427

21,592,797Health Care - Services — 3.0%Advocate Health & Hospitals Corp.

3.39%, 10/15/49 (Call 04/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 45 50,4504.27%, 08/15/48 (Call 02/15/48)(b). . . . . . . . . . . . . . . . . . . . . . . 640 824,103

Aetna Inc.3.88%, 08/15/47 (Call 02/15/47)(b). . . . . . . . . . . . . . . . . . . . . . . 570 665,1254.13%, 11/15/42 (Call 05/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 390 444,2714.50%, 05/15/42 (Call 11/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 310 370,7244.75%, 03/15/44 (Call 09/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 245 305,1486.63%, 06/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 548,2036.75%, 12/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 705 1,019,043

Allina Health System, Series 2019, 3.89%, 04/15/49 . . . . . . . . 215 255,086Anthem Inc.

3.13%, 05/15/50 (Call 11/15/49)(b) . . . . . . . . . . . . . . . . . . . . . . . 455 480,1273.70%, 09/15/49 (Call 03/15/49)(b). . . . . . . . . . . . . . . . . . . . . . . 470 536,8914.38%, 12/01/47 (Call 06/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 1,030 1,298,4814.55%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 735 949,4204.63%, 05/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 802 1,014,9684.65%, 01/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 604 769,0344.65%, 08/15/44 (Call 02/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 695 887,2734.85%, 08/15/54 (Call 02/15/54). . . . . . . . . . . . . . . . . . . . . . . . . 75 94,7065.10%, 01/15/44(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620 830,3055.95%, 12/15/34(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 176,7256.38%, 06/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 115,243

Ascension Health3.95%, 11/15/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,128 1,431,1394.85%, 11/15/53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278 421,575

SecurityPar

(000) Value

Health Care - Services (continued)Baylor Scott & White Holdings

3.97%, 11/15/46 (Call 05/15/46). . . . . . . . . . . . . . . . . . . . . . . . . $ 350 $ 419,5884.19%, 11/15/45 (Call 05/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 201 250,999

CommonSpirit Health3.82%, 10/01/49 (Call 04/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 705 791,5424.19%, 10/01/49 (Call 04/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 447 479,7104.35%, 11/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410 452,345

Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48(Call 02/01/48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 296,102

Dignity Health4.50%, 11/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 327,8235.27%, 11/01/64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 143,639

Duke University Health System Inc., Series 2017, 3.92%,06/01/47 (Call 12/01/46) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 423,373

Hackensack Meridian Health Inc., 4.21%, 07/01/48(Call 01/01/48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 93,994

Hartford HealthCare Corp., 3.45%, 07/01/54 . . . . . . . . . . . . . . . 130 123,950HCA Inc.

5.13%, 06/15/39 (Call 12/15/38). . . . . . . . . . . . . . . . . . . . . . . . . 243 302,0645.25%, 06/15/49 (Call 12/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,395 1,753,1085.50%, 06/15/47 (Call 12/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,175 1,491,865

Humana Inc.3.95%, 08/15/49 (Call 02/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 445 538,5394.63%, 12/01/42 (Call 06/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 600 763,2934.80%, 03/15/47 (Call 09/14/46)(b). . . . . . . . . . . . . . . . . . . . . . . 355 471,2254.95%, 10/01/44 (Call 04/01/44)(b). . . . . . . . . . . . . . . . . . . . . . . 485 652,1568.15%, 06/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 22,956

Indiana University Health Inc. Obligated Group, 3.97%,11/01/48 (Call 05/01/48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 126,787

Johns Hopkins Health System Corp. (The), 3.84%,05/15/46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 178,615

Kaiser Foundation Hospitals4.15%, 05/01/47 (Call 11/01/46)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,909 2,448,9244.88%, 04/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 339,076

Laboratory Corp. of America Holdings, 4.70%, 02/01/45(Call 08/01/44)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 544,326

McLaren Health Care Corp., Series A, 4.39%, 05/15/48(Call 11/15/47) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 31,210

MedStar Health Inc., Series 20A, 3.63%, 08/15/49. . . . . . . . . . 25 27,020Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49) . 25 26,315Memorial Sloan-Kettering Cancer Center

4.13%, 07/01/52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 434,3235.00%, 07/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 63,177Series 2015, 4.20%, 07/01/55. . . . . . . . . . . . . . . . . . . . . . . . . . . 465 633,269Series 2020, 2.96%, 01/01/50 (Call 07/01/49). . . . . . . . . . . . 20 21,556

Montefiore Obligated Group, Series 18-C, 5.25%, 11/01/48 . 560 646,197Mount Sinai Hospitals Group Inc.

Series 2017, 3.98%, 07/01/48. . . . . . . . . . . . . . . . . . . . . . . . . . . 205 235,764Series 2019, 3.74%, 07/01/49 (Call 01/01/49). . . . . . . . . . . . 50 55,796

New York and Presbyterian Hospital (The)4.02%, 08/01/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234 300,9784.06%, 08/01/56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 656,5834.76%, 08/01/2116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 70,625Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119) . . . . . . . 400 462,638

Northwell Healthcare Inc.3.81%, 11/01/49 (Call 11/01/48)(b) . . . . . . . . . . . . . . . . . . . . . . . 220 244,5193.98%, 11/01/46 (Call 11/01/45) . . . . . . . . . . . . . . . . . . . . . . . . . 635 711,2524.26%, 11/01/47 (Call 11/01/46) . . . . . . . . . . . . . . . . . . . . . . . . . 705 831,115

Ochsner Clinic Foundation, 5.90%, 05/15/45(Call 11/15/44) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 99,314


August 31, 2020



SecurityPar

(000) Value

Health Care - Services (continued)Partners Healthcare System Inc.

Series 2020, 3.19%, 07/01/49 (Call 01/01/49). . . . . . . . . . . . $ 1,155 $ 1,249,012Series 2020, 3.34%, 07/01/60 (Call 01/01/60). . . . . . . . . . . . 39 42,635

PeaceHealth Obligated Group, Series 2018, 4.79%,11/15/48 (Call 05/15/48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 33,283

Providence St Joseph Health Obligated GroupSeries A, 3.93%, 10/01/48 (Call 04/01/48) . . . . . . . . . . . . . . . 115 138,081Series I, 3.74%, 10/01/47(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 288,490

Quest Diagnostics Inc.2.80%, 06/30/31 (Call 03/30/31). . . . . . . . . . . . . . . . . . . . . . . . . 85 92,3334.70%, 03/30/45 (Call 09/30/44). . . . . . . . . . . . . . . . . . . . . . . . . 527 653,117

Roche Holdings Inc., 4.00%, 11/28/44 (Call 05/28/44)(a)(b). . . 261 342,350RWJ Barnabas Health Inc., 3.95%, 07/01/46

(Call 07/01/45) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 28,635Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45

(Call 01/15/45) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 29,972Spectrum Health System Obligated Group, Series 19A,

3.49%, 07/15/49 (Call 01/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 100 116,048Stanford Health Care, Series 2018, 3.80%, 11/15/48

(Call 05/15/48)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 470,916Sutter Health, Series 2018, 4.09%, 08/15/48

(Call 02/15/48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 473,549Toledo Hospital (The)

4.98%, 11/15/45 (Call 05/15/45)(b) . . . . . . . . . . . . . . . . . . . . . . . 50 49,0325.75%, 11/15/38 (Call 11/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . 165 194,9906.02%, 11/15/48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 576 662,205

UnitedHealth Group Inc.2.75%, 05/15/40 (Call 11/15/39). . . . . . . . . . . . . . . . . . . . . . . . . 530 561,3402.90%, 05/15/50 (Call 11/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 350 372,2763.13%, 05/15/60 (Call 11/15/59). . . . . . . . . . . . . . . . . . . . . . . . . 50 54,7993.50%, 08/15/39 (Call 02/15/39). . . . . . . . . . . . . . . . . . . . . . . . . 677 787,7153.70%, 08/15/49 (Call 02/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,045 1,267,6363.75%, 10/15/47 (Call 04/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 625 749,9873.88%, 08/15/59 (Call 02/15/59). . . . . . . . . . . . . . . . . . . . . . . . . 810 1,014,4003.95%, 10/15/42 (Call 04/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 617 742,3034.20%, 01/15/47 (Call 07/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 493 625,4884.25%, 03/15/43 (Call 09/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 500 638,1614.25%, 04/15/47 (Call 10/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 470 606,6284.25%, 06/15/48 (Call 12/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 1,082 1,394,9734.38%, 03/15/42 (Call 09/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 350 446,8324.45%, 12/15/48 (Call 06/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 965 1,284,9354.63%, 07/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 594 785,4054.63%, 11/15/41 (Call 05/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 405 539,0194.75%, 07/15/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825 1,124,5405.70%, 10/15/40 (Call 04/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 330 480,7955.80%, 03/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 600,1005.95%, 02/15/41 (Call 08/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 400 599,0856.50%, 06/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461 712,2826.63%, 11/15/37(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486 763,7606.88%, 02/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980 1,579,229

Willis-Knighton Medical Center, Series 2018, 4.81%,09/01/48 (Call 03/01/48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 168,650

55,240,676Holding Companies - Diversified — 0.1%CK Hutchison International 19 II Ltd., 3.38%, 09/06/49

(Call 03/06/49)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,120,800Hutchison Whampoa International Ltd., 7.45%,

11/24/33(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 436,386

1,557,186

SecurityPar

(000) Value

Home Furnishings — 0.1%Whirlpool Corp.

4.50%, 06/01/46 (Call 12/01/45). . . . . . . . . . . . . . . . . . . . . . . . . $ 735 $ 869,1544.60%, 05/15/50 (Call 11/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 30,9995.15%, 03/01/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 121,378

1,021,531Household Products & Wares — 0.2%Kimberly-Clark Corp.

2.88%, 02/07/50 (Call 08/07/49). . . . . . . . . . . . . . . . . . . . . . . . . 425 463,8533.20%, 07/30/46 (Call 01/30/46)(b). . . . . . . . . . . . . . . . . . . . . . . 780 905,8143.90%, 05/04/47 (Call 11/04/46)(b) . . . . . . . . . . . . . . . . . . . . . . . 330 419,9625.30%, 03/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 44,2336.63%, 08/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 531,413

SC Johnson & Son Inc., 4.75%, 10/15/46(Call 04/15/46)(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,055 1,417,286

3,782,561Insurance — 5.2%Aflac Inc.

4.00%, 10/15/46 (Call 04/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 421 491,9034.75%, 01/15/49 (Call 07/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 345 450,5006.45%, 08/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 188,483

AIA Group Ltd., 4.50%, 03/16/46 (Call 09/16/45)(a)(b). . . . . . . . 200 252,818AIG SunAmerica Global Financing X, 6.90%, 03/15/32(a). . . . 575 871,536Alleghany Corp., 4.90%, 09/15/44 (Call 03/15/44) . . . . . . . . . . 140 174,928Allstate Corp. (The)

3.85%, 08/10/49 (Call 02/10/49)(b). . . . . . . . . . . . . . . . . . . . . . . 430 514,7654.20%, 12/15/46 (Call 06/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 420 525,3754.50%, 06/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335 428,4965.35%, 06/01/33(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388 535,4015.55%, 05/09/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 431 639,4185.95%, 04/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 217,2416.50%, 05/15/57 (Call 05/15/37)(c). . . . . . . . . . . . . . . . . . . . . . . 95 123,170

American Financial Group Inc., 4.50%, 06/15/47(Call 12/15/46) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 499,415

American International Group Inc.3.88%, 01/15/35 (Call 07/15/34). . . . . . . . . . . . . . . . . . . . . . . . . 1,421 1,652,5224.38%, 01/15/55 (Call 07/15/54). . . . . . . . . . . . . . . . . . . . . . . . . 110 128,9934.50%, 07/16/44 (Call 01/16/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,316 1,548,1804.70%, 07/10/35 (Call 01/10/35). . . . . . . . . . . . . . . . . . . . . . . . . 805 1,007,4724.75%, 04/01/48 (Call 10/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 785 960,6924.80%, 07/10/45 (Call 01/10/45). . . . . . . . . . . . . . . . . . . . . . . . . 895 1,084,8986.25%, 05/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,015 1,427,7658.18%, 05/15/58 (Call 05/15/38)(c). . . . . . . . . . . . . . . . . . . . . . . 200 286,772

Aon Corp., 6.25%, 09/30/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 184,708Aon PLC

4.45%, 05/24/43 (Call 02/24/43). . . . . . . . . . . . . . . . . . . . . . . . . 305 367,8724.60%, 06/14/44 (Call 03/14/44). . . . . . . . . . . . . . . . . . . . . . . . . 450 575,2444.75%, 05/15/45 (Call 11/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 494 650,671

Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46) . 170 217,769Arch Capital Group Ltd., 7.35%, 05/01/34 . . . . . . . . . . . . . . . . . . 300 458,728Arch Capital Group U.S. Inc., 5.14%, 11/01/43. . . . . . . . . . . . . . 470 611,260Assurant Inc., 6.75%, 02/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 244,097AXA SA, 8.60%, 12/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,315 1,992,225AXIS Specialty Finance PLC, 5.15%, 04/01/45(b) . . . . . . . . . . . 365 433,853Berkshire Hathaway Finance Corp.

4.20%, 08/15/48 (Call 02/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,465 1,888,6924.25%, 01/15/49 (Call 07/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,173 1,525,2284.30%, 05/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278 360,1524.40%, 05/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 339,0115.75%, 01/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 535,843


August 31, 2020



SecurityPar

(000) Value

Insurance (continued)Berkshire Hathaway Inc., 4.50%, 02/11/43 . . . . . . . . . . . . . . . . . $ 720 $ 976,205Brighthouse Financial Inc., 4.70%, 06/22/47

(Call 12/22/46)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,129 1,088,966Chubb Corp. (The), 6.00%, 05/11/37 . . . . . . . . . . . . . . . . . . . . . . . 210 311,696Chubb INA Holdings Inc.

4.15%, 03/13/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 318,3324.35%, 11/03/45 (Call 05/03/45). . . . . . . . . . . . . . . . . . . . . . . . . 860 1,147,352

Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47). . . . 1,215 1,440,890Everest Reinsurance Holdings Inc., 4.87%, 06/01/44 . . . . . . . 350 407,028Farmers Exchange Capital III, 5.45%, 10/15/54

(Call 10/15/34)(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640 772,085Farmers Insurance Exchange, 4.75%, 11/01/57

(Call 11/01/37)(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 308,645Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48

(Call 11/17/47)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 785 970,511Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47

(Call 12/03/46)(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 59,402Guardian Life Insurance Co. of America (The)

3.70%, 01/22/70 (Call 07/22/69)(a). . . . . . . . . . . . . . . . . . . . . . . 50 54,1014.85%, 01/24/77(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 634,4144.88%, 06/19/64(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 372,066

Harborwalk Funding Trust, 5.08%, 02/15/69(Call 02/15/49)(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590 713,325

Hartford Financial Services Group Inc. (The)3.60%, 08/19/49 (Call 02/19/49). . . . . . . . . . . . . . . . . . . . . . . . . 135 151,5684.30%, 04/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 210,2454.40%, 03/15/48 (Call 09/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 415 509,0645.95%, 10/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 296,3406.10%, 10/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 455,1476.63%, 03/30/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 489,375

Liberty Mutual Group Inc.3.95%, 10/15/50 (Call 04/15/50)(a). . . . . . . . . . . . . . . . . . . . . . . 1,326 1,486,9183.95%, 05/15/60 (Call 11/15/59)(a) . . . . . . . . . . . . . . . . . . . . . . . 767 838,334

Liberty Mutual Insurance Co., 7.70%, 10/15/97(a) . . . . . . . . . . . 85 135,453Lincoln National Corp.

4.35%, 03/01/48 (Call 09/01/47)(b). . . . . . . . . . . . . . . . . . . . . . . 105 123,2786.30%, 10/09/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 151,2247.00%, 06/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 675 979,634

Loews Corp.4.13%, 05/15/43 (Call 11/15/42)(b) . . . . . . . . . . . . . . . . . . . . . . . 310 351,7026.00%, 02/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354 495,394

Manulife Financial Corp., 5.38%, 03/04/46 . . . . . . . . . . . . . . . . . 637 877,184Markel Corp.

4.15%, 09/17/50 (Call 03/17/50)(b). . . . . . . . . . . . . . . . . . . . . . . 60 70,8654.30%, 11/01/47 (Call 05/01/47)(b) . . . . . . . . . . . . . . . . . . . . . . . 285 341,0075.00%, 03/30/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 299,6485.00%, 04/05/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595 782,6405.00%, 05/20/49 (Call 11/20/48). . . . . . . . . . . . . . . . . . . . . . . . . 375 493,230

Marsh & McLennan Companies Inc.4.20%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 530 685,6934.35%, 01/30/47 (Call 07/30/46). . . . . . . . . . . . . . . . . . . . . . . . . 782 1,020,9844.75%, 03/15/39 (Call 09/15/38). . . . . . . . . . . . . . . . . . . . . . . . . 170 227,3754.90%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 834 1,176,9005.88%, 08/01/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 106,931

Massachusetts Mutual Life Insurance Co.3.73%, 10/15/70(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,041 1,139,8434.90%, 04/01/77(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 245,513

MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)(a) . 155 214,146MetLife Inc.

4.05%, 03/01/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486 594,021

SecurityPar

(000) Value

Insurance (continued)4.13%, 08/13/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 866 $ 1,071,9624.60%, 05/13/46 (Call 11/13/45). . . . . . . . . . . . . . . . . . . . . . . . . 505 665,1094.72%, 12/15/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 875 1,152,0304.88%, 11/13/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590 805,5205.70%, 06/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 515,8005.88%, 02/06/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 957,8626.38%, 06/15/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 630 971,2636.40%, 12/15/36 (Call 12/15/31)(b). . . . . . . . . . . . . . . . . . . . . . . 958 1,207,6126.50%, 12/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 655 991,8699.25%, 04/08/68 (Call 04/08/33)(a). . . . . . . . . . . . . . . . . . . . . . . 150 225,62310.75%, 08/01/39 (Call 08/01/34)(b) . . . . . . . . . . . . . . . . . . . . . 206 335,115

Mutual of Omaha Insurance Co., 6.80%, 06/15/36(a) . . . . . . . . 75 95,244Nationwide Financial Services Inc.

3.90%, 11/30/49 (Call 05/30/49)(a) . . . . . . . . . . . . . . . . . . . . . . . 728 748,7235.30%, 11/18/44(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 510,249

Nationwide Mutual Insurance Co.4.95%, 04/22/44(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 797,8538.25%, 12/01/31(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 288,4639.38%, 08/15/39(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 714,019

New York Life Insurance Co.4.45%, 05/15/69 (Call 11/15/68)(a) . . . . . . . . . . . . . . . . . . . . . . . 682 853,3075.88%, 05/15/33(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980 1,351,9416.75%, 11/15/39(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 954 1,466,388

Northwestern Mutual Life Insurance Co. (The)3.63%, 09/30/59 (Call 03/30/59)(a). . . . . . . . . . . . . . . . . . . . . . . 1,284 1,416,6743.85%, 09/30/47 (Call 03/30/47)(a). . . . . . . . . . . . . . . . . . . . . . . 890 1,016,8286.06%, 03/30/40(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 106,689

Ohio National Financial Services Inc., 6.63%, 05/01/31(a) . . . 255 250,967Ohio National Life Insurance Co. (The), 6.88%, 06/15/42(a). . 300 293,500Pacific Life Insurance Co., 4.30%, 10/24/67

(Call 10/24/47)(a)(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 760 799,760Principal Financial Group Inc.

4.30%, 11/15/46 (Call 05/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 133 161,1044.35%, 05/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 455,9444.63%, 09/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 50,1486.05%, 10/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191 269,743

Progressive Corp. (The)3.70%, 01/26/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 253,1794.13%, 04/15/47 (Call 10/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 538 698,1224.20%, 03/15/48 (Call 09/15/47)(b). . . . . . . . . . . . . . . . . . . . . . . 940 1,244,3004.35%, 04/25/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221 289,1866.25%, 12/01/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 504,820

Prudential Financial Inc.3.70%, 03/13/51 (Call 09/13/50)(b). . . . . . . . . . . . . . . . . . . . . . . 150 169,0813.91%, 12/07/47 (Call 06/07/47). . . . . . . . . . . . . . . . . . . . . . . . . 824 937,3593.94%, 12/07/49 (Call 06/07/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,063 1,214,5054.35%, 02/25/50 (Call 08/25/49)(b). . . . . . . . . . . . . . . . . . . . . . . 679 826,0584.42%, 03/27/48 (Call 09/27/47). . . . . . . . . . . . . . . . . . . . . . . . . 550 661,8784.60%, 05/15/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545 675,3175.70%, 12/14/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925 1,322,7546.63%, 12/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 98,0736.63%, 06/21/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 489,981Series B, 5.75%, 07/15/33(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 138,060

Securian Financial Group Inc., 4.80%, 04/15/48(a) . . . . . . . . . . 315 378,701Selective Insurance Group Inc., 5.38%, 03/01/49

(Call 09/01/48) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 283,519Sompo International Holdings Ltd., 7.00%, 07/15/34(b) . . . . . . 400 556,825Teachers Insurance & Annuity Association of America

4.27%, 05/15/47 (Call 11/15/46)(a) . . . . . . . . . . . . . . . . . . . . . . . 2,310 2,741,3964.90%, 09/15/44(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,221 1,540,796


August 31, 2020



SecurityPar

(000) Value

Insurance (continued)6.85%, 12/16/39(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 186 $ 280,515

Transatlantic Holdings Inc., 8.00%, 11/30/39 . . . . . . . . . . . . . . . 275 429,204Travelers Companies Inc. (The)

2.55%, 04/27/50 (Call 10/27/49). . . . . . . . . . . . . . . . . . . . . . . . . 70 69,5093.75%, 05/15/46 (Call 11/15/45)(b) . . . . . . . . . . . . . . . . . . . . . . . 530 636,4744.00%, 05/30/47 (Call 11/30/46). . . . . . . . . . . . . . . . . . . . . . . . . 662 826,0314.05%, 03/07/48 (Call 09/07/47). . . . . . . . . . . . . . . . . . . . . . . . . 264 327,1194.10%, 03/04/49 (Call 09/04/48)(b). . . . . . . . . . . . . . . . . . . . . . . 360 451,9644.30%, 08/25/45 (Call 02/25/45). . . . . . . . . . . . . . . . . . . . . . . . . 535 676,9304.60%, 08/01/43(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 299,4055.35%, 11/01/40(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 613 861,0996.25%, 06/15/37(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 682,6706.75%, 06/20/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 54,104

Travelers Property Casualty Corp., 6.38%, 03/15/33 . . . . . . . . 420 629,053Unum Group

4.50%, 12/15/49 (Call 06/15/49)(b). . . . . . . . . . . . . . . . . . . . . . . 260 267,4495.75%, 08/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 497,806

Voya Financial Inc.4.80%, 06/15/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 184,1585.70%, 07/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560 741,348

Western & Southern Financial Group Inc., 5.75%,07/15/33(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 267,534

Western & Southern Life Insurance Co. (The), 5.15%,01/15/49 (Call 07/15/48)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 191,687

Willis North America Inc.3.88%, 09/15/49 (Call 03/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 461 532,6245.05%, 09/15/48 (Call 03/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 590 787,317

WR Berkley Corp., 4.75%, 08/01/44 . . . . . . . . . . . . . . . . . . . . . . . 210 259,766XLIT Ltd.

5.25%, 12/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 285,7815.50%, 03/31/45(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 446 610,774

95,342,310Internet — 1.2%Alibaba Group Holding Ltd.

4.00%, 12/06/37 (Call 06/06/37). . . . . . . . . . . . . . . . . . . . . . . . . 340 409,0594.20%, 12/06/47 (Call 06/06/47). . . . . . . . . . . . . . . . . . . . . . . . . 1,285 1,658,4254.40%, 12/06/57 (Call 06/06/57). . . . . . . . . . . . . . . . . . . . . . . . . 435 596,1924.50%, 11/28/34 (Call 05/28/34). . . . . . . . . . . . . . . . . . . . . . . . . 625 790,407

Alphabet Inc.1.90%, 08/15/40 (Call 02/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 400 390,0412.05%, 08/15/50 (Call 02/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 1,400 1,334,6192.25%, 08/15/60 (Call 02/15/60). . . . . . . . . . . . . . . . . . . . . . . . . 400 383,084

Amazon.com Inc.2.50%, 06/03/50 (Call 12/03/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,050 1,066,4942.70%, 06/03/60 (Call 12/03/59). . . . . . . . . . . . . . . . . . . . . . . . . 915 944,7383.88%, 08/22/37 (Call 02/22/37). . . . . . . . . . . . . . . . . . . . . . . . . 2,445 3,057,0044.05%, 08/22/47 (Call 02/22/47). . . . . . . . . . . . . . . . . . . . . . . . . 799 1,038,4864.25%, 08/22/57 (Call 02/22/57). . . . . . . . . . . . . . . . . . . . . . . . . 1,772 2,412,3074.80%, 12/05/34 (Call 06/05/34). . . . . . . . . . . . . . . . . . . . . . . . . 1,747 2,414,4534.95%, 12/05/44 (Call 06/05/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,375 1,973,453

eBay Inc., 4.00%, 07/15/42 (Call 01/15/42) . . . . . . . . . . . . . . . . . 627 701,241JD.com Inc., 4.13%, 01/14/50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 229,559Tencent Holdings Ltd.

3.24%, 06/03/50 (Call 12/03/49)(a). . . . . . . . . . . . . . . . . . . . . . . 1,000 1,060,5603.29%, 06/03/60 (Call 12/03/59)(a). . . . . . . . . . . . . . . . . . . . . . . 500 534,4853.93%, 01/19/38 (Call 07/19/37)(a). . . . . . . . . . . . . . . . . . . . . . . 800 918,3684.53%, 04/11/49 (Call 10/11/48)(a) . . . . . . . . . . . . . . . . . . . . . . . 200 260,922

22,173,897

SecurityPar

(000) Value

Iron & Steel — 0.3%Nucor Corp.

4.40%, 05/01/48 (Call 11/01/47). . . . . . . . . . . . . . . . . . . . . . . . . $ 185 $ 235,9215.20%, 08/01/43 (Call 02/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 454 595,6726.40%, 12/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 632 906,175

Vale Overseas Ltd.6.88%, 11/21/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 905 1,202,1666.88%, 11/10/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,120 1,510,6008.25%, 01/17/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 71,750

Vale SA, 5.63%, 09/11/42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455 548,275

5,070,559Leisure Time — 0.0%Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45) . . . . . . 150 163,626

Lodging — 0.0%Marriott International Inc./MD, 4.50%, 10/01/34

(Call 04/01/34) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 168,619

Machinery — 0.6%ABB Finance USA Inc., 4.38%, 05/08/42 . . . . . . . . . . . . . . . . . . . 577 740,033Caterpillar Inc.

3.25%, 09/19/49 (Call 03/19/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,126,1383.80%, 08/15/42(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 723 889,5264.30%, 05/15/44 (Call 11/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 525 672,7074.75%, 05/15/64 (Call 11/15/63). . . . . . . . . . . . . . . . . . . . . . . . . 670 956,6245.20%, 05/27/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620 859,9475.30%, 09/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 118,5186.05%, 08/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 268,934

Crane Co., 4.20%, 03/15/48 (Call 09/15/47) . . . . . . . . . . . . . . . . 70 73,633Deere & Co.

2.88%, 09/07/49 (Call 03/07/49)(b). . . . . . . . . . . . . . . . . . . . . . . 895 974,3863.75%, 04/15/50 (Call 10/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 30,6413.90%, 06/09/42 (Call 12/09/41)(b). . . . . . . . . . . . . . . . . . . . . . . 653 835,2227.13%, 03/03/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 275,860

Dover Corp.5.38%, 10/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 255,2765.38%, 03/01/41 (Call 12/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 460 593,866

Otis Worldwide Corp.3.11%, 02/15/40 (Call 08/15/39)(a) . . . . . . . . . . . . . . . . . . . . . . . 962 1,031,9923.36%, 02/15/50 (Call 08/15/49)(a). . . . . . . . . . . . . . . . . . . . . . . 286 314,432

Rockwell Automation Inc., 4.20%, 03/01/49 (Call 09/01/48). . 701 933,956Xylem Inc., 4.38%, 11/01/46 (Call 05/01/46) . . . . . . . . . . . . . . . . 309 359,251

11,310,942Manufacturing — 1.4%3M Co.

3.13%, 09/19/46 (Call 03/19/46). . . . . . . . . . . . . . . . . . . . . . . . . 240 263,9903.25%, 08/26/49 (Call 02/26/49). . . . . . . . . . . . . . . . . . . . . . . . . 801 912,2583.63%, 10/15/47 (Call 04/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 316 369,5713.88%, 06/15/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 182,9044.00%, 09/14/48 (Call 03/14/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,283 1,625,2005.70%, 03/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 313,958

Eaton Corp.4.00%, 11/02/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925 1,115,5734.15%, 11/02/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 490 612,358

General Electric Co.4.13%, 10/09/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457 459,4004.25%, 05/01/40 (Call 11/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 819 826,7524.35%, 05/01/50 (Call 11/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 960 974,5404.50%, 03/11/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 589 610,5725.88%, 01/14/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,333 2,694,0436.15%, 08/07/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 904 1,071,442


August 31, 2020



SecurityPar

(000) Value

Manufacturing (continued)6.75%, 03/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,405 $ 3,013,1676.88%, 01/10/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,610 2,051,753

Illinois Tool Works Inc.3.90%, 09/01/42 (Call 03/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 817 1,025,3374.88%, 09/15/41 (Call 03/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 570 785,130

Parker-Hannifin Corp.4.00%, 06/14/49 (Call 12/14/48)(b). . . . . . . . . . . . . . . . . . . . . . . 703 854,9044.10%, 03/01/47 (Call 09/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 290 351,7924.20%, 11/21/34 (Call 05/21/34). . . . . . . . . . . . . . . . . . . . . . . . . 462 567,5174.45%, 11/21/44 (Call 05/21/44). . . . . . . . . . . . . . . . . . . . . . . . . 30 37,7966.25%, 05/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455 639,532

Siemens Financieringsmaatschappij NV3.30%, 09/15/46(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 720 819,2984.20%, 03/16/47(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 945 1,232,0924.40%, 05/27/45(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,088 1,441,727

Trane Technologies Global Holding Co. Ltd.4.30%, 02/21/48 (Call 08/21/47). . . . . . . . . . . . . . . . . . . . . . . . . 150 181,3535.75%, 06/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 529,349

Trane Technologies Luxembourg Finance SA4.50%, 03/21/49 (Call 09/21/48). . . . . . . . . . . . . . . . . . . . . . . . . 430 541,5764.65%, 11/01/44 (Call 05/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 165 202,950

26,307,834Media — 5.4%Charter Communications Operating LLC/Charter

Communications Operating Capital3.70%, 04/01/51 (Call 10/01/50). . . . . . . . . . . . . . . . . . . . . . . . . 1,200 1,195,7354.80%, 03/01/50 (Call 09/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,180 1,348,3885.13%, 07/01/49 (Call 01/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 755 887,4665.38%, 04/01/38 (Call 10/01/37)(b). . . . . . . . . . . . . . . . . . . . . . . 1,229 1,499,6535.38%, 05/01/47 (Call 11/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 2,335 2,793,6675.75%, 04/01/48 (Call 10/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 662 830,6066.38%, 10/23/35 (Call 04/23/35). . . . . . . . . . . . . . . . . . . . . . . . . 1,375 1,903,9506.48%, 10/23/45 (Call 04/23/45). . . . . . . . . . . . . . . . . . . . . . . . . 2,540 3,467,7876.83%, 10/23/55 (Call 04/23/55). . . . . . . . . . . . . . . . . . . . . . . . . 137 188,728

Comcast Corp.2.45%, 08/15/52 (Call 02/15/52). . . . . . . . . . . . . . . . . . . . . . . . . 400 383,1992.65%, 08/15/62 (Call 02/15/62). . . . . . . . . . . . . . . . . . . . . . . . . 400 386,4332.80%, 01/15/51 (Call 07/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 1,200 1,215,0083.20%, 07/15/36 (Call 01/15/36)(b). . . . . . . . . . . . . . . . . . . . . . . 860 968,6763.25%, 11/01/39 (Call 05/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 1,050 1,165,4783.40%, 07/15/46 (Call 01/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,140 1,266,4003.45%, 02/01/50 (Call 08/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,285 1,448,6833.75%, 04/01/40 (Call 10/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 25 29,6123.90%, 03/01/38 (Call 09/01/37). . . . . . . . . . . . . . . . . . . . . . . . . 1,083 1,297,7233.97%, 11/01/47 (Call 05/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 1,366 1,641,3124.00%, 08/15/47 (Call 02/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 830 1,005,6174.00%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 893 1,082,7004.00%, 11/01/49 (Call 05/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,365 1,659,0354.05%, 11/01/52 (Call 05/01/52). . . . . . . . . . . . . . . . . . . . . . . . . 960 1,172,4054.20%, 08/15/34 (Call 02/15/34). . . . . . . . . . . . . . . . . . . . . . . . . 1,001 1,248,5964.25%, 01/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 886 1,107,4764.40%, 08/15/35 (Call 02/25/35). . . . . . . . . . . . . . . . . . . . . . . . . 625 798,1134.50%, 01/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 705 893,4244.60%, 10/15/38 (Call 04/15/38). . . . . . . . . . . . . . . . . . . . . . . . . 2,140 2,753,3604.60%, 08/15/45 (Call 02/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 1,175 1,524,2494.65%, 07/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 960 1,242,6224.70%, 10/15/48 (Call 04/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 2,620 3,523,8194.75%, 03/01/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 993,5064.95%, 10/15/58 (Call 04/15/58). . . . . . . . . . . . . . . . . . . . . . . . . 983 1,417,1525.65%, 06/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 431 614,494

SecurityPar

(000) Value

Media (continued)6.40%, 05/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 124 $ 186,7796.45%, 03/15/37(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 512,8196.50%, 11/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 762 1,167,4866.55%, 07/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 241,6206.95%, 08/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 798 1,261,5947.05%, 03/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 671 1,027,480

Cox Communications Inc.4.50%, 06/30/43 (Call 12/30/42)(a)(b). . . . . . . . . . . . . . . . . . . . . 71 86,3404.60%, 08/15/47 (Call 02/15/47)(a). . . . . . . . . . . . . . . . . . . . . . . 275 344,6014.70%, 12/15/42(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290 363,9038.38%, 03/01/39(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 1,319,477

Discovery Communications LLC4.65%, 05/15/50 (Call 11/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 25 28,6974.88%, 04/01/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,015 1,153,2194.95%, 05/15/42(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 675 789,2735.00%, 09/20/37 (Call 03/20/37). . . . . . . . . . . . . . . . . . . . . . . . . 415 490,7125.20%, 09/20/47 (Call 03/20/47)(b). . . . . . . . . . . . . . . . . . . . . . . 514 616,4945.30%, 05/15/49 (Call 11/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 892 1,096,5276.35%, 06/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 874,375

Fox Corp.5.48%, 01/25/39 (Call 07/25/38). . . . . . . . . . . . . . . . . . . . . . . . . 893 1,184,2565.58%, 01/25/49 (Call 07/25/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,010 1,385,919

Grupo Televisa SAB5.00%, 05/13/45 (Call 11/13/44)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,060 1,197,3345.25%, 05/24/49 (Call 11/24/48). . . . . . . . . . . . . . . . . . . . . . . . . 500 591,2706.13%, 01/31/46 (Call 06/30/45)(b). . . . . . . . . . . . . . . . . . . . . . . 200 260,5266.63%, 01/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429 565,100

NBCUniversal Media LLC4.45%, 01/15/43(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 970 1,228,6575.95%, 04/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 870 1,297,053

Thomson Reuters Corp.5.50%, 08/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 198,6425.65%, 11/23/43 (Call 05/23/43). . . . . . . . . . . . . . . . . . . . . . . . . 520 693,8065.85%, 04/15/40(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 368,579

Time Warner Cable LLC4.50%, 09/15/42 (Call 03/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 756 847,1585.50%, 09/01/41 (Call 03/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 1,140 1,400,3205.88%, 11/15/40 (Call 05/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 1,025 1,303,9096.55%, 05/01/37(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,337 1,800,8216.75%, 06/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335 466,0467.30%, 07/01/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 511 730,738

Time Warner Entertainment Co. LP, 8.38%, 07/15/33 . . . . . . . 1,080 1,680,587TWDC Enterprises 18 Corp.

3.00%, 07/30/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410 423,9043.70%, 12/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 507 577,1204.13%, 06/01/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 855 1,037,7044.38%, 08/16/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 489,711Series B, 7.00%, 03/01/32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 490,509Series E, 4.13%, 12/01/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 298,088

ViacomCBS Inc.4.20%, 05/19/32 (Call 02/19/32). . . . . . . . . . . . . . . . . . . . . . . . . 27 30,7384.38%, 03/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,340 1,428,6704.60%, 01/15/45 (Call 07/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 820 894,2564.85%, 07/01/42 (Call 01/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 407 455,9844.90%, 08/15/44 (Call 02/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 725 817,2504.95%, 05/19/50 (Call 11/19/49). . . . . . . . . . . . . . . . . . . . . . . . . 50 58,3205.25%, 04/01/44 (Call 10/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 310 362,1145.50%, 05/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440 524,1245.85%, 09/01/43 (Call 03/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 180 225,0695.90%, 10/15/40 (Call 04/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 215 267,790


August 31, 2020



SecurityPar

(000) Value

Media (continued)6.88%, 04/30/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,035 $ 1,413,4737.88%, 07/30/30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 600,644

Walt Disney Co. (The)2.75%, 09/01/49 (Call 03/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 975 961,7863.50%, 05/13/40 (Call 11/13/39). . . . . . . . . . . . . . . . . . . . . . . . . 325 364,3813.60%, 01/13/51 (Call 07/13/50). . . . . . . . . . . . . . . . . . . . . . . . . 1,750 1,996,1763.80%, 05/13/60 (Call 11/13/59). . . . . . . . . . . . . . . . . . . . . . . . . 825 968,9664.63%, 03/23/40 (Call 09/23/39). . . . . . . . . . . . . . . . . . . . . . . . . 575 730,8914.70%, 03/23/50 (Call 09/23/49)(b). . . . . . . . . . . . . . . . . . . . . . . 1,175 1,561,3454.75%, 09/15/44 (Call 03/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 803 1,023,2184.75%, 11/15/46 (Call 05/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 70 89,8284.95%, 10/15/45 (Call 04/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 495 653,9355.40%, 10/01/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 580 803,0436.15%, 03/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 85,5926.15%, 02/15/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 108,6246.20%, 12/15/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,471,2166.40%, 12/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 802 1,207,7886.55%, 03/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 870 1,281,8216.65%, 11/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,088 1,650,580

99,071,847Metal Fabricate & Hardware — 0.1%Precision Castparts Corp.

3.90%, 01/15/43 (Call 07/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 551 636,7824.38%, 06/15/45 (Call 12/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 241 301,300

Valmont Industries Inc.5.00%, 10/01/44 (Call 04/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 420 462,2165.25%, 10/01/54 (Call 04/01/54). . . . . . . . . . . . . . . . . . . . . . . . . 131 139,683

1,539,981Mining — 1.6%Barrick Gold Corp.

5.25%, 04/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 757 1,039,7346.45%, 10/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 167,190

Barrick North America Finance LLC5.70%, 05/30/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 541 763,9315.75%, 05/01/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327 477,7367.50%, 09/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222 326,934

Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39 . . . . . 499 713,836BHP Billiton Finance USA Ltd.

4.13%, 02/24/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 699 884,7115.00%, 09/30/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,618 2,300,156

Corp. Nacional del Cobre de Chile3.70%, 01/30/50 (Call 07/30/49)(a)(b). . . . . . . . . . . . . . . . . . . . . 1,170 1,254,0274.25%, 07/17/42(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560 637,5104.38%, 02/05/49 (Call 08/05/48)(a). . . . . . . . . . . . . . . . . . . . . . . 1,075 1,284,0004.50%, 08/01/47 (Call 02/01/47)(a). . . . . . . . . . . . . . . . . . . . . . . 1,050 1,267,2044.88%, 11/04/44(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 447,3115.63%, 10/18/43(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,361,844

Glencore Canada Corp., 6.20%, 06/15/35 . . . . . . . . . . . . . . . . . . 35 43,308Glencore Finance Canada Ltd.

5.55%, 10/25/42(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 304,0586.00%, 11/15/41(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 481,2396.90%, 11/15/37(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 127,127

Indonesia Asahan Aluminium Persero PT, 6.76%,11/15/48(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825 1,089,000

Industrias Penoles SAB de CV, 5.65%, 09/12/49(Call 03/12/49)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 472,000

Kinross Gold Corp., 6.88%, 09/01/41 (Call 03/01/41). . . . . . . . 40 52,387Minera Mexico SA de CV, 4.50%, 01/26/50

(Call 07/26/49)(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625 680,469

SecurityPar

(000) Value

Mining (continued)Newcrest Finance Pty Ltd., 4.20%, 05/13/50

(Call 11/13/49)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 515 $ 611,056Newmont Corp.

4.88%, 03/15/42 (Call 09/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 388 525,2615.45%, 06/09/44 (Call 12/09/43). . . . . . . . . . . . . . . . . . . . . . . . . 324 456,4135.88%, 04/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 362,5886.25%, 10/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 998 1,462,114

Rio Tinto Alcan Inc.5.75%, 06/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 196,0826.13%, 12/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 651 956,766

Rio Tinto Finance USA Ltd., 5.20%, 11/02/40 . . . . . . . . . . . . . . . 265 380,219Rio Tinto Finance USA PLC

4.13%, 08/21/42 (Call 02/21/42). . . . . . . . . . . . . . . . . . . . . . . . . 925 1,179,5574.75%, 03/22/42 (Call 09/22/41). . . . . . . . . . . . . . . . . . . . . . . . . 115 156,559

Southern Copper Corp.5.25%, 11/08/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 805 1,028,7795.88%, 04/23/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 895 1,241,9836.75%, 04/16/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 771,9187.50%, 07/27/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 630 938,736

Teck Resources Ltd.5.20%, 03/01/42 (Call 09/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 345 343,2475.40%, 02/01/43 (Call 08/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 265 274,4206.00%, 08/15/40 (Call 02/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 415 449,8996.13%, 10/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 366,2716.25%, 07/15/41 (Call 01/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 542 608,322

28,485,902Oil & Gas — 6.0%BP Capital Markets America Inc.

2.77%, 11/10/50 (Call 05/10/50). . . . . . . . . . . . . . . . . . . . . . . . . 400 378,5363.00%, 02/24/50 (Call 08/24/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,765 1,738,275

Burlington Resources LLC5.95%, 10/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 244,9907.20%, 08/15/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510 739,7947.40%, 12/01/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 510,075

Canadian Natural Resources Ltd.4.95%, 06/01/47 (Call 12/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 656 764,6885.85%, 02/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 246,6436.25%, 03/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 163,1906.45%, 06/30/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 655 827,6696.50%, 02/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 405,4196.75%, 02/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 615,7057.20%, 01/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 397,306

Chevron Corp.2.98%, 05/11/40 (Call 11/11/39) . . . . . . . . . . . . . . . . . . . . . . . . . 555 600,9113.08%, 05/11/50 (Call 11/11/49) . . . . . . . . . . . . . . . . . . . . . . . . . 645 700,433

Chevron USA Inc., 2.34%, 08/12/50 (Call 02/12/50). . . . . . . . . 400 381,390CNOOC Finance 2012 Ltd., 5.00%, 05/02/42(a) . . . . . . . . . . . . . 250 334,433CNOOC Finance 2013 Ltd.

3.30%, 09/30/49 (Call 03/30/49). . . . . . . . . . . . . . . . . . . . . . . . . 300 326,0314.25%, 05/09/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 452,332

CNOOC Finance 2014 ULC, 4.88%, 04/30/44 . . . . . . . . . . . . . . 405 540,930CNOOC Finance 2015 Australia Pty Ltd., 4.20%,

05/05/45(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 490,932CNOOC Petroleum North America ULC

5.88%, 03/10/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 537 768,7416.40%, 05/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 755 1,102,4437.50%, 07/30/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565 943,4067.88%, 03/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361 562,925

CNPC HK Overseas Capital Ltd., 5.95%, 04/28/41(a). . . . . . . . 450 667,827


August 31, 2020



SecurityPar

(000) Value

Oil & Gas (continued)Concho Resources Inc.

4.85%, 08/15/48 (Call 02/15/48). . . . . . . . . . . . . . . . . . . . . . . . . $ 600 $ 694,4904.88%, 10/01/47 (Call 04/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 492 570,886

Conoco Funding Co., 7.25%, 10/15/31 . . . . . . . . . . . . . . . . . . . . . 630 940,425ConocoPhillips

5.90%, 10/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 776 1,076,0125.90%, 05/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 347,9776.50%, 02/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,718 2,602,018

ConocoPhillips Co.4.30%, 11/15/44 (Call 05/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 850 1,082,3175.95%, 03/15/46 (Call 09/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 185 280,752

Devon Energy Corp.4.75%, 05/15/42 (Call 11/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 444 430,0615.00%, 06/15/45 (Call 12/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 772 773,3555.60%, 07/15/41 (Call 01/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 936 990,5587.95%, 04/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 227,369

Ecopetrol SA5.88%, 05/28/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 915 1,038,3427.38%, 09/18/43(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990 1,277,100

Empresa Nacional del Petroleo, 4.50%, 09/14/47(Call 03/14/47)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 715,441

EOG Resources Inc.3.90%, 04/01/35 (Call 10/01/34). . . . . . . . . . . . . . . . . . . . . . . . . 835 982,2524.95%, 04/15/50 (Call 10/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 450 575,7225.10%, 01/15/36 (Call 07/15/35). . . . . . . . . . . . . . . . . . . . . . . . . 195 238,768

Equinor ASA3.25%, 11/18/49 (Call 05/18/49). . . . . . . . . . . . . . . . . . . . . . . . . 900 970,2083.70%, 04/06/50 (Call 10/06/49). . . . . . . . . . . . . . . . . . . . . . . . . 115 134,1163.95%, 05/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 959 1,117,4554.25%, 11/23/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 735 902,0704.80%, 11/08/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346 454,6425.10%, 08/17/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 707 962,641

Exxon Mobil Corp.3.00%, 08/16/39 (Call 02/16/39). . . . . . . . . . . . . . . . . . . . . . . . . 885 948,1893.10%, 08/16/49 (Call 02/16/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,094 1,147,9353.45%, 04/15/51 (Call 10/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 1,546 1,733,7963.57%, 03/06/45 (Call 09/06/44). . . . . . . . . . . . . . . . . . . . . . . . . 844 943,7244.11%, 03/01/46 (Call 09/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 1,671 2,023,1774.23%, 03/19/40 (Call 09/19/39). . . . . . . . . . . . . . . . . . . . . . . . . 1,150 1,422,1204.33%, 03/19/50 (Call 09/19/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,814 2,325,816

Gazprom PJSC Via Gaz Capital SA, 7.29%, 08/16/37(a). . . . . 1,200 1,741,344Hess Corp.

5.60%, 02/15/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 662 762,4875.80%, 04/01/47 (Call 10/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 465 531,9486.00%, 01/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 497,3747.13%, 03/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455 562,6277.30%, 08/15/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 616,340

Husky Energy Inc., 6.80%, 09/15/37 . . . . . . . . . . . . . . . . . . . . . . . 108 132,826KazMunayGas National Co. JSC, 6.38%, 10/24/48(a) . . . . . . . 990 1,334,736Marathon Oil Corp.

5.20%, 06/01/45 (Call 12/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 260 258,9576.60%, 10/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540 582,9186.80%, 03/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466 515,084

Marathon Petroleum Corp.4.50%, 04/01/48 (Call 10/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 433 464,1914.75%, 09/15/44 (Call 03/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 697 781,9255.00%, 09/15/54 (Call 03/15/54). . . . . . . . . . . . . . . . . . . . . . . . . 468 521,0525.85%, 12/15/45 (Call 06/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 305 354,6056.50%, 03/01/41 (Call 09/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 180 230,264

Motiva Enterprises LLC, 6.85%, 01/15/40(a) . . . . . . . . . . . . . . . . 475 574,265

SecurityPar

(000) Value

Oil & Gas (continued)Noble Energy Inc.

4.20%, 10/15/49 (Call 04/15/49). . . . . . . . . . . . . . . . . . . . . . . . . $ 270 $ 328,7304.95%, 08/15/47 (Call 02/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 430 565,8465.05%, 11/15/44 (Call 05/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 595 776,8595.25%, 11/15/43 (Call 05/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 595 793,2866.00%, 03/01/41 (Call 09/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 540 747,581

Ovintiv Inc.6.50%, 08/15/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 321,2986.50%, 02/01/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 617,0566.63%, 08/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 227,4697.20%, 11/01/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 102,6317.38%, 11/01/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 209,0268.13%, 09/15/30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290 311,175

Pertamina Persero PT4.18%, 01/21/50 (Call 07/21/49)(a). . . . . . . . . . . . . . . . . . . . . . . 685 694,2004.70%, 07/30/49(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,455 1,585,9506.00%, 05/03/42(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 18,6006.45%, 05/30/44(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700 2,244,0006.50%, 11/07/48(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,105 1,480,700

Petroleos del Peru SA4.75%, 06/19/32(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 878 985,5555.63%, 06/19/47(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575 701,500

Petronas Capital Ltd.4.50%, 03/18/45(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,460 1,873,2244.55%, 04/21/50 (Call 10/21/49)(a). . . . . . . . . . . . . . . . . . . . . . . 2,000 2,631,8804.80%, 04/21/60 (Call 10/21/59)(a). . . . . . . . . . . . . . . . . . . . . . . 20 28,554

Phillips 664.65%, 11/15/34 (Call 05/15/34). . . . . . . . . . . . . . . . . . . . . . . . . 121 147,2644.88%, 11/15/44 (Call 05/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,510 1,840,1965.88%, 05/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,201 1,622,544

PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59(a) . . . . . . . 500 564,870Saudi Arabian Oil Co.

4.25%, 04/16/39(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,075 2,416,6734.38%, 04/16/49(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,935 2,350,056

Shell International Finance BV3.13%, 11/07/49 (Call 05/07/49)(b) . . . . . . . . . . . . . . . . . . . . . . . 785 825,4153.25%, 04/06/50 (Call 10/06/49). . . . . . . . . . . . . . . . . . . . . . . . . 95 102,4003.63%, 08/21/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 583 649,0453.75%, 09/12/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 755 865,9274.00%, 05/10/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,380 1,647,6314.13%, 05/11/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,955 2,414,6734.38%, 05/11/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,896 2,356,4964.55%, 08/12/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440 551,6925.50%, 03/25/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,115 1,562,4386.38%, 12/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,695 2,540,358

Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(a)(b) . . . . . . . . . . . . 400 492,860Sinopec Group Overseas Development 2012 Ltd., 4.88%,

05/17/42(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 735 961,434Sinopec Group Overseas Development 2013 Ltd., 5.38%,

10/17/43(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 354,573Sinopec Group Overseas Development 2015 Ltd., 4.10%,

04/28/45(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 67,452Sinopec Group Overseas Development 2017 Ltd.

4.00%, 09/13/47(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 610 737,2164.25%, 04/12/47(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 751,560

Sinopec Group Overseas Development 2018 Ltd.3.68%, 08/08/49 (Call 02/08/49)(a). . . . . . . . . . . . . . . . . . . . . . . 310 361,1214.60%, 09/12/48(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 397,173

Suncor Energy Inc.4.00%, 11/15/47 (Call 05/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 990 1,072,826


August 31, 2020



SecurityPar

(000) Value

Oil & Gas (continued)5.35%, 07/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 175 $ 204,5485.95%, 12/01/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 48,7865.95%, 05/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441 552,8736.50%, 06/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 661 870,8826.80%, 05/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 402 547,6986.85%, 06/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483 657,0967.15%, 02/01/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 527,903

Thaioil Treasury Center Co. Ltd., 5.38%, 11/20/48(a) . . . . . . . . 600 753,294Total Capital International SA

3.13%, 05/29/50 (Call 11/29/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,535 1,615,9143.46%, 07/12/49 (Call 01/12/49). . . . . . . . . . . . . . . . . . . . . . . . . 951 1,060,224

Valero Energy Corp.4.90%, 03/15/45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 834 990,9416.63%, 06/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 604 818,0647.50%, 04/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 855 1,232,48110.50%, 03/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 48,547

110,125,965Oil & Gas Services — 0.4%Baker Hughes a GE Co. LLC/Baker Hughes

Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47). . . . . . . . . 882 933,656Baker Hughes Holdings LLC, 5.13%, 09/15/40 . . . . . . . . . . . . . 839 1,022,140Halliburton Co.

4.50%, 11/15/41 (Call 05/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 200 201,7034.75%, 08/01/43 (Call 02/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 935 975,5394.85%, 11/15/35 (Call 05/15/35). . . . . . . . . . . . . . . . . . . . . . . . . 840 935,9315.00%, 11/15/45 (Call 05/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 716 787,8376.70%, 09/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 586 750,6687.45%, 09/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 835 1,138,830

National Oilwell Varco Inc., 3.95%, 12/01/42 (Call 06/01/42). 816 732,843

7,479,147Packaging & Containers — 0.1%Packaging Corp. of America, 4.05%, 12/15/49

(Call 06/15/49) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 462,750Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40). . . . . . 634 831,605WestRock MWV LLC, 7.95%, 02/15/31 . . . . . . . . . . . . . . . . . . . . 51 73,420WRKCo Inc.

3.00%, 06/15/33 (Call 03/15/33). . . . . . . . . . . . . . . . . . . . . . . . . 97 105,1354.20%, 06/01/32 (Call 03/01/32). . . . . . . . . . . . . . . . . . . . . . . . . 715 866,705

2,339,615Pharmaceuticals — 6.9%AbbVie Inc.

4.05%, 11/21/39 (Call 05/21/39)(a) . . . . . . . . . . . . . . . . . . . . . . . 3,230 3,780,9914.25%, 11/21/49 (Call 05/21/49)(a) . . . . . . . . . . . . . . . . . . . . . . . 3,333 4,023,1694.30%, 05/14/36 (Call 11/14/35). . . . . . . . . . . . . . . . . . . . . . . . . 407 485,9604.40%, 11/06/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,210 1,462,6374.45%, 05/14/46 (Call 11/14/45). . . . . . . . . . . . . . . . . . . . . . . . . 1,039 1,258,4084.50%, 05/14/35 (Call 11/14/34). . . . . . . . . . . . . . . . . . . . . . . . . 989 1,222,2214.55%, 03/15/35 (Call 09/15/34)(a). . . . . . . . . . . . . . . . . . . . . . . 1,850 2,313,1764.63%, 10/01/42 (Call 04/01/42)(a). . . . . . . . . . . . . . . . . . . . . . . 400 492,2184.70%, 05/14/45 (Call 11/14/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,831 2,287,0354.75%, 03/15/45 (Call 09/15/44)(a). . . . . . . . . . . . . . . . . . . . . . . 944 1,166,0354.85%, 06/15/44 (Call 12/15/43)(a). . . . . . . . . . . . . . . . . . . . . . . 310 389,8964.88%, 11/14/48 (Call 05/14/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,010 1,305,330

AmerisourceBergen Corp.4.25%, 03/01/45 (Call 09/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 200 231,0374.30%, 12/15/47 (Call 06/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 650 767,805

AstraZeneca PLC2.13%, 08/06/50 (Call 02/06/50)(b). . . . . . . . . . . . . . . . . . . . . . . 215 200,3354.00%, 09/18/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 250,791

SecurityPar

(000) Value

Pharmaceuticals (continued)4.38%, 11/16/45(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 165 $ 216,3914.38%, 08/17/48 (Call 02/17/48). . . . . . . . . . . . . . . . . . . . . . . . . 924 1,252,8726.45%, 09/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,235 3,456,299

Bayer U.S. Finance II LLC3.95%, 04/15/45 (Call 10/15/44)(a). . . . . . . . . . . . . . . . . . . . . . . 640 702,7694.20%, 07/15/34 (Call 01/15/34)(a). . . . . . . . . . . . . . . . . . . . . . . 996 1,164,7184.40%, 07/15/44 (Call 01/15/44)(a)(b). . . . . . . . . . . . . . . . . . . . . 221 250,4404.63%, 06/25/38 (Call 12/25/37)(a)(b). . . . . . . . . . . . . . . . . . . . . 687 821,3084.65%, 11/15/43 (Call 05/15/43)(a) . . . . . . . . . . . . . . . . . . . . . . . 74 82,1914.70%, 07/15/64 (Call 01/15/64)(a). . . . . . . . . . . . . . . . . . . . . . . 660 732,7784.88%, 06/25/48 (Call 12/25/47)(a)(b). . . . . . . . . . . . . . . . . . . . . 900 1,115,2085.50%, 07/30/35(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 124,208

Becton Dickinson and Co.3.79%, 05/20/50 (Call 11/20/49). . . . . . . . . . . . . . . . . . . . . . . . . 925 1,044,3014.67%, 06/06/47 (Call 12/06/46). . . . . . . . . . . . . . . . . . . . . . . . . 550 694,1364.69%, 12/15/44 (Call 06/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,039 1,315,028

Bristol-Myers Squibb Co.3.25%, 08/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 734 858,7554.13%, 06/15/39 (Call 12/15/38). . . . . . . . . . . . . . . . . . . . . . . . . 563 721,9064.25%, 10/26/49 (Call 04/26/49). . . . . . . . . . . . . . . . . . . . . . . . . 2,656 3,534,5474.35%, 11/15/47 (Call 05/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 295 393,2284.50%, 03/01/44 (Call 09/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 690 939,6804.55%, 02/20/48 (Call 08/20/47). . . . . . . . . . . . . . . . . . . . . . . . . 1,100 1,519,0564.63%, 05/15/44 (Call 11/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 460 622,2025.00%, 08/15/45 (Call 02/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 1,159 1,652,7805.25%, 08/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 617,135

Cardinal Health Inc.4.37%, 06/15/47 (Call 12/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 200 222,7564.50%, 11/15/44 (Call 05/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 35 38,5374.60%, 03/15/43(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470 522,1554.90%, 09/15/45 (Call 03/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 415 491,848

Cigna Corp.3.20%, 03/15/40 (Call 09/15/39). . . . . . . . . . . . . . . . . . . . . . . . . 350 372,8263.40%, 03/15/50 (Call 09/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,275 1,372,5573.88%, 10/15/47 (Call 04/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 817 931,7874.80%, 08/15/38 (Call 02/15/38). . . . . . . . . . . . . . . . . . . . . . . . . 1,840 2,323,4974.80%, 07/15/46 (Call 01/16/46). . . . . . . . . . . . . . . . . . . . . . . . . 95 123,0734.90%, 12/15/48 (Call 06/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,820 2,437,9915.38%, 02/15/42 (Call 08/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 425 546,5106.13%, 11/15/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 299,047

CVS Health Corp.2.70%, 08/21/40 (Call 02/21/40). . . . . . . . . . . . . . . . . . . . . . . . . 615 601,5844.13%, 04/01/40 (Call 10/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 50 58,0944.25%, 04/01/50 (Call 10/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 240 286,5414.78%, 03/25/38 (Call 09/25/37). . . . . . . . . . . . . . . . . . . . . . . . . 2,945 3,618,8254.88%, 07/20/35 (Call 01/20/35)(b). . . . . . . . . . . . . . . . . . . . . . . 845 1,078,0745.05%, 03/25/48 (Call 09/25/47)(b). . . . . . . . . . . . . . . . . . . . . . . 5,280 6,885,1585.13%, 07/20/45 (Call 01/20/45). . . . . . . . . . . . . . . . . . . . . . . . . 2,555 3,308,3215.30%, 12/05/43 (Call 06/05/43). . . . . . . . . . . . . . . . . . . . . . . . . 733 961,676

Eli Lilly & Co.2.25%, 05/15/50 (Call 11/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 545 521,2533.70%, 03/01/45 (Call 09/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 25 30,4863.88%, 03/15/39 (Call 09/15/38)(b). . . . . . . . . . . . . . . . . . . . . . . 1,050 1,278,1473.95%, 05/15/47 (Call 11/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 675 853,5913.95%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 348 448,2204.15%, 03/15/59 (Call 09/15/58). . . . . . . . . . . . . . . . . . . . . . . . . 771 1,018,0655.95%, 11/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 74,998

GlaxoSmithKline Capital Inc.4.20%, 03/18/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 660 851,2335.38%, 04/15/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 695 980,664


August 31, 2020



SecurityPar

(000) Value

Pharmaceuticals (continued)6.38%, 05/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,580 $ 2,458,238

Johnson & Johnson3.40%, 01/15/38 (Call 07/15/37). . . . . . . . . . . . . . . . . . . . . . . . . 540 639,9993.50%, 01/15/48 (Call 07/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 666 813,2723.55%, 03/01/36 (Call 09/01/35). . . . . . . . . . . . . . . . . . . . . . . . . 769 924,0663.63%, 03/03/37 (Call 09/03/36). . . . . . . . . . . . . . . . . . . . . . . . . 910 1,110,1723.70%, 03/01/46 (Call 09/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 1,305 1,623,0953.75%, 03/03/47 (Call 09/03/46). . . . . . . . . . . . . . . . . . . . . . . . . 735 917,4234.38%, 12/05/33 (Call 06/05/33). . . . . . . . . . . . . . . . . . . . . . . . . 757 997,5154.50%, 09/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 482,5954.50%, 12/05/43 (Call 06/05/43). . . . . . . . . . . . . . . . . . . . . . . . . 275 377,2824.85%, 05/15/41(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336 477,4564.95%, 05/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371 515,1815.85%, 07/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 579,7685.95%, 08/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 1,164,510

McKesson Corp.4.88%, 03/15/44 (Call 09/15/43)(b). . . . . . . . . . . . . . . . . . . . . . . 450 555,3406.00%, 03/01/41 (Call 09/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 20 27,426

Mead Johnson Nutrition Co.4.60%, 06/01/44 (Call 12/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 513 676,1215.90%, 11/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 201,408

Merck & Co. Inc.2.35%, 06/24/40 (Call 12/24/39). . . . . . . . . . . . . . . . . . . . . . . . . 80 81,6172.45%, 06/24/50 (Call 12/24/49). . . . . . . . . . . . . . . . . . . . . . . . . 670 672,0593.60%, 09/15/42 (Call 03/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 730 888,2433.70%, 02/10/45 (Call 08/10/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,333 1,617,7553.90%, 03/07/39 (Call 09/07/38). . . . . . . . . . . . . . . . . . . . . . . . . 1,265 1,581,3244.00%, 03/07/49 (Call 09/07/48). . . . . . . . . . . . . . . . . . . . . . . . . 795 1,026,3374.15%, 05/18/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,210 1,565,1296.55%, 09/15/37(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 119,067

Merck Sharp & Dohme Corp., 5.75%, 11/15/36 . . . . . . . . . . . . . 25 35,963Mylan Inc.

5.20%, 04/15/48 (Call 10/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 515 650,2945.40%, 11/29/43 (Call 05/29/43). . . . . . . . . . . . . . . . . . . . . . . . . 390 498,839

Mylan NV, 5.25%, 06/15/46 (Call 12/15/45) . . . . . . . . . . . . . . . . . 635 796,799Novartis Capital Corp.

2.75%, 08/14/50 (Call 02/14/50). . . . . . . . . . . . . . . . . . . . . . . . . 890 946,6593.70%, 09/21/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 371,1764.00%, 11/20/45 (Call 05/20/45). . . . . . . . . . . . . . . . . . . . . . . . . 795 1,012,4954.40%, 05/06/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,841 2,456,241

Perrigo Finance Unlimited Co., 4.90%, 12/15/44(Call 06/15/44) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410 444,358

Pfizer Inc.2.55%, 05/28/40 (Call 11/28/39). . . . . . . . . . . . . . . . . . . . . . . . . 250 262,3682.70%, 05/28/50 (Call 11/28/49). . . . . . . . . . . . . . . . . . . . . . . . . 450 469,3503.90%, 03/15/39 (Call 09/15/38). . . . . . . . . . . . . . . . . . . . . . . . . 695 862,1704.00%, 12/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 680 837,4224.00%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 734 933,9854.10%, 09/15/38 (Call 03/15/38). . . . . . . . . . . . . . . . . . . . . . . . . 385 484,2114.13%, 12/15/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 604 776,5494.20%, 09/15/48 (Call 03/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 865 1,139,9814.30%, 06/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 801 1,034,3824.40%, 05/15/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 965 1,287,5465.60%, 09/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465 671,3487.20%, 03/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,340 2,246,393

Takeda Pharmaceutical Co. Ltd.3.03%, 07/09/40 (Call 01/09/40). . . . . . . . . . . . . . . . . . . . . . . . . 265 274,5013.18%, 07/09/50 (Call 01/09/50). . . . . . . . . . . . . . . . . . . . . . . . . 200 205,1123.38%, 07/09/60 (Call 01/09/60)(b). . . . . . . . . . . . . . . . . . . . . . . 500 513,164

SecurityPar

(000) Value

Pharmaceuticals (continued)Upjohn Inc.

3.85%, 06/22/40 (Call 12/22/39)(a). . . . . . . . . . . . . . . . . . . . . . . $ 350 $ 380,5084.00%, 06/22/50 (Call 12/22/49)(a). . . . . . . . . . . . . . . . . . . . . . . 750 816,375

Wyeth LLC5.95%, 04/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,056 1,565,1126.00%, 02/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 350,4566.50%, 02/01/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 764 1,196,373

Zoetis Inc.3.95%, 09/12/47 (Call 03/12/47). . . . . . . . . . . . . . . . . . . . . . . . . 736 912,7734.45%, 08/20/48 (Call 02/20/48). . . . . . . . . . . . . . . . . . . . . . . . . 455 604,1804.70%, 02/01/43 (Call 08/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 316 418,982

125,554,957Pipelines — 4.0%Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(a) . . . . . . 1,650 2,012,868Cameron LNG LLC, 3.30%, 01/15/35 (Call 09/15/34)(a) . . . . . 1,375 1,549,464Colonial Pipeline Co.

4.25%, 04/15/48 (Call 10/15/47)(a). . . . . . . . . . . . . . . . . . . . . . . 355 403,5327.63%, 04/15/32(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 121,737

Columbia Pipeline Group Inc., 5.80%, 06/01/45(Call 12/01/44) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 550,165

El Paso Natural Gas Co. LLC, 8.38%, 06/15/32. . . . . . . . . . . . . 50 69,005Enable Midstream Partners LP, 5.00%, 05/15/44

(Call 11/15/43) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 146,406Enbridge Energy Partners LP

5.50%, 09/15/40 (Call 03/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 468 570,5347.38%, 10/15/45 (Call 04/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 137 206,778Series B, 7.50%, 04/15/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 351,140

Enbridge Inc.4.00%, 11/15/49 (Call 05/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 325 355,9624.50%, 06/10/44 (Call 12/10/43). . . . . . . . . . . . . . . . . . . . . . . . . 255 294,2175.50%, 12/01/46 (Call 05/29/46). . . . . . . . . . . . . . . . . . . . . . . . . 630 838,416

Energy Transfer Operating LP4.90%, 03/15/35 (Call 09/15/34). . . . . . . . . . . . . . . . . . . . . . . . . 350 348,1085.00%, 05/15/50 (Call 11/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,017,5645.15%, 02/01/43 (Call 08/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 435 406,1595.15%, 03/15/45 (Call 09/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 491 458,9295.30%, 04/15/47 (Call 10/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 690 671,1555.95%, 10/01/43 (Call 04/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 355 349,1356.00%, 06/15/48 (Call 12/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 610 634,7296.05%, 06/01/41 (Call 12/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 115 116,4486.13%, 12/15/45 (Call 06/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 693 708,2146.25%, 04/15/49 (Call 10/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,175 1,234,7386.50%, 02/01/42 (Call 08/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 650 700,4986.63%, 10/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 222,7507.50%, 07/01/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 417,738Series 20Y, 5.80%, 06/15/38 (Call 12/15/37) . . . . . . . . . . . . . 100 101,308

Enterprise Products Operating LLC3.20%, 02/15/52 (Call 08/15/51). . . . . . . . . . . . . . . . . . . . . . . . . 750 705,4443.70%, 01/31/51 (Call 07/31/50). . . . . . . . . . . . . . . . . . . . . . . . . 650 662,2613.95%, 01/31/60 (Call 07/31/59). . . . . . . . . . . . . . . . . . . . . . . . . 675 686,3954.20%, 01/31/50 (Call 07/31/49). . . . . . . . . . . . . . . . . . . . . . . . . 630 686,9204.25%, 02/15/48 (Call 08/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 800 870,8174.45%, 02/15/43 (Call 08/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 690 759,7604.80%, 02/01/49 (Call 08/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 795 938,6904.85%, 08/15/42 (Call 02/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 698 810,8004.85%, 03/15/44 (Call 09/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 925 1,071,2484.90%, 05/15/46 (Call 11/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 790 927,4874.95%, 10/15/54 (Call 04/15/54). . . . . . . . . . . . . . . . . . . . . . . . . 165 190,3005.10%, 02/15/45 (Call 08/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 850 1,020,9825.70%, 02/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 303,015


August 31, 2020



SecurityPar

(000) Value

Pipelines (continued)5.95%, 02/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 430 $ 549,6266.13%, 10/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560 729,0596.45%, 09/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 133,9767.55%, 04/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 348,377Series D, 6.88%, 03/01/33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 309,199Series H, 6.65%, 10/15/34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 189,322Series J, 5.75%, 03/01/35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 93,678

Gulfstream Natural Gas System LLC, 5.95%, 10/15/45(Call 04/15/45)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 253,097

Kinder Morgan Energy Partners LP4.70%, 11/01/42 (Call 05/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 405 442,2785.00%, 08/15/42 (Call 02/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 151 169,0775.00%, 03/01/43 (Call 09/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 575 652,5285.40%, 09/01/44 (Call 03/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 465 556,9025.50%, 03/01/44 (Call 09/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 390 466,5385.63%, 09/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 84,3735.80%, 03/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 371,7646.38%, 03/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565 710,4506.50%, 02/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 252,4446.50%, 09/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503 643,5776.55%, 09/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 292,1586.95%, 01/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925 1,230,4987.30%, 08/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 69,5627.40%, 03/15/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 196,4327.50%, 11/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 230,8237.75%, 03/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 137,566

Kinder Morgan Inc.3.25%, 08/01/50 (Call 02/01/50). . . . . . . . . . . . . . . . . . . . . . . . . 400 374,5425.05%, 02/15/46 (Call 08/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 296 350,4085.20%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 269 330,2215.30%, 12/01/34 (Call 06/01/34). . . . . . . . . . . . . . . . . . . . . . . . . 825 989,7955.55%, 06/01/45 (Call 12/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,370 1,697,2617.75%, 01/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 777 1,115,3107.80%, 08/01/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 57,388

Magellan Midstream Partners LP3.95%, 03/01/50 (Call 09/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 360 379,9394.20%, 03/15/45 (Call 09/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 155 157,9764.20%, 10/03/47 (Call 04/03/47). . . . . . . . . . . . . . . . . . . . . . . . . 260 281,3774.25%, 09/15/46 (Call 03/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 245 264,7654.85%, 02/01/49 (Call 08/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 498 592,5125.15%, 10/15/43 (Call 04/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 535 629,786

MPLX LP4.50%, 04/15/38 (Call 10/15/37). . . . . . . . . . . . . . . . . . . . . . . . . 1,347 1,431,1164.70%, 04/15/48 (Call 10/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 970 1,044,5584.90%, 04/15/58 (Call 10/15/57). . . . . . . . . . . . . . . . . . . . . . . . . 215 228,6305.20%, 03/01/47 (Call 09/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 639 725,7905.20%, 12/01/47 (Call 06/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 259 287,7695.50%, 02/15/49 (Call 08/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,023 1,214,635

NGPL PipeCo LLC, 7.77%, 12/15/37(a). . . . . . . . . . . . . . . . . . . . . 495 602,946Northern Natural Gas Co., 4.30%, 01/15/49

(Call 07/15/48)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 319,122ONEOK Inc.

4.45%, 09/01/49 (Call 03/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 772 697,5554.50%, 03/15/50 (Call 09/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 5 4,5104.95%, 07/13/47 (Call 01/06/47). . . . . . . . . . . . . . . . . . . . . . . . . 710 688,2025.20%, 07/15/48 (Call 01/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 879 866,2446.00%, 06/15/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 256,1717.15%, 01/15/51 (Call 07/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 15 18,128

ONEOK Partners LP6.13%, 02/01/41 (Call 08/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 618 675,090

SecurityPar

(000) Value

Pipelines (continued)6.20%, 09/15/43 (Call 03/15/43). . . . . . . . . . . . . . . . . . . . . . . . . $ 295 $ 325,1196.65%, 10/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 247,8506.85%, 10/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 430,070

Phillips 66 Partners LP4.68%, 02/15/45 (Call 08/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 220 232,1274.90%, 10/01/46 (Call 04/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 655 707,763

Plains All American Pipeline LP/PAA Finance Corp.4.30%, 01/31/43 (Call 07/31/42). . . . . . . . . . . . . . . . . . . . . . . . . 215 188,6004.70%, 06/15/44 (Call 12/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 557 516,9834.90%, 02/15/45 (Call 08/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 610 585,0445.15%, 06/01/42 (Call 12/01/41). . . . . . . . . . . . . . . . . . . . . . . . . 275 269,4496.65%, 01/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 559 632,877

Sabal Trail Transmission LLC4.68%, 05/01/38 (Call 11/01/37)(a) . . . . . . . . . . . . . . . . . . . . . . . 205 235,7464.83%, 05/01/48 (Call 11/01/47)(a) . . . . . . . . . . . . . . . . . . . . . . . 165 193,083

Southern Natural Gas Co. LLC4.80%, 03/15/47 (Call 09/15/46)(a). . . . . . . . . . . . . . . . . . . . . . . 160 175,8228.00%, 03/01/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 214,209

Spectra Energy Partners LP4.50%, 03/15/45 (Call 09/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 570 668,9095.95%, 09/25/43 (Call 03/25/43). . . . . . . . . . . . . . . . . . . . . . . . . 345 447,359

Sunoco Logistics Partners Operations LP4.95%, 01/15/43 (Call 07/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 360 327,4135.30%, 04/01/44 (Call 10/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 591 561,3635.35%, 05/15/45 (Call 11/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 575 552,4155.40%, 10/01/47 (Call 04/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 1,040 1,032,6706.10%, 02/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 229,729

Texas Eastern Transmission LP4.15%, 01/15/48 (Call 07/15/47)(a). . . . . . . . . . . . . . . . . . . . . . . 363 387,7917.00%, 07/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 361,285

TransCanada PipeLines Ltd.4.63%, 03/01/34 (Call 12/01/33). . . . . . . . . . . . . . . . . . . . . . . . . 585 703,9614.75%, 05/15/38 (Call 11/15/37). . . . . . . . . . . . . . . . . . . . . . . . . 350 416,8294.88%, 05/15/48 (Call 11/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 505 651,0215.00%, 10/16/43 (Call 04/16/43). . . . . . . . . . . . . . . . . . . . . . . . . 424 519,5575.10%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 760 1,014,5485.60%, 03/31/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 317,4115.85%, 03/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 328,6316.10%, 06/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485 658,4036.20%, 10/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 778 1,061,8997.25%, 08/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 636,1757.63%, 01/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 846 1,308,741

Transcontinental Gas Pipe Line Co. LLC4.45%, 08/01/42 (Call 02/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 300 339,0244.60%, 03/15/48 (Call 09/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 705 836,3945.40%, 08/15/41 (Call 02/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 151 182,099

Williams Companies Inc. (The)4.85%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 665 772,9654.90%, 01/15/45 (Call 07/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 655 738,8705.10%, 09/15/45 (Call 03/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 618 722,7915.40%, 03/04/44 (Call 09/04/43). . . . . . . . . . . . . . . . . . . . . . . . . 385 450,9625.75%, 06/24/44 (Call 12/24/43). . . . . . . . . . . . . . . . . . . . . . . . . 420 505,0655.80%, 11/15/43 (Call 05/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 220 261,9896.30%, 04/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 820 1,034,5738.75%, 03/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 180,376Series A, 7.50%, 01/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 138,328

73,191,154Private Equity — 0.1%Apollo Management Holdings LP, 5.00%, 03/15/48

(Call 09/15/47)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 102,335


August 31, 2020



SecurityPar

(000) Value

Private Equity (continued)Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(a)(b) . . $ 325 $ 417,760Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(a) . . . . . . . . 311 391,953KKR Group Finance Co. III LLC, 5.13%, 06/01/44

(Call 12/01/43)(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 665 825,660

1,737,708Real Estate Investment Trusts — 1.2%Alexandria Real Estate Equities Inc.

1.88%, 02/01/33 (Call 11/01/32). . . . . . . . . . . . . . . . . . . . . . . . . 300 298,2963.38%, 08/15/31 (Call 05/15/31)(b). . . . . . . . . . . . . . . . . . . . . . . 370 420,9574.00%, 02/01/50 (Call 08/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 385 470,0934.85%, 04/15/49 (Call 10/15/48)(b). . . . . . . . . . . . . . . . . . . . . . . 260 353,465

American Tower Corp.3.10%, 06/15/50 (Call 12/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 50 51,4963.70%, 10/15/49 (Call 04/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 393 443,323

AvalonBay Communities Inc.3.90%, 10/15/46 (Call 04/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 581 701,1344.15%, 07/01/47 (Call 01/01/47)(b). . . . . . . . . . . . . . . . . . . . . . . 175 222,0294.35%, 04/15/48 (Call 10/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 50 64,763

Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49). . . . 285 315,866Crown Castle International Corp.

3.25%, 01/15/51 (Call 07/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 125 129,8094.00%, 11/15/49 (Call 05/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 410 479,9654.15%, 07/01/50 (Call 01/01/50). . . . . . . . . . . . . . . . . . . . . . . . . 50 59,0234.75%, 05/15/47 (Call 11/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 110 140,8395.20%, 02/15/49 (Call 08/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 852 1,143,777

Duke Realty LP, 3.05%, 03/01/50 (Call 09/01/49) . . . . . . . . . . . 350 380,043Equinix Inc., 3.00%, 07/15/50 (Call 01/15/50). . . . . . . . . . . . . . . 380 385,862ERP Operating LP

4.00%, 08/01/47 (Call 02/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 35 43,0414.50%, 07/01/44 (Call 01/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 83 106,9224.50%, 06/01/45 (Call 12/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 600 773,074

Essex Portfolio LP2.65%, 03/15/32 (Call 12/15/31). . . . . . . . . . . . . . . . . . . . . . . . . 75 79,7872.65%, 09/01/50 (Call 03/01/50). . . . . . . . . . . . . . . . . . . . . . . . . 200 185,7384.50%, 03/15/48 (Call 09/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 355 459,518

Federal Realty Investment Trust3.63%, 08/01/46 (Call 02/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 415 418,9234.50%, 12/01/44 (Call 06/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 417 481,797

Healthpeak Properties Inc., 6.75%, 02/01/41(Call 08/01/40) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 295,189

Kimco Realty Corp.3.70%, 10/01/49 (Call 04/01/49)(b). . . . . . . . . . . . . . . . . . . . . . . 334 329,4274.13%, 12/01/46 (Call 06/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 51 53,2934.25%, 04/01/45 (Call 10/01/44)(b). . . . . . . . . . . . . . . . . . . . . . . 433 460,1584.45%, 09/01/47 (Call 03/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 373 406,164

Prologis LP2.13%, 10/15/50 (Call 04/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 510 469,9263.00%, 04/15/50 (Call 10/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 800 870,7804.38%, 09/15/48 (Call 03/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 235 320,195

Realty Income Corp., 4.65%, 03/15/47 (Call 09/15/46) . . . . . . 695 905,961Regency Centers LP

4.40%, 02/01/47 (Call 08/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 385 430,4864.65%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 114 133,786

Simon Property Group LP3.25%, 09/13/49 (Call 03/13/49)(b). . . . . . . . . . . . . . . . . . . . . . . 669 634,8804.25%, 10/01/44 (Call 04/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 535 588,3204.25%, 11/30/46 (Call 05/30/46). . . . . . . . . . . . . . . . . . . . . . . . . 285 316,5224.75%, 03/15/42 (Call 09/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 129 151,8476.75%, 02/01/40 (Call 11/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 555 788,518

SecurityPar

(000) Value

Real Estate Investment Trusts (continued)Trust F/1401

6.39%, 01/15/50 (Call 07/28/49)(a)(b). . . . . . . . . . . . . . . . . . . . . $ 600 $ 619,2006.95%, 01/30/44 (Call 07/30/43)(a). . . . . . . . . . . . . . . . . . . . . . . 200 218,500

UDR Inc.3.00%, 08/15/31 (Call 05/15/31). . . . . . . . . . . . . . . . . . . . . . . . . 200 219,4823.10%, 11/01/34 (Call 08/01/34). . . . . . . . . . . . . . . . . . . . . . . . . 95 102,778

Ventas Realty LP4.38%, 02/01/45 (Call 08/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 557 576,9064.88%, 04/15/49 (Call 10/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 123 135,7975.70%, 09/30/43 (Call 03/30/43). . . . . . . . . . . . . . . . . . . . . . . . . 241 285,039

WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)(a)(b) . . . . 100 100,262WEA Finance LLC/Westfield UK & Europe Finance PLC,

4.75%, 09/17/44 (Call 03/17/44)(a)(b). . . . . . . . . . . . . . . . . . . . . 270 275,078Welltower Inc.

4.95%, 09/01/48 (Call 03/01/48)(b). . . . . . . . . . . . . . . . . . . . . . . 460 556,9536.50%, 03/15/41 (Call 09/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 495 646,720

Weyerhaeuser Co.6.88%, 12/15/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 84,8627.38%, 03/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,085 1,576,153

21,162,722Retail — 3.2%Alimentation Couche-Tard Inc.

3.80%, 01/25/50 (Call 07/25/49)(a). . . . . . . . . . . . . . . . . . . . . . . 445 481,2254.50%, 07/26/47 (Call 01/26/47)(a). . . . . . . . . . . . . . . . . . . . . . . 385 464,676

Costco Wholesale Corp., 1.75%, 04/20/32 (Call 01/20/32) . . 50 51,482Darden Restaurants Inc., 4.55%, 02/15/48

(Call 08/15/47)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 196,492Dollar General Corp., 4.13%, 04/03/50 (Call 10/03/49) . . . . . . 400 481,766Home Depot Inc. (The)

3.13%, 12/15/49 (Call 06/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 435 478,9913.30%, 04/15/40 (Call 10/15/39). . . . . . . . . . . . . . . . . . . . . . . . . 450 514,0693.35%, 04/15/50 (Call 10/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 785 897,5753.50%, 09/15/56 (Call 03/15/56). . . . . . . . . . . . . . . . . . . . . . . . . 160 190,7683.90%, 06/15/47 (Call 12/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 965 1,178,5924.20%, 04/01/43 (Call 10/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 846 1,063,0234.25%, 04/01/46 (Call 10/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 995 1,276,0044.40%, 03/15/45 (Call 09/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 990 1,275,3274.50%, 12/06/48 (Call 06/06/48). . . . . . . . . . . . . . . . . . . . . . . . . 887 1,186,9104.88%, 02/15/44 (Call 08/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 925 1,256,6995.40%, 09/15/40 (Call 03/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 171 242,7535.88%, 12/16/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,203 3,298,6185.95%, 04/01/41 (Call 10/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 705 1,070,942

Kohl's Corp., 5.55%, 07/17/45 (Call 01/17/45) . . . . . . . . . . . . . . 335 305,892Lowe's Companies Inc.

3.70%, 04/15/46 (Call 10/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 955 1,083,6864.05%, 05/03/47 (Call 11/03/46)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,086 1,297,2624.25%, 09/15/44 (Call 03/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 550 652,8984.38%, 09/15/45 (Call 03/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 530 644,1414.55%, 04/05/49 (Call 10/05/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,240 1,595,5064.65%, 04/15/42 (Call 10/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 569 722,8445.00%, 04/15/40 (Call 10/15/39). . . . . . . . . . . . . . . . . . . . . . . . . 55 72,7925.00%, 09/15/43 (Call 03/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 30 37,8675.13%, 04/15/50 (Call 10/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,010 1,400,020

McDonald's Corp.3.63%, 05/01/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 596 661,8903.63%, 09/01/49 (Call 03/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 938 1,059,1783.70%, 02/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 402,2584.20%, 04/01/50 (Call 10/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 75 91,5284.45%, 03/01/47 (Call 09/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 425 529,9374.45%, 09/01/48 (Call 03/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 732 917,126


August 31, 2020



SecurityPar

(000) Value

Retail (continued)4.60%, 05/26/45 (Call 11/26/44). . . . . . . . . . . . . . . . . . . . . . . . . $ 715 $ 897,6934.70%, 12/09/35 (Call 06/09/35)(b). . . . . . . . . . . . . . . . . . . . . . . 953 1,217,4784.88%, 07/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 189,9944.88%, 12/09/45 (Call 06/09/45). . . . . . . . . . . . . . . . . . . . . . . . . 665 866,7935.70%, 02/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555 778,2986.30%, 10/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 666 981,7056.30%, 03/01/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439 653,350

Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)(b). . . . . . . . . . 460 323,378Ross Stores Inc., 5.45%, 04/15/50 (Call 10/15/49) . . . . . . . . . . 390 501,466Starbucks Corp.

3.35%, 03/12/50 (Call 09/12/49). . . . . . . . . . . . . . . . . . . . . . . . . 50 51,2313.50%, 11/15/50 (Call 05/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 600 636,7363.75%, 12/01/47 (Call 06/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 685 748,7614.30%, 06/15/45 (Call 12/10/44). . . . . . . . . . . . . . . . . . . . . . . . . 315 370,9464.45%, 08/15/49 (Call 02/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 828 1,004,7484.50%, 11/15/48 (Call 05/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 800 985,476

Target Corp.3.63%, 04/15/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 810 1,002,0593.90%, 11/15/47 (Call 05/15/47)(b) . . . . . . . . . . . . . . . . . . . . . . . 517 674,0454.00%, 07/01/42(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 794 1,021,7686.35%, 11/01/32(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 570 845,2966.50%, 10/15/37(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 774,1237.00%, 01/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 651,046

Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)(b) . . . . . . . . . . . 379 465,114TJX Companies Inc. (The), 4.50%, 04/15/50 (Call 10/15/49). 750 954,152Walgreen Co., 4.40%, 09/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . 655 692,249Walgreens Boots Alliance Inc.

4.50%, 11/18/34 (Call 05/18/34). . . . . . . . . . . . . . . . . . . . . . . . . 508 583,4074.65%, 06/01/46 (Call 12/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 285 305,9084.80%, 11/18/44 (Call 05/18/44). . . . . . . . . . . . . . . . . . . . . . . . . 790 869,624

Walmart Inc.2.95%, 09/24/49 (Call 03/24/49). . . . . . . . . . . . . . . . . . . . . . . . . 530 588,9893.63%, 12/15/47 (Call 06/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 495 608,8023.95%, 06/28/38 (Call 12/28/37). . . . . . . . . . . . . . . . . . . . . . . . . 618 772,4994.00%, 04/11/43 (Call 10/11/42) . . . . . . . . . . . . . . . . . . . . . . . . . 705 885,3234.05%, 06/29/48 (Call 12/29/47). . . . . . . . . . . . . . . . . . . . . . . . . 2,175 2,826,3244.30%, 04/22/44 (Call 10/22/43). . . . . . . . . . . . . . . . . . . . . . . . . 345 459,3944.75%, 10/02/43 (Call 04/02/43). . . . . . . . . . . . . . . . . . . . . . . . . 360 484,6725.00%, 10/25/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 606,0795.25%, 09/01/35(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,570 2,267,9695.63%, 04/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 515,8185.63%, 04/15/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 743 1,128,8466.20%, 04/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 841,5276.50%, 08/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 549,639

58,663,462Semiconductors — 1.6%Analog Devices Inc.

4.50%, 12/05/36 (Call 06/05/36). . . . . . . . . . . . . . . . . . . . . . . . . 455 553,1605.30%, 12/15/45 (Call 06/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 145 204,801

Applied Materials Inc.2.75%, 06/01/50 (Call 12/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 820 874,8264.35%, 04/01/47 (Call 10/01/46)(b). . . . . . . . . . . . . . . . . . . . . . . 481 653,0555.10%, 10/01/35 (Call 04/01/35). . . . . . . . . . . . . . . . . . . . . . . . . 435 612,3945.85%, 06/15/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258 397,087

Broadcom Inc.4.15%, 11/15/30 (Call 08/15/30). . . . . . . . . . . . . . . . . . . . . . . . . 1,800 2,029,1804.30%, 11/15/32 (Call 08/15/32). . . . . . . . . . . . . . . . . . . . . . . . . 1,019 1,173,084

Intel Corp.3.10%, 02/15/60 (Call 08/15/59). . . . . . . . . . . . . . . . . . . . . . . . . 205 219,5673.25%, 11/15/49 (Call 05/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,670 1,869,523

SecurityPar

(000) Value

Semiconductors (continued)3.73%, 12/08/47 (Call 06/08/47). . . . . . . . . . . . . . . . . . . . . . . . . $ 1,515 $ 1,806,4144.00%, 12/15/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,170 1,474,3934.10%, 05/19/46 (Call 11/19/45). . . . . . . . . . . . . . . . . . . . . . . . . 925 1,150,7544.10%, 05/11/47 (Call 11/11/46)(b) . . . . . . . . . . . . . . . . . . . . . . . 740 934,3424.25%, 12/15/42(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 379,1334.75%, 03/25/50 (Call 09/25/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,725 2,389,1594.80%, 10/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 719,9004.90%, 07/29/45 (Call 01/29/45). . . . . . . . . . . . . . . . . . . . . . . . . 290 398,0954.95%, 03/25/60 (Call 09/25/59). . . . . . . . . . . . . . . . . . . . . . . . . 425 612,288

KLA Corp.3.30%, 03/01/50 (Call 08/28/49). . . . . . . . . . . . . . . . . . . . . . . . . 535 570,5105.00%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 211 281,5055.65%, 11/01/34 (Call 07/01/34)(b) . . . . . . . . . . . . . . . . . . . . . . . 262 345,233

Lam Research Corp.2.88%, 06/15/50 (Call 12/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 351 371,0443.13%, 06/15/60 (Call 12/15/59). . . . . . . . . . . . . . . . . . . . . . . . . 510 558,7904.88%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 375 537,765

NVIDIA Corp.3.50%, 04/01/40 (Call 10/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 1,079 1,244,6313.50%, 04/01/50 (Call 10/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 855 968,1093.70%, 04/01/60 (Call 10/01/59). . . . . . . . . . . . . . . . . . . . . . . . . 380 444,951

QUALCOMM Inc.3.25%, 05/20/50 (Call 11/20/49). . . . . . . . . . . . . . . . . . . . . . . . . 500 562,7594.30%, 05/20/47 (Call 11/20/46). . . . . . . . . . . . . . . . . . . . . . . . . 721 921,2834.65%, 05/20/35 (Call 11/20/34). . . . . . . . . . . . . . . . . . . . . . . . . 564 758,8854.80%, 05/20/45 (Call 11/20/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,163 1,583,359

Texas Instruments Inc.3.88%, 03/15/39 (Call 09/15/38). . . . . . . . . . . . . . . . . . . . . . . . . 308 385,8594.15%, 05/15/48 (Call 11/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 1,100 1,445,177

29,431,015Software — 2.8%Activision Blizzard Inc.

2.50%, 09/15/50 (Call 03/15/50). . . . . . . . . . . . . . . . . . . . . . . . . 200 186,9674.50%, 06/15/47 (Call 12/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 425 552,407

Fidelity National Information Services Inc., Series 30Y,4.75%, 05/15/48 (Call 11/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 355 462,213

Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49) . . . . . . . . . . . . . . . . 1,171 1,472,313Microsoft Corp.

2.53%, 06/01/50 (Call 12/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 7,000 7,353,3012.68%, 06/01/60 (Call 12/01/59). . . . . . . . . . . . . . . . . . . . . . . . . 4,758 5,004,8643.45%, 08/08/36 (Call 02/08/36)(b). . . . . . . . . . . . . . . . . . . . . . . 860 1,035,9423.50%, 02/12/35 (Call 08/12/34). . . . . . . . . . . . . . . . . . . . . . . . . 1,025 1,264,8803.50%, 11/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 780 934,0353.70%, 08/08/46 (Call 02/08/46). . . . . . . . . . . . . . . . . . . . . . . . . 2,214 2,774,2893.95%, 08/08/56 (Call 02/08/56). . . . . . . . . . . . . . . . . . . . . . . . . 1,500 1,983,9654.00%, 02/12/55 (Call 08/12/54). . . . . . . . . . . . . . . . . . . . . . . . . 25 33,4624.10%, 02/06/37 (Call 08/06/36). . . . . . . . . . . . . . . . . . . . . . . . . 1,202 1,548,5384.20%, 11/03/35 (Call 05/03/35). . . . . . . . . . . . . . . . . . . . . . . . . 805 1,061,0984.25%, 02/06/47 (Call 08/06/46). . . . . . . . . . . . . . . . . . . . . . . . . 25 33,7254.45%, 11/03/45 (Call 05/03/45)(b) . . . . . . . . . . . . . . . . . . . . . . . 50 69,7914.50%, 02/06/57 (Call 08/06/56). . . . . . . . . . . . . . . . . . . . . . . . . 10 14,3385.20%, 06/01/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 14,528

Oracle Corp.3.60%, 04/01/40 (Call 10/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 2,075 2,348,4353.60%, 04/01/50 (Call 10/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 2,675 2,974,5723.80%, 11/15/37 (Call 05/15/37). . . . . . . . . . . . . . . . . . . . . . . . . 1,265 1,466,4423.85%, 07/15/36 (Call 01/15/36)(b). . . . . . . . . . . . . . . . . . . . . . . 940 1,107,7443.85%, 04/01/60 (Call 10/01/59). . . . . . . . . . . . . . . . . . . . . . . . . 1,762 2,035,6903.90%, 05/15/35 (Call 11/15/34). . . . . . . . . . . . . . . . . . . . . . . . . 1,001 1,212,5384.00%, 07/15/46 (Call 01/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,885 2,222,788


August 31, 2020



SecurityPar

(000) Value

Software (continued)4.00%, 11/15/47 (Call 05/15/47). . . . . . . . . . . . . . . . . . . . . . . . . $ 1,475 $ 1,747,7934.13%, 05/15/45 (Call 11/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,285 1,530,9154.30%, 07/08/34 (Call 01/08/34). . . . . . . . . . . . . . . . . . . . . . . . . 1,208 1,506,5874.38%, 05/15/55 (Call 11/15/54). . . . . . . . . . . . . . . . . . . . . . . . . 809 1,017,2114.50%, 07/08/44 (Call 01/08/44). . . . . . . . . . . . . . . . . . . . . . . . . 570 707,3385.38%, 07/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,450 1,993,8776.13%, 07/08/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765 1,124,1646.50%, 04/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 881 1,354,321

50,151,071Telecommunications — 7.0%America Movil SAB de CV

4.38%, 07/16/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 753 921,5444.38%, 04/22/49 (Call 10/22/48). . . . . . . . . . . . . . . . . . . . . . . . . 950 1,184,9026.13%, 11/15/37(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 177,7806.13%, 03/30/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,526 2,214,6086.38%, 03/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 577,962

AT&T Inc.2.75%, 06/01/31 (Call 03/01/31). . . . . . . . . . . . . . . . . . . . . . . . . 25 26,5713.30%, 02/01/52 (Call 08/01/51). . . . . . . . . . . . . . . . . . . . . . . . . 600 594,5003.50%, 06/01/41 (Call 12/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 1,500 1,587,9713.50%, 02/01/61 (Call 08/01/60). . . . . . . . . . . . . . . . . . . . . . . . . 1,000 994,1823.65%, 06/01/51 (Call 12/01/50). . . . . . . . . . . . . . . . . . . . . . . . . 1,315 1,386,6863.85%, 06/01/60 (Call 12/01/59). . . . . . . . . . . . . . . . . . . . . . . . . 1,025 1,084,1354.30%, 12/15/42 (Call 06/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 1,235 1,407,3584.35%, 06/15/45 (Call 12/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 1,925 2,207,2154.50%, 05/15/35 (Call 11/15/34). . . . . . . . . . . . . . . . . . . . . . . . . 1,665 1,994,9804.50%, 03/09/48 (Call 09/09/47). . . . . . . . . . . . . . . . . . . . . . . . . 2,855 3,363,8524.55%, 03/09/49 (Call 09/09/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,470 1,735,5804.65%, 06/01/44 (Call 12/01/43)(b). . . . . . . . . . . . . . . . . . . . . . . 635 738,2834.75%, 05/15/46 (Call 11/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 2,185 2,627,1624.80%, 06/15/44 (Call 12/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 1,800 2,172,0264.85%, 03/01/39 (Call 09/01/38). . . . . . . . . . . . . . . . . . . . . . . . . 1,481 1,797,0564.85%, 07/15/45 (Call 01/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 636 759,0614.90%, 08/15/37 (Call 02/14/37). . . . . . . . . . . . . . . . . . . . . . . . . 1,155 1,428,5134.90%, 06/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 579,0495.15%, 03/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 915 1,153,2055.15%, 11/15/46 (Call 05/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,335 1,677,9895.15%, 02/15/50 (Call 08/14/49). . . . . . . . . . . . . . . . . . . . . . . . . 1,004 1,289,7475.25%, 03/01/37 (Call 09/01/36). . . . . . . . . . . . . . . . . . . . . . . . . 2,039 2,576,7095.30%, 08/15/58 (Call 02/14/58). . . . . . . . . . . . . . . . . . . . . . . . . 310 408,9305.35%, 09/01/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,405 1,808,9975.35%, 12/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 282,4375.38%, 10/15/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440 550,6795.45%, 03/01/47 (Call 09/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,190 1,558,6685.55%, 08/15/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 546 707,3675.65%, 02/15/47 (Call 08/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 1,110 1,454,5715.70%, 03/01/57 (Call 09/01/56). . . . . . . . . . . . . . . . . . . . . . . . . 454 622,3056.00%, 08/15/40 (Call 05/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 955 1,283,9346.10%, 07/15/40(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 162,0796.15%, 09/15/34(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 263,3416.20%, 03/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 137,0326.25%, 03/29/41(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 346,3096.30%, 01/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 140,4706.35%, 03/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486 668,3106.38%, 03/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 889 1,259,9066.45%, 06/15/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 174,3516.55%, 02/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 494,110

Bell Canada Inc.4.30%, 07/29/49 (Call 01/29/49). . . . . . . . . . . . . . . . . . . . . . . . . 496 623,3414.46%, 04/01/48 (Call 10/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 884 1,127,814

SecurityPar

(000) Value

Telecommunications (continued)British Telecommunications PLC

4.25%, 11/08/49 (Call 05/08/49)(a) . . . . . . . . . . . . . . . . . . . . . . . $ 305 $ 354,7059.63%, 12/15/30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,812 2,953,374

Cisco Systems Inc.5.50%, 01/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 386,9155.90%, 02/15/39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,060 3,127,378

Corning Inc.3.90%, 11/15/49 (Call 05/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 209 240,9944.38%, 11/15/57 (Call 05/15/57). . . . . . . . . . . . . . . . . . . . . . . . . 478 584,7604.70%, 03/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 200,7874.75%, 03/15/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 670,2355.35%, 11/15/48 (Call 05/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 415 557,3985.45%, 11/15/79 (Call 05/15/79). . . . . . . . . . . . . . . . . . . . . . . . . 625 782,9165.75%, 08/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 426,1245.85%, 11/15/68 (Call 05/15/68). . . . . . . . . . . . . . . . . . . . . . . . . 50 67,3067.25%, 08/15/36 (Call 08/15/26). . . . . . . . . . . . . . . . . . . . . . . . . 100 126,031

Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(a) . . 650 722,504Deutsche Telekom International Finance BV

4.75%, 06/21/38 (Call 12/21/37)(a). . . . . . . . . . . . . . . . . . . . . . . 450 571,4714.88%, 03/06/42(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 453,5349.25%, 06/01/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 614 1,034,045

Juniper Networks Inc., 5.95%, 03/15/41 . . . . . . . . . . . . . . . . . . . . 405 512,558Motorola Solutions Inc., 5.50%, 09/01/44. . . . . . . . . . . . . . . . . . . 220 256,415Ooredoo International Finance Ltd., 4.50%, 01/31/43(a)(b) . . . 520 674,961Orange SA

5.38%, 01/13/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 630 894,4605.50%, 02/06/44 (Call 08/06/43)(b). . . . . . . . . . . . . . . . . . . . . . . 625 919,5419.00%, 03/01/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,068 1,751,355

Rogers Communications Inc.3.70%, 11/15/49 (Call 05/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 870 992,0414.30%, 02/15/48 (Call 08/15/47)(b). . . . . . . . . . . . . . . . . . . . . . . 770 956,0824.35%, 05/01/49 (Call 11/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 373 463,0584.50%, 03/15/43 (Call 09/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 495 605,2085.00%, 03/15/44 (Call 09/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 850 1,112,0495.45%, 10/01/43 (Call 04/01/43)(b). . . . . . . . . . . . . . . . . . . . . . . 84 116,1127.50%, 08/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240 373,211

SES Global Americas Holdings GP, 5.30%, 03/25/44(a) . . . . . 245 255,810Telefonica Emisiones SA

4.67%, 03/06/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635 748,0084.90%, 03/06/48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 760 900,6065.21%, 03/08/47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,005 1,218,7075.52%, 03/01/49 (Call 09/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 645 816,6397.05%, 06/20/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,490 2,168,321

Telefonica Europe BV, 8.25%, 09/15/30 . . . . . . . . . . . . . . . . . . . . 1,530 2,330,234TELUS Corp.

4.30%, 06/15/49 (Call 12/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 200 241,9274.60%, 11/16/48 (Call 05/16/48). . . . . . . . . . . . . . . . . . . . . . . . . 688 866,894

T-Mobile USA Inc.2.55%, 02/15/31 (Call 11/15/30)(a) . . . . . . . . . . . . . . . . . . . . . . . 25 26,1414.38%, 04/15/40 (Call 10/15/39)(a). . . . . . . . . . . . . . . . . . . . . . . 1,360 1,627,6754.50%, 04/15/50 (Call 10/15/49)(a). . . . . . . . . . . . . . . . . . . . . . . 2,210 2,697,327

Verizon Communications Inc.3.85%, 11/01/42 (Call 05/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 1,115 1,333,2164.00%, 03/22/50 (Call 09/22/49). . . . . . . . . . . . . . . . . . . . . . . . . 50 62,7074.13%, 08/15/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 992,7884.27%, 01/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,765 2,165,5594.40%, 11/01/34 (Call 05/01/34). . . . . . . . . . . . . . . . . . . . . . . . . 2,080 2,591,6444.50%, 08/10/33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,090 3,919,9484.52%, 09/15/48(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,035 3,991,1584.67%, 03/15/55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 501,915


August 31, 2020



SecurityPar

(000) Value

Telecommunications (continued)4.75%, 11/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,868 $ 2,464,4304.81%, 03/15/39(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,370 1,811,0794.86%, 08/21/46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,377 3,209,3695.01%, 04/15/49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740 1,032,1285.01%, 08/21/54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 50,6655.25%, 03/16/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,155 2,927,3885.50%, 03/16/47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 970 1,421,2476.55%, 09/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 920 1,478,2577.75%, 12/01/30(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 195,943

Vodafone Group PLC4.25%, 09/17/50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950 1,108,6794.38%, 02/19/43(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 955 1,122,4194.88%, 06/19/49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,195 1,496,9345.00%, 05/30/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 417 523,9445.13%, 06/19/59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 163,9445.25%, 05/30/48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,289 3,003,4576.15%, 02/27/37(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673 949,0056.25%, 11/30/32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620 845,820

128,483,037Toys, Games & Hobbies — 0.0%Hasbro Inc.

5.10%, 05/15/44 (Call 11/15/43)(b) . . . . . . . . . . . . . . . . . . . . . . . 300 308,4096.35%, 03/15/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 434,400

742,809Transportation — 3.4%Burlington Northern Santa Fe LLC

3.55%, 02/15/50 (Call 08/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 50 59,6663.90%, 08/01/46 (Call 02/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 425 528,3344.05%, 06/15/48 (Call 12/15/47)(b). . . . . . . . . . . . . . . . . . . . . . . 645 815,1494.13%, 06/15/47 (Call 12/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 74 93,3374.15%, 04/01/45 (Call 10/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 177 224,1534.15%, 12/15/48 (Call 06/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 635 820,7174.38%, 09/01/42 (Call 03/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 635 815,8594.40%, 03/15/42 (Call 09/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 615 783,3224.45%, 03/15/43 (Call 09/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 661 861,9004.55%, 09/01/44 (Call 03/01/44). . . . . . . . . . . . . . . . . . . . . . . . . 755 1,000,2354.70%, 09/01/45 (Call 03/01/45)(b). . . . . . . . . . . . . . . . . . . . . . . 110 148,8824.90%, 04/01/44 (Call 10/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 755 1,043,2494.95%, 09/15/41 (Call 03/15/41). . . . . . . . . . . . . . . . . . . . . . . . . 434 586,6805.05%, 03/01/41 (Call 09/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 201 275,4965.15%, 09/01/43 (Call 03/01/43). . . . . . . . . . . . . . . . . . . . . . . . . 655 924,9845.40%, 06/01/41 (Call 12/01/40). . . . . . . . . . . . . . . . . . . . . . . . . 240 339,4465.75%, 05/01/40 (Call 11/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 864 1,257,7076.15%, 05/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 902,6366.20%, 08/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 294,4867.95%, 08/15/30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 126,482

Canadian National Railway Co.2.45%, 05/01/50 (Call 11/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 170 170,6363.20%, 08/02/46 (Call 02/02/46). . . . . . . . . . . . . . . . . . . . . . . . . 378 434,2203.65%, 02/03/48 (Call 08/03/47). . . . . . . . . . . . . . . . . . . . . . . . . 160 196,6054.45%, 01/20/49 (Call 07/20/48). . . . . . . . . . . . . . . . . . . . . . . . . 520 715,8904.50%, 11/07/43 (Call 05/07/43). . . . . . . . . . . . . . . . . . . . . . . . . 50 65,3466.20%, 06/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 725,2496.25%, 08/01/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 283,6806.38%, 11/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 610,7956.71%, 07/15/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 648,358

Canadian Pacific Railway Co.4.80%, 09/15/35 (Call 03/15/35). . . . . . . . . . . . . . . . . . . . . . . . . 346 456,8734.80%, 08/01/45 (Call 02/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 420 575,558

SecurityPar

(000) Value

Transportation (continued)5.75%, 03/15/33(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 850 $ 1,108,9005.95%, 05/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 157,3486.13%, 09/15/2115 (Call 03/15/2115) . . . . . . . . . . . . . . . . . . . . 463 709,7987.13%, 10/15/31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253 372,321

CSX Corp.3.35%, 09/15/49 (Call 03/15/49)(b). . . . . . . . . . . . . . . . . . . . . . . 650 731,4313.80%, 11/01/46 (Call 05/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 628 732,3303.80%, 04/15/50 (Call 10/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 60 72,3473.95%, 05/01/50 (Call 11/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 435 533,8544.10%, 03/15/44 (Call 09/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 500 614,1544.25%, 11/01/66 (Call 05/01/66). . . . . . . . . . . . . . . . . . . . . . . . . 431 536,6674.30%, 03/01/48 (Call 09/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 156 197,9264.40%, 03/01/43 (Call 09/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 425 521,2384.50%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 480 632,8314.50%, 08/01/54 (Call 02/01/54). . . . . . . . . . . . . . . . . . . . . . . . . 100 131,8134.65%, 03/01/68 (Call 09/01/67). . . . . . . . . . . . . . . . . . . . . . . . . 135 178,0864.75%, 05/30/42 (Call 11/30/41). . . . . . . . . . . . . . . . . . . . . . . . . 436 564,5794.75%, 11/15/48 (Call 05/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 210 283,2625.50%, 04/15/41 (Call 10/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 400 545,5506.00%, 10/01/36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 524 731,4436.15%, 05/01/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 523 736,7416.22%, 04/30/40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 684 1,010,269

Empresa de Transporte de Pasajeros Metro SA, 5.00%,01/25/47 (Call 07/25/46)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 508,000

FedEx Corp.3.88%, 08/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 344,4473.90%, 02/01/35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634 720,6114.05%, 02/15/48 (Call 08/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 846 948,5074.10%, 04/15/43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227 255,7544.10%, 02/01/45(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 458,0084.40%, 01/15/47 (Call 07/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 475 548,8964.50%, 02/01/65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 26,7534.55%, 04/01/46 (Call 10/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 729 867,3314.75%, 11/15/45 (Call 05/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 840 1,017,8554.90%, 01/15/34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 730 934,6374.95%, 10/17/48 (Call 04/17/48). . . . . . . . . . . . . . . . . . . . . . . . . 581 724,7585.10%, 01/15/44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 599,1895.25%, 05/15/50 (Call 11/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 700 937,478

Kansas City Southern4.20%, 11/15/69 (Call 05/15/69). . . . . . . . . . . . . . . . . . . . . . . . . 560 564,8674.30%, 05/15/43 (Call 11/15/42). . . . . . . . . . . . . . . . . . . . . . . . . 165 170,5744.95%, 08/15/45 (Call 02/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 270 288,986

Norfolk Southern Corp.3.05%, 05/15/50 (Call 11/15/49). . . . . . . . . . . . . . . . . . . . . . . . . 530 562,1623.16%, 05/15/55 (Call 11/15/54)(a) . . . . . . . . . . . . . . . . . . . . . . . 655 688,7353.40%, 11/01/49 (Call 05/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 90 100,3883.94%, 11/01/47 (Call 05/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 158 189,5053.95%, 10/01/42 (Call 04/01/42). . . . . . . . . . . . . . . . . . . . . . . . . 215 256,4684.05%, 08/15/52 (Call 02/15/52). . . . . . . . . . . . . . . . . . . . . . . . . 463 561,5894.10%, 05/15/49 (Call 11/15/48)(b) . . . . . . . . . . . . . . . . . . . . . . . 420 527,3314.15%, 02/28/48 (Call 08/28/47). . . . . . . . . . . . . . . . . . . . . . . . . 655 818,2124.45%, 06/15/45 (Call 12/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 360 462,1834.65%, 01/15/46 (Call 07/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 520 678,3994.84%, 10/01/41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 845 1,112,911

Pelabuhan Indonesia II PT, 5.38%, 05/05/45(a) . . . . . . . . . . . . . 415 477,250Polar Tankers Inc., 5.95%, 05/10/37(a)(b). . . . . . . . . . . . . . . . . . . . 30 37,740TTX Co.

4.20%, 07/01/46 (Call 01/01/46)(a). . . . . . . . . . . . . . . . . . . . . . . 250 300,0724.60%, 02/01/49 (Call 08/01/48)(a). . . . . . . . . . . . . . . . . . . . . . . 250 327,028


August 31, 2020



SecurityPar

(000) Value

Transportation (continued)Union Pacific Corp.

3.25%, 02/05/50 (Call 08/05/49). . . . . . . . . . . . . . . . . . . . . . . . . $ 100 $ 110,7853.35%, 08/15/46 (Call 02/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 270 294,7273.38%, 02/01/35 (Call 08/01/34). . . . . . . . . . . . . . . . . . . . . . . . . 600 687,5713.55%, 08/15/39 (Call 02/15/39). . . . . . . . . . . . . . . . . . . . . . . . . 615 725,2693.60%, 09/15/37 (Call 03/15/37). . . . . . . . . . . . . . . . . . . . . . . . . 610 685,7093.80%, 10/01/51 (Call 04/01/51). . . . . . . . . . . . . . . . . . . . . . . . . 975 1,177,7573.88%, 02/01/55 (Call 08/01/54). . . . . . . . . . . . . . . . . . . . . . . . . 395 477,5193.95%, 08/15/59 (Call 02/15/59). . . . . . . . . . . . . . . . . . . . . . . . . 25 29,2684.00%, 04/15/47 (Call 10/15/46)(b). . . . . . . . . . . . . . . . . . . . . . . 150 181,9614.05%, 11/15/45 (Call 05/15/45). . . . . . . . . . . . . . . . . . . . . . . . . 500 604,5574.05%, 03/01/46 (Call 09/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 495 601,1204.10%, 09/15/67 (Call 03/15/67). . . . . . . . . . . . . . . . . . . . . . . . . 398 480,4004.15%, 01/15/45 (Call 07/15/44). . . . . . . . . . . . . . . . . . . . . . . . . 205 251,4914.30%, 03/01/49 (Call 09/01/48). . . . . . . . . . . . . . . . . . . . . . . . . 863 1,115,6234.38%, 09/10/38 (Call 03/10/38). . . . . . . . . . . . . . . . . . . . . . . . . 909 1,131,7984.38%, 11/15/65 (Call 05/15/65). . . . . . . . . . . . . . . . . . . . . . . . . 471 595,7014.50%, 09/10/48 (Call 03/10/48)(b). . . . . . . . . . . . . . . . . . . . . . . 395 524,952

United Parcel Service Inc.3.40%, 11/15/46 (Call 05/15/46). . . . . . . . . . . . . . . . . . . . . . . . . 205 232,7653.40%, 09/01/49 (Call 03/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 650 747,8383.63%, 10/01/42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445 516,0603.75%, 11/15/47 (Call 05/15/47). . . . . . . . . . . . . . . . . . . . . . . . . 630 757,8694.25%, 03/15/49 (Call 09/15/48). . . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,385,9994.88%, 11/15/40 (Call 05/15/40). . . . . . . . . . . . . . . . . . . . . . . . . 430 568,2175.20%, 04/01/40 (Call 10/01/39). . . . . . . . . . . . . . . . . . . . . . . . . 20 27,7125.30%, 04/01/50 (Call 10/01/49). . . . . . . . . . . . . . . . . . . . . . . . . 275 405,4496.20%, 01/15/38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,260 1,918,071

61,141,630Trucking & Leasing — 0.0%GATX Corp.

4.50%, 03/30/45 (Call 09/30/44). . . . . . . . . . . . . . . . . . . . . . . . . 150 159,6705.20%, 03/15/44 (Call 09/15/43). . . . . . . . . . . . . . . . . . . . . . . . . 185 227,812

387,482Water — 0.2%American Water Capital Corp.

3.75%, 09/01/47 (Call 03/01/47). . . . . . . . . . . . . . . . . . . . . . . . . 600 715,5014.00%, 12/01/46 (Call 06/01/46). . . . . . . . . . . . . . . . . . . . . . . . . 230 279,3774.15%, 06/01/49 (Call 12/01/48)(b). . . . . . . . . . . . . . . . . . . . . . . 225 282,9134.20%, 09/01/48 (Call 03/01/48)(b). . . . . . . . . . . . . . . . . . . . . . . 649 809,425

Security

Par/Shares

(000) Value

Water (continued)4.30%, 12/01/42 (Call 06/01/42). . . . . . . . . . . . . . . . . . . . . . . . . $ 146 $ 183,0904.30%, 09/01/45 (Call 03/01/45). . . . . . . . . . . . . . . . . . . . . . . . . 445 566,3226.59%, 10/15/37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432 662,597

Essential Utilities Inc., 4.28%, 05/01/49 (Call 11/01/48). . . . . . 335 422,096Veolia Environnement SA, 6.75%, 06/01/38 . . . . . . . . . . . . . . . . 118 167,885

4,089,206

Total Corporate Bonds & Notes — 98.1%(Cost: $1,645,873,022). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,791,840,917

Short-Term InvestmentsMoney Market Funds — 4.8%BlackRock Cash Funds: Institutional, SL Agency Shares,

0.37%(f)(g)(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,470 78,548,064BlackRock Cash Funds: Treasury, SL Agency Shares,

0.07%(f)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,697 8,697,000

87,245,064

Total Short-Term Investments — 4.8%(Cost: $87,147,168). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,245,064

Total Investments in Securities — 102.9%(Cost: $1,733,020,190). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,879,085,981

Other Assets, Less Liabilities — (2.9)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53,434,134)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,825,651,847

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of1933, as amended. These securities may be resold in transactions exempt fromregistration to qualified institutional investors.

(b) All or a portion of this security is on loan.(c) Security is issued at a fixed coupon rate, which converts to a variable rate at a specified

date.(d) Perpetual security with no stated maturity date.(e) 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 ratecurrently in effect.

(f) Affiliate of the Fund.(g) Annualized 7-day yield as of period-end.(h) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2020, for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:

Affiliated IssuerValue at

02/29/20Purchases

at CostProceeds

from SalesNet Realized

Gain (Loss)

Change inUnrealized

Appreciation(Depreciation)

Value at08/31/20

SharesHeld at

08/31/20(000) Income

Capital GainDistributions fromUnderlying Funds

BlackRock Cash Funds: Institu-tional, SL Agency Shares . . . . . . . $158,289,593 $ — $(79,793,310)(a) $ 12,325 $ 39,456 $78,548,064 78,470 $346,575(b) $ —

BlackRock Cash Funds: Treasury,SL Agency Shares . . . . . . . . . . . . . . 29,587,000 — (20,890,000)(a) — — 8,697,000 8,697 31,148 —

$ 12,325 $ 39,456 $87,245,064 $377,723 $ —

(a) Represents net amount purchased (sold).(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other

payments to and from borrowers of securities.


August 31, 2020



Fair Value Measurements

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

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of August 31, 2020. The breakdown of the Fund's investmentsinto major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Corporate Bonds & Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $1,791,840,917 $ — $1,791,840,917Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,245,064 — — 87,245,064

$ 87,245,064 $1,791,840,917 $ — $1,879,085,981

See notes to financial statements.


August 31, 2020

iShares� Long-Term Corporate Bond ETF


iSharesLong-Term

Corporate BondETF

ASSETSInvestments in securities, at value (including securities on loan)(a):

Unaffiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,791,840,917Affiliated(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,245,064

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,374Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,606,852Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,556Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,177Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,174Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,161,684

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,907,012,798

LIABILITIESCollateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,429,598Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,841,926Investment advisory fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,427

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,360,951

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,825,651,847

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,687,823,111Accumulated earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,828,736

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,825,651,847

Shares outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,800,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 70.76

Shares authorized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited

Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 76,307,425(b) Investments, at cost — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,645,873,022(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 87,147,168


Statement of Assets and Liabilities (unaudited)

August 31, 2020

F I N A N C I A L S T A T E M E N T S 34

iSharesLong-TermCorporateBond ETF

INVESTMENT INCOMEDividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,148Interest — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,256,125Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346,575Other income — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,284

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,638,132

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 526,188Miscellaneous. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 526,452

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,111,680

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) from:

Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,456,879)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,325In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,056,726

Net realized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (387,828)

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,320,119)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,456

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,280,663)

Net realized and unrealized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,668,491)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 443,189


Statement of Operations (unaudited)

Six Months Ended August 31, 2020


iSharesLong-Term Corporate Bond ETF

Six Months Ended08/31/20

(unaudited)Year Ended

02/29/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32,111,680 $ 55,494,470Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (387,828) 45,535,439Net change in unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,280,663) 200,407,133

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443,189 301,437,042

DISTRIBUTIONS TO SHAREHOLDERS(a)

Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,993,745) (51,645,393)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (263,811,504) 1,283,334,387

NET ASSETSTotal increase (decrease) in net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (296,362,060) 1,533,126,036Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,122,013,907 588,887,871

End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,825,651,847 $2,122,013,907

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.


Statements of Changes in Net Assets

F I N A N C I A L S T A T E M E N T S 36

iShares Long-Term Corporate Bond ETF


(unaudited)Year Ended

02/29/20Year Ended

02/28/19Year Ended

02/28/18Year Ended

02/28/17Year Ended

02/29/16

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 70.27 $ 57.73 $ 60.06 $ 59.77 $ 56.51 $ 62.53

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.20 2.54 2.56 2.48 2.48 2.55Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50 12.48 (2.31) 0.30 3.25 (6.02)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.70 15.02 0.25 2.78 5.73 (3.47)

Distributions(c)

From net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.21) (2.48) (2.58) (2.49) (2.47) (2.55)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.21) (2.48) (2.58) (2.49) (2.47) (2.55)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 70.76 $ 70.27 $ 57.73 $ 60.06 $ 59.77 $ 56.51

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.54%(d) 26.50% 0.53% 4.65% 10.21% (5.53)%

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.06%(e) 0.06% 0.11% 0.20% 0.20% 0.20%

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.06%(e) 0.06% 0.10% 0.20% 0.20% 0.20%

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.49%(e) 3.89% 4.44% 4.05% 4.10% 4.40%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,825,652 $2,122,014 $588,888 $714,682 $830,758 $785,548

Portfolio turnover rate(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%(d) 15% 24% 12% 10% 11%

(a) Based on average shares outstanding.(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share

transactions in relation to the fluctuating market values of the Fund’s underlying securities.(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(d) Not annualized.(e) Annualized.(f) Portfolio turnover rate excludes in-kind transactions.


Financial Highlights(For a share outstanding throughout each period)


1. ORGANIZATION

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. TheTrust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the “Fund”):

iShares ETFDiversificationClassification

Long-Term Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principlesgenerally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to makecertain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financialstatements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions aredetermined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, andpayment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividenddate, net of any foreign taxes withheld at source.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’slisting exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open.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 themeasurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Boardof Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the securitywill be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global ValuationCommittee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations

provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of aninstitutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recentrepresentative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-incomesecurities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each trancheof the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. Theamortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines suchmethod does not represent fair value.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investment, or in the eventthat 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 priceis not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair ValuedInvestments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach.

Notes to Financial Statements (unaudited)

N O T E S T O F I N A N C I A L S T A T E M E N T S 38

Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determiningfair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Fund mightreasonably 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 uponall available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all FairValued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 resultin 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 valuehierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or

similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yieldcurves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the GlobalValuation Committee’s assumptions used in determining the fair value of financial instruments).

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 tounobservable inputs (Level 3 measurements). Accordingly, the degree of judgement 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 classificationis determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significantunobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued byprivately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined forfinancial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in thosesecurities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintainswith 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 initialcollateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges anda 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. Themarket 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 excesscollateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securitiesbut 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 returnborrowed securities within the standard time period for settlement of securities transactions.

As of August 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market fundsmanaged by BlackRock Fund Advisors (“BFA”), the Fund's investment adviser, or its affiliates and is disclosed in the schedule of investments. Any non-cash collateralreceived cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund, if any, are also disclosed in itsschedule of investments. The market value of any securities on loan as of August 31, 2020 and the value of the related cash collateral are disclosed in the statement ofassets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default(including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The valueof the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcyor 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 orinsolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received inconnection with loaned securities.

Notes to Financial Statements (unaudited) (continued)


The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of August 31, 2020:

iShares ETF and CounterpartyMarket Value of

Securities on LoanCash Collateral

Received(a)Non-Cash Collateral

Received Net Amount

Long-Term Corporate BondBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,120,923 $ 8,120,923 $ — $ —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,660 1,268,660 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,623,475 3,623,475 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,182,223 1,182,223 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,932,500 6,932,500 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,671 36,671 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,732,077 18,732,077 — —HSBC Securities (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,916,353 4,916,353 — —Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 586,146 586,146 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,164,667 18,164,667 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,495,391 4,495,391 — —Nomura Securities International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 780,285 780,285 — —Pershing LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,246,466 1,246,466 — —Scotia Capital (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552,248 552,248 — —Wells Fargo Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,669,340 5,669,340 — —

$ 76,307,425 $ 76,307,425 $ — $ —

(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's statementof assets and liabilities.

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 mitigatethese risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of thesecurities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if thevalue 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 collateralfalls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’sallocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets Investment Advisory Fee

First $121 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0600%Over $121 billion, up to and including $181 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0570Over $181 billion, up to and including $231 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0542Over $231 billion, up to and including $281 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0515Over $281 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0489

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net assetlevel.

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company,N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operationalcosts directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateralinvestment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, orits affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bearsto 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 redemptionsfor up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amountretained 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 ActiShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement,will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be lessthan 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months endedAugust 31, 2020, the Fund paid BTC $97,541 for securities lending agent services.

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

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

For the six months ended August 31, 2020, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF Purchases SalesNet Realized

Gain (Loss)

Long-Term Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 607,627 $8,065,015 $(3,940,283)

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investmentsis shown as dividends – affiliated in the statement 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’sunderlying index.

6. PURCHASES AND SALES

For the six months ended August 31, 2020, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

Other Securities

iShares ETF Purchases Sales

Long-Term Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $146,023,637 $128,223,222

For the six months ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:

iShares ETFIn-kind

PurchasesIn-kindSales

Long-Term Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $212,916,053 $470,701,329

7. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investmentcompany by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, asamended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieveit from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Fund as of August 31, 2020, inclusive of the open tax return years, and does not believethat there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements.

As of February 29, 2020, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $11,646,952.



As of August 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federalincome tax purposes were as follows:

iShares ETF Tax CostGross Unrealized

AppreciationGross Unrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

Long-Term Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,733,134,743 $ 152,417,491 $ (6,466,253) $ 145,951,238

8. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to variousrisks, 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 mayalso 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 socialinstability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global eventssuch as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and itsinvestments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates oreconomic 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 increaseas interest rates fall and decrease as interest rates rise. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

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

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments relatedto unsettled or open transactions, including making timely interest and/or principal payments or otherwise honor its obligations. The Fund manages counterparty credit riskby entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financialstability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financialinstruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assetsis approximately their value recorded in the statement of assets and liabilities, less any collateral held by the Fund.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021,and it is expected that LIBOR will cease to be published after that time. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations,financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reducethe effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund isuncertain.

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:




Year Ended02/29/20

iShares ETF Shares Amount Shares Amount

Long-Term Corporate BondShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,100,000 $ 218,993,354 26,300,000 $ 1,702,397,129Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,500,000) (482,804,858) (6,300,000) (419,062,742)

Net increase (decrease). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,400,000) $ (263,811,504) 20,000,000 $ 1,283,334,387

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 specifiedamount 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 Unitsmay 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 othertransaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may alsopay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, andbrokerage 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 transactionsare reflected as a receivable or a payable in the statement of assets and liabilities.

10. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iSharesMorningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust,BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuitalleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-lossorders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that thePlaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion datedJanuary 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California SupremeCourt. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. The case is now closed.

11. SUBSEQUENT EVENTS

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

Name Change: Effective September 30, 2020, iShares Long-Term Corporate Bond ETF changed its name to iShares 10+ Year Investment Grade Corporate Bond ETF.



iShares Long-Term Corporate Bond ETF (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 arenot “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Board Members), is required annually to consider and approve the InvestmentAdvisory Contract between the Trust and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assessBlackRock’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 Membersrequested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate theAdvisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), withindependent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independentcounsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the IndependentBoard 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 Contract 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 theextent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. TheIndependent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approvingthe continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses andperformance 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 andits 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 BFAand 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 Contract are discussed below.

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided,and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for thequarter ended December 31, 2019, to that of 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- andlonger-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information asrequested 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 rateand expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to theiShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and riskmanagement, 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 underthe Advisory Contract 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 Boardconsidered 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 complianceprogram and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliancematters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has providedinformation and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board alsoreviewed 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 managingthe Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and riskmanagement processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRockin managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFAand 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

Board Review and Approval of Investment Advisory Contract

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 44

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 affectedby numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognizedthat 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’sprofitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund andBFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, notingthat the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providingservices. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variablecosts 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 andthe Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, throughrelatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and theprovision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund alreadyprovided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds,increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised 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, supportedthe Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-endfunds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Boardacknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and itsaffiliates 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 Boardfurther noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types ofservices 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 servicesto 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 overallrelationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challengesof managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutionalclients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds,and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board notedthat the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of theOther 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 servicesprovided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which wasincluded 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 profilein the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certainportions 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 doesnot 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 forthe Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in whicha BFA affiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Boardconcluded 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 appropriatenessof approving the continuance of the Advisory Contract 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 theIndependent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionatelylarge 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 thecontinuance of the Advisory Contract for the coming year.

Board Review and Approval of Investment Advisory Contract (continued)


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

To enroll in electronic delivery:

• Go to icsdelivery.com.• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

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 copyof certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contactyour 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 currentlyenrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on FormN-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Fund's Forms N-Q are available on the SEC’s websiteat sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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 theiShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) bycalling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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

General Information

G E N E R A L I N F O R M A T I O N 46

Portfolio Abbreviations - Fixed Income

JSC Joint Stock Company

PJSC Public Joint Stock Company

Glossary of Terms Used in this Report


Want to know more?iShares.com | 1-800-474-2737

This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is

preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

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.

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its

subsidiaries. All other marks are the property of their respective owners.

iS-SAR-214-0820

2020 semi-annual report (unaudited) - ishares · 2020. 10. 28. · 4.67 8.93 u .s . investment...

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