2020 semi-annual report (unaudited) - ishares...2020 semi-annual report (unaudited) ishares trust...

2020 Semi-Annual Report(Unaudited)

iShares Trust

• iShares iBonds Dec 2020 Term Corporate ETF | IBDL | NYSE Arca

• iShares iBonds Dec 2021 Term Corporate ETF | IBDM | NYSE Arca

• iShares iBonds Dec 2022 Term Corporate ETF | IBDN | NYSE Arca

• iShares iBonds Dec 2023 Term Corporate ETF | IBDO | NYSE Arca

• iShares iBonds Dec 2024 Term Corporate ETF | IBDP | NYSE Arca

• iShares iBonds Dec 2025 Term Corporate ETF | IBDQ | NYSE Arca

• iShares iBonds Dec 2026 Term Corporate ETF | IBDR | NYSE Arca

• iShares iBonds Dec 2027 Term Corporate ETF | IBDS | NYSE Arca

• iShares iBonds Dec 2028 Term Corporate ETF | IBDT | NYSE Arca

• iShares iBonds Dec 2029 Term Corporate ETF | IBDU | NYSE Arca

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

each 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.

APRIL 30, 2020

Page

Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Financial Statements

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101Statement Regarding Liquidity Risk Management Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

Table of Contents

Investment Objective

The iShares iBonds Dec 2020Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-gradecorporate bonds maturing in 2020, as represented by the Bloomberg Barclays December 2020 Maturity Corporate Index (the "Index"). The Fund invests in a representativesample 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 maynot hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns

6 Months 1 Year 5 YearsSince

Inception 1 Year 5 YearsSince

Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.03% 2.85% 2.25% 2.53% 2.85% 11.74% 14.45%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.19 2.93 1.90 2.56 2.93 9.85 14.63Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.11 2.99 2.38 2.67 2.99 12.48 15.30

The inception date of the Fund was 12/2/14. The first day of secondary market trading was 12/4/14.

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 13 for more information.

Expense Example

Actual Hypothetical 5% Return

BeginningAccount Value

(11/01/19)

EndingAccount Value

(04/30/20)

ExpensesPaid Duringthe Period (a)


(11/01/19)

EndingAccount Value

(04/30/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,010.30 $ 0.45 $ 1,000.00 $ 1,024.40 $ 0.45 0.09%

(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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 13 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody's Credit Ratings*

Percent ofNet Assets

Aaa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3%Aa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.8A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.6Baa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.8Ba. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Not Rated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Short-Term and Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1

FIVE LARGEST HOLDINGS

Security(a)


GE Capital International Funding Co. Unlimited Co., 2.34%,11/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2%

JPMorgan Chase & Co., 2.55%, 10/29/20 . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Citigroup Inc., 2.65%, 10/26/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Credit Suisse Group Funding Guernsey Ltd., 3.13%, 12/10/20 . . . . . . . 1.3Wells Fargo & Co., 2.55%, 12/07/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3

* 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 April 30, 2020 iShares� iBonds� Dec 2020 Term Corporate ETF

F U N D S U M M A R Y 3



Performance




Inception




Expense Example



(11/01/19)

EndingAccount Value

(04/30/20)



(11/01/19)

EndingAccount Value

(04/30/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,011.50 $ 0.50 $ 1,000.00 $ 1,024.40 $ 0.50 0.10%








Security(a)


Dell International LLC/EMC Corp., 4.42%, 06/15/21 . . . . . . . . . . . . . . . . . 1.0%Oracle Corp., 1.90%, 09/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Goldman Sachs Group Inc. (The), 5.25%, 07/27/21 . . . . . . . . . . . . . . . . . 0.9Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/21 . . . . . . . 0.7Morgan Stanley, 5.50%, 07/28/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7




4 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


The iShares iBonds Dec 2022Term Corporate ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-gradecorporate bonds maturing in 2022, as represented by the Bloomberg Barclays December 2022 Maturity Corporate Index (the "Index"). The Fund invests in a representativesample 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 maynot hold all of the securities that are included in the Index.

Performance




Inception




Expense Example



(11/01/19)

EndingAccount Value

(04/30/20)



(11/01/19)

EndingAccount Value

(04/30/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,011.40 $ 0.50 $ 1,000.00 $ 1,024.40 $ 0.50 0.10%








Security(a)


Goldman Sachs Group Inc. (The), 5.75%, 01/24/22 . . . . . . . . . . . . . . . . . 1.0%Wells Fargo & Co., 2.63%, 07/22/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Morgan Stanley, 2.75%, 05/19/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Goldman Sachs Group Inc. (The), 3.00%, 04/26/22 . . . . . . . . . . . . . . . . . 0.7AbbVie Inc., 2.90%, 11/06/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7







Performance




Inception




Expense Example



(11/01/19)

EndingAccount Value

(04/30/20)



(11/01/19)

EndingAccount Value

(04/30/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,014.90 $ 0.50 $ 1,000.00 $ 1,024.40 $ 0.50 0.10%








Security(a)


CVS Health Corp., 3.70%, 03/09/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3%Apple Inc., 2.40%, 05/03/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Bank of America Corp., 3.30%, 01/11/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Dell International LLC/EMC Corp., 5.45%, 06/15/23 . . . . . . . . . . . . . . . . . 0.9Wells Fargo & Co., 3.07%, 01/24/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9







Performance




Inception




Expense Example



(11/01/19)

EndingAccount Value

(04/30/20)



(11/01/19)

EndingAccount Value

(04/30/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,007.10 $ 0.50 $ 1,000.00 $ 1,024.40 $ 0.50 0.10%








Security(a)


AbbVie Inc., 2.60%, 11/21/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0%Bank of America Corp., 4.20%, 08/26/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Morgan Stanley, Series F, 3.88%, 04/29/24 . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Bristol-Myers Squibb Co., 2.90%, 07/26/24 . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Credit Suisse AG/New York NY, 3.63%, 09/09/24 . . . . . . . . . . . . . . . . . . . 0.7







Performance




Inception




Expense Example



(11/01/19)

EndingAccount Value

(04/30/20)



(11/01/19)

EndingAccount Value

(04/30/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,016.00 $ 0.50 $ 1,000.00 $ 1,024.40 $ 0.50 0.10%








Security(a)


Charter Communications Operating LLC/Charter CommunicationsOperating Capital, 4.91%, 07/23/25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3%

AT&T Inc., 3.40%, 05/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Visa Inc., 3.15%, 12/14/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2CVS Health Corp., 4.10%, 03/25/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1AbbVie Inc., 3.60%, 05/14/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0







Performance


6 Months 1 YearSince

Inception 1 YearSince

Inception

Fund NAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.68% 8.86% 4.18% 8.86% 16.03%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.84 8.93 4.27 8.93 16.41Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.68 8.90 4.29 8.90 16.47



Expense Example



(11/01/19)

EndingAccount Value

(04/30/20)



(11/01/19)

EndingAccount Value

(04/30/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,016.80 $ 0.50 $ 1,000.00 $ 1,024.40 $ 0.50 0.10%








Security(a)


Dell International LLC/EMC Corp., 6.02%, 06/15/26 . . . . . . . . . . . . . . . . . 1.2%AbbVie Inc., 2.95%, 11/21/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Microsoft Corp., 2.40%, 08/08/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Anheuser-Busch Companies LLC/Anheuser-Busch InBev

Worldwide Inc., 3.65%, 02/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Apple Inc., 3.25%, 02/23/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9






The iShares iBonds Dec 2027Term Corporate ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-gradecorporate bonds maturing in 2027, as represented by the Bloomberg Barclays December 2027 Maturity Corporate Index (the "Index"). The Fund invests in a representativesample 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 maynot hold all of the securities that are included in the Index.

Performance




Inception




Expense Example



(11/01/19)

EndingAccount Value

(04/30/20)



(11/01/19)

EndingAccount Value

(04/30/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,006.90 $ 0.50 $ 1,000.00 $ 1,024.40 $ 0.50 0.10%








Security(a)


Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 . 1.7%Microsoft Corp., 3.30%, 02/06/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4BAT Capital Corp., 3.56%, 08/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Citigroup Inc., 4.45%, 09/29/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Amazon.com Inc., 3.15%, 08/22/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3







Performance




Inception




Expense Example



(11/01/19)

EndingAccount Value

(04/30/20)



(11/01/19)

EndingAccount Value

(04/30/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,006.50 $ 0.50 $ 1,000.00 $ 1,024.40 $ 0.50 0.10%








Security(a)


CVS Health Corp., 4.30%, 03/25/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0%Verizon Communications Inc., 4.33%, 09/21/28 . . . . . . . . . . . . . . . . . . . . . 2.0Cigna Corp., 4.38%, 10/15/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Raytheon Technologies Corp., 4.13%, 11/16/28 . . . . . . . . . . . . . . . . . . . . . 1.5Comcast Corp., 4.15%, 10/15/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5







Performance

Cumulative Total Returns

6 MonthsSince

Inception

Fund NAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.42% 3.57%Fund Market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.42 3.90Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.48 3.41



Expense Example



(11/01/19)

EndingAccount Value

(04/30/20)



(11/01/19)

EndingAccount Value

(04/30/20)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,014.20 $ 0.50 $ 1,000.00 $ 1,024.40 $ 0.50 0.10%








Security(a)


AbbVie Inc., 3.20%, 11/21/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2%Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29 . . . . . . . . . . . . 1.8Bristol-Myers Squibb Co., 3.40%, 07/26/29 . . . . . . . . . . . . . . . . . . . . . . . . . 1.8International Business Machines Corp., 3.50%, 05/15/29 . . . . . . . . . . . . 1.7Verizon Communications Inc., 4.02%, 12/03/29 . . . . . . . . . . . . . . . . . . . . . 1.6





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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for theperiod from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns.Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore 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 commissionspaid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relativetotal costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

About Fund Performance

A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S 13

SecurityPar

(000) Value

Corporate Bonds & NotesAdvertising — 0.1%Interpublic Group of Companies Inc. (The), 3.50%,

10/01/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,512 $ 1,521,556

Aerospace & Defense — 1.5%Boeing Co. (The), 1.65%, 10/30/20 (Call 09/30/20) . . . . . . . . 758 752,914General Dynamics Corp., 2.88%, 05/11/20 . . . . . . . . . . . . . . . . 5,434 5,436,880Lockheed Martin Corp., 2.50%, 11/23/20 (Call 10/23/20) . . . 4,263 4,287,385Northrop Grumman Corp., 2.08%, 10/15/20 . . . . . . . . . . . . . . . 3,410 3,426,811Raytheon Co., 3.13%, 10/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,525 2,550,275

16,454,265Agriculture — 0.5%Bunge Ltd. Finance Corp., 3.50%, 11/24/20(a) . . . . . . . . . . . . . 1,318 1,324,551Reynolds American Inc.

3.25%, 06/12/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,979 2,982,0986.88%, 05/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,520 1,520,000

5,826,649Airlines — 0.1%Southwest Airlines Co., 2.65%, 11/05/20 (Call 10/05/20) . . . 1,228 1,223,641

Apparel — 0.1%Ralph Lauren Corp., 2.63%, 08/18/20 (Call 07/18/20) . . . . . . 760 761,049

Auto Manufacturers — 2.0%American Honda Finance Corp.

1.95%, 07/20/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,322 1,323,8642.45%, 09/24/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,332 6,351,3763.00%, 06/16/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 384,176

General Motors Financial Co. Inc.2.45%, 11/06/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 928 918,1453.20%, 07/13/20 (Call 06/13/20) . . . . . . . . . . . . . . . . . . . . . . . 5,237 5,217,3613.70%, 11/24/20 (Call 10/24/20). . . . . . . . . . . . . . . . . . . . . . . . 6,170 6,138,718

PACCAR Financial Corp., 2.05%, 11/13/20. . . . . . . . . . . . . . . . 483 486,115Toyota Motor Credit Corp., 4.50%, 06/17/20. . . . . . . . . . . . . . . 1,129 1,134,318

21,954,073Banks — 35.0%Australia & New Zealand Banking Group Ltd., 2.13%,

08/19/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 996 998,709Australia & New Zealand Banking Group Ltd./New York NY

2.25%, 11/09/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,120 3,143,5252.70%, 11/16/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,755 4,800,600

Banco Bilbao Vizcaya Argentaria SA, 3.00%, 10/20/20(a). . . 3,852 3,876,268Bank of America Corp.

2.63%, 10/19/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,309 13,400,1675.63%, 07/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,590 3,616,207

Bank of Montreal2.10%, 06/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,169 3,174,4193.10%, 07/13/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,828 1,835,403

Bank of New York Mellon Corp. (The)2.45%, 11/27/20 (Call 10/27/20). . . . . . . . . . . . . . . . . . . . . . . . 4,019 4,044,2392.60%, 08/17/20 (Call 07/17/20) . . . . . . . . . . . . . . . . . . . . . . . 3,605 3,621,078

Bank of Nova Scotia (The)2.15%, 07/14/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,745 2,752,2472.35%, 10/21/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,961 2,985,251

Barclays Bank PLC, 5.14%, 10/14/20(a) . . . . . . . . . . . . . . . . . . . 4,766 4,823,478Barclays PLC, 2.88%, 06/08/20. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,579 2,580,625BNP Paribas SA, 2.38%, 05/21/20(a) . . . . . . . . . . . . . . . . . . . . . . 4,265 4,267,260Canadian Imperial Bank of Commerce, 2.10%, 10/05/20(a). 3,227 3,246,846Citibank N.A.

2.10%, 06/12/20 (Call 05/12/20) . . . . . . . . . . . . . . . . . . . . . . . 4,745 4,746,376

SecurityPar

(000) Value

Banks (continued)2.13%, 10/20/20 (Call 09/20/20) . . . . . . . . . . . . . . . . . . . . . . . $ 9,490 $ 9,526,7263.05%, 05/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,730 5,730,000

Citigroup Inc.2.65%, 10/26/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,594 14,695,1365.38%, 08/09/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,001 3,033,501

Citizens Bank N.A./Providence RI2.20%, 05/26/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 795 795,4692.25%, 10/30/20 (Call 09/30/20) . . . . . . . . . . . . . . . . . . . . . . . 3,510 3,521,197

Comerica Bank, 2.50%, 06/02/20 . . . . . . . . . . . . . . . . . . . . . . . . . 810 810,786Commonwealth Bank of Australia/New York NY, 2.40%,

11/02/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,010 4,036,947Credit Suisse AG/New York NY, 4.38%, 08/05/20 . . . . . . . . . . 2,430 2,448,662Credit Suisse Group Funding Guernsey Ltd., 3.13%,

12/10/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,823 13,942,569Deutsche Bank AG, 2.95%, 08/20/20(a) . . . . . . . . . . . . . . . . . . . 1,402 1,403,710Deutsche Bank AG/New York NY

2.70%, 07/13/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,783 4,770,9472.95%, 08/20/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 995,970

Discover Bank, 3.10%, 06/04/20 (Call 05/04/20). . . . . . . . . . . 3,934 3,933,607Fifth Third Bancorp., 2.88%, 07/27/20 (Call 06/27/20). . . . . . 4,274 4,284,044Fifth Third Bank/Cincinnati OH, 2.20%, 10/30/20

(Call 09/30/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,010 3,021,920First Horizon National Corp., 3.50%, 12/15/20

(Call 11/15/20)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,476 1,480,148Goldman Sachs Bank USA/New York NY, 3.20%,

06/05/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,486 1,488,675Goldman Sachs Group Inc. (The)

2.75%, 09/15/20 (Call 08/15/20)(a) . . . . . . . . . . . . . . . . . . . . . 10,930 10,973,392Series D, 6.00%, 06/15/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,552 5,582,758

HSBC Bank USA N.A., 4.88%, 08/24/20(a) . . . . . . . . . . . . . . . . 4,130 4,178,321HSBC USA Inc.

2.75%, 08/07/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,270 7,299,3715.00%, 09/27/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,625 2,663,378

Huntington Bancshares Inc./OH, 7.00%, 12/15/20(a) . . . . . . . 860 885,224Huntington National Bank (The), 2.88%, 08/20/20

(Call 07/20/20)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,505 2,514,394JPMorgan Chase & Co.

2.55%, 10/29/20 (Call 09/29/20) . . . . . . . . . . . . . . . . . . . . . . . 16,204 16,300,7382.75%, 06/23/20 (Call 05/23/20)(a) . . . . . . . . . . . . . . . . . . . . . 5,077 5,081,0624.25%, 10/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,293 13,483,7554.40%, 07/22/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,127 6,170,440

KeyCorp, 2.90%, 09/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,078 5,095,621Lloyds Bank PLC, 2.70%, 08/17/20 . . . . . . . . . . . . . . . . . . . . . . . 2,785 2,797,895Manufacturers & Traders Trust Co., 2.05%, 08/17/20

(Call 07/17/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,045 4,047,467Morgan Stanley

2.80%, 06/16/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,863 7,876,9965.50%, 07/24/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,565 10,664,311

National Australia Bank Ltd./New York2.13%, 05/22/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,675 2,676,8992.63%, 07/23/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,380 4,394,848

National Bank of Canada2.15%, 06/12/20 (Call 05/12/20) . . . . . . . . . . . . . . . . . . . . . . . 2,685 2,687,8192.20%, 11/02/20 (Call 10/02/20). . . . . . . . . . . . . . . . . . . . . . . . 2,865 2,882,276

Natwest Markets PLC, 5.63%, 08/24/20(a). . . . . . . . . . . . . . . . . 428 432,909Northern Trust Corp., 3.45%, 11/04/20 . . . . . . . . . . . . . . . . . . . . 1,412 1,428,506PNC Bank N.A.

2.30%, 06/01/20 (Call 05/01/20) . . . . . . . . . . . . . . . . . . . . . . . 2,310 2,310,0002.45%, 11/05/20 (Call 10/05/20). . . . . . . . . . . . . . . . . . . . . . . . 7,111 7,155,0882.60%, 07/21/20 (Call 06/21/20) . . . . . . . . . . . . . . . . . . . . . . . 1,855 1,857,857

Schedule of Investments (unaudited)

April 30, 2020

iShares� iBonds� Dec 2020 Term Corporate ETF(Percentages shown are based on Net Assets)


SecurityPar

(000) Value

Banks (continued)PNC Financial Services Group Inc. (The), 4.38%,

08/11/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,581 $ 1,594,707RBC USA Holdco Corp., 5.25%, 09/15/20 . . . . . . . . . . . . . . . . . 1,111 1,128,720Royal Bank of Canada

2.15%, 10/26/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,861 9,923,5192.35%, 10/30/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,106 6,154,482

Santander UK Group Holdings PLC, 2.88%, 10/16/20 . . . . . 5,187 5,214,387Santander UK PLC, 2.13%, 11/03/20 . . . . . . . . . . . . . . . . . . . . . 3,165 3,164,462State Street Corp., 2.55%, 08/18/20 . . . . . . . . . . . . . . . . . . . . . . 3,472 3,487,555Sumitomo Mitsui Banking Corp.

2.45%, 10/20/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,985 4,011,0622.65%, 07/23/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,416 2,424,335

Svenska Handelsbanken AB1.95%, 09/08/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,628 4,644,9382.40%, 10/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,325 5,361,210

Toronto-Dominion Bank (The)1.85%, 09/11/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,303 2,312,0282.50%, 12/14/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,525 8,610,5913.00%, 06/11/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 790 791,8173.15%, 09/17/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,698 3,728,841

Truist Bank, 2.25%, 06/01/20 (Call 05/01/20) . . . . . . . . . . . . . . 912 912,000Truist Financial Corp., 2.63%, 06/29/20 (Call 05/29/20) . . . . 4,277 4,281,448U.S. Bank N.A./Cincinnati OH

2.05%, 10/23/20 (Call 09/23/20) . . . . . . . . . . . . . . . . . . . . . . . 3,260 3,276,3653.05%, 07/24/20 (Call 06/24/20) . . . . . . . . . . . . . . . . . . . . . . . 1,535 1,538,991

UBS AG/Stamford CT, 4.88%, 08/04/20 . . . . . . . . . . . . . . . . . . . 2,725 2,752,659Wells Fargo & Co.

2.55%, 12/07/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,739 13,847,2632.60%, 07/22/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,032 7,049,088

Westpac Banking Corp.2.30%, 05/26/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,244 2,245,9072.60%, 11/23/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,012 8,090,7583.05%, 05/15/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,235 1,235,692

387,056,862Beverages — 3.1%Coca-Cola Co. (The)

1.88%, 10/27/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,925 6,960,2482.45%, 11/01/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,373 6,419,2683.15%, 11/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,826 3,873,940

Coca-Cola European Partners PLC, 3.50%, 09/15/20. . . . . . 390 392,710Constellation Brands Inc., 2.25%, 11/06/20. . . . . . . . . . . . . . . . 2,114 2,133,914Diageo Capital PLC

3.00%, 05/18/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 200,1824.83%, 07/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,723 4,757,431

PepsiCo Inc.2.15%, 10/14/20 (Call 09/14/20) . . . . . . . . . . . . . . . . . . . . . . . 3,794 3,814,9433.13%, 11/01/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,910 5,979,383

34,532,019Biotechnology — 1.7%Amgen Inc.

2.13%, 05/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,073 2,073,0002.20%, 05/11/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,204 2,204,529

Biogen Inc., 2.90%, 09/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,016 5,058,385Bio-Rad Laboratories Inc., 4.88%, 12/15/20 . . . . . . . . . . . . . . . 1,024 1,035,438Genzyme Corp., 5.00%, 06/15/20(a) . . . . . . . . . . . . . . . . . . . . . . 1,196 1,201,203Gilead Sciences Inc., 2.55%, 09/01/20 . . . . . . . . . . . . . . . . . . . . 7,146 7,185,017

18,757,572

SecurityPar

(000) Value

Building Materials — 0.1%Fortune Brands Home & Security Inc., 3.00%, 06/15/20

(Call 05/15/20)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 607 $ 606,988

Chemicals — 1.1%DuPont de Nemours Inc., 3.77%, 11/15/20 . . . . . . . . . . . . . . . . 6,199 6,257,085International Flavors & Fragrances Inc., 3.40%, 09/25/20 . . 1,947 1,949,823PPG Industries Inc., 3.60%, 11/15/20(a) . . . . . . . . . . . . . . . . . . . 1,212 1,223,526Praxair Inc., 2.25%, 09/24/20(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,015 1,020,359Sherwin-Williams Co. (The), 2.25%, 05/15/20(a) . . . . . . . . . . . 1,191 1,191,048

11,641,841Commercial Services — 0.5%Automatic Data Processing Inc., 2.25%, 09/15/20

(Call 08/15/20)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,186 3,200,465Block Financial LLC, 4.13%, 10/01/20 (Call 09/01/20) . . . . . 2,378 2,377,643

5,578,108Computers — 2.7%Apple Inc.

1.80%, 05/11/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,231 2,231,1782.00%, 05/06/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,419 3,419,3082.00%, 11/13/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,927 2,948,338

Hewlett Packard Enterprise Co., 3.60%, 10/15/20(Call 09/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,696 11,769,685

HP Inc., 3.75%, 12/01/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,634 3,677,245IBM Credit LLC, 3.45%, 11/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . 4,690 4,763,680International Business Machines Corp., 1.63%, 05/15/20 . . 1,115 1,115,334

29,924,768Cosmetics & Personal Care — 0.4%Procter & Gamble Co. (The), 1.90%, 10/23/20. . . . . . . . . . . . . 402 404,163Unilever Capital Corp.

1.80%, 05/05/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,750 2,750,0002.10%, 07/30/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,106 1,109,362

4,263,525Diversified Financial Services — 6.4%AerCap Ireland Capital DAC/AerCap Global Aviation Trust

4.25%, 07/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,420 1,413,8094.63%, 10/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,305 5,244,470

American Express Co., 2.20%, 10/30/20 (Call 09/29/20)(a) . 5,143 5,160,795American Express Credit Corp., Series F, 2.60%, 09/14/20

(Call 08/14/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,588 4,605,113Capital One Financial Corp.

2.40%, 10/30/20 (Call 09/30/20) . . . . . . . . . . . . . . . . . . . . . . . 4,230 4,239,6442.50%, 05/12/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,236 3,236,485

Charles Schwab Corp. (The), 4.45%, 07/22/20 . . . . . . . . . . . . 1,591 1,602,280GE Capital International Funding Co. Unlimited Co.,

2.34%, 11/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,654 24,632,058Intercontinental Exchange Inc., 2.75%, 12/01/20

(Call 11/01/20)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,116 6,164,439International Lease Finance Corp., 8.25%, 12/15/20 . . . . . . . 3,217 3,233,503Stifel Financial Corp., 3.50%, 12/01/20. . . . . . . . . . . . . . . . . . . . 721 724,699Visa Inc., 2.20%, 12/14/20 (Call 11/14/20). . . . . . . . . . . . . . . . . 9,819 9,901,185

70,158,480Electric — 3.9%Ameren Corp., 2.70%, 11/15/20 (Call 10/15/20)(a) . . . . . . . . . 3,141 3,158,935American Electric Power Co. Inc., 2.15%, 11/13/20 . . . . . . . . 1,459 1,466,689Commonwealth Edison Co., 4.00%, 08/01/20

(Call 05/01/20)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 233,412Consolidated Edison Co. of New York Inc., 4.45%,

06/15/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 406,430Dominion Energy Inc., 2.58%, 07/01/20 . . . . . . . . . . . . . . . . . . . 3,349 3,348,598

Schedule of Investments (unaudited) (continued)

April 30, 2020


S C H E D U L E O F I N V E S T M E N T S 15

SecurityPar

(000) Value

Electric (continued)DTE Electric Co., 3.45%, 10/01/20 (Call 07/01/20)(a). . . . . . . $ 640 $ 641,453Duke Energy Carolinas LLC, 4.30%, 06/15/20. . . . . . . . . . . . . 222 222,899Duke Energy Indiana LLC, 3.75%, 07/15/20. . . . . . . . . . . . . . . 1,447 1,454,958Entergy Corp., 5.13%, 09/15/20 (Call 06/15/20) . . . . . . . . . . . 1,073 1,076,777Exelon Corp.

2.85%, 06/15/20 (Call 05/15/20) . . . . . . . . . . . . . . . . . . . . . . . 1,436 1,436,6895.15%, 12/01/20 (Call 09/01/20)(a) . . . . . . . . . . . . . . . . . . . . . 7,346 7,428,496

Exelon Generation Co. LLC, 4.00%, 10/01/20(Call 07/01/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,849 1,856,211

IPALCO Enterprises Inc., 3.45%, 07/15/20 (Call 06/15/20) . 115 115,351Kentucky Utilities Co., 3.25%, 11/01/20 (Call 08/01/20) . . . . 630 633,975LG&E & KU Energy LLC, 3.75%, 11/15/20 (Call 08/15/20) . 1,229 1,235,698National Rural Utilities Cooperative Finance Corp.

2.30%, 11/01/20 (Call 10/01/20). . . . . . . . . . . . . . . . . . . . . . . . 1,447 1,455,0892.35%, 06/15/20 (Call 05/15/20) . . . . . . . . . . . . . . . . . . . . . . . 925 925,481

NextEra Energy Capital Holdings Inc., Series H, 3.34%,09/01/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,735 1,745,774

Northern States Power Co./MN, 2.20%, 08/15/20(Call 07/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950 951,529

NV Energy Inc., 6.25%, 11/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . 2,160 2,211,257Pinnacle West Capital Corp., 2.25%, 11/30/20. . . . . . . . . . . . . 1,594 1,600,759Public Service Co. of Colorado, 3.20%, 11/15/20

(Call 05/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,290 1,291,290Puget Energy Inc., 6.50%, 12/15/20 . . . . . . . . . . . . . . . . . . . . . . 1,695 1,746,748Sempra Energy, 2.85%, 11/15/20 (Call 10/15/20) . . . . . . . . . . 1,657 1,658,823Southern Co. (The), 2.75%, 06/15/20 (Call 05/15/20) . . . . . . 2,288 2,288,801Southern Power Co., Series 15-B, 2.38%, 06/01/20

(Call 05/01/20)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 748 748,651UIL Holdings Corp., 4.63%, 10/01/20 . . . . . . . . . . . . . . . . . . . . . 150 151,454WEC Energy Group Inc., 2.45%, 06/15/20 (Call 05/15/20) . 1,173 1,172,695

42,664,922Electrical Components & Equipment — 0.0%Emerson Electric Co., 4.25%, 11/15/20 . . . . . . . . . . . . . . . . . . . 445 451,737

Electronics — 0.4%Jabil Inc., 5.63%, 12/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840 861,109Roper Technologies Inc., 3.00%, 12/15/20 (Call 11/15/20). . 3,336 3,365,624

4,226,733Environmental Control — 0.2%Waste Management Inc., 4.75%, 06/30/20 . . . . . . . . . . . . . . . . 1,767 1,776,736

Food — 0.8%Hershey Co. (The)

2.90%, 05/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,130 1,130,7124.13%, 12/01/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 437,581

Ingredion Inc., 4.63%, 11/01/20. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,080 1,090,929Kellogg Co., 4.00%, 12/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,723 1,748,070Mondelez International Inc., 3.00%, 05/07/20 . . . . . . . . . . . . . 2,040 2,040,163Sysco Corp., 2.60%, 10/01/20 (Call 09/01/20) . . . . . . . . . . . . . 2,391 2,387,581

8,835,036Gas — 0.3%Dominion Energy Gas Holdings LLC, 2.80%, 11/15/20

(Call 10/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,799 3,815,450

Health Care - Services — 2.3%Anthem Inc.

2.50%, 11/21/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,437 11,510,0834.35%, 08/15/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,328 1,338,916

Cigna Holding Co., 5.13%, 06/15/20 . . . . . . . . . . . . . . . . . . . . . . 650 652,386Humana Inc., 2.50%, 12/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,800 2,813,720

SecurityPar

(000) Value

Health Care - Services (continued)UnitedHealth Group Inc.

1.95%, 10/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 619 $ 621,4572.70%, 07/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,222 6,240,4793.88%, 10/15/20 (Call 07/15/20) . . . . . . . . . . . . . . . . . . . . . . . 1,931 1,941,331

25,118,372Home Builders — 0.1%DR Horton Inc., 2.55%, 12/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . 1,305 1,305,679

Insurance — 2.5%AEGON Funding Co. LLC, 5.75%, 12/15/20. . . . . . . . . . . . . . . 2,363 2,417,467American International Group Inc.

3.38%, 08/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 978 983,5066.40%, 12/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,979 5,126,528

Aon Corp., 5.00%, 09/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,470 3,516,671AXIS Specialty Finance LLC, 5.88%, 06/01/20 . . . . . . . . . . . . 1,196 1,200,234Berkshire Hathaway Finance Corp., 2.90%, 10/15/20 . . . . . . 1,206 1,216,818Chubb INA Holdings Inc., 2.30%, 11/03/20 (Call 10/03/20) . 5,015 5,038,370Manulife Financial Corp., 4.90%, 09/17/20 . . . . . . . . . . . . . . . . 549 556,115Prudential Financial Inc.

4.50%, 11/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,665 1,694,4545.38%, 06/21/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,078 2,089,408

Travelers Companies Inc. (The), 3.90%, 11/01/20 . . . . . . . . . 1,244 1,263,319Unum Group, 5.63%, 09/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,125 2,149,268WR Berkley Corp., 5.38%, 09/15/20 . . . . . . . . . . . . . . . . . . . . . . 150 152,028

27,404,186Internet — 1.1%Amazon.com Inc., 1.90%, 08/21/20 . . . . . . . . . . . . . . . . . . . . . . . 3,404 3,418,059Baidu Inc., 3.00%, 06/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,982 1,985,389eBay Inc.

2.15%, 06/05/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,407 1,407,3663.25%, 10/15/20 (Call 07/15/20)(a) . . . . . . . . . . . . . . . . . . . . . 3,474 3,487,027

Expedia Group Inc., 5.95%, 08/15/20(a) . . . . . . . . . . . . . . . . . . . 2,208 2,216,037

12,513,878Leisure Time — 0.2%Carnival Corp., 3.95%, 10/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,114 2,060,727

Lodging — 0.0%Marriott International Inc./MD, 3.38%, 10/15/20

(Call 07/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369 367,007

Machinery — 1.2%Caterpillar Financial Services Corp.

1.85%, 09/04/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,389 1,393,0842.95%, 05/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,050 1,050,6403.35%, 12/07/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,414 3,456,812

CNH Industrial Capital LLC, 4.38%, 11/06/20(a). . . . . . . . . . . . 2,952 2,966,760IDEX Corp., 4.50%, 12/15/20 (Call 09/15/20)(a) . . . . . . . . . . . . 460 466,063John Deere Capital Corp.

1.95%, 06/22/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,314 1,316,2732.38%, 07/14/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,005 2,009,591Series 0014, 2.45%, 09/11/20(a). . . . . . . . . . . . . . . . . . . . . . . . 1,114 1,119,581

13,778,804Manufacturing — 0.6%3M Co., 2.00%, 08/07/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 822 824,408General Electric Co.

4.38%, 09/16/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,961 4,992,8005.55%, 05/04/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387 387,000

6,204,208


April 30, 2020



SecurityPar

(000) Value

Media — 1.2%Charter Communications Operating LLC/Charter

Communications Operating Capital, 3.58%, 07/23/20(Call 06/23/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,941 $ 5,948,129

Discovery Communications LLC, 2.80%, 06/15/20(Call 05/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,697 1,697,797

TWDC Enterprises 18 Corp.1.80%, 06/05/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,169 2,169,9982.15%, 09/17/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,399 2,408,236

Walt Disney Co. (The), 5.65%, 08/15/20 . . . . . . . . . . . . . . . . . . 941 952,377

13,176,537Metal Fabricate & Hardware — 0.1%Precision Castparts Corp., 2.25%, 06/15/20

(Call 05/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,436 1,436,531

Oil & Gas — 2.3%BP Capital Markets America Inc., 4.50%, 10/01/20 . . . . . . . . 4,307 4,357,435Chevron Corp.

2.42%, 11/17/20 (Call 10/17/20). . . . . . . . . . . . . . . . . . . . . . . . 3,997 4,023,2602.43%, 06/24/20 (Call 05/24/20) . . . . . . . . . . . . . . . . . . . . . . . 2,075 2,076,785

Marathon Petroleum Corp., 3.40%, 12/15/20(Call 11/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,663 2,666,116

Shell International Finance BV2.13%, 05/11/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,523 5,523,3872.25%, 11/10/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,425 3,436,713

Total Capital SA, 4.45%, 06/24/20 . . . . . . . . . . . . . . . . . . . . . . . . 3,438 3,453,299

25,536,995Pharmaceuticals — 6.3%AbbVie Inc., 2.50%, 05/14/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,800 11,803,540Allergan Inc./U.S., 3.38%, 09/15/20. . . . . . . . . . . . . . . . . . . . . . . 1,491 1,493,415AstraZeneca PLC, 2.38%, 11/16/20. . . . . . . . . . . . . . . . . . . . . . . 10,197 10,252,472Becton Dickinson and Co.

2.40%, 06/05/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,295 2,294,2663.25%, 11/12/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,404 2,418,448

Bristol-Myers Squibb Co.2.88%, 08/15/20(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,162 3,177,6203.95%, 10/15/20(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,548 3,597,849

Cardinal Health Inc., 4.63%, 12/15/20. . . . . . . . . . . . . . . . . . . . . 1,968 1,998,720Cigna Corp.

3.20%, 09/17/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,634 6,675,7284.13%, 09/15/20(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 935 931,382

CVS Health Corp., 2.80%, 07/20/20 (Call 06/20/20) . . . . . . . 8,799 8,798,208Express Scripts Holding Co., 2.60%, 11/30/20. . . . . . . . . . . . . 4,769 4,796,231Johnson & Johnson

1.95%, 11/10/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,776 1,783,6902.95%, 09/01/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,382 1,391,771

McKesson Corp., 3.65%, 11/30/20. . . . . . . . . . . . . . . . . . . . . . . . 2,920 2,954,923Mead Johnson Nutrition Co., 3.00%, 11/15/20(a) . . . . . . . . . . . 3,409 3,437,670Pfizer Inc., 5.20%, 08/12/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620 625,636Zoetis Inc., 3.45%, 11/13/20 (Call 10/13/20) . . . . . . . . . . . . . . . 1,501 1,500,805

69,932,374Pipelines — 1.3%Columbia Pipeline Group Inc., 3.30%, 06/01/20

(Call 05/01/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,055 1,056,298Enterprise Products Operating LLC, 5.20%, 09/01/20. . . . . . 3,322 3,354,888Kinder Morgan Energy Partners LP, 5.30%, 09/15/20 . . . . . . 2,021 2,039,088Kinder Morgan Inc./DE, 6.50%, 09/15/20. . . . . . . . . . . . . . . . . . 900 908,415TransCanada PipeLines Ltd., 3.80%, 10/01/20 . . . . . . . . . . . . 3,103 3,123,728

SecurityPar

(000) Value

Pipelines (continued)Williams Companies Inc. (The), 4.13%, 11/15/20

(Call 08/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,555 $ 3,565,558

14,047,975Real Estate Investment Trusts — 0.3%American Tower Corp., 2.80%, 06/01/20 (Call 05/01/20) . . . 2,319 2,318,954Simon Property Group LP, 2.50%, 09/01/20

(Call 06/01/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,511 1,510,879

3,829,833Retail — 3.7%AutoZone Inc., 4.00%, 11/15/20 (Call 08/15/20) . . . . . . . . . . . 846 853,386Home Depot Inc. (The)

1.80%, 06/05/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,859 1,860,3943.95%, 09/15/20 (Call 06/15/20)(a) . . . . . . . . . . . . . . . . . . . . . 1,183 1,186,939

McDonald's Corp.2.20%, 05/26/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,543 1,544,2652.75%, 12/09/20 (Call 11/09/20). . . . . . . . . . . . . . . . . . . . . . . . 12,966 13,090,7333.50%, 07/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 965 970,259

Starbucks Corp., 2.20%, 11/22/20 . . . . . . . . . . . . . . . . . . . . . . . . 6,108 6,142,449Walmart Inc.

1.90%, 12/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,891 8,965,5072.85%, 06/23/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,524 2,532,0263.25%, 10/25/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,427 1,444,7093.63%, 07/08/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,390 2,402,978

40,993,645Semiconductors — 1.3%Applied Materials Inc., 2.63%, 10/01/20 (Call 09/01/20) . . . . 1,683 1,689,008Intel Corp.

1.85%, 05/11/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,009 2,009,3212.45%, 07/29/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,077 5,099,593

QUALCOMM Inc., 2.25%, 05/20/20. . . . . . . . . . . . . . . . . . . . . . . 5,561 5,564,337

14,362,259Software — 1.9%Broadridge Financial Solutions Inc., 3.95%, 09/01/20(a) . . . . 700 705,691Fiserv Inc., 2.70%, 06/01/20 (Call 05/01/20)(a) . . . . . . . . . . . . . 2,311 2,314,143Microsoft Corp.

2.00%, 11/03/20 (Call 10/03/20). . . . . . . . . . . . . . . . . . . . . . . . 6,984 7,034,2853.00%, 10/01/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,828 3,862,949

Oracle Corp., 3.88%, 07/15/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . 3,219 3,239,183VMware Inc., 2.30%, 08/21/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,292 3,313,003

20,469,254Telecommunications — 1.3%AT&T Inc., 2.45%, 06/30/20 (Call 05/30/20)(a) . . . . . . . . . . . . . 10,364 10,370,840Cisco Systems Inc., 2.45%, 06/15/20 . . . . . . . . . . . . . . . . . . . . . 3,926 3,933,734

14,304,574Transportation — 0.3%Norfolk Southern Railway Co., 9.75%, 06/15/20 . . . . . . . . . . . 677 681,421Ryder System Inc.

2.50%, 05/11/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 723 722,7472.88%, 09/01/20 (Call 08/01/20) . . . . . . . . . . . . . . . . . . . . . . . 244 244,083

Union Pacific Corp., 2.25%, 06/19/20 (Call 05/19/20) . . . . . . 1,895 1,896,762

3,545,013

Total Corporate Bonds & Notes — 88.9%(Cost: $979,736,941) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 982,419,861


April 30, 2020



SecurityShares

(000) Value

Short-Term InvestmentsMoney Market Funds — 13.0%BlackRock Cash Funds: Institutional, SL Agency Shares,

0.89%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,779 $ 28,810,703BlackRock Cash Funds: Treasury, SL Agency Shares,

0.18%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,072 115,072,000

143,882,703

Total Short-Term Investments — 13.0%(Cost: $143,841,441) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,882,703

Total Investments in Securities — 101.9%(Cost: $1,123,578,382). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,126,302,564

Other Assets, Less Liabilities — (1.9)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,185,544)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,105,117,020

(a) All or a portion of this security is on loan.(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of

1933, as amended. These securities may be resold in transactions exempt fromregistration to qualified institutional investors.

(c) Affiliate of the Fund.(d) Annualized 7-day yield as of period-end.(e) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer

SharesHeld at

10/31/19(000)

Net Activity(000)

SharesHeld at

04/30/20(000)

Value at04/30/20 Income

Net RealizedGain (Loss)(a)

Change inUnrealized

Appreciation(Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . 26,992 1,787 28,779 $ 28,810,703 $ 76,047(b) $ (13,400) $ 35,525BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . 63,310 51,762 115,072 115,072,000 807,586 — —

$143,882,703 $883,633 $ (13,400) $ 35,525

(a) Includes realized capital gain distributions from an affiliated fund, if any.(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to

and from borrowers of securities, and less fees paid to BTC as securities lending agent.

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 April 30, 2020. The breakdown of the Fund's investments intomajor categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Corporate Bonds & Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 982,419,861 $ — $ 982,419,861Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,882,703 — — 143,882,703

$ 143,882,703 $ 982,419,861 $ — $1,126,302,564

See notes to financial statements.


April 30, 2020



SecurityPar

(000) Value


10/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,163 $ 1,190,854

Aerospace & Defense — 1.3%Boeing Co. (The)

2.30%, 08/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,135 2,097,5312.35%, 10/30/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,808 1,759,0218.75%, 08/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 175,236

General Dynamics Corp.3.00%, 05/11/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,150 6,274,0453.88%, 07/15/21 (Call 04/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,212 1,245,148

L3Harris Technologies Inc., 4.95%, 02/15/21(Call 11/15/20)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,556 1,582,219

Lockheed Martin Corp., 3.35%, 09/15/21 . . . . . . . . . . . . . . . . . . . 2,506 2,597,419Northrop Grumman Corp., 3.50%, 03/15/21 . . . . . . . . . . . . . . . . 1,891 1,925,435

17,656,054Agriculture — 0.8%Altria Group Inc., 4.75%, 05/05/21 . . . . . . . . . . . . . . . . . . . . . . . . . 4,399 4,537,965Archer-Daniels-Midland Co., 4.48%, 03/01/21(b) . . . . . . . . . . . . 837 860,444Philip Morris International Inc.

1.88%, 02/25/21 (Call 01/25/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,501 2,513,9552.90%, 11/15/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,235 2,296,3064.13%, 05/17/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 417,292

10,625,962Auto Manufacturers — 3.9%American Honda Finance Corp.

1.65%, 07/12/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,170 2,161,6461.70%, 09/09/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,183 3,171,6372.65%, 02/12/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,103 3,124,8763.15%, 01/08/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 629 634,4533.38%, 12/10/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,539 1,571,488

General Motors Financial Co. Inc.3.20%, 07/06/21 (Call 06/06/21). . . . . . . . . . . . . . . . . . . . . . . . . 5,840 5,714,0903.55%, 04/09/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,153 1,135,3944.20%, 03/01/21 (Call 02/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 4,945 4,906,0334.20%, 11/06/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,305 4,246,8824.38%, 09/25/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,072 4,003,916

PACCAR Financial Corp.2.80%, 03/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 986 999,6963.10%, 05/10/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,092 1,116,8323.15%, 08/09/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,032 1,058,089

Toyota Motor Corp., 3.18%, 07/20/21 . . . . . . . . . . . . . . . . . . . . . . 2,257 2,302,682Toyota Motor Credit Corp.

1.80%, 10/07/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,415 1,424,9471.90%, 04/08/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,998 3,012,3902.75%, 05/17/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,219 2,250,7542.95%, 04/13/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,061 3,105,2313.05%, 01/08/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,839 1,857,7583.40%, 09/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,611 2,684,5004.25%, 01/11/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,545 1,574,958

52,058,252Banks — 39.3%Associated Bank N.A./Green Bay WI, 3.50%, 08/13/21

(Call 07/13/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 672 684,056Australia & New Zealand Banking Group Ltd., 3.30%,

05/17/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,064 2,114,733

SecurityPar

(000) Value

Banks (continued)Australia & New Zealand Banking Group Ltd./New York NY

2.30%, 06/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,297 $ 3,334,8502.55%, 11/23/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,812 1,849,182

Bank of America Corp.2.63%, 04/19/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,771 5,861,1435.00%, 05/13/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,730 2,837,6715.88%, 01/05/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,145 2,213,039

Bank of Montreal1.90%, 08/27/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,531 8,621,002Series D, 3.10%, 04/13/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,453 1,482,452

Bank of New York Mellon Corp. (The)2.05%, 05/03/21 (Call 04/03/21). . . . . . . . . . . . . . . . . . . . . . . . . 4,987 5,038,4662.50%, 04/15/21 (Call 03/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,920 3,978,5263.55%, 09/23/21 (Call 08/23/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,940 3,027,3774.15%, 02/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555 567,399

Bank of Nova Scotia (The)2.45%, 03/22/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,408 4,468,4782.50%, 01/08/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,335 3,373,7862.80%, 07/21/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,613 2,658,6493.13%, 04/20/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,619 3,695,2164.38%, 01/13/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,769 1,811,421

Barclays Bank PLC, 2.65%, 01/11/21 (Call 12/11/20). . . . . . . . 4,813 4,844,188Barclays PLC

3.20%, 08/10/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,257 4,319,9613.25%, 01/12/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,510 4,556,137

BBVA USA, 3.50%, 06/11/21 (Call 05/11/21). . . . . . . . . . . . . . . . 1,593 1,606,509BNP Paribas SA, 5.00%, 01/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . 7,706 7,920,689BPCE SA

2.65%, 02/03/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,822 1,843,6272.75%, 12/02/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,515 3,581,047

Canadian Imperial Bank of Commerce, 2.70%, 02/02/21 . . . . 2,142 2,166,226Capital One N.A.

2.25%, 09/13/21 (Call 08/13/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,800 2,805,0122.95%, 07/23/21 (Call 06/23/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,030 3,057,452

Citibank N.A.2.85%, 02/12/21 (Call 01/12/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,925 2,964,2533.40%, 07/23/21 (Call 06/23/21)(b). . . . . . . . . . . . . . . . . . . . . . . 3,400 3,483,232

Citigroup Inc.2.35%, 08/02/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,485 5,542,7572.70%, 03/30/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,185 7,281,9262.90%, 12/08/21 (Call 11/08/21). . . . . . . . . . . . . . . . . . . . . . . . . 8,449 8,605,137

Citizens Bank N.A./Providence RI, 2.55%, 05/13/21(Call 04/13/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,933 2,962,037

Citizens Financial Group Inc., 2.38%, 07/28/21(Call 06/28/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,139 1,146,540

Commonwealth Bank of Australia/New York NY, 2.55%,03/15/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,169 2,200,559

Cooperatieve Rabobank UA, 4.50%, 01/11/21 . . . . . . . . . . . . . . 5,212 5,339,381Cooperatieve Rabobank UA/NY

2.50%, 01/19/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,259 8,351,9963.13%, 04/26/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,828 1,867,467

Credit Suisse AG/New York NY2.10%, 11/12/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,685 5,747,2513.00%, 10/29/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,935 6,062,721

Credit Suisse Group Funding Guernsey Ltd., 3.45%,04/16/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,191 4,251,434

Deutsche Bank AG3.13%, 01/13/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,022 2,026,2063.38%, 05/12/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,249 3,251,567


April 30, 2020



SecurityPar

(000) Value

Banks (continued)Deutsche Bank AG/New York NY

3.13%, 01/13/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 417 $ 417,5883.15%, 01/22/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,428 6,392,8393.38%, 05/12/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,465 3,472,2764.25%, 02/04/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,275 1,279,3994.25%, 10/14/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,332 7,374,306

Discover Bank, 3.20%, 08/09/21 (Call 07/09/21) . . . . . . . . . . . . 2,090 2,100,617Fifth Third Bank/Cincinnati OH

2.25%, 06/14/21 (Call 05/14/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,430 3,468,3822.88%, 10/01/21 (Call 09/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,436 2,484,3303.35%, 07/26/21 (Call 06/26/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,285 1,316,046

Goldman Sachs Group Inc. (The)2.35%, 11/15/21 (Call 11/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . 6,064 6,094,3202.63%, 04/25/21 (Call 03/25/21). . . . . . . . . . . . . . . . . . . . . . . . . 4,184 4,228,2252.88%, 02/25/21 (Call 01/25/21). . . . . . . . . . . . . . . . . . . . . . . . . 4,058 4,102,8005.25%, 07/27/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,996 11,479,164

HSBC Holdings PLC2.95%, 05/25/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,298 7,405,7913.40%, 03/08/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,328 8,480,4025.10%, 04/05/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,899 7,139,154

Huntington Bancshares Inc./OH, 3.15%, 03/14/21(Call 02/14/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,502 3,553,164

Huntington National Bank (The), 3.25%, 05/14/21(Call 04/14/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,093 1,114,117

JPMorgan Chase & Co.2.30%, 08/15/21 (Call 08/15/20). . . . . . . . . . . . . . . . . . . . . . . . . 7,718 7,740,8452.40%, 06/07/21 (Call 05/07/21). . . . . . . . . . . . . . . . . . . . . . . . . 4,482 4,534,3502.55%, 03/01/21 (Call 02/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 7,727 7,814,6244.35%, 08/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,002 8,316,5594.63%, 05/10/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,279 5,468,833

KeyBank N.A./Cleveland OH2.50%, 11/22/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,871 2,933,7033.35%, 06/15/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,102 1,128,988

KeyCorp, 5.10%, 03/24/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,586 3,706,848Lloyds Bank PLC

3.30%, 05/07/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,369 3,438,2676.38%, 01/21/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,057 1,091,892

Lloyds Banking Group PLC, 3.10%, 07/06/21. . . . . . . . . . . . . . . 3,271 3,306,294Manufacturers & Traders Trust Co., 2.63%, 01/25/21

(Call 12/25/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,828 1,845,860Mitsubishi UFJ Financial Group Inc.

2.19%, 09/13/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,163 2,178,6172.95%, 03/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,308 4,374,5593.54%, 07/26/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,631 3,721,848

Mizuho Financial Group Inc., 2.27%, 09/13/21. . . . . . . . . . . . . . 3,470 3,492,833Morgan Stanley

2.50%, 04/21/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,784 6,866,2902.63%, 11/17/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,354 8,490,0035.50%, 07/28/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,594 9,013,0435.75%, 01/25/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,235 7,471,729

National Australia Bank Ltd./New York1.88%, 07/12/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,126 3,152,0402.50%, 01/12/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,244 3,275,0132.63%, 01/14/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,734 2,760,9573.38%, 09/20/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 829 853,2903.70%, 11/04/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,189 2,270,693

Northern Trust Corp., 3.38%, 08/23/21(b) . . . . . . . . . . . . . . . . . . . 1,047 1,080,012PNC Bank N.A.

2.15%, 04/29/21 (Call 03/30/21)(b). . . . . . . . . . . . . . . . . . . . . . . 4,290 4,339,4212.50%, 01/22/21 (Call 12/23/20). . . . . . . . . . . . . . . . . . . . . . . . . 2,833 2,862,973

SecurityPar

(000) Value

Banks (continued)2.55%, 12/09/21 (Call 11/09/21). . . . . . . . . . . . . . . . . . . . . . . . . $ 2,355 $ 2,409,848

Regions Bank/Birmingham AL, 2.75%, 04/01/21(Call 03/01/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,010 2,038,441

Royal Bank of Canada2.50%, 01/19/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,425 3,465,0043.20%, 04/30/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,111 4,204,484

Santander Holdings USA Inc., 4.45%, 12/03/21(Call 11/03/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,633 1,673,727

Santander UK Group Holdings PLC2.88%, 08/05/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,331 4,361,3173.13%, 01/08/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,156 3,184,152

Santander UK PLC2.50%, 01/05/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,140 1,145,3693.40%, 06/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,619 2,673,9733.75%, 11/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,212 1,245,463

Skandinaviska Enskilda Banken AB1.88%, 09/13/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,712 1,724,6352.63%, 03/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,370 5,449,583

State Street Corp.1.95%, 05/19/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,263 2,288,5494.38%, 03/07/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,177 2,234,647

Sumitomo Mitsui Financial Group Inc.2.06%, 07/14/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,899 4,932,2152.44%, 10/19/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,913 3,965,8252.93%, 03/09/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,684 5,770,738

Svenska Handelsbanken AB1.88%, 09/07/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,604 2,629,1032.45%, 03/30/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,183 4,240,8093.35%, 05/24/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,417 3,505,432

Synchrony Bank, 3.65%, 05/24/21 (Call 04/24/21) . . . . . . . . . . 1,734 1,731,780Toronto-Dominion Bank (The)

1.80%, 07/13/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,730 4,767,1302.13%, 04/07/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,914 4,972,4772.55%, 01/25/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,291 3,331,0193.25%, 06/11/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,414 2,476,329

Truist Bank, 2.85%, 04/01/21 (Call 03/01/21)(b) . . . . . . . . . . . . . 1,564 1,589,087Truist Financial Corp.

2.05%, 05/10/21 (Call 04/09/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,735 3,769,3252.15%, 02/01/21 (Call 01/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,969 2,991,0602.90%, 03/03/21 (Call 02/03/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,096 3,138,1373.20%, 09/03/21 (Call 08/03/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,325 1,357,356

U.S. Bancorp.2.35%, 01/29/21 (Call 12/29/20). . . . . . . . . . . . . . . . . . . . . . . . . 4,000 4,038,0804.13%, 05/24/21 (Call 04/23/21)(b). . . . . . . . . . . . . . . . . . . . . . . 2,656 2,738,761

U.S. Bank N.A./Cincinnati OH3.00%, 02/04/21 (Call 01/04/21)(b). . . . . . . . . . . . . . . . . . . . . . . 2,435 2,469,5283.15%, 04/26/21 (Call 03/26/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,217 2,262,2933.45%, 11/16/21 (Call 10/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,460 3,586,394

Wells Fargo & Co.2.10%, 07/26/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,745 8,817,7582.50%, 03/04/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,395 7,475,9753.00%, 01/22/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,962 4,014,0214.60%, 04/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,195 7,423,441

Wells Fargo Bank N.A.2.60%, 01/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,325 6,391,4123.63%, 10/22/21 (Call 09/21/21). . . . . . . . . . . . . . . . . . . . . . . . . 6,099 6,306,671

Westpac Banking Corp.2.00%, 08/19/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,879 3,919,3802.10%, 05/13/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,830 3,872,3602.65%, 01/25/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,723 2,752,953


April 30, 2020



SecurityPar

(000) Value

Banks (continued)Zions Bancorp. N.A., 3.50%, 08/27/21 . . . . . . . . . . . . . . . . . . . . . $ 1,125 $ 1,133,449


1.55%, 09/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,392 2,419,7233.30%, 09/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,741 3,872,159

Constellation Brands Inc., 3.75%, 05/01/21. . . . . . . . . . . . . . . . . 1,131 1,150,838Keurig Dr Pepper Inc., 3.55%, 05/25/21 . . . . . . . . . . . . . . . . . . . . 4,959 5,059,618Molson Coors Beverage Co., 2.10%, 07/15/21

(Call 06/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,277 3,266,120PepsiCo Inc.

1.70%, 10/06/21 (Call 09/06/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,067 2,095,7932.00%, 04/15/21 (Call 03/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,762 2,791,6923.00%, 08/25/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,115 2,177,393

22,833,336Biotechnology — 0.8%Amgen Inc., 3.88%, 11/15/21 (Call 08/15/21) . . . . . . . . . . . . . . . 4,040 4,178,004Gilead Sciences Inc.

4.40%, 12/01/21 (Call 09/01/21)(b). . . . . . . . . . . . . . . . . . . . . . . 4,285 4,485,3664.50%, 04/01/21 (Call 01/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,103 2,151,958

10,815,328Building Materials — 0.1%CRH America Inc., 5.75%, 01/15/21(b). . . . . . . . . . . . . . . . . . . . . . 139 143,038Masco Corp., 3.50%, 04/01/21 (Call 03/01/21)(b). . . . . . . . . . . . 1,050 1,058,621

1,201,659Chemicals — 0.8%Air Products & Chemicals Inc., 3.00%, 11/03/21 . . . . . . . . . . . . 634 651,232Celanese U.S. Holdings LLC, 5.88%, 06/15/21 . . . . . . . . . . . . . 855 898,058Eastman Chemical Co., 3.50%, 12/01/21. . . . . . . . . . . . . . . . . . . 632 646,972Ecolab Inc., 4.35%, 12/08/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,798 2,958,521LyondellBasell Industries NV, 6.00%, 11/15/21

(Call 08/17/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,675 2,802,089Mosaic Co. (The), 3.75%, 11/15/21 (Call 08/15/21)(b) . . . . . . . 1,255 1,242,049Praxair Inc.

3.00%, 09/01/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 562 575,9264.05%, 03/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,222 1,254,371

11,029,218Commercial Services — 0.6%Equifax Inc.

2.30%, 06/01/21 (Call 05/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 835 838,5743.60%, 08/15/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 743 756,493

Global Payments Inc., 3.80%, 04/01/21 (Call 03/01/21) . . . . . 2,435 2,467,751Moody's Corp.

2.75%, 12/15/21 (Call 11/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,477 1,507,1313.25%, 06/07/21 (Call 05/07/21). . . . . . . . . . . . . . . . . . . . . . . . . 936 954,374

Verisk Analytics Inc., 5.80%, 05/01/21. . . . . . . . . . . . . . . . . . . . . . 1,178 1,225,673


1.55%, 08/04/21 (Call 07/04/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,701 3,735,7522.25%, 02/23/21 (Call 01/23/21). . . . . . . . . . . . . . . . . . . . . . . . . 8,214 8,306,6542.85%, 05/06/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,610 8,798,042

Dell International LLC/EMC Corp., 4.42%, 06/15/21(Call 05/15/21)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,972 13,183,963

Hewlett Packard Enterprise Co., 3.50%, 10/05/21(Call 09/05/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,507 1,540,817

HP Inc.4.30%, 06/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,728 1,776,419

SecurityPar

(000) Value

Computers (continued)4.38%, 09/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,433 $ 1,477,7674.65%, 12/09/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,335 1,389,628

IBM Credit LLC1.80%, 01/20/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,813 1,825,2382.65%, 02/05/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,520 1,543,3933.60%, 11/30/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,012 2,104,632

NetApp Inc., 3.38%, 06/15/21 (Call 04/15/21). . . . . . . . . . . . . . . 1,097 1,116,077

46,798,382Cosmetics & Personal Care — 0.8%Colgate-Palmolive Co., 2.45%, 11/15/21(b) . . . . . . . . . . . . . . . . . 190 195,290Estee Lauder Companies Inc. (The), 1.70%, 05/10/21

(Call 04/10/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745 747,689Procter & Gamble Co. (The)

1.70%, 11/03/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,190 2,231,4131.85%, 02/02/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,105 2,122,071

Unilever Capital Corp.1.38%, 07/28/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,545 1,556,6962.75%, 03/22/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,432 1,455,6574.25%, 02/10/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,285 2,346,718


4.50%, 05/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,779 2,687,7935.00%, 10/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,533 2,431,655

Air Lease Corp.2.50%, 03/01/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,825 1,769,1373.38%, 06/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,487 1,430,2713.88%, 04/01/21 (Call 03/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,234 1,200,781

Aircastle Ltd., 5.13%, 03/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377 368,272Ally Financial Inc., 4.25%, 04/15/21(b) . . . . . . . . . . . . . . . . . . . . . . 2,234 2,249,772American Express Co.

3.00%, 02/22/21 (Call 01/22/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,273 3,311,2943.38%, 05/17/21 (Call 04/17/21). . . . . . . . . . . . . . . . . . . . . . . . . 5,207 5,301,9763.70%, 11/05/21 (Call 10/05/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,728 1,778,509

American Express Credit Corp., 2.25%, 05/05/21(Call 04/04/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,667 5,731,830

Capital One Financial Corp.3.45%, 04/30/21 (Call 03/30/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,484 3,535,6684.75%, 07/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,420 4,562,899

Charles Schwab Corp. (The), 3.25%, 05/21/21(Call 04/21/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,626 1,658,114

International Lease Finance Corp., 4.63%, 04/15/21 . . . . . . . . 1,348 1,330,907Jefferies Group LLC, 6.88%, 04/15/21(b) . . . . . . . . . . . . . . . . . . . 1,727 1,780,502Mastercard Inc., 2.00%, 11/21/21 (Call 10/21/21) . . . . . . . . . . . 1,887 1,922,098Synchrony Financial, 3.75%, 08/15/21 (Call 06/15/21)(b) . . . . 2,028 2,033,212

45,084,690Electric — 4.4%American Electric Power Co. Inc., Series I, 3.65%,

12/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,445 1,495,936Appalachian Power Co., 4.60%, 03/30/21 (Call 12/30/20) . . . 515 523,559Baltimore Gas & Electric Co., 3.50%, 11/15/21

(Call 08/15/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 318,810Berkshire Hathaway Energy Co., 2.38%, 01/15/21(b) . . . . . . . . 1,555 1,568,979CenterPoint Energy Houston Electric LLC, 1.85%, 06/01/21

(Call 05/01/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,334 1,345,592CenterPoint Energy Inc., 3.60%, 11/01/21 . . . . . . . . . . . . . . . . . . 1,191 1,225,527Commonwealth Edison Co., 3.40%, 09/01/21

(Call 06/01/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 814 834,383Consolidated Edison Inc., 2.00%, 05/15/21 (Call 04/15/21) . . 1,575 1,584,781


April 30, 2020



SecurityPar

(000) Value

Electric (continued)Dominion Energy Inc.

2.72%, 08/15/21(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,607 $ 2,645,2454.10%, 04/01/21(b)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 567 574,677Series C, 2.00%, 08/15/21 (Call 07/15/21) . . . . . . . . . . . . . . . 1,706 1,717,669

Duke Energy Carolinas LLC, 3.90%, 06/15/21(Call 03/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,552 1,591,235

Duke Energy Corp.1.80%, 09/01/21 (Call 08/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,808 2,835,6593.55%, 09/15/21 (Call 06/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,523 1,560,664

Duke Energy Florida LLC, 3.10%, 08/15/21(Call 05/15/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455 464,937

Duke Energy Progress LLC, 3.00%, 09/15/21(Call 06/15/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,074 1,096,307

Emera U.S. Finance LP, 2.70%, 06/15/21 (Call 05/15/21) . . . 2,414 2,426,842Entergy Arkansas LLC, 3.75%, 02/15/21 (Call 11/15/20) . . . . 684 693,993Evergy Inc., 4.85%, 06/01/21 (Call 03/01/21) . . . . . . . . . . . . . . . 410 420,771Eversource Energy, 2.50%, 03/15/21 (Call 02/15/21). . . . . . . . 1,300 1,310,582Exelon Corp., 2.45%, 04/15/21 (Call 03/15/21) . . . . . . . . . . . . . 1,613 1,623,936Georgia Power Co., 2.40%, 04/01/21 (Call 03/01/21)(b) . . . . . 368 371,246National Rural Utilities Cooperative Finance Corp., 2.90%,

03/15/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,510 1,535,866NextEra Energy Capital Holdings Inc.

2.40%, 09/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,525 4,599,5274.50%, 06/01/21 (Call 03/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 828 849,205

Ohio Power Co., Series M, 5.38%, 10/01/21(b) . . . . . . . . . . . . . . 851 904,400PacifiCorp, 3.85%, 06/15/21 (Call 03/15/21) . . . . . . . . . . . . . . . . 886 908,921PECO Energy Co., 1.70%, 09/15/21 (Call 08/15/21) . . . . . . . . 365 368,241PNM Resources Inc., 3.25%, 03/09/21 . . . . . . . . . . . . . . . . . . . . . 776 780,757PPL Electric Utilities Corp., 3.00%, 09/15/21

(Call 06/15/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 690 705,208Progress Energy Inc., 4.40%, 01/15/21 (Call 10/15/20). . . . . . 1,324 1,342,033PSEG Power LLC, 3.00%, 06/15/21 (Call 05/15/21)(b). . . . . . . 1,776 1,800,864Public Service Electric & Gas Co., 1.90%, 03/15/21

(Call 02/15/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 672 676,617Public Service Enterprise Group Inc., 2.00%, 11/15/21

(Call 10/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,025 1,033,251Puget Energy Inc., 6.00%, 09/01/21. . . . . . . . . . . . . . . . . . . . . . . . 1,155 1,204,919San Diego Gas & Electric Co., 3.00%, 08/15/21(b) . . . . . . . . . . 958 973,587Southern California Edison Co.

3.88%, 06/01/21 (Call 03/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 723 738,125Series A, 2.90%, 03/01/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,552 1,564,633

Southern Co. (The), 2.35%, 07/01/21 (Call 06/01/21) . . . . . . . 5,274 5,332,594Southern Power Co., Series E, 2.50%, 12/15/21

(Call 11/15/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,159 1,176,003WEC Energy Group Inc., 3.38%, 06/15/21. . . . . . . . . . . . . . . . . . 2,113 2,167,579Wisconsin Electric Power Co., 2.95%, 09/15/21

(Call 06/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222 226,052Wisconsin Public Service Corp., 3.35%, 11/21/21 . . . . . . . . . . . 1,018 1,052,520Xcel Energy Inc., 2.40%, 03/15/21 (Call 02/15/21) . . . . . . . . . . 1,323 1,331,520

59,503,752Electrical Components & Equipment — 0.1%Emerson Electric Co., 2.63%, 12/01/21 (Call 11/01/21). . . . . . 1,742 1,783,042

Electronics — 0.8%Avnet Inc., 3.75%, 12/01/21 (Call 11/01/21)(b) . . . . . . . . . . . . . . 645 656,055FLIR Systems Inc., 3.13%, 06/15/21 (Call 05/15/21) . . . . . . . . 675 684,855Fortive Corp., 2.35%, 06/15/21 (Call 05/15/21)(b) . . . . . . . . . . . 1,647 1,653,390Honeywell International Inc.

1.85%, 11/01/21 (Call 10/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 4,828 4,905,7794.25%, 03/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,650 1,695,029

SecurityPar

(000) Value

Electronics (continued)Roper Technologies Inc., 2.80%, 12/15/21 (Call 11/15/21) . . . $ 1,507 $ 1,538,421

11,133,529Environmental Control — 0.2%Republic Services Inc., 5.25%, 11/15/21 . . . . . . . . . . . . . . . . . . . 2,154 2,281,345Waste Management Inc., 4.60%, 03/01/21 (Call 12/01/20) . . 925 943,796

3,225,141Food — 1.6%Campbell Soup Co., 3.30%, 03/15/21(b) . . . . . . . . . . . . . . . . . . . . 1,845 1,865,516Conagra Brands Inc., 3.80%, 10/22/21(b) . . . . . . . . . . . . . . . . . . . 3,777 3,895,258General Mills Inc.

3.15%, 12/15/21 (Call 09/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,467 2,536,1013.20%, 04/16/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,790 2,831,264

Hershey Co. (The), 3.10%, 05/15/21 . . . . . . . . . . . . . . . . . . . . . . . 971 992,925JM Smucker Co. (The), 3.50%, 10/15/21 . . . . . . . . . . . . . . . . . . . 2,059 2,127,359Kroger Co. (The)

2.60%, 02/01/21 (Call 01/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 298 300,1282.95%, 11/01/21 (Call 10/01/21)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,823 1,866,1143.30%, 01/15/21 (Call 12/15/20)(b). . . . . . . . . . . . . . . . . . . . . . . 1,729 1,748,520

Sysco Corp., 2.50%, 07/15/21 (Call 06/15/21) . . . . . . . . . . . . . . 1,333 1,340,198Tyson Foods Inc., 2.25%, 08/23/21 (Call 07/23/21) . . . . . . . . . 1,600 1,619,792

21,123,175Forest Products & Paper — 0.0%International Paper Co., 7.50%, 08/15/21 . . . . . . . . . . . . . . . . . . 560 606,620

Gas — 0.2%CenterPoint Energy Resources Corp., 4.50%, 01/15/21

(Call 10/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 939 951,949National Fuel Gas Co., 4.90%, 12/01/21 (Call 09/01/21)(b). . . 1,201 1,218,618Southern Co. Gas Capital Corp., 3.50%, 09/15/21

(Call 06/15/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319 325,578

2,496,145Hand & Machine Tools — 0.1%Stanley Black & Decker Inc., 3.40%, 12/01/21

(Call 09/01/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840 860,378

Health Care - Products — 0.3%Baxter International Inc., 1.70%, 08/15/21 (Call 07/15/21) . . . 1,295 1,304,570Stryker Corp., 2.63%, 03/15/21 (Call 02/15/21) . . . . . . . . . . . . . 2,014 2,037,463Zimmer Biomet Holdings Inc., 3.38%, 11/30/21

(Call 08/30/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 817 830,562

4,172,595Health Care - Services — 0.9%Anthem Inc., 3.70%, 08/15/21 (Call 05/15/21) . . . . . . . . . . . . . . 1,856 1,901,954Quest Diagnostics Inc., 4.70%, 04/01/21(b) . . . . . . . . . . . . . . . . . 1,230 1,264,637UnitedHealth Group Inc.

2.13%, 03/15/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,438 2,463,5742.88%, 12/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,800 2,885,4283.15%, 06/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,430 1,464,1633.38%, 11/15/21 (Call 08/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,346 1,387,6594.70%, 02/15/21 (Call 11/15/20)(b) . . . . . . . . . . . . . . . . . . . . . . . 404 411,769

11,779,184Home Furnishings — 0.1%Whirlpool Corp., 4.85%, 06/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . 853 879,170

Household Products & Wares — 0.0%Clorox Co. (The), 3.80%, 11/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . 245 254,658

Insurance — 1.4%American International Group Inc., 3.30%, 03/01/21

(Call 02/01/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,196 4,256,590


April 30, 2020



SecurityPar

(000) Value

Insurance (continued)Aon PLC, 2.80%, 03/15/21 (Call 02/15/21)(b) . . . . . . . . . . . . . . . $ 1,393 $ 1,407,292Berkshire Hathaway Finance Corp., 4.25%, 01/15/21(b) . . . . . 2,382 2,438,239Berkshire Hathaway Inc.

2.20%, 03/15/21 (Call 02/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,104 3,143,2973.75%, 08/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 963 998,910

CNA Financial Corp., 5.75%, 08/15/21 . . . . . . . . . . . . . . . . . . . . . 483 506,498Marsh & McLennan Companies Inc., 4.80%, 07/15/21

(Call 04/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,540 1,595,255Progressive Corp. (The), 3.75%, 08/23/21. . . . . . . . . . . . . . . . . . 777 801,577Prudential Financial Inc., 4.50%, 11/16/21 . . . . . . . . . . . . . . . . . . 1,155 1,210,752Reinsurance Group of America Inc., 5.00%, 06/01/21 . . . . . . . 470 483,874Trinity Acquisition PLC, 3.50%, 09/15/21 (Call 08/15/21)(b) . . 1,150 1,161,592Willis Towers Watson PLC, 5.75%, 03/15/21. . . . . . . . . . . . . . . . 1,112 1,147,017

19,150,893Internet — 1.1%Alibaba Group Holding Ltd., 3.13%, 11/28/21

(Call 09/28/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,165 4,244,968Alphabet Inc., 3.63%, 05/19/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,511 2,588,012Amazon.com Inc., 3.30%, 12/05/21 (Call 10/05/21) . . . . . . . . . 3,470 3,597,037eBay Inc., 2.88%, 08/01/21 (Call 06/01/21) . . . . . . . . . . . . . . . . . 2,190 2,222,478JD.com Inc., 3.13%, 04/29/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,795 1,805,878

14,458,373Lodging — 0.2%Marriott International Inc./MD

2.88%, 03/01/21 (Call 02/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,611 1,578,925Series N, 3.13%, 10/15/21 (Call 07/15/21) . . . . . . . . . . . . . . . 880 861,265

2,440,190Machinery — 2.2%Caterpillar Financial Services Corp.

1.70%, 08/09/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,037 3,061,4781.93%, 10/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,290 1,305,6482.90%, 03/15/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 844 858,0273.15%, 09/07/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,943 3,027,641Series I, 2.65%, 05/17/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,475 1,499,441

Caterpillar Inc., 3.90%, 05/27/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,076 3,161,359CNH Industrial Capital LLC

3.88%, 10/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 534 539,8474.88%, 04/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,988 2,002,294

John Deere Capital Corp.2.30%, 06/07/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,674 1,697,5532.35%, 01/08/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,077 2,097,3752.55%, 01/08/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,516 1,530,6452.80%, 03/04/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,471 1,493,8452.88%, 03/12/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 783 795,7793.13%, 09/10/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,934 1,987,8233.15%, 10/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,445 1,483,6393.90%, 07/12/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,192 1,232,230

Xylem Inc./NY, 4.88%, 10/01/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . 1,330 1,396,832

29,171,456Manufacturing — 1.1%3M Co.

1.63%, 09/19/21 (Call 08/19/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,858 1,877,2683.00%, 09/14/21 (Call 08/14/21). . . . . . . . . . . . . . . . . . . . . . . . . 845 868,085

General Electric Co.4.63%, 01/07/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,984 3,026,6714.65%, 10/17/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,307 4,470,3225.30%, 02/11/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,202 3,264,471

Illinois Tool Works Inc., 3.38%, 09/15/21 (Call 06/15/21)(b) . . 435 446,288

SecurityPar

(000) Value

Manufacturing (continued)Ingersoll-Rand Global Holding Co. Ltd., 2.90%, 02/21/21. . . . $ 660 $ 666,864

14,619,969Media — 1.4%Discovery Communications LLC, 4.38%, 06/15/21 . . . . . . . . . . 1,912 1,959,819Time Warner Cable LLC

4.00%, 09/01/21 (Call 06/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,873 2,927,7594.13%, 02/15/21 (Call 11/15/20). . . . . . . . . . . . . . . . . . . . . . . . . 2,035 2,042,448

TWDC Enterprises 18 Corp.2.30%, 02/12/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,163 2,181,3642.75%, 08/16/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,504 1,537,4043.75%, 06/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,601 1,648,262

ViacomCBS Inc.3.88%, 12/15/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,393 1,436,1274.50%, 03/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,287 1,329,535

ViacomCBS, Inc., 4.30%, 02/15/21 (Call 05/04/20). . . . . . . . . . 915 934,362Walt Disney Co. (The), 4.50%, 02/15/21(b). . . . . . . . . . . . . . . . . . 2,234 2,286,968

18,284,048Mining — 0.3%BHP Billiton Finance USA Ltd., 3.25%, 11/21/21 . . . . . . . . . . . . 1,600 1,642,944Kinross Gold Corp., 5.13%, 09/01/21 (Call 06/01/21). . . . . . . . 480 494,386Newmont Corp., 3.63%, 06/09/21 (Call 04/09/21) . . . . . . . . . . . 1,403 1,423,806

3,561,136Oil & Gas — 3.3%BP Capital Markets America Inc.

2.11%, 09/16/21 (Call 08/16/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,722 1,733,1414.74%, 03/11/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,284 3,372,504

BP Capital Markets PLC, 3.56%, 11/01/21. . . . . . . . . . . . . . . . . . 3,171 3,257,663Canadian Natural Resources Ltd., 3.45%, 11/15/21

(Call 08/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,716 1,715,640Chevron Corp., 2.10%, 05/16/21 (Call 04/15/21) . . . . . . . . . . . . 3,839 3,880,653EOG Resources Inc., 4.10%, 02/01/21 . . . . . . . . . . . . . . . . . . . . . 1,885 1,916,121Exxon Mobil Corp., 2.22%, 03/01/21 (Call 02/01/21) . . . . . . . . 7,501 7,563,033Marathon Petroleum Corp., 5.13%, 03/01/21 . . . . . . . . . . . . . . . 2,792 2,814,811Ovintiv Inc, 3.90%, 11/15/21 (Call 08/15/21) . . . . . . . . . . . . . . . . 1,084 982,147Pioneer Natural Resources Co., 3.45%, 01/15/21

(Call 12/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,420 1,424,033Shell International Finance BV

1.75%, 09/12/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,223 3,234,9251.88%, 05/10/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,968 3,985,380

Total Capital International SA2.22%, 07/12/21 (Call 06/12/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,409 3,439,5112.75%, 06/19/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,296 3,342,144

Total Capital SA4.13%, 01/28/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 995 1,015,5774.25%, 12/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 885 924,418

44,601,701Oil & Gas Services — 0.1%Halliburton Co., 3.25%, 11/15/21 (Call 08/15/21). . . . . . . . . . . . 1,809 1,802,650

Packaging & Containers — 0.1%Bemis Co. Inc., 4.50%, 10/15/21 (Call 07/15/21)(b) . . . . . . . . . . 845 871,880

Pharmaceuticals — 6.4%AbbVie Inc.

2.15%, 11/19/21(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,505 5,577,7212.30%, 05/14/21 (Call 04/14/21). . . . . . . . . . . . . . . . . . . . . . . . . 5,672 5,724,6363.38%, 11/14/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,755 2,843,325

AmerisourceBergen Corp., 3.50%, 11/15/21(Call 08/15/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,090 1,116,574

Becton Dickinson and Co., 3.13%, 11/08/21 . . . . . . . . . . . . . . . . 2,644 2,702,485


April 30, 2020



SecurityPar

(000) Value

Pharmaceuticals (continued)Bristol-Myers Squibb Co.

2.25%, 08/15/21(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,437 $ 1,460,2942.55%, 05/14/21(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,865 2,911,3562.88%, 02/19/21(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,690 1,715,502

Cigna Corp., 3.40%, 09/17/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,659 3,764,123CVS Health Corp.

2.13%, 06/01/21 (Call 05/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 4,873 4,912,4713.35%, 03/09/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,236 6,341,887

GlaxoSmithKline Capital PLC, 3.13%, 05/14/21. . . . . . . . . . . . . 4,117 4,213,708Johnson & Johnson

1.65%, 03/01/21 (Call 02/01/21)(b). . . . . . . . . . . . . . . . . . . . . . . 3,183 3,213,5252.45%, 12/05/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 845 868,9393.55%, 05/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908 935,158

McKesson Corp., 4.75%, 03/01/21 (Call 12/01/20) . . . . . . . . . . 100 101,039Merck & Co. Inc., 3.88%, 01/15/21 (Call 10/15/20)(b) . . . . . . . . 2,907 2,947,262Mylan NV, 3.15%, 06/15/21 (Call 05/15/21) . . . . . . . . . . . . . . . . . 6,216 6,276,482Perrigo Finance Unlimited Co., 3.50%, 12/15/21

(Call 10/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287 289,796Pfizer Inc.

1.95%, 06/03/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,167 3,215,9622.20%, 12/15/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,699 3,781,4883.00%, 09/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,308 2,378,763

Sanofi, 4.00%, 03/29/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,231 4,348,833Shire Acquisitions Investments Ireland DAC, 2.40%,

09/23/21 (Call 08/23/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,221 9,360,145Takeda Pharmaceutical Co. Ltd., 4.00%, 11/26/21

(Call 10/26/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,228 3,359,929Zoetis Inc., 3.25%, 08/20/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 790 809,142

85,170,545Pipelines — 1.8%Enbridge Energy Partners LP, 4.20%, 09/15/21

(Call 06/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 968 982,481Energy Transfer Operating LP, 4.65%, 06/01/21

(Call 03/01/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,266 2,263,643Enterprise Products Operating LLC

2.80%, 02/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,789 1,797,5872.85%, 04/15/21 (Call 03/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,642 1,642,805

Kinder Morgan Energy Partners LP3.50%, 03/01/21 (Call 01/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,495 2,500,5145.00%, 10/01/21 (Call 07/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,441 1,468,5815.80%, 03/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 792 811,784

Magellan Midstream Partners LP, 4.25%, 02/01/21 . . . . . . . . . 1,255 1,263,572Plains All American Pipeline LP/PAA Finance Corp., 5.00%,

02/01/21 (Call 11/01/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 833 829,943Sabine Pass Liquefaction LLC, 5.63%, 02/01/21

(Call 11/01/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,543 5,543,499Southern Natural Gas Co. LLC/Southern Natural Issuing

Corp., 4.40%, 06/15/21 (Call 03/15/21) . . . . . . . . . . . . . . . . . . 625 637,319Sunoco Logistics Partners Operations LP, 4.40%, 04/01/21

(Call 03/01/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,345 1,340,857TC PipeLines LP, 4.65%, 06/15/21 (Call 03/15/21) . . . . . . . . . . 72 72,835TransCanada PipeLines Ltd., 9.88%, 01/01/21 . . . . . . . . . . . . . 637 669,742Williams Companies Inc. (The)

4.00%, 11/15/21 (Call 08/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,831 1,856,8177.88%, 09/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430 456,372

24,138,351Real Estate Investment Trusts — 1.4%American Tower Corp.

3.30%, 02/15/21 (Call 01/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,464 2,492,681

SecurityPar

(000) Value

Real Estate Investment Trusts (continued)3.45%, 09/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,626 $ 1,673,203

Boston Properties LP, 4.13%, 05/15/21 (Call 02/15/21). . . . . . 2,371 2,410,240Corporate Office Properties LP, 3.70%, 06/15/21

(Call 04/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433 431,627Crown Castle International Corp.

2.25%, 09/01/21 (Call 08/01/21)(b). . . . . . . . . . . . . . . . . . . . . . . 2,171 2,192,1673.40%, 02/15/21 (Call 01/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,985 2,008,701

ERP Operating LP, 4.63%, 12/15/21 (Call 09/15/21)(b) . . . . . . 2,119 2,197,022Highwoods Realty LP, 3.20%, 06/15/21 (Call 04/15/21) . . . . . 324 324,081Kimco Realty Corp., 3.20%, 05/01/21 (Call 03/01/21) . . . . . . . 1,100 1,103,366Service Properties Trust, 4.25%, 02/15/21 (Call 11/15/20)(b) . 846 805,206Simon Property Group LP, 2.50%, 07/15/21 (Call 04/15/21) . 1,519 1,517,071Weyerhaeuser Co., 4.70%, 03/15/21 (Call 05/18/20) . . . . . . . . 1,069 1,105,121

18,260,486Retail — 2.6%AutoNation Inc., 3.35%, 01/15/21 (Call 12/15/20)(b) . . . . . . . . . 921 917,565Best Buy Co. Inc., 5.50%, 03/15/21 (Call 12/15/20) . . . . . . . . . 1,806 1,832,331Costco Wholesale Corp., 2.15%, 05/18/21 (Call 04/18/21) . . 2,991 3,042,774Family Dollar Stores Inc., 5.00%, 02/01/21(b) . . . . . . . . . . . . . . . 342 347,055Home Depot Inc. (The)

2.00%, 04/01/21 (Call 03/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 4,593 4,638,2414.40%, 04/01/21 (Call 01/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,709 2,772,689

Lowe's Companies Inc.3.75%, 04/15/21 (Call 01/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,291 1,313,6443.80%, 11/15/21 (Call 08/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,420 1,469,075

McDonald's Corp., 3.63%, 05/20/21(b). . . . . . . . . . . . . . . . . . . . . . 1,384 1,420,579Nordstrom Inc., 4.00%, 10/15/21 (Call 07/15/21). . . . . . . . . . . . 890 877,095O'Reilly Automotive Inc.

4.63%, 09/15/21 (Call 06/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,142 1,174,4104.88%, 01/14/21 (Call 10/14/20). . . . . . . . . . . . . . . . . . . . . . . . . 365 370,446

Starbucks Corp., 2.10%, 02/04/21 (Call 01/04/21) . . . . . . . . . . 3,181 3,201,740TJX Companies Inc. (The), 2.75%, 06/15/21 (Call 04/15/21). 1,625 1,645,183Walgreens Boots Alliance Inc., 3.30%, 11/18/21

(Call 09/18/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,451 3,519,951Walmart Inc.

3.13%, 06/23/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,521 6,704,7624.25%, 04/15/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 144,736

35,392,276Savings & Loans — 0.0%First Niagara Financial Group Inc., 7.25%, 12/15/21(b) . . . . . . 230 244,191

Semiconductors — 2.0%Analog Devices Inc.

2.50%, 12/05/21 (Call 11/05/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,289 1,301,0782.95%, 01/12/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 1,417,542

Applied Materials Inc., 4.30%, 06/15/21 . . . . . . . . . . . . . . . . . . . . 1,489 1,548,590Broadcom Corp./Broadcom Cayman Finance Ltd., 2.20%,

01/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,154 1,150,572Broadcom Inc., 3.13%, 04/15/21(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 2,998 3,018,027Intel Corp.

1.70%, 05/19/21 (Call 04/19/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,335 2,354,9173.30%, 10/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,925 5,110,426

Lam Research Corp., 2.80%, 06/15/21 (Call 05/15/21) . . . . . . 2,493 2,540,467Microchip Technology Inc., 3.92%, 06/01/21 . . . . . . . . . . . . . . . . 2,294 2,329,947NVIDIA Corp., 2.20%, 09/16/21 (Call 08/16/21)(b) . . . . . . . . . . . 3,033 3,091,628Texas Instruments Inc., 2.75%, 03/12/21 (Call 02/12/21) . . . . 1,804 1,829,148Xilinx Inc., 3.00%, 03/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,052 1,065,823

26,758,165


April 30, 2020



SecurityPar

(000) Value

Software — 2.3%Activision Blizzard Inc., 2.30%, 09/15/21 (Call 08/15/21) . . . . $ 1,852 $ 1,879,095Electronic Arts Inc., 3.70%, 03/01/21 (Call 02/01/21) . . . . . . . . 1,600 1,631,632Fiserv Inc., 4.75%, 06/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 616 638,145Microsoft Corp.

1.55%, 08/08/21 (Call 07/08/21)(b). . . . . . . . . . . . . . . . . . . . . . . 8,064 8,165,3644.00%, 02/08/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,025 1,052,039

Oracle Corp.1.90%, 09/15/21 (Call 08/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 11,905 12,061,6702.80%, 07/08/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,610 4,713,587

30,141,532Telecommunications — 3.0%AT&T Inc.

2.80%, 02/17/21 (Call 01/17/21)(b). . . . . . . . . . . . . . . . . . . . . . . 5,259 5,323,7383.88%, 08/15/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,882 2,973,3604.45%, 05/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,607 2,687,8954.60%, 02/15/21 (Call 11/15/20). . . . . . . . . . . . . . . . . . . . . . . . . 1,659 1,687,502

Cisco Systems Inc.1.85%, 09/20/21 (Call 08/20/21)(b). . . . . . . . . . . . . . . . . . . . . . . 7,797 7,926,8982.20%, 02/28/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,290 6,365,9202.90%, 03/04/21(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,144 1,165,015

Orange SA, 4.13%, 09/14/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,958 3,095,074Telefonica Emisiones SA, 5.46%, 02/16/21 . . . . . . . . . . . . . . . . . 4,202 4,324,404Verizon Communications Inc.

3.45%, 03/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,722 1,758,5414.60%, 04/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,795 2,887,626

40,195,973Toys, Games & Hobbies — 0.1%Hasbro Inc., 3.15%, 05/15/21 (Call 03/15/21) . . . . . . . . . . . . . . . 856 864,714

Transportation — 1.2%Burlington Northern Santa Fe LLC, 3.45%, 09/15/21

(Call 06/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,473 1,511,902Canadian National Railway Co., 2.85%, 12/15/21

(Call 09/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 895 914,019CSX Corp., 4.25%, 06/01/21 (Call 03/01/21). . . . . . . . . . . . . . . . 1,077 1,104,776Norfolk Southern Corp., 3.25%, 12/01/21 (Call 09/01/21). . . . 934 959,694Ryder System Inc.

2.25%, 09/01/21 (Call 08/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 905 897,5883.45%, 11/15/21 (Call 10/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,515 1,520,7123.50%, 06/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 548 552,274

Security

Par/Shares

(000) Value

Transportation (continued)Union Pacific Corp.

3.20%, 06/08/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,505 $ 1,538,2004.00%, 02/01/21 (Call 11/01/20). . . . . . . . . . . . . . . . . . . . . . . . . 1,306 1,321,999

United Parcel Service Inc.2.05%, 04/01/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,089 2,109,0753.13%, 01/15/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,772 3,826,128

16,256,367Trucking & Leasing — 0.0%GATX Corp., 4.85%, 06/01/21(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 585 601,444

Total Corporate Bonds & Notes — 97.8%(Cost: $1,293,793,865). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,307,808,546


0.89%(d)(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,180 62,248,124BlackRock Cash Funds: Treasury, SL Agency Shares,

0.18%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,858 20,858,000

83,106,124

Total Short-Term Investments — 6.2%(Cost: $83,019,653). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,106,124



Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,337,325,368

(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) 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.

(d) Affiliate of the Fund.(e) Annualized 7-day yield as of period-end.(f) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates


Affiliated Issuer

SharesHeld at

10/31/19(000)

Net Activity(000)

SharesHeld at

04/30/20(000)



Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . 39,042 23,138 62,180 $62,248,124 $116,035(b) $ (10,710) $ 70,327BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . 18,477 2,381 20,858 20,858,000 60,598 — —

$83,106,124 $176,633 $ (10,710) $ 70,327




April 30, 2020







InvestmentsAssets

Corporate Bonds & Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $1,307,808,546 $ — $1,307,808,546Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,106,124 — — 83,106,124

$ 83,106,124 $1,307,808,546 $ — $1,390,914,670



April 30, 2020

iShares� iBonds� Dec 2021 Term Corporate ETF


SecurityPar

(000) Value

Corporate Bonds & NotesAdvertising — 0.4%Omnicom Group Inc./Omnicom Capital Inc., 3.63%,

05/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,006 $ 3,153,324WPP Finance 2010, 3.63%, 09/07/22 . . . . . . . . . . . . . . . . . . . . . . 1,467 1,484,428

4,637,752Aerospace & Defense — 1.2%Boeing Co. (The)

2.13%, 03/01/22 (Call 02/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 405 390,0842.70%, 05/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,181 1,139,394

General Dynamics Corp., 2.25%, 11/15/22 (Call 08/15/22) . . 2,696 2,778,686Northrop Grumman Corp., 2.55%, 10/15/22 (Call 09/15/22) . 4,175 4,318,411Raytheon Co., 2.50%, 12/15/22 (Call 09/15/22). . . . . . . . . . . . . 2,774 2,879,218Rockwell Collins Inc., 2.80%, 03/15/22 (Call 02/15/22) . . . . . . 3,206 3,284,130

14,789,923Agriculture — 2.0%Altria Group Inc.

2.85%, 08/09/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561 4,689,5293.49%, 02/14/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,351 2,427,125

Archer-Daniels-Midland Co., 3.38%, 03/15/22(Call 02/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 720 749,592

BAT Capital Corp., 2.76%, 08/15/22 (Call 07/15/22). . . . . . . . . 4,401 4,477,577Bunge Ltd. Finance Corp., 3.00%, 09/25/22 (Call 08/25/22) . 1,084 1,095,512Philip Morris International Inc.

2.38%, 08/17/22 (Call 07/17/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,031 3,117,9292.50%, 08/22/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,272 2,346,9762.50%, 11/02/22 (Call 10/02/22). . . . . . . . . . . . . . . . . . . . . . . . . 353 365,7292.63%, 02/18/22 (Call 01/18/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,216 1,248,638

Reynolds American Inc., 4.00%, 06/12/22(a) . . . . . . . . . . . . . . . . 3,347 3,481,918

24,000,525Airlines — 0.1%Continental Airlines Inc. Pass Through Trust, Series 2007-1,

Class A, 5.98%, 04/19/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374 363,271Southwest Airlines Co., 2.75%, 11/16/22 (Call 10/16/22) . . . . 430 424,724

787,995Apparel — 0.1%Tapestry Inc., 3.00%, 07/15/22 (Call 06/15/22). . . . . . . . . . . . . . 1,047 964,737


1.95%, 05/20/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,128 1,126,4432.20%, 06/27/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,633 1,640,7402.60%, 11/16/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,944 1,971,605

General Motors Financial Co. Inc.3.15%, 06/30/22 (Call 05/30/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,813 2,680,3113.45%, 01/14/22 (Call 12/14/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,109 3,005,1283.45%, 04/10/22 (Call 02/10/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,093 3,944,0153.55%, 07/08/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,627 2,534,425

PACCAR Financial Corp.2.00%, 09/26/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465 472,6352.30%, 08/10/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 571 582,7112.65%, 05/10/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,710 1,756,2732.85%, 03/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 369,720

Toyota Motor Corp., 2.16%, 07/02/22 . . . . . . . . . . . . . . . . . . . . . . 1,432 1,455,943Toyota Motor Credit Corp.

2.15%, 09/08/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,953 1,986,7672.60%, 01/11/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,971 3,032,6192.65%, 04/12/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,760 1,807,2562.80%, 07/13/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,228 1,267,615

SecurityPar

(000) Value

Auto Manufacturers (continued)3.30%, 01/12/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,062 $ 3,161,944

32,796,150Banks — 28.2%Australia & New Zealand Banking Group Ltd./New York NY

2.05%, 11/21/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,378 2,423,4672.63%, 05/19/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,580 1,623,8452.63%, 11/09/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,182 2,254,770

Banco Santander SA, 3.50%, 04/11/22. . . . . . . . . . . . . . . . . . . . . 2,227 2,272,698Bank of America Corp.

2.50%, 10/21/22 (Call 10/21/21). . . . . . . . . . . . . . . . . . . . . . . . . 4,815 4,904,1265.70%, 01/24/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,048 3,266,724

Bank of Montreal2.05%, 11/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,083,3822.35%, 09/11/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,865 2,949,8042.55%, 11/06/22 (Call 10/06/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,143 3,249,6112.90%, 03/26/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,811 3,923,501

Bank of New York Mellon Corp. (The)1.95%, 08/23/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,230 2,270,4742.60%, 02/07/22 (Call 01/07/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,450 3,545,013

Bank of Nova Scotia (The)2.00%, 11/15/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,064 2,091,0182.45%, 09/19/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,809 2,899,8992.70%, 03/07/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,333 4,458,180

BBVA USA, 2.88%, 06/29/22 (Call 05/29/22) . . . . . . . . . . . . . . . 1,647 1,654,263Canadian Imperial Bank of Commerce, 2.55%, 06/16/22(a) . . 2,845 2,923,038Capital One N.A.

2.15%, 09/06/22 (Call 08/06/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,095 4,083,6162.65%, 08/08/22 (Call 07/08/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,644 1,661,624

Citigroup Inc.2.70%, 10/27/22 (Call 09/27/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,651 4,763,0432.75%, 04/25/22 (Call 03/25/22). . . . . . . . . . . . . . . . . . . . . . . . . 5,741 5,876,8894.05%, 07/30/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,792 1,878,8584.50%, 01/14/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,635 6,955,670

Citizens Bank N.A./Providence RI2.65%, 05/26/22 (Call 04/26/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,470 1,490,9473.25%, 02/14/22 (Call 01/14/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,741 1,781,130

Cooperatieve Rabobank UA3.88%, 02/08/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,433 7,755,4433.95%, 11/09/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,365 3,475,507

Cooperatieve Rabobank UA/NY, 2.75%, 01/10/22 . . . . . . . . . . 1,305 1,339,582Credit Suisse AG/New York NY, 2.80%, 04/08/22 . . . . . . . . . . . 4,050 4,146,309Credit Suisse Group Funding Guernsey Ltd., 3.80%,

09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,936 5,133,391Deutsche Bank AG/New York NY

3.30%, 11/16/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,389 2,348,865Series D, 5.00%, 02/14/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,031 3,082,103

Fifth Third Bancorp.2.60%, 06/15/22 (Call 05/15/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,980 2,016,4723.50%, 03/15/22 (Call 02/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,263 1,307,281

First Republic Bank/CA, 2.50%, 06/06/22 (Call 05/06/22) . . . 1,371 1,401,203Goldman Sachs Group Inc. (The)

3.00%, 04/26/22 (Call 04/26/21). . . . . . . . . . . . . . . . . . . . . . . . . 8,146 8,249,6175.75%, 01/24/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,865 11,624,029

HSBC Holdings PLC2.65%, 01/05/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,968 7,073,6354.00%, 03/30/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,618 4,819,3454.88%, 01/14/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,696 1,791,095

Huntington Bancshares Inc./OH, 2.30%, 01/14/22(Call 12/14/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,271 3,316,205


April 30, 2020



SecurityPar

(000) Value

Banks (continued)Huntington National Bank (The)

2.50%, 08/07/22 (Call 07/07/22)(a). . . . . . . . . . . . . . . . . . . . . . . $ 1,270 $ 1,303,1853.13%, 04/01/22 (Call 03/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,383 1,426,772

ING Groep NV, 3.15%, 03/29/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . 3,739 3,835,317JPMorgan Chase & Co.

3.25%, 09/23/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,578 7,930,1504.50%, 01/24/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,470 7,885,556

KeyBank N.A./Cleveland OH2.30%, 09/14/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,910 1,949,8812.40%, 06/09/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,505 1,536,0933.18%, 05/22/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 562 576,0843.30%, 02/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,609 1,661,743

Lloyds Bank PLC, 2.25%, 08/14/22 . . . . . . . . . . . . . . . . . . . . . . . . 3,057 3,109,244Lloyds Banking Group PLC, 3.00%, 01/11/22. . . . . . . . . . . . . . . 3,540 3,602,906Manufacturers & Traders Trust Co., 2.50%, 05/18/22

(Call 04/18/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,554 1,595,367Mitsubishi UFJ Financial Group Inc.

2.62%, 07/18/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,276 5,376,0332.67%, 07/25/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,748 4,844,5743.00%, 02/22/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,300 2,354,5333.22%, 03/07/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,937 4,047,315

Mizuho Financial Group Inc.2.60%, 09/11/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,428 2,468,8632.95%, 02/28/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,821 3,890,733

Morgan Stanley2.75%, 05/19/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,329 8,531,6454.88%, 11/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,101 5,438,584

MUFG Americas Holdings Corp., 3.50%, 06/18/22 . . . . . . . . . . 260 267,433MUFG Union Bank N.A.

2.10%, 12/09/22 (Call 11/09/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,575 1,593,6953.15%, 04/01/22 (Call 03/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,812 2,895,095

National Australia Bank Ltd./New York1.88%, 12/13/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,525 1,547,7682.50%, 05/22/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,632 2,699,4582.80%, 01/10/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,573 2,641,570

Northern Trust Corp., 2.38%, 08/02/22(a) . . . . . . . . . . . . . . . . . . . 1,216 1,248,917PNC Bank N.A.

2.45%, 07/28/22 (Call 06/28/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,655 1,698,0962.63%, 02/17/22 (Call 01/18/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,843 3,932,0422.70%, 11/01/22 (Call 10/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,029 2,095,328

PNC Financial Services Group Inc. (The)2.85%, 11/09/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,476 1,535,9113.30%, 03/08/22 (Call 02/06/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,865 1,931,487

Regions Financial Corp., 2.75%, 08/14/22 (Call 07/14/22). . . 2,564 2,611,485Royal Bank of Canada

2.75%, 02/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,640 3,746,0332.80%, 04/29/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,192 2,256,160

Royal Bank of Scotland Group PLC, 6.13%, 12/15/22. . . . . . . 5,899 6,308,273Santander Holdings USA Inc., 3.70%, 03/28/22

(Call 02/28/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,556 2,592,372Skandinaviska Enskilda Banken AB, 2.80%, 03/11/22. . . . . . . 1,087 1,111,001Sumitomo Mitsui Banking Corp., 3.20%, 07/18/22 . . . . . . . . . . 2,235 2,308,934Sumitomo Mitsui Financial Group Inc.

2.78%, 07/12/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,395 3,467,9592.78%, 10/18/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,540 3,635,2612.85%, 01/11/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,436 2,482,479

Synchrony Bank, 3.00%, 06/15/22 (Call 05/15/22) . . . . . . . . . . 2,507 2,459,292Synovus Financial Corp., 3.13%, 11/01/22 (Call 10/01/22) . . 636 635,186Toronto-Dominion Bank (The), 1.90%, 12/01/22 . . . . . . . . . . . . 2,613 2,656,036

SecurityPar

(000) Value

Banks (continued)Truist Bank

2.45%, 08/01/22 (Call 07/01/22). . . . . . . . . . . . . . . . . . . . . . . . . $ 2,576 $ 2,636,0212.63%, 01/15/22 (Call 12/15/21)(a). . . . . . . . . . . . . . . . . . . . . . . 1,927 1,967,4092.80%, 05/17/22 (Call 04/17/22)(a). . . . . . . . . . . . . . . . . . . . . . . 2,629 2,712,103

Truist Financial Corp.2.70%, 01/27/22 (Call 12/27/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,821 2,882,8932.75%, 04/01/22 (Call 03/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,754 2,822,6023.05%, 06/20/22 (Call 05/20/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,397 3,509,2713.95%, 03/22/22 (Call 02/22/22). . . . . . . . . . . . . . . . . . . . . . . . . 730 758,704

U.S. Bancorp.2.95%, 07/15/22 (Call 06/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,461 3,584,5233.00%, 03/15/22 (Call 02/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,562 2,651,798Series V, 2.63%, 01/24/22 (Call 12/23/21) . . . . . . . . . . . . . . . 2,625 2,703,120

U.S. Bank N.A./Cincinnati OH1.80%, 01/21/22 (Call 12/21/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,145 2,172,4992.65%, 05/23/22 (Call 04/22/22)(a). . . . . . . . . . . . . . . . . . . . . . . 2,601 2,685,090

Wells Fargo & Co.2.63%, 07/22/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,812 10,045,7223.50%, 03/08/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,398 6,629,416

Westpac Banking Corp.2.50%, 06/28/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,890 2,966,7872.80%, 01/11/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,234 3,324,164

Zions Bancorp. N.A., 3.35%, 03/04/22 (Call 02/04/22)(a) . . . . 896 895,919

333,835,562Beverages — 1.4%Anheuser-Busch InBev Worldwide Inc., 2.50%, 07/15/22. . . . 1,102 1,134,861Beam Suntory Inc., 3.25%, 05/15/22 (Call 02/15/22) . . . . . . . . 662 670,341Coca-Cola Co. (The), 2.20%, 05/25/22(a) . . . . . . . . . . . . . . . . . . . 1,093 1,126,653Constellation Brands Inc.

2.65%, 11/07/22 (Call 10/07/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,835 1,869,6632.70%, 05/09/22 (Call 04/09/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,346 1,368,236

Diageo Investment Corp., 2.88%, 05/11/22 . . . . . . . . . . . . . . . . . 2,351 2,441,890Molson Coors Beverage Co., 3.50%, 05/01/22. . . . . . . . . . . . . . 991 1,010,959PepsiCo Inc.

2.25%, 05/02/22 (Call 04/02/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,911 1,970,1842.75%, 03/05/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,168 3,284,1393.10%, 07/17/22 (Call 05/17/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,020 2,121,586


2.65%, 05/11/22 (Call 04/11/22) . . . . . . . . . . . . . . . . . . . . . . . . . 3,991 4,102,3492.70%, 05/01/22 (Call 03/01/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,387 1,430,8153.63%, 05/15/22 (Call 02/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,121 2,214,260

Biogen Inc., 3.63%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,527 2,669,321Gilead Sciences Inc.

1.95%, 03/01/22 (Call 02/01/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,535 1,561,4333.25%, 09/01/22 (Call 07/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,606 2,732,339

14,710,517Building Materials — 0.1%Masco Corp., 5.95%, 03/15/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 697 741,120

Chemicals — 1.2%Cabot Corp., 3.70%, 07/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 589 599,626Celanese U.S. Holdings LLC, 4.63%, 11/15/22(a) . . . . . . . . . . . 918 944,053Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22)(a). . 2,323 2,401,192Ecolab Inc., 2.38%, 08/10/22 (Call 07/10/22) . . . . . . . . . . . . . . . 1,852 1,919,116Huntsman International LLC, 5.13%, 11/15/22

(Call 08/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 151,271Mosaic Co. (The), 3.25%, 11/15/22 (Call 10/15/22) . . . . . . . . . 1,199 1,196,926


April 30, 2020



SecurityPar

(000) Value

Chemicals (continued)NewMarket Corp., 4.10%, 12/15/22(a) . . . . . . . . . . . . . . . . . . . . . . $ 364 $ 386,291Nutrien Ltd., 3.15%, 10/01/22 (Call 07/01/22). . . . . . . . . . . . . . . 1,442 1,480,718Praxair Inc.

2.20%, 08/15/22 (Call 05/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,430 1,461,2882.45%, 02/15/22 (Call 11/15/21)(a) . . . . . . . . . . . . . . . . . . . . . . . 1,523 1,558,014

RPM International Inc., 3.45%, 11/15/22 (Call 08/15/22). . . . . 745 768,557Sherwin-Williams Co. (The)

2.75%, 06/01/22 (Call 05/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 315 317,7974.20%, 01/15/22 (Call 10/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 580 602,678

13,787,527Commercial Services — 0.8%Block Financial LLC, 5.50%, 11/01/22 (Call 05/01/22)(a) . . . . . 1,579 1,631,470Cintas Corp. No. 2

2.90%, 04/01/22 (Call 03/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,787 1,844,7743.25%, 06/01/22 (Call 03/01/22)(a). . . . . . . . . . . . . . . . . . . . . . . 110 113,026

Equifax Inc., 3.30%, 12/15/22 (Call 09/15/22)(a). . . . . . . . . . . . . 929 954,613Moody's Corp., 4.50%, 09/01/22 (Call 06/01/22) . . . . . . . . . . . . 853 906,969PayPal Holdings Inc., 2.20%, 09/26/22 . . . . . . . . . . . . . . . . . . . . . 2,789 2,841,349Verisk Analytics Inc., 4.13%, 09/12/22. . . . . . . . . . . . . . . . . . . . . . 1,099 1,162,896


1.70%, 09/11/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,325 2,385,1942.10%, 09/12/22 (Call 08/12/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,818 2,912,2342.15%, 02/09/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,551 3,643,1842.30%, 05/11/22 (Call 04/11/22) . . . . . . . . . . . . . . . . . . . . . . . . . 1,413 1,459,6432.50%, 02/09/22 (Call 01/09/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,542 4,684,3462.70%, 05/13/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,367 3,512,320

Genpact Luxembourg Sarl, 3.70%, 04/01/22 (Call 03/01/22). 572 581,959Hewlett Packard Enterprise Co., 4.40%, 10/15/22

(Call 08/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,616 3,797,017HP Inc., 4.05%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,199 1,249,022IBM Credit LLC, 2.20%, 09/08/22(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,306 1,346,094International Business Machines Corp.

1.88%, 08/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,852 2,916,3702.50%, 01/27/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,438 2,503,3872.85%, 05/13/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,845 6,077,3392.88%, 11/09/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,710 2,839,944

Seagate HDD Cayman, 4.25%, 03/01/22 (Call 02/01/22) . . . . 1,069 1,086,617

40,994,670Cosmetics & Personal Care — 0.9%Colgate-Palmolive Co.

2.25%, 11/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908 944,6472.30%, 05/03/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,252 1,294,067

Procter & Gamble Co. (The)2.15%, 08/11/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,233 3,352,9772.30%, 02/06/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,110 2,168,974

Unilever Capital Corp.2.20%, 05/05/22 (Call 04/05/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,815 1,863,6423.00%, 03/07/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,270 1,324,788


3.50%, 05/26/22 (Call 04/26/22). . . . . . . . . . . . . . . . . . . . . . . . . 445 412,1233.95%, 02/01/22 (Call 01/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,947 2,760,8384.63%, 07/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828 782,990

Air Lease Corp.2.63%, 07/01/22 (Call 06/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,783 1,667,6043.50%, 01/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,882 1,775,912

SecurityPar

(000) Value

Diversified Financial Services (continued)3.75%, 02/01/22 (Call 12/01/21). . . . . . . . . . . . . . . . . . . . . . . . . $ 1,054 $ 983,983

Aircastle Ltd., 5.50%, 02/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,076 1,033,466Ally Financial Inc.

4.13%, 02/13/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480 487,0614.63%, 05/19/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,795 1,820,417

American Express Co.2.50%, 08/01/22 (Call 07/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,770 4,875,7512.65%, 12/02/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,446 3,544,1772.75%, 05/20/22 (Call 04/20/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,750 2,817,072

American Express Credit Corp., 2.70%, 03/03/22(Call 01/31/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,071 4,171,432

Ameriprise Financial Inc., 3.00%, 03/22/22 . . . . . . . . . . . . . . . . . 1,055 1,089,214Capital One Financial Corp., 3.05%, 03/09/22

(Call 02/09/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,641 2,688,723CME Group Inc., 3.00%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . 1,838 1,925,654Discover Financial Services

3.85%, 11/21/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,304 1,334,0315.20%, 04/27/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 915 950,511

E*TRADE Financial Corp., 2.95%, 08/24/22 (Call 07/24/22) . 1,485 1,508,656Franklin Resources Inc., 2.80%, 09/15/22(a) . . . . . . . . . . . . . . . . 335 347,227Intercontinental Exchange Inc., 2.35%, 09/15/22

(Call 08/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 926 953,011International Lease Finance Corp.

5.88%, 08/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,078 2,006,6218.63%, 01/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,743 1,771,585

Invesco Finance PLC, 3.13%, 11/30/22 . . . . . . . . . . . . . . . . . . . . 579 588,507ORIX Corp., 2.90%, 07/18/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,197 1,214,716Synchrony Financial, 2.85%, 07/25/22 (Call 06/25/22) . . . . . . 1,425 1,388,776TD Ameritrade Holding Corp., 2.95%, 04/01/22

(Call 02/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,003 2,056,019Visa Inc.

2.15%, 09/15/22 (Call 08/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,607 2,698,1412.80%, 12/14/22 (Call 10/14/22). . . . . . . . . . . . . . . . . . . . . . . . . 5,811 6,123,167

Western Union Co. (The), 3.60%, 03/15/22(Call 02/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,502 1,541,593

57,318,978Electric — 4.8%AEP Texas Inc., 2.40%, 10/01/22 (Call 09/01/22)(a) . . . . . . . . . 775 793,275Alabama Power Co., Series 17-A, 2.45%, 03/30/22

(Call 02/28/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,104 1,134,194Ameren Illinois Co., 2.70%, 09/01/22 (Call 06/01/22). . . . . . . . 725 744,720American Electric Power Co. Inc., Series F, 2.95%, 12/15/22

(Call 09/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 902 933,705CenterPoint Energy Inc., 2.50%, 09/01/22 (Call 08/01/22) . . . 1,603 1,638,330CMS Energy Corp., 5.05%, 03/15/22 (Call 12/15/21). . . . . . . . 907 960,332Consumers Energy Co., 2.85%, 05/15/22 (Call 02/15/22) . . . 395 410,721Dominion Energy Inc.

Series B, 2.75%, 01/15/22 (Call 12/15/21)(a) . . . . . . . . . . . . . 974 995,272Series B, 2.75%, 09/15/22 (Call 06/15/22) . . . . . . . . . . . . . . . 1,755 1,799,296

DTE Energy Co.2.25%, 11/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,545 1,573,397Series B, 2.60%, 06/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545 552,270Series B, 3.30%, 06/15/22 (Call 04/15/22) . . . . . . . . . . . . . . . 1,057 1,089,228

Duke Energy Carolinas LLC, 3.35%, 05/15/22 . . . . . . . . . . . . . . 120 126,214Duke Energy Corp.

2.40%, 08/15/22 (Call 07/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,241 1,274,3333.05%, 08/15/22 (Call 05/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,489 2,569,967

Duke Energy Progress LLC, 2.80%, 05/15/22(Call 02/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,485 1,533,188


April 30, 2020



SecurityPar

(000) Value

Electric (continued)Edison International

2.40%, 09/15/22 (Call 08/15/22)(a). . . . . . . . . . . . . . . . . . . . . . . $ 1,265 $ 1,263,4693.13%, 11/15/22 (Call 10/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 440 447,075

Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22). . . . . . . . . . . . . 1,942 2,052,966Eversource Energy, Series K, 2.75%, 03/15/22

(Call 02/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,106 2,161,999Exelon Corp., 3.50%, 06/01/22 (Call 05/01/22) . . . . . . . . . . . . . 3,328 3,438,623Exelon Generation Co. LLC

3.40%, 03/15/22 (Call 02/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 818 846,5564.25%, 06/15/22 (Call 03/15/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,274 1,338,082

FirstEnergy Corp., Series A, 2.85%, 07/15/22(Call 05/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,021,320

Georgia Power Co., 2.85%, 05/15/22(a) . . . . . . . . . . . . . . . . . . . . 1,109 1,148,214ITC Holdings Corp., 2.70%, 11/15/22 (Call 10/15/22). . . . . . . . 630 647,004National Rural Utilities Cooperative Finance Corp.

2.30%, 09/15/22 (Call 08/15/22)(a). . . . . . . . . . . . . . . . . . . . . . . 825 848,3062.40%, 04/25/22 (Call 03/25/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,156 1,190,7733.05%, 02/15/22 (Call 11/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,139 1,177,601

NextEra Energy Capital Holdings Inc.1.95%, 09/01/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,015,5602.90%, 04/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,750 3,872,3633.20%, 02/25/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317 327,2803.30%, 08/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220 229,552

Northern States Power Co./MN, 2.15%, 08/15/22(Call 02/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 905 920,928

NSTAR Electric Co., 2.38%, 10/15/22 (Call 07/15/22) . . . . . . . 441 452,263Oncor Electric Delivery Co. LLC

4.10%, 06/01/22 (Call 03/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 965 1,018,5487.00%, 09/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,321 1,500,247

PacifiCorp, 2.95%, 02/01/22 (Call 11/01/21) . . . . . . . . . . . . . . . . 1,003 1,036,490PECO Energy Co., 2.38%, 09/15/22 (Call 06/15/22) . . . . . . . . 445 456,392PPL Capital Funding Inc.

3.50%, 12/01/22 (Call 09/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 548 569,1864.20%, 06/15/22 (Call 03/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 998 1,041,712

Progress Energy Inc., 3.15%, 04/01/22 (Call 01/01/22). . . . . . 1,478 1,517,817Public Service Co. of Colorado, 2.25%, 09/15/22

(Call 03/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540 552,296Public Service Enterprise Group Inc., 2.65%, 11/15/22

(Call 10/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,779 1,829,026Puget Energy Inc., 5.63%, 07/15/22 (Call 04/15/22)(a). . . . . . . 912 958,722Sempra Energy, 2.88%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . 1,405 1,441,404Southern California Edison Co., Series B, 2.40%, 02/01/22

(Call 12/01/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,095 1,108,830Virginia Electric & Power Co., 2.95%, 01/15/22

(Call 10/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 788 814,532WEC Energy Group Inc., 3.10%, 03/08/22. . . . . . . . . . . . . . . . . . 618 637,275Xcel Energy Inc., 2.60%, 03/15/22 (Call 02/15/22) . . . . . . . . . . 260 265,023

57,275,876Electronics — 0.8%Agilent Technologies Inc., 3.20%, 10/01/22 (Call 07/01/22) . . 1,205 1,242,102Arrow Electronics Inc., 3.50%, 04/01/22 (Call 02/01/22) . . . . . 752 760,174Avnet Inc., 4.88%, 12/01/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 616 650,274Honeywell International Inc., 2.15%, 08/08/22

(Call 07/08/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,376 2,445,046Jabil Inc., 4.70%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,545 1,587,596Roper Technologies Inc., 3.13%, 11/15/22 (Call 08/15/22) . . . 454 464,229Tech Data Corp., 3.70%, 02/15/22 (Call 01/15/22) . . . . . . . . . . 1,757 1,734,387

SecurityPar

(000) Value

Electronics (continued)Tyco Electronics Group SA, 3.50%, 02/03/22

(Call 11/03/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 323 $ 334,399

9,218,207Environmental Control — 0.4%Republic Services Inc., 3.55%, 06/01/22 (Call 03/01/22) . . . . 2,744 2,864,077Waste Management Inc., 2.90%, 09/15/22 (Call 06/15/22) . . 1,780 1,847,569

4,711,646Food — 1.0%Campbell Soup Co., 2.50%, 08/02/22 . . . . . . . . . . . . . . . . . . . . . . 640 653,453Flowers Foods Inc., 4.38%, 04/01/22 (Call 01/01/22)(a). . . . . . 250 256,630General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22) . . . . . . . . . 1,584 1,637,397JM Smucker Co. (The), 3.00%, 03/15/22 . . . . . . . . . . . . . . . . . . . 1,095 1,126,799Kellogg Co., 3.13%, 05/17/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 485 501,849Kroger Co. (The)

2.80%, 08/01/22 (Call 07/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,010 1,045,0063.40%, 04/15/22 (Call 01/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,193 1,238,310

McCormick & Co. Inc./MD, 2.70%, 08/15/22 (Call 07/15/22) . 1,892 1,941,041Sysco Corp., 2.60%, 06/12/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,030 1,036,994Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22) . . . . . . . . . 2,493 2,635,325

12,072,804Forest Products & Paper — 0.1%Domtar Corp., 4.40%, 04/01/22 (Call 01/01/22)(a) . . . . . . . . . . . 725 744,807

Gas — 0.1%NiSource Inc., 2.65%, 11/17/22 (Call 10/17/22) . . . . . . . . . . . . . 1,030 1,064,103

Hand & Machine Tools — 0.2%Kennametal Inc., 3.88%, 02/15/22 (Call 11/15/21)(a) . . . . . . . . 313 320,700Stanley Black & Decker Inc., 2.90%, 11/01/22 . . . . . . . . . . . . . . 1,578 1,637,364

1,958,064Health Care - Products — 1.2%Abbott Laboratories, 2.55%, 03/15/22(a) . . . . . . . . . . . . . . . . . . . . 2,200 2,276,384Boston Scientific Corp., 3.38%, 05/15/22 . . . . . . . . . . . . . . . . . . . 1,208 1,253,675Covidien International Finance SA, 3.20%, 06/15/22

(Call 03/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,117 1,165,846DH Europe Finance II Sarl, 2.05%, 11/15/22. . . . . . . . . . . . . . . . 3,061 3,109,486Medtronic Inc., 3.15%, 03/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,965 4,142,315Zimmer Biomet Holdings Inc., 3.15%, 04/01/22

(Call 02/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,027 2,072,830

14,020,536Health Care - Services — 1.9%Aetna Inc., 2.75%, 11/15/22 (Call 08/15/22) . . . . . . . . . . . . . . . . 2,680 2,764,152Anthem Inc.

2.95%, 12/01/22 (Call 11/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,011 2,089,9923.13%, 05/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,536 2,631,861

CommonSpirit Health, 2.95%, 11/01/22(a) . . . . . . . . . . . . . . . . . . 565 572,967Humana Inc.

2.90%, 12/15/22 (Call 11/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,184 1,218,5253.15%, 12/01/22 (Call 09/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,309 1,355,312

Laboratory Corp. of America Holdings3.20%, 02/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,312 1,349,9563.75%, 08/23/22 (Call 05/23/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,096 1,150,734

UnitedHealth Group Inc.2.38%, 10/15/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,041 1,077,1232.88%, 03/15/22 (Call 12/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 3,830 3,960,5653.35%, 07/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,738 3,946,132

22,117,319Holding Companies - Diversified — 0.2%Ares Capital Corp., 3.63%, 01/19/22 (Call 12/19/21) . . . . . . . . 1,479 1,457,348


April 30, 2020



SecurityPar

(000) Value

Holding Companies - Diversified (continued)FS KKR Capital Corp., 4.75%, 05/15/22 (Call 04/15/22) . . . . . $ 838 $ 802,393

2,259,741Home Builders — 0.2%DR Horton Inc., 4.38%, 09/15/22 (Call 06/15/22). . . . . . . . . . . . 810 834,616NVR Inc., 3.95%, 09/15/22 (Call 06/15/22) . . . . . . . . . . . . . . . . . 1,712 1,782,860

2,617,476Home Furnishings — 0.1%Leggett & Platt Inc., 3.40%, 08/15/22 (Call 05/15/22)(a). . . . . . 136 138,353Whirlpool Corp., 4.70%, 06/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . 464 485,465

623,818Household Products & Wares — 0.3%Church & Dwight Co. Inc.

2.45%, 08/01/22 (Call 07/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 975 996,6552.88%, 10/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407 416,719

Clorox Co. (The), 3.05%, 09/15/22 (Call 06/15/22) . . . . . . . . . . 1,648 1,720,166Kimberly-Clark Corp., 2.40%, 03/01/22. . . . . . . . . . . . . . . . . . . . . 341 350,381

3,483,921Insurance — 1.7%Alleghany Corp., 4.95%, 06/27/22 . . . . . . . . . . . . . . . . . . . . . . . . . 709 750,916American International Group Inc., 4.88%, 06/01/22 . . . . . . . . 3,498 3,729,882Aon Corp., 2.20%, 11/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,640 1,669,914Berkshire Hathaway Finance Corp., 3.00%, 05/15/22 . . . . . . . 2,016 2,116,094Berkshire Hathaway Inc., 3.40%, 01/31/22 . . . . . . . . . . . . . . . . . 1,925 2,021,385Chubb INA Holdings Inc., 2.88%, 11/03/22 (Call 09/03/22) . . 1,314 1,370,174Enstar Group Ltd., 4.50%, 03/10/22 (Call 02/10/22) . . . . . . . . . 345 349,523Fidelity National Financial Inc., 5.50%, 09/01/22 . . . . . . . . . . . . 675 712,307Lincoln National Corp., 4.20%, 03/15/22(a) . . . . . . . . . . . . . . . . . 945 980,778Markel Corp., 4.90%, 07/01/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 150 159,951Marsh & McLennan Companies Inc., 2.75%, 01/30/22

(Call 12/30/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,935 1,994,192MetLife Inc., 3.05%, 12/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,374 1,437,355Primerica Inc., 4.75%, 07/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 384,097Principal Financial Group Inc., 3.30%, 09/15/22 . . . . . . . . . . . . 832 858,932Sompo International Holdings Ltd., 4.70%, 10/15/22 . . . . . . . . 501 519,186WR Berkley Corp., 4.63%, 03/15/22 . . . . . . . . . . . . . . . . . . . . . . . 628 652,837

19,707,523Internet — 1.2%Amazon.com Inc., 2.50%, 11/29/22 (Call 08/29/22) . . . . . . . . . 3,609 3,765,342Baidu Inc.

2.88%, 07/06/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,775 1,793,3893.50%, 11/28/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,152 3,249,176

eBay Inc.2.60%, 07/15/22 (Call 04/15/22)(a). . . . . . . . . . . . . . . . . . . . . . . 2,685 2,752,5283.80%, 03/09/22 (Call 02/09/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,068 2,154,690

13,715,125Iron & Steel — 0.1%Nucor Corp., 4.13%, 09/15/22 (Call 06/15/22) . . . . . . . . . . . . . . 1,676 1,764,275

Lodging — 0.3%Choice Hotels International Inc., 5.75%, 07/01/22. . . . . . . . . . . 201 200,529Marriott International Inc./MD

2.30%, 01/15/22 (Call 12/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,673 2,583,1343.25%, 09/15/22 (Call 06/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,016 990,854

3,774,517Machinery — 2.5%ABB Finance USA Inc., 2.88%, 05/08/22 . . . . . . . . . . . . . . . . . . . 3,803 3,914,960Caterpillar Financial Services Corp.

1.90%, 09/06/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,154 2,194,129

SecurityPar

(000) Value

Machinery (continued)1.95%, 11/18/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,090 $ 2,132,1132.40%, 06/06/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,246 1,279,4922.55%, 11/29/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,113 1,154,8272.85%, 06/01/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,282 1,327,8962.95%, 02/26/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,174 2,246,199

Caterpillar Inc., 2.60%, 06/26/22 (Call 03/26/22)(a) . . . . . . . . . . 1,609 1,658,203CNH Industrial Capital LLC, 4.38%, 04/05/22. . . . . . . . . . . . . . . 1,322 1,353,398Deere & Co., 2.60%, 06/08/22 (Call 03/08/22) . . . . . . . . . . . . . . 2,524 2,590,507Flowserve Corp., 3.50%, 09/15/22 (Call 06/15/22) . . . . . . . . . . 1,028 1,034,785John Deere Capital Corp.

1.95%, 06/13/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 907 922,3462.15%, 09/08/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,113 2,171,0652.65%, 01/06/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,940 1,989,9162.75%, 03/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,233 1,270,2002.95%, 04/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,797 1,860,4523.20%, 01/10/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578 598,317


2.00%, 06/26/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,625 1,665,6572.75%, 03/01/22 (Call 02/01/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,575 1,636,630

Eaton Corp., 2.75%, 11/02/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,601 3,723,470General Electric Co.

2.70%, 10/09/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,186 5,226,7623.15%, 09/07/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,225 3,291,274

Parker-Hannifin Corp., 3.50%, 09/15/22 . . . . . . . . . . . . . . . . . . . . 879 919,680

16,463,473Media — 2.6%Charter Communications Operating LLC/Charter

Communications Operating Capital, 4.46%, 07/23/22(Call 05/23/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,380 7,775,494

Comcast Cable Communications Holdings Inc., 9.46%,11/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,371 2,875,359

Comcast Corp.1.63%, 01/15/22 (Call 12/15/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,138 2,172,4863.13%, 07/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,877 3,027,697

Discovery Communications LLC3.30%, 05/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,086 2,139,7353.50%, 06/15/22 (Call 04/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 756 776,669

Fox Corp., 3.67%, 01/25/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,298 2,385,807TWDC Enterprises 18 Corp.

2.35%, 12/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,052 3,155,5542.45%, 03/04/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,202 1,234,1902.55%, 02/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 77,103

ViacomCBS Inc., 3.38%, 03/01/22 (Call 12/01/21) . . . . . . . . . . 1,580 1,612,801Walt Disney Co. (The)

1.65%, 09/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 932 945,7103.00%, 09/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,593 2,711,759

30,890,364Mining — 0.2%BHP Billiton Finance USA Ltd., 2.88%, 02/24/22 . . . . . . . . . . . . 2,025 2,077,083Southern Copper Corp., 3.50%, 11/08/22. . . . . . . . . . . . . . . . . . . 829 833,866

2,910,949Oil & Gas — 3.9%Apache Corp., 3.25%, 04/15/22 (Call 01/15/22). . . . . . . . . . . . . 1,173 1,074,656BP Capital Markets America Inc.

2.52%, 09/19/22 (Call 08/19/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,828 2,879,3283.25%, 05/06/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,210 3,305,369


April 30, 2020



SecurityPar

(000) Value

Oil & Gas (continued)BP Capital Markets PLC

2.50%, 11/06/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,611 $ 2,663,9253.06%, 03/17/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,641 2,711,3833.25%, 05/06/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 46,196

Chevron Corp.2.36%, 12/05/22 (Call 09/05/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,566 4,712,8882.41%, 03/03/22 (Call 01/03/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,849 2,920,1962.50%, 03/03/22 (Call 02/03/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,879 1,935,821

ConocoPhillips Co., 2.40%, 12/15/22 (Call 09/15/22). . . . . . . . 135 137,395Exxon Mobil Corp.

1.90%, 08/16/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,652 3,732,6362.40%, 03/06/22 (Call 01/06/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,529 2,591,011

Husky Energy Inc., 3.95%, 04/15/22 (Call 01/15/22) . . . . . . . . 1,649 1,607,231Marathon Oil Corp., 2.80%, 11/01/22 (Call 08/01/22). . . . . . . . 2,426 2,281,241Newfield Exploration Co., 5.75%, 01/30/22 . . . . . . . . . . . . . . . . . 1,035 885,846Phillips 66, 4.30%, 04/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,429 4,616,258Pioneer Natural Resources Co., 3.95%, 07/15/22

(Call 04/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,898 1,926,679Shell International Finance BV, 2.38%, 08/21/22 . . . . . . . . . . . . 2,871 2,938,641Total Capital International SA, 2.88%, 02/17/22 . . . . . . . . . . . . . 3,129 3,204,878

46,171,578Oil & Gas Services — 0.4%Baker Hughes a GE Co. LLC/Baker Hughes

Co-Obligor Inc., 2.77%, 12/15/22 (Call 11/15/22) . . . . . . . . . 3,063 3,070,902National Oilwell Varco Inc., 2.60%, 12/01/22 (Call 09/01/22). 1,128 1,060,275TechnipFMC PLC, 3.45%, 10/01/22 (Call 07/01/22) . . . . . . . . . 732 719,761

4,850,938Packaging & Containers — 0.1%WestRock RKT LLC, 4.90%, 03/01/22 . . . . . . . . . . . . . . . . . . . . . 851 894,205

Pharmaceuticals — 7.8%AbbVie Inc.

2.30%, 11/21/22(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,331 7,507,8972.90%, 11/06/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,789 8,096,7433.20%, 11/06/22 (Call 09/06/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,556 2,668,669

Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22) . . . . . 4,153 4,276,676Allergan Funding SCS, 3.45%, 03/15/22 (Call 01/15/22) . . . . 6,439 6,609,118AstraZeneca PLC, 2.38%, 06/12/22 (Call 05/12/22)(a) . . . . . . . 3,082 3,161,423Becton Dickinson and Co., 2.89%, 06/06/22 (Call 05/06/22) . 5,214 5,344,194Bristol-Myers Squibb Co.

2.00%, 08/01/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,656 1,693,8402.60%, 05/16/22(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,827 3,951,4543.25%, 08/15/22(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,224 2,335,8903.55%, 08/15/22(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,904 2,014,337

Cardinal Health Inc., 2.62%, 06/15/22 (Call 05/15/22) . . . . . . . 2,935 2,983,251Cigna Corp.

3.05%, 11/30/22 (Call 10/31/22)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,111 1,151,9403.90%, 02/15/22(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,195 2,285,807

CVS Health Corp.2.75%, 12/01/22 (Call 09/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,592 3,718,5103.50%, 07/20/22 (Call 05/20/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,820 3,981,2424.75%, 12/01/22 (Call 09/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,059 1,139,918

Eli Lilly & Co., 2.35%, 05/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,557 1,606,170GlaxoSmithKline Capital PLC

2.85%, 05/08/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,647 5,858,0852.88%, 06/01/22 (Call 05/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,059 3,177,169

Johnson & Johnson, 2.25%, 03/03/22 (Call 02/03/22) . . . . . . . 2,857 2,942,396McKesson Corp., 2.70%, 12/15/22 (Call 09/15/22) . . . . . . . . . . 975 1,001,413

SecurityPar

(000) Value

Pharmaceuticals (continued)Merck & Co. Inc.

2.35%, 02/10/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,353 $ 3,448,7622.40%, 09/15/22 (Call 06/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,362 2,451,732

Novartis Capital Corp.2.40%, 05/17/22 (Call 04/17/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,470 3,582,1852.40%, 09/21/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,172 3,288,635

Pfizer Inc., 2.80%, 03/11/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,848 1,919,795

92,197,251Pipelines — 2.8%Enbridge Inc., 2.90%, 07/15/22 (Call 06/15/22) . . . . . . . . . . . . . 1,870 1,882,192Energy Transfer Operating LP, 5.20%, 02/01/22

(Call 11/01/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,237 2,251,697Energy Transfer Partners LP/Regency Energy

Finance Corp.5.00%, 10/01/22 (Call 07/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,581 1,584,0515.88%, 03/01/22 (Call 12/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 2,695 2,738,012

Enterprise Products Operating LLC3.50%, 02/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,238 2,293,5474.05%, 02/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,571 1,625,797

Kinder Morgan Energy Partners LP3.95%, 09/01/22 (Call 06/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,345 2,428,9514.15%, 03/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409 419,536

MPLX LP, 3.50%, 12/01/22 (Call 11/01/22)(b) . . . . . . . . . . . . . . . 1,327 1,310,904ONEOK Inc., 4.25%, 02/01/22 (Call 11/01/21) . . . . . . . . . . . . . . 828 825,847ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22) . . . . . . 2,995 2,911,020Plains All American Pipeline LP/PAA Finance Corp., 3.65%,

06/01/22 (Call 03/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,463 1,435,701Sabine Pass Liquefaction LLC, 6.25%, 03/15/22

(Call 12/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,110 2,176,465Sunoco Logistics Partners Operations LP, 4.65%, 02/15/22 . 802 801,134TransCanada PipeLines Ltd., 2.50%, 08/01/22 . . . . . . . . . . . . . 2,546 2,575,355Williams Companies Inc. (The)

3.35%, 08/15/22 (Call 05/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,745 1,752,7833.60%, 03/15/22 (Call 01/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,590 3,634,983

32,647,975Real Estate Investment Trusts — 2.2%American Tower Corp.

2.25%, 01/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,673 1,696,1884.70%, 03/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,582 1,679,799

AvalonBay Communities Inc., 2.95%, 09/15/22(Call 06/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,027 1,048,249

Brixmor Operating Partnership LP, 3.88%, 08/15/22(Call 06/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,193 1,205,419

Camden Property Trust, 2.95%, 12/15/22 (Call 09/15/22) . . . 335 338,394Crown Castle International Corp., 4.88%, 04/15/22 . . . . . . . . . 2,199 2,341,583Digital Realty Trust LP

3.63%, 10/01/22 (Call 07/03/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,020 1,050,0083.95%, 07/01/22 (Call 05/01/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,195 1,252,468

Duke Realty LP, 3.88%, 10/15/22 (Call 07/15/22) . . . . . . . . . . . 315 326,800Essex Portfolio LP, 3.63%, 08/15/22 (Call 05/15/22) . . . . . . . . 475 486,661Healthpeak Properties Inc., 3.15%, 08/01/22

(Call 05/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237 237,273Kimco Realty Corp., 3.40%, 11/01/22 (Call 09/01/22)(a) . . . . . 1,087 1,115,349Office Properties Income Trust

4.00%, 07/15/22 (Call 06/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 730 713,4444.15%, 02/01/22 (Call 12/01/21). . . . . . . . . . . . . . . . . . . . . . . . . 932 909,949

Public Storage, 2.37%, 09/15/22 (Call 08/15/22) . . . . . . . . . . . . 1,532 1,569,534Rayonier Inc., 3.75%, 04/01/22 (Call 01/01/22) . . . . . . . . . . . . . 175 172,536Realty Income Corp., 3.25%, 10/15/22 (Call 07/15/22) . . . . . . 2,682 2,756,023


April 30, 2020



SecurityPar

(000) Value

Real Estate Investment Trusts (continued)Regency Centers Corp., 3.75%, 11/15/22 (Call 08/15/22) . . . $ 395 $ 413,367Service Properties Trust, 5.00%, 08/15/22 (Call 02/15/22). . . 1,086 993,418Simon Property Group LP

2.35%, 01/30/22 (Call 10/30/21). . . . . . . . . . . . . . . . . . . . . . . . . 1,585 1,582,6382.63%, 06/15/22 (Call 03/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,366 1,355,755

SL Green Operating Partnership LP, 3.25%, 10/15/22(Call 09/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,231 1,236,035

Ventas Realty LP/Ventas Capital Corp., 3.25%, 08/15/22(Call 05/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,428 1,433,898

Washington REIT, 3.95%, 10/15/22 (Call 07/15/22) . . . . . . . . . 550 533,945

26,448,733Retail — 2.3%Advance Auto Parts Inc., 4.50%, 01/15/22 (Call 10/15/21). . . 250 256,630AutoZone Inc., 3.70%, 04/15/22 (Call 01/15/22) . . . . . . . . . . . . 1,215 1,253,224Costco Wholesale Corp.

2.25%, 02/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,032 1,066,0042.30%, 05/18/22 (Call 04/18/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,777 1,835,712

Home Depot Inc. (The)2.63%, 06/01/22 (Call 05/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,366 4,541,7323.25%, 03/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,026 1,076,212

Lowe's Companies Inc., 3.12%, 04/15/22 (Call 01/15/22) . . . 2,188 2,256,288McDonald's Corp., 2.63%, 01/15/22. . . . . . . . . . . . . . . . . . . . . . . . 3,832 3,930,674O'Reilly Automotive Inc., 3.80%, 09/01/22 (Call 06/01/22) . . . 240 247,925QVC Inc., 5.13%, 07/02/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 826 809,794Starbucks Corp., 2.70%, 06/15/22 (Call 04/15/22)(a) . . . . . . . . 1,353 1,393,130Target Corp., 2.90%, 01/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,876 2,996,504Walgreen Co., 3.10%, 09/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,247 3,342,300Walmart Inc., 2.35%, 12/15/22 (Call 11/15/22)(a) . . . . . . . . . . . . 2,506 2,616,439

27,622,568Savings & Loans — 0.1%People's United Financial Inc., 3.65%, 12/06/22

(Call 09/06/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,317 1,350,518

Semiconductors — 1.5%Broadcom Inc., 3.13%, 10/15/22(b) . . . . . . . . . . . . . . . . . . . . . . . . . 3,535 3,663,921Intel Corp.

2.35%, 05/11/22 (Call 04/11/22) . . . . . . . . . . . . . . . . . . . . . . . . . 1,634 1,685,9452.70%, 12/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,899 4,100,5783.10%, 07/29/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,321 2,449,816

QUALCOMM Inc., 3.00%, 05/20/22 . . . . . . . . . . . . . . . . . . . . . . . . 4,562 4,752,418Texas Instruments Inc., 1.85%, 05/15/22 (Call 04/15/22)(a) . . 1,249 1,276,303

17,928,981Software — 2.9%Activision Blizzard Inc., 2.60%, 06/15/22 (Call 05/15/22) . . . . 371 380,427Autodesk Inc., 3.60%, 12/15/22 (Call 09/15/22)(a) . . . . . . . . . . . 390 404,645CA Inc., 3.60%, 08/15/22 (Call 07/15/22) . . . . . . . . . . . . . . . . . . . 1,202 1,218,696Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . . . . . . 1,614 1,694,539Microsoft Corp.

2.13%, 11/15/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,041 1,090,3432.38%, 02/12/22 (Call 01/12/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,089 4,217,5172.40%, 02/06/22 (Call 01/06/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,854 4,990,8342.65%, 11/03/22 (Call 09/03/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,094 3,244,430

Oracle Corp.2.50%, 05/15/22 (Call 03/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 6,226 6,405,1842.50%, 10/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,334 6,571,525

VMware Inc., 2.95%, 08/21/22 (Call 07/21/22)(a) . . . . . . . . . . . . 3,642 3,695,538

33,913,678Telecommunications — 3.0%America Movil SAB de CV, 3.13%, 07/16/22 . . . . . . . . . . . . . . . . 2,299 2,344,819

Security

Par/Shares

(000) Value

Telecommunications (continued)AT&T Inc.

2.63%, 12/01/22 (Call 09/01/22). . . . . . . . . . . . . . . . . . . . . . . . . $ 2,211 $ 2,263,2243.00%, 02/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,255 3,346,3683.00%, 06/30/22 (Call 04/30/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,766 4,906,4543.20%, 03/01/22 (Call 02/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,521 4,685,3383.40%, 06/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,187 1,236,2373.80%, 03/15/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,534 2,645,5214.00%, 01/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,344 1,401,631

Cisco Systems Inc., 3.00%, 06/15/22 . . . . . . . . . . . . . . . . . . . . . . 1,412 1,486,850Corning Inc., 2.90%, 05/15/22 (Call 03/15/22)(a) . . . . . . . . . . . . 1,044 1,071,718Motorola Solutions Inc., 3.75%, 05/15/22. . . . . . . . . . . . . . . . . . . 1,362 1,409,234Verizon Communications Inc.

2.45%, 11/01/22 (Call 08/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,352 2,434,6732.95%, 03/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,376 2,470,7793.13%, 03/16/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,187 3,324,710

Vodafone Group PLC, 2.50%, 09/26/22 . . . . . . . . . . . . . . . . . . . . 65 66,870

35,094,426Toys, Games & Hobbies — 0.1%Hasbro Inc., 2.60%, 11/19/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 610 616,082

Transportation — 1.6%Burlington Northern Santa Fe LLC

3.05%, 03/15/22 (Call 12/15/21)(a). . . . . . . . . . . . . . . . . . . . . . . 1,481 1,529,7253.05%, 09/01/22 (Call 06/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,614 1,682,482

FedEx Corp.2.63%, 08/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,401 1,436,4733.40%, 01/14/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,245 1,282,960

JB Hunt Transport Services Inc., 3.30%, 08/15/22(Call 06/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326 333,638

Norfolk Southern Corp., 3.00%, 04/01/22 (Call 01/01/22). . . . 1,540 1,590,543Ryder System Inc.

2.50%, 09/01/22 (Call 08/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 740 728,2042.80%, 03/01/22 (Call 02/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 552 550,2342.88%, 06/01/22 (Call 05/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,092 2,088,925

Union Pacific Corp.2.95%, 03/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,885 1,953,9354.16%, 07/15/22 (Call 04/15/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,858 1,975,258

United Parcel Service Inc.2.35%, 05/16/22 (Call 04/16/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,140 1,178,1332.45%, 10/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,801 2,907,802

19,238,312

Total Corporate Bonds & Notes — 98.7%(Cost: $1,144,197,542). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,166,836,754


0.89%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,026 29,057,741


April 30, 2020



SecurityShares

(000) Value

Money Market Funds (continued)BlackRock Cash Funds: Treasury, SL Agency Shares,

0.18%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,816 $ 16,816,000

45,873,741




Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,182,080,439




securities.

Affiliates


Affiliated Issuer

SharesHeld at

10/31/19(000)

Net Activity(000)

SharesHeld at

04/30/20(000)



Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . 36,228 (7,202) 29,026 $29,057,741 $ 99,897(b) $ (5,003) $ 36,034BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . 6,693 10,123 16,816 16,816,000 28,523 — —

$45,873,741 $128,420 $ (5,003) $ 36,034







InvestmentsAssets


$ 45,873,741 $1,166,836,754 $ — $1,212,710,495



April 30, 2020



SecurityPar

(000) Value


02/15/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,509 $ 1,554,813


1.88%, 06/15/23 (Call 04/15/23)(a). . . . . . . . . . . . . . . . . . . . . . . 1,074 990,6572.80%, 03/01/23 (Call 02/01/23)(a). . . . . . . . . . . . . . . . . . . . . . . 990 939,886

Embraer Overseas Ltd., 5.70%, 09/16/23(b) . . . . . . . . . . . . . . . . 362 324,584General Dynamics Corp.

1.88%, 08/15/23 (Call 06/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,447 1,487,1403.38%, 05/15/23 (Call 04/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,012 2,150,104

L3Harris Technologies Inc., 3.85%, 06/15/23(Call 05/15/23)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 2,128,860

Lockheed Martin Corp., 3.10%, 01/15/23 (Call 11/15/22)(a) . . 1,596 1,685,887Northrop Grumman Corp., 3.25%, 08/01/23 . . . . . . . . . . . . . . . . 2,859 3,047,437Raytheon Technologies Corp., 3.65%, 08/16/23

(Call 07/16/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,391 2,576,852Rockwell Collins Inc., 3.70%, 12/15/23 (Call 09/15/23) . . . . . . 1,058 1,132,927

16,464,334Agriculture — 0.7%Altria Group Inc., 2.95%, 05/02/23 . . . . . . . . . . . . . . . . . . . . . . . . . 1,108 1,149,439Philip Morris International Inc.

2.13%, 05/10/23 (Call 03/10/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,251 1,282,9012.63%, 03/06/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,605 1,671,3673.60%, 11/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,069 1,149,506

Reynolds American Inc., 4.85%, 09/15/23 . . . . . . . . . . . . . . . . . . 1,555 1,688,217

6,941,430Airlines — 0.2%American Airlines Pass Through Trust, Series 2013-2,

Class A, 4.95%, 01/15/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 945 832,908Delta Air Lines Inc., 3.80%, 04/19/23 (Call 03/19/23) . . . . . . . . 222 188,340Southwest Airlines Co., 4.75%, 05/04/23 . . . . . . . . . . . . . . . . . . . 750 744,615

1,765,863Apparel — 0.2%NIKE Inc., 2.25%, 05/01/23 (Call 02/01/23)(a) . . . . . . . . . . . . . . . 1,975 2,054,711


1.95%, 05/10/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 401,1642.05%, 01/10/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,865 1,857,0553.45%, 07/14/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,044 1,084,7583.63%, 10/10/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,726 2,846,626

Cummins Inc., 3.65%, 10/01/23 (Call 07/01/23). . . . . . . . . . . . . 615 665,276General Motors Co., 4.88%, 10/02/23 . . . . . . . . . . . . . . . . . . . . . . 2,482 2,437,051General Motors Financial Co. Inc.

3.25%, 01/05/23 (Call 12/05/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,215 1,152,9263.70%, 05/09/23 (Call 03/09/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,544 3,397,7394.15%, 06/19/23 (Call 05/19/23)(a). . . . . . . . . . . . . . . . . . . . . . . 2,639 2,559,9094.25%, 05/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,896 1,857,322

PACCAR Financial Corp.1.90%, 02/07/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 853 859,2953.40%, 08/09/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 360,278

Toyota Motor Corp., 3.42%, 07/20/23(a) . . . . . . . . . . . . . . . . . . . . 1,246 1,322,118Toyota Motor Credit Corp.

2.25%, 10/18/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,346 2,404,4622.63%, 01/10/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,907 3,003,9482.70%, 01/11/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 983 1,018,467

SecurityPar

(000) Value

Auto Manufacturers (continued)3.45%, 09/20/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,908 $ 2,031,123

29,259,517Banks — 26.0%Banco Santander SA

3.13%, 02/23/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,910 2,960,8383.85%, 04/12/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,840 2,943,688

Bank of America Corp.3.30%, 01/11/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,055 10,532,0094.10%, 07/24/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,556 4,928,681

Bank of New York Mellon Corp. (The)1.85%, 01/27/23 (Call 01/02/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,175 2,214,6942.20%, 08/16/23 (Call 06/16/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,535 3,645,6812.95%, 01/29/23 (Call 12/29/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,671 2,805,4313.45%, 08/11/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851 913,0383.50%, 04/28/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,935 2,067,857

Bank of Nova Scotia (The)1.63%, 05/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100,0431.95%, 02/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,682 2,712,6822.38%, 01/18/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,250 1,283,087

Barclays PLC, 3.68%, 01/10/23 (Call 01/10/22) . . . . . . . . . . . . . 3,728 3,812,141BNP Paribas SA, 3.25%, 03/03/23 . . . . . . . . . . . . . . . . . . . . . . . . . 2,683 2,835,207Canadian Imperial Bank of Commerce, 3.50%, 09/13/23(a) . . 2,728 2,933,036Citigroup Inc.

3.38%, 03/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 913 953,3363.50%, 05/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,485 2,592,2033.88%, 10/25/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,933 3,133,500

Citizens Bank N.A./Providence RI, 3.70%, 03/29/23(Call 02/28/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,335 1,398,786

Comerica Inc., 3.70%, 07/31/23 (Call 06/30/23). . . . . . . . . . . . . 2,126 2,239,805Cooperatieve Rabobank UA, 4.63%, 12/01/23. . . . . . . . . . . . . . 3,986 4,257,885Cooperatieve Rabobank UA/NY, 2.75%, 01/10/23 . . . . . . . . . . 2,779 2,877,932Credit Suisse Group Funding Guernsey Ltd., 3.80%,

06/09/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,543 4,757,021Deutsche Bank AG/New York NY, 3.95%, 02/27/23 . . . . . . . . . 2,300 2,293,261Discover Bank

3.35%, 02/06/23 (Call 01/06/23)(a). . . . . . . . . . . . . . . . . . . . . . . 1,981 2,011,9634.20%, 08/08/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,320 2,418,136

Fifth Third Bank/Cincinnati OH, 1.80%, 01/30/23(Call 12/30/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,007,690

Goldman Sachs Group Inc. (The)3.20%, 02/23/23 (Call 01/23/23). . . . . . . . . . . . . . . . . . . . . . . . . 4,249 4,409,2723.63%, 01/22/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,262 5,527,415

HSBC Holdings PLC, 3.60%, 05/25/23 . . . . . . . . . . . . . . . . . . . . . 4,768 5,021,562Huntington National Bank (The)

1.80%, 02/03/23 (Call 01/03/23). . . . . . . . . . . . . . . . . . . . . . . . . 350 352,0793.55%, 10/06/23 (Call 09/06/23)(a). . . . . . . . . . . . . . . . . . . . . . . 2,671 2,861,362

ING Groep NV, 4.10%, 10/02/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,387 3,624,327JPMorgan Chase & Co.

2.70%, 05/18/23 (Call 03/18/23). . . . . . . . . . . . . . . . . . . . . . . . . 4,923 5,096,7822.97%, 01/15/23 (Call 01/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,855 3,961,1673.20%, 01/25/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,108 6,396,1753.38%, 05/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,862 5,088,180

KeyBank N.A./Cleveland OH, 3.38%, 03/07/23(a) . . . . . . . . . . . 1,295 1,363,894KeyBank NA/Cleveland OH, 1.25%, 03/10/23 . . . . . . . . . . . . . . 1,200 1,200,840Lloyds Banking Group PLC, 4.05%, 08/16/23(a). . . . . . . . . . . . . 4,153 4,381,664M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)(a) . . . . . . . . 1,452 1,548,355Mitsubishi UFJ Financial Group Inc.

2.53%, 09/13/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424 433,6373.46%, 03/02/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,506 3,659,3523.76%, 07/26/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,722 6,055,936


April 30, 2020



SecurityPar

(000) Value

Banks (continued)Mizuho Financial Group Inc., 3.55%, 03/05/23. . . . . . . . . . . . . . $ 2,559 $ 2,675,921Morgan Stanley

3.13%, 01/23/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,604 4,787,6543.75%, 02/25/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,956 6,299,6024.10%, 05/22/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,544 5,858,899

National Australia Bank Ltd./New York2.88%, 04/12/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,171 1,226,0253.00%, 01/20/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,783 1,861,2743.63%, 06/20/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,645 1,756,778

National Bank of Canada, 2.10%, 02/01/23. . . . . . . . . . . . . . . . . 2,050 2,071,053PNC Bank N.A.

2.95%, 01/30/23 (Call 12/30/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,935 2,013,3673.50%, 06/08/23 (Call 05/09/23). . . . . . . . . . . . . . . . . . . . . . . . . 921 981,9433.80%, 07/25/23 (Call 06/25/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,686 1,808,168

Regions Financial Corp., 3.80%, 08/14/23 (Call 07/14/23). . . 2,499 2,639,069Royal Bank of Canada

1.95%, 01/17/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,170 2,200,5753.70%, 10/05/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,075 4,368,115

Royal Bank of Scotland Group PLC3.88%, 09/12/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,307 6,611,3136.10%, 06/10/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,293 2,474,583

Santander Holdings USA Inc., 3.40%, 01/18/23(Call 12/18/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,295 2,310,422

Santander UK Group Holdings PLC, 3.57%, 01/10/23(Call 01/10/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,814 2,867,804

Santander UK PLC, 2.10%, 01/13/23 . . . . . . . . . . . . . . . . . . . . . . 2,705 2,714,819State Street Corp.

3.10%, 05/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,480 2,606,6543.70%, 11/20/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,283 2,531,345

Sumitomo Mitsui Banking Corp.3.00%, 01/18/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,255 1,296,1773.95%, 07/19/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,550 1,655,555

Sumitomo Mitsui Financial Group Inc.3.10%, 01/17/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,513 4,677,8603.75%, 07/19/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,322 1,398,4913.94%, 10/16/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,824 1,950,203

Svenska Handelsbanken AB, 3.90%, 11/20/23(a). . . . . . . . . . . . 2,323 2,509,467Toronto-Dominion Bank (The), 3.50%, 07/19/23 . . . . . . . . . . . . 3,967 4,267,580Truist Bank

1.25%, 03/09/23 (Call 02/09/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,145 2,144,3142.75%, 05/01/23 (Call 04/01/23)(a). . . . . . . . . . . . . . . . . . . . . . . 439 456,7273.00%, 02/02/23 (Call 01/02/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,084 2,173,841

Truist Financial Corp.2.20%, 03/16/23 (Call 02/13/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,889 1,931,1623.75%, 12/06/23 (Call 11/06/23)(a) . . . . . . . . . . . . . . . . . . . . . . . 2,930 3,146,908

U.S. Bank N.A./Cincinnati OH1.95%, 01/09/23 (Call 12/09/22). . . . . . . . . . . . . . . . . . . . . . . . . 750 765,6602.85%, 01/23/23 (Call 12/23/22)(a). . . . . . . . . . . . . . . . . . . . . . . 2,078 2,166,6473.40%, 07/24/23 (Call 06/23/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,856 3,054,064

Wells Fargo & Co.3.07%, 01/24/23 (Call 01/24/22). . . . . . . . . . . . . . . . . . . . . . . . . 8,846 9,060,4274.13%, 08/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,366 3,585,833Series M, 3.45%, 02/13/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,467 5,691,366

Wells Fargo Bank N.A., 3.55%, 08/14/23 (Call 07/14/23) . . . . 5,732 6,109,223Westpac Banking Corp.

2.00%, 01/13/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 857 872,7342.75%, 01/11/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,365 3,493,0053.65%, 05/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,290 2,445,583

265,129,840

SecurityPar

(000) Value

Beverages — 3.2%Anheuser-Busch InBev Finance Inc.

2.63%, 01/17/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 227 $ 236,1913.30%, 02/01/23 (Call 12/01/22)(a). . . . . . . . . . . . . . . . . . . . . . . 7,951 8,387,828

Coca-Cola Co. (The)2.50%, 04/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,999 2,098,8503.20%, 11/01/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,737 4,060,849

Constellation Brands Inc.3.20%, 02/15/23 (Call 01/15/23)(a). . . . . . . . . . . . . . . . . . . . . . . 1,653 1,722,2944.25%, 05/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,434 2,609,199

Diageo Capital PLC2.63%, 04/29/23 (Call 01/29/23)(a). . . . . . . . . . . . . . . . . . . . . . . 2,597 2,703,3473.50%, 09/18/23 (Call 08/18/23). . . . . . . . . . . . . . . . . . . . . . . . . 805 869,875

Fomento Economico Mexicano SAB de CV, 2.88%,05/10/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 406,620

Keurig Dr Pepper Inc.3.13%, 12/15/23 (Call 10/15/23)(a). . . . . . . . . . . . . . . . . . . . . . . 1,906 1,996,6304.06%, 05/25/23 (Call 04/25/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,918 4,200,214

PepsiCo Inc.0.75%, 05/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 214,7082.75%, 03/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,565 2,711,102

32,217,707Biotechnology — 0.4%Amgen Inc., 2.25%, 08/19/23 (Call 06/19/23)(a) . . . . . . . . . . . . . 2,095 2,172,368Gilead Sciences Inc., 2.50%, 09/01/23 (Call 07/01/23) . . . . . . 2,251 2,357,495

4,529,863Building Materials — 0.2%Carrier Global Corp., 1.92%, 02/15/23 (Call 01/15/23)(b) . . . . 595 597,975Fortune Brands Home & Security Inc., 4.00%, 09/21/23

(Call 08/21/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,249 1,308,352Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23) . . 90 90,828

1,997,155Chemicals — 1.4%DuPont de Nemours Inc.

2.17%, 05/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 150,9934.21%, 11/15/23 (Call 10/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 5,950 6,441,113

Ecolab Inc., 3.25%, 01/14/23 (Call 11/14/22) . . . . . . . . . . . . . . . 1,442 1,514,850International Flavors & Fragrances Inc., 3.20%, 05/01/23

(Call 02/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 65,873LYB International Finance BV, 4.00%, 07/15/23. . . . . . . . . . . . . 2,081 2,175,228Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23) . . . . . . . . . 1,930 1,967,847Nutrien Ltd., 3.50%, 06/01/23 (Call 03/01/23)(a) . . . . . . . . . . . . . 764 792,971PPG Industries Inc., 3.20%, 03/15/23 (Call 02/15/23) . . . . . . . 80 83,537Praxair Inc., 2.70%, 02/21/23 (Call 11/21/22)(a) . . . . . . . . . . . . . 1,112 1,132,038

14,324,450Commercial Services — 0.6%Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23). . . . . . . . . . . . . . . 225 235,373Global Payments Inc.

3.75%, 06/01/23 (Call 03/01/23)(a). . . . . . . . . . . . . . . . . . . . . . . 1,818 1,910,9544.00%, 06/01/23 (Call 05/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 861 915,587

IHS Markit Ltd., 4.13%, 08/01/23 (Call 07/01/23). . . . . . . . . . . . 698 747,286Moody's Corp., 2.63%, 01/15/23 (Call 12/15/22)(a) . . . . . . . . . . 1,247 1,284,934RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23) . . . . . . . . . 1,406 1,466,303


2.40%, 01/13/23 (Call 12/13/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,483 1,549,4982.40%, 05/03/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,799 12,381,2812.85%, 02/23/23 (Call 12/23/22)(a). . . . . . . . . . . . . . . . . . . . . . . 4,787 5,051,386


April 30, 2020



SecurityPar

(000) Value

Computers (continued)Dell International LLC/EMC Corp., 5.45%, 06/15/23

(Call 04/15/23)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,872 $ 9,385,511Hewlett Packard Enterprise Co.

2.25%, 04/01/23 (Call 03/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,494 2,530,0884.45%, 10/02/23 (Call 09/02/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,000 2,106,080

IBM Credit LLC, 3.00%, 02/06/23 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,786 2,941,682International Business Machines Corp., 3.38%, 08/01/23. . . . 2,833 3,053,606Seagate HDD Cayman, 4.75%, 06/01/23(a) . . . . . . . . . . . . . . . . . 1,517 1,583,429

40,582,561Cosmetics & Personal Care — 0.5%Colgate-Palmolive Co.

1.95%, 02/01/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,264 1,314,1562.10%, 05/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480 500,059

Procter & Gamble Co. (The), 3.10%, 08/15/23 . . . . . . . . . . . . . . 2,285 2,476,780Unilever Capital Corp., 3.13%, 03/22/23 (Call 02/22/23). . . . . 1,200 1,275,024


3.30%, 01/23/23 (Call 12/23/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,775 1,585,8034.13%, 07/03/23 (Call 06/03/23). . . . . . . . . . . . . . . . . . . . . . . . . 565 520,642

Air Lease Corp.2.25%, 01/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,428 1,331,4532.75%, 01/15/23 (Call 12/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 915 835,6603.00%, 09/15/23 (Call 07/15/23)(a). . . . . . . . . . . . . . . . . . . . . . . 2,324 2,153,9993.88%, 07/03/23 (Call 06/03/23). . . . . . . . . . . . . . . . . . . . . . . . . 746 691,534

Aircastle Ltd.4.40%, 09/25/23 (Call 08/25/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,393 1,229,3095.00%, 04/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,144 1,081,400

American Express Co.3.40%, 02/27/23 (Call 01/27/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,856 4,039,5463.70%, 08/03/23 (Call 07/03/23). . . . . . . . . . . . . . . . . . . . . . . . . 4,448 4,730,670

Ameriprise Financial Inc., 4.00%, 10/15/23 . . . . . . . . . . . . . . . . . 1,796 1,958,143BGC Partners Inc., 5.38%, 07/24/23 . . . . . . . . . . . . . . . . . . . . . . . 1,126 1,110,371Capital One Bank USA N.A., 3.38%, 02/15/23 . . . . . . . . . . . . . . 2,861 2,903,200Capital One Financial Corp.

3.20%, 01/30/23 (Call 12/30/22). . . . . . . . . . . . . . . . . . . . . . . . . 3,520 3,590,2243.50%, 06/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,116 2,183,860

Charles Schwab Corp. (The), 2.65%, 01/25/23(Call 12/25/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,291 2,388,780

Eaton Vance Corp., 3.63%, 06/15/23. . . . . . . . . . . . . . . . . . . . . . . 165 173,131Intercontinental Exchange Inc.

3.45%, 09/21/23 (Call 08/21/23). . . . . . . . . . . . . . . . . . . . . . . . . 732 788,5694.00%, 10/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,057 2,268,830

Jefferies Financial Group Inc., 5.50%, 10/18/23(Call 01/18/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,613 1,694,376

Jefferies Group LLC, 5.13%, 01/20/23 . . . . . . . . . . . . . . . . . . . . . 1,542 1,614,227Western Union Co. (The), 4.25%, 06/09/23 (Call 05/09/23) . . 418 439,657

39,313,384Electric — 4.4%Alabama Power Co., Series 13-A, 3.55%, 12/01/23 . . . . . . . . . 845 925,909Baltimore Gas & Electric Co., 3.35%, 07/01/23

(Call 04/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,109 1,174,852Berkshire Hathaway Energy Co.

2.80%, 01/15/23 (Call 12/15/22)(a). . . . . . . . . . . . . . . . . . . . . . . 929 969,6163.75%, 11/15/23 (Call 08/15/23)(a) . . . . . . . . . . . . . . . . . . . . . . . 1,421 1,544,471

Black Hills Corp., 4.25%, 11/30/23 (Call 08/30/23) . . . . . . . . . . 684 735,279Connecticut Light & Power Co. (The), 2.50%, 01/15/23

(Call 10/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,040 1,072,396Consumers Energy Co., 3.38%, 08/15/23 (Call 05/15/23) . . . 365 391,587

SecurityPar

(000) Value

Electric (continued)Delmarva Power & Light Co., 3.50%, 11/15/23

(Call 08/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,422 $ 1,534,423DTE Energy Co.

Series D, 3.70%, 08/01/23 (Call 07/01/23)(a) . . . . . . . . . . . . . 1,633 1,738,704Series F, 3.85%, 12/01/23 (Call 09/01/23) . . . . . . . . . . . . . . . 1,069 1,134,925

Duke Energy Carolinas LLC2.50%, 03/15/23 (Call 01/15/23)(a). . . . . . . . . . . . . . . . . . . . . . . 1,050 1,097,2503.05%, 03/15/23 (Call 02/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,080 1,151,431

Duke Energy Corp., 3.95%, 10/15/23 (Call 07/15/23) . . . . . . . 1,536 1,651,077Duke Energy Ohio Inc., 3.80%, 09/01/23 (Call 06/01/23) . . . . 980 1,051,452Duke Energy Progress LLC, 3.38%, 09/01/23

(Call 08/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 398,039Edison International, 2.95%, 03/15/23 (Call 01/15/23). . . . . . . 1,654 1,658,334Entergy Louisiana LLC, 4.05%, 09/01/23 (Call 06/01/23) . . . . 865 941,336Evergy Metro Inc., 3.15%, 03/15/23 (Call 12/15/22)(a) . . . . . . . 409 431,278Eversource Energy

2.80%, 05/01/23 (Call 02/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,588 1,635,624Series N, 3.80%, 12/01/23 (Call 11/01/23) . . . . . . . . . . . . . . . 960 1,031,251

FirstEnergy Corp., Series B, 4.25%, 03/15/23(Call 12/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,057 2,221,683

Florida Power & Light Co., 2.75%, 06/01/23 (Call 12/01/22) . 1,002 1,063,102Georgia Power Co., Series A, 2.10%, 07/30/23 . . . . . . . . . . . . . 385 396,831National Rural Utilities Cooperative Finance Corp.

2.70%, 02/15/23 (Call 12/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,241 1,287,0543.40%, 11/15/23 (Call 08/15/23)(a) . . . . . . . . . . . . . . . . . . . . . . . 346 368,961

NextEra Energy Capital Holdings Inc., 2.80%, 01/15/23(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840 872,340

Northern States Power Co./MN, 2.60%, 05/15/23(Call 11/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 644 668,266

PacifiCorp, 2.95%, 06/01/23 (Call 03/01/23) . . . . . . . . . . . . . . . . 190 199,774PPL Capital Funding Inc., 3.40%, 06/01/23 (Call 03/01/23) . . 1,163 1,209,694PSEG Power LLC, 3.85%, 06/01/23 (Call 05/01/23). . . . . . . . . 2,015 2,128,948Public Service Co. of New Hampshire, 3.50%, 11/01/23

(Call 08/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311 333,927Public Service Electric & Gas Co.

2.38%, 05/15/23 (Call 02/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 907 940,7133.25%, 09/01/23 (Call 08/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 375 401,674

San Diego Gas & Electric Co., Series NNN, 3.60%,09/01/23 (Call 06/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 456,667

Sempra Energy2.90%, 02/01/23 (Call 01/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,509 1,558,2094.05%, 12/01/23 (Call 09/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,142,319

Southern California Edison Co.Series C, 3.50%, 10/01/23 (Call 07/01/23) . . . . . . . . . . . . . . . 860 910,559Series D, 3.40%, 06/01/23 (Call 05/01/23) . . . . . . . . . . . . . . . 658 688,630

Southern Co. (The), 2.95%, 07/01/23 (Call 05/01/23) . . . . . . . 4,146 4,374,071Virginia Electric & Power Co., Series C, 2.75%, 03/15/23

(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,540 1,607,206

45,099,862Electrical Components & Equipment — 0.1%Emerson Electric Co., 2.63%, 02/15/23 (Call 11/15/22)(a). . . . 743 775,581

Electronics — 0.6%Agilent Technologies Inc., 3.88%, 07/15/23 (Call 04/15/23) . . 1,305 1,378,458Arrow Electronics Inc., 4.50%, 03/01/23 (Call 12/01/22) . . . . . 655 677,807Flex Ltd., 5.00%, 02/15/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,195 1,246,958Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23). . . 2,011 2,108,192Trimble Inc., 4.15%, 06/15/23 (Call 05/15/23). . . . . . . . . . . . . . . 871 889,814

6,301,229


April 30, 2020



SecurityPar

(000) Value

Environmental Control — 0.4%Republic Services Inc., 4.75%, 05/15/23 (Call 02/15/23) . . . . $ 1,542 $ 1,696,447Waste Management Inc., 2.40%, 05/15/23 (Call 03/15/23) . . 1,877 1,946,956

3,643,403Food — 1.5%Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23)(a) . . . . . 1,787 1,886,107Conagra Brands Inc., 3.20%, 01/25/23 (Call 10/25/22) . . . . . . 2,357 2,441,027General Mills Inc., 3.70%, 10/17/23 (Call 09/17/23) . . . . . . . . . 1,908 2,066,097Hershey Co. (The), 3.38%, 05/15/23 (Call 04/15/23)(a) . . . . . . 1,543 1,644,221Kellogg Co., 2.65%, 12/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,564 1,622,635Kroger Co. (The), 3.85%, 08/01/23 (Call 05/01/23). . . . . . . . . . 1,713 1,840,464Mondelez International Inc., 3.63%, 05/07/23

(Call 04/07/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,851 1,968,520Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23) . . . . . . . . . 1,228 1,321,561

14,790,632Gas — 0.4%CenterPoint Energy Resources Corp., 3.55%, 04/01/23

(Call 03/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 785 819,014Dominion Energy Gas Holdings LLC, 3.55%, 11/01/23

(Call 08/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670 704,016National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22). . . . . 881 862,886NiSource Inc., 3.65%, 06/15/23 (Call 05/15/23) . . . . . . . . . . . . . 834 888,552Southern Co. Gas Capital Corp., 2.45%, 10/01/23

(Call 08/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 793 806,497

4,080,965Health Care - Products — 0.8%Abbott Laboratories, 3.40%, 11/30/23 (Call 09/30/23) . . . . . . . 2,531 2,748,869Covidien International Finance SA, 2.95%, 06/15/23

(Call 03/15/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440 463,588Medtronic Inc., 2.75%, 04/01/23 (Call 01/01/23) . . . . . . . . . . . . 945 995,217Thermo Fisher Scientific Inc., 3.00%, 04/15/23

(Call 02/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,838 2,986,569Zimmer Biomet Holdings Inc., 3.70%, 03/19/23

(Call 02/19/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 715 749,871

7,944,114Health Care - Services — 1.6%Aetna Inc., 2.80%, 06/15/23 (Call 04/15/23) . . . . . . . . . . . . . . . . 3,531 3,663,130Anthem Inc., 3.30%, 01/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,614 2,752,176HCA Inc., 4.75%, 05/01/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,923 3,115,713Laboratory Corp. of America Holdings, 4.00%, 11/01/23

(Call 08/01/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 408,720SSM Health Care Corp., Series 2018, 3.69%, 06/01/23

(Call 03/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 773 806,718UnitedHealth Group Inc.

2.75%, 02/15/23 (Call 11/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,910 1,996,4282.88%, 03/15/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,190 2,310,0343.50%, 06/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,557 1,680,532

16,733,451Holding Companies - Diversified — 0.2%Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23) . . . . . . . . 1,621 1,546,272Prospect Capital Corp., 5.88%, 03/15/23 . . . . . . . . . . . . . . . . . . . 235 212,915

1,759,187Home Builders — 0.2%DR Horton Inc.

4.75%, 02/15/23 (Call 11/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . 841 880,2755.75%, 08/15/23 (Call 05/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 628 679,791

1,560,066Household Products & Wares — 0.0%Kimberly-Clark Corp., 2.40%, 06/01/23(a). . . . . . . . . . . . . . . . . . . 415 432,683

SecurityPar

(000) Value

Insurance — 2.1%Aflac Inc., 3.63%, 06/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,067 $ 2,217,167Allstate Corp. (The), 3.15%, 06/15/23 . . . . . . . . . . . . . . . . . . . . . . 1,312 1,387,296Aon PLC, 4.00%, 11/27/23 (Call 08/27/23) . . . . . . . . . . . . . . . . . 958 1,017,626Aspen Insurance Holdings Ltd., 4.65%, 11/15/23 . . . . . . . . . . . 700 725,305Assurant Inc.

4.00%, 03/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 810 839,2904.20%, 09/27/23 (Call 08/27/23). . . . . . . . . . . . . . . . . . . . . . . . . 50 52,319

Berkshire Hathaway Inc.2.75%, 03/15/23 (Call 01/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 4,686 4,962,4743.00%, 02/11/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,262 1,348,371

Chubb INA Holdings Inc., 2.70%, 03/13/23 . . . . . . . . . . . . . . . . . 215 224,759Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23). . . . 1,655 1,724,146Lincoln National Corp., 4.00%, 09/01/23 . . . . . . . . . . . . . . . . . . . 1,060 1,126,017Loews Corp., 2.63%, 05/15/23 (Call 02/15/23) . . . . . . . . . . . . . . 1,609 1,641,116Marsh & McLennan Companies Inc., 3.30%, 03/14/23

(Call 01/14/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,070 1,124,217MetLife Inc., Series D, 4.37%, 09/15/23(a) . . . . . . . . . . . . . . . . . . 2,556 2,806,692Reinsurance Group of America Inc., 4.70%, 09/15/23 . . . . . . . 70 75,094

21,271,889Internet — 1.1%Alibaba Group Holding Ltd., 2.80%, 06/06/23

(Call 05/06/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,799 1,848,994Amazon.com Inc., 2.40%, 02/22/23 (Call 01/22/23) . . . . . . . . . 3,092 3,244,003Baidu Inc., 3.88%, 09/29/23 (Call 08/29/23) . . . . . . . . . . . . . . . . 2,160 2,274,739Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23) . . . . . 1,231 1,253,897eBay Inc., 2.75%, 01/30/23 (Call 12/30/22) . . . . . . . . . . . . . . . . . 2,676 2,754,273

11,375,906Iron & Steel — 0.3%Nucor Corp., 4.00%, 08/01/23 (Call 05/01/23)(a) . . . . . . . . . . . . 1,362 1,459,969Reliance Steel & Aluminum Co., 4.50%, 04/15/23

(Call 01/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,264 1,307,911Steel Dynamics Inc., 5.25%, 04/15/23 (Call 05/29/20). . . . . . . 569 570,866

3,338,746Lodging — 0.5%Hyatt Hotels Corp., 3.38%, 07/15/23 (Call 04/15/23) . . . . . . . . 785 752,493Marriott International Inc./MD, Series Z, 4.15%, 12/01/23

(Call 11/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640 627,904Sands China Ltd., 4.60%, 08/08/23 (Call 07/08/23) . . . . . . . . . 3,707 3,790,259

5,170,656Machinery — 1.7%ABB Finance USA Inc., 3.38%, 04/03/23 (Call 03/03/23) . . . . 946 981,929Caterpillar Financial Services Corp.

2.63%, 03/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,015 1,052,1493.45%, 05/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,725 1,843,4383.65%, 12/07/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,460 1,587,3853.75%, 11/24/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 772 843,696

CNH Industrial NV, 4.50%, 08/15/23 . . . . . . . . . . . . . . . . . . . . . . . 1,604 1,648,046Crane Co., 4.45%, 12/15/23 (Call 09/15/23) . . . . . . . . . . . . . . . . 300 312,705Flowserve Corp., 4.00%, 11/15/23 (Call 08/15/23) . . . . . . . . . . 320 321,318John Deere Capital Corp.

1.20%, 04/06/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25,1882.70%, 01/06/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 541 562,0022.80%, 01/27/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,308 1,368,9532.80%, 03/06/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,241 3,396,6653.45%, 06/07/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 862 920,6423.65%, 10/12/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,675 1,814,745

Nvent Finance Sarl, 3.95%, 04/15/23 (Call 03/15/23) . . . . . . . 158 161,345

16,840,206


April 30, 2020



SecurityPar

(000) Value

Manufacturing — 0.8%3M Co.

1.75%, 02/14/23 (Call 01/14/23). . . . . . . . . . . . . . . . . . . . . . . . . $ 1,310 $ 1,343,8112.25%, 03/15/23 (Call 02/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,768 1,836,615

General Electric Co., 3.10%, 01/09/23(a) . . . . . . . . . . . . . . . . . . . 3,469 3,530,852Ingersoll-Rand Global Holding Co. Ltd., 4.25%, 06/15/23. . . . 1,618 1,744,382

8,455,660Media — 2.1%Comcast Corp.

2.75%, 03/01/23 (Call 02/01/23)(a). . . . . . . . . . . . . . . . . . . . . . . 2,776 2,917,6592.85%, 01/15/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,152 2,263,732

Discovery Communications LLC2.95%, 03/20/23 (Call 02/20/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,848 2,931,2473.25%, 04/01/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704 724,641

NBCUniversal Media LLC, 2.88%, 01/15/23 . . . . . . . . . . . . . . . . 2,450 2,584,309Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23) . . . 1,794 1,929,967Time Warner Entertainment Co. LP, 8.38%, 03/15/23 . . . . . . . 2,416 2,794,152ViacomCBS Inc.

2.50%, 02/15/23 (Call 01/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,486 1,490,2952.90%, 06/01/23 (Call 05/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 470 476,4304.25%, 09/01/23 (Call 06/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,001 3,152,131

21,264,563Metal Fabricate & Hardware — 0.3%Precision Castparts Corp., 2.50%, 01/15/23

(Call 10/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,812 2,908,958

Mining — 0.2%BHP Billiton Finance USA Ltd., 3.85%, 09/30/23 . . . . . . . . . . . . 1,180 1,273,727Newmont Corp., 3.70%, 03/15/23 (Call 12/15/22) . . . . . . . . . . . 544 564,536

1,838,263Oil & Gas — 4.5%BP Capital Markets America Inc.

2.75%, 05/10/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,595 3,696,2352.94%, 04/06/23 (Call 03/06/23). . . . . . . . . . . . . . . . . . . . . . . . . 90 92,8453.22%, 11/28/23 (Call 09/28/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,389 2,502,000

BP Capital Markets PLC2.75%, 05/10/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 207,0823.99%, 09/26/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,124 2,272,170

Canadian Natural Resources Ltd., 2.95%, 01/15/23(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,647 2,559,040

Chevron Corp.2.57%, 05/16/23 (Call 03/16/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,482 3,634,3723.19%, 06/24/23 (Call 03/24/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,971 4,206,123

EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22) . . . . . . 3,602 3,688,448Exxon Mobil Corp.

1.57%, 04/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,150 2,175,6712.73%, 03/01/23 (Call 01/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,331 3,480,995

Marathon Petroleum Corp.4.50%, 05/01/23 (Call 04/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,180 2,183,9244.75%, 12/15/23 (Call 10/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,565 1,585,956

Shell International Finance BV2.25%, 01/06/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,608 2,652,3883.40%, 08/12/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,348 3,554,6393.50%, 11/13/23 (Call 10/13/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,458 1,550,364

Total Capital Canada Ltd., 2.75%, 07/15/23 . . . . . . . . . . . . . . . . 2,520 2,617,877Total Capital International SA, 2.70%, 01/25/23 . . . . . . . . . . . . . 2,614 2,695,975Valero Energy Corp., 2.70%, 04/15/23 . . . . . . . . . . . . . . . . . . . . . 1,000 1,001,000

46,357,104Oil & Gas Services — 0.5%Halliburton Co., 3.50%, 08/01/23 (Call 05/01/23)(a). . . . . . . . . . 1,518 1,496,384

SecurityPar

(000) Value

Oil & Gas Services (continued)Schlumberger Investment SA, 3.65%, 12/01/23

(Call 09/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,609 $ 3,677,246

5,173,630Packaging & Containers — 0.3%Packaging Corp. of America, 4.50%, 11/01/23

(Call 08/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,437 1,568,299WestRock RKT LLC, 4.00%, 03/01/23 (Call 12/01/22). . . . . . . 1,010 1,040,502

2,608,801Pharmaceuticals — 8.0%AbbVie Inc.

2.85%, 05/14/23 (Call 03/14/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,635 2,749,6233.75%, 11/14/23 (Call 10/14/23)(a) . . . . . . . . . . . . . . . . . . . . . . . 3,302 3,559,655

Allergan Inc./U.S., 2.80%, 03/15/23 (Call 12/15/22) . . . . . . . . . 1,159 1,177,069AstraZeneca PLC, 3.50%, 08/17/23 (Call 07/17/23) . . . . . . . . . 2,069 2,222,272Bristol-Myers Squibb Co.

2.75%, 02/15/23 (Call 01/15/23)(b). . . . . . . . . . . . . . . . . . . . . . . 2,367 2,472,5453.25%, 02/20/23 (Call 01/20/23)(b). . . . . . . . . . . . . . . . . . . . . . . 2,367 2,507,5053.25%, 11/01/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,145 1,225,7114.00%, 08/15/23(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,635 1,786,205

Cardinal Health Inc., 3.20%, 03/15/23 . . . . . . . . . . . . . . . . . . . . . . 1,361 1,407,165Cigna Corp.

3.00%, 07/15/23 (Call 05/16/23)(b). . . . . . . . . . . . . . . . . . . . . . . 3,024 3,148,4383.75%, 07/15/23 (Call 06/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,302 3,533,437

CVS Health Corp.3.70%, 03/09/23 (Call 02/09/23). . . . . . . . . . . . . . . . . . . . . . . . . 12,193 12,932,5054.00%, 12/05/23 (Call 09/05/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,767 4,075,028

GlaxoSmithKline Capital Inc.2.80%, 03/18/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,034 3,203,8133.38%, 05/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,036 3,249,734

Johnson & Johnson2.05%, 03/01/23 (Call 01/01/23)(a). . . . . . . . . . . . . . . . . . . . . . . 2,001 2,077,9183.38%, 12/05/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,532 1,696,230

McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22)(a) . . . . . . . . 958 983,607Merck & Co. Inc., 2.80%, 05/18/23 . . . . . . . . . . . . . . . . . . . . . . . . . 4,489 4,764,580Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)(a) . . . . . . . . . . . . . . 1,035 1,079,660Pfizer Inc.

3.00%, 06/15/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,581 2,769,1033.20%, 09/15/23 (Call 08/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,718 2,945,1705.80%, 08/12/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 501 579,847

Sanofi, 3.38%, 06/19/23 (Call 05/19/23) . . . . . . . . . . . . . . . . . . . . 2,477 2,644,198Shire Acquisitions Investments Ireland DAC, 2.88%,

09/23/23 (Call 07/23/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,919 6,167,243Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23

(Call 10/26/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,734 2,995,890Zoetis Inc., 3.25%, 02/01/23 (Call 11/01/22)(a) . . . . . . . . . . . . . . 3,273 3,415,932

81,370,083Pipelines — 3.3%Boardwalk Pipelines LP, 3.38%, 02/01/23 (Call 11/01/22). . . . 358 320,088Enbridge Inc., 4.00%, 10/01/23 (Call 07/01/23) . . . . . . . . . . . . . 2,220 2,299,543Energy Transfer Operating LP

3.60%, 02/01/23 (Call 11/01/22)(a) . . . . . . . . . . . . . . . . . . . . . . . 2,052 1,995,2624.25%, 03/15/23 (Call 12/15/22)(a). . . . . . . . . . . . . . . . . . . . . . . 2,212 2,192,468Series 5Y, 4.20%, 09/15/23 (Call 08/15/23) . . . . . . . . . . . . . . 1,285 1,266,881

Energy Transfer Partners LP/Regency Energy FinanceCorp., 4.50%, 11/01/23 (Call 08/01/23) . . . . . . . . . . . . . . . . . . 1,519 1,519,410

Enterprise Products Operating LLC, 3.35%, 03/15/23(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,386 3,513,551

Kinder Morgan Energy Partners LP3.45%, 02/15/23 (Call 11/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,462 1,500,231


April 30, 2020



SecurityPar

(000) Value

Pipelines (continued)3.50%, 09/01/23 (Call 06/01/23). . . . . . . . . . . . . . . . . . . . . . . . . $ 1,927 $ 1,986,968

Kinder Morgan Inc./DE, 3.15%, 01/15/23 (Call 12/15/22) . . . . 2,404 2,453,570MPLX LP

3.38%, 03/15/23 (Call 02/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 610 605,4984.50%, 07/15/23 (Call 04/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,912 2,912,466

ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23) . . . . . . . . . . . . . . 810 853,975ONEOK Partners LP, 5.00%, 09/15/23 (Call 06/15/23) . . . . . . 870 863,545Plains All American Pipeline LP/PAA Finance Corp.

2.85%, 01/31/23 (Call 10/31/22). . . . . . . . . . . . . . . . . . . . . . . . . 896 838,7553.85%, 10/15/23 (Call 07/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,709 1,634,163

Sabine Pass Liquefaction LLC, 5.63%, 04/15/23(Call 01/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,892 3,016,038

Sunoco Logistics Partners Operations LP, 3.45%, 01/15/23(Call 10/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634 616,419

TransCanada PipeLines Ltd., 3.75%, 10/16/23(Call 07/16/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,176 1,226,145

Williams Companies Inc. (The)3.70%, 01/15/23 (Call 10/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 905 916,8014.50%, 11/15/23 (Call 08/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,419 1,468,920

34,000,697Real Estate Investment Trusts — 4.9%Alexandria Real Estate Equities Inc., 3.90%, 06/15/23

(Call 03/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,377 1,448,521American Campus Communities Operating Partnership LP,

3.75%, 04/15/23 (Call 01/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 837 838,900American Tower Corp.

3.00%, 06/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,393 1,456,2563.50%, 01/31/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,271 3,456,368

AvalonBay Communities Inc., 4.20%, 12/15/23(Call 09/16/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 591 633,322

Boston Properties LP3.13%, 09/01/23 (Call 06/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,372 1,412,7483.85%, 02/01/23 (Call 11/01/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,576 2,722,240

Brandywine Operating Partnership LP, 3.95%, 02/15/23(Call 11/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 725 735,164

Brixmor Operating Partnership LP, 3.25%, 09/15/23(Call 07/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745 722,456

CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%,04/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,212 2,346,866

Corporate Office Properties LP, 3.60%, 05/15/23(Call 02/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851 861,757

Crown Castle International Corp.3.15%, 07/15/23 (Call 06/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,048 2,144,0725.25%, 01/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,249 4,640,120

CubeSmart LP, 4.38%, 12/15/23 (Call 09/15/23)(a) . . . . . . . . . . 700 756,196Digital Realty Trust LP, 2.75%, 02/01/23 (Call 01/01/23). . . . . 1,234 1,258,297ERP Operating LP, 3.00%, 04/15/23 (Call 01/15/23)(a) . . . . . . 1,567 1,619,338Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23) . . . . . . . . 670 667,206GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23

(Call 08/01/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745 726,047Healthpeak Properties Inc., 4.25%, 11/15/23

(Call 08/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,633 1,697,324Host Hotels & Resorts LP

Series C, 4.75%, 03/01/23 (Call 12/01/22) . . . . . . . . . . . . . . . 805 807,858Series D, 3.75%, 10/15/23 (Call 07/15/23) . . . . . . . . . . . . . . . 1,185 1,151,133

Kilroy Realty LP, 3.80%, 01/15/23 (Call 10/15/22) . . . . . . . . . . . 425 431,668Kimco Realty Corp., 3.13%, 06/01/23 (Call 03/01/23)(a) . . . . . 603 604,507Mid-America Apartments LP, 4.30%, 10/15/23

(Call 07/15/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 104,087

SecurityPar

(000) Value

Real Estate Investment Trusts (continued)National Retail Properties Inc., 3.30%, 04/15/23

(Call 01/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,100 $ 1,110,395Omega Healthcare Investors Inc., 4.38%, 08/01/23

(Call 06/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,717 1,700,946Piedmont Operating Partnership LP, 3.40%, 06/01/23

(Call 03/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 341,065Prologis LP, 4.25%, 08/15/23 (Call 05/15/23) . . . . . . . . . . . . . . . 2,275 2,476,883Realty Income Corp., 4.65%, 08/01/23 (Call 05/01/23)(a) . . . . 1,308 1,391,568Service Properties Trust, 4.50%, 06/15/23 (Call 12/15/22). . . 998 859,747Simon Property Group LP

2.75%, 02/01/23 (Call 11/01/22)(a) . . . . . . . . . . . . . . . . . . . . . . . 1,297 1,283,5502.75%, 06/01/23 (Call 03/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,351 1,334,464

Ventas Realty LP3.10%, 01/15/23 (Call 12/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,160 1,153,3423.13%, 06/15/23 (Call 03/15/23)(a). . . . . . . . . . . . . . . . . . . . . . . 1,015 999,410

Welltower Inc.3.75%, 03/15/23 (Call 12/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,602 1,625,5173.95%, 09/01/23 (Call 08/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,327 1,366,120

Weyerhaeuser Co.3.25%, 03/15/23 (Call 12/15/22)(a). . . . . . . . . . . . . . . . . . . . . . . 267 271,7394.63%, 09/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 730 782,867

49,940,064Retail — 3.3%Advance Auto Parts Inc., 4.50%, 12/01/23 (Call 09/01/23). . . 865 910,836AutoZone Inc.

2.88%, 01/15/23 (Call 10/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 220 224,6533.13%, 07/15/23 (Call 04/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,513 1,565,471

Dollar General Corp., 3.25%, 04/15/23 (Call 01/15/23)(a) . . . . 2,806 2,969,365Dollar Tree Inc., 3.70%, 05/15/23 (Call 04/15/23) . . . . . . . . . . . 2,173 2,278,651Home Depot Inc. (The), 2.70%, 04/01/23 (Call 01/01/23) . . . . 2,014 2,127,630Kohl's Corp., 3.25%, 02/01/23 (Call 11/01/22)(a) . . . . . . . . . . . . 607 550,925Lowe's Companies Inc., 3.88%, 09/15/23 (Call 06/15/23)(a) . 983 1,054,975McDonald's Corp., 3.35%, 04/01/23 (Call 03/01/23). . . . . . . . . 2,661 2,837,132O'Reilly Automotive Inc., 3.85%, 06/15/23 (Call 03/15/23) . . . 804 837,133QVC Inc., 4.38%, 03/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 546 525,951Starbucks Corp.

3.10%, 03/01/23 (Call 02/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,342 3,487,1103.85%, 10/01/23 (Call 07/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,337 1,438,171

TJX Companies Inc. (The), 2.50%, 05/15/23 (Call 02/15/23). 915 937,500Walmart Inc.

2.55%, 04/11/23 (Call 01/11/23)(a) . . . . . . . . . . . . . . . . . . . . . . . 6,023 6,328,7273.40%, 06/26/23 (Call 05/26/23). . . . . . . . . . . . . . . . . . . . . . . . . 4,952 5,356,232

33,430,462Semiconductors — 1.6%Altera Corp., 4.10%, 11/15/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,077 1,195,136Analog Devices Inc.

2.88%, 06/01/23 (Call 03/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 935 966,4443.13%, 12/05/23 (Call 10/05/23)(a). . . . . . . . . . . . . . . . . . . . . . . 1,815 1,907,492

Broadcom Corp./Broadcom Cayman Finance Ltd., 2.65%,01/15/23 (Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,575 2,623,230

Marvell Technology Group Ltd., 4.20%, 06/22/23(Call 05/22/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,038 1,074,133

Maxim Integrated Products Inc., 3.38%, 03/15/23(Call 12/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 875 909,204

Microchip Technology Inc., 4.33%, 06/01/23 (Call 05/01/23) . 2,497 2,592,985Micron Technology Inc., 2.50%, 04/24/23. . . . . . . . . . . . . . . . . . . 125 127,115QUALCOMM Inc., 2.60%, 01/30/23 (Call 12/30/22) . . . . . . . . . 3,959 4,127,772Texas Instruments Inc., 2.25%, 05/01/23 (Call 02/01/23) . . . . 747 781,041

16,304,552


April 30, 2020



SecurityPar

(000) Value

Software — 2.8%Adobe Inc., 1.70%, 02/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 265 $ 272,054Fidelity National Information Services Inc., 3.50%, 04/15/23

(Call 01/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,927 2,041,753Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23) . . . . . . . . . . . . . . . . 2,117 2,288,181Microsoft Corp.

2.00%, 08/08/23 (Call 06/08/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,892 3,019,2482.38%, 05/01/23 (Call 02/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,605 2,730,3523.63%, 12/15/23 (Call 09/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 3,875 4,275,132

Oracle Corp.2.40%, 09/15/23 (Call 07/15/23)(a). . . . . . . . . . . . . . . . . . . . . . . 6,525 6,825,6072.63%, 02/15/23 (Call 01/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,803 1,884,6403.63%, 07/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,501 2,708,533

salesforce.com Inc., 3.25%, 04/11/23 (Call 03/11/23). . . . . . . . 2,792 2,976,635


3.60%, 02/17/23 (Call 12/17/22). . . . . . . . . . . . . . . . . . . . . . . . . 4,425 4,656,8704.05%, 12/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,526 1,650,491

British Telecommunications PLC, 4.50%, 12/04/23(Call 11/04/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,264 1,373,172

Cisco Systems Inc.2.20%, 09/20/23 (Call 07/20/23). . . . . . . . . . . . . . . . . . . . . . . . . 2,439 2,547,8042.60%, 02/28/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,117 1,174,514

Motorola Solutions Inc., 3.50%, 03/01/23. . . . . . . . . . . . . . . . . . . 1,389 1,426,323Rogers Communications Inc.

3.00%, 03/15/23 (Call 12/15/22)(a). . . . . . . . . . . . . . . . . . . . . . . 1,107 1,160,5124.10%, 10/01/23 (Call 07/01/23)(a). . . . . . . . . . . . . . . . . . . . . . . 2,039 2,241,921

Telefonica Emisiones SA, 4.57%, 04/27/23 . . . . . . . . . . . . . . . . . 1,602 1,730,016Verizon Communications Inc., 5.15%, 09/15/23. . . . . . . . . . . . . 7,363 8,367,755Vodafone Group PLC, 2.95%, 02/19/23 . . . . . . . . . . . . . . . . . . . . 455 475,370

26,804,748Textiles — 0.1%Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22) . . . . 645 685,371


3.00%, 03/15/23 (Call 12/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 2,321 2,441,8083.85%, 09/01/23 (Call 06/01/23)(a). . . . . . . . . . . . . . . . . . . . . . . 1,726 1,884,032

Canadian Pacific Railway Co., 4.45%, 03/15/23(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 513 547,838

CSX Corp., 3.70%, 11/01/23 (Call 08/01/23) . . . . . . . . . . . . . . . . 1,075 1,156,818

Security

Par/Shares

(000) Value

Transportation (continued)Kansas City Southern, 3.00%, 05/15/23 (Call 02/15/23) . . . . . $ 584 $ 594,378Norfolk Southern Corp., 2.90%, 02/15/23 (Call 11/15/22) . . . . 1,815 1,881,501Ryder System Inc.

3.40%, 03/01/23 (Call 02/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,220 1,235,0673.75%, 06/09/23 (Call 05/09/23)(a). . . . . . . . . . . . . . . . . . . . . . . 1,111 1,149,6073.88%, 12/01/23 (Call 11/01/23). . . . . . . . . . . . . . . . . . . . . . . . . 873 896,519

Union Pacific Corp.2.75%, 04/15/23 (Call 01/15/23). . . . . . . . . . . . . . . . . . . . . . . . . 979 1,021,4302.95%, 01/15/23 (Call 10/15/22). . . . . . . . . . . . . . . . . . . . . . . . . 1,028 1,068,9663.50%, 06/08/23 (Call 05/08/23). . . . . . . . . . . . . . . . . . . . . . . . . 1,709 1,816,411

United Parcel Service Inc., 2.50%, 04/01/23(Call 03/01/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,850 2,973,690

18,668,065

Total Corporate Bonds & Notes — 99.0%(Cost: $979,319,641) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,008,213,816


0.89%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,129 42,175,174BlackRock Cash Funds: Treasury, SL Agency Shares,

0.18%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,045 3,045,000

45,220,174




Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,018,710,414




securities.

Affiliates


Affiliated Issuer

SharesHeld at

10/31/19(000)

Net Activity(000)

SharesHeld at

04/30/20(000)



Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . 33,487 8,642 42,129 $42,175,174 $106,306(b) $ (17,999) $ 46,836BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . 2,846 199 3,045 3,045,000 21,900 — —

$45,220,174 $128,206 $ (17,999) $ 46,836




April 30, 2020







InvestmentsAssets


$ 45,220,174 $1,008,213,816 $ — $1,053,433,990



April 30, 2020



SecurityPar

(000) Value

Corporate Bonds & NotesAdvertising — 0.5%Interpublic Group of Companies Inc. (The), 4.20%, 04/15/24 . . $ 829 $ 867,764Omnicom Group Inc./Omnicom Capital Inc., 3.65%, 11/01/24

(Call 08/01/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,427 1,523,208WPP Finance 2010, 3.75%, 09/19/24 . . . . . . . . . . . . . . . . . . . . . . . . 1,384 1,440,786

3,831,758Aerospace & Defense — 1.0%Boeing Co. (The)

2.80%, 03/01/24 (Call 02/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 774 720,7032.85%, 10/30/24 (Call 07/30/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 528 492,856

General Dynamics Corp., 2.38%, 11/15/24 (Call 09/15/24) . . . . 1,178 1,237,772Howmet Aerospace Inc., 5.13%, 10/01/24 (Call 07/01/24) . . . . . 2,000 1,924,500L3Harris Technologies Inc., 3.95%, 05/28/24

(Call 02/28/24)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 526 559,043Raytheon Co., 3.15%, 12/15/24 (Call 09/15/24) . . . . . . . . . . . . . . 640 688,787Rockwell Collins Inc., 3.20%, 03/15/24 (Call 01/15/24) . . . . . . . . 2,027 2,153,708


3.80%, 02/14/24 (Call 01/14/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 858 919,5444.00%, 01/31/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,120 3,367,572

BAT Capital Corp.2.79%, 09/06/24 (Call 08/06/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,497 1,524,7703.22%, 08/15/24 (Call 06/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 4,621 4,793,548

Bunge Ltd. Finance Corp., 4.35%, 03/15/24 (Call 02/15/24) . . . 1,027 1,067,382Philip Morris International Inc.

2.88%, 05/01/24 (Call 04/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,973 2,076,3853.25%, 11/10/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,434 1,549,394

15,298,595Airlines — 0.1%Continental Airlines Inc. Pass Through Trust

Series 2012-1, Class A, 4.15%, 10/11/25 . . . . . . . . . . . . . . . . . . 656 606,499Series 2012-2, Class A, 4.00%, 04/29/26 . . . . . . . . . . . . . . . . . . 583 513,103

1,119,602Auto Manufacturers — 2.0%American Honda Finance Corp.

2.15%, 09/10/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,021 1,011,1272.40%, 06/27/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,166 1,166,3612.90%, 02/16/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,180 1,202,8573.55%, 01/12/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,474 1,535,274

General Motors Financial Co. Inc.3.50%, 11/07/24 (Call 09/07/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,113 1,024,6833.95%, 04/13/24 (Call 02/13/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,653 2,515,0445.10%, 01/17/24 (Call 12/17/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,974 2,932,126

PACCAR Financial Corp., 2.15%, 08/15/24. . . . . . . . . . . . . . . . . . . 542 545,881Toyota Motor Corp., 2.36%, 07/02/24(a) . . . . . . . . . . . . . . . . . . . . . . 353 363,474Toyota Motor Credit Corp.

2.00%, 10/07/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,060 1,074,9882.90%, 04/17/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,433 1,506,7423.35%, 01/08/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 999 1,062,157

15,940,714Auto Parts & Equipment — 0.3%Aptiv Corp., 4.15%, 03/15/24 (Call 12/15/23) . . . . . . . . . . . . . . . . . 1,025 1,041,502Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24) . . . . 1,352 1,416,734

2,458,236Banks — 24.0%Banco Santander SA, 2.71%, 06/27/24(a) . . . . . . . . . . . . . . . . . . . . 2,864 2,940,612

SecurityPar

(000) Value

Banks (continued)Bank of America Corp.

4.00%, 04/01/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,631 $ 5,032,1844.13%, 01/22/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,889 4,227,6934.20%, 08/26/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,179 6,691,239

Bank of Montreal2.50%, 06/28/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,207 1,247,519Series E, 3.30%, 02/05/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,080 4,309,867

Bank of New York Mellon Corp. (The)2.10%, 10/24/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,797 1,852,8513.25%, 09/11/24 (Call 08/11/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 908 977,3173.40%, 05/15/24 (Call 04/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 936 1,008,914Series 0012, 3.65%, 02/04/24 (Call 01/05/24). . . . . . . . . . . . . . 1,722 1,881,251

Bank of Nova Scotia (The), 3.40%, 02/11/24 . . . . . . . . . . . . . . . . . 2,405 2,557,886Barclays PLC, 4.38%, 09/11/24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 3,093,090BBVA USA, 2.50%, 08/27/24 (Call 07/27/24) . . . . . . . . . . . . . . . . . 990 977,724BNP Paribas SA, 4.25%, 10/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,951 2,084,526BPCE SA, 4.00%, 04/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,877 3,092,631Canadian Imperial Bank of Commerce, 3.10%, 04/02/24. . . . . . 2,274 2,369,804Citibank N.A., 3.65%, 01/23/24 (Call 12/23/23) . . . . . . . . . . . . . . . 4,427 4,758,936Citigroup Inc.

3.75%, 06/16/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 957 1,024,4884.00%, 08/05/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,602 1,702,141

Comerica Bank, 2.50%, 07/23/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,075 1,093,393Credit Suisse AG/New York NY, 3.63%, 09/09/24 . . . . . . . . . . . . . 5,405 5,799,511Deutsche Bank AG/London, 3.70%, 05/30/24 . . . . . . . . . . . . . . . . 1,590 1,563,670Deutsche Bank AG/New York NY, 3.70%, 05/30/24 . . . . . . . . . . . 755 734,305Discover Bank, 2.45%, 09/12/24 (Call 08/12/24)(a) . . . . . . . . . . . . 1,347 1,319,979Fifth Third Bancorp.

3.65%, 01/25/24 (Call 12/25/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,109 3,281,9544.30%, 01/16/24 (Call 12/16/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,375 1,468,967

Goldman Sachs Group Inc. (The)3.63%, 02/20/24 (Call 01/20/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,982 3,167,4513.85%, 07/08/24 (Call 04/08/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,221 5,572,0604.00%, 03/03/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,906 5,273,950

HSBC Holdings PLC, 4.25%, 03/14/24(a) . . . . . . . . . . . . . . . . . . . . . 3,923 4,160,145HSBC USA Inc., 3.50%, 06/23/24(a). . . . . . . . . . . . . . . . . . . . . . . . . . 1,740 1,858,390Huntington Bancshares Inc./OH, 2.63%, 08/06/24

(Call 07/06/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,891 1,942,927ING Groep NV, 3.55%, 04/09/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,397 1,470,636Intesa Sanpaolo SpA, 5.25%, 01/12/24 . . . . . . . . . . . . . . . . . . . . . . 775 811,588JPMorgan Chase & Co.

3.63%, 05/13/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,004 4,323,3193.88%, 02/01/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,079 3,343,0243.88%, 09/10/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,238 5,637,031

Lloyds Banking Group PLC3.90%, 03/12/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,138 1,201,3644.50%, 11/04/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,580 2,742,076

Mitsubishi UFJ Financial Group Inc.2.80%, 07/18/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,926 1,987,1893.41%, 03/07/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,985 3,137,295

Morgan Stanley3.70%, 10/23/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,231 5,643,412Series F, 3.88%, 04/29/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,065 6,535,280

People's United Bank N.A., 4.00%, 07/15/24 (Call 04/16/24) . . 474 509,640PNC Bank N.A., 3.30%, 10/30/24 (Call 09/30/24) . . . . . . . . . . . . . 575 619,240PNC Financial Services Group Inc. (The)

2.20%, 11/01/24 (Call 10/02/24)(a). . . . . . . . . . . . . . . . . . . . . . . . . 1,069 1,107,5703.50%, 01/23/24 (Call 12/24/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,841 1,968,2503.90%, 04/29/24 (Call 03/29/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,953 2,114,337


April 30, 2020



SecurityPar

(000) Value

Banks (continued)Royal Bank of Canada

2.25%, 11/01/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,398 $ 2,452,6982.55%, 07/16/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,938 3,039,655

Royal Bank of Scotland Group PLC4.52%, 06/25/24 (Call 06/25/23)(c) . . . . . . . . . . . . . . . . . . . . . . . . 25 26,5515.13%, 05/28/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,167 4,421,895

Santander Holdings USA Inc., 3.50%, 06/07/24(Call 05/07/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,996 2,012,307

Santander UK PLC2.88%, 06/18/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367 379,6394.00%, 03/13/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,533 2,727,104

Sumitomo Mitsui Banking Corp.3.40%, 07/11/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 398,2243.95%, 01/10/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 805,237

Sumitomo Mitsui Financial Group Inc.2.45%, 09/27/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,818 2,868,8092.70%, 07/16/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,661 3,763,179

Toronto-Dominion Bank (The)2.65%, 06/12/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,101 3,225,7223.25%, 03/11/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,747 2,915,364

Truist Bank2.15%, 12/06/24 (Call 11/06/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,825 1,864,6023.20%, 04/01/24 (Call 03/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,267 2,401,864

Truist Financial Corp.2.50%, 08/01/24 (Call 07/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,634 1,691,6312.85%, 10/26/24 (Call 09/26/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 2,769 2,923,898

U.S. Bancorp.2.40%, 07/30/24 (Call 06/30/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,903 1,983,1733.38%, 02/05/24 (Call 01/05/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,695 2,894,4573.60%, 09/11/24 (Call 08/11/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . 2,251 2,422,3463.70%, 01/30/24 (Call 12/29/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,438 1,563,494

Wells Fargo & Co.3.30%, 09/09/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,582 4,866,1303.75%, 01/24/24 (Call 12/24/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . 5,094 5,435,0434.48%, 01/16/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,481 1,600,117

Westpac Banking Corp., 3.30%, 02/26/24(a) . . . . . . . . . . . . . . . . . . 2,349 2,502,272

193,404,037Beverages — 1.3%Anheuser-Busch InBev Finance Inc., 3.70%, 02/01/24 . . . . . . . . 1,685 1,824,956Anheuser-Busch InBev Worldwide Inc., 3.50%, 01/12/24

(Call 12/12/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,652 1,774,793Coca-Cola Co. (The), 1.75%, 09/06/24(a). . . . . . . . . . . . . . . . . . . . . 1,227 1,267,847Constellation Brands Inc., 4.75%, 11/15/24(a). . . . . . . . . . . . . . . . . 927 1,026,477Diageo Capital PLC, 2.13%, 10/24/24 (Call 09/24/24). . . . . . . . . 1,299 1,344,218PepsiCo Inc., 3.60%, 03/01/24 (Call 12/01/23) . . . . . . . . . . . . . . . 2,695 2,948,977

10,187,268Biotechnology — 0.9%Amgen Inc., 3.63%, 05/22/24 (Call 02/22/24)(a) . . . . . . . . . . . . . . . 2,981 3,243,895Gilead Sciences Inc., 3.70%, 04/01/24 (Call 01/01/24) . . . . . . . . 3,528 3,853,599

7,097,494Building Materials — 0.1%Johnson Controls International PLC, 3.63%, 07/02/24

(Call 04/02/24)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240 251,254Owens Corning, 4.20%, 12/01/24 (Call 09/01/24)(a) . . . . . . . . . . . 521 545,242

796,496Chemicals — 1.7%Air Products and Chemicals Inc., 3.35%, 07/31/24

(Call 04/30/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 458 499,797Airgas Inc., 3.65%, 07/15/24 (Call 04/15/24). . . . . . . . . . . . . . . . . . 251 269,923

SecurityPar

(000) Value

Chemicals (continued)Albemarle Corp., 4.15%, 12/01/24 (Call 09/01/24) . . . . . . . . . . . . $ 1,058 $ 1,102,616Braskem Finance Ltd., 6.45%, 02/03/24(a). . . . . . . . . . . . . . . . . . . . 1,280 1,263,552Celanese U.S. Holdings LLC, 3.50%, 05/08/24

(Call 04/08/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,068,855Dow Chemical Co. (The)

3.15%, 05/15/24 (Call 04/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 913 940,3723.50%, 10/01/24 (Call 07/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,972 2,061,174

FMC Corp., 4.10%, 02/01/24 (Call 11/01/23) . . . . . . . . . . . . . . . . . 412 435,476LyondellBasell Industries NV, 5.75%, 04/15/24

(Call 01/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,072 2,297,496Nutrien Ltd., 3.63%, 03/15/24 (Call 12/15/23)(a). . . . . . . . . . . . . . . 1,634 1,713,723PPG Industries Inc., 2.40%, 08/15/24 (Call 07/15/24) . . . . . . . . . 775 797,452Sherwin-Williams Co. (The), 3.13%, 06/01/24 (Call 04/01/24) . 1,267 1,331,857

13,782,293Commercial Services — 0.6%Equifax Inc., 2.60%, 12/01/24 (Call 11/01/24). . . . . . . . . . . . . . . . . 296 301,127IHS Markit Ltd., 3.63%, 05/01/24 (Call 04/01/24) . . . . . . . . . . . . . 985 1,012,452Moody's Corp., 4.88%, 02/15/24 (Call 11/15/23)(a) . . . . . . . . . . . . 832 920,816PayPal Holdings Inc., 2.40%, 10/01/24 (Call 09/01/24). . . . . . . . 2,717 2,824,022


1.80%, 09/11/24 (Call 08/11/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,578 1,636,0552.85%, 05/11/24 (Call 03/11/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 3,509 3,754,0683.00%, 02/09/24 (Call 12/09/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,300 3,542,6823.45%, 05/06/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,681 5,145,074

Dell International LLC/EMC Corp., 4.00%, 07/15/24(Call 06/15/24)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,828 1,855,950

DXC Technology Co., 4.25%, 04/15/24 (Call 02/15/24)(a). . . . . . 1,194 1,232,769Genpact Luxembourg Sarl, 3.38%, 12/01/24

(Call 11/01/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352 359,403Hewlett Packard Enterprise Co., 4.65%, 10/01/24

(Call 09/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,064,180International Business Machines Corp.

3.00%, 05/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,894 5,239,8103.63%, 02/12/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,577 4,981,973

NetApp Inc., 3.30%, 09/29/24 (Call 07/29/24) . . . . . . . . . . . . . . . . 767 802,451Seagate HDD Cayman, 4.88%, 03/01/24 (Call 01/01/24). . . . . . 1,134 1,179,167

30,793,582Cosmetics & Personal Care — 0.5%Colgate-Palmolive Co., 3.25%, 03/15/24 . . . . . . . . . . . . . . . . . . . . . 770 835,057Estee Lauder Companies Inc. (The), 2.00%, 12/01/24

(Call 11/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 589 607,665Unilever Capital Corp.

2.60%, 05/05/24 (Call 03/05/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,402 1,475,9983.25%, 03/07/24 (Call 02/07/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 919 991,656


2.88%, 08/14/24 (Call 07/14/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,512 1,276,1434.88%, 01/16/24 (Call 12/16/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,136 1,052,868

Air Lease Corp.4.25%, 02/01/24 (Call 01/01/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 916 857,1844.25%, 09/15/24 (Call 06/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,258 1,178,708

Aircastle Ltd., 4.13%, 05/01/24 (Call 02/01/24) . . . . . . . . . . . . . . . 940 823,957Ally Financial Inc.

3.88%, 05/21/24 (Call 04/21/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,552 1,525,0425.13%, 09/30/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,183 1,222,548


April 30, 2020



SecurityPar

(000) Value

Diversified Financial Services (continued)American Express Co.

2.50%, 07/30/24 (Call 06/29/24) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,484 $ 2,557,5513.00%, 10/30/24 (Call 09/29/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 3,337 3,507,2543.40%, 02/22/24 (Call 01/22/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 2,154 2,283,8223.63%, 12/05/24 (Call 11/04/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,270 1,363,942

Ameriprise Financial Inc., 3.70%, 10/15/24 . . . . . . . . . . . . . . . . . . . 998 1,083,559BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24) . . . . . . . . . . 517 485,055Brookfield Finance Inc., 4.00%, 04/01/24 (Call 02/01/24). . . . . . 1,681 1,772,732Capital One Financial Corp.

3.30%, 10/30/24 (Call 09/30/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 2,845 2,900,4773.75%, 04/24/24 (Call 03/24/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,661 1,721,9093.90%, 01/29/24 (Call 12/29/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,311 2,404,896

Charles Schwab Corp. (The), 3.55%, 02/01/24(Call 01/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,130 1,223,677

Discover Financial Services, 3.95%, 11/06/24(Call 08/06/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,056 1,087,849

Invesco Finance PLC, 4.00%, 01/30/24 . . . . . . . . . . . . . . . . . . . . . . 1,243 1,311,415Mastercard Inc., 3.38%, 04/01/24. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,246 2,468,466Nasdaq Inc., 4.25%, 06/01/24 (Call 03/01/24) . . . . . . . . . . . . . . . . 934 1,011,102ORIX Corp.

3.25%, 12/04/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925 956,1354.05%, 01/16/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,282 1,359,535

Stifel Financial Corp., 4.25%, 07/18/24(a). . . . . . . . . . . . . . . . . . . . . 733 758,780Synchrony Financial

4.25%, 08/15/24 (Call 05/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,644 2,573,7224.38%, 03/19/24 (Call 02/19/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,076 1,057,912

TD Ameritrade Holding Corp., 3.75%, 04/01/24(Call 03/01/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950 1,015,008

42,841,248Electric — 4.2%Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24)(a) . . . . . . . . . . . . 958 990,994Avangrid Inc., 3.15%, 12/01/24 (Call 10/01/24) . . . . . . . . . . . . . . . 1,299 1,378,655CenterPoint Energy Inc.

2.50%, 09/01/24 (Call 08/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 592 610,3403.85%, 02/01/24 (Call 01/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,536 1,639,680

Cleveland Electric Illuminating Co. (The), 5.50%, 08/15/24 . . . . 50 58,395Dominion Energy Inc., 3.07%, 08/15/24(d) . . . . . . . . . . . . . . . . . . . . 1,470 1,541,501DTE Electric Co., 3.65%, 03/15/24 (Call 12/15/23). . . . . . . . . . . . 1,012 1,096,047DTE Energy Co.

Series C, 2.53%, 10/01/24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 719 732,754Series C, 3.50%, 06/01/24 (Call 03/01/24) . . . . . . . . . . . . . . . . . 1,319 1,387,825

Duke Energy Corp., 3.75%, 04/15/24 (Call 01/15/24)(a) . . . . . . . 2,173 2,365,289Edison International, 3.55%, 11/15/24 (Call 10/15/24). . . . . . . . . 708 730,352Enel Generacion Chile SA, 4.25%, 04/15/24 (Call 01/15/24) . . 365 377,465Entergy Arkansas LLC, 3.70%, 06/01/24 (Call 03/01/24) . . . . . . 665 728,102Entergy Gulf States Louisiana LLC, 5.59%, 10/01/24(a) . . . . . . . 408 480,551Entergy Louisiana LLC, 5.40%, 11/01/24 . . . . . . . . . . . . . . . . . . . . . 590 678,925Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24) . . . . . . . . . . . . . . . . . 1,700 1,758,667Eversource Energy, Series L, 2.90%, 10/01/24

(Call 08/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 844 885,086Florida Power & Light Co., 3.25%, 06/01/24 (Call 12/01/23)(a) . 1,129 1,230,068Georgia Power Co., Series A, 2.20%, 09/15/24

(Call 08/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 995 1,025,527Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24). 963 1,031,421IPALCO Enterprises Inc., 3.70%, 09/01/24 (Call 07/01/24) . . . . 324 341,571ITC Holdings Corp., 3.65%, 06/15/24 (Call 03/15/24) . . . . . . . . . 1,067 1,130,625MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24). . . . 1,763 1,933,323National Rural Utilities Cooperative Finance Corp., 2.95%,

02/07/24 (Call 12/07/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 534 570,333

SecurityPar

(000) Value

Electric (continued)NextEra Energy Capital Holdings Inc., 3.15%, 04/01/24

(Call 03/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,689 $ 1,796,792Oncor Electric Delivery Co. LLC, 2.75%, 06/01/24

(Call 05/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880 935,528PacifiCorp, 3.60%, 04/01/24 (Call 01/01/24) . . . . . . . . . . . . . . . . . . 260 285,420Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23). 848 904,943PPL Capital Funding Inc., 3.95%, 03/15/24 (Call 12/15/23) . . . . 1,031 1,109,335Public Service Enterprise Group Inc., 2.88%, 06/15/24

(Call 05/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,524 1,590,766Sempra Energy, 3.55%, 06/15/24 (Call 03/15/24)(a) . . . . . . . . . . . 1,366 1,441,308Southwestern Public Service Co., 3.30%, 06/15/24

(Call 12/15/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 108,632Union Electric Co., 3.50%, 04/15/24 (Call 01/15/24) . . . . . . . . . . 509 545,556Virginia Electric & Power Co., 3.45%, 02/15/24

(Call 11/15/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530 565,860Wisconsin Electric Power Co., 2.05%, 12/15/24

(Call 11/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 358,834

34,346,470Electronics — 0.8%Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24

(Call 08/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 862 866,750Amphenol Corp., 3.20%, 04/01/24 (Call 02/01/24) . . . . . . . . . . . . 590 623,093Arrow Electronics Inc., 3.25%, 09/08/24 (Call 07/08/24). . . . . . . 986 995,140Honeywell International Inc., 2.30%, 08/15/24 (Call 07/15/24) . 1,141 1,198,906Keysight Technologies Inc., 4.55%, 10/30/24 (Call 07/30/24) . . 650 707,856Roper Technologies Inc., 2.35%, 09/15/24 (Call 08/15/24) . . . . 839 849,513Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24). . . . . . . . . . . . . . . . . 746 776,683Tyco Electronics Group SA, 3.45%, 08/01/24

(Call 05/01/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 136,151

6,154,092Engineering & Construction — 0.1%Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24) . . . . . . . . . . . . . . . . . 957 859,281

Environmental Control — 0.4%Republic Services Inc., 2.50%, 08/15/24 (Call 07/15/24) . . . . . . 936 974,694Waste Management Inc.

2.95%, 06/15/24 (Call 05/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,559 1,661,9253.50%, 05/15/24 (Call 02/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 605 653,249

3,289,868Food — 1.1%Conagra Brands Inc., 4.30%, 05/01/24 (Call 04/01/24) . . . . . . . . 2,063 2,240,397General Mills Inc., 3.65%, 02/15/24 (Call 11/15/23) . . . . . . . . . . . 1,205 1,293,134Hershey Co. (The), 2.05%, 11/15/24 (Call 10/15/24) . . . . . . . . . . 250 258,943Kroger Co. (The), 4.00%, 02/01/24 (Call 11/01/23). . . . . . . . . . . . 1,082 1,177,248McCormick & Co. Inc./MD, 3.15%, 08/15/24 (Call 06/15/24). . . 1,342 1,427,002Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24) . . . . . . . . . . . 2,458 2,699,228

9,095,952Forest Products & Paper — 0.5%Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24

(Call 05/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 323,325Fibria Overseas Finance Ltd., 5.25%, 05/12/24. . . . . . . . . . . . . . . 445 448,631Georgia-Pacific LLC, 8.00%, 01/15/24 . . . . . . . . . . . . . . . . . . . . . . . 1,034 1,262,690International Paper Co., 3.65%, 06/15/24 (Call 03/15/24)(a) . . . 1,640 1,753,963

3,788,609Gas — 0.3%Dominion Energy Gas Holdings LLC

3.60%, 12/15/24 (Call 09/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 543 588,308Series A, 2.50%, 11/15/24 (Call 10/15/24) . . . . . . . . . . . . . . . . . 756 786,255


April 30, 2020



SecurityPar

(000) Value

Gas (continued)Southern California Gas Co., 3.15%, 09/15/24

(Call 06/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 719 $ 760,443

2,135,006Health Care - Products — 1.1%Boston Scientific Corp., 3.45%, 03/01/24 (Call 02/01/24) . . . . . . 1,740 1,842,086DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24). . . 1,728 1,775,001Medtronic Inc., 3.63%, 03/15/24 (Call 12/15/23) . . . . . . . . . . . . . . 1,146 1,249,690Stryker Corp., 3.38%, 05/15/24 (Call 02/15/24)(a) . . . . . . . . . . . . . 1,515 1,641,684Thermo Fisher Scientific Inc., 4.15%, 02/01/24

(Call 11/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,066 2,279,914

8,788,375Health Care - Services — 2.2%Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24) . . . . . . . . . . . . . . . . . . 1,478 1,582,376Anthem Inc.

3.35%, 12/01/24 (Call 10/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,225 1,312,6983.50%, 08/15/24 (Call 05/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,135 2,295,659

CommonSpirit Health, 2.76%, 10/01/24 (Call 07/01/24) . . . . . . . 164 161,046HCA Inc., 5.00%, 03/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,752 4,071,971Humana Inc., 3.85%, 10/01/24 (Call 07/01/24) . . . . . . . . . . . . . . . 1,395 1,501,843Laboratory Corp. of America Holdings

2.30%, 12/01/24 (Call 11/01/24)(a). . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,023,2403.25%, 09/01/24 (Call 07/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,261 1,349,863

Quest Diagnostics Inc., 4.25%, 04/01/24 (Call 01/01/24)(a) . . . . 453 493,421UnitedHealth Group Inc.

2.38%, 08/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,541 1,620,9163.50%, 02/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,944 2,115,169

17,528,202Holding Companies - Diversified — 0.4%Ares Capital Corp., 4.20%, 06/10/24 (Call 05/10/24) . . . . . . . . . . 1,472 1,405,068FS KKR Capital Corp., 4.63%, 07/15/24 (Call 06/15/24). . . . . . . 648 550,554Main Street Capital Corp., 5.20%, 05/01/24(a) . . . . . . . . . . . . . . . . 540 523,913Owl Rock Capital Corp., 5.25%, 04/15/24 (Call 03/15/24)(a) . . . 400 385,920TPG Specialty Lending Inc., 3.88%, 11/01/24 (Call 10/01/24). . 370 344,459

3,209,914Home Builders — 0.1%DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24) . . . . . . . . . . . . . 682 683,753

Home Furnishings — 0.1%Leggett & Platt Inc., 3.80%, 11/15/24 (Call 08/15/24). . . . . . . . . . 325 331,159Whirlpool Corp., 4.00%, 03/01/24. . . . . . . . . . . . . . . . . . . . . . . . . . . . 685 714,900

1,046,059Household Products & Wares — 0.1%Clorox Co. (The), 3.50%, 12/15/24 (Call 09/15/24). . . . . . . . . . . . 796 866,088

Insurance — 2.4%Aflac Inc., 3.63%, 11/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,651 1,813,756American International Group Inc., 4.13%, 02/15/24 . . . . . . . . . . 1,950 2,116,667Aon PLC, 3.50%, 06/14/24 (Call 03/01/24) . . . . . . . . . . . . . . . . . . . 1,090 1,153,612Assured Guaranty U.S. Holdings Inc., 5.00%, 07/01/24 . . . . . . . 895 969,446Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24). . . . . . . . . 997 1,050,559Chubb INA Holdings Inc., 3.35%, 05/15/24 . . . . . . . . . . . . . . . . . . . 680 736,930CNA Financial Corp., 3.95%, 05/15/24 (Call 02/15/24) . . . . . . . . 957 1,011,664Marsh & McLennan Companies Inc.

3.50%, 06/03/24 (Call 03/03/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,619 1,736,7013.88%, 03/15/24 (Call 02/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,744 1,899,966

MetLife Inc., 3.60%, 04/10/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,159 2,348,172Old Republic International Corp., 4.88%, 10/01/24

(Call 09/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437 470,562Prudential Financial Inc., 3.50%, 05/15/24(a) . . . . . . . . . . . . . . . . . 1,502 1,630,781

SecurityPar

(000) Value

Insurance (continued)Unum Group, 4.00%, 03/15/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 620 $ 636,225Voya Financial Inc., 3.13%, 07/15/24 (Call 05/15/24) . . . . . . . . . 259 266,710Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24) . . . . 1,480 1,568,844

19,410,595Internet — 2.4%Alibaba Group Holding Ltd., 3.60%, 11/28/24 (Call 08/28/24) . . 3,762 4,062,095Alphabet Inc., 3.38%, 02/25/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,311 2,543,972Amazon.com Inc.

2.80%, 08/22/24 (Call 06/22/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 4,177 4,512,7893.80%, 12/05/24 (Call 09/05/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,267 2,550,012

Baidu Inc., 4.38%, 05/14/24 (Call 04/14/24) . . . . . . . . . . . . . . . . . . 1,724 1,841,818eBay Inc., 3.45%, 08/01/24 (Call 05/01/24)(a) . . . . . . . . . . . . . . . . . 1,788 1,910,818Expedia Group Inc., 4.50%, 08/15/24 (Call 05/15/24)(a) . . . . . . . 777 756,992Weibo Corp., 3.50%, 07/05/24 (Call 06/05/24)(a) . . . . . . . . . . . . . . 1,335 1,353,343

19,531,839Iron & Steel — 0.4%ArcelorMittal SA, 3.60%, 07/16/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,449 1,383,926Steel Dynamics Inc.

2.80%, 12/15/24 (Call 11/15/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 922 901,7255.50%, 10/01/24 (Call 10/01/20) . . . . . . . . . . . . . . . . . . . . . . . . . . 980 998,463

3,284,114Lodging — 0.5%Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24) . . . . . 2,915 2,832,826Marriott International Inc./MD, 3.60%, 04/15/24

(Call 03/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 945 900,718

3,733,544Machinery — 1.8%Caterpillar Financial Services Corp.

2.15%, 11/08/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,550 1,606,3112.85%, 05/17/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494 524,2923.25%, 12/01/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,951 2,121,1473.30%, 06/09/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 531 574,691

Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24) . . . . . . . . . . . . . . 2,508 2,722,685CNH Industrial Capital LLC, 4.20%, 01/15/24. . . . . . . . . . . . . . . . . 1,403 1,462,852John Deere Capital Corp.

2.60%, 03/07/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 887 928,9372.65%, 06/24/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,810 1,907,0703.35%, 06/12/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 855 922,7593.45%, 01/10/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284 305,715

Westinghouse Air Brake Technologies Corp., 4.40%, 03/15/24(Call 02/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,464 1,476,019

14,552,478Manufacturing — 1.2%3M Co., 3.25%, 02/14/24 (Call 01/14/24) . . . . . . . . . . . . . . . . . . . . . 1,043 1,129,633Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24)(a) . . . 773 795,054General Electric Co.

3.38%, 03/11/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,472 1,522,6223.45%, 05/15/24 (Call 02/13/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,082 1,111,106

Illinois Tool Works Inc., 3.50%, 03/01/24 (Call 12/01/23)(a) . . . . 1,211 1,316,805Ingersoll-Rand Luxembourg Finance SA, 3.55%, 11/01/24

(Call 08/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990 1,052,014Parker-Hannifin Corp.

2.70%, 06/14/24 (Call 05/14/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 551 563,2653.30%, 11/21/24 (Call 08/21/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,474 1,548,732

Textron Inc., 4.30%, 03/01/24 (Call 12/01/23). . . . . . . . . . . . . . . . . 776 815,622

9,854,853


April 30, 2020



SecurityPar

(000) Value

Media — 2.9%Charter Communications Operating LLC/Charter

Communications Operating Capital, 4.50%, 02/01/24(Call 01/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,100 $ 2,277,681

Comcast Corp.3.00%, 02/01/24 (Call 01/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,481 2,647,2023.60%, 03/01/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,326 2,537,5033.70%, 04/15/24 (Call 03/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 4,792 5,234,637

Discovery Communications LLC3.80%, 03/13/24 (Call 01/13/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 819 859,4183.90%, 11/15/24 (Call 08/15/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 835 880,533

Fox Corp., 4.03%, 01/25/24 (Call 12/25/23) . . . . . . . . . . . . . . . . . . 2,613 2,822,092ViacomCBS Inc.

3.70%, 08/15/24 (Call 05/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 988 1,004,5893.88%, 04/01/24 (Call 01/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 830 863,059

Walt Disney Co. (The)1.75%, 08/30/24 (Call 07/30/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,136 2,165,1563.70%, 09/15/24 (Call 06/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,921 2,099,672

23,391,542Metal Fabricate & Hardware — 0.0%Timken Co. (The), 3.88%, 09/01/24 (Call 06/01/24) . . . . . . . . . . . 438 445,818

Mining — 0.2%Kinross Gold Corp., 5.95%, 03/15/24 (Call 12/15/23) . . . . . . . . . 1,142 1,253,996

Oil & Gas — 4.0%BP Capital Markets America Inc.

3.22%, 04/14/24 (Call 02/14/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,790 1,871,8753.79%, 02/06/24 (Call 01/06/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,119 1,189,642

BP Capital Markets PLC3.54%, 11/04/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,914 2,038,9083.81%, 02/10/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,831 3,012,892

Canadian Natural Resources Ltd., 3.80%, 04/15/24(Call 01/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,124 1,088,987

Chevron Corp., 2.90%, 03/03/24 (Call 01/03/24). . . . . . . . . . . . . . 2,274 2,416,875Cimarex Energy Co., 4.38%, 06/01/24 (Call 03/01/24) . . . . . . . . 1,344 1,234,867ConocoPhillips Co., 3.35%, 11/15/24 (Call 08/15/24). . . . . . . . . . 355 374,653Diamondback Energy Inc., 2.88%, 12/01/24 (Call 11/01/24) . . . 1,874 1,707,514Exxon Mobil Corp.

2.02%, 08/16/24 (Call 07/16/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,465 1,508,2183.18%, 03/15/24 (Call 12/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,988 2,119,486

Hess Corp., 3.50%, 07/15/24 (Call 04/15/24) . . . . . . . . . . . . . . . . . 301 272,522Husky Energy Inc., 4.00%, 04/15/24 (Call 01/15/24) . . . . . . . . . . 1,330 1,230,170Marathon Petroleum Corp., 3.63%, 09/15/24 (Call 06/15/24) . . 1,414 1,360,876Newfield Exploration Co., 5.63%, 07/01/24 . . . . . . . . . . . . . . . . . . . 1,553 1,090,190Noble Energy Inc., 3.90%, 11/15/24 (Call 08/15/24). . . . . . . . . . . 1,333 1,195,488Shell International Finance BV, 2.00%, 11/07/24

(Call 10/07/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,643 2,668,082Suncor Energy Inc., 3.60%, 12/01/24 (Call 09/01/24) . . . . . . . . . 1,412 1,455,377Total Capital International SA

3.70%, 01/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,128 2,283,3233.75%, 04/10/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,273 2,449,703

32,569,648Packaging & Containers — 0.3%Packaging Corp. of America, 3.65%, 09/15/24 (Call 06/15/24) . 1,109 1,173,810WRKCo Inc., 3.00%, 09/15/24 (Call 07/15/24) . . . . . . . . . . . . . . . . 1,150 1,160,557

2,334,367Pharmaceuticals — 6.0%AbbVie Inc., 2.60%, 11/21/24 (Call 10/21/24)(b) . . . . . . . . . . . . . . . 7,368 7,694,844Allergan Funding SCS, 3.85%, 06/15/24 (Call 03/15/24) . . . . . . 1,935 2,064,200AmerisourceBergen Corp., 3.40%, 05/15/24 (Call 02/15/24). . . 809 852,904

SecurityPar

(000) Value

Pharmaceuticals (continued)Becton Dickinson and Co.

3.36%, 06/06/24 (Call 04/06/24) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,260 $ 3,473,4653.73%, 12/15/24 (Call 09/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,434 2,627,673

Bristol-Myers Squibb Co.2.90%, 07/26/24 (Call 06/26/24)(b) . . . . . . . . . . . . . . . . . . . . . . . . 5,879 6,278,5373.63%, 05/15/24 (Call 02/15/24)(b) . . . . . . . . . . . . . . . . . . . . . . . . 1,620 1,764,099

Cardinal Health Inc.3.08%, 06/15/24 (Call 04/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,446 1,495,0343.50%, 11/15/24 (Call 08/15/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 714 746,308

Cigna Corp., 3.50%, 06/15/24 (Call 03/17/24)(b) . . . . . . . . . . . . . . 1,533 1,637,551CVS Health Corp.

2.63%, 08/15/24 (Call 07/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,481 1,544,0173.38%, 08/12/24 (Call 05/12/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,899 2,024,543

GlaxoSmithKline Capital PLC, 3.00%, 06/01/24(Call 05/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,721 1,848,922

McKesson Corp., 3.80%, 03/15/24 (Call 12/15/23)(a). . . . . . . . . . 2,201 2,366,229Merck & Co. Inc., 2.90%, 03/07/24 (Call 02/07/24). . . . . . . . . . . . 945 1,019,419Novartis Capital Corp., 3.40%, 05/06/24(a) . . . . . . . . . . . . . . . . . . . 4,496 4,912,689Perrigo Finance Unlimited Co., 3.90%, 12/15/24

(Call 09/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,245 1,279,711Pfizer Inc.

2.95%, 03/15/24 (Call 02/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,933 2,092,3373.40%, 05/15/24(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,967 2,160,474

Wyeth LLC, 6.45%, 02/01/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 719 858,889

48,741,845Pipelines — 3.8%Boardwalk Pipelines LP, 4.95%, 12/15/24 (Call 09/15/24) . . . . . 931 841,605Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24

(Call 01/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,905 2,042,236Enable Midstream Partners LP, 3.90%, 05/15/24

(Call 02/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,129 904,939Enbridge Inc., 3.50%, 06/10/24 (Call 03/10/24) . . . . . . . . . . . . . . . 1,624 1,662,846Energy Transfer Operating LP

4.50%, 04/15/24 (Call 03/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,435 1,424,3954.90%, 02/01/24 (Call 11/01/23). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,061 1,061,9025.88%, 01/15/24 (Call 10/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,275 1,323,692

Enterprise Products Operating LLC, 3.90%, 02/15/24(Call 11/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,781 1,885,349

Kinder Morgan Energy Partners LP4.15%, 02/01/24 (Call 11/01/23). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,346 1,414,8214.25%, 09/01/24 (Call 06/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,113 1,178,2774.30%, 05/01/24 (Call 02/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,401 1,474,707

MPLX LP4.88%, 12/01/24 (Call 09/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,265 2,250,1876.38%, 05/01/24 (Call 05/01/20)(b) . . . . . . . . . . . . . . . . . . . . . . . . 586 586,158

ONEOK Inc., 2.75%, 09/01/24 (Call 08/01/24) . . . . . . . . . . . . . . . . 858 775,572Phillips 66 Partners LP, 2.45%, 12/15/24 (Call 11/15/24) . . . . . . 687 630,158Plains All American Pipeline LP/PAA Finance Corp., 3.60%,

11/01/24 (Call 08/01/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,115 1,049,862Sabine Pass Liquefaction LLC, 5.75%, 05/15/24

(Call 02/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,171 3,312,332Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23) . 1,406 1,501,158Sunoco Logistics Partners Operations LP, 4.25%, 04/01/24

(Call 01/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,168 1,151,473Williams Companies Inc. (The)

4.30%, 03/04/24 (Call 12/04/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,323 2,378,2874.55%, 06/24/24 (Call 03/24/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,869 1,943,797

30,793,753


April 30, 2020



SecurityPar

(000) Value

Real Estate Investment Trusts — 4.7%Alexandria Real Estate Equities Inc., 4.00%, 01/15/24

(Call 12/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,444 $ 1,550,914American Campus Communities Operating Partnership LP,

4.13%, 07/01/24 (Call 04/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 680 690,370American Tower Corp.

3.38%, 05/15/24 (Call 04/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,162 1,237,8445.00%, 02/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,109 2,359,950

AvalonBay Communities Inc., 3.50%, 11/15/24(Call 08/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 687 724,565

Boston Properties LP, 3.80%, 02/01/24 (Call 11/01/23). . . . . . . . 1,611 1,684,300Brandywine Operating Partnership LP, 4.10%, 10/01/24

(Call 07/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 26,454Brixmor Operating Partnership LP, 3.65%, 06/15/24

(Call 04/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 725 720,795Crown Castle International Corp., 3.20%, 09/01/24

(Call 07/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,368 1,454,690CyrusOne LP/CyrusOne Finance Corp., 2.90%, 11/15/24

(Call 10/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 864 856,207Duke Realty LP, 3.75%, 12/01/24 (Call 09/01/24) . . . . . . . . . . . . . 792 833,620Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24). . . . . . . . . . . . . . . . . 1,286 1,329,673Essex Portfolio LP, 3.88%, 05/01/24 (Call 02/01/24) . . . . . . . . . . 654 682,161Federal Realty Investment Trust, 3.95%, 01/15/24

(Call 10/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 285,291GLP Capital LP/GLP Financing II Inc., 3.35%, 09/01/24

(Call 06/03/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 695 641,527Healthpeak Properties Inc.

3.88%, 08/15/24 (Call 05/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,526 1,579,4864.20%, 03/01/24 (Call 12/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 592 615,935

Host Hotels & Resorts LP, 3.88%, 04/01/24 (Call 02/01/24) . . . 775 762,476Kilroy Realty LP, 3.45%, 12/15/24 (Call 09/15/24). . . . . . . . . . . . . 962 988,003Kimco Realty Corp., 2.70%, 03/01/24 (Call 01/01/24) . . . . . . . . . 960 938,093Mid-America Apartments LP, 3.75%, 06/15/24 (Call 03/13/24) . 448 460,669National Retail Properties Inc., 3.90%, 06/15/24

(Call 03/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 863 886,249Office Properties Income Trust, 4.25%, 05/15/24

(Call 02/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745 718,277Omega Healthcare Investors Inc., 4.95%, 04/01/24

(Call 01/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 910 922,603Piedmont Operating Partnership LP, 4.45%, 03/15/24

(Call 12/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 159,514Realty Income Corp., 3.88%, 07/15/24 (Call 04/15/24) . . . . . . . . 683 712,792Sabra Health Care LP, 4.80%, 06/01/24 (Call 05/01/24) . . . . . . . 714 693,758Service Properties Trust

4.35%, 10/01/24 (Call 09/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 915 767,7034.65%, 03/15/24 (Call 09/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 890 756,642

Simon Property Group LP2.00%, 09/13/24 (Call 06/13/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,589 1,498,0623.38%, 10/01/24 (Call 07/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,899 1,879,9913.75%, 02/01/24 (Call 11/01/23). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,361 1,374,869

UDR Inc., 3.75%, 07/01/24 (Call 04/01/24) . . . . . . . . . . . . . . . . . . . 765 789,189Ventas Realty LP

3.50%, 04/15/24 (Call 03/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,274 1,259,0813.75%, 05/01/24 (Call 02/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 505 506,202

VEREIT Operating Partnership LP, 4.60%, 02/06/24(Call 11/06/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,341 1,335,649

Welltower Inc.3.63%, 03/15/24 (Call 02/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,598 1,619,7334.50%, 01/15/24 (Call 10/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 961 1,004,130

WP Carey Inc., 4.60%, 04/01/24 (Call 01/01/24) . . . . . . . . . . . . . . 902 939,613

38,247,080

SecurityPar

(000) Value

Retail — 2.8%AutoNation Inc., 3.50%, 11/15/24 (Call 09/15/24) . . . . . . . . . . . . . $ 450 $ 435,195AutoZone Inc., 3.13%, 04/18/24 (Call 03/18/24) . . . . . . . . . . . . . . 658 684,465Costco Wholesale Corp., 2.75%, 05/18/24 (Call 03/18/24) . . . . 2,116 2,274,742Home Depot Inc. (The), 3.75%, 02/15/24 (Call 11/15/23) . . . . . . 2,205 2,426,779Lowe's Companies Inc., 3.13%, 09/15/24 (Call 06/15/24) . . . . . 841 894,774McDonald's Corp., 3.25%, 06/10/24 . . . . . . . . . . . . . . . . . . . . . . . . . 655 709,149Target Corp., 3.50%, 07/01/24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,302 2,553,355Walgreens Boots Alliance Inc., 3.80%, 11/18/24

(Call 08/18/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,509 3,735,330Walmart Inc.

2.65%, 12/15/24 (Call 10/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,287 2,456,0092.85%, 07/08/24 (Call 06/08/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,900 3,124,3733.30%, 04/22/24 (Call 01/22/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,034 3,311,854

22,606,025Semiconductors — 3.0%Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%,

01/15/24 (Call 11/15/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,207 4,397,451Broadcom Inc., 3.63%, 10/15/24 (Call 09/15/24)(b) . . . . . . . . . . . . 4,303 4,533,555Intel Corp., 2.88%, 05/11/24 (Call 03/11/24) . . . . . . . . . . . . . . . . . . 3,794 4,059,997KLA Corp., 4.65%, 11/01/24 (Call 08/01/24) . . . . . . . . . . . . . . . . . . 2,431 2,705,047Micron Technology Inc., 4.64%, 02/06/24 (Call 01/06/24)(a). . . . 1,364 1,468,305NXP BV/NXP Funding LLC, 4.88%, 03/01/24

(Call 02/01/24)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,804 1,955,969QUALCOMM Inc., 2.90%, 05/20/24 (Call 03/20/24) . . . . . . . . . . . 3,090 3,295,701Texas Instruments Inc., 2.63%, 05/15/24 (Call 03/15/24) . . . . . . 455 481,244Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24)(a) . . . . . . . . . . . . . . . . 1,427 1,500,676

24,397,945Software — 2.4%Cadence Design Systems Inc., 4.38%, 10/15/24

(Call 07/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 652,620Fidelity National Information Services Inc., 3.88%, 06/05/24

(Call 03/05/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 827 893,367Fiserv Inc., 2.75%, 07/01/24 (Call 06/01/24) . . . . . . . . . . . . . . . . . . 3,823 4,016,673Microsoft Corp., 2.88%, 02/06/24 (Call 12/06/23) . . . . . . . . . . . . . 4,648 4,999,947Oracle Corp.

2.95%, 11/15/24 (Call 09/15/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 3,999 4,287,7683.40%, 07/08/24 (Call 04/08/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 4,019 4,352,657


3.55%, 06/01/24 (Call 03/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,243 1,316,2133.80%, 03/01/24 (Call 01/01/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,639 1,753,1233.90%, 03/11/24 (Call 12/11/23). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,327 1,423,5794.45%, 04/01/24 (Call 01/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,655 2,895,118

Cisco Systems Inc., 3.63%, 03/04/24 . . . . . . . . . . . . . . . . . . . . . . . . 2,237 2,475,330Juniper Networks Inc., 4.50%, 03/15/24 . . . . . . . . . . . . . . . . . . . . . . 1,038 1,113,141Motorola Solutions Inc., 4.00%, 09/01/24. . . . . . . . . . . . . . . . . . . . . 1,004 1,071,147Verizon Communications Inc.

3.50%, 11/01/24 (Call 08/01/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 3,476 3,802,3624.15%, 03/15/24 (Call 12/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,446 1,602,660

Vodafone Group PLC, 3.75%, 01/16/24 . . . . . . . . . . . . . . . . . . . . . . 3,574 3,855,667

21,308,340Toys, Games & Hobbies — 0.1%Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24) . . . . . . . . . . . . . . . . . 725 721,730


3.40%, 09/01/24 (Call 12/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,630 1,775,1683.75%, 04/01/24 (Call 01/01/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,047 1,141,596


April 30, 2020



Security

Par/Shares

(000) Value

Transportation (continued)Canadian National Railway Co., 2.95%, 11/21/24

(Call 08/21/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 660 $ 702,926CSX Corp., 3.40%, 08/01/24 (Call 05/01/24)(a) . . . . . . . . . . . . . . . 1,328 1,452,673FedEx Corp., 4.00%, 01/15/24(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,561 1,681,759Norfolk Southern Corp., 3.85%, 01/15/24 (Call 10/15/23). . . . . . 779 838,547Ryder System Inc.

2.50%, 09/01/24 (Call 08/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,088 1,064,3143.65%, 03/18/24 (Call 02/18/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,154 1,187,858

Union Pacific Corp.3.15%, 03/01/24 (Call 02/01/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,277 1,367,6803.65%, 02/15/24 (Call 11/15/23). . . . . . . . . . . . . . . . . . . . . . . . . . . 932 1,003,1123.75%, 03/15/24 (Call 12/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . 891 963,171

United Parcel Service Inc.2.20%, 09/01/24 (Call 08/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 942 977,5422.80%, 11/15/24 (Call 09/15/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,030 1,096,054

15,252,400Trucking & Leasing — 0.1%GATX Corp., 4.35%, 02/15/24 (Call 01/15/24) . . . . . . . . . . . . . . . . 621 662,458

Water — 0.1%American Water Capital Corp., 3.85%, 03/01/24

(Call 12/01/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,117 1,221,987

Total Corporate Bonds & Notes — 99.0%(Cost: $777,787,060) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 799,608,543


0.89%(e)(f)(g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,388 32,424,119

SecurityShares

(000) Value

Money Market Funds (continued)BlackRock Cash Funds: Treasury, SL Agency Shares,

0.18%(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,775 $ 2,775,000

35,199,119

Total Short-Term Investments — 4.4%(Cost: $35,163,165) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,199,119

Total Investments in Securities — 103.4%(Cost: $812,950,225) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 834,807,662

Other Assets, Less Liabilities — (3.4)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27,559,410)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 807,248,252



(c) Security is issued at a fixed coupon rate, which converts to a variable rate at a specifieddate.

(d) 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.

(e) Affiliate of the Fund.(f) Annualized 7-day yield as of period-end.(g) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates


Affiliated Issuer

SharesHeld at

10/31/19(000)

Net Activity(000)

SharesHeld at

04/30/20(000)



Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . 35,532 (3,144) 32,388 $32,424,119 $85,897(b) $ (17,924) $ 27,534BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . . . . 984 1,791 2,775 2,775,000 12,764 — —

$35,199,119 $98,661 $ (17,924) $ 27,534






April 30, 2020



Fair Value Measurements (continued)



InvestmentsAssets

Corporate Bonds & Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $799,608,543 $ — $799,608,543Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,199,119 — — 35,199,119

$ 35,199,119 $799,608,543 $ — $834,807,662



April 30, 2020



SecurityPar

(000) Value

Corporate Bonds & NotesAerospace & Defense — 1.9%Boeing Co. (The), 2.60%, 10/30/25 (Call 07/30/25) . . . . . . . . . . . $ 405 $ 362,220General Dynamics Corp., 3.50%, 05/15/25 (Call 03/15/25)(a) . . 1,310 1,441,197Hexcel Corp., 4.70%, 08/15/25 (Call 05/15/25)(a) . . . . . . . . . . . . . 175 198,711Howmet Aerospace Inc., 6.88%, 05/01/25 (Call 04/01/25) . . . . . 1,000 1,020,460L3Harris Technologies Inc., 3.83%, 04/27/25 (Call 01/27/25) . . 1,001 1,077,597Lockheed Martin Corp., 2.90%, 03/01/25 (Call 12/01/24)(a) . . . . 1,231 1,319,250Northrop Grumman Corp., 2.93%, 01/15/25 (Call 11/15/24) . . . 2,227 2,366,098Raytheon Technologies Corp., 3.95%, 08/16/25

(Call 06/16/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,430 2,731,247

10,516,780Agriculture — 0.9%Philip Morris International Inc., 3.38%, 08/11/25

(Call 05/11/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,251 1,371,234Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25) . . . . . 3,610 3,920,315

5,291,549Airlines — 0.1%Southwest Airlines Co., 5.25%, 05/04/25 (Call 04/04/25) . . . . . . 280 278,824U.S. Airways Pass Through Trust, Series 2013-1, Class A,

3.95%, 11/15/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220 178,872United Airlines Pass Through Trust, Series 2013-1, Class A,

4.30%, 08/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433 376,409

834,105Apparel — 0.4%NIKE Inc., 2.40%, 03/27/25 (Call 02/27/25). . . . . . . . . . . . . . . . . . . 1,000 1,053,690Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25) . . . . . . . . . 647 687,988Tapestry Inc., 4.25%, 04/01/25 (Call 01/01/25) . . . . . . . . . . . . . . . 831 736,374

2,478,052Auto Manufacturers — 1.2%General Motors Co., 4.00%, 04/01/25. . . . . . . . . . . . . . . . . . . . . . . . 678 653,911General Motors Financial Co. Inc.

2.90%, 02/26/25 (Call 01/26/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 355 321,9354.00%, 01/15/25 (Call 10/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,593 1,493,6454.30%, 07/13/25 (Call 04/13/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,503 1,412,5644.35%, 04/09/25 (Call 02/09/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,904 1,800,080

Toyota Motor Credit Corp., 3.40%, 04/14/25 . . . . . . . . . . . . . . . . . . 1,085 1,175,749

6,857,884Auto Parts & Equipment — 0.2%BorgWarner Inc., 3.38%, 03/15/25 (Call 12/15/24)(a) . . . . . . . . . . 494 505,140Magna International Inc., 4.15%, 10/01/25 (Call 07/01/25) . . . . 784 839,264

1,344,404Banks — 20.4%Australia & New Zealand Banking Group Ltd./New York NY,

3.70%, 11/16/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,292 1,427,996Banco Santander SA, 5.18%, 11/19/25. . . . . . . . . . . . . . . . . . . . . . . 2,014 2,184,727Bancolombia SA, 3.00%, 01/29/25 (Call 12/29/24). . . . . . . . . . . . 1,020 943,061Bank of America Corp.

3.88%, 08/01/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,383 2,618,3214.00%, 01/22/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,758 2,978,309Series L, 3.95%, 04/21/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,540 3,811,872

Bank of New York Mellon Corp. (The)3.95%, 11/18/25 (Call 10/18/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 828 927,989Series G, 3.00%, 02/24/25 (Call 01/24/25). . . . . . . . . . . . . . . . . 1,174 1,267,885

Bank of Nova Scotia (The), 2.20%, 02/03/25(a) . . . . . . . . . . . . . . . 385 391,849BankUnited Inc., 4.88%, 11/17/25 (Call 08/17/25). . . . . . . . . . . . . 607 648,179Barclays PLC, 3.65%, 03/16/25(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,740 2,858,478BBVA USA, 3.88%, 04/10/25 (Call 03/10/25) . . . . . . . . . . . . . . . . . 1,065 1,078,217Canadian Imperial Bank of Commerce, 2.25%, 01/28/25(a) . . . . 60 60,599

SecurityPar

(000) Value

Banks (continued)Citigroup Inc.

3.30%, 04/27/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,756 $ 1,860,6753.88%, 03/26/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,531 1,633,4244.40%, 06/10/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,270 3,562,1425.50%, 09/13/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,720 1,969,985

Citizens Financial Group Inc., 4.30%, 12/03/25(Call 11/03/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,318 1,410,418

Cooperatieve Rabobank UA, 4.38%, 08/04/25. . . . . . . . . . . . . . . . 2,003 2,157,992Cooperatieve Rabobank UA/NY, 3.38%, 05/21/25 . . . . . . . . . . . . 1,505 1,621,532Credit Suisse Group Funding Guernsey Ltd., 3.75%,

03/26/25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,414 3,645,367Fifth Third Bancorp., 2.38%, 01/28/25 (Call 12/29/24). . . . . . . . . 1,588 1,608,835Fifth Third Bank/Cincinnati OH, 3.95%, 07/28/25

(Call 06/28/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 891,864Goldman Sachs Group Inc. (The)

3.50%, 01/23/25 (Call 10/23/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 4,004 4,235,0313.50%, 04/01/25 (Call 03/01/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,960 2,089,9683.75%, 05/22/25 (Call 02/22/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 3,501 3,748,6614.25%, 10/21/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,058 3,264,751

HSBC Holdings PLC, 4.25%, 08/18/25. . . . . . . . . . . . . . . . . . . . . . . 1,986 2,121,803Huntington Bancshares Inc./OH, 4.00%, 05/15/25

(Call 04/15/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 859 935,451JPMorgan Chase & Co.

3.13%, 01/23/25 (Call 10/23/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 3,633 3,845,8573.90%, 07/15/25 (Call 04/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,632 4,000,975

KeyBank N.A./Cleveland OH, 3.30%, 06/01/25 . . . . . . . . . . . . . . . 1,130 1,218,592KeyCorp, 4.15%, 10/29/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 509 560,587Lloyds Bank PLC, 3.50%, 05/14/25 . . . . . . . . . . . . . . . . . . . . . . . . . . 500 533,395Lloyds Banking Group PLC

4.45%, 05/08/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,656 1,806,0834.58%, 12/10/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,950 2,107,833

Manufacturers & Traders Trust Co., 2.90%, 02/06/25(Call 01/06/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,410 1,497,434

Mitsubishi UFJ Financial Group Inc.2.19%, 02/25/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600 3,632,6883.78%, 03/02/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,143 1,235,046

Morgan Stanley4.00%, 07/23/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,735 4,113,0575.00%, 11/24/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,857 3,237,695

MUFG Americas Holdings Corp., 3.00%, 02/10/25(Call 01/20/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238 243,855

Northern Trust Corp., 3.95%, 10/30/25 . . . . . . . . . . . . . . . . . . . . . . . 1,181 1,325,295PNC Bank N.A.

2.95%, 02/23/25 (Call 01/23/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,320 1,400,6263.25%, 06/01/25 (Call 05/02/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,285 1,377,8284.20%, 11/01/25 (Call 10/01/25)(a). . . . . . . . . . . . . . . . . . . . . . . . . 625 703,531

Santander Holdings USA Inc., 4.50%, 07/17/25(Call 04/17/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,511 1,554,441

State Street Corp., 3.55%, 08/18/25 . . . . . . . . . . . . . . . . . . . . . . . . . 1,885 2,087,034Sumitomo Mitsui Financial Group Inc., 2.35%, 01/15/25(a) . . . . 1,425 1,447,344SVB Financial Group, 3.50%, 01/29/25 . . . . . . . . . . . . . . . . . . . . . . 699 727,589Truist Bank

1.50%, 03/10/25 (Call 02/10/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 380 378,3813.63%, 09/16/25 (Call 08/16/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,847 1,992,8214.05%, 11/03/25 (Call 09/03/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 807 916,179

Truist Financial Corp.3.70%, 06/05/25 (Call 05/05/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,353 1,487,2454.00%, 05/01/25 (Call 03/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,485 1,639,128

U.S. Bancorp., 3.95%, 11/17/25 (Call 10/17/24) . . . . . . . . . . . . . . 1,705 1,927,025


April 30, 2020



SecurityPar

(000) Value

Banks (continued)U.S. Bank N.A./Cincinnati OH

2.05%, 01/21/25 (Call 12/21/24) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 290 $ 298,8012.80%, 01/27/25 (Call 12/27/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,348 1,433,611

Wells Fargo & Co.3.00%, 02/19/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,085 3,238,5103.55%, 09/29/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,329 3,592,857

Westpac Banking Corp., 2.35%, 02/19/25(a) . . . . . . . . . . . . . . . . . . 1,728 1,777,317

115,294,041Beverages — 2.7%Anheuser-Busch InBev Worldwide Inc., 4.15%, 01/23/25

(Call 12/23/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,156 3,510,829Brown-Forman Corp., 3.50%, 04/15/25 (Call 02/15/25) . . . . . . . 210 228,820Coca-Cola Co. (The), 2.88%, 10/27/25. . . . . . . . . . . . . . . . . . . . . . . 2,912 3,181,389Coca-Cola Consolidated Inc., 3.80%, 11/25/25

(Call 08/25/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 270,833Constellation Brands Inc.

4.40%, 11/15/25 (Call 09/15/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 697 768,6244.75%, 12/01/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 637 713,841

Keurig Dr Pepper Inc.3.40%, 11/15/25 (Call 08/15/25)(a). . . . . . . . . . . . . . . . . . . . . . . . . 495 528,8734.42%, 05/25/25 (Call 03/25/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,440 1,610,755

PepsiCo Inc.2.25%, 03/19/25 (Call 02/19/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,058,3602.75%, 04/30/25 (Call 01/30/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 2,033 2,197,5513.50%, 07/17/25 (Call 04/17/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 891 994,810


1.90%, 02/21/25 (Call 01/21/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 265 271,8193.13%, 05/01/25 (Call 02/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,034 2,209,066

Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25) . . . . . . . . . . . . . . . . 1,137 1,251,689Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25) . . . . . . . . . . . . . . . . . 2,418 2,687,075Gilead Sciences Inc., 3.50%, 02/01/25 (Call 11/01/24)(a) . . . . . . 2,531 2,788,023

9,207,672Building Materials — 0.8%Carrier Global Corp., 2.24%, 02/15/25 (Call 01/15/25)(b) . . . . . . 2,465 2,441,829Fortune Brands Home & Security Inc., 4.00%, 06/15/25

(Call 03/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 710 750,484Masco Corp., 4.45%, 04/01/25 (Call 01/01/25)(a) . . . . . . . . . . . . . 805 848,068Vulcan Materials Co., 4.50%, 04/01/25 (Call 01/01/25)(a) . . . . . . 732 770,386

4,810,767Chemicals — 1.4%Air Products and Chemicals Inc., 1.50%, 10/15/25

(Call 09/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 60,480Dow Chemical Co. (The), 4.55%, 11/30/25 (Call 09/30/25) . . . . 869 944,490DuPont de Nemours Inc., 4.49%, 11/15/25 (Call 09/25/25) . . . . 2,456 2,700,814Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24) . . . . . 967 1,012,304Nutrien Ltd.

3.00%, 04/01/25 (Call 01/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 798 822,0283.38%, 03/15/25 (Call 12/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 800 836,144

Praxair Inc., 2.65%, 02/05/25 (Call 11/05/24) . . . . . . . . . . . . . . . . . 623 654,412Sherwin-Williams Co. (The), 3.45%, 08/01/25 (Call 05/01/25) . 660 710,727

7,741,399Commercial Services — 1.1%Automatic Data Processing Inc., 3.38%, 09/15/25

(Call 06/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,673 1,857,431Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25). . . . . . . . . 560 573,698Global Payments Inc., 2.65%, 02/15/25 (Call 01/15/24) . . . . . . . 1,402 1,441,677S&P Global Inc., 4.00%, 06/15/25 (Call 03/15/25) . . . . . . . . . . . . 1,168 1,311,909

SecurityPar

(000) Value

Commercial Services (continued)Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25). . . . . . . . . $ 1,126 $ 1,231,506


2.50%, 02/09/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,280 2,436,9322.75%, 01/13/25 (Call 11/13/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 2,386 2,573,9213.20%, 05/13/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,145 3,473,590

Dell International LLC/EMC Corp., 5.85%, 07/15/25(Call 06/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,088,650

Hewlett Packard Enterprise Co., 4.90%, 10/15/25(Call 07/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,473 3,775,498

International Business Machines Corp., 7.00%, 10/30/25(a) . . . 889 1,149,922Seagate HDD Cayman, 4.75%, 01/01/25(a). . . . . . . . . . . . . . . . . . . 982 1,014,897

15,513,410Cosmetics & Personal Care — 0.3%Unilever Capital Corp.

3.10%, 07/30/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565 615,1893.38%, 03/22/25 (Call 01/22/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 768 837,850


3.50%, 01/15/25 (Call 11/15/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 960 834,0294.45%, 10/01/25 (Call 08/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 935 817,882

Affiliated Managers Group Inc., 3.50%, 08/01/25 . . . . . . . . . . . . . 460 486,142Air Lease Corp.

2.30%, 02/01/25 (Call 01/01/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 174 151,7523.25%, 03/01/25 (Call 01/01/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,677 1,506,801

Ally Financial Inc., 4.63%, 03/30/25(a) . . . . . . . . . . . . . . . . . . . . . . . . 718 720,513American Express Co., 4.20%, 11/06/25 (Call 10/06/25) . . . . . . 1,105 1,242,749Capital One Financial Corp.

3.20%, 02/05/25 (Call 01/05/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,284 1,309,9504.20%, 10/29/25 (Call 09/29/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,971 2,011,9384.25%, 04/30/25 (Call 03/31/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,005 1,070,898

Charles Schwab Corp. (The)3.00%, 03/10/25 (Call 12/10/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 611 647,0243.85%, 05/21/25 (Call 03/21/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,180 1,325,435

CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24) . . . . . . . . . . . . 1,258 1,369,383Discover Financial Services, 3.75%, 03/04/25 (Call 12/04/24) . 829 840,523Franklin Resources Inc., 2.85%, 03/30/25 . . . . . . . . . . . . . . . . . . . . 730 767,223GE Capital International Funding Co. Unlimited Co., 3.37%,

11/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,135 2,199,370Intercontinental Exchange Inc., 3.75%, 12/01/25

(Call 09/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,799 2,001,603Janus Capital Group Inc., 4.88%, 08/01/25 (Call 05/01/25) . . . . 420 439,828Lazard Group LLC, 3.75%, 02/13/25(a) . . . . . . . . . . . . . . . . . . . . . . . 674 688,835Mastercard Inc., 2.00%, 03/03/25 (Call 02/03/25) . . . . . . . . . . . . . 735 763,871Nomura Holdings Inc., 2.65%, 01/16/25 . . . . . . . . . . . . . . . . . . . . . . 1,145 1,156,221Synchrony Financial, 4.50%, 07/23/25 (Call 04/24/25) . . . . . . . . 1,120 1,096,010TD Ameritrade Holding Corp., 3.63%, 04/01/25

(Call 01/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575 620,471Visa Inc., 3.15%, 12/14/25 (Call 09/14/25) . . . . . . . . . . . . . . . . . . . 6,153 6,801,342Western Union Co. (The), 2.85%, 01/10/25 (Call 12/10/24). . . . 590 584,950

31,454,743Electric — 3.4%Ameren Illinois Co., 3.25%, 03/01/25 (Call 12/01/24). . . . . . . . . . 115 123,977Appalachian Power Co., 3.40%, 06/01/25 (Call 03/01/25)(a) . . . 200 211,422Berkshire Hathaway Energy Co.

3.50%, 02/01/25 (Call 11/01/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,050 1,149,8134.05%, 04/15/25 (Call 03/15/25)(b) . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,122,860


April 30, 2020



SecurityPar

(000) Value

Electric (continued)Dominion Energy Inc., 3.90%, 10/01/25 (Call 07/01/25) . . . . . . . $ 1,311 $ 1,441,746DTE Electric Co., 3.38%, 03/01/25 (Call 12/01/24). . . . . . . . . . . . 255 277,450Duke Energy Progress LLC, 3.25%, 08/15/25 (Call 05/15/25) . 953 1,042,830Evergy Metro Inc., 3.65%, 08/15/25 (Call 05/15/25). . . . . . . . . . . 410 455,063Eversource Energy, Series H, 3.15%, 01/15/25

(Call 10/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510 540,156Exelon Corp., 3.95%, 06/15/25 (Call 03/15/25) . . . . . . . . . . . . . . . 1,541 1,701,017Florida Power & Light Co.

2.85%, 04/01/25 (Call 03/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,060 1,149,5593.13%, 12/01/25 (Call 06/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,138 1,244,346

Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/25(Call 04/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 660 710,820

National Rural Utilities Cooperative Finance Corp.2.85%, 01/27/25 (Call 10/27/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 835 900,3303.25%, 11/01/25 (Call 08/01/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 619 667,926

Oncor Electric Delivery Co. LLC, 2.95%, 04/01/25(Call 01/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 327,842

Public Service Electric & Gas Co., 3.00%, 05/15/25(Call 02/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460 495,287

Puget Energy Inc., 3.65%, 05/15/25 (Call 02/15/25) . . . . . . . . . . 636 636,413Sempra Energy, 3.75%, 11/15/25 (Call 08/15/25) . . . . . . . . . . . . . 545 584,850Southern California Edison Co., Series E, 3.70%, 08/01/25

(Call 06/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740 806,519Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25) . . . . . . . . 840 920,136Virginia Electric & Power Co., Series A, 3.10%, 05/15/25

(Call 02/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 479 515,893WEC Energy Group Inc., 3.55%, 06/15/25 (Call 03/15/25) . . . . 1,063 1,151,941Xcel Energy Inc., 3.30%, 06/01/25 (Call 12/01/24) . . . . . . . . . . . . 1,055 1,131,393

19,309,589Electrical Components & Equipment — 0.0%Emerson Electric Co., 3.15%, 06/01/25 (Call 03/01/25)(a) . . . . . 130 140,179

Electronics — 0.4%Amphenol Corp., 2.05%, 03/01/25 (Call 02/01/25) . . . . . . . . . . . . 25 24,944Arrow Electronics Inc., 4.00%, 04/01/25 (Call 01/01/25)(a) . . . . . 414 428,035Flex Ltd., 4.75%, 06/15/25 (Call 03/15/25)(a) . . . . . . . . . . . . . . . . . 950 1,009,964Legrand France SA, 8.50%, 02/15/25 . . . . . . . . . . . . . . . . . . . . . . . . 25 32,632Roper Technologies Inc., 3.85%, 12/15/25 (Call 09/15/25)(a) . . 613 645,887

2,141,462Environmental Control — 0.3%Republic Services Inc., 3.20%, 03/15/25 (Call 12/15/24) . . . . . . 980 1,049,355Waste Management Inc., 3.13%, 03/01/25 (Call 12/01/24)(a) . . 888 955,452

2,004,807Food — 1.5%Campbell Soup Co.

3.30%, 03/19/25 (Call 12/19/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 416 440,2613.95%, 03/15/25 (Call 01/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,149 1,254,846

Conagra Brands Inc., 4.60%, 11/01/25 (Call 09/01/25) . . . . . . . . 1,480 1,652,716General Mills Inc., 4.00%, 04/17/25 (Call 02/17/25) . . . . . . . . . . . 1,271 1,418,843JM Smucker Co. (The), 3.50%, 03/15/25 . . . . . . . . . . . . . . . . . . . . . 1,511 1,634,479Mondelez International Inc., 1.50%, 05/04/25 (Call 04/04/25). . 60 59,678Sysco Corp.

3.55%, 03/15/25 (Call 01/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 718 740,8183.75%, 10/01/25 (Call 07/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,083 1,119,042

8,320,683Forest Products & Paper — 0.1%Fibria Overseas Finance Ltd., 4.00%, 01/14/25

(Call 11/14/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556 531,075

SecurityPar

(000) Value

Gas — 0.2%National Fuel Gas Co., 5.20%, 07/15/25 (Call 04/15/25)(a) . . . . $ 640 $ 629,926Southern California Gas Co., 3.20%, 06/15/25 (Call 03/15/25). 582 616,548

1,246,474Health Care - Products — 2.7%Abbott Laboratories

2.95%, 03/15/25 (Call 12/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,473 1,597,2473.88%, 09/15/25 (Call 06/15/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 796 902,330

Boston Scientific Corp., 3.85%, 05/15/25. . . . . . . . . . . . . . . . . . . . . 972 1,070,502Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25)(a). . . . . . . . . . . . 888 967,680Medtronic Inc., 3.50%, 03/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,010 4,468,223Stryker Corp., 3.38%, 11/01/25 (Call 08/01/25) . . . . . . . . . . . . . . . 1,249 1,386,865Thermo Fisher Scientific Inc.

3.65%, 12/15/25 (Call 09/09/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 695 763,2494.13%, 03/25/25 (Call 02/25/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,128,560

Zimmer Biomet Holdings Inc., 3.55%, 04/01/25(Call 01/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,683 2,793,352

15,078,008Health Care - Services — 1.7%Anthem Inc., 2.38%, 01/15/25 (Call 12/15/24) . . . . . . . . . . . . . . . . 1,294 1,331,617HCA Inc., 5.25%, 04/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,797 2,001,139Laboratory Corp. of America Holdings, 3.60%, 02/01/25

(Call 11/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,581 1,712,476Quest Diagnostics Inc., 3.50%, 03/30/25 (Call 12/30/24) . . . . . . 698 750,308UnitedHealth Group Inc.

3.70%, 12/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 538 604,5453.75%, 07/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,883 3,231,267

9,631,352Holding Companies - Diversified — 0.6%Ares Capital Corp.

3.25%, 07/15/25 (Call 06/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 716 636,8464.25%, 03/01/25 (Call 01/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,013 966,554

FS KKR Capital Corp., 4.13%, 02/01/25 (Call 01/01/25). . . . . . . 640 527,386Goldman Sachs BDC Inc., 3.75%, 02/10/25 (Call 01/10/25) . . . 25 24,595Oaktree Specialty Lending Corp., 3.50%, 02/25/25

(Call 01/25/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 22,890Owl Rock Capital Corp.

3.75%, 07/22/25 (Call 06/22/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 550 497,2224.00%, 03/30/25 (Call 02/28/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 543 494,858

3,170,351Home Furnishings — 0.1%Harman International Industries Inc., 4.15%, 05/15/25

(Call 02/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240 254,139Whirlpool Corp., 3.70%, 05/01/25. . . . . . . . . . . . . . . . . . . . . . . . . . . . 472 487,000

741,139Household Products & Wares — 0.1%Kimberly-Clark Corp., 3.05%, 08/15/25. . . . . . . . . . . . . . . . . . . . . . . 350 381,511

Insurance — 2.0%Aflac Inc., 3.25%, 03/17/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 845 907,285Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25

(Call 07/29/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 272,395American International Group Inc., 3.75%, 07/10/25

(Call 04/10/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,640 1,751,340Aon PLC, 3.88%, 12/15/25 (Call 09/15/25) . . . . . . . . . . . . . . . . . . . 1,074 1,163,206Chubb INA Holdings Inc., 3.15%, 03/15/25 . . . . . . . . . . . . . . . . . . . 946 1,028,075CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25) . . . 510 545,827Kemper Corp., 4.35%, 02/15/25 (Call 11/15/24)(a) . . . . . . . . . . . . 694 716,583Lincoln National Corp., 3.35%, 03/09/25(a) . . . . . . . . . . . . . . . . . . . 300 313,425


April 30, 2020



SecurityPar

(000) Value

Insurance (continued)Marsh & McLennan Companies Inc., 3.50%, 03/10/25

(Call 12/10/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 891 $ 958,698MetLife Inc.

3.00%, 03/01/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 858 913,2383.60%, 11/13/25 (Call 08/13/25)(a). . . . . . . . . . . . . . . . . . . . . . . . . 773 850,578

Principal Financial Group Inc., 3.40%, 05/15/25(Call 02/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 742 786,839

RenaissanceRe Finance Inc., 3.70%, 04/01/25(Call 01/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 315,540

XLIT Ltd., 4.45%, 03/31/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 782 860,130

11,383,159Internet — 0.6%Amazon.com Inc., 5.20%, 12/03/25 (Call 09/03/25) . . . . . . . . . . . 1,606 1,942,056Baidu Inc., 4.13%, 06/30/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510 546,118Booking Holdings Inc., 3.65%, 03/15/25 (Call 12/15/24). . . . . . . 732 757,744

3,245,918Iron & Steel — 0.1%ArcelorMittal SA, 6.13%, 06/01/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . 616 632,601Steel Dynamics Inc., 4.13%, 09/15/25 (Call 09/15/20). . . . . . . . . 115 114,037

746,638Leisure Time — 0.1%Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)(a). . . . . . 728 721,033

Lodging — 0.7%Las Vegas Sands Corp., 2.90%, 06/25/25 (Call 05/25/25) . . . . . 635 590,918Marriott International Inc./MD

3.75%, 03/15/25 (Call 12/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 410 389,6933.75%, 10/01/25 (Call 07/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 570 544,891

Sands China Ltd., 5.13%, 08/08/25 (Call 06/08/25) . . . . . . . . . . . 2,222 2,318,035

3,843,537Machinery — 0.9%Deere & Co., 2.75%, 04/15/25 (Call 03/15/25) . . . . . . . . . . . . . . . . 500 532,635Dover Corp., 3.15%, 11/15/25 (Call 08/15/25) . . . . . . . . . . . . . . . . 535 564,580John Deere Capital Corp.

2.05%, 01/09/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 118,8703.40%, 09/11/25(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 896 979,8743.45%, 03/13/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,320 1,449,730

Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)(b) . . . . . 1,080 1,100,282Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24) . . . 140 146,996


2.00%, 02/14/25 (Call 01/14/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,144 1,186,2483.00%, 08/07/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,084 1,177,939

Textron Inc., 3.88%, 03/01/25 (Call 12/01/24). . . . . . . . . . . . . . . . . 274 285,407


Communications Operating Capital, 4.91%, 07/23/25(Call 04/23/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,394 7,226,691

Comcast Corp.3.10%, 04/01/25 (Call 03/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 55 59,5323.38%, 02/15/25 (Call 11/15/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,801 1,964,4773.38%, 08/15/25 (Call 05/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,935 3,216,9073.95%, 10/15/25 (Call 08/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,719 4,195,032

Discovery Communications LLC3.45%, 03/15/25 (Call 12/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 623 640,6123.95%, 06/15/25 (Call 05/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 546 577,957

Grupo Televisa SAB, 6.63%, 03/18/25(a) . . . . . . . . . . . . . . . . . . . . . 755 838,065

SecurityPar

(000) Value

Media (continued)TWDC Enterprises 18 Corp., 3.15%, 09/17/25. . . . . . . . . . . . . . . . $ 1,223 $ 1,327,701ViacomCBS Inc., 3.50%, 01/15/25 (Call 10/15/24) . . . . . . . . . . . . 890 897,672Walt Disney Co. (The)

3.35%, 03/24/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,091,1903.70%, 10/15/25 (Call 07/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,044 1,154,654

23,190,490Metal Fabricate & Hardware — 0.3%Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25) . . . 1,461 1,589,641

Mining — 0.5%Rio Tinto Finance USA Ltd., 3.75%, 06/15/25 (Call 03/15/25). . 1,651 1,795,050Southern Copper Corp., 3.88%, 04/23/25(a) . . . . . . . . . . . . . . . . . . 819 849,761

2,644,811Oil & Gas — 3.5%BP Capital Markets America Inc., 3.80%, 09/21/25

(Call 07/21/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,357 1,466,333BP Capital Markets PLC, 3.51%, 03/17/25 . . . . . . . . . . . . . . . . . . . 1,360 1,451,174Canadian Natural Resources Ltd., 3.90%, 02/01/25

(Call 11/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 809 772,215Chevron Corp., 3.33%, 11/17/25 (Call 08/17/25) . . . . . . . . . . . . . . 1,182 1,301,973Concho Resources Inc., 4.38%, 01/15/25 (Call 01/15/21) . . . . . 928 920,019Devon Energy Corp., 5.85%, 12/15/25 (Call 09/15/25) . . . . . . . . 620 608,400Diamondback Energy Inc., 5.38%, 05/31/25 (Call 05/31/20) . . . 270 258,163EOG Resources Inc., 3.15%, 04/01/25 (Call 01/01/25) . . . . . . . . 890 936,689Exxon Mobil Corp., 2.71%, 03/06/25 (Call 12/06/24) . . . . . . . . . . 2,425 2,548,554Helmerich & Payne Inc., 4.65%, 03/15/25 (Call 12/15/24) . . . . . 267 269,360Marathon Oil Corp., 3.85%, 06/01/25 (Call 03/01/25) . . . . . . . . . 1,224 1,052,261Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25) . . 1,165 1,173,237Shell International Finance BV, 3.25%, 05/11/25. . . . . . . . . . . . . . 4,275 4,587,032Total Capital International SA, 2.43%, 01/10/25

(Call 10/10/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,382 1,425,077Valero Energy Corp., 3.65%, 03/15/25(a) . . . . . . . . . . . . . . . . . . . . . 904 925,850

19,696,337Oil & Gas Services — 0.2%Halliburton Co., 3.80%, 11/15/25 (Call 08/15/25). . . . . . . . . . . . . . 1,446 1,398,672

Packaging & Containers — 0.1%WRKCo Inc., 3.75%, 03/15/25 (Call 01/15/25)(a) . . . . . . . . . . . . . . 728 766,038

Pharmaceuticals — 8.5%AbbVie Inc., 3.60%, 05/14/25 (Call 02/14/25). . . . . . . . . . . . . . . . . 5,123 5,564,295Allergan Funding SCS, 3.80%, 03/15/25 (Call 12/15/24) . . . . . . 4,306 4,488,876AmerisourceBergen Corp., 3.25%, 03/01/25 (Call 12/01/24). . . 809 858,786AstraZeneca PLC, 3.38%, 11/16/25(a). . . . . . . . . . . . . . . . . . . . . . . . 2,670 2,956,838Bristol-Myers Squibb Co., 3.88%, 08/15/25 (Call 05/15/25)(b). . 3,277 3,680,431Cardinal Health Inc., 3.75%, 09/15/25 (Call 06/15/25)(a). . . . . . . 545 581,978Cigna Corp.

3.25%, 04/15/25 (Call 01/15/25)(b) . . . . . . . . . . . . . . . . . . . . . . . . 1,356 1,448,3714.13%, 11/15/25 (Call 09/15/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 3,050 3,415,603

CVS Health Corp.3.88%, 07/20/25 (Call 04/20/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 4,167 4,568,6574.10%, 03/25/25 (Call 01/25/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,896 6,502,934

Eli Lilly & Co., 2.75%, 06/01/25 (Call 03/01/25) . . . . . . . . . . . . . . . 1,130 1,215,021GlaxoSmithKline Capital Inc., 3.63%, 05/15/25(a) . . . . . . . . . . . . . 1,686 1,886,803Johnson & Johnson, 2.63%, 01/15/25 (Call 11/15/24) . . . . . . . . . 1,204 1,303,920Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25) . 1,272 1,453,438Merck & Co. Inc., 2.75%, 02/10/25 (Call 11/10/24) . . . . . . . . . . . . 3,735 4,044,333Novartis Capital Corp.

1.75%, 02/14/25 (Call 01/14/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 65 66,9923.00%, 11/20/25 (Call 08/20/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 2,537 2,780,222


April 30, 2020



SecurityPar

(000) Value

Pharmaceuticals (continued)Zoetis Inc., 4.50%, 11/13/25 (Call 08/13/25)(a) . . . . . . . . . . . . . . . . $ 935 $ 1,070,248

47,887,746Pipelines — 4.1%Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/25

(Call 10/02/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,962 2,033,083Columbia Pipeline Group Inc., 4.50%, 06/01/25

(Call 03/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,219 1,296,297Enbridge Energy Partners LP, 5.88%, 10/15/25

(Call 07/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 975 1,069,253Enbridge Inc., 2.50%, 01/15/25 (Call 12/15/24) . . . . . . . . . . . . . . . 304 298,802Energy Transfer Operating LP

2.90%, 05/15/25 (Call 04/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 351 326,8414.05%, 03/15/25 (Call 12/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,938 1,895,015

Enterprise Products Operating LLC, 3.75%, 02/15/25(Call 11/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,580 1,681,531

Kinder Morgan Inc./DE, 4.30%, 06/01/25 (Call 03/01/25) . . . . . . 2,190 2,340,650MPLX LP

4.00%, 02/15/25 (Call 11/15/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,045 992,0294.88%, 06/01/25 (Call 03/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,705 1,662,4435.25%, 01/15/25 (Call 01/15/21)(b) . . . . . . . . . . . . . . . . . . . . . . . . 302 299,080

ONEOK Partners LP, 4.90%, 03/15/25 (Call 12/15/24) . . . . . . . . 818 803,808Phillips 66 Partners LP, 3.61%, 02/15/25 (Call 11/15/24) . . . . . . 442 429,920Plains All American Pipeline LP/PAA Finance Corp., 4.65%,

10/15/25 (Call 07/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,295 1,224,164Sabine Pass Liquefaction LLC, 5.63%, 03/01/25

(Call 12/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,669 2,804,051Spectra Energy Partners LP, 3.50%, 03/15/25 (Call 12/15/24) . 687 700,932Sunoco Logistics Partners Operations LP, 5.95%, 12/01/25

(Call 08/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 760 768,634TC PipeLines LP, 4.38%, 03/13/25 (Call 12/13/24). . . . . . . . . . . . 582 602,539Williams Companies Inc. (The)

3.90%, 01/15/25 (Call 10/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,016 1,031,7074.00%, 09/15/25 (Call 06/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,151 1,173,398

23,434,177Private Equity — 0.1%Brookfield Asset Management Inc., 4.00%, 01/15/25

(Call 10/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 574 612,211

Real Estate — 0.1%CBRE Services Inc., 5.25%, 03/15/25 (Call 12/15/24). . . . . . . . . 734 799,289

Real Estate Investment Trusts — 5.2%Alexandria Real Estate Equities Inc., 3.45%, 04/30/25

(Call 02/28/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 835 890,544American Tower Corp.

2.40%, 03/15/25 (Call 02/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 320 330,1222.95%, 01/15/25 (Call 12/15/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,070 1,127,6944.00%, 06/01/25 (Call 03/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,554 1,710,379

AvalonBay Communities Inc.3.45%, 06/01/25 (Call 03/03/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,067,4403.50%, 11/15/25 (Call 08/15/25)(a). . . . . . . . . . . . . . . . . . . . . . . . . 473 501,697

Boston Properties LP, 3.20%, 01/15/25 (Call 10/15/24) . . . . . . . 1,404 1,475,450Brixmor Operating Partnership LP, 3.85%, 02/01/25

(Call 11/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 970 975,180Columbia Property Trust Operating Partnership LP, 4.15%,

04/01/25 (Call 01/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 257,430Corporate Office Properties LP, 5.00%, 07/01/25

(Call 04/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 522,885CubeSmart LP, 4.00%, 11/15/25 (Call 08/15/25) . . . . . . . . . . . . . . 512 533,806Digital Realty Trust LP, 4.75%, 10/01/25 (Call 07/01/25) . . . . . . 650 708,025

SecurityPar

(000) Value

Real Estate Investment Trusts (continued)EPR Properties, 4.50%, 04/01/25 (Call 01/01/25) . . . . . . . . . . . . . $ 411 $ 360,007ERP Operating LP, 3.38%, 06/01/25 (Call 03/01/25) . . . . . . . . . . 618 653,121Essex Portfolio LP, 3.50%, 04/01/25 (Call 01/01/25) . . . . . . . . . . 685 710,071GLP Capital LP/GLP Financing II Inc., 5.25%, 06/01/25

(Call 03/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,138 1,118,017Healthpeak Properties Inc.

3.40%, 02/01/25 (Call 11/01/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,042 1,070,9054.00%, 06/01/25 (Call 03/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,013 1,059,811

Host Hotels & Resorts LP, Series E, 4.00%, 06/15/25(Call 03/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 709 684,929

Kilroy Realty LP, 4.38%, 10/01/25 (Call 07/01/25). . . . . . . . . . . . . 310 318,460Kimco Realty Corp., 3.30%, 02/01/25 (Call 12/01/24) . . . . . . . . . 1,032 1,030,813Mid-America Apartments LP, 4.00%, 11/15/25 (Call 08/15/25) . 506 530,010National Retail Properties Inc., 4.00%, 11/15/25

(Call 08/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 735 757,792Office Properties Income Trust, 4.50%, 02/01/25


(Call 10/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 722 710,816Prologis LP, 3.75%, 11/01/25 (Call 08/01/25) . . . . . . . . . . . . . . . . . 1,293 1,433,433Realty Income Corp., 3.88%, 04/15/25 (Call 02/15/25) . . . . . . . . 751 796,270Service Properties Trust, 4.50%, 03/15/25 (Call 09/15/24). . . . . 455 370,661Simon Property Group LP, 3.50%, 09/01/25 (Call 06/01/25)(a) . 910 916,179SITE Centers Corp., 3.63%, 02/01/25 (Call 11/01/24)(a) . . . . . . . 884 869,697UDR Inc., 4.00%, 10/01/25 (Call 07/01/25) . . . . . . . . . . . . . . . . . . . 480 512,837Ventas Realty LP

2.65%, 01/15/25 (Call 12/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 674 640,6373.50%, 02/01/25 (Call 11/01/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 522 521,175

VEREIT Operating Partnership LP, 4.63%, 11/01/25(Call 09/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765 755,323

Vornado Realty LP, 3.50%, 01/15/25 (Call 11/15/24) . . . . . . . . . . 693 654,525Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25) . . . . . . . . . . . . . . 1,847 1,900,231Weyerhaeuser Co., 8.50%, 01/15/25(a). . . . . . . . . . . . . . . . . . . . . . . 50 62,004WP Carey Inc., 4.00%, 02/01/25 (Call 12/01/24) . . . . . . . . . . . . . . 155 156,224

29,206,500Retail — 3.3%AutoNation Inc., 4.50%, 10/01/25 (Call 07/01/25) . . . . . . . . . . . . . 713 714,248AutoZone Inc., 3.25%, 04/15/25 (Call 01/15/25) . . . . . . . . . . . . . . 951 1,002,116Dollar General Corp., 4.15%, 11/01/25 (Call 08/01/25)(a) . . . . . . 888 980,681Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25) . . . . . . . . . . . . . 1,445 1,559,444Home Depot Inc. (The), 3.35%, 09/15/25 (Call 06/15/25). . . . . . 1,545 1,717,808Kohl's Corp., 4.25%, 07/17/25 (Call 04/17/25)(a) . . . . . . . . . . . . . . 821 721,470Lowe's Companies Inc., 3.38%, 09/15/25 (Call 06/15/25) . . . . . 1,408 1,527,596McDonald's Corp.

3.30%, 07/01/25 (Call 06/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,090 1,188,7433.38%, 05/26/25 (Call 02/26/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,485 1,619,823

QVC Inc., 4.45%, 02/15/25 (Call 11/15/24) . . . . . . . . . . . . . . . . . . . 548 502,045Starbucks Corp., 3.80%, 08/15/25 (Call 06/15/25) . . . . . . . . . . . . 1,671 1,836,228Target Corp., 2.25%, 04/15/25 (Call 03/15/25) . . . . . . . . . . . . . . . . 1,460 1,536,577TJX Companies Inc. (The), 3.50%, 04/15/25 (Call 03/15/25) . . 1,000 1,078,630Walmart Inc., 3.55%, 06/26/25 (Call 04/26/25). . . . . . . . . . . . . . . . 2,276 2,554,651

18,540,060Semiconductors — 2.5%Analog Devices Inc., 3.90%, 12/15/25 (Call 09/15/25). . . . . . . . . 1,335 1,462,399Applied Materials Inc., 3.90%, 10/01/25 (Call 07/01/25)(a) . . . . . 1,203 1,352,364Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%,

01/15/25 (Call 11/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,392 1,434,275Broadcom Inc., 4.70%, 04/15/25 (Call 03/15/25)(b) . . . . . . . . . . . . 500 551,090


April 30, 2020



SecurityPar

(000) Value

Semiconductors (continued)Intel Corp.

3.40%, 03/25/25 (Call 02/25/25) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,000 $ 1,105,9103.70%, 07/29/25 (Call 04/29/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,514 3,945,414

Lam Research Corp., 3.80%, 03/15/25 (Call 12/15/24)(a). . . . . . 852 937,456QUALCOMM Inc., 3.45%, 05/20/25 (Call 02/20/25) . . . . . . . . . . . 2,948 3,238,938Texas Instruments Inc., 1.38%, 03/12/25 (Call 02/12/25) . . . . . . 65 65,761

14,093,607Software — 3.3%Adobe Inc.

1.90%, 02/01/25 (Call 01/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 65 68,0573.25%, 02/01/25 (Call 11/01/24). . . . . . . . . . . . . . . . . . . . . . . . . . . 2,155 2,370,953

Autodesk Inc., 4.38%, 06/15/25 (Call 03/15/25). . . . . . . . . . . . . . . 793 873,148Fiserv Inc., 3.85%, 06/01/25 (Call 03/01/25) . . . . . . . . . . . . . . . . . . 1,464 1,603,592Microsoft Corp.

2.70%, 02/12/25 (Call 11/12/24)(a). . . . . . . . . . . . . . . . . . . . . . . . . 3,437 3,727,8053.13%, 11/03/25 (Call 08/03/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 4,288 4,779,062

Oracle Corp.2.50%, 04/01/25 (Call 03/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,054,9102.95%, 05/15/25 (Call 02/15/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 3,968 4,255,243


3.40%, 05/15/25 (Call 02/15/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 6,543 6,949,7133.60%, 07/15/25 (Call 04/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,272 2,434,5393.95%, 01/15/25 (Call 10/15/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,996 2,162,207

Cisco Systems Inc., 3.50%, 06/15/25 . . . . . . . . . . . . . . . . . . . . . . . . 695 780,985Juniper Networks Inc., 4.35%, 06/15/25 (Call 03/15/25) . . . . . . . 287 300,730Rogers Communications Inc., 3.63%, 12/15/25

(Call 09/15/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,129 1,253,597T-Mobile USA Inc., 3.50%, 04/15/25 (Call 03/15/25)(b) . . . . . . . . 1,000 1,057,720Verizon Communications Inc., 3.38%, 02/15/25 . . . . . . . . . . . . . . 3,618 3,960,335Vodafone Group PLC, 4.13%, 05/30/25 . . . . . . . . . . . . . . . . . . . . . . 2,001 2,231,755

21,131,581Transportation — 1.8%Burlington Northern Santa Fe LLC

3.00%, 04/01/25 (Call 01/01/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,015 1,090,1613.65%, 09/01/25 (Call 06/01/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 800 887,9687.00%, 12/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 226,982

Canadian Pacific Railway Co., 2.90%, 02/01/25(Call 11/01/24)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,191 1,261,364

CSX Corp., 3.35%, 11/01/25 (Call 08/01/25)(a). . . . . . . . . . . . . . . . 1,002 1,102,210

Security

Par/Shares

(000) Value

Transportation (continued)FedEx Corp., 3.20%, 02/01/25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,126 $ 1,179,598Norfolk Southern Corp., 3.65%, 08/01/25 (Call 06/01/25). . . . . . 638 698,559Union Pacific Corp.

3.25%, 01/15/25 (Call 10/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . 744 801,9203.25%, 08/15/25 (Call 05/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 972 1,053,0843.75%, 07/15/25 (Call 05/15/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 709 786,324

United Parcel Service Inc., 3.90%, 04/01/25 (Call 03/01/25). . . 1,000 1,114,150



(Call 12/01/24) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 893 971,968



0.89%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,030 29,062,231BlackRock Cash Funds: Treasury, SL Agency Shares,

0.18%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,420 1,420,000

30,482,231




Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 566,097,294




securities.

Affiliates


Affiliated Issuer

SharesHeld at

10/31/19(000)

Net Activity(000)

SharesHeld at

04/30/20(000)



Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . 25,230 3,800 29,030 $29,062,231 $59,470(b) $ (17,463) $ 32,552BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . 3,018 (1,598) 1,420 1,420,000 24,195 — —

$30,482,231 $83,665 $ (17,463) $ 32,552




April 30, 2020







InvestmentsAssets

Corporate Bonds & Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $559,559,275 $ — $559,559,275Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,482,231 — — 30,482,231

$ 30,482,231 $559,559,275 $ — $590,041,506



April 30, 2020



SecurityPar

(000) Value

Corporate Bonds & NotesAdvertising — 0.4%Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26

(Call 01/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,328 $ 1,419,765


2.25%, 06/15/26 (Call 03/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 550 485,7273.10%, 05/01/26 (Call 03/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 492 454,982

General Dynamics Corp., 2.13%, 08/15/26 (Call 05/15/26)(a) . . 650 675,311L3Harris Technologies Inc., 3.85%, 12/15/26

(Call 09/15/26)(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 656,784Lockheed Martin Corp., 3.55%, 01/15/26 (Call 10/15/25) . . . . . . 2,094 2,354,054


2.63%, 09/16/26 (Call 06/16/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 595 606,6744.40%, 02/14/26 (Call 12/14/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,480 1,645,331

Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26) . 935 991,034BAT Capital Corp., 3.22%, 09/06/26 (Call 07/06/26) . . . . . . . . . . 981 1,009,675Bunge Ltd. Finance Corp., 3.25%, 08/15/26 (Call 05/15/26) . . . 679 673,228Philip Morris International Inc., 2.75%, 02/25/26

(Call 11/25/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 795 842,923

5,768,865Airlines — 0.2%American Airlines Pass Through Trust, Series 2014-1,

Class A, 3.70%, 10/01/26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 119,158Southwest Airlines Co., 3.00%, 11/15/26 (Call 08/15/26) . . . . . . 276 252,338United Airlines Pass Through Trust

Series 2014-1, Class A, 4.00%, 04/11/26 . . . . . . . . . . . . . . . . . . 87 73,868Series 2014-2, Class A, 3.75%, 09/03/26 . . . . . . . . . . . . . . . . . . 604 505,450

950,814Apparel — 0.3%NIKE Inc., 2.38%, 11/01/26 (Call 08/01/26) . . . . . . . . . . . . . . . . . . . 1,086 1,163,986

Auto Manufacturers — 0.6%American Honda Finance Corp., 2.30%, 09/09/26 . . . . . . . . . . . . 435 430,189General Motors Financial Co. Inc.

4.00%, 10/06/26 (Call 07/06/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 805 728,8235.25%, 03/01/26 (Call 12/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,189 1,144,388

2,303,400Auto Parts & Equipment — 0.2%Aptiv PLC, 4.25%, 01/15/26 (Call 10/15/25) . . . . . . . . . . . . . . . . . . 620 645,463

Banks — 26.5%Bank of America Corp.

3.50%, 04/19/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,696 2,932,1434.25%, 10/22/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,190 2,400,9634.45%, 03/03/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,194 2,428,0566.22%, 09/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 116,885

Bank of New York Mellon Corp. (The)2.45%, 08/17/26 (Call 05/17/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 775 813,7192.80%, 05/04/26 (Call 02/04/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 695 738,966

Bank of Nova Scotia (The), 2.70%, 08/03/26 . . . . . . . . . . . . . . . . . 1,123 1,178,083Barclays PLC

4.38%, 01/12/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,455 2,650,9835.20%, 05/12/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 2,161,540

BPCE SA, 3.38%, 12/02/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565 610,132Citigroup Inc.

3.20%, 10/21/26 (Call 07/21/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,934 3,091,937

SecurityPar

(000) Value

Banks (continued)3.40%, 05/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,676 $ 1,789,7173.70%, 01/12/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,120 2,289,3034.30%, 11/20/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,096 1,195,0464.60%, 03/09/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,390 1,532,016

Citizens Bank N.A./Providence RI, 3.75%, 02/18/26(Call 11/18/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 477,752

Citizens Financial Group Inc., 2.85%, 07/27/26(Call 04/27/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525 525,798

Cooperatieve Rabobank UA, 3.75%, 07/21/26. . . . . . . . . . . . . . . . 1,270 1,337,513Credit Suisse Group Funding Guernsey Ltd., 4.55%,

04/17/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,795 1,993,868Deutsche Bank AG, 4.10%, 01/13/26 . . . . . . . . . . . . . . . . . . . . . . . . 285 277,462Deutsche Bank AG/New York NY, 4.10%, 01/13/26(a) . . . . . . . . . 395 384,809Discover Bank

3.45%, 07/27/26 (Call 04/27/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 955 949,7194.25%, 03/13/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455 472,040

Fifth Third Bank/Cincinnati OH, 3.85%, 03/15/26(Call 02/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620 665,520

Goldman Sachs Group Inc. (The)3.50%, 11/16/26 (Call 11/16/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 2,678 2,845,2953.75%, 02/25/26 (Call 11/25/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,685 1,818,620

HSBC Holdings PLC3.90%, 05/25/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,455 2,675,9254.30%, 03/08/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,830 3,137,7914.38%, 11/23/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,585 1,731,993

JPMorgan Chase & Co.2.95%, 10/01/26 (Call 07/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,227 3,384,9943.20%, 06/15/26 (Call 03/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,846 1,967,5413.30%, 04/01/26 (Call 01/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,562 2,757,2504.13%, 12/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,073 2,303,4557.63%, 10/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 527,176

KeyBank N.A./Cleveland OH, 3.40%, 05/20/26 . . . . . . . . . . . . . . . 475 497,676Lloyds Banking Group PLC, 4.65%, 03/24/26 . . . . . . . . . . . . . . . . 1,345 1,460,361Mitsubishi UFJ Financial Group Inc.

2.76%, 09/13/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 555,8283.85%, 03/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,978 3,268,980

Mizuho Financial Group Inc., 2.84%, 09/13/26. . . . . . . . . . . . . . . . 740 770,740Morgan Stanley

3.13%, 07/27/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,061 3,249,3743.88%, 01/27/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,061 3,368,9674.35%, 09/08/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,230 2,452,4426.25%, 08/09/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 855 1,063,081

National Australia Bank Ltd./New York2.50%, 07/12/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,055 1,094,3623.38%, 01/14/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 665 718,453

PNC Financial Services Group Inc. (The), 2.60%, 07/23/26(Call 05/23/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625 654,194

Royal Bank of Canada, 4.65%, 01/27/26(a) . . . . . . . . . . . . . . . . . . . 1,192 1,359,130Royal Bank of Scotland Group PLC, 4.80%, 04/05/26. . . . . . . . . 1,375 1,527,611Santander Holdings USA Inc., 3.24%, 10/05/26

(Call 08/05/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,165 1,121,965State Street Corp., 2.65%, 05/19/26 . . . . . . . . . . . . . . . . . . . . . . . . . 655 691,614Sumitomo Mitsui Financial Group Inc.

2.63%, 07/14/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,228 2,303,0613.01%, 10/19/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,226 1,295,9313.78%, 03/09/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,531 1,667,443

Truist Bank3.30%, 05/15/26 (Call 04/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 665 706,9353.80%, 10/30/26 (Call 09/30/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 860 948,391


April 30, 2020



SecurityPar

(000) Value

Banks (continued)U.S. Bancorp.

3.10%, 04/27/26 (Call 03/27/26) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,022 $ 1,085,517Series V, 2.38%, 07/22/26 (Call 06/22/26) . . . . . . . . . . . . . . . . . 1,329 1,386,665

Wachovia Corp., 7.57%, 08/01/26(c) . . . . . . . . . . . . . . . . . . . . . . . . . 285 355,797Wells Fargo & Co.

3.00%, 04/22/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,397 3,569,0243.00%, 10/23/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,412 3,577,0384.10%, 06/03/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,603 2,823,084

Westpac Banking Corp.2.70%, 08/19/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 967 1,013,5422.85%, 05/13/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,582 1,666,178

102,417,394Beverages — 3.1%Anheuser-Busch Companies LLC/Anheuser-Busch InBev

Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25) . . . . . . . . . . . 3,614 3,942,043Anheuser-Busch InBev Finance Inc., 3.65%, 02/01/26

(Call 11/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,447 1,568,013Coca-Cola Co. (The)

2.25%, 09/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 885 940,5422.55%, 06/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 770 829,167

Constellation Brands Inc., 3.70%, 12/06/26 (Call 09/06/26). . . . 445 477,058Keurig Dr Pepper Inc., 2.55%, 09/15/26 (Call 06/15/26)(a) . . . . . 437 445,569Molson Coors Beverage Co., 3.00%, 07/15/26

(Call 04/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,785 1,771,470PepsiCo Inc.

2.38%, 10/06/26 (Call 07/06/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,124 1,206,1532.85%, 02/24/26 (Call 11/24/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 595 649,996

11,830,011Biotechnology — 1.1%Amgen Inc., 2.60%, 08/19/26 (Call 05/19/26) . . . . . . . . . . . . . . . . . 1,207 1,292,926Gilead Sciences Inc., 3.65%, 03/01/26 (Call 12/01/25) . . . . . . . . 2,812 3,167,521

4,460,447Building Materials — 0.4%Eagle Materials Inc., 4.50%, 08/01/26 (Call 08/01/21)(a). . . . . . . 175 164,021Johnson Controls International PLC, 3.90%, 02/14/26

(Call 11/14/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540 572,535Masco Corp., 4.38%, 04/01/26 (Call 01/01/26) . . . . . . . . . . . . . . . 370 386,754Owens Corning, 3.40%, 08/15/26 (Call 05/15/26) . . . . . . . . . . . . . 505 509,893

1,633,203Chemicals — 1.2%Dow Chemical Co. (The), 3.63%, 05/15/26 (Call 03/15/26) . . . . 440 464,147Ecolab Inc., 2.70%, 11/01/26 (Call 08/01/26)(a) . . . . . . . . . . . . . . . 924 987,553FMC Corp., 3.20%, 10/01/26 (Call 08/01/26) . . . . . . . . . . . . . . . . . 614 637,369Nutrien Ltd., 4.00%, 12/15/26 (Call 09/15/26). . . . . . . . . . . . . . . . . 515 557,678Praxair Inc., 3.20%, 01/30/26 (Call 10/30/25) . . . . . . . . . . . . . . . . . 945 1,027,385Sherwin-Williams Co. (The), 3.95%, 01/15/26 (Call 10/15/25) . 95 102,934Westlake Chemical Corp., 3.60%, 08/15/26 (Call 05/15/26) . . . 833 803,504

4,580,570Commercial Services — 0.8%Global Payments Inc., 4.80%, 04/01/26 (Call 01/01/26) . . . . . . . 735 834,805PayPal Holdings Inc., 2.65%, 10/01/26 (Call 08/01/26). . . . . . . . 1,166 1,221,397S&P Global Inc., 4.40%, 02/15/26 (Call 11/15/25)(a). . . . . . . . . . . 805 929,276


2.05%, 09/11/26 (Call 07/11/26). . . . . . . . . . . . . . . . . . . . . . . . . . . 2,055 2,166,0112.45%, 08/04/26 (Call 05/04/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,263 2,430,6663.25%, 02/23/26 (Call 11/23/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 3,281 3,645,486

SecurityPar

(000) Value

Computers (continued)Dell International LLC/EMC Corp.

4.90%, 10/01/26 (Call 08/01/26)(b) . . . . . . . . . . . . . . . . . . . . . . . . $ 1,710 $ 1,774,9126.02%, 06/15/26 (Call 03/15/26)(b) . . . . . . . . . . . . . . . . . . . . . . . . 4,351 4,716,788

International Business Machines Corp.3.30%, 05/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,660 2,938,7953.45%, 02/19/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,565 1,738,934

19,411,592Cosmetics & Personal Care — 0.6%Procter & Gamble Co. (The)

2.45%, 11/03/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 830 905,7042.70%, 02/02/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 632 690,770

Unilever Capital Corp., 2.00%, 07/28/26(a) . . . . . . . . . . . . . . . . . . . 695 724,649

2,321,123Diversified Financial Services — 2.2%AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

4.45%, 04/03/26 (Call 02/03/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 595 521,827Air Lease Corp., 3.75%, 06/01/26 (Call 04/01/26)(a). . . . . . . . . . . 428 377,552Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26) . . . . . . . . . . . . . . . 615 526,618American Express Co., 3.13%, 05/20/26 (Call 04/20/26)(a) . . . . 847 910,779Ameriprise Financial Inc., 2.88%, 09/15/26 (Call 06/15/26)(a) . . 435 456,441Brookfield Finance Inc., 4.25%, 06/02/26 (Call 03/02/26). . . . . . 370 391,438Capital One Financial Corp., 3.75%, 07/28/26 (Call 06/28/26) . 1,363 1,344,736Charles Schwab Corp. (The), 3.45%, 02/13/26

(Call 11/13/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 247,452Discover Financial Services, 4.50%, 01/30/26 (Call 11/30/25) . 535 556,325Invesco Finance PLC, 3.75%, 01/15/26(a) . . . . . . . . . . . . . . . . . . . . 375 397,628Legg Mason Inc., 4.75%, 03/15/26. . . . . . . . . . . . . . . . . . . . . . . . . . . 365 392,090Mastercard Inc., 2.95%, 11/21/26 (Call 08/21/26) . . . . . . . . . . . . . 670 735,888Nasdaq Inc., 3.85%, 06/30/26 (Call 03/30/26) . . . . . . . . . . . . . . . . 761 835,692Raymond James Financial Inc., 3.63%, 09/15/26(a) . . . . . . . . . . . 447 465,394Synchrony Financial, 3.70%, 08/04/26 (Call 05/04/26) . . . . . . . . 445 409,000

8,568,860Electric — 4.9%AEP Transmission Co. LLC, 3.10%, 12/01/26

(Call 09/01/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 463,101Ameren Corp., 3.65%, 02/15/26 (Call 11/15/25) . . . . . . . . . . . . . . 445 481,561Baltimore Gas & Electric Co., 2.40%, 08/15/26

(Call 05/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 121,098Black Hills Corp., 3.95%, 01/15/26 (Call 07/15/25) . . . . . . . . . . . . 35 37,167CenterPoint Energy Houston Electric LLC, Series Z, 2.40%,

09/01/26 (Call 06/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 62,220Cleco Corporate Holdings LLC, 3.74%, 05/01/26

(Call 02/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 622 630,845CMS Energy Corp., 3.00%, 05/15/26 (Call 02/15/26). . . . . . . . . . 465 493,942Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26) . 285 304,705Dominion Energy Inc., Series D, 2.85%, 08/15/26

(Call 05/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 407,363DTE Energy Co., 2.85%, 10/01/26 (Call 07/01/26) . . . . . . . . . . . . 545 555,562Duke Energy Carolinas LLC, 2.95%, 12/01/26 (Call 09/01/26) . 631 690,093Duke Energy Corp., 2.65%, 09/01/26 (Call 06/01/26) . . . . . . . . . 1,522 1,617,064Emera U.S. Finance LP, 3.55%, 06/15/26 (Call 03/15/26) . . . . . 780 826,082Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)(a) . . . . . . . . 400 410,812Entergy Arkansas LLC, 3.50%, 04/01/26 (Call 01/01/26) . . . . . . 542 602,888Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26) . . . . . . . . . . . . . . 858 902,084Entergy Louisiana LLC, 2.40%, 10/01/26 (Call 07/01/26) . . . . . . 355 364,720Evergy Kansas Central Inc., 2.55%, 07/01/26 (Call 04/01/26) . 50 52,806Exelon Corp., 3.40%, 04/15/26 (Call 01/15/26) . . . . . . . . . . . . . . . 1,021 1,110,603Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26) . . . . . . . . . . 1,110 1,127,061Georgia Power Co., 3.25%, 04/01/26 (Call 01/01/26) . . . . . . . . . 300 319,974


April 30, 2020



SecurityPar

(000) Value

Electric (continued)ITC Holdings Corp., 3.25%, 06/30/26 (Call 03/30/26) . . . . . . . . . $ 520 $ 553,259NextEra Energy Capital Holdings Inc., 3.25%, 04/01/26

(Call 02/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 373,732PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26) . . . . 605 635,704Public Service Electric & Gas Co., 2.25%, 09/15/26

(Call 06/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565 591,979San Diego Gas & Electric Co., 2.50%, 05/15/26

(Call 02/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 572,363Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26) . . . . 310 330,144Southern Co. (The), 3.25%, 07/01/26 (Call 04/01/26) . . . . . . . . . 1,849 1,976,858Southwestern Electric Power Co., Series K, 2.75%, 10/01/26

(Call 07/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 440,167Virginia Electric & Power Co.

Series A, 3.15%, 01/15/26 (Call 10/15/25) . . . . . . . . . . . . . . . . . 720 786,377Series B, 2.95%, 11/15/26 (Call 08/15/26) . . . . . . . . . . . . . . . . . 455 491,573

Xcel Energy Inc., 3.35%, 12/01/26 (Call 06/01/26) . . . . . . . . . . . . 470 513,169

18,847,076Electronics — 1.1%Agilent Technologies Inc., 3.05%, 09/22/26 (Call 06/22/26). . . . 371 387,925Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26) . . . . . . . . . . . . . . . . . . 420 451,601Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26) . . . . . . . . . . . . . . . 950 975,365Honeywell International Inc., 2.50%, 11/01/26 (Call 08/01/26) . 1,607 1,716,148Hubbell Inc., 3.35%, 03/01/26 (Call 12/01/25) . . . . . . . . . . . . . . . . 90 92,942Roper Technologies Inc., 3.80%, 12/15/26 (Call 09/15/26) . . . . 684 737,810

4,361,791Environmental Control — 0.4%Republic Services Inc., 2.90%, 07/01/26 (Call 04/01/26) . . . . . . 570 605,625Waste Management Inc., 3.20%, 06/15/26 (Call 04/15/26)(a) . . 725 793,658

1,399,283Food — 1.5%Flowers Foods Inc., 3.50%, 10/01/26 (Call 07/01/26) . . . . . . . . . 125 128,700Hershey Co. (The), 2.30%, 08/15/26 (Call 05/15/26) . . . . . . . . . . 606 637,258Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26). . . . . . . . . . . . . . . 310 322,806Kellogg Co., 3.25%, 04/01/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 665 708,897Kroger Co. (The)

2.65%, 10/15/26 (Call 07/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 882 929,6463.50%, 02/01/26 (Call 11/01/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 389 424,317

Mondelez International Inc., 3.63%, 02/13/26 (Call 12/13/25). . 565 624,308Sysco Corp., 3.30%, 07/15/26 (Call 04/15/26) . . . . . . . . . . . . . . . . 1,000 988,810Tyson Foods Inc., 4.00%, 03/01/26 (Call 01/01/26) . . . . . . . . . . . 810 897,512

5,662,254Forest Products & Paper — 0.2%International Paper Co., 3.80%, 01/15/26 (Call 10/15/25) . . . . . 700 771,190

Gas — 0.3%Southern California Gas Co., Series TT, 2.60%, 06/15/26

(Call 03/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 645 691,253Southern Co. Gas Capital Corp., 3.25%, 06/15/26

(Call 03/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 329,203

1,020,456Hand & Machine Tools — 0.2%Stanley Black & Decker Inc., 3.40%, 03/01/26 (Call 01/01/26) . 580 622,230

Health Care - Products — 1.6%Abbott Laboratories, 3.75%, 11/30/26 (Call 08/30/26) . . . . . . . . . 1,700 1,965,387Baxter International Inc., 2.60%, 08/15/26 (Call 05/15/26) . . . . . 728 774,738Boston Scientific Corp., 3.75%, 03/01/26 (Call 01/01/26) . . . . . . 660 719,426Stryker Corp., 3.50%, 03/15/26 (Call 12/15/25) . . . . . . . . . . . . . . . 997 1,107,886

SecurityPar

(000) Value

Health Care - Products (continued)Thermo Fisher Scientific Inc., 2.95%, 09/19/26

(Call 06/19/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,107 $ 1,202,966Zimmer Biomet Holdings Inc., 3.05%, 01/15/26

(Call 12/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 501,710

6,272,113Health Care - Services — 0.9%HCA Inc., 5.25%, 06/15/26 (Call 12/15/25) . . . . . . . . . . . . . . . . . . . 1,535 1,714,733Providence St Joseph Health Obligated Group, Series H,

2.75%, 10/01/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 30,703Quest Diagnostics Inc., 3.45%, 06/01/26 (Call 03/01/26)(a) . . . . 545 584,224UnitedHealth Group Inc., 3.10%, 03/15/26 . . . . . . . . . . . . . . . . . . . 1,185 1,296,165

3,625,825Household Products & Wares — 0.1%Kimberly-Clark Corp., 2.75%, 02/15/26. . . . . . . . . . . . . . . . . . . . . . . 470 503,328

Insurance — 3.7%Aflac Inc., 2.88%, 10/15/26 (Call 07/15/26) . . . . . . . . . . . . . . . . . . . 495 523,903Allstate Corp. (The), 3.28%, 12/15/26 (Call 09/15/26) . . . . . . . . . 648 712,158American Financial Group Inc./OH, 3.50%, 08/15/26

(Call 05/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 496,580American International Group Inc., 3.90%, 04/01/26

(Call 01/01/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,532 1,659,677Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26) . . . 525 554,841Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25) . . . . 2,631 2,893,232Chubb INA Holdings Inc., 3.35%, 05/03/26 (Call 02/03/26) . . . . 535 589,447CNA Financial Corp., 4.50%, 03/01/26 (Call 12/01/25) . . . . . . . . 610 652,682Hanover Insurance Group Inc. (The), 4.50%, 04/15/26

(Call 01/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 159,769Lincoln National Corp., 3.63%, 12/12/26 (Call 09/15/26) . . . . . . 490 521,007Loews Corp., 3.75%, 04/01/26 (Call 01/01/26). . . . . . . . . . . . . . . . 475 513,831Manulife Financial Corp., 4.15%, 03/04/26 . . . . . . . . . . . . . . . . . . . 1,027 1,133,942Marsh & McLennan Companies Inc., 3.75%, 03/14/26

(Call 12/14/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 710 782,569Old Republic International Corp., 3.88%, 08/26/26

(Call 07/26/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 587 617,747Principal Financial Group Inc., 3.10%, 11/15/26

(Call 08/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455 482,113Reinsurance Group of America Inc., 3.95%, 09/15/26

(Call 06/15/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440 470,422Swiss Re America Holding Corp., 7.00%, 02/15/26(a) . . . . . . . . . 166 205,651Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25) . . . . . . 648 719,572Voya Financial Inc., 3.65%, 06/15/26 . . . . . . . . . . . . . . . . . . . . . . . . 470 493,401

14,182,544Internet — 1.1%Alphabet Inc., 2.00%, 08/15/26 (Call 05/15/26) . . . . . . . . . . . . . . . 1,971 2,092,552Booking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26). . . . . . . 940 980,683Expedia Group Inc., 5.00%, 02/15/26 (Call 11/15/25) . . . . . . . . . 715 682,453JD.com Inc., 3.88%, 04/29/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 395,741

4,151,429Iron & Steel — 0.7%ArcelorMittal SA, 4.55%, 03/11/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . 610 587,503Steel Dynamics Inc., 5.00%, 12/15/26 (Call 12/15/21)(a). . . . . . . 304 312,606Vale Overseas Ltd., 6.25%, 08/10/26 . . . . . . . . . . . . . . . . . . . . . . . . 1,725 1,892,222

2,792,331Lodging — 0.5%Hyatt Hotels Corp., 4.85%, 03/15/26 (Call 12/15/25) . . . . . . . . . . 382 375,659Las Vegas Sands Corp., 3.50%, 08/18/26 (Call 06/18/26)(a) . . . 926 885,839


April 30, 2020



SecurityPar

(000) Value

Lodging (continued)Marriott International Inc./MD, Series R, 3.13%, 06/15/26

(Call 03/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 675 $ 615,958

1,877,456Machinery — 0.7%Caterpillar Financial Services Corp., 2.40%, 08/09/26. . . . . . . . . 420 440,399John Deere Capital Corp.

2.25%, 09/14/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 735 768,0902.65%, 06/10/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 367,011

Westinghouse Air Brake Technologies Corp., 3.45%, 11/15/26(Call 08/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555 540,392

Xylem Inc./NY, 3.25%, 11/01/26 (Call 08/01/26) . . . . . . . . . . . . . . 683 731,172

2,847,064Manufacturing — 0.8%3M Co., 2.25%, 09/19/26 (Call 06/19/26)(a) . . . . . . . . . . . . . . . . . . . 785 822,446General Electric Co., 5.55%, 01/05/26(a) . . . . . . . . . . . . . . . . . . . . . 395 443,510Hillenbrand Inc., 4.50%, 09/15/26 (Call 07/15/26). . . . . . . . . . . . . 240 219,770Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26) . . . . . . 760 826,751Ingersoll-Rand Luxembourg Finance SA, 3.50%, 03/21/26

(Call 01/21/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 490 519,194Textron Inc., 4.00%, 03/15/26 (Call 12/15/25). . . . . . . . . . . . . . . . . 410 407,975

3,239,646Media — 1.9%Comcast Corp., 3.15%, 03/01/26 (Call 12/01/25)(a) . . . . . . . . . . . 2,308 2,516,805Discovery Communications LLC, 4.90%, 03/11/26

(Call 12/11/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 723 787,166Grupo Televisa SAB, 4.63%, 01/30/26 (Call 10/30/25) . . . . . . . . 225 234,612TCI Communications Inc., 7.88%, 02/15/26 . . . . . . . . . . . . . . . . . . 365 482,793Thomson Reuters Corp., 3.35%, 05/15/26 (Call 02/15/26)(a). . . 145 151,218TWDC Enterprises 18 Corp.

1.85%, 07/30/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,022 1,036,8193.00%, 02/13/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 736 792,878

ViacomCBS Inc., 4.00%, 01/15/26 (Call 10/15/25) . . . . . . . . . . . . 740 766,758Walt Disney Co. (The), 3.38%, 11/15/26 (Call 08/15/26). . . . . . . 570 626,396

7,395,445Mining — 0.0%BHP Billiton Finance USA Ltd., 6.42%, 03/01/26(a). . . . . . . . . . . . 60 76,579


3.12%, 05/04/26 (Call 02/04/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 888 930,9793.41%, 02/11/26 (Call 12/11/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . . 990 1,051,548

Chevron Corp., 2.95%, 05/16/26 (Call 02/16/26). . . . . . . . . . . . . . 2,266 2,465,861ConocoPhillips Co., 4.95%, 03/15/26 (Call 12/15/25) . . . . . . . . . 1,291 1,488,730Diamondback Energy Inc., 3.25%, 12/01/26 (Call 10/01/26) . . . 652 565,082EOG Resources Inc., 4.15%, 01/15/26 (Call 10/15/25)(a) . . . . . . 793 876,202Exxon Mobil Corp.

2.28%, 08/16/26 (Call 06/16/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 966 1,000,3903.04%, 03/01/26 (Call 12/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,693 2,886,007

HollyFrontier Corp., 5.88%, 04/01/26 (Call 01/01/26). . . . . . . . . . 860 883,633Marathon Petroleum Corp., 5.13%, 12/15/26

(Call 09/15/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 885 898,063Newfield Exploration Co., 5.38%, 01/01/26 (Call 10/01/25)(a) . . 685 477,561Pioneer Natural Resources Co., 4.45%, 01/15/26

(Call 10/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 579,936Shell International Finance BV

2.50%, 09/12/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,096 1,133,0672.88%, 05/10/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,710 1,811,335

Valero Energy Corp., 3.40%, 09/15/26 (Call 06/15/26) . . . . . . . . 1,144 1,140,762

18,189,156

SecurityPar

(000) Value

Packaging & Containers — 0.3%Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26) . . . . $ 25 $ 26,266WRKCo Inc., 4.65%, 03/15/26 (Call 01/15/26) . . . . . . . . . . . . . . . . 865 962,174

988,440Pharmaceuticals — 6.3%AbbVie Inc.

2.95%, 11/21/26 (Call 09/21/26)(b). . . . . . . . . . . . . . . . . . . . . . . . . 4,281 4,531,8243.20%, 05/14/26 (Call 02/14/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,007 2,150,240

Bristol-Myers Squibb Co., 3.20%, 06/15/26 (Call 04/15/26)(b). . 2,063 2,273,488Cigna Corp., 4.50%, 02/25/26 (Call 11/27/25)(b) . . . . . . . . . . . . . . 1,251 1,421,749CVS Health Corp.

2.88%, 06/01/26 (Call 03/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,748 1,843,4933.00%, 08/15/26 (Call 06/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 820 869,807

Johnson & Johnson, 2.45%, 03/01/26 (Call 12/01/25). . . . . . . . . 1,956 2,112,382Mylan NV, 3.95%, 06/15/26 (Call 03/15/26). . . . . . . . . . . . . . . . . . . 2,223 2,355,157Perrigo Finance Unlimited Co., 4.38%, 03/15/26

(Call 12/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 443,361Pfizer Inc.

2.75%, 06/03/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,272 1,400,4213.00%, 12/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,688 1,884,146

Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26(Call 06/23/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,771 3,007,006

24,293,074Pipelines — 2.5%Boardwalk Pipelines LP, 5.95%, 06/01/26 (Call 03/01/26) . . . . . 515 469,402Enbridge Inc., 4.25%, 12/01/26 (Call 09/01/26) . . . . . . . . . . . . . . . 709 746,371Energy Transfer Operating LP, 4.75%, 01/15/26

(Call 10/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 915 905,640Enterprise Products Operating LLC, 3.70%, 02/15/26

(Call 11/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 910 968,131Magellan Midstream Partners LP, 5.00%, 03/01/26

(Call 12/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 230,600Phillips 66 Partners LP, 3.55%, 10/01/26 (Call 07/01/26) . . . . . . 375 364,864Plains All American Pipeline LP/PAA Finance Corp., 4.50%,

12/15/26 (Call 09/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 598,579Sabine Pass Liquefaction LLC, 5.88%, 06/30/26

(Call 12/31/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,321 1,407,710Spectra Energy Partners LP, 3.38%, 10/15/26 (Call 07/15/26) . 621 612,952Sunoco Logistics Partners Operations LP, 3.90%, 07/15/26

(Call 04/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 702,697TransCanada PipeLines Ltd., 4.88%, 01/15/26

(Call 10/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 872 967,658Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26

(Call 11/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980 1,150,422Valero Energy Partners LP, 4.38%, 12/15/26 (Call 09/15/26) . . 530 544,379

9,669,405Real Estate — 0.1%CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25). . . . . . . . . 530 563,496

Real Estate Investment Trusts — 6.2%Alexandria Real Estate Equities Inc.

3.80%, 04/15/26 (Call 02/15/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . 613 654,2734.30%, 01/15/26 (Call 10/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 165 179,002

American Campus Communities Operating Partnership LP,3.30%, 07/15/26 (Call 05/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 447 441,421

American Tower Corp.3.38%, 10/15/26 (Call 07/15/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . 982 1,060,7964.40%, 02/15/26 (Call 11/15/25)(a). . . . . . . . . . . . . . . . . . . . . . . . . 536 603,338


April 30, 2020



SecurityPar

(000) Value

Real Estate Investment Trusts (continued)AvalonBay Communities Inc.

2.90%, 10/15/26 (Call 07/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 420 $ 436,6662.95%, 05/11/26 (Call 02/11/26). . . . . . . . . . . . . . . . . . . . . . . . . . . 588 603,629

Boston Properties LP2.75%, 10/01/26 (Call 07/01/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,017 1,016,8373.65%, 02/01/26 (Call 11/03/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,060 1,106,523

Brixmor Operating Partnership LP, 4.13%, 06/15/26(Call 03/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 509,280

Columbia Property Trust Operating Partnership LP, 3.65%,08/15/26 (Call 05/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 322,345

Crown Castle International Corp.3.70%, 06/15/26 (Call 03/15/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . 901 982,1264.45%, 02/15/26 (Call 11/15/25)(a). . . . . . . . . . . . . . . . . . . . . . . . . 809 907,399

CubeSmart LP, 3.13%, 09/01/26 (Call 06/01/26) . . . . . . . . . . . . . . 375 375,750Duke Realty LP, 3.25%, 06/30/26 (Call 03/30/26) . . . . . . . . . . . . . 325 338,946EPR Properties, 4.75%, 12/15/26 (Call 09/15/26) . . . . . . . . . . . . . 525 443,935Equinix Inc.

2.90%, 11/18/26 (Call 09/18/26). . . . . . . . . . . . . . . . . . . . . . . . . . . 575 587,5875.88%, 01/15/26 (Call 01/15/21) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150 1,202,819

ERP Operating LP, 2.85%, 11/01/26 (Call 08/01/26) . . . . . . . . . . 590 622,592Essex Portfolio LP, 3.38%, 04/15/26 (Call 01/15/26) . . . . . . . . . . 435 458,112GLP Capital LP/GLP Financing II Inc., 5.38%, 04/15/26

(Call 01/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925 921,503Healthcare Trust of America Holdings LP, 3.50%, 08/01/26

(Call 05/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 456 456,155Healthpeak Properties Inc., 3.25%, 07/15/26 (Call 05/15/26) . . 711 714,093Host Hotels & Resorts LP, Series F, 4.50%, 02/01/26

(Call 11/01/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 167,781Kimco Realty Corp., 2.80%, 10/01/26 (Call 07/01/26)(a) . . . . . . . 550 525,349Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26). . . . . . . . 360 333,936Lifestorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26) . . . . . . . . . . 503 510,867National Retail Properties Inc., 3.60%, 12/15/26


(Call 10/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510 513,534Prologis LP, 3.25%, 10/01/26 (Call 07/01/26) . . . . . . . . . . . . . . . . . 140 150,161Realty Income Corp., 4.13%, 10/15/26 (Call 07/15/26)(a) . . . . . . 610 662,057Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26) . . . . . . . 385 373,146Service Properties Trust

4.75%, 10/01/26 (Call 08/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 365 299,4575.25%, 02/15/26 (Call 08/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 362 299,776

Simon Property Group LP3.25%, 11/30/26 (Call 08/30/26). . . . . . . . . . . . . . . . . . . . . . . . . . . 737 725,8273.30%, 01/15/26 (Call 10/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 851 839,043

SITE Centers Corp., 4.25%, 02/01/26 (Call 11/01/25)(a) . . . . . . . 175 177,838Tanger Properties LP, 3.13%, 09/01/26 (Call 06/01/26). . . . . . . . 300 253,368UDR Inc., 2.95%, 09/01/26 (Call 06/01/26) . . . . . . . . . . . . . . . . . . . 540 531,571Ventas Realty LP

3.25%, 10/15/26 (Call 07/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 593 575,5604.13%, 01/15/26 (Call 10/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 386 389,123

VEREIT Operating Partnership LP, 4.88%, 06/01/26(Call 03/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595 598,213

Welltower Inc., 4.25%, 04/01/26 (Call 01/01/26) . . . . . . . . . . . . . . 649 678,257WP Carey Inc., 4.25%, 10/01/26 (Call 07/01/26) . . . . . . . . . . . . . . 225 225,835

24,160,819Retail — 3.3%AutoZone Inc., 3.13%, 04/21/26 (Call 01/21/26) . . . . . . . . . . . . . . 340 349,914Home Depot Inc. (The)

2.13%, 09/15/26 (Call 06/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,010 1,065,3183.00%, 04/01/26 (Call 01/01/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,338 1,468,509

SecurityPar

(000) Value

Retail (continued)Lowe's Companies Inc., 2.50%, 04/15/26 (Call 01/15/26) . . . . . $ 1,343 $ 1,398,305McDonald's Corp., 3.70%, 01/30/26 (Call 10/30/25)(a). . . . . . . . . 1,812 2,008,964O'Reilly Automotive Inc., 3.55%, 03/15/26 (Call 12/15/25) . . . . . 370 389,388Starbucks Corp., 2.45%, 06/15/26 (Call 03/15/26) . . . . . . . . . . . . 445 458,292Target Corp., 2.50%, 04/15/26(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,123 1,213,592TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26) . . 954 966,898Walgreens Boots Alliance Inc., 3.45%, 06/01/26

(Call 03/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,905 1,991,544Walmart Inc., 3.05%, 07/08/26 (Call 05/08/26). . . . . . . . . . . . . . . . 1,330 1,473,308

12,784,032Semiconductors — 2.2%Analog Devices Inc., 3.50%, 12/05/26 (Call 09/05/26). . . . . . . . . 860 930,649Broadcom Inc., 4.25%, 04/15/26 (Call 02/15/26)(a)(b) . . . . . . . . . . 2,408 2,586,915Intel Corp., 2.60%, 05/19/26 (Call 02/19/26)(a) . . . . . . . . . . . . . . . . 994 1,066,045Lam Research Corp., 3.75%, 03/15/26 (Call 01/15/26). . . . . . . . 745 833,044Micron Technology Inc., 4.98%, 02/06/26 (Call 12/06/25). . . . . . 590 650,581NVIDIA Corp., 3.20%, 09/16/26 (Call 06/16/26) . . . . . . . . . . . . . . . 1,040 1,148,586NXP BV/NXP Funding LLC, 5.35%, 03/01/26

(Call 01/01/26)(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 515 579,720NXP BV/NXP Funding LLC/NXP USA Inc., 3.88%, 06/18/26

(Call 04/18/26)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 693 730,706

8,526,246Software — 3.2%Activision Blizzard Inc., 3.40%, 09/15/26 (Call 06/15/26) . . . . . . 765 847,972Broadridge Financial Solutions Inc., 3.40%, 06/27/26

(Call 03/27/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 388,393Electronic Arts Inc., 4.80%, 03/01/26 (Call 12/01/25) . . . . . . . . . . 415 480,985Fidelity National Information Services Inc., 3.00%, 08/15/26

(Call 05/15/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,212 1,289,544Fiserv Inc., 3.20%, 07/01/26 (Call 05/01/26) . . . . . . . . . . . . . . . . . . 1,985 2,127,106Microsoft Corp., 2.40%, 08/08/26 (Call 05/08/26) . . . . . . . . . . . . . 4,021 4,330,014Oracle Corp., 2.65%, 07/15/26 (Call 04/15/26)(a) . . . . . . . . . . . . . 2,935 3,124,307


2.95%, 07/15/26 (Call 04/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 786 816,9683.88%, 01/15/26 (Call 10/15/25) . . . . . . . . . . . . . . . . . . . . . . . . . . 552 597,5684.13%, 02/17/26 (Call 11/17/25). . . . . . . . . . . . . . . . . . . . . . . . . . . 2,452 2,694,282

Cisco Systems Inc.2.50%, 09/20/26 (Call 06/20/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,355 1,470,0802.95%, 02/28/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 719 793,769

Rogers Communications Inc., 2.90%, 11/15/26(Call 08/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 630 677,874

Verizon Communications Inc., 2.63%, 08/15/26 . . . . . . . . . . . . . . 2,389 2,537,763

9,588,304Toys, Games & Hobbies — 0.2%Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26) . . . . . . . . . . . . . . . . . 606 596,704

Transportation — 1.4%Canadian National Railway Co., 2.75%, 03/01/26

(Call 12/01/25)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 325,298CSX Corp., 2.60%, 11/01/26 (Call 08/01/26). . . . . . . . . . . . . . . . . . 825 870,746FedEx Corp., 3.25%, 04/01/26 (Call 01/01/26). . . . . . . . . . . . . . . . 823 851,393JB Hunt Transport Services Inc., 3.88%, 03/01/26

(Call 01/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 655 709,286Norfolk Southern Corp., 2.90%, 06/15/26 (Call 03/15/26). . . . . . 737 780,874Ryder System Inc., 2.90%, 12/01/26 (Call 10/01/26) . . . . . . . . . . 485 474,005Union Pacific Corp., 2.75%, 03/01/26 (Call 12/01/25) . . . . . . . . . 827 876,248


April 30, 2020



Security

Par/Shares

(000) Value

Transportation (continued)United Parcel Service Inc., 2.40%, 11/15/26 (Call 08/15/26)(a) . $ 405 $ 431,536




0.89%(d)(e)(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,768 15,784,921BlackRock Cash Funds: Treasury, SL Agency Shares,

0.18%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,417 1,417,000

17,201,921




Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 386,846,995



(c) 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.

(d) Affiliate of the Fund.(e) Annualized 7-day yield as of period-end.(f) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates


Affiliated Issuer

SharesHeld at

10/31/19(000)

Net Activity(000)

SharesHeld at

04/30/20(000)



Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . 21,898 (6,130) 15,768 $15,784,921 $48,427(b) $ (14,297) $ 12,679BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . 963 454 1,417 1,417,000 11,936 — —

$17,201,921 $60,363 $ (14,297) $ 12,679







InvestmentsAssets


$ 17,201,921 $382,458,270 $ — $399,660,191



April 30, 2020



SecurityPar

(000) Value

Corporate Bonds & NotesAerospace & Defense — 2.6%Boeing Co. (The)

2.70%, 02/01/27 (Call 12/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 906 $ 799,3732.80%, 03/01/27 (Call 12/01/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . 380 340,431

Embraer Netherlands Finance BV, 5.40%, 02/01/27 . . . . . . . . . . 625 531,494General Dynamics Corp.

2.63%, 11/15/27 (Call 08/15/27). . . . . . . . . . . . . . . . . . . . . . . . . . . 655 688,9093.50%, 04/01/27 (Call 02/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 500 552,970

Hexcel Corp., 3.95%, 02/15/27 (Call 11/15/26) . . . . . . . . . . . . . . . 325 325,741Northrop Grumman Corp., 3.20%, 02/01/27 (Call 11/01/26) . . . 795 860,428Raytheon Co., 7.20%, 08/15/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 145,916Raytheon Technologies Corp., 3.13%, 05/04/27

(Call 02/04/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,266 1,375,800Rockwell Collins Inc., 3.50%, 03/15/27 (Call 12/15/26) . . . . . . . . 1,416 1,518,575

7,139,637Agriculture — 1.9%BAT Capital Corp., 3.56%, 08/15/27 (Call 05/15/27) . . . . . . . . . . 3,712 3,813,263Bunge Ltd. Finance Corp., 3.75%, 09/25/27 (Call 06/25/27) . . . 595 587,170Philip Morris International Inc., 3.13%, 08/17/27

(Call 05/17/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 665 714,902

5,115,335Airlines — 0.5%American Airlines Pass Through Trust

Series 2015-1, Class A, 3.38%, 05/01/27 . . . . . . . . . . . . . . . . . . 777 629,450Series 2015-2, Class AA, 3.60%, 09/22/27(a) . . . . . . . . . . . . . . 256 221,931

Latam Airlines Pass Through Trust, Series 2015-1, Class A,4.20%, 11/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478 372,973

Southwest Airlines Co., 3.45%, 11/16/27 (Call 08/16/27) . . . . . . 250 228,902

1,453,256Apparel — 0.6%NIKE Inc., 2.75%, 03/27/27 (Call 01/27/27). . . . . . . . . . . . . . . . . . . 1,000 1,077,450Tapestry Inc., 4.13%, 07/15/27 (Call 04/15/27)(a) . . . . . . . . . . . . . 547 467,198

1,544,648Auto Manufacturers — 1.1%American Honda Finance Corp., 2.35%, 01/08/27 . . . . . . . . . . . . 405 395,385General Motors Co., 4.20%, 10/01/27 (Call 07/01/27) . . . . . . . . . 740 655,248General Motors Financial Co. Inc., 4.35%, 01/17/27

(Call 10/17/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,098 998,653Toyota Motor Credit Corp., 3.20%, 01/11/27 . . . . . . . . . . . . . . . . . . 767 822,845

2,872,131Auto Parts & Equipment — 0.2%Lear Corp., 3.80%, 09/15/27 (Call 06/15/27). . . . . . . . . . . . . . . . . . 668 619,563

Banks — 14.7%Banco Santander SA, 4.25%, 04/11/27. . . . . . . . . . . . . . . . . . . . . . . 870 929,517Bank of America Corp.

3.25%, 10/21/27 (Call 10/21/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,079 2,220,123Series L, 4.18%, 11/25/27 (Call 11/25/26)(a) . . . . . . . . . . . . . . . 1,823 2,000,487

Bank of New York Mellon Corp. (The), 3.25%, 05/16/27(Call 02/16/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745 812,706

Citigroup Inc., 4.45%, 09/29/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,361 3,684,463Goldman Sachs Group Inc. (The)

3.85%, 01/26/27 (Call 01/26/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,740 2,963,2555.95%, 01/15/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 746 886,822

ING Groep NV, 3.95%, 03/29/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 1,408,251JPMorgan Chase & Co.

3.63%, 12/01/27 (Call 12/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,030 1,103,8104.25%, 10/01/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,330 1,491,316

SecurityPar

(000) Value

Banks (continued)8.00%, 04/29/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 345 $ 463,728

KeyCorp, 2.25%, 04/06/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 204,139Lloyds Banking Group PLC, 3.75%, 01/11/27(a). . . . . . . . . . . . . . . 1,220 1,298,861Manufacturers & Traders Trust Co., 3.40%, 08/17/27 . . . . . . . . . 605 648,403Mitsubishi UFJ Financial Group Inc.

3.29%, 07/25/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925 985,5323.68%, 02/22/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 914 994,761

Mizuho Financial Group Inc.3.17%, 09/11/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 955 1,000,6683.66%, 02/28/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 615 660,817

Morgan Stanley3.63%, 01/20/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,699 2,929,3333.95%, 04/23/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,750 1,867,705

PNC Bank N.A., 3.10%, 10/25/27 (Call 09/25/27) . . . . . . . . . . . . . 900 956,907PNC Financial Services Group Inc. (The), 3.15%, 05/19/27

(Call 04/19/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 843 909,395Santander Holdings USA Inc., 4.40%, 07/13/27

(Call 04/14/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 890 902,184Sumitomo Mitsui Financial Group Inc.

3.35%, 10/18/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635 678,4213.36%, 07/12/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,438 1,537,6683.45%, 01/11/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,195 1,279,020

U.S. Bancorp., Series X, 3.15%, 04/27/27 (Call 03/27/27) . . . . . 1,210 1,314,725Wells Fargo & Co., 4.30%, 07/22/27 . . . . . . . . . . . . . . . . . . . . . . . . . 2,335 2,539,779Westpac Banking Corp., 3.35%, 03/08/27(a) . . . . . . . . . . . . . . . . . . 980 1,065,182


2.90%, 05/25/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 462,0133.38%, 03/25/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,124,940

Constellation Brands Inc., 3.50%, 05/09/27 (Call 02/09/27). . . . 599 634,503Keurig Dr Pepper Inc., 3.43%, 06/15/27 (Call 03/15/27) . . . . . . . 408 435,516PepsiCo Inc., 3.00%, 10/15/27 (Call 07/15/27)(a) . . . . . . . . . . . . . 1,533 1,686,346

4,343,318Biotechnology — 1.0%Amgen Inc., 3.20%, 11/02/27 (Call 08/02/27) . . . . . . . . . . . . . . . . . 1,210 1,325,192Gilead Sciences Inc., 2.95%, 03/01/27 (Call 12/01/26)(a) . . . . . . 1,325 1,445,310

2,770,502Building Materials — 0.9%Carrier Global Corp., 2.49%, 02/15/27 (Call 12/15/26)(b) . . . . . . 1,275 1,221,259Martin Marietta Materials Inc.

3.45%, 06/01/27 (Call 03/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 130 133,1413.50%, 12/15/27 (Call 09/15/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . 461 480,394

Masco Corp., 3.50%, 11/15/27 (Call 08/15/27). . . . . . . . . . . . . . . . 278 272,851Vulcan Materials Co., 3.90%, 04/01/27 (Call 01/01/27) . . . . . . . . 300 315,117

2,422,762Chemicals — 1.5%Ecolab Inc., 3.25%, 12/01/27 (Call 09/01/27) . . . . . . . . . . . . . . . . . 390 426,995LYB International Finance II BV, 3.50%, 03/02/27

(Call 12/02/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 968 994,223Mosaic Co. (The), 4.05%, 11/15/27 (Call 08/15/27)(a) . . . . . . . . . 675 674,035RPM International Inc., 3.75%, 03/15/27 (Call 12/15/26)(a) . . . . 355 362,093Sherwin-Williams Co. (The), 3.45%, 06/01/27 (Call 03/01/27) . 1,513 1,629,955

4,087,301Commercial Services — 0.5%Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27) . . . . . . . . . . 960 1,032,672S&P Global Inc., 2.95%, 01/22/27 (Call 10/22/26) . . . . . . . . . . . . 405 436,805

1,469,477


April 30, 2020



SecurityPar

(000) Value

Computers — 3.8%Apple Inc.

2.90%, 09/12/27 (Call 06/12/27) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,539 $ 1,693,9463.00%, 06/20/27 (Call 03/20/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . 853 943,0603.00%, 11/13/27 (Call 08/13/27). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,279 1,415,4953.20%, 05/11/27 (Call 02/11/27). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,607 1,791,5163.35%, 02/09/27 (Call 11/09/26). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,844 2,061,758

DXC Technology Co., 4.75%, 04/15/27 (Call 01/15/27)(a). . . . . . 495 505,019International Business Machines Corp.

3.30%, 01/27/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 530,8176.22%, 08/01/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 505 645,834

Seagate HDD Cayman, 4.88%, 06/01/27 (Call 03/01/27). . . . . . 605 629,170

10,216,615Cosmetics & Personal Care — 0.7%Estee Lauder Companies Inc. (The), 3.15%, 03/15/27

(Call 12/15/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284 306,604Procter & Gamble Co. (The), 2.85%, 08/11/27(a) . . . . . . . . . . . . . . 710 794,234Unilever Capital Corp., 2.90%, 05/05/27 (Call 02/05/27) . . . . . . 740 802,730

1,903,568Diversified Financial Services — 5.4%AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

3.65%, 07/21/27 (Call 04/21/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 829 695,241Air Lease Corp.

3.63%, 04/01/27 (Call 01/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 402 344,9483.63%, 12/01/27 (Call 09/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 390 328,220

American Express Credit Corp., 3.30%, 05/03/27(Call 04/03/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,937 2,132,579

Capital One Financial Corp., 3.75%, 03/09/27 (Call 02/09/27) . 1,279 1,301,293Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26) . . . 730 791,283Charles Schwab Corp. (The), 3.20%, 03/02/27

(Call 12/02/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 715 775,975Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26) . 938 939,792E*TRADE Financial Corp., 3.80%, 08/24/27 (Call 05/24/27) . . . 485 513,867Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27). . . . . . . . . . 305 317,792Intercontinental Exchange Inc., 3.10%, 09/15/27

(Call 06/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 633 687,046Jefferies Group LLC, 6.45%, 06/08/27(a) . . . . . . . . . . . . . . . . . . . . . 225 249,331Jefferies Group LLC/Jefferies Group Capital Finance Inc.,

4.85%, 01/15/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 719 746,214Lazard Group LLC, 3.63%, 03/01/27 (Call 12/01/26)(a) . . . . . . . . 230 230,908Mastercard Inc., 3.30%, 03/26/27 (Call 01/26/27) . . . . . . . . . . . . . 1,000 1,115,330ORIX Corp., 3.70%, 07/18/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 329,115Synchrony Financial, 3.95%, 12/01/27 (Call 09/01/27) . . . . . . . . 890 842,768TD Ameritrade Holding Corp., 3.30%, 04/01/27

(Call 01/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733 787,000Visa Inc.

1.90%, 04/15/27 (Call 02/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 500 517,1652.75%, 09/15/27 (Call 06/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 790 860,081

14,505,948Electric — 5.4%American Electric Power Co. Inc., 3.20%, 11/13/27

(Call 08/13/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 532,520Appalachian Power Co., Series X, 3.30%, 06/01/27

(Call 03/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 335,938Arizona Public Service Co., 2.95%, 09/15/27 (Call 06/15/27) . . 45 47,834Black Hills Corp., 3.15%, 01/15/27 (Call 07/15/26) . . . . . . . . . . . . 293 285,438CenterPoint Energy Houston Electric LLC, Series AA, 3.00%,

02/01/27 (Call 11/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 439,688CMS Energy Corp., 3.45%, 08/15/27 (Call 05/15/27). . . . . . . . . . 350 377,979

SecurityPar

(000) Value

Electric (continued)Commonwealth Edison Co., Series 122, 2.95%, 08/15/27

(Call 05/15/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 290 $ 312,974Connecticut Light & Power Co. (The), Series A, 3.20%,

03/15/27 (Call 12/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 425,272Consolidated Edison Co. of New York Inc., Series B, 3.13%,

11/15/27 (Call 08/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 349,414DTE Energy Co., 3.80%, 03/15/27 (Call 12/15/26) . . . . . . . . . . . . 512 545,300Duke Energy Corp., 3.15%, 08/15/27 (Call 05/15/27) . . . . . . . . . 674 721,402Duke Energy Florida LLC, 3.20%, 01/15/27 (Call 10/15/26) . . . 670 733,228Edison International, 5.75%, 06/15/27 (Call 04/15/27)(a). . . . . . . 565 642,411Entergy Louisiana LLC, 3.12%, 09/01/27 (Call 06/01/27) . . . . . . 450 491,904Evergy Kansas Central Inc., 3.10%, 04/01/27 (Call 01/01/27) . 275 295,938FirstEnergy Corp., Series B, 3.90%, 07/15/27 (Call 04/15/27) . 1,409 1,549,534Georgia Power Co., 3.25%, 03/30/27 (Call 12/30/26) . . . . . . . . . 360 383,170Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27). . . . 305 329,690ITC Holdings Corp., 3.35%, 11/15/27 (Call 08/15/27)(a) . . . . . . . 491 524,388MidAmerican Energy Co., 3.10%, 05/01/27 (Call 02/01/27). . . . 370 403,655National Rural Utilities Cooperative Finance Corp., 3.05%,

04/25/27 (Call 01/25/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 265,355NextEra Energy Capital Holdings Inc., 3.55%, 05/01/27

(Call 02/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,162 1,285,718NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27) . . . . . . . . . 620 684,319Public Service Electric & Gas Co., 3.00%, 05/15/27

(Call 02/15/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317 342,763Sempra Energy, 3.25%, 06/15/27 (Call 03/15/27)(a) . . . . . . . . . . . 645 675,244Union Electric Co., 2.95%, 06/15/27 (Call 03/15/27) . . . . . . . . . . 232 249,330Virginia Electric & Power Co., Series A, 3.50%, 03/15/27

(Call 12/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,095 1,224,111Wisconsin Power & Light Co., 3.05%, 10/15/27

(Call 07/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217 234,996

14,689,513Electronics — 0.7%Allegion U.S. Holding Co. Inc., 3.55%, 10/01/27

(Call 07/01/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 304,579Hubbell Inc., 3.15%, 08/15/27 (Call 05/15/27) . . . . . . . . . . . . . . . . 35 34,885Keysight Technologies Inc., 4.60%, 04/06/27

(Call 01/06/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 570 638,252Tech Data Corp., 4.95%, 02/15/27 (Call 11/16/26) . . . . . . . . . . . . 701 700,432Tyco Electronics Group SA, 3.13%, 08/15/27 (Call 05/15/27) . . 319 336,360

2,014,508Environmental Control — 0.7%Republic Services Inc., 3.38%, 11/15/27 (Call 08/15/27)(a) . . . . 743 805,887Waste Management Inc., 3.15%, 11/15/27 (Call 08/15/27)(a) . . 945 1,039,982

1,845,869Food — 2.0%General Mills Inc., 3.20%, 02/10/27 (Call 11/10/26)(a) . . . . . . . . . 685 757,521JM Smucker Co. (The), 3.38%, 12/15/27 (Call 09/15/27) . . . . . . 620 656,010Kellogg Co., 3.40%, 11/15/27 (Call 08/15/27). . . . . . . . . . . . . . . . . 560 600,561Kroger Co. (The), 3.70%, 08/01/27 (Call 05/01/27) . . . . . . . . . . . 662 738,521McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)(a) . 672 729,355Sysco Corp., 3.25%, 07/15/27 (Call 04/15/27) . . . . . . . . . . . . . . . . 616 607,117Tyson Foods Inc., 3.55%, 06/02/27 (Call 03/02/27) . . . . . . . . . . . 1,270 1,375,105

5,464,190Forest Products & Paper — 0.8%Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27

(Call 08/02/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 416,056Fibria Overseas Finance Ltd., 5.50%, 01/17/27(a) . . . . . . . . . . . . . 665 670,586International Paper Co., 3.00%, 02/15/27 (Call 11/15/26). . . . . . 937 981,273

2,067,915


April 30, 2020



SecurityPar

(000) Value

Gas — 0.7%Atmos Energy Corp., 3.00%, 06/15/27 (Call 03/15/27)(a) . . . . . . $ 513 $ 554,861National Fuel Gas Co., 3.95%, 09/15/27 (Call 06/15/27) . . . . . . 330 299,069NiSource Inc., 3.49%, 05/15/27 (Call 02/15/27) . . . . . . . . . . . . . . . 1,025 1,103,464

1,957,394Hand & Machine Tools — 0.0%Snap-On Inc., 3.25%, 03/01/27 (Call 12/01/26) . . . . . . . . . . . . . . . 50 53,419

Health Care - Products — 0.5%Medtronic Global Holdings SCA, 3.35%, 04/01/27

(Call 01/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 457,405Thermo Fisher Scientific Inc., 3.20%, 08/15/27

(Call 05/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 701 764,391

1,221,796Health Care - Services — 2.6%Anthem Inc., 3.65%, 12/01/27 (Call 09/01/27) . . . . . . . . . . . . . . . . 1,571 1,715,909HCA Inc., 4.50%, 02/15/27 (Call 08/15/26) . . . . . . . . . . . . . . . . . . . 1,220 1,323,627Humana Inc., 3.95%, 03/15/27 (Call 12/15/26) . . . . . . . . . . . . . . . 557 607,916Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27). 240 260,628Laboratory Corp. of America Holdings, 3.60%, 09/01/27

(Call 06/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 697,567UnitedHealth Group Inc.

2.95%, 10/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 964 1,048,5913.38%, 04/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485 534,2663.45%, 01/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 742 822,848

7,011,352Home Furnishings — 0.2%Leggett & Platt Inc., 3.50%, 11/15/27 (Call 08/15/27). . . . . . . . . . 482 475,483

Household Products & Wares — 0.4%Church & Dwight Co. Inc., 3.15%, 08/01/27 (Call 05/01/27) . . . 520 555,781Clorox Co. (The), 3.10%, 10/01/27 (Call 07/01/27). . . . . . . . . . . . 525 562,280

1,118,061Insurance — 1.8%American Equity Investment Life Holding Co., 5.00%,

06/15/27 (Call 03/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 497 483,576Aon Corp., 8.21%, 01/01/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460 541,535AXIS Specialty Finance PLC, 4.00%, 12/06/27

(Call 09/06/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403 426,632Brighthouse Financial Inc., 3.70%, 06/22/27 (Call 03/22/27)(a) . 1,335 1,277,849CNA Financial Corp., 3.45%, 08/15/27 (Call 05/10/27) . . . . . . . . 434 435,840Markel Corp., 3.50%, 11/01/27 (Call 08/01/27) . . . . . . . . . . . . . . . 345 358,983Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26). . . . . . 381 376,904Progressive Corp. (The), 2.45%, 01/15/27 . . . . . . . . . . . . . . . . . . . 673 701,353RenaissanceRe Finance Inc., 3.45%, 07/01/27

(Call 04/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 232,531

4,835,203Internet — 2.9%Alibaba Group Holding Ltd., 3.40%, 12/06/27 (Call 09/06/27). . 2,385 2,584,839Amazon.com Inc., 3.15%, 08/22/27 (Call 05/22/27) . . . . . . . . . . . 3,191 3,589,301Baidu Inc., 3.63%, 07/06/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 660 692,723eBay Inc., 3.60%, 06/05/27 (Call 03/05/27) . . . . . . . . . . . . . . . . . . . 965 1,043,300

7,910,163Machinery — 0.5%CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)(a) . . . . . . . . 484 481,498John Deere Capital Corp., 2.80%, 09/08/27(a) . . . . . . . . . . . . . . . . 731 795,598

1,277,096Manufacturing — 1.1%3M Co., 2.88%, 10/15/27 (Call 07/15/27)(a) . . . . . . . . . . . . . . . . . . . 790 866,226Carlisle Companies Inc., 3.75%, 12/01/27 (Call 09/01/27)(a) . . . 425 434,006

SecurityPar

(000) Value

Manufacturing (continued)Eaton Corp., 3.10%, 09/15/27 (Call 06/15/27) . . . . . . . . . . . . . . . . $ 655 $ 694,883Parker-Hannifin Corp., 3.25%, 03/01/27 (Call 12/01/26). . . . . . . 655 684,875Textron Inc., 3.65%, 03/15/27 (Call 12/15/26). . . . . . . . . . . . . . . . . 290 288,802

2,968,792Media — 2.0%Comcast Corp.

2.35%, 01/15/27 (Call 10/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,587 1,650,4323.30%, 02/01/27 (Call 11/01/26). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,307 1,429,780

TWDC Enterprises 18 Corp., 2.95%, 06/15/27(a). . . . . . . . . . . . . . 955 1,033,787ViacomCBS Inc., 2.90%, 01/15/27 (Call 10/15/26)(a) . . . . . . . . . . 703 673,657Walt Disney Co. (The), 3.70%, 03/23/27 . . . . . . . . . . . . . . . . . . . . . 500 564,340

5,351,996Mining — 0.2%Kinross Gold Corp., 4.50%, 07/15/27 (Call 04/15/27) . . . . . . . . . 480 502,723


3.02%, 01/16/27 (Call 10/16/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,008 1,032,9783.59%, 04/14/27 (Call 01/14/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 790 831,641

BP Capital Markets PLC, 3.28%, 09/19/27 (Call 06/19/27) . . . . 1,012 1,055,020Canadian Natural Resources Ltd., 3.85%, 06/01/27

(Call 03/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150 1,052,055Cimarex Energy Co., 3.90%, 05/15/27 (Call 02/15/27) . . . . . . . . 711 628,552Concho Resources Inc., 3.75%, 10/01/27 (Call 07/01/27) . . . . . 895 876,572Eni USA Inc., 7.30%, 11/15/27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 252,788Exxon Mobil Corp., 3.29%, 03/19/27 (Call 01/19/27) . . . . . . . . . . 1,000 1,090,060Hess Corp., 4.30%, 04/01/27 (Call 01/01/27) . . . . . . . . . . . . . . . . . 875 793,153Marathon Oil Corp., 4.40%, 07/15/27 (Call 04/15/27) . . . . . . . . . 939 725,443

8,338,262Oil & Gas Services — 0.4%Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.,

3.34%, 12/15/27 (Call 09/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,141 1,093,626

Packaging & Containers — 0.3%Packaging Corp. of America, 3.40%, 12/15/27 (Call 09/15/27) . 440 468,543WRKCo Inc., 3.38%, 09/15/27 (Call 06/15/27) . . . . . . . . . . . . . . . . 370 382,099

850,642Pharmaceuticals — 4.9%AmerisourceBergen Corp., 3.45%, 12/15/27 (Call 09/15/27)(a). 695 756,487AstraZeneca PLC, 3.13%, 06/12/27 (Call 03/12/27)(a). . . . . . . . . 839 916,381Becton Dickinson and Co., 3.70%, 06/06/27 (Call 03/06/27). . . 1,598 1,738,640Bristol-Myers Squibb Co.

3.25%, 02/27/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 737 823,9513.45%, 11/15/27 (Call 08/15/27)(b). . . . . . . . . . . . . . . . . . . . . . . . . 943 1,060,441

Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)(a). . . . . . . 1,370 1,464,407Cigna Corp.

3.05%, 10/15/27 (Call 07/15/27)(b) . . . . . . . . . . . . . . . . . . . . . . . . 535 561,6223.40%, 03/01/27 (Call 12/01/26)(b) . . . . . . . . . . . . . . . . . . . . . . . . 1,315 1,410,337

CVS Health Corp., 6.25%, 06/01/27(a) . . . . . . . . . . . . . . . . . . . . . . . 250 303,495Eli Lilly & Co.

3.10%, 05/15/27 (Call 02/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 440 484,4185.50%, 03/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 515,278

Johnson & Johnson, 2.95%, 03/03/27 (Call 12/03/26). . . . . . . . . 909 1,012,453Novartis Capital Corp.

2.00%, 02/14/27 (Call 12/14/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . 140 148,2033.10%, 05/17/27 (Call 02/17/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,205 1,342,611

Zoetis Inc., 3.00%, 09/12/27 (Call 06/12/27)(a) . . . . . . . . . . . . . . . . 780 842,642

13,381,366


April 30, 2020



SecurityPar

(000) Value

Pipelines — 4.2%Boardwalk Pipelines LP, 4.45%, 07/15/27 (Call 04/15/27) . . . . . $ 510 $ 437,575Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27

(Call 01/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,205 1,205,542Enable Midstream Partners LP, 4.40%, 03/15/27

(Call 12/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620 480,791Enbridge Inc., 3.70%, 07/15/27 (Call 04/15/27) . . . . . . . . . . . . . . . 727 736,451Energy Transfer Operating LP

4.20%, 04/15/27 (Call 01/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 640 600,7115.50%, 06/01/27 (Call 03/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 965 971,359

Enterprise Products Operating LLC, 3.95%, 02/15/27(Call 11/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 605 635,099

MPLX LP4.13%, 03/01/27 (Call 12/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,125 1,086,2334.25%, 12/01/27 (Call 09/01/27)(b) . . . . . . . . . . . . . . . . . . . . . . . . 588 566,767

Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27) . . . . . 150 152,403ONEOK Inc., 4.00%, 07/13/27 (Call 04/13/27) . . . . . . . . . . . . . . . . 355 318,921Sabine Pass Liquefaction LLC, 5.00%, 03/15/27

(Call 09/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,420 1,455,784Sunoco Logistics Partners Operations LP, 4.00%, 10/01/27

(Call 07/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 513 477,285TC PipeLines LP, 3.90%, 05/25/27 (Call 02/25/27). . . . . . . . . . . . 395 387,602Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27. . . . . . . . . . . 310 355,530Williams Companies Inc. (The), 3.75%, 06/15/27

(Call 03/15/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,557 1,557,327


(Call 10/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433 459,642American Campus Communities Operating Partnership LP,

3.63%, 11/15/27 (Call 08/15/27). . . . . . . . . . . . . . . . . . . . . . . . . . . 451 445,236American Tower Corp.

2.75%, 01/15/27 (Call 11/15/26). . . . . . . . . . . . . . . . . . . . . . . . . . . 286 296,3563.13%, 01/15/27 (Call 10/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 715 756,6853.55%, 07/15/27 (Call 04/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 792 861,751

AvalonBay Communities Inc., 3.35%, 05/15/27(Call 02/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 480,011

Brandywine Operating Partnership LP, 3.95%, 11/15/27(Call 08/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 231,122

Brixmor Operating Partnership LP, 3.90%, 03/15/27(Call 12/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445 439,224

Crown Castle International Corp.3.65%, 09/01/27 (Call 06/01/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . 867 945,2904.00%, 03/01/27 (Call 12/01/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . 510 565,080

Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27) . . . . . . 1,005 1,075,199Duke Realty LP, 3.38%, 12/15/27 (Call 09/15/27) . . . . . . . . . . . . . 415 443,075EPR Properties, 4.50%, 06/01/27 (Call 03/01/27) . . . . . . . . . . . . . 360 301,846Equinix Inc., 5.38%, 05/15/27 (Call 05/15/22). . . . . . . . . . . . . . . . . 1,066 1,145,470ERP Operating LP, 3.25%, 08/01/27 (Call 05/01/27)(a) . . . . . . . . 410 431,259Essex Portfolio LP, 3.63%, 05/01/27 (Call 02/01/27) . . . . . . . . . . 220 233,358Federal Realty Investment Trust, 3.25%, 07/15/27

(Call 04/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545 549,567Healthcare Trust of America Holdings LP, 3.75%, 07/01/27

(Call 04/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 398,156Highwoods Realty LP, 3.88%, 03/01/27 (Call 12/01/26) . . . . . . . 315 324,179Hudson Pacific Properties LP, 3.95%, 11/01/27

(Call 08/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470 466,752Kimco Realty Corp., 3.80%, 04/01/27 (Call 01/01/27) . . . . . . . . . 405 411,508Life Storage LP, 3.88%, 12/15/27 (Call 09/15/27) . . . . . . . . . . . . . 365 373,183Mid-America Apartments LP, 3.60%, 06/01/27 (Call 03/01/27) . 462 489,004

SecurityPar

(000) Value

Real Estate Investment Trusts (continued)National Retail Properties Inc., 3.50%, 10/15/27

(Call 07/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 505 $ 493,511Omega Healthcare Investors Inc., 4.50%, 04/01/27

(Call 01/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 628 614,297Physicians Realty LP, 4.30%, 03/15/27 (Call 12/15/26). . . . . . . . 165 156,283Public Storage, 3.09%, 09/15/27 (Call 06/15/27). . . . . . . . . . . . . . 552 579,926Realty Income Corp., 3.00%, 01/15/27 (Call 10/15/26) . . . . . . . . 688 695,926Regency Centers LP, 3.60%, 02/01/27 (Call 11/01/26) . . . . . . . . 540 557,717Service Properties Trust, 4.95%, 02/15/27 (Call 08/15/26). . . . . 355 280,596Simon Property Group LP

3.38%, 06/15/27 (Call 03/15/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . 867 839,8463.38%, 12/01/27 (Call 09/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 609 592,259

SITE Centers Corp., 4.70%, 06/01/27 (Call 03/01/27) . . . . . . . . . 345 350,958Spirit Realty LP, 3.20%, 01/15/27 (Call 11/15/26) . . . . . . . . . . . . . 380 335,821UDR Inc., 3.50%, 07/01/27 (Call 04/01/27) . . . . . . . . . . . . . . . . . . . 190 197,691Ventas Realty LP, 3.85%, 04/01/27 (Call 01/01/27) . . . . . . . . . . . 405 399,294VEREIT Operating Partnership LP, 3.95%, 08/15/27

(Call 05/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540 507,789Weyerhaeuser Co., 6.95%, 10/01/27(a). . . . . . . . . . . . . . . . . . . . . . . 120 147,865

18,872,732Retail — 3.8%AutoNation Inc., 3.80%, 11/15/27 (Call 08/15/27) . . . . . . . . . . . . . 295 279,144AutoZone Inc., 3.75%, 06/01/27 (Call 03/01/27) . . . . . . . . . . . . . . 615 652,823Costco Wholesale Corp., 3.00%, 05/18/27 (Call 02/18/27) . . . . 892 989,433Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27) . . . . 415 399,765Dollar General Corp., 3.88%, 04/15/27 (Call 01/15/27) . . . . . . . . 640 703,565Home Depot Inc. (The), 2.80%, 09/14/27 (Call 06/14/27). . . . . . 1,252 1,357,506Lowe's Companies Inc., 3.10%, 05/03/27 (Call 02/03/27) . . . . . 1,472 1,561,512McDonald's Corp.

3.50%, 03/01/27 (Call 12/01/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,299 1,427,7443.50%, 07/01/27 (Call 05/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 500 551,215

Nordstrom Inc., 4.00%, 03/15/27 (Call 12/15/26). . . . . . . . . . . . . . 318 252,432O'Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27) . . . . . 731 765,832Starbucks Corp., 2.00%, 03/12/27 (Call 01/12/27) . . . . . . . . . . . . 500 499,350TJX Companies Inc. (The), 3.75%, 04/15/27 (Call 02/15/27) . . 500 545,740Walmart Inc., 5.88%, 04/05/27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 436,145

10,422,206Semiconductors — 4.3%Applied Materials Inc., 3.30%, 04/01/27 (Call 01/01/27) . . . . . . . 1,300 1,433,471Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%,

01/15/27 (Call 10/15/26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,296 4,482,532Intel Corp., 3.15%, 05/11/27 (Call 02/11/27)(a) . . . . . . . . . . . . . . . . 1,201 1,323,094Maxim Integrated Products Inc., 3.45%, 06/15/27

(Call 03/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520 545,922Micron Technology Inc., 4.19%, 02/15/27 (Call 12/15/26). . . . . . 921 980,156QUALCOMM Inc., 3.25%, 05/20/27 (Call 02/20/27) . . . . . . . . . . . 2,118 2,312,665Texas Instruments Inc., 2.90%, 11/03/27 (Call 08/03/27) . . . . . . 605 662,324

11,740,164Shipbuilding — 0.3%Huntington Ingalls Industries Inc., 3.48%, 12/01/27

(Call 09/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657 677,958

Software — 4.4%Activision Blizzard Inc., 3.40%, 06/15/27 (Call 03/15/27) . . . . . . 370 394,006Adobe Inc., 2.15%, 02/01/27 (Call 12/01/26) . . . . . . . . . . . . . . . . . 605 634,348Autodesk Inc., 3.50%, 06/15/27 (Call 03/15/27)(a). . . . . . . . . . . . . 474 520,120CA Inc., 4.70%, 03/15/27 (Call 12/15/26) . . . . . . . . . . . . . . . . . . . . . 252 261,863Citrix Systems Inc., 4.50%, 12/01/27 (Call 09/01/27) . . . . . . . . . . 826 920,106Microsoft Corp., 3.30%, 02/06/27 (Call 11/06/26) . . . . . . . . . . . . . 3,465 3,925,568


April 30, 2020



Security

Par/Shares

(000) Value

Software (continued)Oracle Corp.

2.80%, 04/01/27 (Call 02/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,000 $ 1,072,6503.25%, 11/15/27 (Call 08/15/27). . . . . . . . . . . . . . . . . . . . . . . . . . . 2,776 3,056,071

VMware Inc., 3.90%, 08/21/27 (Call 05/21/27). . . . . . . . . . . . . . . . 1,190 1,217,953


3.80%, 02/15/27 (Call 11/15/26). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,190 1,283,5344.25%, 03/01/27 (Call 12/01/26)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,789 1,974,913

Telefonica Emisiones SA, 4.10%, 03/08/27. . . . . . . . . . . . . . . . . . . 1,266 1,369,508TELUS Corp.

2.80%, 02/16/27 (Call 11/16/26). . . . . . . . . . . . . . . . . . . . . . . . . . . 575 590,0483.70%, 09/15/27 (Call 06/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 540 586,408

T-Mobile USA Inc., 3.75%, 04/15/27 (Call 02/15/27)(b) . . . . . . . . 2,500 2,680,450Verizon Communications Inc.

3.00%, 03/22/27 (Call 01/22/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 600 649,1224.13%, 03/16/27(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,903 3,366,783

12,500,766Toys, Games & Hobbies — 0.2%Hasbro Inc., 3.50%, 09/15/27 (Call 06/15/27). . . . . . . . . . . . . . . . . 538 518,342

Transportation — 1.6%Burlington Northern Santa Fe LLC, 3.25%, 06/15/27

(Call 03/15/27)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 702 779,641CSX Corp., 3.25%, 06/01/27 (Call 03/01/27)(a) . . . . . . . . . . . . . . . 945 1,016,121FedEx Corp., 3.30%, 03/15/27 (Call 12/15/26)(a). . . . . . . . . . . . . . 475 488,514Norfolk Southern Corp., 3.15%, 06/01/27 (Call 03/01/27). . . . . . 375 404,021Union Pacific Corp.

2.15%, 02/05/27 (Call 12/05/26) . . . . . . . . . . . . . . . . . . . . . . . . . . 250 257,1573.00%, 04/15/27 (Call 01/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . 265 284,984

United Parcel Service Inc., 3.05%, 11/15/27 (Call 08/15/27)(a) . 1,076 1,174,185



(Call 06/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 602 641,654



0.89%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,691 22,715,646BlackRock Cash Funds: Treasury, SL Agency Shares,

0.18%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 817 817,000

23,532,646




Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 271,186,450




securities.


April 30, 2020



Affiliates


Affiliated Issuer

SharesHeld at

10/31/19(000)

Net Activity(000)

SharesHeld at

04/30/20(000)



Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . 23,287 (596) 22,691 $22,715,646 $76,149(b) $ (11,881) $ 16,278BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . 775 42 817 817,000 7,571 — —

$23,532,646 $83,720 $ (11,881) $ 16,278







InvestmentsAssets


$ 23,532,646 $268,204,179 $ — $291,736,825



April 30, 2020



SecurityPar

(000) Value

Corporate Bonds & NotesAdvertising — 0.3%Interpublic Group of Companies Inc. (The), 4.65%, 10/01/28

(Call 07/01/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 370 $ 393,665


3.25%, 03/01/28 (Call 12/01/27). . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 106,5693.45%, 11/01/28 (Call 08/01/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 333,300

General Dynamics Corp., 3.75%, 05/15/28 (Call 02/15/28) . . . . . 650 737,646L3Harris Technologies Inc.

4.40%, 06/15/28 (Call 03/15/28). . . . . . . . . . . . . . . . . . . . . . . . . . . . 604 686,6154.40%, 06/15/28 (Call 03/15/28)(a). . . . . . . . . . . . . . . . . . . . . . . . . . 446 503,306

Northrop Grumman Corp., 3.25%, 01/15/28 (Call 10/15/27) . . . . 1,086 1,176,942Raytheon Technologies Corp., 4.13%, 11/16/28 (Call 08/16/28). 1,855 2,155,955United Technologies Corp., 6.70%, 08/01/28 . . . . . . . . . . . . . . . . . . 25 32,907

5,733,240Agriculture — 0.4%Philip Morris International Inc., 3.13%, 03/02/28

(Call 12/02/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465 500,456

Airlines — 0.6%American Airlines Pass Through Trust

Series 2016-1, Class AA, 3.58%, 07/15/29. . . . . . . . . . . . . . . . . . 83 72,001Series 2016-2, Class AA, 3.20%, 06/15/28. . . . . . . . . . . . . . . . . . 256 229,713Series 2016-3, Class AA, 3.00%, 10/15/28(b). . . . . . . . . . . . . . . . 140 120,692

Spirit Airlines Pass Through Trust, Series 2015-1, Class A,4.10%, 04/01/28(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 123,993

United Airlines Pass Through TrustSeries 2016-1, Class AA, 3.10%, 07/07/28. . . . . . . . . . . . . . . . . . 178 154,830Series 2016-2, Class AA, 2.88%, 10/07/28. . . . . . . . . . . . . . . . . . 208 175,761

876,990Auto Manufacturers — 1.1%American Honda Finance Corp., 3.50%, 02/15/28 . . . . . . . . . . . . . 395 412,779General Motors Co., 5.00%, 10/01/28 (Call 07/01/28)(b) . . . . . . . . 445 409,285General Motors Financial Co. Inc., 3.85%, 01/05/28

(Call 10/05/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 211,910Toyota Motor Corp., 3.67%, 07/20/28(b) . . . . . . . . . . . . . . . . . . . . . . . 160 177,267Toyota Motor Credit Corp., 3.05%, 01/11/28 . . . . . . . . . . . . . . . . . . . 356 376,979

1,588,220Banks — 11.6%Banco Santander SA

3.80%, 02/23/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670 698,1334.38%, 04/12/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 610 660,978

Bank of New York Mellon Corp. (The)3.00%, 10/30/28 (Call 07/30/28). . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 460,0003.40%, 01/29/28 (Call 10/29/27). . . . . . . . . . . . . . . . . . . . . . . . . . . . 593 658,3433.85%, 04/28/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 235,980

Barclays PLC4.34%, 01/10/28 (Call 01/10/27)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 705 761,1394.84%, 05/09/28 (Call 05/07/27). . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,115 1,178,845

Citigroup Inc.4.13%, 07/25/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,370 1,483,7376.63%, 01/15/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 25,123

Discover Bank, 4.65%, 09/13/28 (Call 06/13/28) . . . . . . . . . . . . . . . 650 681,649Fifth Third Bancorp., 3.95%, 03/14/28 (Call 02/14/28)(b) . . . . . . . . 460 530,578ING Groep NV, 4.55%, 10/02/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670 764,684KeyCorp, 4.10%, 04/30/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590 644,339

SecurityPar

(000) Value

Banks (continued)Lloyds Banking Group PLC

4.38%, 03/22/28(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,320 $ 1,463,9464.55%, 08/16/28(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 123,015

Mitsubishi UFJ Financial Group Inc.3.96%, 03/02/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 598 677,8154.05%, 09/11/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 547,647

Mizuho Financial Group Inc., 4.02%, 03/05/28 . . . . . . . . . . . . . . . . . 680 755,086Northern Trust Corp., 3.65%, 08/03/28 (Call 05/03/28) . . . . . . . . . 320 360,160PNC Bank N.A.

3.25%, 01/22/28 (Call 12/23/27). . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 541,3204.05%, 07/26/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 415,221

Sumitomo Mitsui Financial Group Inc.3.54%, 01/17/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 389,7433.94%, 07/19/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 251,1704.31%, 10/16/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 630 722,024

U.S. Bancorp., 3.90%, 04/26/28 (Call 03/24/28)(b) . . . . . . . . . . . . . 490 567,846Westpac Banking Corp., 3.40%, 01/25/28(b) . . . . . . . . . . . . . . . . . . . 625 684,181


(Call 01/13/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,310 1,449,109Constellation Brands Inc.

3.60%, 02/15/28 (Call 11/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 624 663,0064.65%, 11/15/28 (Call 08/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 308,435

Diageo Capital PLC, 3.88%, 05/18/28 (Call 02/18/28) . . . . . . . . . . 360 411,779Keurig Dr Pepper Inc., 4.60%, 05/25/28 (Call 02/25/28) . . . . . . . . 1,065 1,232,194

4,064,523Chemicals — 2.0%Dow Chemical Co. (The), 4.80%, 11/30/28 (Call 08/30/28)(b) . . . 365 409,815DuPont de Nemours Inc., 4.73%, 11/15/28 (Call 08/15/28) . . . . . 1,145 1,298,350Eastman Chemical Co., 4.50%, 12/01/28 (Call 09/01/28). . . . . . . 315 347,492International Flavors & Fragrances Inc., 4.45%, 09/26/28

(Call 06/26/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265 282,119PPG Industries Inc., 3.75%, 03/15/28 (Call 12/15/27)(b) . . . . . . . . 470 531,274

2,869,050Commercial Services — 0.9%Global Payments Inc., 4.45%, 06/01/28 (Call 03/01/28) . . . . . . . . 270 299,500IHS Markit Ltd., 4.75%, 08/01/28 (Call 05/01/28). . . . . . . . . . . . . . . 465 534,183Moody's Corp., 3.25%, 01/15/28 (Call 10/15/27) . . . . . . . . . . . . . . . 346 369,081

1,202,764Computers — 0.1%International Business Machines Corp., 6.50%, 01/15/28. . . . . . . 100 130,985

Cosmetics & Personal Care — 0.6%Unilever Capital Corp., 3.50%, 03/22/28 (Call 12/22/27)(b). . . . . . 685 777,215

Diversified Financial Services — 2.7%AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

3.88%, 01/23/28 (Call 10/23/27)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 215 181,185Air Lease Corp., 4.63%, 10/01/28 (Call 07/01/28) . . . . . . . . . . . . . . 325 287,966Brookfield Finance Inc., 3.90%, 01/25/28 (Call 10/25/27) . . . . . . . 210 216,292Capital One Financial Corp., 3.80%, 01/31/28 (Call 12/31/27) . . 766 779,313Charles Schwab Corp. (The), 3.20%, 01/25/28 (Call 10/25/27) . 420 445,696CME Group Inc., 3.75%, 06/15/28 (Call 03/15/28)(b) . . . . . . . . . . . 330 384,103E*TRADE Financial Corp., 4.50%, 06/20/28 (Call 03/20/28) . . . . 331 369,257Intercontinental Exchange Inc., 3.75%, 09/21/28

(Call 06/21/28)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 403,280Lazard Group LLC, 4.50%, 09/19/28 (Call 06/19/28) . . . . . . . . . . . 350 369,485


April 30, 2020



SecurityPar

(000) Value

Diversified Financial Services (continued)Mastercard Inc., 3.50%, 02/26/28 (Call 11/26/27) . . . . . . . . . . . . . . $ 290 $ 327,558

3,764,135Electric — 8.1%AEP Texas Inc., 3.95%, 06/01/28 (Call 03/01/28) . . . . . . . . . . . . . . 50 56,334Ameren Illinois Co., 3.80%, 05/15/28 (Call 02/15/28). . . . . . . . . . . 120 137,023American Electric Power Co. Inc., Series J, 4.30%, 12/01/28

(Call 09/01/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 428,760Atlantic City Electric Co., 4.00%, 10/15/28 (Call 07/15/28) . . . . . . 145 166,254Berkshire Hathaway Energy Co., 3.25%, 04/15/28

(Call 01/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436 481,074CenterPoint Energy Inc., 4.25%, 11/01/28 (Call 08/01/28) . . . . . . 385 426,938Commonwealth Edison Co., 3.70%, 08/15/28 (Call 05/15/28). . . 401 457,701Consolidated Edison Co. of New York Inc.

3.80%, 05/15/28 (Call 02/15/28). . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 186,070Series D, 4.00%, 12/01/28 (Call 09/01/28)(b) . . . . . . . . . . . . . . . . 195 225,927

Consumers Energy Co., 3.80%, 11/15/28 (Call 08/15/28). . . . . . . 225 261,155Dominion Energy Inc., 4.25%, 06/01/28 (Call 03/01/28) . . . . . . . . 375 421,095Duke Energy Carolinas LLC

3.95%, 11/15/28 (Call 08/15/28)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 423 497,427Series A, 6.00%, 12/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 64,038

Duke Energy Florida LLC, 3.80%, 07/15/28 (Call 04/15/28). . . . . 275 316,121Duke Energy Progress LLC, 3.70%, 09/01/28 (Call 06/01/28) . . 414 474,055Edison International, 4.13%, 03/15/28 (Call 12/15/27) . . . . . . . . . . 335 351,321Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28). . . . . . . . . . . . . . . . 360 388,807Entergy Louisiana LLC, 3.25%, 04/01/28 (Call 01/01/28) . . . . . . . 140 152,499Entergy Mississippi LLC, 2.85%, 06/01/28 (Call 03/01/28)(b) . . . . 280 299,734Eversource Energy, Series M, 3.30%, 01/15/28 (Call 10/15/27) . 325 348,465Indiana Michigan Power Co., 3.85%, 05/15/28 (Call 02/15/28). . 255 288,242Interstate Power & Light Co., 4.10%, 09/26/28 (Call 06/26/28). . 320 365,549Mississippi Power Co., 3.95%, 03/30/28 (Call 12/30/27). . . . . . . . 236 259,838National Rural Utilities Cooperative Finance Corp.

3.40%, 02/07/28 (Call 11/07/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 395,8673.90%, 11/01/28 (Call 08/01/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204 229,388

Oklahoma Gas & Electric Co., 3.80%, 08/15/28 (Call 02/15/28). 260 289,297Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28

(Call 08/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 442,966Public Service Co. of Colorado, 3.70%, 06/15/28

(Call 12/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 262,879Public Service Electric & Gas Co.

3.65%, 09/01/28 (Call 06/01/28). . . . . . . . . . . . . . . . . . . . . . . . . . . . 303 346,7623.70%, 05/01/28 (Call 02/01/28). . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 125,816

Sempra Energy, 3.40%, 02/01/28 (Call 11/01/27) . . . . . . . . . . . . . . 637 671,863Southern California Edison Co., Series B, 3.65%, 03/01/28

(Call 12/01/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 282,584Southwestern Electric Power Co., Series M, 4.10%, 09/15/28

(Call 06/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 515 576,599Virginia Electric & Power Co., Series A, 3.80%, 04/01/28

(Call 01/01/28)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 409,777Xcel Energy Inc., 4.00%, 06/15/28 (Call 12/15/27) . . . . . . . . . . . . . 270 305,248

11,393,473Electronics — 1.3%Arrow Electronics Inc., 3.88%, 01/12/28 (Call 10/12/27) . . . . . . . . 355 354,648Hubbell Inc., 3.50%, 02/15/28 (Call 11/15/27). . . . . . . . . . . . . . . . . . 204 210,053Jabil Inc., 3.95%, 01/12/28 (Call 10/12/27) . . . . . . . . . . . . . . . . . . . . 279 270,340Roper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28). . . . . . 545 611,315Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28). . . . . . . . . . . . . . . . . . 340 364,555

1,810,911Engineering & Construction — 0.2%Fluor Corp., 4.25%, 09/15/28 (Call 06/15/28)(b) . . . . . . . . . . . . . . . . 406 332,705

SecurityPar

(000) Value

Environmental Control — 0.7%Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28) . . . . . . . $ 567 $ 644,078Waste Connections Inc., 4.25%, 12/01/28 (Call 09/01/28)(b) . . . . 280 316,865

960,943Food — 2.5%Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27) . . . . . . . . . . 599 676,714Conagra Brands Inc.

4.85%, 11/01/28 (Call 08/01/28)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 795 932,7027.00%, 10/01/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 161,850

General Mills Inc., 4.20%, 04/17/28 (Call 01/17/28) . . . . . . . . . . . . 781 906,546Kellogg Co., 4.30%, 05/15/28 (Call 02/15/28) . . . . . . . . . . . . . . . . . . 385 440,548Mondelez International Inc., 4.13%, 05/07/28 (Call 02/07/28)(b) . 285 329,055

3,447,415Gas — 0.4%CenterPoint Energy Resources Corp., 4.00%, 04/01/28

(Call 01/01/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 116,001National Fuel Gas Co., 4.75%, 09/01/28 (Call 06/01/28). . . . . . . . 185 173,010Southwest Gas Corp., 3.70%, 04/01/28 (Call 01/01/28)(b) . . . . . . 185 203,391

492,402Hand & Machine Tools — 0.2%Kennametal Inc., 4.63%, 06/15/28 (Call 03/15/28) . . . . . . . . . . . . . 115 114,000Stanley Black & Decker Inc., 4.25%, 11/15/28

(Call 08/15/28)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 187,252

301,252Health Care - Products — 0.8%Boston Scientific Corp., 4.00%, 03/01/28 (Call 12/01/27) . . . . . . . 100 110,096Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28) . . 450 512,766Stryker Corp., 3.65%, 03/07/28 (Call 12/07/27) . . . . . . . . . . . . . . . . 445 496,095

1,118,957Health Care - Services — 2.0%Advocate Health & Hospitals Corp., 3.83%, 08/15/28

(Call 05/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 157,830Anthem Inc., 4.10%, 03/01/28 (Call 12/01/27) . . . . . . . . . . . . . . . . . 730 818,885CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28) . 45 49,613Sutter Health, Series 2018, 3.70%, 08/15/28 (Call 05/15/28) . . . 285 310,254Toledo Hospital (The), Series B, 5.33%, 11/15/28 . . . . . . . . . . . . . . 105 108,346UnitedHealth Group Inc.

3.85%, 06/15/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 680 779,0223.88%, 12/15/28(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 490 566,832

2,790,782Household Products & Wares — 0.6%Avery Dennison Corp., 4.88%, 12/06/28 (Call 09/06/28). . . . . . . . 240 273,545Clorox Co. (The), 3.90%, 05/15/28 (Call 02/15/28) . . . . . . . . . . . . . 305 345,998Kimberly-Clark Corp., 3.95%, 11/01/28 (Call 08/01/28) . . . . . . . . . 210 244,776

864,319Insurance — 3.5%American International Group Inc., 4.20%, 04/01/28

(Call 01/01/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 566 614,512Aon Corp., 4.50%, 12/15/28 (Call 09/15/28) . . . . . . . . . . . . . . . . . . . 270 310,910Assurant Inc., 4.90%, 03/27/28 (Call 12/27/27) . . . . . . . . . . . . . . . . 190 205,888Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27) . . . . . . . . . . 560 525,370Cincinnati Financial Corp., 6.92%, 05/15/28 . . . . . . . . . . . . . . . . . . . 50 65,559Equitable Holdings Inc., 4.35%, 04/20/28 (Call 01/20/28). . . . . . . 840 878,052Fairfax Financial Holdings Ltd., 4.85%, 04/17/28

(Call 01/17/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 304,197Fidelity National Financial Inc., 4.50%, 08/15/28

(Call 05/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 268,755Globe Life Inc., 4.55%, 09/15/28 (Call 06/15/28) . . . . . . . . . . . . . . . 395 427,445Lincoln National Corp., 3.80%, 03/01/28 (Call 12/01/27). . . . . . . . 400 417,956


April 30, 2020



SecurityPar

(000) Value

Insurance (continued)Prudential Financial Inc., 3.88%, 03/27/28 (Call 12/27/27) . . . . . . $ 471 $ 526,625Willis North America Inc., 4.50%, 09/15/28 (Call 06/15/28) . . . . . 310 351,710

4,896,979Internet — 1.0%Baidu Inc.

4.38%, 03/29/28 (Call 12/29/27). . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 82,6944.88%, 11/14/28 (Call 08/14/28)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 360 412,751

Booking Holdings Inc., 3.55%, 03/15/28 (Call 12/15/27) . . . . . . . . 434 441,044Expedia Group Inc., 3.80%, 02/15/28 (Call 11/15/27). . . . . . . . . . . 561 485,416

1,421,905Iron & Steel — 0.3%Nucor Corp., 3.95%, 05/01/28 (Call 02/01/28) . . . . . . . . . . . . . . . . . 425 466,586

Leisure Time — 0.1%Royal Caribbean Cruises Ltd., 3.70%, 03/15/28 (Call 12/15/27). 291 190,617

Lodging — 1.1%Hyatt Hotels Corp., 4.38%, 09/15/28 (Call 06/15/28) . . . . . . . . . . . 300 284,835Marriott International Inc./MD

Series AA, 4.65%, 12/01/28 (Call 09/01/28) . . . . . . . . . . . . . . . . . 140 135,309Series X, 4.00%, 04/15/28 (Call 01/15/28) . . . . . . . . . . . . . . . . . . 257 238,630

Sands China Ltd., 5.40%, 08/08/28 (Call 05/08/28)(b) . . . . . . . . . . 790 830,329

1,489,103Machinery — 1.4%ABB Finance USA Inc., 3.80%, 04/03/28 (Call 01/03/28) . . . . . . . 426 482,441John Deere Capital Corp., 3.05%, 01/06/28 . . . . . . . . . . . . . . . . . . . 299 324,367Nvent Finance Sarl, 4.55%, 04/15/28 (Call 01/15/28) . . . . . . . . . . 165 175,359Oshkosh Corp., 4.60%, 05/15/28 (Call 02/15/28) . . . . . . . . . . . . . . 235 246,693Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28

(Call 06/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 795 789,912

2,018,772Manufacturing — 0.6%3M Co., 3.63%, 09/14/28 (Call 06/14/28) . . . . . . . . . . . . . . . . . . . . . . 345 392,420Ingersoll-Rand Global Holding Co. Ltd., 3.75%, 08/21/28

(Call 05/21/28)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 370,675Textron Inc., 3.38%, 03/01/28 (Call 12/01/27)(b) . . . . . . . . . . . . . . . . 125 121,945

885,040Media — 5.0%Charter Communications Operating LLC/Charter

Communications Operating Capital3.75%, 02/15/28 (Call 11/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 585 627,9044.20%, 03/15/28 (Call 12/15/27). . . . . . . . . . . . . . . . . . . . . . . . . . . . 670 742,172

Comcast Corp.3.15%, 02/15/28 (Call 11/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,004 1,093,6473.55%, 05/01/28 (Call 02/01/28). . . . . . . . . . . . . . . . . . . . . . . . . . . . 670 750,0994.15%, 10/15/28 (Call 07/15/28). . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,746 2,040,585

Discovery Communications LLC, 3.95%, 03/20/28(Call 12/20/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 921 970,089

TCI Communications Inc., 7.13%, 02/15/28 . . . . . . . . . . . . . . . . . . . 70 95,867ViacomCBS Inc.

3.38%, 02/15/28 (Call 11/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 308,0013.70%, 06/01/28 (Call 03/01/28)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 421 419,245

7,047,609Metal Fabricate & Hardware — 0.2%Timken Co. (The), 4.50%, 12/15/28 (Call 09/15/28) . . . . . . . . . . . . 231 248,445

Mining — 0.3%Rio Tinto Finance USA Ltd., 7.13%, 07/15/28. . . . . . . . . . . . . . . . . . 299 412,476

SecurityPar

(000) Value

Oil & Gas — 4.3%Apache Corp., 4.38%, 10/15/28 (Call 07/15/28). . . . . . . . . . . . . . . . $ 520 $ 415,662BP Capital Markets America Inc.

3.94%, 09/21/28 (Call 06/21/28). . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 597,5864.23%, 11/06/28 (Call 08/06/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 920 1,023,629

BP Capital Markets PLC, 3.72%, 11/28/28 (Call 08/28/28). . . . . . 599 640,475Concho Resources Inc., 4.30%, 08/15/28 (Call 05/15/28) . . . . . . 611 621,448Marathon Petroleum Corp., 3.80%, 04/01/28 (Call 01/01/28)(b) . 230 215,814Noble Energy Inc., 3.85%, 01/15/28 (Call 10/15/27). . . . . . . . . . . . 430 335,632Phillips 66, 3.90%, 03/15/28 (Call 12/15/27) . . . . . . . . . . . . . . . . . . . 440 462,440Shell International Finance BV, 3.88%, 11/13/28

(Call 08/13/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625 700,769Total Capital SA, 3.88%, 10/11/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 611,066Valero Energy Corp., 4.35%, 06/01/28 (Call 03/01/28) . . . . . . . . . 396 406,981

6,031,502Packaging & Containers — 0.6%Amcor Finance USA Inc., 4.50%, 05/15/28 (Call 02/15/28) . . . . . 190 208,309WRKCo Inc.

3.90%, 06/01/28 (Call 03/01/28)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 410 441,6154.00%, 03/15/28 (Call 12/15/27). . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 251,941

901,865Pharmaceuticals — 10.9%AbbVie Inc., 4.25%, 11/14/28 (Call 08/14/28) . . . . . . . . . . . . . . . . . . 1,115 1,285,595Bristol-Myers Squibb Co., 3.90%, 02/20/28 (Call 11/20/27)(a) . . . 700 806,974Cigna Corp., 4.38%, 10/15/28 (Call 07/15/28) . . . . . . . . . . . . . . . . . 2,105 2,412,288CVS Health Corp., 4.30%, 03/25/28 (Call 12/25/27). . . . . . . . . . . . 3,735 4,217,711GlaxoSmithKline Capital Inc., 3.88%, 05/15/28 . . . . . . . . . . . . . . . . 907 1,054,533Johnson & Johnson, 2.90%, 01/15/28 (Call 10/15/27) . . . . . . . . . . 851 953,673McKesson Corp., 3.95%, 02/16/28 (Call 11/16/27) . . . . . . . . . . . . . 491 546,562Mylan Inc., 4.55%, 04/15/28 (Call 01/15/28) . . . . . . . . . . . . . . . . . . . 576 632,609Pfizer Inc., 3.60%, 09/15/28 (Call 06/15/28) . . . . . . . . . . . . . . . . . . . 684 800,985Pharmacia LLC, 6.60%, 12/01/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295 403,964Sanofi, 3.63%, 06/19/28 (Call 03/19/28) . . . . . . . . . . . . . . . . . . . . . . . 460 540,413Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28

(Call 08/26/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020 1,227,937Zoetis Inc., 3.90%, 08/20/28 (Call 05/20/28) . . . . . . . . . . . . . . . . . . . 415 478,229

15,361,473Pipelines — 4.4%Enable Midstream Partners LP, 4.95%, 05/15/28

(Call 02/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 306,820Energy Transfer Operating LP, 4.95%, 06/15/28

(Call 03/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 598 587,451Enterprise Products Operating LLC, 4.15%, 10/16/28

(Call 07/16/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 610 659,642Kinder Morgan Inc./DE, 4.30%, 03/01/28 (Call 12/01/27) . . . . . . . 790 839,667MPLX LP, 4.00%, 03/15/28 (Call 12/15/27) . . . . . . . . . . . . . . . . . . . . 656 622,610ONEOK Inc., 4.55%, 07/15/28 (Call 04/15/28) . . . . . . . . . . . . . . . . . 407 369,511Phillips 66 Partners LP, 3.75%, 03/01/28 (Call 12/01/27) . . . . . . . 339 328,525Sabine Pass Liquefaction LLC, 4.20%, 03/15/28

(Call 09/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 715 703,010Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28 . . . . . . . . . . . . 175 204,507TransCanada PipeLines Ltd., 4.25%, 05/15/28 (Call 02/15/28) . 798 861,441Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28

(Call 12/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 320,521Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27). . . . 296 307,479


(Call 10/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 322,263American Homes 4 Rent LP, 4.25%, 02/15/28 (Call 11/15/27) . . 383 380,993


April 30, 2020



SecurityPar

(000) Value

Real Estate Investment Trusts (continued)American Tower Corp., 3.60%, 01/15/28 (Call 10/15/27) . . . . . . . $ 491 $ 535,180AvalonBay Communities Inc., 3.20%, 01/15/28 (Call 10/15/27) . 211 222,713Boston Properties LP, 4.50%, 12/01/28 (Call 09/01/28)(b). . . . . . . 550 623,546Camden Property Trust, 4.10%, 10/15/28 (Call 07/15/28) . . . . . . 295 328,261Crown Castle International Corp., 3.80%, 02/15/28

(Call 11/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686 755,457Digital Realty Trust LP, 4.45%, 07/15/28 (Call 04/15/28). . . . . . . . 435 490,406Duke Realty LP, 4.00%, 09/15/28 (Call 06/15/28) . . . . . . . . . . . . . . 180 200,018EPR Properties, 4.95%, 04/15/28 (Call 01/15/28) . . . . . . . . . . . . . . 256 217,925ERP Operating LP

3.50%, 03/01/28 (Call 12/01/27). . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 251,6714.15%, 12/01/28 (Call 09/01/28)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 235 266,290

GLP Capital LP/GLP Financing II Inc., 5.75%, 06/01/28(Call 03/03/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265 261,049

Healthcare Realty Trust Inc., 3.63%, 01/15/28 (Call 10/15/27) . . 150 149,068Highwoods Realty LP, 4.13%, 03/15/28 (Call 12/15/27) . . . . . . . . 130 135,047Kilroy Realty LP, 4.75%, 12/15/28 (Call 09/15/28) . . . . . . . . . . . . . . 75 79,391Mid-America Apartments LP, 4.20%, 06/15/28 (Call 03/15/28) . . 265 289,475National Retail Properties Inc., 4.30%, 10/15/28

(Call 07/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 282,551Omega Healthcare Investors Inc., 4.75%, 01/15/28

(Call 10/15/27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 299,984Physicians Realty LP, 3.95%, 01/15/28 (Call 10/15/27) . . . . . . . . . 165 153,292Prologis LP, 3.88%, 09/15/28 (Call 06/15/28) . . . . . . . . . . . . . . . . . . 150 167,574Realty Income Corp., 3.65%, 01/15/28 (Call 10/15/27) . . . . . . . . . 416 435,381Regency Centers LP, 4.13%, 03/15/28 (Call 12/15/27) . . . . . . . . . 205 216,476Service Properties Trust, 3.95%, 01/15/28 (Call 07/15/27) . . . . . . 205 157,545STORE Capital Corp., 4.50%, 03/15/28 (Call 12/15/27) . . . . . . . . 230 224,234UDR Inc., 3.50%, 01/15/28 (Call 10/15/27) . . . . . . . . . . . . . . . . . . . . 180 187,445Ventas Realty LP, 4.00%, 03/01/28 (Call 12/01/27). . . . . . . . . . . . . 348 345,025Welltower Inc., 4.25%, 04/15/28 (Call 01/15/28) . . . . . . . . . . . . . . . 310 319,368

8,297,628Retail — 4.1%Best Buy Co. Inc., 4.45%, 10/01/28 (Call 07/01/28) . . . . . . . . . . . . 360 380,790Dollar General Corp., 4.13%, 05/01/28 (Call 02/01/28)(b) . . . . . . . 200 225,998Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28) . . . . . . . . . . . . . . 646 694,101Home Depot Inc. (The), 3.90%, 12/06/28 (Call 09/06/28) . . . . . . . 445 517,246McDonald's Corp., 3.80%, 04/01/28 (Call 01/01/28) . . . . . . . . . . . . 636 714,253Nordstrom Inc., 6.95%, 03/15/28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 186,858O'Reilly Automotive Inc., 4.35%, 06/01/28 (Call 03/01/28) . . . . . . 360 394,211Starbucks Corp.

3.50%, 03/01/28 (Call 12/01/27). . . . . . . . . . . . . . . . . . . . . . . . . . . . 484 523,4074.00%, 11/15/28 (Call 08/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 414 466,889

Walmart Inc., 3.70%, 06/26/28 (Call 03/26/28) . . . . . . . . . . . . . . . . . 1,424 1,647,511

5,751,264Semiconductors — 1.0%Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%,

01/15/28 (Call 10/15/27)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 707 716,120Marvell Technology Group Ltd., 4.88%, 06/22/28

(Call 03/22/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297 325,322NXP BV/NXP Funding LLC, 5.55%, 12/01/28 (Call 09/01/28)(a) . 350 402,840

1,444,282Software — 1.3%Fidelity National Information Services Inc., Series 10Y, 4.25%,

05/15/28 (Call 02/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220 249,588Fiserv Inc., 4.20%, 10/01/28 (Call 07/01/28) . . . . . . . . . . . . . . . . . . . 610 692,844salesforce.com Inc., 3.70%, 04/11/28 (Call 01/11/28). . . . . . . . . . . 745 848,979

1,791,411

Security

Par/Shares

(000) Value

Telecommunications — 4.9%AT&T Inc., 4.10%, 02/15/28 (Call 11/15/27). . . . . . . . . . . . . . . . . . . . $ 1,271 $ 1,400,388British Telecommunications PLC, 5.13%, 12/04/28

(Call 09/04/28)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 491,100Motorola Solutions Inc., 4.60%, 02/23/28 (Call 11/23/27) . . . . . . . 465 515,722Verizon Communications Inc., 4.33%, 09/21/28. . . . . . . . . . . . . . . . 2,340 2,769,180Vodafone Group PLC, 4.38%, 05/30/28 . . . . . . . . . . . . . . . . . . . . . . . 1,490 1,714,185

6,890,575Transportation — 3.1%Canadian National Railway Co., 6.90%, 07/15/28. . . . . . . . . . . . . . 200 275,800Canadian Pacific Railway Co., 4.00%, 06/01/28

(Call 03/01/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 450,732CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28) . 375 405,517CSX Corp., 3.80%, 03/01/28 (Call 12/01/27). . . . . . . . . . . . . . . . . . . 568 633,263FedEx Corp.

3.40%, 02/15/28 (Call 11/15/27)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 456 474,5004.20%, 10/17/28 (Call 07/17/28). . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 250,348

Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27) . . . . . . . . . . . . . . . . . . 330 314,507Norfolk Southern Corp., 3.80%, 08/01/28 (Call 05/01/28). . . . . . . 435 487,004Union Pacific Corp., 3.95%, 09/10/28 (Call 06/10/28) . . . . . . . . . . 890 1,013,737

4,305,408Trucking & Leasing — 0.3%GATX Corp.

3.50%, 03/15/28 (Call 12/15/27). . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 157,8124.55%, 11/07/28 (Call 08/07/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 254,179

411,991Water — 0.3%American Water Capital Corp., 3.75%, 09/01/28

(Call 06/01/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 373,900



0.89%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,904 9,915,316BlackRock Cash Funds: Treasury, SL Agency Shares,

0.18%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 921 921,000

10,836,316




Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 140,298,181

(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) Affiliate of the Fund.(d) Annualized 7-day yield as of period-end.(e) All or a portion of this security was purchased with cash collateral received from loaned

securities.


April 30, 2020



Affiliates


Affiliated Issuer

SharesHeld at

10/31/19(000)

Net Activity(000)

SharesHeld at

04/30/20(000)



Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . 5,158 4,746 9,904 $ 9,915,316 $25,511(b) $ (6,474) $ 9,917BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . 594 327 921 921,000 4,519 — —

$10,836,316 $30,030 $ (6,474) $ 9,917







InvestmentsAssets

Corporate Bonds & Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $138,447,119 $ — $138,447,119Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,836,316 — — 10,836,316

$ 10,836,316 $138,447,119 $ — $149,283,435



April 30, 2020



SecurityPar

(000) Value

Corporate Bonds & NotesAerospace & Defense — 0.5%Boeing Co. (The), 3.20%, 03/01/29 (Call 12/01/28). . . . . . . . . . . . . . $ 200 $ 175,784L3Harris Technologies Inc., 2.90%, 12/15/29 (Call 09/15/29). . . . . 102 104,742Raytheon Technologies Corp., 7.50%, 09/15/29. . . . . . . . . . . . . . . . . 25 36,487

317,013Agriculture — 2.0%Altria Group Inc., 4.80%, 02/14/29 (Call 11/14/28). . . . . . . . . . . . . . . 695 777,079BAT Capital Corp., 3.46%, 09/06/29 (Call 06/06/29) . . . . . . . . . . . . . 270 275,824Philip Morris International Inc., 3.38%, 08/15/29 (Call 05/15/29) . 200 219,516

1,272,419Airlines — 0.2%American Airlines Pass Through Trust, Series 2017-2, Class AA,

3.35%, 10/15/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 121,800

Auto Manufacturers — 0.6%General Motors Financial Co. Inc., 5.65%, 01/17/29

(Call 10/17/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 153,831Toyota Motor Corp., 2.76%, 07/02/29. . . . . . . . . . . . . . . . . . . . . . . . . . . 67 70,646Toyota Motor Credit Corp., 3.65%, 01/08/29 . . . . . . . . . . . . . . . . . . . . 109 120,629

345,106Auto Parts & Equipment — 0.3%Aptiv PLC, 4.35%, 03/15/29 (Call 12/15/28). . . . . . . . . . . . . . . . . . . . . 95 90,122Lear Corp., 4.25%, 05/15/29 (Call 02/15/29) . . . . . . . . . . . . . . . . . . . . 134 124,455

214,577Banks — 8.0%Banco Santander SA, 3.31%, 06/27/29 . . . . . . . . . . . . . . . . . . . . . . . . . 27 28,065Bank of New York Mellon Corp. (The), 3.30%, 08/23/29

(Call 05/23/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 220,190Comerica Inc., 4.00%, 02/01/29 (Call 10/31/28) . . . . . . . . . . . . . . . . . 176 185,963ING Groep NV, 4.05%, 04/09/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 160,680KeyCorp, 2.55%, 10/01/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 289,221Mitsubishi UFJ Financial Group Inc.

3.20%, 07/18/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 720 765,4753.74%, 03/07/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 82,820

Northern Trust Corp., 3.15%, 05/03/29 (Call 02/03/29) . . . . . . . . . . 150 164,619PNC Bank N.A., 2.70%, 10/22/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,440PNC Financial Services Group Inc. (The), 3.45%, 04/23/29

(Call 01/23/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 444,348Sumitomo Mitsui Financial Group Inc.

2.72%, 09/27/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15,3753.04%, 07/16/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 860 901,8313.20%, 09/17/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 92,275

Truist Financial Corp., 3.88%, 03/19/29 (Call 02/19/29)(a). . . . . . . . 220 234,412U.S. Bancorp., 3.00%, 07/30/29 (Call 04/30/29). . . . . . . . . . . . . . . . . 245 255,650Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28) . . . . . . . 135 146,541Wells Fargo & Co., 4.15%, 01/24/29 (Call 10/24/28). . . . . . . . . . . . . 680 769,182Wintrust Financial Corp., 4.85%, 06/06/29 . . . . . . . . . . . . . . . . . . . . . . 75 88,247Zions Bancorp. N.A., 3.25%, 10/29/29 (Call 07/29/29). . . . . . . . . . . 186 169,037


(Call 10/23/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 978 1,130,177Coca-Cola Co. (The), 2.13%, 09/06/29 . . . . . . . . . . . . . . . . . . . . . . . . . 175 181,396Constellation Brands Inc., 3.15%, 08/01/29 (Call 05/01/29) . . . . . . 281 290,292Diageo Capital PLC, 2.38%, 10/24/29 (Call 07/24/29) . . . . . . . . . . . 15 15,510

SecurityPar

(000) Value

Beverages (continued)PepsiCo Inc.

2.63%, 07/29/29 (Call 04/29/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 328 $ 355,2277.00%, 03/01/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 35,027

2,007,629Building Materials — 0.3%Fortune Brands Home & Security Inc., 3.25%, 09/15/29

(Call 06/15/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 65,541Owens Corning, 3.95%, 08/15/29 (Call 05/15/29)(a) . . . . . . . . . . . . . 127 130,683

196,224Chemicals — 2.8%Albemarle Wodgina Pty Ltd., 3.45%, 11/15/29 (Call 08/15/29)(b) . 25 23,712Cabot Corp., 4.00%, 07/01/29 (Call 04/01/29) . . . . . . . . . . . . . . . . . . 120 123,286Dow Chemical Co. (The), 7.38%, 11/01/29 . . . . . . . . . . . . . . . . . . . . . 105 141,691FMC Corp., 3.45%, 10/01/29 (Call 07/01/29). . . . . . . . . . . . . . . . . . . . 112 116,252Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29) . . . 193 186,029Nutrien Ltd., 4.20%, 04/01/29 (Call 01/01/29) . . . . . . . . . . . . . . . . . . . 189 214,927PPG Industries Inc., 2.80%, 08/15/29 (Call 05/15/29)(a) . . . . . . . . . 75 78,280Rohm & Haas Co., 7.85%, 07/15/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 439,234RPM International Inc., 4.55%, 03/01/29 (Call 12/01/28). . . . . . . . . 28 29,212Sherwin-Williams Co. (The), 2.95%, 08/15/29 (Call 05/15/29). . . . 365 380,961

1,733,584Commercial Services — 2.4%Global Payments Inc., 3.20%, 08/15/29 (Call 05/15/29) . . . . . . . . . 398 409,590IHS Markit Ltd., 4.25%, 05/01/29 (Call 02/01/29) . . . . . . . . . . . . . . . . 155 166,592Moody's Corp., 4.25%, 02/01/29 (Call 11/01/28)(a) . . . . . . . . . . . . . . 85 99,026PayPal Holdings Inc., 2.85%, 10/01/29 (Call 05/01/29) . . . . . . . . . . 361 383,255RELX Capital Inc., 4.00%, 03/18/29 (Call 12/18/28) . . . . . . . . . . . . . 248 271,466S&P Global Inc., 2.50%, 12/01/29 (Call 09/01/29) . . . . . . . . . . . . . . . 20 21,317Verisk Analytics Inc., 4.13%, 03/15/29 (Call 12/15/28)(a) . . . . . . . . . 121 132,356

1,483,602Computers — 2.9%Apple Inc., 2.20%, 09/11/29 (Call 06/11/29)(a) . . . . . . . . . . . . . . . . . . . 317 336,955Dell International LLC/EMC Corp., 5.30%, 10/01/29

(Call 07/01/29)(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 392 408,303International Business Machines Corp., 3.50%, 05/15/29 . . . . . . . . 935 1,055,765

1,801,023Cosmetics & Personal Care — 0.5%Estee Lauder Companies Inc. (The), 2.38%, 12/01/29

(Call 09/01/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167 171,060Unilever Capital Corp., 2.13%, 09/06/29 (Call 06/06/29) . . . . . . . . . 165 170,125

341,185Diversified Financial Services — 2.6%Air Lease Corp., 3.25%, 10/01/29 (Call 07/01/29) . . . . . . . . . . . . . . . 107 86,195Brookfield Finance Inc., 4.85%, 03/29/29 (Call 12/29/28) . . . . . . . . 255 280,084Charles Schwab Corp. (The), 3.25%, 05/22/29 (Call 02/22/29). . . 425 454,176Lazard Group LLC, 4.38%, 03/11/29 (Call 12/11/28). . . . . . . . . . . . . 204 214,384Mastercard Inc., 2.95%, 06/01/29 (Call 03/01/29) . . . . . . . . . . . . . . . 275 302,503Synchrony Financial, 5.15%, 03/19/29 (Call 12/19/28). . . . . . . . . . . 220 217,930TD Ameritrade Holding Corp., 2.75%, 10/01/29 (Call 07/01/29) . . 75 77,393

1,632,665Electric — 6.5%Arizona Public Service Co., 2.60%, 08/15/29 (Call 05/15/29) . . . . 38 39,607Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29). . . . . . . . . . . . . . . . . . 155 169,127Black Hills Corp., 3.05%, 10/15/29 (Call 07/15/29) . . . . . . . . . . . . . . 110 112,021Cleco Corporate Holdings LLC, 3.38%, 09/15/29

(Call 06/11/29)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 119,585DTE Energy Co., Series C, 3.40%, 06/15/29 (Call 03/15/29) . . . . . 165 172,583Duke Energy Carolinas LLC, 2.45%, 08/15/29 (Call 05/15/29) . . . 125 132,877


April 30, 2020



SecurityPar

(000) Value

Electric (continued)Duke Energy Corp., 3.40%, 06/15/29 (Call 03/15/29). . . . . . . . . . . . $ 310 $ 339,853Duke Energy Florida LLC, 2.50%, 12/01/29 (Call 09/01/29) . . . . . . 17 18,213Duke Energy Progress LLC, 3.45%, 03/15/29 (Call 12/15/28). . . . 120 136,247Entergy Texas Inc., 4.00%, 03/30/29 (Call 12/30/28) . . . . . . . . . . . . 87 99,430Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29) . . . . . . . . . . . . . . . . . . . 195 199,684Eversource Energy, Series O, 4.25%, 04/01/29 (Call 01/01/29) . . 25 28,856Georgia Power Co., Series B, 2.65%, 09/15/29 (Call 06/15/29) . . 275 282,931MidAmerican Energy Co., 3.65%, 04/15/29 (Call 01/15/29) . . . . . . 255 296,848National Rural Utilities Cooperative Finance Corp., 3.70%,

03/15/29 (Call 12/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 176,499Nevada Power Co., Series CC, 3.70%, 05/01/29 (Call 02/01/29) . 92 105,295NextEra Energy Capital Holdings Inc.

2.75%, 11/01/29 (Call 08/01/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 43,1703.50%, 04/01/29 (Call 01/01/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 360,525

NSTAR Electric Co., 3.25%, 05/15/29 (Call 02/15/29) . . . . . . . . . . . 97 107,913Oncor Electric Delivery Co. LLC, 5.75%, 03/15/29

(Call 12/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 32,301PacifiCorp, 3.50%, 06/15/29 (Call 03/15/29) . . . . . . . . . . . . . . . . . . . . 80 91,016Public Service Electric & Gas Co., 3.20%, 05/15/29

(Call 02/15/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 70,690Southern California Edison Co.

2.85%, 08/01/29 (Call 05/01/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 30,9656.65%, 04/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 91,890Series A, 4.20%, 03/01/29 (Call 12/01/28) . . . . . . . . . . . . . . . . . . . 255 288,191

Union Electric Co., 3.50%, 03/15/29 (Call 12/15/28) . . . . . . . . . . . . . 107 120,671Virginia Electric & Power Co., Series A, 2.88%, 07/15/29

(Call 04/15/29)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 206,201Wisconsin Power & Light Co., 3.00%, 07/01/29

(Call 04/01/29)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 54,175Xcel Energy Inc., 2.60%, 12/01/29 (Call 06/01/29) . . . . . . . . . . . . . . 147 153,584

4,080,948Electronics — 1.7%Agilent Technologies Inc., 2.75%, 09/15/29 (Call 06/15/29) . . . . . . 43 44,781Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29). . . . . . . . . . . . . . . . . . 110 109,466Amphenol Corp., 4.35%, 06/01/29 (Call 03/01/29) . . . . . . . . . . . . . . 165 187,927Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29) . . . . . . . . . . . . . . . . . . . . . . 120 122,231Keysight Technologies Inc., 3.00%, 10/30/29 (Call 07/30/29) . . . . 197 199,748PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29) . . . . . . . . . . . . . . 202 205,575Roper Technologies Inc., 2.95%, 09/15/29 (Call 06/15/29) . . . . . . . 202 210,500

1,080,228Environmental Control — 0.6%Waste Connections Inc., 3.50%, 05/01/29 (Call 02/01/29) . . . . . . . 142 152,857Waste Management Inc., 3.45%, 06/15/29 (Call 03/15/29). . . . . . . 220 250,103

402,960Food — 0.8%Hershey Co. (The), 2.45%, 11/15/29 (Call 08/15/29) . . . . . . . . . . . . 55 57,910Kroger Co. (The), 4.50%, 01/15/29 (Call 10/15/28)(a) . . . . . . . . . . . . 120 141,280Tyson Foods Inc., 4.35%, 03/01/29 (Call 12/01/28)(a). . . . . . . . . . . . 270 313,192

512,382Forest Products & Paper — 0.6%Georgia-Pacific LLC, 7.75%, 11/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . 45 65,331Suzano Austria GmbH, 6.00%, 01/15/29 (Call 10/15/28). . . . . . . . . 300 298,554

363,885Gas — 0.9%Dominion Energy Gas Holdings LLC, Series B, 3.00%, 11/15/29

(Call 09/15/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 153,403NiSource Inc., 2.95%, 09/01/29 (Call 06/01/29) . . . . . . . . . . . . . . . . . 226 237,820

SecurityPar

(000) Value

Gas (continued)Piedmont Natural Gas Co. Inc., 3.50%, 06/01/29 (Call 03/01/29). $ 168 $ 182,932

574,155Health Care - Products — 0.7%Boston Scientific Corp., 4.00%, 03/01/29 (Call 12/01/28) . . . . . . . . 205 230,801DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29) . . . . . 80 83,991Thermo Fisher Scientific Inc., 2.60%, 10/01/29 (Call 07/01/29). . . 119 126,199

440,991Health Care - Services — 3.7%Adventist Health System/West, 2.95%, 03/01/29 (Call 12/01/28) . 65 65,300Anthem Inc., 2.88%, 09/15/29 (Call 06/15/29). . . . . . . . . . . . . . . . . . . 343 359,107Ascension Health, Series B, 2.53%, 11/15/29 (Call 08/15/29) . . . . 50 52,014CommonSpirit Health, 3.35%, 10/01/29 (Call 04/01/29). . . . . . . . . . 263 257,380HCA Inc., 4.13%, 06/15/29 (Call 03/15/29). . . . . . . . . . . . . . . . . . . . . . 425 458,673Humana Inc., 3.13%, 08/15/29 (Call 05/15/29) . . . . . . . . . . . . . . . . . . 165 173,601Laboratory Corp. of America Holdings, 2.95%, 12/01/29

(Call 09/01/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267 276,115Providence St Joseph Health Obligated Group, Series 19A,

2.53%, 10/01/29 (Call 07/01/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 183,535Quest Diagnostics Inc., 4.20%, 06/30/29 (Call 03/30/29) . . . . . . . . 137 155,035UnitedHealth Group Inc., 2.88%, 08/15/29 . . . . . . . . . . . . . . . . . . . . . . 280 303,184

2,283,944Home Furnishings — 0.7%Leggett & Platt Inc., 4.40%, 03/15/29 (Call 12/15/28) . . . . . . . . . . . . 199 206,357Whirlpool Corp., 4.75%, 02/26/29 (Call 11/26/28)(a) . . . . . . . . . . . . . 190 206,635

412,992Household Products & Wares — 0.1%Kimberly-Clark Corp., 3.20%, 04/25/29 (Call 01/25/29) . . . . . . . . . . 50 55,729

Insurance — 3.8%American International Group Inc., 4.25%, 03/15/29

(Call 12/15/28)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 164,542Aon Corp., 3.75%, 05/02/29 (Call 02/02/29) . . . . . . . . . . . . . . . . . . . . 320 350,742AXIS Specialty Finance LLC, 3.90%, 07/15/29 (Call 04/15/29) . . . 18 18,927Brown & Brown Inc., 4.50%, 03/15/29 (Call 12/15/28) . . . . . . . . . . . 120 126,215CNA Financial Corp., 3.90%, 05/01/29 (Call 02/01/29)(a) . . . . . . . . 126 130,672CNO Financial Group Inc., 5.25%, 05/30/29 (Call 02/28/29) . . . . . 95 99,655Enstar Group Ltd., 4.95%, 06/01/29 (Call 03/01/29) . . . . . . . . . . . . . 129 129,627Markel Corp., 3.35%, 09/17/29 (Call 06/17/29) . . . . . . . . . . . . . . . . . . 25 25,749Marsh & McLennan Companies Inc., 4.38%, 03/15/29

(Call 12/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362 422,103PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29) . . . . . 140 148,707Principal Financial Group Inc., 3.70%, 05/15/29 (Call 02/15/29) . . 152 168,420Progressive Corp. (The)

4.00%, 03/01/29 (Call 12/01/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 128,0386.63%, 03/01/29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 32,516

Reinsurance Group of America Inc., 3.90%, 05/15/29(Call 02/15/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 47,328

RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29) . 112 119,967Unum Group, 4.00%, 06/15/29 (Call 03/15/29) . . . . . . . . . . . . . . . . . . 120 121,675Willis North America Inc., 2.95%, 09/15/29 (Call 06/15/29). . . . . . . 105 107,515

2,342,398Iron & Steel — 0.2%ArcelorMittal SA, 4.25%, 07/16/29(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 126,004

Lodging — 0.4%Choice Hotels International Inc., 3.70%, 12/01/29

(Call 09/01/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 77,933Las Vegas Sands Corp., 3.90%, 08/08/29 (Call 05/08/29) . . . . . . . 190 175,492

253,425


April 30, 2020



SecurityPar

(000) Value

Machinery — 1.4%Caterpillar Inc., 2.60%, 09/19/29 (Call 06/19/29)(a) . . . . . . . . . . . . . . $ 348 $ 366,799Deere & Co., 5.38%, 10/16/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 196,256John Deere Capital Corp.

2.80%, 07/18/29(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204 220,6003.45%, 03/07/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 22,498

Rockwell Automation Inc., 3.50%, 03/01/29 (Call 12/01/28) . . . . . . 85 94,378

900,531Manufacturing — 2.3%3M Co.

2.38%, 08/26/29 (Call 05/26/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540 561,3793.38%, 03/01/29 (Call 12/01/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 140,516

Ingersoll-Rand Luxembourg Finance SA, 3.80%, 03/21/29(Call 12/21/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221 239,058

Parker-Hannifin Corp., 3.25%, 06/14/29 (Call 03/14/29) . . . . . . . . . 271 287,799Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29) . . . . . . . . . . 85 90,892Textron Inc., 3.90%, 09/17/29 (Call 06/17/29) . . . . . . . . . . . . . . . . . . . 85 85,932


Communications Operating Capital, 5.05%, 03/30/29(Call 12/30/28)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373 437,619

Discovery Communications LLC, 4.13%, 05/15/29(Call 02/15/29)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 214,218

Fox Corp., 4.71%, 01/25/29 (Call 10/25/28). . . . . . . . . . . . . . . . . . . . . 497 577,976ViacomCBS Inc., 4.20%, 06/01/29 (Call 03/01/29)(a) . . . . . . . . . . . . 137 141,029Walt Disney Co. (The), 2.00%, 09/01/29 (Call 06/01/29) . . . . . . . . . 423 422,877

1,793,719Mining — 0.4%Newmont Corp., 2.80%, 10/01/29 (Call 07/01/29) . . . . . . . . . . . . . . . 232 238,419

Office Furnishings — 0.2%Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28). . . . . . . . . . . . . . . . . 128 139,702

Oil & Gas — 4.1%Cimarex Energy Co., 4.38%, 03/15/29 (Call 12/15/28). . . . . . . . . . . 145 126,095ConocoPhillips Holding Co., 6.95%, 04/15/29. . . . . . . . . . . . . . . . . . . 366 487,695Diamondback Energy Inc., 3.50%, 12/01/29 (Call 09/01/29) . . . . . 275 238,012Exxon Mobil Corp., 2.44%, 08/16/29 (Call 05/16/29) . . . . . . . . . . . . 305 315,446Hess Corp., 7.88%, 10/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 105,709Husky Energy Inc., 4.40%, 04/15/29 (Call 01/15/29). . . . . . . . . . . . . 170 138,098Noble Energy Inc., 3.25%, 10/15/29 (Call 07/15/29) . . . . . . . . . . . . . 120 87,239Shell International Finance BV, 2.38%, 11/07/29 (Call 08/07/29) . 492 494,794Total Capital International SA, 3.46%, 02/19/29 (Call 11/19/28) . . 293 317,208Valero Energy Corp., 4.00%, 04/01/29 (Call 01/01/29). . . . . . . . . . . 230 236,001

2,546,297Oil & Gas Services — 0.4%Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.,

3.14%, 11/07/29 (Call 08/07/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 146,599National Oilwell Varco Inc., 3.60%, 12/01/29 (Call 09/01/29) . . . . . 120 97,733

244,332Packaging & Containers — 0.4%Packaging Corp. of America, 3.00%, 12/15/29 (Call 09/15/29) . . . 25 26,052WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28) . . . . . . . . . . . . . . . . . . 194 220,859

246,911Pharmaceuticals — 8.9%AbbVie Inc., 3.20%, 11/21/29 (Call 08/21/29)(b) . . . . . . . . . . . . . . . . . 1,310 1,397,966AstraZeneca PLC, 4.00%, 01/17/29 (Call 10/17/28) . . . . . . . . . . . . . 265 311,995Bristol-Myers Squibb Co., 3.40%, 07/26/29 (Call 04/26/29)(b) . . . . 970 1,107,430CVS Health Corp., 3.25%, 08/15/29 (Call 05/15/29) . . . . . . . . . . . . . 443 471,689

SecurityPar

(000) Value

Pharmaceuticals (continued)Eli Lilly & Co., 3.38%, 03/15/29 (Call 12/15/28) . . . . . . . . . . . . . . . . . $ 552 $ 630,020GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29) . . 170 193,615Johnson & Johnson, 6.95%, 09/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . 50 73,627McKesson Corp., 4.75%, 05/30/29 (Call 02/28/29) . . . . . . . . . . . . . . 190 223,886Merck & Co. Inc., 3.40%, 03/07/29 (Call 12/07/28)(a) . . . . . . . . . . . . 405 466,195Pfizer Inc., 3.45%, 03/15/29 (Call 12/15/28)(a). . . . . . . . . . . . . . . . . . . 597 686,956

5,563,379Pipelines — 3.2%Boardwalk Pipelines LP, 4.80%, 05/03/29 (Call 02/03/29)(a). . . . . . 125 110,035Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29

(Call 05/18/29)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 293,357Enable Midstream Partners LP, 4.15%, 09/15/29 (Call 06/15/29) . 24 17,138Enbridge Inc., 3.13%, 11/15/29 (Call 08/15/29). . . . . . . . . . . . . . . . . . 217 209,928Energy Transfer Operating LP, 5.25%, 04/15/29 (Call 01/15/29). . 399 398,525Enterprise Products Operating LLC, 3.13%, 07/31/29

(Call 04/30/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303 304,524MPLX LP, 4.80%, 02/15/29 (Call 11/15/28) . . . . . . . . . . . . . . . . . . . . . 135 135,901ONEOK Inc.

3.40%, 09/01/29 (Call 06/01/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 204,6524.35%, 03/15/29 (Call 12/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 27,467

Phillips 66 Partners LP, 3.15%, 12/15/29 (Call 09/15/29) . . . . . . . . 105 95,425Plains All American Pipeline LP/PAA Finance Corp., 3.55%,

12/15/29 (Call 09/15/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238 203,066


(Call 09/15/29)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 325,140American Homes 4 Rent LP, 4.90%, 02/15/29 (Call 11/15/28). . . . 190 194,549American Tower Corp.

3.80%, 08/15/29 (Call 05/15/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 469 524,7413.95%, 03/15/29 (Call 12/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 155,307

AvalonBay Communities Inc., 3.30%, 06/01/29(Call 03/01/29)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 92,962

Boston Properties LP, 3.40%, 06/21/29 (Call 03/21/29) . . . . . . . . . . 311 322,551Brandywine Operating Partnership LP, 4.55%, 10/01/29

(Call 07/01/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 106,738Brixmor Operating Partnership LP, 4.13%, 05/15/29

(Call 02/15/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 205,537Camden Property Trust, 3.15%, 07/01/29 (Call 04/01/29). . . . . . . . 202 213,956Crown Castle International Corp.

3.10%, 11/15/29 (Call 08/15/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 211,4974.30%, 02/15/29 (Call 11/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 216,936

CubeSmart LP, 4.38%, 02/15/29 (Call 11/15/28) . . . . . . . . . . . . . . . . 5 5,487CyrusOne LP/CyrusOne Finance Corp., 3.45%, 11/15/29

(Call 08/15/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143 136,725Digital Realty Trust LP, 3.60%, 07/01/29 (Call 04/01/29)(a) . . . . . . . 372 399,777Duke Realty LP, 2.88%, 11/15/29 (Call 08/15/29). . . . . . . . . . . . . . . . 112 116,423EPR Properties, 3.75%, 08/15/29 (Call 05/15/29) . . . . . . . . . . . . . . . 205 164,984Equinix Inc., 3.20%, 11/18/29 (Call 08/18/29) . . . . . . . . . . . . . . . . . . . 295 308,369ERP Operating LP, 3.00%, 07/01/29 (Call 04/01/29). . . . . . . . . . . . . 155 162,276Essex Portfolio LP, 4.00%, 03/01/29 (Call 12/01/28). . . . . . . . . . . . . 109 118,893Federal Realty Investment Trust, 3.20%, 06/15/29

(Call 03/15/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6,111GLP Capital LP/GLP Financing II Inc., 5.30%, 01/15/29

(Call 10/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 176,644Healthpeak Properties Inc., 3.50%, 07/15/29 (Call 04/15/29). . . . . 73 72,852Highwoods Realty LP, 4.20%, 04/15/29 (Call 01/15/29). . . . . . . . . . 50 52,090Host Hotels & Resorts LP, Series H, 3.38%, 12/15/29

(Call 09/16/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 129,069


April 30, 2020



SecurityPar

(000) Value

Real Estate Investment Trusts (continued)Hudson Pacific Properties LP, 4.65%, 04/01/29 (Call 01/01/29) . . $ 135 $ 137,476Kilroy Realty LP, 4.25%, 08/15/29 (Call 05/15/29) . . . . . . . . . . . . . . . 20 20,341Life Storage LP, 4.00%, 06/15/29 (Call 03/15/29) . . . . . . . . . . . . . . . 96 99,644Mid-America Apartments LP, 3.95%, 03/15/29 (Call 12/15/28) . . . 165 179,695Omega Healthcare Investors Inc., 3.63%, 10/01/29

(Call 07/01/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 183,604Prologis LP, 4.38%, 02/01/29 (Call 11/01/28). . . . . . . . . . . . . . . . . . . . 31 35,740Public Storage, 3.39%, 05/01/29 (Call 02/01/29) . . . . . . . . . . . . . . . . 75 80,560Realty Income Corp., 3.25%, 06/15/29 (Call 03/15/29)(a) . . . . . . . . 37 38,224Regency Centers LP, 2.95%, 09/15/29 (Call 06/15/29) . . . . . . . . . . 120 118,175Sabra Health Care LP, 3.90%, 10/15/29 (Call 07/15/29) . . . . . . . . . 145 130,316Service Properties Trust, 4.95%, 10/01/29 (Call 07/01/29) . . . . . . . 95 73,870Simon Property Group LP, 2.45%, 09/13/29 (Call 06/13/29). . . . . . 87 78,245STORE Capital Corp., 4.63%, 03/15/29 (Call 12/15/28) . . . . . . . . . 100 97,679UDR Inc., 4.40%, 01/26/29 (Call 10/26/28)(a) . . . . . . . . . . . . . . . . . . . 30 33,225Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28) . . . . . . . . . . . . . . 175 178,180VEREIT Operating Partnership LP, 3.10%, 12/15/29

(Call 09/15/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 94,308Welltower Inc., 4.13%, 03/15/29 (Call 09/15/28). . . . . . . . . . . . . . . . . 155 162,637Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29) . . . . . . . . . . . . 135 144,663WP Carey Inc., 3.85%, 07/15/29 (Call 04/15/29) . . . . . . . . . . . . . . . . 58 56,800

6,362,996Retail — 4.0%AutoZone Inc., 3.75%, 04/18/29 (Call 01/18/29). . . . . . . . . . . . . . . . . 95 100,088Home Depot Inc. (The), 2.95%, 06/15/29 (Call 03/15/29) . . . . . . . . 455 494,512Lowe's Companies Inc.

3.65%, 04/05/29 (Call 01/05/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313 343,9346.50%, 03/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 19,416

McDonald's Corp., 2.63%, 09/01/29 (Call 06/01/29) . . . . . . . . . . . . . 325 339,183O'Reilly Automotive Inc., 3.90%, 06/01/29 (Call 03/01/29) . . . . . . . 67 71,793Starbucks Corp., 3.55%, 08/15/29 (Call 05/15/29). . . . . . . . . . . . . . . 225 246,836Target Corp., 3.38%, 04/15/29 (Call 01/15/29) . . . . . . . . . . . . . . . . . . 350 395,840Walmart Inc.

2.38%, 09/24/29 (Call 06/24/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 123,5553.25%, 07/08/29 (Call 04/08/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 354,017

2,489,174Semiconductors — 4.0%Broadcom Inc., 4.75%, 04/15/29 (Call 01/15/29)(b) . . . . . . . . . . . . . . 693 764,580Intel Corp., 2.45%, 11/15/29 (Call 08/15/29) . . . . . . . . . . . . . . . . . . . . 357 379,120KLA Corp., 4.10%, 03/15/29 (Call 12/15/28) . . . . . . . . . . . . . . . . . . . . 237 267,454Lam Research Corp., 4.00%, 03/15/29 (Call 12/15/28) . . . . . . . . . . 272 317,579Micron Technology Inc., 5.33%, 02/06/29 (Call 11/06/28) . . . . . . . . 203 231,810NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 06/18/29

(Call 03/18/29)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248 263,411Texas Instruments Inc., 2.25%, 09/04/29 (Call 06/04/29) . . . . . . . . 269 281,204

2,505,158Software — 1.6%Broadridge Financial Solutions Inc., 2.90%, 12/01/29

(Call 09/01/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277 286,027Fidelity National Information Services Inc., 3.75%, 05/21/29

(Call 02/21/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 64,001Fiserv Inc., 3.50%, 07/01/29 (Call 04/01/29) . . . . . . . . . . . . . . . . . . . . 617 674,591

1,024,619Telecommunications — 4.0%America Movil SAB de CV, 3.63%, 04/22/29 (Call 01/22/29) . . . . . 130 138,757AT&T Inc., 4.35%, 03/01/29 (Call 12/01/28)(a) . . . . . . . . . . . . . . . . . . . 666 749,929Juniper Networks Inc., 3.75%, 08/15/29 (Call 05/15/29)(a) . . . . . . . 100 105,955

Security

Par/Shares

(000) Value

Telecommunications (continued)Motorola Solutions Inc., 4.60%, 05/23/29 (Call 02/23/29) . . . . . . . . $ 168 $ 191,125Verizon Communications Inc.

3.88%, 02/08/29 (Call 11/08/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 188,0554.02%, 12/03/29 (Call 09/03/29)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 140,8994.02%, 12/03/29 (Call 09/03/29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840 986,295

2,501,015Toys, Games & Hobbies — 0.4%Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29) . . . . . . . . . . . . . . . . . . . 262 254,268

Transportation — 2.2%CSX Corp., 4.25%, 03/15/29 (Call 12/15/28) . . . . . . . . . . . . . . . . . . . . 235 273,759FedEx Corp., 3.10%, 08/05/29 (Call 05/05/29) . . . . . . . . . . . . . . . . . . 186 189,407Kansas City Southern, 2.88%, 11/15/29 (Call 08/15/29) . . . . . . . . . 280 284,225Norfolk Southern Corp., 2.55%, 11/01/29 (Call 08/01/29) . . . . . . . . 125 130,355Union Pacific Corp., 3.70%, 03/01/29 (Call 12/01/28)(a). . . . . . . . . . 350 393,743United Parcel Service Inc.

2.50%, 09/01/29 (Call 06/01/29)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 72,9693.40%, 03/15/29 (Call 12/15/28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 52,261

1,396,719Trucking & Leasing — 0.1%GATX Corp., 4.70%, 04/01/29 (Call 01/01/29). . . . . . . . . . . . . . . . . . . 60 66,299


(Call 03/01/29)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 182,790Essential Utilities Inc., 3.57%, 05/01/29 (Call 02/01/29). . . . . . . . . . 130 140,551

323,341

Total Corporate Bonds & Notes — 98.2%(Cost: $61,100,260). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,428,712


0.89%(c)(d)(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,612 5,617,691BlackRock Cash Funds: Treasury, SL Agency Shares,

0.18%(c)(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363 363,000

5,980,691

Total Short-Term Investments — 9.6%(Cost: $5,976,389) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,980,691

Total Investments in Securities — 107.8%(Cost: $67,076,649). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,409,403

Other Assets, Less Liabilities — (7.8)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,889,615)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 62,519,788



(c) Affiliate of the Fund.(d) Annualized 7-day yield as of period-end.(e) All or a portion of this security was purchased with cash collateral received from

loaned securities.S&P Standard & Poor's[fixed]TD TD Securities, Inc.[count]


April 30, 2020



Affiliates


Affiliated Issuer

SharesHeld at

10/31/19(000)

Net Activity(000)

SharesHeld at

04/30/20(000)



Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . — 5,612 5,612 $5,617,691 $12,305(b) $ (3,579) $ 4,302BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . 78 285 363 363,000 1,328 — —

$5,980,691 $13,633 $ (3,579) $ 4,302







InvestmentsAssets

Corporate Bonds & Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $61,428,712 $ — $61,428,712Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,980,691 — — 5,980,691

$ 5,980,691 $61,428,712 $ — $67,409,403



April 30, 2020



iSharesiBonds Dec 2020

Term CorporateETF


Term CorporateETF


Term CorporateETF


Term CorporateETF

ASSETSInvestments in securities, at value (including securities on loan)(a):

Unaffiliated(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 982,419,861 $1,307,808,546 $1,166,836,754 $1,008,213,816Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,882,703 83,106,124 45,873,741 45,220,174

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 422,594 310,878 685 3,319Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,793,565 4,425,315 3,612,817 5,831,957Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,301 38,956 28,848 35,482Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203,563 — 16,651 200,225Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,767 6,422 3,064 1,098Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,445,405 10,628,853 9,227,624 8,574,426

Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,137,223,759 1,406,325,094 1,225,600,184 1,068,080,497

LIABILITIESCollateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,768,005 62,160,940 29,011,178 42,133,191Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,256,660 6,340,599 14,414,605 7,156,046Capital shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 390,270 — —Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,074 107,917 93,962 80,846

Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,106,739 68,999,726 43,519,745 49,370,083

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,105,117,020 $1,337,325,368 $1,182,080,439 $1,018,710,414

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,100,206,607 $1,322,278,056 $1,163,255,646 $ 993,520,514Accumulated earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,910,413 15,047,312 18,824,793 25,189,900

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,105,117,020 $1,337,325,368 $1,182,080,439 $1,018,710,414

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,700,000 53,600,000 46,800,000 39,800,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.29 $ 24.95 $ 25.26 $ 25.60

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited Unlimited Unlimited Unlimited

Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None None

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,774,327 $ 60,267,923 $ 28,236,203 $ 41,003,159(b) Investments, at cost — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 979,736,941 $1,293,793,865 $1,144,197,542 $ 979,319,641(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 143,841,441 $ 83,019,653 $ 45,825,113 $ 45,164,030


Statements of Assets and Liabilities (unaudited)

April 30, 2020


iSharesiBonds Dec2024 TermCorporate

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Unaffiliated(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $799,608,543 $559,559,275 $382,458,270 $268,204,179Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,199,119 30,482,231 17,201,921 23,532,646

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,524 2,612 4,987 —Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,284,212 6,266,808 96,679 1,407,762Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,239 18,659 12,392 18,606Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,304 — — —Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 769 641 422 228Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,897,756 5,042,363 3,090,033 2,373,067

Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 845,121,466 601,372,589 402,864,704 295,536,488

LIABILITIESBank overdraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 4,443Collateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,404,268 29,041,750 15,780,228 22,705,855Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,405,678 6,187,607 205,574 1,617,576Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,268 45,938 31,907 22,164

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,873,214 35,275,295 16,017,709 24,350,038

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $807,248,252 $566,097,294 $386,846,995 $271,186,450

NET ASSETS CONSIST OF:Paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $790,310,377 $544,266,168 $368,668,880 $264,207,386Accumulated earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,937,875 21,831,126 18,178,115 6,979,064

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $807,248,252 $566,097,294 $386,846,995 $271,186,450

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,650,000 21,800,000 15,150,000 10,550,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.51 $ 25.97 $ 25.53 $ 25.70

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited Unlimited Unlimited Unlimited

Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None None

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,368,365 $ 28,153,190 $ 15,326,519 $ 22,011,801(b) Investments, at cost — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $777,787,060 $540,326,527 $366,980,321 $260,183,465(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,163,165 $ 30,442,675 $ 17,182,797 $ 23,510,969


Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2020

F I N A N C I A L S T A T E M E N T S 81


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Unaffiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $138,447,119 $61,428,712Affiliated(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,836,316 5,980,691

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,323 7,034Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 368,593 633,954Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,166 4,686Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 134,891Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 91Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,272,137 531,778

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,935,909 68,721,837

LIABILITIESCollateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,909,803 5,616,968Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 716,790 580,118Investment advisory fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,135 4,963

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,637,728 6,202,049

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,298,181 $62,519,788

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $135,138,611 $62,508,832Accumulated earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,159,570 10,956

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,298,181 $62,519,788

Shares outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,100,000 2,450,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27.51 $ 25.52

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited Unlimited

Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,658,896 $ 5,463,658(b) Investments, at cost — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $132,617,708 $61,100,260(c) Investments, at cost — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,825,074 $ 5,976,389


Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2020



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INVESTMENT INCOMEDividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 807,586 $ 60,598 $ 28,523 $ 21,900Interest — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,978,744 18,296,921 15,694,455 14,324,699Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,047 116,035 99,897 106,306Other income — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,097 2,551 4,287 5,435

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,867,474 18,476,105 15,827,162 14,458,340

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 610,855 686,058 565,528 485,592

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 610,855 686,058 565,528 485,592

Less:Investment advisory fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (62,257) (6,164) (2,981) (1,847)

Total expenses after fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 548,598 679,894 562,547 483,745

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,318,876 17,796,211 15,264,615 13,974,595

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) from:

Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,141) (2,060,701) (4,969,042) (3,390,915)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,400) (10,710) (5,003) (17,999)In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359,750 581,430 (1,337,588) (1,285,051)

Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,209 (1,489,981) (6,311,633) (4,693,965)

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,764,096) (1,724,598) 1,306,670 2,100,089Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,525 70,327 36,034 46,836

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,728,571) (1,654,271) 1,342,704 2,146,925

Net realized and unrealized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,385,362) (3,144,252) (4,968,929) (2,547,040)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,933,514 $14,651,959 $10,295,686 $11,427,555


Statements of Operations (unaudited)

Six Months Ended April 30, 2020



ETF


ETF


ETF


ETF

INVESTMENT INCOMEDividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,764 $ 24,195 $ 11,936 $ 7,571Interest — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,481,931 8,783,172 6,641,016 4,452,080Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,897 59,470 48,427 76,149Other income — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,394 5,333 140 1,573

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,581,986 8,872,170 6,701,519 4,537,373

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377,584 283,078 207,778 136,024

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377,584 283,078 207,778 136,024

Less:Investment advisory fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,141) (1,672) (875) (553)

Total expenses after fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376,443 281,406 206,903 135,471

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,205,543 8,590,764 6,494,616 4,401,902


Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,895,013) (1,512,748) (2,618,002) (1,999,365)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,924) (17,463) (14,297) (11,881)In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 941,479 3,703,010 4,735,807 324,760

Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,971,458) 2,172,799 2,103,508 (1,686,486)

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,394,330) (5,094,510) (3,629,993) (4,019,396)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,534 32,552 12,679 16,278

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,366,796) (5,061,958) (3,617,314) (4,003,118)

Net realized and unrealized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,338,254) (2,889,159) (1,513,806) (5,689,604)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,867,289 $ 5,701,605 $ 4,980,810 $(1,287,702)


Statements of Operations (unaudited) (continued)




ETF

iSharesiBonds

Dec 2029Term

CorporateETF

INVESTMENT INCOMEDividends — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,519 $ 1,328Interest — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,176,499 616,676Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,511 12,305Other income — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 31

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,206,914 630,340

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,662 20,887

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,662 20,887

Less:Investment advisory fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (353) (122)

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,309 20,765

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,142,605 609,575


Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,043,312) (456,812)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,474) (3,579)In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 33,207

Net realized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,049,786) (427,184)

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (595,211) 125,186Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,917 4,302

Net change in unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (585,294) 129,488

Net realized and unrealized loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,635,080) (297,696)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 507,525 $ 311,879


Statements of Operations (unaudited) (continued)



iSharesiBonds Dec 2020 Term Corporate ETF


Six Months Ended04/30/20

(unaudited)Year Ended

10/31/19



10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,318,876 $ 28,267,739 $ 17,796,211 $ 30,313,627Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,209 175,717 (1,489,981) 376,619Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,728,571) 14,949,129 (1,654,271) 30,955,285

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,933,514 43,392,585 14,651,959 61,645,531

DISTRIBUTIONS TO SHAREHOLDERS(a)

Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,032,910) (26,994,507) (17,884,694) (28,993,663)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . (146,191,108) 423,056,576 13,676,968 465,070,156

NET ASSETSTotal increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (149,290,504) 439,454,654 10,444,233 497,722,024Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,254,407,524 814,952,870 1,326,881,135 829,159,111

End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,105,117,020 $1,254,407,524 $1,337,325,368 $1,326,881,135

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.


Statements of Changes in Net Assets






10/31/19



10/31/19


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,264,615 $ 23,485,957 $ 13,974,595 $ 21,201,797Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,311,633) 820,421 (4,693,965) (156,040)Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,342,704 34,668,929 2,146,925 39,141,550

Net increase in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,295,686 58,975,307 11,427,555 60,187,307


Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,807,152) (22,408,886) (13,870,025) (20,221,775)

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141,373,942 474,206,946 148,427,883 354,498,825

NET ASSETSTotal increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,862,476 510,773,367 145,985,413 394,464,357Beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,046,217,963 535,444,596 872,725,001 478,260,644

End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,182,080,439 $1,046,217,963 $1,018,710,414 $872,725,001



Statements of Changes in Net Assets (continued)




Six MonthsEnded

04/30/20(unaudited)

Year Ended10/31/19

Six MonthsEnded

04/30/20(unaudited)

Year Ended10/31/19


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,205,543 $ 15,530,171 $ 8,590,764 $ 14,022,199Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,971,458) (39,998) 2,172,799 14,871Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,366,796) 34,120,058 (5,061,958) 37,790,193

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,867,289 49,610,231 5,701,605 51,827,263


Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,045,266) (14,698,531) (8,592,816) (13,682,593)

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,304,251 315,007,693 60,456,120 139,663,399

NET ASSETSTotal increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,126,274 349,919,393 57,564,909 177,808,069Beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 649,121,978 299,202,585 508,532,385 330,724,316

End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $807,248,252 $649,121,978 $566,097,294 $508,532,385







Six MonthsEnded

04/30/20(unaudited)

Year Ended10/31/19

Six MonthsEnded

04/30/20(unaudited)

Year Ended10/31/19


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,494,616 $ 8,830,306 $ 4,401,902 $ 6,118,373Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,103,508 (123,174) (1,686,486) 14,899Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,617,314) 25,894,937 (4,003,118) 18,442,395

Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,980,810 34,602,069 (1,287,702) 24,575,667


Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,504,906) (8,306,569) (4,353,352) (5,871,695)

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,906,550 189,638,770 26,491,900 94,887,843

NET ASSETSTotal increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,382,454 215,934,270 20,850,846 113,591,815Beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 368,464,541 152,530,271 250,335,604 136,743,789

End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $386,846,995 $368,464,541 $271,186,450 $250,335,604







Six MonthsEnded

04/30/20(unaudited)

Year Ended10/31/19

Six MonthsEnded

04/30/20(unaudited)

Period From09/17/19(a)

to 10/31/19


OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,142,605 $ 2,367,577 $ 609,575 $ 43,249Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,049,786) 50,824 (427,184) 1,981Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (585,294) 6,665,312 129,488 203,052

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 507,525 9,083,713 311,879 248,282

DISTRIBUTIONS TO SHAREHOLDERS(b)

Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,993,030) (2,234,019) (549,205) —

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,346,216 67,189,202 44,885,160 17,623,672

NET ASSETSTotal increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,860,711 74,038,896 44,647,834 17,871,954Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,437,470 38,398,574 17,871,954 —

End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,298,181 $112,437,470 $62,519,788 $17,871,954

(a) Commencement of operations.(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.




iShares iBonds Dec 2020 Term Corporate ETF



10/31/19Year Ended

10/31/18Year Ended

10/31/17Year Ended

10/31/16


to 10/31/15 (b)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.34 $ 24.96 $ 25.46 $ 25.58 $ 25.14 $ 25.00

Net investment income(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.29 0.66 0.59 0.56 0.60 0.56Net realized and unrealized gain (loss)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.03) 0.36 (0.53) (0.13) 0.42 0.05

Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.26 1.02 0.06 0.43 1.02 0.61

Distributions(e)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.31) (0.64) (0.56) (0.55) (0.58) (0.47)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.31) (0.64) (0.56) (0.55) (0.58) (0.47)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.29 $ 25.34 $ 24.96 $ 25.46 $ 25.58 $ 25.14

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.03%(f) 4.14% 0.26% 1.71% 4.12% 2.47%(f)

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(g) 0.10% 0.10% 0.10% 0.10% 0.10%(g)

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.09%(g) 0.10% 0.10% 0.10% 0.10% 0.10%(g)

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.34%(g) 2.62% 2.36% 2.21% 2.34% 2.43%(g)

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,105,117 $1,254,408 $814,953 $431,525 $212,332 $45,250

Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0%(f) 8% 5% 4% 6% 10%(f)

(a) Commencement of operations.(b) Per share amounts reflect a four-for-one stock split effective after the close of trading on May 20, 2015.(c) Based on average shares outstanding.(d) 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.(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(f) Not annualized.(g) Annualized.(h) Portfolio turnover rate excludes in-kind transactions.


Financial Highlights(For a share outstanding throughout each period)

F I N A N C I A L H I G H L I G H T S 91




10/31/19Year Ended

10/31/18Year Ended

10/31/17Year Ended

10/31/16


to 10/31/15 (b)


Net investment income(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.32 0.69 0.64 0.62 0.64 0.41Net realized and unrealized gain (loss)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.04) 0.73 (0.74) (0.20) 0.61 (0.30)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.28 1.42 (0.10) 0.42 1.25 0.11

Distributions(e)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.32) (0.67) (0.61) (0.60) (0.63) (0.35)



Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15%(f) 5.94% (0.39)% 1.71% 5.17% 0.46%(f)

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(g) 0.10% 0.10% 0.10% 0.10% 0.10%(g)

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(g) 0.10% 0.10% 0.10% 0.10% 0.10%(g)

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.59%(g) 2.80% 2.61% 2.49% 2.58% 2.60%(g)


Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%(f) 8% 6% 3% 14% 2%(f)




Financial Highlights (continued)

(For a share outstanding throughout each period)





10/31/19Year Ended

10/31/18Year Ended

10/31/17Year Ended

10/31/16


to 10/31/15 (b)


Net investment income(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.34 0.74 0.70 0.70 0.74 0.46Net realized and unrealized gain (loss)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.05) 1.14 (0.99) (0.20) 0.86 (0.39)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.29 1.88 (0.29) 0.50 1.60 0.07

Distributions(e)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.34) (0.72) (0.67) (0.68) (0.72) (0.39)From net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.02) — (0.00)(f) — — —



Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.14%(g) 7.90% (1.14)% 2.01% 6.66% 0.30%(g)

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(h) 0.10% 0.10% 0.10% 0.10% 0.10%(h)

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(h) 0.10% 0.10% 0.10% 0.10% 0.10%(h)

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.70%(h) 2.98% 2.85% 2.78% 2.95% 2.89%(h)


Portfolio turnover rate(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%(g) 9% 2% 7% 10% 6%(g)


transactions in relation to the fluctuating market values of the Fund’s underlying securities.(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(f) Rounds to less than $0.01.(g) Not annualized.(h) Annualized.(i) Portfolio turnover rate excludes in-kind transactions.








10/31/19Year Ended

10/31/18Year Ended

10/31/17Year Ended

10/31/16


to 10/31/15 (b)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.59 $ 24.09 $ 25.23 $ 25.33 $ 24.34 $ 24.75

Net investment income(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.36 0.79 0.76 0.75 0.78 0.47Net realized and unrealized gain (loss)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.02 1.48 (1.16) (0.12) 0.96 (0.48)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.38 2.27 (0.40) 0.63 1.74 (0.01)

Distributions(e)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.37) (0.77) (0.73) (0.73) (0.75) (0.40)From net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (0.01) — — —

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.37) (0.77) (0.74) (0.73) (0.75) (0.40)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.60 $ 25.59 $ 24.09 $ 25.23 $ 25.33 $ 24.34

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.49%(f) 9.59% (1.61)% 2.57% 7.27% (0.01)%(f)

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(g) 0.10% 0.10% 0.10% 0.10% 0.10%(g)

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(g) 0.10% 0.10% 0.10% 0.10% 0.10%(g)

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.88%(g) 3.18% 3.12% 3.00% 3.10% 2.98%(g)

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,018,710 $872,725 $478,261 $216,963 $86,120 $10,952

Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4%(f) 5% 8% 8% 16% 7%(f)










10/31/19Year Ended

10/31/18Year Ended

10/31/17Year Ended

10/31/16


to 10/31/15 (b)


Net investment income(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.38 0.84 0.81 0.81 0.82 0.49Net realized and unrealized gain (loss)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.20) 1.85 (1.32) (0.11) 1.02 (0.64)


Distributions(e)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.38) (0.82) (0.78) (0.79) (0.80) (0.42)







Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $807,248 $649,122 $299,203 $164,584 $63,053 $10,880











10/31/19Year Ended

10/31/18Year Ended

10/31/17Year Ended

10/31/16


to 10/31/15 (b)


Net investment income(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.39 0.85 0.84 0.84 0.85 0.52Net realized and unrealized gain (loss)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.02 2.32 (1.48) (0.16) 1.07 (0.71)


Distributions(e)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.39) (0.84) (0.81) (0.82) (0.82) (0.45)







Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $566,097 $508,532 $330,724 $235,679 $69,340 $10,850











10/31/19Year Ended

10/31/18Year Ended

10/31/17


to 10/31/16

Net asset value, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.50 $ 22.94 $ 24.53 $ 24.83 $ 24.75

Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.39 0.86 0.83 0.80 0.09Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.03 2.54 (1.63) (0.28) (0.01)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.42 3.40 (0.80) 0.52 0.08

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.39) (0.84) (0.79) (0.82) —

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.39) (0.84) (0.79) (0.82) —

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.53 $ 25.50 $ 22.94 $ 24.53 $ 24.83

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.68%(e) 15.11% (3.31)% 2.20% 0.32%(e)

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10% 0.10% 0.10% 0.10%(f)

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10% 0.10% 0.10% 0.10%(f)

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.13%(f) 3.53% 3.54% 3.30% 2.85%(f)

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $386,847 $368,465 $152,530 $76,055 $13,658

Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4%(e) 9% 3% 6% 2%(e)

(a) Commencement of operations.(b) Based on average shares outstanding.(c) 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.(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(e) Not annualized.(f) Annualized.(g) Portfolio turnover rate excludes in-kind transactions.








10/31/19Year Ended

10/31/18


to 10/31/17

Net asset value, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.94 $ 23.18 $ 24.96 $24.86

Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.41 0.89 0.89 0.11Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.24) 2.75 (1.79) (0.01)

Net increase (decrease) from investment operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.17 3.64 (0.90) 0.10

Distributions(d)

From net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.41) (0.88) (0.88) —

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.41) (0.88) (0.88) —

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.70 $ 25.94 $ 23.18 $24.96

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.69%(e) 16.00% (3.67)% 0.40%(e)

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10% 0.10% 0.10%(f)

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10% 0.10% 0.10%(f)

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.24%(f) 3.60% 3.75% 3.19%(f)

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $271,186 $250,336 $136,744 $9,982

Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4%(e) 4% 5% 2%(e)










10/31/19


to 10/31/18

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27.76 $ 24.77 $ 25.00

Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45 1.01 0.12Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.27) 3.06 (0.35)

Net increase (decrease) from investment operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.18 4.07 (0.23)

Distributions(d)

From net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.43) (1.08) —

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.43) (1.08) —

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27.51 $ 27.76 $ 24.77

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.65%(e) 16.87% (0.92)%(e)

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10% 0.10%(f)

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10% 0.10%(f)

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.31%(f) 3.79% 4.22%(f)

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,298 $112,437 $38,399

Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4%(e) 6% 0%(e)









(unaudited)


to 10/31/19

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.53 $ 25.00

Net investment income(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.37 0.09Net realized and unrealized gain (loss)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.01) 0.44

Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.36 0.53

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.37) —

Total distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.37) —

Net asset value, end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25.52 $ 25.53

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.42%(e) 2.12%(e)

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10%(f)

Total expenses after fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10%(f)

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.92%(f) 2.84%(f)

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $62,520 $17,872

Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%(e) 1%(e)







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 funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETFDiversificationClassification

iBonds Dec 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiediBonds Dec 2021 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiediBonds Dec 2022 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiediBonds Dec 2023 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiediBonds Dec 2024 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiediBonds Dec 2025 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiediBonds Dec 2026 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiediBonds Dec 2027 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiediBonds Dec 2028 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversifiediBonds Dec 2029 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each 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.Each 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 Funds.Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated netrealized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from 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 Funds.

Recent Accounting Standards: The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization periodfor certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certainpurchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds appliedthe amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The adjusted cost basis of securities at October 31, 2019 are asfollows:

iShares ETF

iBonds Dec 2020 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,273,471,966iBonds Dec 2021 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,354,390,143iBonds Dec 2022 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,056,292,611iBonds Dec 2023 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 872,027,251iBonds Dec 2024 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652,616,986iBonds Dec 2025 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 504,375,529iBonds Dec 2026 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367,281,144iBonds Dec 2027 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258,844,220iBonds Dec 2028 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,188,204iBonds Dec 2029 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,465,539

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net assetvalue of the Funds.

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 101

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that theFund’s listing 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 notopen. 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 atthe measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by theBoard of 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, thesecurity will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “GlobalValuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financialinstruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:• Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated

prices) supplied by approved independent 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, credit qualityinformation, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices ofsecurities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

• 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 an investment, or in the event thatapplication 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 policies 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.Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principalmarket for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, ifreasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities,prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonablyexpect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all availablefactors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could 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 for identical assets or liabilities;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, 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 considered tobe active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, lossseverities, 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. The fair value hierarchy for each Fund’s investments is includedin its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is notnecessarily an indication of the risks associated with investing in those securities.

Notes to Financial Statements (unaudited) (continued)


4. SECURITIES AND OTHER INVESTMENTS

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

As of April 30, 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 Funds' investment adviser, or its affiliates and is disclosed in the schedules 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 each Fund, if any, are also disclosed in itsschedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the statements of assetsand 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.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:

iShares ETF and CounterpartyMarket Value of

Securities on LoanCash Collateral

Received(a)Non-Cash Collateral

Received Net Amount

iBonds Dec 2020 Term CorporateBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 817,989 $ 817,989 $ — $ —BMO Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,264 244,264 — —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,991,056 5,991,056 — —BNP Paribas Securities Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,709 100,709 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,502,195 1,502,195 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 860,602 860,602 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,366 278,366 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,759,781 9,759,781 — —HSBC Securities (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,375 100,375 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,118,990 8,118,990 — —

$ 27,774,327 $ 27,774,327 $ — $ —

iBonds Dec 2021 Term CorporateBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,449,444 $ 2,449,444 $ — $ —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,171 195,171 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,931,704 2,931,704 — —Citadel Clearing LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,272,370 1,272,370 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,007 1,007 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,273,086 11,273,086 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,577,274 10,577,274 — —HSBC Securities (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,132,019 1,132,019 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,269,176 9,269,176 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,437,201 20,437,201 — —Natwest Markets Securities Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510,562 510,562 — —Nomura Securities International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,909 218,909 — —

$ 60,267,923 $ 60,267,923 $ — $ —






Received Net Amount

iBonds Dec 2022 Term CorporateBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 139,444 $ 139,444 $ — $ —BMO Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 920,931 920,931 — —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,031,610 1,031,610 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,331,174 7,331,174 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,216 1,200,216 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,231,135 3,231,135 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,328 15,328 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,131,770 4,131,770 — —HSBC Securities (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,448,925 1,448,925 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,549,572 7,549,572 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,236,098 1,236,098 — —

$ 28,236,203 $ 28,236,203 $ — $ —

iBonds Dec 2023 Term CorporateBMO Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 210,247 $ 210,247 $ — $ —BNP Paribas Securities Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 904,372 904,372 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,668,993 2,668,993 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,911,400 6,911,400 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 762,840 762,840 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,033,294 11,033,294 — —HSBC Securities (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,970 1,200,970 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,661,692 14,661,692 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,649,351 2,649,351 — —

$ 41,003,159 $ 41,003,159 $ — $ —

iBonds Dec 2024 Term CorporateBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29,234 $ 29,234 $ — $ —Barclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 761,093 761,093 — —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,003,604 3,003,604 — —BNP Paribas Securities Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257,824 257,824 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,260,605 2,260,605 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 777,167 777,167 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 697,653 697,653 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 755,811 755,811 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,209,140 13,209,140 — —HSBC Securities (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,189,403 2,189,403 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,464,601 5,464,601 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,962,230 1,962,230 — —

$ 31,368,365 $ 31,368,365 $ — $ —

iBonds Dec 2025 Term CorporateBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,268,010 $ 1,268,010 $ — $ —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,094,337 1,094,337 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,325,702 2,325,702 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,385,145 3,385,145 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,925,257 12,925,257 — —HSBC Securities (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 628,502 628,502 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,881,831 3,881,831 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,644,406 2,644,406 — —

$ 28,153,190 $ 28,153,190 $ — $ —






Received Net Amount

iBonds Dec 2026 Term CorporateBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 245,292 $ 245,292 $ — $ —BMO Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,770 104,770 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,659 111,659 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 762,361 762,361 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,071,113 5,071,113 — —HSBC Securities (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 532,177 532,177 — —Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,324,924 1,324,924 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,498,331 3,498,331 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,229,796 1,229,796 — —RBC Capital Markets LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,775,935 1,775,935 — —Scotia Capital (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670,161 670,161 — —

$ 15,326,519 $ 15,326,519 $ — $ —

iBonds Dec 2027 Term CorporateBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,731,244 $ 1,731,244 $ — $ —BNP Paribas Securities Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 758,393 758,393 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,452,609 1,452,609 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 682,523 682,523 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,971,292 1,971,292 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,658,704 7,658,704 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,246,131 2,246,131 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,308,899 2,308,899 — —RBC Capital Markets LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 879,216 879,216 — —Scotia Capital (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,808 275,808 — —Wells Fargo Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,046,982 2,046,982 — —

$ 22,011,801 $ 22,011,801 $ — $ —

iBonds Dec 2028 Term CorporateBarclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 800,916 $ 800,916 $ — $ —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 948,337 948,337 — —Citadel Clearing LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,905 135,252 — (2,653)(b)

Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,259 28,259 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 940,791 940,791 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,949,596 3,949,596 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,853,092 2,853,092 — —

$ 9,658,896 $ 9,656,243 $ — $ (2,653)

iBonds Dec 2029 Term CorporateBarclays Capital Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 207,301 $ 207,301 $ — $ —BMO Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,295 106,295 — —BNP Paribas Securities Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,224 38,224 — —BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267,637 267,637 — —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,403 160,403 — —Credit Suisse Securities (USA) LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,147,846 1,147,846 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,715,215 1,715,215 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 723,306 723,306 — —RBC Capital Markets LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427,735 427,735 — —Scotia Capital (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 669,696 669,696 — —

$ 5,463,658 $ 5,463,658 $ — $ —

(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 each Fund is disclosed in the Fund's statementof assets and liabilities.

(b) Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the eventof default by a counterparty.

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, each 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. Each 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 each 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 each 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 Funds, except (i) interestand taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA;and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

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

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees andexpenses”). BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equalto acquired fund fees and expenses, if any, attributable to each Fund’s investments in other funds advised by BFA or its affiliates.

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company,N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operationalcosts directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a moneymarket fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateralinvestment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from thereinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion ofsecurities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the 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, each Fund, pursuant to the securities lending agreement,will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be lessthan 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months endedApril 30, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETFFees Paid

to BTC

iBonds Dec 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,117iBonds Dec 2021 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,761iBonds Dec 2022 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,485iBonds Dec 2023 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,070iBonds Dec 2024 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,844iBonds Dec 2025 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,497iBonds Dec 2026 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,557iBonds Dec 2027 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,012iBonds Dec 2028 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,349iBonds Dec 2029 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,505

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 April 30, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF Purchases Sales

iBonds Dec 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $87,370,719 $ —

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash 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 April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF Purchases Sales

iBonds Dec 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 334,815,237iBonds Dec 2021 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,791,774 113,971,552iBonds Dec 2022 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,636,373 76,884,098iBonds Dec 2023 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,981,272 42,406,211iBonds Dec 2024 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,774,660 27,876,363iBonds Dec 2025 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,922,866 33,906,465iBonds Dec 2026 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,997,137 14,917,734iBonds Dec 2027 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,951,702 10,206,477iBonds Dec 2028 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,400,847 4,542,823iBonds Dec 2029 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,652,355 3,427,283

For the six months ended April 30, 2020, in-kind transactions were as follows:

iShares ETFIn-kind

PurchasesIn-kindSales

iBonds Dec 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,532,834 $ 180,044,999iBonds Dec 2021 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,179,635 120,948,390iBonds Dec 2022 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201,328,723 63,351,101iBonds Dec 2023 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207,852,662 61,366,405iBonds Dec 2024 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238,387,032 78,109,386iBonds Dec 2025 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,661,295 99,494,521iBonds Dec 2026 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,114,375 81,435,566iBonds Dec 2027 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,813,071 39,243,657iBonds Dec 2028 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,625,711 —iBonds Dec 2029 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,513,944 2,483,373

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the policy of each 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 Funds as of April 30, 2020, inclusive of the open tax return years, and does not believe thatthere are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

As of October 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF Non-Expiring

iBonds Dec 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 42,503iBonds Dec 2021 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,448iBonds Dec 2023 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 958,210iBonds Dec 2024 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,448iBonds Dec 2025 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 671,433iBonds Dec 2026 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238,681iBonds Dec 2027 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,146



As of April 30, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal incometax purposes were as follows:

iShares ETF Tax CostGross Unrealized

AppreciationGross Unrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

iBonds Dec 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,123,690,789 $ 3,086,373 $ (474,598) $ 2,611,775iBonds Dec 2021 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,377,099,269 15,602,224 (1,786,823) 13,815,401iBonds Dec 2022 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,190,211,930 25,711,018 (3,212,453) 22,498,565iBonds Dec 2023 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,024,881,905 32,268,791 (3,716,706) 28,552,085iBonds Dec 2024 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 813,375,611 27,717,060 (6,285,009) 21,432,051iBonds Dec 2025 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 571,027,498 23,653,704 (4,639,696) 19,014,008iBonds Dec 2026 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 384,295,611 18,562,855 (3,198,275) 15,364,580iBonds Dec 2027 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283,734,237 11,888,563 (3,885,975) 8,002,588iBonds Dec 2028 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,465,786 7,457,740 (1,640,091) 5,817,649iBonds Dec 2029 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,079,833 1,420,272 (1,090,702) 329,570

8. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to 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. Each Fund’s prospectus providesdetails of the risks to which the Fund is subject.

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

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It representsthe potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixedincome and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general marketconditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instabilityor to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other publichealth issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the marketvalue of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but arenot limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates,greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition ofwithholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened forinvestments in issuers from countries with less developed capital markets.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bondsand other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interestrate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund maybe subject to a greater risk of price losses if interest rates rise.

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 impact of the pandemic may be short term or maylast for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchaseagreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliatesmanage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and bymonitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally offinancial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets isapproximated by their value recorded in its statement of assets and liabilities.



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 each Fund’s portfolio are disclosed in its schedule of investments.

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:


Year Ended10/31/19

iShares ETF Shares Amount Shares Amount

iBonds Dec 2020 Term CorporateShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100,000 $ 53,040,005 17,250,000 $ 433,187,371Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,900,000) (199,231,113) (400,000) (10,130,795)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,800,000) $ (146,191,108) 16,850,000 $ 423,056,576


Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 $ 13,676,968 18,900,000 $ 465,070,156

iBonds Dec 2022 Term CorporateShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,200,000 $ 207,305,662 19,150,000 $ 474,206,946Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,700,000) (65,931,720) — —

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,500,000 $ 141,373,942 19,150,000 $ 474,206,946


Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,700,000 $ 148,427,883 14,250,000 $ 354,498,825


Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400,000 $ 167,304,251 12,700,000 $ 315,007,693


Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200,000 $ 60,456,120 5,600,000 $ 139,663,399


Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,000 $ 19,906,550 7,800,000 $ 189,638,770


Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000 $ 26,491,900 3,750,000 $ 94,887,843

iBonds Dec 2028 Term CorporateShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,050,000 $ 29,346,216 2,700,000 $ 72,171,847Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (200,000) (4,982,645)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,050,000 $ 29,346,216 2,500,000 $ 67,189,202




Period Ended10/31/19

iShares ETF Shares Amount Shares Amount

iBonds Dec 2029 Term CorporateShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,850,000 $ 47,438,220 700,000 $ 17,623,672Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (100,000) (2,553,060) — —

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,750,000 $ 44,885,160 700,000 $ 17,623,672

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. Plaintiff may choose to petition the U.S. Supreme Court for further review.

11. SUBSEQUENT EVENTS

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



The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidityrisk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations andmitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares iBonds Dec 2020 Term Corporate ETF, iShares iBonds Dec 2021 Term Corporate ETF, iShares iBonds Dec 2022 TermTTCorporate ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2025 Term Corporate ETF, iSharesiBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF and iShares iBonds Dec 2029 TermTTCorporate ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”)pursuant to the Liquidity Rule. The Board has appointed BlackRock FundAdvisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for eachFund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting,the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness ofimplementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the“Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquiditybuckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund noless frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’sliquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During theProgram Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds withmore significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidityclassification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investmentpurposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period,the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. TheCommittee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or maynot be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimusamounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement ofsecurities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiencyof the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored theprevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted byan ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquidand illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that basedon the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

Statement Regarding Liquidity Risk Management Program (unaudited)

S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M 111

Section 19(a) Notices

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

Total Cumulative Distributionsfor the Fiscal Year-to-Date

% Breakdown of the Total CumulativeDistributions for the Fiscal Year-to-Date

iShares ETF

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

iBonds Dec 2020 Term Corporate . . . . . . . . . . . . . . . . . . $ 0.307760 $ — $ — $ 0.307760 100% —% —% 100%iBonds Dec 2021 Term Corporate . . . . . . . . . . . . . . . . . . 0.323945 — — 0.323945 100 — — 100iBonds Dec 2022 Term Corporate . . . . . . . . . . . . . . . . . . 0.335943 0.020298 — 0.356241 94 6 — 100iBonds Dec 2023 Term Corporate . . . . . . . . . . . . . . . . . . 0.367610 — — 0.367610 100 — — 100iBonds Dec 2024 Term Corporate . . . . . . . . . . . . . . . . . . 0.379529 — — 0.379529 100 — — 100iBonds Dec 2025 Term Corporate . . . . . . . . . . . . . . . . . . 0.389613 — — 0.389613 100 — — 100iBonds Dec 2026 Term Corporate(a) . . . . . . . . . . . . . . . . 0.394080 — 0.000337 0.394417 100 — 0(b) 100iBonds Dec 2027 Term Corporate(a) . . . . . . . . . . . . . . . . 0.406780 — 0.000762 0.407542 100 — 0(b) 100iBonds Dec 2028 Term Corporate . . . . . . . . . . . . . . . . . . 0.428788 — — 0.428788 100 — — 100iBonds Dec 2029 Term Corporate(a) . . . . . . . . . . . . . . . . 0.353556 — 0.016211 0.369767 96 — 4 100

(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A returnof capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect theFund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce theFund's net asset value per share.

(b) Rounds to less than 1%.

Supplemental Information (unaudited)


Electronic Delivery

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 Funds' 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.

General Information

G E N E R A L I N F O R M A T I O N 113

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Want to know more?iShares.com | 1-800-474-2737

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is

preceded or accompanied by the current prospectus.

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 Bloomberg Index Services Limited, nor does

this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not

affiliated with the company listed above.

©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-1012-0420

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