BlackRock Multi-Sector Income Trust


Security		Shares		Value

Common Stocks — 0.6%

Aerospace & Defense — 0.6%
United Technologies Corp.			25,650	$	3,852,630


Diversified Financial Services — 0.0%
Arrow Global Group PLC			4,064		14,232


Total Common Stocks — 0.6% (Cost — $2,980,457)					3,866,862


		Par (000)

Asset-Backed Securities — 19.3%
522 Funding Clo I Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 7.34%), 9.24%, 01/15/33^(a)(b)	USD		250		251,425
Ajax Mortgage Loan Trust, Series 2017-D^(a):
Class A, 3.75%, 12/25/57			2,881		3,008,493
Class B, 0.00%, 12/25/57^(c)(d)			933		419,522
ALM VI Ltd.^(a)(b):
(3 mo. LIBOR US + 2.70%), 4.53%, 07/15/26			1,010		997,665
Series 2012-6A, Class BR3, (3 mo. LIBOR US + 1.75%), 3.58%, 07/15/26			1,200		1,185,025
ALM XII Ltd., Series 2015-12A, Class C1R2, (3 mo. LIBOR US + 2.65%), 4.49%, 04/16/27^(a)(b)			545		544,929
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36^(a)			2,000		2,244,816
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 8.83%, 10/15/28^(a)(b)			1,000		1,002,175
Anchorage Capital CLO Ltd.^(a):
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.85%), 3.65%, 01/28/31^(b)			1,000		968,022
Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 7.23%, 01/15/30^(b)			860		839,649
Series 2015-6A, Class DR, (3 mo. LIBOR US + 3.55%), 5.38%, 07/15/30^(b)			1,000		999,840
Series 2015-7A, Class DR, (3 mo. LIBOR US + 2.70%), 4.53%, 10/15/27^(b)			250		249,341
Series 2015-7A, Class ER, 7.43%, 10/15/27^(d)			333		329,669
Series 2016-8A, Class DR, (3 mo. LIBOR US + 3.00%), 4.80%, 07/28/28^(b)			1,000		994,944


Security		Par (000)		Value

Asset-Backed Securities (continued)
Ares XLI CLO Ltd., Series 2016-41A, Class D, (3 mo. LIBOR US + 4.20%), 6.03%, 01/15/29^(a)(b)	USD		900	$	900,050
Battalion CLO VIII Ltd., Series 2015-8A, Class D1R, (3 mo. LIBOR US + 7.00%), 8.82%, 07/18/30^(a)(b)			500		500,608
Battalion CLO XI Ltd., Series 2017-11A, Class E, (3 mo. LIBOR US + 5.98%), 7.78%, 10/24/29^(a)(b)			325		308,728
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 1.80%, 11/25/36^(b)			2,578		2,523,765
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class CR, (3 mo. LIBOR US + 3.70%), 5.53%, 07/15/29^(a)(b)			1,750		1,638,749
Benefit Street Partners CLO VI Ltd., Series 2015-VIA^(a)(b):
Class BR, (3 mo. LIBOR US + 2.40%), 4.22%, 10/18/29			1,000		999,735
Class CR, (3 mo. LIBOR US + 3.45%), 5.27%, 10/18/29			1,000		999,705
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class CR, (3 mo. LIBOR US + 3.50%), 5.33%, 01/15/29^(a)(b)			420		416,898
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class E, (3 mo. LIBOR US + 6.90%), 8.81%, 10/15/32^(a)(b)			500		489,987
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 4.49%, 01/17/28^(a)(b)			250		249,050
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.16%), 1.82%, 10/25/36^(b)			6,422		4,920,839
Carrington Mortgage Loan Trust, Series 2006-FRE2^(b):
Class A2, (1 mo. LIBOR US + 0.12%), 1.78%, 10/25/36			4,095		3,295,911
Class A5, (1 mo. LIBOR US + 0.08%), 1.74%, 03/25/35			8,436		6,754,787
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 8.26%, 07/20/32^(a)(b)			500		494,304
CIFC Funding II Ltd., Series 2015-2A, Class DR, 4.28%, 04/15/27^(a)(d)			750		749,887
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 8.83%, 10/15/32^(a)(b)			950		949,830


Security		Par (000)		Value

Asset-Backed Securities (continued)
Fremont Home Loan Trust^(b):
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.16%), 1.82%, 05/25/36	USD		22,072	$	14,806,157
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 1.81%, 11/25/36			20,143		9,010,902
Galaxy CLO Ltd., Series 2015-21A, (3 mo. LIBOR US + 5.25%), 7.07%, 04/20/31^(a)(b)			500		469,818
Galaxy CLO XXIX Ltd., Series 2018-29A, Class D, (3 mo. LIBOR US + 2.40%), 4.31%, 11/15/26^(a)(b)			530		528,672
Highbridge Loan Management Ltd., Series 4A-2014, Class BR, (3 mo. LIBOR US + 1.85%), 3.65%, 01/28/30^(a)(b)			1,750		1,696,875
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 1.83%, 04/25/37^(b)			10,236		7,498,465
HPS Loan Management Ltd.^(a)(b):
Series 8A-2016, Class ER, (3 mo. LIBOR US + 5.50%), 7.32%, 07/20/30			1,000		957,408
Series 10A-16, Class C, (3 mo. LIBOR US + 3.65%), 5.47%, 01/20/28			2,500		2,471,125
Invitation Homes Trust, Series 2018-SFR2, Class E, (1 mo. LIBOR US + 2.00%), 3.68%, 06/17/37^(a)(b)			3,000		3,014,929
Kayne CLO Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 9.28%, 01/20/33^(a)(b)			500		498,173
Long Beach Mortgage Loan Trust^(b):
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 1.82%, 11/25/36			11,289		5,312,676
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 1.82%, 08/25/36			6,396		3,534,128
Madison Park Funding X Ltd., Series 2012-10A^(a)(b):
Class DR2, (3 mo. LIBOR US + 3.25%), 5.07%, 01/20/29			750		736,974
Class ER2, (3 mo. LIBOR US + 6.40%), 8.22%, 01/20/29			1,500		1,488,549
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 5.52%, 04/20/26^(a)(b)			1,000		999,848


Security		Par (000)			Value

Asset-Backed Securities (continued)
Mastr Asset-Backed Securities Trust, Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.15%), 1.81%, 06/25/36^(b)	USD		9,463		$	5,395,039
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 5.00%), 6.83%, 01/15/28^(a)(b)			710			695,929
Oaktree CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 5.20%), 7.02%, 10/20/27^(a)(b)			1,000			956,239
Octagon Investment Partners LLC, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 8.12%, 07/20/30^(a)(b)			500			497,548
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 2.75%), 4.55%, 01/22/30^(a)(b)			500			490,345
OHA Credit Partners VII Ltd., Series 2012-7A, Class DR, (3 mo. LIBOR US + 4.20%), 6.10%, 11/20/27^(a)(b)			590			590,679
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, (3 mo. LIBOR US + 7.15%), 8.97%, 01/21/30^(a)(b)			405			404,869
OZLM XIV Ltd., Series 2015-14A, Class CR, (3 mo. LIBOR US + 3.00%), 4.83%, 01/15/29^(a)(b)			1,000			950,602
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 7.36%, 01/20/31^(a)(b)			250			238,414
Palmer Square Loan Funding Ltd., Series 2018-5A, Class D, (3 mo. LIBOR US + 4.25%), 6.07%, 01/20/27^(a)(b)			500			494,634
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.22%), 8.13%, 11/14/29^(a)(b)			1,750			1,682,829
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37			4,070			2,343,557
Rockford Tower CLO Ltd., Series 2017-2A, Class D, (3 mo. LIBOR US + 3.45%), 5.28%, 10/15/29^(a)(b)			500			496,438
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 2.06%, 09/25/47^(b)			5,000			4,724,294
Scholar Funding Trust, Series 2013-A, Class R, 0.00%^(c)			—	^(q)		1,543,442
TICP CLO VII Ltd., Series 2017-7A, Class E, (3 mo. LIBOR US + 6.51%), 8.34%, 07/15/29^(a)(b)			500			487,783


Security		Par (000)		Value

Asset-Backed Securities (continued)
Treman Park CLO Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 2.65%), 4.47%, 10/20/28^(a)(b)	USD		1,500	$	1,466,775
TRESTLES CLO II Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 3.65%), 5.44%, 07/25/29^(a)(b)			250		248,337
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 1.90%, 05/25/37^(b)			8,347		7,512,783
Wellfleet CLO Ltd., Series 2017-3A, Class B, (3 mo. LIBOR US + 1.95%), 3.79%, 01/17/31^(a)(b)			500		467,569
Westcott Park CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 5.07%, 07/20/28^(a)(b)			550		549,391
York CLO-2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 7.45%, 01/22/31^(a)(b)			250		238,000


Total Asset-Backed Securities — 19.3% (Cost — $119,825,053)					125,728,543


Corporate Bonds — 77.3%

Aerospace & Defense — 3.0%
Amsted Industries, Inc., 5.63%, 07/01/27^(a)			185		196,665
Arconic, Inc.:
5.40%, 04/15/21			12		12,346
5.87%, 02/23/22^(e)			1,065		1,135,567
5.13%, 10/01/24^(e)			808		872,454
Bombardier, Inc.^(a):
8.75%, 12/01/21			709		758,630
5.75%, 03/15/22			120		119,700
6.00%, 10/15/22			10		9,800
6.13%, 01/15/23			408		402,667
7.50%, 12/01/24			181		175,796
7.50%, 03/15/25^(e)			197		189,366
7.88%, 04/15/27^(e)			1,593		1,509,288
CenturyLink, Inc., 4.00%, 02/15/27^(a)			605		609,961
Global Aircraft Leasing Co. Ltd., (6.5% Cash or 7.25% PIK), 6.50%, 09/15/24^(a)(f)			913		951,803
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25^(a)(e)			448		477,120
Lockheed Martin Corp., 4.09%, 09/15/52^(e)			451		556,506
Moog, Inc., 4.25%, 12/15/27^(a)			393		402,884
Signature Aviation US Holdings, Inc.^(a):
5.38%, 05/01/26			322		334,075
4.00%, 03/01/28			487		481,676
SoftBank Group Corp., 4.00%, 04/20/23	EUR		240		283,473


Security		Par (000)		Value

Aerospace & Defense (continued)
TransDigm UK Holdings PLC, 6.88%, 05/15/26	USD		431	$	459,015
TransDigm, Inc.^(a):
6.25%, 03/15/26^(e)			6,854		7,392,039
5.50%, 11/15/27			505		508,106
Triumph Group, Inc., 6.25%, 09/15/24^(a)			239		246,517
United Technologies Corp., 3.75%, 11/01/46^(e)			700		800,822
Wolverine Escrow LLC^(a):
8.50%, 11/15/24			282		289,989
9.00%, 11/15/26			569		591,009

					19,767,274

Air Freight & Logistics — 0.2%
FedEx Corp.^(e):
3.90%, 02/01/35			500		528,201
4.75%, 11/15/45			500		556,615
XPO Logistics, Inc., 6.75%, 08/15/24^(a)			22		23,735

					1,108,551

Airlines — 2.2%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/22^(a)			1,833		1,886,442
American Airlines Group, Inc., 5.00%, 06/01/22^(a)			1,300		1,350,375
American Airlines Pass-Through Trust:
Series 2013-2, Class A, 4.95%, 07/15/24			1,180		1,237,434
Series 2017-1, Class B, 4.95%, 08/15/26			1,365		1,458,550
Avianca Holdings SA, 9.00%, 05/10/23^(a)			465		468,953
Continental Airlines Pass-Through Trust, Class B:
Series 2007-1, 6.90%, 10/19/23			102		107,745
Series 2012-1, 6.25%, 10/11/21			196		197,333
Delta Air Lines Pass-Through Trust, Series 2007-1, Class B, 8.02%, 02/10/24			1,085		1,189,405
Latam Finance Ltd., 6.88%, 04/11/24^(a)			737		784,145
United Airlines Pass-Through Trust^(e):
Series 2014-2, Class B, 4.63%, 03/03/24			1,723		1,788,050
Series 2015-1, Class A, 3.70%, 06/01/24			3,570		3,705,616

					14,174,048

Auto Components — 1.0%
Allison Transmission, Inc.^(a):
5.00%, 10/01/24			38		38,713
5.88%, 06/01/29			381		415,940
Aptiv PLC^(e):
4.25%, 01/15/26			400		439,318


Security		Par (000)		Value

Auto Components (continued)
4.40%, 10/01/46	USD		280	$	287,373
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(a)			337		341,213
Goodyear Tire & Rubber Co., 5.00%, 05/31/26			77		79,988
IHO Verwaltungs GmbH^(f):
(3.63% Cash or 4.38% PIK), 3.63%, 05/15/25	EUR		100		113,848
(4.63% PIK), 3.88%, 05/15/27			100		114,715
Jaguar Land Rover Automotive PLC, 6.88%, 11/15/26			100		117,997
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.:
4.38%, 05/15/26			101		115,374
6.25%, 05/15/26^(a)(e)	USD		1,544		1,656,097
8.50%, 05/15/27^(a)(e)			2,102		2,259,650
Tesla, Inc., 5.30%, 08/15/25^(a)			398		401,988

					6,382,214

Automobiles — 0.4%
General Motors Co., 6.25%, 10/02/43^(e)			2,194		2,592,874


Banks — 0.6%
Allied Irish Banks PLC, (5 year EUR Swap + 3.95%), 4.13%, 11/26/25^(g)	EUR		100		114,334
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25			100		111,052
Banco BPM SpA, 2.50%, 06/21/24			100		116,387
Barclays PLC:
4.38%, 09/11/24	USD		720		770,967
5.20%, 05/12/26			200		225,155
BBVA Bancomer SA, 6.75%, 09/30/22^(a)			682		748,495
CIT Group, Inc., 5.00%, 08/01/23^(e)			847		908,408
HSBC Holdings PLC, 4.38%, 11/23/26^(e)			370		407,708
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33^(a)(e)(g)			500		556,451

					3,958,957

Beverages — 0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(e)			2,160		2,684,491


Security		Par (000)		Value

Beverages (continued)
Central American Bottling Corp., 5.75%, 01/31/27^(a)	USD		637	$	673,030

					3,357,521

Biotechnology — 0.3%
Amgen, Inc., 4.40%, 05/01/45^(e)			1,100		1,272,066
Gilead Sciences, Inc., 4.75%, 03/01/46^(e)			700		871,229

					2,143,295

Building Materials — 0.0%
Cemex SAB de CV, 3.13%, 03/19/26	EUR		100		116,034


Building Products — 0.4%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27^(a)	USD		310		320,075
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26^(a)			317		333,643
Beacon Roofing Supply, Inc.^(a):
4.88%, 11/01/25			62		61,671
4.50%, 11/15/26			104		106,860
Jeld-Wen, Inc.^(a):
4.63%, 12/15/25			163		166,260
4.88%, 12/15/27			23		23,805
Masonite International Corp.^(a):
5.75%, 09/15/26			106		112,360
5.38%, 02/01/28			186		195,823
Standard Industries, Inc.^(a):
5.50%, 02/15/23			32		32,480
5.38%, 11/15/24^(e)			522		536,355
6.00%, 10/15/25^(e)			659		687,831
5.00%, 02/15/27			48		50,040
4.75%, 01/15/28			68		69,743

					2,696,946

Capital Markets — 0.3%
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%^(g)(h)			620		647,900
Intercorp Peru Ltd., 3.88%, 08/15/29^(a)			200		202,094
Intertrust Group BV, 3.38%, 11/15/25	EUR		100		115,605
LABL Escrow Issuer LLC, 6.75%, 07/15/26^(a)	USD		414		444,648
Owl Rock Capital Corp., 5.25%, 04/15/24			106		113,990
Raymond James Financial, Inc., 4.95%, 07/15/46^(e)			400		493,009
Stevens Holding Co., Inc., 6.13%, 10/01/26^(a)			197		215,715

					2,232,961

Chemicals — 1.6%
Atotech Alpha 2 BV, (8.75% Cash or 9.50% PIK), 8.75%, 06/01/23^(a)(f)			306		311,386


Security		Par (000)		Value

Chemicals (continued)
Atotech Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25^(a)	USD		2,170	$	2,216,112
Axalta Coating Systems LLC, 4.88%, 08/15/24^(a)			265		272,950
Blue Cube Spinco LLC:
9.75%, 10/15/23			915		975,637
10.00%, 10/15/25			430		469,530
Chemours Co.:
6.63%, 05/15/23			259		254,967
5.38%, 05/15/27			170		147,475
Cydsa SAB de CV, 6.25%, 10/04/27^(a)(e)			914		948,275
Element Solutions, Inc., 5.88%, 12/01/25^(a)(e)			1,636		1,691,002
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(a)			199		206,960
Monitchem HoldCo 3 SA, 5.25%, 03/15/25	EUR		100		116,008
NOVA Chemicals Corp., 4.88%, 06/01/24^(a)	USD		80		81,200
Orbia Advance Corp SAB de CV, 5.50%, 01/15/48^(a)(e)			526		570,546
PQ Corp.^(a)(e):
6.75%, 11/15/22			437		447,925
5.75%, 12/15/25			644		672,980
Sherwin-Williams Co., 4.50%, 06/01/47^(e)			310		368,003
WR Grace & Co-Conn^(a)(e):
5.13%, 10/01/21			277		287,651
5.63%, 10/01/24			300		330,705

					10,369,312

Commercial Services & Supplies — 2.3%
ADT Security Corp.:
6.25%, 10/15/21			234		247,656
3.50%, 07/15/22			71		71,997
4.13%, 06/15/23			16		16,260
4.88%, 07/15/32^(a)			685		636,913
Advanced Disposal Services, Inc., 5.63%, 11/15/24^(a)			176		183,304
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27^(a)			636		678,930
Autostrade per l’Italia SpA, 5.88%, 06/09/24	EUR		200		258,836
Aviation Capital Group LLC, 6.75%, 04/06/21^(a)(e)	USD		5,000		5,266,085
Booz Allen Hamilton, Inc., 5.13%, 05/01/25^(a)			455		467,512
Clean Harbors, Inc.^(a)(e):
4.88%, 07/15/27			297		312,563
5.13%, 07/15/29			205		218,325
Core & Main LP, 6.13%, 08/15/25^(a)			1,119		1,149,627


Security		Par (000)		Value

Commercial Services & Supplies (continued)
Fortress Transportation & Infrastructure Investors LLC^(a):
6.75%, 03/15/22	USD		85	$	87,550
6.50%, 10/01/25			92		97,674
GFL Environmental, Inc.^(a):
5.38%, 03/01/23			36		36,765
7.00%, 06/01/26			980		1,021,356
5.13%, 12/15/26			562		578,776
8.50%, 05/01/27			609		663,810
Harland Clarke Holdings Corp., 8.38%, 08/15/22^(a)			470		408,618
KAR Auction Services, Inc., 5.13%, 06/01/25^(a)(e)			323		331,343
Mobile Mini, Inc., 5.88%, 07/01/24^(e)			585		608,400
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25^(a)(e)			188		195,285
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		115,692
United Rentals North America, Inc.:
4.63%, 10/15/25^(e)	USD		324		331,088
5.88%, 09/15/26			60		63,825
5.50%, 05/15/27			345		366,493
3.88%, 11/15/27^(e)			292		294,920
5.25%, 01/15/30			170		182,495

					14,892,098

Communications Equipment — 0.9%
CommScope, Inc.^(a):
5.50%, 03/01/24^(e)			1,042		1,070,655
6.00%, 03/01/26			205		214,994
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, 05/01/24^(a)			277		297,786
Nokia OYJ^(e):
3.38%, 06/12/22			126		127,890
4.38%, 06/12/27			177		186,735
6.63%, 05/15/39			245		297,675
ViaSat, Inc., 5.63%, 04/15/27^(a)			753		788,692
Ypso Finance Bis SA, 6.00%, 02/15/28^(a)(i)			497		492,030
Zayo Group LLC/Zayo Capital, Inc.^(e):
6.38%, 05/15/25			343		350,546
5.75%, 01/15/27^(a)			2,096		2,140,331

					5,967,334

Construction & Engineering — 0.3%
Brand Industrial Services, Inc., 8.50%, 07/15/25^(a)			624		625,479
frontdoor, Inc., 6.75%, 08/15/26^(a)			436		476,616
SPIE SA, 2.63%, 06/18/26	EUR		100		114,253


Security		Par (000)		Value

Construction & Engineering (continued)
SRS Distribution, Inc., 8.25%, 07/01/26^(a)	USD		393	$	408,720

					1,625,068

Construction Materials — 0.7%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28^(a)			444		447,659
Core & Main Holdings LP, (8.625% Cash or 9.38% PIK), 8.63%, 09/15/24^(a)(f)			551		574,418
HD Supply, Inc., 5.38%, 10/15/26^(a)(e)			2,397		2,540,820
Navistar International Corp., 6.63%, 11/01/25^(a)(e)			415		434,019
New Enterprise Stone & Lime Co., Inc.^(a):
10.13%, 04/01/22			162		169,695
6.25%, 03/15/26			88		91,960
Williams Scotsman International, Inc.^(a):
7.88%, 12/15/22			116		120,930
6.88%, 08/15/23			464		487,353

					4,866,854

Consumer Discretionary — 0.2%
Nielsen Co. Luxembourg Sarl, 5.00%, 02/01/25^(a)(e)			196		199,454
Viking Cruises Ltd.^(a)(e):
6.25%, 05/15/25			300		308,001
5.88%, 09/15/27			605		620,155

					1,127,610

Consumer Finance — 1.6%
Ally Financial, Inc., 8.00%, 11/01/31^(e)			1,832		2,573,960
Credivalores-Crediservicios SAS, 9.75%, 07/27/22^(a)			457		481,421
Iron Mountain UK PLC, 3.88%, 11/15/25	GBP		100		134,506
Muthoot Finance Ltd., 6.13%, 10/31/22^(a)	USD		481		498,436
Navient Corp.:
5.00%, 10/26/20^(e)			370		375,180
7.25%, 09/25/23^(e)			153		169,065
6.13%, 03/25/24			105		111,859
5.88%, 10/25/24			137		144,524
6.75%, 06/15/26			40		43,400
5.00%, 03/15/27			335		334,162
Refinitiv US Holdings, Inc.:
4.50%, 05/15/26	EUR		118		141,828
4.50%, 05/15/26^(a)			480		576,928
6.25%, 05/15/26^(a)	USD		50		54,065
8.25%, 11/15/26^(a)(e)			1,152		1,283,098
Springleaf Finance Corp.:
6.13%, 05/15/22			85		90,525
6.88%, 03/15/25			334		376,585
7.13%, 03/15/26			483		554,170


Security		Par (000)		Value

Consumer Finance (continued)
6.63%, 01/15/28	USD		262	$	294,750
5.38%, 11/15/29			195		202,780
Verscend Escrow Corp., 9.75%, 08/15/26^(a)(e)			1,880		2,044,500

					10,485,742

Containers & Packaging — 1.4%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(a)(f)			799		824,888
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.13%, 08/15/26^(a)(e)			310		318,913
4.75%, 07/15/27^(a)	GBP		100		137,136
4.75%, 07/15/27			100		137,136
Berry Global, Inc.:
1.00%, 01/15/25	EUR		100		109,796
4.88%, 07/15/26^(a)(e)	USD		467		487,946
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			513		534,802
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26^(e)			543		562,738
Intertape Polymer Group, Inc., 7.00%, 10/15/26^(a)			237		250,628
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24^(a)(e)			1,577		1,625,051
OI European Group BV, 2.88%, 02/15/25	EUR		100		113,678
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu^(a):
5.13%, 07/15/23	USD		172		175,528
7.00%, 07/15/24			421		434,682
Sealed Air Corp.^(a):
5.13%, 12/01/24			54		58,320
6.88%, 07/15/33			44		52,140
Silgan Holdings, Inc., 4.13%, 02/01/28^(a)			278		276,332
Trivium Packaging Finance BV:
3.75%, 08/15/26	EUR		100		115,954
5.50%, 08/15/26^(a)	USD		1,189		1,252,909
8.50%, 08/15/27^(a)			1,508		1,658,800

					9,127,377

Diversified Consumer Services — 0.7%
APX Group, Inc.:
8.75%, 12/01/20			289		289,452
7.88%, 12/01/22			185		188,147
8.50%, 11/01/24^(a)			166		176,652
Ascend Learning LLC, 6.88%, 08/01/25^(a)(e)			1,197		1,250,865
Garda World Security Corp., 4.63%, 02/15/27^(a)			345		341,498


Security		Par (000)		Value

Diversified Consumer Services (continued)
Graham Holdings Co., 5.75%, 06/01/26^(a)	USD		204	$	217,260
Laureate Education, Inc., 8.25%, 05/01/25^(a)			138		147,832
Pinnacle Bidco PLC, 6.38%, 02/15/25	GBP		100		138,410
Prime Security Services Borrower LLC/Prime Finance, Inc.^(a):
9.25%, 05/15/23^(e)	USD		236		247,210
5.25%, 04/15/24			178		185,565
5.75%, 04/15/26^(e)			416		438,880
Service Corp. International, 5.13%, 06/01/29			281		299,237
ServiceMaster Co. LLC, 5.13%, 11/15/24^(a)(e)			546		564,275

					4,485,283

Diversified Financial Services — 1.8%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26^(a)(e)			1,966		2,090,104
Alpha Holding SA de CV, 9.00%, 02/10/25^(a)(i)			405		405,506
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		134,192
ASG Finance Designated Activity Co., 7.88%, 12/03/24^(a)	USD		262		251,520
Citigroup, Inc., Series V, (Secured Overnight Financing Rate + 3.23%), 4.70%^(g)(h)			720		733,500
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26^(a)			264		280,500
Ford Motor Credit Co. LLC, 4.39%, 01/08/26^(e)			1,250		1,288,039
Garfunkelux Holdco 3 SA, 7.50%, 08/01/22	EUR		100		111,237
General Motors Financial Co., Inc., 4.25%, 05/15/23^(e)	USD		326		345,359
Gilex Holding Sarl, 8.50%, 05/02/23^(a)			256		277,120
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(a)			2,888		3,066,685
Intrum AB, 3.00%, 09/15/27	EUR		100		108,942
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24^(f)			101		115,117
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%^(g)(h)	USD		515		575,512
MSCI, Inc.^(a):
5.25%, 11/15/24			48		49,440
4.00%, 11/15/29			99		101,104
Murphy Oil USA, Inc., 4.75%, 09/15/29			194		202,730


Security		Par (000)		Value

Diversified Financial Services (continued)
Spectrum Brands, Inc., 5.00%, 10/01/29^(a)	USD		132	$	137,168
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25^(a)(e)			924		956,340
Usiminas International Sarl, 5.88%, 07/18/26^(a)			200		214,900
Verisure Midholding AB, 5.75%, 12/01/23	EUR		100		113,554
VZ Vendor Financing BV, 2.50%, 01/31/24			100		112,569
WMG Acquisition Corp.:
4.13%, 11/01/24	EUR		90		102,914
5.50%, 04/15/26^(a)	USD		197		207,342

					11,981,394

Diversified Telecommunication Services — 3.8%
AT&T, Inc.^(e):
4.65%, 06/01/44			111		125,469
4.85%, 07/15/45			389		457,222
4.75%, 05/15/46			2,545		2,946,619
Axtel SAB de CV, 6.38%, 11/14/24^(a)(e)			525		554,039
CenturyLink, Inc.:
5.13%, 12/15/26^(a)			1,101		1,134,030
Series P, 7.60%, 09/15/39			279		301,808
Series U, 7.65%, 03/15/42			544		589,821
Series W, 6.75%, 12/01/23^(e)			620		687,425
Series Y, 7.50%, 04/01/24^(e)			715		806,756
Cincinnati Bell, Inc., 7.00%, 07/15/24^(a)(e)			100		104,625
Frontier Communications Corp., 8.00%, 04/01/27^(a)(e)			1,439		1,502,028
GCI LLC, 6.63%, 06/15/24^(a)			182		196,105
Level 3 Financing, Inc.:
5.38%, 08/15/22			91		91,364
5.63%, 02/01/23			146		146,044
5.13%, 05/01/23^(e)			360		361,692
5.38%, 05/01/25			146		150,745
5.25%, 03/15/26^(e)			864		898,646
4.63%, 09/15/27^(a)			169		173,651
Oi SA, (8.00% Cash or 4.00% PIK), 10.00%, 07/27/25^(f)			507		491,537
SoftBank Group Corp., 4.50%, 04/20/25	EUR		100		120,901
Telecom Argentina SA, 8.00%, 07/18/26^(a)	USD		262		255,614
Telecom Italia Capital SA:
6.38%, 11/15/33			82		95,637
6.00%, 09/30/34			473		531,631
7.20%, 07/18/36			54		66,960
7.72%, 06/04/38			133		172,774
Telecom Italia SpA:
4.00%, 04/11/24	EUR		100		122,605


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
5.30%, 05/30/24^(a)(e)	USD		800	$	872,000
2.75%, 04/15/25	EUR		100		117,259
Telesat Canada/Telesat LLC, 4.88%, 06/01/27^(a)	USD		404		415,049
Verizon Communications, Inc., 6.55%, 09/15/43^(e)			6,500		9,965,114

					24,455,170

Electric Utilities — 1.0%
Duke Energy Corp., 4.80%, 12/15/45^(e)			1,500		1,873,885
Emera US Finance LP, 4.75%, 06/15/46^(e)			200		243,294
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29^(a)			309		321,619
Enel Finance International NV, 3.63%, 05/25/27^(a)(e)			1,250		1,334,474
Energuate Trust, 5.88%, 05/03/27^(a)(e)			375		393,281
Inkia Energy Ltd., 5.88%, 11/09/27^(a)(e)			455		480,594
NextEra Energy Operating Partners LP^(a):
4.25%, 07/15/24			626		652,743
4.25%, 09/15/24			119		123,909
4.50%, 09/15/27			138		143,914
Talen Energy Supply LLC:
6.50%, 06/01/25			60		46,800
10.50%, 01/15/26^(a)			60		53,219
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37^(e)			750		1,056,232

					6,723,964

Electronic Equipment, Instruments & Components — 0.5%
CDW LLC/CDW Finance Corp.:
5.50%, 12/01/24^(e)			724		808,165
5.00%, 09/01/25			127		131,921
Corning, Inc., 4.38%, 11/15/57^(e)			1,915		2,080,045
Itron, Inc., 5.00%, 01/15/26^(a)			29		30,160

					3,050,291

Energy Equipment & Services — 0.5%
Apergy Corp., 6.38%, 05/01/26			283		297,321
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27^(a)			213		227,208
Gates Global LLC/Gates Global Co., 6.25%, 01/15/26^(a)			367		377,038
Odebrecht Oil & Gas Finance Ltd., 0.00%^(a)(h)(j)	BRL		155		1,304
Pattern Energy Group, Inc., 5.88%, 02/01/24^(a)	USD		263		270,233
Transocean, Inc.:
8.38%, 12/15/21			47		48,645
9.00%, 07/15/23^(a)(e)			1,046		1,123,822


Security		Par (000)		Value

Energy Equipment & Services (continued)
USA Compression Partners LP/USA Compression Finance Corp.:
6.88%, 04/01/26^(e)	USD		329	$	342,160
6.88%, 09/01/27			567		591,041

					3,278,772

Environmental, Maintenance, & Security Service — 0.1%
Tervita Corp., 7.63%, 12/01/21^(a)(e)			383		389,703
Waste Pro USA, Inc., 5.50%, 02/15/26^(a)			217		222,936

					612,639

Equity Real Estate Investment Trusts (REITs) — 2.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26^(a)			205		213,903
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(a)(e)			265		274,275
GLP Capital LP/GLP Financing II, Inc.^(e):
5.25%, 06/01/25			124		138,858
5.38%, 04/15/26			208		236,018
Iron Mountain, Inc.^(a):
4.88%, 09/15/27			471		485,130
4.88%, 09/15/29			233		237,683
iStar, Inc., 5.25%, 09/15/22^(e)			81		82,671
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27^(a)			992		990,026
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			48		51,960
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.^(e):
5.63%, 05/01/24			1,713		1,868,523
4.50%, 09/01/26			665		691,836
MPT Operating Partnership LP/MPT Finance Corp.:
5.50%, 05/01/24			88		89,870
5.00%, 10/15/27^(e)			1,095		1,151,064
4.63%, 08/01/29^(e)			539		563,255
Ryman Hospitality Properties, Inc., 4.75%, 10/15/27^(a)			731		760,240
SBA Communications Corp., 4.88%, 09/01/24^(e)			1,636		1,691,215


Security		Par (000)		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Starwood Property Trust, Inc., 5.00%, 12/15/21^(e)	USD		278	$	284,950
Trust F/1401, 6.95%, 01/30/44			1,738		2,118,731
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23^(e)			168		181,082
VICI Properties LP/VICI Note Co, Inc., 4.63%, 12/01/29^(a)			932		973,940
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26^(a)			148		154,845

					13,240,075

Food & Staples Retailing — 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC:
6.63%, 06/15/24^(e)			206		214,240
5.75%, 03/15/25			94		97,292
7.50%, 03/15/26^(a)			127		140,653
4.63%, 01/15/27^(a)(i)			843		854,701
5.88%, 02/15/28^(a)			377		402,447
4.88%, 02/15/30^(a)(i)			319		327,447
B&M European Value Retail SA, 4.13%, 02/01/22	GBP		100		133,030
BRF GmbH, 4.35%, 09/29/26	USD		200		204,375
Post Holdings, Inc., 5.50%, 12/15/29^(a)			248		262,545
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44^(e)			750		788,737

					3,425,467

Food Products — 1.4%
Aramark Services, Inc.:
5.00%, 04/01/25^(a)			347		361,494
4.75%, 06/01/26			252		262,080
5.00%, 02/01/28^(a)(e)			668		699,730
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25^(a)(e)			532		529,138
Darling Ingredients, Inc., 5.25%, 04/15/27^(a)			146		154,030
Graphic Packaging International LLC, 4.75%, 07/15/27^(a)			104		112,320
JBS Investments II GmbH, 5.75%, 01/15/28^(a)			395		417,005
JBS USA LUX SA/JBS USA Finance, Inc.^(a):
5.88%, 07/15/24			594		610,026
5.75%, 06/15/25^(e)			1,153		1,193,931
6.75%, 02/15/28			464		514,112
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.^(a):
6.50%, 04/15/29			862		965,440
5.50%, 01/15/30			683		737,640
MARB BondCo PLC:
7.00%, 03/15/24			229		237,015
6.88%, 01/19/25^(a)			637		671,000


Security		Par (000)		Value

Food Products (continued)
MHP Lux SA, 6.25%, 09/19/29^(a)	USD		600	$	580,500
Performance Food Group, Inc., 5.50%, 10/15/27^(a)			331		348,378
Post Holdings, Inc.^(a):
5.50%, 03/01/25^(e)			273		282,782
5.75%, 03/01/27^(e)			294		310,170
5.63%, 01/15/28			86		90,945
Simmons Foods, Inc., 7.75%, 01/15/24^(a)			279		298,530

					9,376,266

Health Care Equipment & Supplies — 1.0%
Avantor, Inc.^(a)(e):
6.00%, 10/01/24			2,044		2,171,750
9.00%, 10/01/25			1,292		1,427,919
Hologic, Inc.^(a):
4.38%, 10/15/25			225		229,124
4.63%, 02/01/28			179		188,327
Immucor, Inc., 11.13%, 02/15/22^(a)			112		110,880
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA^(a):
6.63%, 05/15/22^(e)			489		487,166
7.25%, 02/01/28			1,529		1,555,956
Teleflex, Inc.:
4.88%, 06/01/26			284		296,070
4.63%, 11/15/27			72		75,780

					6,542,972

Health Care Providers & Services — 3.8%
Acadia Healthcare Co., Inc., 5.13%, 07/01/22			72		72,090
AHP Health Partners, Inc., 9.75%, 07/15/26^(a)			252		274,680
Centene Corp.:
6.13%, 02/15/24			40		41,300
5.25%, 04/01/25^(a)			543		562,684
5.38%, 06/01/26^(a)(e)			401		426,564
5.38%, 08/15/26^(a)			387		411,187
4.25%, 12/15/27^(a)			802		836,085
4.63%, 12/15/29^(a)(e)			2,173		2,335,758
CHS/Community Health Systems, Inc.^(a):
8.63%, 01/15/24			836		888,250
6.63%, 02/15/25⁽ⁱ⁾			230		232,341
8.00%, 03/15/26^(e)			1,188		1,238,134
Encompass Health Corp., 5.75%, 11/01/24			45		45,550
Envision Healthcare Crop., 8.75%, 10/15/26^(a)			252		151,956


Security		Par (000)		Value

Health Care Providers & Services (continued)
HCA, Inc.:
5.38%, 02/01/25^(e)	USD		1,326	$	1,481,938
5.88%, 02/15/26			54		62,033
5.38%, 09/01/26^(e)			403		453,395
5.63%, 09/01/28^(e)			1,040		1,205,100
5.88%, 02/01/29			553		652,595
MEDNAX, Inc.^(a):
5.25%, 12/01/23^(e)			198		201,960
6.25%, 01/15/27			695		708,031
Molina Healthcare, Inc.:
5.38%, 11/15/22			207		219,182
4.88%, 06/15/25^(a)			204		208,080
MPH Acquisition Holdings LLC, 7.13%, 06/01/24^(a)(e)			879		851,417
Northwell Healthcare, Inc., 4.26%, 11/01/47^(e)			686		789,229
NVA Holdings, Inc., 6.88%, 04/01/26^(a)			206		222,480
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22^(a)(e)(f)			514		477,977
Radiology Partners, Inc., 9.25%, 02/01/28^(a)			170		176,800
Regional Care Hospital Partners Holdings, Inc., 8.25%, 05/01/23^(a)(e)			711		746,763
Surgery Center Holdings, Inc.^(a):
6.75%, 07/01/25^(e)			726		738,705
10.00%, 04/15/27			352		391,600
Team Health Holdings, Inc., 6.38%, 02/01/25^(a)(e)			105		61,691
Tenet Healthcare Corp.:
8.13%, 04/01/22^(e)			1,295		1,414,839
4.63%, 07/15/24^(e)			428		438,700
4.63%, 09/01/24^(a)			433		445,990
4.88%, 01/01/26^(a)(e)			1,703		1,765,798
6.25%, 02/01/27^(a)(e)			683		722,341
5.13%, 11/01/27^(a)			1,129		1,188,272
UnitedHealth Group, Inc., 4.38%, 03/15/42^(e)			750		890,148
Vizient, Inc., 6.25%, 05/15/27^(a)			483		520,628

					24,552,271

Health Care Technology — 0.4%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(a)			810		824,969
IQVIA, Inc.:
3.25%, 03/15/25	EUR		194		218,383
3.25%, 03/15/25^(a)			100		112,568
5.00%, 10/15/26^(a)	USD		548		573,345
5.00%, 05/15/27^(a)			717		756,464

					2,485,729


Security		Par (000)		Value

Hotels, Restaurants & Leisure — 5.3%
1011778 BC ULC/New Red Finance, Inc.^(a):
4.25%, 05/15/24^(e)	USD		28	$	28,595
5.00%, 10/15/25^(e)			1,853		1,911,740
3.88%, 01/15/28			541		544,435
4.38%, 01/15/28			371		371,890
Boyd Gaming Corp., 6.00%, 08/15/26			133		141,313
Boyne USA, Inc., 7.25%, 05/01/25^(a)			260		282,100
Cedar Fair LP, 5.25%, 07/15/29^(a)			297		313,335
Churchill Downs, Inc.^(a):
5.50%, 04/01/27			965		1,018,075
4.75%, 01/15/28			309		318,270
EI Group PLC, 6.00%, 10/06/23	GBP		3,320		4,391,816
Eldorado Resorts, Inc.:
6.00%, 04/01/25	USD		106		110,922
6.00%, 09/15/26			138		151,283
Golden Nugget, Inc., 6.75%, 10/15/24^(a)(e)			1,507		1,548,744
Hilton Domestic Operating Co., Inc.:
4.25%, 09/01/24^(e)			382		387,730
5.13%, 05/01/26^(e)			852		892,214
4.88%, 01/15/30			1,189		1,257,367
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.:
4.63%, 04/01/25			34		34,765
4.88%, 04/01/27			246		258,915
IRB Holding Corp., 6.75%, 02/15/26^(a)			178		185,289
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(a):
5.00%, 06/01/24			45		46,294
5.25%, 06/01/26^(e)			406		425,285
4.75%, 06/01/27			5		5,267
LHMC Finco 2 Sarl, (7.25% Cash or 8.00% PIK), 7.25%, 10/02/25^(f)	EUR		100		114,127
Lions Gate Capital Holdings LLC^(a):
6.38%, 02/01/24	USD		30		30,150
5.88%, 11/01/24			203		198,432
McDonald’s Corp., 3.70%, 01/30/26^(e)			750		817,557
MGM Resorts International:
7.75%, 03/15/22^(e)			438		485,103
6.00%, 03/15/23			494		542,017
5.75%, 06/15/25			52		57,971
4.63%, 09/01/26			38		39,818
Motion Bondco DAC, 6.63%, 11/15/27^(a)			200		212,500
Scientific Games International, Inc.:
5.00%, 10/15/25^(a)(e)			840		863,906
3.38%, 02/15/26	EUR		300		338,611
8.25%, 03/15/26^(a)	USD		901		977,585
7.00%, 05/15/28^(a)			343		361,964
7.25%, 11/15/29^(a)			339		363,577


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Six Flags Entertainment Corp.^(a):
4.88%, 07/31/24^(e)	USD		1,683	$	1,718,764
5.50%, 04/15/27			30		31,055
Unique Pub Finance Co. PLC:
Series M, 7.40%, 03/28/24	GBP		6,400		9,610,861
Series N, 6.46%, 03/30/32			100		167,020
Wyndham Destinations, Inc.:
5.40%, 04/01/24	USD		16		17,080
5.75%, 04/01/27			76		82,935
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(a)			328		340,300
Wynn Macau Ltd., 5.50%, 10/01/27^(a)			600		607,650
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29^(a)			626		649,475
Yum! Brands, Inc.:
3.88%, 11/01/23			110		113,209
4.75%, 01/15/30^(a)			503		537,581
5.35%, 11/01/43			85		87,125

					33,992,017

Household Durables — 0.7%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.^(a):
6.13%, 07/01/22^(e)			599		607,236
6.25%, 09/15/27			255		272,850
Controladora Mabe SA de CV, 5.60%, 10/23/28^(a)			624		702,800
Lennar Corp.:
6.25%, 12/15/21^(e)			450		472,500
4.88%, 12/15/23			146		156,585
4.75%, 05/30/25^(e)			410		447,695
5.25%, 06/01/26			32		35,440
4.75%, 11/29/27^(e)			425		470,688
MDC Holdings, Inc., 6.00%, 01/15/43			144		160,291
Meritage Homes Corp., 5.13%, 06/06/27			57		61,275
PulteGroup, Inc.:
6.38%, 05/15/33^(e)			469		567,490
6.00%, 02/15/35			48		55,080
Taylor Morrison Communities, Inc., 5.88%, 06/15/27^(a)			312		347,100
Tempur Sealy International, Inc., 5.50%, 06/15/26^(e)			191		200,162
TRI Pointe Group, Inc., 4.88%, 07/01/21			66		67,980

					4,625,172

Household Products — 0.1%
ACCO Brands Corp., 5.25%, 12/15/24^(a)			102		105,570
Energizer Holdings, Inc.^(a):
6.38%, 07/15/26			54		57,513


Security		Par (000)		Value

Household Products (continued)
7.75%, 01/15/27^(e)	USD		327	$	360,534

					523,617

Independent Power and Renewable Electricity Producers — 1.3%
Calpine Corp.:
5.50%, 02/01/24			77		78,001
5.75%, 01/15/25^(e)			591		607,560
5.25%, 06/01/26^(a)(e)			654		675,320
4.50%, 02/15/28^(a)			709		705,455
5.13%, 03/15/28^(a)			1,645		1,633,691
Clearway Energy Operating LLC:
5.75%, 10/15/25			242		254,342
4.75%, 03/15/28^(a)			378		388,905
Genneia SA, 8.75%, 01/20/22^(a)(e)			1,061		882,288
NRG Energy, Inc.^(e):
6.63%, 01/15/27			1,184		1,272,800
5.75%, 01/15/28			56		60,273
5.25%, 06/15/29^(a)			1,049		1,130,455
QEP Resources, Inc., 5.38%, 10/01/22			228		228,570
TerraForm Power Operating LLC^(a):
4.25%, 01/31/23			214		219,964
5.00%, 01/31/28			254		274,320
4.75%, 01/15/30			355		374,085

					8,786,029

Industrial Conglomerates — 0.5%
BWX Technologies, Inc., 5.38%, 07/15/26^(a)			470		498,200
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.25%, 02/01/22^(e)			341		346,967
6.75%, 02/01/24^(e)			240		249,000
4.75%, 09/15/24^(a)			143		146,062
6.38%, 12/15/25^(e)			231		241,106
6.25%, 05/15/26			498		522,741
5.25%, 05/15/27^(a)			604		606,271
Vertiv Group Corp., 9.25%, 10/15/24^(a)			522		559,521

					3,169,868

Insurance — 1.2%
Acrisure LLC/Acrisure Finance, Inc., 8.13%, 02/15/24^(a)			246		262,912
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27^(a)			1,159		1,222,745
AmWINS Group, Inc., 7.75%, 07/01/26^(a)			262		286,014
Aon PLC, 3.88%, 12/15/25^(e)			1,280		1,402,081
GTCR AP Finance, Inc., 8.00%, 05/15/27^(a)			374		396,440
HUB International Ltd., 7.00%, 05/01/26^(a)			1,506		1,562,475


Security		Par (000)		Value

Insurance (continued)
Nationstar Mortgage Holdings, Inc.^(a):
8.13%, 07/15/23	USD		846	$	894,645
9.13%, 07/15/26			211		234,305
Nationwide Building Society, (5 year USD ICE Swap + 1.85%), 4.13%, 10/18/32^(a)(e)(g)			690		735,472
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47^(a)(e)			700		834,756

					7,831,845

Interactive Media & Services — 0.8%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27^(a)			359		376,501
Match Group, Inc., 5.63%, 02/15/29^(a)			209		225,459
Netflix, Inc.:
4.88%, 04/15/28			89		95,230
5.88%, 11/15/28^(e)			904		1,018,040
3.88%, 11/15/29	EUR		100		116,903
5.38%, 11/15/29^(a)	USD		700		761,908
3.63%, 06/15/30	EUR		100		115,049
4.88%, 06/15/30^(a)	USD		610		636,306
Rackspace Hosting, Inc., 8.63%, 11/15/24^(a)(e)			280		277,200
Sabre GLBL, Inc., 5.25%, 11/15/23^(a)(e)			305		312,250
Twitter, Inc., 3.88%, 12/15/27^(a)			158		158,197
Uber Technologies, Inc.^(a):
7.50%, 11/01/23^(e)			301		314,545
8.00%, 11/01/26			255		271,309
7.50%, 09/15/27			194		204,610
United Group BV, 3.63%, 02/15/28⁽ⁱ⁾	EUR		100		109,950

					4,993,457

IT Services — 0.6%
Banff Merger Sub, Inc., 9.75%, 09/01/26^(a)(e)	USD		1,899		1,948,469
Camelot Finance SA, 4.50%, 11/01/26^(a)			850		864,875
Fair Isaac Corp., 4.00%, 06/15/28^(a)			207		210,623
Gartner, Inc., 5.13%, 04/01/25^(a)(e)			207		215,193
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27^(a)			566		592,828
WEX, Inc., 4.75%, 02/01/23^(a)			108		109,080
Xerox Corp., 4.80%, 03/01/35			240		227,400

					4,168,468

Leisure Products — 0.2%
Mattel, Inc.^(a):
6.75%, 12/31/25^(e)			792		849,420
5.88%, 12/15/27			358		376,312

					1,225,732


Security		Par (000)		Value

Machinery — 0.6%
Colfax Corp.^(a):
6.00%, 02/15/24	USD		680	$	715,918
6.38%, 02/15/26			321		344,674
Manitowoc Co., Inc., 9.00%, 04/01/26^(a)			231		246,015
Mueller Water Products, Inc., 5.50%, 06/15/26^(a)			345		361,387
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(a)(e)			607		620,566
SPX FLOW, Inc.^(a):
5.63%, 08/15/24^(e)			228		237,120
5.88%, 08/15/26			93		98,347
Terex Corp., 5.63%, 02/01/25^(a)(e)			276		284,280
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(a)(e)			1,017		990,411
Wabash National Corp., 5.50%, 10/01/25^(a)(e)			286		283,140

					4,181,858

Media — 7.8%
Altice Financing SA:
6.63%, 02/15/23^(a)			433		440,577
7.50%, 05/15/26^(a)(e)			1,249		1,334,806
3.00%, 01/15/28	EUR		100		108,687
5.00%, 01/15/28^(a)	USD		462		453,458
Altice France SA:
7.38%, 05/01/26^(a)(e)			2,017		2,148,266
5.88%, 02/01/27	EUR		100		122,689
8.13%, 02/01/27^(a)	USD		780		871,650
3.38%, 01/15/28	EUR		100		112,620
5.50%, 01/15/28^(a)(e)			757		773,101
Altice Luxembourg SA:
7.63%, 02/15/25^(a)	USD		200		207,940
8.00%, 05/15/27	EUR		100		125,323
10.50%, 05/15/27^(a)	USD		1,636		1,891,707
AMC Networks, Inc.:
5.00%, 04/01/24			40		40,800
4.75%, 08/01/25			476		480,560
CCO Holdings LLC/CCO Holdings Capital Corp.^(a):
4.00%, 03/01/23			421		427,315
5.13%, 05/01/27^(e)			1,454		1,519,503
5.88%, 05/01/27			54		56,892
5.00%, 02/01/28^(e)			116		121,365
5.38%, 06/01/29^(e)			1,321		1,413,470
4.75%, 03/01/30			290		298,156
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45			3,000		3,898,248


Security		Par (000)		Value

Media (continued)
Clear Channel Worldwide Holdings, Inc.^(a)(e):
9.25%, 02/15/24	USD		1,631	$	1,775,751
5.13%, 08/15/27			2,143		2,207,290
Comcast Corp.^(e):
4.60%, 08/15/45			1,750		2,175,594
4.70%, 10/15/48			2,750		3,532,135
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26^(a)			1,737		1,839,049
CSC Holdings LLC:
5.38%, 07/15/23^(a)(e)			980		1,000,874
5.25%, 06/01/24			633		683,640
7.75%, 07/15/25^(a)(e)			284		299,271
6.63%, 10/15/25^(a)			288		304,056
10.88%, 10/15/25^(a)(e)			1,603		1,775,643
5.50%, 05/15/26^(a)			200		209,541
5.38%, 02/01/28^(a)			200		212,000
6.50%, 02/01/29^(a)			368		408,885
5.75%, 01/15/30^(a)			1,057		1,136,296
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26^(a)			785		781,940
Discovery Communications LLC, 4.95%, 05/15/42^(e)			400		458,291
DISH DBS Corp.^(e):
6.75%, 06/01/21			397		416,354
5.88%, 07/15/22			1,207		1,267,350
5.00%, 03/15/23			303		307,551
5.88%, 11/15/24			254		257,030
Entercom Media Corp., 6.50%, 05/01/27^(a)			338		361,797
Hughes Satellite Systems Corp., 5.25%, 08/01/26^(e)			217		235,423
iHeartCommunications, Inc.:
6.38%, 05/01/26			192		207,159
5.25%, 08/15/27^(a)			213		222,053
4.75%, 01/15/28^(a)			96		97,850
Intelsat Jackson Holdings SA:
5.50%, 08/01/23			933		748,732
9.75%, 07/15/25^(a)			774		659,835
Lamar Media Corp.:
5.75%, 02/01/26			146		154,030
4.00%, 02/15/30^(a)(i)			163		164,223
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27^(a)			400		423,016
Live Nation Entertainment, Inc.^(a):
4.88%, 11/01/24			34		35,142
4.75%, 10/15/27			235		241,768
Meredith Corp., 6.88%, 02/01/26			68		69,979
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27^(a)			209		221,018


Security		Par (000)		Value

Media (continued)
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25^(a)	USD		203	$	209,851
Radiate Holdco LLC/Radiate Finance, Inc.^(a):
6.88%, 02/15/23			136		139,570
6.63%, 02/15/25			200		202,000
Sable International Finance Ltd., 5.75%, 09/07/27^(a)			200		211,250
SES SA, (5 year EUR Swap + 5.40%), 5.63%^(g)(h)	EUR		100		122,804
Sirius XM Radio, Inc.^(a):
4.63%, 07/15/24	USD		181		187,674
5.00%, 08/01/27^(e)			308		323,400
5.50%, 07/01/29			563		605,872
TEGNA, Inc.^(a):
5.50%, 09/15/24			79		81,370
4.63%, 03/15/28			311		312,555
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(a)			600		636,000
Terrier Media Buyer, Inc., 8.88%, 12/15/27^(a)			598		615,940
United Group BV, 4.88%, 07/01/24	EUR		100		114,736
Univision Communications, Inc.^(a):
5.13%, 05/15/23^(e)	USD		593		593,000
5.13%, 02/15/25			110		109,725
UPC Holding BV, 3.88%, 06/15/29	EUR		100		116,335
ViacomCBS, Inc., 5.85%, 09/01/43^(e)	USD		645		839,635
Videotron Ltd., 5.13%, 04/15/27^(a)(e)			519		543,759
Virgin Media Finance PLC, 5.75%, 01/15/25^(a)(e)			1,050		1,081,500
Virgin Media Secured Finance PLC:
4.88%, 01/15/27	GBP		130		177,561
6.25%, 03/28/29			158		221,389
5.50%, 05/15/29^(a)	USD		400		421,000
Ziggo Bond Co. BV, 6.00%, 01/15/27^(a)			638		670,040
Ziggo BV^(a):
5.50%, 01/15/27^(e)			613		649,780
4.88%, 01/15/30			217		223,460

					51,147,905

Metals & Mining — 2.0%
Allegheny Technologies, Inc., 5.88%, 12/01/27			382		389,583
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42^(e)			250		295,612
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25^(a)			303		318,214
Constellium SE^(a):
5.75%, 05/15/24			256		262,400
6.63%, 03/01/25^(e)			300		309,375
5.88%, 02/15/26^(e)			1,693		1,748,022
Freeport-McMoRan, Inc.:
3.55%, 03/01/22			751		759,449


Security		Par (000)		Value

Metals & Mining (continued)
3.88%, 03/15/23	USD		1,246	$	1,270,920
5.00%, 09/01/27			259		268,078
5.25%, 09/01/29			201		213,060
5.40%, 11/14/34			184		189,520
5.45%, 03/15/43			1,900		1,938,000
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24^(a)			254		273,050
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(a)(e)			362		371,455
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22^(a)			155		162,750
Kaiser Aluminum Corp., 4.63%, 03/01/28^(a)			214		218,280
Nexa Resources SA, 5.38%, 05/04/27^(a)(e)			857		922,346
Novelis Corp.^(a):
5.88%, 09/30/26			577		611,620
4.75%, 01/30/30			1,077		1,081,739
Rio Tinto Finance USA PLC, 4.75%, 03/22/42^(e)			400		509,475
thyssenkrupp AG:
1.88%, 03/06/23	EUR		43		47,570
2.88%, 02/22/24			100		113,677
Vale Overseas Ltd., 6.25%, 08/10/26^(e)	USD		680		802,102

					13,076,297

Multi-Utilities — 0.1%
Superior Plus LP/Superior General Partner, Inc., 7.00%, 07/15/26^(a)			371		399,754


Multiline Retail — 0.1%
Dufry One BV, 2.00%, 02/15/27	EUR		100		110,105
Future Retail Ltd., 5.60%, 01/22/25^(a)	USD		200		201,250
Target Corp., 4.00%, 07/01/42^(e)			300		356,558

					667,913

Offshore Drilling & Other Services — 0.0%
Entegris, Inc., 4.63%, 02/10/26^(a)			225		232,312


Oil, Gas & Consumable Fuels — 8.2%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24			65		57,558
Antero Resources Corp., 5.38%, 11/01/21			194		185,270
Apache Corp., 4.75%, 04/15/43^(e)			800		782,136
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22^(a)			670		656,600
Berry Petroleum Co. LLC, 7.00%, 02/15/26^(a)			208		192,920
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34^(j)			364		254,572


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Callon Petroleum Co.:
6.13%, 10/01/24	USD		216	$	206,550
Series WI, 6.38%, 07/01/26			452		427,140
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23^(e)			414		415,035
8.25%, 07/15/25			229		233,642
Centennial Resource Production LLC, 6.88%, 04/01/27^(a)			342		341,145
Cheniere Energy Partners LP:
5.63%, 10/01/26			479		501,753
4.50%, 10/01/29^(a)			799		812,982
Series WI, 5.25%, 10/01/25			57		58,710
Chesapeake Energy Corp.^(e):
6.63%, 08/15/20			352		336,160
4.88%, 04/15/22			773		548,830
5.75%, 03/15/23			248		148,750
11.50%, 01/01/25^(a)			648		521,446
Citgo Holding, Inc., 9.25%, 08/01/24^(a)			407		435,490
CNX Resources Corp., 5.88%, 04/15/22^(e)			994		981,575
Comstock Resources, Inc., 9.75%, 08/15/26			266		216,790
CONSOL Energy, Inc., 11.00%, 11/15/25^(a)(e)			447		310,665
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25^(a)			341		268,537
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6.25%, 04/01/23			18		18,165
5.63%, 05/01/27^(a)(e)			511		514,219
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(a)(e)			1,335		1,346,841
CVR Energy, Inc.^(a):
5.25%, 02/15/25			282		278,616
5.75%, 02/15/28			94		92,026
DCP Midstream Operating LP^(e):
5.38%, 07/15/25			262		285,939
5.13%, 05/15/29			186		196,230
6.45%, 11/03/36^(a)			254		266,700
6.75%, 09/15/37^(a)			418		450,395
Denbury Resources, Inc.^(a):
9.00%, 05/15/21			563		529,220
9.25%, 03/31/22			82		72,570
eG Global Finance PLC:
6.75%, 02/07/25^(a)			470		475,875
6.25%, 10/30/25	EUR		142		162,997
8.50%, 10/30/25^(a)	USD		299		316,940
Enbridge, Inc. (3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78^(g)			1,865		2,035,666
Endeavor Energy Resources LP/EER Finance, Inc.^(a):
5.50%, 01/30/26			670		687,587


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
5.75%, 01/30/28	USD		599	$	622,960
Energy Transfer Operating LP^(e):
6.13%, 12/15/45			500		577,981
5.30%, 04/15/47			350		370,463
EnLink Midstream LLC, 5.38%, 06/01/29			98		88,690
EnLink Midstream Partners LP:
4.40%, 04/01/24			281		268,285
4.15%, 06/01/25			20		18,450
4.85%, 07/15/26			116		106,140
5.60%, 04/01/44			211		165,635
5.05%, 04/01/45			34		25,500
Enterprise Products Operating LLC (3 mo. LIBOR US + 2.57%), 5.38%, 02/15/78^(g)			420		426,300
Extraction Oil & Gas, Inc.^(a):
7.38%, 05/15/24			340		168,300
5.63%, 02/01/26^(e)			706		345,940
Genesis Energy LP/Genesis Energy Finance Corp.:
6.00%, 05/15/23			219		220,029
5.63%, 06/15/24			204		198,390
6.50%, 10/01/25^(e)			111		108,225
7.75%, 02/01/28			222		223,838
Geopark Ltd., 6.50%, 09/21/24^(a)			228		239,899
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21^(a)(e)			636		601,020
Hess Corp., 4.30%, 04/01/27^(e)			750		800,699
Hess Midstream Operations LP, 5.63%, 02/15/26^(a)			249		260,630
Impulsora Pipeline LLC, 6.05%, 01/01/43^(c)			1,645		1,805,284
Indigo Natural Resources LLC, 6.88%, 02/15/26^(a)			545		498,675
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24^(e)			2,500		2,718,440
Matador Resources Co., 5.88%, 09/15/26			439		429,693
MEG Energy Corp.^(a):
6.38%, 01/30/23			407		411,843
7.00%, 03/31/24			58		58,435
6.50%, 01/15/25^(e)			906		949,035
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 01/15/28			402		414,786
MPLX LP, 4.25%, 12/01/27^(a)			235		250,972
Murphy Oil Corp.:
5.75%, 08/15/25			118		121,467
5.88%, 12/01/27			214		219,350


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
5.88%, 12/01/42	USD		126	$	117,810
Nabors Industries Ltd.^(a):
7.25%, 01/15/26			214		213,754
7.50%, 01/15/28			195		193,050
Nabors Industries, Inc.:
4.63%, 09/15/21			23		23,000
5.10%, 09/15/23			47		42,888
Neptune Energy Bondco PLC, 6.63%, 05/15/25^(a)			200		197,000
NGPL PipeCo LLC, 7.77%, 12/15/37^(a)(e)			270		358,050
Noble Holding International Ltd.:
7.75%, 01/15/24			21		10,815
7.88%, 02/01/26^(a)(e)			214		153,010
NuStar Logistics LP, 6.00%, 06/01/26			234		246,215
Oasis Petroleum, Inc.:
6.88%, 03/15/22			57		54,720
6.88%, 01/15/23			110		104,053
Occidental Petroleum Corp., 4.50%, 07/15/44			500		514,151
Odebrecht Offshore Drilling Finance Ltd.^(a):
6.72%, 12/01/22^(e)	BRL		248		245,671
(7.72% PIK), 7.72%, 12/01/26^(f)			32		7,293
Pacific Drilling SA, 8.38%, 10/01/23^(a)(e)	USD		735		617,400
Parsley Energy LLC/Parsley Finance Corp.^(a):
6.25%, 06/01/24			163		168,705
5.38%, 01/15/25^(e)			284		292,199
5.25%, 08/15/25			70		71,750
5.63%, 10/15/27			340		357,850
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25^(e)			163		173,119
PDC Energy, Inc.:
6.25%, 12/01/25			144		145,080
1.13%, 09/15/21^(k)			1,091		1,031,284
6.13%, 09/15/24			177		177,443
5.75%, 05/15/26			161		155,405
Petrobras Global Finance BV:
8.38%, 05/23/21^(e)			126		136,356
6.13%, 01/17/22^(e)			310		332,475
5.30%, 01/27/25			200		221,594
8.75%, 05/23/26^(e)			637		832,877
6.00%, 01/27/28^(e)			693		806,479
7.25%, 03/17/44			480		605,850
Petroleos Mexicanos:
6.50%, 03/13/27^(e)			424		458,761
5.35%, 02/12/28			199		200,910
QEP Resources, Inc.:
6.88%, 03/01/21			410		419,737
5.25%, 05/01/23			198		190,080


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
5.63%, 03/01/26	USD		249	$	222,220
Range Resources Corp.:
5.88%, 07/01/22			57		54,150
5.00%, 08/15/22^(e)			312		294,902
5.00%, 03/15/23^(e)			240		206,405
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24			10		11,261
Saudi Arabian Oil Co.:
3.50%, 04/16/29^(a)			225		238,275
3.50%, 04/16/29			449		475,491
Shell International Finance BV, 4.38%, 05/11/45^(e)			450		550,968
SM Energy Co.:
6.13%, 11/15/22			176		174,240
5.00%, 01/15/24			409		373,212
5.63%, 06/01/25^(e)			147		133,035
6.75%, 09/15/26			143		129,852
6.63%, 01/15/27			41		37,105
Southwestern Energy Co., 4.10%, 03/15/22			272		267,920
Suncor Energy, Inc., 6.50%, 06/15/38^(e)			800		1,125,706
Sunoco LP/Sunoco Finance Corp.:
6.00%, 04/15/27			168		177,235
Series WI, 4.88%, 01/15/23			253		259,641
Series WI, 5.50%, 02/15/26			38		39,093
Series WI, 5.88%, 03/15/28			147		156,386
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(a):
4.75%, 10/01/23			31		31,039
5.50%, 09/15/24^(e)			572		577,731
5.50%, 01/15/28			156		156,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.13%, 02/01/25			156		160,680
5.88%, 04/15/26^(e)			312		329,160
5.38%, 02/01/27			2		2,075
6.50%, 07/15/27			424		462,160
5.00%, 01/15/28^(e)			301		306,267
6.88%, 01/15/29^(e)			1,018		1,121,709
5.50%, 03/01/30^(a)			443		456,888
Transocean, Inc., 8.00%, 02/01/27^(a)			396		368,597
Valaris PLC, 4.88%, 06/01/22			630		466,200
Viper Energy Partners LP, 5.38%, 11/01/27^(a)			145		151,163
Williams Partners LP, 4.50%, 11/15/23^(e)			1,750		1,892,937
WPX Energy, Inc.:
8.25%, 08/01/23			123		141,911
5.25%, 09/15/24^(e)			143		149,793


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
WPX Energy, Inc. (continued):
5.75%, 06/01/26	USD		109	$	114,178
5.25%, 10/15/27			53		55,385
4.50%, 01/15/30			506		509,147
YPF SA, 8.50%, 07/28/25			906		829,981

					53,426,528

Oil: Crude Producers — 0.0%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 5.75%, 02/01/27			32		35,600


Paper & Forest Products — 0.0%
Norbord, Inc., 6.25%, 04/15/23^(a)			182		197,015


Pharmaceuticals — 2.8%
AbbVie, Inc., 4.45%, 05/14/46^(e)			1,000		1,124,693
Allergan Funding SCS, 4.75%, 03/15/45^(e)			500		577,551
Allergan Sales LLC, 5.00%, 12/15/21^(a)(e)			718		752,612
Bausch Health Americas, Inc.^(a):
8.50%, 01/31/27			1,032		1,167,450
9.25%, 04/01/26			61		69,616
Bausch Health Cos., Inc.:
5.50%, 03/01/23^(a)(e)			876		878,190
4.50%, 05/15/23	EUR		552		615,773
5.88%, 05/15/23^(a)	USD		30		30,263
7.00%, 03/15/24^(a)			176		182,459
6.13%, 04/15/25^(a)			215		221,153
5.50%, 11/01/25^(a)(e)			1,164		1,205,706
9.00%, 12/15/25^(a)			608		686,280
5.75%, 08/15/27^(a)			423		452,568
7.00%, 01/15/28^(a)			193		209,046
5.00%, 01/30/28^(a)			762		771,525
7.25%, 05/30/29^(a)			664		748,467
5.25%, 01/30/30^(a)			695		708,031
Catalent Pharma Solutions, Inc. :
4.88%, 01/15/26^(a)			384		394,560
5.00%, 07/15/27^(a)			477		502,114
Charles River Laboratories International, Inc.^(a):
5.50%, 04/01/26			514		546,768
4.25%, 05/01/28			171		173,493
CVS Health Corp., 5.05%, 03/25/48^(e)			1,110		1,345,478
Eagle Holding Co. II LLC^(a)(e)(f):
(7.63% Cash or 8.38% PIK), 7.63%, 05/15/22			116		117,160
(7.750% Cash or 8.50% PIK), 7.75%, 05/15/22			407		411,070
Elanco Animal Health, Inc., 4.90%, 08/28/28			342		393,044


Security		Par (000)		Value

Pharmaceuticals (continued)
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23^(a)(e)	USD		1,770	$	1,818,675
Mylan NV, 3.95%, 06/15/26^(e)			650		693,776
Nidda BondCo GmbH, 7.25%, 09/30/25	EUR		100		116,477
Nidda Healthcare Holding GmbH, Series NOV, 3.50%, 09/30/24			100		112,045
Par Pharmaceutical, Inc., 7.50%, 04/01/27^(a)	USD		958		974,765
Rossini Sarl, 6.75%, 10/30/25	EUR		166		202,402

					18,203,210

Professional Services — 0.4%
ASGN, Inc., 4.63%, 05/15/28^(a)	USD		351		358,020
Dun & Bradstreet Corp.^(a):
6.88%, 08/15/26^(e)			1,077		1,182,007
10.25%, 02/15/27			647		741,656

					2,281,683

Real Estate Management & Development — 0.2%
ADLER Real Estate AG:
1.88%, 04/27/23	EUR		100		113,539
3.00%, 04/27/26			100		118,391
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(a)	USD		208		215,045
Heimstaden Bostad AB, (5 year EUR Swap + 3.67%), 3.25%^(g)(h)	EUR		100		112,846
Howard Hughes Corp., 5.38%, 03/15/25^(a)(e)	USD		218		224,540
Newmark Group, Inc., 6.13%, 11/15/23			128		140,378
Residomo SRO, 3.38%, 10/15/24	EUR		100		114,509

					1,039,248

Road & Rail — 0.8%
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42^(e)	USD		500		607,833
Europcar Mobility Group, 4.00%, 04/30/26	EUR		100		103,134
Flexi-Van Leasing, Inc., 10.00%, 02/15/23^(a)	USD		203		217,819
Herc Holdings, Inc., 5.50%, 07/15/27^(a)			494		516,082
Hertz Corp.^(a):
7.63%, 06/01/22^(e)			168		173,250
6.00%, 01/15/28			270		272,362
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(a)(e)			2,177		2,582,831
Union Pacific Corp., 4.05%, 11/15/45^(e)			500		569,516

					5,042,827

Semiconductors & Semiconductor Equipment — 0.8%
Advanced Micro Devices, Inc., 7.50%, 08/15/22			89		100,399
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27^(e)			2,600		2,743,664


Security		Par (000)		Value

Semiconductors & Semiconductor Equipment (continued)
Microchip Technology, Inc., 1.63%, 02/15/25^(k)	USD		102	$	203,980
ON Semiconductor Corp., 1.00%, 12/01/20^(k)			327		426,653
Qorvo, Inc.:
5.50%, 07/15/26			278		293,985
4.38%, 10/15/29^(a)			98		102,410
QUALCOMM, Inc., 4.65%, 05/20/35^(e)			400		495,623
Sensata Tech, Inc., 4.38%, 02/15/30^(a)			236		239,198
Sensata Technologies BV, 5.00%, 10/01/25^(a)			368		398,360
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26^(a)			222		233,133

					5,237,405

Software — 2.9%
ACI Worldwide, Inc., 5.75%, 08/15/26^(a)			833		891,647
CA, Inc., 3.60%, 08/15/22^(e)			660		675,106
Castle US Holding Corp., 9.50%, 02/15/28^(a)			354		354,000
CDK Global, Inc.:
4.88%, 06/01/27			858		900,003
5.25%, 05/15/29^(a)			164		175,480
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24^(a)(e)			1,244		1,338,855
Infor US, Inc., 6.50%, 05/15/22^(e)			2,690		2,710,175
Informatica LLC, 7.13%, 07/15/23^(a)(e)			1,011		1,021,110
Microsoft Corp., 3.70%, 08/08/46^(e)			1,750		2,059,010
Nuance Communications, Inc., 5.63%, 12/15/26			153		162,754
Oracle Corp., 4.00%, 07/15/46^(e)			1,500		1,741,049
PTC, Inc.:
6.00%, 05/15/24^(e)			269		279,246
3.63%, 02/15/25^(a)(i)			214		215,872
4.00%, 02/15/28^(a)(i)			242		244,420
RP Crown Parent LLC, 7.38%, 10/15/24^(a)(e)			900		929,250
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(a)(e)			1,872		1,981,980
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23^(a)			54		55,485
SS&C Technologies, Inc., 5.50%, 09/30/27^(a)(e)			1,697		1,795,087
TIBCO Software, Inc., 11.38%, 12/01/21^(a)			797		823,899
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 02/01/23^(a)			200		198,500

					18,552,928


Security		Par (000)		Value

Specialty Retail — 0.6%
Asbury Automotive Group, Inc., 6.00%, 12/15/24	USD		395	$	406,850
Group 1 Automotive, Inc., 5.25%, 12/15/23^(a)			53		54,458
IAA, Inc., 5.50%, 06/15/27^(a)			443		470,089
L Brands, Inc.:
6.88%, 11/01/35^(e)			478		479,195
6.75%, 07/01/36			79		78,392
Lowe’s Cos., Inc., 4.65%, 04/15/42^(e)			400		473,572
Penske Automotive Group, Inc., 5.50%, 05/15/26			32		33,122
PetSmart, Inc.^(a):
7.13%, 03/15/23			170		169,362
5.88%, 06/01/25^(e)			422		433,014
Staples, Inc., 7.50%, 04/15/26^(a)(e)			1,254		1,284,598

					3,882,652

Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc., 4.65%, 02/23/46^(e)			1,500		1,947,890
Dell International LLC/EMC Corp., 7.13%, 06/15/24^(a)(e)			1,104		1,160,580
NCR Corp.^(a):
5.75%, 09/01/27			259		275,888
6.13%, 09/01/29			267		291,337
Presidio Holdings, Inc.^(a):
4.88%, 02/01/27			444		443,934
8.25%, 02/01/28			468		480,870
Western Digital Corp., 4.75%, 02/15/26^(e)			698		745,115

					5,345,614

Textiles, Apparel & Luxury Goods — 0.0%
William Carter Co., 5.63%, 03/15/27^(a)			202		215,101


Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(a)(e):
5.25%, 03/15/22			27		27,742
5.25%, 10/01/25			182		187,005
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27^(a)			443		450,828

					665,575

Tobacco — 0.4%
Altria Group, Inc., 4.50%, 05/02/43^(e)			750		787,502
Philip Morris International, Inc., 4.38%, 11/15/41^(e)			900		1,028,030
Reynolds American, Inc., 5.85%, 08/15/45			715		851,738

					2,667,270


Security		Par (000)		Value

Transportation Infrastructure — 0.1%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%^(g)(h)	EUR		100	$	110,162
Heathrow Finance PLC, 4.13%, 09/01/29	GBP		100		135,615
Transurban Finance Co. Property Ltd., 4.13%, 02/02/26^(a)(e)	USD		520		566,925

					812,702

Utilities — 0.3%
ContourGlobal Power Holdings SA:
3.38%, 08/01/23	EUR		100		113,338
4.13%, 08/01/25			100		115,480
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23^(a)	USD		1,061		689,650
Stoneway Capital Corp., 10.00%, 03/01/27^(a)			940		475,674
Vistra Operations Co. LLC^(a):
5.50%, 09/01/26			80		83,200
5.63%, 02/15/27			428		445,120
5.00%, 07/31/27			195		200,850

					2,123,312

Wireless Telecommunication Services — 2.2%
C&W Senior Financing DAC, 6.88%, 09/15/27^(a)			1,143		1,227,296
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24^(a)			1,000		1,022,688
Iron Mountain, Inc., 3.00%, 01/15/25	EUR		100		112,251
Matterhorn Telecom SA, 4.00%, 11/15/27			100		116,866
SBA Communications Corp.:
4.00%, 10/01/22^(e)	USD		475		483,313
3.88%, 02/15/27^(a)(i)			939		951,911
Sprint Capital Corp.:
6.88%, 11/15/28^(e)			1,025		1,042,937
8.75%, 03/15/32			242		268,015
Sprint Corp.:
7.88%, 09/15/23			604		641,684
7.13%, 06/15/24^(e)			558		576,330
7.63%, 02/15/25			242		252,588
7.63%, 03/01/26^(e)			816		851,618
T-Mobile USA, Inc.:
4.00%, 04/15/22^(e)			234		240,435
6.38%, 03/01/25			220		227,082
6.50%, 01/15/26			286		305,005
4.50%, 02/01/26^(e)			570		586,205
4.75%, 02/01/28^(e)			800		851,000
Telesat Canada/Telesat LLC, 6.50%, 10/15/27^(a)			40		41,900
VEON Holdings BV, 4.00%, 04/09/25^(a)			200		208,000


Security		Par (000)		Value

Wireless Telecommunication Services (continued)
VICI Properties LP/VICI Note Co., Inc.^(a):
3.50%, 02/15/25⁽ⁱ⁾	USD		503	$	510,666
4.25%, 12/01/26			1,546		1,586,706
3.75%, 02/15/27⁽ⁱ⁾			534		536,670
4.13%, 08/15/30⁽ⁱ⁾			1,128		1,142,438

					13,783,604


Total Corporate Bonds — 77.3% (Cost — $478,248,310)					503,736,881


Floating Rate Loan Interests^(b) — 7.1%

Aerospace & Defense — 0.0%
Atlantic Aviation FBO, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 5.40%, 12/06/25			64		64,913


Auto Components — 0.1%
Panther BF Aggregator 2 LP, USD Term Loan B, (1 mo. LIBOR + 3.50%), 5.16%, 04/30/26			838		842,911


Banks — 0.0%
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 4.78%, 11/01/24			212		209,736


Building Products — 0.0%
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.93%, 05/05/24			141		141,286
Maverick Purchaser Sub LLC, Term Loan B, 01/23/27^(l)			81		81,101

					222,387

Capital Markets — 0.1%
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.25%), 5.06%, 06/03/26			493		492,098


Chemicals — 0.3%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.94%, 01/31/24			661		660,735
Ascend Performance Materials Operations LLC, 2019 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.19%, 08/27/26^(c)			499		501,244
Charter NEX US, Inc., Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.15%, 05/16/24			223		223,123
Invictus US LLC, 2nd Lien Term Loan, (6 mo. LIBOR + 6.75%), 8.53%, 03/30/26			60		53,847


Security		Par (000)		Value

Chemicals (continued)
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.90%, 05/15/24^(c)	USD		265	$	265,930

					1,704,879

Commercial Services & Supplies — 0.6%
Aramark Services, Inc., 2019 Term Loan B4, (3 mo. LIBOR + 1.75%), 3.47%, 01/15/27			57		57,071
Asurion LLC, 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.15%, 08/04/25			514		521,629
Dealer Tire, LLC, 2020 Term Loan B, 12/12/25^(c)(l)			95		95,237
Diamond (BC) BV, Term Loan, (1 mo. LIBOR + 3.00%), 4.65%, 09/06/24			572		554,737
GFL Environmental, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.65%, 05/30/25			752		749,730
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 3.94%, 09/19/26			67		67,464
PUG LLC, USD Term Loan, 01/15/27^(c)(l)			217		216,707
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 6.15%, 08/27/25			1,546		1,551,136

					3,813,711

Construction & Engineering — 0.5%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.06%, 06/21/24			2,614		2,609,774
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.90%, 05/23/25			350		347,152

					2,956,926

Containers & Packaging — 0.1%
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.08%, 04/03/24			449		445,123


Diversified Consumer Services — 0.1%
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.65%, 07/12/24			302		303,014
BidFair MergerRight, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.17%, 01/15/27			412		414,107

					717,121


Security		Par (000)		Value

Diversified Financial Services — 0.0%
Advisor Group, Inc., 2019 Term Loan, 08/01/26^(l)	USD		122	$	121,739


Diversified Telecommunication Services — 0.4%
CenturyLink, Inc., 2020 Term Loan B, 03/15/27^(l)			1,392		1,389,829
Frontier Communications Corp., 2017 Term Loan B1, 06/15/24^(l)			774		780,447
Iridium Satellite LLC, Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.40%, 11/04/26			146		146,851
Telesat Canada, 2019 Term Loan, (3 mo. LIBOR + 2.75%), 4.63%, 12/07/26			88		88,308

					2,405,435

Energy Equipment & Services — 0.1%
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.40%, 11/08/22^(c)			865		830,407


Entertainment — 0.0%
Aviron Capital LLC, 2017 Term Loan, 15.00%, 07/17/20^(c)(m)(n)(s)			73,300		—
Aviron Pictures LLC, 2020 Term Loan, 15.00%, 07/17/20^(c)(n)(s)			680		—

					—

Food & Staples Retailing — 0.0%
US Foods, Inc., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.65%, 09/13/26			119		119,080


Food Products — 0.0%
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.15%, 10/10/23			285		285,132


Health Care Equipment & Supplies — 0.4%
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.94%, 06/15/21			1,581		1,581,680
Ortho-Clinical Diagnostics SA^(l):
2018 Term Loan B, 06/30/25			174		171,989
EUR Term Loan B, 01/06/27	EUR		1,000		1,108,129

					2,861,798

Health Care Providers & Services — 0.4%
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.15%, 06/30/25	USD		416		418,264
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.87%, 01/08/27			233		234,312


Security		Par (000)		Value

Health Care Providers & Services (continued)
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.40%, 10/10/25	USD		1,162	$	974,144
Gentiva Health Services, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 4.94%, 07/02/25^(c)			592		593,910
Quorum Health Corporation, Term Loan B, (3 mo. LIBOR + 6.75%, 1.00% Floor), 8.53%, 04/29/22			235		234,465

					2,455,095

Health Care Services — 0.1%
Emerald TopCo., Inc., Term Loan, (1 mo. LIBOR + 3.50%), 5.15%, 07/24/26			790		792,738


Health Care Technology — 0.2%
Athenahealth, Inc., 2019 Term Loan B, (3 mo. LIBOR + 4.50%), 6.40%, 02/11/26			1,474		1,477,514


Hotels, Restaurants & Leisure — 0.1%
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 5.44%, 07/10/25			559		561,731


Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.50%), 4.15%, 08/12/26			218		218,127


Industrial Conglomerates — 0.2%
Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.00%, 1.00% Floor), 5.65%, 11/30/23			985		983,507
PSAV Holdings LLC, 2018 2nd Lien Term Loan, 09/01/25^(c)(l)			442		433,528
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.90%, 11/28/21			198		198,370

					1,615,405

Insurance — 0.3%
Alliant Holdings I, Inc., 2018 Term Loan B, 05/09/25^(l)			254		253,008
Hub International Ltd., 2019 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.90%, 04/25/25			572		575,936
Sedgwick Claims Management Services, Inc.:
2019 Term Loan B, (1 mo. LIBOR + 4.00%), 5.65%, 09/03/26			280		281,169


Security		Par (000)		Value

Insurance (continued)
Term Loan B, (1 mo. LIBOR + 3.25%), 4.90%, 12/31/25	USD		1,045	$	1,044,855

					2,154,968

Interactive Media & Services — 0.0%
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.40%, 05/06/24			171		166,469


IT Services — 0.1%
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.25%), 4.90%, 10/31/26			206		206,824
Flexential Intermediate Corp.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 5.44%, 08/01/24			174		139,072
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.16%, 08/01/25			75		41,063

					386,959

Life Sciences Tools & Services — 0.1%
Sotera Health Holdings LLC, 2019 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.15%, 12/11/26			890		892,783


Machinery — 0.3%
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 6.65%, 09/21/26			256		256,640
Titan Acquisition Ltd., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.65%, 03/28/25			1,456		1,424,009

					1,680,649

Media — 0.9%
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 5.68%, 08/14/26			543		541,593
Clear Channel Outdoor Holdings, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.15%, 08/21/26			984		986,299
Connect Finco Sarl, Term Loan B, 12/11/26^(l)			836		839,757
Intelsat Jackson Holdings SA:
2017 Term Loan B3, (6 mo. LIBOR + 3.75%, 1.00% Floor), 5.68%, 11/27/23			107		106,632
2017 Term Loan B4, (6 mo. LIBOR + 4.50%, 1.00% Floor), 6.31%, 01/02/24			330		332,367


Security		Par (000)		Value

Media (continued)
2017 Term Loan B5, 6.63%, 01/02/24	USD		1,841	$	1,854,868
Learfield Communications LLC, 2016 1st Lien Term Loan, 12/01/23^(l)			91		83,092
Terrier Media Buyer, Inc., Term Loan B, (3 mo. LIBOR + 4.25%), 6.15%, 12/17/26			927		933,721

					5,678,329

Oil & Gas Equipment & Services — 0.1%
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 10.00%, 1.00% Floor), 11.90%, 10/21/21			311		335,653


Oil, Gas & Consumable Fuels — 0.4%
California Resources Corp., Second Out Term Loan, (1 mo. LIBOR + 10.38%, 1.00% Floor), 12.03%, 12/31/21			612		423,951
Chesapeake Energy Corp., 2019 Last Out Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.93%, 06/24/24			1,613		1,619,049
CITGO Holding, Inc., 2019 Term Loan B, (1 mo. LIBOR + 7.00%, 1.00% Floor), 8.65%, 08/01/23			242		246,937
CONSOL Energy, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.15%, 09/27/24			246		212,500

					2,502,437

Pharmaceuticals — 0.2%
Endo Luxembourg Finance Co. I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 5.94%, 04/29/24			598		575,744
Jaguar Holding Co. II, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.15%, 08/18/22			208		208,024


Security		Par (000)		Value

Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 06/02/25	USD		213	$	213,407

					997,175

Professional Services — 0.1%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 5.00%), 6.66%, 02/06/26			364		365,911


Road & Rail — 0.0%
Genesee & Wyoming Inc. (New), Term Loan, (3 mo. LIBOR + 2.00%), 3.91%, 12/30/26			187		187,856


Semiconductors & Semiconductor Equipment — 0.0%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.65%, 09/19/26			136		136,068


Software — 0.8%
Castle US Holding Corp., USD Term Loan B, 01/27/27 (l)			200		198,190
Cypress Intermediate Holdings III, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.40%, 04/29/24			130		130,106
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 8.40%, 04/27/25			40		40,260
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 5.34%, 05/28/24			249		225,160
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, (1 mo. LIBOR + 3.25%), 4.90%, 10/01/25			1,604		1,619,403
Infor (US), Inc., Term Loan B6, (3 mo. LIBOR + 2.75%, 1.00% Floor), 4.69%, 02/01/22			163		163,387
Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.16%, 11/01/24			624		635,970
Mitchell International, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.90%, 11/29/24			572		565,731
Renaissance Holding Corp., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%), 4.90%, 05/30/25			201		199,898
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 2.25%), 3.90%, 04/16/25			118		118,251


Security		Par (000)		Value

Software (continued)
SS&C Technologies, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 2.25%), 3.90%, 04/16/25	USD		181	$	180,605
Tibco Software, Inc., 2019 Term Loan B, (1 mo. LIBOR + 4.00%), 5.74%, 06/30/26			511		512,635
Ultimate Software Group, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 5.40%, 05/04/26			285		285,539

					4,875,135

Specialty Retail — 0.1%
PetSmart, Inc., Term Loan B2, 03/11/22^(l)			635		633,057


Wireless Telecommunication Services — 0.0%
Xplornet Communications, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.94%, 09/09/21^(c)			216		215,883


Total Floating Rate Loan Interests — 7.1% (Cost — $120,378,865)					46,423,338


Foreign Agency Obligations — 5.1%

Argentina — 0.0%
Argentine Republic Government International Bond:
6.88%, 04/22/21			272		145,010
4.63%, 01/11/23			136		62,560

					207,570

Bahrain — 0.1%
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25			430		500,413


Colombia — 0.4%
Colombia Government International Bond:
8.13%, 05/21/24			826		1,023,207
4.50%, 01/28/26^(e)			337		372,385
3.88%, 04/25/27^(e)			944		1,015,685

					2,411,277

Cyprus — 0.5%
Cyprus Government International Bond, 4.63%, 02/03/20^(a)	EUR		2,950		3,280,235


Dominican Republic — 0.1%
Dominican Republic International Bond, 5.50%, 01/27/25	USD		445		475,872


Egypt — 0.7%
Egypt Government Bond:
16.00%, 06/11/22	EGP		7,418		482,865
14.30%, 09/03/22			16,070		1,018,095


Security		Par (000)		Value

Egypt (continued)
Egypt Government International Bond:
5.75%, 04/29/20^(e)	USD		2,360	$	2,376,963
7.60%, 03/01/29^(a)(e)			256		286,480
6.38%, 04/11/31^(a)	EUR		130		156,792

					4,321,195

Iceland — 0.6%
Iceland Government International Bond, 5.88%, 05/11/22^(e)	USD		3,415		3,711,492


Indonesia — 0.5%
Indonesia Government International Bond:
4.75%, 01/08/26			670		751,656
4.10%, 04/24/28			774		851,400
5.35%, 02/11/49^(e)			295		385,528
Indonesia Treasury Bond, 8.38%, 09/15/26	IDR		17,965,000		1,444,568

					3,433,152

Mexico — 0.1%
Mexico Government International Bond:
4.15%, 03/28/27	USD		730		796,156
3.75%, 01/11/28^(e)			200		212,063

					1,008,219

Nigeria — 0.2%
Nigeria Government International Bond^(e):
6.38%, 07/12/23			223		242,234
7.63%, 11/21/25			767		866,710

					1,108,944

Paraguay — 0.0%
Paraguay Government International Bond, 5.40%, 03/30/50^(a)			200		234,000


Portugal — 0.6%
Portugal Government International Bond, 5.13%, 10/15/24^(a)(e)			3,680		4,182,985


Qatar — 0.4%
Qatar Government International Bond:
4.50%, 04/23/28			970		1,122,775
4.00%, 03/14/29^(a)(e)			1,335		1,508,550

					2,631,325

Russia — 0.3%
Russian Foreign Bond – Eurobond:
4.75%, 05/27/26			800		904,000
4.25%, 06/23/27			800		884,000

					1,788,000

Saudi Arabia — 0.2%
Saudi Government International Bond:
4.38%, 04/16/29^(a)			200		228,562


Security		Par (000)		Value

Saudi Arabia (continued)
4.50%, 04/17/30	USD		764	$	889,296

					1,117,858

South Africa — 0.1%
Republic of South Africa Government International Bond, 5.88%, 05/30/22			667		714,315


Turkey — 0.1%
Turkey Government International Bond, 6.25%, 09/26/22			467		499,544


Ukraine — 0.2%
Ukraine Government International Bond:
7.75%, 09/01/22			136		148,104
7.75%, 09/01/23			221		244,426
8.99%, 02/01/24			224		257,040
7.75%, 09/01/25			461		518,855
9.75%, 11/01/28			272		338,470

					1,506,895


Total Foreign Agency Obligations — 5.1% (Cost — $32,044,835)					33,133,291


Non-Agency Mortgage-Backed Securities — 13.9%

Collateralized Mortgage Obligations — 13.9%
American Home Mortgage Assets Trust, Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 3.07%, 11/25/46^(b)			5,126		2,361,145
CHL Mortgage Pass-Through Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.24%), 1.90%, 03/25/36^(b)			8,045		7,902,790
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 2.31%, 07/25/37^(b)			3,609		1,592,049
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			1,993		1,312,908


Security		Par (000)		Value

Collateralized Mortgage Obligations (continued)
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 4.04%, 11/25/36^(d)	USD		3,173	$	3,054,267
Countrywide Alternative Loan Trust:
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 2.11%, 05/25/35^(b)			2,537		2,338,570
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 2.06%, 12/25/36^(b)			2,311		491,170
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			2,032		1,366,315
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 2.54%, 11/20/46^(b)			5,037		3,604,053
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,648		1,141,818
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 3.00%, 11/25/46^(b)			7,299		6,702,700
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.19%), 1.85%, 10/25/46^(b)			4,797		4,671,348
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.12%), 1.78%, 12/25/46^(b)			2,967		2,903,188
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.21%), 1.87%, 07/25/46^(b)			5,379		4,561,253
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.19%), 1.85%, 07/25/46^(b)			2,118		2,011,693
Series 2007-12T1, Class A22, 5.75%, 06/25/37			4,424		3,305,918
Series 2007-12T1, Class A5, 6.00%, 06/25/37			2,147		1,645,966
Series 2007-22, Class 2A16, 6.50%, 09/25/37			8,412		5,527,277
Series 2007-23CB, Class A1, 6.00%, 09/25/37			5,561		4,466,373
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 2.01%, 04/25/37^(b)			3,075		2,426,265
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 2.99%, 03/25/47^(b)			3,557		3,072,423
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.20%), 1.86%, 04/25/46^(b)			6,898		6,610,596
CSMC, Series 2011-4R, Class 1A2, (1 mo. LIBOR US + 1.50%), 3.21%, 09/27/37^(a)(b)			2,000		1,922,381


Security		Par (000)		Value

Collateralized Mortgage Obligations (continued)
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 2.92%, 05/26/37^(a)(c)	USD		8,148	$	8,066,635
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36^(d)			7,563		2,861,007
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 2.26%, 08/25/36^(b)			6,515		1,447,855
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.77%), 2.92%, 05/25/47^(b)			3,345		3,243,804


Total Non-Agency Mortgage-Backed Securities — 13.9% (Cost — $90,996,835)					90,611,767


Preferred Securities — 17.4%

Capital Trusts — 13.1%

Banks — 3.9%
AIB Group PLC, 5.25%^(g)(h)	EUR		200		244,268
Banco Bilbao Vizcaya Argentaria SA^(g)(h):
6.13%^(e)	USD		2,000		2,104,400
8.88%	EUR		200		241,613
Banco de Sabadell SA, 6.50%^(g)(h)	USD		200		234,265
Bankia SA, 6.38%^(g)(h)			200		245,180
BNP Paribas SA, 7.20%^(a)(e)(g)(h)			4,000		4,510,000
Capital One Financial Corp., Series E, 5.55%^(e)(g)(h)			3,500		3,526,250
CIT Group, Inc., Series A, 5.80%^(e)(g)(h)			282		289,050
Fifth Third Bancorp, Series J, 5.07%^(g)(h)			3,000		3,003,750
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 2.13%^(b)(h)			40		32,801
ING Groep NV, 6.75%^(g)(h)			200		219,841
Wells Fargo & Co.,^(g)(h):
Series S, 5.90%^(e)			8,800		9,566,392
Series U, 5.88%			1,150		1,299,051

					25,516,861

Building Materials — 0.0%
Holcim Finance Luxembourg SA, 3.00%^(g)(h)	EUR		100		116,851


Capital Markets — 0.8%
Goldman Sachs Group, Inc., Series P, 5.00%^(e)(g)(h)	USD		144		146,379
Morgan Stanley, Series H, 5.44%^(e)(g)(h)			5,007		5,032,035


Security		Par (000)		Value

Capital Markets (continued)
UBS Group AG, 5.75%^(g)(h)	EUR		200	$	241,236

					5,419,650

Diversified Financial Services — 5.8%
Banco Santander SA, 4.38%^(g)(h)			200		229,884
Bank of America Corp.,^(g)(h):
Series AA, 6.10%	USD		3,890		4,360,729
Series DD, 6.30%			205		238,696
Series U, 5.20%^(e)			1,750		1,822,187
Series X, 6.25%^(e)			6,175		6,877,406
Series Z, 6.50%			170		192,100
Bank of New York Mellon Corp., Series D, 4.50%^(e)(g)(h)			4,567		4,624,087
Credit Agricole SA, 6.50%^(g)(h)	EUR		100		119,056
Credit Suisse Group AG^(a)(g)(h):	USD
5.10%			200		202,000
6.38%			585		648,619
7.50%			200		220,370
HBOS Capital Funding LP, 6.85%^(h)			200		204,434
HSBC Holdings PLC^(e)(g)(h):
6.00%			695		745,388
6.50%			655		729,506
JPMorgan Chase & Co.,^(g)(h):
Series 1, 5.24%			181		182,088
Series FF, 5.00%			1,595		1,668,370
Series HH, 4.60%			745		759,304
Series Q, 5.15%^(e)			5,500		5,761,250
Series R, 6.00%			228		245,784
Series S, 6.75%			180		202,925
Series V, 5.23%^(e)			3,830		3,858,342
Royal Bank of Scotland Group PLC, 8.63%^(g)(h)			200		216,000
Societe Generale SA, 6.75%^(a)(e)(g)(h)			3,000		3,371,250

					37,479,775

Diversified Telecommunication Services — 0.1%
Koninklijke KPN NV, 2.00%^(g)(h)	EUR		100		111,941
Telefonica Europe BV^(g)(h):
3.75%			100		116,732
4.38%			100		123,245
5.88%			100		128,465

					480,383

Electric Utilities — 1.7%
Electricite de France SA, 5.25%^(a)(e)(g)(h)	USD		7,500		7,890,000
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79^(g)			2,500		2,828,316


Security		Par (000)		Value

Electric Utilities (continued)
RWE AG, 2.75%, 04/21/75^(g)	EUR		20	$	22,488

					10,740,804

Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26			100		118,060


Industrial Conglomerates — 0.2%
General Electric Co., Series D, 5.00%^(e)(g)(h)	USD		1,383		1,376,445


Insurance — 0.6%
Achmea BV, 4.63%^(g)(h)	EUR		200		235,950
Allstate Corp., Series B, 5.75%, 08/15/53^(g)	USD		2,000		2,165,000
Voya Financial, Inc., 5.65%, 05/15/53^(e)(g)			1,090		1,158,125

					3,559,075

Oil, Gas & Consumable Fuels — 0.0%
Naturgy Finance BV, 4.13%^(g)(h)	EUR		100		119,836


Real Estate Management & Development — 0.0%
Citycon OYJ, 4.50%^(g)(h)			100		113,007


Utilities — 0.0%
Electricite de France SA, 3.00%^(g)(h)			200		231,791


Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 3.10%, 01/03/79^(d)			200		232,415


Total Capital Trusts — 13.1% (Cost — $80,570,362)					85,504,953


		Shares

Preferred Stocks — 4.3%

Capital Markets — 2.3%
Goldman Sachs Group, Inc., Series J, 5.50%^(g)(h)			395,017		10,637,808
Morgan Stanley,^(g)(h):
Series F, 6.88%			100,000		2,876,000
Series K, 5.85%			60,125		1,729,195

					15,243,003

Equity Real Estate Investment Trusts (REITs) — 2.0%
Firstar Realty LLC, 8.88%^(a)(h)			10,000		11,050,000
Trust Bank, 9.00%^(a)(c)(h)			15		1,642,500

					12,692,500


Total Preferred Stocks — 4.3% (Cost — $28,734,864)					27,935,503


Total Preferred Securities — 17.4% (Cost — $109,305,226)					113,440,456


Security		Par (000)		Value
U.S. Government Sponsored Agency Securities — 23.1%

Collateralized Mortgage Obligations — 0.9%
Freddie Mac Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44	USD		5,404	$	6,168,771


Mortgage-Backed Securities — 22.2%
Fannie Mae Mortgage-Backed Securities^(e):
4.00%, 02/01/34 - 04/01/56^(o)			90,480		95,894,310
4.50%, 09/01/48 - 07/01/55			44,881		48,732,080

					144,626,390


Total U.S. Government Sponsored Agency Securities — 23.1% (Cost — $147,868,578)					150,795,161


U.S. Treasury Obligations — 1.9%
U.S. Treasury Notes^(e):
2.75%, 08/31/25			7,000		7,516,250
3.00%, 09/30/25			4,500		4,896,914


Total U.S. Treasury Obligations — 1.9% (Cost — $11,390,590)					12,413,164


		Shares

Warrants — 0.0%

Entertainment — 0.0%
Aviron Capital LLC, (Expires 12/16/31)^(c)(m)(n)			10		—


Total Warrants — 0.0% (Cost — $—)					—


Total Long-Term Investments — 165.7% (Cost — $1,113,038,749)					1,080,149,463


		Par (000)

Short-Term Securities — 2.2%

Foreign Agency Obligations^(p) — 0.1%
Nigeria Treasury Bill, 11.64%, 02/27/20	NGN		207,906		567,812


Total Foreign Agency Obligations — 0.1% (Cost — $569,278)					567,812


Security		Shares		Value

Money Market Fund — 0.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.48%^(r)(t)			5,784,290	$	5,784,290


Total Money Market Fund — 0.9% (Cost — $5,784,290)					5,784,290


		Par (000)

U.S. Treasury Obligations — 1.2%
U.S. Treasury Bills^(e):
2.75%, 09/30/20	USD		2,700		2,720,566
2.88%, 10/31/20			5,000		5,047,461


Total U.S. Treasury Obligations — 1.2% (Cost — $7,699,001)					7,768,027


Total Short-Term Securities — 2.2% (Cost — $14,052,569)					14,120,129


Options Purchased — 0.0% (Cost — $129,125)					131,582


Total Investments Before TBA Sale Commitments and Options Written — 167.9% (Cost — $1,127,220,443)					1,094,401,174


		Par (000)

TBA Sale Commitments^(o) — (5.4%)

Mortgage-Backed Securities — (5.4%)
Fannie Mae Mortgage-Backed Securities, 4.00%, 2/15/50	USD		33,290		(34,783,092	)


Total TBA Sale Commitments — (5.4)% (Proceeds — $34,657,264)					(34,783,092	)


Options Written — (0.0)% (Premiums Received — $48,849)					(42,780	)


Total Investments, Net of TBA Sale Commitments and Options Written — 162.5% (Cost — $1,092,514,330)					1,059,575,302

Liabilities in Excess of Other Assets — (62.5)%					(407,660,774	)


Net Assets — 100.0%				$651,914,528

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

The Trust may hold liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement Purposes. As of period end, reverse repurchase agreements of $398,280,592 are categorized as Level 2 within the disclosure hierarchy.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

The Trust’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.


Affiliate	Shares Held at 10/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		7,913,547		(2,129,257	)		5,784,290	$	5,784,290	$	26,478	$	12	$	—


Currency Abbreviations

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

EUR		Euro

GBP		British Pound

MXN		Mexican Peso

NGN		Nigerian Naira

NOK		Norwegian Krone

NZD		New Zealand Dollar

USD		United States Dollar


Portfolio Abbreviations

ABS		Asset-Backed Security

CLO		Collateralized Loan Obligation

CR		Custodian Receipt

MSCI		Morgan Stanley Capital International

PIK		Payment-In-Kind

REIT		Real Estate Investment Trust

REMIC		Real Estate Mortgage Investment Conduit


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year U.S. Ultra Long Treasury Note		157		03/20/20	$	22,868	$	489,229

Short Contracts
10-Year U.S. Treasury Note		738		03/20/20		97,162		(2,076,738	)
Long U.S. Treasury Bond		29		03/20/20		4,742		(129,495	)
U.S. Treasury Ultra Bond		168		03/20/20		32,540		(1,039,782	)
2-Year U.S. Treasury Note		738		03/31/20		159,673		(394,378	)
5-Year U.S. Treasury Note		39		03/31/20		4,692		(51,790	)

								(3,692,183	)

							$	(3,202,954	)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	130,000	USD	143,064	Bank of America N.A.		02/05/20	$	1,121
EUR	138,000	USD	152,131	Bank of America N.A.		02/05/20		927
EUR	10,284,000	USD	11,337,082	Bank of America N.A.		02/05/20		69,074
GBP	1,106,000	USD	1,440,897	BNP Paribas S.A.		02/05/20		19,614
GBP	10,570,000	USD	13,770,596	BNP Paribas S.A.		02/05/20		187,450
USD	4,464	EUR	4,000	Bank of America N.A.		02/05/20		28
USD	107,804	EUR	97,000	Barclays Bank PLC		02/05/20		220
USD	146,095	EUR	130,000	HSBC Bank USA N.A.		02/05/20		1,910
USD	593,492	EUR	532,000	JPMorgan Chase Bank N.A.		02/05/20		3,442


Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.33.V1		5.00	%		Quarterly	12/20/24		USD	2,921	$	(263,359	)	$	(176,678	)	$	(86,681	)
CDX.NA.IG.33.V1		1.00			Quarterly	12/20/24		USD	74,100		(1,821,378	)		(1,296,099	)		(525,279	)

										$	(2,084,737	)	$	(1,472,777	)	$	(611,960	)


Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Counterparty	Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%		Quarterly	Bank of America N.A.		06/20/20	BBB+		USD	604	$	2,628		$	(475	)	$	3,103
United Mexican States		1.00			Quarterly	Citibank N.A.		09/20/20	NR		USD	604		3,726			933			2,793
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	B		EUR	10		(1,566	)		(712	)		(854	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank N.A.		06/20/23	B		EUR	28		(4,333	)		(2,859	)		(1,474	)


	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—	$	123,765,579		$	1,962,964	$	125,728,543
Common Stocks^(a)		3,866,862		—			—		3,866,862
Corporate Bonds^(a)		—		501,931,597			1,805,284		503,736,881
Floating Rate Loan Interests^(a)		—		43,270,492			3,152,846		46,423,338
Foreign Agency Obligations^(a)		—		33,133,291			—		33,133,291
Non-Agency Mortgage-Backed Securities		—		82,545,132			8,066,635		90,611,767
Preferred Securities^(a)		15,243,003		96,554,953			1,642,500		113,440,456
U.S. Government Sponsored Agency Securities		—		150,795,161			—		150,795,161
U.S. Treasury Obligations		—		12,413,164			—		12,413,164
Options Purchased
Interest rate contracts		—		131,582			—		131,582
Short-Term Securities:
Foreign Agency Obligations		—		567,812			—		567,812
Money Market Fund		5,784,290		—			—		5,784,290
U.S. Treasury Obligations		—		7,768,027			—		7,768,027
Unfunded floating rate loan interests		—		24,343			—		24,343
Liabilities:
Investments:
TBA Sale Commitments		—		(34,783,092	)		—		(34,783,092	)

	$	24,894,155	$	1,018,118,041		$	16,630,229	$	1,059,642,425


	Asset- Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			Preferred Securities		Total
Assets:
Opening balance, as of October 31, 2019	$	5,513,457		$	1,798,893		$	2,297,649		$	8,255,880		$	1,581,148	$	19,447,027
Transfers into Level 3		—			—			761,837			—			—		761,837
Transfers out of Level 3		—			—			(979,788	)		—			—		(979,788	)
Accrued discounts/premiums		7,612			—			827			33,252			—		41,691
Net realized gain (loss)		(975	)		—			1,951			103,677			—		104,653
Net change in unrealized appreciation (depreciation)^(a)		(33,909	)		25,420			(646,055	)		(22,018	)		61,352		(615,210	)
Purchases		975			—			2,325,852			—			—		2,326,827
Sales		(3,524,196	)		(19,029	)		(609,427	)		(304,156	)		—		(4,456,808	)

Closing Balance, as of January 31, 2020	$	1,962,964		$	1,805,284		$	3,152,846		$	8,066,635		$	1,642,500		16,630,229

Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2020^(a)	$	(28,351	)	$	25,420		$	(644,030	)	$	(22,018	)	$	61,352	$	(607,627	)