iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Trust

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	9.18%	30.00%

U.S. small cap equities (Russell 2000^® Index)	(0.25)	47.68

International equities (MSCI Europe, Australasia, Far East Index)	4.70	25.73

Emerging market equities (MSCI Emerging Markets Index)	(3.45)	18.20

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.07

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	2.92	(6.22)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.88	(0.90)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.24	2.71

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	3.65	11.27

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

The iShares Preferred and Income Securities ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated preferred and hybrid securities, as represented by the ICE Exchange-Listed Preferred & Hybrid Securities Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Index performance through January 31, 2019 reflects the performance of the S&P U.S. Preferred Stock Index^TM. Index performance beginning on February 1, 2019 through October 31, 2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index, which terminated on October 31, 2019. Index performance beginning on November 1, 2019 reflects the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Index.

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

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

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

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

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

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


Security	Shares		Value

Preferred Stocks

Auto Components — 0.8%
Aptiv PLC, Series A, 5.50%^(a)		959,845	$	161,733,883


Automobiles — 0.7%
Ford Motor Co.
6.00%		2,670,895		70,992,389
6.20%		2,503,934		66,754,881


				137,747,270

Banks — 25.1%
Associated Banc-Corp.
Series E, 5.88%		337,290		9,201,271
Series F, 5.63%		339,854		9,029,921
Atlantic Union Bankshares Corp., Series A, 6.88%		579,497		16,191,146
BancorpSouth Bank, Series A, 5.50%		554,831		14,497,734
Bank of America Corp.
Series 02, 3.00% (3 mo. LIBOR US + 0.650%)^(b)(c)		780,553		18,686,439
Series 4, 4.00% (3 mo. LIBOR US + 0.750%)^(c)		550,403		14,205,901
Series 5, 4.00% (3 mo. LIBOR US + 0.500%)^(c)		1,109,603		28,172,820
Series E, 4.00% (3 mo. LIBOR US + 0.350%)^(c)		852,735		21,625,360
Series GG, 6.00%		3,628,414		97,894,610
Series HH, 5.88%		2,299,069		62,074,863
Series K, 6.45% (3 mo. LIBOR US + 1.327%)^(c)		2,811,059		74,605,506
Series KK, 5.38%		3,756,015		101,149,484
Series L, 7.25%		205,413		296,291,819
Series LL, 5.00%		3,521,046		94,187,980
Series NN, 4.38%		2,959,350		77,978,872
Series PP, 4.13%		2,443,939		62,833,672
Bank of Hawaii Corp., Series A, 4.38%		603,010		15,394,845
CIT Group Inc., Series B, 5.63%		671,825		17,635,406
Citigroup Inc.
Series J, 7.13% (3 mo. LIBOR US + 4.040%)^(c)		3,154,732		88,111,665
Series K, 6.88% (3 mo. LIBOR US + 4.130%)^(c)		4,991,359		139,758,052
Citizens Financial Group Inc.
Series D, 6.35% (3 mo. LIBOR US + 3.642%)^(c)		996,235		27,565,822
Series E, 5.00%		1,494,313		39,494,693
Connectone Bancorp Inc., Preference Shares		384,302		10,126,358
Cullen/Frost Bankers Inc., Series B, 4.45%^(b)		519,215		13,873,425
Dime Community Bancshares Inc., 5.50%		445,012		11,436,808
Fifth Third Bancorp.
Series A, 6.00%		671,825		17,984,755
Series I, 6.63% (3 mo. LIBOR US + 3.710%)^(c)		1,494,314		42,289,086
Series K, 4.95%		839,727		21,942,066
First Citizens BancShares Inc./NC, Series A, 5.38%		1,158,492		31,603,662
First Horizon Corp.
6.50%		506,640		13,876,870
Series D, 6.10% (3 mo. LIBOR US + 3.859%)^(c)		337,290		9,025,880
Series F, 4.70%		503,602		13,149,048
First Midwest Bancorp. Inc./IL
Series A, 7.00%		349,232		9,645,788
Series C, 7.00%		385,966		10,637,223
First Republic Bank/CA
Series H, 5.13%		668,340		17,403,574
Series I, 5.50%		1,007,550		26,518,716
Series J, 4.70%		1,311,693		35,087,788
Series K, 4.13%		1,660,339		41,491,872
Series L, 4.25%		2,482,251		62,304,500
Series M, 4.00%^(b)		2,490,548		60,570,127
FNB Corp./PA, 7.25% (3 mo. LIBOR US + 4.600%)^(c)		376,306		10,649,460
Fulton Financial Corp., Series A, 5.13%		671,825		17,964,600


Security	Shares		Value

Banks (continued)
GMAC Capital Trust I, Series 2, 5.91% (3 mo. LIBOR US + 5.785%)^(c)		782,516	$	19,750,704
Hancock Whitney Corp., 6.25%		576,111		16,528,625
Heartland Financial USA Inc., Series E, 7.00% (5 year CMT + 6.675%)^(c)		388,145		11,120,354
Huntington Bancshares Inc./OH
Series C, 5.70%^(b)		582,818		15,444,677
Series C, 5.88%		338,895		8,540,154
Series H, 4.50%		1,660,339		42,421,661
JPMorgan Chase & Co.
Series DD, 5.75%		5,663,546		154,671,441
Series EE, 6.00%		6,176,606		171,215,518
Series GG, 4.75%		2,988,706		78,094,888
Series JJ, 4.55%		5,008,347		130,717,857
Series LL, 4.63%		6,176,886		163,069,790
Series MM, 4.20%^(b)		6,677,409		168,604,577
KeyCorp
Series E, 6.13% (3 mo. LIBOR US + 3.892%)^(c)		1,660,340		50,474,336
Series F, 5.65%		1,411,301		37,399,476
Series G, 5.63%		1,494,314		40,361,421
People’s United Financial Inc., Series A, 5.63% (3 mo. LIBOR US + 4.020%)^(c)		839,727		23,848,247
Pinnacle Financial Partners Inc., Series B, 6.75%		755,776		21,267,537
PNC Financial Services Group Inc. (The), Series P, 6.13% (3 mo. LIBOR US + 4.067%)^(c)		5,008,120		130,110,958
Popular Capital Trust I, 6.70%		604,716		15,329,551
Popular Capital Trust II, 6.13%		420,641		11,466,674
Regions Financial Corp.
Series B, 6.38% (3 mo. LIBOR US + 3.536%)^(c)		1,660,339		47,253,248
Series C, 5.70% (3 mo. LIBOR US + 3.148%)^(c)		1,660,339		47,186,834
Series E, 4.45%		1,328,287		34,548,745
Signature Bank/New York NY, Series A, 5.00%		2,424,111		63,269,297
Silvergate Capital Corp., Series A, 5.38%		664,183		16,465,097
Sterling Bancorp./DE, Series A, 6.50%		455,935		11,840,632
SVB Financial Group, Series A, 5.25%		1,175,452		31,925,276
Synovus Financial Corp.
Series D, 6.30% (3 mo. LIBOR US + 3.352%)^(c)		671,825		17,836,954
Series E, 5.88% (5 year CMT + 4.127%)^(c)		1,175,452		32,054,576
Texas Capital Bancshares Inc., Series B, 5.75%		1,007,550		26,569,093
Truist Financial Corp.
Series I, 4.00% (3 mo. LIBOR US + 0.530%)^(c)		582,495		14,964,297
Series O, 5.25%^(b)		1,909,458		53,388,446
Series R, 4.75%		3,071,719		81,554,139
U.S. Bancorp.
Series A, 3.50% (3 mo. LIBOR US + 1.020%)^(c)		47,774		45,982,475
Series B, 3.50% (3 mo. LIBOR US + 0.600%)^(c)		3,320,660		81,821,062
Series F, 6.50% (3 mo. LIBOR US + 4.468%)^(c)		3,672,242		93,385,114
Series K, 5.50%		1,909,458		51,383,515
Series L, 3.75%		1,660,339		40,860,943
Series M, 4.00%		2,490,548		62,711,999
United Community Banks Inc./GA, Series I, 6.88%		298,643		8,275,398
Valley National Bancorp
Series A, 6.25% (3 mo. LIBOR US + 3.850%)^(c)		390,715		11,537,814
Series B, 5.50% (3 mo. LIBOR US + 3.578%)^(c)		337,290		8,607,641
Webster Financial Corp., Series F, 5.25%		506,639		13,030,755
Wells Fargo & Co.
Series AA, 4.70%		2,952,675		77,596,299
Series CC, 4.38%		2,649,842		67,570,971
Series DD, 4.25%		3,154,557		78,990,107
Series L, 7.50%		250,338		371,000,916


Security	Shares		Value

Banks (continued)
Series Q, 5.85% (3 mo. LIBOR US + 3.090%)^(c)		4,353,274	$	119,062,044
Series R, 6.63% (3 mo. LIBOR US + 3.690%)^(c)		2,119,900		60,077,966
Series Y, 5.63%		1,741,344		45,692,867
Series Z, 4.75%		5,078,864		133,015,448
WesBanco Inc., Series A, 6.75% (5 year CMT + 6.557%)^(c)		506,640		14,560,834
Western Alliance Bancorp
6.25%		584,396		15,042,353
Series A, 4.25% (5 year CMT + 3.452%)^(c)		1,002,470		26,034,146
Wintrust Financial Corp.
Series D, 6.50% (3 mo. LIBOR US + 4.060%)^(c)		424,252		11,692,385
Series E, 6.88% (5 year CMT + 6.507%)^(c)		965,653		27,636,989
Zions Bancorp N.A., Series G, 6.30% (3 mo. LIBOR US + 4.24%)^(c)		467,348		13,595,153


				5,072,629,761

Capital Markets — 9.0%
Affiliated Managers Group Inc.
4.20%		689,451		16,960,495
4.75%		947,984		24,619,145
5.88%		1,001,753		26,867,016
Apollo Global Management Inc.
Series A, 6.38%		923,677		23,701,552
Series B, 6.38%		1,007,550		27,304,605
B Riley Financial Inc.
5.25%		1,056,153		26,615,056
5.50%		503,602		12,942,571
6.00%		772,336		19,980,332
B. Riley Financial Inc.
6.38%		442,377		11,501,802
6.50%		454,850		11,971,652
6.75%		373,087		9,685,339
6.88%		377,734		9,741,760
Brightsphere Investment Group Inc., 5.13%		417,471		10,737,354
Brookfield Finance I UK PLC, 4.50%		792,882		20,091,630
Brookfield Finance Inc., Series 50, 4.63%		1,335,403		34,279,795
Carlyle Finance LLC, 4.63%		1,669,316		42,767,876
Charles Schwab Corp. (The)
Series D, 5.95%		2,490,549		63,284,850
Series J, 4.45%		1,992,471		52,202,740
Cowen Inc., 7.75%		333,931		9,784,178
Gladstone Investment Corp.
4.88%		411,823		11,024,502
5.00%		429,539		11,172,309
Goldman Sachs Group Inc. (The)
Series A, 3.75% (3 mo. LIBOR US + 0.750%)^(c)		2,490,549		62,263,725
Series C, 4.00% (3 mo. LIBOR US + 0.750%)^(c)		671,824		16,990,429
Series D, 4.00% (3 mo. LIBOR US + 0.670%)^(c)		4,507,154		114,030,996
Series J, 5.50% (3 mo. LIBOR US + 3.640%)^(c)		3,338,749		90,546,873
Series K, 6.38% (3 mo. LIBOR US + 3.550%)^(c)		2,324,523		65,319,096
KKR & Co. Inc., Series C, 6.00%^(a)		1,919,772		151,681,186
KKR Group Finance Co. IX LLC, 4.63%		1,669,323		43,636,103
Logan Ridge Finance Corp., 5.75%^(a)		154,861		4,038,775
Morgan Stanley
Series A, 4.00% (3 mo. LIBOR US + 0.700%)^(c)		3,672,591		92,108,582
Series E, 7.13% (3 mo. LIBOR US + 4.320%)^(c)		2,875,036		81,967,276
Series F, 6.88% (3 mo. LIBOR US + 3.940%)^(c)		2,822,680		79,091,494
Series I, 6.38% (3 mo. LIBOR US + 3.708%)^(c)		3,338,749		95,321,284
Series K, 5.85% (3 mo. LIBOR US + 3.491%)^(c)		3,338,749		98,927,133
Series L, 4.88%		1,660,339		44,829,153
Newtek Business Services Corp., 5.50%		337,290		8,718,947


Security	Shares		Value

Capital Markets (continued)
Northern Trust Corp., Series E, 4.70%		1,343,354	$	36,875,067
Oaktree Capital Group LLC
Series A, 6.63%		604,434		16,162,565
Series B, 6.55%		789,271		21,191,926
Prospect Capital Corp., Series A, 5.35%		498,078		11,630,121
State Street Corp.
Series D, 5.90% (3 mo. LIBOR US + 3.108%)^(c)		2,490,549		70,407,820
Series G, 5.35% (3 mo. LIBOR US + 3.709%)^(c)		1,660,340		48,531,738
Stifel Financial Corp.
5.20%		751,366		20,437,155
Series B, 6.25%		528,901		14,401,974
Series C, 6.13%		739,760		20,861,232
Series D, 4.50%		996,235		25,214,708


				1,812,421,917

Chemicals — 0.1%
EI du Pont de Nemours & Co., Series B, 4.50%		141,397		16,400,638


Commercial Services & Supplies — 0.7%
Charah Solutions Inc., 8.50%		448,314		11,131,637
GFL Environmental Inc., 6.00%^(a)		1,203,979		102,386,374
Pitney Bowes Inc., 6.70%		831,137		20,844,916


				134,362,927

Consumer Finance — 2.7%
Capital One Financial Corp.
Series G, 5.20%		1,992,471		50,250,119
Series H, 6.00%		1,660,340		41,989,998
Series I, 5.00%		5,008,120		132,564,936
Series J, 4.80%		4,173,394		109,468,125
Series K, 4.63%		422,241		10,898,040
Series L, 4.38%		2,241,509		57,718,857
Series N, 4.25%		1,411,300		35,183,709
Navient Corp., 6.00%		1,034,101		26,049,004
SLM Corp., Series B, 1.82% (3 mo. LIBOR US + 1.700%)^(c)		335,725		20,707,518
Synchrony Financial, Series A, 5.63%		2,490,548		66,398,010


				551,228,316

Diversified Financial Services — 1.8%
Citigroup Capital XIII, 6.50% (3 mo. LIBOR US + 6.370%)^(c)		7,498,485		208,082,959
Compass Diversified Holdings
Series A, 7.25%		337,290		8,718,947
Series B, 7.88% (3 mo. LIBOR US + 4.985%)^(c)		337,290		9,258,610
Series C, 7.88%		391,263		10,485,848
Equitable Holdings Inc.
Series A, 5.25%		2,656,574		71,807,195
Series C, 4.30%		996,235		24,905,875
Voya Financial Inc., Series B, 5.35% (5 year CMT + 3.210%)^(c)		1,007,550		29,783,178


				363,042,612

Diversified Telecommunication Services — 3.0%
AT&T Inc.
5.35%		4,415,276		115,724,384
5.63%		2,754,326		74,311,716
Series A, 5.00%		4,006,433		107,692,919
Series C, 4.75%		5,842,765		154,073,713
Qwest Corp.
6.50%		3,264,288		83,728,987
6.75%		2,204,045		58,385,152


Security	Shares		Value

Diversified Telecommunication Services (continued)
Telephone & Data Systems Inc., 5.88%		651,202	$	16,436,338


				610,353,209

Electric Utilities — 11.2%
Alabama Power Co., Series A, 5.00%		839,727		21,925,272
Algonquin Power & Utilities Corp.
6.88% (3 mo. LIBOR US + 3.677%)^(c)		959,978		26,428,194
7.75%^(a)		1,919,709		92,952,310
Series 19-A, 6.20% (3 mo. LIBOR US + 4.010%)^(c)		1,168,531		32,344,938
American Electric Power Co. Inc.
6.13%^(a)		1,343,778		64,057,897
6.13%^(a)		1,418,924		70,548,901
Brookfield BRP Holdings, 4.63%		1,168,815		30,132,051
Brookfield Infrastructure Finance ULC, 5.00%		834,600		21,716,292
CMS Energy Corp.
5.63%		689,454		18,429,105
5.88%		2,103,322		56,810,727
5.88%		934,740		25,069,727
DTE Energy Co.
Series E, 5.25%		1,335,403		34,493,459
Series F, 6.00%		965,294		24,692,221
Series G, 4.38%		792,882		20,218,491
Duke Energy Corp.
5.13%		1,669,316		42,200,308
5.63%		1,669,316		44,704,282
Series A, 5.75%		3,320,660		91,982,282
Entergy Arkansas LLC, 4.88%		1,368,797		34,425,245
Entergy Louisiana LLC, 4.88%		930,851		23,503,988
Entergy Mississippi LLC, 4.90%		896,310		22,757,311
Georgia Power Co., Series 2017, 5.00%		930,851		24,090,424
Interstate Power & Light Co., Series D, 5.10%		671,825		17,339,803
National Rural Utilities Cooperative Finance Corp., Series US, 5.50%		861,867		23,623,774
NextEra Energy Capital Holdings Inc.
Series K, 5.25%		1,902,976		48,050,144
Series N, 5.65%		2,295,302		64,084,832
NextEra Energy Inc.
4.87%^(a)		2,503,934		146,755,572
5.28%^(a)		4,173,250		212,668,820
6.22%^(a)		3,338,633		170,637,533
Pacific Gas & Electric Co., Series A, 6.00%		356,621		10,199,361
PG&E Corp., 5.50%^(a)		1,335,403		127,664,527
SCE Trust II, 5.10%		758,439		19,036,819
SCE Trust III, Series H, 5.75% (3 mo. LIBOR US + 2.990%)^(c)		947,984		24,420,068
SCE Trust IV, Series J, 5.38% (3 mo. LIBOR US + 3.132%)^(c)		1,085,190		26,912,712
SCE Trust V, Series K, 5.45% (3 mo. LIBOR US + 3.790%)^(c)		1,034,101		26,162,755
SCE Trust VI, 5.00%		1,585,876		39,060,126
Sempra Energy, 5.75%		2,528,961		69,546,428
Southern Co. (The)
5.25%		2,670,895		66,799,084
5.25%		1,502,364		39,361,937
Series 2019, 6.75%^(a)		2,879,527		146,884,672
Series 2020, 4.95%		3,338,633		88,306,843
Series C, 4.20%		2,503,934		64,100,710


				2,255,099,945

Electrical Equipment — 0.1%
Babcock & Wilcox Enterprises Inc., Series A, 7.75%		620,836		15,645,067


Security	Shares		Value

Electronic Equipment, Instruments & Components — 0.2%
II-VI Inc., Series A, 6.00%^(a)		195,316	$	49,231,351


Energy Equipment & Services — 0.1%
Hoegh LNG Partners LP, Series A, 8.75%		595,069		12,954,652


Equity Real Estate Investment Trusts (REITs) — 7.6%
Agree Realty Corp., Series A, 4.25%		584,747		14,700,540
American Finance Trust Inc., Series A, 7.50%		666,107		17,751,751
American Homes 4 Rent
Series F, 5.88%		523,248		13,337,591
Series G, 5.88%		390,710		10,131,110
Series H, 6.25%		390,710		10,506,192
Arbor Realty Trust Inc., Series D, 6.38%^(b)		779,925		19,888,087
Armada Hoffler Properties Inc., Series A, 6.75%		505,026		13,600,350
Braemar Hotels & Resorts Inc., Series B, 5.50%		259,826		5,830,495
Brookfield DTLA Fund Office Trust Investor Inc., Series A, 7.62%^(b)		821,411		11,672,250
Cedar Realty Trust Inc., Series C, 6.50%		424,868		10,987,086
Chatham Lodging Trust, Series A, 6.63%		404,361		10,295,031
City Office REIT Inc., Series A, 6.63%		377,973		9,592,955
CorEnergy Infrastructure Trust Inc., Series A, 7.37%		423,171		10,278,824
DiamondRock Hospitality Co., 8.25%		365,302		9,892,378
Digital Realty Trust Inc.
Series J, 5.25%		671,825		17,386,831
Series K, 5.85%		697,353		19,177,207
Series L, 5.20%		1,145,588		31,159,994
DigitalBridge Group Inc.
Series H, 7.13%		954,689		24,373,210
Series I, 7.15%		1,145,588		29,510,347
Series J, 7.12%		1,046,082		27,365,505
Diversified Healthcare Trust
5.63%		1,168,726		28,177,984
6.25%		861,867		21,572,531
EPR Properties
Series C, 5.75%		457,977		11,948,620
Series E, 9.00%^(b)		291,015		10,744,274
Series G, 5.75%		506,640		13,132,109
Equity Commonwealth, Series D, 6.50%^(b)		414,938		12,900,422
Farmland Partners Inc., Series B, 6.00%^(d)		492,112		12,425,828
Federal Realty Investment Trust, Series C, 5.00%^(b)		506,640		12,904,121
Gladstone Commercial Corp., Series G, 6.00%		336,803		9,123,993
Gladstone Land Corp., Series B, 6.00%		502,594		12,966,925
Global Net Lease Inc.
Series A, 7.25%		573,875		15,494,625
Series B, 6.87%		373,917		10,432,284
Hersha Hospitality Trust
Series D, 6.50%		646,567		15,776,235
Series E, 6.50%		338,322		8,370,086
iStar Inc.
Series D, 8.00%		329,090		8,615,576
Series I, 7.50%		411,449		10,516,636
Kimco Realty Corp.
Series L, 5.13%		755,776		19,703,080
Series M, 5.25%		887,965		23,273,563
Lexington Realty Trust, Series C, 6.50%^(b)		164,412		10,668,695
Monmouth Real Estate Investment Corp., Series C, 6.13%		1,825,251		46,032,830
National Retail Properties Inc., Series F, 5.20%		1,145,588		28,708,435
National Storage Affiliates Trust, Series A, 6.00%		733,732		19,231,116
Office Properties Income Trust, 6.37%		558,527		15,560,562


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Pebblebrook Hotel Trust
Series E, 6.37%^(b)		365,301	$	8,990,058
Series F, 6.30%		498,078		12,362,296
Series G, 6.37%		763,692		19,512,331
Series H, 5.70%		830,209		20,755,225
Pennsylvania REIT
Series C, 7.20%^(b)		582,495		7,974,356
Series D, 6.87%		422,241		5,362,461
PS Business Parks Inc.
Series W, 5.20%		637,148		16,068,873
Series X, 5.25%		763,692		20,207,290
Series Y, 5.20%		664,183		17,448,087
Series Z, 4.88%		1,079,248		29,787,245
Public Storage
Series E, 4.90%		1,162,261		29,161,128
Series F, 5.15%		929,718		23,847,267
Series G, 5.05%		996,235		25,463,767
Series H, 5.60%		946,392		26,413,801
Series I, 4.88%		1,050,138		28,794,784
Series J, 4.70%		859,240		23,302,589
Series K, 4.75%		763,692		20,902,250
Series L, 4.63%		1,886,378		51,460,392
Series M, 4.13%		772,336		20,157,970
Series N, 3.88%^(b)		938,095		24,071,518
Series O, 3.90%^(b)		572,008		14,883,648
Series P, 4.00%		2,015,726		51,481,642
Series Q, 3.95%		415,065		10,534,350
Ready Capital Corp.
5.75%^(b)		677,248		17,283,369
6.20%		345,984		8,960,986
7.00%^(a)		384,068		10,350,633
RLJ Lodging Trust, Series A, 1.95%		1,069,200		31,113,720
Saul Centers Inc., Series E, 6.00%		371,537		9,834,584
SITE Centers Corp., Series A, 6.37%		586,303		15,185,248
SL Green Realty Corp., Series I, 6.50%		772,336		20,042,119
Spirit Realty Capital Inc., Series A, 6.00%		582,495		15,162,345
Summit Hotel Properties Inc.
Series E, 6.25%		540,257		14,062,890
Series F, 5.88%^(b)		332,052		8,677,050
Sunstone Hotel Investors Inc.
Series H, 6.13%		386,056		9,983,408
Series I, 5.70%		336,803		8,527,852
UMH Properties Inc.
Series C, 6.75%		829,917		21,561,244
Series D, 6.37%		646,229		17,047,521
Urstadt Biddle Properties Inc.
Series H, 6.25%		335,703		8,768,562
Series K, 5.88%		321,632		8,442,840
Vornado Realty Trust
Series K, 5.70%		996,235		24,925,800
Series L, 5.40%		996,235		25,663,014
Series M, 5.25%		1,060,983		27,670,437
Series N, 5.25%		996,235		26,798,721


				1,534,723,935

Food Products — 1.1%
CHS Inc.
8.00%		1,030,376		31,838,618
Series 1, 7.88%		1,781,457		50,896,226
Series 2, 7.10% (3 mo. LIBOR US + 4.298%)^(c)		1,410,666		39,597,395
Series 3, 6.75% (3 mo. LIBOR US + 4.155%)^(b)(c)		1,635,448		45,988,798


Security	Shares		Value

Food Products (continued)
Series 4, 7.50%		1,718,461	$	50,196,246


				218,517,283

Gas Utilities — 0.8%
Entergy New Orleans LLC, 5.50%		398,317		10,176,999
NiSource Inc., 7.75%^(a)		719,898		74,473,448
South Jersey Industries Inc.
5.63%		667,935		17,793,789
8.75%^(a)		559,342		27,088,933
Spire Inc., Series A, 5.90%		839,727		22,907,753
UGI Corp., 7.25%^(a)		183,676		18,459,438


				170,900,360

Health Care Equipment & Supplies — 3.7%
Becton Dickinson and Co., Series B, 6.00%^(a)(b)		2,504,015		135,166,730
Boston Scientific Corp., Series A, 5.50%^(a)		839,930		97,767,852
Danaher Corp.
Series A, 4.75%^(a)		137,714		279,285,369
Series B, 5.00%^(a)		143,560		232,907,437


				745,127,388

Health Care Technology — 0.2%
CareCloud Inc., Series A, 11.00%		461,965		13,489,378
Change Healthcare Inc., 6.00%^(a)		338,467		23,550,534


				37,039,912

Household Products — 0.1%
Energizer Holdings Inc., Series A, 7.50%^(a)		180,840		15,304,489


Independent Power and Renewable Electricity Producers — 0.5%
AES Corp. (The), 6.88%^(a)		908,972		87,624,901
Brookfield Renewable Partners LP, Series 17, 5.25%		671,831		17,736,338


				105,361,239

Industrial Conglomerates — 0.1%
Steel Partners Holdings LP, Series A, 6.00%		537,782		12,621,744


Insurance — 9.9%
AEGON Funding Co. LLC, 5.10%		3,088,240		81,714,830
Allstate Corp. (The)
5.10% (3 mo. LIBOR US + 3.165%)^(c)		1,669,316		44,353,726
Series G, 5.63%		1,909,458		51,097,096
Series H, 5.10%		3,839,553		105,126,961
Series I, 4.75%		1,000,677		27,488,597
American Equity Investment Life Holding Co.
Series A, 5.95% (5 year CMT + 4.322%)^(c)		1,315,078		35,954,233
Series B, 6.63% (5 year CMT + 6.297%)^(c)		986,236		28,344,423
American Financial Group Inc./OH
4.50%		689,454		18,815,200
5.13%		689,454		18,642,836
5.63%		517,132		14,603,808
5.88%		430,844		12,106,716
American International Group Inc., Series A, 5.85%		1,660,340		45,128,041
Arch Capital Group Ltd.
Series F, 5.45%		1,095,824		28,217,468
Series G, 4.55%		1,660,339		43,500,882
Argo Group International Holdings Ltd., 7.00% (5 year CMT + 6.712%)^(c)		506,640		13,902,202
Argo Group U.S. Inc., 6.50%		480,049		12,529,279
Aspen Insurance Holdings Ltd.
5.63%		838,083		22,913,189
5.63%		822,022		21,586,298
5.95% (3 mo. LIBOR US + 4.060%)^(c)		913,222		24,730,052
Assurant Inc., 5.25%		861,867		23,287,646


Security	Shares		Value

Insurance (continued)
Athene Holding Ltd.
Series A, 6.35% (3 mo. LIBOR US + 4.253%)^(c)		2,864,147	$	84,950,600
Series B, 5.63%		1,145,588		31,045,435
Series C, 6.38% (5 year CMT + 5.970%)^(c)		1,992,471		56,526,402
Series D, 4.88%		1,909,458		49,894,138
Axis Capital Holdings Ltd., Series E, 5.50%		1,826,445		46,409,967
Brighthouse Financial Inc.
6.25%		1,251,971		33,427,626
Series A, 6.60%		1,411,300		38,161,552
Series B, 6.75%		1,336,584		38,052,546
Series C, 5.38%		1,909,458		50,753,394
CNO Financial Group Inc., 5.13%		517,140		13,781,781
Enstar Group Ltd.
Series D, 7.00% (3 mo. LIBOR US + 4.015%)^(c)		1,328,287		38,905,526
Series E, 7.00%		373,197		10,098,711
Global Indemnity Group LLC, 7.88%		440,389		11,533,788
Globe Life Inc., 4.25%		1,085,190		27,639,789
Hartford Financial Services Group Inc. (The)
7.88% (3 mo. LIBOR US + 5.596%)^(c)		2,003,149		51,981,717
Series G, 6.00%		1,145,588		31,492,214
Maiden Holdings Ltd.
6.63%		339,227		7,530,839
Series A, 8.25%		508,544		5,827,914
Series C, 7.13%		559,816		6,801,764
Series D, 6.70%		506,640		6,231,672
Maiden Holdings North America Ltd., 7.75%		509,305		12,462,693
MetLife Inc.
Series A, 4.00% (3 mo. LIBOR US + 1.000%)^(c)		1,992,471		50,588,839
Series E, 5.63%		2,673,150		72,763,143
Series F, 4.75%		3,320,660		88,894,068
PartnerRe Ltd., Series J, 4.88%		673,205		18,035,162
Prudential Financial Inc.
4.13%		1,669,316		43,168,512
5.63%		1,886,324		50,836,432
Prudential PLC
6.50%^(b)		1,034,102		27,341,657
6.75%^(b)		861,867		22,606,771
Reinsurance Group of America Inc.
5.75% (3 mo. LIBOR US + 4.040%)^(c)		1,335,403		37,805,259
6.20% (3 mo. LIBOR US + 4.370%)^(c)		1,335,403		35,054,329
RenaissanceRe Holdings Ltd.
Series F, 5.75%		835,287		22,619,572
Series G, 4.20%		1,660,340		41,342,466
Selective Insurance Group Inc., Series B, 4.60%		671,825		17,487,605
SiriusPoint Ltd., Series B, 8.00%
(5 year CMT + 7.298%)^(c)		664,193		18,843,155
Unum Group, 6.25%		1,033,210		27,937,998
W R Berkley Corp.
4.13%		1,001,745		26,646,417
4.25%^(b)		861,867		23,373,833
WR Berkley Corp.
5.10%		1,001,745		26,616,365
5.70%		637,700		17,001,082


				1,996,516,216

Internet & Direct Marketing Retail — 0.9%
Qurate Retail Inc., 8.00%		1,037,702		112,227,471


Security	Shares		Value

Internet & Direct Marketing Retail (continued)
QVC Inc.
6.25%		1,670,130	$	42,888,938
6.38%		775,670		20,283,771


				175,400,180

IT Services — 0.2%
Sabre Corp., 6.50%^(a)		280,396		42,808,057


Leisure Products — 0.3%
Brunswick Corp./DE
6.38%		792,882		21,986,618
6.50%		637,700		18,174,450
6.63%		430,844		12,020,548


				52,181,616

Life Sciences Tools & Services — 1.1%
Avantor Inc., Series A, 6.25%^(a)		1,727,792		217,546,291


Machinery — 0.5%
Babcock & Wilcox Enterprises Inc., 8.13%		538,549		14,088,442
Colfax Corp., 5.75%^(a)		133,188		24,847,553
Stanley Black & Decker Inc., Series I, 5.25%^(a)		625,986		65,878,767


				104,814,762

Marine — 0.2%
Atlas Corp.
Series D, 7.95%		433,135		11,174,883
Series H, 7.88%		757,809		19,392,333
Series I, 8.00% (3 mo. LIBOR US + 5.008%)^(c)		507,207		14,069,922


				44,637,138

Media — 0.3%
Liberty Broadband Corp., Series A, 7.00%		603,887		16,818,253
ViacomCBS Inc., Series A, 5.75%^(a)(b)		830,209		54,237,554


				71,055,807

Metals & Mining — 1.2%
ArcelorMittal SA, 5.50%^(a)		3,338,750		239,855,800


Mortgage Real Estate Investment — 4.1%
ACRES Commercial Realty Corp.
8.62% (3 mo. LIBOR US + 5.927%)^(b)(c)		403,115		10,255,246
Series D, 7.87%		387,389		9,928,780
AG Mortgage Investment Trust Inc., Series B, 8.00%		351,568		8,771,622
AGNC Investment Corp.
Series C, 7.00% (3 mo. LIBOR US + 5.111%)^(c)		1,079,248		28,287,090
Series D, 6.88% (3 mo. LIBOR US + 4.332%)^(c)		789,271		20,347,406
Series E, 6.50% (3 mo. LIBOR US + 4.993%)^(c)		1,336,584		34,283,379
Series F, 6.13% (3 mo. LIBOR US + 4.697%)^(c)		1,909,458		48,194,720
Annaly Capital Management Inc.
Series F, 6.95% (3 mo. LIBOR US + 4.993%)^(c)		2,390,941		61,781,915
Series G, 6.50% (3 mo. LIBOR US + 4.172%)^(c)		1,411,300		36,129,280
Series I, 6.75% (3 mo. LIBOR US + 4.989%)^(c)		1,469,342		39,143,271
Arbor Realty Trust Inc., 6.25%		415,065		10,584,157
ARMOUR Residential REIT Inc., Series C, 7.00%		577,707		14,922,172
Capstead Mortgage Corp., Series E, 7.50%		858,672		21,509,734
Chimera Investment Corp.
Series A, 8.00%		489,553		12,326,944
Series B, 8.00% (3 mo. LIBOR US + 5.791%)^(c)		1,079,248		27,639,541
Series C, 7.75% (3 mo. LIBOR US + 4.743%)^(c)		873,222		22,476,734
Series D, 8.00% (3 mo. LIBOR US + 5.379%)^(c)		671,825		17,138,256
Dynex Capital Inc., Series C, 6.90% (3 mo. LIBOR US + 5.461%)^(c)		376,422		9,730,509
Ellington Financial Inc., 6.75% (3 mo. LIBOR US + 5.196%)^(c)		378,881		9,816,807


Security	Shares		Value

Mortgage Real Estate Investment (continued)
Great Ajax Corp., 7.25%^(a)		386,914	$	10,164,231
Invesco Mortgage Capital Inc.
Series B, 7.75% (3 mo. LIBOR US + 5.180%)^(c)		522,998		13,336,449
Series C, 7.50% (3 mo. LIBOR US + 5.289%)^(c)		965,653		24,575,869
KKR Real Estate Finance Trust Inc., Series A, 6.50%		578,947		15,075,780
MFA Financial Inc.
Series B, 7.50%		671,825		16,970,299
Series C, 6.50% (3 mo. LIBOR US + 5.345%)^(c)		923,677		22,703,981
New Residential Investment Corp.
Series A, 7.50% (3 mo. LIBOR US + 5.802%)^(c)		524,015		13,388,583
Series B, 7.13% (3 mo. LIBOR US + 5.640%)^(c)		948,693		23,897,577
Series C, 6.38% (3 mo. LIBOR US + 4.969%)^(c)		1,336,584		31,262,700
Series D, 7.00% (5 year CMT + 6.223%)^(c)		1,420,193		35,689,450
New York Mortgage Trust Inc.
Series D, 8.00% (3 mo. LIBOR US + 5.695%)^(c)		509,574		12,943,180
Series E, 7.87% (3 mo. LIBOR US + 6.429%)^(c)		616,623		15,631,393
Series F, 6.88% (SOFR + 6.130%)^(c)		421,332		10,449,034
PennyMac Mortgage Investment Trust
Series A, 8.12% (3 mo. LIBOR US + 5.831%)^(c)		370,492		9,810,628
Series B, 8.00% (3 mo. LIBOR US + 5.990%)^(c)		654,839		17,588,975
Series C, 6.75%		835,364		21,184,831
Ready Capital Corp., 6.50%		385,256		9,708,451
TPG RE Finance Trust Inc., Series C, 6.25%		668,243		16,171,481
Two Harbors Investment Corp.
Series A, 8.12% (3 mo. LIBOR US + 5.660%)^(c)		487,031		13,120,615
Series B, 7.63% (3 mo. LIBOR US + 5.352%)^(c)		954,689		24,735,992
Series C, 7.25% (3 mo. LIBOR US + 5.011%)^(c)		990,590		25,131,268


				826,808,330

Multiline Retail — 0.1%
Dillard’s Capital Trust I, 7.50%		660,267		18,507,284
Franchise Group Inc., Series A, 7.50%		383,414		10,333,007


				28,840,291

Multi-Utilities — 1.7%
Brookfield Infrastructure Partners LP
Series 13, 5.13%		671,825		17,165,129
Series 14, 5.00%		671,825		17,077,791
CMS Energy Corp., Series C, 4.20%		775,187		19,348,668
Dominion Energy Inc., Series A, 7.25%^(a)		1,343,778		130,521,157
DTE Energy Co., 6.25%^(a)		2,170,101		109,069,276
NiSource Inc., Series B, 6.50% (5 year CMT + 3.632%)^(c)		1,660,339		45,559,702


				338,741,723

Oil, Gas & Consumable Fuels — 1.9%
Altera Infrastructure LP
Series A, 7.25%		506,640		3,207,031
Series B, 8.50%		419,651		2,689,963
Series E, 8.88% (3 mo. LIBOR US + 6.407%)^(c)		407,334		2,582,498
DCP Midstream LP
Series B, 7.88% (3 mo. LIBOR US + 4.919%)^(c)		544,290		13,525,607
Series C, 7.95% (3 mo. LIBOR US + 4.882%)^(c)		373,735		9,306,002
El Paso Energy Capital Trust I, 4.75%		368,916		18,279,788
Enbridge Inc., Series B, 6.38% (3 mo. LIBOR US + 3.593%)^(c)		2,003,149		53,123,511
Energy Transfer LP
Series C, 7.38% (3 mo. LIBOR US + 4.530%)^(c)		1,494,319		37,492,464
Series D, 7.63% (3 mo. LIBOR US + 4.738%)^(c)		1,477,719		37,016,861
Series E, 7.60% (3 mo. LIBOR US + 5.161%)^(c)		2,670,976		67,735,951
NGL Energy Partners LP, Series B, 9.00% (3 mo. LIBOR US + 7.213%)^(c)		1,062,342		14,809,047


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
NuStar Energy LP
Series A, 8.50% (3 mo. LIBOR US + 6.766%)^(c)		760,650	$	18,430,549
Series B, 7.63% (3 mo. LIBOR US + 5.643%)^(c)		1,292,898		27,499,940
Series C, 9.00% (3 mo. LIBOR US + 6.88%)^(c)		582,495		14,486,651
NuStar Logistics LP, 6.86% (3 mo. LIBOR US + 6.734%)^(c)		1,343,778		33,460,072
Teekay LNG Partners LP 9.00%		422,793		10,700,891
Series B, 8.50% (3 mo. LIBOR US + 6.241%)^(c)		573,950		15,686,054


				380,032,880

Pharmaceuticals — 0.2%
Elanco Animal Health Inc., 5.00%^(a)		918,139		45,787,592


Professional Services — 0.5%
Clarivate PLC, Series A, 5.25%^(a)		1,199,847		104,014,737


Real Estate Management & Development — 0.6%
Brookfield Property Partners LP 6.25%		2,228,498		54,509,061
Series A, 5.75%		954,689		22,406,551
Series A-1, 6.50%		610,991		15,427,523
Series A2, 6.38%		830,209		20,954,475


				113,297,610

Semiconductors & Semiconductor Equipment — 2.5%
Broadcom Inc., Series A, 8.00%^(a)		333,842		511,449,282


Software — 0.3%
Synchronoss Technologies Inc., 8.38%		419,160		10,399,360
Tennessee Valley Authority
Series A, 2.22% (30 Year CMT + 0.840%)^(c)		774,768		20,910,988
Series D, 2.13% (30 Year CMT + 0.940%)^(c)		915,030		25,382,932


				56,693,280

Specialty Retail — 0.1%
TravelCenters of America Inc.
8.00%		400,729		10,887,807
8.00%		337,290		8,843,744
8.25%		372,369		10,109,818


				29,841,369

Thrifts & Mortgage Finance — 0.7%
Federal Agricultural Mortgage Corp.
Series D, 5.70%		338,900		9,075,742
Series F, 5.25%		405,227		10,649,366
Series G, 4.88%		418,676		10,881,389
Merchants Bancorp./IN
Series B, 6.00% (3 mo. LIBOR US + 4.569%)^(c)		422,241		10,931,820
Series C, 6.00%		658,722		17,489,069
New York Community Bancorp Inc., Series A, 6.38% (3 mo. LIBOR US + 3.821%)^(c)		1,710,182		48,979,612
New York Community Capital Trust V, 6.00%^(a)		242,098		12,903,823
Washington Federal Inc., Series A, 4.88%		1,007,550		26,377,659


				147,288,480

Trading Companies & Distributors — 0.9%
Air Lease Corp., Series A, 6.15% (3 mo. LIBOR US + 3.65%)^(c)		839,727		22,739,807
Fortress Transportation and Infrastructure Investors LLC
Series A, 8.25% (3 mo. LIBOR US + 6.886%)^(c)		351,096		9,426,928
Series B, 8.00% (3 mo. LIBOR US + 6.447%)^(c)		414,752		10,990,928
Series C, 8.25% (5 year CMT + 7.378%)^(c)		352,660		9,550,033


Security	Shares		Value

Trading Companies & Distributors (continued)
Textainer Group Holdings Ltd.
6.25%		501,064	$	12,772,121
7.00% (5 year CMT + 6.134%)^(c)		503,602		13,451,209
Triton International Ltd.
6.88%		501,235		13,217,567
7.38%		581,170		15,447,499
8.00%		485,520		13,478,035
Series E, 5.75%		581,170		15,104,608
WESCO International Inc., Series A, 10.63% (5 year CMT + 10.325%)^(c)		1,805,389		56,653,107


				192,831,842

Water Utilities — 0.2%
Essential Utilities Inc., 6.00%^(a)		634,443		36,410,684


Wireless Telecommunication Services — 1.1%
Telephone & Data Systems Inc.
Series UU, 6.63%		1,410,666		37,509,609
Series VV, 6.00%		2,291,255		57,854,189
United States Cellular Corp.
5.50%		1,669,730		44,147,661
5.50%		1,669,730		44,498,304
6.25%		1,669,730		45,249,683


				229,259,446


Total Preferred Stocks — 99.1% (Cost: $19,014,700,168)				20,018,561,311


Short-Term Investments

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(e)(f)(g)		95,443,156		95,490,878


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(e)(f)		403,730,000	$	403,730,000


				499,220,878


Total Short-Term Investments — 2.5% (Cost: $499,204,051)				499,220,878


Total Investments in Securities — 101.6% (Cost: $19,513,904,219)				20,517,782,189

Other Assets, Less Liabilities — (1.6)%				(315,284,186	)


Net Assets — 100.0%			$	20,202,498,003

^(a)	Convertible security.

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

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

^(d)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(e)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

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

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

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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

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

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

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

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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

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

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

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

Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares Preferred and Income Securities ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Prior to July 14, 2021, for its investment advisory services to the iShares Preferred and Income Securities ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, the Fund retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended September 30, 2021, the Fund paid BTC $844,074 for securities lending agent services.

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

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

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

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

For the six months ended September 30, 2021, in-kind transactions were as follows:

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

Management has analyzed tax laws and regulations and their application to the Fund as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of March 31, 2021, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $1,737,916,306.

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

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

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

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

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

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

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

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected

by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		4.00	%		12.20	%		5.25	%		6.79	%		12.20	%		29.18	%		92.83	%
Fund Market		3.48			11.44			5.18			6.80			11.44			28.74			93.15
Index		4.20			12.76			6.00			7.48			12.76			33.81			105.73



Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,040.00	$ 2.30			$ 1,000.00	$ 1,022.80	$ 2.28		0.45	%




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	19,893,290	$	75,600,402	^(a)	$	—		$	(1,617	)	$	(1,197	)	$	95,490,878		95,443,156	$	2,772,053	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		407,290,000		—			(3,560,000	)^(a)		—			—			403,730,000		403,730,000		8,196			—

									$	(1,617	)	$	(1,197	)	$	499,220,878			$	2,780,249		$	—


	iShares Preferred and Income Securities ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	20,018,561,311
Affiliated^(c)		499,220,878
Cash		36,950,580
Receivables:
Investments sold		140,502,525
Securities lending income — Affiliated		520,492
Capital shares sold		692,336
Dividends		51,055,217


Total assets		20,747,503,339


LIABILITIES
Collateral on securities loaned, at value		95,412,879
Payables:
Investments purchased		441,122,943
Capital shares redeemed		917,340
Investment advisory fees		7,552,174


Total liabilities		545,005,336


NET ASSETS	$	20,202,498,003


NET ASSETS CONSIST OF:
Paid-in capital	$	20,955,120,778
Accumulated loss		(752,622,775	)


NET ASSETS	$	20,202,498,003


Shares outstanding		519,700,000


Net asset value	$	38.87


Shares authorized		Unlimited


Par value		None


^(a) Securities loaned, at value	$	92,249,387

^(b) Investments, at cost — Unaffiliated	$	19,014,700,168

^(c) Investments, at cost — Affiliated	$	499,204,051


	iShares Preferred and Income Securities ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	514,099,087
Dividends — Affiliated		8,196
Securities lending income — Affiliated — net		2,772,053
Foreign taxes withheld		(345,473	)


Total investment income		516,533,863


EXPENSES
Investment advisory fees		44,117,150


Total expenses		44,117,150


Net investment income		472,416,713


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(90,944,480	)
Investments — Affiliated		(1,617	)
In-kind redemptions — Unaffiliated		67,219,224


Net realized loss		(23,726,873	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		285,247,359
Investments — Affiliated		(1,197	)


Net change in unrealized appreciation (depreciation)		285,246,162


Net realized and unrealized gain		261,519,289


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	733,936,002


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T


	Page


The Markets in Review		2
Fund Summary		4
About Fund Performance		5
Shareholder Expenses		5
Schedule of Investments		6
Financial Statements
Statement of Assets and Liabilities		14
Statement of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		18
Board Review and Approval of Investment Advisory Contract		24
Supplemental Information		26
General Information		27
Glossary of Terms Used in this Report		28


Fund Summary as of September 30, 2021		iShares^® Preferred and Income Securities ETF



ALLOCATION BY SECTOR

Sector		Percent of Total Investments^(a)

Financials		54.3%
Utilities		14.5
Real Estate		7.6
Health Care		5.2
Communication Services		4.6
Information Technology		3.4
Consumer Discretionary		3.0
Industrials		2.9
Energy		2.0
Materials		1.3
Consumer Staples		1.2



TEN LARGEST HOLDINGS

Security		Percent of Total Investments^(a)

Broadcom Inc., Series A, 8.00%		2.6%
Wells Fargo & Co., Series L, 7.50		1.9
Bank of America Corp., Series L, 7.25		1.5
Danaher Corp., Series A, 4.75		1.4
ArcelorMittal SA, 5.50		1.2
Danaher Corp., Series B, 5.00		1.2
Avantor Inc., Series A, 6.25		1.1
NextEra Energy Inc., 5.28		1.1
Citigroup Capital XIII, 6.50		1.0
JPMorgan Chase & Co., Series EE, 6.00		0.9


4		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		5




	Level 1		Level 2		Level 3		Total


Investments
Assets
Preferred Stocks	$	20,005,660,889	$	12,900,422	$	—	$	20,018,561,311
Money Market Funds		499,220,878		—		—		499,220,878

	$	20,504,881,767	$	12,900,422	$	—	$	20,517,782,189


	iShares Preferred and Income Securities ETF


	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	472,416,713		$	845,600,544
Net realized loss		(23,726,873	)		(67,757,721	)
Net change in unrealized appreciation (depreciation)		285,246,162			3,092,236,957


Net increase in net assets resulting from operations		733,936,002			3,870,079,780


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(457,635,962	)		(841,924,673	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,561,857,691			1,519,553,910


NET ASSETS
Total increase in net assets		1,838,157,731			4,547,709,017
Beginning of period		18,364,340,272			13,816,631,255


End of period	$	20,202,498,003		$	18,364,340,272


	iShares Preferred and Income Securities ETF


	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period		$	38.27		$	31.50		$	36.47		$	37.54		$	38.73		$	38.93


Net investment income^(a)			0.94			1.81			1.93			2.10			2.14			2.17
Net realized and unrealized gain (loss)^(b)			0.58			6.78			(4.93	)		(1.02	)		(1.22	)		(0.18	)

Net increase (decrease) from investment operations			1.52			8.59			(3.00	)		1.08			0.92			1.99


Distributions^(c)
From net investment income			(0.92	)		(1.82	)		(1.97	)		(2.15	)		(2.11	)		(2.19	)


Total distributions			(0.92	)		(1.82	)		(1.97	)		(2.15	)		(2.11	)		(2.19	)


Net asset value, end of period		$	38.87		$	38.27		$	31.50		$	36.47		$	37.54		$	38.73


Total Return^(d)
Based on net asset value			4.00	%^(e)		27.88	%		(8.90	)%		3.01	%		2.41	%		5.26	%


Ratios to Average Net Assets
Total expenses			0.45	%^(f)		0.46	%		0.46	%^(g)		0.46	%^(g)		0.47	%^(g)		0.47	%


Net investment income			4.82	%^(f)		4.97	%		5.25	%		5.73	%		5.55	%		5.59	%


Supplemental Data
Net assets, end of period (000)		$	20,202,498		$	18,364,340		$	13,816,631		$	14,370,721		$	16,622,879		$	17,272,398


Portfolio turnover rate^(h)			15	%^(e)		28	%		46	%		28	%		22	%		23	%



iShares ETF		Diversification Classification

Preferred and Income Securities		Diversified




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


Preferred and Income Securities
Barclays Bank PLC	$	1,888,037	$	1,888,037		$	—	$	—
Barclays Capital, Inc.		12,160		12,160			—		—
BNP Paribas SA		13,902,352		13,902,352			—		—
BofA Securities, Inc.		9,720,695		9,720,695			—		—
Citigroup Global Markets, Inc.		2,519,097		2,519,097			—		—
Deutsche Bank Securities, Inc.		1,461,874		1,461,874			—		—
Goldman Sachs & Co. LLC		25,566,421		25,566,421			—		—
J.P. Morgan Securities LLC		27,669,400		27,669,400			—		—
Morgan Stanley		2,444,396		2,444,396			—		—
National Financial Services LLC		18,984		18,984			—		—
Nomura Securities International, Inc.		153,216		153,216			—		—
Pershing LLC		5,311,720		5,311,720			—		—
UBS Securities LLC		10,200		10,200			—		—
Wells Fargo Bank N.A.		1,484,700		1,484,700			—		—
Wells Fargo Securities LLC		86,135		86,135			—		—


	$	92,249,387	$	92,249,387		$	—	$	—



Aggregate Average Daily Net Assets	Investment Advisory Fee

First $46 billion		0.4800	%
Over $46 billion, up to and including $81 billion		0.4560
Over $81 billion, up to and including $111 billion		0.4332
Over $111 billion, up to and including $141 billion		0.4116
Over $141 billion, up to and including $171 billion		0.3910
Over $171 billion		0.3714



iShares ETF	Purchases		Sales

Preferred and Income Securities	$	2,940,878,174	$	2,875,713,398



iShares ETF	In-kind Purchases		In-kind Sales

Preferred and Income Securities	$	2,201,575,279	$	693,666,303



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Preferred and Income Securities	$	19,512,259,323	$	1,210,580,624	$	(205,057,758	)	$	1,005,522,866




	Six Months Ended 09/30/21						Year Ended 03/31/21


iShares ETF	Shares			Amount			Shares			Amount


Preferred and Income Securities
Shares sold		58,350,000		$	2,277,733,130			111,400,000		$	4,090,195,407
Shares redeemed		(18,450,000	)		(715,875,439	)		(70,200,000	)		(2,570,641,497	)


Net increase		39,900,000		$	1,561,857,691			41,200,000		$	1,519,553,910


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		25



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Preferred and Income Securities^(a)	$	0.677730	$	—	$	0.242934	$	0.920664		74	%		—	%		26	%		100	%


Portfolio Abbreviations - Fixed Income

CMT		Constant Maturity Treasury

LIBOR		London Interbank Offered Rate

REIT		Real Estate Investment Trust

SOFR		Secured Overnight Financing Rate