iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, 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,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2022

6-Month

12-Month

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

(20.20)%

(15.47)%

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

(19.01)

(23.50)

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

(22.51)

(25.13)

Emerging market equities
(MSCI Emerging Markets Index)

(21.70)

(28.11)

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

0.58

0.63

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

(10.81)

(16.20)

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

(9.22)

(14.60)

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

(6.30)

(11.50)

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

(10.42)

(14.15)

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 portfolio 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 IndexTM. 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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance’’ for more information.

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

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

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

Shareholders of the Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


Security	Shares		Value

Preferred Securities

Preferred Stocks — 98.7%

Auto Components — 0.6%
Aptiv PLC, Series A, 5.50%, NVS^(a)		918,791	$	87,468,903


Automobiles — 1.1%
Ford Motor Co.
6.00%		2,556,525		59,490,337
6.50%, NVS		1,917,320		46,130,719
6.20%		2,396,763		58,433,082


				164,054,138
Banks — 27.3%
Associated Banc-Corp.
Series E, 5.88%, NVS^(b)		319,611		7,955,118
Series F, 5.63%, NVS^(b)		319,611		7,766,547
Atlantic Union Bankshares Corp., Series A, 6.88%, NVS^(b)		551,295		13,286,209
Bank of America Corp.
Series 02, (3 mo. USD LIBOR + 0.650%), 3.69%, NVS^(b)(c)		603,658		11,354,807
Series 4, (3 mo. USD LIBOR + 0.750%), 4.51%, NVS^(b)(c)		435,324		8,175,385
Series 5, (3 mo. USD LIBOR + 0.500%), 4.00%, NVS^(b)		855,837		16,825,755
Series E, (3 mo. USD LIBOR + 0.350%), 4.11%, NVS^(b)(c)		637,029		12,339,252
Series GG, 6.00%^(b)(c)		2,768,407		66,164,927
Series HH, 5.88%, NVS^(b)		1,751,360		40,929,283
Series K*, (3 mo. USD LIBOR + 1.327%), 6.45%^(d)		2,153,242		53,831,050
Series KK, 5.38%, NVS^(b)		2,865,821		62,245,632
Series L, 7.25%, NVS^(a)(b)		159,486		187,077,078
Series LL, 5.00%, NVS^(b)(c)		2,686,474		54,992,123
Series NN, 4.38%, NVS^(b)		2,255,683		41,233,885
Series PP, 4.13%, NVS^(b)(c)		1,870,508		32,210,148
Series QQ, 4.25%, NVS^(b)		2,665,942		46,254,094
Series SS, 4.75%, NVS^(b)		1,433,983		28,106,067
Bank of Hawaii Corp., Series A, 4.38%, NVS^(b)		575,237		10,204,704
Bank OZK, Series A, 4.63%, NVS^(b)		1,118,441		19,427,320
Cadence Bank, Series A, 5.50%, NVS^(b)(c)		542,109		11,400,552
Citigroup, Inc.
Series J, (3 mo. USD LIBOR + 4.040%), 7.13%^(b)(c)(d)		3,035,889		77,809,835
Series K, (3 mo. USD LIBOR + 4.130%), 6.88%, NVS^(b)(d)		4,777,477		122,446,736
Citizens Financial Group, Inc.
Series D, (3 mo. USD LIBOR + 3.642%), 6.35%, NVS^(b)(c)(d)		958,738		23,920,513
Series E, 5.00%, NVS^(b)		1,438,016		27,365,444
ConnectOne Bancorp., Inc., Series A, (5 year CMT + 4.420%), 5.25%, NVS^(b)(d)		361,412		7,174,028
Cullen/Frost Bankers, Inc., Series B, 4.45%, NVS^(b)		479,259		8,847,121
Dime Community Bancshares, Inc., 5.50%, NVS^(b)		413,308		8,129,768
Fifth Third Bancorp.
Series A, 6.00%, NVS^(b)		639,135		15,288,109
Series I, (3 mo. USD LIBOR + 3.710%), 6.63%, NVS^(b)(c)(d)		1,438,016		36,626,268
Series K, 4.95%, NVS^(b)		798,897		16,872,705
First Citizens BancShares, Inc.
Series A, 5.38%, NVS^(b)		1,102,505		23,593,607
Series C, 5.63%, NVS^(b)		639,127		13,964,925


Security	Shares		Value

Banks (continued)
First Horizon Corp. 6.50%, NVS^(b)		479,373	$	11,864,482
Series D, (3 mo. USD LIBOR + 3.859%), 6.10%^(b)(d)		319,611		7,856,038
Series F, 4.70%^(b)		466,802		9,139,983
First Republic Bank
Series H, 5.13%, NVS^(b)(c)		628,902		13,062,295
Series I, 5.50%, NVS^(b)(c)		958,814		22,071,898
Series J, 4.70%, NVS^(b)(c)		1,262,267		24,349,130
Series K, 4.13%^(b)		1,597,865		27,483,278
Series L, 4.25%^(b)(c)		2,388,753		42,591,466
Series M, 4.00%^(b)		2,396,763		39,690,395
Series N, 4.50%^(b)		2,364,788		43,819,522
FNB Corp., (3 mo. USD LIBOR + 4.600%), 7.25%, NVS^(b)(d)		354,345		9,216,513
Fulton Financial Corp., Series A, 5.13%, NVS^(b)		639,135		13,281,225
Hancock Whitney Corp., 6.25%		551,294		13,881,583
Heartland Financial U.S.A., Inc., Series E, (5 year CMT + 6.675%), 7.00%, NVS^(b)(d)		360,477		9,047,973
Huntington Bancshares, Inc.
Series C, 5.70%, NVS^(b)(c)		559,250		12,862,750
Series H, 4.50%, NVS^(b)		1,597,865		28,761,570
JPMorgan Chase & Co.
Series DD, 5.75%, NVS^(b)		5,420,702		133,945,546
Series EE, 6.00%, NVS^(b)(c)		5,912,017		147,682,185
Series GG, 4.75%, NVS^(b)		2,876,128		60,571,256
Series JJ, 4.55%, NVS^(b)		4,793,517		91,076,823
Series LL, 4.63%, NVS^(b)		5,912,017		115,166,091
Series MM, 4.20%, NVS^(b)		6,391,382		115,300,531
KeyCorp
(5 year CMT + 3.132%), 6.20%, NVS^(b)(d)		1,917,382		46,496,513
Series E, (3 mo. USD LIBOR + 3.892%), 6.13%, NVS^(b)(c)(d)		1,597,873		40,042,697
Series F, 5.65%, NVS^(b)		1,358,139		32,269,383
Series G, 5.63%, NVS^(b)		1,438,016		33,074,368
M&T Bank Corp., Series H, (3 mo. USD LIBOR + 4.020%), 5.63%, NVS^(b)(c)(d)		798,889		19,532,836
Midland States Bancorp Inc., (5 year CMT + 4.713%), 7.75%, NVS^(b)(d)		367,816		9,397,699
Old National Bancorp.
Series A, 7.00%, NVS^(b)		337,551		8,371,265
Series C, 7.00%, NVS^(b)(c)		391,464		9,935,356
PacWest Bancorp., Series A, (5 year CMT + 4.820%), 7.75%, NVS^(b)(d)		1,640,179		41,184,895
Pinnacle Financial Partners, Inc., Series B, 6.75%, NVS^(b)		719,012		18,212,574
PNC Financial Services Group, Inc., Series P, (3 mo. USD LIBOR + 4.067%), 6.85%, NVS^(b)(d)		4,793,517		121,659,461
Popular Capital Trust II, 6.13%		415,475		10,773,267
Regions Financial Corp.
Series B, (3 mo. USD LIBOR + 3.536%), 6.38%, NVS^(b)(d)		1,597,873		40,905,549
Series C, (3 mo. USD LIBOR + 3.148%), 5.70%, NVS^(b)(d)		1,597,865		35,856,091
Series E, 4.45%, NVS^(b)		1,278,254		23,468,743
Signature Bank, Series a, 5.00%^(b)		2,332,873		40,941,921
Silvergate Capital Corp., Series A, 5.38%^(b)		639,135		10,034,420
SVB Financial Group, Series A, 5.25%, NVS^(b)		1,225,540		25,626,041
Synovus Financial Corp.
Series D, (3 mo. USD LIBOR + 3.352%), 6.30%, NVS^(b)(d)		639,127		14,840,529


Security	Shares		Value

Banks (continued)
Synovus Financial Corp.
Series E, (5 year CMT + 4.127%), 5.88%, NVS^(b)(d)		1,118,492	$	27,414,239
Texas Capital Bancshares, Inc., Series B, 5.75%, NVS^(b)		958,730		20,267,552
Truist Financial Corp.
Series I, (3 mo. USD LIBOR + 0.530%), 4.61%, NVS^(b)(c)		535,824		10,084,208
Series O, 5.25%, NVS^(b)(c)		1,837,512		41,766,648
Series R, 4.75%, NVS^(b)		2,956,013		58,647,298
United Community Banks, Inc., Series I, 6.88%, NVS^(b)		317,542		7,798,832
US Bancorp.
Series A, (3 mo. USD LIBOR + 1.020%), 5.10%, NVS^(b)(d)		45,909		34,202,205
Series B*, (3 mo. USD LIBOR + 0.600%), 4.68%, NVS^(b)		3,195,651		64,040,846
Series K, 5.50%, NVS^(b)		1,837,512		43,512,284
Series L, 3.75%, NVS^(b)		1,597,865		25,677,691
Series M, 4.00%, NVS^(b)		2,396,763		40,768,939
Series O, 4.50%, NVS^(b)		1,438,016		27,839,990
Valley National Bancorp.
Series A, (3 mo. USD LIBOR + 3.850%), 6.25%, NVS^(b)(d)		363,304		9,238,821
Series B, (3 mo. USD LIBOR + 3.578%), 5.50%, NVS^(b)(d)		319,611		7,149,698
Washington Federal, Inc., Series A, 4.88%, NVS^(b)		958,730		18,877,394
Webster Financial Corp.
Series F, 5.25%, NVS^(b)		479,373		9,860,703
Series G, 6.50%^(b)(c)		419,381		10,190,958
Wells Fargo & Co.
Series AA, 4.70%, NVS^(b)		2,690,803		49,860,580
Series CC, 4.38%, NVS^(b)		2,425,756		42,062,609
Series DD, 4.25%, NVS^(b)		2,872,709		49,381,868
Series L, 7.50%, NVS^(a)(b)		228,499		275,112,796
Series Q, (3 mo. USD LIBOR + 3.090%), 5.85%, NVS^(b)(c)(d)		3,973,013		89,194,142
Series R, (3 mo. USD LIBOR + 3.690%), 6.63%, NVS^(b)(c)(d)		1,940,705		49,196,872
Series Y, 5.63%, NVS^(b)(c)		1,588,676		35,935,851
Series Z, 4.75%, NVS^(b)(c)		4,635,181		87,048,699
WesBanco, Inc., Series A, (5 year CMT + 6.557%), 6.75%, NVS^(b)(d)		479,373		12,070,612
Western Alliance Bancorp., Series A, (5 year CMT + 3.452%), 4.25%, NVS^(b)(d)		958,730		21,015,362
Wintrust Financial Corp.
Series D, (3 mo. USD LIBOR + 4.060%), 6.50%, NVS^(b)(d)		391,554		9,530,424
Series E, (5 year CMT + 6.507%), 6.88%, NVS^(b)(d)		918,791		22,455,252
Zions Bancorp. N.A., Series G, (3 mo. USD LIBOR + 4.240%), 6.30%, NVS^(b)(c)(d)		442,254		11,197,871


				3,900,566,380
Capital Markets — 10.9%
Affiliated Managers Group, Inc. 4.20%		639,135		10,948,383
4.75%		878,774		16,362,772
5.88%		958,730		21,993,266
B Riley Financial, Inc. 6.50%		534,311		12,957,042
6.00%		734,999		16,691,827


Security	Shares		Value

Capital Markets (continued)
B Riley Financial, Inc. 5.50%		662,771	$	15,846,855
5.25%		1,010,805		21,307,769
5.00%		1,031,273		23,162,392
6.75%		341,118		8,425,615
6.38%		455,413		11,230,485
Brookfield Finance I UK PLC, 4.50%^(b)		735,007		12,884,673
Brookfield Finance, Inc., Series 50, 4.63%, NVS		1,278,254		23,149,180
Carlyle Finance LLC, 4.63%, NVS		1,597,865		27,483,278
Charles Schwab Corp.
Series D, 5.95%, NVS^(b)(c)		2,396,762		58,888,442
Series J, 4.45%, NVS^(b)		1,917,382		36,564,475
Cowen, Inc., 7.75%		319,610		8,009,427
First Eagle Alternative Capital BDC, Inc., 5.00%		350,126		7,933,855
Gladstone Investment Corp. 5.00%, NVS		409,183		9,738,555
4.88%		428,823		9,940,117
Goldman Sachs Group, Inc.
Series A, (3 mo. USD LIBOR + 0.750%), 3.75%, NVS^(b)		2,396,685		47,861,799
Series C, (3 mo. USD LIBOR + 0.750%), 4.51%, NVS^(b)(c)		621,084		12,036,608
Series D, (3 mo. USD LIBOR + 0.670%), 4.00%, NVS^(b)		4,314,067		85,763,652
Series J, (3 mo. USD LIBOR + 3.640%), 5.50%, NVS^(b)(d)		3,195,651		79,028,449
Series K, (3 mo. USD LIBOR + 3.550%), 6.38%^(b)(d)		2,236,900		56,213,297
KKR & Co., Inc., Series C, 6.00%, NVS^(a)		1,837,512		99,997,403
KKR Group Finance Co. IX LLC, 4.63%, NVS		1,597,854		29,240,728
Morgan Stanley
Series A, (3 mo. USD LIBOR + 0.700%), 4.00%^(b)(c)		3,515,262		70,234,935
Series E, (3 mo. USD LIBOR + 4.320%), 7.13%, NVS^(b)(c)(d)		2,756,302		70,395,953
Series F, (3 mo. USD LIBOR + 3.940%), 6.88%, NVS^(b)(d)		2,716,365		68,126,434
Series I, (3 mo. USD LIBOR + 3.708%), 6.38%, NVS^(b)(d)		3,195,651		78,996,493
Series K, (3 mo. USD LIBOR + 3.491%), 5.85%, NVS^(b)(d)		3,195,651		77,430,624
Series L, 4.88%, NVS^(b)		1,597,865		33,027,870
Series O, 4.25%, NVS^(b)		4,154,390		74,654,388
Series P, 6.50%, NVS^(b)		3,195,644		80,338,490
Newtek Business Services Corp., 5.50%		319,611		7,740,978
Northern Trust Corp., Series E, 4.70%, NVS^(b)		1,278,254		26,996,724
Oaktree Capital Group LLC
Series A, 6.63%, NVS^(b)		575,733		13,564,269
Series B, 6.55%, NVS^(b)		751,644		18,031,940
Prospect Capital Corp., Series A, 5.35%^(b)		467,428		7,908,882
State Street Corp.
Series D, (3 mo. USD LIBOR + 3.108%), 5.90%, NVS^(b)(d)		2,396,762		59,847,147
Series G, (3 mo. USD LIBOR + 3.709%), 5.35%, NVS^(b)(c)(d)		1,597,873		39,067,995
Stifel Financial Corp. 5.20%		706,024		16,203,251
Series B, 6.25%, NVS^(b)		502,048		12,054,172
Series C, 6.13%, NVS^(b)		710,102		16,928,832
Series D, 4.50%, NVS^(b)		958,738		16,432,769
Trinity Capital, Inc., 7.00%		559,455		13,958,402


				1,565,600,892


Security	Shares		Value

Chemicals — 0.1%
EI du Pont de Nemours and Co., Series B, 4.50%, NVS^(b)(c)		133,673	$	13,716,186


Commercial Services & Supplies — 0.6%
Charah Solutions, Inc., 8.50%		431,394		8,826,321
GFL Environmental, Inc., 6.00%^(a)		934,632		54,021,730
Pitney Bowes, Inc., 6.70%		1,360,817		25,215,939


				88,063,990

Consumer Finance — 2.3%
Atlanticus Holdings Corp., 6.13%		478,011		10,650,085
Capital One Financial Corp.
Series I, 5.00%, NVS^(b)		4,793,517		94,096,739
Series J, 4.80%, NVS^(b)		3,994,628		73,461,209
Series K, 4.63%, NVS^(b)		383,367		6,912,107
Series L, 4.38%, NVS^(b)		2,157,107		37,253,238
Series N, 4.25%, NVS^(b)		1,358,131		23,359,853
Navient Corp., 6.00%		958,746		20,248,716
SLM Corp., Series B, (3 mo. USD LIBOR + 1.700%), 4.99%^(b)(d)		319,611		17,850,274
Synchrony Financial, Series A, 5.63%, NVS^(b)		2,396,763		43,860,763


				327,692,984

Diversified Financial Services — 2.6%
Apollo Asset Management, Inc.
Series A, 6.38%, NVS^(b)(c)		878,766		21,283,712
Series B, 6.38%, NVS^(b)		958,738		22,722,091
Citigroup Capital XIII, (3 mo. USD LIBOR + 6.370%), 9.18%, NVS^(d)		7,177,494		200,252,083
Compass Diversified Holdings
Series A, 7.25%, NVS^(b)		305,486		7,282,786
Series B, (3 mo. USD LIBOR + 4.985%), 7.88%, NVS^(b)(d)		319,611		7,971,098
Series C, 7.88%, NVS^(b)		367,504		9,069,999
Equitable Holdings, Inc.
Series A, 5.25%, NVS^(b)		2,556,525		53,252,416
Series C, 4.30%^(b)		958,812		16,060,101
National Rural Utilities Cooperative Finance Corp., Series US, 5.50%^(c)		798,889		17,695,391
Voya Financial, Inc., Series B, (5 year CMT + 3.210%), 5.35%, NVS^(b)(d)		958,730		22,971,171


				378,560,848

Diversified Telecommunication Services — 3.3%
AT&T, Inc. 5.35%		4,226,312		101,769,593
5.63%		2,636,402		64,750,033
Series A, 5.00%, NVS^(b)		3,834,856		78,729,594
Series C, 4.75%, NVS^(b)		5,592,483		105,026,831
Qwest Corp. 6.75%		2,109,144		48,510,312
6.50%, NVS		3,123,807		70,785,466


				469,571,829

Electric Utilities — 8.1%
Alabama Power Co., Series A, 5.00%^(b)		798,897		19,972,425
American Electric Power Co., Inc., 6.13%, NVS^(a)(c)		1,358,139		67,227,881
BIP Bermuda Holdings I Ltd., 5.13%^(b)		959,621		18,683,821
Brookfield BRP Holdings Canada, Inc. 4.63%, NVS^(b)		1,118,444		18,957,626
4.88%^(b)		830,874		14,656,617
Brookfield Infrastructure Finance ULC, 5.00%		799,577		13,312,957
Duke Energy Corp. 5.63%		1,597,873		39,163,867


Security	Shares		Value

Electric Utilities (continued)
Duke Energy Corp.
Series A, 5.75%, NVS^(b)		3,195,652	$	76,663,692
Entergy Arkansas LLC, 4.88%		1,310,247		30,672,882
Entergy Louisiana LLC, 4.88%^(c)		862,856		19,819,802
Entergy Mississippi LLC, 4.90%		830,874		19,375,982
Georgia Power Co., Series 2017, 5.00%		862,856		18,672,204
NextEra Energy Capital Holdings, Inc., Series N, 5.65%		2,197,053		53,695,975
NextEra Energy, Inc. 5.28%, NVS^(a)(c)		3,994,628		198,852,582
6.22%^(a)(c)		3,195,652		155,180,861
Pacific Gas and Electric Co., Series A, 6.00%^(b)(c)		332,486		6,347,158
PG&E Corp., 5.50%^(a)		1,278,262		146,028,651
SCE Trust II, 5.10%, NVS^(b)		703,017		14,833,659
SCE Trust III, Series H, (3 mo. USD LIBOR + 2.990%), 5.75%, NVS^(b)(d)		878,766		18,111,367
SCE Trust IV, Series J, (3 mo. USD LIBOR + 3.132%), 5.38%, NVS^(b)(d)		1,038,615		20,439,943
SCE Trust V, Series K, (3 mo. USD LIBOR + 3.790%), 5.45%, NVS^(b)(d)		958,730		19,634,790
SCE Trust VI, 5.00%, NVS^(b)		1,517,980		28,143,349
Southern Co. 5.25%		1,438,024		32,269,259
Series 2020, 4.95%		3,195,652		65,958,257
Series C, 4.20%		2,396,763		45,538,497


				1,162,214,104

Electrical Equipment — 0.3%
Babcock & Wilcox Enterprises, Inc. 6.50%		483,955		11,576,204
8.13%		511,279		12,781,975
Series A, 7.75%, NVS^(b)		612,655		11,775,229


				36,133,408

Electronic Equipment, Instruments & Components — 0.2%
Coherent Corp., Series A, 6.00%, NVS^(a)		183,791		28,755,940


Energy Equipment & Services — 0.1%
Hoegh LNG Partners LP, Series A, 8.75%, NVS^(b)		566,370		12,380,848


Equity Real Estate Investment Trusts (REITs) — 6.3%
Agree Realty Corp., Series A, 4.25%, NVS^(b)(c)		559,250		9,501,658
American Homes 4 Rent
Series G, 5.88%, NVS^(b)		367,504		8,268,840
Series H, 6.25%, NVS^(b)		369,213		8,853,728
Armada Hoffler Properties, Inc., Series A, 6.75%, NVS^(b)		546,695		12,524,782
Braemar Hotels & Resorts, Inc., Series B, 5.50%, NVS^(a)(b)		240,820		3,559,320
Brookfield DTLA Fund Office Trust Investor, Inc., Series A, 7.63%^(b)		765,263		7,208,777
Cedar Realty Trust, Inc., Series C, 6.50%, NVS^(b)		394,697		3,564,114
Chatham Lodging Trust, Series A, 6.63%, NVS^(b)		383,491		7,949,768
City Office REIT, Inc., Series A, 6.63%, NVS^(b)		357,938		7,151,601
CorEnergy Infrastructure Trust, Inc., Series A, 7.38%, NVS^(b)		406,830		4,902,302
DiamondRock Hospitality Co., 8.25%, NVS^(b)		384,098		9,448,811
Digital Realty Trust, Inc.
Series J, 5.25%, NVS^(b)(c)		639,135		13,728,620
Series K, 5.85%, NVS^(b)(c)		671,111		14,938,931
Series L, 5.20%, NVS^(b)		1,102,505		23,207,730
Diversified Healthcare Trust 6.25%, NVS		803,621		9,169,316
5.63%		1,118,492		13,231,760


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
EPR Properties
Series C, 5.75%, NVS^(a)(b)		437,037	$	7,551,999
Series E, 9.00%, NVS^(a)(b)		266,342		6,836,999
Series G, 5.75%, NVS^(b)(c)		481,665		8,641,070
Equity Commonwealth, Series D, 6.50%, NVS^(a)(b)(c)		393,869		10,307,552
Federal Realty Investment Trust, Series C, 5.00%, NVS^(b)		479,365		10,033,109
Gladstone Commercial Corp., Series G, 6.00%, NVS^(b)		319,611		6,836,479
Gladstone Land Corp., Series B, 6.00%^(b)(c)		473,933		12,383,869
Global Net Lease, Inc.
Series A, 7.25%, NVS^(b)		543,263		11,723,616
Series B, 6.88%^(b)		374,394		8,311,547
Hersha Hospitality Trust
Series D, 6.50%, NVS^(b)		613,398		11,476,677
Series E, 6.50%, NVS^(b)		322,131		6,204,243
Hudson Pacific Properties, Inc., Series C, 4.75%, NVS^(b)		1,358,139		22,667,340
iStar, Inc.
Series D, 8.00%^(b)		319,611		7,967,902
Series I, 7.50%, NVS^(b)		399,488		9,739,517
Kimco Realty Corp.
Series L, 5.13%, NVS^(b)		719,012		15,156,773
Series M, 5.25%, NVS^(b)		845,259		18,147,711
LXP Industrial Trust, Series C, 6.50%, NVS^(a)(b)		154,644		7,484,770
National Storage Affiliates Trust, Series A, 6.00%, NVS^(b)		697,983		15,648,779
Necessity Retail REIT, Inc., Series A, 7.50%, NVS^(b)		632,199		13,130,773
Office Properties Income Trust, 6.38%		517,711		9,940,051
Pebblebrook Hotel Trust
Series E, 6.38%, NVS^(b)(c)		343,692		7,114,424
Series F, 6.30%, NVS^(b)		479,373		9,079,325
Series G, 6.38%, NVS^(b)		735,007		13,744,631
Series H, 5.70%, NVS^(b)		798,897		13,461,414
Pennsylvania Real Estate Investment Trust
Series C, 7.20%, NVS^(b)		560,645		1,306,303
Series D, 6.88%, NVS^(b)		425,292		927,137
PS Business Parks, Inc.
Series X, 5.25%, NVS^(b)(c)		735,007		10,951,604
Series Y, 5.20%, NVS^(b)(c)		639,135		9,491,155
Public Storage
Series F, 5.15%, NVS^(b)		894,764		19,523,750
Series G, 5.05%, NVS^(b)(c)		958,730		20,708,568
Series H, 5.60%^(b)(c)		910,759		21,812,678
Series I, 4.88%, NVS^(b)		1,010,609		21,566,396
Series J, 4.70%, NVS^(b)(c)		826,887		16,885,033
Series K, 4.75%, NVS^(b)		639,127		12,872,018
Series L, 4.63%, NVS^(b)		1,805,538		36,381,591
Series M, 4.13%, NVS^(b)(c)		735,007		13,413,878
Series N, 3.88%, NVS^(b)(c)		902,811		14,625,538
Series O, 3.90%, NVS^(b)(c)		528,824		8,572,237
Series P, 4.00%, NVS^(b)		1,929,400		32,934,858
Series Q, 3.95%, NVS^(b)		450,479		7,419,389
Series R, 4.00%, NVS^(b)		1,390,124		23,576,503
Series S, 4.10%, NVS^(b)		798,897		13,924,775
RLJ Lodging Trust, Series A, 1.95%^(a)(b)		1,028,973		25,292,156
Saul Centers, Inc., Series E, 6.00%, NVS^(b)(c)		351,517		7,431,069
SITE Centers Corp., Series A, 6.38%, NVS^(b)		559,727		11,407,236
SL Green Realty Corp., Series I, 6.50%, NVS^(b)		735,007		15,957,002


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Spirit Realty Capital, Inc., Series A, 6.00%, NVS^(b)		551,295	$	12,652,220
Summit Hotel Properties, Inc.
Series E, 6.25%, NVS^(b)		511,959		8,979,761
Series F, 5.88%, NVS^(b)(c)		320,711		5,798,455
Sunstone Hotel Investors, Inc.
Series H, 6.13%^(b)		367,504		7,441,956
Series I, 5.70%, NVS^(b)		320,817		5,947,947
UMH Properties, Inc., Series D, 6.38%, NVS^(b)		687,789		16,369,378
Urstadt Biddle Properties, Inc.
Series H, 6.25%, NVS^(b)		335,703		7,049,763
Series K, 5.88%, NVS^(b)		321,632		6,529,130
Vornado Realty Trust
Series L, 5.40%, NVS^(b)(c)		958,738		17,707,891
Series M, 5.25%, NVS^(b)		1,021,018		17,796,344
Series N, 5.25%, NVS^(b)		958,730		16,902,410
Series O, 4.45%, NVS^(b)		958,746		15,378,286


				906,335,043

Food Products — 1.3%
CHS, Inc. 8.00%, NVS^(b)		980,457		27,952,829
Series 1, 7.88%, NVS^(b)		1,714,401		44,454,418
Series 2, (3 mo. USD LIBOR + 4.298%), 7.10%, NVS^(b)(c)(d)		1,342,144		33,365,700
Series 3, (3 mo. USD LIBOR + 4.155%), 6.75%, NVS^(b)(c)(d)		1,573,828		38,952,243
Series 4, 7.50%^(b)		1,653,798		44,057,179


				188,782,369

Gas Utilities — 0.6%
Entergy New Orleans LLC, 5.50%		345,189		7,884,117
South Jersey Industries, Inc. 8.75%^(a)		535,308		35,646,160
5.63%		639,135		11,811,215
Spire, Inc., Series A, 5.90%, NVS^(b)		798,889		19,269,202
UGI Corp., 7.25%^(a)		175,749		14,015,983


				88,626,677

Health Care Equipment & Supplies — 1.4%
Becton Dickinson and Co., Series B, 6.00%, NVS^(a)		2,396,755		112,983,030
Boston Scientific Corp., Series A, 5.50%, NVS^(a)		803,949		81,375,718


				194,358,748

Health Care Technology — 0.1%
CareCloud, Inc., Series A, 11.00%, NVS^(b)(c)		361,610		9,647,755


Hotels, Restaurants & Leisure — 0.1%
FAT Brands, Inc., Series B, 8.25%^(c)		728,258		13,086,796


Independent Power and Renewable Electricity Producers — 0.8%
AES Corp., 6.88%^(a)		833,327		73,641,107
Brookfield Renewable Partners LP, Series 17, 5.25%, NVS^(b)		639,050		12,531,770
Tennessee Valley Authority
Series A, (5 year CMT + 0.840%), 2.22%^(d)		664,688		13,958,448
Series D, (5 year CMT + 0.940%), 2.13%^(d)		817,900		17,699,356


				117,830,681

Industrial Conglomerates — 0.1%
Steel Partners Holdings LP, Series A, 6.00%, NVS		513,119		11,945,410


Insurance — 10.4%
AEGON Funding Co. LLC, 5.10%, NVS		2,956,013		61,691,991


Security	Shares		Value

Insurance (continued)
Allstate Corp.
(3 mo. USD LIBOR + 3.165%), 5.10%, NVS^(d)		1,597,865	$	38,508,546
Series G, 5.63%, NVS^(b)		1,837,512		42,997,781
Series H, 5.10%, NVS^(b)		3,675,017		77,138,607
Series I, 4.75%, NVS^(b)		958,730		18,762,346
American Equity Investment Life Holding Co.
Series A, (5 year CMT + 4.322%), 5.95%, NVS^(b)(d)		1,278,254		28,696,802
Series B, (5 year CMT + 6.297%), 6.63%, NVS^(b)(d)		958,738		22,760,440
American Financial Group, Inc. 5.88%		388,520		9,153,531
4.50%		639,135		12,648,482
5.63%		479,373		10,862,592
5.13%		623,167		13,098,970
American International Group, Inc., Series A, 5.85%, NVS^(b)		1,597,873		38,444,824
Arch Capital Group Ltd.
Series F, 5.45%, NVS^(b)		1,054,602		22,969,232
Series G, 4.55%^(b)		1,597,865		29,975,947
Argo Group International Holdings Ltd., (5 year CMT + 6.172%), 7.00%, NVS^(b)(d)		479,373		10,162,708
Argo Group U.S., Inc., 6.50%		459,399		10,511,049
Aspen Insurance Holdings Ltd. 5.63%, NVS^(b)		835,977		17,354,883
5.63%, NVS^(b)		760,710		15,259,843
(3 mo. USD LIBOR + 4.060%), 5.95%, NVS^(b)(d)		878,766		19,833,749
Assurant, Inc., 5.25%		798,889		17,000,358
Athene Holding Ltd.
Series A, (3 mo. USD LIBOR + 4.253%), 6.35%, NVS^(b)(d)		2,756,303		67,198,667
Series B, 5.63%, NVS^(b)(c)		1,102,505		24,563,811
Series C, (5 year CMT + 5.970%), 6.38%, NVS^(b)(d)		1,917,398		48,356,778
Series D, 4.88%^(b)(c)		1,837,504		33,993,824
Axis Capital Holdings Ltd., Series E, 5.50%, NVS^(b)		1,757,635		37,050,946
Brighthouse Financial, Inc. 6.25%		1,198,377		26,220,489
Series A, 6.60%, NVS^(b)		1,358,139		32,934,871
Series B, 6.75%, NVS^(b)		1,286,286		31,565,458
Series C, 5.38%^(b)		1,837,512		35,831,484
Series D, 4.63%, NVS^(b)		1,118,492		18,902,515
CNO Financial Group, Inc., 5.13%		474,295		9,305,668
Enstar Group Ltd.
Series D, (3 mo. USD LIBOR + 4.015%), 7.00%, NVS^(b)(d)		1,278,254		29,975,056
Series E, 7.00%, NVS^(b)		335,656		8,159,797
Globe Life, Inc., 4.25%, NVS		1,038,615		17,884,950
Hartford Financial Services Group, Inc., Series G, 6.00%, NVS^(b)		1,102,425		27,836,231
Kemper Corp., (5 year CMT + 4.140%), 5.88%		480,604		10,400,271
Maiden Holdings Ltd., 6.63%		337,528		5,130,426
Maiden Holdings North America Ltd., 7.75%		485,474		8,665,711
MetLife, Inc.
Series A, (3 mo. USD LIBOR + 1.000%), 4.29%, NVS^(b)		1,917,398		42,623,758
Series E, 5.63%, NVS^(b)(c)		2,572,522		62,255,032
Series F, 4.75%, NVS^(b)		3,195,652		66,405,649
PartnerRe Ltd., Series J, 4.88%, NVS^(b)		639,135		12,041,303


Security	Shares		Value

Insurance (continued)
Prudential Financial, Inc. 5.95%		958,738	$	23,153,523
5.63%		1,805,538		44,217,626
4.13%, NVS^(c)		1,597,865		31,893,385
Reinsurance Group of America, Inc.
(3 mo. USD LIBOR + 4.040%), 5.75%, NVS^(d)		1,278,254		31,636,786
(3 mo. USD LIBOR + 4.370%), 7.66%^(d)		795,739		20,080,026
RenaissanceRe Holdings Ltd.
Series F, 5.75%, NVS^(b)		798,897		18,158,929
Series G, 4.20%, NVS^(b)		1,597,865		28,186,339
Selective Insurance Group, Inc., Series B, 4.60%^(b)		639,135		11,165,688
SiriusPoint Ltd., Series B, (5 year CMT + 7.298%), 8.00%, NVS^(b)(d)		639,139		15,083,680
Unum Group, 6.25%		958,730		23,997,012
W R Berkley Corp. 5.70%		591,232		13,740,232
5.10%		958,738		20,392,357
4.13%		958,746		16,778,055
4.25%^(c)		798,897		13,573,260


				1,487,192,274

Internet & Direct Marketing Retail — 0.6%
Qurate Retail, Inc., 8.00%		1,012,066		46,089,485
QVC, Inc. 6.25%		1,598,632		29,814,487
6.38%		719,004		14,523,881


				90,427,853

IT Services — 0.1%
Exela Technologies, Inc., Series B, 6.00%^(a)(b)(c)		232,101		1,125,690
Sabre Corp., 6.50%, NVS^(a)(c)		262,833		18,761,019


				19,886,709

Leisure Products — 0.3%
Brunswick Corp. 6.50%		591,224		14,201,201
6.63%		397,289		10,234,165
6.38%		735,007		16,427,406


				40,862,772

Life Sciences Tools & Services — 1.3%
Danaher Corp., Series B, 5.00%, NVS^(a)(c)		137,422		185,174,771


Machinery — 0.5%
RBC Bearings, Inc., Series A, 5.00%, NVS^(a)		367,504		38,216,741
Stanley Black & Decker, Inc., 5.25%, NVS^(a)		599,190		29,552,051


				67,768,792

Marine — 0.1%
Global Ship Lease, Inc., 8.75%, NVS^(b)		348,960		8,891,501


Media — 0.3%
Liberty Broadband Corp., Series A, 7.00%^(b)		574,324		14,312,154
Paramount Global, Series A, 5.75%, NVS^(a)(c)		798,889		24,685,670


				38,997,824

Metals & Mining — 0.7%
ArcelorMittal SA, 5.50%^(a)		1,942,942		93,863,528


Mortgage Real Estate Investment Trusts (REITs) — 4.8%
ACRES Commercial Realty Corp.
Series C, (3 mo. USD LIBOR + 5.927%), 8.63%^(b)(c)(d)		377,037		8,268,421
Series D, 7.88%, NVS^(b)		366,414		7,214,692


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
AGNC Investment Corp.
Series C, (3 mo. USD LIBOR + 5.111%), 7.00%, NVS^(b)(d)		1,038,615	$	24,199,729
Series D, (3 mo. USD LIBOR + 4.332%), 6.88%, NVS^(b)(d)		751,005		14,479,376
Series E, (3 mo. USD LIBOR + 4.993%), 6.50%, NVS^(b)(d)		1,284,436		26,459,382
Series F, (3 mo. USD LIBOR + 4.697%), 6.13%, NVS^(b)(d)		1,837,504		35,390,327
Series G, (5 year CMT + 4.390%), 7.75%, NVS^(b)		479,781		9,451,686
Annaly Capital Management, Inc.
Series F, (3 mo. USD LIBOR + 4.993%), 8.67%, NVS^(b)(c)(d)		2,300,890		54,830,209
Series G, (3 mo. USD LIBOR + 4.172%), 6.50%, NVS^(b)(d)		1,358,139		28,819,710
Series I, (3 mo. USD LIBOR + 4.989%), 6.75%, NVS^(b)(d)		1,414,066		30,755,935
Arbor Realty Trust, Inc.
Series D, 6.38%, NVS^(b)		734,999		14,288,381
Series E, 6.25%, NVS^(b)		459,399		8,659,671
Series F, (SOFR + 5.440%), 6.25%, NVS^(b)(d)		890,785		18,626,314
ARMOUR Residential REIT, Inc., Series C, 7.00%^(b)		536,081		10,083,684
Chimera Investment Corp.
Series A, 8.00%, NVS^(b)		450,174		7,774,505
Series B, (3 mo. USD LIBOR + 5.791%), 8.00%, NVS^(b)(d)		1,038,615		18,279,624
Series C, (3 mo. USD LIBOR + 4.743%), 7.75%, NVS^(b)(d)		830,882		13,568,303
Series D, (3 mo. USD LIBOR + 5.379%), 8.00%, NVS^(b)(d)		639,135		10,865,295
Dynex Capital, Inc., Series C, (3 mo. USD LIBOR + 5.461%), 6.90%, NVS^(b)(d)		356,328		7,671,742
Ellington Financial, Inc.
(3 mo. USD LIBOR + 5.196%), 6.75%, NVS^(b)(d)		357,891		6,442,038
Series B, (5 year CMT + 4.990%), 6.25%, NVS^(b)(d)		377,170		6,306,282
Franklin BSP Realty Trust, Inc., Series E, 7.50%, NVS^(b)(c)		825,208		15,117,811
Granite Point Mortgage Trust, Inc., Series A, (SOFR + 5.830%), 7.00%, NVS^(b)(d)		646,687		13,101,879
Great Ajax Corp., 7.25%, NVS^(a)(c)		361,388		8,622,718
Invesco Mortgage Capital, Inc.
Series B, (3 mo. USD LIBOR + 5.180%), 7.75%, NVS^(b)(d)		350,729		5,983,437
Series C, (3 mo. USD LIBOR + 5.289%), 7.50%, NVS^(b)(d)		624,443		9,560,222
KKR Real Estate Finance Trust, Inc., Series A, 6.50%, NVS^(b)		1,047,414		20,822,590
MFA Financial, Inc.
Series B, 7.50%, NVS^(b)		639,135		11,216,819
Series C, (3 mo. USD LIBOR + 5.345%), 6.50%, NVS^(b)(d)		875,691		15,482,217
New York Mortgage Trust, Inc.
Series D, (3 mo. USD LIBOR + 5.695%), 8.00%, NVS^(b)(d)		473,081		8,491,804
Series E, (3 mo. USD LIBOR + 6.429%), 7.88%, NVS^(b)(d)		591,920		10,595,368
Series F, (SOFR + 6.130%), 6.88%, NVS^(b)(d)		445,049		6,386,453


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
PennyMac Mortgage Investment Trust
Series A, (3 mo. USD LIBOR + 5.831%), 8.13%, NVS^(b)(d)		357,708	$	6,885,879
Series B, (3 mo. USD LIBOR + 5.990%), 8.00%, NVS^(b)(d)		607,364		11,600,652
Series C, 6.75%, NVS^(b)		798,897		13,101,911
Ready Capital Corp.
7.00%^(a)		357,902		8,940,392
6.20%^(c)		327,566		7,943,475
5.75%^(c)		643,267		15,502,735
Series E, 6.50%, NVS^(b)		349,939		6,281,405
Rithm Capital Corp.
Series A, (3 mo. USD LIBOR + 5.802%), 7.50%, NVS^(b)(d)		480,127		9,237,643
Series B, (3 mo. USD LIBOR + 5.640%), 7.13%^(b)(d)		902,803		17,044,921
Series C, (3 mo. USD LIBOR + 4.969%), 6.38%, NVS^(b)(d)		1,286,286		22,445,691
Series D, (5 year CMT + 6.223%), 7.00%, NVS^(b)(d)		1,485,996		28,650,003
TPG RE Finance Trust, Inc., Series C, 6.25%, NVS^(b)(c)		643,122		11,158,167
Two Harbors Investment Corp.
Series A, (3 mo. USD LIBOR + 5.660%), 8.13%, NVS^(b)(d)		447,809		8,060,562
Series B, (3 mo. USD LIBOR + 5.352%), 7.63%, NVS^(b)(d)		918,799		16,207,614
Series C, (3 mo. USD LIBOR + 5.011%), 7.25%, NVS^(b)(d)		942,741		16,601,669

				687,479,343
Multiline Retail — 0.2%
Dillard’s Capital Trust I, 7.50%		639,135		16,847,599
Franchise Group, Inc., Series A, 7.50%, NVS^(b)		356,321		8,284,463

				25,132,062
Multi-Utilities — 3.9%
Algonquin Power & Utilities Corp.
7.75%^(a)		1,837,512		69,586,580
(3 mo. USD LIBOR + 3.677%), 6.88%^(d)		918,807		22,317,822
Series 19-A, (3 mo. USD LIBOR + 4.010%), 6.20%, NVS^(d)		1,118,492		27,078,691
Brookfield Infrastructure Partners LP
Series 13, 5.13%, NVS^(b)		639,679		10,740,210
Series 14, 5.00%, NVS^(b)		639,679		9,902,231
CMS Energy Corp.
5.88%		2,013,272		46,687,778
5.88%, NVS		894,780		20,624,679
5.63%		639,135		15,307,283
Series C, 4.20%, NVS^(b)		714,283		12,214,239
DTE Energy Co.
6.25%^(a)		2,077,228		104,152,212
4.38%		894,780		16,293,944
Series E, 5.25%		1,278,254		29,144,191
Series G, 4.38%		735,007		12,972,874
NiSource, Inc.
7.75%^(a)		689,100		69,316,569
Series B, (5 year CMT + 3.632%), 6.50%^(b)(d)		1,597,873		39,435,506
Sempra Energy, 5.75%		2,420,705		57,225,466

				563,000,275
Oil, Gas & Consumable Fuels — 2.3%
Altera Infrastructure LP
Series A, 7.25%, NVS^(b)(e)		463,501		301,276


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Altera Infrastructure LP
Series B, 8.50%, NVS^(b)(e)		408,513	$	318,640
Series E, 8.88%, NVS^(b)(d)(e)		409,152		278,223
DCP Midstream LP
Series B, (3 mo. USD LIBOR + 4.919%), 7.88%, NVS^(b)(d)		514,589		12,175,176
Series C, (3 mo. USD LIBOR + 4.882%), 7.95%, NVS^(b)(d)		351,517		7,873,981
El Paso Energy Capital Trust I, 4.75%^(a)		352,002		16,146,332
Enbridge, Inc., Series B, (3 mo. USD LIBOR + 3.593%), 6.38%^(d)		1,917,398		45,384,811
Energy Transfer LP
Series C, (3 mo. USD LIBOR + 4.530%), 7.38%, NVS^(b)(d)		1,438,016		31,420,649
Series D, (3 mo. USD LIBOR + 4.738%), 7.63%, NVS^(b)(d)		1,422,106		32,523,564
Series E, (3 mo. USD LIBOR + 5.161%), 7.60%, NVS^(b)(d)		2,556,525		61,842,340
NGL Energy Partners LP, Series B, (3 mo. USD LIBOR + 7.213%), 11.30%, NVS^(b)(d)		1,008,748		11,096,228
NuStar Energy LP
Series A, (3 mo. USD LIBOR + 6.776%), 10.25%, NVS^(b)(d)		723,842		16,098,246
Series B, (3 mo. USD LIBOR + 5.643%), 9.13%, NVS^(b)(d)		1,230,352		23,782,704
Series C, (3 mo. USD LIBOR + 6.880%), 9.00%, NVS^(b)(d)		551,295		12,200,158
NuStar Logistics LP, (3 mo. USD LIBOR + 6.734%), 9.25%^(d)		1,286,139		31,394,653
Seapeak LLC
9.00%, NVS^(b)		401,998		10,013,770
Series B, (3 mo. USD LIBOR + 6.241%), 8.50%, NVS^(b)(d)		543,263		12,793,844

				325,644,595
Pharmaceuticals — 0.1%
Elanco Animal Health, Inc., 5.00%^(a)		878,843		18,376,607


Professional Services — 0.3%
Clarivate PLC, Series A, 5.25%^(a)		1,148,423		48,968,757

Real Estate Management & Development — 1.0%
Brookfield Property Partners LP
Series A, 5.75%, NVS^(b)		919,583		15,632,911
Series A-1, 6.50%, NVS^(b)		588,416		11,162,251
Series A2, 6.38%, NVS^(b)		799,577		14,776,183
Brookfield Property Preferred LP, 6.25%		2,144,645		40,319,326
DigitalBridge Group, Inc.
Series H, 7.13%, NVS^(b)(c)		714,261		16,020,874
Series I, 7.15%, NVS^(b)		1,102,505		24,652,012
Series J, 7.13%, NVS^(b)		1,006,810		22,814,315

				145,377,872
Semiconductors & Semiconductor Equipment — 0.1%
PS Business Parks, Inc., Series Z, 4.88%, NVS^(b)		1,038,607		14,176,986

Software — 0.1%
Synchronoss Technologies, Inc., 8.38%		403,897		8,877,656


Specialty Retail — 0.2%
TravelCenters of America, Inc.
8.25%		351,517		9,135,927
8.00%		383,869		9,804,014
8.00%^(c)		319,611		8,191,630

				27,131,571


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 0.1%
Fossil Group, Inc., 7.00%		482,059	$	7,953,973


Thrifts & Mortgage Finance — 0.7%
Federal Agricultural Mortgage Corp.
Series D, 5.70%, NVS^(b)		306,520		6,801,679
Series F, 5.25%, NVS^(b)(c)		383,491		7,846,226
Series G, 4.88%, NVS^(b)		392,886		7,527,696
Merchants Bancorp.
(5 year CMT + 4.340%), 8.25%, NVS^(b)		415,835		10,458,250
Series B, (3 mo. USD LIBOR + 4.569%), 6.00%, NVS^(b)(d)		389,621		8,953,491
Series C, 6.00%, NVS^(b)		626,955		14,162,913
New York Community Bancorp., Inc., Series A., (3 mo. USD LIBOR + 3.821%), 6.38%, NVS^(b)(d)		1,645,766		40,601,047
New York Community Capital Trust V, 6.00%, NVS^(a)		231,684		10,330,789

				106,682,091
Trading Companies & Distributors — 1.1%
Air Lease Corp., Series A, (3 mo. USD LIBOR + 3.650%), 6.15%, NVS^(b)(d)		798,881		17,870,968
Fortress Transportation and Infrastructure Investors LLC
Series A, (3 mo. USD LIBOR + 6.886%), 8.25%, NVS^(b)(d)		333,919		6,114,057
Series B, (3 mo. USD LIBOR + 6.447%), 8.00%, NVS^(b)(d)		386,951		7,348,199
Series C, (5 year CMT + 7.378%), 8.25%, NVS^(b)(d)		335,529		6,542,815
Textainer Group Holdings Ltd.
(5 year CMT + 6.134%), 7.00%, NVS^(b)(d)		479,373		10,833,830
Series B, 6.25%, NVS^(b)		479,373		9,587,460
Triton International Ltd.
8.00%, NVS^(b)		457,783		11,572,754
7.38%, NVS^(b)		559,242		12,884,936
6.88%, NVS^(b)		479,373		11,097,485
Series E, 5.75%, NVS^(b)		559,250		12,057,430
WESCO International, Inc., Series A, (5 year CMT + 10.325%), 10.63%, NVS^(b)(d)		1,726,563		46,530,873

				152,440,807
Transportation Infrastructure — 0.2%
Atlas Corp.
Series D, 7.95%^(b)		412,286		8,893,009
Series H, 7.88%, NVS^(b)		716,220		15,584,947
Series I, (3 mo. USD LIBOR + 5.008%), 8.00%^(b)(d)		477,923		10,939,658

				35,417,614
Wireless Telecommunication Services — 1.1%
Telephone and Data Systems, Inc.
Series UU, 6.63%, NVS^(b)		1,342,144		26,775,773
Series VV, 6.00%, NVS^(b)		2,205,016		41,013,298
United States Cellular Corp.
6.25%		1,597,873		33,139,886
5.50%		1,597,865		29,560,502
5.50%		1,597,873		29,560,650

				160,050,109

Total Long-Term Investments — 98.7% (Cost: $16,991,866,028)				14,125,170,271


Security	Shares		Value

Short-Term Securities^(f)(g)

Money Market Funds — 6.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(h)		430,809,315	$	430,938,557
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		551,310,315		551,310,315


Total Short-Term Securities — 6.9% (Cost: $982,150,664)				982,248,872


Total Investments — 105.6% (Cost: $17,974,016,692)				15,107,419,143
Liabilities in Excess of Other Assets — (5.6)%				(802,036,483	)


Net Assets — 100.0%			$	14,305,382,660

^(a)	Convertible security.

^(b)	Perpetual security with no stated maturity date.

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 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 dividend 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 March 31, 2022, 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 tax 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 and 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. Dividend 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 Board of Trustees of the Trust (the “Board”) of the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the 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 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 BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in 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 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 Fund, 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:

Distributor: BlackRock Investments, LLC (“BRIL”), 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.

ETF Servicing Fees: The Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Fund does not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

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, including any custodial costs. 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 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.

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 fund (the “iShares ETF Complex”) in a given 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, 2022, the Fund paid BTC $57,7621 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, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

For the six months ended September 30, 2022, 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 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, 2022, 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, 2022, the Fund had non-expiring capital loss carryforwards of $1,784,643,780 available to offset future realized capital gains.

As of September 30, 2022, 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. Although vaccines have been developed and approved for use by various governments, 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.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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 manage 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.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

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 ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 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 of 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 BRIL, 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 shared 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”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, 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 13-15, 2022, 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, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall 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 such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided by BlackRock: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, 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 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 received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (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 an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

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

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

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

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

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

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

This report is intended for the 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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(10.54	)%		(14.55	)%		1.15	%		3.38	%		(14.55	)%		5.90	%		39.43	%
Fund Market		(10.85	)		(14.63	)		1.12			3.33			(14.63	)		5.73			38.81
Index		(10.40	)		(14.27	)		1.79			4.04			(14.27	)		9.30			48.58


Actual					Hypothetical 5% Return

	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 894.60	$ 2.17			$ 1,000.00	$ 1,022.78	$ 2.33		0.46	%



Sector	Percent of Total Investments	^(a)

Financials	59.9	%
Utilities	13.7
Real Estate	7.4
Communication Services	4.7
Consumer Discretionary	3.2
Industrials	3.2
Health Care	2.9
Energy	2.4
Consumer Staples	1.3
Other (each representing less than 1%)	1.3




Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	275,720,624	$	155,081,969	^(a)	$	—	$	(31,624	)	$	167,588	$	430,938,557		430,809,315	$	2,198,919	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,910,000		360,400,315	^(a)		—		—			—		551,310,315		551,310,315		529,978			—

								$	(31,624	)	$	167,588	$	982,248,872			$	2,728,897		$	—


	iShares Preferred and Income Securities ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	14,125,170,271
Investments, at value — affiliated^(c)		982,248,872
Cash		8,476,391
Receivables:
Investments sold		72,823,666
Securities lending income — affiliated		416,021
Capital shares sold		15,875,543
Dividends — unaffiliated		48,485,655
Dividends — affiliated		114,422


Total assets		15,253,610,841


LIABILITIES
Collateral on securities loaned		430,851,081
Payables:
Investments purchased		467,357,729
Capital shares redeemed		44,415,302
Investment advisory fees		5,604,069


Total liabilities		948,228,181


NET ASSETS	$	14,305,382,660


NET ASSETS CONSIST OF:
Paid-in capital	$	18,732,350,196
Accumulated loss		(4,426,967,536	)


NET ASSETS	$	14,305,382,660


NET ASSET VALUE
Shares outstanding		450,550,000


Net asset value	$	31.75


Shares authorized		Unlimited


Par value		None


^(a)Investments, at cost — unaffiliated	$	16,991,866,028

^(b)Securities loaned, at value	$	417,965,243

^(c)Investments, at cost — affiliated	$	982,150,664


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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		5
Disclosure of 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, 2022		iShares^® Preferred and Income Securities ETF


4		2 0 2 2 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 / D I S C L O S U R E O F E X P E N S E S		5




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Preferred Securities
Preferred Stocks	$	13,939,097,361	$	185,174,771	$	898,139	$	14,125,170,271
Short-Term Securities
Money Market Funds		982,248,872		—		—		982,248,872

	$	14,921,346,233	$	185,174,771	$	898,139	$	15,107,419,143


14		2 0 2 2 B L A C K R O C K 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


	iShares Preferred and Income Securities ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	483,441,435
Dividends — affiliated		529,978
Securities lending income — affiliated — net		2,198,919
Foreign taxes withheld		(719,787	)


Total investment income		485,450,545


EXPENSES
Investment advisory		36,144,619


Total expenses		36,144,619


Net investment income		449,305,926


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		167,913,767
Investments — affiliated		(31,624	)
In-kind redemptions — unaffiliated		(18,168,127	)


		149,714,016


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,402,813,921	)
Investments — affiliated		167,588


		(2,402,646,333	)


Net realized and unrealized loss		(2,252,932,317	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,803,626,391	)


	iShares Preferred and Income Securities ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	449,305,926		$	888,159,729
Net realized gain		149,714,016			122,946,775
Net change in unrealized appreciation (depreciation)		(2,402,646,333	)		(1,182,583,024	)


Net decrease in net assets resulting from operations		(1,803,626,391	)		(171,476,520	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(399,992,708	)		(853,841,960	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,202,746,224	)		372,726,191


NET ASSETS
Total decrease in net assets		(3,406,365,323	)		(652,592,289	)
Beginning of period		17,711,747,983			18,364,340,272


End of period	$	14,305,382,660		$	17,711,747,983


	iShares Preferred and Income Securities ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18

Net asset value, beginning of period	$	36.39		$	38.27		$	31.50		$	36.47		$	37.54		$	38.73


Net investment income^(a)		0.96			1.75			1.81			1.93			2.10			2.14
Net realized and unrealized gain (loss)^(b)		(4.75	)		(1.94	)		6.78			(4.93	)		(1.02	)		(1.22	)


Net increase (decrease) from investment operations		(3.79	)		(0.19	)		8.59			(3.00	)		1.08			0.92


Distributions from net investment income^(c)		(0.85	)		(1.69	)		(1.82	)		(1.97	)		(2.15	)		(2.11	)


Net asset value, end of period	$	31.75		$	36.39		$	38.27		$	31.50		$	36.47		$	37.54


Total Return^(d)
Based on net asset value		(10.54	)%^(e)		(0.67	)%		27.88	%		(8.90	)%		3.01	%		2.41	%


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


Net investment income		5.69	%^(g)		4.56	%		4.97	%		5.25	%		5.73	%		5.55	%


Supplemental Data
Net assets, end of period (000)	$	14,305,383		$	17,711,748		$	18,364,340		$	13,816,631		$	14,370,721		$	16,622,879


Portfolio turnover rate^(h)		10	%		21	%		28	%		46	%		28	%		22	%



iShares ETF		Diversification Classification

Preferred and Income Securities		Diversified




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Barclays Bank PLC	$	7,534,472	$	(7,534,472	)	$	—		$	—
Barclays Capital, Inc.		2,236,578		(2,236,578	)		—			—
BMO Capital Markets Corp.		14,795		(14,795	)		—			—
BNP Paribas SA		6,882,519		(6,882,519	)		—			—
BofA Securities, Inc.		13,895,471		(13,895,471	)		—			—
Citigroup Global Markets, Inc.		29,782,110		(29,782,110	)		—			—
Deutsche Bank Securities, Inc.		539,527		(539,527	)		—			—
Goldman Sachs & Co. LLC		238,349,860		(238,349,860	)		—			—
J.P. Morgan Securities LLC		76,199,144		(76,199,144	)		—			—
Mizuho Securities USA LLC		6,210		(6,210	)		—			—
Morgan Stanley		4,469,962		(4,469,962	)		—			—
National Financial Services LLC		11,052,672		(11,052,672	)		—			—
Toronto-Dominion Bank		9,618,398		(9,618,398	)		—			—
UBS Securities LLC		255,873		(255,873	)		—			—
Wells Fargo Bank N.A.		9,647,276		(9,647,276	)		—			—
Wells Fargo Securities LLC		7,480,376		(7,480,376	)		—			—


	$	417,965,243	$	(417,965,243	)	$	—		$	—



Aggregate Average Daily Net Assets	Investment Advisory Fees

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		$	1,501,112,700		$	1,498,372,603



iShares ETF	In-kind Purchases			In-kind Sales

Preferred and Income Securities		$	378,705,994		$	1,568,741,050




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


Preferred and Income Securities	$	18,002,280,874	$	91,908,710	$	(2,986,770,441	)	$	(2,894,861,731	)


	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Preferred and Income Securities
Shares sold		8,400,000		$	288,670,409			85,800,000		$	3,332,513,336
Shares redeemed		(44,600,000	)		(1,491,416,633	)		(78,850,000	)		(2,959,787,145	)


		(36,200,000	)	$	(1,202,746,224	)		6,950,000		$	372,726,191


24		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



	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)	$	0.766126	$	—	$	0.086291	$	0.852417		90	%		—	%		10	%		100	%


Portfolio Abbreviation

CMT		Constant Maturity Treasury

LIBOR		London Interbank Offered Rate

LP		Limited Partnership

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

SOFR		Secured Overnight Financing Rate