N-CSRS


	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-7.29%
Alphabet, Inc., Class A^(b)		12,193	$	1,512,907
Charter Communications, Inc., Class A^(b)		3,625		1,460,150
Comcast Corp., Class A		35,979		1,485,573
Omnicom Group, Inc.^(c)		21,421		1,604,647

				6,063,277

Consumer Discretionary-7.43%
NVR, Inc.^(b)		268		1,450,582
PulteGroup, Inc.		21,599		1,589,470
Stellantis N.V.^(c)		83,398		1,557,875
TJX Cos., Inc. (The)		17,950		1,580,857

				6,178,784

Consumer Staples-7.55%
Altria Group, Inc.		37,943		1,524,170
Kimberly-Clark Corp.		13,203		1,579,607
PepsiCo, Inc.		9,439		1,541,200
Walmart, Inc.		9,976		1,630,178

				6,275,155

Energy-5.61%
Marathon Petroleum Corp.		10,542		1,594,477
Phillips 66		13,312		1,518,500
Targa Resources Corp.		18,613		1,556,233

				4,669,210

Financials-14.39%
American Express Co.		10,693		1,561,499
Ameriprise Financial, Inc.		4,851		1,525,979
Apollo Global Management, Inc.		17,819		1,379,903
FleetCor Technologies, Inc.^(b)(c)		6,264		1,410,465
Marsh & McLennan Cos., Inc.		8,384		1,590,026
Mastercard, Inc., Class A		4,030		1,516,691
Raymond James Financial, Inc.		15,926		1,519,977
Synchrony Financial		52,320		1,467,576

				11,972,116

Health Care-13.57%
Amgen, Inc.		5,937		1,518,091
Cardinal Health, Inc.^(c)		18,379		1,672,489
Cencora, Inc.^(c)		8,866		1,641,540
Gilead Sciences, Inc.		21,292		1,672,274
Johnson & Johnson		10,243		1,519,446
Laboratory Corp. of America Holdings		7,955		1,588,852
McKesson Corp.		3,669		1,670,716

				11,283,408

Industrials-16.15%
Broadridge Financial Solutions, Inc.		8,910		1,520,403
Builders FirstSource, Inc.^(b)		12,848		1,394,265
Caterpillar, Inc.		5,859		1,324,427
Delta Air Lines, Inc.		43,228		1,350,875
Expeditors International of Washington, Inc.^(c)		13,919		1,520,651
Ferguson PLC		9,725		1,460,695
Lockheed Martin Corp.		3,899		1,772,641
PACCAR, Inc.		18,812		1,552,554
Verisk Analytics, Inc.		6,770		1,539,227

				13,435,738


	Shares		Value
Information Technology-11.11%
Applied Materials, Inc.		11,552	$	1,528,907
CDW Corp.		7,927		1,588,571
Cisco Systems, Inc.		29,676		1,547,010
International Business Machines Corp.^(c)		11,371		1,644,701
NetApp, Inc.		21,025		1,530,199
VMware, Inc., Class A^(b)(c)		9,607		1,399,260

				9,238,648

Materials-5.52%
Amcor PLC		174,609		1,552,274
LyondellBasell Industries N.V., Class A		16,889		1,524,063
Nucor Corp.		10,230		1,511,892

				4,588,229

Real Estate-5.66%
Iron Mountain, Inc.		26,837		1,585,262
Simon Property Group, Inc.		14,805		1,626,921
Weyerhaeuser Co.		52,166		1,496,643

				4,708,826

Utilities-5.70%
CenterPoint Energy, Inc.		59,423		1,597,290
DTE Energy Co.		16,110		1,552,682
Edison International		25,208		1,589,617

				4,739,589

Total Common Stocks & Other Equity Interests (Cost $84,952,598)				83,152,980


Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e) (Cost $1,326)		1,326		1,326

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $84,953,924)				83,154,306


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.06%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		2,108,945		2,108,945
Invesco Private Prime Fund, 5.53%^(d)(e)(f)		5,424,452		5,424,994

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,534,366)				7,533,939

TOTAL INVESTMENTS IN SECURITIES-109.04% (Cost $92,488,290)				90,688,245
OTHER ASSETS LESS LIABILITIES-(9.04)%				(7,518,089	)

NET ASSETS-100.00%			$	83,170,156

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	62,302		$	2,037,052		$	(2,098,028	)		$	-			$	-			$	1,326		$	3,120

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			3,730,945			21,555,087			(23,177,087	)			-				-				2,108,945			41,348	*

Invesco Private Prime Fund			10,362,693			44,262,082			(49,198,905	)			(226	)			(650	)			5,424,994			111,944	*


Total		$	14,155,940		$	67,854,221		$	(74,474,020	)		$	(226	)		$	(650	)		$	7,535,265		$	156,412

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-9.39%
Alphabet, Inc., Class A^(b)		545,365	$	67,668,889
Alphabet, Inc., Class C^(b)		487,934		61,138,130
AMC Networks, Inc., Class A^(b)(c)		27,393		323,237
AT&T, Inc.		4,449,811		68,527,089
Cable One, Inc.^(c)		1,171		643,898
Charter Communications, Inc., Class A^(b)		34,871		14,046,039
Cinemark Holdings, Inc.^(b)(c)		65,526		1,080,524
Comcast Corp., Class A		1,403,082		57,933,256
DISH Network Corp., Class A^(b)(c)		241,841		1,185,021
Electronic Arts, Inc.		23,647		2,927,262
Fox Corp., Class A^(c)		69,687		2,117,788
Fox Corp., Class B		33,755		942,102
Frontier Communications Parent, Inc.^(b)(c)		98,874		1,771,822
IAC, Inc.^(b)		25,092		1,067,665
Interpublic Group of Cos., Inc. (The)^(c)		90,713		2,576,249
Liberty Broadband Corp.^(b)(d)		10,211		0
Liberty Broadband Corp., Class A^(b)		2,291		190,886
Liberty Broadband Corp., Class C^(b)		15,713		1,309,050
Liberty Global PLC, Class A (United Kingdom)^(b)		149,138		2,320,587
Liberty Global PLC, Class C (United Kingdom)^(b)(c)		230,413		3,907,805
Liberty Latin America Ltd., Class A^(b)		32,246		220,240
Liberty Latin America Ltd., Class C^(b)		122,841		841,461
Liberty Media Corp.-Liberty Formula One^(b)		20,168		1,304,668
Liberty Media Corp.-Liberty Formula One^(b)		2,115		121,718
Liberty Media Corp.-Liberty Live, Series A^(b)(c)		7,085		221,335
Liberty Media Corp.-Liberty Live, Series C^(b)		15,185		483,946
Liberty Media Corp.-Liberty SiriusXM, Series A^(b)(c)		28,031		686,479
Liberty Media Corp.-Liberty SiriusXM, Series C^(b)		57,433		1,409,980
Lions Gate Entertainment Corp., Class A^(b)		23,420		184,081
Lions Gate Entertainment Corp., Class B^(b)		48,875		364,608
Live Nation Entertainment, Inc.^(b)		11,069		885,741
Lumen Technologies, Inc.^(b)(c)		2,792,012		4,076,338
Match Group, Inc.^(b)(c)		22,854		790,748
Meta Platforms, Inc., Class A^(b)		305,487		92,034,069
Netflix, Inc.^(b)		23,643		9,733,587
News Corp., Class A		90,222		1,865,791
News Corp., Class B^(c)		28,172		604,008
Nexstar Media Group, Inc., Class A		8,559		1,198,945
Omnicom Group, Inc.		54,353		4,071,583
Paramount Global, Class B^(c)		388,001		4,221,451
Spotify Technology S.A.^(b)		8,782		1,446,922
Take-Two Interactive Software, Inc.^(b)		13,633		1,823,414
TEGNA, Inc.		64,300		932,993
Telephone & Data Systems, Inc.		142,015		2,583,253
T-Mobile US, Inc.^(b)		105,326		15,152,198
Verizon Communications, Inc.		2,110,339		74,136,209


	Shares		Value
Communication Services-(continued)
Walt Disney Co. (The)^(b)		304,220	$	24,821,310
Warner Bros Discovery, Inc.^(b)		386,726		3,844,056

				541,738,431

Consumer Discretionary-8.92%
Abercrombie & Fitch Co., Class A^(b)		24,081		1,464,606
Academy Sports & Outdoors, Inc.^(c)		21,717		973,790
Adient PLC^(b)		49,411		1,664,657
ADT, Inc.^(c)		93,764		530,704
Advance Auto Parts, Inc.^(c)		14,982		779,513
Airbnb, Inc., Class A^(b)		6,198		733,161
Amazon.com, Inc.^(b)		889,709		118,411,371
American Axle & Manufacturing Holdings, Inc.^(b)(c)		101,346		684,085
American Eagle Outfitters, Inc.		60,071		1,049,440
Aptiv PLC^(b)		37,124		3,237,213
Aramark		67,444		1,816,267
Asbury Automotive Group, Inc.^(b)(c)		7,419		1,419,774
Autoliv, Inc. (Sweden)^(c)		25,199		2,309,488
AutoNation, Inc.^(b)		19,408		2,524,593
AutoZone, Inc.^(b)		1,518		3,760,283
Bath & Body Works, Inc.		68,347		2,026,489
Best Buy Co., Inc.		90,341		6,036,586
Big Lots, Inc.^(c)		69,498		316,911
Booking Holdings, Inc.^(b)		2,429		6,775,841
BorgWarner, Inc.		69,380		2,560,122
Brunswick Corp.^(c)		15,409		1,070,463
Burlington Stores, Inc.^(b)(c)		7,253		877,831
Caesars Entertainment, Inc.^(b)		36,098		1,439,949
Capri Holdings Ltd.^(b)		32,916		1,684,641
CarMax, Inc.^(b)(c)		69,909		4,270,741
Carnival Corp.^(b)		428,257		4,907,825
Carter’s, Inc.^(c)		12,300		826,068
Chipotle Mexican Grill, Inc.^(b)		1,062		2,062,616
Coupang, Inc. (South Korea)^(b)		57,184		972,128
Cracker Barrel Old Country Store, Inc.^(c)		9,655		640,706
D.R. Horton, Inc.		62,623		6,537,841
Dana, Inc.		80,103		919,582
Darden Restaurants, Inc.		20,608		2,999,082
Deckers Outdoor Corp.^(b)		2,353		1,404,882
Dick’s Sporting Goods, Inc.^(c)		12,578		1,345,217
Domino’s Pizza, Inc.		3,279		1,111,548
eBay, Inc.		103,779		4,071,250
Expedia Group, Inc.^(b)		19,880		1,894,365
Floor & Decor Holdings, Inc., Class A^(b)(c)		7,851		646,922
Foot Locker, Inc.^(c)		42,367		889,283
Ford Motor Co.		2,613,081		25,477,540
GameStop Corp., Class A^(b)(c)		46,170		635,761
Gap, Inc. (The)^(c)		140,925		1,803,840
Garmin Ltd.		26,638		2,731,194
General Motors Co.		903,174		25,469,507
Gentex Corp.		40,473		1,160,766
Genuine Parts Co.		23,807		3,067,770
G-III Apparel Group Ltd.^(b)(c)		46,198		1,180,359
Goodyear Tire & Rubber Co. (The)^(b)(c)		293,420		3,491,698
Graham Holdings Co., Class B		1,303		754,072
Group 1 Automotive, Inc.^(c)		7,584		1,913,671
H&R Block, Inc.^(c)		37,672		1,546,436

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Consumer Discretionary-(continued)
Hanesbrands, Inc.^(c)		343,834	$	1,440,664
Harley-Davidson, Inc.		37,469		1,006,043
Hasbro, Inc.		40,285		1,818,868
Hilton Worldwide Holdings, Inc.		13,059		1,978,830
Home Depot, Inc. (The)		137,631		39,182,169
International Game Technology PLC^(c)		28,167		716,005
KB Home		30,824		1,362,421
Kohl’s Corp.^(c)		146,299		3,299,042
Las Vegas Sands Corp.		60,945		2,892,450
LCI Industries^(c)		7,079		768,001
Lear Corp.		28,290		3,670,910
Leggett & Platt, Inc.^(c)		50,474		1,182,606
Lennar Corp., Class A		63,188		6,740,896
Lennar Corp., Class B^(c)		3,727		367,519
Light & Wonder, Inc.^(b)(c)		17,544		1,282,642
Lithia Motors, Inc., Class A		9,858		2,387,706
LKQ Corp.		59,343		2,606,345
Lowe’s Cos., Inc.		92,264		17,582,750
lululemon athletica, inc.^(b)		5,363		2,110,233
M.D.C. Holdings, Inc.		26,038		988,142
M/I Homes, Inc.^(b)		15,082		1,237,780
Macy’s, Inc.^(c)		220,637		2,687,359
Marriott International, Inc., Class A		21,558		4,064,976
Marriott Vacations Worldwide Corp.		6,492		583,371
Mattel, Inc.^(b)		58,500		1,116,180
McDonald’s Corp.		74,694		19,582,526
Meritage Homes Corp.		13,518		1,541,322
MGM Resorts International		80,874		2,824,120
Mohawk Industries, Inc.^(b)		30,295		2,435,112
Murphy USA, Inc.		5,882		2,133,343
Newell Brands, Inc.^(c)		177,104		1,190,139
NIKE, Inc., Class B^(c)		94,964		9,759,450
Nordstrom, Inc.^(c)		88,830		1,241,843
Norwegian Cruise Line Holdings Ltd.^(b)(c)		61,325		834,020
NVR, Inc.^(b)		454		2,457,329
ODP Corp. (The)^(b)		25,252		1,134,320
O’Reilly Automotive, Inc., Class R^(b)		4,032		3,751,534
Penn Entertainment, Inc.^(b)(c)		60,840		1,200,373
Penske Automotive Group, Inc.		9,012		1,289,437
Phinia, Inc.		13,887		359,396
Polaris, Inc.		14,073		1,216,189
Pool Corp.^(c)		2,823		891,419
PulteGroup, Inc.		64,774		4,766,719
PVH Corp.		25,458		1,892,802
Qurate Retail, Inc., Class A^(b)		891,791		393,012
Ralph Lauren Corp.		9,337		1,050,693
RH^(b)(c)		2,636		574,543
Rivian Automotive, Inc., Class A^(b)(c)		94,757		1,536,959
Ross Stores, Inc.		35,483		4,114,964
Royal Caribbean Cruises Ltd.^(b)(c)		33,939		2,875,651
Sabre Corp.^(b)(c)		149,449		523,072
Sally Beauty Holdings, Inc.^(b)(c)		59,105		502,393
Service Corp.International^(c)		22,690		1,234,790
Signet Jewelers Ltd.^(c)		16,044		1,120,353
Six Flags Entertainment Corp.^(b)(c)		27,815		553,519
Skechers U.S.A., Inc., Class A^(b)		32,842		1,583,641
Sonic Automotive, Inc., Class A^(c)		12,276		587,407
Starbucks Corp.		113,764		10,493,591
Tapestry, Inc.		54,201		1,493,780
Taylor Morrison Home Corp., Class A^(b)		49,149		1,883,390


	Shares		Value
Consumer Discretionary-(continued)
Tempur Sealy International, Inc.		18,149	$	724,690
Tesla, Inc.^(b)		47,974		9,635,098
Texas Roadhouse, Inc.		7,707		782,569
Thor Industries, Inc.		20,223		1,778,208
TJX Cos., Inc. (The)		132,779		11,693,847
Toll Brothers, Inc.		34,817		2,461,910
TopBuild Corp.^(b)		4,706		1,076,545
Tractor Supply Co.^(c)		10,346		1,992,226
Travel + Leisure Co.		25,555		869,637
Tri Pointe Homes, Inc.^(b)		54,197		1,358,177
Ulta Beauty, Inc.^(b)		4,009		1,528,672
Under Armour, Inc., Class A^(b)		52,577		360,152
Under Armour, Inc., Class C^(b)(c)		54,686		351,631
Urban Outfitters, Inc.^(b)		28,030		970,399
Vail Resorts, Inc.^(c)		5,298		1,124,500
Valvoline, Inc.		21,041		624,286
VF Corp.^(c)		158,159		2,329,682
Victoria’s Secret & Co.^(b)(c)		33,313		595,636
Wayfair, Inc., Class A^(b)(c)		19,415		827,273
Whirlpool Corp.^(c)		34,102		3,565,705
Williams-Sonoma, Inc.		14,977		2,250,144
Wynn Resorts Ltd.		14,260		1,251,743
Yum! Brands, Inc.		27,334		3,303,587

				514,433,824

Consumer Staples-8.16%
Albertson’s Cos., Inc., Class A		136,778		2,968,083
Altria Group, Inc.		566,383		22,751,605
Archer-Daniels-Midland Co.		176,022		12,597,895
B&G Foods, Inc.^(c)		70,442		568,467
BJ’s Wholesale Club Holdings, Inc.^(b)		34,516		2,351,230
Brown-Forman Corp., Class B		18,118		1,017,507
Bunge Ltd.^(c)		70,909		7,514,936
Campbell Soup Co.^(c)		43,550		1,759,855
Casey’s General Stores, Inc.		8,575		2,331,628
Church & Dwight Co., Inc.		26,972		2,452,834
Clorox Co. (The)		18,631		2,192,869
Coca-Cola Co. (The)		526,043		29,716,169
Coca-Cola Europacific Partners PLC
(United Kingdom)		44,681		2,614,285
Colgate-Palmolive Co.		119,620		8,985,854
Conagra Brands, Inc.		126,215		3,453,242
Constellation Brands, Inc., Class A		21,091		4,938,458
Costco Wholesale Corp.		61,834		34,159,575
Darling Ingredients, Inc.^(b)		25,254		1,118,500
Dollar General Corp.		30,249		3,600,841
Dollar Tree, Inc.^(b)		39,979		4,441,267
Estee Lauder Cos., Inc. (The), Class A		14,349		1,849,156
Flowers Foods, Inc.		42,500		932,025
General Mills, Inc.		119,593		7,802,247
Herbalife Ltd.^(b)(c)		65,547		934,045
Hershey Co. (The)		12,903		2,417,377
Hormel Foods Corp.		48,271		1,571,221
Ingredion, Inc.		21,326		1,995,687
JM Smucker Co. (The)		26,440		3,009,930
Kellanova		61,855		3,121,822
Keurig Dr Pepper, Inc.		174,328		5,287,368
Kimberly-Clark Corp.		70,717		8,460,582
Kraft Heinz Co. (The)		253,856		7,986,310
Kroger Co. (The)		408,223		18,521,077

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Consumer Staples-(continued)
Lamb Weston Holdings, Inc.		12,748	$	1,144,770
McCormick & Co., Inc.		34,157		2,182,632
Molson Coors Beverage Co., Class B		75,149		4,341,358
Mondelez International, Inc., Class A		216,790		14,353,666
Monster Beverage Corp.^(b)		40,407		2,064,798
Nomad Foods Ltd. (United Kingdom)^(b)		51,553		712,462
Nu Skin Enterprises, Inc., Class A		18,996		360,734
PepsiCo, Inc.		194,434		31,747,183
Performance Food Group Co.^(b)		61,787		3,568,817
Philip Morris International, Inc.		332,038		29,604,508
Post Holdings, Inc.^(b)(c)		14,065		1,129,138
Procter & Gamble Co. (The)		341,560		51,244,247
SpartanNash Co.		23,969		539,063
Spectrum Brands Holdings, Inc.		13,182		992,868
Sprouts Farmers Market, Inc.^(b)(c)		38,692		1,625,838
Sysco Corp.		130,369		8,668,235
Target Corp.		117,435		13,010,624
TreeHouse Foods, Inc.^(b)		21,730		905,924
Tyson Foods, Inc., Class A		151,312		7,013,311
United Natural Foods, Inc.^(b)		40,646		592,619
US Foods Holding Corp.^(b)		112,086		4,364,629
Walgreens Boots Alliance, Inc.^(c)		569,962		12,014,799
Walmart, Inc.		385,864		63,054,036
WK Kellogg Co.^(b)		15,366		153,967

				470,814,173

Energy-7.39%
Antero Resources Corp.^(b)(c)		77,869		2,292,463
APA Corp.		64,801		2,573,896
Baker Hughes Co., Class A		313,376		10,786,402
California Resources Corp.		22,367		1,176,281
Cheniere Energy, Inc.		17,468		2,907,025
Chesapeake Energy Corp.^(c)		18,389		1,582,925
Chevron Corp.		485,811		70,797,237
Civitas Resources, Inc.^(c)		13,908		1,049,080
CNX Resources Corp.^(b)(c)		77,064		1,673,830
ConocoPhillips		208,563		24,777,284
Coterra Energy, Inc.		136,189		3,745,198
Delek US Holdings, Inc.		53,668		1,414,152
Devon Energy Corp.		83,283		3,878,489
Diamondback Energy, Inc.		22,109		3,544,515
DT Midstream, Inc.^(c)		21,962		1,185,289
EOG Resources, Inc.		101,722		12,842,402
EQT Corp.^(c)		59,558		2,524,068
Equitrans Midstream Corp.		196,079		1,739,221
Exxon Mobil Corp.		1,024,659		108,460,155
Halliburton Co.		151,951		5,977,752
Helmerich & Payne, Inc.		35,494		1,404,498
Hess Corp.		21,000		3,032,400
HF Sinclair Corp.		48,768		2,700,772
Kinder Morgan, Inc.		759,687		12,306,929
Marathon Oil Corp.		148,868		4,065,585
Marathon Petroleum Corp.		162,341		24,554,076
Murphy Oil Corp.		40,114		1,799,915
NOV, Inc.		72,151		1,440,134
Occidental Petroleum Corp.		172,219		10,644,856
ONEOK, Inc.		116,240		7,578,848
Ovintiv, Inc.		54,315		2,607,120
PBF Energy, Inc., Class A		56,327		2,677,222
Peabody Energy Corp.^(c)		35,880		846,409


	Shares		Value
Energy-(continued)
Phillips 66		188,939	$	21,552,272
Pioneer Natural Resources Co.		34,356		8,211,084
Schlumberger N.V.		215,916		12,017,885
SM Energy Co.		28,772		1,160,087
Southwestern Energy Co.^(b)		331,370		2,362,668
Targa Resources Corp.		47,975		4,011,190
TechnipFMC PLC (United Kingdom)^(c)		90,956		1,957,373
Transocean Ltd.^(b)(c)		309,445		2,048,526
Valero Energy Corp.		158,585		20,140,295
Weatherford International PLC^(b)		11,998		1,116,894
Williams Cos., Inc. (The)		313,437		10,782,233
World Kinect Corp.^(c)		29,405		543,993

				426,490,928

Financials-19.39%
Affiliated Managers Group, Inc.		7,539		925,488
Aflac, Inc.		172,659		13,486,394
AGNC Investment Corp.		252,840		1,865,959
Allstate Corp. (The)		100,275		12,848,236
Ally Financial, Inc.		216,546		5,238,248
American Equity Investment Life Holding Co.^(b)		34,996		1,853,388
American Express Co.		85,686		12,512,727
American Financial Group, Inc.		28,031		3,065,470
American International Group, Inc.		368,641		22,601,380
Ameriprise Financial, Inc.		15,141		4,762,904
Ameris Bancorp		14,704		548,459
Annaly Capital Management, Inc.^(c)		167,219		2,610,289
Aon PLC, Class A.		13,279		4,108,523
Apollo Commercial Real Estate Finance, Inc.^(c)		68,314		680,407
Apollo Global Management, Inc.^(c)		37,704		2,919,798
Arch Capital Group Ltd.^(b)		64,518		5,592,420
Ares Management Corp., Class A		8,669		854,677
Arthur J. Gallagher & Co.		19,511		4,594,645
Artisan Partners Asset Management, Inc., Class A^(c)		21,050		694,650
Associated Banc-Corp.		52,173		845,724
Assurant, Inc.		19,140		2,849,946
Assured Guaranty Ltd.		22,997		1,435,013
Atlantic Union Bankshares Corp.		20,594		593,313
AXIS Capital Holdings Ltd.		25,595		1,461,474
Bank of America Corp.		2,043,456		53,824,631
Bank of Hawaii Corp.^(c)		9,995		493,653
Bank of New York Mellon Corp. (The)		252,939		10,749,907
Bank OZK^(c)		28,891		1,034,587
BankUnited, Inc.		30,176		658,139
Berkshire Hathaway, Inc., Class B^(b)		503,978		172,022,811
BlackRock, Inc.		24,036		14,716,762
Blackstone Mortgage Trust, Inc., Class A^(c)		68,532		1,367,213
Blackstone, Inc., Class A		69,101		6,381,477
Block, Inc., Class A^(b)(c)		20,241		814,700
BOK Financial Corp.		7,418		486,027
Bread Financial Holdings, Inc.		49,695		1,343,256
Brighthouse Financial, Inc.^(b)(c)		42,410		1,921,173
Brown & Brown, Inc.		22,427		1,556,882
Cadence Bank^(c)		43,906		929,929
Capital One Financial Corp.		206,889		20,955,787
Carlyle Group, Inc. (The)^(c)		46,091		1,269,346

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Financials-(continued)
Cathay General Bancorp		18,777	$	636,728
Cboe Global Markets, Inc.		11,192		1,834,257
Charles Schwab Corp. (The)		140,611		7,317,396
Chimera Investment Corp.^(c)		245,210		1,177,008
Chubb Ltd.		93,529		20,073,194
Cincinnati Financial Corp.		36,984		3,686,195
Citigroup, Inc.		1,298,463		51,276,304
Citizens Financial Group, Inc.		164,527		3,854,868
CME Group, Inc., Class A		51,700		11,035,882
CNO Financial Group, Inc.		74,684		1,731,175
Coinbase Global, Inc., Class A^(b)(c)		27,361		2,110,080
Columbia Banking System, Inc.		61,678		1,213,206
Comerica, Inc.		44,806		1,765,356
Commerce Bancshares, Inc.^(c)		17,842		782,550
Community Bank System, Inc.^(c)		11,986		478,841
Corebridge Financial, Inc.^(c)		64,981		1,299,620
Credicorp Ltd. (Peru)		25,417		3,176,108
Cullen/Frost Bankers, Inc.^(c)		11,004		1,001,254
Discover Financial Services		77,939		6,397,233
East West Bancorp, Inc.		25,428		1,363,449
Enstar Group Ltd.^(b)(c)		4,438		1,051,673
Equitable Holdings, Inc.		115,265		3,062,591
Essent Group Ltd.		22,469		1,061,436
Euronet Worldwide, Inc.^(b)		7,791		598,660
Evercore, Inc., Class A		7,760		1,010,197
Everest Group Ltd.		8,709		3,445,455
F.N.B. Corp.^(c)		111,004		1,186,633
FactSet Research Systems, Inc.		2,098		906,105
Fidelity National Financial, Inc.		99,041		3,871,513
Fidelity National Information Services, Inc.		169,775		8,337,650
Fifth Third Bancorp		209,018		4,955,817
First American Financial Corp.		44,181		2,272,671
First Citizens BancShares, Inc., Class A		1,324		1,828,100
First Financial Bancorp		28,932		535,242
First Hawaiian, Inc.		41,105		737,013
First Horizon Corp.		97,636		1,049,587
Fiserv, Inc.^(b)		79,194		9,008,317
FleetCor Technologies, Inc.^(b)		8,641		1,945,694
Franklin Resources, Inc.^(c)		109,603		2,497,852
Fulton Financial Corp.		50,868		660,775
Genworth Financial, Inc., Class A^(b)		261,084		1,563,893
Glacier Bancorp, Inc.^(c)		22,000		664,180
Global Payments, Inc.		46,445		4,933,388
Globe Life, Inc.		20,769		2,416,681
Goldman Sachs Group, Inc. (The)		90,991		27,625,777
Hancock Whitney Corp.		23,565		811,343
Hanover Insurance Group, Inc. (The)		10,513		1,232,229
Hartford Financial Services Group, Inc. (The)		107,305		7,881,552
Home BancShares, Inc.^(c)		34,596		707,488
Huntington Bancshares, Inc.		388,777		3,751,698
Independent Bank Corp.		8,992		438,810
Intercontinental Exchange, Inc.		68,749		7,386,393
Invesco Ltd.^(e)		195,072		2,530,084
Jack Henry & Associates, Inc.		6,101		860,180
Jackson Financial, Inc., Class A^(c)		50,920		1,869,273
Janus Henderson Group PLC^(c)		56,733		1,308,830
Jefferies Financial Group, Inc.		74,799		2,407,032
JPMorgan Chase & Co.		799,043		111,114,920


	Shares		Value
Financials-(continued)
Kemper Corp.		23,259	$	927,569
KeyCorp		336,241		3,436,383
KKR & Co., Inc., Class A		91,010		5,041,954
Lazard Ltd., Class A		33,923		942,042
Lincoln National Corp.		183,930		4,004,156
Loews Corp.		72,408		4,634,836
LPL Financial Holdings, Inc.		6,498		1,458,931
M&T Bank Corp.		38,381		4,327,458
Markel Group, Inc.^(b)		3,758		5,526,214
Marsh & McLennan Cos., Inc.		50,029		9,488,000
Mastercard, Inc., Class A		29,271		11,016,141
MetLife, Inc.		298,846		17,933,748
MFA Financial, Inc.^(c)		80,157		712,596
MGIC Investment Corp.		86,688		1,459,826
Moody’s Corp.		10,146		3,124,968
Morgan Stanley		263,306		18,647,331
Mr. Cooper Group, Inc.^(b)		26,886		1,519,866
MSCI, Inc.		2,401		1,132,192
Nasdaq, Inc.		34,571		1,714,722
Navient Corp.^(c)		79,421		1,263,588
NCR Atleos Corp.^(b)(c)		31,814		701,817
New York Community Bancorp, Inc.^(c)		259,245		2,457,643
Northern Trust Corp.		53,896		3,552,285
Old National Bancorp		51,918		711,277
Old Republic International Corp.		134,846		3,692,083
OneMain Holdings, Inc.		67,371		2,420,640
Pacific Premier Bancorp, Inc.		21,915		416,385
PacWest Bancorp^(c)		58,169		411,837
PayPal Holdings, Inc.^(b)		128,757		6,669,613
PennyMac Financial Services, Inc.		11,464		770,381
PennyMac Mortgage Investment Trust^(c)		59,166		748,450
Pinnacle Financial Partners, Inc.		15,819		986,473
PNC Financial Services Group, Inc. (The)		123,106		14,091,944
Popular, Inc.		27,253		1,772,535
Primerica, Inc.		6,591		1,259,936
Principal Financial Group, Inc.		77,827		5,267,331
Progressive Corp. (The)		95,462		15,091,588
Prosperity Bancshares, Inc.		21,510		1,173,155
Prudential Financial, Inc.		174,272		15,935,432
Radian Group, Inc.		55,220		1,399,275
Raymond James Financial, Inc.		27,352		2,610,475
Regions Financial Corp.		262,947		3,820,620
Reinsurance Group of America, Inc.		29,070		4,345,093
RenaissanceRe Holdings Ltd. (Bermuda)		7,384		1,621,453
Rithm Capital Corp.		285,517		2,663,874
Robinhood Markets, Inc., Class A^(b)(c)		85,330		779,916
S&P Global, Inc.		13,821		4,827,813
SEI Investments Co.		13,285		712,873
Selective Insurance Group, Inc.		10,284		1,070,667
Simmons First National Corp., Class A		38,453		546,417
SLM Corp.		83,331		1,083,303
SoFi Technologies, Inc.^(b)(c)		113,030		853,376
South State Corp.		14,004		925,664
Starwood Property Trust, Inc.^(c)		124,024		2,201,426
State Street Corp.		95,710		6,185,737
Stifel Financial Corp.		21,521		1,226,697
Synchrony Financial		291,911		8,188,104
Synovus Financial Corp.^(c)		41,660		1,086,076
T. Rowe Price Group, Inc.		52,837		4,781,748
Texas Capital Bancshares, Inc.^(b)		15,646		861,469

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Financials-(continued)
Travelers Cos., Inc. (The)		83,144	$	13,921,631
Truist Financial Corp.		401,986		11,400,323
U.S. Bancorp		423,715		13,508,034
UMB Financial Corp.		9,709		608,948
United Bankshares, Inc.		33,383		949,413
Unum Group		100,109		4,895,330
Valley National Bancorp^(c)		110,183		857,224
Visa, Inc., Class A^(c)		69,606		16,364,371
Voya Financial, Inc.^(c)		36,965		2,468,153
W.R. Berkley Corp.		35,712		2,407,703
Webster Financial Corp.		23,087		876,613
Wells Fargo & Co.		1,521,851		60,524,014
Western Alliance Bancorporation		16,807		690,768
Western Union Co. (The)		176,326		1,990,721
WEX, Inc.^(b)		4,901		815,918
Willis Towers Watson PLC		20,028		4,724,405
Wintrust Financial Corp.		13,442		1,003,983
Zions Bancorporation N.A.^(c)		49,469		1,526,119

				1,118,982,321

Health Care-12.40%
Abbott Laboratories		193,644		18,309,040
AbbVie, Inc.		249,732		35,257,164
Acadia Healthcare Co., Inc.^(b)		13,989		1,028,331
Agilent Technologies, Inc.		17,993		1,859,936
Align Technology, Inc.^(b)		4,675		862,958
Amgen, Inc.		93,719		23,963,948
AMN Healthcare Services, Inc.^(b)(c)		8,788		666,658
Avantor, Inc.^(b)(c)		73,420		1,279,711
Baxter International, Inc.		128,366		4,162,909
Becton, Dickinson and Co.		37,140		9,388,249
Biogen, Inc.^(b)		31,753		7,542,608
BioMarin Pharmaceutical, Inc.^(b)		9,111		742,091
Bio-Rad Laboratories, Inc., Class A^(b)		4,452		1,225,547
Boston Scientific Corp.^(b)		129,458		6,626,955
Bristol-Myers Squibb Co.		328,088		16,906,375
Cardinal Health, Inc.		230,283		20,955,753
Catalent, Inc.^(b)(c)		22,225		764,318
Cencora, Inc.^(c)		97,785		18,104,893
Centene Corp.^(b)		255,372		17,615,561
Charles River Laboratories International, Inc.^(b)(c)		5,196		874,799
Cigna Group (The)		80,389		24,856,279
Community Health Systems, Inc.^(b)		165,578		354,337
Cooper Cos., Inc. (The)		4,614		1,438,415
CVS Health Corp.		584,961		40,368,159
Danaher Corp.		44,018		8,452,336
DaVita, Inc.^(b)		27,172		2,098,494
DENTSPLY SIRONA, Inc.		37,325		1,135,053
DexCom, Inc.^(b)		6,305		560,073
Edwards Lifesciences Corp.^(b)		32,999		2,102,696
Elanco Animal Health, Inc.^(b)		142,181		1,252,615
Elevance Health, Inc.		48,355		21,764,102
Eli Lilly and Co.		42,587		23,590,217
Encompass Health Corp.		20,094		1,257,081
Enovis Corp.^(b)		13,133		602,805
Envista Holdings Corp.^(b)		35,944		836,417
Exelixis, Inc.^(b)		42,104		866,921
Fortrea Holdings, Inc.^(b)(c)		22,082		627,129
Gilead Sciences, Inc.		255,606		20,075,295


	Shares		Value
Health Care-(continued)
HCA Healthcare, Inc.		37,180	$	8,407,885
Henry Schein, Inc.^(b)		30,535		1,984,164
Hologic, Inc.^(b)		28,458		1,883,066
Humana, Inc.		25,282		13,239,931
ICON PLC^(b)(c)		9,699		2,366,168
IDEXX Laboratories, Inc.^(b)		2,128		850,072
Illumina, Inc.^(b)		14,090		1,541,728
Incyte Corp.^(b)		11,580		624,509
Intuitive Surgical, Inc.^(b)		16,295		4,272,875
IQVIA Holdings, Inc.^(b)(c)		19,600		3,544,268
Jazz Pharmaceuticals PLC^(b)(c)		10,777		1,368,895
Johnson & Johnson		419,722		62,261,561
Laboratory Corp.of America Holdings		22,088		4,411,636
McKesson Corp.		71,295		32,464,891
Medtronic PLC^(c)		287,464		20,283,460
Merck & Co., Inc.		319,049		32,766,332
Mettler-Toledo International, Inc.^(b)		762		750,722
Moderna, Inc.^(b)		23,986		1,821,977
Molina Healthcare, Inc.^(b)		13,555		4,513,137
Organon & Co.		123,784		1,830,765
Owens & Minor, Inc.^(b)(c)		60,070		860,803
Patterson Cos., Inc.		34,790		1,059,703
Perrigo Co.PLC^(c)		52,939		1,463,234
Pfizer, Inc.		1,227,310		37,506,594
Premier, Inc., Class A		29,629		569,469
Quest Diagnostics, Inc.		25,673		3,340,057
Regeneron Pharmaceuticals, Inc.^(b)		10,007		7,804,359
ResMed, Inc.		8,280		1,169,302
Revvity, Inc.		14,412		1,194,034
Royalty Pharma PLC, Class A		33,284		894,341
Select Medical Holdings Corp.		41,610		945,795
STERIS PLC^(c)		10,751		2,257,495
Stryker Corp.		28,598		7,727,752
Teladoc Health, Inc.^(b)(c)		95,198		1,574,575
Teleflex, Inc.^(c)		5,463		1,009,289
Tenet Healthcare Corp.^(b)		78,540		4,217,598
Thermo Fisher Scientific, Inc.		25,784		11,467,950
Tilray Brands, Inc., Class 2 (Canada)^(b)(c)		255,364		459,655
United Therapeutics Corp.^(b)		5,300		1,181,158
UnitedHealth Group, Inc.		123,623		66,207,534
Universal Health Services, Inc., Class B		18,641		2,346,715
Veeva Systems, Inc., Class A^(b)(c)		4,966		956,998
Vertex Pharmaceuticals, Inc.^(b)		12,752		4,617,627
Viatris, Inc.		529,099		4,708,981
Waters Corp.^(b)		3,344		797,644
West Pharmaceutical Services, Inc.		3,081		980,651
Zimmer Biomet Holdings, Inc.		31,226		3,260,307
Zoetis, Inc.		22,640		3,554,480

				715,698,370

Industrials-9.59%
3M Co.		187,792		17,079,682
A.O. Smith Corp.		16,804		1,172,247
ABM Industries, Inc.		23,606		928,660
Acuity Brands, Inc.^(c)		5,272		853,906
AECOM		34,771		2,661,720
AerCap Holdings N.V. (Ireland)^(b)		47,605		2,957,223
AGCO Corp.		13,887		1,592,283
Air Lease Corp., Class A		38,277		1,325,533
Alight, Inc., Class A^(b)(c)		100,256		665,700

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Industrials-(continued)
Allegion PLC		8,929	$	878,256
Allison Transmission Holdings, Inc.^(c)		23,066		1,162,988
American Airlines Group, Inc.^(b)(c)		82,672		921,793
AMETEK, Inc.		18,187		2,560,184
API Group Corp.^(b)		36,636		947,773
Applied Industrial Technologies, Inc.		5,146		789,962
ASGN, Inc.^(b)		11,776		982,825
Atkore, Inc.^(b)		5,108		634,822
Automatic Data Processing, Inc.		37,105		8,097,053
Avis Budget Group, Inc.^(b)(c)		9,067		1,476,108
Beacon Roofing Supply, Inc.^(b)		19,762		1,406,462
Boeing Co. (The)^(b)		79,593		14,869,564
Boise Cascade Co.		17,002		1,593,938
Booz Allen Hamilton Holding Corp.		18,722		2,245,329
Brink’s Co. (The)		11,986		801,384
Broadridge Financial Solutions, Inc.		13,315		2,272,072
Builders FirstSource, Inc.^(b)		37,203		4,037,270
BWX Technologies, Inc.		12,088		897,897
C.H. Robinson Worldwide, Inc.		34,390		2,814,134
CACI International, Inc., Class A^(b)		5,190		1,685,504
Carlisle Cos., Inc.		5,927		1,505,991
Carrier Global Corp.		130,840		6,235,834
Caterpillar, Inc.		80,273		18,145,712
Cintas Corp.		6,120		3,103,574
Clarivate PLC^(b)(c)		141,088		900,141
Clean Harbors, Inc.^(b)		8,104		1,245,342
Concentrix Corp.		6,227		474,560
Copart, Inc.^(b)		41,632		1,811,825
CoreCivic, Inc.^(b)		88,354		1,122,096
Crane Co.		7,959		774,649
CSX Corp.		325,297		9,710,115
Cummins, Inc.		30,819		6,666,150
Curtiss-Wright Corp.		4,952		984,507
Deere & Co.		29,918		10,930,840
Delta Air Lines, Inc.		55,207		1,725,219
Donaldson Co., Inc.		15,973		921,003
Dover Corp.		18,648		2,423,308
Dun & Bradstreet Holdings, Inc.^(c)		63,248		554,052
Dycom Industries, Inc.^(b)(c)		9,663		823,094
Eaton Corp. PLC		58,456		12,153,587
EMCOR Group, Inc.		10,328		2,134,281
Emerson Electric Co.		108,112		9,618,725
EnerSys		8,620		737,700
Equifax, Inc.		9,582		1,624,820
Expeditors International of Washington, Inc.		24,137		2,636,967
Fastenal Co.		64,538		3,765,147
FedEx Corp.		82,348		19,771,755
Flowserve Corp.		33,083		1,214,808
Fluor Corp.^(b)		58,004		1,930,953
Fortive Corp.		36,443		2,378,999
Fortune Brands Innovations, Inc.^(c)		26,796		1,495,217
FTI Consulting, Inc.^(b)(c)		4,979		1,056,843
GATX Corp.^(c)		9,049		946,344
Generac Holdings, Inc.^(b)(c)		8,768		737,126
General Dynamics Corp.		49,647		11,980,318
General Electric Co.		208,946		22,697,804
Genpact Ltd.		23,522		788,928
GEO Group, Inc. (The)^(b)(c)		119,656		1,045,793
GMS, Inc.^(b)		14,821		866,732


	Shares		Value
Industrials-(continued)
Grab Holdings Ltd., Class A (Singapore)^(b)(c)		304,547	$	934,959
Graco, Inc.		14,223		1,057,480
GXO Logistics, Inc.^(b)(c)		29,995		1,515,047
HEICO Corp.^(c)		1,813		287,197
HEICO Corp., Class A		3,156		401,222
Hexcel Corp.		10,070		623,534
Hillenbrand, Inc.		15,559		591,709
Honeywell International, Inc.		92,314		16,917,464
Howmet Aerospace, Inc.		42,485		1,873,589
Hub Group, Inc., Class A^(b)		9,586		659,038
Hubbell, Inc.		6,892		1,861,529
Huntington Ingalls Industries, Inc.		10,448		2,296,679
IDEX Corp.		6,391		1,223,301
Illinois Tool Works, Inc.		34,774		7,793,549
Ingersoll Rand, Inc.		43,134		2,617,371
Insperity, Inc.		5,895		623,927
ITT, Inc.		11,127		1,038,705
J.B. Hunt Transport Services, Inc.		10,638		1,828,353
Jacobs Solutions, Inc.		21,706		2,893,410
JELD-WEN Holding, Inc.^(b)		76,548		867,289
Johnson Controls International PLC		139,002		6,813,878
KBR, Inc.		21,443		1,246,910
Kennametal, Inc.^(c)		26,808		619,533
Kirby Corp.^(b)		13,497		1,008,226
Knight-Swift Transportation Holdings, Inc.		33,748		1,649,940
L3Harris Technologies, Inc.		30,923		5,547,895
Landstar System, Inc.		5,967		983,242
Leidos Holdings, Inc.		30,580		3,031,090
Lennox International, Inc.		3,807		1,410,646
Lincoln Electric Holdings, Inc.		5,783		1,010,868
Lockheed Martin Corp.		40,683		18,496,119
ManpowerGroup, Inc.		33,949		2,375,412
Masco Corp.		37,243		1,939,988
MasTec, Inc.^(b)		16,343		971,428
MasterBrand, Inc.^(b)		99,776		1,108,511
Maximus, Inc.		10,830		809,218
MDU Resources Group, Inc.		61,319		1,141,147
Middleby Corp. (The)^(b)		8,256		931,855
MillerKnoll, Inc.		31,022		729,017
MSC Industrial Direct Co., Inc., Class A		14,311		1,355,967
Mueller Industries, Inc.^(c)		26,437		996,939
Nordson Corp.		4,606		979,190
Norfolk Southern Corp.		38,552		7,355,336
Northrop Grumman Corp.		22,322		10,523,260
nVent Electric PLC		23,954		1,152,906
Old Dominion Freight Line, Inc.		4,605		1,734,519
OPENLANE, Inc.^(b)(c)		56,434		757,909
Oshkosh Corp.		20,426		1,791,973
Otis Worldwide Corp.		43,670		3,371,761
Owens Corning		23,821		2,700,587
PACCAR, Inc.		110,954		9,157,034
Parker-Hannifin Corp.		14,963		5,520,000
Paychex, Inc.		35,905		3,987,250
Pentair PLC		25,791		1,498,973
Plug Power, Inc.^(b)(c)		47,006		276,865
Quanta Services, Inc.		15,653		2,615,929
Regal Rexnord Corp.		11,302		1,338,270
Republic Services, Inc.		28,546		4,238,796
Resideo Technologies, Inc.^(b)		57,331		830,153

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Industrials-(continued)
Robert Half, Inc.		19,464	$	1,455,323
Rockwell Automation, Inc.		11,105		2,918,505
RTX Corp.^(c)		238,069		19,376,436
Rush Enterprises, Inc., Class A		19,061		678,190
RXO, Inc.^(b)(c)		36,516		639,395
Ryder System, Inc.		29,099		2,838,316
Science Applications International Corp.		12,482		1,363,534
Sensata Technologies Holding PLC		32,074		1,022,519
Snap-on, Inc.		9,117		2,351,639
Southwest Airlines Co.^(c)		40,080		890,978
Spirit AeroSystems Holdings, Inc., Class A^(c)		29,210		660,146
SS&C Technologies Holdings, Inc.		34,150		1,716,038
Stanley Black & Decker, Inc.		60,018		5,104,531
Stericycle, Inc.^(b)(c)		18,045		744,176
Sunrun, Inc.^(b)(c)		46,670		450,366
Terex Corp.		14,824		678,939
Textron, Inc.		42,543		3,233,268
Timken Co. (The)		12,833		887,017
Toro Co. (The)		9,424		761,836
Trane Technologies PLC^(c)		24,742		4,708,650
TransDigm Group, Inc.^(b)		7,050		5,838,034
TransUnion		20,977		920,471
Trinity Industries, Inc.		33,368		695,055
Uber Technologies, Inc.^(b)		115,472		4,997,628
UFP Industries, Inc.		12,890		1,226,741
U-Haul Holding Co.^(b)(c)		1,752		86,058
U-Haul Holding Co., Series N^(c)		16,342		771,506
Union Pacific Corp.		92,523		19,208,700
United Airlines Holdings, Inc.^(b)		40,303		1,411,008
United Parcel Service, Inc., Class B		128,589		18,163,196
United Rentals, Inc.		11,567		4,699,325
Valmont Industries, Inc.		2,449		482,233
Veralto Corp.^(b)		14,586		1,006,434
Verisk Analytics, Inc.		9,525		2,165,604
Veritiv Corp.^(c)		8,858		1,500,634
Vestis Corp.^(b)		33,722		515,609
W.W. Grainger, Inc.		4,464		3,257,961
Wabtec Corp.		26,340		2,792,567
Waste Management, Inc.		52,293		8,593,309
Watsco, Inc.^(c)		4,511		1,573,843
Werner Enterprises, Inc.^(c)		20,383		740,311
WESCO International, Inc.		13,737		1,761,083
WillScot Mobile Mini Holdings Corp.^(b)		14,391		567,149
Woodward, Inc.		8,629		1,076,036
XPO, Inc.^(b)(c)		31,050		2,353,901
Xylem, Inc.		18,268		1,708,789
ZIM Integrated Shipping Services Ltd. (Israel)^(c)		70,725		547,412

				553,007,422

Information Technology-14.23%
Accenture PLC, Class A		64,002		19,014,354
Adobe, Inc.^(b)		21,669		11,529,208
Advanced Micro Devices, Inc.^(b)		48,163		4,744,056
Akamai Technologies, Inc.^(b)		25,712		2,656,821
Amdocs Ltd.		19,114		1,532,178
Amkor Technology, Inc.		30,856		643,656
Amphenol Corp., Class A		47,058		3,790,522
Analog Devices, Inc.		49,637		7,809,389


	Shares		Value
Information Technology-(continued)
ANSYS, Inc.^(b)		5,339	$	1,485,630
Apple, Inc.		835,644		142,702,926
Applied Materials, Inc.		76,818		10,166,862
Arista Networks, Inc.^(b)		9,172		1,837,794
Arrow Electronics, Inc.^(b)		44,230		5,016,124
Autodesk, Inc.^(b)		3,989		788,346
Avnet, Inc.		63,808		2,956,225
Broadcom, Inc.		39,883		33,556,360
Cadence Design Systems, Inc.^(b)		6,921		1,660,002
CDW Corp.		15,888		3,183,955
Check Point Software Technologies Ltd. (Israel)^(b)		10,033		1,346,930
Ciena Corp.^(b)		28,830		1,216,626
Cirrus Logic, Inc.^(b)		6,953		465,364
Cisco Systems, Inc.		768,304		40,051,688
Cognex Corp.		15,721		565,799
Cognizant Technology Solutions Corp., Class A		100,222		6,461,312
Coherent Corp.^(b)		19,488		576,845
CommScope Holding Co., Inc.^(b)		191,507		283,430
Corning, Inc.		166,290		4,449,920
Crane NXT Co.		7,959		413,868
Dell Technologies, Inc., Class C		76,828		5,140,562
DXC Technology Co.^(b)		135,794		2,738,965
Entegris, Inc.		9,456		832,506
EPAM Systems, Inc.^(b)		3,083		670,768
F5, Inc.^(b)		8,210		1,244,554
First Solar, Inc.^(b)		10,501		1,495,868
Flex Ltd.^(b)		223,114		5,738,492
Gartner, Inc.^(b)		3,281		1,089,423
Gen Digital, Inc.		131,872		2,196,988
GoDaddy, Inc., Class A^(b)		10,175		745,115
Hewlett Packard Enterprise Co.		595,086		9,152,423
HP, Inc.		401,545		10,572,680
Insight Enterprises, Inc.^(b)(c)		11,025		1,579,883
Intel Corp.		2,080,809		75,949,529
International Business Machines Corp.		260,698		37,707,359
Intuit, Inc.		11,900		5,889,905
Jabil, Inc.^(c)		45,859		5,631,485
Juniper Networks, Inc.		72,720		1,957,622
Keysight Technologies, Inc.^(b)		10,076		1,229,776
KLA Corp.		9,196		4,319,361
Kyndryl Holdings, Inc.^(b)		162,114		2,371,728
Lam Research Corp.		11,470		6,746,883
Lumentum Holdings, Inc.^(b)(c)		13,791		540,745
Marvell Technology, Inc.		70,917		3,348,701
Microchip Technology, Inc.		44,321		3,159,644
Micron Technology, Inc.		273,412		18,283,061
Microsoft Corp.		439,627		148,642,285
MKS Instruments, Inc.^(c)		9,853		646,948
Motorola Solutions, Inc.		11,515		3,206,467
NCR Voyix Corp.^(b)(c)		63,570		971,985
NetApp, Inc.		41,062		2,988,492
NVIDIA Corp.		43,705		17,822,899
NXP Semiconductors N.V. (China)		26,827		4,625,780
Okta, Inc.^(b)		14,181		955,941
ON Semiconductor Corp.^(b)		32,545		2,038,619
Oracle Corp.		159,441		16,486,199
Plexus Corp.^(b)(c)		7,600		747,232
Qorvo, Inc.^(b)		21,332		1,864,843

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Information Technology-(continued)
QUALCOMM, Inc.		143,226	$	15,610,202
Roper Technologies, Inc.		8,793		4,295,996
Salesforce, Inc.^(b)		85,788		17,228,804
Sanmina Corp.^(b)		25,031		1,273,327
Seagate Technology Holdings PLC^(c)		61,543		4,200,310
ServiceNow, Inc.^(b)		3,287		1,912,541
Skyworks Solutions, Inc.		25,307		2,195,129
Snowflake, Inc., Class A^(b)		5,907		857,283
Synopsys, Inc.^(b)		5,686		2,669,236
TD SYNNEX Corp.		14,296		1,310,657
TE Connectivity Ltd.		47,433		5,589,979
Teledyne Technologies, Inc.^(b)		5,182		1,941,125
Teradyne, Inc.^(c)		12,792		1,065,190
Texas Instruments, Inc.		101,236		14,376,524
Trimble, Inc.^(b)		29,008		1,367,147
Twilio, Inc., Class A^(b)(c)		27,814		1,425,746
Tyler Technologies, Inc.^(b)		2,206		822,617
Viasat, Inc.^(b)(c)		29,546		544,828
Vishay Intertechnology, Inc.		42,586		947,113
VMware, Inc., Class A^(b)(c)		43,348		6,313,636
Vontier Corp.		38,331		1,133,064
Western Digital Corp.^(b)		162,832		6,537,705
Workday, Inc., Class A^(b)		5,395		1,142,176
Xerox Holdings Corp.		118,670		1,523,723
Zebra Technologies Corp., Class A^(b)		5,708		1,195,426
Zoom Video Communications, Inc., Class A^(b)		17,260		1,035,255

				820,752,645

Materials-3.39%
Air Products and Chemicals, Inc.		28,705		8,107,440
Albemarle Corp.^(c)		8,304		1,052,781
Alcoa Corp.		78,867		2,022,150
AptarGroup, Inc.		9,972		1,219,276
Ashland, Inc.^(c)		9,014		690,743
Avery Dennison Corp.		12,200		2,123,654
Avient Corp.		23,136		731,560
Axalta Coating Systems Ltd.^(b)		50,732		1,330,700
Ball Corp.		56,857		2,737,665
Berry Global Group, Inc.		52,858		2,907,190
Cabot Corp.^(c)		11,664		775,423
Celanese Corp.^(c)		25,811		2,955,618
CF Industries Holdings, Inc.		34,539		2,755,521
Chemours Co. (The)		51,489		1,241,400
Cleveland-Cliffs, Inc.^(b)(c)		115,114		1,931,613
Commercial Metals Co.		23,249		983,200
Constellium SE^(b)		91,502		1,445,732
Corteva, Inc.		97,755		4,705,926
Crown Holdings, Inc.		26,727		2,154,196
Dow, Inc.		248,269		12,001,323
DuPont de Nemours, Inc.		140,796		10,261,213
Eastman Chemical Co.		45,527		3,402,233
Ecolab, Inc.		29,167		4,892,473
Element Solutions, Inc.^(c)		38,336		698,865
FMC Corp.		14,966		796,191
Freeport-McMoRan, Inc.		188,589		6,370,536
Graphic Packaging Holding Co.		72,419		1,557,733
H.B. Fuller Co.		11,433		756,293
Huntsman Corp.		74,662		1,741,864
International Flavors & Fragrances, Inc.^(c)		53,459		3,653,923


	Shares		Value
Materials-(continued)
International Paper Co.		191,529	$	6,460,273
Knife River Corp.^(b)(c)		15,340		771,909
Linde PLC^(c)		56,541		21,607,709
Louisiana-Pacific Corp.		15,831		811,814
LyondellBasell Industries N.V., Class A		111,748		10,084,140
Martin Marietta Materials, Inc.		6,715		2,746,032
Mosaic Co. (The)		73,010		2,371,365
Newmont Corp.		193,787		7,261,199
Nucor Corp.		52,022		7,688,331
O-I Glass, Inc.^(b)		68,553		1,059,144
Olin Corp.		31,819		1,359,308
Packaging Corp. of America		21,096		3,228,743
PPG Industries, Inc.		41,595		5,106,618
Reliance Steel & Aluminum Co.		12,885		3,277,686
Royal Gold, Inc.		6,296		656,862
RPM International, Inc.^(c)		21,398		1,952,995
Scotts Miracle-Gro Co. (The)^(c)		12,068		536,302
Sealed Air Corp.		28,245		869,664
Sherwin-Williams Co. (The)		21,391		5,095,550
Silgan Holdings, Inc.		17,907		717,354
Sonoco Products Co.		28,482		1,475,652
Southern Copper Corp. (Mexico)		12,608		893,907
Steel Dynamics, Inc.		30,300		3,227,253
Summit Materials, Inc., Class A^(b)		32,047		1,054,346
Sylvamo Corp.^(c)		17,896		792,793
Trinseo PLC		37,279		230,757
United States Steel Corp.^(c)		133,389		4,520,553
Vulcan Materials Co.		14,054		2,761,470
Warrior Met Coal, Inc.		32,724		1,594,641
Westlake Corp.^(c)		7,609		877,774
WestRock Co.		181,629		6,525,930

				195,622,509

Real Estate-2.96%
Alexandria Real Estate Equities, Inc.		24,472		2,279,077
American Homes 4 Rent, Class A		37,500		1,227,750
American Tower Corp.		44,385		7,908,963
Americold Realty Trust, Inc.^(c)		42,255		1,107,926
Anywhere Real Estate, Inc.^(b)		144,588		675,226
Apartment Income REIT Corp.		27,021		789,283
Apple Hospitality REIT, Inc.		70,237		1,101,316
AvalonBay Communities, Inc.		25,161		4,170,184
Boston Properties, Inc.^(c)		52,549		2,815,050
Brandywine Realty Trust^(c)		128,730		481,450
Brixmor Property Group, Inc.		74,163		1,541,849
Camden Property Trust^(c)		15,730		1,335,162
CBRE Group, Inc., Class A^(b)		68,648		4,760,052
COPT Defense Properties^(c)		31,511		718,451
CoStar Group, Inc.^(b)		19,396		1,423,860
Cousins Properties, Inc.		50,504		902,507
Crown Castle, Inc.		61,169		5,687,494
CubeSmart		27,815		948,213
Cushman & Wakefield PLC^(b)(c)		85,117		627,312
DiamondRock Hospitality Co.^(c)		95,708		739,823
Digital Realty Trust, Inc.^(c)		59,785		7,434,863
DigitalBridge Group, Inc.		79,273		1,256,477
Douglas Emmett, Inc.^(c)		78,097		875,467
EPR Properties		25,780		1,100,806
Equinix, Inc.		8,474		6,182,969
Equity LifeStyle Properties, Inc.		17,502		1,151,632

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Real Estate-(continued)
Equity Residential		73,242	$	4,052,480
Essex Property Trust, Inc.		11,466		2,452,807
Extra Space Storage, Inc.		22,852		2,367,239
Federal Realty Investment Trust^(c)		14,013		1,277,846
First Industrial Realty Trust, Inc.		15,497		655,523
Gaming and Leisure Properties, Inc.		34,953		1,586,517
Healthcare Realty Trust, Inc.^(c)		65,465		939,423
Healthpeak Properties, Inc.		113,829		1,770,041
Highwoods Properties, Inc.^(c)		42,979		768,894
Host Hotels & Resorts, Inc.		183,840		2,845,843
Howard Hughes Holdings, Inc.^(b)(c)		8,355		554,187
Hudson Pacific Properties, Inc.^(c)		112,027		499,641
Invitation Homes, Inc.		85,328		2,533,388
Iron Mountain, Inc.		68,092		4,022,195
JBG SMITH Properties^(c)		45,300		583,011
Jones Lang LaSalle, Inc.^(b)(c)		18,309		2,342,087
Kilroy Realty Corp.		41,223		1,178,153
Kimco Realty Corp.		131,045		2,350,947
Kite Realty Group Trust^(c)		40,351		860,283
Lamar Advertising Co., Class A^(c)		14,799		1,217,514
LXP Industrial Trust		67,664		535,222
Macerich Co. (The)^(c)		127,426		1,238,581
Medical Properties Trust, Inc.^(c)		190,183		909,075
Mid-America Apartment Communities, Inc.		16,796		1,984,447
NNN REIT, Inc.		28,680		1,041,944
Omega Healthcare Investors, Inc.		63,012		2,085,697
Outfront Media, Inc.^(c)		45,126		440,430
Paramount Group, Inc.^(c)		152,627		653,244
Park Hotels & Resorts, Inc.		154,529		1,781,719
Phillips Edison & Co., Inc.^(c)		23,150		817,427
Physicians Realty Trust^(c)		59,036		641,131
Piedmont Office Realty Trust, Inc., Class A^(c)		79,040		411,798
PotlatchDeltic Corp.^(c)		20,296		869,684
Prologis, Inc.		73,284		7,383,363
Public Storage^(c)		13,915		3,321,650
Rayonier, Inc.		27,415		691,955
Realty Income Corp.		80,164		3,798,170
Regency Centers Corp.		34,898		2,102,954
Rexford Industrial Realty, Inc.		14,927		645,444
RLJ Lodging Trust		83,058		780,745
Sabra Health Care REIT, Inc.		92,791		1,265,669
SBA Communications Corp., Class A		4,164		868,735
Service Properties Trust		92,923		673,692
Simon Property Group, Inc.		62,015		6,814,828
SITE Centers Corp.		57,635		672,024
SL Green Realty Corp.		53,263		1,560,073
Spirit Realty Capital, Inc.		26,145		940,959
STAG Industrial, Inc.		27,814		923,981
Sun Communities, Inc.		14,520		1,615,205
Sunstone Hotel Investors, Inc.^(c)		74,058		688,739
UDR, Inc.		44,605		1,418,885
Uniti Group, Inc.^(c)		195,011		897,051
Ventas, Inc.		118,837		5,045,819
VICI Properties, Inc.		78,156		2,180,552
Vornado Realty Trust^(c)		126,635		2,431,392
W.P. Carey, Inc.		29,280		1,570,872
Welltower, Inc.		100,833		8,430,647
Weyerhaeuser Co.^(c)		194,116		5,569,188


	Shares		Value
Real Estate-(continued)
Zillow Group, Inc., Class A^(b)		7,349	$	261,110
Zillow Group, Inc., Class C^(b)(c)		20,720		751,100

				170,816,382

Utilities-4.10%
AES Corp. (The)		177,689		2,647,566
ALLETE, Inc.		17,551		939,681
Alliant Energy Corp.		56,352		2,749,414
Ameren Corp.		56,436		4,272,770
American Electric Power Co., Inc.		134,930		10,192,612
American Water Works Co., Inc.		23,803		2,800,423
Atmos Energy Corp.^(c)		24,329		2,619,260
Avangrid, Inc.^(c)		26,776		799,799
Avista Corp.		25,258		800,426
Black Hills Corp.^(c)		20,327		982,810
CenterPoint Energy, Inc.		167,894		4,512,991
CMS Energy Corp.		69,023		3,750,710
Consolidated Edison, Inc.		105,326		9,246,570
Constellation Energy Corp.		76,440		8,631,605
Dominion Energy, Inc.		268,541		10,827,573
DTE Energy Co.		50,814		4,897,453
Duke Energy Corp.		238,535		21,203,376
Edison International		114,961		7,249,441
Entergy Corp.		64,617		6,176,739
Essential Utilities, Inc.		34,231		1,145,369
Evergy, Inc.		68,641		3,373,019
Eversource Energy		85,392		4,593,236
Exelon Corp.		311,913		12,145,892
FirstEnergy Corp.		171,755		6,114,478
Hawaiian Electric Industries, Inc.		33,426		433,869
IDACORP, Inc.		11,314		1,071,549
National Fuel Gas Co.		21,948		1,118,251
New Jersey Resources Corp.		19,257		781,449
NextEra Energy, Inc.		260,129		15,165,521
NiSource, Inc.		110,959		2,791,728
NorthWestern Energy Group, Inc.^(c)		18,345		880,743
NRG Energy, Inc.		99,625		4,222,107
OGE Energy Corp.		58,891		2,014,072
ONE Gas, Inc.^(c)		13,429		811,112
PG&E Corp.^(b)		274,381		4,472,410
Pinnacle West Capital Corp.		41,687		3,092,342
PNM Resources, Inc.		21,833		922,663
Portland General Electric Co.		26,093		1,044,242
PPL Corp.		293,063		7,200,558
Public Service Enterprise Group, Inc.		124,141		7,653,293
Sempra		127,347		8,918,110
Southern Co. (The)		289,051		19,453,132
Southwest Gas Holdings, Inc.^(c)		23,126		1,355,415
Spire, Inc.^(c)		16,045		892,583
UGI Corp.		80,565		1,675,752
Vistra Corp.		161,138		5,272,435
WEC Energy Group, Inc.		66,681		5,427,167
Xcel Energy, Inc.		124,992		7,408,276

				236,751,992

Total Common Stocks & Other Equity Interests (Cost $5,083,045,566)				5,765,108,997

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(e)(f) (Cost $2,275,786)		2,275,786	$	2,275,786

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $5,085,321,352)				5,767,384,783


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.98%
Invesco Private Government Fund, 5.32%^(e)(f)(g)		80,268,689		80,268,689


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(e)(f)(g)		206,872,222	$	206,892,909

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $287,154,456)				287,161,598

TOTAL INVESTMENTS IN SECURITIES-104.94% (Cost $5,372,475,808)				6,054,546,381
OTHER ASSETS LESS LIABILITIES-(4.94)%				(284,980,000	)

NET ASSETS-100.00%			$	5,769,566,381

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-3.65%
Advantage Solutions, Inc.^(b)(c)		258,893	$	595,454
AMC Entertainment Holdings, Inc.^(b)		54,989		587,288
Atlanta Braves Holdings, Inc., Class H^(b)(c)		3,849		145,916
Atlanta Braves Holdings, Inc., Series C^(b)(c)		14,760		513,353
ATN International, Inc.		19,348		598,821
Bandwidth, Inc., Class A^(b)(c)		23,825		252,783
Boston Omaha Corp., Class A^(b)(c)		15,011		213,607
Bumble, Inc., Class A^(b)(c)		67,494		907,119
Cardlytics, Inc.^(b)(c)		128,628		1,593,701
Cargurus, Inc.^(b)		67,766		1,167,608
Cars.com, Inc.^(b)		48,648		740,909
Clear Channel Outdoor Holdings, Inc.^(b)(c)		1,215,286		1,336,815
Cogent Communications Holdings, Inc.^(c)		39,930		2,594,651
Consolidated Communications Holdings, Inc.^(b)		149,386		622,940
Cumulus Media, Inc., Class A^(b)(c)		56,031		252,700
E.W. Scripps Co. (The), Class A^(b)(c)		125,592		686,988
EchoStar Corp., Class A^(b)(c)		148,728		2,061,370
Entravision Communications Corp., Class A		100,310		359,110
fuboTV, Inc.^(b)(c)		320,064		774,555
Gannett Co., Inc.^(b)(c)		526,781		1,232,668
Gogo, Inc.^(b)(c)		21,154		222,117
Gray Television, Inc.^(c)		321,287		2,094,791
IDT Corp., Class B^(b)		22,577		633,285
iHeartMedia, Inc., Class A^(b)(c)		326,460		767,181
IMAX Corp.^(b)		44,492		810,199
Iridium Communications, Inc.		45,584		1,688,887
John Wiley & Sons, Inc., Class A		75,683		2,290,924
Madison Square Garden Entertainment Corp.^(b)(c)		34,652		1,056,193
Madison Square Garden Sports Corp., Class A^(b)		2,673		449,438
Magnite, Inc.^(b)(c)		73,259		486,440
Marcus Corp. (The)^(c)		56,821		882,998
New York Times Co. (The), Class A		93,038		3,750,362
Outbrain, Inc.^(b)		116,098		495,739
Pinterest, Inc., Class A^(b)(c)		144,275		4,310,937
Playstudios, Inc.^(b)		89,268		252,628
Playtika Holding Corp.^(b)		100,239		842,008
PubMatic, Inc., Class A^(b)(c)		26,790		301,923
QuinStreet, Inc.^(b)		37,675		426,104
Roblox Corp., Class A^(b)(c)		18,973		603,531
Roku, Inc., Class A^(b)(c)		49,711		2,961,284
Scholastic Corp.		48,952		1,806,329
Shenandoah Telecommunications Co.		74,974		1,773,885
Shutterstock, Inc.^(c)		11,070		450,328
Sinclair, Inc.^(c)		145,731		1,584,096
Sirius XM Holdings, Inc.^(c)		608,580		2,604,722
Skillz, Inc.^(b)(c)		37,986		194,488
Sphere Entertainment Co.^(b)(c)		35,874		1,180,613
Spok Holdings, Inc.		39,998		596,370
Stagwell, Inc.^(b)(c)		68,833		283,592
Taboola.com Ltd. (Israel)^(b)(c)		262,411		963,048
TechTarget, Inc.^(b)(c)		10,947		275,646
Thryv Holdings, Inc.^(b)(c)		88,550		1,543,427


	Shares		Value
Communication Services-(continued)
Trade Desk, Inc. (The), Class A^(b)		40,380	$	2,865,365
TripAdvisor, Inc.^(b)(c)		92,840		1,370,318
TrueCar, Inc.^(b)		188,327		344,638
Vimeo, Inc.^(b)		213,980		659,058
WideOpenWest, Inc.^(b)		141,624		997,033
Yelp, Inc.^(b)		61,532		2,596,035
Ziff Davis, Inc.^(b)(c)		48,693		2,943,979
ZipRecruiter, Inc., Class A^(b)(c)		21,048		224,161
ZoomInfo Technologies, Inc., Class A^(b)		74,049		959,675

				68,782,131

Consumer Discretionary-13.81%
1-800-Flowers.com, Inc., Class A^(b)(c)		81,121		609,219
2U, Inc.^(b)		129,746		275,062
Aaron’s Co., Inc. (The)		130,590		967,672
Accel Entertainment, Inc.^(b)(c)		40,784		401,722
Acushnet Holdings Corp.^(c)		32,636		1,663,131
Adtalem Global Education, Inc.^(b)		57,998		3,004,296
Afya Ltd., Class A (Brazil)^(b)(c)		32,329		520,497
Allbirds, Inc., Class A^(b)		131,451		113,679
American Outdoor Brands, Inc.^(b)		36,885		327,539
American Public Education, Inc.^(b)		65,146		271,659
America’s Car-Mart, Inc.^(b)(c)		9,996		669,532
AMMO, Inc.^(b)(c)		146,929		427,563
Arco Platform Ltd., Class A (Brazil)^(b)(c)		24,977		346,431
Arcos Dorados Holdings, Inc., Class A (Brazil)		210,919		1,902,489
Arko Corp.^(c)		153,229		1,156,879
Arrival S.A. (Luxembourg)^(b)(c)		19,746		18,696
Bally’s Corp.^(b)(c)		101,784		928,270
BARK, Inc.^(b)(c)		263,904		282,377
Barnes & Noble Education, Inc.^(b)(c)		171,547		174,978
Bassett Furniture Industries, Inc.		20,804		320,174
Beazer Homes USA, Inc.^(b)		172,082		4,162,664
Big 5 Sporting Goods Corp.^(c)		130,496		921,302
BJ’s Restaurants, Inc.^(b)(c)		33,800		869,336
Bloomin’ Brands, Inc.^(c)		148,519		3,466,433
Bluegreen Vacations Holding Corp.		16,715		560,120
Boot Barn Holdings, Inc.^(b)(c)		24,116		1,676,062
Boyd Gaming Corp.		61,399		3,392,295
Bright Horizons Family Solutions, Inc.^(b)(c)		49,644		3,676,635
Brinker International, Inc.^(b)(c)		101,369		3,438,436
Buckle, Inc. (The)^(c)		62,704		2,117,514
Build-A-Bear Workshop, Inc.^(c)		17,570		435,736
Caleres, Inc.^(c)		82,990		2,122,884
Camping World Holdings, Inc., Class A^(c)		85,484		1,431,857
CarParts.com, Inc.^(b)(c)		56,048		158,616
Carriage Services, Inc.		17,201		371,542
Carvana Co.^(b)(c)		194,173		5,242,671
Cato Corp. (The), Class A^(c)		68,233		486,501
Cavco Industries, Inc.^(b)		7,816		1,950,170
Century Communities, Inc.		58,490		3,597,135
Cheesecake Factory, Inc. (The)^(c)		65,013		2,019,954
Chegg, Inc.^(b)(c)		104,691		788,323
Chico’s FAS, Inc.^(b)		365,383		2,733,065
Children’s Place, Inc. (The)^(b)(c)		48,046		1,315,019
Choice Hotels International, Inc.^(c)		14,125		1,560,812
Churchill Downs, Inc.^(c)		18,065		1,984,260

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Consumer Discretionary-(continued)
Chuy’s Holdings, Inc.^(b)(c)		18,723	$	630,216
Citi Trends, Inc.^(b)(c)		26,851		647,109
Clarus Corp.^(c)		38,760		224,420
Columbia Sportswear Co.^(c)		35,524		2,621,671
Conn’s, Inc.^(b)(c)		152,579		450,108
Container Store Group, Inc. (The)^(b)(c)		209,868		388,256
ContextLogic, Inc., Class A^(b)(c)		77,412		303,455
Cooper-Standard Holdings, Inc.^(b)(c)		160,585		1,994,466
Coursera, Inc.^(b)(c)		56,103		972,826
Crocs, Inc.^(b)(c)		17,877		1,596,774
Dave & Buster’s Entertainment, Inc.^(b)(c)		36,878		1,288,517
Denny’s Corp.^(b)		66,934		576,971
Designer Brands, Inc., Class A^(c)		241,482		2,441,383
Despegar.com Corp. (Argentina)^(b)		58,204		385,893
Destination XL Group, Inc.^(b)		64,047		266,436
Dillard’s, Inc., Class A^(c)		4,524		1,404,476
Dine Brands Global, Inc.^(c)		16,016		789,429
DoorDash, Inc., Class A^(b)		67,004		5,021,950
Dorman Products, Inc.^(b)		22,779		1,416,398
DraftKings, Inc., Class A^(b)		86,795		2,397,278
Dream Finders Homes, Inc., Class A^(b)(c)		30,359		597,769
Duluth Holdings, Inc., Class B^(b)(c)		59,146		297,504
El Pollo Loco Holdings, Inc.^(b)		35,534		296,709
Ethan Allen Interiors, Inc.		50,748		1,332,642
Etsy, Inc.^(b)		21,327		1,328,672
Everi Holdings, Inc.^(b)		82,781		893,207
Express, Inc.^(b)(c)		55,107		490,452
Farfetch Ltd., Class A (United Kingdom)^(b)(c)		152,703		229,055
Figs, Inc., Class A^(b)(c)		47,419		261,279
Fisker, Inc.^(b)(c)		62,000		279,000
Five Below, Inc.^(b)(c)		18,731		3,258,819
Fossil Group, Inc.^(b)		406,520		634,171
Fox Factory Holding Corp.^(b)(c)		18,036		1,469,393
Frontdoor, Inc.^(b)		79,867		2,310,552
Full House Resorts, Inc.^(b)(c)		31,656		118,710
Funko, Inc., Class A^(b)(c)		72,609		559,815
Garrett Motion, Inc. (Switzerland)^(b)		90,059		635,817
Genesco, Inc.^(b)(c)		58,933		1,615,354
Genius Sports Ltd. (United Kingdom)^(b)(c)		79,253		386,755
Gentherm, Inc.^(b)		28,863		1,160,870
Global-e Online Ltd. (Israel)^(b)		15,143		531,671
Golden Entertainment, Inc.		27,024		847,473
GoPro, Inc., Class A^(b)(c)		213,083		534,838
Grand Canyon Education, Inc.^(b)		26,552		3,141,898
Green Brick Partners, Inc.^(b)		38,519		1,490,685
Groupon, Inc.^(b)(c)		211,409		2,703,921
GrowGeneration Corp.^(b)(c)		101,328		206,709
Guess?, Inc.^(c)		85,667		1,841,840
Haverty Furniture Cos., Inc.		51,535		1,342,487
Helen of Troy Ltd.^(b)(c)		34,057		3,348,484
Hibbett, Inc.^(c)		27,094		1,248,221
Hilton Grand Vacations, Inc.^(b)(c)		77,431		2,783,644
Holley, Inc.^(b)(c)		244,862		1,040,663
Hooker Furnishings Corp.		26,946		450,537
Hovnanian Enterprises, Inc., Class A^(b)(c)		36,710		2,550,611
Hyatt Hotels Corp., Class A^(c)		26,529		2,717,631
Installed Building Products, Inc.		15,477		1,728,317
iRobot Corp.^(b)(c)		53,455		1,760,273
J Jill, Inc.^(b)		11,094		317,843


	Shares		Value
Consumer Discretionary-(continued)
Jack in the Box, Inc.^(c)		29,542	$	1,866,464
JAKKS Pacific, Inc.^(b)		14,495		243,081
JOANN, Inc.^(c)		142,715		82,775
Johnson Outdoors, Inc., Class A^(c)		9,267		440,646
Kirkland’s, Inc.^(b)(c)		145,743		233,189
Kontoor Brands, Inc.^(c)		77,729		3,610,512
Krispy Kreme, Inc.^(c)		81,363		1,052,024
Lands’ End, Inc.^(b)(c)		101,145		635,191
Latham Group, Inc.^(b)(c)		78,586		179,962
Laureate Education, Inc., Class A		309,072		4,370,278
La-Z-Boy, Inc.^(c)		94,241		2,755,607
Lazydays Holdings, Inc.^(b)		58,386		368,416
Lazydays Holdings, Inc., Rts., expiring 11/14/2023^(b)		39,658		0
Leslie’s, Inc.^(b)(c)		106,592		526,564
LGI Homes, Inc.^(b)(c)		34,391		3,250,293
LL Flooring Holdings, Inc.^(b)(c)		213,483		691,685
Lovesac Co. (The)^(b)(c)		12,764		210,095
Lucid Group, Inc.^(b)(c)		109,609		451,589
Malibu Boats, Inc., Class A^(b)(c)		20,893		911,353
MarineMax, Inc.^(b)(c)		65,577		1,795,498
MasterCraft Boat Holdings, Inc.^(b)		17,404		355,738
MercadoLibre, Inc. (Brazil)^(b)		3,203		3,974,090
Mister Car Wash, Inc.^(b)(c)		41,569		216,159
Modine Manufacturing Co.^(b)		104,957		4,145,801
Monarch Casino & Resort, Inc.^(c)		8,296		499,336
Monro, Inc.^(c)		43,922		1,090,144
Motorcar Parts of America, Inc.^(b)		44,132		318,633
Movado Group, Inc.		21,295		593,279
National Vision Holdings, Inc.^(b)		75,256		1,169,478
Noodles & Co.^(b)		65,306		139,102
Ollie’s Bargain Outlet Holdings, Inc.^(b)(c)		58,877		4,547,659
On Holding AG, Class A (Switzerland)^(b)		38,928		999,282
OneWater Marine, Inc., Class A^(b)(c)		31,146		704,834
Overstock.com, Inc.^(b)(c)		100,562		1,568,767
Oxford Industries, Inc.^(c)		14,601		1,232,324
Papa John’s International, Inc.^(c)		21,082		1,370,752
Patrick Industries, Inc.		52,859		3,972,354
Peloton Interactive, Inc., Class A^(b)(c)		199,711		950,624
Perdoceo Education Corp.		118,564		2,144,823
Petco Health & Wellness Co., Inc.^(b)(c)		209,054		723,327
PetMed Express, Inc.^(c)		38,016		261,930
Planet Fitness, Inc., Class A^(b)		16,283		899,961
Playa Hotels & Resorts N.V.^(b)		72,579		524,746
PlayAGS, Inc.^(b)		74,208		529,845
PLBY Group, Inc.^(b)(c)		163,068		104,527
Portillo’s, Inc., Class A^(b)(c)		14,253		213,082
Purple Innovation, Inc.^(c)		74,602		72,364
QuantumScape Corp.^(b)(c)		88,327		461,067
RCI Hospitality Holdings, Inc.		3,998		217,931
Red Robin Gourmet Burgers, Inc.^(b)(c)		124,279		1,005,417
Red Rock Resorts, Inc., Class A^(c)		39,598		1,566,101
Revolve Group, Inc.^(b)(c)		21,902		301,152
Rocky Brands, Inc.^(c)		16,521		202,878
RumbleOn, Inc., Class B^(b)(c)		61,051		388,895
SeaWorld Entertainment, Inc.^(b)(c)		18,846		811,886
Shake Shack, Inc., Class A^(b)(c)		16,572		928,695
Shoe Carnival, Inc.^(c)		30,172		690,335
Skyline Champion Corp.^(b)		34,110		1,999,869
Sleep Number Corp.^(b)(c)		68,875		1,120,596

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Consumer Discretionary-(continued)
Smith & Wesson Brands, Inc.^(c)		121,057	$	1,783,170
Solid Power, Inc.^(b)(c)		112,882		149,004
Sonos, Inc.^(b)(c)		90,749		978,274
Sportradar Holding AG (Switzerland)^(b)(c)		38,199		337,297
Sportsman’s Warehouse Holdings, Inc.^(b)(c)		157,273		800,520
Standard Motor Products, Inc.		43,897		1,533,322
Steven Madden Ltd.^(c)		75,711		2,482,564
Stitch Fix, Inc., Class A^(b)(c)		254,975		836,318
Stoneridge, Inc.^(b)		47,638		775,070
Strategic Education, Inc.^(c)		28,614		2,355,218
Stride, Inc.^(b)(c)		47,927		2,635,026
Sturm Ruger & Co., Inc.		32,324		1,789,133
Sweetgreen, Inc., Class A^(b)(c)		72,232		746,157
Tile Shop Holdings, Inc.^(b)(c)		64,586		354,577
Tilly’s, Inc., Class A^(b)(c)		94,632		766,519
Topgolf Callaway Brands Corp.^(b)(c)		136,332		1,665,977
Traeger, Inc.^(b)(c)		85,956		226,064
Tupperware Brands Corp.^(b)(c)		487,161		993,808
Udemy, Inc.^(b)(c)		33,442		298,637
Unifi, Inc.^(b)(c)		52,421		352,269
Universal Electronics, Inc.^(b)		32,164		252,487
Universal Technical Institute, Inc.^(b)		58,905		514,241
Upbound Group, Inc.^(c)		118,685		3,092,931
Vera Bradley, Inc.^(b)(c)		131,165		960,128
Vista Outdoor, Inc.^(b)(c)		118,663		2,980,815
Visteon Corp.^(b)		23,678		2,726,048
VOXX International Corp.^(b)(c)		43,606		399,867
Vroom, Inc.^(b)(c)		1,888,196		1,529,439
Warby Parker, Inc., Class A^(b)(c)		30,773		399,434
Wendy’s Co. (The)		146,090		2,778,632
Wingstop, Inc.		8,209		1,500,359
Winmark Corp.		1,011		407,757
Winnebago Industries, Inc.^(c)		47,842		2,772,444
Wolverine World Wide, Inc.		174,092		1,401,441
WW International, Inc.^(b)(c)		478,692		3,743,371
Wyndham Hotels & Resorts, Inc.		53,645		3,883,898
YETI Holdings, Inc.^(b)(c)		51,406		2,185,783
Zumiez, Inc.^(b)		56,663		930,973

				260,435,507

Consumer Staples-4.61%
Adecoagro S.A. (Brazil)		304,221		3,209,531
Alico, Inc.^(c)		12,528		306,184
Andersons, Inc. (The)		82,516		4,136,527
BellRing Brands, Inc.^(b)		48,401		2,116,576
Benson Hill, Inc.^(b)		128,466		19,784
Beyond Meat, Inc.^(b)(c)		17,889		106,797
Blue Apron Holdings, Inc., Class A^(b)		33,353		432,255
Boston Beer Co., Inc. (The), Class A^(b)		6,906		2,306,259
Calavo Growers, Inc.		41,567		1,053,308
Cal-Maine Foods, Inc.		30,431		1,378,829
Central Garden & Pet Co.^(b)(c)		18,771		818,979
Central Garden & Pet Co., Class A^(b)		77,573		3,078,872
Chefs’ Warehouse, Inc. (The)^(b)(c)		40,069		762,513
Coca-Cola Consolidated, Inc.		4,831		3,074,497
Coty, Inc., Class A^(b)(c)		359,292		3,366,566
Dole PLC.		209,219		2,389,281
Duckhorn Portfolio, Inc. (The)^(b)(c)		32,798		342,083
e.l.f. Beauty, Inc.^(b)		9,639		892,861


	Shares		Value
Consumer Staples-(continued)
Edgewell Personal Care Co.		91,319	$	3,187,033
Energizer Holdings, Inc.^(c)		111,527		3,522,023
Fresh Del Monte Produce, Inc.		87,020		2,175,500
Freshpet, Inc.^(b)(c)		13,482		773,867
Grocery Outlet Holding Corp.^(b)(c)		117,085		3,239,742
Hain Celestial Group, Inc. (The)^(b)		197,434		2,181,646
Hostess Brands, Inc.^(b)		152,659		5,098,811
Ingles Markets, Inc., Class A^(c)		36,531		2,930,517
Inter Parfums, Inc.		7,908		1,005,186
J&J Snack Foods Corp.^(c)		11,869		1,858,804
John B. Sanfilippo & Son, Inc.		15,824		1,618,162
Lancaster Colony Corp.		12,640		2,138,309
Medifast, Inc.^(c)		14,753		1,020,317
MGP Ingredients, Inc.^(c)		7,458		705,974
Mission Produce, Inc.^(b)(c)		58,632		551,727
National Beverage Corp.^(b)(c)		26,190		1,214,692
Natural Grocers by Vitamin Cottage, Inc.		31,081		390,688
Olaplex Holdings, Inc.^(b)		54,840		77,873
Pilgrim’s Pride Corp.^(b)		128,370		3,273,435
PriceSmart, Inc.		40,119		2,507,036
Reynolds Consumer Products, Inc.^(c)		62,614		1,592,274
Seneca Foods Corp., Class A^(b)		24,359		1,331,219
Simply Good Foods Co. (The)^(b)(c)		50,675		1,889,671
Sovos Brands, Inc.^(b)(c)		37,617		816,665
Turning Point Brands, Inc.		26,599		533,310
Universal Corp.		62,398		2,807,910
USANA Health Sciences, Inc.^(b)		20,839		949,216
Utz Brands, Inc.^(c)		35,070		427,503
Vector Group Ltd.		248,096		2,550,427
Village Farms International, Inc. (Canada)^(b)		339,805		244,660
Village Super Market, Inc., Class A		13,642		333,820
WD-40 Co.^(c)		7,605		1,607,697
Weis Markets, Inc.^(c)		32,675		2,127,142
Whole Earth Brands, Inc.^(b)(c)		154,304		546,236

				87,020,794

Energy-7.03%
Adams Resources & Energy, Inc.		10,632		338,523
Antero Midstream Corp.		338,945		4,182,581
Archrock, Inc.		313,570		3,972,932
Ardmore Shipping Corp. (Ireland)^(c)		34,159		453,973
Berry Corp.		171,760		1,434,196
Bristow Group, Inc.^(b)		40,327		1,054,148
Cactus, Inc., Class A		19,111		897,070
Callon Petroleum Co.^(b)(c)		69,522		2,596,647
ChampionX Corp.		118,068		3,636,494
Chord Energy Corp.		14,338		2,370,358
Clean Energy Fuels Corp.^(b)(c)		131,412		458,628
Comstock Resources, Inc.^(c)		96,473		1,215,560
CONSOL Energy, Inc.		60,962		5,601,798
Core Laboratories, Inc.^(c)		79,961		1,712,765
Crescent Energy Co., Class A^(c)		28,748		350,151
CVR Energy, Inc.^(c)		89,164		2,920,121
Denbury, Inc.^(b)		27,356		2,431,675
DHT Holdings, Inc.		221,377		2,461,712
Diamond Offshore Drilling, Inc.^(b)		126,819		1,573,824
DMC Global, Inc.^(b)		20,302		384,723
Dorian LPG Ltd.		57,267		1,830,826
Dril-Quip, Inc.^(b)		38,433		832,459

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Energy-(continued)
Enviva, Inc.^(c)		21,990	$	79,604
Expro Group Holdings N.V.^(b)		62,646		986,675
Forum Energy Technologies, Inc.^(b)(c)		12,608		274,476
GeoPark Ltd. (Colombia)^(c)		50,488		498,821
Gevo, Inc.^(b)(c)		228,806		244,822
Golar LNG Ltd. (Cameroon)		105,848		2,374,171
Gran Tierra Energy, Inc. (Colombia)^(b)		148,342		907,853
Green Plains, Inc.^(b)(c)		71,712		2,106,899
Gulfport Energy Corp.^(b)		13,853		1,712,369
Hallador Energy Co.^(b)(c)		40,473		565,813
Helix Energy Solutions Group, Inc.^(b)		349,097		3,421,151
International Seaways, Inc.^(c)		32,652		1,570,235
Kosmos Energy Ltd. (Ghana)^(b)(c)		366,293		2,651,961
Liberty Energy, Inc., Class A^(c)		143,688		2,830,654
Magnolia Oil & Gas Corp., Class A^(c)		85,072		1,909,866
Mammoth Energy Services, Inc.^(b)(c)		87,642		354,950
Matador Resources Co.		61,189		3,774,749
Nabors Industries Ltd.^(b)(c)		25,559		2,495,581
NACCO Industries, Inc., Class A		8,783		303,453
Navigator Holdings Ltd.		56,523		794,148
New Fortress Energy, Inc.^(c)		11,437		346,541
Newpark Resources, Inc.^(b)		280,844		1,943,441
Noble Corp. PLC^(c)		32,023		1,495,154
Nordic American Tankers Ltd.		307,302		1,410,516
Northern Oil and Gas, Inc.		17,268		662,055
Oceaneering International, Inc.^(b)		105,816		2,326,894
Oil States International, Inc.^(b)		130,070		944,308
Overseas Shipholding Group, Inc., Class A^(b)		200,465		980,274
Par Pacific Holdings, Inc.^(b)		111,004		3,643,151
Patterson-UTI Energy, Inc.		427,092		5,424,068
Permian Resources Corp.^(c)		220,880		3,218,222
ProPetro Holding Corp.^(b)		221,653		2,322,923
Range Resources Corp.^(c)		159,956		5,732,823
REX American Resources Corp.^(b)		26,918		1,023,153
RPC, Inc.		84,331		701,634
SandRidge Energy, Inc.^(c)		25,488		403,985
Scorpio Tankers, Inc. (Monaco)		36,295		2,037,964
Select Water Solutions, Inc., Class A		111,528		829,768
SFL Corp. Ltd. (Norway)		335,063		3,638,784
SilverBow Resources, Inc.^(b)		22,226		757,907
Solaris Oilfield Infrastructure, Inc., Class A		38,594		356,609
Talos Energy, Inc.^(b)		151,418		2,346,979
Teekay Corp. (Bermuda)^(b)		335,617		2,359,388
Teekay Tankers Ltd., Class A (Canada)		28,677		1,425,247
Tellurian, Inc.^(b)(c)		251,376		173,449
TETRA Technologies, Inc.^(b)		251,952		1,194,252
Texas Pacific Land Corp.^(c)		1,217		2,246,521
Tidewater, Inc.^(b)		22,844		1,561,387
Tsakos Energy Navigation Ltd. (Greece)		75,144		1,655,422
US Silica Holdings, Inc.^(b)		140,554		1,696,487
VAALCO Energy, Inc.^(c)		89,940		402,032
Valaris Ltd.^(b)(c)		25,975		1,715,389
Vital Energy, Inc.^(b)(c)		47,344		2,369,094
W&T Offshore, Inc.^(b)(c)		164,703		683,517

				132,598,753

Financials-18.31%
1st Source Corp.		23,186		1,057,745


	Shares		Value
Financials-(continued)
Acacia Research Corp.^(b)(c)		85,770	$	307,914
AFC Gamma, Inc.^(c)		23,774		251,529
Affirm Holdings, Inc.^(b)(c)		172,813		3,043,237
AG Mortgage Investment Trust, Inc.^(c)		82,978		418,209
Amalgamated Financial Corp.		20,723		377,988
A-Mark Precious Metals, Inc.^(c)		105,351		2,852,905
Ambac Financial Group, Inc.^(b)		140,644		1,706,012
Amerant Bancorp, Inc.^(c)		32,253		587,972
AMERISAFE, Inc.		39,986		2,038,086
Arbor Realty Trust, Inc.^(c)		251,278		3,168,616
Ares Commercial Real Estate Corp.^(c)		113,428		1,040,135
Argo Group International Holdings Ltd.^(c)		92,121		2,748,891
ARMOUR Residential REIT, Inc.		32,352		471,369
Arrow Financial Corp.^(c)		11,263		240,015
AssetMark Financial Holdings, Inc.^(b)		16,559		395,926
Atlanticus Holdings Corp.^(b)(c)		8,952		261,936
Avantax, Inc.^(b)		31,269		807,053
AvidXchange Holdings, Inc.^(b)(c)		61,517		531,507
Axos Financial, Inc.^(b)(c)		61,403		2,212,350
B. Riley Financial, Inc.^(c)		59,764		2,164,054
Banc of California, Inc.^(c)		73,795		827,242
BancFirst Corp.		17,164		1,392,172
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)		43,728		987,378
Bancorp, Inc. (The)^(b)(c)		37,353		1,331,634
Bank First Corp.^(c)		5,701		450,208
Bank of Marin Bancorp		17,625		296,100
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		65,312		1,649,781
Banner Corp.		54,040		2,281,028
Bar Harbor Bankshares		13,420		335,768
BayCom Corp.		15,020		297,396
BCB Bancorp, Inc.		26,416		271,556
Berkshire Hills Bancorp, Inc.^(c)		65,413		1,282,749
BGC Group, Inc., Class A^(c)		705,061		4,138,708
Blue Foundry Bancorp^(b)(c)		35,247		266,115
Bridgewater Bancshares, Inc.^(b)		29,260		281,774
Bright Health Group, Inc.^(b)(c)		9,738		70,698
Brightsphere Investment Group, Inc.		56,763		888,909
BrightSpire Capital, Inc.^(c)		255,013		1,443,374
Brookline Bancorp, Inc.		136,903		1,114,390
BRP Group, Inc., Class A^(b)(c)		14,086		294,820
Business First Bancshares, Inc.^(c)		29,508		576,586
Byline Bancorp, Inc.		30,378		576,271
Cambridge Bancorp		7,960		427,532
Camden National Corp.^(c)		19,356		564,421
Cannae Holdings, Inc.^(b)		154,177		2,520,794
Capital City Bank Group, Inc.		15,124		432,093
Capitol Federal Financial, Inc.		363,787		1,891,692
Capstar Financial Holdings, Inc.^(c)		26,008		394,801
Carter Bankshares, Inc.^(b)		23,617		265,927
Cass Information Systems, Inc.^(c)		13,022		492,362
Central Pacific Financial Corp.		54,628		862,030
Cherry Hill Mortgage Investment Corp.^(c)		56,256		167,080
City Holding Co.^(c)		15,732		1,428,151
Civista Bancshares, Inc.		15,114		220,362
CNA Financial Corp.		82,975		3,352,190
CNB Financial Corp.		30,224		549,472
Cohen & Steers, Inc.^(c)		25,257		1,319,426
Columbia Financial, Inc.^(b)(c)		24,219		389,926

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Financials-(continued)
Community Trust Bancorp, Inc.		27,731	$	1,041,576
Compass Diversified Holdings		153,006		2,628,643
ConnectOne Bancorp, Inc.		57,310		933,580
Consumer Portfolio Services, Inc.^(b)(c)		34,847		322,335
Credit Acceptance Corp.^(b)(c)		7,390		2,973,958
CrossFirst Bankshares, Inc.^(b)(c)		45,619		482,649
Customers Bancorp, Inc.^(b)		81,402		3,273,174
CVB Financial Corp.^(c)		160,242		2,502,980
Diamond Hill Investment Group, Inc.		6,084		955,796
Dime Community Bancshares, Inc.		43,660		802,907
Donegal Group, Inc., Class A		25,021		353,297
Donnelley Financial Solutions, Inc.^(b)		33,330		1,814,152
Dynex Capital, Inc.^(c)		78,844		791,594
Eagle Bancorp, Inc.		48,611		946,942
Eastern Bankshares, Inc.		223,602		2,461,858
eHealth, Inc.^(b)		104,812		899,287
Ellington Financial, Inc.		56,954		685,157
Ellington Residential Mortgage REIT		40,288		212,721
Employers Holdings, Inc.		52,439		1,992,682
Encore Capital Group, Inc.^(b)(c)		62,911		2,370,486
Enova International, Inc.^(b)		63,271		2,523,247
Enterprise Financial Services Corp.		36,527		1,270,044
Equity Bancshares, Inc., Class A^(c)		21,170		512,314
EVERTEC, Inc.		43,265		1,374,962
F&G Annuities & Life, Inc.^(c)		66,757		2,048,772
Farmers & Merchants Bancorp, Inc.^(c)		11,836		206,183
Farmers National Banc Corp.^(c)		49,641		560,447
FB Financial Corp.		38,924		1,143,198
Federal Agricultural Mortgage Corp., Class C		11,467		1,703,538
Financial Institutions, Inc.		17,439		276,234
First Bancorp		243,936		3,256,546
First Bancorp/Southern Pines NC^(c)		36,999		1,073,711
First Bancshares, Inc. (The)		19,372		469,190
First Busey Corp.		73,269		1,455,122
First Business Financial Services, Inc.		11,202		343,901
First Commonwealth Financial Corp.		138,415		1,685,895
First Community Bankshares, Inc.		13,507		441,004
First Financial Bankshares, Inc.^(c)		83,112		1,998,844
First Financial Corp.		22,039		758,362
First Foundation, Inc.		83,075		377,160
First Internet Bancorp^(c)		18,666		305,562
First Interstate BancSystem, Inc., Class A		95,601		2,205,515
First Merchants Corp.^(c)		75,666		2,066,438
First Mid Bancshares, Inc.^(c)		14,410		393,681
First of Long Island Corp. (The)		32,933		353,700
FirstCash Holdings, Inc.		36,588		3,985,165
Five Star Bancorp		11,725		228,286
Flushing Financial Corp.^(c)		64,388		794,548
Flywire Corp.^(b)		12,982		349,086
Franklin BSP Realty Trust, Inc.		136,662		1,723,308
FS Bancorp, Inc.		7,977		230,296
German American Bancorp, Inc.^(c)		25,990		710,307
Granite Point Mortgage Trust, Inc.		336,877		1,414,883
Great Ajax Corp.		34,143		147,498
Great Southern Bancorp, Inc.^(c)		12,395		616,279
Green Dot Corp., Class A^(b)(c)		133,699		1,494,755
Greenhill & Co., Inc.		36,560		541,454
Greenlight Capital Re Ltd., Class A^(b)(c)		49,534		552,304
Hamilton Lane, Inc., Class A		11,643		979,409


	Shares		Value
Financials-(continued)
Hanmi Financial Corp.		58,498	$	858,751
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(c)		64,435		1,104,416
HarborOne Bancorp, Inc.^(c)		52,532		516,915
HBT Financial, Inc.		13,095		235,710
HCI Group, Inc.^(c)		10,330		609,160
Heartland Financial USA, Inc.		61,500		1,685,100
Heritage Commerce Corp.^(c)		90,032		736,462
Heritage Financial Corp.		51,830		843,274
Hilltop Holdings, Inc.		105,713		2,919,793
Hingham Institution for Savings (The)^(c)		1,337		198,651
Hippo Holdings, Inc.^(b)(c)		37,677		271,274
HomeStreet, Inc.^(c)		43,972		212,385
HomeTrust Bancshares, Inc.^(c)		16,637		342,889
Hope Bancorp, Inc.		295,050		2,584,638
Horace Mann Educators Corp.		93,094		2,953,873
Horizon Bancorp, Inc.		74,962		711,389
Houlihan Lokey, Inc.^(c)		33,139		3,331,132
I3 Verticals, Inc., Class A^(b)		12,839		240,731
Independent Bank Corporation		36,537		728,913
Independent Bank Group, Inc.^(c)		53,015		1,874,080
Interactive Brokers Group, Inc., Class A		21,129		1,691,799
International Bancshares Corp.		80,127		3,511,966
International Money Express, Inc.^(b)		18,774		299,633
Invesco Mortgage Capital, Inc.^(c)(d)		63,834		435,986
James River Group Holdings Ltd.		82,314		1,131,817
Kearny Financial Corp.		129,630		899,632
Kinsale Capital Group, Inc.		3,508		1,171,356
KKR Real Estate Finance Trust, Inc.		143,663		1,499,842
Ladder Capital Corp.		312,171		3,156,049
Lakeland Bancorp, Inc.		73,937		834,009
Lakeland Financial Corp.^(c)		20,959		1,032,231
Lemonade, Inc.^(b)(c)		40,838		446,768
LendingClub Corp.^(b)(c)		157,176		815,743
LendingTree, Inc.^(b)(c)		29,720		393,196
Live Oak Bancshares, Inc.^(c)		25,996		749,985
Macatawa Bank Corp.		36,583		334,003
MarketAxess Holdings, Inc.		9,801		2,094,964
Marqeta, Inc., Class A^(b)		251,101		1,298,192
Mercantile Bank Corp.		15,556		512,415
Merchants Bancorp		16,295		487,058
Mercury General Corp.		93,729		2,894,352
Metrocity Bankshares, Inc.		16,880		338,275
Metropolitan Bank Holding Corp.^(b)		14,420		467,352
Mid Penn Bancorp, Inc.		17,040		324,782
Midland States Bancorp, Inc.		31,931		696,734
MidWestOne Financial Group, Inc.		15,150		301,788
Moelis & Co., Class A^(c)		87,673		3,650,704
Morningstar, Inc.^(c)		9,546		2,417,429
National Bank Holdings Corp., Class A		27,806		866,991
National Western Life Group, Inc., Class A		4,398		2,106,202
NBT Bancorp, Inc.^(c)		64,066		2,144,289
Nelnet, Inc., Class A		22,677		1,923,236
New York Mortgage Trust, Inc.^(c)		326,025		2,539,735
Nicolet Bankshares, Inc.^(c)		13,471		980,958
NMI Holdings, Inc., Class A^(b)		107,252		2,933,342
Northeast Bank		7,419		354,183
Northfield Bancorp, Inc.		67,717		582,366
Northrim BanCorp, Inc.^(c)		8,753		365,088
Northwest Bancshares, Inc.		240,813		2,509,271

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Financials-(continued)
NU Holdings Ltd., Class A (Brazil)^(b)		513,990	$	4,214,718
OceanFirst Financial Corp.		95,889		1,213,955
Ocwen Financial Corp.^(b)(c)		19,423		466,929
OFG Bancorp		68,719		2,035,457
Old Second Bancorp, Inc.		34,695		470,464
Open Lending Corp., Class A^(b)(c)		43,255		259,097
Oportun Financial Corp.^(b)		107,482		628,770
Orchid Island Capital, Inc.		62,309		391,301
Origin Bancorp, Inc.^(c)		20,204		597,836
Oscar Health, Inc., Class A^(b)		211,472		1,082,737
Pagseguro Digital Ltd., Class A (Brazil)^(b)(c)		320,003		2,259,221
Palomar Holdings, Inc.^(b)(c)		9,833		492,437
Park National Corp.^(c)		18,464		1,872,065
Pathward Financial, Inc.		33,325		1,509,289
Payoneer Global, Inc.^(b)(c)		87,005		503,759
Paysafe Ltd.^(b)(c)		110,696		1,075,965
Peapack-Gladstone Financial Corp.		20,639		482,333
Peoples Bancorp, Inc.		46,270		1,276,127
Perella Weinberg Partners^(c)		30,696		301,128
Piper Sandler Cos		17,572		2,457,444
PJT Partners, Inc., Class A^(c)		9,834		770,592
PRA Group, Inc.^(b)		72,140		888,043
Preferred Bank^(c)		15,078		898,196
Premier Financial Corp.		53,394		926,386
ProAssurance Corp.		173,639		2,951,863
PROG Holdings, Inc.^(b)		138,527		3,794,255
Provident Financial Services, Inc.		134,153		1,884,850
QCR Holdings, Inc.^(c)		18,064		857,137
RBB Bancorp		20,906		241,882
Ready Capital Corp.^(c)		323,553		3,051,105
Redwood Trust, Inc.^(c)		410,002		2,574,813
Regional Management Corp.		15,554		386,672
Remitly Global, Inc.^(b)		33,883		912,469
Renasant Corp.		94,008		2,292,855
Repay Holdings Corp., Class A^(b)(c)		102,486		613,891
Republic Bancorp, Inc., Class A^(c)		7,477		330,409
RLI Corp.		25,259		3,365,509
Root, Inc., Class A^(b)(c)		62,151		561,845
Runway Growth Finance Corp.^(c)		32,392		394,535
Ryan Specialty Holdings, Inc., Class A^(b)(c)		16,768		724,378
S&T Bancorp, Inc.		60,035		1,546,502
Safety Insurance Group, Inc.		28,698		2,157,229
Sandy Spring Bancorp, Inc.		78,248		1,600,172
Sculptor Capital Management, Inc.		57,098		722,290
Seacoast Banking Corp.of Florida		43,992		889,078
Selectquote, Inc.^(b)		225,412		297,544
ServisFirst Bancshares, Inc.^(c)		29,725		1,401,831
Shift4 Payments, Inc., Class A^(b)(c)		12,346		549,644
Shore Bancshares, Inc.^(c)		23,925		245,471
SiriusPoint Ltd. (Bermuda)^(b)		285,185		2,809,072
SmartFinancial, Inc.		16,415		342,253
South Plains Financial, Inc.		16,755		449,369
Southern First Bancshares, Inc.^(b)(c)		10,142		273,834
Southern Missouri Bancorp, Inc.^(c)		7,135		288,611
Southside Bancshares, Inc.		49,684		1,326,563
Stellar Bancorp, Inc.^(c)		23,934		520,325
StepStone Group, Inc., Class A		36,057		1,020,413
Stewart Information Services Corp.^(c)		78,922		3,446,524
Stock Yards Bancorp, Inc.^(c)		21,166		827,802


	Shares		Value
Financials-(continued)
StoneCo Ltd., Class A (Brazil)^(b)		393,607	$	3,902,613
StoneX Group, Inc.^(b)		19,600		1,868,272
Summit Financial Group, Inc.		12,189		262,063
TFS Financial Corp.^(c)		55,195		654,613
Third Coast Bancshares, Inc.^(b)		16,062		249,122
Tiptree, Inc.		28,179		425,785
Toast, Inc., Class A^(b)(c)		47,395		757,846
Tompkins Financial Corp.		17,422		872,494
Towne Bank^(c)		83,017		1,987,427
TPG RE Finance Trust, Inc.		227,300		1,252,423
TPG, Inc.^(c)		99,088		2,738,792
Tradeweb Markets, Inc., Class A		38,309		3,448,193
TriCo Bancshares^(c)		30,424		984,216
Triumph Financial, Inc.^(b)(c)		25,168		1,566,708
Trupanion, Inc.^(b)(c)		10,759		221,635
TrustCo Bank Corp.		33,971		867,280
Trustmark Corp.		118,941		2,391,904
Two Harbors Investment Corp.^(c)		226,548		2,630,222
United Community Banks, Inc.^(c)		115,803		2,558,088
United Fire Group, Inc.		36,392		732,935
Universal Insurance Holdings, Inc.		102,038		1,597,915
Univest Financial Corp.		43,283		721,095
Upstart Holdings, Inc.^(b)(c)		55,753		1,339,745
Veritex Holdings, Inc.		70,100		1,207,122
Victory Capital Holdings, Inc., Class A^(c)		12,994		382,803
Virtu Financial, Inc., Class A^(c)		190,638		3,524,897
Virtus Investment Partners, Inc.		9,539		1,757,370
WaFd, Inc.^(c)		107,896		2,662,873
Walker & Dunlop, Inc.^(c)		38,691		2,507,177
Washington Trust Bancorp, Inc.		28,907		670,353
Waterstone Financial, Inc.		33,246		359,057
WesBanco, Inc.^(c)		92,118		2,246,758
West Bancorporation, Inc.		14,124		232,057
Westamerica Bancorporation		33,408		1,578,194
White Mountains Insurance Group Ltd.^(c)		2,386		3,413,769
WisdomTree, Inc.		124,856		774,107
World Acceptance Corp.^(b)(c)		12,410		1,223,874
WSFS Financial Corp.		57,691		2,042,261
XP, Inc., Class A (Brazil)		297,624		5,952,480

				345,480,326

Health Care-9.16%
10X Genomics, Inc., Class A^(b)(c)		15,209		536,574
23andMe Holding Co., Class A^(b)		221,195		187,374
2seventy bio, Inc.^(b)(c)		33,450		81,618
Acadia Pharmaceuticals, Inc.^(b)		29,562		667,214
Accolade, Inc.^(b)(c)		72,587		471,815
Accuray, Inc.^(b)(c)		138,873		366,625
AdaptHealth Corp.^(b)(c)		90,882		666,165
Adaptive Biotechnologies Corp.^(b)(c)		53,130		235,897
Addus HomeCare Corp.^(b)		11,496		907,034
Agiliti, Inc.^(b)(c)		21,867		123,111
agilon health, inc.^(b)(c)		41,550		747,900
Agios Pharmaceuticals, Inc.^(b)(c)		50,023		1,050,983
Alignment Healthcare, Inc.^(b)(c)		49,547		340,883
Alkermes PLC^(b)(c)		69,486		1,680,866
Allogene Therapeutics, Inc.^(b)(c)		67,901		191,481
Alnylam Pharmaceuticals, Inc.^(b)		3,723		565,151
Amedisys, Inc.^(b)		34,210		3,129,873
American Well Corp., Class A^(b)(c)		288,124		337,105

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Health Care-(continued)
Amicus Therapeutics, Inc.^(b)		31,797	$	348,813
Amneal Pharmaceuticals, Inc.^(b)(c)		394,323		1,526,030
Amphastar Pharmaceuticals, Inc.^(b)(c)		20,212		914,997
AngioDynamics, Inc.^(b)		45,139		279,862
ANI Pharmaceuticals, Inc.^(b)		11,588		715,443
Anika Therapeutics, Inc.^(b)(c)		16,143		314,788
Apollo Medical Holdings, Inc.^(b)(c)		25,533		796,885
Arcus Biosciences, Inc.^(b)(c)		30,960		486,382
Arrowhead Pharmaceuticals, Inc.^(b)(c)		13,250		325,817
Artivion, Inc.^(b)(c)		42,535		541,896
Arvinas, Inc.^(b)(c)		19,804		319,240
Assertio Holdings, Inc.^(b)(c)		74,770		160,756
Atea Pharmaceuticals, Inc.^(b)(c)		194,284		631,423
AtriCure, Inc.^(b)		15,469		535,846
Atrion Corp.^(c)		688		235,282
Aurinia Pharmaceuticals, Inc. (Canada)^(b)		54,525		400,213
Avanos Medical, Inc.^(b)		63,524		1,166,301
Avidity Biosciences, Inc.^(b)(c)		11,551		59,488
Axonics, Inc.^(b)(c)		8,775		449,368
Azenta, Inc.^(b)(c)		43,561		1,979,847
Beam Therapeutics, Inc.^(b)(c)		16,773		354,581
BioLife Solutions, Inc.^(b)(c)		16,613		167,791
Bionano Genomics, Inc.^(b)(c)		22,261		30,720
Bio-Techne Corp.		42,728		2,334,231
Bluebird Bio, Inc.^(b)(c)		53,059		156,524
Blueprint Medicines Corp.^(b)(c)		24,683		1,452,841
Brookdale Senior Living, Inc.^(b)(c)		1,102,683		4,311,491
Bruker Corp.		37,100		2,114,700
Butterfly Network, Inc.^(b)(c)		127,991		108,396
C4 Therapeutics, Inc.^(b)(c)		56,237		83,793
Cano Health, Inc.^(b)(c)		245,400		32,270
CareDx, Inc.^(b)(c)		34,394		186,072
CareMax, Inc.^(b)		69,318		138,636
Caribou Biosciences, Inc.^(b)(c)		50,825		184,495
Castle Biosciences, Inc.^(b)(c)		15,513		242,313
Catalyst Pharmaceuticals, Inc.^(b)(c)		19,234		238,694
Celldex Therapeutics, Inc.^(b)(c)		9,297		218,665
Certara, Inc.^(b)(c)		51,917		632,868
Chemed Corp.		6,055		3,406,846
Chinook Therapeutics, Inc.^(b)(c)		14,882		5,804
Clover Health Investments Corp.^(b)(c)		844,227		804,802
Collegium Pharmaceutical, Inc.^(b)(c)		21,178		460,833
Computer Programs and Systems, Inc.^(b)(c)		16,389		230,921
CONMED Corp.^(c)		19,320		1,882,927
Corcept Therapeutics, Inc.^(b)(c)		39,058		1,096,749
CorVel Corp.^(b)(c)		2,879		558,353
Crinetics Pharmaceuticals, Inc.^(b)(c)		14,996		439,233
CRISPR Therapeutics AG (Switzerland)^(b)(c)		44,604		1,736,434
Cross Country Healthcare, Inc.^(b)(c)		46,012		1,065,638
CryoPort, Inc.^(b)(c)		28,332		274,820
Cue Health, Inc.^(b)		237,407		71,460
Cytek Biosciences, Inc.^(b)(c)		38,988		164,139
Denali Therapeutics, Inc.^(b)(c)		26,274		494,739
DocGo, Inc.^(b)(c)		49,029		291,232
Doximity, Inc., Class A^(b)(c)		21,108		431,236
Eagle Pharmaceuticals, Inc.^(b)(c)		12,742		174,948
Editas Medicine, Inc.^(b)(c)		55,158		368,455
Embecta Corp.^(c)		130,402		1,971,678


	Shares		Value
Health Care-(continued)
Emergent BioSolutions, Inc.^(b)(c)		245,888	$	513,906
Enanta Pharmaceuticals, Inc.^(b)(c)		9,623		86,799
Enhabit, Inc.^(b)(c)		186,513		1,374,601
Ensign Group, Inc. (The)^(c)		30,198		2,917,127
EQRx, Inc.^(b)		287,866		627,548
Evolent Health, Inc., Class A^(b)(c)		30,566		746,727
Exact Sciences Corp.^(b)(c)		64,523		3,973,972
Fate Therapeutics, Inc.^(b)(c)		86,240		156,094
FibroGen, Inc.^(b)(c)		14,042		7,597
Fulgent Genetics, Inc.^(b)(c)		44,494		1,065,186
Generation Bio Co.^(b)(c)		62,010		58,184
Glaukos Corp.^(b)		13,674		932,567
Globus Medical, Inc., Class A^(b)(c)		86,609		3,958,897
Guardant Health, Inc.^(b)		26,135		676,374
Haemonetics Corp.^(b)		28,763		2,451,470
Halozyme Therapeutics, Inc.^(b)		14,801		501,310
Health Catalyst, Inc.^(b)		45,797		343,020
HealthEquity, Inc.^(b)		41,247		2,956,585
HealthStream, Inc.		22,814		579,476
ICU Medical, Inc.^(b)(c)		15,754		1,544,837
ImmunoGen, Inc.^(b)(c)		94,448		1,403,497
Inari Medical, Inc.^(b)(c)		5,576		338,519
Inmode Ltd.^(b)(c)		21,239		405,665
Innoviva, Inc.^(b)(c)		95,444		1,184,460
Inogen, Inc.^(b)		32,398		144,819
Inovio Pharmaceuticals, Inc.^(b)(c)		255,521		93,086
Insmed, Inc.^(b)(c)		22,753		570,190
Inspire Medical Systems, Inc.^(b)		1,087		159,963
Insulet Corp.^(b)		5,114		677,963
Integer Holdings Corp.^(b)		44,214		3,588,850
Integra LifeSciences Holdings Corp.^(b)		58,472		2,102,653
Intellia Therapeutics, Inc.^(b)(c)		25,198		631,210
Intra-Cellular Therapies, Inc.^(b)		8,017		398,926
Invitae Corp.^(b)(c)		1,432,712		867,794
Ionis Pharmaceuticals, Inc.^(b)(c)		41,391		1,832,380
Iovance Biotherapeutics, Inc.^(b)(c)		75,172		287,157
iRhythm Technologies, Inc.^(b)(c)		3,752		294,607
Ironwood Pharmaceuticals, Inc.^(b)		82,480		739,846
iTeos Therapeutics, Inc.^(b)		27,193		273,562
Karuna Therapeutics, Inc.^(b)(c)		2,111		351,714
Kodiak Sciences, Inc.^(b)		54,688		79,298
Krystal Biotech, Inc.^(b)(c)		5,888		688,131
Kura Oncology, Inc.^(b)(c)		37,449		316,444
Kymera Therapeutics, Inc.^(b)(c)		9,458		110,375
Lantheus Holdings, Inc.^(b)		15,525		1,002,915
LeMaitre Vascular, Inc.^(c)		8,540		414,873
LifeStance Health Group, Inc.^(b)(c)		66,665		388,657
Ligand Pharmaceuticals, Inc.^(b)		10,563		552,339
LivaNova PLC^(b)		37,870		1,857,523
Lyell Immunopharma, Inc.^(b)(c)		239,079		395,676
MacroGenics, Inc.^(b)(c)		44,723		233,454
Maravai LifeSciences Holdings, Inc., Class A^(b)(c)		39,609		271,718
Masimo Corp.^(b)(c)		19,174		1,555,587
Medpace Holdings, Inc.^(b)		9,582		2,325,264
Merit Medical Systems, Inc.^(b)		32,223		2,215,009
Mesa Laboratories, Inc.^(c)		2,541		238,422
Mirati Therapeutics, Inc.^(b)(c)		21,775		1,209,166
ModivCare, Inc.^(b)		17,945		757,997
Multiplan Corp.^(b)(c)		1,300,759		2,198,283

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Health Care-(continued)
Myriad Genetics, Inc.^(b)(c)		79,877	$	1,244,484
Natera, Inc.^(b)		16,338		644,861
National HealthCare Corp.		25,984		1,750,282
National Research Corp.		9,729		411,148
Nektar Therapeutics^(b)		304,251		142,694
Neogen Corp.^(b)(c)		83,253		1,239,637
NeoGenomics, Inc.^(b)		103,963		1,457,561
Neurocrine Biosciences, Inc.^(b)		20,777		2,305,000
Nevro Corp.^(b)(c)		15,993		230,779
NextGen Healthcare, Inc.^(b)		48,119		1,151,006
Novocure Ltd.^(b)(c)		7,879		104,791
Nurix Therapeutics, Inc.^(b)(c)		35,440		198,110
Nuvation Bio, Inc.^(b)		177,287		170,834
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(c)(e)		4,734		0
OmniAb Operations, Inc., Rts., expiring 11/02/2027^(b)(e)		4,734		0
Omnicell, Inc.^(b)		43,219		1,536,003
OPKO Health, Inc.^(b)(c)		1,165,268		1,456,585
Option Care Health, Inc.^(b)		104,031		2,884,780
OraSure Technologies, Inc.^(b)		101,362		523,028
Orthofix Medical, Inc.^(b)		36,457		402,485
Outset Medical, Inc.^(b)(c)		15,209		53,840
Pacific Biosciences of California, Inc.^(b)(c)		73,519		454,347
Pacira BioSciences, Inc.^(b)		29,093		822,168
PDL BioPharma, Inc.^(b)(e)		527,611		849,454
Pediatrix Medical Group, Inc.^(b)		230,334		2,639,628
Pennant Group, Inc. (The)^(b)(c)		31,080		337,840
Penumbra, Inc.^(b)		4,949		946,001
PetIQ, Inc.^(b)(c)		85,050		1,596,388
Phibro Animal Health Corp., Class A		41,702		455,386
Phreesia, Inc.^(b)(c)		12,889		176,064
Prestige Consumer Healthcare, Inc.^(b)		59,938		3,557,920
Privia Health Group, Inc.^(b)(c)		14,748		310,003
Progyny, Inc.^(b)(c)		11,495		354,736
Prothena Corp. PLC (Ireland)^(b)(c)		6,446		235,021
Quanterix Corp.^(b)		32,599		708,050
Quantum-Si, Inc.^(b)(c)		146,319		175,583
QuidelOrtho Corp.^(b)(c)		40,497		2,473,557
R1 RCM, Inc.^(b)(c)		41,129		484,911
RadNet, Inc.^(b)		70,012		1,887,524
Recursion Pharmaceuticals, Inc., Class A^(b)(c)		49,118		259,343
REGENXBIO, Inc.^(b)(c)		36,427		469,544
Relay Therapeutics, Inc.^(b)(c)		33,986		224,308
Repligen Corp.^(b)(c)		12,577		1,692,361
REVOLUTION Medicines, Inc.^(b)(c)		19,771		391,466
Rocket Pharmaceuticals, Inc.^(b)		15,838		286,668
Sage Therapeutics, Inc.^(b)(c)		36,893		691,006
Sana Biotechnology, Inc.^(b)(c)		74,398		220,218
Sangamo Therapeutics, Inc.^(b)		114,039		71,867
Sarepta Therapeutics, Inc.^(b)(c)		9,525		641,128
Schrodinger, Inc.^(b)(c)		19,142		415,381
Seagen, Inc.^(b)(c)		17,849		3,798,446
Seer, Inc.^(b)(c)		89,229		146,336
Sharecare, Inc.^(b)(c)		243,330		255,496
SIGA Technologies, Inc.^(c)		60,086		306,439
SNDL, Inc. (Canada)^(b)(c)		503,647		725,252
SomaLogic, Inc.^(b)(c)		172,010		383,582
Sotera Health Co.^(b)(c)		53,220		673,765


	Shares		Value
Health Care-(continued)
STAAR Surgical Co.^(b)(c)		6,157	$	257,486
Supernus Pharmaceuticals, Inc.^(b)		44,307		1,056,722
Surgery Partners, Inc.^(b)(c)		42,580		984,875
Tandem Diabetes Care, Inc.^(b)(c)		16,970		293,581
Travere Therapeutics, Inc.^(b)(c)		23,273		150,809
Twist Bioscience Corp.^(b)(c)		26,648		419,972
UFP Technologies, Inc.^(b)(c)		3,400		530,128
Ultragenyx Pharmaceutical, Inc.^(b)(c)		19,753		699,256
uniQure N.V. (Netherlands)^(b)		30,302		172,721
US Physical Therapy, Inc.^(c)		9,036		760,018
Vanda Pharmaceuticals, Inc.^(b)		105,374		461,538
Varex Imaging Corp.^(b)(c)		78,641		1,419,470
Veracyte, Inc.^(b)		44,956		931,488
Veradigm, Inc.^(b)(c)		181,587		2,395,133
Vir Biotechnology, Inc.^(b)(c)		32,973		261,476
Xencor, Inc.^(b)(c)		21,776		377,814
Xenon Pharmaceuticals, Inc. (Canada)^(b)		13,480		417,880
Zimvie, Inc.^(b)(c)		150,194		1,060,370

				172,702,775

Industrials-18.47%
3D Systems Corp.^(b)(c)		112,655		420,203
AAON, Inc.^(c)		19,522		1,063,559
AAR Corp.^(b)		43,306		2,570,644
ACCO Brands Corp.		391,167		1,979,305
ACV Auctions, Inc., Class A^(b)(c)		47,180		628,909
Advanced Drainage Systems, Inc.		25,256		2,698,098
AeroVironment, Inc.^(b)		12,691		1,455,150
AerSale Corp.^(b)(c)		17,842		272,804
Air Transport Services Group, Inc.^(b)(c)		142,212		2,783,089
Alamo Group, Inc.		9,388		1,504,896
Alaska Air Group, Inc.^(b)		59,421		1,879,486
Albany International Corp., Class A		23,423		1,911,551
Allegiant Travel Co.^(c)		8,472		564,405
Allient, Inc.		9,664		266,726
Alta Equipment Group, Inc.^(c)		27,436		252,137
Ameresco, Inc., Class A^(b)(c)		20,554		537,487
American Woodmark Corp.^(b)		50,216		3,376,022
Apogee Enterprises, Inc.		39,102		1,678,258
ArcBest Corp.		35,134		3,825,390
Archer Aviation, Inc., Class A^(b)(c)		141,267		671,018
Arcosa, Inc.		58,656		4,051,370
Argan, Inc.		24,581		1,124,335
Armstrong World Industries, Inc.		32,391		2,458,153
Array Technologies, Inc.^(b)(c)		37,363		647,501
Astec Industries, Inc.		33,193		1,329,048
Astronics Corp.^(b)		45,971		704,735
Axon Enterprise, Inc.^(b)		7,386		1,510,363
AZEK Co., Inc. (The)^(b)(c)		79,105		2,072,551
AZZ, Inc.		43,133		2,038,897
Babcock & Wilcox Enterprises, Inc.^(b)(c)		76,696		201,710
Barnes Group, Inc.		75,951		1,579,021
Barrett Business Services, Inc.		9,883		903,899
Bloom Energy Corp., Class A^(b)(c)		21,925		228,020
Blue Bird Corp.^(b)		24,844		452,409
BlueLinx Holdings, Inc.^(b)(c)		36,716		2,610,875
BrightView Holdings, Inc.^(b)(c)		227,831		1,535,581
Cadre Holdings, Inc.		14,522		407,342
Casella Waste Systems, Inc., Class A^(b)(c)		20,823		1,571,095
Castor Maritime, Inc. (Cyprus)^(b)		230,863		78,770

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Industrials-(continued)
CBIZ, Inc.^(b)		36,858	$	1,915,142
CECO Environmental Corp.^(b)		26,566		429,838
Ceridian HCM Holding, Inc.^(b)(c)		38,864		2,487,685
ChargePoint Holdings, Inc.^(b)(c)		39,404		100,086
Chart Industries, Inc.^(b)(c)		23,972		2,786,266
Cimpress PLC (Ireland)^(b)(c)		57,799		3,448,866
Civeo Corp.		12,793		255,860
Columbus McKinnon Corp.		40,476		1,237,351
Comfort Systems USA, Inc.		23,929		4,351,489
Commercial Vehicle Group, Inc.^(b)		56,805		395,931
Conduent, Inc.^(b)		470,426		1,500,659
Construction Partners, Inc., Class A^(b)(c)		37,642		1,447,335
Core & Main, Inc., Class A^(b)(c)		77,948		2,344,676
Corp. America Airports S.A. (Argentina)^(b)		32,570		347,196
Costamare, Inc. (Monaco)^(c)		146,535		1,323,211
Covenant Logistics Group, Inc., Class A		30,992		1,223,719
CRA International, Inc.^(c)		4,949		480,597
CSG Systems International, Inc.		33,182		1,554,909
CSW Industrials, Inc.		6,562		1,163,180
Custom Truck One Source, Inc.^(b)		57,548		332,052
Danaos Corp. (Greece)		34,633		2,294,783
Daseke, Inc.^(b)(c)		131,854		585,432
Deluxe Corp.		130,835		2,230,737
Desktop Metal, Inc., Class A^(b)(c)		580,258		502,736
Diana Shipping, Inc. (Greece)		89,065		289,461
Douglas Dynamics, Inc.		27,018		655,997
Driven Brands Holdings, Inc.^(b)(c)		38,510		438,244
Ducommun, Inc.^(b)		21,505		1,028,799
DXP Enterprises, Inc.^(b)		30,492		994,039
Eagle Bulk Shipping, Inc.^(c)		19,391		791,153
Encore Wire Corp.^(c)		13,197		2,360,020
Energy Recovery, Inc.^(b)		14,739		224,033
Enerpac Tool Group Corp.		33,842		957,729
Eneti, Inc.		37,323		378,828
Ennis, Inc.		48,573		1,037,519
EnPro Industries, Inc.		21,217		2,356,360
Enviri Corp.^(b)		300,388		1,724,227
Esab Corp.		67,236		4,256,039
ESCO Technologies, Inc.		18,170		1,766,487
ExlService Holdings, Inc.^(b)(c)		59,105		1,543,232
Exponent, Inc.		13,185		966,329
Federal Signal Corp.		40,032		2,323,457
First Advantage Corp.^(c)		63,087		820,762
Fiverr International Ltd.^(b)		9,637		204,015
Forrester Research, Inc.^(b)		10,572		245,270
Forward Air Corp.		19,830		1,277,250
Franklin Electric Co., Inc.		26,661		2,312,042
FREYR Battery S.A. (Norway)^(b)(c)		36,111		115,916
FTAI Aviation Ltd.^(c)		151,883		5,712,320
FTAI Infrastructure, Inc.		367,010		1,123,051
FuelCell Energy, Inc.^(b)(c)		188,806		205,799
Gates Industrial Corp. PLC^(b)(c)		227,293		2,482,040
Genco Shipping & Trading Ltd.		62,406		821,887
Gibraltar Industries, Inc.^(b)		40,144		2,443,164
Global Industrial Co.		17,577		561,585
Global Ship Lease, Inc., Class A (United Kingdom)^(c)		24,011		422,113
Golden Ocean Group Ltd. (Norway)^(c)		303,303		2,198,947
Gorman-Rupp Co. (The)		34,196		1,010,492


	Shares		Value
Industrials-(continued)
GrafTech International Ltd.^(c)		641,949	$	2,214,724
Granite Construction, Inc.		78,352		3,171,689
Great Lakes Dredge & Dock Corp.^(b)(c)		228,229		1,734,540
Greenbrier Cos., Inc. (The)		132,678		4,589,332
Griffon Corp.		57,529		2,297,708
H&E Equipment Services, Inc.		50,882		2,071,915
Hawaiian Holdings, Inc.^(b)(c)		64,919		273,309
Hayward Holdings, Inc.^(b)(c)		91,219		957,799
Healthcare Services Group, Inc.		200,429		1,904,075
Heartland Express, Inc.		63,496		740,363
Heidrick & Struggles International, Inc.		32,921		801,297
Helios Technologies, Inc.		21,205		1,096,723
Herc Holdings, Inc.		24,806		2,649,033
Hillman Solutions Corp.^(b)(c)		191,060		1,253,354
HireRight Holdings Corp.^(b)(c)		32,833		302,392
HNI Corp.		101,824		3,532,275
Huron Consulting Group, Inc.^(b)		19,383		1,925,895
Hydrofarm Holdings Group, Inc.^(b)(c)		401,223		400,581
Hyliion Holdings Corp.^(b)		123,767		73,802
Hyster-Yale Materials Handling, Inc.		29,258		1,170,613
ICF International, Inc.		18,887		2,393,550
Ideanomics, Inc.^(b)(c)		22,810		50,638
IES Holdings, Inc.^(b)		11,361		706,995
INNOVATE Corp.^(b)(c)		200,073		244,089
Insteel Industries, Inc.		31,251		872,215
Interface, Inc.		134,759		1,198,008
Janus International Group, Inc.^(b)		33,024		309,105
JetBlue Airways Corp.^(b)(c)		331,632		1,246,936
Joby Aviation, Inc.^(b)(c)		116,865		615,879
John Bean Technologies Corp.		23,654		2,460,489
Kadant, Inc.		6,371		1,401,620
Kaman Corp.		71,722		1,334,746
Kelly Services, Inc., Class A		87,959		1,570,068
Kforce, Inc.^(c)		24,675		1,506,162
Korn Ferry		66,589		3,031,131
Kornit Digital Ltd. (Israel)^(b)		48,945		675,441
Kratos Defense & Security Solutions, Inc.^(b)(c)		145,639		2,483,145
Legalzoom.com, Inc.^(b)(c)		38,741		386,248
Li-Cycle Holdings Corp. (Canada)^(b)(c)		56,009		75,052
Limbach Holdings, Inc.^(b)		38,335		1,142,383
Lindsay Corp.		6,182		772,255
LSI Industries, Inc.		26,727		397,698
Luxfer Holdings PLC (United Kingdom)		39,319		325,168
Lyft, Inc., Class A^(b)(c)		265,262		2,432,453
Manitowoc Co., Inc. (The)^(b)		106,029		1,357,171
Marten Transport Ltd.		72,118		1,267,834
Masonite International Corp.^(b)		42,961		3,399,934
Matrix Service Co.^(b)		93,787		1,092,619
Matson, Inc.		17,397		1,514,409
Matthews International Corp., Class A		58,586		2,076,288
Mayville Engineering Co., Inc.^(b)		19,075		230,617
McGrath RentCorp		21,715		2,184,529
Mercury Systems, Inc.^(b)(c)		40,326		1,450,929
Microvast Holdings, Inc.^(b)(c)		277,631		341,486
Miller Industries, Inc.		14,346		521,764
Montrose Environmental Group, Inc.^(b)		11,549		267,013
Moog, Inc., Class A		34,603		4,015,678
MRC Global, Inc.^(b)		283,129		2,975,686
MSA Safety, Inc.		20,895		3,298,903

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Industrials-(continued)
Mueller Water Products, Inc., Class A		156,813	$	1,939,777
MYR Group, Inc.^(b)		25,355		2,936,870
National Presto Industries, Inc.		11,086		828,679
Nikola Corp.^(b)(c)		174,109		188,038
Northwest Pipe Co.^(b)		14,182		386,601
NOW, Inc.^(b)		201,347		2,218,844
NV5 Global, Inc.^(b)(c)		8,991		848,301
PAM Transportation Services, Inc.^(b)		10,610		183,235
Pangaea Logistics Solutions Ltd.^(c)		81,037		469,204
Park Aerospace Corp.		29,571		434,102
Parsons Corp.^(b)(c)		42,726		2,416,155
Paycom Software, Inc.		7,169		1,756,190
Paycor HCM, Inc.^(b)(c)		12,839		277,066
Paylocity Holding Corp.^(b)		4,479		803,533
PGT Innovations, Inc.^(b)		77,492		2,320,110
Pitney Bowes, Inc.^(c)		916,305		2,959,665
Planet Labs PBC^(b)(c)		85,056		183,721
Powell Industries, Inc.		13,463		1,031,939
Preformed Line Products Co.		3,830		518,391
Primoris Services Corp.		137,533		4,134,242
Proto Labs, Inc.^(b)		48,592		1,147,257
Quad/Graphics, Inc.^(b)(c)		88,431		432,428
Quanex Building Products Corp.		49,297		1,323,624
Radiant Logistics, Inc.^(b)		57,780		338,591
RBC Bearings, Inc.^(b)(c)		15,461		3,398,946
Resources Connection, Inc.		61,155		823,758
REV Group, Inc.		82,695		1,177,577
Rocket Lab USA, Inc.^(b)(c)		66,908		283,021
Rollins, Inc.^(c)		83,113		3,125,880
Safe Bulkers, Inc. (Greece)		309,151		970,734
Saia, Inc.^(b)		14,414		5,167,275
Schneider National, Inc., Class B		95,004		2,406,451
Seanergy Maritime Holdings Corp.		79,833		402,358
Shyft Group, Inc. (The)		28,095		308,483
Simpson Manufacturing Co., Inc.		29,763		3,963,836
SiteOne Landscape Supply, Inc.^(b)(c)		27,092		3,732,465
Skillsoft Corp.^(b)(c)		14,705		276,454
SkyWest, Inc.^(b)		77,054		3,249,367
SP Plus Corp.^(b)		41,183		2,080,977
Spirit Airlines, Inc.^(c)		79,632		914,175
SPX Technologies, Inc.^(b)		36,392		2,915,727
Standex International Corp.		11,108		1,594,776
Star Bulk Carriers Corp. (Greece)		91,081		1,700,482
Steelcase, Inc., Class A^(c)		425,609		4,643,394
Stem, Inc.^(b)(c)		78,974		266,932
Sterling Check Corp.^(b)(c)		26,746		299,020
Sterling Infrastructure, Inc.^(b)		44,019		3,206,784
Sun Country Airlines Holdings, Inc.^(b)(c)		17,461		227,342
SunPower Corp.^(b)(c)		37,700		160,979
Tecnoglass, Inc.^(c)		11,153		364,480
Tennant Co.		23,845		1,769,776
Tetra Tech, Inc.		26,066		3,933,620
Textainer Group Holdings Ltd. (China)^(c)		111,161		5,460,228
Thermon Group Holdings, Inc.^(b)		33,808		902,336
Titan International, Inc.^(b)(c)		66,819		759,064
Titan Machinery, Inc.^(b)		35,540		882,814
Toro Corp. (Cyprus)^(b)(c)		23,109		95,671
TPI Composites, Inc.^(b)(c)		111,502		257,570
Trex Co., Inc.^(b)		46,085		2,590,438
TriNet Group, Inc.^(b)(c)		37,432		3,846,138


	Shares		Value
Industrials-(continued)
Triumph Group, Inc.^(b)(c)		129,790	$	968,233
TrueBlue, Inc.^(b)		69,946		774,302
TTEC Holdings, Inc.		22,982		472,970
TuSimple Holdings, Inc., Class A^(b)(c)		376,671		403,038
Tutor Perini Corp.^(b)		177,184		1,277,497
UniFirst Corp.^(c)		14,620		2,403,967
Universal Logistics Holdings, Inc.^(c)		14,342		320,974
Upwork, Inc.^(b)(c)		39,643		414,269
V2X, Inc.^(b)(c)		14,533		742,200
Verra Mobility Corp., Class A^(b)		77,571		1,533,579
Vertiv Holdings Co.		246,883		9,695,095
Viad Corp.^(b)		27,253		660,340
Vicor Corp.^(b)(c)		6,400		247,936
View, Inc.^(b)		7,275		22,625
Virgin Galactic Holdings, Inc.^(b)(c)		118,292		175,072
VSE Corp.		15,211		818,352
Wabash National Corp.^(c)		73,780		1,526,508
Watts Water Technologies, Inc., Class A		14,671		2,538,230
Wheels Up Experience, Inc.^(b)(c)		94,019		132,567
Willdan Group, Inc.^(b)(c)		22,863		403,303
Xometry, Inc., Class A^(b)(c)		10,839		157,707
Zurn Elkay Water Solutions Corp.		38,870		1,028,500

				348,374,062

Information Technology-12.46%
8x8, Inc.^(b)		87,040		207,155
A10 Networks, Inc.		24,013		261,021
ACI Worldwide, Inc.^(b)		132,472		2,698,455
ACM Research, Inc., Class A^(b)(c)		53,080		721,888
Adeia, Inc.		62,694		528,510
ADTRAN Holdings, Inc.		49,682		326,411
Advanced Energy Industries, Inc.^(c)		20,016		1,746,596
Alarm.com Holdings, Inc.^(b)(c)		25,390		1,298,191
Allegro MicroSystems, Inc. (Japan)^(b)(c)		14,469		375,615
Alpha & Omega Semiconductor Ltd.^(b)		27,206		645,326
Altair Engineering, Inc., Class A^(b)(c)		12,146		754,510
Alteryx, Inc., Class A^(b)(c)		8,706		278,679
Ambarella, Inc.^(b)(c)		7,435		334,501
American Software, Inc., Class A		29,204		320,368
AppFolio, Inc., Class A^(b)		2,504		469,675
AppLovin Corp., Class A^(b)(c)		190,249		6,932,674
Arlo Technologies, Inc.^(b)		95,320		809,267
Aspen Technology, Inc.^(b)(c)		1,565		278,179
Atlassian Corp., Class A^(b)		5,944		1,073,724
Aurora Innovation, Inc.^(b)(c)		465,910		815,342
Aviat Networks, Inc.^(b)		11,581		309,213
Avid Technology, Inc.^(b)(c)		12,975		350,584
Axcelis Technologies, Inc.^(b)(c)		10,393		1,325,107
AXT, Inc.^(b)		65,480		130,305
Badger Meter, Inc.		9,974		1,381,898
Bel Fuse, Inc., Class B		13,307		720,973
Belden, Inc.		37,597		2,665,627
Benchmark Electronics, Inc.		93,356		2,260,149
Bentley Systems, Inc., Class B^(c)		49,910		2,427,622
BILL Holdings, Inc.^(b)(c)		26,188		2,390,703
Blackbaud, Inc.^(b)		28,853		1,886,986
BlackLine, Inc.^(b)(c)		6,991		343,258
Blend Labs, Inc., Class A^(b)(c)		379,112		458,726
Box, Inc., Class A^(b)(c)		16,164		401,837
Braze, Inc., Class A^(b)		10,078		429,121

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Information Technology-(continued)
C3.ai, Inc., Class A^(b)(c)		24,002	$	585,649
CalAmp Corp.^(b)		91,425		22,033
Calix, Inc.^(b)(c)		16,781		555,787
CCC Intelligent Solutions Holdings, Inc.^(b)(c)		78,815		848,838
Cerence, Inc.^(b)(c)		57,608		881,978
CEVA, Inc.^(b)		11,245		193,077
Cloudflare, Inc., Class A^(b)(c)		13,945		790,542
Cognyte Software Ltd. (Israel)^(b)		228,331		954,424
Cohu, Inc.^(b)		39,177		1,180,795
CommVault Systems, Inc.^(b)		13,933		910,522
Comtech Telecommunications Corp.		61,542		750,812
Confluent, Inc., Class A^(b)(c)		17,443		504,277
Consensus Cloud Solutions, Inc.^(b)		16,091		347,405
Corsair Gaming, Inc.^(b)(c)		46,398		593,430
CrowdStrike Holdings, Inc., Class A^(b)		11,855		2,095,608
CTS Corp.		21,329		797,918
CyberArk Software Ltd.^(b)(c)		7,832		1,281,628
Daktronics, Inc.^(b)		139,929		1,346,117
Datadog, Inc., Class A^(b)		15,015		1,223,272
Digi International, Inc.^(b)(c)		21,306		536,485
Digital Turbine, Inc.^(b)(c)		69,428		329,089
DigitalOcean Holdings, Inc.^(b)(c)		20,586		421,190
Diodes, Inc.^(b)		38,273		2,490,807
DocuSign, Inc.^(b)		17,948		697,818
Dolby Laboratories, Inc., Class A^(c)		40,379		3,268,276
DoubleVerify Holdings, Inc.^(b)		13,398		372,866
Dropbox, Inc., Class A^(b)		53,499		1,407,024
Dynatrace, Inc.^(b)		32,800		1,466,488
E2open Parent Holdings, Inc.^(b)(c)		364,351		1,052,974
Eastman Kodak Co.^(b)(c)		351,659		1,308,171
Ebix, Inc.^(c)		78,578		478,540
Elastic N.V.^(b)		10,384		779,215
Enphase Energy, Inc.^(b)(c)		7,308		581,571
Envestnet, Inc.^(b)		33,176		1,227,512
ePlus, Inc.^(b)		39,615		2,475,937
Everbridge, Inc.^(b)		17,582		362,365
Extreme Networks, Inc.^(b)		45,014		928,189
Fabrinet (Thailand)^(b)(c)		25,056		3,883,680
Fair Isaac Corp.^(b)		2,656		2,246,631
FARO Technologies, Inc.^(b)(c)		20,677		266,113
Fastly, Inc., Class A^(b)(c)		67,789		994,465
Five9, Inc.^(b)		6,654		385,067
FormFactor, Inc.^(b)(c)		58,403		1,978,694
Fortinet, Inc.^(b)		63,823		3,648,761
Freshworks, Inc., Class A^(b)(c)		30,280		543,223
GLOBALFOUNDRIES, Inc.^(b)(c)		30,316		1,504,280
Globant S.A.^(b)		13,766		2,344,212
Guidewire Software, Inc.^(b)(c)		28,772		2,593,220
Hackett Group, Inc. (The)		24,033		535,696
Harmonic, Inc.^(b)(c)		39,386		424,975
Hive Digital Technologies Ltd. (Canada)^(b)(c)		155,815		476,794
HubSpot, Inc.^(b)		3,432		1,454,379
Ichor Holdings Ltd.^(b)		43,795		1,062,467
Infinera Corp.^(b)(c)		148,155		434,094
Information Services Group, Inc.		54,762		222,334
InterDigital, Inc.		30,010		2,258,252
IonQ, Inc.^(b)(c)		71,682		691,014
IPG Photonics Corp.^(b)		31,196		2,679,736


	Shares		Value
Information Technology-(continued)
Itron, Inc.^(b)		61,324	$	3,512,639
Jamf Holding Corp.^(b)(c)		24,209		388,797
JFrog Ltd. (Israel)^(b)		20,610		463,519
Kimball Electronics, Inc.^(b)		35,386		927,113
Knowles Corp.^(b)		148,910		1,934,341
Kulicke & Soffa Industries, Inc. (Singapore)		43,404		1,806,040
Lattice Semiconductor Corp.^(b)		11,865		659,813
Littelfuse, Inc.		15,208		3,295,117
LivePerson, Inc.^(b)		38,510		101,666
LiveRamp Holdings, Inc.^(b)		53,652		1,484,014
MACOM Technology Solutions Holdings, Inc.^(b)		10,075		710,690
Magnachip Semiconductor Corp. (South Korea)^(b)		122,567		905,770
Manhattan Associates, Inc.^(b)		10,042		1,957,989
Marathon Digital Holdings, Inc.^(b)(c)		87,910		774,487
Maxeon Solar Technologies Ltd.^(b)(c)		32,960		205,670
MaxLinear, Inc.^(b)		28,301		430,175
MeridianLink, Inc.^(b)(c)		17,702		290,667
Methode Electronics, Inc.		44,130		1,009,253
MicroStrategy, Inc., Class A^(b)(c)		3,784		1,602,108
Mirion Technologies, Inc.^(b)(c)		126,378		875,800
MongoDB, Inc.^(b)		4,691		1,616,472
Monolithic Power Systems, Inc.		6,224		2,749,390
N-able, Inc.^(b)		44,357		574,867
nCino, Inc.^(b)(c)		25,317		711,408
NETGEAR, Inc.^(b)		70,603		892,422
NetScout Systems, Inc.^(b)		105,572		2,304,637
New Relic, Inc.^(b)(c)		7,853		680,619
nLight, Inc.^(b)(c)		33,856		282,020
Novanta, Inc.^(b)(c)		9,267		1,223,800
Nutanix, Inc., Class A^(b)(c)		34,210		1,238,060
Olo, Inc., Class A^(b)		49,572		253,313
ON24, Inc.^(c)		38,385		236,068
OneSpan, Inc.^(b)(c)		30,339		239,678
Onto Innovation, Inc.^(b)(c)		27,326		3,070,623
OSI Systems, Inc.^(b)		21,499		2,241,701
Ouster, Inc.^(b)		36,968		141,218
PagerDuty, Inc.^(b)(c)		12,372		249,543
Palantir Technologies, Inc., Class A^(b)		293,401		4,342,335
Palo Alto Networks, Inc.^(b)(c)		18,246		4,434,143
PAR Technology Corp.^(b)(c)		17,526		511,584
PC Connection, Inc.		27,076		1,450,732
Pegasystems, Inc.^(c)		11,013		470,696
Perficient, Inc.^(b)(c)		15,715		914,456
Photronics, Inc.^(b)		106,358		1,952,733
Power Integrations, Inc.^(c)		22,876		1,585,993
PowerSchool Holdings, Inc., Class A^(b)(c)		19,455		387,544
Procore Technologies, Inc.^(b)		10,982		670,890
Progress Software Corp.		27,100		1,392,398
PTC, Inc.^(b)		29,735		4,175,389
Pure Storage, Inc., Class A^(b)		62,509		2,113,429
Q2 Holdings, Inc.^(b)(c)		23,563		707,597
Qualys, Inc.^(b)		10,117		1,547,395
Rackspace Technology, Inc.^(b)		556,591		679,041
Radware Ltd. (Israel)^(b)		26,658		397,471
Rambus, Inc.^(b)		26,258		1,426,597
Ribbon Communications, Inc.^(b)		95,784		180,074
RingCentral, Inc., Class A^(b)		26,144		694,908

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Information Technology-(continued)
Riot Platforms, Inc.^(b)(c)		194,549	$	1,902,689
Rogers Corp.^(b)(c)		17,012		2,090,605
ScanSource, Inc.^(b)		51,137		1,554,565
Semtech Corp.^(b)(c)		59,382		828,973
SentinelOne, Inc., Class A^(b)(c)		75,070		1,173,344
Silicon Laboratories, Inc.^(b)(c)		17,085		1,574,895
SiTime Corp.^(b)(c)		4,573		456,385
SMART Global Holdings, Inc.^(b)(c)		103,596		1,419,265
SmartRent, Inc.^(b)(c)		108,932		262,526
Smartsheet, Inc., Class A^(b)		16,219		641,299
SolarEdge Technologies, Inc.^(b)(c)		10,325		784,184
SolarWinds Corp.^(b)(c)		123,020		1,133,014
Splunk, Inc.^(b)		18,080		2,660,653
SPS Commerce, Inc.^(b)		6,175		990,099
Stratasys Ltd.^(b)(c)		103,989		1,057,568
Super Micro Computer, Inc.^(b)(c)		40,534		9,706,677
Synaptics, Inc.^(b)		23,447		1,961,576
Tenable Holdings, Inc.^(b)(c)		11,048		465,231
Teradata Corp.^(b)		74,646		3,188,877
Thoughtworks Holding, Inc.^(b)(c)		51,326		173,995
TTM Technologies, Inc.^(b)		285,755		3,283,325
Tucows,Inc.,Class A^(b)(c)		16,295		275,223
Turtle Beach Corp.^(b)(c)		55,494		457,825
UiPath,Inc.,Class A^(b)(c)		100,722		1,564,213
Ultra Clean Holdings, Inc.^(b)		70,440		1,680,698
Unisys Corp.^(b)(c)		306,878		853,121
Unity Software, Inc.^(b)(c)		46,552		1,181,024
Universal Display Corp.		14,432		2,008,646
Upland Software, Inc.^(b)(c)		56,476		188,630
Varonis Systems, Inc.^(b)(c)		28,824		969,639
Veeco Instruments, Inc.^(b)(c)		36,551		875,031
Verint Systems, Inc.^(b)(c)		49,617		933,296
VeriSign, Inc.^(b)		17,251		3,444,335
Viavi Solutions, Inc.^(b)(c)		210,567		1,638,211
Vishay Precision Group, Inc.^(b)		14,465		432,793
Wix.com Ltd. (Israel)^(b)		8,489		678,271
Wolfspeed, Inc.^(b)(c)		37,314		1,262,706
Xperi, Inc.^(b)		128,632		1,092,086
Yext, Inc.^(b)		55,135		332,464
Zscaler, Inc.^(b)		3,398		539,229
Zuora, Inc., Class A^(b)(c)		38,723		286,937

				235,115,947

Materials-4.90%
AdvanSix, Inc.		57,574		1,586,164
Alpha Metallurgical Resources, Inc.		17,873		3,931,345
Alto Ingredients, Inc.^(b)(c)		499,774		2,079,060
American Vanguard Corp.		35,074		328,293
Arch Resources, Inc.		16,257		2,452,043
Ardagh Metal Packaging S.A		238,698		804,412
ATI, Inc.^(b)(c)		90,402		3,414,484
Balchem Corp.		13,764		1,599,927
Carpenter Technology Corp.		69,319		4,347,688
Century Aluminum Co.^(b)(c)		119,823		792,030
Chase Corp.		6,392		812,167
Clearwater Paper Corp.^(b)		54,349		1,837,540
Coeur Mining, Inc.^(b)(c)		561,381		1,409,066
Compass Minerals International, Inc.^(c)		77,172		1,901,518
Danimer Scientific, Inc.^(b)(c)		208,745		298,505
Eagle Materials, Inc.		24,864		3,826,818


	Shares		Value
Materials-(continued)
Ecovyst, Inc.^(b)(c)		146,955	$	1,351,986
Ferroglobe PLC^(b)		167,925		764,059
FutureFuel Corp.		100,372		657,437
Ginkgo Bioworks Holdings, Inc.^(b)(c)		385,074		527,551
Glatfelter Corp.^(b)(c)		413,552		715,445
Greif, Inc., Class A		57,283		3,637,470
Hawkins, Inc.^(c)		22,433		1,288,327
Haynes International, Inc.		13,312		572,749
Hecla Mining Co.^(c)		436,037		1,774,671
Ingevity Corp.^(b)		35,472		1,428,812
Innospec, Inc.		22,740		2,228,520
Intrepid Potash, Inc.^(b)(c)		25,384		504,888
Kaiser Aluminum Corp.		32,037		1,819,702
Koppers Holdings, Inc.		46,679		1,707,051
Kronos Worldwide, Inc.^(c)		68,809		474,782
Livent Corp.^(b)(c)		54,308		792,354
LSB Industries, Inc.^(b)(c)		80,284		731,387
Materion Corp.		15,817		1,533,933
Mativ Holdings, Inc., Class A^(c)		105,187		1,377,950
McEwen Mining, Inc. (Canada)^(b)(c)		62,428		432,626
Mercer International, Inc. (Germany)^(c)		166,547		1,322,383
Minerals Technologies, Inc.		53,498		2,892,102
MP Materials Corp.^(b)(c)		23,897		391,911
Myers Industries, Inc.		41,412		694,479
NewMarket Corp.		8,186		3,946,880
Nexa Resources S.A. (Brazil)		77,102		461,841
Olympic Steel, Inc.		27,305		1,386,275
Orion S.A. (Germany)		105,274		2,137,062
Pactiv Evergreen, Inc.		100,344		864,965
Perimeter Solutions S.A.^(b)		111,002		355,206
Quaker Chemical Corp.		9,866		1,417,941
Ranpak Holdings Corp.^(b)(c)		71,509		225,968
Rayonier Advanced Materials, Inc.^(b)		298,341		826,405
Ryerson Holding Corp.		49,672		1,442,972
Schnitzer Steel Industries, Inc., Class A		78,803		1,789,616
Sensient Technologies Corp.		43,030		2,427,753
Stepan Co.		28,923		2,163,440
SunCoke Energy, Inc.		207,462		1,972,964
TimkenSteel Corp.^(b)(c)		105,521		2,145,242
Tredegar Corp.		61,550		275,744
TriMas Corp.^(c)		57,714		1,397,256
Tronox Holdings PLC, Class A^(c)		256,834		2,745,555
Worthington Industries, Inc.		54,711		3,371,292

				92,398,012

Real Estate-6.08%
Acadia Realty Trust		204,698		2,931,275
Agree Realty Corp.		53,444		2,989,657
Alexander & Baldwin, Inc.		140,800		2,224,640
Alexander’s, Inc.		3,374		634,278
American Assets Trust, Inc.		87,670		1,556,142
Apartment Investment & Management Co., Class A^(b)(c)		131,321		769,541
Armada Hoffler Properties, Inc.		82,479		821,491
Ashford Hospitality Trust, Inc.^(b)(c)		302,201		637,644
Braemar Hotels & Resorts, Inc.		210,853		552,435
Broadstone Net Lease, Inc.		184,548		2,611,354
CareTrust REIT, Inc.		94,360		2,030,627
CBL & Associates Properties, Inc.^(c)		58,447		1,211,606
Centerspace		25,348		1,231,406

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Real Estate-(continued)
Chatham Lodging Trust^(c)		119,748	$	1,107,669
City Office REIT, Inc.		154,010		586,778
Community Healthcare Trust, Inc.		18,653		534,782
Compass, Inc., Class A^(b)(c)		481,113		952,604
CTO Realty Growth, Inc.^(c)		29,437		476,585
Diversified Healthcare Trust		1,595,400		3,302,478
Douglas Elliman, Inc.^(c)		206,670		365,806
Easterly Government Properties, Inc.^(c)		160,174		1,723,472
EastGroup Properties, Inc.		21,939		3,581,542
Elme Communities		153,617		1,960,153
Empire State Realty Trust, Inc., Class A^(c)		334,695		2,707,683
Equity Commonwealth		115,837		2,193,953
Essential Properties Realty Trust, Inc.		98,284		2,157,334
eXp World Holdings, Inc.^(c)		42,369		562,237
Farmland Partners, Inc.		44,573		464,451
Forestar Group, Inc.^(b)(c)		48,723		1,157,171
Four Corners Property Trust, Inc.		70,570		1,503,141
Franklin Street Properties Corp.		477,723		831,238
Getty Realty Corp.		41,595		1,107,259
Gladstone Commercial Corp.		54,780		654,621
Gladstone Land Corp.^(c)		29,553		403,694
Global Medical REIT, Inc.		81,646		707,054
Global Net Lease, Inc.^(c)		471,007		3,739,796
Hersha Hospitality Trust, Class A		115,110		1,141,891
Independence Realty Trust, Inc.^(c)		217,483		2,694,614
Industrial Logistics Properties Trust^(c)		490,243		1,225,608
Innovative Industrial Properties, Inc.^(c)		20,239		1,453,767
InvenTrust Properties Corp.^(c)		109,792		2,755,779
Kennedy-Wilson Holdings, Inc.^(c)		219,267		2,821,966
LTC Properties, Inc.		48,631		1,537,226
Marcus & Millichap, Inc.^(c)		34,883		1,001,142
National Health Investors, Inc.		56,907		2,847,626
National Storage Affiliates Trust		57,757		1,647,230
NETSTREIT Corp.^(c)		41,360		589,380
Newmark Group, Inc., Class A^(c)		268,989		1,525,168
NexPoint Residential Trust, Inc.		21,901		591,108
Offerpad Solutions, Inc.^(b)(c)		31,239		248,350
Office Properties Income Trust		218,378		980,517
One Liberty Properties, Inc.^(c)		27,058		497,867
Opendoor Technologies, Inc.^(b)(c)		1,894,903		3,600,316
Orion Office REIT, Inc.		123,765		591,597
Pebblebrook Hotel Trust^(c)		264,012		3,149,663
Plymouth Industrial REIT, Inc.		26,368		525,778
RE/MAX Holdings, Inc., Class A^(c)		30,753		330,902
Redfin Corp.^(b)(c)		122,170		569,312
Retail Opportunity Investments Corp.^(c)		189,000		2,218,860
RMR Group, Inc. (The), Class A		28,152		633,983
RPT Realty^(c)		194,230		2,095,742
Ryman Hospitality Properties, Inc.		39,169		3,352,866
Safehold, Inc.^(b)(c)		38,535		626,964
Saul Centers, Inc.		17,911		622,765
Seritage Growth Properties, Class A^(b)(c)		59,201		428,615
St. Joe Co. (The)		12,286		573,019
Star Holdings^(b)		13,637		156,144
Summit Hotel Properties, Inc.		279,053		1,573,859
Tanger Factory Outlet Centers, Inc.		174,246		3,929,247
Tejon Ranch Co.^(b)		18,244		283,147
Terreno Realty Corp.		43,689		2,327,750
UMH Properties, Inc.		51,705		714,046
Universal Health Realty Income Trust		12,549		482,384


	Shares		Value
Real Estate-(continued)
Urban Edge Properties		201,579	$	3,197,043
Veris Residential, Inc.		149,736		2,004,965
WeWork, Inc., Class A^(b)(c)		12,138		27,675
Whitestone REIT		108,266		1,077,247
Xenia Hotels & Resorts, Inc.		265,747		3,090,638

				114,727,363

Utilities-1.46%
American States Water Co.		22,919		1,788,828
Artesian Resources Corp., Class A		7,324		287,833
Atlantica Sustainable Infrastructure PLC (Spain)^(c)		143,395		2,596,883
California Water Service Group		46,300		2,253,884
Chesapeake Utilities Corp.^(c)		15,716		1,392,595
Clearway Energy, Inc., Class A		34,073		694,067
Clearway Energy, Inc., Class C^(c)		81,901		1,778,071
Genie Energy Ltd., Class B		26,084		517,507
MGE Energy, Inc.^(c)		36,472		2,612,489
Middlesex Water Co.		9,573		608,173
Northwest Natural Holding Co.		58,496		2,147,389
Ormat Technologies, Inc.^(c)		32,303		1,987,927
Otter Tail Corp.^(c)		43,613		3,355,584
ReNew Energy Global PLC, Class A (India)^(b)(c)		329,398		1,778,749
SJW Group		25,184		1,573,496
Spruce Power Holding Corp.^(b)(c)		33,712		125,409
Sunnova Energy International, Inc.^(b)(c)		66,727		609,218
Unitil Corp.		24,848		1,134,808
Via Renewables, Inc.^(c)		9,331		52,813
York Water Co. (The)		8,406		303,204

				27,598,927

Total Common Stocks & Other Equity Interests (Cost $2,086,382,445)				1,885,234,597


Closed-End Funds-0.04%
BP Prudhoe Bay Royalty Trust^(c)		38,149		184,260
Mesabi Trust^(c)		14,318		292,946
Sabine Royalty Trust^(c)		4,706		271,771

Total Closed-End Funds (Cost $944,470)				748,977


Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(f) (Cost $1,106,734)		1,106,734		1,106,734

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $2,088,433,649)				1,887,090,308


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-25.93%
Invesco Private Government Fund, 5.32%^(d)(f)(g)		137,019,851		137,019,851

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.53%^(d)(f)(g)		352,026,849	$	352,062,052

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $489,050,416)				489,081,903

TOTAL INVESTMENTS IN SECURITIES-125.97% (Cost $2,577,484,065)				2,376,172,211
OTHER ASSETS LESS LIABILITIES-(25.97)%				(489,841,319	)

NET ASSETS-100.00%			$	1,886,330,892

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Shares of Bloomberg MVP Multi-factor ETF and FTSE RAFI US 1000 ETF are listed and traded on NYSE Arca, Inc., and Shares of FTSE RAFI US 1500 Small-Mid ETF are listed and traded on The Nasdaq Stock Market LLC.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for

debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF are responsible for all of their own expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to their respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary

expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Prior to August 28, 2023, Bloomberg MVP Multi-factor ETF was responsible for all of its own expenses, including, but not limited to, the expenses listed directly above.

Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2023, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Index Risk. Unlike many investment companies that are “actively managed”, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect

supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to an Investment Advisory Agreement, Bloomberg MVP Multi-factor ETF accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.29% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Pursuant to another Investment Advisory Agreement, each of FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets.

Prior to August 28, 2023, Bloomberg MVP Multi-factor ETF accrued daily and paid monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of FTSE RAFI US 1000 ETF and the FTSE RAFI US 1500 Small-Mid ETF, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each such Fund from exceeding 0.39% of the Fund’s average daily net assets per year (an “Expense Cap”), through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase a Fund’s Expense Cap without approval of the Board of Trustees.

Prior to August 28, 2023, the Trust also had entered into the Expense Agreement with the Adviser on behalf of Bloomberg MVP Multi-factor ETF, pursuant to which the Adviser had agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Bloomberg MVP Multi-factor ETF (excluding interest expenses, brokerage commissions and

other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) from exceeding 0.60% of the Fund’s average daily net assets per year (an “Expense Cap”).

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the six months ended October 31, 2023, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

For FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF, the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For Bloomberg MVP Multi-factor ETF, the expenses borne by the Adviser pursuant to the Expense Cap were not subject to recapture.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of October 31, 2023 are as follows:

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended October 31, 2023, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

For the six months ended October 31, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

For the six months ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of October 31, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Bloomberg MVP Multi-factor ETF. Prior to August 28, 2023, Bloomberg MVP Multi-factor ETF accrued amounts to pay for such remuneration. The Interested Trustee does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

On June 22, 2023, the Board of Trustees approved the stock splits set forth in the table below. The effect of the stock splits was to increase the number of shares outstanding of those Funds, whereby every outstanding share of the respective Funds was exchanged for three or five shares, as described below, effective after the close of business on July 14, 2023. The transactions did not change the net assets of the Funds or the net asset value of any shareholder’s investment in the Funds.

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Bloomberg MVP Multi-factor ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Bloomberg MVP Multi-factor ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.



		Invesco Semi-Annual Report to Shareholders October 31, 2023

		BMVP Invesco Bloomberg MVP Multi-factor ETF (formerly, Invesco Dynamic Market ETF)

		PRF Invesco FTSE RAFI US 1000 ETF

		PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF


	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2023			Dividend Income

Invesco Ltd.		$	3,377,265		$	56,855		$	(95,057	)		$	(810,454	)		$	1,475			$	2,530,084		$	78,395

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class			152,574			103,030,367			(100,907,155	)			-				-				2,275,786			71,751

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			84,632,506			387,090,235			(391,454,052	)			-				-				80,268,689			1,998,950	*

Invesco Private Prime Fund			216,910,939			708,398,293			(718,436,850	)			21,354				(827	)			206,892,909			5,299,542	*

Total		$	305,073,284		$	1,198,575,750		$	(1,210,893,114	)		$	(789,100	)		$	648			$	291,967,468		$	7,448,638



Invesco Bloomberg MVP Multi-factor ETF (BMVP)			3

Invesco FTSE RAFI US 1000 ETF (PRF)			5

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)			16

Statements of Assets and Liabilities			31

Statements of Operations			32

Statements of Changes in Net Assets			34

Financial Highlights			36

Notes to Financial Statements			39

Fund Expenses			49



Industrials		16.15

Financials		14.39

Health Care		13.57

Information Technology		11.11

Consumer Staples		7.55

Consumer Discretionary		7.43

Communication Services		7.29

Utilities		5.70

Real Estate		5.66

Energy		5.61

Materials		5.52

Money Market Funds Plus Other Assets Less Liabilities		0.02



Financials			19.39

Information Technology			14.23

Health Care			12.40

Industrials			9.59

Communication Services			9.39

Consumer Discretionary			8.92

Consumer Staples			8.16

Energy			7.39

Utilities			4.10

Materials			3.39

Real Estate			2.96

Money Market Funds Plus Other Assets Less Liabilities			0.08



Industrials			18.47

Financials			18.31

Consumer Discretionary			13.81

Information Technology			12.46

Health Care			9.16

Energy			7.05

Real Estate			6.08

Materials			4.92

Consumer Staples			4.61

Communication Services			3.65

Utilities			1.46

Money Market Funds Plus Other Assets Less Liabilities			0.02


	Invesco Bloomberg MVP Multi-factor ETF (BMVP)				Invesco FTSE RAFI US 1000 ETF (PRF)			Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	83,152,980			$	5,762,578,913		$	1,885,547,588
Affiliated investments in securities, at value			7,535,265				291,967,468			490,624,623
Cash			-				22			15,102
Receivable for:
Dividends			100,029				7,184,067			696,115
Securities lending			543				55,396			232,872
Investments sold			-				-			647,811
Fund shares sold			-				4,611,999			2,447,707
Other assets			30,897				1,385			1,336

Total assets			90,819,714				6,066,399,250			2,380,213,154


Liabilities:
Payable for:
Investments purchased			-				4,240,742			2,951,429
Collateral upon return of securities loaned			7,534,366				287,154,456			489,050,416
Accrued advisory fees			20,801				1,420,226			463,754
Accrued trustees’ and officer’s fees			83,891				405,067			155,962
Accrued expenses			10,500				3,612,378			1,260,701

Total liabilities			7,649,558				296,832,869			493,882,262

Net Assets		$	83,170,156			$	5,769,566,381		$	1,886,330,892


Net assets consist of:
Shares of beneficial interest		$	254,098,094			$	5,472,792,018		$	2,549,372,650
Distributable earnings (loss)			(170,927,938	)			296,774,363			(663,041,758	)

Net Assets		$	83,170,156			$	5,769,566,381		$	1,886,330,892

Shares outstanding (unlimited amount authorized, $0.01 par value)			2,340,000				186,190,000			61,180,000
Net asset value		$	35.54			$	30.99		$	30.83

Market price		$	35.53			$	30.99		$	30.83

Unaffiliated investments in securities, at cost		$	84,952,598			$	5,078,271,268		$	2,086,202,122

Affiliated investments in securities, at cost		$	7,535,692			$	294,204,540		$	491,281,943

^(a)Includes securities on loan with an aggregate value of:		$	7,424,104			$	281,979,024		$	479,409,774


	Invesco Bloomberg MVP Multi-factor ETF (BMVP)				Invesco FTSE RAFI US 1000 ETF (PRF)				Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Investment income:
Unaffiliated dividend income		$	809,292			$	69,976,075			$	17,560,727
Affiliated dividend income			3,120				150,146				83,103
Securities lending income, net			8,830				432,752				2,926,163
Foreign withholding tax			(1,239	)			(11,081	)			(25,041	)

Total investment income			820,003				70,547,892				20,544,952


Expenses:
Unitary management fees			151,191				-				-
Advisory fees			45,261				8,746,582				2,934,012
Sub-licensing fees			9,072				2,714,437				910,549
Accounting & administration fees			(4,995	)			199,831				77,952
Custodian & transfer agent fees			(368	)			16,541				7,497
Trustees’ and officer’s fees			3,035				38,006				15,469
Other expenses			(2,941	)			159,811				80,375

Total expenses			200,255				11,875,208				4,025,854

Less: Waivers			(60	)			(108,581	)			(78,692	)

Net expenses			200,195				11,766,627				3,947,162

Net investment income			619,808				58,781,265				16,597,790


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(2,766,637	)			(8,512,476	)			(3,174,074	)
Affiliated investment securities			(650	)			(2,329	)			(59,489	)
Unaffiliated in-kind redemptions			5,146,680				71,708,952				18,673,659
Affiliated in-kind redemptions			-				2,977				(555	)
Foreign currencies			-				-				6

Net realized gain			2,379,393				63,197,124				15,439,547

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(4,431,909	)			(204,344,294	)			(85,924,743	)
Affiliated investment securities			(226	)			(789,100	)			(92,928	)

Change in net unrealized appreciation (depreciation)			(4,432,135	)			(205,133,394	)			(86,017,671	)

Net realized and unrealized gain (loss)			(2,052,742	)			(141,936,270	)			(70,578,124	)

Net increase (decrease) in net assets resulting from operations		$	(1,432,934	)		$	(83,155,005	)		$	(53,980,334	)


	Invesco Bloomberg MVP Multi-factor ETF (BMVP)								Invesco FTSE RAFI US 1000 ETF (PRF)
	Six Months Ended October 31, 2023				Year Ended April 30, 2023				Six Months Ended October 31, 2023				Year Ended April 30, 2023
Operations:
Net investment income		$	619,808			$	1,220,338			$	58,781,265			$	119,256,727
Net realized gain (loss)			2,379,393				(3,691,744	)			63,197,124				150,790,219
Change in net unrealized appreciation (depreciation)			(4,432,135	)			6,399,213				(205,133,394	)			(199,894,821	)

Net increase (decrease) in net assets resulting from operations			(1,432,934	)			3,927,807				(83,155,005	)			70,152,125


Distributions to Shareholders from:
Distributable earnings			(495,376	)			(1,393,641	)			(55,437,263	)			(121,245,950	)


Shareholder Transactions:
Proceeds from shares sold			29,089,471				24,564,978				122,914,098				1,013,641,362
Value of shares repurchased			(34,555,671	)			(41,935,463	)			(187,136,734	)			(639,141,302	)

Net increase (decrease) in net assets resulting from share transactions			(5,466,200	)			(17,370,485	)			(64,222,636	)			374,500,060

Net increase (decrease) in net assets			(7,394,510	)			(14,836,319	)			(202,814,904	)			323,406,235


Net assets:
Beginning of period			90,564,666				105,400,985				5,972,381,285				5,648,975,050

End of period		$	83,170,156			$	90,564,666			$	5,769,566,381			$	5,972,381,285


Changes in Shares Outstanding:
Shares sold			760,000	^(a)			690,000	^(a)			3,870,000	^(b)			33,250,000	^(b)
Shares repurchased			(910,000	)^(a)			(1,200,000	)^(a)			(5,780,000	)^(b)			(21,250,000	)^(b)
Shares outstanding, beginning of period			2,490,000	^(a)			3,000,000	^(a)			188,100,000	^(b)			176,100,000	^(b)

Shares outstanding, end of period			2,340,000	^(a)			2,490,000	^(a)			186,190,000	^(b)			188,100,000	^(b)


Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Six Months Ended October 31, 2023				Year Ended April 30, 2023

	$	16,597,790			$	28,253,720
		15,439,547				63,707,584
		(86,017,671	)			(130,802,222	)

		(53,980,334	)			(38,840,918	)


		(17,579,128	)			(26,785,262	)


		98,409,530				698,742,061
		(68,716,288	)			(500,211,412	)

		29,693,242				198,530,649

		(41,866,220	)			132,904,469


		1,928,197,112				1,795,292,643

	$	1,886,330,892			$	1,928,197,112


		3,050,000	^(b)			22,050,000	^(b)
		(2,070,000	)^(b)			(15,600,000	)^(b)
		60,200,000	^(b)			53,750,000	^(b)

		61,180,000	^(b)			60,200,000	^(b)


	Six Months Ended October 31,
	2023^(a)				Years Ended April 30,
	(Unaudited)				2023^(a)				2022^(a)				2021^(a)				2020^(a)				2019^(a)
Per Share Operating Performance:
Net asset value at beginning of period		$	36.37			$	35.13			$	40.78			$	27.58			$	32.91			$	32.32

Net investment income^(b)			0.26				0.44				0.26				0.25				0.38				0.30
Net realized and unrealized gain (loss) on investments			(0.88	)			1.30				(5.62	)			13.25				(5.33	)			0.66

Total from investment operations			(0.62	)			1.74				(5.36	)			13.50				(4.95	)			0.96

Distributions to shareholders from:
Net investment income			(0.21	)			(0.50	)			(0.29	)			(0.30	)			(0.38	)			(0.37	)

Net asset value at end of period		$	35.54			$	36.37			$	35.13			$	40.78			$	27.58			$	32.91

Market price at end of period^(c)		$	35.53			$	36.36			$	35.10			$	40.80			$	27.13			$	32.88

Net Asset Value Total Return^(d)			(1.74	)%			5.09	%			(13.20	)%			49.27	%			(15.04	)%			3.00	%
Market Price Total Return^(d)			(1.72	)%			5.16	%			(13.32	)%			51.78	%			(16.32	)%			2.89	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	83,170			$	90,565			$	105,401			$	135,810			$	115,831			$	157,975
Ratio to average net assets of:
Expenses, after Waivers			0.44	%^(e)			0.60	%			0.60	%			0.60	%			0.58	%			0.59	%
Expenses, prior to Waivers			0.44	%^(e)			0.63	%			0.60	%			0.62	%			0.58	%			0.59	%
Net investment income			1.35	%^(e)			1.25	%			0.64	%			0.75	%			1.22	%			0.91	%
Portfolio turnover rate^(f)			180	%			233	%			228	%			321	%			313	%			240	%


Full Name		Short Name

Invesco Bloomberg MVP Multi-factor ETF (BMVP)*		“Bloomberg MVP Multi-factor ETF”

Invesco FTSE RAFI US 1000 ETF (PRF)		“FTSE RAFI US 1000 ETF”

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)		“FTSE RAFI US 1500 Small-Mid ETF”


Fund		Underlying Index

Bloomberg MVP Multi-factor ETF		Bloomberg MVP Index

FTSE RAFI US 1000 ETF		FTSE RAFI^TM US 1000 Index

FTSE RAFI US 1500 Small-Mid ETF		FTSE RAFI^TM US Mid Small 1500 Index


	Amount

Bloomberg MVP Multi-factor ETF		$548

FTSE RAFI US 1000 ETF		27,603

FTSE RAFI US 1500 Small-Mid ETF		154,520



Bloomberg MVP Multi-factor ETF	$	60

FTSE RAFI US 1000 ETF		108,581

FTSE RAFI US 1500 Small-Mid ETF		78,692


	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/24		4/30/25		4/30/26		10/31/25
FTSE RAFI US 1000 ETF		$555,967	$	172,523	$	65,117	$	211,376	$	106,951

FTSE RAFI US 1500 Small-Mid ETF		478,289		66,589		120,438		213,285		77,977


Fund		Licensor

Bloomberg MVP Multi-factor ETF		Bloomberg Index Services Limited

FTSE RAFI US 1000 ETF		FTSE International Limited and Research Affiliates LLC

FTSE RAFI US 1500 Small-Mid ETF		FTSE International Limited and Research Affiliates LLC



Bloomberg MVP Multi-factor ETF	$	16,846

FTSE RAFI US 1000 ETF		8,857

FTSE RAFI US 1500 Small-Mid ETF		30,553


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.

Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total

Bloomberg MVP Multi-factor ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	83,152,980	$	-	$	-	$	83,152,980

Money Market Funds		1,326		7,533,939		-		7,535,265


Total Investments	$	83,154,306	$	7,533,939	$	-	$	90,688,245


FTSE RAFI US 1000 ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	5,765,108,997	$	-	$	0	$	5,765,108,997

Money Market Funds		2,275,786		287,161,598		-		289,437,384


Total Investments	$	5,767,384,783	$	287,161,598	$	0	$	6,054,546,381


FTSE RAFI US 1500 Small-Mid ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	1,882,642,905	$	1,742,238	$	849,454	$	1,885,234,597

Closed-End Funds		748,977		-		-		748,977

Money Market Funds		1,106,734		489,081,903		-		490,188,637


Total Investments	$	1,884,498,616	$	490,824,141	$	849,454	$	2,376,172,211


	No expiration
	Short-Term		Long-Term		Total*

Bloomberg MVP Multi-factor ETF	$	170,438,732	$	1,076,827	$	171,515,559

FTSE RAFI US 1000 ETF		34,024,027		303,998,873		338,022,900

FTSE RAFI US 1500 Small-Mid ETF		87,603,934		297,311,523		384,915,457


	Purchases		Sales

Bloomberg MVP Multi-factor ETF	$	162,320,241	$	162,417,168

FTSE RAFI US 1000 ETF		61,253,176		60,259,847

FTSE RAFI US 1500 Small-Mid ETF		51,406,092		51,164,798


	In-kind Purchases		In-kind Sales

Bloomberg MVP Multi-factor ETF	$	29,102,924	$	34,350,724

FTSE RAFI US 1000 ETF		114,840,149		177,592,744

FTSE RAFI US 1500 Small-Mid ETF		96,153,537		67,402,625


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Bloomberg MVP Multi-factor ETF	$	1,913,668	$	(3,751,810	)	$	(1,838,142	)	$	92,526,387

FTSE RAFI US 1000 ETF		1,194,862,174		(630,380,814	)		564,481,360			5,490,065,021

FTSE RAFI US 1500 Small-Mid ETF		233,328,663		(527,956,485	)		(294,627,822	)		2,670,800,033


Fund		Stock Split Ratio

Invesco Bloomberg MVP Multi-factor ETF		3 to 1

FTSE RAFI US 1000 ETF		5 to 1

FTSE RAFI US 1500 Small-Mid ETF		5 to 1


	Beginning Account Value May 1, 2023		Ending Account Value October 31, 2023		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾

Invesco Bloomberg MVP Multi-factor ETF (BMVP)

Actual		$1,000.00		$ 982.60		0.44	%		$2.19

Hypothetical (5% return before expenses)		1,000.00		1,022.92		0.44			2.24

Invesco FTSE RAFI US 1000 ETF (PRF)

Actual		1,000.00		985.00		0.39			1.95

Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.39			1.98

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

Actual		1,000.00		970.90		0.39			1.93

Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.39			1.98


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Downers Grove, IL 60515	P-PS-SAR-2	invesco.com/ETFs