iShares Trust

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large-and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

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

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

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

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

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(5.50)	%		(14.61)	%

U.S. small cap equities (Russell 2000^® Index)		(0.20)			(18.54)

International equities (MSCI Europe, Australasia, Far East Index)		(12.70)			(23.00)

Emerging market equities (MSCI Emerging Markets Index)		(19.66)			(13.03)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72			0.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24)			(17.68)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86)			(15.68)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43)			(11.98)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71)			(11.76)

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

The iShares Morningstar Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar^® US Mid Cap Broad Value Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Mid Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Mid Cap Broad Value Index^SM.

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

The iShares Morningstar Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Morningstar^® US Small Cap Extended Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Small Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Small Cap Extended Index^SM.

The iShares Morningstar U.S. Equity ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Morningstar^® US Large-Mid Cap Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that re included in the Index.

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Large Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-Mid Cap Index^SM.

The iShares MorningstarValue ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar^® US Large-Mid Cap Broad Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Large Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-Mid Cap Broad Value Index^SM.

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

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

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

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

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

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

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


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.3%
Huntington Ingalls Industries, Inc.		2,621	$	673,781
Textron, Inc.		13,553		927,567


				1,601,348

Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		10,005		977,689
Expeditors International of Washington, Inc.		8,863		867,244
GXO Logistics, Inc.^(a)		5,650		206,451


				2,051,384

Airlines — 1.4%
American Airlines Group, Inc.^(a)		79,002		1,120,248
Delta Air Lines, Inc.^(a)		30,344		1,029,572
Southwest Airlines Co.^(a)		71,998		2,617,127
United Airlines Holdings, Inc.^(a)		39,581		1,705,150


				6,472,097

Auto Components — 0.8%
Aptiv PLC^(a)		13,605		1,239,007
BorgWarner, Inc.		28,669		1,075,948
Gentex Corp.		13,860		367,151
Lear Corp.		7,214		1,000,654


				3,682,760

Banks — 6.1%
Citizens Financial Group, Inc.		60,143		2,459,849
Comerica, Inc.		15,874		1,119,117
Commerce Bancshares, Inc.		13,254		938,913
Cullen/Frost Bankers, Inc.		7,795		1,208,615
East West Bancorp, Inc.		17,099		1,223,775
Fifth Third Bancorp		83,264		2,971,692
First Citizens BancShares, Inc., Class A		1,603		1,317,858
First Horizon Corp.		65,145		1,596,704
First Republic Bank		7,804		937,260
Huntington Bancshares, Inc.		175,000		2,656,500
KeyCorp		113,172		2,022,384
M&T Bank Corp.		21,310		3,587,965
Regions Financial Corp.		113,382		2,488,735
Signature Bank		3,408		540,270
SVB Financial Group^(a)		4,806		1,109,994
Webster Financial Corp.		21,377		1,159,916
Western Alliance Bancorp		7,958		534,539
Zions Bancorp N.A.		18,215		946,087


				28,820,173

Beverages — 0.2%
Molson Coors Beverage Co., Class B		22,873		1,153,485


Biotechnology — 1.3%
Biogen, Inc.^(a)		17,609		4,991,095
United Therapeutics Corp.^(a)		5,519		1,272,295


				6,263,390

Building Products — 2.1%
A O Smith Corp.		9,288		508,797
Allegion PLC		5,273		552,452
Builders FirstSource, Inc.^(a)		10,793		665,496
Carrier Global Corp.		65,801		2,616,248
Fortune Brands Home & Security, Inc.		15,719		948,170
Lennox International, Inc.		2,413		563,605
Masco Corp.		27,323		1,264,235
Owens Corning		7,636		653,718
Trane Technologies PLC		12,873		2,054,917


				9,827,638


Security	Shares		Value

Capital Markets — 5.2%
Ameriprise Financial, Inc.		13,126	$	4,057,509
Bank of New York Mellon Corp.		89,233		3,757,602
Carlyle Group, Inc.		26,256		742,520
Coinbase Global, Inc., Class A^(a)		19,071		1,263,454
Franklin Resources, Inc.		34,388		806,399
Invesco Ltd.		55,069		843,657
Jefferies Financial Group, Inc.		22,518		774,844
KKR & Co., Inc.		28,637		1,392,617
Nasdaq, Inc.		20,472		1,274,177
Northern Trust Corp.		25,286		2,132,874
Raymond James Financial, Inc.		9,548		1,128,001
SEI Investments Co.		5,634		305,926
State Street Corp.		44,608		3,300,992
T Rowe Price Group, Inc.		27,387		2,907,404


				24,687,976

Chemicals — 4.0%
Celanese Corp.		12,096		1,162,667
CF Industries Holdings, Inc.		24,179		2,569,261
DuPont de Nemours, Inc.		36,003		2,059,372
Eastman Chemical Co.		14,902		1,144,623
FMC Corp.		8,817		1,048,341
International Flavors & Fragrances, Inc.		30,936		3,019,663
LyondellBasell Industries NV, Class A		30,874		2,360,317
Mosaic Co.		41,896		2,251,910
Olin Corp.		6,504		344,387
PPG Industries, Inc.		15,715		1,794,339
RPM International, Inc.		7,823		739,821
Westlake Corp.		1,654		159,859


				18,654,560

Communications Equipment — 0.9%
Ciena Corp.^(a)(b)		7,605		364,280
F5, Inc.^(a)		3,009		430,016
Juniper Networks, Inc.		39,220		1,200,132
Motorola Solutions, Inc.		9,844		2,458,145


				4,452,573

Construction & Engineering — 0.4%
AECOM		7,661		576,720
Quanta Services, Inc.^(b)		9,586		1,361,596


				1,938,316

Consumer Finance — 1.0%
Ally Financial, Inc.		37,438		1,031,791
Credit Acceptance Corp.^(a)(b)		251		116,871
Discover Financial Services		12,251		1,279,739
Synchrony Financial		58,458		2,078,767


				4,507,168

Containers & Packaging — 2.0%
Amcor PLC		182,350		2,111,613
AptarGroup, Inc.		4,335		429,815
Avery Dennison Corp.		3,424		580,539
Ball Corp.		14,726		727,317
Berry Global Group, Inc.^(a)		15,150		716,898
Crown Holdings, Inc.		6,540		448,579
International Paper Co.		43,974		1,477,966
Packaging Corp. of America		11,357		1,365,225
Sealed Air Corp.		6,485		308,816
Westrock Co.		30,921		1,053,169


				9,219,937


Security	Shares		Value

Distributors — 0.8%
Genuine Parts Co.		17,162	$	3,052,433
LKQ Corp.		15,612		868,652


				3,921,085

Diversified Consumer Services — 0.1%
Service Corp. International		9,909		600,585


Diversified Financial Services — 0.7%
Apollo Global Management, Inc.		25,402		1,406,255
Equitable Holdings, Inc.		42,388		1,297,921
Voya Financial, Inc.		8,059		550,913


				3,255,089

Diversified Telecommunication Services — 0.2%
Lumen Technologies, Inc.		115,950		853,392


Electric Utilities — 6.2%
Alliant Energy Corp.		30,466		1,589,411
Avangrid, Inc.		8,476		344,804
Constellation Energy Corp.		24,364		2,303,373
Edison International		46,284		2,778,891
Entergy Corp.		24,683		2,644,537
Evergy, Inc.		27,863		1,703,265
Eversource Energy		42,038		3,206,659
FirstEnergy Corp.		65,868		2,483,882
NRG Energy, Inc.		13,206		586,346
OGE Energy Corp.		24,336		891,428
PG&E Corp.^(a)		195,364		2,916,784
Pinnacle West Capital Corp.		13,755		924,474
PPL Corp.		89,330		2,366,352
Xcel Energy, Inc.		66,374		4,321,611


				29,061,817

Electrical Equipment — 1.2%
AMETEK, Inc.		9,212		1,194,428
Hubbell, Inc.		3,723		884,138
Regal Rexnord Corp.		8,078		1,022,190
Rockwell Automation, Inc.		6,227		1,589,753
Sensata Technologies Holding PLC		18,795		755,747


				5,446,256

Electronic Equipment, Instruments & Components — 1.3%
Arrow Electronics, Inc.^(a)		7,771		786,891
CDW Corp.		7,395		1,277,930
Corning, Inc.		50,658		1,629,668
Flex Ltd.^(a)		55,213		1,081,071
Jabil, Inc.		16,725		1,074,581
TD SYNNEX Corp.		5,107		467,342


				6,317,483

Energy Equipment & Services — 0.6%
Baker Hughes Co.		53,816		1,488,550
Halliburton Co.		41,028		1,494,240


				2,982,790

Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A^(a)(b)		62,886		418,821
Electronic Arts, Inc.		12,345		1,554,976
Liberty Media Corp. - Liberty Formula One, Class A^(a)		1,132		58,887
Liberty Media Corp. - Liberty Formula One, Class C, NVS^(a)		9,760		563,445
Live Nation Entertainment, Inc.^(a)		5,708		454,414
Playtika Holding Corp.^(a)		7,794		73,653
Take-Two Interactive Software, Inc.^(a)		6,246		740,026


				3,864,222


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) — 7.8%
Alexandria Real Estate Equities, Inc.		10,002	$	1,453,291
Americold Realty Trust, Inc.		32,608		790,744
Apartment Income REIT Corp.		9,232		354,786
AvalonBay Communities, Inc.		8,756		1,533,351
Boston Properties, Inc.		17,286		1,256,692
Brixmor Property Group, Inc.		22,590		481,393
CubeSmart		9,826		411,415
Equity LifeStyle Properties, Inc.		6,678		427,125
Equity Residential		23,532		1,482,987
Essex Property Trust, Inc.		4,128		917,407
Extra Space Storage, Inc.		5,132		910,622
Federal Realty Investment Trust		4,496		445,014
Gaming and Leisure Properties, Inc.		31,032		1,555,324
Healthpeak Properties, Inc.		26,805		636,083
Iron Mountain, Inc.		35,286		1,766,770
Kilroy Realty Corp.		7,137		305,035
Kimco Realty Corp.		74,904		1,601,447
Lamar Advertising Co., Class A		6,509		600,325
Life Storage, Inc.		3,984		440,670
Medical Properties Trust, Inc.		72,513		830,274
Mid-America Apartment Communities, Inc.		5,865		923,444
National Retail Properties, Inc.		21,552		905,830
Realty Income Corp.		45,526		2,834,904
Regency Centers Corp.		8,084		489,163
STORE Capital Corp.		32,168		1,022,942
UDR, Inc.		13,635		542,128
Ventas, Inc.		48,506		1,898,040
VICI Properties, Inc.		116,864		3,741,985
Vornado Realty Trust		19,511		460,264
Welltower, Inc.		33,055		2,017,677
Weyerhaeuser Co.		50,477		1,561,254
WP Carey, Inc.		25,188		1,921,844


				36,520,230

Food & Staples Retailing — 1.8%
Albertsons Cos., Inc., Class A		19,329		396,438
BJ’s Wholesale Club Holdings, Inc.^(a)		10,286		796,136
Kroger Co.		79,013		3,736,525
U.S. Foods Holding Corp.^(a)		14,637		435,597
Walgreens Boots Alliance, Inc.		87,044		3,177,106


				8,541,802

Food Products — 3.6%
Bunge Ltd.		18,439		1,819,929
Campbell Soup Co.		24,422		1,292,168
Conagra Brands, Inc.		58,256		2,137,995
Darling Ingredients, Inc.^(a)(b)		12,424		975,036
Hershey Co.		6,280		1,499,476
Hormel Foods Corp.		18,964		880,878
JM Smucker Co.		12,931		1,948,184
Kellogg Co.		30,953		2,377,809
Lamb Weston Holdings, Inc.		6,169		531,891
McCormick & Co., Inc., NVS		14,401		1,132,495
Tyson Foods, Inc., Class A		35,143		2,402,024


				16,997,885

Gas Utilities — 0.6%
Atmos Energy Corp.		16,981		1,809,325
UGI Corp.		25,348		895,545


				2,704,870

Health Care Equipment & Supplies — 1.3%
Baxter International, Inc.		32,716		1,778,114
Dentsply Sirona, Inc.		16,380		504,832


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Hologic, Inc.^(a)		13,920	$	943,776
Zimmer Biomet Holdings, Inc.		25,460		2,885,891


				6,112,613

Health Care Providers & Services — 3.1%
AmerisourceBergen Corp.		18,862		2,965,484
Cardinal Health, Inc.		33,058		2,509,102
Chemed Corp.		889		415,047
DaVita, Inc.^(a)(b)		3,999		291,967
Henry Schein, Inc.^(a)		16,516		1,130,685
Laboratory Corp. of America Holdings		10,970		2,433,804
Molina Healthcare, Inc.^(a)		3,486		1,250,986
Quest Diagnostics, Inc.		14,150		2,032,648
Tenet Healthcare Corp.^(a)		13,065		579,563
Universal Health Services, Inc., Class B		7,956		921,862


				14,531,148

Hotels, Restaurants & Leisure — 1.7%
Aramark		31,329		1,143,508
Carnival Corp.^(a)(b)		119,843		1,085,778
Darden Restaurants, Inc.		8,180		1,170,885
Expedia Group, Inc.^(a)		9,987		933,485
Las Vegas Sands Corp.^(a)		39,902		1,516,675
Norwegian Cruise Line Holdings Ltd.^(a)(b)		51,080		862,741
Royal Caribbean Cruises Ltd.^(a)		11,647		621,717
Wynn Resorts Ltd.^(a)		12,529		800,603


				8,135,392

Household Durables — 2.0%
DR Horton, Inc.		20,715		1,592,569
Garmin Ltd.		11,788		1,037,816
Lennar Corp., Class A		30,941		2,496,939
Lennar Corp., Class B		1,763		114,983
Mohawk Industries, Inc.^(a)		6,388		605,263
Newell Brands, Inc.		45,595		629,667
NVR, Inc.^(a)		159		673,802
PulteGroup, Inc.		28,090		1,123,319
Whirlpool Corp.		6,622		915,425


				9,189,783

Household Products — 0.6%
Church & Dwight Co., Inc.		10,080		747,230
Clorox Co.		14,945		2,182,568


				2,929,798

Independent Power and Renewable Electricity Producers — 0.7%
AES Corp.		81,049		2,120,242
Vistra Corp.		47,378		1,088,273


				3,208,515

Insurance — 6.4%
Aflac, Inc.		69,778		4,543,246
Allstate Corp.		32,799		4,140,874
American Financial Group, Inc.		8,487		1,231,549
Arch Capital Group Ltd.^(a)		26,647		1,532,202
Arthur J. Gallagher & Co.		9,313		1,742,276
Assurant, Inc.		3,746		508,932
Cincinnati Financial Corp.		7,887		814,885
CNA Financial Corp.		3,246		135,358
Erie Indemnity Co., Class A, NVS		1,544		396,823
Everest Re Group Ltd.		2,493		804,391
Fidelity National Financial, Inc.		33,490		1,318,836
Globe Life, Inc.		11,010		1,271,875
Hartford Financial Services Group, Inc.		39,211		2,839,269
Lincoln National Corp.		18,844		1,015,126
Loews Corp.		13,542		772,165


Security	Shares		Value

Insurance (continued)
Markel Corp.^(a)		652	$	786,377
Old Republic International Corp.		34,780		807,244
Principal Financial Group, Inc.		28,126		2,478,744
Reinsurance Group of America, Inc.		8,145		1,198,700
W. R. Berkley Corp.		8,993		668,899
Willis Towers Watson PLC		5,177		1,129,673


				30,137,444

Interactive Media & Services — 0.1%
IAC, Inc.^(a)		5,843		284,437


Internet & Direct Marketing Retail — 0.6%
eBay, Inc.		66,662		2,655,814


IT Services — 0.8%
Akamai Technologies, Inc.^(a)		7,928		700,280
Concentrix Corp.		1,941		237,248
DXC Technology Co.^(a)		27,828		800,055
FleetCor Technologies, Inc.^(a)		3,438		639,881
Genpact Ltd.		11,701		567,499
SS&C Technologies Holdings, Inc.		16,559		851,464


				3,796,427

Leisure Products — 0.2%
Hasbro, Inc.		7,889		514,757
Mattel, Inc.^(a)		21,979		416,722


				931,479

Life Sciences Tools & Services — 0.1%
Syneos Health, Inc.^(a)		8,015		403,796


Machinery — 4.3%
AGCO Corp.		4,913		610,047
Cummins, Inc.		17,109		4,183,322
Dover Corp.		8,623		1,126,940
Fortive Corp.		21,947		1,402,413
Lincoln Electric Holdings, Inc.		2,304		327,168
Middleby Corp.^(a)		3,341		467,272
Otis Worldwide Corp.		24,136		1,704,967
PACCAR, Inc.		27,733		2,685,386
Parker-Hannifin Corp.		9,411		2,735,025
Pentair PLC		13,136		564,191
Snap-on, Inc.		6,452		1,432,667
Stanley Black & Decker, Inc.		17,902		1,405,128
Toro Co.		5,376		566,792
Westinghouse Air Brake Technologies Corp.		13,033		1,215,718


				20,427,036

Media — 1.9%
Cable One, Inc.		274		235,484
DISH Network Corp., Class A^(a)(b)		30,428		453,681
Fox Corp., Class A, NVS		37,100		1,071,077
Fox Corp., Class B		17,048		463,706
Interpublic Group of Cos., Inc.		47,392		1,411,808
Liberty Media Corp. - Liberty SiriusXM, Class A^(a)(b)		9,030		383,233
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS^(a)		18,545		782,413
News Corp., Class A, NVS		46,687		787,610
News Corp., Class B		14,466		247,803
Omnicom Group, Inc.		24,864		1,808,856
Paramount Global, Class A^(b)		1,107		23,335
Paramount Global, Class B, NVS		61,228		1,121,697
Sirius XM Holdings, Inc.^(b)		31,850		192,374


				8,983,077

Metals & Mining — 1.2%
Alcoa Corp.		21,892		854,445


Security	Shares		Value

Metals & Mining (continued)
Cleveland-Cliffs, Inc.^(a)(b)		62,865	$	816,616
Reliance Steel & Aluminum Co.		7,307		1,472,214
Steel Dynamics, Inc.		21,057		1,980,411
United States Steel Corp.		28,742		585,187


				5,708,873

Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Annaly Capital Management, Inc.		53,249		987,769


Multiline Retail — 0.6%
Dollar Tree, Inc.^(a)(b)		10,662		1,689,927
Kohl’s Corp.		15,615		467,669
Macy’s, Inc.		32,652		680,794


				2,838,390

Multi-Utilities — 4.3%
Ameren Corp.		31,351		2,555,734
CenterPoint Energy, Inc.		76,386		2,185,403
CMS Energy Corp.		19,990		1,140,430
Consolidated Edison, Inc.		43,026		3,784,567
DTE Energy Co.		23,509		2,635,594
NiSource, Inc.		49,196		1,263,845
Public Service Enterprise Group, Inc.		60,533		3,394,085
WEC Energy Group, Inc.		38,276		3,495,747


				20,455,405

Oil, Gas & Consumable Fuels — 7.8%
Antero Resources Corp.^(a)(b)		34,224		1,254,652
APA Corp.		17,546		797,641
Chesapeake Energy Corp.		11,728		1,199,422
Continental Resources, Inc.		6,595		487,832
Coterra Energy, Inc.		35,491		1,104,835
Devon Energy Corp.		79,455		6,145,843
Diamondback Energy, Inc.		21,569		3,388,706
EQT Corp.		18,093		757,011
Hess Corp.		22,059		3,112,084
Kinder Morgan, Inc., Class P		240,580		4,359,310
Marathon Oil Corp.		82,220		2,503,599
ONEOK, Inc.		31,527		1,870,182
Ovintiv, Inc.		30,872		1,563,667
Phillips 66		58,373		6,087,720
Southwestern Energy Co.^(a)		135,555		939,396
Targa Resources Corp.		17,669		1,208,029


				36,779,929

Pharmaceuticals — 1.1%
Jazz Pharmaceuticals PLC^(a)		7,622		1,095,967
Organon & Co.		30,792		806,135
Royalty Pharma PLC, Class A		44,559		1,885,737
Viatris, Inc.		146,929		1,488,391


				5,276,230

Professional Services — 0.9%
Booz Allen Hamilton Holding Corp., Class A		8,088		880,379
Dun & Bradstreet Holdings, Inc.		18,001		231,313
Jacobs Solutions, Inc.		8,050		927,521
Leidos Holdings, Inc.		16,579		1,684,261
Robert Half International, Inc.		6,651		508,535


				4,232,009

Real Estate Management & Development — 0.6%
CBRE Group, Inc., Class A^(a)		25,095		1,780,239
Jones Lang LaSalle, Inc.^(a)		5,823		926,381


				2,706,620

Road & Rail — 0.4%
AMERCO		567		326,133


Security	Shares		Value

Road & Rail (continued)
Avis Budget Group, Inc.^(a)		1,584	$	374,552
Hertz Global Holdings, Inc.^(a)(b)		21,821		401,506
Knight-Swift Transportation Holdings, Inc., Class A		9,726		467,140
Lyft, Inc., Class A^(a)(b)		17,562		257,108


				1,826,439

Semiconductors & Semiconductor Equipment — 0.7%
First Solar, Inc.^(a)		6,653		968,477
Qorvo, Inc. ^(a)		7,289		627,437
Skyworks Solutions, Inc.		13,172		1,132,924
Wolfspeed, Inc.^(a)		9,240		727,650


				3,456,488

Software — 0.4%
Gen Digital, Inc.		71,883		1,619,524
Guidewire Software, Inc.^(a)		6,038		358,718


				1,978,242

Specialty Retail — 2.1%
Advance Auto Parts, Inc.		3,919		744,296
AutoNation, Inc.^(a)(b)		4,677		497,212
AutoZone, Inc.^(a)		938		2,375,841
Bath & Body Works, Inc.		18,862		629,614
Best Buy Co., Inc.		24,329		1,664,347
CarMax, Inc.^(a)(b)		10,234		644,844
GameStop Corp., Class A^(a)(b)		16,905		478,580
Lithia Motors, Inc.^(b)		1,686		334,081
Penske Automotive Group, Inc.^(b)		3,145		351,045
RH^(a)(b)		1,191		302,431
Tractor Supply Co.		5,484		1,205,219
Williams-Sonoma, Inc.		4,640		574,571


				9,802,081

Technology Hardware, Storage & Peripherals — 2.2%
Dell Technologies, Inc., Class C		32,239		1,237,978
Hewlett Packard Enterprise Co.		157,664		2,249,865
HP, Inc.		110,427		3,049,994
NetApp, Inc.		17,170		1,189,366
Seagate Technology Holdings PLC		23,664		1,175,154
Western Digital Corp.^(a)		37,949		1,304,307


				10,206,664

Textiles, Apparel & Luxury Goods — 0.3%
Capri Holdings Ltd.^(a)(b)		10,904		498,095
Tapestry, Inc.		30,591		969,123


				1,467,218

Trading Companies & Distributors — 0.9%
Fastenal Co.		28,224		1,364,066
United Rentals, Inc.^(a)		4,133		1,304,829
Watsco, Inc.		1,536		416,195
WW Grainger, Inc.		2,217		1,295,504


				4,380,594

Water Utilities — 0.4%
American Water Works Co., Inc.		8,521		1,238,442
Essential Utilities, Inc.		11,670		516,048


				1,754,490


Total Long-Term Investments — 99.7% (Cost: $446,353,636)				469,984,511


Security	Shares		Value

Short-Term Securities

Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%^(c)(d)(e)		9,403,921	$	9,402,040
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(c)(d)		719,799		719,799


Total Short-Term Securities — 2.2% (Cost: $10,121,241)				10,121,839


Total Investments — 101.9% (Cost: $456,474,877)				480,106,350

Liabilities in Excess of Other Assets — (1.9)%				(8,858,829	)


Net Assets — 100.0%			$	471,247,521

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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

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


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.4%
AAR Corp.^(a)		2,017	$	89,393
Aerojet Rocketdyne Holdings, Inc.^(a)		4,477		216,911
AeroVironment, Inc.^(a)		1,493		136,609
AerSale Corp.^(a)		884		18,741
Archer Aviation, Inc., Class A^(a)(b)		8,216		23,416
Astra Space, Inc.^(a)		7,719		4,866
BWX Technologies, Inc.		5,419		308,775
Cadre Holdings, Inc.^(b)		893		26,227
Curtiss-Wright Corp.		2,272		381,310
Ducommun, Inc.^(a)		671		31,678
Hexcel Corp.		4,984		277,609
Kaman Corp.		1,649		52,933
Kratos Defense & Security Solutions, Inc.^(a)		7,527		83,399
Maxar Technologies, Inc.		4,417		98,676
Mercury Systems, Inc.^(a)		3,430		166,012
Moog, Inc., Class A		1,721		145,855
National Presto Industries, Inc.		298		21,006
Parsons Corp.^(a)(b)		1,988		93,197
Redwire Corp.^(a)		985		2,699
Rocket Lab U.S.A., Inc.^(a)		12,648		64,378
Spirit AeroSystems Holdings, Inc., Class A		6,263		145,051
Terran Orbital Corp.^(a)(b)		3,187		8,350
Triumph Group, Inc.^(a)		3,826		34,625
V2X, Inc.^(a)		643		26,356
Virgin Galactic Holdings, Inc.^(a)		13,222		61,086
Woodward, Inc.		3,560		326,452


				2,845,610

Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.^(a)		3,474		101,441
Atlas Air Worldwide Holdings, Inc.^(a)		1,533		155,048
Forward Air Corp.		1,601		169,498
Hub Group, Inc., Class A^(a)		1,999		155,122


				581,109

Airlines — 0.5%
Alaska Air Group, Inc.^(a)		7,500		333,450
Allegiant Travel Co.^(a)		912		68,446
Blade Air Mobility, Inc.^(a)		3,147		14,161
Frontier Group Holdings, Inc.^(a)		2,189		28,698
Hawaiian Holdings, Inc.^(a)		3,022		43,607
JetBlue Airways Corp.^(a)		19,195		154,328
Joby Aviation, Inc.^(a)(b)		16,767		80,817
SkyWest, Inc.^(a)		2,998		53,005
Spirit Airlines, Inc.^(a)		6,506		143,132
Sun Country Airlines Holdings, Inc.^(a)		1,902		30,964
Wheels Up Experience, Inc.^(a)(b)		9,987		17,677


				968,285

Auto Components — 1.2%
Adient PLC^(a)		5,635		197,112
American Axle & Manufacturing Holdings, Inc.^(a)		6,804		65,931
Autoliv, Inc.		4,636		372,502
Dana, Inc.		7,510		119,860
Dorman Products, Inc.^(a)		1,681		137,203
Fox Factory Holding Corp.^(a)		2,504		219,976
Garrett Motion, Inc.^(a)(b)		3,430		22,775
Gentherm, Inc.^(a)		1,981		115,730
Goodyear Tire & Rubber Co.^(a)		16,794		213,284
Holley, Inc.^(a)(b)		2,941		11,705
LCI Industries		1,498		158,953
Luminar Technologies, Inc.^(a)(b)		13,714		110,946
Modine Manufacturing Co.^(a)		3,065		54,925


Security	Shares		Value

Auto Components (continued)
Patrick Industries, Inc.		1,294	$	59,149
QuantumScape Corp.^(a)(b)		16,236		135,246
Solid Power, Inc.^(a)		6,616		37,116
Standard Motor Products, Inc.		1,123		42,595
Stoneridge, Inc.^(a)		1,614		33,684
Tenneco, Inc., Class A^(a)(b)		4,918		96,885
Visteon Corp.^(a)		1,668		217,624
XPEL, Inc.^(a)(b)		1,151		79,638


				2,502,839

Automobiles — 0.4%
Canoo, Inc.^(a)(b)		8,879		12,164
Faraday Future Intelligent Electric, Inc.^(a)(b)		6,920		3,738
Fisker, Inc.^(a)(b)		8,599		70,082
Harley-Davidson, Inc.		7,872		338,496
Lordstown Motors Corp., Class A^(a)(b)		9,731		17,613
Mullen Automotive, Inc.^(a)(b)		23,697		11,289
Thor Industries, Inc.		3,231		263,230
Winnebago Industries, Inc.		1,870		111,620
Workhorse Group, Inc.^(a)(b)		9,592		25,898


				854,130

Banks — 8.4%
1st Source Corp.		1,224		71,188
Amerant Bancorp, Inc.		1,552		46,715
Ameris Bancorp		4,027		207,431
Associated Banc-Corp.		9,121		222,096
Atlantic Union Bankshares Corp.		4,527		156,363
Banc of California, Inc.		3,601		60,065
BancFirst Corp.		1,043		99,940
Bancorp, Inc.^(a)		2,833		78,134
Bank of Hawaii Corp.		2,551		193,748
Bank of Marin Bancorp		971		35,053
Bank OZK		6,813		292,823
BankUnited, Inc.		4,384		157,605
Banner Corp.		1,557		116,386
Berkshire Hills Bancorp, Inc.		2,458		71,897
BOK Financial Corp.		1,753		193,163
Brookline Bancorp, Inc.		3,486		47,933
Byline Bancorp, Inc.		1,481		34,241
Cadence Bank		9,893		273,541
Cambridge Bancorp		465		40,850
Camden National Corp.		963		41,910
Carter Bankshares, Inc.^(a)		1,570		28,103
Cathay General Bancorp		4,622		210,763
Central Pacific Financial Corp.		531		10,896
City Holding Co.		657		66,258
Coastal Financial Corp.^(a)		642		29,930
Columbia Banking System, Inc.		4,143		138,666
Community Bank System, Inc.		3,105		193,845
Community Trust Bancorp, Inc.		1,105		52,255
ConnectOne Bancorp, Inc.		2,200		55,110
CrossFirst Bankshares, Inc.^(a)		2,702		37,585
Customers Bancorp, Inc.^(a)		1,896		63,876
CVB Financial Corp.		7,816		224,476
Dime Community Bancshares, Inc.		1,960		67,679
Eagle Bancorp, Inc.		1,806		81,776
Eastern Bankshares, Inc.		9,678		185,527
Enterprise Financial Services Corp.		2,296		122,767
Equity Bancshares, Inc., Class A		911		32,541
Farmers National Banc Corp.		2,004		27,535
FB Financial Corp.		2,167		90,927
Financial Institutions, Inc.		1,131		26,952
First Bancorp		2,074		92,438


Security	Shares		Value

Banks (continued)
First BanCorp		10,188	$	160,869
First Bancshares, Inc.		1,482		48,521
First Busey Corp.		3,339		88,183
First Commonwealth Financial Corp.		4,054		58,134
First Financial Bancorp		4,193		109,312
First Financial Bankshares, Inc.		7,680		295,603
First Financial Corp.		776		37,628
First Foundation, Inc.		3,195		50,992
First Hawaiian, Inc.		7,621		194,945
First Internet Bancorp		559		14,361
First Interstate BancSystem, Inc., Class A		5,390		245,838
First Merchants Corp.		3,565		160,068
First Mid Bancshares, Inc.		1,275		45,658
First of Long Island Corp.		1,556		27,354
Flushing Financial Corp.		1,921		37,844
FNB Corp.		21,883		316,209
Fulton Financial Corp.		10,282		187,441
German American Bancorp, Inc.		1,784		70,093
Glacier Bancorp, Inc.		6,577		376,731
Great Southern Bancorp, Inc.		658		40,783
Hancock Whitney Corp.		5,166		288,624
Hanmi Financial Corp.		1,167		31,252
HarborOne Bancorp, Inc.		2,929		44,609
Heartland Financial U.S.A., Inc.		2,360		116,395
Heritage Commerce Corp.		3,959		56,614
Heritage Financial Corp.		1,430		48,177
Hilltop Holdings, Inc.		2,801		81,089
Home BancShares, Inc.		11,391		290,357
HomeStreet, Inc.		1,070		27,777
HomeTrust Bancshares, Inc.		897		21,555
Hope Bancorp, Inc.		5,422		73,577
Horizon Bancorp, Inc.		2,502		37,305
Independent Bank Corp./MA		2,673		232,578
Independent Bank Corp./MI		1,660		38,396
Independent Bank Group, Inc.		2,159		136,211
International Bancshares Corp.		3,192		158,323
Lakeland Bancorp, Inc.		4,241		79,095
Lakeland Financial Corp.		1,569		129,678
Live Oak Bancshares, Inc.		1,939		62,959
Mercantile Bank Corp.		1,017		35,544
Metropolitan Bank Holding Corp.^(a)		654		43,164
Midland States Bancorp, Inc.		1,462		40,994
MVB Financial Corp.		657		16,267
National Bank Holdings Corp., Class A		1,816		79,577
NBT Bancorp, Inc.		2,022		95,823
Nicolet Bankshares, Inc.^(a)(b)		750		57,218
Northwest Bancshares, Inc.		6,509		98,026
OceanFirst Financial Corp.		3,824		86,346
OFG Bancorp		2,383		66,438
Old National Bancorp		17,388		340,109
Old Second Bancorp, Inc.		2,492		39,872
Origin Bancorp, Inc.		1,802		74,477
Pacific Premier Bancorp, Inc.		5,451		198,471
PacWest Bancorp		7,062		175,561
Park National Corp.		921		135,848
Pathward Financial, Inc.		1,755		73,763
Peapack-Gladstone Financial Corp.		1,118		44,239
Peoples Bancorp, Inc.		1,827		55,303
Pinnacle Financial Partners, Inc.		4,525		375,530
Popular, Inc.		4,463		315,623
Premier Financial Corp.		2,307		66,557
Prosperity Bancshares, Inc.		5,501		393,707


Security	Shares		Value

Banks (continued)
QCR Holdings, Inc.^(b)		1,083	$	54,919
Renasant Corp.		3,180		128,377
S&T Bancorp, Inc.		2,069		78,229
Sandy Spring Bancorp, Inc.		2,778		98,452
Seacoast Banking Corp. of Florida		3,749		115,844
ServisFirst Bancshares, Inc.		2,894		218,005
Silvergate Capital Corp., Class A^(a)		1,893		107,447
Simmons First National Corp., Class A		6,638		158,449
Southern First Bancshares, Inc.^(a)		494		22,072
Southside Bancshares, Inc.		1,959		67,076
SouthState Corp.		4,494		406,392
Stellar Bancorp, Inc.		2,719		89,292
Stock Yards Bancorp, Inc.		1,753		137,067
Synovus Financial Corp.		8,711		347,133
Texas Capital Bancshares, Inc.^(a)		2,978		178,680
Tompkins Financial Corp.		816		67,597
Towne Bank		4,245		139,830
TriCo Bancshares		2,034		117,789
Triumph Bancorp, Inc.^(a)		1,427		73,491
Trustmark Corp.		3,772		137,942
UMB Financial Corp.		2,655		220,949
Umpqua Holdings Corp.		13,085		260,130
United Bankshares, Inc.		8,027		339,943
United Community Banks, Inc.		5,926		228,151
Univest Financial Corp.		1,912		53,804
Valley National Bancorp		25,035		297,165
Veritex Holdings, Inc.		3,247		102,540
Washington Federal, Inc.		4,028		155,884
Washington Trust Bancorp, Inc.		1,148		55,678
WesBanco, Inc.		3,671		148,455
Westamerica BanCorp		1,491		93,530
Wintrust Financial Corp.		3,625		339,372


				16,750,266

Beverages — 0.4%
Boston Beer Co., Inc., Class A, NVS^(a)		565		210,909
Celsius Holdings, Inc.^(a)(b)		2,378		216,588
Coca-Cola Consolidated, Inc.		276		134,415
Duckhorn Portfolio, Inc.^(a)		2,489		36,389
MGP Ingredients, Inc.^(b)		922		103,310
National Beverage Corp.		1,365		64,728
Vintage Wine Estates, Inc.^(a)(b)		2,448		6,781
Vita Coco Co., Inc.^(a)		1,406		14,426


				787,546

Biotechnology — 5.8%
4D Molecular Therapeutics, Inc.^(a)(b)		1,698		14,705
Absci Corp.^(a)(b)		2,675		8,453
ACADIA Pharmaceuticals, Inc.^(a)		7,139		114,438
Adicet Bio, Inc.^(a)		1,823		30,061
ADMA Biologics, Inc.^(a)		10,524		29,678
Agenus, Inc.^(a)(b)		15,449		38,777
Agios Pharmaceuticals, Inc.^(a)(b)		3,291		90,634
Akero Therapeutics, Inc.^(a)		1,752		74,040
Albireo Pharma, Inc.^(a)(b)		1,009		20,705
Alector, Inc.^(a)		3,573		32,872
Alkermes PLC^(a)		9,730		220,871
Allogene Therapeutics, Inc.^(a)(b)		5,324		54,837
ALX Oncology Holdings, Inc.^(a)(b)		1,285		15,600
Amicus Therapeutics, Inc.^(a)		14,835		148,350
AnaptysBio, Inc.^(a)(b)		1,207		34,822
Anavex Life Sciences Corp.^(a)(b)		4,680		56,956
Apellis Pharmaceuticals, Inc.^(a)		5,522		334,026
Arcellx, Inc.^(a)		1,586		37,239


Security	Shares		Value

Biotechnology (continued)
Arcturus Therapeutics Holdings, Inc.^(a)(b)		1,448	$	25,630
Arcus Biosciences, Inc.^(a)		3,120		79,498
Arcutis Biotherapeutics, Inc.^(a)		2,340		41,371
Arrowhead Pharmaceuticals, Inc.^(a)		6,283		218,711
Atara Biotherapeutics, Inc.^(a)(b)		5,707		26,595
Avid Bioservices, Inc.^(a)		3,631		61,509
Avidity Biosciences, Inc.^(a)		3,061		43,711
Beam Therapeutics, Inc.^(a)(b)		3,518		155,003
BioCryst Pharmaceuticals, Inc.^(a)		11,063		147,691
Bioxcel Therapeutics, Inc.^(a)(b)		1,211		15,246
Blueprint Medicines Corp.^(a)		3,547		183,876
Bridgebio Pharma, Inc.^(a)(b)		6,280		65,500
C4 Therapeutics, Inc.^(a)		2,521		24,252
CareDx, Inc.^(a)		3,150		62,717
Caribou Biosciences, Inc.^(a)		3,163		30,808
Catalyst Pharmaceuticals, Inc.^(a)		5,684		78,837
Celldex Therapeutics, Inc.^(a)		2,756		96,818
Century Therapeutics, Inc.^(a)		1,190		12,495
Cerevel Therapeutics Holdings, Inc.^(a)		3,826		106,975
Chimerix, Inc.^(a)		5,154		9,123
Chinook Therapeutics, Inc.^(a)		2,593		56,398
Coherus Biosciences, Inc.^(a)		3,902		33,947
Crinetics Pharmaceuticals, Inc.^(a)		2,592		47,848
CRISPR Therapeutics AG^(a)(b)		4,617		241,654
CTI BioPharma Corp.^(a)		5,642		27,646
Cullinan Oncology, Inc.^(a)		1,695		22,272
Cytokinetics, Inc.^(a)		5,572		243,274
Day One Biopharmaceuticals, Inc.^(a)		1,596		33,739
Deciphera Pharmaceuticals, Inc.^(a)(b)		2,889		46,860
Denali Therapeutics, Inc.^(a)		6,419		184,097
Design Therapeutics, Inc.^(a)(b)		1,741		27,194
Dynavax Technologies Corp.^(a)(b)		6,920		79,234
Dyne Therapeutics, Inc.^(a)		1,501		17,111
Eagle Pharmaceuticals, Inc.^(a)		660		20,770
Editas Medicine, Inc.^(a)		4,046		50,777
Emergent BioSolutions, Inc.^(a)		2,610		54,445
Enanta Pharmaceuticals, Inc.^(a)		1,147		51,741
Enochian Biosciences, Inc.^(a)(b)		1,022		2,075
EQRx, Inc.^(a)		13,622		70,017
Erasca, Inc.^(a)(b)		3,507		28,652
Exelixis, Inc.^(a)		19,037		315,633
Fate Therapeutics, Inc.^(a)(b)		4,918		102,885
FibroGen, Inc.^(a)		5,137		83,630
Foghorn Therapeutics, Inc.^(a)		1,170		10,226
Gelesis Holdings, Inc.^(a)		1,646		613
Generation Bio Co.^(a)(b)		2,673		13,686
Geron Corp.^(a)		19,132		42,473
Gossamer Bio, Inc.^(a)(b)		4,528		50,261
GreenLight Biosciences Holdings PBC^(a)		4,624		8,231
Halozyme Therapeutics, Inc.^(a)		8,148		389,556
Heron Therapeutics, Inc.^(a)		5,971		22,988
HilleVax, Inc.^(a)		777		16,612
Humacyte, Inc.^(a)(b)		2,975		10,249
Ideaya Biosciences, Inc.^(a)		1,998		33,746
IGM Biosciences, Inc.^(a)(b)		520		10,400
Imago Biosciences, Inc.^(a)		1,420		24,140
ImmunityBio, Inc.^(a)(b)		6,059		33,325
ImmunoGen, Inc.^(a)		11,702		69,510
Immunovant, Inc.^(a)		2,642		29,590
Inhibrx, Inc.^(a)(b)		1,588		51,102
Inovio Pharmaceuticals, Inc.^(a)		14,641		31,625
Insmed, Inc.^(a)(b)		7,925		137,261


Security	Shares		Value

Biotechnology (continued)
Instil Bio, Inc.^(a)(b)		3,625	$	11,963
Intellia Therapeutics, Inc.^(a)		4,504		237,721
Intercept Pharmaceuticals, Inc.^(a)(b)		1,497		20,763
Ionis Pharmaceuticals, Inc.^(a)(b)		8,430		372,606
Iovance Biotherapeutics, Inc.^(a)(b)		8,079		75,458
Ironwood Pharmaceuticals, Inc.^(a)		7,984		87,345
iTeos Therapeutics, Inc.^(a)		1,441		28,071
IVERIC bio, Inc.^(a)		6,570		157,154
Janux Therapeutics, Inc.^(a)(b)		1,005		18,170
Karuna Therapeutics, Inc.^(a)		1,583		347,215
Karyopharm Therapeutics, Inc.^(a)		4,283		20,387
Keros Therapeutics, Inc.^(a)		954		48,024
Kezar Life Sciences, Inc.^(a)		3,053		22,943
Krystal Biotech, Inc.^(a)		1,283		98,149
Kura Oncology, Inc.^(a)		3,625		56,260
Kymera Therapeutics, Inc.^(a)(b)		2,156		65,413
Lyell Immunopharma, Inc.^(a)		8,406		49,427
MacroGenics, Inc.^(a)		3,411		17,464
Madrigal Pharmaceuticals, Inc.^(a)(b)		727		51,486
MannKind Corp.^(a)(b)		15,507		52,414
MeiraGTx Holdings PLC^(a)		1,539		11,189
MiMedx Group, Inc.^(a)		6,607		19,557
Mirati Therapeutics, Inc.^(a)(b)		2,971		200,008
Mirum Pharmaceuticals, Inc.^(a)		1,403		31,638
Monte Rosa Therapeutics, Inc.^(a)(b)		1,708		15,714
Morphic Holding, Inc.^(a)(b)		1,743		48,821
Myovant Sciences Ltd.^(a)		2,534		67,759
Myriad Genetics, Inc.^(a)		4,765		98,826
Natera, Inc.^(a)		5,747		269,879
Nkarta, Inc.^(a)(b)		1,910		24,085
Novavax, Inc.^(a)(b)		4,598		102,397
Nurix Therapeutics, Inc.^(a)(b)		2,570		32,716
Nuvalent, Inc., Class A^(a)		1,078		38,495
Ocugen, Inc.^(a)(b)		12,418		21,359
Organogenesis Holdings, Inc.^(a)		4,443		14,573
Pardes Biosciences, Inc.^(a)		930		1,116
PMV Pharmaceuticals, Inc.^(a)		1,909		23,500
Point Biopharma Global, Inc.^(a)		3,869		36,098
Praxis Precision Medicines, Inc.^(a)		2,186		4,306
Prometheus Biosciences, Inc.^(a)		1,745		91,647
Protagonist Therapeutics, Inc.^(a)		2,746		22,243
Prothena Corp. PLC^(a)(b)		2,107		129,454
PTC Therapeutics, Inc.^(a)		4,243		160,470
RAPT Therapeutics, Inc.^(a)		1,273		27,777
Recursion Pharmaceuticals, Inc., Class A^(a)		7,140		75,327
REGENXBIO, Inc.^(a)		2,216		52,453
Relay Therapeutics, Inc.^(a)		5,307		117,922
Replimune Group, Inc.^(a)		1,881		34,535
REVOLUTION Medicines, Inc.^(a)(b)		4,484		90,846
Rigel Pharmaceuticals, Inc.^(a)		10,813		7,878
Rocket Pharmaceuticals, Inc.^(a)		2,913		54,357
Roivant Sciences Ltd.^(a)(b)		6,188		31,806
Sage Therapeutics, Inc.^(a)		3,086		116,219
Sana Biotechnology, Inc.^(a)(b)		5,262		30,520
Sangamo Therapeutics, Inc.^(a)(b)		7,546		33,127
Sarepta Therapeutics, Inc.^(a)		5,183		590,966
Seres Therapeutics, Inc.^(a)(b)		5,367		47,552
Sorrento Therapeutics, Inc.^(a)		22,934		36,006
SpringWorks Therapeutics, Inc.^(a)		1,859		44,635
Stoke Therapeutics, Inc.^(a)		1,335		19,825
Syndax Pharmaceuticals, Inc.^(a)		3,124		71,727
Tango Therapeutics, Inc.^(a)		2,600		20,904


Security	Shares		Value

Biotechnology (continued)
Tenaya Therapeutics, Inc.^(a)		1,255	$	3,363
TG Therapeutics, Inc.^(a)(b)		8,059		46,903
Travere Therapeutics, Inc.^(a)		3,242		70,287
Twist Bioscience Corp.^(a)(b)		3,381		110,998
Ultragenyx Pharmaceutical, Inc.^(a)		4,164		168,475
uniQure NV^(a)		2,413		44,930
Vanda Pharmaceuticals, Inc.^(a)		3,295		34,499
Vaxart, Inc.^(a)		7,795		13,018
Vaxcyte, Inc.^(a)		3,523		153,638
Vera Therapeutics, Inc.^(a)		784		14,614
Veracyte, Inc.^(a)		4,220		84,864
Vericel Corp.^(a)		2,787		74,915
Verve Therapeutics, Inc.^(a)(b)		2,395		90,291
Vir Biotechnology, Inc.^(a)		4,527		99,503
Xencor, Inc.^(a)		3,582		100,296
Y-mAbs Therapeutics, Inc.^(a)		1,961		7,079
Zentalis Pharmaceuticals, Inc.^(a)(b)		2,586		64,883


				11,662,144

Building Products — 1.0%
AAON, Inc.		2,491		160,645
American Woodmark Corp.^(a)		981		44,488
Apogee Enterprises, Inc.		1,335		61,250
Armstrong World Industries, Inc.		2,751		207,893
AZEK Co., Inc.^(a)(b)		6,531		114,358
Gibraltar Industries, Inc.^(a)		1,872		95,622
Griffon Corp.		2,850		91,599
Hayward Holdings, Inc.^(a)(b)		5,938		54,926
Insteel Industries, Inc.		1,136		29,934
Janus International Group, Inc.^(a)(b)		4,605		44,346
JELD-WEN Holding, Inc.^(a)		4,975		52,785
Masonite International Corp.^(a)		1,315		94,062
PGT Innovations, Inc.^(a)		3,527		75,160
Quanex Building Products Corp.		1,972		43,699
Resideo Technologies, Inc.^(a)		8,654		204,407
Simpson Manufacturing Co., Inc.		2,562		219,000
Tecnoglass, Inc.		1,192		24,472
UFP Industries, Inc.		3,648		259,847
Zurn Elkay Water Solutions Corp.		8,631		202,742


				2,081,235

Capital Markets — 2.1%
Affiliated Managers Group, Inc.		2,272		282,092
Artisan Partners Asset Management, Inc., Class A		4,046		115,352
AssetMark Financial Holdings, Inc.^(a)		1,287		26,654
B Riley Financial, Inc.		963		39,175
BGC Partners, Inc., Class A		19,285		76,369
Blucora, Inc.^(a)		2,846		62,697
Blue Owl Capital, Inc.		20,060		201,001
Bridge Investment Group Holdings, Inc., Class A		1,626		25,463
Brightsphere Investment Group, Inc.		1,965		36,981
Cohen & Steers, Inc.		1,494		89,879
Cowen, Inc., Class A		1,547		59,745
Diamond Hill Investment Group, Inc.		185		33,291
Donnelley Financial Solutions, Inc.^(a)		1,510		61,049
Evercore, Inc., Class A		2,140		224,914
Federated Hermes, Inc., Class B		5,045		175,314
Focus Financial Partners, Inc., Class A^(a)		3,431		119,365
Forge Global Holdings, Inc.^(a)(b)		6,151		9,534
Freedom Holding Corp.^(a)(b)		1,013		56,181
GCM Grosvenor, Inc., Class A		2,674		22,114
Hamilton Lane, Inc., Class A		2,097		125,443
Houlihan Lokey, Inc., Class A		2,954		263,851
Interactive Brokers Group, Inc., Class A		6,102		489,075


Security	Shares		Value

Capital Markets (continued)
Janus Henderson Group PLC		7,891	$	179,678
Moelis & Co., Class A		3,827		162,494
Open Lending Corp., Class A^(a)		6,269		44,949
Oppenheimer Holdings, Inc., Class A, NVS		461		15,868
P10, Inc., Class A		2,106		21,881
Piper Sandler Cos		819		104,807
PJT Partners, Inc., Class A		1,450		107,880
StepStone Group, Inc., Class A		2,887		85,224
Stifel Financial Corp.		6,298		389,657
StoneX Group, Inc.^(a)		1,039		96,960
TPG, Inc.^(b)		3,051		93,818
Victory Capital Holdings, Inc., Class A		1,609		46,532
Virtu Financial, Inc., Class A		5,714		127,879
Virtus Investment Partners, Inc.		405		69,453
WisdomTree, Inc.		6,941		37,690


				4,180,309

Chemicals — 2.5%
AdvanSix, Inc.		1,668		60,682
American Vanguard Corp.		1,706		39,699
Amyris, Inc.^(a)(b)		13,391		37,629
Ashland, Inc.		2,949		309,409
Aspen Aerogels, Inc.^(a)		1,802		22,849
Avient Corp.		5,043		173,933
Axalta Coating Systems Ltd.^(a)		13,054		304,419
Balchem Corp.		1,902		265,900
Cabot Corp.		3,343		245,644
Chase Corp.		450		42,394
Chemours Co.		9,195		263,253
Danimer Scientific, Inc.^(a)(b)		5,186		13,587
Diversey Holdings Ltd.^(a)(b)		4,525		24,435
Ecovyst, Inc.^(a)		4,087		40,666
Element Solutions, Inc.		13,529		232,699
FutureFuel Corp.		1,850		12,654
Ginkgo Bioworks Holdings, Inc.^(a)(b)		48,669		132,866
Hawkins, Inc.		1,119		50,389
HB Fuller Co.		3,159		220,214
Huntsman Corp.		11,239		300,756
Ingevity Corp.^(a)(b)		2,125		142,949
Innospec, Inc.		1,482		148,185
Intrepid Potash, Inc.^(a)		604		27,331
Koppers Holdings, Inc.		1,218		30,401
Kronos Worldwide, Inc.		1,360		12,920
Livent Corp.^(a)		10,600		334,642
LSB Industries, Inc.^(a)		2,307		40,672
Mativ Holdings, Inc.		3,212		76,253
Minerals Technologies, Inc.		1,954		107,490
NewMarket Corp.		410		124,779
Origin Materials, Inc.^(a)(b)		7,281		41,356
Perimeter Solutions SA^(a)		9,014		72,022
PureCycle Technologies, Inc.^(a)		7,782		64,357
Quaker Chemical Corp.		805		130,925
Scotts Miracle-Gro Co., Class A		2,424		111,286
Sensient Technologies Corp.		2,479		177,149
Stepan Co.		1,266		132,221
Tredegar Corp.		1,585		17,261
Trinseo PLC		2,064		38,844
Tronox Holdings PLC		6,743		80,916
Valvoline, Inc.		10,481		307,722


				5,013,758

Commercial Services & Supplies — 1.7%
ABM Industries, Inc.		3,976		176,972
ACCO Brands Corp.		5,696		26,202


Security	Shares		Value

Commercial Services & Supplies (continued)
ACV Auctions, Inc., Class A^(a)(b)		6,875	$	62,700
Aris Water Solution, Inc., Class A		1,499		25,528
Aurora Innovation, Inc.^(a)(b)		21,242		43,758
Brady Corp., Class A, NVS		2,757		126,133
BrightView Holdings, Inc.^(a)		2,264		20,195
Brink’s Co.		2,801		167,024
Casella Waste Systems, Inc., Class A^(a)		2,998		245,266
Cimpress PLC^(a)		1,149		26,749
Clean Harbors, Inc.^(a)		2,975		364,318
CoreCivic, Inc.^(a)		6,921		72,463
Deluxe Corp.		2,548		46,832
Driven Brands Holdings, Inc.^(a)(b)		3,286		105,086
Ennis, Inc.		1,531		34,539
GEO Group, Inc.^(a)		6,579		55,658
Harsco Corp.^(a)		4,677		24,741
Healthcare Services Group, Inc.		4,403		61,466
Heritage-Crystal Clean, Inc.^(a)		980		26,921
HNI Corp.		2,462		71,373
IAA, Inc.^(a)(b)		7,917		300,292
Interface, Inc.		3,528		39,902
KAR Auction Services, Inc.^(a)		6,831		99,254
Matthews International Corp., Class A		1,815		48,787
MillerKnoll, Inc.		4,474		94,759
Montrose Environmental Group, Inc.^(a)		1,628		71,274
MSA Safety, Inc.		2,178		292,375
SP Plus Corp.^(a)		1,395		51,657
Steelcase, Inc., Class A		5,558		43,186
Stericycle, Inc.^(a)		5,465		243,630
UniFirst Corp.		900		165,609
Viad Corp.^(a)		1,231		45,892
VSE Corp.		620		28,700


				3,309,241

Communications Equipment — 0.9%
ADTRAN Holdings, Inc.		4,173		93,726
Calix, Inc.^(a)		3,352		246,841
Cambium Networks Corp.^(a)		688		13,313
Casa Systems, Inc.^(a)		1,985		6,253
Clearfield, Inc.^(a)		680		82,600
CommScope Holding Co., Inc.^(a)		12,400		164,176
Comtech Telecommunications Corp.		1,661		18,354
Digi International, Inc.^(a)		2,081		83,927
Extreme Networks, Inc.^(a)		7,626		136,810
Harmonic, Inc.^(a)		6,186		95,574
Infinera Corp.^(a)(b)		11,112		62,338
Lumentum Holdings, Inc.^(a)(b)		4,084		304,054
NETGEAR, Inc.^(a)		1,703		33,464
NetScout Systems, Inc.^(a)		4,051		145,512
Ribbon Communications, Inc.^(a)		4,211		11,159
Viasat, Inc.^(a)		4,487		183,787


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(4.80	)%		(4.66	)%		6.61	%		11.32	%		(4.66	)%		37.75	%		192.27	%
Fund Market		(4.80	)		(4.70	)		6.63			11.34			(4.70	)		37.87			192.77
Index		(4.81	)		(4.65	)		6.81			11.59			(4.65	)		38.98			199.33


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period⁽	^a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 952.00	$ 0.30			$ 1,000.00	$ 1,024.90	$ 0.31		0.06	%



Sector	Percent of Total Investments	^(a)
Financials	19.7	%
Industrials	12.4
Utilities	12.2
Consumer Discretionary	9.2
Energy	8.5
Real Estate	8.3
Materials	7.1
Health Care	6.9
Information Technology	6.4
Consumer Staples	6.3
Communication Services	3.0


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(2.44	)%		(17.95	)%		4.00	%		8.96	%		(17.95	)%		21.66	%		135.83	%
Fund Market		(2.26	)		(17.98	)		4.00			8.97			(17.98	)		21.69			136.03
Index		(2.53	)		(18.07	)		4.07			9.04			(18.07	)		22.05			137.71


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 975.60	$ 0.20			$ 1,000.00	$ 1,025.00	$ 0.20		0.04	%


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


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		51
Statements of Operations		52
Statements of Changes in Net Assets		53
Financial Highlights		55
Notes to Financial Statements		59
Board Review and Approval of Investment Advisory Contract		67
Supplemental Information		69
General Information		70
Glossary of Terms Used in this Report		71


Fund Summary as of October 31, 2022		iShares^® Morningstar Mid-Cap Value ETF


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


Fund Summary as of October 31, 2022		iShares^® Morningstar Small-Cap ETF


Fund Summary as of October 31, 2022		iShares^® Morningstar U.S. Equity ETF


Fund Summary as of October 31, 2022		iShares^® Morningstar Value ETF


Affiliated Issuer		Value at 04/30/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22	Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,213,576	$	—	$	(808,845	)^(a)	$	(766	)	$	(1,925	)	$	9,402,040	9,403,921	$	66,919	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		865,000		—		(145,201	)^(a)		—			—			719,799	719,799		6,524			—

								$	(766	)	$	(1,925	)	$	10,121,839		$	73,443		$	—


Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Utilities Select Sector Index		7		12/16/22	$ 473	$	3,395
S&P Mid 400 E-Mini Index		3		12/16/22	732		39,103

						$	42,498


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	42,498	$	—	$	—	$	—	$	42,498



Security	Percent of Total Investments	^(a)
Apple Inc.	6.6	%
Microsoft Corp.	4.9
Amazon.com, Inc.	2.6
Tesla, Inc.	1.7
Alphabet, Inc., Class A	1.6
Berkshire Hathaway, Inc., Class B	1.5
UnitedHealth Group, Inc.	1.5
Alphabet, Inc., Class C, NVS	1.5
Exxon Mobil Corp.	1.3
Johnson & Johnson	1.3



Security	Percent of Total Investments	^(a)

Apple Inc.	3.8	%
Berkshire Hathaway, Inc., Class B	2.8
Exxon Mobil Corp.	2.4
Johnson & Johnson	2.4
JPMorgan Chase & Co.	2.0
Chevron Corp.	1.7
Procter & Gamble Co.	1.7
UnitedHealth Group, Inc.	1.5
Pfizer, Inc.	1.4
AbbVie, Inc.	1.4


Futures contracts
Average notional value of contracts — long	$	1,343,025


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	469,984,511	$	—	$	—	$	469,984,511
Short-Term Securities
Money Market Funds		10,121,839		—		—		10,121,839

	$	480,106,350	$	—	$	—	$	480,106,350


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	42,498	$	—	$	—	$	42,498