iShares Trust

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period as of 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 Core Dividend ETF (the “Fund”) (formerly the iShares U.S. Dividend and Buyback ETF) seeks to track the investment results of an index composed of U.S. stocks with a history of dividend payments and/or share buybacks, as represented by the Morningstar^® US Dividend and Buyback 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.

The inception date of the Fund was November 7, 2017. The first day of secondary market trading was November 9, 2017.

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

The iShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities with a history of consistently growing dividends, as represented by the Morningstar^® U.S. Dividend Growth 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.

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 2014.

The iShares Core High Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Morningstar^® Dividend Yield Focus 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.

The iShares Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Dow Jones U.S. Select Dividend 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.

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 — 2.0%
General Dynamics Corp.		2,116	$	528,577
L3Harris Technologies, Inc.		3,331		820,992
Lockheed Martin Corp.		2,688		1,308,196
Northrop Grumman Corp.		1,251		686,811
Raytheon Technologies Corp.		12,081		1,145,520
Textron, Inc.		2,420		165,625


				4,655,721
Air Freight & Logistics — 0.5%
CH Robinson Worldwide, Inc.		1,572		153,616
FedEx Corp.		1,686		270,232
United Parcel Service, Inc., Class B		4,859		815,194


				1,239,042
Automobiles — 0.1%
Ford Motor Co.		23,227		310,545


Banks — 7.4%
Bank of America Corp.		113,551		4,092,378
Citigroup, Inc.		39,091		1,792,713
Citizens Financial Group, Inc.		5,198		212,598
Comerica, Inc.		1,767		124,574
Fifth Third Bancorp		9,076		323,923
Huntington Bancshares, Inc.		18,183		276,018
JPMorgan Chase & Co.		39,493		4,971,379
KeyCorp		14,774		264,011
M&T Bank Corp.		1,292		217,534
PNC Financial Services Group, Inc.		4,881		789,892
Regions Financial Corp.		8,505		186,685
Truist Financial Corp.		15,260		683,495
U.S. Bancorp		14,129		599,776
Wells Fargo & Co.		64,491		2,965,941
Zions Bancorp N.A.		2,415		125,435


				17,626,352
Beverages — 1.3%
Coca-Cola Co.		21,580		1,291,563
Constellation Brands, Inc., Class A		1,766		436,343
PepsiCo, Inc.		8,068		1,464,988


				3,192,894
Biotechnology — 2.8%
AbbVie, Inc.		16,292		2,385,149
Amgen, Inc.		8,872		2,398,545
Biogen, Inc.^(a)		1,998		566,313
Gilead Sciences, Inc.		12,676		994,559
Regeneron Pharmaceuticals, Inc.^(a)		207		154,991
Vertex Pharmaceuticals, Inc.^(a)		705		219,960


				6,719,517
Building Products — 0.8%
Builders FirstSource, Inc.^(a)		5,219		321,804
Carrier Global Corp.		5,829		231,761
Fortune Brands Home & Security, Inc.		2,086		125,827
Johnson Controls International PLC		9,445		546,299
Masco Corp.		5,144		238,013
Owens Corning		1,686		144,338
Trane Technologies PLC		2,005		320,058


				1,928,100
Capital Markets — 4.0%
Ameriprise Financial, Inc.		1,757		543,124
Bank of New York Mellon Corp.		15,218		640,830
BlackRock, Inc.^(b)		1,188		767,341
Blackstone, Inc., NVS		9,289		846,599


Security	Shares		Value

Capital Markets (continued)
Charles Schwab Corp.		3,420	$	272,471
CME Group, Inc., Class A		1,383		239,674
Evercore, Inc., Class A		1,507		158,386
Goldman Sachs Group, Inc.		3,701		1,275,031
Intercontinental Exchange, Inc.		2,722		260,142
Jefferies Financial Group, Inc.		4,216		145,073
KKR & Co., Inc.		2,654		129,064
Moody’s Corp.		864		228,848
Morgan Stanley		26,855		2,206,675
MSCI, Inc., Class A		523		245,214
Nasdaq, Inc.		2,874		178,878
Northern Trust Corp.		1,549		130,658
S&P Global, Inc.		3,006		965,677
T Rowe Price Group, Inc.		3,249		344,914


				9,578,599
Chemicals — 2.0%
Air Products and Chemicals, Inc.		1,106		276,942
Celanese Corp.		1,926		185,127
CF Industries Holdings, Inc.		1,716		182,342
Corteva, Inc.		4,011		262,079
Dow, Inc.		12,402		579,669
DuPont de Nemours, Inc.		7,425		424,710
Eastman Chemical Co.		2,797		214,838
Ecolab, Inc.		880		138,222
International Flavors & Fragrances, Inc.		1,449		141,437
Linde PLC		4,608		1,370,189
LyondellBasell Industries NV, Class A		3,710		283,630
PPG Industries, Inc.		1,117		127,539
Sherwin-Williams Co.		2,372		533,771


				4,720,495
Commercial Services & Supplies — 0.3%
Cintas Corp.		701		299,712
Waste Management, Inc.		2,091		331,152


				630,864
Communications Equipment — 1.1%
Cisco Systems, Inc.		48,632		2,209,352
Juniper Networks, Inc.		4,577		140,056
Motorola Solutions, Inc.		921		229,983


				2,579,391
Construction & Engineering — 0.1%
AECOM		2,059		155,002


Consumer Finance — 1.8%
Ally Financial, Inc.		12,069		332,622
American Express Co.		6,832		1,014,210
Capital One Financial Corp.		13,027		1,381,123
Credit Acceptance Corp.^(a)		260		121,061
Discover Financial Services		5,109		533,686
SLM Corp.		15,250		252,997
Synchrony Financial		17,287		614,726


				4,250,425
Containers & Packaging — 0.2%
Ball Corp.		3,103		153,257
Crown Holdings, Inc.		1,876		128,675
International Paper Co.		7,446		250,260


				532,192
Distributors — 0.2%
Genuine Parts Co.		894		159,007
LKQ Corp.		3,521		195,908


				354,915


Security	Shares		Value

Diversified Consumer Services — 0.1%
Grand Canyon Education, Inc.^(a)		1,748	$	175,901
Service Corp. International		2,466		149,465


				325,366
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B^(a)		14,579		4,302,117
Equitable Holdings, Inc.		9,302		284,827
Voya Financial, Inc.		3,566		243,772


				4,830,716
Diversified Telecommunication Services — 2.0%
AT&T Inc.		143,078		2,608,312
Lumen Technologies, Inc.		19,335		142,305
Verizon Communications, Inc.		53,113		1,984,833


				4,735,450
Electric Utilities — 1.0%
American Electric Power Co., Inc.		1,694		148,936
Duke Energy Corp.		3,115		290,256
Edison International		3,075		184,623
Entergy Corp.		1,204		128,997
Eversource Energy		1,756		133,948
Exelon Corp.		6,115		235,978
NextEra Energy, Inc.		7,367		570,942
PPL Corp.		6,348		168,158
Southern Co.		7,075		463,271


				2,325,109
Electrical Equipment — 0.4%
Eaton Corp. PLC		2,270		340,659
Emerson Electric Co.		4,161		360,342
Rockwell Automation, Inc.		653		166,711


				867,712
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		3,177		240,912
Arrow Electronics, Inc.^(a)		1,655		167,585
CDW Corp.		1,317		227,591
Corning, Inc.		6,241		200,773
Keysight Technologies, Inc.^(a)		962		167,532
TE Connectivity Ltd.		2,637		322,321


				1,326,714
Energy Equipment & Services — 0.2%
Baker Hughes Co.		9,168		253,587
Schlumberger Ltd.		4,264		221,856


				475,443
Entertainment — 0.1%
Electronic Arts, Inc.		2,038		256,707


Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp.		189		39,159
AvalonBay Communities, Inc.		934		163,562
Crown Castle, Inc.		2,975		396,448
Equity Residential		2,242		141,291
Essex Property Trust, Inc.		466		103,564
Healthpeak Properties, Inc.		4,983		118,247
Iron Mountain, Inc.		2,767		138,544
Prologis, Inc.		3,376		373,892
Public Storage		691		214,037
Realty Income Corp.		1,510		94,028
SBA Communications Corp., Class A		695		187,580
Simon Property Group, Inc.		2,489		271,251
SL Green Realty Corp.		2,651		105,192
Weyerhaeuser Co.		5,685		175,837


				2,522,632


Security	Shares		Value

Food & Staples Retailing — 1.2%
Costco Wholesale Corp.		745	$	373,617
Kroger Co.		7,793		368,531
Sysco Corp.		2,990		258,814
Walgreens Boots Alliance, Inc.		8,375		305,688
Walmart, Inc.		10,966		1,560,791


				2,867,441
Food Products — 1.1%
Archer-Daniels-Midland Co.		2,321		225,091
Conagra Brands, Inc.		4,735		173,774
General Mills, Inc.		5,099		415,976
Hershey Co.		844		201,522
JM Smucker Co.		1,313		197,817
Kellogg Co.		1,901		146,035
Kraft Heinz Co.		6,188		238,052
Mondelez International, Inc., Class A		13,480		828,750
Tyson Foods, Inc., Class A		2,530		172,926


				2,599,943
Health Care Equipment & Supplies — 1.2%
Abbott Laboratories		10,938		1,082,206
Baxter International, Inc.		3,881		210,932
Becton Dickinson and Co.		1,448		341,685
Medtronic PLC		10,968		957,945
Stryker Corp.		877		201,043


				2,793,811
Health Care Providers & Services — 3.7%
Cardinal Health, Inc.		3,253		246,903
Cigna Corp.		5,196		1,678,620
CVS Health Corp.		5,691		538,938
DaVita, Inc.^(a)		2,419		176,611
Elevance Health, Inc.		1,571		858,975
HCA Healthcare, Inc.		5,242		1,139,978
Humana, Inc.		772		430,838
Laboratory Corp. of America Holdings		978		216,979
McKesson Corp.		1,513		589,117
Quest Diagnostics, Inc.		2,878		413,425
UnitedHealth Group, Inc.		4,122		2,288,328
Universal Health Services, Inc., Class B		1,887		218,646


				8,797,358
Hotels, Restaurants & Leisure — 1.4%
Booking Holdings, Inc.^(a)		134		250,510
Darden Restaurants, Inc.		1,846		264,237
Domino’s Pizza, Inc.		538		178,745
McDonald’s Corp.		4,541		1,238,149
MGM Resorts International		7,748		275,596
Starbucks Corp.		9,179		794,810
Yum! Brands, Inc.		3,201		378,518


				3,380,565
Household Durables — 0.6%
DR Horton, Inc.		3,181		244,555
Lennar Corp., Class A		3,970		320,379
NVR, Inc.^(a)		67		283,929
PulteGroup, Inc.		5,126		204,989
Tempur Sealy International, Inc.		6,332		170,268
Whirlpool Corp.		1,647		227,681


				1,451,801
Household Products — 2.1%
Church & Dwight Co., Inc.		628		46,554
Clorox Co.		1,445		211,028
Colgate-Palmolive Co.		8,322		614,497


Security	Shares		Value

Household Products (continued)
Kimberly-Clark Corp.		3,181	$	395,907
Procter & Gamble Co.		28,135		3,788,940


				5,056,926
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.		8,464		194,418


Industrial Conglomerates — 1.0%
3M Co.		8,202		1,031,729
Honeywell International, Inc.		6,594		1,345,308


				2,377,037
Insurance — 3.9%
Aflac, Inc.		9,622		626,488
Allstate Corp.		5,980		754,975
American International Group, Inc.		14,599		832,143
Aon PLC, Class A		2,495		702,318
Arch Capital Group Ltd.^(a)		3,977		228,678
Assurant, Inc.		1,135		154,201
Chubb Ltd.		5,199		1,117,213
Fidelity National Financial, Inc.		4,674		184,062
Hartford Financial Services Group, Inc.		5,506		398,690
Lincoln National Corp.		4,537		244,408
Loews Corp.		2,959		168,722
Marsh & McLennan Cos., Inc.		2,732		441,191
MetLife, Inc.		13,304		973,986
Principal Financial Group, Inc.		3,937		346,968
Progressive Corp.		1,956		251,150
Prudential Financial, Inc.		7,207		758,104
Travelers Cos., Inc.		3,204		591,010
Willis Towers Watson PLC		2,430		530,250


				9,304,557
Interactive Media & Services — 4.8%
Alphabet, Inc., Class A^(a)		42,773		4,042,476
Alphabet, Inc., Class C, NVS^(a)		39,187		3,709,442
Meta Platforms, Inc., Class A^(a)		39,833		3,710,842


				11,462,760
Internet & Direct Marketing Retail — 0.4%
eBay, Inc.		26,039		1,037,394


IT Services — 4.4%
Accenture PLC, Class A		3,778		1,072,574
Automatic Data Processing, Inc.		2,827		683,286
Cognizant Technology Solutions Corp., Class A		5,894		366,902
Fidelity National Information Services, Inc.		5,181		429,971
Fiserv, Inc.^(a)		3,338		342,946
FleetCor Technologies, Inc.^(a)		1,115		207,524
Gartner, Inc.^(a)		914		275,955
Global Payments, Inc.		3,567		407,565
GoDaddy, Inc., Class A^(a)		2,027		162,971
International Business Machines Corp.		9,981		1,380,272
Mastercard, Inc., Class A		4,805		1,576,905
Paychex, Inc.		1,732		204,913
PayPal Holdings, Inc.^(a)		6,362		531,736
VeriSign, Inc.^(a)		772		154,755
Visa, Inc., Class A		12,466		2,582,457
Western Union Co.		9,200		124,292


				10,505,024
Life Sciences Tools & Services — 0.4%
Agilent Technologies, Inc.		1,964		271,719
Mettler-Toledo International, Inc.^(a)		173		218,833
Thermo Fisher Scientific, Inc.		903		464,115


				954,667


Security	Shares		Value

Machinery — 1.4%
Caterpillar, Inc.		5,075	$	1,098,534
Cummins, Inc.		1,583		387,059
Deere & Co.		1,811		716,830
Illinois Tool Works, Inc.		2,132		455,246
Otis Worldwide Corp.		2,104		148,627
Parker-Hannifin Corp.		701		203,725
Stanley Black & Decker, Inc.		3,573		280,445


				3,290,466
Media — 1.8%
Altice U.S.A., Inc., Class A^(a)		36,257		239,659
Charter Communications, Inc., Class A^(a)		5,249		1,929,637
Comcast Corp., Class A		26,953		855,488
Fox Corp., Class A, NVS		4,415		127,461
Liberty Broadband Corp., Class C, NVS^(a)		5,726		483,446
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS^(a)		4,995		210,739
Nexstar Media Group, Inc.		785		134,471
Omnicom Group, Inc.		3,174		230,909


				4,211,810
Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		11,429		362,185
Newmont Corp.		10,070		426,162
Nucor Corp.		4,480		588,582
Steel Dynamics, Inc.		2,929		275,473


				1,652,402
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		17,232		141,647
Annaly Capital Management, Inc.		5,705		105,828


				247,475
Multiline Retail — 1.0%
Dollar General Corp.		2,610		665,681
Dollar Tree, Inc.^(a)		1,136		180,056
Kohl’s Corp.		6,692		200,425
Target Corp.		8,153		1,339,130


				2,385,292
Multi-Utilities — 0.5%
Dominion Energy, Inc.		6,565		459,353
DTE Energy Co.		1,100		123,321
Public Service Enterprise Group, Inc.		3,138		175,947
Sempra Energy		2,422		365,577
WEC Energy Group, Inc.		1,854		169,326


				1,293,524
Oil, Gas & Consumable Fuels — 6.1%
APA Corp.		4,699		213,617
Chevron Corp.		14,391		2,603,332
ConocoPhillips		11,393		1,436,543
Devon Energy Corp.		8,122		628,237
Diamondback Energy, Inc.		1,356		213,041
EOG Resources, Inc.		2,792		381,164
Exxon Mobil Corp.		38,691		4,287,350
Kinder Morgan, Inc., Class P		25,186		456,370
Marathon Oil Corp.		4,752		144,698
Marathon Petroleum Corp.		13,483		1,531,938
ONEOK, Inc.		5,578		330,887
Phillips 66		4,248		443,024
Pioneer Natural Resources Co.		2,824		724,102
Valero Energy Corp.		4,608		578,534
Williams Cos., Inc.		12,179		398,619


				14,371,456


Security	Shares		Value

Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		4,210	$	238,497


Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		1,693		339,430
Herbalife Nutrition Ltd.^(a)		7,378		156,856


				496,286
Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.		32,093		2,486,245
Eli Lilly & Co.		2,694		975,470
Johnson & Johnson		18,452		3,210,094
Merck & Co., Inc.		17,076		1,728,091
Pfizer, Inc.		43,721		2,035,213
Zoetis, Inc., Class A		1,701		256,477


				10,691,590
Professional Services — 0.1%
Leidos Holdings, Inc.		1,258		127,800
Verisk Analytics, Inc.		980		179,174


				306,974
Road & Rail — 1.4%
Avis Budget Group, Inc.^(a)		1,475		348,778
CSX Corp.		23,426		680,760
Norfolk Southern Corp.		3,282		748,526
Union Pacific Corp.		7,874		1,552,280


				3,330,344
Semiconductors & Semiconductor Equipment — 4.9%
Advanced Micro Devices, Inc.^(a)		6,326		379,939
Analog Devices, Inc.		5,376		766,725
Applied Materials, Inc.		10,833		956,445
Broadcom, Inc.		4,197		1,973,094
Intel Corp.		80,204		2,280,200
KLA Corp.		1,815		574,357
Lam Research Corp.		1,927		780,011
Microchip Technology, Inc.		2,615		161,450
Micron Technology, Inc.		9,253		500,587
NXP Semiconductors NV		3,926		573,510
Qorvo, Inc. ^(a)		2,107		181,370
QUALCOMM, Inc.		9,242		1,087,414
Silicon Laboratories, Inc.^(a)		1,440		165,485
Skyworks Solutions, Inc.		2,167		186,384
Texas Instruments, Inc.		6,166		990,445


				11,557,416
Software — 5.9%
Adobe, Inc.^(a)		2,359		751,341
Autodesk, Inc.^(a)		936		200,585
Cadence Design Systems, Inc.^(a)		884		133,829
Dropbox, Inc., Class A^(a)		7,634		166,039
Fair Isaac Corp.^(a)		438		209,732
Fortinet, Inc.^(a)		3,712		212,178
Intuit, Inc.		1,013		433,057
Microsoft Corp.		36,859		8,556,080
Oracle Corp.		38,058		2,971,188
Palo Alto Networks, Inc.^(a)		1,162		199,388
VMware, Inc., Class A^(a)		1,052		118,382


				13,951,799
Specialty Retail — 4.6%
Advance Auto Parts, Inc.		1,372		260,570


Security	Shares		Value

Specialty Retail (continued)
AutoNation, Inc.^(a)		1,758	$	186,893
AutoZone, Inc.^(a)		337		853,580
Bath & Body Works, Inc.		12,084		403,364
Best Buy Co., Inc.		7,417		507,397
Dick’s Sporting Goods, Inc.		1,604		182,471
Home Depot, Inc.		11,375		3,368,479
Lowe’s Cos., Inc.		14,986		2,921,521
O’Reilly Automotive, Inc.^(a)		828		693,177
Ross Stores, Inc.		2,211		211,571
TJX Cos., Inc.		8,726		629,145
Tractor Supply Co.		1,034		227,242
Ulta Beauty, Inc.^(a)		457		191,652
Williams-Sonoma, Inc.		1,444		178,810


				10,815,872
Technology Hardware, Storage & Peripherals — 6.0%
Apple Inc.		75,377		11,558,309
Dell Technologies, Inc., Class C		13,057		501,389
Hewlett Packard Enterprise Co.		14,122		201,521
HP, Inc.		50,277		1,388,651
NetApp, Inc.		2,823		195,549
Seagate Technology Holdings PLC		7,141		354,622
Xerox Holdings Corp.		7,880		115,284


				14,315,325
Textiles, Apparel & Luxury Goods — 0.5%
Crocs, Inc.^(a)		1,540		108,955
Nike, Inc., Class B		7,861		728,558
Tapestry, Inc.		6,130		194,198
VF Corp.		3,569		100,824


				1,132,535
Tobacco — 1.4%
Altria Group, Inc.		35,676		1,650,728
Philip Morris International, Inc.		17,702		1,625,929


				3,276,657
Trading Companies & Distributors — 0.1%
Fastenal Co.		2,825		136,532
WW Grainger, Inc.		307		179,396

				315,928


Total Long-Term Investments — 99.7% (Cost: $257,619,362)				236,805,253


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(b)(c)		768,866		768,866


Total Short-Term Securities — 0.3% (Cost: $768,866)				768,866


Total Investments — 100.0% (Cost: $258,388,228)				237,574,119
Liabilities in Excess of Other Assets — (0.0)%				(107,747	)

Net Assets — 100.0%			$	237,466,372

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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 — 3.0%
BWX Technologies, Inc.		101,371	$	5,776,120
Curtiss-Wright Corp.		13,371		2,244,055
General Dynamics Corp.		347,194		86,729,061
HEICO Corp.		4,716		767,010
HEICO Corp., Class A		8,911		1,134,370
Huntington Ingalls Industries, Inc.		55,587		14,289,750
L3Harris Technologies, Inc.		252,470		62,226,281
Lockheed Martin Corp.		429,191		208,878,676
Northrop Grumman Corp.		140,790		77,295,118
Raytheon Technologies Corp.		2,543,556		241,179,980


				700,520,421
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		167,611		16,378,947
Expeditors International of Washington, Inc.		150,772		14,753,040
Forward Air Corp.		19,652		2,080,557
United Parcel Service, Inc., Class B		1,546,562		259,466,707


				292,679,251
Auto Components — 0.1%
Gentex Corp.		285,654		7,566,974
LCI Industries		61,990		6,577,759


				14,144,733
Automobiles — 0.0%
Thor Industries, Inc.		81,667		6,653,411


Banks — 10.2%
Associated Banc-Corp.		408,999		9,959,126
Atlantic Union Bankshares Corp.		183,967		6,354,220
BancFirst Corp.		18,943		1,815,118
Bank of America Corp.		12,060,907		434,675,088
Bank of Hawaii Corp.		99,239		7,537,202
Bank OZK		247,257		10,627,106
BOK Financial Corp.		49,380		5,441,182
Cadence Bank		119,539		3,305,253
Cathay General Bancorp		168,797		7,697,143
Citigroup, Inc.		5,538,079		253,976,303
Comerica, Inc.		295,822		20,855,451
Commerce Bancshares, Inc.		114,675		8,123,577
Community Bank System, Inc.		53,253		3,324,585
Cullen/Frost Bankers, Inc.		100,669		15,608,728
CVB Financial Corp.		267,710		7,688,631
Fifth Third Bancorp		1,653,385		59,009,311
First Financial Bankshares, Inc.		145,182		5,588,055
First Horizon Corp.		952,919		23,356,045
First Merchants Corp.		128,543		5,771,581
First Republic Bank		87,373		10,493,497
Fulton Financial Corp.		426,369		7,772,707
Glacier Bancorp, Inc.		197,011		11,284,790
Hilltop Holdings, Inc.		80,025		2,316,724
Home BancShares, Inc.		374,586		9,548,197
Independent Bank Corp.		34,694		3,018,725
Independent Bank Group, Inc.		56,786		3,582,629
JPMorgan Chase & Co.		5,513,566		694,047,688
KeyCorp		2,797,919		49,998,813
M&T Bank Corp.		320,896		54,029,260
PNC Financial Services Group, Inc.		1,056,937		171,044,115
Popular, Inc.		150,690		10,656,797
Prosperity Bancshares, Inc.		186,475		13,346,016
Regions Financial Corp.		2,015,698		44,244,571
ServisFirst Bancshares, Inc.		37,094		2,794,291
Simmons First National Corp., Class A		177,423		4,235,087


Security	Shares		Value

Banks (continued)
SouthState Corp.		131,018	$	11,847,958
Synovus Financial Corp.		340,577		13,571,993
Towne Bank		150,416		4,954,703
Truist Financial Corp.		3,997,221		179,035,529
U.S. Bancorp		3,683,836		156,378,838
UMB Financial Corp.		48,788		4,060,137
United Community Banks, Inc.		94,831		3,650,993
Washington Federal, Inc.		137,504		5,321,405
Webster Financial Corp.		422,370		22,917,796
Wintrust Financial Corp.		67,369		6,307,086
Zions Bancorp N.A.		301,109		15,639,601


				2,406,813,651
Beverages — 4.0%
Brown-Forman Corp., Class A		40,161		2,761,872
Brown-Forman Corp., Class B, NVS		129,429		8,801,172
Coca-Cola Co.		7,491,900		448,390,215
Constellation Brands, Inc., Class A		142,387		35,180,980
PepsiCo, Inc.		2,495,810		453,189,180


				948,323,419
Biotechnology — 1.3%
Amgen, Inc.		1,151,267		311,245,033


Building Products — 0.5%
A O Smith Corp.		176,434		9,665,055
AAON, Inc.		21,123		1,362,222
Advanced Drainage Systems, Inc.		13,655		1,582,341
Allegion PLC		100,378		10,516,603
Carlisle Cos., Inc.		35,082		8,377,582
Fortune Brands Home & Security, Inc.		160,984		9,710,555
Lennox International, Inc.		37,157		8,678,761
Masco Corp.		355,294		16,439,453
Owens Corning		111,920		9,581,471
Simpson Manufacturing Co., Inc.		33,789		2,888,284
Trane Technologies PLC		263,975		42,138,329
UFP Industries, Inc.		59,101		4,209,764


				125,150,420
Capital Markets — 5.8%
Ameriprise Financial, Inc.		135,677		41,940,474
Bank of New York Mellon Corp.		1,759,698		74,100,883
BlackRock, Inc.^(a)		280,307		181,053,094
CME Group, Inc., Class A		488,239		84,611,819
Cohen & Steers, Inc.		52,333		3,148,353
Evercore, Inc., Class A		83,689		8,795,714
FactSet Research Systems, Inc.		20,710		8,811,898
Franklin Resources, Inc.		852,182		19,983,668
Goldman Sachs Group, Inc.		706,339		243,340,849
Hamilton Lane, Inc., Class A		56,228		3,363,559
Houlihan Lokey, Inc., Class A		92,717		8,281,482
Intercontinental Exchange, Inc.		563,038		53,809,542
Jefferies Financial Group, Inc.		482,889		16,616,211
MarketAxess Holdings, Inc.		29,160		7,116,206
Moody’s Corp.		104,388		27,649,250
Morgan Stanley		3,395,442		279,003,469
MSCI, Inc., Class A		58,452		27,405,805
Nasdaq, Inc.		302,927		18,854,176
Northern Trust Corp.		413,326		34,864,048
Raymond James Financial, Inc.		170,994		20,201,231
S&P Global, Inc.		220,404		70,804,785
SEI Investments Co.		107,340		5,828,562
State Street Corp.		820,487		60,716,038


Security	Shares		Value

Capital Markets (continued)
Stifel Financial Corp.		145,632	$	9,010,252
T Rowe Price Group, Inc.		610,691		64,830,957


				1,374,142,325
Chemicals — 2.2%
Air Products and Chemicals, Inc.		385,315		96,482,876
Albemarle Corp.		45,362		12,695,463
Ashland, Inc.		46,658		4,895,357
Avient Corp.		142,165		4,903,271
Balchem Corp.		11,753		1,643,069
Cabot Corp.		81,818		6,011,987
Celanese Corp.		182,718		17,562,854
Eastman Chemical Co.		292,856		22,494,269
Ecolab, Inc.		201,297		31,617,720
HB Fuller Co.		41,938		2,923,498
Innospec, Inc.		25,980		2,597,740
International Flavors & Fragrances, Inc.		482,832		47,129,232
Linde PLC		559,406		166,339,374
NewMarket Corp.		12,989		3,953,072
PPG Industries, Inc.		311,010		35,511,122
Quaker Chemical Corp.		8,835		1,436,924
RPM International, Inc.		148,312		14,025,866
Scotts Miracle-Gro Co., Class A		126,653		5,814,639
Sensient Technologies Corp.		60,926		4,353,772
Sherwin-Williams Co.		163,393		36,768,327
Stepan Co.		21,035		2,196,896
Valvoline, Inc.		210,577		6,182,541
Westlake Corp.		33,328		3,221,151


				530,761,020
Commercial Services & Supplies — 0.5%
ABM Industries, Inc.		81,640		3,633,796
Brady Corp., Class A, NVS		69,652		3,186,579
Cintas Corp.		63,945		27,339,685
MSA Safety, Inc.		39,445		5,295,097
Republic Services, Inc.		177,769		23,575,725
Tetra Tech, Inc.		24,584		3,473,227
Waste Management, Inc.		389,343		61,660,251


				128,164,360
Communications Equipment — 2.0%
Cisco Systems, Inc.		9,535,083		433,178,821
Motorola Solutions, Inc.		143,827		35,915,040


				469,093,861
Construction & Engineering — 0.1%
Comfort Systems U.S.A., Inc.		15,554		1,917,497
MDU Resources Group, Inc.		399,738		11,384,538


				13,302,035
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		31,953		10,735,569
Vulcan Materials Co.		85,517		13,999,133


				24,734,702
Consumer Finance — 0.8%
Ally Financial, Inc.		806,625		22,230,585
American Express Co.		567,139		84,191,785
Discover Financial Services		461,293		48,186,667
FirstCash Holdings, Inc.		44,993		4,429,561
Nelnet, Inc., Class A		16,780		1,494,930
Synchrony Financial		987,129		35,102,307


				195,635,835
Containers & Packaging — 0.2%
AptarGroup, Inc.		67,337		6,676,464


Security	Shares		Value

Containers & Packaging (continued)
Avery Dennison Corp.		88,788	$	15,054,005
Ball Corp.		298,265		14,731,308
Silgan Holdings, Inc.		79,261		3,753,801
Sonoco Products Co.		203,399		12,627,010


				52,842,588
Distributors — 0.2%
Genuine Parts Co.		212,480		37,791,693
Pool Corp.		31,662		9,632,530


				47,424,223
Diversified Consumer Services — 0.1%
Graham Holdings Co., Class B		3,140		1,958,952
Service Corp. International		172,302		10,443,224


				12,402,176
Electric Utilities — 2.1%
Alliant Energy Corp.		465,047		24,261,502
American Electric Power Co., Inc.		1,040,876		91,513,818
Evergy, Inc.		508,800		31,102,944
Eversource Energy		650,130		49,591,916
IDACORP, Inc.		93,737		9,814,264
MGE Energy, Inc.		53,133		3,617,826
NextEra Energy, Inc.		2,515,970		194,987,675
Otter Tail Corp.		61,383		4,138,442
PNM Resources, Inc.		170,588		7,927,224
Portland General Electric Co.		210,329		9,452,185
Xcel Energy, Inc.		940,034		61,205,614


				487,613,410
Electrical Equipment — 1.1%
Eaton Corp. PLC		621,152		93,216,281
Emerson Electric Co.		1,012,585		87,689,861
Hubbell, Inc.		71,730		17,034,440
nVent Electric PLC		236,503		8,632,360
Regal Rexnord Corp.		45,384		5,742,891
Rockwell Automation, Inc.		145,494		37,144,618


				249,460,451
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		436,557		33,104,117
Avnet, Inc.		167,484		6,731,182
Badger Meter, Inc.		18,661		2,098,989
CDW Corp.		106,731		18,444,184
Cognex Corp.		74,050		3,423,332
Corning, Inc.		1,689,321		54,345,457
Littelfuse, Inc.		17,885		3,939,171
TD SYNNEX Corp.		37,599		3,440,685
TE Connectivity Ltd.		387,345		47,345,179


				172,872,296
Entertainment — 0.1%
Activision Blizzard, Inc.		323,151		23,525,393


Food & Staples Retailing — 1.9%
Casey’s General Stores, Inc.		17,452		4,061,255
Costco Wholesale Corp.		204,909		102,761,864
Kroger Co.		929,643		43,962,817
Sysco Corp.		820,394		71,013,305
Walmart, Inc.		1,575,031		224,174,162


				445,973,403
Food Products — 1.8%
Archer-Daniels-Midland Co.		702,952		68,172,285
Flowers Foods, Inc.		444,891		12,772,821
Hershey Co.		179,991		42,976,451
Hormel Foods Corp.		426,930		19,830,899


Security	Shares		Value

Food Products (continued)
Ingredion, Inc.		138,362	$	12,330,821
J & J Snack Foods Corp.		18,048		2,664,065
JM Smucker Co.		213,070		32,101,126
Kellogg Co.		554,757		42,616,433
Lamb Weston Holdings, Inc.		120,707		10,407,358
Lancaster Colony Corp.		25,088		4,522,865
McCormick & Co., Inc., NVS		298,510		23,474,826
Mondelez International, Inc., Class A		2,144,862		131,866,116
Tyson Foods, Inc., Class A		492,890		33,689,031


				437,425,097
Gas Utilities — 0.3%
Atmos Energy Corp.		219,774		23,416,920
National Fuel Gas Co.		167,367		11,295,599
New Jersey Resources Corp.		207,161		9,247,667
ONE Gas, Inc.		115,474		8,946,925
Southwest Gas Holdings, Inc.		138,561		10,124,652
UGI Corp.		522,915		18,474,587


				81,506,350
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		2,137,408		211,475,148
Baxter International, Inc.		675,149		36,694,348
Becton Dickinson and Co.		260,959		61,578,495
Dentsply Sirona, Inc.		230,732		7,111,160
Medtronic PLC		2,847,770		248,724,232
ResMed, Inc.		76,119		17,027,059
STERIS PLC		57,735		9,963,906
Stryker Corp.		301,652		69,150,705


				661,725,053
Health Care Providers & Services — 2.8%
AmerisourceBergen Corp.		128,265		20,165,823
Chemed Corp.		3,314		1,547,207
Elevance Health, Inc.		173,211		94,706,579
Encompass Health Corp.		151,936		8,271,396
Ensign Group, Inc.		9,117		818,524
Humana, Inc.		56,130		31,325,030
McKesson Corp.		58,483		22,771,526
Quest Diagnostics, Inc.		167,024		23,992,998
UnitedHealth Group, Inc.		806,886		447,942,763


				651,541,846
Hotels, Restaurants & Leisure — 2.1%
Domino’s Pizza, Inc.		30,326		10,075,510
McDonald’s Corp.		1,073,947		292,822,389
Starbucks Corp.		1,730,526		149,846,246
Texas Roadhouse, Inc.		96,252		9,524,136
Wingstop, Inc.		11,084		1,755,595
Yum! Brands, Inc.		382,791		45,265,036


				509,288,912
Household Durables — 0.2%
DR Horton, Inc.		277,300		21,318,824
Whirlpool Corp.		174,492		24,121,774


				45,440,598
Household Products — 3.4%
Church & Dwight Co., Inc.		213,689		15,840,766
Colgate-Palmolive Co.		1,364,322		100,741,536
Energizer Holdings, Inc.		193,266		5,583,455
Kimberly-Clark Corp.		834,482		103,859,630
Procter & Gamble Co.		4,328,009		582,852,972
WD-40 Co.		16,165		2,588,986


				811,467,345


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		1,060,994	$	27,755,603


Industrial Conglomerates — 1.8%
3M Co.		1,912,689		240,597,149
Honeywell International, Inc.		959,386		195,733,932


				436,331,081
Insurance — 3.9%
Aflac, Inc.		1,057,562		68,857,861
Allstate Corp.		507,168		64,029,960
American Equity Investment Life Holding Co.		51,245		2,207,635
American Financial Group, Inc.		78,696		11,419,577
Aon PLC, Class A		112,761		31,741,094
Arthur J. Gallagher & Co.		156,968		29,365,573
Assurant, Inc.		62,285		8,462,040
Assured Guaranty Ltd.		85,622		5,067,966
Axis Capital Holdings Ltd.		172,568		9,434,293
Brown & Brown, Inc.		100,548		5,911,217
Chubb Ltd.		493,041		105,949,581
Cincinnati Financial Corp.		284,057		29,348,769
CNO Financial Group, Inc.		244,816		5,400,641
Erie Indemnity Co., Class A, NVS		33,540		8,620,115
Everest Re Group Ltd.		63,310		20,427,605
Fidelity National Financial, Inc.		844,257		33,246,841
First American Financial Corp.		286,027		14,415,761
Globe Life, Inc.		51,512		5,950,666
Hanover Insurance Group, Inc.		55,790		8,172,677
Hartford Financial Services Group, Inc.		526,475		38,122,055
Kinsale Capital Group, Inc.		3,652		1,151,001
Lincoln National Corp.		417,353		22,482,806
Marsh & McLennan Cos., Inc.		485,636		78,425,358
MetLife, Inc.		1,418,284		103,832,572
Old Republic International Corp.		817,719		18,979,258
Primerica, Inc.		46,891		6,785,128
Principal Financial Group, Inc.		545,988		48,117,922
Reinsurance Group of America, Inc.		115,597		17,012,410
RenaissanceRe Holdings Ltd.		33,121		5,123,156
RLI Corp.		26,821		3,488,607
Selective Insurance Group, Inc.		56,763		5,567,315
Travelers Cos., Inc.		369,407		68,140,815
W. R. Berkley Corp.		85,706		6,374,812
Willis Towers Watson PLC		118,844		25,932,949


				917,566,036
IT Services — 2.9%
Accenture PLC, Class A		582,620		165,405,818
Automatic Data Processing, Inc.		488,914		118,170,514
Broadridge Financial Solutions, Inc.		120,898		18,141,954
Fidelity National Information Services, Inc.		860,257		71,392,729
Genpact Ltd.		125,084		6,066,574
Jack Henry & Associates, Inc.		49,588		9,870,987
Mastercard, Inc., Class A		348,411		114,341,522
SS&C Technologies Holdings, Inc.		216,778		11,146,725
TTEC Holdings, Inc.		24,088		1,071,193
Visa, Inc., Class A		837,382		173,472,055


				689,080,071
Leisure Products — 0.1%
Acushnet Holdings Corp.		34,126		1,589,248
Brunswick Corp.		102,434		7,239,010
Polaris, Inc.		87,688		8,909,101


				17,737,359
Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		131,200		18,151,520


Security	Shares		Value

Life Sciences Tools & Services (continued)
Danaher Corp.		158,250	$	39,826,778
West Pharmaceutical Services, Inc.		12,850		2,956,785


				60,935,083
Machinery — 2.9%
AGCO Corp.		36,843		4,574,795
Caterpillar, Inc.		962,323		208,304,437
Cummins, Inc.		278,507		68,097,747
Donaldson Co., Inc.		151,539		8,705,915
Dover Corp.		154,389		20,177,098
Franklin Electric Co., Inc.		23,586		1,932,637
Graco, Inc.		149,259		10,385,441
Hillenbrand, Inc.		111,702		4,934,994
IDEX Corp.		60,131		13,367,723
Illinois Tool Works, Inc.		464,070		99,092,867
ITT, Inc.		81,847		6,252,292
Kadant, Inc.		5,198		924,984
Lincoln Electric Holdings, Inc.		64,474		9,155,308
Mueller Water Products, Inc., Class A		234,001		2,737,812
Nordson Corp.		41,179		9,265,275
Oshkosh Corp.		84,146		7,404,848
Otis Worldwide Corp.		453,290		32,020,406
PACCAR, Inc.		362,235		35,075,215
Parker-Hannifin Corp.		169,882		49,371,107
Pentair PLC		210,220		9,028,949
Snap-on, Inc.		92,812		20,608,905
Stanley Black & Decker, Inc.		369,966		29,038,631
Terex Corp.		74,138		3,005,554
Timken Co.		86,893		6,194,602
Toro Co.		98,069		10,339,415
Trinity Industries, Inc.		182,413		5,204,243
Watts Water Technologies, Inc., Class A		17,696		2,589,986
Xylem, Inc.		154,220		15,796,755


				693,587,941
Marine — 0.0%
Matson, Inc.		47,150		3,469,297


Media — 1.5%
Cable One, Inc.		3,706		3,185,047
Comcast Corp., Class A		9,383,570		297,834,512
Interpublic Group of Cos., Inc.		1,115,897		33,242,572
John Wiley & Sons, Inc., Class A		99,141		4,182,759
Nexstar Media Group, Inc.		52,767		9,038,987
Sirius XM Holdings, Inc.		916,589		5,536,197


				353,020,074
Metals & Mining — 0.3%
Nucor Corp.		267,832		35,187,768
Reliance Steel & Aluminum Co.		78,672		15,850,835
Royal Gold, Inc.		66,664		6,330,414
Steel Dynamics, Inc.		209,168		19,672,250
Worthington Industries, Inc.		49,047		2,332,675


				79,373,942
Multiline Retail — 0.7%
Dillard’s, Inc., Class A		880		289,335
Dollar General Corp.		139,734		35,639,157
Target Corp.		795,268		130,622,769


				166,551,261
Multi-Utilities — 1.4%
Ameren Corp.		432,724		35,275,660
Black Hills Corp.		135,954		8,887,313
CMS Energy Corp.		519,809		29,655,103
DTE Energy Co.		344,190		38,587,141


Security	Shares		Value

Multi-Utilities (continued)
NiSource, Inc.		856,942	$	22,014,840
Public Service Enterprise Group, Inc.		1,092,568		61,260,288
Sempra Energy		564,630		85,225,252
WEC Energy Group, Inc.		589,105		53,802,960


				334,708,557
Oil, Gas & Consumable Fuels — 1.5%
ConocoPhillips		1,515,545		191,095,069
Coterra Energy, Inc.		4,894,572		152,368,026


				343,463,095
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		152,327		30,540,040
Medifast, Inc.		43,210		5,055,138


				35,595,178
Pharmaceuticals — 10.5%
Bristol-Myers Squibb Co.		4,546,850		352,244,469
Eli Lilly & Co.		674,496		244,228,257
Johnson & Johnson		3,903,980		679,175,401
Merck & Co., Inc.		5,462,049		552,759,359
Perrigo Co. PLC		251,714		10,139,040
Pfizer, Inc.		13,230,357		615,873,118
Zoetis, Inc., Class A		258,963		39,046,441


				2,493,466,085
Professional Services — 0.2%
Booz Allen Hamilton Holding Corp., Class A		161,992		17,632,829
Exponent, Inc.		35,885		3,418,405
Insperity, Inc.		47,113		5,560,276
ManpowerGroup, Inc.		135,723		10,632,540
Robert Half International, Inc.		167,925		12,839,546


				50,083,596
Road & Rail — 1.5%
CSX Corp.		1,851,218		53,796,395
JB Hunt Transport Services, Inc.		53,884		9,217,936
Landstar System, Inc.		21,070		3,291,555
Norfolk Southern Corp.		330,859		75,459,012
Old Dominion Freight Line, Inc.		28,541		7,837,359
Ryder System, Inc.		116,239		9,358,402
Schneider National, Inc., Class B		35,299		785,050
Union Pacific Corp.		970,373		191,299,333
Werner Enterprises, Inc.		57,267		2,244,866


				353,289,908
Semiconductors & Semiconductor Equipment — 6.6%
Analog Devices, Inc.		718,034		102,406,009
Broadcom, Inc.		901,155		423,650,989
Intel Corp.		13,241,646		376,459,996
KLA Corp.		156,643		49,569,677
Lam Research Corp.		130,861		52,969,916
Microchip Technology, Inc.		698,734		43,139,837
Power Integrations, Inc.		42,689		2,847,783
QUALCOMM, Inc.		1,776,205


				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(4.20	)%		(8.51	)%		10.61	%		(8.51	)%		65.27	%
Fund Market		(4.14	)		(8.50	)		10.62			(8.50	)		65.33
Index		(4.08	)		(8.28	)		10.91			(8.28	)		67.46


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	$	958.00	$	1.20		$	1,000.00	$	1,023.98	$	1.22		0.24	%


SECTOR ALLOCATION
Sector	Percent of Total Investments	^(a)
Information Technology	22.9	%
Financials	19.4
Health Care	12.6
Consumer Discretionary	8.9
Communication Services	8.7
Industrials	8.1
Consumer Staples	7.4
Energy	6.3
Materials	3.0
Utilities	1.6
Real Estate	1.1


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(1.97	)%		(5.68	)%		10.71	%		10.90	%		(5.68	)%		66.34	%		138.22	%
Fund Market		(1.93	)		(5.64	)		10.72			10.90			(5.64	)		66.38			138.35
Index		(1.91	)		(5.56	)		10.81			10.97			(5.56	)		67.07			139.50


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	$	980.30	$	0.40		$	1,000.00	$	1,024.80	$	0.41		0.08	%


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		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		32
Notes to Financial Statements		36
Board Review and Approval of Investment Advisory Contract		43
Supplemental Information		47
General Information		48
Glossary of Terms Used in this Report		49


Fund Summary as of October 31, 2022		iShares^® Core Dividend ETF


TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Apple Inc.	4.9	%
Microsoft Corp.	3.6
JPMorgan Chase & Co.	2.1
Berkshire Hathaway, Inc., Class B	1.8
Exxon Mobil Corp.	1.8
Bank of America Corp.	1.7
Alphabet, Inc., Class A	1.7
Procter & Gamble Co.	1.6
Meta Platforms, Inc., Class A	1.6
Alphabet, Inc., Class C, NVS	1.6


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^® Core Dividend Growth ETF


Fund Summary as of October 31, 2022		iShares^® Core High Dividend ETF


Fund Summary as of October 31, 2022		iShares^® Select Dividend 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: Treasury, SL Agency Shares	$	490,000	$	278,866	^(a)	$	—		$	—		$	—	$	768,866	768,866	$	5,463	$	—
BlackRock, Inc.		922,028		146,781			(317,583	)		(71,576	)		87,691		767,341	1,188		14,713		—

									$	(71,576	)	$	87,691	$	1,536,207		$	20,176	$	—



	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)	$	—	$	—	$	7,092	$	—	$	—	$	—	$	7,092


				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		1.18	%		8.56	%		7.66	%		9.33	%		8.56	%		44.65	%		144.01	%
Fund Market		1.24			8.60			7.67			9.33			8.60			44.72			143.98
Index		1.22			8.65			7.75			9.48			8.65			45.24			147.41


				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		(2.52	)%		3.47	%		8.32	%		11.14	%		3.47	%		49.14	%		187.53	%
Fund Market		(2.51	)		3.48			8.33			11.14			3.48			49.18			187.64
Index		(2.34	)		3.87			8.75			11.57			3.87			52.09			198.89



Futures contracts
Average notional value of contracts — long	$	785,366



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	236,805,253	$	—	$	—	$	236,805,253
Short-Term Securities
Money Market Funds		768,866		—		—		768,866

	$	237,574,119	$	—	$	—	$	237,574,119

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	7,092	$	—	$	—	$	7,092