iSHARES TRUST

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, 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 before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined 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, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe 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. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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 March 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	15.62%	(7.73)%

U.S. small cap equities (Russell 2000^® Index)	9.14	(11.61)

International equities (MSCI Europe, Australasia, Far East Index)	27.27	(1.38)

Emerging market equities (MSCI Emerging Markets Index)	14.04	(10.70)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.93	2.52

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.38	(6.90)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	4.89	(4.78)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.00	0.26

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.88	(3.35)

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

U.S. stocks declined for the 12 months ended March 31, 2023 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned -8.58%. Elevated inflation and rapid tightening of monetary policy dampened growth and weighed on equities. Higher interest rates drove bond yields higher and increased borrowing costs for businesses and consumers. Equities began to recover in the second half of the reporting period, as the broader economy remained resilient and the pace of inflation declined. In March 2023, two banks suddenly failed, representing the second and third largest bank failures in U.S. history by asset value. This drove concern among investors about the resiliency of the financial system in the face of rapidly rising interest rates. However, government agencies acted swiftly to organize a sale of the failed banks’ assets and inject liquidity, and equity prices recovered.

Inflation was a significant driver of the economic outlook. As the reporting period began, the consumer price index, a widely followed measure of inflation, stood at multi-decade highs. Strong consumer spending and a tight labor market, along with continued supply chain disruptions in Asia, combined to drive prices higher. But the rate of inflation began to decline as the reporting period wore on, decelerating for nine consecutive months beginning in July 2022. Nonetheless, inflation remained elevated by historic standards, and higher prices negatively impacted both consumers and businesses.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending, as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

To contain inflation, the U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates eight times over the course of the reporting period. The pace of tightening accelerated as the Fed twice stepped up the increment of increase before reducing it again as inflation began to subside. The Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

Despite economic headwinds, corporate profits remained robust, and many companies were able to sufficiently raise prices to preserve profit margins even in the face of rising labor and input costs. Nonetheless, profits declined overall in the fourth quarter of 2022, and the yield curve (a graphical representation of U.S. Treasury rates at different maturities) inverted, a sign that markets were concerned about the impact of higher borrowing costs on the economy. Furthermore, dwindling personal savings and rising household debt raised questions about the sustainability of consumer spending as an engine of economic growth.

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000^® 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. 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.

U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The consumer discretionary sector detracted the most from the Index’s return, primarily due to weakness in the internet and direct marketing retail industry. The pandemic-related rise in e-commerce waned, as more workers returned to the office and brick-and-mortar retailers gained market share. Slowing revenue growth from data cloud services further pressured the industry, as business customers reduced expenditures amid economic uncertainty. The automobiles industry also declined amid concerns about the market for electric vehicles (“EVs”) in the weakening economy. While EV sales grew, production did not meet analysts’ expectations.

The information technology sector detracted significantly from the Index’s return, as sharply higher interest rates lowered the current value of future earnings. The software and services industry declined, as cuts to corporate information technology budgets reduced revenue growth. Slowing growth in cloud-based software sales, which provide software companies with steady revenue streams, further constrained earnings. Changing consumer behavior patterns pressured the IT services industry, as a return to in-person spending meant slowing revenue growth for online payment platforms.

The financials sector also detracted amid tightening financial conditions. The banking industry faced significant challenges as the potential impact of a slowing economy outweighed the benefits of being able to charge more for loans. Bank stocks were further pressured late in the reporting period after the sudden failure of two regional banks. The financial services industry also faced headwinds, as declining prices for stocks and bonds reduced assets under management, diminishing profits.

On the upside, the energy sector contributed to performance. Relatively high average prices of energy commodities following Russia’s invasion of Ukraine boosted the oil, gas, and consumable fuels industry.

The iShares Russell 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 Russell MidCap^® 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.

Value-oriented mid-capitalization U.S. stocks declined for the reporting period, as high inflation and tighter financial conditions impeded economic growth and weighed on equities. The financials sector detracted the most from the Index’s performance amid tightening financial conditions. The banking industry faced significant challenges as the potential impact of a slowing economy outweighed the benefits of being able to charge more for loans. Persistently high inflation led to significant tightening from the Fed, and investors became concerned about the long-term effect of this tightening on loan growth and credit losses. Bank stocks were further pressured late in the reporting period after the sudden failure of two regional banks, as markets digested the long-term implications of the disruption, including a potential slowdown in lending activity.

The real estate sector detracted significantly from the Index’s return, as higher interest rates and changing usage patterns weighed on the sector. Equity real estate investment trusts (“REITs”) were the largest source of weakness. REITs typically take on substantial debt to finance the purchase of the properties they manage. Higher interest rates make financing more expensive for REITs. Furthermore, higher interest rates also meant increased bond yields, making dividend yields from REITs comparatively less attractive to income-oriented investors, although many REITs raised dividends during the reporting period.

The information technology sector also detracted. Interest rates rose sharply during the reporting period, which reduced the current value of future earnings. Furthermore, increased concerns about economic growth lowered investors’ growth expectations for information technology stocks. The software and services industry declined, as cuts to corporate information technology budgets pressured revenue growth.

On the upside, the industrials sector contributed to the Index’s return, driven by the machinery industry. Improvements in machine efficiency and increased demand for automation boosted industry revenue.

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

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

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

Shareholders of 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 — 1.7%
AAR Corp.^(a)		9,392	$	512,334
Aerojet Rocketdyne Holdings, Inc.^(a)		19,909		1,118,289
AeroVironment, Inc.^(a)(b)		5,870		538,044
AerSale Corp.^(a)		7,435		128,031
Archer Aviation, Inc., Class A^(a)(b)		41,067		117,452
Astronics Corp.^(a)		7,715		103,072
Axon Enterprise, Inc.^(a)		17,831		4,009,300
Boeing Co.^(a)		147,656		31,366,564
BWX Technologies, Inc.		25,225		1,590,184
Cadre Holdings, Inc.		6,713		144,598
Curtiss-Wright Corp.		10,052		1,771,765
Ducommun, Inc.^(a)		2,615		143,067
General Dynamics Corp.		64,934		14,818,588
HEICO Corp.		11,906		2,036,402
HEICO Corp., Class A		20,700		2,813,130
Hexcel Corp.		21,567		1,471,948
Howmet Aerospace, Inc.		98,040		4,153,955
Huntington Ingalls Industries, Inc.		10,299		2,132,099
Kaman Corp.		7,951		181,760
Kratos Defense & Security Solutions, Inc.^(a)		33,510		451,715
L3Harris Technologies, Inc.		50,883		9,985,280
Lockheed Martin Corp.		60,670		28,680,529
Maxar Technologies, Inc.		20,039		1,023,191
Mercury Systems, Inc.^(a)		13,138		671,615
Moog, Inc., Class A		7,692		774,969
National Presto Industries, Inc.		2,245		161,842
Northrop Grumman Corp.		38,541		17,795,150
Park Aerospace Corp.		6,379		85,798
Parsons Corp.^(a)		8,138		364,094
Raytheon Technologies Corp.		391,912		38,379,942
Rocket Lab U.S.A., Inc., Class A^(a)(b)		61,684		249,203
Spirit AeroSystems Holdings, Inc., Class A		28,240		975,127
Textron, Inc.		55,190		3,898,070
TransDigm Group, Inc.		13,759		10,141,071
Triumph Group, Inc.^(a)		15,954		184,907
V2X, Inc.^(a)		3,345		132,863
Virgin Galactic Holdings, Inc., Class A^(a)(b)		66,592		269,698
Woodward, Inc.		15,378		1,497,356


				184,873,002

Air Freight & Logistics — 0.6%
Air Transport Services Group, Inc.^(a)		15,863		330,426
CH Robinson Worldwide, Inc.		30,792		3,059,801
Expeditors International of Washington, Inc.		42,113		4,637,484
FedEx Corp.		62,503		14,281,311
Forward Air Corp.		7,341		791,066
GXO Logistics, Inc.^(a)		28,153		1,420,600
Hub Group, Inc., Class A^(a)		8,683		728,851
United Parcel Service, Inc., Class B		196,001		38,022,234


				63,271,773

Automobile Components — 0.2%
Adient PLC^(a)		24,885		1,019,290
American Axle & Manufacturing Holdings, Inc.^(a)		30,183		235,729
Aptiv PLC^(a)		72,472		8,130,634
BorgWarner, Inc.		62,473		3,068,049
Dana, Inc.		34,147		513,912
Dorman Products, Inc.^(a)		7,423		640,308
Fox Factory Holding Corp.^(a)(b)		11,243		1,364,563
Gentex Corp.		62,823		1,760,929
Gentherm, Inc.^(a)		8,474		511,999
Goodyear Tire & Rubber Co.^(a)		75,348		830,335


Security	Shares		Value

Automobile Components (continued)
LCI Industries		6,965	$	765,244
Lear Corp.		15,954		2,225,423
Luminar Technologies, Inc.^(a)(b)		66,232		429,846
Modine Manufacturing Co.^(a)		11,758		271,022
Patrick Industries, Inc.^(b)		5,904		406,254
QuantumScape Corp., Class A^(a)(b)		64,417		526,931
Solid Power, Inc.^(a)		37,878		114,013
Standard Motor Products, Inc.		5,095		188,056
Stoneridge, Inc.^(a)		6,844		127,983
Visteon Corp.^(a)		6,994		1,096,869
XPEL, Inc.^(a)		6,648		451,732


				24,679,121

Automobiles — 1.7%
Canoo, Inc.^(a)(b)		71,344		46,559
Fisker, Inc.^(a)(b)		41,193		252,925
Ford Motor Co.		1,051,617		13,250,374
General Motors Co.		371,856		13,639,678
Harley-Davidson, Inc.		35,685		1,354,960
Lordstown Motors Corp., Class A^(a)(b)		63,623		42,188
Lucid Group, Inc.^(a)(b)		155,127		1,247,221
Rivian Automotive, Inc., Class A^(a)(b)		138,210		2,139,491
Tesla, Inc.^(a)		689,109		142,962,553
Thor Industries, Inc.		14,546		1,158,443
Winnebago Industries, Inc.^(b)		7,835		452,080
Workhorse Group, Inc.^(a)(b)		35,452		47,151


				176,593,623

Banks — 3.4%
1st Source Corp.		4,047		174,628
ACNB Corp.		3,182		103,574
Amalgamated Financial Corp.		5,075		89,777
Amerant Bancorp, Inc., Class A		7,764		168,945
American National Bankshares, Inc.		3,346		106,068
Ameris Bancorp		16,322		597,059
Arrow Financial Corp.		4,849		120,789
Associated Banc-Corp.		39,591		711,846
Atlantic Union Bankshares Corp.		19,288		676,044
Axos Financial, Inc.^(a)		15,549		574,069
Banc of California, Inc.		14,370		180,056
BancFirst Corp.		4,744		394,226
Bancorp, Inc.^(a)		12,700		353,695
Bank First Corp.^(b)		1,644		120,966
Bank of America Corp.		1,872,661		53,558,105
Bank of Hawaii Corp.^(b)		10,456		544,548
Bank of Marin Bancorp		4,508		98,680
Bank of NT Butterfield & Son Ltd.		14,064		379,728
Bank OZK		29,543		1,010,371
BankUnited, Inc.		20,095		453,745
Banner Corp.		9,732		529,129
Bar Harbor Bankshares		4,816		127,383
BCB Bancorp, Inc.		5,763		75,668
Berkshire Hills Bancorp, Inc.		11,818		296,159
Blue Foundry Bancorp^(a)		8,872		84,461
BOK Financial Corp.		7,803		658,651
Bridgewater Bancshares, Inc.^(a)		8,181		88,682
Brookline Bancorp, Inc.		17,954		188,517
Business First Bancshares, Inc.		6,549		112,184
Byline Bancorp, Inc.		7,366		159,253
Cadence Bank		38,189		792,804
Cambridge Bancorp		1,678		108,751
Camden National Corp.		3,726		134,844
Capital City Bank Group, Inc.		4,570		133,947
Capitol Federal Financial, Inc.		39,520		265,970


Security	Shares		Value

Banks (continued)
Capstar Financial Holdings, Inc.		5,912	$	89,567
Carter Bankshares, Inc.^(a)		8,320		116,480
Cathay General Bancorp		17,836		615,699
Central Pacific Financial Corp.		8,258		147,818
Citigroup, Inc.		516,115		24,200,632
Citizens & Northern Corp.		5,817		124,367
Citizens Financial Group, Inc.		128,693		3,908,406
City Holding Co.		4,234		384,786
Civista Bancshares, Inc.		6,038		101,921
CNB Financial Corp.		5,073		97,402
Coastal Financial Corp.^(a)(b)		2,800		100,828
Colony Bankcorp, Inc.		11,978		122,176
Columbia Banking System, Inc.		54,574		1,168,975
Columbia Financial, Inc.^(a)		8,622		157,610
Comerica, Inc.		34,001		1,476,323
Commerce Bancshares, Inc.		30,372		1,772,206
Community Bank System, Inc.		14,122		741,264
Community Trust Bancorp, Inc.		3,852		146,183
ConnectOne Bancorp, Inc.		10,448		184,721
CrossFirst Bankshares, Inc.^(a)(b)		12,872		134,899
Cullen/Frost Bankers, Inc.		15,115		1,592,214
Customers Bancorp, Inc.^(a)		7,353		136,178
CVB Financial Corp.		34,654		578,029
Dime Community Bancshares, Inc.		9,577		217,589
Eagle Bancorp, Inc.		8,669		290,151
East West Bancorp, Inc.		37,341		2,072,426
Eastern Bankshares, Inc.		40,276		508,283
Enterprise Bancorp, Inc.		4,082		128,420
Enterprise Financial Services Corp.		9,370		417,808
Equity Bancshares, Inc., Class A		3,974		96,846
Esquire Financial Holdings, Inc.		2,276		88,992
Farmers & Merchants Bancorp, Inc.		4,356		105,938
Farmers National Banc Corp.		10,834		136,942
FB Financial Corp.		10,423		323,947
Fifth Third Bancorp		181,056		4,823,332
Financial Institutions, Inc.		4,631		89,286
First Bancorp, Inc.		3,793		98,201
First BanCorp/Puerto Rico		48,397		552,694
First Bancorp/Southern Pines NC		8,919		316,803
First Bancshares, Inc.		5,044		130,287
First Busey Corp.		14,003		284,821
First Business Financial Services, Inc.		3,316		101,171
First Citizens BancShares, Inc., Class A^(b)		2,923		2,844,371
First Commonwealth Financial Corp.		23,135		287,568
First Community Bankshares, Inc.		4,414		110,571
First Financial Bancorp		24,566		534,802
First Financial Bankshares, Inc.		34,516		1,101,060
First Financial Corp.		2,801		104,981
First Foundation, Inc.		11,623		86,591
First Hawaiian, Inc.		35,437		731,065
First Horizon Corp.		139,036		2,472,060
First Internet Bancorp		4,142		68,964
First Interstate BancSystem, Inc., Class A		23,714		708,100
First Merchants Corp.		14,341		472,536
First Mid Bancshares, Inc.		3,360		91,459
First of Long Island Corp.		6,616		89,316
First Republic Bank^(b)		48,345		676,347
Five Star Bancorp		3,927		83,802
Flushing Financial Corp.		7,579		112,851
FNB Corp.		94,086		1,091,398
Fulton Financial Corp.		44,061		608,923
German American Bancorp, Inc.		6,503		217,005


Security	Shares		Value

Banks (continued)
Glacier Bancorp, Inc.		28,500	$	1,197,285
Great Southern Bancorp, Inc.		2,585		131,008
Guaranty Bancshares, Inc.		3,130		87,233
Hancock Whitney Corp.		23,650		860,860
Hanmi Financial Corp.		8,508		157,994
HarborOne Bancorp, Inc.		17,089		208,486
HBT Financial, Inc.		5,134		101,242
Heartland Financial U.S.A., Inc.		9,649		370,136
Heritage Commerce Corp.		16,550		137,862
Heritage Financial Corp.		9,192		196,709
Hilltop Holdings, Inc.		13,830		410,336
Hingham Institution For Savings		467		109,016
Home Bancorp, Inc.		2,904		95,919
Home BancShares, Inc.		52,538		1,140,600
HomeStreet, Inc.		4,842		87,108
HomeTrust Bancshares, Inc.		5,442		133,819
Hope Bancorp, Inc.		29,353		288,246
Horizon Bancorp, Inc.		10,570		116,904
Huntington Bancshares, Inc.		384,322		4,304,406
Independent Bank Corp.		12,027		789,212
Independent Bank Corp.		5,170		91,871
Independent Bank Group, Inc.		9,221		427,393
International Bancshares Corp.		14,674		628,341
John Marshall Bancorp, Inc.		5,911		127,678
JPMorgan Chase & Co.		777,715		101,344,042
Kearny Financial Corp.		15,682		127,338
KeyCorp		244,750		3,064,270
Lakeland Bancorp, Inc.		17,687		276,625
Lakeland Financial Corp.		6,035		378,032
Live Oak Bancshares, Inc.^(b)		8,482		206,706
M&T Bank Corp.		46,148		5,517,916
Macatawa Bank Corp.		10,070		102,915
Mercantile Bank Corp.		4,770		145,867
Metrocity Bankshares, Inc.		7,589		129,696
Metropolitan Bank Holding Corp.^(a)		2,466		83,573
Mid Penn Bancorp, Inc.		5,609		143,646
Midland States Bancorp, Inc.		6,252		133,918
MidWestOne Financial Group, Inc.		6,080		148,474
National Bank Holdings Corp., Class A		8,104		271,160
NBT Bancorp, Inc.		11,816		398,317
New York Community Bancorp, Inc., Class A		175,387		1,585,498
Nicolet Bankshares, Inc.^(a)(b)		3,271		206,237
Northeast Bank		2,857		96,167
Northfield Bancorp, Inc.		12,444		146,590
Northwest Bancshares, Inc.		26,773		322,079
OceanFirst Financial Corp.		15,196		280,822
OFG Bancorp		11,498		286,760
Old National Bancorp		77,021		1,110,643
Old Second Bancorp, Inc.		11,950		168,017
Origin Bancorp, Inc.		7,029		225,982
Orrstown Financial Services, Inc.		6,384		126,786
Pacific Premier Bancorp, Inc.		22,786		547,320
PacWest Bancorp^(b)		29,592		287,930
Park National Corp.		3,568		423,058
Pathward Financial, Inc.		7,353		305,076
Peapack-Gladstone Financial Corp.		4,858		143,894
Peoples Bancorp, Inc.		5,476		141,007
Peoples Financial Services Corp.		3,244		140,627
Pinnacle Financial Partners, Inc.		20,297		1,119,583
PNC Financial Services Group, Inc.		106,986		13,597,921
Popular, Inc.		19,217		1,103,248
Preferred Bank		2,534		138,889


Security	Shares		Value

Banks (continued)
Premier Financial Corp.		8,952	$	185,575
Primis Financial Corp.		9,741		93,806
Prosperity Bancshares, Inc.		22,746		1,399,334
Provident Financial Services, Inc.		21,816		418,431
QCR Holdings, Inc.		5,065		222,404
RBB Bancorp		4,895		75,873
Regions Financial Corp.		247,793		4,599,038
Renasant Corp.		16,064		491,237
Republic Bancorp, Inc., Class A		3,142		133,315
S&T Bancorp, Inc.		8,969		282,075
Sandy Spring Bancorp, Inc.		11,001		285,806
Seacoast Banking Corp. of Florida		16,955		401,834
ServisFirst Bancshares, Inc.		13,456		735,101
Shore Bancshares, Inc.		6,814		97,304
Sierra Bancorp		7,019		120,867
Simmons First National Corp., Class A		34,010		594,835
SmartFinancial, Inc.		6,437		148,952
South Plains Financial, Inc.		3,553		76,070
Southern First Bancshares, Inc.^(a)		2,918		89,583
Southern Missouri Bancorp, Inc.		2,562		95,844
Southside Bancshares, Inc.		9,146		303,647
SouthState Corp.		19,515		1,390,639
Stellar Bancorp, Inc.		13,640		335,680
Stock Yards Bancorp, Inc.		7,605		419,340
Summit Financial Group, Inc.		4,424		91,798
Synovus Financial Corp.		37,602		1,159,270
Texas Capital Bancshares, Inc.^(a)		13,061		639,467
Third Coast Bancshares, Inc.^(a)		7,851		123,339
Tompkins Financial Corp.		3,478		230,278
Towne Bank		17,017		453,503
TriCo Bancshares		7,295		303,399
Triumph Financial, Inc.^(a)(b)		5,796		336,516
Truist Financial Corp.		353,055		12,039,175
TrustCo Bank Corp.		5,288		168,899
Trustmark Corp.		16,710		412,737
U.S. Bancorp		369,731		13,328,803
UMB Financial Corp.		11,212		647,157
United Bankshares, Inc.		36,232		1,275,366
United Community Banks, Inc.		25,283		710,958
Univest Financial Corp.		7,201		170,952
Valley National Bancorp		112,696		1,041,311
Veritex Holdings, Inc.		12,013		219,357
Washington Federal, Inc.		16,850		507,522
Washington Trust Bancorp, Inc.		3,596		124,637
Webster Financial Corp.		46,744		1,842,648
Wells Fargo & Co.		1,022,789		38,231,853
WesBanco, Inc.		16,939		520,027
West BanCorp, Inc.		5,742		104,906
Westamerica Bancorp		7,741		342,926
Western Alliance Bancorp		27,809		988,332
Wintrust Financial Corp.		15,365		1,120,877
WSFS Financial Corp.		16,322		613,870
Zions Bancorp N.A.		39,637		1,186,335


				364,658,814

Beverages — 1.6%
Boston Beer Co., Inc., Class A, NVS^(a)		2,420		795,454
Brown-Forman Corp., Class A		12,217		796,426
Brown-Forman Corp., Class B, NVS		48,958		3,146,531
Celsius Holdings, Inc.^(a)(b)		14,301		1,329,135
Coca-Cola Co.		1,041,069		64,577,510
Coca-Cola Consolidated, Inc.		1,184		633,535
Constellation Brands, Inc., Class A		40,158		9,071,291


Security	Shares		Value

Beverages (continued)
Duckhorn Portfolio, Inc.^(a)		6,984	$	111,046
Keurig Dr Pepper, Inc.		229,071		8,081,625
MGP Ingredients, Inc.		3,875		374,790
Molson Coors Beverage Co., Class B		46,469		2,401,518
Monster Beverage Corp.^(a)(b)		194,470		10,503,325
National Beverage Corp.^(a)		6,738		355,227
PepsiCo, Inc.		368,605		67,196,691
Primo Water Corp.		44,900		689,215
Vita Coco Co., Inc.^(a)		10,788		211,660


				170,274,979

Biotechnology — 2.7%
2seventy bio, Inc.^(a)		7,840		79,968
4D Molecular Therapeutics, Inc.^(a)		7,655		131,589
AbbVie, Inc.		471,230		75,099,925
ACADIA Pharmaceuticals, Inc.^(a)		30,291		570,077
Adicet Bio, Inc.^(a)(b)		8,517		49,058
ADMA Biologics, Inc.^(a)(b)		44,916		148,672
Aerovate Therapeutics, Inc.^(a)		4,632		93,427
Agenus, Inc.^(a)		61,842		94,000
Agios Pharmaceuticals, Inc.^(a)		16,284		374,044
Akero Therapeutics, Inc.^(a)		8,914		341,050
Alector, Inc.^(a)		16,184		100,179
Alkermes PLC^(a)		42,540		1,199,203
Allogene Therapeutics, Inc.^(a)(b)		24,902		123,016
Alnylam Pharmaceuticals, Inc.^(a)		32,619		6,534,238
ALX Oncology Holdings, Inc.^(a)(b)		9,174		41,467
Amgen, Inc.		142,341		34,410,937
Amicus Therapeutics, Inc.^(a)		70,499		781,834
AnaptysBio, Inc.^(a)		7,274		158,282
Anavex Life Sciences Corp.^(a)(b)		19,303		165,427
Anika Therapeutics, Inc.^(a)		6,012		172,665
Apellis Pharmaceuticals, Inc.^(a)		24,614		1,623,539
Arbutus Biopharma Corp.^(a)		48,511		146,988
Arcellx, Inc.^(a)		10,153		312,814
Arcturus Therapeutics Holdings, Inc.^(a)		8,788		210,648
Arcus Biosciences, Inc.^(a)		12,090		220,522
Arcutis Biotherapeutics, Inc.^(a)(b)		11,477		126,247
Arrowhead Pharmaceuticals, Inc.^(a)		26,994		685,648
Atara Biotherapeutics, Inc.^(a)(b)		26,345		76,401
Aura Biosciences, Inc.^(a)		8,710		80,829
Aurinia Pharmaceuticals, Inc.^(a)		37,743		413,663
Avid Bioservices, Inc.^(a)		16,752		314,268
Avidity Biosciences, Inc.^(a)		15,714		241,210
Beam Therapeutics, Inc.^(a)(b)		17,664		540,872
BioCryst Pharmaceuticals, Inc.^(a)(b)		46,148		384,874
Biogen, Inc.^(a)		38,149		10,606,566
Biohaven Ltd.^(a)		16,693		228,026
BioMarin Pharmaceutical, Inc.^(a)		49,899		4,852,179
Bioxcel Therapeutics, Inc.^(a)(b)		3,848		71,804
Bluebird Bio, Inc.^(a)		17,324		55,090
Blueprint Medicines Corp.^(a)(b)		15,572		700,584
Bridgebio Pharma, Inc.^(a)(b)		28,874		478,731
C4 Therapeutics, Inc.^(a)		10,616		33,334
CareDx, Inc.^(a)		12,897		117,879
Caribou Biosciences, Inc.^(a)		17,941		95,267
Catalyst Pharmaceuticals, Inc.^(a)(b)		24,429		405,033
Celldex Therapeutics, Inc.^(a)		13,474		484,795
Century Therapeutics, Inc.^(a)		10,229		35,495
Cerevel Therapeutics Holdings, Inc.^(a)(b)		15,665		382,069
Chinook Therapeutics, Inc.^(a)		13,888		321,507
Cogent Biosciences, Inc.^(a)(b)		14,649		158,063
Coherus Biosciences, Inc.^(a)		16,598		113,530


Security	Shares		Value

Biotechnology (continued)
Crinetics Pharmaceuticals, Inc.^(a)		12,233	$	196,462
CTI BioPharma Corp.^(a)		29,038		121,960
Cullinan Oncology, Inc.^(a)		8,142		83,293
Cytokinetics, Inc.^(a)		20,547		723,049
Day One Biopharmaceuticals, Inc.^(a)(b)		10,418		139,289
Deciphera Pharmaceuticals, Inc.^(a)		16,154		249,579
Denali Therapeutics, Inc.^(a)		28,695		661,133
Design Therapeutics, Inc.^(a)		8,914		51,434
Dynavax Technologies Corp.^(a)(b)		28,575		280,321
Dyne Therapeutics, Inc.^(a)		9,514		109,601
Eagle Pharmaceuticals, Inc.^(a)		3,852		109,281
Editas Medicine, Inc.^(a)(b)		18,726		135,764
Eiger BioPharmaceuticals, Inc.^(a)(b)		19,877		17,828
Emergent BioSolutions, Inc.^(a)(b)		11,985		124,165
Enanta Pharmaceuticals, Inc.^(a)		4,839		195,689
EQRx, Inc.^(a)(b)		46,048		89,333
Erasca, Inc.^(a)(b)		17,317		52,124
Exact Sciences Corp.^(a)(b)		46,898		3,180,153
Exelixis, Inc.^(a)		83,184		1,614,601
Fate Therapeutics, Inc.^(a)		20,309		115,761
FibroGen, Inc.^(a)		22,391		417,816
Generation Bio Co.^(a)		21,027		90,416
Geron Corp.^(a)		98,617		213,999
Gilead Sciences, Inc.		334,696		27,769,727
Gossamer Bio, Inc.^(a)		13,515		17,029
Halozyme Therapeutics, Inc.^(a)		35,873		1,369,990
Heron Therapeutics, Inc.^(a)		28,378		42,851
HilleVax, Inc.^(a)		5,831		96,386
Horizon Therapeutics PLC^(a)		59,564		6,500,815
Ideaya Biosciences, Inc.^(a)		9,612		131,973
IGM Biosciences, Inc.^(a)		5,384		73,976
ImmunityBio, Inc.^(a)		21,823		39,718
ImmunoGen, Inc.^(a)		55,162		211,822
Immunovant, Inc.^(a)(b)		10,534		163,382
Incyte Corp.^(a)		49,401		3,570,210
Inhibrx, Inc.^(a)		7,637		144,110
Inovio Pharmaceuticals, Inc.^(a)(b)		62,803		51,498
Insmed, Inc.^(a)(b)		36,420		620,961
Instil Bio, Inc.^(a)		21,271		14,056
Intellia Therapeutics, Inc.^(a)		23,299		868,354
Intercept Pharmaceuticals, Inc.^(a)		8,149		109,441
Ionis Pharmaceuticals, Inc.^(a)		38,426		1,373,345
Iovance Biotherapeutics, Inc.^(a)		36,636		223,846
Ironwood Pharmaceuticals, Inc., Class A^(a)		40,411		425,124
iTeos Therapeutics, Inc.^(a)		6,613		90,003
IVERIC bio, Inc.^(a)		35,490		863,472
Janux Therapeutics, Inc.^(a)		5,840		70,664
KalVista Pharmaceuticals, Inc.^(a)(b)		6,498		51,074
Karuna Therapeutics, Inc.^(a)		8,578		1,558,108
Karyopharm Therapeutics, Inc.^(a)		22,522		87,611
Keros Therapeutics, Inc.^(a)		4,111		175,540
Kezar Life Sciences, Inc.^(a)		14,166		44,340
Kiniksa Pharmaceuticals Ltd., Class A^(a)		11,538		124,149
Kinnate Biopharma, Inc.^(a)		11,820		73,875
Kodiak Sciences, Inc.^(a)		14,136		87,643
Krystal Biotech, Inc.^(a)(b)		5,874		470,272
Kura Oncology, Inc.^(a)		16,701		204,253
Kymera Therapeutics, Inc.^(a)(b)		9,789		290,048
Lyell Immunopharma, Inc.^(a)(b)		40,966		96,680
MacroGenics, Inc.^(a)		16,354		117,258
Madrigal Pharmaceuticals, Inc.^(a)		3,338		808,664
MannKind Corp.^(a)		60,112		246,459


Security	Shares		Value

Biotechnology (continued)
MeiraGTx Holdings PLC^(a)		17,169	$	88,764
Mersana Therapeutics, Inc.^(a)		22,300		91,653
MiMedx Group, Inc.^(a)		33,458		114,092
Mineralys Therapeutics, Inc.^(a)		6,227		97,515
Mirati Therapeutics, Inc.^(a)		10,908		405,559
Mirum Pharmaceuticals, Inc.^(a)		6,013		144,432
Moderna, Inc.^(a)		88,819		13,640,822
Morphic Holding, Inc.^(a)		5,795		218,124
Myriad Genetics, Inc.^(a)		22,776		529,087
Natera, Inc.^(a)		25,553		1,418,703
Neurocrine Biosciences, Inc.^(a)		25,306		2,561,473
Nkarta, Inc.^(a)(b)		8,733		31,002
Novavax, Inc.^(a)(b)		19,598		135,814
Nurix Therapeutics, Inc.^(a)(b)		10,600		94,128
Nuvalent, Inc., Class A^(a)(b)		6,003		156,618
Ocugen, Inc.^(a)(b)		57,149		48,754
PepGen, Inc.^(a)		7,415		90,685
PMV Pharmaceuticals, Inc.^(a)		8,312		39,648
Point Biopharma Global, Inc.^(a)(b)		26,299		191,194
Precigen, Inc.^(a)		60,589		64,224
Prometheus Biosciences, Inc.^(a)		9,180		985,198
Protagonist Therapeutics, Inc.^(a)(b)		11,731		269,813
Prothena Corp. PLC^(a)		9,343		452,855
PTC Therapeutics, Inc.^(a)		19,854		961,728
RAPT Therapeutics, Inc.^(a)		5,464		100,264
Recursion Pharmaceuticals, Inc., Class A^(a)		31,974		213,267
Regeneron Pharmaceuticals, Inc.^(a)		27,688		22,750,399
REGENXBIO, Inc.^(a)		9,284		175,560
Relay Therapeutics, Inc.^(a)(b)		20,009		329,548
Replimune Group, Inc.^(a)		10,313		182,128
REVOLUTION Medicines, Inc.^(a)(b)		23,034		498,916
Rigel Pharmaceuticals, Inc.^(a)		63,854		84,287
Rocket Pharmaceuticals, Inc.^(a)(b)		14,146		242,321
Sage Therapeutics, Inc.^(a)(b)		13,559		568,936
Sana Biotechnology, Inc.^(a)(b)		22,616		73,954
Sangamo Therapeutics, Inc.^(a)		33,780		59,453
Sarepta Therapeutics, Inc.^(a)		22,636		3,119,920
Seagen, Inc.^(a)		36,050		7,299,044
Seres Therapeutics, Inc.^(a)(b)		18,238		103,409
SpringWorks Therapeutics, Inc.^(a)		10,429		268,442
Stoke Therapeutics, Inc.^(a)		7,777		64,782
Sutro Biopharma, Inc.^(a)		22,512		104,005
Syndax Pharmaceuticals, Inc.^(a)		14,461		305,416
Tango Therapeutics, Inc.^(a)		12,953		51,164
TG Therapeutics, Inc.^(a)(b)		32,672		491,387
Travere Therapeutics, Inc.^(a)		16,888		379,811
Twist Bioscience Corp.^(a)(b)		15,113		227,904
Ultragenyx Pharmaceutical, Inc.^(a)		16,808		674,001
United Therapeutics Corp.^(a)		11,934		2,672,739
Vanda Pharmaceuticals, Inc.^(a)		14,935		101,409
Vaxart, Inc.^(a)(b)		53,740		40,665
Vaxcyte, Inc.^(a)		17,850		669,018
Veracyte, Inc.^(a)		17,434		388,778
Vericel Corp.^(a)(b)		11,625		340,845
Vertex Pharmaceuticals, Inc.^(a)		68,281		21,513,295
Verve Therapeutics, Inc.^(a)(b)		12,467		179,774
Vir Biotechnology, Inc.^(a)		20,130		468,425
Viridian Therapeutics, Inc.^(a)		10,432		265,390
Xencor, Inc.^(a)		14,962		417,290
Y-mAbs Therapeutics, Inc.^(a)		9,137		45,776
Zentalis Pharmaceuticals, Inc.^(a)(b)		14,061		241,849


				291,984,767


Security	Shares		Value

Broadline Retail — 2.4%
Amazon.com, Inc.^(a)		2,369,881	$	244,785,008
Big Lots, Inc.		8,971		98,322
ContextLogic, Inc., Class A^(a)		169,533		75,578
Dillard’s, Inc., Class A^(b)		1,051		323,372
eBay, Inc.		145,596		6,460,094
Etsy, Inc.^(a)(b)		33,366		3,714,637
Kohl’s Corp.		29,365		691,252
Macy’s, Inc.		73,892		1,292,371
Nordstrom, Inc.^(b)		29,096		473,392
Ollie’s Bargain Outlet Holdings, Inc.^(a)		17,020		986,139
Qurate Retail, Inc., Class A^(a)		97,898		96,704


				258,996,869

Building Products — 0.6%
A O Smith Corp.		33,423		2,311,200
AAON, Inc.		11,725		1,133,690
Advanced Drainage Systems, Inc.^(b)		16,937		1,426,265
Allegion PLC		23,123		2,467,918
American Woodmark Corp.^(a)		4,771		248,426
Apogee Enterprises, Inc.		6,981		301,928
Armstrong World Industries, Inc.		12,142		864,996
AZEK Co., Inc., Class A^(a)(b)		28,708		675,786
AZZ, Inc.		6,745		278,164
Builders FirstSource, Inc.^(a)		38,843		3,448,482
Carlisle Cos., Inc.		13,532		3,059,179
Carrier Global Corp.		222,098		10,160,983
CSW Industrials, Inc.		3,702		514,319
Fortune Brands Innovations, Inc.		34,416		2,021,252
Gibraltar Industries, Inc.^(a)		8,147		395,129
Griffon Corp.		11,123		356,047
Hayward Holdings, Inc.^(a)(b)		18,845		220,863
Insteel Industries, Inc.		4,296		119,515
Janus International Group, Inc.^(a)		22,281		219,691
JELD-WEN Holding, Inc.^(a)		21,804		276,039
Johnson Controls International PLC		183,654		11,059,644
Lennox International, Inc.		8,459		2,125,577
Masco Corp.		59,369		2,951,827
Masonite International Corp.^(a)(b)		6,208		563,500
Masterbrand, Inc.^(a)		34,226		275,177
Owens Corning		25,153		2,409,657
PGT Innovations, Inc.^(a)		14,854		372,984
Quanex Building Products Corp.		9,073		195,342
Resideo Technologies, Inc.^(a)		37,909		692,977
Simpson Manufacturing Co., Inc.		11,630		1,275,113
Trane Technologies PLC		61,214		11,262,152
Trex Co., Inc.^(a)(b)		30,306		1,474,993
UFP Industries, Inc.		16,355		1,299,732
Zurn Elkay Water Solutions Corp.		32,902		702,787


				67,161,334

Capital Markets — 3.0%
Affiliated Managers Group, Inc.		10,025		1,427,761
Ameriprise Financial, Inc.		28,102		8,613,263
Ares Management Corp., Class A		41,065		3,426,464
Artisan Partners Asset Management, Inc., Class A		14,945		477,941
AssetMark Financial Holdings, Inc.^(a)		7,043		221,502
Avantax, Inc.^(a)		13,168		346,582
B Riley Financial, Inc.		5,782		164,151
Bank of New York Mellon Corp.		195,799		8,897,107
BGC Partners, Inc., Class A		87,424		457,228
BlackRock, Inc.^(c)		39,503		26,432,247
Blackstone, Inc., Class A, NVS		189,692		16,662,545
Blue Owl Capital, Inc.		107,951		1,196,097


Security	Shares		Value

Capital Markets (continued)
Brightsphere Investment Group, Inc.		8,546	$	201,515
Carlyle Group, Inc.		53,886		1,673,699
Cboe Global Markets, Inc.		27,872		3,741,537
Charles Schwab Corp.		404,952		21,211,386
CME Group, Inc., Class A		95,505		18,291,118
Cohen & Steers, Inc.		6,102		390,284
Coinbase Global, Inc., Class A^(a)(b)		41,640		2,813,615
Diamond Hill Investment Group, Inc., Class A		687		113,066
Donnelley Financial Solutions, Inc.^(a)		6,459		263,915
Evercore, Inc., Class A		9,523		1,098,764
FactSet Research Systems, Inc.		10,056		4,174,145
Federated Hermes, Inc., Class B		23,674		950,274
Focus Financial Partners, Inc., Class A^(a)		15,595		808,913
Franklin Resources, Inc.		75,649		2,037,984
GCM Grosvenor, Inc., Class A		13,043		101,866
Goldman Sachs Group, Inc.		87,417		28,594,975
Hamilton Lane, Inc., Class A		9,342		691,121
Houlihan Lokey, Inc., Class A		13,810		1,208,237
Interactive Brokers Group, Inc., Class A		24,148		1,993,659
Intercontinental Exchange, Inc.		147,336		15,365,671
Invesco Ltd.		100,276		1,644,526
Janus Henderson Group PLC		38,607		1,028,490
Jefferies Financial Group, Inc.		54,203		1,720,403
KKR & Co., Inc., Class A		151,575		7,960,719
Lazard Ltd., Class A		23,777		787,256
LPL Financial Holdings, Inc.		20,987		4,247,769
MarketAxess Holdings, Inc.		10,009		3,916,422
Moelis & Co., Class A		16,423		631,300
Moody’s Corp.		42,726		13,075,011
Morgan Stanley		328,633		28,853,977
Morningstar, Inc.		6,794		1,379,386
MSCI, Inc., Class A		20,693		11,581,665
Nasdaq, Inc.		91,575		5,006,405
Northern Trust Corp.		55,340		4,877,114
Open Lending Corp., Class A^(a)		26,930		189,587
Oppenheimer Holdings, Inc., Class A, NVS		2,485		97,288
Perella Weinberg Partners, Class A		8,331		75,812
Piper Sandler Cos.		4,969		688,753
PJT Partners, Inc., Class A		6,338		457,540
Raymond James Financial, Inc.		51,340		4,788,482
Robinhood Markets, Inc., Class A^(a)(b)		148,595		1,442,857
S&P Global, Inc.		85,735		29,558,856
Sculptor Capital Management, Inc.		10,749		92,549
SEI Investments Co.		26,929		1,549,764
State Street Corp.		93,188		7,053,400
StepStone Group, Inc., Class A		15,109		366,695
Stifel Financial Corp.		27,824		1,644,120
StoneX Group, Inc.^(a)		5,303		549,020
T Rowe Price Group, Inc.		58,289		6,580,828
Tradeweb Markets, Inc., Class A		27,957		2,209,162
Victory Capital Holdings, Inc., Class A		4,354		127,442
Virtu Financial, Inc., Class A		27,816		525,722
Virtus Investment Partners, Inc.		1,731		329,565
WisdomTree, Inc.		39,738		232,865


				319,319,382

Chemicals — 1.8%
AdvanSix, Inc.		7,886		301,797
Air Products & Chemicals, Inc.		58,886		16,912,648
Albemarle Corp.		30,985		6,848,924
American Vanguard Corp.		8,832		193,244
Amyris, Inc.^(a)(b)		44,037		59,890
Ashland, Inc.		13,658		1,402,813


Security	Shares		Value

Chemicals (continued)
Aspen Aerogels, Inc.^(a)		10,509	$	78,292
Avient Corp.		23,060		949,150
Axalta Coating Systems Ltd.^(a)		56,731		1,718,382
Balchem Corp.		8,168		1,033,089
Cabot Corp.		14,136		1,083,383
Celanese Corp., Class A		28,666		3,121,441
CF Industries Holdings, Inc.		52,389		3,797,679
Chase Corp.		2,289		239,727
Chemours Co.		41,515		1,242,959
Corteva, Inc.		190,344		11,479,647
Diversey Holdings Ltd.^(a)		20,779		168,102
Dow, Inc.		187,007		10,251,724
DuPont de Nemours, Inc.		122,545		8,795,055
Eastman Chemical Co.		31,851		2,686,313
Ecolab, Inc.		65,751		10,883,763
Ecovyst, Inc.^(a)		16,484		182,148
Element Solutions, Inc.		59,012		1,139,522
FMC Corp.		33,129		4,046,045
Ginkgo Bioworks Holdings, Inc., Class A^(a)(b)		237,229		315,515
Hawkins, Inc.		4,486		196,397
HB Fuller Co.		13,544		927,087
Huntsman Corp.		50,857		1,391,447
Ingevity Corp.^(a)		9,742		696,748
Innospec, Inc.		6,521		669,511
International Flavors & Fragrances, Inc.		67,339		6,192,494
Intrepid Potash, Inc.^(a)		2,897		79,957
Koppers Holdings, Inc.		5,212		182,264
Linde PLC		132,116		46,959,311
Livent Corp.^(a)(b)		44,126		958,417
LSB Industries, Inc.^(a)		19,512		201,559
LyondellBasell Industries NV, Class A		68,376		6,419,823
Mativ Holdings, Inc.		13,952		299,549
Minerals Technologies, Inc.		9,727		587,705
Mosaic Co.		91,024		4,176,181
NewMarket Corp.		1,514		552,580
Olin Corp.		33,482		1,858,251
Origin Materials, Inc.^(a)(b)		32,106		137,093
Orion Engineered Carbons SA		16,012		417,753
Perimeter Solutions SA^(a)(b)		38,558		311,549
PPG Industries, Inc.		62,643		8,367,852
PureCycle Technologies, Inc.^(a)(b)		27,793		194,551
Quaker Chemical Corp.		3,554		703,514
Rayonier Advanced Materials, Inc.^(a)		16,250		101,887
RPM International, Inc.		33,384		2,912,420
Scotts Miracle-Gro Co.		10,744		749,286
Sensient Technologies Corp.		11,434		875,387
Sherwin-Williams Co.		63,389		14,247,945
Stepan Co.		6,114		629,925
Trinseo PLC		9,821		204,768
Tronox Holdings PLC		27,007		388,361
Valvoline, Inc.		46,619		1,628,868
Westlake Corp.^(b)		9,059		1,050,663


				194,202,355

Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		17,561		789,191
ACCO Brands Corp.		27,827		148,040
ACV Auctions, Inc., Class A^(a)(b)		33,613		433,944
Aris Water Solutions, Inc., Class A		6,504		50,666
Brady Corp., Class A, NVS		12,743		684,681
BrightView Holdings, Inc.^(a)		13,951		78,405
Brink’s Co.		11,676		779,957
Casella Waste Systems, Inc., Class A^(a)		13,304		1,099,709


Security	Shares		Value

Commercial Services & Supplies (continued)
Cimpress PLC^(a)(b)		4,459	$	195,393
Cintas Corp.		23,090		10,683,281
Clean Harbors, Inc.^(a)		13,509		1,925,843
Copart, Inc.^(a)		113,086		8,505,198
CoreCivic, Inc.^(a)		30,614		281,649
Deluxe Corp.		10,910		174,560
Driven Brands Holdings, Inc.^(a)(b)		17,001		515,300
Ennis, Inc.		6,523		137,570
GEO Group, Inc.^(a)		33,192		261,885
Harsco Corp.^(a)		22,873		156,223
Healthcare Services Group, Inc.		20,261		281,020
Heritage-Crystal Clean, Inc.^(a)		5,246		186,810
HNI Corp.		11,701		325,756
Interface, Inc., Class A		14,453		117,358
KAR Auction Services, Inc.^(a)		28,549		390,550
Kimball International, Inc., Class B		9,498		117,775
Li-Cycle Holdings Corp.^(a)(b)		36,229		203,969
Liquidity Services, Inc.^(a)		6,761		89,042
Matthews International Corp., Class A		7,933		286,064
MillerKnoll, Inc.		21,070		430,882
Montrose Environmental Group, Inc.^(a)(b)		6,022		214,805
MSA Safety, Inc.		9,649		1,288,142
Republic Services, Inc.		55,182		7,461,710
Ritchie Bros Auctioneers, Inc.^(b)		19,064		1,073,113
Rollins, Inc.		61,142		2,294,659
SP Plus Corp.^(a)		5,965		204,540
Steelcase, Inc., Class A		25,282		212,874
Stericycle, Inc.^(a)		24,085		1,050,347
Tetra Tech, Inc.		14,254		2,094,055
UniFirst Corp.		4,121		726,244
Viad Corp.^(a)		5,044		105,117
VSE Corp.		2,973		133,488
Waste Management, Inc.		109,582		17,880,495


				64,070,310

Communications Equipment — 0.9%
ADTRAN Holdings, Inc.		18,538		294,013
Arista Networks, Inc.^(a)		65,751		11,036,963
Calix, Inc.^(a)		14,550		779,735
Cambium Networks Corp.^(a)		4,536		80,378
Ciena Corp.^(a)		40,084		2,105,212
Cisco Systems, Inc.		1,095,732		57,279,390
Clearfield, Inc.^(a)		3,411		158,884
CommScope Holding Co., Inc.^(a)		52,019		331,361
Comtech Telecommunications Corp.		8,059		100,576
Digi International, Inc.^(a)		8,672		292,073
Extreme Networks, Inc.^(a)		35,462		678,033
F5, Inc.^(a)		15,756		2,295,492
Harmonic, Inc.^(a)		25,064		365,684
Infinera Corp.^(a)(b)		53,109		412,126
Inseego Corp.^(a)(b)		50,435		29,373
Juniper Networks, Inc.		84,193		2,897,923
Lumentum Holdings, Inc.^(a)		19,048		1,028,782
Motorola Solutions, Inc.		43,879		12,555,098
NETGEAR, Inc.^(a)		8,768		162,296
NetScout Systems, Inc.^(a)		16,586		475,189
Ribbon Communications, Inc.^(a)		23,481		80,305
Ubiquiti, Inc.^(b)		1,060		287,991
Viasat, Inc.^(a)(b)		18,227		616,802
Viavi Solutions, Inc.^(a)		63,988		692,990


				95,036,669

Construction & Engineering — 0.3%
AECOM		35,671		3,007,779


Security	Shares		Value

Construction & Engineering (continued)
Ameresco, Inc., Class A^(a)(b)		8,005	$	394,006
API Group Corp.^(a)		51,915		1,167,049
Arcosa, Inc.		12,815		808,755
Argan, Inc.		3,849		155,769
Comfort Systems U.S.A., Inc.		9,088		1,326,484
Construction Partners, Inc., Class A^(a)(b)		8,890		239,497
Dycom Industries, Inc.^(a)(b)		7,177		672,126
EMCOR Group, Inc.		12,541		2,039,041
Fluor Corp.^(a)		39,075		1,207,808
Granite Construction, Inc.		13,398		550,390
Great Lakes Dredge & Dock Corp.^(a)(b)		14,740		80,038
IES Holdings, Inc.^(a)		2,690		115,912
MasTec, Inc.^(a)		15,792		1,491,396
MDU Resources Group, Inc.		52,237		1,592,184
MYR Group, Inc.^(a)		4,910		618,709
Northwest Pipe Co.^(a)		4,008		125,170
Primoris Services Corp.		15,638		385,633
Quanta Services, Inc.		37,938		6,321,988
Sterling Infrastructure, Inc.^(a)		6,794		257,357
Tutor Perini Corp.^(a)(b)		13,280		81,938
Valmont Industries, Inc.		5,519		1,762,106
WillScot Mobile Mini Holdings Corp.^(a)		54,644		2,561,711


				26,962,846

Construction Materials — 0.1%
Eagle Materials, Inc.		9,551		1,401,609
Martin Marietta Materials, Inc.^(b)		16,682		5,923,111
Summit Materials, Inc., Class A^(a)(b)		32,497		925,839
United States Lime & Minerals, Inc.		684		104,440
Vulcan Materials Co.		35,430		6,078,371


				14,433,370

Consumer Finance — 0.5%
Ally Financial, Inc.		82,271		2,097,088
American Express Co.		158,458		26,137,647
Bread Financial Holdings, Inc.		12,814		388,521
Capital One Financial Corp.		101,644		9,774,087
Credit Acceptance Corp.^(a)(b)		1,827		796,645
Discover Financial Services		71,254		7,042,745
Encore Capital Group, Inc.^(a)(b)		6,523		329,085
Enova International, Inc.^(a)		7,670		340,778
EZCORP, Inc., Class A, NVS^(a)		13,975		120,185
FirstCash Holdings, Inc.		9,767		931,479
Green Dot Corp., Class A^(a)		14,236		244,575
LendingClub Corp.^(a)		25,765		185,766
LendingTree, Inc.^(a)		3,876		103,334
Navient Corp.		25,377		405,778
Nelnet, Inc., Class A		3,244		298,091
NerdWallet, Inc., Class A^(a)		5,929		95,931
OneMain Holdings, Inc.		29,554		1,095,862
PRA Group, Inc.^(a)		9,575		373,042
PROG Holdings, Inc.^(a)		14,689		349,451
Regional Management Corp.		3,389		88,419
SLM Corp.		65,027		805,685
SoFi Technologies, Inc.^(a)(b)		214,405		1,301,438
Synchrony Financial		115,664		3,363,509
Upstart Holdings, Inc.^(a)(b)		20,212		321,169
World Acceptance Corp.^(a)		986		82,124


				57,072,434

Consumer Staples Distribution & Retail — 1.8%
Albertsons Cos., Inc., Class A		62,240		1,293,347
Andersons, Inc.		9,847		406,878
BJ’s Wholesale Club Holdings, Inc.^(a)		35,099		2,669,981


Security	Shares		Value

Consumer Staples Distribution & Retail (continued)
Casey’s General Stores, Inc.		10,001	$	2,164,816
Chefs’ Warehouse, Inc.^(a)		7,594		258,576
Costco Wholesale Corp.		118,050		58,655,503
Dollar General Corp.		59,984		12,624,233
Dollar Tree, Inc.^(a)(b)		55,339		7,943,913
Fresh Market, Inc. Escrow^(a)(d)		10,847		—
Grocery Outlet Holding Corp.^(a)		22,170		626,524
Ingles Markets, Inc., Class A		4,237		375,822
Kroger Co.		175,496		8,664,238
Performance Food Group Co.^(a)		39,940		2,409,980
PriceSmart, Inc.		5,986		427,879
Rite Aid Corp.^(a)(b)		20,565		46,066
SpartanNash Co.		9,025		223,820
Sprouts Farmers Market, Inc.^(a)(b)		27,784		973,274
Sysco Corp.		134,868		10,415,856
Target Corp.		123,343		20,429,301
U.S. Foods Holding Corp.^(a)		53,292		1,968,606
United Natural Foods, Inc.^(a)		14,129		372,299
Walgreens Boots Alliance, Inc.		191,678		6,628,225
Walmart, Inc.		378,987		55,881,633
Weis Markets, Inc.		4,746		401,844


				195,862,614

Containers & Packaging — 0.4%
Amcor PLC		389,056		4,427,457
AptarGroup, Inc.^(b)		17,391		2,055,442
Ardagh Group SA, Class A^(a)		4,919		32,859
Ardagh Metal Packaging SA^(b)		41,863		170,801
Avery Dennison Corp.		21,674		3,878,129
Ball Corp.		82,785		4,562,281
Berry Global Group, Inc.		32,960		1,941,344
Crown Holdings, Inc.		31,187		2,579,477
Graphic Packaging Holding Co.		82,999		2,115,645
Greif, Inc., Class A, NVS		6,331		401,195
Greif, Inc., Class B		1,999		152,964
International Paper Co.		95,718		3,451,591
Myers Industries, Inc.		9,724		208,385
O-I Glass, Inc.^(a)		43,697		992,359
Packaging Corp. of America		24,016		3,334,141
Pactiv Evergreen, Inc.		10,599		84,792
Sealed Air Corp.		38,327		1,759,593
Silgan Holdings, Inc.		22,078		1,184,926
Sonoco Products Co.		26,105		1,592,405
TriMas Corp.		9,873		275,062
Westrock Co.		67,615		2,060,229


				37,261,077

Distributors — 0.1%
Funko, Inc., Class A^(a)		7,120		67,142
Genuine Parts Co.		37,262		6,234,305
LKQ Corp.		67,535		3,833,286
Pool Corp.		10,254		3,511,380


				13,646,113

Diversified Consumer Services — 0.1%
2U, Inc.^(a)		18,563		127,156
ADT, Inc.		55,191		399,031
Adtalem Global Education, Inc.^(a)(b)		12,765		492,984
Bright Horizons Family Solutions, Inc.^(a)(b)		15,001		1,154,927
Carriage Services, Inc.		3,914		119,455
Chegg, Inc.^(a)(b)		32,132		523,752
Coursera, Inc.^(a)		34,882		401,841
Duolingo, Inc.^(a)(b)		6,472		922,842
European Wax Center, Inc., Class A		6,841		129,979


Security	Shares		Value

Diversified Consumer Services (continued)
Frontdoor, Inc.^(a)		22,870	$	637,616
Graham Holdings Co., Class B		1,032		614,907
Grand Canyon Education, Inc.^(a)		8,069		919,059
H&R Block, Inc.		41,577		1,465,589
Laureate Education, Inc., Class A		35,384		416,116
Mister Car Wash, Inc.^(a)(b)		20,247		174,529
OneSpaWorld Holdings Ltd.^(a)(b)		14,025		168,160
Perdoceo Education Corp.^(a)		20,213		271,461
Rover Group, Inc.^(a)(b)		32,800		148,584
Service Corp. International		40,179		2,763,512
Strategic Education, Inc.		5,910		530,895
Stride, Inc.^(a)		11,175		438,619
Udemy, Inc.^(a)		22,381		197,624


				13,018,638

Diversified REITs — 0.1%
Alexander & Baldwin, Inc.		20,254		383,003
American Assets Trust, Inc.		12,433		231,130
Armada Hoffler Properties, Inc.		14,842		175,284
Broadstone Net Lease, Inc.		46,675		793,942
CTO Realty Growth, Inc.		6,711		115,832
Empire State Realty Trust, Inc., Class A^(b)		38,766		251,591
Essential Properties Realty Trust, Inc.		36,497		906,950
Gladstone Commercial Corp.		9,804		123,825
Global Net Lease, Inc.		25,400		326,644
One Liberty Properties, Inc.		4,622		105,982
WP Carey, Inc.		56,014		4,338,284


				7,752,467

Diversified Telecommunication Services — 0.8%
Anterix, Inc.^(a)		6,556		216,610
AT&T Inc.		1,908,937		36,747,037
ATN International, Inc.		3,073		125,747
Bandwidth, Inc., Class A^(a)		8,528		129,626
Charge Enterprises, Inc.^(a)(b)		60,774		66,851
Cogent Communications Holdings, Inc.		11,570		737,240
Consolidated Communications Holdings, Inc.^(a)		20,808		53,685
EchoStar Corp., Class A^(a)(b)		9,711		177,614
Frontier Communications Parent, Inc.^(a)		63,214		1,439,383
Globalstar, Inc.^(a)(b)		172,419		200,006
IDT Corp., Class B^(a)		5,263		179,363
Iridium Communications, Inc.		33,737		2,089,333
Liberty Latin America Ltd., Class A^(a)		11,917		99,030
Liberty Latin America Ltd., Class C, NVS^(a)		42,900		354,354
Lumen Technologies, Inc.		268,947		712,710
Ooma, Inc.^(a)		7,115		89,009
Radius Global Infrastructure, Inc., Class A^(a)(b)		22,287		326,950
Verizon Communications, Inc.		1,120,656		43,582,312


				87,326,860

Electric Utilities — 1.7%
ALLETE, Inc.		15,038		967,996
Alliant Energy Corp.		67,709		3,615,661
American Electric Power Co., Inc.		136,915		12,457,896
Avangrid, Inc.		19,342		771,359
Constellation Energy Corp.		87,553		6,872,911
Duke Energy Corp.		205,146		19,790,435
Edison International		100,491		7,093,660
Entergy Corp.		54,154		5,834,552
Evergy, Inc.		59,712		3,649,597
Eversource Energy		92,447		7,234,902
Exelon Corp.		263,697		11,046,267
FirstEnergy Corp.		145,051		5,810,743
Hawaiian Electric Industries, Inc.		29,269		1,123,930


Security	Shares		Value

Electric Utilities (continued)
IDACORP, Inc.		12,956	$	1,403,523
MGE Energy, Inc.		9,514		738,952
NextEra Energy, Inc.		529,515		40,815,016
NRG Energy, Inc.		56,682		1,943,626
OGE Energy Corp.		51,862		1,953,123
Otter Tail Corp.		10,591		765,412
PG&E Corp.^(a)(b)		437,029		7,066,759
Pinnacle West Capital Corp.		29,382		2,328,230
PNM Resources, Inc.		22,430		1,091,892
Portland General Electric Co.		24,206		1,183,431
PPL Corp.		195,200		5,424,608
Southern Co.		290,492		20,212,433
Xcel Energy, Inc.		145,671		9,824,052


				181,020,966

Electrical Equipment — 0.7%
Acuity Brands, Inc.		8,567		1,565,448
Allied Motion Technologies, Inc.		3,514		135,816
AMETEK, Inc.		61,407		8,924,279
Array Technologies, Inc.^(a)(b)		41,274		903,075
Atkore, Inc.^(a)(b)		10,765		1,512,267
Babcock & Wilcox Enterprises, Inc.^(a)		17,309		104,893
Blink Charging Co.^(a)(b)		9,945		86,024
Bloom Energy Corp., Class A^(a)(b)		44,990		896,651
ChargePoint Holdings, Inc., Class A^(a)(b)		67,811		709,981
Eaton Corp. PLC		106,412		18,232,632
Emerson Electric Co.		151,858		13,232,906
Encore Wire Corp.		5,101		945,368
EnerSys		11,517		1,000,597
Enovix Corp.^(a)(b)		30,435		453,786
ESS Tech, Inc.^(a)(b)		32,148		44,686
Fluence Energy, Inc., Class A^(a)		8,949		181,217
FuelCell Energy, Inc.^(a)(b)		100,839		287,391
Generac Holdings, Inc.^(a)(b)		16,573		1,790,050
GrafTech International Ltd.		57,202		278,002
Hubbell, Inc.		14,071		3,423,615
NEXTracker, Inc., Class A^(a)(b)		8,188		296,897
NuScale Power Corp., Class A^(a)(b)		10,297		93,600
nVent Electric PLC		44,276		1,901,211
Plug Power, Inc.^(a)(b)		136,319		1,597,659
Powell Industries, Inc.		2,845		121,169
Preformed Line Products Co.		882		112,931
Regal Rexnord Corp.		17,390		2,447,295
Rockwell Automation, Inc.		30,588		8,976,049
Sensata Technologies Holding PLC		40,469		2,024,259
Shoals Technologies Group, Inc., Class A^(a)		43,080		981,793
Stem, Inc.^(a)(b)		42,454		240,714
SunPower Corp.^(a)(b)		20,424		282,668
Sunrun, Inc.^(a)(b)		53,765		1,083,365
Thermon Group Holdings, Inc.^(a)		8,770		218,548
TPI Composites, Inc.^(a)(b)		10,617		138,552
Vertiv Holdings Co.		84,725		1,212,415
Vicor Corp.^(a)		5,553		260,658


				76,698,467

Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.^(a)(b)		7,927		68,172
Advanced Energy Industries, Inc.		10,720		1,050,560
Akoustis Technologies, Inc.^(a)(b)		33,763		103,990
Amphenol Corp., Class A		156,293		12,772,264
Arlo Technologies, Inc.^(a)		21,722		131,635
Arrow Electronics, Inc.^(a)		15,504		1,935,984
Avnet, Inc.		24,409		1,103,287
Badger Meter, Inc.		7,216		879,053


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Belden, Inc.		11,227	$	974,167
Benchmark Electronics, Inc.		10,666		252,678
CDW Corp.		35,843		6,985,442
Cognex Corp.		45,295		2,244,367
Coherent Corp.^(a)(b)		30,839		1,174,349
Corning, Inc.		196,564		6,934,778
CTS Corp.		8,300		410,518
ePlus, Inc.^(a)		7,612		373,292
Fabrinet^(a)		9,459		1,123,351
FARO Technologies, Inc.^(a)		4,216		103,756
Insight Enterprises, Inc.^(a)(b)		8,126		1,161,693
IPG Photonics Corp.^(a)		8,533		1,052,204
Itron, Inc.^(a)		11,820		655,419
Jabil, Inc.		34,400		3,032,704
Keysight Technologies, Inc.^(a)		47,490		7,668,685
Kimball Electronics, Inc.^(a)		6,050		145,805
Knowles Corp.^(a)(b)		26,140		444,380
Lightwave Logic, Inc.^(a)(b)		31,721		165,901
Littelfuse, Inc.		6,305		1,690,307
Methode Electronics, Inc.		9,312		408,611
MicroVision, Inc.^(a)(b)		41,822		111,665
Mirion Technologies, Inc., Class A^(a)(b)		42,683		364,513
Napco Security Technologies, Inc.^(a)(b)		7,642		287,186
National Instruments Corp.		35,085		1,838,805
nLight, Inc.^(a)		10,925		111,217
Novanta, Inc.^(a)		9,060		1,441,355
OSI Systems, Inc.^(a)		4,571		467,888
Ouster, Inc.^(a)		83,654		69,993
PAR Technology Corp.^(a)(b)		7,460		253,342
PC Connection, Inc.		2,996		134,700
Plexus Corp.^(a)		7,476		729,433
Rogers Corp.^(a)		5,027		821,563
Sanmina Corp.^(a)		14,052		857,031
ScanSource, Inc.^(a)		6,836		208,088
SmartRent, Inc.^(a)		38,548		98,297
TD SYNNEX Corp.		12,414		1,201,551
Teledyne Technologies, Inc.^(a)		12,410		5,551,738
Trimble, Inc.^(a)		65,113		3,413,223
TTM Technologies, Inc.^(a)(b)		24,153		325,824
Vishay Intertechnology, Inc.		32,409		733,092
Vishay Precision Group, Inc.^(a)		3,264		136,305
Vontier Corp.		42,841		1,171,273
Zebra Technologies Corp., Class A^(a)		13,576		4,317,168


				79,692,602

Energy Equipment & Services — 0.5%
Archrock, Inc.		35,195		343,855
Baker Hughes Co., Class A		252,734		7,293,903
Borr Drilling Ltd.^(a)		46,405		351,750
Bristow Group, Inc.^(a)		6,195		138,768
Cactus, Inc., Class A		14,966		617,048
ChampionX Corp.		51,580		1,399,365
Diamond Offshore Drilling, Inc.^(a)		26,571		319,915
DMC Global, Inc.^(a)(b)		6,426		141,179
Dril-Quip, Inc.^(a)		9,969		286,011
Expro Group Holdings NV^(a)(b)		20,279		372,322
Halliburton Co.		239,112		7,565,504
Helix Energy Solutions Group, Inc.^(a)		35,809		277,162
Helmerich & Payne, Inc.		27,084		968,253
Liberty Energy, Inc., Class A		39,313		503,600
Nabors Industries Ltd.^(a)		2,256		275,029
Newpark Resources, Inc.^(a)		26,365		101,505
NexTier Oilfield Solutions, Inc.^(a)(b)		40,906		325,203


Security	Shares		Value

Energy Equipment & Services (continued)
Noble Corp. PLC^(a)		22,264	$	878,760
NOV, Inc.		105,360		1,950,214
Oceaneering International, Inc.^(a)		24,823		437,629
Oil States International, Inc.^(a)		23,162		192,939
Patterson-UTI Energy, Inc.		58,495		684,392
ProFrac Holding Corp., Class A^(a)		8,219		104,135
ProPetro Holding Corp.^(a)		20,065		144,267
RPC, Inc.		20,839		160,252
Schlumberger NV		376,192		18,471,027
Select Energy Services, Inc., Class A		22,635		157,540
Solaris Oilfield Infrastructure, Inc., Class A		12,623		107,800
TETRA Technologies, Inc.^(a)		42,560		112,784
Tidewater, Inc.^(a)		13,090		577,007
U.S. Silica Holdings, Inc.^(a)		21,420		255,755
Valaris Ltd.^(a)		15,737		1,023,849
Weatherford International PLC^(a)		18,369		1,090,200


				47,628,922

Entertainment — 1.5%
Activision Blizzard, Inc.		206,699		17,691,367
AMC Entertainment Holdings, Inc., Class A^(a)(b)		135,834		680,528
Cinemark Holdings, Inc.^(a)(b)		29,321		433,658
Electronic Arts, Inc.		73,189		8,815,615
IMAX Corp.^(a)		14,901		285,801
Liberty Media Corp. - Liberty Braves, Class A^(a)(b)		3,144		108,720
Liberty Media Corp. - Liberty Braves, Class C, NVS^(a)		8,666		291,958
Liberty Media Corp. - Liberty Formula One, Class A^(a)		4,891		330,142
Liberty Media Corp. - Liberty Formula One, Class C, NVS^(a)		53,728		4,020,466
Lions Gate Entertainment Corp., Class A^(a)(b)		14,275		158,024
Lions Gate Entertainment Corp., Class B, NVS^(a)		33,784		350,678
Live Nation Entertainment, Inc.^(a)		40,710		2,849,700
Madison Square Garden Entertainment Corp., Class A^(a)		6,896		407,347
Madison Square Garden Sports Corp., Class A		5,288		1,030,367
Marcus Corp.		7,290		116,640
Netflix, Inc.^(a)		116,720		40,324,426
Playstudios, Inc., Class A^(a)		27,703		102,224
Playtika Holding Corp.^(a)		27,395		308,468
ROBLOX Corp., Class A^(a)(b)		119,400		5,370,612
Roku, Inc.^(a)(b)		31,994		2,105,845
Skillz, Inc.^(a)		129,732		76,957
Spotify Technology SA^(a)		37,040		4,949,285
Take-Two Interactive Software, Inc.^(a)		44,375		5,293,937
Walt Disney Co.^(a)		485,816		48,644,756
Warner Bros Discovery, Inc., Class A^(a)		629,609		9,507,096
World Wrestling Entertainment, Inc., Class A		11,622		1,060,624


				155,315,241

Financial Services — 4.1%
Affirm Holdings, Inc., Class A^(a)(b)		57,748		650,820
Alerus Financial Corp.		5,596		89,816
A-Mark Precious Metals, Inc.		5,156		178,655
Apollo Global Management, Inc.		128,356		8,106,965
AvidXchange Holdings, Inc.^(a)		38,134		297,445
Banco Latinoamericano de Comercio Exterior SA, Class E		10,926		189,894
Berkshire Hathaway, Inc., Class B^(a)		481,036		148,529,486
Block, Inc., Class A^(a)		142,343		9,771,847
Cannae Holdings, Inc.^(a)		22,233		448,662
Cantaloupe, Inc.^(a)		24,639		140,442
Cass Information Systems, Inc.		3,411		147,730


Security	Shares		Value

Financial Services (continued)
Compass Diversified Holdings		14,424	$	275,210
Enact Holdings, Inc.		8,504		194,401
Equitable Holdings, Inc.		96,810		2,458,006
Essent Group Ltd.		29,301		1,173,505
Euronet Worldwide, Inc.^(a)(b)		12,415		1,389,239
EVERTEC, Inc.		16,117		543,949
Federal Agricultural Mortgage Corp., Class C, NVS		2,527		336,571
Fidelity National Information Services, Inc.		157,419		8,552,574
Fiserv, Inc.^(a)		156,893		17,733,616
FleetCor Technologies, Inc.^(a)		19,078		4,022,596
Flywire Corp.^(a)		16,501		484,469
Global Payments, Inc.		69,757		7,341,227
I3 Verticals, Inc., Class A^(a)		6,147		150,786
International Money Express, Inc.^(a)(b)		9,577		246,895
Jack Henry & Associates, Inc.		19,222		2,897,140
Jackson Financial, Inc., Class A		20,018		748,873
Marqeta, Inc., Class A^(a)		116,802		533,785
Mastercard, Inc., Class A		226,880		82,450,461
Merchants Bancorp		5,209		135,642
MGIC Investment Corp.		83,617		1,122,140
MoneyGram International, Inc.^(a)		23,572		245,620
Mr. Cooper Group, Inc.^(a)		18,798		770,154
NMI Holdings, Inc., Class A^(a)		22,199		495,704
Payoneer Global, Inc.^(a)		66,133		415,315
PayPal Holdings, Inc.^(a)		304,140		23,096,392
Paysafe Ltd.^(a)		7,779		134,343
PennyMac Financial Services, Inc., Class A		6,772		403,679
Radian Group, Inc.		44,881		991,870
Remitly Global, Inc.^(a)(b)		26,961		456,989
Repay Holdings Corp.^(a)		20,910		137,379
Rocket Cos., Inc., Class A^(a)(b)		31,073		281,521
Shift4 Payments, Inc., Class A^(a)		13,319		1,009,580
Star Holdings^(a)		2,417		42,036
StoneCo Ltd., Class A^(a)		76,526		730,058
TFS Financial Corp.		15,225		192,292
Toast, Inc., Class A^(a)(b)		69,089		1,226,330
UWM Holdings Corp., Class A^(b)		33,203		163,027
Visa, Inc., Class A		433,419		97,718,648
Voya Financial, Inc.		26,234		1,874,682
Walker & Dunlop, Inc.		7,880		600,220
Waterstone Financial, Inc.		8,288		125,397
Western Union Co.		88,648		988,425
WEX, Inc.^(a)		11,705		2,152,433


				435,594,941

Food Products — 1.1%
Archer-Daniels-Midland Co.		145,212		11,567,588
B&G Foods, Inc.		16,935		263,000
Benson Hill, Inc.^(a)(b)		59,955		68,948
Beyond Meat, Inc.^(a)(b)		15,109		245,219
BRC, Inc., Class A^(a)(b)		14,149		72,726
Bunge Ltd.		36,866		3,521,440
Calavo Growers, Inc.		4,144		119,223
Cal-Maine Foods, Inc.		9,420		573,584
Campbell Soup Co.		50,853		2,795,898
Conagra Brands, Inc.		126,550		4,753,218
Darling Ingredients, Inc.^(a)		42,479		2,480,774
Flowers Foods, Inc.		49,512		1,357,124
Fresh Del Monte Produce, Inc.		8,970		270,087
Freshpet, Inc.^(a)(b)		12,181		806,260
General Mills, Inc.		156,921		13,410,469
Hain Celestial Group, Inc.^(a)		23,464		402,408


Security	Shares		Value

Food Products (continued)
Hershey Co.		38,992	$	9,919,955
Hormel Foods Corp.		75,299		3,002,924
Hostess Brands, Inc., Class A^(a)		37,735		938,847
Ingredion, Inc.		17,938		1,824,833
J & J Snack Foods Corp.		4,123		611,111
J M Smucker Co.		27,564		4,337,747
John B Sanfilippo & Son, Inc.		1,976		191,514
Kellogg Co.		67,685		4,532,188
Kraft Heinz Co.		187,273		7,241,847
Lamb Weston Holdings, Inc.		38,841		4,059,661
Lancaster Colony Corp.		5,065		1,027,587
Lifecore Biomedical, Inc.^(a)		11,554		43,616
McCormick & Co., Inc., NVS		66,266		5,513,994
Mission Produce, Inc.^(a)		10,467		116,288
Mondelez International, Inc., Class A		363,863		25,368,528
Pilgrim’s Pride Corp.^(a)		13,878		321,692
Post Holdings, Inc.^(a)		14,652		1,316,775
Seaboard Corp.		75		282,751
Seneca Foods Corp., Class A^(a)		2,104		109,976
Simply Good Foods Co.^(a)		22,876		909,778
Sovos Brands, Inc.^(a)(b)		8,293		138,327
SunOpta, Inc.^(a)(b)		28,049		215,977
Tattooed Chef, Inc., Class A^(a)(b)		26,849		38,126
Tootsie Roll Industries, Inc.		4,191		188,218
TreeHouse Foods, Inc.^(a)		13,293		670,366


	Page


The Markets in Review		2

Annual Report:

Market Overview		4

Fund Summary		5

About Fund Performance		9

Disclosure of Expenses		9

Schedules of Investments		10

Financial Statements:

Statements of Assets and Liabilities		44

Statements of Operations		45

Statements of Changes in Net Assets		46

Financial Highlights		47

Notes to Financial Statements		49

Report of Independent Registered Public Accounting Firm		57

Important Tax Information		58

Statement Regarding Liquidity Risk Management Program		59

Supplemental Information		60

Trustee and Officer Information		62

General Information		65

Glossary of Terms Used in this Report		66


	Average Annual Total Returns							Cumulative Total Returns

		1 Year		5 Years		10 Years			1 Year		5 Years		10 Years

Fund NAV		(8.72	)%	10.26	%	11.55	%		(8.72	)%	62.99	%	198.23	%

Fund Market		(8.86	)	10.25		11.55			(8.86	)	62.87		198.30

Index		(8.58	)	10.45		11.73			(8.58	)	64.37		203.26


Actual				Hypothetical 5% Return

Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,147.90	$ 1.07			$ 1,000.00	$ 1,023.93	$ 1.01		0.20	%



Sector		Percent of Total Investments^(a)

Information Technology		24.6%

Health Care		14.1

Financials		13.4

Consumer Discretionary		10.3

Industrials		9.9

Communication Services		7.6

Consumer Staples		6.6

Energy		4.7

Real Estate		3.1

Materials		2.9

Utilities		2.8



Security		Percent of Total Investments^(a)

Apple Inc.		6.2%

Microsoft Corp.		5.4

Amazon.com, Inc.		2.3

NVIDIA Corp.		1.7

Alphabet, Inc., Class A		1.6

Berkshire Hathaway, Inc., Class B		1.4

Alphabet, Inc., Class C, NVS		1.4

Tesla, Inc.		1.4

Meta Platforms, Inc., Class A		1.2

Exxon Mobil Corp.		1.1


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


4		2 0 2 3 I S H A R E S 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 March 31, 2023		iShares^® Russell 3000 ETF


Fund Summary as of March 31, 2023 (continued)		iShares^® Russell 3000 ETF


Fund Summary as of March 31, 2023		iShares^® Russell Mid-Cap Value ETF



Security		Percent of Total Investments^(a)

Phillips 66		0.8%

Motorola Solutions, Inc.		0.8

Corteva, Inc.		0.7

Biogen, Inc.		0.7

Realty Income Corp.		0.7

Nucor Corp.		0.7

Aflac, Inc.		0.6

Carrier Global Corp.		0.6

PACCAR, Inc.		0.6

Xcel Energy, Inc.		0.6


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		9