iShares Trust

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

Overall, our view is that investors need to think globally, 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 September 30, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(20.20)	%		(15.47)%

U.S. small cap equities (Russell 2000^® Index)		(19.01)			(23.50)

International equities (MSCI Europe, Australasia, Far East Index)		(22.51)			(25.13)

Emerging market equities (MSCI Emerging Markets Index)		(21.70)			(28.11)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.58			0.63

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.81)			(16.20)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.22)			(14.60)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(6.30)			(11.50)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(10.42)			(14.15)

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

The iShares 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.

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.

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 — 1.6%
AAR Corp.^(a)		9,412	$	337,138
Aerojet Rocketdyne Holdings, Inc.^(a)		19,953		797,920
AeroVironment, Inc.^(a)		5,882		490,324
AerSale Corp.^(a)(b)		7,451		138,142
Archer Aviation, Inc., Class A^(a)(b)		41,157		107,420
Axon Enterprise, Inc.^(a)(b)		18,497		2,141,028
Boeing Co.^(a)(b)		145,316		17,594,861
BWX Technologies, Inc.		25,281		1,273,404
Cadre Holdings, Inc.^(b)		6,727		161,852
Curtiss-Wright Corp.		10,074		1,401,898
Ducommun, Inc.^(a)		2,621		103,949
General Dynamics Corp.		64,117		13,603,704
HEICO Corp.^(b)		11,932		1,717,969
HEICO Corp., Class A		20,746		2,377,907
Hexcel Corp.		21,615		1,117,928
Howmet Aerospace, Inc.		100,832		3,118,734
Huntington Ingalls Industries, Inc.		10,321		2,286,101
Kaman Corp.		7,825		218,552
Kratos Defense & Security Solutions, Inc.^(a)(b)		33,584		341,213
L3Harris Technologies, Inc.		50,995		10,598,291
Lockheed Martin Corp.		62,240		24,042,690
Maxar Technologies, Inc.^(b)		18,075		338,364
Mercury Systems, Inc.^(a)		15,515		629,909
Moog, Inc., Class A		7,797		548,519
National Presto Industries, Inc.		2,249		146,297
Northrop Grumman Corp.		38,608		18,158,115
Parsons Corp.^(a)		8,156		319,715
Raytheon Technologies Corp.		392,410		32,122,683
Rocket Lab USA, Inc.^(a)		61,820		251,607
Spirit AeroSystems Holdings, Inc., Class A^(b)		28,302		620,380
Textron, Inc.		56,832		3,311,032
TransDigm Group, Inc.		13,642		7,159,594
Triumph Group, Inc.^(a)		15,990		137,354
V2X, Inc.^(a)		3,353		118,696
Virgin Galactic Holdings, Inc.^(a)(b)		66,738		314,336
Woodward, Inc.^(b)		16,524		1,326,216


				149,473,842

Air Freight & Logistics — 0.5%
Air Transport Services Group, Inc.^(a)		15,897		382,959
Atlas Air Worldwide Holdings, Inc.^(a)		7,973		761,979
CH Robinson Worldwide, Inc.		32,867		3,165,421
Expeditors International of Washington, Inc.		43,778		3,866,035
FedEx Corp.		63,302		9,398,448
Forward Air Corp.		7,357		664,043
GXO Logistics, Inc.^(a)		28,215		989,218
Hub Group, Inc., Class A^(a)		9,213		635,513
United Parcel Service, Inc., Class B		194,146		31,362,345


				51,225,961

Airlines — 0.2%
Alaska Air Group, Inc.^(a)		32,746		1,282,006
Allegiant Travel Co.^(a)		3,683		268,785
American Airlines Group, Inc.^(a)(b)		175,167		2,109,011
Blade Air Mobility, Inc.^(a)(b)		23,519		94,782
Copa Holdings SA, Class A, NVS^(a)(b)		8,190		548,812
Delta Air Lines, Inc.^(a)		168,453		4,726,791
Frontier Group Holdings, Inc.^(a)		9,855		95,594
Hawaiian Holdings, Inc.^(a)		14,275		187,716
JetBlue Airways Corp.^(a)		82,740		548,566
Joby Aviation, Inc.^(a)(b)		70,086		303,472
SkyWest, Inc.^(a)		14,072		228,811


Security	Shares		Value

Airlines (continued)
Southwest Airlines Co.^(a)		156,408	$	4,823,623
Spirit Airlines, Inc.^(a)		26,710		502,682
Sun Country Airlines Holdings, Inc.^(a)		6,792		92,439
United Airlines Holdings, Inc.^(a)		86,696		2,820,221


				18,633,311

Auto Components — 0.2%
Adient PLC^(a)		24,939		692,057
American Axle & Manufacturing Holdings, Inc.^(a)		30,249		206,601
Aptiv PLC^(a)		71,693		5,607,110
BorgWarner, Inc.		62,611		1,965,985
Dana, Inc.		34,221		391,146
Dorman Products, Inc.^(a)		7,439		610,891
Fox Factory Holding Corp.^(a)		11,267		890,994
Gentex Corp.		62,961		1,500,990
Gentherm, Inc.^(a)		8,492		422,307
Goodyear Tire & Rubber Co.^(a)		75,514		761,936
LCI Industries		6,981		708,292
Lear Corp.		15,990		1,913,843
Luminar Technologies, Inc.^(a)(b)		66,378		483,564
Modine Manufacturing Co.^(a)		11,784		152,485
Patrick Industries, Inc.		5,916		259,358
QuantumScape Corp.^(a)(b)		64,559		542,941
Solid Power, Inc.^(a)(b)		37,962		199,680
Standard Motor Products, Inc.		5,107		165,978
Stoneridge, Inc.^(a)(b)		6,860		116,277
Tenneco, Inc., Class A^(a)(b)		21,764		378,476
Visteon Corp.^(a)		7,010		743,481
XPEL, Inc.^(a)		6,662		429,299


				19,143,691

Automobiles — 2.2%
Canoo, Inc.^(a)(b)		51,368		96,315
Fisker, Inc.^(a)(b)		41,283		311,687
Ford Motor Co.		1,044,159		11,694,581
General Motors Co.		384,537		12,339,792
Harley-Davidson, Inc.		35,763		1,247,414
Lordstown Motors Corp., Class A^(a)(b)		63,763		116,686
Lucid Group, Inc.^(a)(b)		140,633		1,964,643
Rivian Automotive, Inc., Class A^(a)(b)		138,514		4,558,496
Tesla, Inc.^(a)		672,161		178,290,705
Thor Industries, Inc.		14,578		1,020,168
Winnebago Industries, Inc.^(b)		7,853		417,858
Workhorse Group, Inc.^(a)(b)		35,530		101,971


				212,160,316

Banks — 4.0%
1st Source Corp.		4,055		187,747
Allegiance Bancshares, Inc.		6,107		254,234
Amalgamated Financial Corp.		5,087		114,712
Amerant Bancorp, Inc.		7,782		193,305
American National Bankshares, Inc.		3,354		107,160
Ameris Bancorp		16,322		729,757
Arrow Financial Corp.		4,859		140,036
Associated Banc-Corp.		39,677		796,714
Atlantic Union Bankshares Corp.		19,258		585,058
Banc of California, Inc.		14,370		229,489
BancFirst Corp.		4,754		425,340
Bancorp, Inc.^(a)		12,700		279,146
Bank First Corp.		1,648		126,039
Bank of America Corp.		1,850,128		55,873,866
Bank of Hawaii Corp.		8,089		615,735
Bank of Marin Bancorp		4,518		135,314
Bank of NT Butterfield & Son Ltd.		14,094		457,491


Security	Shares		Value

Banks (continued)
Bank OZK		32,331	$	1,279,014
BankUnited, Inc.		20,695		707,148
Banner Corp.		9,732		574,967
Bar Harbor Bankshares		4,826		127,986
BayCom Corp.^(b)		9,125		160,418
Berkshire Hills Bancorp, Inc.		11,818		322,631
BOK Financial Corp.		7,821		694,974
Brookline Bancorp, Inc.		17,954		209,164
Business First Bancshares, Inc.		6,563		141,301
Byline Bancorp, Inc.		7,382		149,486
Cadence Bank		38,189		970,383
Cambridge Bancorp		1,682		134,123
Camden National Corp.		3,734		159,068
Capital City Bank Group, Inc.		4,580		142,484
Capstar Financial Holdings, Inc.		5,924		109,772
Carter Bankshares, Inc.^(a)(b)		8,338		134,242
Cathay General Bancorp		17,876		687,511
Central Pacific Financial Corp.		8,258		170,858
Citigroup, Inc.		512,238		21,344,957
Citizens & Northern Corp.		5,829		140,945
Citizens Financial Group, Inc.		128,975		4,431,581
City Holding Co.		4,234		375,513
Civista Bancshares, Inc.		6,052		125,640
CNB Financial Corp.		5,085		119,853
Coastal Financial Corp.^(a)(b)		2,806		111,510
Colony Bankcorp, Inc.		12,004		156,412
Columbia Banking System, Inc.		19,525		564,077
Comerica, Inc.		34,075		2,422,733
Commerce Bancshares, Inc.		26,349		1,743,250
Community Bank System, Inc.		14,122		848,450
Community Trust Bancorp, Inc.		3,860		156,523
ConnectOne Bancorp, Inc.		10,470		241,438
CrossFirst Bankshares, Inc.^(a)(b)		12,900		168,345
Cullen/Frost Bankers, Inc.		15,149		2,003,001
Customers Bancorp, Inc.^(a)		7,353		216,766
CVB Financial Corp.		34,654		877,439
Dime Community Bancshares, Inc.		9,599		281,059
Eagle Bancorp, Inc.		9,569		428,883
East West Bancorp, Inc.		37,423		2,512,580
Eastern Bankshares, Inc.		40,364		792,749
Enterprise Bancorp., Inc.		4,090		122,332
Enterprise Financial Services Corp.		9,390		413,536
Equity Bancshares, Inc., Class A		3,982		117,987
Farmers & Merchants Bancorp., Inc./Archbold OH		4,366		117,314
Farmers National Banc Corp.		10,858		142,131
FB Financial Corp.		7,655		292,498
Fifth Third Bancorp		181,454		5,799,270
Financial Institutions, Inc.		4,641		111,709
First Bancorp., Inc.		3,801		104,718
First BanCorp/Puerto Rico		49,297		674,383
First Bancorp/Southern Pines NC		8,695		318,063
First Bancshares, Inc.		5,056		151,023
First Busey Corp.		14,033		308,445
First Citizens BancShares, Inc., Class A^(b)		3,212		2,561,345
First Commonwealth Financial Corp.		23,135		297,053
First Community Bankshares, Inc.		4,424		141,701
First Financial Bancorp		24,566		517,851
First Financial Bankshares, Inc.		34,592		1,446,983
First Financial Corp.		2,807		126,848
First Foundation, Inc.		11,649		211,313
First Hawaiian, Inc.		35,515		874,734
First Horizon Corp.		137,391		3,146,254


Security	Shares		Value

Banks (continued)
First Internet Bancorp		3,319	$	112,381
First Interstate BancSystem, Inc., Class A		23,766		958,958
First Merchants Corp.		14,373		555,948
First Mid Bancshares, Inc.		3,368		107,675
First of Long Island Corp.		6,630		114,301
First Republic Bank		48,451		6,325,278
Five Star Bancorp		3,935		111,597
Flushing Financial Corp.		7,595		147,115
FNB Corp.		86,381		1,002,020
Fulton Financial Corp.		38,232		604,066
German American Bancorp., Inc.		6,517		232,722
Glacier Bancorp, Inc.		28,562		1,403,251
Great Southern Bancorp., Inc.		2,591		147,868
Guaranty Bancshares, Inc.		3,136		108,474
Hancock Whitney Corp.		23,702		1,085,789
Hanmi Financial Corp.		8,508		201,469
HarborOne Bancorp, Inc.		17,127		229,844
Heartland Financial USA, Inc.		9,671		419,335
Heritage Commerce Corp.		16,586		188,085
Heritage Financial Corp.		9,192		243,312
Hilltop Holdings, Inc.		13,860		344,421
Home BancShares, Inc.		52,654		1,185,242
HomeStreet, Inc.		4,842		139,498
HomeTrust Bancshares, Inc.		5,454		120,533
Hope Bancorp, Inc.		29,353		371,022
Horizon Bancorp, Inc.		10,594		190,268
Huntington Bancshares, Inc.		378,319		4,986,244
Independent Bank Corp.		12,027		896,372
Independent Bank Corp.		5,584		106,654
Independent Bank Group, Inc.		9,241		567,305
International Bancshares Corp.		14,706		625,005
John Marshall Bancorp., Inc.		5,923		145,469
JPMorgan Chase & Co.		769,528		80,415,676
KeyCorp		245,288		3,929,514
Lakeland Bancorp., Inc.		17,725		283,777
Lakeland Financial Corp.		6,035		439,408
Live Oak Bancshares, Inc.^(b)		8,500		260,100
M&T Bank Corp.		45,248		7,978,127
Mercantile Bank Corp.		4,780		142,014
Metrocity Bankshares, Inc.		7,605		149,362
Metropolitan Bank Holding Corp.^(a)		2,472		159,098
Mid Penn Bancorp., Inc.		5,621		161,491
Midland States Bancorp., Inc.		6,266		147,690
MidWestOne Financial Group, Inc.		6,094		166,305
National Bank Holdings Corp., Class A		7,742		286,377
NBT Bancorp, Inc.		11,816		448,417
Nicolet Bankshares, Inc.^(a)		3,279		230,973
Northwest Bancshares, Inc.		26,773		361,703
OceanFirst Financial Corp.		15,230		283,887
OFG Bancorp		11,498		288,945
Old National Bancorp		77,191		1,271,336
Old Second Bancorp., Inc.		11,976		156,287
Origin Bancorp., Inc.		7,045		271,021
Orrstown Financial Services, Inc.		6,398		153,040
Pacific Premier Bancorp, Inc.		22,786		705,455
PacWest Bancorp		29,656		670,226
Park National Corp.		3,576		445,140
Pathward Financial, Inc.		7,953		262,131
Peapack-Gladstone Financial Corp.		4,868		163,808
Peoples Bancorp., Inc.		5,488		158,768
Peoples Financial Services Corp.		3,252		152,324
Pinnacle Financial Partners, Inc.		20,341		1,649,655


Security	Shares		Value

Banks (continued)
PNC Financial Services Group, Inc.		108,326	$	16,186,071
Popular, Inc.		19,259		1,387,804
Preferred Bank		2,534		165,293
Premier Financial Corp.		8,972		230,580
Primis Financial Corp.		9,763		118,425
Professional Holding Corp., Class A^(a)		4,162		107,962
Prosperity Bancshares, Inc.		22,796		1,520,037
QCR Holdings, Inc.		5,077		258,622
Regions Financial Corp.		248,337		4,984,124
Renasant Corp.		16,064		502,482
Republic Bancorp., Inc., Class A		3,148		120,568
S&T Bancorp, Inc.		8,969		262,881
Sandy Spring Bancorp., Inc.		11,025		388,742
Seacoast Banking Corp. of Florida		13,132		396,980
ServisFirst Bancshares, Inc.		13,486		1,078,880
Shore Bancshares, Inc.		6,828		118,261
Sierra Bancorp		7,035		138,941
Signature Bank		16,301		2,461,451
Silvergate Capital Corp., Class A^(a)(b)		8,975		676,266
Simmons First National Corp., Class A		34,010		741,078
SmartFinancial, Inc.		6,451		159,404
South Plains Financial, Inc.		6,230		171,699
Southern First Bancshares, Inc.^(a)		2,924		121,814
Southside Bancshares, Inc.		9,146		323,403
SouthState Corp.		20,835		1,648,465
Stellar Bancorp, Inc.		5,008		146,484
Stock Yards Bancorp., Inc.		7,621		518,304
Summit Financial Group, Inc.		4,434		119,452
SVB Financial Group^(a)		15,479		5,197,539
Synovus Financial Corp.		37,684		1,413,527
Texas Capital Bancshares, Inc.^(a)		13,089		772,644
Third Coast Bancshares, Inc.^(a)(b)		7,869		134,639
Tompkins Financial Corp.		3,570		259,253
Towne Bank		17,055		457,586
TriCo Bancshares		7,311		326,436
Triumph Bancorp, Inc.^(a)(b)		6,096		331,318
Truist Financial Corp.		350,967		15,281,103
Trustmark Corp.		16,710		511,827
UMB Financial Corp.		11,236		947,082
Umpqua Holdings Corp.		59,357		1,014,411
United Bankshares, Inc.		34,598		1,236,879
United Community Banks, Inc.		25,931		858,316
Univest Financial Corp.		7,217		169,455
US Bancorp		355,889		14,349,445
Valley National Bancorp		112,944		1,219,795
Veritex Holdings, Inc.		12,013		319,426
Washington Federal, Inc.		16,824		504,384
Washington Trust Bancorp., Inc.		3,604		167,514
Webster Financial Corp.		46,846		2,117,439
Wells Fargo & Co.		1,001,588		40,283,869
WesBanco, Inc.		16,977		566,523
West BanCorp, Inc.		5,754		119,741
Westamerica Bancorp		7,741		404,777
Western Alliance Bancorp		27,871		1,832,240
Wintrust Financial Corp.		15,399		1,255,788
Zions Bancorp NA		39,725		2,020,414


				381,485,287

Beverages — 1.6%
Boston Beer Co., Inc., Class A, NVS^(a)(b)		2,395		775,142
Brown-Forman Corp., Class A, NVS^(b)		11,992		810,180
Brown-Forman Corp., Class B		49,066		3,266,324
Celsius Holdings, Inc.^(a)(b)		14,139		1,282,124


Security	Shares		Value

Beverages (continued)
Coca-Cola Co.		1,029,712	$	57,684,466
Coca-Cola Consolidated, Inc.		1,139		468,960
Constellation Brands, Inc., Class A		40,258		9,246,457
Duckhorn Portfolio, Inc.^(a)(b)		7,000		101,010
Keurig Dr Pepper, Inc.		226,516		8,113,803
MGP Ingredients, Inc.		3,883		412,219
Molson Coors Beverage Co., Class B		46,571		2,234,942
Monster Beverage Corp.^(a)(b)		98,458		8,561,908
National Beverage Corp.		6,752		260,222
PepsiCo, Inc.		361,511		59,020,286
Primo Water Corp.		44,998		564,725
Vita Coco Co., Inc.^(a)		10,812		123,149


				152,925,917

Biotechnology — 2.7%
2seventy bio, Inc.^(a)		7,858		114,334
4D Molecular Therapeutics, Inc.^(a)		12,062		96,978
AbbVie, Inc.		466,372		62,591,786
ACADIA Pharmaceuticals, Inc.^(a)		30,357		496,641
Adicet Bio, Inc.^(a)		8,535		121,368
ADMA Biologics, Inc.^(a)		73,979		179,769
Agenus, Inc.^(a)		45,627		93,535
Agios Pharmaceuticals, Inc.^(a)(b)		16,320		461,530
Akero Therapeutics, Inc.^(a)		8,934		304,203
Albireo Pharma, Inc.^(a)		6,265		121,290
Alector, Inc.^(a)		16,220		153,441
Alkermes PLC^(a)		42,634		952,017
Allogene Therapeutics, Inc.^(a)(b)		24,956		269,525
Alnylam Pharmaceuticals, Inc.^(a)		32,075		6,420,132
ALX Oncology Holdings, Inc.^(a)(b)		9,194		87,987
Amgen, Inc.		141,324		31,854,430
Amicus Therapeutics, Inc.^(a)		70,653		737,617
AnaptysBio, Inc.^(a)(b)		7,290		185,968
Anavex Life Sciences Corp.^(a)(b)		19,345		199,640
Anika Therapeutics, Inc.^(a)		6,026		143,419
Apellis Pharmaceuticals, Inc.^(a)		24,668		1,684,824
Arbutus Biopharma Corp.^(a)(b)		48,617		92,858
Arcellx, Inc.^(a)		10,175		190,985
Arcturus Therapeutics Holdings, Inc.^(a)(b)		8,808		130,535
Arcus Biosciences, Inc.^(a)		12,116		316,955
Arcutis Biotherapeutics, Inc.^(a)(b)		11,503		219,822
Arrowhead Pharmaceuticals, Inc.^(a)(b)		27,054		894,135
Atara Biotherapeutics, Inc.^(a)(b)		26,403		99,803
Aura Biosciences, Inc.^(a)		8,730		158,188
Aurinia Pharmaceuticals, Inc.^(a)		37,825		284,444
Avid Bioservices, Inc.^(a)(b)		16,788		320,987
Avidity Biosciences, Inc.^(a)(b)		15,748		257,165
Beam Therapeutics, Inc.^(a)		17,702		843,323
BioCryst Pharmaceuticals, Inc.^(a)		46,250		582,750
Biogen, Inc.^(a)		38,625		10,312,875
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		16,429		2,483,572
BioMarin Pharmaceutical, Inc.^(a)		49,894		4,229,514
Bioxcel Therapeutics, Inc.^(a)(b)		9,258		109,430
Bluebird Bio, Inc.^(a)(b)		17,362		109,901
Blueprint Medicines Corp.^(a)		15,606		1,028,279
Bridgebio Pharma, Inc.^(a)(b)		28,938		287,644
C4 Therapeutics, Inc.^(a)(b)		10,640		93,313
CareDx, Inc.^(a)(b)		12,925		219,984
Caribou Biosciences, Inc.^(a)(b)		17,981		189,700
Catalyst Pharmaceuticals, Inc.^(a)		24,483		314,117
Celldex Therapeutics, Inc.^(a)		13,504		379,597
Century Therapeutics, Inc.^(a)(b)		10,251		101,382
Cerevel Therapeutics Holdings, Inc.^(a)(b)		15,699		443,654


Security	Shares		Value

Biotechnology (continued)
ChemoCentryx, Inc.^(a)		17,444	$	901,157
Chinook Therapeutics, Inc.^(a)		9,924		195,106
Cogent Biosciences, Inc.^(a)		14,681		219,041
Coherus Biosciences, Inc.^(a)(b)		16,634		159,853
Crinetics Pharmaceuticals, Inc.^(a)		12,259		240,767
CTI BioPharma Corp.^(a)		29,102		169,374
Cullinan Oncology, Inc.^(a)		8,160		104,611
Cytokinetics, Inc.^(a)(b)		20,361		986,490
Day One Biopharmaceuticals, Inc.^(a)		10,440		209,113
Deciphera Pharmaceuticals, Inc.^(a)(b)		10,094		186,739
Denali Therapeutics, Inc.^(a)		24,113		740,028
Dynavax Technologies Corp.^(a)		28,637		298,970
Dyne Therapeutics, Inc.^(a)		9,534		121,082
Eagle Pharmaceuticals, Inc.^(a)		3,860		101,981
Editas Medicine, Inc.^(a)		18,768		229,720
Eiger BioPharmaceuticals, Inc.^(a)		15,860		119,426
Emergent BioSolutions, Inc.^(a)		12,011		252,111
Enanta Pharmaceuticals, Inc.^(a)		4,849		251,518
EQRx, Inc.^(a)(b)		46,150		228,442
Erasca, Inc.^(a)(b)		17,355		135,369
Exact Sciences Corp.^(a)		45,231		1,469,555
Exelixis, Inc.^(a)		83,366		1,307,179
Fate Therapeutics, Inc.^(a)		20,353		456,111
FibroGen, Inc.^(a)(b)		22,441		291,957
Forma Therapeutics Holdings, Inc.^(a)		9,289		185,316
Generation Bio Co.^(a)(b)		21,073		111,898
Geron Corp.^(a)		98,833		231,269
Gilead Sciences, Inc.		331,432		20,446,040
Global Blood Therapeutics, Inc.^(a)		16,132		1,098,589
Gossamer Bio, Inc.^(a)		12,244		146,683
Halozyme Therapeutics, Inc.^(a)(b)		35,951		1,421,503
Heron Therapeutics, Inc.^(a)		28,440		120,017
Horizon Therapeutics PLC^(a)		59,694		3,694,462
Ideaya Biosciences, Inc.^(a)		9,634		143,739
Imago Biosciences, Inc.^(a)(b)		7,391		111,235
ImmunityBio, Inc.^(a)(b)		21,871		108,699
ImmunoGen, Inc.^(a)		55,284		264,258
Incyte Corp.^(a)		49,360		3,289,350
Inhibrx, Inc.^(a)		7,653		137,371
Inovio Pharmaceuticals, Inc.^(a)(b)		62,941		108,573
Insmed, Inc.^(a)(b)		31,423		676,851
Instil Bio, Inc.^(a)(b)		18,980		91,863
Intellia Therapeutics, Inc.^(a)(b)		20,657		1,155,966
Intercept Pharmaceuticals, Inc.^(a)(b)		8,167		113,930
Ionis Pharmaceuticals, Inc.^(a)(b)		38,510		1,703,297
Iovance Biotherapeutics, Inc.^(a)		36,716		351,739
Ironwood Pharmaceuticals, Inc.^(a)		40,499		419,570
iTeos Therapeutics, Inc.^(a)		6,627		126,244
IVERIC bio, Inc.^(a)		30,340		544,300
KalVista Pharmaceuticals, Inc.^(a)		6,993		101,468
Karuna Therapeutics, Inc.^(a)		7,810		1,756,703
Karyopharm Therapeutics, Inc.^(a)		22,572		123,243
Keros Therapeutics, Inc.^(a)		4,121		155,032
Kiniksa Pharmaceuticals Ltd., Class A^(a)		11,564		148,482
Kinnate Biopharma, Inc.^(a)		8,628		103,105
Kodiak Sciences, Inc.^(a)		14,168		109,660
Krystal Biotech, Inc.^(a)		5,886		410,254
Kura Oncology, Inc.^(a)(b)		16,737		228,627
Kymera Therapeutics, Inc.^(a)(b)		9,811		213,585
Ligand Pharmaceuticals, Inc.^(a)		3,919		337,465
Lyell Immunopharma, Inc.^(a)(b)		38,933		285,379
Madrigal Pharmaceuticals, Inc.^(a)(b)		2,737		177,878


Security	Shares		Value

Biotechnology (continued)
MannKind Corp.^(a)		60,244	$	186,154
Mersana Therapeutics, Inc.^(a)		22,348		151,072
MiMedx Group, Inc.^(a)		33,532		96,237
Mirati Therapeutics, Inc.^(a)		10,788		753,434
Mirum Pharmaceuticals, Inc.^(a)		6,027		126,627
Moderna, Inc.^(a)		89,734		10,611,045
Morphic Holding, Inc.^(a)		5,807		164,338
Myriad Genetics, Inc.^(a)		22,826		435,520
Natera, Inc.^(a)		21,724		951,946
Neurocrine Biosciences, Inc.^(a)		25,362		2,693,698
Nkarta, Inc.^(a)(b)		8,753		115,189
Novavax, Inc.^(a)(b)		19,642		357,484
Nurix Therapeutics, Inc.^(a)		10,624		138,431
Nuvalent, Inc., Class A^(a)(b)		6,017		116,970
Ocugen, Inc.^(a)(b)		48,321		86,011
PMV Pharmaceuticals, Inc.^(a)(b)		8,330		99,127
Point Biopharma Global, Inc.^(a)(b)		26,357		203,740
Precigen, Inc.^(a)		42,058		89,163
Prometheus Biosciences, Inc.^(a)		7,862		463,937
Protagonist Therapeutics, Inc.^(a)		16,356		137,881
Prothena Corp. PLC^(a)(b)		9,363		567,679
PTC Therapeutics, Inc.^(a)(b)		19,898		998,880
RAPT Therapeutics, Inc.^(a)		5,476		131,753
Recursion Pharmaceuticals, Inc., Class A^(a)(b)		30,255		321,913
Regeneron Pharmaceuticals, Inc.^(a)		27,343		18,835,772
REGENXBIO, Inc.^(a)		9,304		245,905
Relay Therapeutics, Inc.^(a)		20,053		448,586
Replimune Group, Inc.^(a)		14,438		249,344
REVOLUTION Medicines, Inc.^(a)		16,366		322,738
Rocket Pharmaceuticals, Inc.^(a)(b)		9,565		152,657
Sage Therapeutics, Inc.^(a)		13,589		532,145
Sana Biotechnology, Inc.^(a)(b)		22,666		135,996
Sangamo Therapeutics, Inc.^(a)		33,854		165,885
Sarepta Therapeutics, Inc.^(a)		22,686		2,507,710
Seagen, Inc.^(a)		36,141		4,945,173
Seres Therapeutics, Inc.^(a)(b)		18,278		117,345
Sorrento Therapeutics, Inc.^(a)(b)		126,581		198,732
SpringWorks Therapeutics, Inc.^(a)		7,153		204,075
Stoke Therapeutics, Inc.^(a)		7,795		100,088
Sutro Biopharma, Inc.^(a)		22,562		125,219
Syndax Pharmaceuticals, Inc.^(a)(b)		14,493		348,267
TG Therapeutics, Inc.^(a)		32,744		193,844
Travere Therapeutics, Inc.^(a)		16,926		417,057
Twist Bioscience Corp.^(a)(b)		15,147		533,780
Ultragenyx Pharmaceutical, Inc.^(a)		16,844		697,510
United Therapeutics Corp.^(a)		11,960		2,504,185
Vanda Pharmaceuticals, Inc.^(a)		14,967		147,874
Vaxart, Inc.^(a)(b)		53,858		117,410
Vaxcyte, Inc.^(a)		15,621		374,904
Veracyte, Inc.^(a)		17,472		290,035
Vericel Corp.^(a)		11,651		270,303
Vertex Pharmaceuticals, Inc.^(a)		67,707		19,603,885
Verve Therapeutics, Inc.^(a)		12,495		429,203
Vir Biotechnology, Inc.^(a)		20,174		388,955
Viridian Therapeutics, Inc.^(a)		11,608		238,080
Xencor, Inc.^(a)		14,994		389,544
Y-mAbs Therapeutics, Inc.^(a)(b)		7,180		103,536
Zentalis Pharmaceuticals, Inc.^(a)(b)		14,091		305,211


				258,933,871

Building Products — 0.6%
A O Smith Corp.		33,497		1,627,284
AAON, Inc.		10,594		570,805


Security	Shares		Value

Building Products (continued)
Advanced Drainage Systems, Inc.		16,975	$	2,111,181
Allegion PLC		23,173		2,078,155
American Woodmark Corp.^(a)		4,781		209,695
Apogee Enterprises, Inc.		6,997		267,425
Armstrong World Industries, Inc.		12,168		964,071
AZEK Co., Inc.^(a)(b)		28,772		478,191
Builders FirstSource, Inc.^(a)		40,766		2,401,933
Carlisle Cos., Inc.		13,562		3,802,920
Carrier Global Corp.		224,898		7,997,373
CSW Industrials, Inc.		3,710		444,458
Fortune Brands Home & Security, Inc.		34,492		1,851,875
Gibraltar Industries, Inc.^(a)		8,165		334,193
Griffon Corp.		11,147		329,059
Hayward Holdings, Inc.^(a)(b)		18,887		167,528
Insteel Industries, Inc.		4,301		114,105
Janus International Group, Inc.^(a)(b)		22,329		199,175
JELD-WEN Holding, Inc.^(a)		21,852		191,205
Johnson Controls International PLC		183,230		9,018,581
Lennox International, Inc.		8,477		1,887,574
Masco Corp.		59,499		2,778,008
Masonite International Corp.^(a)(b)		6,222		443,566
Owens Corning		25,076		1,971,224
PGT Innovations, Inc.^(a)		14,886		312,011
Quanex Building Products Corp.		9,093		165,129
Resideo Technologies, Inc.^(a)		37,993		724,147
Simpson Manufacturing Co., Inc.		11,656		913,830
Trane Technologies PLC		61,027		8,837,320
Trex Co., Inc.^(a)(b)		30,372		1,334,546
UFP Industries, Inc.		16,391		1,182,774
Zurn Elkay Water Solutions Corp.^(b)		32,974		807,863


				56,517,204

Capital Markets — 3.1%
Affiliated Managers Group, Inc.		10,047		1,123,757
Ameriprise Financial, Inc.		28,417		7,159,663
Ares Management Corp., Class A		39,703		2,459,601
Artisan Partners Asset Management, Inc., Class A		14,977		403,331
AssetMark Financial Holdings, Inc.^(a)		6,413		117,294
B Riley Financial, Inc.		5,794		257,949
Bank of New York Mellon Corp.		193,336		7,447,303
BGC Partners, Inc., Class A		87,616		275,114
BlackRock, Inc.^(c)		39,659		21,823,555
Blackstone, Inc., NVS		185,278		15,507,769
Blucora, Inc.^(a)		13,196		255,211
Blue Owl Capital, Inc.		107,115		988,671
Brightsphere Investment Group, Inc.		8,564		127,689
Carlyle Group, Inc.		54,004		1,395,463
Cboe Global Markets, Inc.		28,168		3,306,078
Charles Schwab Corp.		402,205		28,906,473
CME Group, Inc.		94,986		16,824,870
Cohen & Steers, Inc.		6,116		383,045
Coinbase Global, Inc., Class A^(a)(b)		41,256		2,660,599
Cowen, Inc., Class A		6,191		239,220
Diamond Hill Investment Group, Inc.		689		113,685
Donnelley Financial Solutions, Inc.^(a)		6,473		239,307
Evercore, Inc., Class A		9,543		784,912
FactSet Research Systems, Inc.		10,078		4,032,309
Federated Hermes, Inc.		23,726		785,805
Focus Financial Partners, Inc., Class A^(a)		15,629		492,470
Franklin Resources, Inc.		75,815		1,631,539
GCM Grosvenor, Inc., Class A		13,071		103,130
Goldman Sachs Group, Inc.		87,497		25,640,996
Hamilton Lane, Inc., Class A		9,362		558,069


Security	Shares		Value

Capital Markets (continued)
Houlihan Lokey, Inc.		13,840	$	1,043,259
Interactive Brokers Group, Inc., Class A		24,202		1,546,750
Intercontinental Exchange, Inc.		146,403		13,227,511
Invesco Ltd.		100,496		1,376,795
Janus Henderson Group PLC		38,691		785,814
Jefferies Financial Group, Inc.		53,816		1,587,572
KKR & Co., Inc.		151,907		6,532,001
Lazard Ltd., Class A		23,829		758,477
LPL Financial Holdings, Inc.^(b)		21,033		4,595,290
MarketAxess Holdings, Inc.		10,031		2,231,797
Moelis & Co., Class A		16,459		556,479
Moody’s Corp.		42,294		10,282,094
Morgan Stanley		329,073		26,000,058
Morningstar, Inc.		6,337		1,345,472
MSCI, Inc., Class A		20,927		8,826,799
Nasdaq, Inc.		90,231		5,114,293
Northern Trust Corp.		54,254		4,641,972
Open Lending Corp., Class A^(a)		26,990		217,000
Perella Weinberg Partners		19,000		120,270
Piper Sandler Cos		4,979		521,501
PJT Partners, Inc., Class A		6,352		424,441
Raymond James Financial, Inc.		51,452		5,084,487
Robinhood Markets, Inc., Class A^(a)(b)		148,921		1,504,102
S&P Global, Inc.		88,352		26,978,283
SEI Investments Co.		26,989		1,323,810
State Street Corp.		96,511		5,868,834
StepStone Group, Inc., Class A		15,143		371,155
Stifel Financial Corp.		26,162		1,358,069
StoneX Group, Inc.^(a)		5,315		440,826
T Rowe Price Group, Inc.		59,364		6,233,814
Tradeweb Markets, Inc., Class A		27,746		1,565,429
Victory Capital Holdings, Inc., Class A		4,364		101,725
Virtu Financial, Inc., Class A		27,878		579,026
Virtus Investment Partners, Inc.		1,731		276,129
WisdomTree Investments, Inc.		39,480		184,766


				289,650,977

Chemicals — 1.8%
AdvanSix, Inc.		7,904		253,718
Air Products and Chemicals, Inc.		58,519		13,619,127
Albemarle Corp.		31,053		8,211,655
American Vanguard Corp.^(b)		8,852		165,532
Amyris, Inc.^(a)(b)		44,133		128,868
Ashland, Inc.		13,688		1,299,949
Avient Corp.		23,110		700,233
Axalta Coating Systems Ltd.^(a)(b)		55,898		1,177,212
Balchem Corp.^(b)		8,186		995,254
Cabot Corp.		14,168		905,194
Celanese Corp.		28,728		2,595,288
CF Industries Holdings, Inc.		52,505		5,053,606
Chase Corp.		2,295		191,793
Chemours Co.		41,607		1,025,613
Corteva, Inc.		190,813		10,904,963
Diversey Holdings Ltd.^(a)(b)		20,825		101,210
Dow, Inc.		190,737		8,379,076
DuPont de Nemours, Inc.		133,633		6,735,103
Eastman Chemical Co.		33,278		2,364,402
Ecolab, Inc.		65,439		9,450,700
Ecovyst, Inc.^(a)		12,081		101,964
Element Solutions, Inc.		59,142		962,240
FMC Corp.		32,866		3,473,936
Ginkgo Bioworks Holdings, Inc.^(a)(b)		237,749		741,777
Hawkins, Inc.		4,496		175,299


Security	Shares		Value

Chemicals (continued)
HB Fuller Co.		13,574	$	815,797
Huntsman Corp.		50,969		1,250,779
Ingevity Corp.^(a)		11,207		679,480
Innospec, Inc.		6,535		559,853
International Flavors & Fragrances, Inc.		67,349		6,117,310
Intrepid Potash, Inc.^(a)(b)		2,903		114,872
Koppers Holdings, Inc.		5,224		108,555
Linde PLC		132,501		35,720,945
Livent Corp.^(a)		44,222		1,355,404
LSB Industries, Inc.^(a)		8,307		118,375
LyondellBasell Industries NV, Class A		68,526		5,158,637
Mativ Holdings, Inc.		13,982		308,723
Minerals Technologies, Inc.^(b)		9,749		481,698
Mosaic Co.		91,224		4,408,856
NewMarket Corp.		1,518		456,660
Olin Corp.		36,550		1,567,264
Origin Materials, Inc.^(a)(b)		32,176		166,028
Orion Engineered Carbons SA		16,048		214,241
Perimeter Solutions SA^(a)		38,642		309,522
PPG Industries, Inc.		62,781		6,949,229
PureCycle Technologies, Inc.^(a)(b)		27,855		224,790
Quaker Chemical Corp.		3,562		514,282
RPM International, Inc.		33,313		2,775,306
Scotts Miracle-Gro Co., Class A		10,768		460,332
Sensient Technologies Corp.		11,460		794,636
Sherwin-Williams Co.		63,407		12,982,583
Stepan Co.		6,128		574,010
Tredegar Corp.		11,456		108,145
Trinseo PLC		9,843		180,324
Tronox Holdings PLC		27,067		331,571
Valvoline, Inc.		46,721		1,183,910
Westlake Corp.		9,079		788,784


				167,494,613

Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		17,599		672,810
ACCO Brands Corp.		27,889		136,656
ACV Auctions, Inc., Class A^(a)(b)		33,687		242,209
Brady Corp., Class A, NVS		12,771		532,934
BrightView Holdings, Inc.^(a)		13,981		111,009
Brink’s Co.		13,363		647,304
Casella Waste Systems, Inc., Class A^(a)		13,334		1,018,584
Cimpress PLC^(a)		4,469		109,401
Cintas Corp.		22,512		8,738,933
Clean Harbors, Inc.^(a)		13,539		1,489,019
Copart, Inc.^(a)		56,667		6,029,369
CoreCivic, Inc.^(a)		30,682		271,229
Deluxe Corp.		10,934		182,051
Driven Brands Holdings, Inc.^(a)		12,866		359,991
Ennis, Inc.		6,537		131,590
GEO Group, Inc.^(a)		33,696		259,459
Harsco Corp.^(a)		22,923		85,732
Healthcare Services Group, Inc.		20,305		245,487
Heritage-Crystal Clean, Inc.^(a)		5,258		155,479
HNI Corp.		11,727		310,883
IAA, Inc.^(a)		36,379		1,158,671
Interface, Inc.		14,485		130,220
KAR Auction Services, Inc.^(a)		28,611		319,585
Li-Cycle Holdings Corp.^(a)(b)		36,309		193,164
Matthews International Corp., Class A		7,951		178,182
MillerKnoll, Inc.		21,116		329,410
Montrose Environmental Group, Inc.^(a)(b)		5,781		194,531
MSA Safety, Inc.		9,671		1,056,847


Security	Shares		Value

Commercial Services & Supplies (continued)
Republic Services, Inc.		51,731	$	7,037,485
Rollins, Inc.		60,966		2,114,301
SP Plus Corp.^(a)		5,979		187,262
Steelcase, Inc., Class A		25,338		165,204
Stericycle, Inc.^(a)		24,137		1,016,409
Tetra Tech, Inc.		14,286		1,836,180
UniFirst Corp.		4,131		694,958
Viad Corp.^(a)		5,056		159,668
VSE Corp.		2,979		105,457
Waste Management, Inc.		107,585		17,236,193


				55,843,856

Communications Equipment — 0.8%
ADTRAN Holdings, Inc.		18,578		363,757
Arista Networks, Inc.^(a)		65,231		7,363,928
Calix, Inc.^(a)		14,427		882,067
Ciena Corp.^(a)		40,172		1,624,154
Cisco Systems, Inc.		1,101,344		44,053,760
Clearfield, Inc.^(a)		3,419		357,764
CommScope Holding Co., Inc.^(a)(b)		50,283		463,106
Digi International, Inc.^(a)		11,323		391,436
Extreme Networks, Inc.^(a)		29,252		382,324
F5, Inc.^(a)		15,790		2,285,287
Harmonic, Inc.^(a)(b)		25,120		328,318
Infinera Corp.^(a)(b)		53,225		257,609
Inseego Corp.^(a)(b)		50,545		104,628
Juniper Networks, Inc.		84,377		2,203,927
Lumentum Holdings, Inc.^(a)(b)		19,090		1,309,001
Motorola Solutions, Inc.		43,552		9,754,342
NETGEAR, Inc.^(a)		8,788		176,112
NetScout Systems, Inc.^(a)		16,622		520,601
Ubiquiti, Inc.^(b)		1,451		425,956
Viasat, Inc.^(a)(b)		17,770		537,187
Viavi Solutions, Inc.^(a)		64,128		836,870


				74,622,134

Construction & Engineering — 0.2%
AECOM		34,517		2,359,927
Ameresco, Inc., Class A^(a)(b)		7,280		483,975
API Group Corp.^(a)		52,029		690,425
Arcosa, Inc.		12,843		734,363
Argan, Inc.		3,857		124,080
Comfort Systems USA, Inc.		9,108		886,482
Construction Partners, Inc., Class A^(a)		8,910		233,709
Dycom Industries, Inc.^(a)		7,193		687,147
EMCOR Group, Inc.		13,317		1,537,847
Fluor Corp.^(a)		39,161		974,717
Granite Construction, Inc.		13,428		340,937
Great Lakes Dredge & Dock Corp.^(a)(b)		14,772		111,972
Infrastructure and Energy Alternatives, Inc.^(a)		7,980		108,049
MasTec, Inc.^(a)		15,048		955,548
MDU Resources Group, Inc.		52,351		1,431,800
MYR Group, Inc.^(a)		4,920		416,872
Northwest Pipe Co.^(a)		4,016		112,850
NV5 Global, Inc.^(a)		3,698		457,886
Primoris Services Corp.		15,672		254,670
Quanta Services, Inc.		37,201		4,739,035
Sterling Infrastructure, Inc.^(a)(b)		6,808		146,168
Valmont Industries, Inc.		5,531		1,485,737
WillScot Mobile Mini Holdings Corp.^(a)		56,998		2,298,729


				21,572,925

Construction Materials — 0.1%
Eagle Materials, Inc.		10,429		1,117,780


Security	Shares		Value

Construction Materials (continued)
Martin Marietta Materials, Inc.		16,404	$	5,283,565
Summit Materials, Inc., Class A^(a)(b)		32,043		767,750
Vulcan Materials Co.		34,277		5,405,826


				12,574,921

Consumer Finance — 0.5%
Ally Financial, Inc.		82,451		2,294,611
American Express Co.		159,069		21,459,999
Bread Financial Holdings, Inc.		12,814		403,000
Capital One Financial Corp.		100,905		9,300,414
Credit Acceptance Corp.^(a)(b)		1,831		801,978
Discover Financial Services		72,556		6,596,792
Encore Capital Group, Inc.^(a)(b)		6,537		297,303
Enova International, Inc.^(a)		10,093		295,422
EZCORP, Inc., Class A, NVS^(a)		14,005		107,979
FirstCash Holdings, Inc.		9,789		718,023
Green Dot Corp., Class A^(a)		14,236		270,199
LendingClub Corp.^(a)		25,821		285,322
LendingTree, Inc.^(a)		3,884		92,672
Navient Corp.		31,953		469,390
Nelnet, Inc., Class A^(b)		3,252		257,526
NerdWallet, Inc., Class A^(a)(b)		11,840		105,021
OneMain Holdings, Inc.		29,618		874,323
PRA Group, Inc.^(a)		9,597		315,357
PROG Holdings, Inc.^(a)		14,721		220,521
Regional Management Corp.		3,397		95,252
SLM Corp.		65,169		911,714
SoFi Technologies, Inc.^(a)(b)		214,875		1,048,590
Synchrony Financial		127,200		3,585,768
Upstart Holdings, Inc.^(a)(b)		20,256		421,122
World Acceptance Corp.^(a)		988		95,658


				51,323,956

Containers & Packaging — 0.4%
Amcor PLC		395,499		4,243,704
AptarGroup, Inc.		17,119		1,626,819
Ardagh Group SA^(a)		4,919		42,020
Ardagh Metal Packaging SA		41,863		202,617
Avery Dennison Corp.		21,722		3,534,169
Ball Corp.		82,967		4,008,965
Berry Global Group, Inc.^(a)		33,032		1,536,979
Crown Holdings, Inc.		31,255		2,532,593
Graphic Packaging Holding Co.		78,823		1,555,966
Greif, Inc.		2,003		121,782
Greif, Inc., Class A, NVS		6,345		377,972
International Paper Co.		94,968		3,010,486
Myers Industries, Inc.		9,746		160,517
O-I Glass, Inc.^(a)		43,793		567,119
Packaging Corp. of America		24,856		2,791,080
Pactiv Evergreen, Inc.		10,623		92,739
Sealed Air Corp.		38,411		1,709,674
Silgan Holdings, Inc.		22,126		930,177
Sonoco Products Co.		26,163		1,484,227
TriMas Corp.		9,895		248,068
Westrock Co.		67,763		2,093,199


				32,870,872

Distributors — 0.1%
Funko, Inc., Class A^(a)		6,433		130,075
Genuine Parts Co.		36,717		5,482,582
LKQ Corp.		69,618		3,282,489
Pool Corp.		10,276		3,269,926


				12,165,072


Security	Shares		Value

Diversified Consumer Services — 0.1%
2U, Inc.^(a)(b)		18,603	$	116,269
ADT, Inc.		69,954		523,955
Adtalem Global Education, Inc.^(a)		12,793		466,305
Bright Horizons Family Solutions, Inc.^(a)		16,360		943,154
Carriage Services, Inc.		3,922		126,131
Chegg, Inc.^(a)		32,202		678,496
Coursera, Inc.^(a)(b)		34,958		376,847
Duolingo, Inc.^(a)(b)		6,486		617,662
European Wax Center, Inc., Class A		5,886		108,597
Frontdoor, Inc.^(a)		22,920		467,339
Graham Holdings Co., Class B		1,034		556,271
Grand Canyon Education, Inc.^(a)		8,087		665,156
H&R Block, Inc.		41,669		1,772,599
Laureate Education, Inc.		25,027		264,035
Mister Car Wash, Inc.^(a)(b)		20,291		174,097
OneSpaWorld Holdings Ltd.^(a)(b)		12,241		102,824
Perdoceo Education Corp.^(a)		20,257		208,647
PowerSchool Holdings, Inc., Class A^(a)		11,310		188,764
Rover Group, Inc.^(a)(b)		32,872		109,792
Service Corp. International		40,267		2,325,017
Strategic Education, Inc.		5,922		363,670
Stride, Inc.^(a)		11,199		470,694
Terminix Global Holdings, Inc.^(a)		32,978		1,262,728
Udemy, Inc.^(a)		22,431		271,191
Vivint Smart Home, Inc.^(a)		18,862		124,112


				13,284,352

Diversified Financial Services — 1.5%
Alerus Financial Corp.		5,608		123,937
A-Mark Precious Metals, Inc.		5,168		146,720
Apollo Global Management, Inc.		120,924		5,622,966
Banco Latinoamericano de Comercio Exterior SA, Class E		10,950		143,007
Berkshire Hathaway, Inc., Class B^(a)		475,827		127,055,326
Cannae Holdings, Inc.^(a)(b)		22,281		460,325
Compass Diversified Holdings		14,456		261,075
Equitable Holdings, Inc.		101,095		2,663,853
Jackson Financial, Inc., Class A		20,062		556,720
Voya Financial, Inc.		23,320		1,410,860


			138,444,789

Diversified Telecommunication Services — 0.8%
Anterix, Inc.^(a)		6,570		234,680
AT&T Inc.		1,895,679		29,079,716
ATN International, Inc.		3,079		118,757
Bandwidth, Inc., Class A^(a)		8,546		101,697
Charge Enterprises, Inc.^(a)(b)		60,908		107,198
Cogent Communications Holdings, Inc.		11,596		604,847
Consolidated Communications Holdings, Inc.^(a)		20,854		86,753
EchoStar Corp., Class A^(a)(b)		9,733		160,303
Frontier Communications Parent, Inc.^(a)(b)		63,352		1,484,337
Globalstar, Inc.^(a)		164,181		261,048
IDT Corp., Class B^(a)		5,275		130,978
Iridium Communications, Inc.^(a)		31,778		1,409,990
Liberty Latin America Ltd., Class C^(a)		41,510		255,287
Lumen Technologies, Inc.		269,537		1,962,229
Radius Global Infrastructure, Inc., Class A^(a)(b)		22,335		210,396
Verizon Communications, Inc.		1,113,903		42,294,897


				78,503,113

Electric Utilities — 1.8%
ALLETE, Inc.		18,798		940,840
Alliant Energy Corp.		65,935		3,493,896
American Electric Power Co., Inc.		135,712		11,732,302


Security	Shares		Value

Electric Utilities (continued)
Avangrid, Inc.		18,845	$	785,837
Constellation Energy Corp.		86,426		7,189,779
Duke Energy Corp.		203,308		18,911,710
Edison International		100,691		5,697,097
Entergy Corp.		53,350		5,368,610
Evergy, Inc.		59,844		3,554,734
Eversource Energy		91,237		7,112,837
Exelon Corp.		261,490		9,795,415
FirstEnergy Corp.		142,530		5,273,610
Hawaiian Electric Industries, Inc.		29,333		1,016,682
IDACORP, Inc.		12,984		1,285,546
MGE Energy, Inc.		9,534		625,716
NextEra Energy, Inc.		519,035		40,697,534
NRG Energy, Inc.		61,655		2,359,537
OGE Energy Corp.		51,976		1,895,045
Otter Tail Corp.		10,615		653,035
PG&E Corp.^(a)(b)		415,491		5,193,637
Pinnacle West Capital Corp.		29,446		1,899,561
PNM Resources, Inc.		25,489		1,165,612
Portland General Electric Co.		24,260		1,054,340
PPL Corp.		195,008		4,943,453
Southern Co.		276,929		18,831,172
Xcel Energy, Inc.		141,346		9,046,144


				170,523,681

Electrical Equipment — 0.7%
Acuity Brands, Inc.		8,585		1,351,880
AMETEK, Inc.		60,784		6,893,514
Array Technologies, Inc.^(a)		41,364		685,815
Atkore, Inc.^(a)		10,789		839,492
AZZ, Inc.		6,759		246,771
Babcock & Wilcox Enterprises, Inc.^(a)(b)		17,347		110,674
Blink Charging Co.^(a)(b)		9,967		176,615
Bloom Energy Corp., Class A^(a)(b)		43,615		871,864
ChargePoint Holdings, Inc.^(a)(b)		67,959		1,003,075
Eaton Corp. PLC		105,376		14,052,943
Emerson Electric Co.		156,054		11,426,274
Encore Wire Corp.		5,113		590,756
EnerSys		11,543		671,456
Enovix Corp.^(a)(b)		30,501		559,236
ESS Tech, Inc.^(a)		32,218		131,772
Fluence Energy, Inc.^(a)(b)		8,969		130,858
FuelCell Energy, Inc.^(a)(b)		101,061		344,618
Generac Holdings, Inc.^(a)(b)		16,609		2,958,727
GrafTech International Ltd.		57,328		247,084
Hubbell, Inc.		14,101		3,144,523
NuScale Power Corp.^(a)(b)		10,319		120,526
nVent Electric PLC		44,374		1,402,662
Plug Power, Inc.^(a)(b)		135,336		2,843,409
Regal Rexnord Corp.		18,240		2,560,167
Rockwell Automation, Inc.		30,654		6,593,982
Sensata Technologies Holding PLC		40,557		1,511,965
Shoals Technologies Group, Inc., Class A^(a)(b)		27,440		591,332
Stem, Inc.^(a)		42,548		567,590
SunPower Corp.^(a)(b)		19,824		456,745
Sunrun, Inc.^(a)(b)		52,648		1,452,558
Thermon Group Holdings, Inc.^(a)		8,790		135,454
TPI Composites, Inc.^(a)		7,812		88,119
Vertiv Holdings Co.^(b)		84,911		825,335
Vicor Corp.^(a)		5,565		329,114


				65,916,905

Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.^(a)(b)		7,945		130,695


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Advanced Energy Industries, Inc.		10,744	$	831,693
Akoustis Technologies, Inc.^(a)		33,837		100,496
Amphenol Corp., Class A		155,295		10,398,553
Arlo Technologies, Inc.^(a)		21,770		101,013
Arrow Electronics, Inc.^(a)		16,534		1,524,269
Avnet, Inc.		26,872		970,617
Badger Meter, Inc.		7,232		668,164
Belden, Inc.		11,251		675,285
Benchmark Electronics, Inc.		10,690		264,898
CDW Corp.		35,921		5,606,550
Cognex Corp.		45,395		1,881,623
Coherent Corp.^(a)		33,884		1,180,857
Corning, Inc.		199,364		5,785,543
CTS Corp.		8,318		346,445
ePlus, Inc.^(a)		7,628		316,867
Fabrinet^(a)		9,479		904,771
FARO Technologies, Inc.^(a)		4,226		115,961
Insight Enterprises, Inc.^(a)		8,900		733,449
IPG Photonics Corp.^(a)		9,440		796,264
Itron, Inc.^(a)		11,846		498,835
Jabil, Inc.		35,742		2,062,671
Keysight Technologies, Inc.^(a)		47,594		7,489,392
Kimball Electronics, Inc.^(a)		6,064		103,998
Knowles Corp.^(a)		26,198		318,830
Lightwave Logic, Inc.^(a)		31,791		233,346
Littelfuse, Inc.^(b)		6,319		1,255,522
Methode Electronics, Inc.		9,332		346,684
MicroVision, Inc.^(a)(b)		41,914		151,310
Mirion Technologies, Inc.^(a)		42,777		319,544
Napco Security Technologies, Inc.^(a)		7,658		222,695
National Instruments Corp.		35,163		1,327,052
nLight, Inc.^(a)		10,949		103,468
Novanta, Inc.^(a)		9,006		1,041,544
OSI Systems, Inc.^(a)		4,916		354,247
PAR Technology Corp.^(a)(b)		7,476		220,766
PC Connection, Inc.		3,002		135,360
Plexus Corp.^(a)		7,492		655,999
Rogers Corp.^(a)		5,031		1,216,898
Sanmina Corp.^(a)		14,082		648,899
ScanSource, Inc.^(a)		6,807		179,773
SmartRent, Inc.^(a)		38,632		87,695
TD SYNNEX Corp.		10,991		892,359
Teledyne Technologies, Inc.^(a)		12,201		4,117,471
Trimble, Inc.^(a)		67,354		3,655,302
TTM Technologies, Inc.^(a)		24,207		319,048
Vishay Intertechnology, Inc.		32,481		577,837
Vontier Corp.		42,935		717,444
Zebra Technologies Corp., Class A^(a)		14,026		3,674,952


				66,262,954

Energy Equipment & Services — 0.4%
Archrock, Inc.		35,273		226,453
Aspen Aerogels, Inc.^(a)		10,533		97,114
Baker Hughes Co.^(b)		253,288		5,308,916
Borr Drilling Ltd.^(a)(b)		39,891		132,438
Bristow Group, Inc.^(a)(b)		6,209		145,849
Cactus, Inc., Class A		14,998		576,373
ChampionX Corp.		51,694		1,011,652
Diamond Offshore Drilling, Inc.^(a)(b)		39,196		259,869
DMC Global, Inc.^(a)		6,440		102,911
Dril-Quip, Inc.^(a)(b)		9,991		195,024
Expro Group Holdings NV^(a)(b)		20,323		258,915
Halliburton Co.		240,198		5,913,675


Security	Shares		Value

Energy Equipment & Services (continued)
Helix Energy Solutions Group, Inc.^(a)		35,887	$	138,524
Helmerich & Payne, Inc.		27,144		1,003,514
Liberty Energy, Inc.^(a)		39,399		499,579
Nabors Industries Ltd.^(a)		2,260		229,277
NexTier Oilfield Solutions, Inc.^(a)		40,996		303,370
Noble Corp. PLC^(a)(b)		18,670		552,259
NOV, Inc.		105,592		1,708,478
Oceaneering International, Inc.^(a)		24,877		198,021
Oil States International, Inc.^(a)		23,212		90,295
Patterson-UTI Energy, Inc.		58,623		684,717
ProFrac Holding Corp., Class A^(a)		8,237		125,285
ProPetro Holding Corp.^(a)		20,109		161,877
RPC, Inc.		20,885		144,733
Schlumberger NV		371,703		13,344,138
Select Energy Services, Inc., Class A^(a)		22,685		158,114
Solaris Oilfield Infrastructure, Inc., Class A		12,651		118,413
TETRA Technologies, Inc.^(a)		42,052		150,967
Tidewater, Inc.^(a)		10,111		219,409
US Silica Holdings, Inc.^(a)		21,468		235,075
Valaris Ltd.^(a)(b)		15,771		771,833
Weatherford International PLC^(a)		18,409		594,427


				35,661,494

Entertainment — 1.4%
Activision Blizzard, Inc.		205,310		15,262,745
AMC Entertainment Holdings, Inc., Class A^(a)(b)		136,132		948,840
Cinemark Holdings, Inc.^(a)(b)		29,385		355,852
Electronic Arts, Inc.		73,349		8,487,213
IMAX Corp.^(a)(b)		14,933		210,854
Liberty Media Corp.-Liberty Braves, Class C, NVS^(a)		8,686		238,865
Liberty Media Corp.-Liberty Formula One, Class A, NVS^(a)		6,479		340,277
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		52,163		3,051,536
Lions Gate Entertainment Corp., Class A^(a)		14,307		106,301
Lions Gate Entertainment Corp., Class B, NVS^(a)(b)		33,858		235,313
Live Nation Entertainment, Inc.^(a)		40,800		3,102,432
Madison Square Garden Co^(a)		5,300		724,298
Madison Square Garden Entertainment Corp.^(a)		6,912		304,750
Marcus Corp.^(b)		7,306		101,480
Netflix, Inc.^(a)		115,946		27,298,326
Playtika Holding Corp.^(a)(b)		27,455		257,803
ROBLOX Corp., Class A^(a)(b)		116,795		4,185,933
Roku, Inc.^(a)(b)		32,064		1,808,410
Skillz, Inc.^(a)(b)		130,016		132,616
Spotify Technology SA^(a)(b)		36,962		3,189,821
Take-Two Interactive Software, Inc.^(a)		43,572		4,749,348
Walt Disney Co.^(a)		482,186		45,484,605
Warner Bros Discovery, Inc.^(a)		621,272		7,144,628
World Wrestling Entertainment, Inc., Class A		11,648		817,340


				128,539,586

Equity Real Estate Investment Trusts (REITs) — 3.2%
Acadia Realty Trust		24,793		312,888
Agree Realty Corp.		20,778		1,404,177
Alexander & Baldwin, Inc.		19,990		331,434
Alexander’s, Inc.		559		116,809
Alexandria Real Estate Equities, Inc.		43,009		6,029,432
American Assets Trust, Inc.		12,461		320,497
American Homes 4 Rent, Class A		81,360		2,669,422
American Tower Corp.		122,616		26,325,655
Americold Realty Trust, Inc.		71,127		1,749,724


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Apartment Income REIT Corp.		40,458	$	1,562,488
Apartment Investment and Management Co., Class A		40,458		295,343
Apple Hospitality REIT, Inc.		54,336		763,964
Armada Hoffler Properties, Inc.		14,874		154,392
AvalonBay Communities, Inc.		36,966		6,808,768
Bluerock Residential Growth REIT, Inc.		7,481		200,117
Boston Properties, Inc.		41,855		3,137,869
Braemar Hotels & Resorts, Inc.		22,812		98,092
Brandywine Realty Trust		49,722		335,623
Brixmor Property Group, Inc.		80,530		1,487,389
Broadstone Net Lease, Inc.		40,671		631,621
Camden Property Trust		26,862		3,208,666
CareTrust REIT, Inc.		26,389		477,905
CBL & Associates Properties, Inc.		9,010		230,746
Centerspace		4,682		315,192
Chatham Lodging Trust^(a)		12,948		127,797
City Office REIT, Inc.		13,029		129,899
Community Healthcare Trust, Inc.		5,798		189,884
Corporate Office Properties Trust		29,896		694,484
Cousins Properties, Inc.		39,978		933,486
Crown Castle, Inc.		113,991		16,477,399
CTO Realty Growth, Inc.		6,725		126,027
CubeSmart		58,934		2,360,896
DiamondRock Hospitality Co.		55,776		418,878
Digital Realty Trust, Inc.		75,396		7,477,775
Diversified Healthcare Trust		82,790		81,970
Douglas Emmett, Inc.		45,169		809,880
Duke Realty Corp.		100,437		4,841,063
Easterly Government Properties, Inc.		25,636		404,280
EastGroup Properties, Inc.		10,855		1,566,811
Elme Communities		23,867		419,105
Empire State Realty Trust, Inc., Class A^(b)		38,852		254,869
EPR Properties		20,747		743,987
Equinix, Inc.		24,041		13,675,482
Equity Commonwealth		28,052		683,347
Equity LifeStyle Properties, Inc.		47,007		2,953,920
Equity Residential		97,873		6,579,023
Essential Properties Realty Trust, Inc.		36,937		718,425
Essex Property Trust, Inc.		17,280		4,185,734
Extra Space Storage, Inc.		34,992		6,043,468
Farmland Partners, Inc.		10,286		130,324
Federal Realty Investment Trust		22,240		2,004,269
First Industrial Realty Trust, Inc.		34,564		1,548,813
Four Corners Property Trust, Inc.		18,481		447,055
Gaming and Leisure Properties, Inc.		65,947		2,917,495
Getty Realty Corp.		8,694		233,782
Gladstone Commercial Corp.		9,826		152,303
Gladstone Land Corp.		9,294		168,221
Global Medical REIT, Inc.		11,690		99,599
Global Net Lease, Inc.		25,456		271,106
Healthcare Realty Trust, Inc.		99,769		2,080,184
Healthpeak Properties, Inc.		142,206		3,259,362
Hersha Hospitality Trust, Class A		13,460		107,411
Highwoods Properties, Inc.		27,208		733,528
Host Hotels & Resorts, Inc.		187,878		2,983,503
Hudson Pacific Properties, Inc.		41,053		449,530
Independence Realty Trust, Inc.		58,144		972,749
Indus Realty Trust, Inc.		2,059		107,830
Industrial Logistics Properties Trust		16,531		90,921
Innovative Industrial Properties, Inc.		7,815		691,627
InvenTrust Properties Corp.		18,601		396,759


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Invitation Homes, Inc.		160,636	$	5,424,678
Iron Mountain, Inc.		74,959		3,295,947
iStar, Inc.		15,833		146,614
JBG SMITH Properties		28,829		535,643
Kilroy Realty Corp.		31,178		1,312,906
Kimco Realty Corp.		162,074		2,983,782
Kite Realty Group Trust		55,587		957,208
Lamar Advertising Co., Class A		23,390		1,929,441
Life Storage, Inc.		22,361		2,476,704
LTC Properties, Inc.		9,908		371,055
LXP Industrial Trust		73,972		677,584
Macerich Co.		58,409		463,767
Medical Properties Trust, Inc.		158,234		1,876,655
Mid-America Apartment Communities, Inc.		30,380		4,711,027
National Health Investors, Inc.		11,424		645,799
National Retail Properties, Inc.		46,591		1,857,117
National Storage Affiliates Trust		22,621		940,581
Necessity Retail REIT, Inc.		28,771		169,173
NETSTREIT Corp.		16,020		285,316
NexPoint Residential Trust, Inc.		6,229		287,842
Office Properties Income Trust		12,770		179,418
Omega Healthcare Investors, Inc.		61,359		1,809,477
One Liberty Properties, Inc.		4,632		97,365
Orion Office REIT, Inc.		14,476		126,665
Outfront Media, Inc., REIT		39,045		593,094
Paramount Group, Inc.		47,173		293,888
Park Hotels & Resorts, Inc.		59,625		671,377
Pebblebrook Hotel Trust		34,592		501,930
Phillips Edison & Co., Inc.		29,979		840,911
Physicians Realty Trust		55,451		833,983
Piedmont Office Realty Trust, Inc., Class A		34,072		359,800
Plymouth Industrial REIT, Inc.		6,974		117,233
Postal Realty Trust, Inc., Class A		10,998		161,341
PotlatchDeltic Corp.		19,469		799,008
Prologis, Inc.		195,374		19,849,998
Public Storage		41,251		12,078,705
Rayonier, Inc.		37,901		1,135,893
Realty Income Corp.		164,228		9,558,070
Regency Centers Corp.		44,844		2,414,849
Retail Opportunity Investments Corp.		29,152		401,132
Rexford Industrial Realty, Inc.		45,581		2,370,212
RLJ Lodging Trust		46,119		466,724
RPT Realty		18,704		141,402
Ryman Hospitality Properties, Inc.^(b)		14,307		1,052,852
Sabra Health Care REIT, Inc.		63,388		831,651
Safehold, Inc.		5,248		138,862
Saul Centers, Inc.		3,210		120,375
SBA Communications Corp., Class A		28,116		8,003,219
Service Properties Trust		43,460		225,557
Simon Property Group, Inc.		86,633		7,775,312
SITE Centers Corp.		48,348		517,807
SL Green Realty Corp.		16,832		675,973
Spirit Realty Capital, Inc.		37,970		1,372,995
STAG Industrial, Inc.		46,933		1,334,305
STORE Capital Corp.		65,295		2,045,692
Summit Hotel Properties, Inc.		29,450		197,904
Sun Communities, Inc.		32,314		4,373,054
Sunstone Hotel Investors, Inc.		54,237		510,913
Tanger Factory Outlet Centers, Inc.^(b)		29,064		397,596
Terreno Realty Corp.		18,656		988,581
UDR, Inc.		86,060		3,589,563
UMH Properties, Inc.		9,749		157,446


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Uniti Group, Inc.		61,863	$	429,948
Universal Health Realty Income Trust		3,257		140,735
Urban Edge Properties		30,351		404,882
Urstadt Biddle Properties, Inc., Class A		9,294		144,150
Ventas, Inc.		106,341		4,271,718
Veris Residential, Inc.^(a)		24,261		275,848
VICI Properties, Inc.		252,034		7,523,215
Vornado Realty Trust		47,542		1,101,073
Welltower, Inc.		123,302		7,930,785
Weyerhaeuser Co.		196,774		5,619,865
Whitestone REIT		15,813		133,778
WP Carey, Inc.		50,215		3,505,007
Xenia Hotels & Resorts, Inc.		30,916		426,332


				305,080,780

Food & Staples Retailing — 1.5%
Albertsons Cos., Inc., Class A		42,016		1,044,518
Andersons, Inc.		9,869		306,235
BJ’s Wholesale Club Holdings, Inc.^(a)		35,177		2,561,237
Casey’s General Stores, Inc.		10,023		2,029,858
Chefs’ Warehouse, Inc.^(a)		7,610		220,462
Costco Wholesale Corp.		116,926		55,220,642
Fresh Market, Inc. Escrow^(a)(d)		10,847		—
Grocery Outlet Holding Corp.^(a)		22,218		739,637
Ingles Markets, Inc., Class A		4,247		336,405
Kroger Co.		172,846		7,562,012
Performance Food Group Co.^(a)		40,028		1,719,203
PriceSmart, Inc.		6,000		345,540
Rite Aid Corp.^(a)		14,766		73,092
SpartanNash Co.		9,045		262,486
Sprouts Farmers Market, Inc.^(a)		30,900		857,475
Sysco Corp.		133,921		9,469,554
United Natural Foods, Inc.^(a)		14,161		486,714
US Foods Holding Corp.^(a)		56,564		1,495,552
Walgreens Boots Alliance, Inc.		189,148		5,939,247
Walmart, Inc.		379,866		49,268,620
Weis Markets, Inc.		4,756		338,817


				140,277,306

Food Products — 1.1%
Archer-Daniels-Midland Co.		148,138		11,917,702
B&G Foods, Inc.		16,973		279,885
Benson Hill, Inc.^(a)(b)		60,087		164,638
Beyond Meat, Inc.^(a)(b)		15,143		214,576
Brookfield Realty Capital Corp., Class A^(a)(b)		14,181		109,619
Bunge Ltd.		36,946		3,050,631
Calavo Growers, Inc.		4,154		131,890
Cal-Maine Foods, Inc.		9,440		524,770
Campbell Soup Co.		52,814		2,488,596
Conagra Brands, Inc.		123,027		4,014,371
Darling Ingredients, Inc.^(a)		42,573		2,816,204
Flowers Foods, Inc.		54,761		1,352,049
Fresh Del Monte Produce, Inc.		8,990		208,928
Freshpet, Inc.


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		43
Statements of Operations		44
Statements of Changes in Net Assets		45
Financial Highlights		46
Notes to Financial Statements		48
Board Review and Approval of Investment Advisory Contract		55
Supplemental Information		59
General Information		60
Glossary of Terms Used in this Report		61


				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		(20.49	)%		(17.75	)%		8.43	%		11.20	%		(17.75	)%		49.87	%		188.99	%
Fund Market		(20.51	)		(17.68	)		8.45			11.22			(17.68	)		50.03			189.51
Index		(20.42	)		(17.63	)		8.62			11.39			(17.63	)		51.17			193.95


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$ 795.10	$ 0.90			$ 1,000.00	$ 1,024.07	$ 1.01		0.20	%



Sector	Percent of Total Investments	^(a)

Information Technology	25.3	%
Health Care	14.9
Financials	11.7
Consumer Discretionary	11.5
Industrials	9.0
Communication Services	7.4
Consumer Staples	6.3
Energy	4.7
Real Estate	3.4
Utilities	3.0
Materials	2.8



Security	Percent of Total Investments	^(a)

Apple Inc.	5.9	%
Microsoft Corp.	4.9
Amazon.com, Inc.	2.8
Tesla, Inc.	1.9
Alphabet, Inc., Class A	1.6
Alphabet, Inc., Class C, NVS	1.5
Berkshire Hathaway, Inc., Class B	1.4
UnitedHealth Group, Inc.	1.3
Johnson & Johnson	1.2
Exxon Mobil Corp.	1.0


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


Fund Summary as of September 30, 2022		iShares^® Russell 3000 ETF


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


Fund Summary as of September 30, 2022		iShares^® Russell Mid-Cap Value ETF


				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		(18.95	)%		(13.74	)%		4.56	%		9.21	%		(13.74	)%		24.99	%		141.44	%
Fund Market		(18.93	)		(13.66	)		4.59			9.23			(13.66	)		25.15			141.77
Index		(18.88	)		(13.56	)		4.76			9.44			(13.56	)		26.15			146.45


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$ 810.50	$ 1.06			$ 1,000.00	$ 1,023.89	$ 1.17		0.23	%