iSHARES TRUST

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	5.18%	21.62%

U.S. small cap equities (Russell 2000^® Index)	(0.19)	8.93

International equities (MSCI Europe, Australasia, Far East Index)	(1.28)	25.65

Emerging market equities (MSCI Emerging Markets Index)	(2.05)	11.70

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.50	4.47

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.98)	(2.90)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.05)	0.64

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.05)	2.66

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.22	10.28

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 ESG Screened S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P 500 Substainability Screened 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.

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

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 ESG Screened S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P MidCap 400 Sustainability Screened 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 representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

The iShares ESG Screened S&PSmall-Cap ETF(the “Fund”) seeks to track the investment results if an index composed of small-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P SmallCap 600 Sustainability Screened 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.

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

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

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

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

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


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.2%
Axon Enterprise, Inc.^(a)		340	$	67,657
Howmet Aerospace, Inc.		1,886		87,227
TransDigm Group, Inc.^(a)		264		222,586


				377,470

Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc.		557		47,975
Expeditors International of Washington, Inc.		705		80,814
FedEx Corp.		1,110		294,061
United Parcel Service, Inc., Class B		3,475		541,648


				964,498

Automobile Components — 0.1%
Aptiv PLC^(a)		1,367		134,773
BorgWarner, Inc.		1,130		45,618


				180,391

Automobiles — 2.4%
Ford Motor Co.		18,938		235,210
General Motors Co.		6,593		217,371
Tesla, Inc.^(a)		13,265		3,319,168


				3,771,749

Banks — 2.9%
Bank of America Corp.		33,211		909,317
Citigroup, Inc.		9,251		380,494
Citizens Financial Group, Inc.		2,276		60,997
Comerica, Inc.		639		26,550
Fifth Third Bancorp		3,300		83,589
Huntington Bancshares, Inc.		6,952		72,301
JPMorgan Chase & Co.		13,961		2,024,624
KeyCorp		4,446		47,839
M&T Bank Corp.		792		100,148
PNC Financial Services Group, Inc. (The)		1,913		234,859
Regions Financial Corp.		4,484		77,125
Truist Financial Corp.		6,419		183,648
U.S. Bancorp		7,470		246,958
Zions Bancorp N.A.		696		24,283


				4,472,732

Beverages — 1.8%
Brown-Forman Corp., Class B, NVS		881		50,825
Coca-Cola Co. (The)		18,696		1,046,602
Constellation Brands, Inc., Class A		777		195,283
Keurig Dr Pepper, Inc.		4,850		153,114
Molson Coors Beverage Co., Class B		903		57,422
Monster Beverage Corp.^(a)		3,565		188,767
PepsiCo, Inc.		6,613		1,120,507


				2,812,520

Biotechnology — 2.3%
AbbVie, Inc.		8,479		1,263,880
Amgen, Inc.		2,570		690,713
Biogen, Inc.^(a)		695		178,622
Gilead Sciences, Inc.		5,986		448,591
Incyte Corp.^(a)		892		51,531
Moderna, Inc.^(a)		1,581		163,302
Regeneron Pharmaceuticals, Inc.^(a)		513		422,178
Vertex Pharmaceuticals, Inc.^(a)		1,242		431,893


				3,650,710

Broadline Retail — 3.7%
Amazon.com, Inc.^(a)		43,618		5,544,720


Security	Shares		Value

Broadline Retail (continued)
eBay, Inc.		2,563	$	113,003
Etsy, Inc.^(a)		604		39,006


				5,696,729

Building Products — 0.5%
A O Smith Corp.		605		40,008
Allegion PLC		421		43,868
Carrier Global Corp.		4,014		221,573
Johnson Controls International PLC		3,256		173,252
Masco Corp.		1,071		57,245
Trane Technologies PLC		1,101		223,404


				759,350

Capital Markets — 2.9%
Ameriprise Financial, Inc.		492		162,203
Bank of New York Mellon Corp. (The)		3,723		158,786
BlackRock, Inc.^(b)		675		436,381
Cboe Global Markets, Inc.		507		79,198
Charles Schwab Corp. (The)		7,153		392,700
CME Group, Inc., Class A		1,728		345,980
FactSet Research Systems, Inc.		185		80,893
Franklin Resources, Inc.		1,368		33,625
Goldman Sachs Group, Inc. (The)		1,586		513,182
Intercontinental Exchange, Inc.		2,744		301,895
Invesco Ltd.		2,167		31,465
MarketAxess Holdings, Inc.		182		38,882
Moody’s Corp.		760		240,289
Morgan Stanley		6,129		500,555
MSCI, Inc., Class A		381		195,484
Nasdaq, Inc.		1,622		78,813
Northern Trust Corp.		1,000		69,480
Raymond James Financial, Inc.		896		89,985
S&P Global, Inc.		1,563		571,136
State Street Corp.		1,538		102,985
T Rowe Price Group, Inc.		1,076		112,840


				4,536,757

Chemicals — 1.8%
Air Products & Chemicals, Inc.		1,067		302,388
Albemarle Corp.		566		96,243
Celanese Corp., Class A		477		59,873
CF Industries Holdings, Inc.		927		79,481
Corteva, Inc.		3,420		174,967
Dow, Inc.		3,383		174,427
Eastman Chemical Co.		573		43,961
Ecolab, Inc.		1,221		206,837
FMC Corp.		605		40,517
International Flavors & Fragrances, Inc.		1,230		83,849
Linde PLC		2,344		872,788
LyondellBasell Industries NV, Class A		1,226		116,102
Mosaic Co. (The)		1,596		56,818
PPG Industries, Inc.		1,134		147,193
Sherwin-Williams Co. (The)		1,133		288,972


				2,744,416

Commercial Services & Supplies — 0.5%
Cintas Corp.		415		199,619
Copart, Inc.^(a)		4,189		180,504
Republic Services, Inc.		988		140,800
Rollins, Inc.		1,123		41,921
Waste Management, Inc.		1,772		270,124


				832,968

Communications Equipment — 1.0%
Arista Networks, Inc.^(a)		1,202		221,084


Security	Shares		Value

Communications Equipment (continued)
Cisco Systems, Inc.		19,576	$	1,052,406
F5, Inc.^(a)		289		46,569
Juniper Networks, Inc.		1,555		43,213
Motorola Solutions, Inc.		802		218,337


				1,581,609

Construction & Engineering — 0.1%
Quanta Services, Inc.		695		130,014


Construction Materials — 0.2%
Martin Marietta Materials, Inc.		298		122,323
Vulcan Materials Co.		642		129,697


				252,020

Consumer Finance — 0.5%
American Express Co.		2,795		416,986
Capital One Financial Corp.		1,832		177,796
Discover Financial Services		1,198		103,783
Synchrony Financial		2,018		61,690


				760,255

Consumer Staples Distribution & Retail — 1.3%
Costco Wholesale Corp.		2,129		1,202,800
Dollar General Corp.		1,056		111,725
Dollar Tree, Inc.^(a)		1,012		107,727
Kroger Co. (The)		3,189		142,708
Sysco Corp.		2,432		160,633
Target Corp.		2,217		245,134
Walgreens Boots Alliance, Inc.		3,458		76,906


				2,047,633

Containers & Packaging — 0.3%
Amcor PLC		7,088		64,926
Avery Dennison Corp.		385		70,328
Ball Corp.		1,515		75,417
International Paper Co.		1,653		58,632
Packaging Corp. of America		435		66,794
Sealed Air Corp.		681		22,378
Westrock Co.		1,229		43,998


				402,473

Distributors — 0.1%
Genuine Parts Co.		676		97,601
LKQ Corp.		1,297		64,214
Pool Corp.		188		66,947


				228,762

Diversified Telecommunication Services — 0.8%
AT&T Inc.		34,343		515,832
Verizon Communications, Inc.		20,196		654,552


				1,170,384

Electric Utilities — 0.8%
Constellation Energy Corp.		1,550		169,074
Edison International		1,840		116,454
Entergy Corp.		1,012		93,610
Eversource Energy		1,679		97,634
Exelon Corp.		4,766		180,107
NextEra Energy, Inc.		9,722		556,973
NRG Energy, Inc.		1,114		42,911


				1,256,763

Electrical Equipment — 0.7%
AMETEK, Inc.		1,102		162,832
Eaton Corp. PLC		1,917		408,858
Emerson Electric Co.		2,748		265,374


Security	Shares		Value

Electrical Equipment (continued)
Generac Holdings, Inc.^(a)		302	$	32,906
Rockwell Automation, Inc.		554		158,372


				1,028,342

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		2,873		241,303
CDW Corp.		644		129,934
Corning, Inc.		3,668		111,764
Keysight Technologies, Inc.^(a)		858		113,522
TE Connectivity Ltd.		1,508		186,283
Trimble, Inc.^(a)		1,206		64,955
Zebra Technologies Corp., Class A^(a)		241		57,004


				904,765

Energy Equipment & Services — 0.5%
Baker Hughes Co., Class A		4,851		171,337
Halliburton Co.		4,336		175,608
Schlumberger NV		6,827		398,014


				744,959

Entertainment — 1.5%
Activision Blizzard, Inc.		3,445		322,555
Electronic Arts, Inc.		1,180		142,072
Live Nation Entertainment, Inc.^(a)		687		57,048
Netflix, Inc.^(a)		2,129		803,910
Take-Two Interactive Software, Inc.^(a)		753		105,714
Walt Disney Co. (The)^(a)		8,790		712,430
Warner Bros Discovery, Inc., Class A^(a)		10,730		116,528


				2,260,257

Financial Services — 4.8%
Berkshire Hathaway, Inc., Class B^(a)		8,761		3,068,978
Fidelity National Information Services, Inc.		2,862		158,183
Fiserv, Inc.^(a)		2,924		330,295
FleetCor Technologies, Inc.^(a)(c)		349		89,114
Global Payments, Inc.		1,252		144,468
Jack Henry & Associates, Inc.		354		53,504
Mastercard, Inc., Class A		3,997		1,582,452
PayPal Holdings, Inc.^(a)		5,273		308,260
Visa, Inc., Class A		7,719		1,775,447


				7,510,701

Food Products — 1.1%
Archer-Daniels-Midland Co.		2,586		195,036
Bunge Ltd.		718		77,723
Campbell Soup Co.		940		38,615
Conagra Brands, Inc.		2,287		62,710
General Mills, Inc.		2,813		180,004
Hershey Co. (The)		718		143,657
Hormel Foods Corp.		1,410		53,622
J M Smucker Co. (The)		494		60,718
Kellanova		1,275		75,875
Kraft Heinz Co. (The)		3,819		128,471
Lamb Weston Holdings, Inc.		697		64,445
McCormick & Co., Inc., NVS		1,212		91,676
Mondelez International, Inc., Class A		6,535		453,529
Tyson Foods, Inc., Class A		1,374		69,373


				1,695,454

Gas Utilities — 0.0%
Atmos Energy Corp.		707		74,893


Ground Transportation — 0.9%
CSX Corp.		9,629		296,092
JB Hunt Transport Services, Inc.		390		73,523
Norfolk Southern Corp.		1,091		214,850


Security	Shares		Value

Ground Transportation (continued)
Old Dominion Freight Line, Inc.		428	$	175,112
Union Pacific Corp.		2,928		596,229


				1,355,806

Health Care Equipment & Supplies — 2.9%
Abbott Laboratories		8,337		807,438
Align Technology, Inc.^(a)		336		102,588
Baxter International, Inc.		2,447		92,350
Becton Dickinson & Co.		1,395		360,649
Boston Scientific Corp.^(a)		7,031		371,237
Cooper Cos., Inc. (The)		238		75,686
DENTSPLY SIRONA, Inc.		1,037		35,424
Dexcom, Inc.^(a)		1,857		173,258
Edwards Lifesciences Corp.^(a)		2,928		202,852
GE HealthCare Technologies, Inc.		1,877		127,711
Hologic, Inc.^(a)		1,188		82,447
IDEXX Laboratories, Inc.^(a)		399		174,471
Insulet Corp.^(a)		334		53,270
Intuitive Surgical, Inc.^(a)		1,690		493,970
Medtronic PLC		6,393		500,955
ResMed, Inc.		703		103,953
STERIS PLC		476		104,444
Stryker Corp.		1,624		443,790
Teleflex, Inc.		224		43,996
Zimmer Biomet Holdings, Inc.		1,010		113,342


				4,463,831

Health Care Providers & Services — 3.3%
Cardinal Health, Inc.		1,221		106,007
Cencora, Inc.		800		143,976
Centene Corp.^(a)		2,593		178,606
Cigna Group (The)		1,423		407,078
CVS Health Corp.		6,170		430,789
DaVita, Inc.^(a)		255		24,105
Elevance Health, Inc.		1,131		492,460
HCA Healthcare, Inc.		966		237,617
Henry Schein, Inc.^(a)		624		46,332
Humana, Inc.		595		289,479
Laboratory Corp. of America Holdings		426		85,647
McKesson Corp.		650		282,653
Molina Healthcare, Inc.^(a)		282		92,465
Quest Diagnostics, Inc.		538		65,561
UnitedHealth Group, Inc.		4,450		2,243,646
Universal Health Services, Inc., Class B		295		37,090


				5,163,511

Health Care REITs — 0.2%
Healthpeak Properties, Inc.		2,668		48,984
Ventas, Inc.		1,914		80,637
Welltower, Inc.		2,485		203,571


				333,192

Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		3,449		55,425


Hotels, Restaurants & Leisure — 2.2%
Booking Holdings, Inc.^(a)		170		524,272
Caesars Entertainment, Inc.^(a)		1,036		48,019
Carnival Corp.^(a)		4,863		66,720
Chipotle Mexican Grill, Inc.^(a)(c)		133		243,633
Darden Restaurants, Inc.		586		83,927
Domino’s Pizza, Inc.		167		63,258
Expedia Group, Inc.^(a)		664		68,438
Hilton Worldwide Holdings, Inc.		1,253		188,176
Las Vegas Sands Corp.		1,573		72,106


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Marriott International, Inc., Class A		1,204	$	236,658
McDonald’s Corp.		3,501		922,303
MGM Resorts International		1,356		49,847
Norwegian Cruise Line Holdings Ltd.^(a)		2,068		34,081
Royal Caribbean Cruises Ltd.^(a)		1,135		104,579
Starbucks Corp.		5,502		502,168
Wynn Resorts Ltd.		466		43,063
Yum! Brands, Inc.		1,344		167,919


				3,419,167

Household Durables — 0.4%
DR Horton, Inc.		1,458		156,691
Garmin Ltd.		734		77,217
Lennar Corp., Class A		1,210		135,798
Mohawk Industries, Inc.^(a)		257		22,053
NVR, Inc.^(a)		16		95,413
PulteGroup, Inc.		1,059		78,419
Whirlpool Corp.		265		35,431


				601,022

Household Products — 1.5%
Church & Dwight Co., Inc.		1,187		108,765
Clorox Co. (The)		592		77,587
Colgate-Palmolive Co.		3,982		283,160
Kimberly-Clark Corp.		1,627		196,623
Procter & Gamble Co. (The)		11,324		1,651,719


				2,317,854

Industrial Conglomerates — 0.4%
General Electric Co.		5,228		577,955


Industrial REITs — 0.3%
Prologis, Inc.		4,438		497,988


Insurance — 2.4%
Aflac, Inc.		2,590		198,783
Allstate Corp. (The)		1,252		139,485
American International Group, Inc.		3,433		208,040
Aon PLC, Class A		975		316,114
Arch Capital Group Ltd.^(a)		1,786		142,362
Arthur J. Gallagher & Co.		1,038		236,591
Assurant, Inc.		255		36,613
Brown & Brown, Inc.		1,135		79,268
Chubb Ltd.		1,970		410,115
Cincinnati Financial Corp.		746		76,308
Everest Group Ltd.		209		77,679
Globe Life, Inc.		418		45,449
Hartford Financial Services Group, Inc. (The)		1,473		104,450
Loews Corp.		893		56,536
Marsh & McLennan Cos., Inc.		2,378		452,533
MetLife, Inc.		3,045		191,561
Principal Financial Group, Inc.		1,068		76,971
Progressive Corp. (The)		2,812		391,712
Prudential Financial, Inc.		1,744		165,488
Travelers Cos., Inc. (The)		1,099		179,478
W R Berkley Corp.		983		62,411
Willis Towers Watson PLC		504		105,316


				3,753,263

Interactive Media & Services — 6.5%
Alphabet, Inc., Class A^(a)		28,502		3,729,772
Alphabet, Inc., Class C, NVS^(a)		24,245		3,196,703
Match Group, Inc.^(a)		1,340		52,495
Meta Platforms, Inc., Class A^(a)		10,677		3,205,342


				10,184,312


Security	Shares		Value

IT Services — 1.3%
Accenture PLC, Class A		3,030	$	930,543
Akamai Technologies, Inc.^(a)		727		77,455
Cognizant Technology Solutions Corp., Class A		2,440		165,286
DXC Technology Co.^(a)		992		20,663
EPAM Systems, Inc.^(a)		278		71,082
Gartner, Inc.^(a)		377		129,541
International Business Machines Corp.		4,376		613,953
VeriSign, Inc.^(a)		433		87,695


				2,096,218

Leisure Products — 0.0%
Hasbro, Inc.		639		42,263


Life Sciences Tools & Services — 1.7%
Agilent Technologies, Inc.		1,427		159,567
Bio-Rad Laboratories, Inc., Class A^(a)		103		36,920
Bio-Techne Corp.		748		50,916
Charles River Laboratories International, Inc.^(a)		237		46,447
Danaher Corp.		3,157		783,252
Illumina, Inc.^(a)		759		104,196
IQVIA Holdings, Inc.^(a)		878		172,747
Mettler-Toledo International, Inc.^(a)		105		116,347
Revvity, Inc.		592		65,534
Thermo Fisher Scientific, Inc.		1,854		938,439
Waters Corp.^(a)		283		77,602
West Pharmaceutical Services, Inc.		351		131,699


				2,683,666

Machinery — 2.0%
Caterpillar, Inc.		2,451		669,123
Cummins, Inc.		680		155,353
Deere & Co.		1,312		495,123
Dover Corp.		673		93,890
Fortive Corp.		1,697		125,850
IDEX Corp.		365		75,927
Illinois Tool Works, Inc.		1,319		303,779
Ingersoll Rand, Inc.		1,938		123,489
Nordson Corp.		257		57,355
Otis Worldwide Corp.		1,971		158,291
PACCAR, Inc.		2,522		214,420
Parker-Hannifin Corp.		616		239,944
Pentair PLC		799		51,735
Snap-on, Inc.		250		63,765
Stanley Black & Decker, Inc.		732		61,181
Westinghouse Air Brake Technologies Corp.		861		91,498
Xylem, Inc.		1,149		104,594


				3,085,317

Media — 0.9%
Charter Communications, Inc., Class A^(a)(c)		489		215,072
Comcast Corp., Class A		19,771		876,646
Fox Corp., Class A, NVS		1,221		38,095
Fox Corp., Class B		665		19,205
Interpublic Group of Cos., Inc. (The)		1,837		52,649
News Corp., Class A, NVS		1,798		36,068
News Corp., Class B		600		12,522
Omnicom Group, Inc.		952		70,905
Paramount Global, Class B, NVS		2,309		29,786


				1,350,948

Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		6,887		256,816
Newmont Corp.		3,827		141,408


Security	Shares		Value

Metals & Mining (continued)
Nucor Corp.		1,193	$	186,525
Steel Dynamics, Inc.		749		80,308


				665,057

Multi-Utilities — 0.4%
CenterPoint Energy, Inc.		3,063		82,242
Consolidated Edison, Inc.		1,657		141,723
Public Service Enterprise Group, Inc.		2,400		136,584
Sempra		3,014		205,042


				565,591

Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		753		75,376
Boston Properties, Inc.		686		40,803


				116,179

Oil, Gas & Consumable Fuels — 0.9%
Kinder Morgan, Inc.		9,360		155,189
Marathon Petroleum Corp.		1,920		290,573
ONEOK, Inc.		2,810		178,238
Phillips 66		2,139		257,001
Targa Resources Corp.		1,082		92,749
Valero Energy Corp.		1,691		239,631
Williams Cos., Inc. (The)		5,823		196,177


				1,409,558

Passenger Airlines — 0.2%
Alaska Air Group, Inc.^(a)		612		22,693
American Airlines Group, Inc.^(a)(c)		3,127		40,057
Delta Air Lines, Inc.		3,081		113,997
Southwest Airlines Co.		2,866		77,582
United Airlines Holdings, Inc.^(a)		1,580		66,834


				321,163

Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		1,116		161,318


Pharmaceuticals — 3.4%
Bristol-Myers Squibb Co.		10,036		582,489
Catalent, Inc.^(a)		853		38,837
Eli Lilly & Co.		3,831		2,057,745
Merck & Co., Inc.		12,190		1,254,960
Organon & Co.		1,207		20,954
Pfizer, Inc.		27,123		899,670
Viatris, Inc.		5,814		57,326
Zoetis, Inc., Class A		2,210		384,496


				5,296,477

Professional Services — 0.8%
Automatic Data Processing, Inc.		1,978		475,867
Broadridge Financial Solutions, Inc.		568		101,700
Ceridian HCM Holding, Inc.^(a)		744		50,480
Equifax, Inc.		590		108,076
Paychex, Inc.		1,550		178,762
Paycom Software, Inc.		236		61,188
Robert Half, Inc.		516		37,813
Verisk Analytics, Inc.^(c)		695		164,187


				1,178,073

Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A^(a)		1,491		110,125
CoStar Group, Inc.^(a)		1,970		151,474


				261,599

Residential REITs — 0.3%
AvalonBay Communities, Inc.		686		117,814
Camden Property Trust		520		49,181


Security	Shares		Value

Residential REITs (continued)
Equity Residential		1,644	$	96,519
Essex Property Trust, Inc.		310		65,748
Invitation Homes, Inc.		2,775		87,940
Mid-America Apartment Communities, Inc.		558		71,787
UDR, Inc.		1,435		51,186


				540,175

Retail REITs — 0.3%
Federal Realty Investment Trust		355		32,174
Kimco Realty Corp.		2,979		52,400
Realty Income Corp.		3,416		170,595
Regency Centers Corp.		797		47,374
Simon Property Group, Inc.		1,565		169,067


				471,610

Semiconductors & Semiconductor Equipment — 8.2%
Advanced Micro Devices, Inc.^(a)		7,762		798,089
Analog Devices, Inc.		2,409		421,792
Applied Materials, Inc.		4,034		558,507
Broadcom, Inc.		1,983		1,647,040
Enphase Energy, Inc.^(a)(c)		656		78,818
First Solar, Inc.^(a)		510		82,411
Intel Corp.		20,119		715,230
KLA Corp.		658		301,798
Lam Research Corp.		640		401,133
Microchip Technology, Inc.		2,610		203,710
Micron Technology, Inc.		5,271		358,586
Monolithic Power Systems, Inc.		230		106,260
NVIDIA Corp.		11,866		5,161,591
NXP Semiconductors NV		1,236		247,101
ON Semiconductor Corp.^(a)		2,068		192,221
Qorvo, Inc.^(a)		464		44,298
QUALCOMM, Inc.		5,361		595,393
Skyworks Solutions, Inc.		769		75,816
SolarEdge Technologies, Inc.^(a)(c)		264		34,191
Teradyne, Inc.		743		74,642
Texas Instruments, Inc.		4,362		693,602


				12,792,229

Software — 11.2%
Adobe, Inc.^(a)		2,190		1,116,681
ANSYS, Inc.^(a)		417		124,078
Autodesk, Inc.^(a)		1,024		211,876
Cadence Design Systems, Inc.^(a)		1,308		306,464
Fair Isaac Corp.^(a)		119		103,355
Fortinet, Inc.^(a)(c)		3,135		183,962
Gen Digital, Inc.		2,745		48,532
Intuit, Inc.		1,345		687,214
Microsoft Corp.		35,692		11,269,749
Oracle Corp.		7,563		801,073
Palo Alto Networks, Inc.^(a)		1,469		344,392
PTC, Inc.^(a)		573		81,183
Roper Technologies, Inc.		513		248,436
Salesforce, Inc.^(a)		4,679		948,808
ServiceNow, Inc.^(a)		980		547,781
Synopsys, Inc.^(a)		731		335,507
Tyler Technologies, Inc.^(a)		203		78,386


			17,437,477

Specialized REITs — 1.2%
American Tower Corp.		2,239		368,204
Crown Castle, Inc.		2,079		191,330
Digital Realty Trust, Inc.		1,450		175,479
Equinix, Inc.		448		325,365
Extra Space Storage, Inc.		1,014		123,282


Security	Shares		Value

Specialized REITs (continued)
Iron Mountain, Inc.		1,406	$	83,587
Public Storage		762		200,802
SBA Communications Corp., Class A		521		104,289
VICI Properties, Inc.		4,890		142,299
Weyerhaeuser Co.		3,528		108,168


				1,822,805

Specialty Retail — 2.3%
AutoZone, Inc.^(a)		87		220,979
Bath & Body Works, Inc.		1,078		36,436
Best Buy Co., Inc.		927		64,399
CarMax, Inc.^(a)		764		54,038
Home Depot, Inc. (The)		4,830		1,459,433
Lowe’s Cos., Inc.		2,815		585,070
O’Reilly Automotive, Inc.^(a)		290		263,569
Ross Stores, Inc.		1,642		185,464
TJX Cos., Inc. (The)		5,521		490,706
Tractor Supply Co.		523		106,195
Ulta Beauty, Inc.^(a)		237		94,670


				3,560,959

Technology Hardware, Storage & Peripherals — 8.0%
Apple Inc.		70,599		12,087,255
Hewlett Packard Enterprise Co.		6,200		107,694
HP, Inc.		4,164		107,015
NetApp, Inc.		1,012		76,790
Seagate Technology Holdings PLC		924		60,938
Western Digital Corp.^(a)		1,539		70,225


				12,509,917

Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		5,885		562,724
Ralph Lauren Corp., Class A		195		22,638
Tapestry, Inc.		1,123		32,286
VF Corp.		1,617		28,572


				646,220

Trading Companies & Distributors — 0.2%
Fastenal Co.		2,754		150,479
United Rentals, Inc.		328		145,819


				296,298

Water Utilities — 0.1%
American Water Works Co., Inc.		932		115,410


Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.^(a)		2,486		348,164


Total Long-Term Investments — 99.8% (Cost: $175,525,893)				155,347,591


Security	Shares		Value


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(b)(d)(e)		718,644	$	718,932
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(b)(d)		955,935		955,935


Total Short-Term Securities — 1.1% (Cost: $1,674,812)				1,674,867


Total Investments — 100.9% (Cost: $177,200,705)				157,022,458

Liabilities in Excess of Other Assets — (0.9)%				(1,338,514	)


Net Assets — 100.0%			$	155,683,944

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

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

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


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.0%
Curtiss-Wright Corp.		2,151	$	420,800
Hexcel Corp.		4,755		309,741
Woodward, Inc.		3,392		421,490


				1,152,031

Air Freight & Logistics — 0.3%
GXO Logistics, Inc.^(a)		6,678		391,665


Automobile Components — 1.9%
Adient PLC^(a)		5,275		193,592
Autoliv, Inc.		4,266		411,584
Fox Factory Holding Corp.^(a)		2,372		235,018
Gentex Corp.		13,106		426,469
Goodyear Tire & Rubber Co. (The)^(a)		15,962		198,408
Lear Corp.		3,298		442,592
Visteon Corp.^(a)		1,588		219,255


				2,126,918

Automobiles — 0.5%
Harley-Davidson, Inc.		7,266		240,214
Thor Industries, Inc.		3,001		285,485


			525,699

Banks — 5.8%
Associated Banc-Corp.		8,528		145,914
Bank OZK		5,931		219,862
Cadence Bank		8,307		176,274
Columbia Banking System, Inc.		11,752		238,566
Commerce Bancshares, Inc.		6,388		306,496
Cullen/Frost Bankers, Inc.		3,603		328,630
East West Bancorp, Inc.		7,944		418,728
First Financial Bankshares, Inc.		7,247		182,045
First Horizon Corp.		31,381		345,819
FNB Corp.		20,225		218,228
Glacier Bancorp, Inc.		6,258		178,353
Hancock Whitney Corp.		4,861		179,808
Home BancShares, Inc.		10,619		222,362
International Bancshares Corp.		3,014		130,627
New York Community Bancorp, Inc., Class A		40,563		459,984
Old National Bancorp		16,486		239,706
Pinnacle Financial Partners, Inc.		4,321		289,680
Prosperity Bancshares, Inc.		5,277		288,019
SouthState Corp.		4,280		288,301
Synovus Financial Corp.		8,236		228,961
Texas Capital Bancshares, Inc.^(a)		2,712		159,737
UMB Financial Corp.		2,467		153,077
United Bankshares, Inc.		7,583		209,215
Valley National Bancorp		24,041		205,791
Webster Financial Corp.		9,729		392,176
Wintrust Financial Corp.		3,448		260,324


				6,466,683

Beverages — 0.8%
Boston Beer Co., Inc. (The), Class A, NVS^(a)		533		207,620
Celsius Holdings, Inc.^(a)		2,763		474,131
Coca-Cola Consolidated, Inc.		264		167,988


				849,739

Biotechnology — 1.8%
Arrowhead Pharmaceuticals, Inc.^(a)(b)		6,011		161,516
Exelixis, Inc.^(a)		17,875		390,569
Halozyme Therapeutics, Inc.^(a)		7,429		283,788


Security	Shares		Value

Biotechnology (continued)
Neurocrine Biosciences, Inc.^(a)		5,483	$	616,837
United Therapeutics Corp.^(a)		2,635		595,167


				2,047,877

Broadline Retail — 0.6%
Kohl’s Corp.		6,202		129,994
Macy’s, Inc.		15,359		178,318
Nordstrom, Inc.		5,433		81,169
Ollie’s Bargain Outlet Holdings, Inc.^(a)		3,475		268,200


				657,681

Building Products — 4.4%
Advanced Drainage Systems, Inc.		3,888		442,571
Builders FirstSource, Inc.^(a)(b)		7,020		873,920
Carlisle Cos., Inc.		2,803		726,706
Fortune Brands Innovations, Inc.		7,124		442,828
Lennox International, Inc.		1,795		672,120
Owens Corning		5,044		688,052
Simpson Manufacturing Co., Inc.		2,397		359,095
Trex Co., Inc.^(a)(b)		6,096		375,696
UFP Industries, Inc.		3,471		355,430


				4,936,418

Capital Markets — 2.2%
Affiliated Managers Group, Inc.		1,971		256,900
Evercore, Inc., Class A		1,965		270,934
Federated Hermes, Inc., Class B		4,951		167,690
Interactive Brokers Group, Inc., Class A		6,006		519,879
Janus Henderson Group PLC		7,464		192,721
Jefferies Financial Group, Inc.		9,926		363,589
SEI Investments Co.		5,651		340,360
Stifel Financial Corp.		5,867		360,469


				2,472,542

Chemicals — 2.2%
Ashland, Inc.		2,869		234,340
Avient Corp.		5,131		181,227
Axalta Coating Systems Ltd.^(a)		12,454		335,013
Cabot Corp.		3,149		218,131
Chemours Co. (The)		8,331		233,685
NewMarket Corp.		388		176,556
RPM International, Inc.		7,246		686,993
Scotts Miracle-Gro Co. (The)		2,327		120,259
Westlake Corp.		1,799		224,281


				2,410,485

Commercial Services & Supplies — 1.5%
Brink’s Co. (The)		2,619		190,244
Clean Harbors, Inc.^(a)		2,827		473,127
MSA Safety, Inc.		2,075		327,124
Stericycle, Inc.^(a)		5,204		232,671
Tetra Tech, Inc.		2,989		454,417


				1,677,583

Communications Equipment — 0.6%
Calix, Inc.^(a)		3,305		151,501
Ciena Corp.^(a)(b)		8,394		396,701
Lumentum Holdings, Inc.^(a)		3,872		174,937


				723,139

Construction & Engineering — 1.8%
AECOM		7,789		646,798
EMCOR Group, Inc.		2,646		556,692
MasTec, Inc.^(a)		3,400		244,698


Security	Shares		Value

Construction & Engineering (continued)
MDU Resources Group, Inc.		11,401	$	223,232
Valmont Industries, Inc.		1,184		284,409


				1,955,829

Construction Materials — 0.4%
Eagle Materials, Inc.		1,991		331,541
Knife River Corp.^(a)		2,854		139,361


				470,902

Consumer Finance — 0.2%
SLM Corp.		12,707		173,069


Consumer Staples Distribution & Retail — 1.3%
BJ’s Wholesale Club Holdings, Inc.^(a)(b)		7,544		538,415
Grocery Outlet Holding Corp.^(a)		5,540		159,829
Sprouts Farmers Market, Inc.^(a)		5,738		245,587
U.S. Foods Holding Corp.^(a)		12,753		506,294


				1,450,125

Containers & Packaging — 2.2%
AptarGroup, Inc.		3,685		460,772
Berry Global Group, Inc.		6,631		410,525
Crown Holdings, Inc.		6,774		599,364
Graphic Packaging Holding Co.		17,250		384,330
Greif, Inc., Class A, NVS		1,430		95,538
Silgan Holdings, Inc.		4,704		202,789
Sonoco Products Co.		5,516		299,795


				2,453,113

Diversified Consumer Services — 1.0%
Graham Holdings Co., Class B		208		121,264
Grand Canyon Education, Inc.^(a)(b)		1,680		196,358
H&R Block, Inc.		8,553		368,292
Service Corp. International		8,470		483,976


				1,169,890

Diversified Telecommunication Services — 0.5%
Frontier Communications Parent, Inc.^(a)(b)		12,484		195,374
Iridium Communications, Inc.		7,026		319,613


				514,987

Electrical Equipment — 2.4%
Acuity Brands, Inc.		1,758		299,405
EnerSys		2,310		218,688
Hubbell, Inc.		3,011		943,677
nVent Electric PLC		9,307		493,178
Regal Rexnord Corp.		3,723		531,942
Sunrun, Inc.^(a)(b)		12,159		152,717
Vicor Corp.^(a)		1,258		74,084


				2,713,691

Electronic Equipment, Instruments & Components — 4.1%
Arrow Electronics, Inc.^(a)		3,125		391,375
Avnet, Inc.		5,141		247,745
Belden, Inc.		2,384		230,175
Cognex Corp.		9,673		410,522
Coherent Corp.^(a)		7,286		237,815
Crane NXT Co.		2,707		150,428
IPG Photonics Corp.^(a)		1,672		169,775
Jabil, Inc.		7,348		932,388
Littelfuse, Inc.		1,396		345,259
National Instruments Corp.		7,383		440,174
Novanta, Inc.^(a)(b)		2,014		288,888
TD SYNNEX Corp.		2,689		268,524
Vishay Intertechnology, Inc.		7,120		176,006
Vontier Corp.		8,699		268,973


				4,558,047


Security	Shares		Value

Energy Equipment & Services — 1.0%
ChampionX Corp.		11,037	$	393,138
NOV, Inc.		22,108		462,057
Valaris Ltd.^(a)		3,583		268,653


				1,123,848

Entertainment — 0.2%
TKO Group Holdings, Inc., Class A		2,940		247,136


Financial Services — 1.6%
Essent Group Ltd.		6,023		284,828
Euronet Worldwide, Inc.^(a)		2,659		211,071
MGIC Investment Corp.		15,834		264,269
Voya Financial, Inc.		5,939		394,647
Western Union Co. (The)		17,182		226,459
WEX, Inc.^(a)		2,411		453,485


				1,834,759

Food Products — 1.4%
Darling Ingredients, Inc.^(a)		8,955		467,451
Flowers Foods, Inc.		10,816		239,899
Ingredion, Inc.		3,721		366,146
Lancaster Colony Corp.		1,148		189,455
Pilgrim’s Pride Corp.^(a)		2,257		51,527
Post Holdings, Inc.^(a)(b)		2,859		245,131


				1,559,609

Gas Utilities — 1.0%
New Jersey Resources Corp.		5,462		221,921
ONE Gas, Inc.		3,120		213,034
Southwest Gas Holdings, Inc.		3,385		204,488
Spire, Inc.		2,951		166,967
UGI Corp.		11,796		271,308


				1,077,718

Ground Transportation — 2.3%
Avis Budget Group, Inc.^(a)		1,113		199,995
Hertz Global Holdings, Inc.^(a)		7,507		91,961
Knight-Swift Transportation Holdings, Inc.		9,056		454,158
Landstar System, Inc.		2,019		357,242
Ryder System, Inc.		2,565		274,327
Saia, Inc.^(a)		1,490		593,989
Werner Enterprises, Inc.		3,555		138,467
XPO, Inc.^(a)		6,511		486,111


				2,596,250

Health Care Equipment & Supplies — 3.1%
Enovis Corp.^(a)		2,792		147,222
Envista Holdings Corp.^(a)		9,212		256,831
Globus Medical, Inc., Class A^(a)		6,583		326,846
Haemonetics Corp.^(a)		2,852		255,482
ICU Medical, Inc.^(a)		1,136		135,195
Inari Medical, Inc.^(a)		2,875		188,025
Integra LifeSciences Holdings Corp.^(a)		3,971		151,653
Lantheus Holdings, Inc.^(a)(b)		3,848		267,359
LivaNova PLC^(a)		3,022		159,803
Masimo Corp.^(a)		2,498		219,025
Neogen Corp.^(a)		11,091		205,627
Penumbra, Inc.^(a)		2,158		522,042
QuidelOrtho Corp.^(a)		2,783		203,270
Shockwave Medical, Inc.^(a)		2,064		410,942


				3,449,322

Health Care Providers & Services — 2.6%
Acadia Healthcare Co., Inc.^(a)		5,177		363,995
Amedisys, Inc.^(a)		1,831		171,015
Chemed Corp.		847		440,186


Security	Shares		Value

Health Care Providers & Services (continued)
Encompass Health Corp.		5,629	$	378,044
HealthEquity, Inc.^(a)(b)		4,800		350,640
Option Care Health, Inc.^(a)		10,105		326,897
Patterson Cos., Inc.		4,771		141,412
Progyny, Inc.^(a)		4,656		158,397
R1 RCM, Inc.^(a)		11,042		166,403
Tenet Healthcare Corp.^(a)		5,702		375,705


				2,872,694

Health Care REITs — 1.2%
Healthcare Realty Trust, Inc.		21,398		326,747
Medical Properties Trust, Inc.		33,722		183,785
Omega Healthcare Investors, Inc.		13,748		455,884
Physicians Realty Trust		13,374		163,029
Sabra Health Care REIT, Inc.		12,966		180,746


				1,310,191

Health Care Technology — 0.1%
Doximity, Inc., Class A^(a)(b)		7,081		150,259


Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		12,171		149,947


Hotels, Restaurants & Leisure — 3.5%
Aramark		14,656		508,563
Boyd Gaming Corp.		3,976		241,860
Choice Hotels International, Inc.		1,410		172,739
Churchill Downs, Inc.		3,825		443,853
Hilton Grand Vacations, Inc.^(a)		4,074		165,812
Light & Wonder, Inc., Class A^(a)		5,117		364,996
Marriott Vacations Worldwide Corp.		1,915		192,706
Penn Entertainment, Inc.^(a)		8,519		195,511
Planet Fitness, Inc., Class A^(a)		4,766		234,392
Texas Roadhouse, Inc.		3,749		360,279
Travel + Leisure Co.		4,146		152,283
Wendy’s Co. (The)		9,546		194,834
Wingstop, Inc.^(b)		1,685		303,030
Wyndham Hotels & Resorts, Inc.		4,733		329,133


				3,859,991

Household Durables — 1.9%
Helen of Troy Ltd.^(a)		1,350		157,356
KB Home		4,382		202,799
Leggett & Platt, Inc.		7,514		190,931
Taylor Morrison Home Corp., Class A^(a)		6,138		261,540
Tempur Sealy International, Inc.		9,666		418,924
Toll Brothers, Inc.		6,139		454,041
TopBuild Corp.^(a)		1,783		448,603


				2,134,194

Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.		3,019		211,088


Industrial REITs — 1.5%
EastGroup Properties, Inc.		2,549		424,485
First Industrial Realty Trust, Inc.		7,428		353,498
Rexford Industrial Realty, Inc.		11,591		572,016
STAG Industrial, Inc.		10,092		348,275


				1,698,274

Insurance — 4.9%
American Financial Group, Inc.		3,716		414,966
Brighthouse Financial, Inc.^(a)		3,690		180,589
CNO Financial Group, Inc.		6,337		150,377
Erie Indemnity Co., Class A, NVS		1,400		411,306
First American Financial Corp.		5,783		326,682
Hanover Insurance Group, Inc. (The)		2,012		223,292


Security	Shares		Value

Insurance (continued)
Kemper Corp.		3,376	$	141,893
Kinsale Capital Group, Inc.		1,235		511,450
Old Republic International Corp.		14,862		400,382
Primerica, Inc.		2,008		389,572
Reinsurance Group of America, Inc.		3,717		539,671
RenaissanceRe Holdings Ltd.		2,874		568,822
RLI Corp.		2,255		306,432
Selective Insurance Group, Inc.		3,402		350,984
Unum Group		10,324		507,838


				5,424,256

Interactive Media & Services — 0.4%
Ziff Davis, Inc.^(a)		2,620		166,868
ZoomInfo Technologies, Inc., Class A^(a)		17,178		281,719


				448,587

IT Services — 0.2%
Kyndryl Holdings, Inc.^(a)		12,909		194,926


Leisure Products — 0.9%
Brunswick Corp.		3,925		310,075
Polaris, Inc.		2,999		312,316
Topgolf Callaway Brands Corp.^(a)		8,050		111,412
YETI Holdings, Inc.^(a)		4,856		234,156


				967,959

Life Sciences Tools & Services — 1.2%
Azenta, Inc.^(a)		3,373		169,291
Bruker Corp.		5,527		344,332
Medpace Holdings, Inc.^(a)		1,307		316,464
Repligen Corp.^(a)		2,911		462,878


				1,292,965

Machinery — 4.7%
AGCO Corp.		3,490		412,797
Chart Industries, Inc.^(a)		2,357		398,616
Crane Co.^(b)		2,734		242,889
Donaldson Co., Inc.		6,807		405,970
Esab Corp.		3,193		224,213
Flowserve Corp.		7,385		293,701
Graco, Inc.		9,488		691,485
Lincoln Electric Holdings, Inc.		3,223		585,909
Middleby Corp. (The)^(a)		3,008		385,024
Oshkosh Corp.		3,668		350,037
Terex Corp.		3,792		218,495
Timken Co. (The)		3,675		270,076
Toro Co. (The)		5,834		484,805
Watts Water Technologies, Inc., Class A		1,542		266,488


				5,230,505

Marine Transportation — 0.2%
Kirby Corp.^(a)		3,345		276,966


Media — 0.9%
Cable One, Inc.		256		157,604
New York Times Co. (The), Class A		9,185		378,422
Nexstar Media Group, Inc., Class A		1,876		268,962
TEGNA, Inc.		11,301		164,656


				969,644

Metals & Mining — 2.7%
Alcoa Corp.		10,052		292,111
Cleveland-Cliffs, Inc.^(a)		28,560		446,393
Commercial Metals Co.		6,561		324,179
MP Materials Corp., Class A^(a)		8,056		153,870
Reliance Steel & Aluminum Co.		3,288		862,212
Royal Gold, Inc.		3,689		392,251


Security	Shares		Value

Metals & Mining (continued)
United States Steel Corp.		12,518	$	406,585
Worthington Industries, Inc.		1,709		105,650


				2,983,251

Mortgage Real Estate Investment Trusts (REITs) — 0.8%
Annaly Capital Management, Inc.		27,730		521,601
Starwood Property Trust, Inc.		16,694		323,029


				844,630

Office REITs — 0.6%
COPT Defense Properties		6,312		150,415
Cousins Properties, Inc.		8,497		173,084
Kilroy Realty Corp.		6,013		190,071
Vornado Realty Trust		9,023		204,641


				718,211

Oil, Gas & Consumable Fuels — 1.4%
Antero Midstream Corp.		19,159		229,525
DT Midstream, Inc.		5,457		288,784
Equitrans Midstream Corp.		24,373		228,375
HF Sinclair Corp.		8,166		464,890
PBF Energy, Inc., Class A		6,179		330,762


				1,542,336

Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		3,619		200,022


Personal Care Products — 0.5%
BellRing Brands, Inc.^(a)		7,401		305,143
Coty, Inc., Class A^(a)(b)		20,154		221,090


				526,233

Pharmaceuticals — 0.6%
Jazz Pharmaceuticals PLC^(a)		3,545		458,865
Perrigo Co. PLC		7,616		243,331


				702,196

Professional Services — 3.1%
ASGN, Inc.^(a)		2,724		222,496
Concentrix Corp.		2,434		194,988
ExlService Holdings, Inc.^(a)		9,317		261,249
Exponent, Inc.		2,860		244,816
FTI Consulting, Inc.^(a)		1,909		340,585
Genpact Ltd.		9,370		339,194
Insperity, Inc.		2,045		199,592
KBR, Inc.		7,575		446,471
ManpowerGroup, Inc.		2,795		204,929
Maximus, Inc.		3,418		255,256
Paylocity Holding Corp.^(a)		2,418		439,351
Science Applications International Corp.		3,012		317,886


				3,466,813

Real Estate Management & Development — 0.3%
Jones Lang LaSalle, Inc.^(a)		2,678		378,080


Residential REITs — 1.0%
Apartment Income REIT Corp.		8,378		257,205
Equity LifeStyle Properties, Inc.		10,458		666,279
Independence Realty Trust, Inc.		12,660		178,126


				1,101,610

Retail REITs — 1.4%
Agree Realty Corp.		5,421		299,456
Brixmor Property Group, Inc.		16,883		350,829
Kite Realty Group Trust		12,354		264,623
NNN REIT, Inc.		10,245		362,058
Spirit Realty Capital, Inc.		7,959		266,865


				1,543,831


Security	Shares		Value

Semiconductors & Semiconductor Equipment — 2.7%
Allegro MicroSystems, Inc.^(a)		3,990	$	127,441
Amkor Technology, Inc.		5,817		131,464
Cirrus Logic, Inc.^(a)		3,079		227,723
Lattice Semiconductor Corp.^(a)		7,739		665,012
MACOM Technology Solutions Holdings, Inc.^(a)		3,021		246,453
MKS Instruments, Inc.		3,539		306,265
Power Integrations, Inc.		3,228		246,329
Silicon Laboratories, Inc.^(a)		1,794		207,907
Synaptics, Inc.^(a)		2,232		199,630
Universal Display Corp.		2,447		384,154
Wolfspeed, Inc.^(a)		7,007		266,967


				3,009,345

Software — 3.0%
ACI Worldwide, Inc.^(a)		6,139		138,496
Aspen Technology, Inc.^(a)		1,596		325,999
Blackbaud, Inc.^(a)		2,433		171,089
CommVault Systems, Inc.^(a)		2,456		166,050
Dropbox, Inc., Class A^(a)		14,479		394,263
Dynatrace, Inc.^(a)		13,338		623,285
Envestnet, Inc.^(a)		2,732		120,290
Manhattan Associates, Inc.^(a)		3,462		684,299
NCR Corp.^(a)		7,550		203,623
Qualys, Inc.^(a)		2,066		315,168
Teradata Corp.^(a)		5,628		253,373


				3,395,935

Specialized REITs — 1.5%
CubeSmart		12,622		481,277
EPR Properties		4,224		175,465
Lamar Advertising Co., Class A		4,915		410,255
National Storage Affiliates Trust		4,656		147,782
PotlatchDeltic Corp.		4,506		204,527
Rayonier, Inc.		7,687		218,772


				1,638,078

Specialty Retail — 2.8%
AutoNation, Inc.^(a)(b)		1,512		228,917
Five Below, Inc.^(a)(b)		3,125		502,812
GameStop Corp., Class A^(a)		15,040		247,558
Gap, Inc. (The)		11,971		127,252
Lithia Motors, Inc., Class A		1,548		457,171
Murphy U.S.A., Inc.		1,096		374,536
Penske Automotive Group, Inc.		1,096		183,098
RH^(a)		870		229,993
Valvoline, Inc.		7,798		251,408
Williams-Sonoma, Inc.		3,606		560,372


				3,163,117

Technology Hardware, Storage & Peripherals — 0.6%
Super Micro Computer, Inc.^(a)		2,564		703,100


Textiles, Apparel & Luxury Goods — 2.2%
Capri Holdings Ltd.^(a)		6,520		343,017
Carter’s, Inc.		2,091		144,593
Columbia Sportswear Co.		1,961		145,310
Crocs, Inc.^(a)		3,471		306,247
Deckers Outdoor Corp.^(a)		1,467		754,170
PVH Corp.		3,516		269,009
Skechers U.S.A., Inc., Class A^(a)		7,547		369,426
Under Armour, Inc., Class A^(a)		10,565		72,370
Under Armour, Inc., Class C, NVS^(a)		11,290		72,030


				2,476,172

Trading Companies & Distributors — 1.4%
GATX Corp.		1,995		217,116


Security	Shares		Value

Trading Companies & Distributors (continued)
MSC Industrial Direct Co., Inc., Class A		2,666	$	261,668
Watsco, Inc.		1,883		711,247
WESCO International, Inc.		2,488		357,824


				1,547,855

Water Utilities — 0.4%
Essential Utilities, Inc.		13,662		469,016


Total Long-Term Investments — 99.8% (Cost: $114,585,845)				111,389,032


Short-Term Securities

Money Market Funds — 4.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		4,832,744		4,834,677
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(d)		617,715		617,715


Total Short-Term Securities — 4.9% (Cost: $5,450,976)				5,452,392


Total Investments — 104.7% (Cost: $120,036,821)				116,841,424

Liabilities in Excess of Other Assets — (4.7)%				(5,243,028	)


Net Assets — 100.0%			$	111,598,396

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.7%
AAR Corp.^(a)		1,976	$	117,632
AeroVironment, Inc.^(a)		1,557		173,652
Kaman Corp.		1,678		32,973
National Presto Industries, Inc.		311		22,535
Triumph Group, Inc.^(a)(b)		4,561		34,937


				381,729

Air Freight & Logistics — 0.5%
Forward Air Corp.		1,528		105,035
Hub Group, Inc., Class A^(a)		1,867		146,634


				251,669

Automobile Components — 1.6%
American Axle & Manufacturing Holdings, Inc.^(a)		6,960		50,530
Dana, Inc.		7,603		111,536
Dorman Products, Inc.^(a)		1,678		127,125
Gentherm, Inc.^(a)		1,962		106,458
LCI Industries		1,504		176,600
Patrick Industries, Inc.		1,241		93,149
Standard Motor Products, Inc.		1,111		37,352
XPEL, Inc.^(a)		1,258		97,004


				799,754

Automobiles — 0.2%
Winnebago Industries, Inc.		1,796		106,772


Banks — 9.4%
Ameris Bancorp		3,848		147,725
Atlantic Union Bankshares Corp.		4,012		115,465
Axos Financial, Inc.^(a)		3,105		117,555
Banc of California, Inc.		3,103		38,415
BancFirst Corp.		888		77,016
Bancorp, Inc. (The)^(a)(b)		3,214		110,883
Bank of Hawaii Corp.		2,226		110,610
BankUnited, Inc.		4,228		95,976
Banner Corp.		1,965		83,277
Berkshire Hills Bancorp, Inc.		2,338		46,877
Brookline Bancorp, Inc.		5,250		47,828
Capitol Federal Financial, Inc.		7,530		35,918
Central Pacific Financial Corp.		540		9,007
City Holding Co.		842		76,075
Community Bank System, Inc.		3,018		127,390
Customers Bancorp, Inc.^(a)		1,674		57,669
CVB Financial Corp.		7,560		125,269
Dime Community Bancshares, Inc.		2,077		41,457
Eagle Bancorp, Inc.		1,771		37,988
FB Financial Corp.		2,158		61,201
First BanCorp/Puerto Rico		10,175		136,955
First Bancorp/Southern Pines NC		2,313		65,088
First Commonwealth Financial Corp.		5,941		72,540
First Financial Bancorp		5,600		109,760
First Hawaiian, Inc.		7,555		136,368
Fulton Financial Corp.		8,216		99,496
Hanmi Financial Corp.		1,634		26,520
Heritage Financial Corp.		2,075		33,843
Hilltop Holdings, Inc.		2,828		80,202
Hope Bancorp, Inc.		7,107		62,897
Independent Bank Corp.		2,468		121,154
Independent Bank Group, Inc.		2,135		84,439
Lakeland Financial Corp.		1,498		71,095
National Bank Holdings Corp., Class A		2,048		60,948
NBT Bancorp, Inc.		2,703		85,658
Northfield Bancorp, Inc.		2,354		22,245


Security	Shares		Value

Banks (continued)
Northwest Bancshares, Inc.		7,160	$	73,247
OFG Bancorp		2,786		83,190
Pacific Premier Bancorp, Inc.		5,535		120,442
PacWest Bancorp		7,048		55,750
Park National Corp.		869		82,138
Pathward Financial, Inc.		1,553		71,578
Preferred Bank		561		34,922
Provident Financial Services, Inc.		4,345		66,435
Renasant Corp.		3,211		84,096
S&T Bancorp, Inc.		2,264		61,309
Seacoast Banking Corp. of Florida		4,900		107,604
ServisFirst Bancshares, Inc.		2,900		151,293
Simmons First National Corp., Class A		7,008		118,856
Southside Bancshares, Inc.		1,717		49,278
Stellar Bancorp, Inc.		2,887		61,551
Tompkins Financial Corp.		743		36,400
Triumph Financial, Inc.^(a)		1,279		82,866
TrustCo Bank Corp.		1,113		30,374
Trustmark Corp.		3,466		75,316
United Community Banks, Inc.		6,818		173,245
Veritex Holdings, Inc.		3,092		55,501
Washington Federal, Inc.		3,607		92,411
Westamerica BanCorp		1,574		68,076
WSFS Financial Corp.		3,473		126,764


				4,795,451

Beverages — 0.3%
MGP Ingredients, Inc.		929		97,991
National Beverage Corp.^(a)		1,388		65,264


				163,255

Biotechnology — 1.7%
Arcus Biosciences, Inc.^(a)		3,192		57,296
Avid Bioservices, Inc.^(a)		3,729		35,202
Catalyst Pharmaceuticals, Inc.^(a)		5,957		69,637
Cytokinetics, Inc.^(a)(b)		5,683		167,421
Dynavax Technologies Corp.^(a)		7,656		113,079
Ironwood Pharmaceuticals, Inc., Class A^(a)		8,163		78,610
iTeos Therapeutics, Inc.^(a)		1,575		17,246
Myriad Genetics, Inc.^(a)(b)		4,869		78,099
REGENXBIO, Inc.^(a)		2,405		39,586
Vericel Corp.^(a)		2,832		94,929
Vir Biotechnology, Inc.^(a)		5,109		47,871
Xencor, Inc.^(a)		3,604		72,621


				871,597

Building Products — 1.9%
AAON, Inc.		4,018		228,504
American Woodmark Corp.^(a)		973		73,569
Apogee Enterprises, Inc.		1,312		61,769
AZZ, Inc.		1,487		67,777
Gibraltar Industries, Inc.^(a)		1,801		121,585
Griffon Corp.		2,434		96,557
Insteel Industries, Inc.		1,155		37,491
PGT Innovations, Inc.^(a)		3,468		96,237
Quanex Building Products Corp.		1,959		55,185
Resideo Technologies, Inc.^(a)		8,741		138,108


				976,782

Capital Markets — 1.3%
Artisan Partners Asset Management, Inc., Class A		2,619		98,003
Avantax, Inc.^(a)		2,186		55,918
B Riley Financial, Inc.		982		40,252
Brightsphere Investment Group, Inc.		1,925		37,326
Donnelley Financial Solutions, Inc.^(a)		1,482		83,407


Security	Shares		Value

Capital Markets (continued)
Piper Sandler Cos		893	$	129,762
StoneX Group, Inc.^(a)		1,063		103,026
Virtus Investment Partners, Inc.		405		81,806
WisdomTree, Inc.		6,721		47,047


				676,547

Chemicals — 2.8%
AdvanSix, Inc.		1,618		50,287
American Vanguard Corp.		1,620		17,707
Balchem Corp.		1,909		236,792
Hawkins, Inc.		1,142		67,207
HB Fuller Co.		3,197		219,346
Ingevity Corp.^(a)		2,002		95,315
Innospec, Inc.		1,473		150,541
Koppers Holdings, Inc.		1,241		49,082
Livent Corp.^(a)		10,669		196,416
Minerals Technologies, Inc.		1,935		105,961
Quaker Chemical Corp.		823		131,680
Stepan Co.		1,256		94,162


				1,414,496

Commercial Services & Supplies — 2.2%
ABM Industries, Inc.		3,928		157,159
Brady Corp., Class A, NVS		2,718		149,273
Deluxe Corp.		2,594		49,001
Enviri Corp.^(a)		4,742		34,237
GEO Group, Inc. (The)^(a)		7,498		61,334
Healthcare Services Group, Inc.		4,411		46,007
HNI Corp.		2,767		95,821
Interface, Inc., Class A		3,454		33,884
Liquidity Services, Inc.^(a)		1,332		23,470
Matthews International Corp., Class A		1,811		70,466
MillerKnoll, Inc.		4,496		109,927
OPENLANE, Inc.^(a)		6,474		96,592
Pitney Bowes, Inc.		4,704		14,206
UniFirst Corp.		898		146,383
Viad Corp.^(a)		1,241		32,514


				1,120,274

Communications Equipment — 1.3%
ADTRAN Holdings, Inc.		4,209		34,640
Clearfield, Inc.^(a)		771		22,097
Digi International, Inc.^(a)		2,139		57,753
Extreme Networks, Inc.^(a)		7,585		183,633
Harmonic, Inc.^(a)		6,654		64,078
NetScout Systems, Inc.^(a)		4,290		120,206
Viasat, Inc.^(a)		4,429		81,759
Viavi Solutions, Inc.^(a)		13,169		120,365


				684,531

Construction & Engineering — 1.9%
Arcosa, Inc.		2,887		207,575
Comfort Systems U.S.A., Inc.		2,120		361,269
Dycom Industries, Inc.^(a)		1,742		155,038
Granite Construction, Inc.		2,611		99,270
MYR Group, Inc.^(a)		993		133,817


				956,969

Consumer Finance — 0.9%
Bread Financial Holdings, Inc.		1,688		57,729
Encore Capital Group, Inc.^(a)		1,396		66,673
Enova International, Inc.^(a)		1,830		93,092
Green Dot Corp., Class A^(a)		875		12,189
Navient Corp.		5,205		89,630
PRA Group, Inc.^(a)		2,333		44,817


Security	Shares		Value

Consumer Finance (continued)
PROG Holdings, Inc.^(a)		2,718	$	90,265
World Acceptance Corp.^(a)		203		25,793


				480,188

Consumer Staples Distribution & Retail — 0.7%
Andersons, Inc. (The)		1,872		96,426
Chefs’ Warehouse, Inc. (The)^(a)		2,100		44,478
PriceSmart, Inc.		1,532		114,027
SpartanNash Co.		2,066		45,452
United Natural Foods, Inc.^(a)(b)		3,492		49,377


				349,760

Containers & Packaging — 0.4%
Myers Industries, Inc.		2,189		39,249
O-I Glass, Inc.^(a)		9,209		154,066


				193,315

Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.^(a)		2,469		105,797
Frontdoor, Inc.^(a)		4,772		145,975
Perdoceo Education Corp.		3,899		66,673
Strategic Education, Inc.		1,308		98,427
Stride, Inc.^(a)		2,394		107,802


				524,674

Diversified REITs — 0.9%
Alexander & Baldwin, Inc.		4,318		72,240
American Assets Trust, Inc.		2,888		56,171
Armada Hoffler Properties, Inc.		4,040		41,370
Essential Properties Realty Trust, Inc.		9,260		200,294
Global Net Lease, Inc.		11,503		110,544


				480,619

Diversified Telecommunication Services — 0.5%
ATN International, Inc.		630		19,883
Cogent Communications Holdings, Inc.		2,583		159,888
Consolidated Communications Holdings, Inc.^(a)		4,437		15,174
Lumen Technologies, Inc.^(a)		59,959		85,142


				280,087

Electrical Equipment — 0.5%
Encore Wire Corp.		998		182,095
Powell Industries, Inc.		543		45,015
SunPower Corp.^(a)		5,104		31,492


				258,602

Electronic Equipment, Instruments & Components — 4.7%
Advanced Energy Industries, Inc.		2,229		229,855
Arlo Technologies, Inc.^(a)		5,592		57,598
Badger Meter, Inc.		1,736		249,758
Benchmark Electronics, Inc.		2,120		51,431
CTS Corp.		1,864		77,803
ePlus, Inc.^(a)		1,602		101,759
Fabrinet^(a)		2,152		358,566
Insight Enterprises, Inc.^(a)(b)		1,790		260,445
Itron, Inc.^(a)		2,691		163,021
Knowles Corp.^(a)		5,419		80,256
Methode Electronics, Inc.		2,141		48,922
OSI Systems, Inc.^(a)		914		107,889
PC Connection, Inc.		672		35,871
Plexus Corp.^(a)		1,632		151,743
Rogers Corp.^(a)		992		130,418
Sanmina Corp.^(a)		3,397		184,389
ScanSource, Inc.^(a)		1,481		44,889
TTM Technologies, Inc.^(a)		6,176		79,547


				2,414,160


Security	Shares		Value

Energy Equipment & Services — 2.2%
Archrock, Inc.		8,185	$	103,131
Bristow Group, Inc.^(a)		1,424		40,114
Core Laboratories, Inc.		2,775		66,628
Dril-Quip, Inc.^(a)(b)		2,032		57,241
Helix Energy Solutions Group, Inc.^(a)		8,427		94,130
Helmerich & Payne, Inc.		5,886		248,154
Nabors Industries Ltd.^(a)		533		65,634
Oil States International, Inc.^(a)		3,800		31,806
Patterson-UTI Energy, Inc.		18,974		262,600
ProPetro Holding Corp.^(a)		5,163		54,883
RPC, Inc.		5,061		45,245
U.S. Silica Holdings, Inc.^(a)		4,584		64,359


				1,133,925

Entertainment — 0.6%
Cinemark Holdings, Inc.^(a)(b)		6,408		117,587
Madison Square Garden Sports Corp., Class A		989		174,361
Marcus Corp. (The)		1,463		22,676


				314,624

Financial Services — 1.6%
EVERTEC, Inc.		3,840		142,771
Mr. Cooper Group, Inc.^(a)(b)		3,968		212,526
NMI Holdings, Inc., Class A^(a)		4,890		132,470
Payoneer Global, Inc.^(a)		12,275		75,123
Radian Group, Inc.		3,344		83,968
Walker & Dunlop, Inc.		1,981		147,070


				793,928

Food Products — 2.2%
B&G Foods, Inc.		4,299		42,517
Calavo Growers, Inc.		1,057		26,668
Cal-Maine Foods, Inc.		2,406		116,498
Fresh Del Monte Produce, Inc.		2,003		51,758
Hain Celestial Group, Inc. (The)^(a)		5,318		55,148
Hostess Brands, Inc., Class A^(a)		7,865		261,983
J & J Snack Foods Corp.		917		150,067
John B Sanfilippo & Son, Inc.		532		52,562
Simply Good Foods Co. (The)^(a)		5,363		185,131
Tootsie Roll Industries, Inc.		1,035		30,905
TreeHouse Foods, Inc.^(a)(b)		3,049		132,875


				1,106,112

Gas Utilities — 0.4%
Chesapeake Utilities Corp.		1,059		103,517
Northwest Natural Holding Co.		2,145		81,853


				185,370

Ground Transportation — 0.5%
ArcBest Corp.		1,428		145,156
Heartland Express, Inc.		2,725		40,030
Marten Transport Ltd.		3,432		67,645


				252,831

Health Care Equipment & Supplies — 2.3%
Artivion, Inc.^(a)		2,318		35,141
Avanos Medical, Inc.^(a)		2,787		56,353
CONMED Corp.		1,820		183,547
Glaukos Corp.^(a)		2,887		217,247
Integer Holdings Corp.^(a)		1,972		154,664
LeMaitre Vascular, Inc.		1,179		64,232
Merit Medical Systems, Inc.^(a)		3,412		235,496
OraSure Technologies, Inc.^(a)		4,365		25,885
Orthofix Medical, Inc.^(a)		2,171		27,919
Tandem Diabetes Care, Inc.^(a)		3,869		80,359


Security	Shares		Value

Health Care Equipment & Supplies (continued)
UFP Technologies, Inc.^(a)		417	$	67,325
Varex Imaging Corp.^(a)		2,403		45,152


				1,193,320

Health Care Providers & Services — 3.2%
AdaptHealth Corp.^(a)		4,856		44,190
Addus HomeCare Corp.^(a)		965		82,208
Agiliti, Inc.^(a)		2,074		13,460
AMN Healthcare Services, Inc.^(a)		2,249		191,570
Apollo Medical Holdings, Inc.^(a)		2,507		77,341
Community Health Systems, Inc.^(a)		7,564		21,936
CorVel Corp.^(a)(b)		539		105,994
Cross Country Healthcare, Inc.^(a)		2,001		49,605
Ensign Group, Inc. (The)		3,327		309,178
Fulgent Genetics, Inc.^(a)		1,210		32,355
ModivCare, Inc.^(a)		734		23,128
NeoGenomics, Inc.^(a)		7,584		93,283
Owens & Minor, Inc.^(a)		4,550		73,528
Pediatrix Medical Group, Inc.^(a)		4,920		62,533
Privia Health Group, Inc.^(a)		6,044		139,012
RadNet, Inc.^(a)		3,571		100,667
Select Medical Holdings Corp.		6,172		155,967
U.S. Physical Therapy, Inc.		891		81,731


				1,657,686

Health Care REITs — 0.5%
CareTrust REIT, Inc.		5,889		120,724
Community Healthcare Trust, Inc.		1,468		43,600
LTC Properties, Inc.		2,463		79,136
Universal Health Realty Income Trust		756		30,565


				274,025

Health Care Technology — 0.8%
Certara, Inc.^(a)		6,365		92,547
HealthStream, Inc.		1,442		31,118
NextGen Healthcare, Inc.^(a)		3,227		76,577
Schrodinger, Inc.^(a)		3,245		91,736
Simulations Plus, Inc.		948		39,532
Veradigm, Inc.^(a)		6,495		85,344


				416,854

Hotel & Resort REITs — 1.0%
Chatham Lodging Trust		2,905		27,801
DiamondRock Hospitality Co.		12,398		99,556
Pebblebrook Hotel Trust		7,165		97,372
Service Properties Trust		9,838		75,654
Summit Hotel Properties, Inc.		6,396		37,097
Sunstone Hotel Investors, Inc.		12,261		114,640
Xenia Hotels & Resorts, Inc.		6,378		75,133


				527,253

Hotels, Restaurants & Leisure — 2.1%
BJ’s Restaurants, Inc.^(a)		1,401		32,867
Bloomin’ Brands, Inc.		5,156		126,786
Brinker International, Inc.^(a)		2,634		83,208
Cheesecake Factory, Inc. (The)		2,804		84,961
Chuy’s Holdings, Inc.^(a)		1,073		38,177
Cracker Barrel Old Country Store, Inc.		1,318		88,570
Dave & Buster’s Entertainment, Inc.^(a)		2,042		75,697
Dine Brands Global, Inc.		926		45,791
Golden Entertainment, Inc.		1,288		44,024
Jack in the Box, Inc.		1,195		82,527
Monarch Casino & Resort, Inc.		797		49,494
Sabre Corp.^(a)(b)		19,754		88,695


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Shake Shack, Inc., Class A^(a)		2,220	$	128,915
Six Flags Entertainment Corp.^(a)		4,237		99,612


				1,069,324

Household Durables — 3.1%
Cavco Industries, Inc.^(a)		479		127,251
Century Communities, Inc.		1,694		113,125
Ethan Allen Interiors, Inc.		1,357		40,574
Green Brick Partners, Inc.^(a)(b)		1,511		62,722
Installed Building Products, Inc.		1,396		174,347
iRobot Corp.^(a)		1,639		62,118
La-Z-Boy, Inc.		2,573		79,454
LGI Homes, Inc.^(a)		1,213		120,681
M/I Homes, Inc.^(a)		1,646		138,330
MDC Holdings, Inc.		3,531		145,583
Meritage Homes Corp.		2,181		266,933
Sonos, Inc.^(a)		7,586		97,935
Tri Pointe Homes, Inc.^(a)		5,879		160,791


				1,589,844

Household Products — 0.6%
Central Garden & Pet Co.^(a)		566		24,983
Central Garden & Pet Co., Class A, NVS^(a)		2,438		97,739
WD-40 Co.		806		163,812


				286,534

Industrial REITs — 0.6%
Innovative Industrial Properties, Inc.		1,660		125,596
LXP Industrial Trust		17,380		154,682


				280,278

Insurance — 2.4%
Ambac Financial Group, Inc.^(a)		2,694		32,490
American Equity Investment Life Holding Co.^(a)		3,672		196,966
AMERISAFE, Inc.		1,141		57,130
Assured Guaranty Ltd.		3,303		199,897
Employers Holdings, Inc.		1,465		58,527
Genworth Financial, Inc., Class A^(a)		25,573		149,858
HCI Group, Inc.		358		19,436
Horace Mann Educators Corp.		2,029		59,612
James River Group Holdings Ltd.		2,007		30,807
Mercury General Corp.		1,580		44,287
Palomar Holdings, Inc.^(a)		1,471		74,653
ProAssurance Corp.		2,810		53,081
Safety Insurance Group, Inc.		874		59,598
SiriusPoint Ltd.^(a)		5,261		53,504
Stewart Information Services Corp.		1,567		68,635
Trupanion, Inc.^(a)		2,115		59,643
United Fire Group, Inc.		1,261		24,905


				1,243,029

Interactive Media & Services — 0.8%
Cargurus, Inc., Class A^(a)		5,159		90,386
Cars.com, Inc.^(a)		3,676		61,977
QuinStreet, Inc.^(a)		3,057		27,421
Shutterstock, Inc.		1,437		54,678
Yelp, Inc.^(a)		4,081		169,729


				404,191

IT Services — 0.2%
Perficient, Inc.^(a)		2,069		119,712


Life Sciences Tools & Services — 0.2%
BioLife Solutions, Inc.^(a)		2,043		28,214
Cytek Biosciences, Inc.^(a)		5,918		32,668
Mesa Laboratories, Inc.^(b)		304		31,941


Security	Shares		Value

Life Sciences Tools & Services (continued)
OmniAb, Inc., 12.50 Earnout Shares^(a)(c)		262	$	—
OmniAb, Inc., 15.00 Earnout Shares^(a)(c)		262		—


				92,823

Machinery — 5.2%
3D Systems Corp.^(a)		7,936		38,966
Alamo Group, Inc.		614		106,136
Albany International Corp., Class A		1,846		159,273
Astec Industries, Inc.		1,352		63,693
Barnes Group, Inc.		2,995		101,740
CIRCOR International, Inc.^(a)		1,213		67,625
Enerpac Tool Group Corp., Class A		3,335		88,144
EnPro Industries, Inc.		1,238		150,033
ESCO Technologies, Inc.		1,531		159,898
Federal Signal Corp.		3,619		216,163
Franklin Electric Co., Inc.		2,355		210,137
Greenbrier Cos., Inc. (The)		1,836		73,440
Hillenbrand, Inc.		4,139		175,121
John Bean Technologies Corp.		1,885		198,189
Kennametal, Inc.		4,738		117,881
Lindsay Corp.		654		76,963
Proto Labs, Inc.^(a)		1,551		40,946
SPX Technologies, Inc.^(a)		2,699		219,698
Standex International Corp.		701		102,129
Tennant Co.		1,104		81,862
Titan International, Inc.^(a)		3,059		41,082
Trinity Industries, Inc.		4,845		117,976
Wabash National Corp.		2,796		59,051


				2,666,146

Marine Transportation — 0.4%
Matson, Inc.		2,095		185,868


Media — 0.7%
AMC Networks, Inc., Class A^(a)		1,808		21,298
DISH Network Corp., Class A^(a)		14,761		86,500
EW Scripps Co. (The), Class A, NVS^(a)		3,494		19,147
John Wiley & Sons, Inc., Class A		2,530		94,040
Scholastic Corp., NVS		1,657		63,198
TechTarget, Inc.^(a)		1,506		45,722
Thryv Holdings, Inc.^(a)		1,810		33,974


				363,879

Metals & Mining — 1.9%
ATI, Inc.^(a)		7,612		313,234
Carpenter Technology Corp.		2,882		193,699
Century Aluminum Co.^(a)(b)		3,076		22,116
Compass Minerals International, Inc.		2,006		56,068
Haynes International, Inc.		757		35,216
Kaiser Aluminum Corp.		952		71,647
Materion Corp.		1,227		125,044
Olympic Steel, Inc.		583		32,770
SunCoke Energy, Inc.		4,978		50,527
TimkenSteel Corp.^(a)		2,298		49,913


				950,234

Mortgage Real Estate Investment Trusts (REITs) — 1.3%
Apollo Commercial Real Estate Finance, Inc.		7,735		78,356
Arbor Realty Trust, Inc.		1,075		16,318
ARMOUR Residential REIT, Inc.		13,584		57,732
Ellington Financial, Inc.		4,044		50,429
Franklin BSP Realty Trust, Inc.		4,889		64,730
Invesco Mortgage Capital, Inc.		2,651		26,537
KKR Real Estate Finance Trust, Inc.		3,451		40,963
New York Mortgage Trust, Inc.		5,425		46,058


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
PennyMac Mortgage Investment Trust		5,160	$	63,984
Ready Capital Corp.		9,345		94,478
Redwood Trust, Inc.		6,791		48,420
Two Harbors Investment Corp.		5,717		75,693


				663,698

Multi-Utilities — 0.4%
Avista Corp.		4,429		143,367
Unitil Corp.		957		40,873


				184,240

Office REITs — 0.7%
Brandywine Realty Trust		10,232		46,453
Easterly Government Properties, Inc.		5,556		63,505
Hudson Pacific Properties, Inc.		7,463		49,629
JBG SMITH Properties		5,574		80,600
SL Green Realty Corp.		3,523		131,408


				371,595

Oil, Gas & Consumable Fuels — 0.8%
CVR Energy, Inc.		1,733		58,974
Dorian LPG Ltd.		2,017		57,949
Green Plains, Inc.^(a)(b)		2,434		73,263
Par Pacific Holdings, Inc.^(a)		3,340		120,040
REX American Resources Corp.^(a)		900		36,648
World Kinect Corp.		3,580		80,299


				427,173

Paper & Forest Products — 0.3%
Clearwater Paper Corp.^(a)		994		36,032
Mercer International, Inc.		2,610		22,394
Sylvamo Corp.		2,116		92,977


				151,403

Passenger Airlines — 0.4%
Allegiant Travel Co.		899		69,097
Hawaiian Holdings, Inc.^(a)(b)		3,070		19,433
SkyWest, Inc.^(a)		2,501		104,892
Sun Country Airlines Holdings, Inc.^(a)		2,397		35,572


				228,994

Personal Care Products — 1.5%
Edgewell Personal Care Co.		3,008		111,176
elf Beauty, Inc.^(a)		3,224		354,092
Inter Parfums, Inc.		1,063		142,803
Medifast, Inc.		648		48,503
Nu Skin Enterprises, Inc., Class A		2,971		63,015
USANA Health Sciences, Inc.^(a)		665		38,975


				758,564

Pharmaceuticals — 1.7%
Amphastar Pharmaceuticals, Inc.^(a)		2,255		103,707
ANI Pharmaceuticals, Inc.^(a)		953		55,331
Collegium Pharmaceutical, Inc.^(a)		2,065		46,153
Corcept Therapeutics, Inc.^(a)		5,358		145,979
Harmony Biosciences Holdings, Inc.^(a)		1,997		65,442
Innoviva, Inc.^(a)		3,406		44,244
Ligand Pharmaceuticals, Inc.^(a)		970		58,122
Pacira BioSciences, Inc.^(a)		2,745		84,217
Phibro Animal Health Corp., Class A		1,204		15,375
Prestige Consumer Healthcare, Inc.^(a)		2,933		167,738
Supernus Pharmaceuticals, Inc.^(a)		3,245		89,465


				875,773

Professional Services — 1.3%
CSG Systems International, Inc.		1,808		92,425
Forrester Research, Inc.^(a)		682		19,710


Security	Shares		Value

Professional Services (continued)
Heidrick & Struggles International, Inc.		1,189	$	29,749
Kelly Services, Inc., Class A, NVS		1,907		34,688
Korn Ferry		3,172		150,480
NV5 Global, Inc.^(a)		755		72,653
Resources Connection, Inc.		1,902		28,359
TrueBlue, Inc.^(a)		1,843		27,037
TTEC Holdings, Inc.		1,127		29,550
Verra Mobility Corp., Class A^(a)(b)		10,072		188,346


				672,997

Real Estate Management & Development — 0.8%
Anywhere Real Estate, Inc.^(a)		6,573		42,265
Cushman & Wakefield PLC^(a)		7,384		56,266
eXp World Holdings, Inc.		4,566		74,152
Kennedy-Wilson Holdings, Inc.		7,045		103,843
Marcus & Millichap, Inc.		1,418		41,604
St. Joe Co. (The)		2,118		115,071


				433,201

Residential REITs — 0.5%
Centerspace		889		53,571
Elme Communities		5,221		71,214
NexPoint Residential Trust, Inc.		1,360		43,765
Veris Residential, Inc.		4,763		78,590


				247,140

Retail REITs — 1.7%
Acadia Realty Trust		5,637		80,891
Getty Realty Corp.		2,732		75,758
Macerich Co. (The)		12,790		139,539
Retail Opportunity Investments Corp.		7,493		92,763
RPT Realty		4,746		50,118
Saul Centers, Inc.		769		27,123
SITE Centers Corp.		10,697		131,894
Tanger Factory Outlet Centers, Inc.		6,227		140,730
Urban Edge Properties		6,962		106,240
Whitestone REIT		2,797		26,935


				871,991

Semiconductors & Semiconductor Equipment — 4.9%
Alpha & Omega Semiconductor Ltd.^(a)		1,332		39,747
Axcelis Technologies, Inc.^(a)		1,943		316,806
CEVA, Inc.^(a)		1,405		27,243
Cohu, Inc.^(a)		2,815		96,949
Diodes, Inc.^(a)		2,715		214,051
FormFactor, Inc.^(a)		4,597		160,619
Ichor Holdings Ltd.^(a)		1,739		53,839
Kulicke & Soffa Industries, Inc.		3,343		162,570
MaxLinear, Inc.^(a)		4,360		97,010
Onto Innovation, Inc.^(a)		2,905		370,446
PDF Solutions, Inc.^(a)		1,814		58,774
Photronics, Inc.^(a)		3,717		75,120
Rambus, Inc.^(a)(b)		6,470		360,961
Semtech Corp.^(a)(b)		3,783		97,412
SiTime Corp.^(a)		1,012		115,621
SMART Global Holdings, Inc.^(a)		2,977		72,490
Ultra Clean Holdings, Inc.^(a)		2,658		78,863
Veeco Instruments, Inc.^(a)		3,349		94,140


				2,492,661

Software — 3.1%
A10 Networks, Inc.		4,142		62,254
Adeia, Inc.		6,346		67,775
Agilysys, Inc.^(a)		1,206		79,789
Alarm.com Holdings, Inc.^(a)(b)		2,963		181,158


Security	Shares		Value


Software (continued)
Cerence, Inc.^(a)		2,398	$	48,847
Consensus Cloud Solutions, Inc.^(a)		1,078		27,144
Digital Turbine, Inc.^(a)		5,379		32,543
DoubleVerify Holdings, Inc.^(a)		7,433		207,752
Ebix, Inc.		1,450		14,326
InterDigital, Inc.		1,569		125,897
LiveRamp Holdings, Inc.^(a)		3,917		112,966
N-able, Inc.^(a)		4,124		53,200
OneSpan, Inc.^(a)		2,139		22,994
Progress Software Corp.		2,577		135,499
SPS Commerce, Inc.^(a)		2,170		370,224
Xperi, Inc.^(a)		2,574		25,380


				1,567,748

Specialized REITs — 0.6%
Four Corners Property Trust, Inc.		5,361		118,961
Outfront Media, Inc.		8,637		87,234
Safehold, Inc.^(a)		2,664		47,419
Uniti Group, Inc.		14,202		67,033


				320,647

Specialty Retail — 4.4%
Abercrombie & Fitch Co., Class A^(a)		2,964		167,081
American Eagle Outfitters, Inc.		10,987		182,494
America’s Car-Mart, Inc.^(a)		358		32,574
Asbury Automotive Group, Inc.^(a)		1,218		280,225
Boot Barn Holdings, Inc.^(a)		1,775		144,112
Buckle, Inc. (The)		1,770		59,100
Caleres, Inc.		2,027		58,297
Chico’s FAS, Inc.^(a)		7,340		54,903
Designer Brands, Inc., Class A		2,927		37,056
Group 1 Automotive, Inc.		832		223,567
Guess?, Inc.		1,623		35,122
Haverty Furniture Cos., Inc.		799		22,995
Hibbett, Inc.		757		35,965
Leslie’s, Inc.^(a)(b)		10,940		61,920
MarineMax, Inc.^(a)(b)		1,185		38,892
Monro, Inc.		1,868		51,874
National Vision Holdings, Inc.^(a)		4,647		75,189
ODP Corp. (The)^(a)		2,014		92,946
Sally Beauty Holdings, Inc.^(a)		6,408		53,699
Shoe Carnival, Inc.		1,073		25,784
Signet Jewelers Ltd.		2,688		193,025
Sleep Number Corp.^(a)(b)		1,254		30,836
Sonic Automotive, Inc., Class A		947		45,229
Upbound Group, Inc.		2,729		80,369
Urban Outfitters, Inc.^(a)		3,346		109,381
Victoria’s Secret & Co.^(a)		4,589		76,545


				2,269,180

Technology Hardware, Storage & Peripherals — 0.2%
Avid Technology, Inc.^(a)		2,016		54,170
Corsair Gaming, Inc.^(a)		2,553		37,095


				91,265

Textiles, Apparel & Luxury Goods — 1.1%
G-III Apparel Group Ltd.^(a)		2,413		60,132


Security	Shares		Value


Textiles, Apparel & Luxury Goods (continued)
Hanesbrands, Inc.		20,824	$	82,463
Kontoor Brands, Inc.		2,957		129,842
Movado Group, Inc.		929		25,408
Oxford Industries, Inc.		878		84,402
Steven Madden Ltd.		4,208		133,688
Wolverine World Wide, Inc.		4,728		38,108


				554,043

Trading Companies & Distributors — 1.9%
Applied Industrial Technologies, Inc.		2,292		354,366
Boise Cascade Co.		2,344		241,526
DXP Enterprises, Inc.^(a)		815		28,476
GMS, Inc.^(a)		2,414		154,424
NOW, Inc.^(a)		6,345		75,315
Veritiv Corp.		806		136,133


				990,240

Water Utilities — 1.0%
American States Water Co.		2,196		172,781
California Water Service Group		3,427		162,132
Middlesex Water Co.		1,055		69,894
SJW Group		1,711		102,848


				507,655

Wireless Telecommunication Services — 0.4%
Gogo, Inc.^(a)		3,672		43,807
Shenandoah Telecommunications Co.		2,988		61,583
Telephone & Data Systems, Inc.		5,821		106,582


				211,972


Total Long-Term Investments — 97.9% (Cost: $53,271,582)				50,181,201


Short-Term Securities

Money Market Funds — 7.4%

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(d)(e)(f)		1,872,345		1,873,094
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(d)(e)		1,904,260		1,904,260


Total Short-Term Securities — 7.4% (Cost: $3,776,848)				3,777,354

Total Investments — 105.3% (Cost: $57,048,430)				53,958,555
Liabilities in Excess of Other Assets — (5.3)%				(2,737,409	)


Net Assets — 100.0%			$	51,221,146

^(a)	Non-income producing security.

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

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

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

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

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Bank of Hawaii Corp.		49	$	2,435		0.7	%
BankUnited, Inc.		32		726		0.2
Central Pacific Financial Corp.		11		183		0.1
City Holding Co.		47		4,246		1.3
Community Bank System, Inc.		104		4,390		1.4
CVB Financial Corp.		279		4,623		1.4
First Financial Bancorp		33		647		0.2
First Hawaiian, Inc.		109		1,967		0.6
Fulton Financial Corp.		1,181		14,302		4.4
Hanmi Financial Corp.		120		1,948		0.6
Independent Bank Corp.		60		2,945		0.9
Independent Bank Group, Inc.		69		2,729		0.8
National Bank Holdings Corp., Class A		81		2,411		0.7
Northwest Bancshares, Inc.		366		3,744		1.2
OFG Bancorp		5		149		0.0
Pacific Premier Bancorp, Inc.		144		3,133		1.0
Provident Financial Services, Inc.		1		15		0.0
ServisFirst Bancshares, Inc.		39		2,035		0.6
Simmons First National Corp., Class A		469		7,954		2.4
Triumph Bancorp, Inc.		33		2,138		0.7
TrustCo Bank Corp.		13		355		0.1
Trustmark Corp.		150		3,260		1.0
Westamerica BanCorp		4		173		0.1
WSFS Financial Corp.		25		913		0.3


				67,421

Capital Markets
Artisan Partners Asset Management, Inc., Class A		1,303		48,758		15.0
Moelis & Co., Class A		128		5,777		1.8


				54,535

Commercial Services & Supplies
Pitney Bowes, Inc.		1,110		3,352		1.0


Consumer Finance
Bread Financial Holdings, Inc.		693		23,701		7.3


Financial Services
Payoneer Global, Inc.		517		3,164		1.0


Insurance
Employers Holdings, Inc.		79		3,156		1.0
Genworth Financial, Inc., Class A		333		1,952		0.6
Horace Mann Educators Corp.		390		11,458		3.5
Safety Insurance Group, Inc.		1		68		0.0


				16,634

Mortgage Real Estate Investment Trusts (REITs)
Arbor Realty Trust, Inc.		9,609		145,865		44.9




	Shares		Value		% of Basket Value

Office REITs
Douglas Emmett, Inc.		322	$	4,108		1.3	%
SL Green Realty Corp.		166		6,192		1.9


				10,300

Net Value of Reference Entity — Goldman Sachs Bank USA			$	324,972

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Atlantic Union Bankshares Corp.		430	$	12,375		3.3	%
Berkshire Hills Bancorp, Inc.		194		3,890		1.1
First BanCorp/Puerto Rico		39		525		0.2
First Commonwealth Financial Corp.		123		1,502		0.4
Lakeland Financial Corp.		8		380		0.1
Seacoast Banking Corp. of Florida		91		1,998		0.5
Veritex Holdings, Inc.		27		484		0.1


				21,154

Capital Markets
Moelis & Co., Class A		3,814		172,126		46.2


Commercial Services & Supplies
Pitney Bowes, Inc.		2,998		9,054		2.4


Consumer Finance
Green Dot Corp., Class A		15		209		0.1


Financial Services
Radian Group, Inc.		5,675		142,499		38.3


Insurance
James River Group Holdings Ltd.		220		3,377		0.9
ProAssurance Corp.		273		5,157		1.4


				8,534

Multi-Utilities
Avista Corp.		102		3,302		0.9


Oil, Gas & Consumable Fuels
Green Plains, Inc.		507		15,261		4.1


Net Value of Reference Entity — HSBC Bank PLC			$	372,139

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Central Pacific Financial Corp.		1,050	$	17,514		7.2	%
Community Bank System, Inc.		48		2,026		0.8
First Bancorp		32		900		0.4
National Bank Holdings Corp., Class A		105		3,125		1.3
Preferred Bank		183		11,392		4.7
Seacoast Banking Corp. of Florida		47		1,032		0.4
Veritex Holdings, Inc.		57		1,023		0.4
Washington Federal, Inc.		226		5,790		2.4


				42,802




	Shares		Value		% of Basket Value


Consumer Finance
Bread Financial Holdings, Inc.		494	$	16,895		6.9	%
Green Dot Corp., Class A		1,776		24,739		10.2


				41,634

Financial Services
Payoneer Global, Inc.		2,523		15,441		6.4


Insurance
Genworth Financial, Inc., Class A		624		3,657		1.5


Office REITs
Douglas Emmett, Inc.		9,552		121,884		50.2


Oil, Gas & Consumable Fuels
Green Plains, Inc.		584		17,579		7.2

Net Value of Reference Entity — JPMorgan Chase Bank NA			$	242,997

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy

or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares ESG Screened S&P Small-Cap to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and

taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for
the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

For the six months ended September 30, 2023, in-kind transactions were as follows:

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF, iShares ESG Screened S&P Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that

calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		5.68	%		22.72	%		9.92	%		22.72	%		33.12	%
Fund Market		5.68			22.61			9.91			22.61			33.10
Index		5.73			22.83			10.03			22.83			33.47


Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,056.80	$	0.41		$	1,000.00	$	1,024.60	$	0.40		0.08	%



Sector	Percent of Total Investments	^(a)

Information Technology	30.5	%
Health Care	13.7
Financials	13.5
Consumer Discretionary	11.7
Communication Services	9.9
Industrials	7.0
Consumer Staples	5.8
Real Estate	2.6
Materials	2.6
Energy	1.4
Utilities	1.3


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		0.11	%		15.50	%		11.69	%		15.50	%		39.69	%
Fund Market		0.34			15.67			11.74			15.67			39.90
Index		0.16			15.63			11.85			15.63			40.26


Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,001.10	$	0.60		$	1,000.00	$	1,024.40	$	0.61		0.12	%


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


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements:
Statements of Assets and Liabilities		32
Statements of Operations		33
Statements of Changes in Net Assets		34
Financial Highlights		36
Notes to Financial Statements		39
Board Review and Approval of Investment Advisory Contract		47
Supplemental Information		49
General Information		50
Glossary of Terms Used in this Report		51


Fund Summary as of September 30, 2023		iShares^® ESG Screened S&P 500 ETF


4		2 0 2 3 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, 2023		iShares^® ESG Screened S&P Mid-Cap ETF


Fund Summary as of September 30, 2023		iShares^® ESG Screened S&P Small-Cap ETF


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		7



Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	68,967	$	649,829	^(a)	$	—		$	96		$	40		$	718,932		718,644	$	648	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		167,581		788,354	^(a)		—			—			—			955,935		955,935		6,843			—
BlackRock, Inc.		420,876		173,143			(144,053	)		(9,233	)		(4,352	)		436,381		675		8,320			—

									$	(9,137	)	$	(4,312	)	$	2,111,248			$	15,811		$	—



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Micro E-Mini S&P 500 Index		14		12/15/23	$	303	$	(12,552	)



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	12,552	$	—	$	—	$	—	$	12,552


Futures contracts
Average notional value of contracts — long	$	364,584




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	155,347,591		$	—	$	—	$	155,347,591
Short-Term Securities
Money Market Funds		1,674,867			—		—		1,674,867


	$	157,022,458		$	—	$	—	$	157,022,458

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(12,552	)	$	—	$	—	$	(12,552	)


Futures contracts
Average notional value of contracts — long	$	132,205



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Micro E-Mini Russell 2000 Index		9		12/15/23	$	81	$	(522	)




Reference Entity	Payment Frequency	Counterparty^(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage


Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA^(b)		08/19/26	$	336,505	$	(12,183	)^(c)	$	324,972		0.7	%
	Monthly	HSBC Bank PLC^(d)		02/10/28		394,303		(23,597	)^(e)		372,139		0.8
	Monthly	JPMorgan Chase Bank NA^(f)		02/08/24		252,065		(7,789	)^(g)		242,997		0.5


							$	(43,569	)	$	940,108


	(b)	(d)	(f)
Range:	75 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	—	$	—	$	—	$	(43,569	)



Futures contracts
Average notional value of contracts — long	$	92,820

Total return swaps
Average notional amount	$	1,307,124



	Assets		Liabilities

Derivative Financial Instruments
Futures contracts	$	—	$	473
Swaps — OTC^(a)		—		43,569


Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	44,042


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(473	)


Total derivative assets and liabilities subject to an MNA	$	—	$	43,569




Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)		Non- Cash Collateral Pledged^(b)		Cash Collateral Pledged^(b)		Net Amount of Derivative Liabilities^(c)


Goldman Sachs Bank USA	$	12,183	$	—	$	—	$	—	$	12,183
HSBC Bank PLC		23,597		—		—		—		23,597
J.P. Morgan Securities LLC		7,789		—		—		—		7,789


	$	43,569	$	—	$	—	$	—	$	43,569


	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	154,911,210		$	111,389,032		$	50,181,201
Investments, at value — affiliated^(c)		2,111,248			5,452,392			3,777,354
Cash		2,291			250,584			982
Cash pledged:
Futures contracts		18,000			—			7,000
Receivables:
Investments sold		138,164			734,534			70,212
Securities lending income — affiliated		85			1,060			371
Dividends — unaffiliated		98,194			131,277			59,125
Dividends — affiliated		1,449			1,166			5,541


Total assets		157,280,641			117,960,045			54,101,786


LIABILITIES
Collateral on securities loaned		718,432			4,833,818			1,872,877
Payables:
Investments purchased		138,164			1,047,462			733,462
Swaps		—			—			15,118
Income dividend distributions		727,574			469,448			210,027
Investment advisory fees		11,687			10,921			5,114
Variation margin on futures contracts		840			—			473

Unrealized depreciation on OTC swaps		—			—			43,569


Total liabilities		1,596,697			6,361,649			2,880,640

Commitments and contingent liabilities

NET ASSETS	$	155,683,944		$	111,598,396		$	51,221,146


NET ASSETS CONSIST OF:

Paid-in capital	$	175,642,034		$	121,015,721		$	58,158,809

Accumulated loss		(19,958,090	)		(9,417,325	)		(6,937,663	)

NET ASSETS	$	155,683,944		$	111,598,396		$	51,221,146


NET ASSET VALUE

Shares outstanding	$	4,800,000		$	3,300,000		$	1,550,000


Net asset value	$	32.43		$	33.82		$	33.05


Shares authorized		Unlimited			Unlimited			Unlimited


Par value		None			None			None


^(a)Investments, at cost — unaffiliated	$	174,932,636		$	114,585,845		$	53,271,582
^(b)Securities loaned, at value	$	699,188		$	4,711,850		$	1,819,843
^(c)Investments, at cost — affiliated	$	2,268,069		$	5,450,976		$	3,776,848


	iShares ESG Screened S&P 500 ETF						iShares ESG Screened S&P Mid-Cap ETF

	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,170,689		$	2,778,031		$	854,528		$	1,361,122
Net realized gain (loss)		3,194,003			(16,055,490	)		(2,811,656	)		(246,383	)
Net change in unrealized appreciation (depreciation)		5,702,452			(13,931,777	)		1,715,924			(4,171,650	)


Net increase (decrease) in net assets resulting from operations		10,067,144			(27,209,236	)		(241,204	)		(3,056,911	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,126,854	)		(2,794,860	)		(749,972	)		(1,398,055	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		16,949,782			(68,616,036	)		10,543,554			29,834,804


NET ASSETS
Total increase (decrease) in net assets		25,890,072			(98,620,132	)		9,552,378			25,379,838
Beginning of period		129,793,872			228,414,004			102,046,018			76,666,180


End of period	$	155,683,944		$	129,793,872		$	111,598,396		$	102,046,018


	iShares ESG Screened S&P Small-Cap ETF

	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	417,471		$	518,233
Net realized loss		(1,874,699	)		(476,254	)
Net change in unrealized appreciation (depreciation)		262,519			(2,242,704	)


Net decrease in net assets resulting from operations		(1,194,709	)		(2,200,725	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(362,825	)		(524,007	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		8,678,807			22,208,671


NET ASSETS
Total increase in net assets		7,121,273			19,483,939
Beginning of period		44,099,873			24,615,934


End of period	$	51,221,146		$	44,099,873


	iShares ESG Screened S&P 500 ETF

		Six Months Ended 09/30/23 (unaudited	)		Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	^(a)

Net asset value, beginning of period	$	30.90		$	34.35		$	30.27		$	25.29


Net investment income^(b)		0.22			0.42			0.39			0.21
Net realized and unrealized gain^(c)		1.53			(3.45	)		4.07			4.91


Net increase from investment operations		1.75			(3.03	)		4.46			5.12


Distributions from net investment income^(d)		(0.22	)		(0.42	)		(0.38	)		(0.14	)


Net asset value, end of period	$	32.43		$	30.90		$	34.35		$	30.27


Total Return^(e)
Based on net asset value		5.68	%^(f)		(8.72	)%		14.74	%		20.27	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.08	%^(h)		0.08	%		0.08	%		0.08	%^(h)


Net investment income		1.36	%^(h)		1.40	%		1.12	%		1.37	%^(h)


Supplemental Data
Net assets, end of period (000)	$	155,684		$	129,794		$	228,414		$	30,274


Portfolio turnover rate⁽ⁱ⁾		2	%		4	%		3	%		6	%


	iShares ESG Screened S&P Mid-Cap ETF

		Six Months Ended 09/30/23 (unaudited	)		Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	^(a)

Net asset value, beginning of period	$	34.02		$	36.51		$	35.89		$	25.19


Net investment income^(b)		0.28			0.52			0.46			0.22
Net realized and unrealized gain^(c)		(0.24	)		(2.50	)		0.58			10.66


Net increase from investment operations		0.04			(1.98	)		1.04			10.88


Distributions from net investment income^(d)		(0.24	)		(0.51	)		(0.42	)		(0.18	)


Net asset value, end of period	$	33.82		$	34.02		$	36.51		$	35.89


Total Return^(e)
Based on net asset value		0.11	%^(f)		(5.35	)%		2.88	%		43.29	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.12	%^(h)		0.12	%		0.12	%		0.12	%^(h)


Net investment income		1.62	%^(h)		1.55	%		1.23	%		1.29	%^(h)


Supplemental Data
Net assets, end of period (000)	$	111,598		$	102,046		$	76,666		$	19,740


Portfolio turnover rate⁽ⁱ⁾		12	%		20	%		26	%		11	%


	iShares ESG Screened S&P Small-Cap ETF

		Six Months Ended 09/30/23 (unaudited	)		Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	^(a)

Net asset value, beginning of period	$	33.92		$	37.87		$	38.81		$	25.18


Net investment income^(b)		0.30			0.51			0.39			0.20
Net realized and unrealized gain^(c)		(0.92	)		(3.97	)		(0.55	)		13.69


Net increase from investment operations		(0.62	)		(3.46	)		(0.16	)		13.89


Distributions from net investment income^(d)		(0.25	)		(0.49	)		(0.78	)		(0.26	)


Net asset value, end of period	$	33.05		$	33.92		$	37.87		$	38.81


Total Return^(e)
Based on net asset value		(1.85	)%^(f)		(9.08	)%		(0.47	)%		55.32	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.12	%^(h)		0.12	%		0.12	%		0.12	%^(h)


Net investment income		1.73	%^(h)		1.49	%		1.00	%		1.13	%^(h)


Supplemental Data
Net assets, end of period (000)	$	51,221		$	44,100		$	24,616		$	9,701


Portfolio turnover rate^(i)(j)		11	%		23	%		34	%		18	%




iShares ETF	Diversification Classification


ESG Screened S&P 500		Non-Diversified
ESG Screened S&P Mid-Cap		Non-Diversified
ESG Screened S&P Small-Cap		Non-Diversified



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

ESG Screened S&P 500
Barclays Bank PLC	$	186,686	$	(186,686	)	$	—		$	—
Citigroup Global Markets, Inc.		3,548		(3,548	)		—			—
HSBC Bank PLC		184,027		(184,027	)		—			—
J.P. Morgan Securities LLC		141,744		(141,744	)		—			—
UBS AG		183,183		(183,183	)		—			—


	$	699,188	$	(699,188	)	$	—		$	—

ESG Screened S&P Mid-Cap
Barclays Bank PLC	$	771,966	$	(771,966	)	$	—		$	—
BofA Securities, Inc.		241,444		(241,444	)		—			—
J.P. Morgan Securities LLC		215,442		(215,442	)		—			—
Jefferies LLC		387,532		(387,532	)		—			—
RBC Capital Market LLC		355,912		(355,912	)		—			—
Scotia Capital (USA), Inc.		818,741		(818,741	)		—			—
Toronto-Dominion Bank		738,083		(738,083	)		—			—
UBS AG		1,182,730		(1,182,730	)		—			—


	$	4,711,850	$	(4,711,850	)	$	—		$	—

ESG Screened S&P Small-Cap
Barclays Bank PLC	$	449	$	(449	)	$	—		$	—
Barclays Capital, Inc.		20,622		(20,622	)		—			—
BofA Securities, Inc.		31,023		(31,023	)		—			—
Citigroup Global Markets, Inc.		1,056		(1,056	)		—			—
Goldman Sachs & Co. LLC		986,429		(986,429	)		—			—
HSBC Bank PLC		172,410		(172,410	)		—			—
J.P. Morgan Securities LLC		551,987		(551,987	)		—			—
Jefferies LLC		37,251		(37,251	)		—			—
Scotia Capital (USA), Inc.		18,616		(18,616	)		—			—


	$	1,819,843	$	(1,819,843	)	$	—		$	—



iShares ETF	Investment Advisory Fees

ESG Screened S&P 500		0.08	%
ESG Screened S&P Mid-Cap		0.12
ESG Screened S&P Small-Cap		0.12




iShares ETF	Amounts


ESG Screened S&P 500	$	249
ESG Screened S&P Mid-Cap		3,644
ESG Screened S&P Small-Cap		828