master portfolio information diversified equity master

TEN LARGEST HOLDINGS

SecurityPercent ofNet Assets

Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2%Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Taiwan Semiconductor Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Amazon.com, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Tencent Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Samsung Electronics Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Alibaba Group Holding Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Alphabet, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Facebook, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Alphabet, Inc., Class C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

SECTOR ALLOCATION

Sector(a)

Percent ofNet Assets

Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19%Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Industrials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Communication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Consumer Staples. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Short-Term Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Liabilities in Excess of Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2)

(a) For Diversified Equity Master Portfolio (the “Master Portfolio”) compliance purposes, the Master Portfolio’s sector classifications refer to one or more of the sector subclassifications used by oneor more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combinesuch sector sub-classifications for reporting ease.

Derivative Financial Instruments

The Master Portfolio may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or otherassets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currencyexchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfectcorrelation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument.The Master Portfolio’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, whichcannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Master Portfolio canrealize on an investment and/or may result in lower distributions paid to shareholders. The Master Portfolio’s investments in these instruments, if any, are discussed in detailin the Notes to Financial Statements.

Master Portfolio Information as of June 30, 2021 Diversified Equity Master Portfolio

P O R T F O L I O I N F O R M A T I O N / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S 1

Security

Shares Value

Common Stocks

Aerospace & Defense — 0.4%Aerojet Rocketdyne Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . 6,217 $ 300,219Astronics Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,651 151,479Axon Enterprise, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 712 125,882Curtiss-Wright Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 8,194HEICO Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 24,712Hexcel Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 8,299Howmet Aerospace, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,345 46,362Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,243 1,226,989Maxar Technologies, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,045 41,716Mercury Systems, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,347 155,559Moog, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,681 393,485MTU Aero Engines AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256 63,474Northrop Grumman Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 686 249,313PAE, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,502 209,168Singapore Technologies Engineering Ltd. . . . . . . . . . . . . . . 42,400 122,342Spirit AeroSystems Holdings, Inc., Class A . . . . . . . . . . . . . 181 8,541Teledyne Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 44 18,429TransDigm Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 87,384Virgin Galactic Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 69 3,174

3,244,721

Air Freight & Logistics — 0.8%C.H. Robinson Worldwide, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 9,996 936,325Deutsche Post AG, Registered Shares . . . . . . . . . . . . . . . . . 2,710 184,564DSV Panalpina A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 796 185,817Echo Global Logistics, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 11,246 345,702Expeditors International of Washington, Inc. . . . . . . . . . . . . 15,591 1,973,821FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,559 763,426Hub Group, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,963 657,359Hyundai Glovis Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,427 264,767InPost SA(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,689 94,108Radiant Logistics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,856 47,512SG Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 13,130Sinotrans Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,000 124,038United Parcel Service, Inc., Class B . . . . . . . . . . . . . . . . . . . . 5,974 1,242,413XPO Logistics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,133 298,385

7,131,367

Airlines — 0.3%Alaska Air Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273 16,465American Airlines Group, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 1,638 34,742ANA Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 18,802Copa Holdings SA, Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 142 10,697Delta Air Lines, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,446 927,754Deutsche Lufthansa AG, Registered Shares(a) . . . . . . . . . . 758 8,524Eva Airways Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,000 117,944Japan Airlines Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 28,149JetBlue Airways Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 618 10,370Singapore Airlines Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,500 66,713Southwest Airlines Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,020 531,962Spirit Airlines, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,196 675,646Spring Airlines Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . 10,200 89,704United Airlines Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 859 44,917

2,582,389

Auto Components — 0.8%Adient PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,637 73,992Aisin Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 17,151Aptiv PLC(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 18,408Bharat Forge Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,680 253,486

Security

Shares Value

Auto Components (continued)BorgWarner, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,719 $ 1,588,180Bridgestone Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,200 236,352Changzhou Xingyu Automotive Lighting Systems Co.

Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 174,320Cie Generale des Etablissements Michelin SCA . . . . . . . . 137 21,865Continental AG, Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 689 101,367Cooper-Standard Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 2,943 85,347Dana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,272 481,663Denso Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 102,287Faurecia SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327 16,075Fox Factory Holding Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,845 442,853Gentex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 571 18,894Gentherm, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,604 256,064Goodyear Tire & Rubber Co.(a). . . . . . . . . . . . . . . . . . . . . . . . . 41,370 709,496Hankook Tire & Technology Co. Ltd. . . . . . . . . . . . . . . . . . . . 2,580 118,381Hanon Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,057 177,133Hyundai Mobis Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,293 594,646Koito Manufacturing Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . 400 24,889LCI Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,341 570,494Mando Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,005 59,421Modine Manufacturing Co.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,761 29,215Motherson Sumi Systems Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . 22,372 73,004Ningbo Tuopu Group Co. Ltd., Class A . . . . . . . . . . . . . . . . . 16,600 95,824Patrick Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,450 178,850Stanley Electric Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 31,780Sumitomo Electric Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . 3,200 47,264Toyota Industries Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700 147,008Valeo SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 649 19,576XPEL Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 448 37,574

6,802,859

Automobiles — 1.2%BAIC Motor Corp. Ltd., Class H(c) . . . . . . . . . . . . . . . . . . . . . . 312,500 116,273Bayerische Motoren Werke AG . . . . . . . . . . . . . . . . . . . . . . . . 383 40,604BYD Co. Ltd., Class H. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,500 615,334Daimler AG, Registered Shares . . . . . . . . . . . . . . . . . . . . . . . . 1,464 130,821Ferrari NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 26,632Fisker, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,443 85,661Ford Motor Co.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,676 39,765Geely Automobile Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 112,000 351,765General Motors Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 921 54,496Great Wall Motor Co. Ltd., Class H. . . . . . . . . . . . . . . . . . . . . 109,000 351,256Guangzhou Automobile Group Co. Ltd., Class H. . . . . . . . 138,000 123,863Harley-Davidson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317 14,525Honda Motor Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,300 202,628Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,794 594,510Kia Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,487 437,274Li Auto, Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,821 308,206Mazda Motor Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 13,208NIO, Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,353 1,348,780Nissan Motor Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,100 60,278Stellantis NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,609 71,001Subaru Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,700 172,429Suzuki Motor Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 21,190Tata Motors Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,747 168,541Tesla, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,010 4,084,997Thor Industries, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 12,882Toyota Motor Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,400 472,036TVS Motor Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,226 160,769Volkswagen AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 61,132

Schedule of Investments (unaudited)

June 30, 2021

Diversified Equity Master Portfolio(Percentages shown are based on Net Assets)

2 2 0 2 1 B L A C K R O C K 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

Security

Shares Value

Automobiles (continued)Winnebago Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,409 $ 163,716Workhorse Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,800 46,452XPeng, Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,855 348,919

10,699,943

Banks — 5.7%1st Constitution Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 906 18,745ABN AMRO Bank NV(a)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,967 23,835Abu Dhabi Commercial Bank PJSC . . . . . . . . . . . . . . . . . . . . 60,531 113,213ACNB Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,896 52,917Al Rajhi Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,236 1,635,736Alpha Bank AE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,429 83,738Amerant Bancorp, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,962 106,088Associated Banc-Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 2,888Australia & New Zealand Banking Group Ltd. . . . . . . . . . . . 7,792 164,473Axis Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,899 624,757Banco Bilbao Vizcaya Argentaria SA . . . . . . . . . . . . . . . . . . . 17,295 107,281Banco Bradesco SA, ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,270 232,235Banco do Brasil SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,335 454,354Banco Santander Brasil SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,200 66,770Banco Santander Chile, ADR . . . . . . . . . . . . . . . . . . . . . . . . . . 11,420 226,915Banco Santander SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,850 179,204Bancolombia SA, ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,229 208,195Bancorp, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,824 64,980BancorpSouth Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,821 334,889Bandhan Bank Ltd.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,785 70,287Bank AlBilad(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,060 235,583Bank Central Asia Tbk PT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,100 998,466Bank Mandiri Persero Tbk PT. . . . . . . . . . . . . . . . . . . . . . . . . . 661,300 269,609Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,799 1,146,153Bank of Hawaii Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,069 258,471Bank OZK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 9,107Bank Polska Kasa Opieki SA(a) . . . . . . . . . . . . . . . . . . . . . . . . 18,798 458,731Bank Rakyat Indonesia Persero Tbk PT . . . . . . . . . . . . . . . . 1,119,000 304,251Bank7 Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367 6,331BankFinancial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,509 200,303Banque Cantonale Vaudoise, Registered Shares . . . . . . . 602 54,095Barclays PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,208 109,655Baycom Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,586 64,369BDO Unibank, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,270 343,832BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,892 181,501BOC Hong Kong Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 11,500 38,977BOK Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1,645Boubyan Bank KSCP(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,550 79,079CaixaBank SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,014 33,909Capital City Bank Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 18,570 478,920Capitec Bank Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 597 70,374Carter Bankshares, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,842 85,593Central Pacific Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 17,812 464,181China Construction Bank Corp., Class H . . . . . . . . . . . . . . . 1,004,000 787,842China Merchants Bank Co. Ltd., Class H . . . . . . . . . . . . . . . 78,000 664,419CIMB Group Holdings Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 452,000 502,270CIT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,526 336,676Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,020 1,699,415Citizens Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 119,262Civista Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,300 72,930CNB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,797 41,008Colony Bankcorp, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 812 14,502Comerica, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338 24,113Commerce Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 240 17,894Commerzbank AG(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,820 20,027

Security

Shares Value

Banks (continued)Commonwealth Bank of Australia . . . . . . . . . . . . . . . . . . . . . . 4,684 $ 350,750Community Trust Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 2,983 120,454Concordia Financial Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 2,800 10,289Credit Agricole SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,229 59,289CTBC Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 241,000 196,254Cullen/Frost Bankers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 12,432CVB Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,062 104,227Danske Bank A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,641 46,510DBS Group Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 100,113DCB Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,321 96,708Dubai Islamic Bank PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,042 85,410East West Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349 25,020Eastern Bankshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,738 35,751Enterprise Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,713 56,101Equity Bancshares, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . 2,289 69,792Erste Group Bank AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 768 28,233Farmers National Banc Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,534 70,322Federal Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,147 145,813Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,268 124,936First Abu Dhabi Bank PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,410 288,294First BanCorp, Puerto Rico . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,434 172,053First Bank/Hamilton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,631 76,244First Busey Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,610 39,703First Business Financial Services, Inc.. . . . . . . . . . . . . . . . . . 1,667 45,126First Citizens BancShares, Inc., Class A(b) . . . . . . . . . . . . . . 11 9,160First Commonwealth Financial Corp. . . . . . . . . . . . . . . . . . . . 6,808 95,789First Financial Northwest, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 20,962 317,574First Hawaiian, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 4,251First Horizon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,306 22,568First Interstate Bancsystem, Inc., Class A . . . . . . . . . . . . . . 23,333 976,019First Northwest Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,493 43,752First Republic Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 887 166,020First Savings Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . 541 39,580First Western Financial, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 1,252 32,414FNB Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439 5,413Fulton Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,135 554,430Glacier Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,490 577,789Grupo Financiero Banorte SAB de CV, Class O. . . . . . . . . 85,605 552,950Gulf Bank KSCP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134,810 113,199Hancock Whitney Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,519 334,144Hang Seng Bank Ltd.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200 43,885Hanmi Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,110 40,217HBT Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,214 177,826HDFC Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,319 632,576HDFC Bank Ltd., ADR(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,859 282,170Heartland Financial USA, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 15,919 748,034Heritage Commerce Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,954 121,918Howard Bancorp, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,504 88,780HSBC Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,059 317,773Huntington Bancshares, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . 6,914 98,663ICICI Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,298 836,853ICICI Bank Ltd., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,323 159,423Independent Bank Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561 99,019IndusInd Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,169 139,451Industrial Bank Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . 205,176 651,639ING Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,367 137,615Intesa Sanpaolo SpA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,641 112,427Investar Holding Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,275 74,965Investors Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,044 742,147Itau Unibanco Holding SA, ADR. . . . . . . . . . . . . . . . . . . . . . . . 21,604 129,840Japan Post Bank Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,200 60,555

Schedule of Investments (unaudited) (continued)

June 30, 2021


M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S 3

Security

Shares Value

Banks (continued)JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,036 $ 2,960,859Kasikornbank PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,700 249,874KB Financial Group, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,845 438,977KBC Group NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 798 60,928KeyCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,926 122,372Kotak Mahindra Bank Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,039 483,603Level One Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,813 131,395M&T Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 808 117,410Macatawa Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 505 4,419Malayan Banking Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355,400 694,278Mercantile Bank Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,177 126,145Meridian Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,598 68,197Mid Penn Bancorp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,582 153,226Midland States Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 19,969 524,586MidWestOne Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . 2,438 70,141Mitsubishi UFJ Financial Group, Inc. . . . . . . . . . . . . . . . . . . . 39,300 211,680Mizuho Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 9,420 135,012Moneta Money Bank A/S(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 44,275 168,094National Australia Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,470 186,169National Bank of Kuwait SAKP. . . . . . . . . . . . . . . . . . . . . . . . . 283,816 799,734Natwest Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,215 37,191Nedbank Group Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,667 211,350Nordea Bank Abp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,332 115,056Northrim BanCorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,466 233,671Oak Valley Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,056 19,188OceanFirst Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,175 357,927Old Second Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,472 18,253Oversea-Chinese Banking Corp. Ltd.. . . . . . . . . . . . . . . . . . . 8,400 74,859PacWest Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186 7,656PCB Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,675 43,067Peapack Gladstone Financial Corp. . . . . . . . . . . . . . . . . . . . . 7,191 223,424People’s United Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 931 15,957Ping An Bank Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . 97,900 342,304Pinnacle Financial Partners, Inc.(b) . . . . . . . . . . . . . . . . . . . . . 1,601 141,352Popular, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 12,158Postal Savings Bank of China Co. Ltd., Class A. . . . . . . . . 254,800 197,835Powszechna Kasa Oszczednosci Bank Polski SA(a). . . . . 34,659 343,871Prosperity Bancshares, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 13,427Public Bank Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 677,400 670,628Raiffeisen Bank International AG. . . . . . . . . . . . . . . . . . . . . . . 1,144 25,967RBL Bank Ltd.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,827 93,224Regions Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,330 107,559Republic Bancorp, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . 6,379 294,263Republic First Bancorp, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 107,609 429,360Resona Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,100 35,086RHB Bank Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,800 253,475Riyad Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,246 164,245Salisbury Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,845 93,726Sandy Spring Bancorp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,423 239,317Saudi National Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,484 1,051,746Sberbank of Russia PJSC, ADR . . . . . . . . . . . . . . . . . . . . . . . 28,677 476,525Shanghai Pudong Development Bank Co. Ltd., Class A . 93,400 144,317Shinhan Financial Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 12,845 463,762Shinhan Financial Group Co. Ltd., ADR(a) . . . . . . . . . . . . . . 1,707 61,196Sierra Bancorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,306 262,288Signature Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,887 463,542Silvergate Capital Corp., Class A(a). . . . . . . . . . . . . . . . . . . . . 601 68,105Skandinaviska Enskilda Banken AB, Class A . . . . . . . . . . . 6,689 86,463SmartFinancial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,127 147,109Societe Generale SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,495 73,806

Security

Shares Value

Banks (continued)South Plains Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,265 $ 98,649South State Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,661 217,563Standard Bank Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,194 600,083Standard Chartered PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,538 48,106Sterling Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298 7,387Sumitomo Mitsui Financial Group, Inc. . . . . . . . . . . . . . . . . . 5,100 175,807Sumitomo Mitsui Trust Holdings, Inc. . . . . . . . . . . . . . . . . . . . 1,100 35,090SVB Financial Group(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236 131,317Svenska Handelsbanken AB, A Shares. . . . . . . . . . . . . . . . . 6,214 70,143Swedbank AB, A Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,954 54,994Synovus Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307 13,471Texas Capital Bancshares, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 7,514 477,064Trico Bancshares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,642 155,076TriState Capital Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 10,619 216,521Truist Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,112 838,716Turkiye Garanti Bankasi A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,168 110,918U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,314 359,709Umpqua Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 5,074UniCredit SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,146 60,840United Community Banks, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 6,180 197,822United Overseas Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,900 55,846Univest Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 79,110Washington Trust Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 1,672 85,857Webster Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 8,481Wells Fargo & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,964 1,357,070WesBanco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,693 559,142Western Alliance Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 21,541Westpac Banking Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,007 193,653Wintrust Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,392 105,277Woori Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,378 136,199Zions Bancorp NA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382 20,193

49,183,718

Beverages — 0.7%Ambev SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,240 405,798Anadolu Efes Biracilik Ve Malt Sanayii . . . . . . . . . . . . . . . . . 29,365 75,076Anheuser-Busch InBev SA/NV . . . . . . . . . . . . . . . . . . . . . . . . . 1,139 82,109Arca Continental SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . . 78,187 453,496Brown-Forman Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . 138 9,729China Resources Beer Holdings Co. Ltd. . . . . . . . . . . . . . . . 12,000 107,801Coca-Cola Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,151 549,271Coca-Cola European Partners PLC . . . . . . . . . . . . . . . . . . . . 345 20,465Coca-Cola Femsa SAB de CV . . . . . . . . . . . . . . . . . . . . . . . . . 41,882 221,596Coca-Cola Femsa SAB de CV, ADR. . . . . . . . . . . . . . . . . . . . 7,043 372,786Diageo PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,211 249,755Fomento Economico Mexicano SAB de CV. . . . . . . . . . . . . 45,844 386,664Fomento Economico Mexicano SAB de CV, ADR . . . . . . . 4,040 341,420Molson Coors Beverage Co., Class B(a) . . . . . . . . . . . . . . . . 1,625 87,246National Beverage Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 20,073PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,562 1,861,311Primo Water Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,879 165,276Tsingtao Brewery Co. Ltd., Class A. . . . . . . . . . . . . . . . . . . . . 5,500 98,263Tsingtao Brewery Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . 24,000 258,100

5,766,235

Biotechnology — 3.0%3SBio, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,000 302,9664D Molecular Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 828 19,93889bio, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,320 24,684AbbVie, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,007 1,352,468Abeona Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,073 18,834ACADIA Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 8,323 202,998


June 30, 2021



Security

Shares Value

Biotechnology (continued)Acceleron Pharma, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 $ 20,706Adamas Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 4,406 23,264ADMA Biologics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,792 74,867Adverum Biotechnologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 6,809 23,832Affimed NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,343 96,416Agenus, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,601 140,549Agios Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 55 3,031Akebia Therapeutics, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 6,237 23,638Akero Therapeutics, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,434 35,578Akeso, Inc.(a)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000 104,845Akouos, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,837 23,054Alder Biopharmaceuticals, Inc.(d) . . . . . . . . . . . . . . . . . . . . . . . 3,943 3,470Alector, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,653 96,922Alexion Pharmaceuticals, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . 1,324 243,232Alkermes PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 508 12,456Allakos, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,869 159,557Allogene Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 9,843 256,705Alnylam Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 232 39,329Alphamab Oncology(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 79,971Amgen, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,382 824,363Amicus Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,937 153,633Anavex Life Sciences Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 2,179 49,812Apellis Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 2,451 154,903Applied Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 1,218 25,310Aprea Therapeutics, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,798 28,294Aptinyx, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,794 36,207AquaBounty Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 3 16Arcus Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,616 71,835Arcutis Biotherapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 3,039 82,934Arena Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 5,051 344,478Argenx SE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 25,646Arrowhead Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . 3,135 259,641Assembly Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 24,276 94,191Atara Biotherapeutics, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 11,046 171,765Athenex, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,143 37,621Athersys, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,649 52,775Atossa Therapeutics, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 14,543 91,912Atreca, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,375 28,755Avidity Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,497 86,411Avrobio, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,970 35,293Beam Therapeutics, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 46,336BeiGene Ltd., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,047 359,320Beyondspring, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,893 82,403BioCryst Pharmaceuticals, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . 11,687 184,771Biogen, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367 127,081Biohaven Pharmaceutical Holding Co. Ltd.(a) . . . . . . . . . . . 1,668 161,929BioMarin Pharmaceutical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 4,785 399,260Bioxcel Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 880 25,573Black Diamond Therapeutics, Inc.(a). . . . . . . . . . . . . . . . . . . . 2,812 34,278Bluebird Bio, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 1,503Blueprint Medicines Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 2,271 199,757Bolt Biotherapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,792 27,704Bridgebio Pharma, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,140 435,254Brooklyn ImmunoTherapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . 3,526 63,503C4 Therapeutics, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,938 149,014Cabaletta Bio Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,042 34,761CareDx, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,068 189,263Catabasis Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 12,117 25,567Catalyst Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,436 27,868Celltrion, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 559 133,229Centogene NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 910 9,500

Security

Shares Value

Biotechnology (continued)ChemoCentryx, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,917 $ 52,449Chongqing Zhifei Biological Products Co. Ltd., Class A. . 4,700 135,475Cidara Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,886 30,070Clovis Oncology, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,342 88,984Coherus Biosciences, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 9,023 124,788Constellation Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . 1,243 42,013Corbus Pharmaceuticals Holdings, Inc.(a). . . . . . . . . . . . . . . 12,901 23,609Crinetics Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 4,021 75,796CSL Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,138 243,382Cue Biopharma, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,777 20,702Cullinan Oncology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,319 33,964Deciphera Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 5,906 216,219Denali Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,718 448,520DermTech, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486 20,203Dynavax Technologies Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . 10,057 99,061Editas Medicine, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,449 308,631Emergent Biosolutions, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,962 123,586Enanta Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 2,528 111,257Epizyme, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,913 57,447Esperion Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 2,961 62,625Evelo Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,385 32,770Exact Sciences Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307 38,163Exelixis, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,972 35,930Exicure, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,365 8,048Fate Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,970 344,556Fennec Pharmaceuticals, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . 1,750 12,758FibroGen, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,333 142,018Flexion Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,960 49,051Foghorn Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,487 26,536Forma Therapeutics Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . . 1,397 34,771Forte Biosciences, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,659 55,776G1 Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,123 68,519Galera Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,076 40,067Genmab A/S(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 54,905Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,025 2,411,821Global Blood Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 39 1,366GlycoMimetics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,325 12,354Gossamer Bio, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,538 44,969Grifols SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444 12,040Gritstone bio, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,395 40,126Halozyme Therapeutics, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . 8,086 367,185Heron Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,129 234,802Homology Medicines, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 3,065 22,283Horizon Therapeutics PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 24,627Hualan Biological Engineering, Inc., Class A . . . . . . . . . . . . 10,000 56,663Humanigen, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,112 54,087ImmunityBio, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,269 18,121ImmunoGen, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,634 23,948Incyte Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 12,451Infinity Pharmaceuticals Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 6,021 18,003Innovent Biologics, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,000 268,292Inovio Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 19,148 177,502Inozyme Pharma, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 892 15,200Insmed, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,415 296,411Intellia Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,427 392,956Invitae Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,168 477,887Ionis Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 421 16,794Iovance Biotherapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 281 7,312iTeos Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,216 31,190Jounce Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,154 21,447Kadmon Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,737 57,032


June 30, 2021



Security

Shares Value

Biotechnology (continued)Karyopharm Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . 40,549 $ 418,466Kindred Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,022 27,712Kiniksa Pharmaceuticals Ltd., Class A(a). . . . . . . . . . . . . . . . 6,218 86,617Kinnate Biopharma, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,196 27,843Kodiak Sciences, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,212 112,716Kronos Bio, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 996 23,854Kura Oncology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,280 47,538LogicBio Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 2,154 9,564MacroGenics, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,546 122,106Madrigal Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 608 59,225MannKind Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,480 144,316Mirati Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,256 364,412Mirum Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 1,941 33,560Moderna, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635 149,212Molecular Templates, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,349 10,549Mustang Bio, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,399 17,925Myriad Genetics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,216 251,245Natera, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,259 369,994NextCure, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,872 55,182Nkarta, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 25,352Novavax, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 551 116,983Nymox Pharmaceutical Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 5,685 8,982Ocugen, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,115 113,343Olema Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 637 17,823Oncorus, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,121 29,270Oncternal Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 4,499 21,370OPKO Health, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,479 167,990Organogenesis Holdings, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . 2,758 45,838ORIC Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 1,641 29,029Oyster Point Pharma, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 3,332 57,277Passage Bio, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,160 81,558Pieris Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 6,677 25,573PMV Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,191 40,685Poseida Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,208 52,184Precigen, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,316 28,140Precision BioSciences, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 4,716 59,044Prevail Therapeutics, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,105 553Prothena Corp. PLC(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,478 75,984PTC Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,655 281,307Puma Biotechnology, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 44,064Regeneron Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . 216 120,645REGENXBIO, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,445 56,138Relay Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,462 199,855Revolution Medicines, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,360 43,166Rigel Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 21,910 95,089Rocket Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,733 76,755Sage Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 3,806Sangamo Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 6,559 78,511Sarepta Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 243 18,891Seagen, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220 34,734Seres Therapeutics, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 4,888 116,579Shanghai Junshi Biosciences Co Ltd, Class H(a)(b)(c) . . . . 18,600 154,640Sigilon Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,256 24,207Solid Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,152 22,516Sorrento Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 20,939 202,899Spectrum Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 38,378 143,918SpringWorks Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 1,222 100,705SQZ Biotechnologies Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,471 21,256Stoke Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 966 32,516Sutro Biopharma, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,252 79,045

Security

Shares Value

Biotechnology (continued)Taysha Gene Therapies, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 1,892 $ 40,110TG Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,284 282,546Tonix Pharmaceuticals Holding Corp.(a) . . . . . . . . . . . . . . . . 62,405 69,270Travere Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,950 43,041Trillium Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,936 28,479Turning Point Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . 2,553 199,185Twist Bioscience Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,361 447,853Tyme Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,692 21,032Ultragenyx Pharmaceutical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 4,030 384,261United Therapeutics Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 24,759UNITY Biotechnology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,174 24,007UroGen Pharma Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,960 29,929Veracyte, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,378 334,952Vericel Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,088 109,620Vertex Pharmaceuticals, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . 4,281 863,178Verve Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,321 320,590Vincerx Pharma, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,674 21,745Vir Biotechnology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,451 210,443Y-mAbs Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 3,191 107,856Yumanity Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 2,431 28,321Zentalis Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 2,041 108,581

26,116,511

Building Products — 0.9%Advanced Drainage Systems, Inc. . . . . . . . . . . . . . . . . . . . . . 3,587 418,136Allegion PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,068 705,972Armstrong World Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . 73 7,830Assa Abloy AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,445 73,712Astral Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,888 50,607AZEK Co., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 5,902Beijing New Building Materials PLC, Class A . . . . . . . . . . . 8,700 52,784Builders FirstSource, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,640 965,822Carrier Global Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,909 1,113,377Cie de Saint-Gobain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,381 91,140Cornerstone Building Brands, Inc.(a). . . . . . . . . . . . . . . . . . . . 7,798 141,768Daikin Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 186,350Fortune Brands Home & Security, Inc.. . . . . . . . . . . . . . . . . . 177 17,631Geberit AG, Registered Shares . . . . . . . . . . . . . . . . . . . . . . . . 176 132,206Gibraltar Industries, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065 81,270Griffon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,424 164,647JELD-WEN Holding, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,763 335,156Johnson Controls International PLC . . . . . . . . . . . . . . . . . . . . 4,020 275,893Kingspan Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 571 53,967Lennox International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309 108,397LG Hausys Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950 82,842Masco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,358 80,000Nibe Industrier AB, B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 772 8,135Owens Corning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,850 279,015Resideo Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 10,923 327,690Trane Technologies PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,769 1,798,864Trex Co., Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,839 290,174UFP Industries, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,747 129,872Zhejiang Weixing New Building Materials Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,826 203,974Zhuzhou Kibing Group Co. Ltd., Class A. . . . . . . . . . . . . . . . 27,600 79,171

8,262,304

Capital Markets — 2.0%3i Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,475 40,166Affiliated Managers Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 95 14,650Ameriprise Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733 182,429Amundi SA(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 21,609


June 30, 2021



Security

Shares Value

Capital Markets (continued)Apollo Global Management, Inc. . . . . . . . . . . . . . . . . . . . . . . . 605 $ 37,631Ares Management Corp., Class A . . . . . . . . . . . . . . . . . . . . . . 300 19,077Artisan Partners Asset Management, Inc., Class A(b) . . . . 8,335 423,585Assetmark Financial Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . 12,566 314,904ASX Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394 22,968B. Riley Financial, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,066 80,483B3 SA - Brasil Bolsa Balcao . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,986 432,813Bank of New York Mellon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 8,677 444,523BGC Partners, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,996 51,007Blackstone Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 5,343Carlyle Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220 10,226Cboe Global Markets, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 42,858Charles Schwab Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,944 1,452,123CME Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 1,063,400Cohen & Steers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,027 412,666Cowen, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,539 227,376Credit Suisse Group AG, Registered Shares. . . . . . . . . . . . 8,506 89,040Daiwa Securities Group, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 21,974Deutsche Bank AG, Registered Shares(a). . . . . . . . . . . . . . . 5,181 67,548Deutsche Boerse AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 587 102,459Donnelley Financial Solutions, Inc.(a) . . . . . . . . . . . . . . . . . . . 7,289 240,537East Money Information Co. Ltd., Class A . . . . . . . . . . . . . . 62,720 317,252EQT AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 605 21,977Evercore, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 9,854FactSet Research Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . 147 49,335Franklin Resources, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 814 26,040Futu Holdings Ltd., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 22,207Goldman Sachs Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,037 393,573Guotai Junan Securities Co. Ltd., Class A . . . . . . . . . . . . . . 198,600 525,983Hamilton Lane, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,291 573,236Hargreaves Lansdown PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 965 21,234Hong Kong Exchanges & Clearing Ltd. . . . . . . . . . . . . . . . . . 2,800 166,683Houlihan Lokey, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,676 791,400Huatai Securities Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . 69,200 168,901Interactive Brokers Group, Inc., Class A . . . . . . . . . . . . . . . . 794 52,190Intercontinental Exchange, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 2,315 274,790Invesco Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,710 179,358Investec Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,373 192,459Japan Exchange Group, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 31,186Jefferies Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 659 22,538Julius Baer Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733 47,875KKR & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,744 103,315Lazard Ltd., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308 13,937London Stock Exchange Group PLC . . . . . . . . . . . . . . . . . . . 801 88,519LPL Financial Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 26,456Macquarie Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 972 113,881Magellan Financial Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 268 10,824MarketAxess Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 51,458Moody’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,740 630,524Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,519 2,798,287Morningstar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 9,513MSCI, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264 140,733Nasdaq, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356 62,585Natixis SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,758 13,103Nomura Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,100 46,314Northern Trust Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640 73,997Partners Group Holding AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 93,989Raymond James Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 304 39,490S&P Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,079 442,875SBI Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 9,448

Security

Shares Value

Capital Markets (continued)Schroders PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 $ 11,283Sculptor Capital Management, Inc. . . . . . . . . . . . . . . . . . . . . . 2,951 72,565SEI Investments Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432 26,771Silvercrest Asset Management Group, Inc., Class A. . . . . 2,743 41,255St James’s Place PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 637 13,025Standard Life Aberdeen PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 4,951 18,574State Street Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,161 95,527Stifel Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,627 2,181,047T. Rowe Price Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 712 140,955Tradeweb Markets, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . 214 18,096UBS Group AG, Registered Shares . . . . . . . . . . . . . . . . . . . . 12,106 185,430Virtus Investment Partners, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 862 239,438Westwood Holdings Group, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 2,376 51,702XP, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,913 83,311

17,657,693

Chemicals — 1.8%Air Liquide SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,659 290,906Air Products & Chemicals, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 445 128,018Akzo Nobel NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 30,336Amyris, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,187 166,761Asahi Kasei Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 15,388Ashland Global Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 89 7,787Asian Paints Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,085 970,987Avient Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,536 812,910Axalta Coating Systems Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 642 19,575Balchem Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,678 351,514BASF SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,777 298,155Cabot Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 2,676Chemours Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295 10,266Chr Hansen Holding A/S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 645 58,213Corteva, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652 28,916Covestro AG(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 698 45,132Dow, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,119 134,090DuPont de Nemours, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,428 110,541Ecolab, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,873 797,722Element Solutions, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342 7,996EMS-Chemie Holding AG, Registered Shares . . . . . . . . . . 10 9,829Formosa Plastics Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198,000 731,689Givaudan SA, Registered Shares . . . . . . . . . . . . . . . . . . . . . . 51 237,416Guangzhou Tinci Materials Technology Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500 57,593Hawkins, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,358 273,724HB Fuller Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,973 379,943Huafon Chemical Co. Ltd., Class A. . . . . . . . . . . . . . . . . . . . . 81,800 179,425Huntsman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371 9,839Innospec, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,486 406,476International Flavors & Fragrances, Inc. . . . . . . . . . . . . . . . . 1,098 164,041Koninklijke DSM NV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 693 129,545Kronos Worldwide, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,387 148,742LG Chem Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,657 1,251,184Linde PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,716 496,096Livent Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,690 148,878Lotte Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,116 260,077LyondellBasell Industries NV, Class A . . . . . . . . . . . . . . . . . . 650 66,865Nan Ya Plastics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225,000 671,227NewMarket Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 966Nippon Paint Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 2,000 27,056Nippon Sanso Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 32,845Novozymes A/S, B Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670 50,551Orica Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,508 14,998


June 30, 2021



Security

Shares Value

Chemicals (continued)PhosAgro PJSC, GDR, Registered Shares . . . . . . . . . . . . . 12,996 $ 263,039PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,982 1,524,874Rallis India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,104 79,248Saudi Basic Industries Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,094 1,270,940Scotts Miracle-Gro Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 18,616Shanghai Putailai New Energy Technology Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,100 191,980Shenzhen Capchem Technology Co. Ltd., Class A . . . . . . 9,500 146,837Sherwin-Williams Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 542 147,668Shin-Etsu Chemical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 217,439Sika AG, Registered Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 501 164,146Sinoma Science & Technology Co. Ltd., Class A . . . . . . . . 43,500 175,849Solvay SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403 51,295Stepan Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,404 289,129Tongkun Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,300 135,196Trinseo SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,510 269,878TSRC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,000 143,106Umicore SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 594 36,340UPL Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,463 325,509Valvoline, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 10,712Westlake Chemical Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 2,432WR Grace & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 3,871

15,504,998

Commercial Services & Supplies — 0.9%ABM Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,334 547,013ACCO Brands Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,396 245,057A-Living Smart City Services Co. Ltd.(c) . . . . . . . . . . . . . . . . 26,250 130,293Brady Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,138 231,894Brambles Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,933 102,408BrightView Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,131 195,552Brink’s Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,483 421,314Cimpress PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,530 274,277Cintas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 568 216,976Clean Harbors, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 7,079Copart, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,266 826,047Country Garden Services Holdings Co. Ltd.(b) . . . . . . . . . . 55,000 593,450Deluxe Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,021 335,393Herman Miller, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,739 364,816HNI Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,771 121,841IAA, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,196 828,790KAR Auction Services, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 12,859 225,675Kimball International, Inc., Class B . . . . . . . . . . . . . . . . . . . . . 20,939 275,348Matthews International Corp., Class A. . . . . . . . . . . . . . . . . . 1,747 62,822MSA Safety, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 11,425Pitney Bowes, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,044 70,546Quad/Graphics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,121 50,302Rentokil Initial PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,266 90,861Republic Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,172 128,932Rollins, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,299 112,826RR Donnelley & Sons Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,703 86,055Secom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 15,244Securitas AB, B Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,042 79,648Steelcase, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,148 304,436Stericycle, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 13,094Tetra Tech, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,538 553,817Viad Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,718 85,642

Security

Shares Value

Commercial Services & Supplies (continued)Waste Connections, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,106 $ 132,090Waste Management, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,162 302,918

8,043,881

Communications Equipment — 0.2%Applied Optoelectronics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 8,336 70,606Calix, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,042 239,495Casa Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,565 58,232Ciena Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,068 60,758CommScope Holding Co., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 225 4,795Harmonic, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,985 25,432Lumentum Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 156 12,797NETGEAR, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,895 72,616Ubiquiti, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1,249ViaSat, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 2,542Viavi Solutions, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,460 484,944ZTE Corp., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,686 337,049ZTE Corp., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,400 116,713

1,487,228

Construction & Engineering — 0.6%ACS Actividades de Construccion y Servicios SA . . . . . . . 173 4,638AECOM(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363 22,985EMCOR Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,276 2,005,040Ferrovial SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,318 156,288Fluor Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,327 200,488Granite Construction, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,339 346,319Kalpataru Power Transmission Ltd. . . . . . . . . . . . . . . . . . . . . 18,880 108,326KEC International Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,035 97,767Larsen & Toubro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,417 311,781MasTec, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,776 825,034Matrix Service Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,515 68,407Obayashi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900 15,148Primoris Services Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,786 317,432Quanta Services, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634 57,421Samsung Engineering Co. Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . 9,410 199,468Tutor Perini Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,091 42,810Valmont Industries, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 8,262Vinci SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,113 118,977WillScot Mobile Mini Holdings Corp.(a) . . . . . . . . . . . . . . . . . . 24,798 691,120

5,597,711

Construction Materials — 0.4%Cemex SAB de CV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385,002 324,859Cemex SAB de CV, ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,665 324,786CRH PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,292 115,909Eagle Materials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 10,516HeidelbergCement AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,024 87,917Holcim Ltd., Registered Shares . . . . . . . . . . . . . . . . . . . . . . . . 1,892 113,724James Hardie Industries PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 1,640 55,649Martin Marietta Materials, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 196 68,955Siam Cement PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,100 1,093,977Summit Materials, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . 15,698 547,075US Concrete, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,057 78,007Vulcan Materials Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,626 283,038West China Cement Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 812,000 124,421

3,228,833

Consumer Finance — 0.6%Ally Financial, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,819 1,585,859American Express Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,962 1,976,481


June 30, 2021



Security

Shares Value

Consumer Finance (continued)Bajaj Finance Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,499 $ 121,582Capital One Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,358 210,069Credit Acceptance Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 5,449Discover Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . 855 101,138Encore Capital Group, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 3,254 154,207Enova International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,951 100,954Ezcorp, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,796 161,580Isracard Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4LendingClub Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,502 117,881LendingTree, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 2,331OneMain Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 7,129PRA Group, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,430 401,242PROG Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,691 514,558Regional Management Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,681 78,234Santander Consumer USA Holdings, Inc.. . . . . . . . . . . . . . . 9 327SLM Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 787 16,480Synchrony Financial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,775 86,123

5,641,628

Containers & Packaging — 0.2%Amcor PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,223 82,776AptarGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 21,267Ardagh Group SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 1,373Avery Dennison Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494 103,858Ball Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,696 218,430Berry Global Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307 20,022Crown Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,145 628,080Graphic Packaging Holding Co. . . . . . . . . . . . . . . . . . . . . . . . . 413 7,492International Paper Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,283 139,971Klabin SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,815 200,259Packaging Corp. of America . . . . . . . . . . . . . . . . . . . . . . . . . . . 718 97,232Sealed Air Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 804 47,637Silgan Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 2,573Smurfit Kappa Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673 36,600Sonoco Products Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 13,112Westrock Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,801 202,289

1,822,971

Distributors — 0.2%Genuine Parts Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,427 1,571,643LKQ Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,919 143,673Pool Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 105,950

1,821,266

Diversified Consumer Services — 0.3%2U, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,235 218,142Bright Horizons Family Solutions, Inc.(a) . . . . . . . . . . . . . . . . 1,910 280,980Chegg, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328 27,260China Maple Leaf Educational Systems Ltd.(a) . . . . . . . . . . 386,000 104,234frontdoor, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 6,576Grand Canyon Education, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 75 6,748H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252 5,917New Oriental Education & Technology Group, Inc.,

ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,136 320,524Offcn Education Technology Co. Ltd., Class A . . . . . . . . . . 20,000 64,532Perdoceo Education Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 3,637 44,626Service Corp. International . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387 20,739Strategic Education, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,917 221,867TAL Education Group, ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 15,076 380,368

Security

Shares Value

Diversified Consumer Services (continued)Terminix Global Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 10,008 $ 477,482Universal Technical Institute, Inc.(a). . . . . . . . . . . . . . . . . . . . . 5,992 38,888

2,218,883

Diversified Financial Services — 0.7%Alerus Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,021 58,629Berkshire Hathaway, Inc., Class B(a) . . . . . . . . . . . . . . . . . . . 11,454 3,183,296Cannae Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,551 459,514Equitable Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,024 61,631EXOR NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 17,174FirstRand Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,966 487,617Groupe Bruxelles Lambert SA . . . . . . . . . . . . . . . . . . . . . . . . . 556 62,256Investor AB, B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,210 120,093L E Lundbergforetagen AB, B Shares . . . . . . . . . . . . . . . . . . 351 22,654M&G PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,424 17,183Mitsubishi HC Capital, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900 10,189ORIX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300 72,677Voya Financial, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,641 1,453,921Yuanta Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 69,000 66,440

6,093,274

Diversified Telecommunication Services — 0.6%AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,488 1,165,245ATN International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 654 29,750Bandwidth, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,236 446,309BT Group PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,521 63,209Cellnex Telecom SA(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,046 66,715Deutsche Telekom AG, Registered Shares . . . . . . . . . . . . . 7,525 159,154Elisa OYJ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 10,562Emirates Telecommunications Group Co. PJSC . . . . . . . . 71,646 429,117Globalstar, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,524 118,413IDT Corp., Class B(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,560 242,458Iridium Communications, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 3,918 156,681Koninklijke KPN NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,064 12,711KT Corp., ADR(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,836 527,812LG Uplus Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,218 84,776Nippon Telegraph & Telephone Corp.. . . . . . . . . . . . . . . . . . . 2,600 67,977Ooma, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,002 113,198Orange SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,387 50,068Radius Global Infrastructure, Inc., Class A(a) . . . . . . . . . . . . 9,227 133,791Singapore Telecommunications Ltd. . . . . . . . . . . . . . . . . . . . . 22,700 38,729Swisscom AG, Registered Shares. . . . . . . . . . . . . . . . . . . . . . 95 54,282Telefonica Brasil SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,138 51,831Telefonica SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,600 68,145Telia Co. AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,707 29,789Telkom SA SOC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,963 120,026Turk Telekomunikasyon AS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207,849 158,511Verizon Communications, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 8,922 499,900

4,899,159

Electric Utilities — 1.0%AusNet Services Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,159 53,946Avangrid, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 1,183CPFL Energia SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,048 324,881Edison International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,431 371,840Electricite de France SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,334 45,563Elia Group SA/NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560 59,112Endesa SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,947 120,092Enel SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,150 289,473Energisa SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,664 399,723Eversource Energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,597 1,331,743


June 30, 2021



Security

Shares Value

Electric Utilities (continued)Exelon Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,616 $ 514,705Fortum OYJ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,716 130,098Hawaiian Electric Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . 156 6,596Iberdrola SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,414 358,693Korea Electric Power Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,571 167,102Light SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,245 62,113Mercury NZ Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,201 38,220NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,481 1,500,848OGE Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,494 824,223Orsted A/S(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 935 131,238Pinnacle West Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,481 203,367PNM Resources, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,788 135,971Portland General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . 19,577 902,108Red Electrica Corp. SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 2,562Southern Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,282 138,084SSE PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,727 118,943Tenaga Nasional Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236,300 557,440Terna SPA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,098 112,596Verbund AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 681 62,734Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378 24,903

8,990,100

Electrical Equipment — 0.5%ABB Ltd., Registered Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3,320 112,796Acuity Brands, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 13,092Amara Raja Batteries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,542 155,944Array Technologies, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 1,747Atkore, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,216 228,336Bizlink Holding, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 185,821Bloom Energy Corp., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . 6,661 178,981Contemporary Amperex Technology Co. Ltd., Class A. . . 3,900 321,413Eaton Corp. PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 654 96,910Emerson Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,592 153,214EnerSys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 39,092Eve Energy Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 6,800 109,072FuelCell Energy, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,918 79,370Generac Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 694 288,114Hubbell, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 24,289Legrand SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 889 94,219Mitsubishi Electric Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 87,103Nidec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 149,487nVent Electric PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236 7,373Plug Power, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,885 98,638Prysmian SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 923 33,123Regal Beloit Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 10,414Rockwell Automation, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,265 361,815Schneider Electric SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,340 211,244Shanghai Electric Group Co. Ltd., Class H(a) . . . . . . . . . . . 542,000 144,548Shoals Technologies Group, Inc., Class A(a)(b) . . . . . . . . . . 50 1,775Siemens Energy AG(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,487 74,916Siemens Gamesa Renewable Energy SA(a) . . . . . . . . . . . . 559 18,689Sunrun, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,534 308,687TPI Composites, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,460 119,113Vertiv Holdings Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 12,067Vestas Wind Systems A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,163 162,657WEG SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,864 161,643

4,045,702

Electronic Equipment, Instruments & Components — 1.2%AAC Technologies Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . 69,500 519,961Advanced Energy Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . 1,217 137,168

Security

Shares Value

Electronic Equipment, Instruments & Components (continued)AU Optronics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188,000 $ 152,028Avnet, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 4,930Badger Meter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,085 106,460Benchmark Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,855 166,633BOE Technology Group Co. Ltd., Class A . . . . . . . . . . . . . . 97,379 93,913Coherent, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 12,424Delta Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 977,747ePlus, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,808 416,805Flex Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,323 720,572GoerTek, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,100 350,454Halma PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 722 26,898Hamamatsu Photonics KK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 84,335Hexagon AB, B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,758 40,864Hon Hai Precision Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . 289,000 1,160,336II-VI, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,460 323,751Innolux Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,000 150,269Insight Enterprises, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,791 279,128Itron, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,722 372,126Jabil, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 18,889Keyence Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 251,812Knowles Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,362 559,866Kyocera Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 111,205LG Display Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,199 265,186LG Display Co. Ltd., ADR(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 8,449 90,320LG Innotek Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,326 262,239Littelfuse, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 11,465Methode Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,260 258,845MicroVision, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,706 95,575Murata Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 400 30,470National Instruments Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238 10,063Novanta, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 865 116,567Omron Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 95,012OSI Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,360 849,710PAR Technology Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,121 78,403PC Connection, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,903 273,132Samsung Electro-Mechanics Co. Ltd. . . . . . . . . . . . . . . . . . . 1,114 174,694Samsung SDI Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251 155,404ScanSource, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,760 274,549Sunny Optical Technology Group Co. Ltd. . . . . . . . . . . . . . . 4,600 145,280SYNNEX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 8,036TDK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 12,105Vishay Intertechnology, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,727 309,544Vontier Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258 8,406

10,563,579

Energy Equipment & Services — 0.3%Archrock, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,294 73,900ChampionX Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,465 627,527Frank’s International NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,268 46,262FTS International, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . 1,247 35,278Helix Energy Solutions Group, Inc.(a)(b) . . . . . . . . . . . . . . . . . 21,289 121,560Helmerich & Payne, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,499 179,433Liberty Oilfield Services, Inc., Class A(a) . . . . . . . . . . . . . . . . 5,832 82,581Natural Gas Services Group, Inc.(a)(b) . . . . . . . . . . . . . . . . . . 3,703 38,067Newpark Resources, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,681 19,656NOV, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,873 28,694Oceaneering International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 13,840 215,489Oil States International, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 6,846 53,741Patterson-UTI Energy, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 16,816 167,151ProPetro Holding Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,776 98,708


June 30, 2021



Security

Shares Value

Energy Equipment & Services (continued)Schlumberger NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,404 $ 877,202Smart Sand, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 1,998U.S. Silica Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,856 79,255

2,746,502

Entertainment — 1.4%Activision Blizzard, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,660 253,870AMC Entertainment Holdings, Inc., Class A(a)(b) . . . . . . . . . 25,445 1,442,223Bilibili, Inc., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 725 88,334Bollore SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,857 15,326Cinemark Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,321 555,796Electronic Arts, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 975 140,234Eros STX Global Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,220 52,357Gaia, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,042 44,422G-bits Network Technology Xiamen Co. Ltd., Class A . . . 1,500 122,784IMAX Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,895 126,743Liberty Media Corp.-Liberty Formula One, Class A(a) . . . . 76 3,240Liberty Media Corp.-Liberty Formula One, Class C(a) . . . . 639 30,806Lions Gate Entertainment Corp., Class A(a) . . . . . . . . . . . . . 182 3,767Live Nation Entertainment, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 7,411 649,129Madison Square Garden Sports Corp.(a). . . . . . . . . . . . . . . . 21 3,624Marcus Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,856 124,206NCSoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 150,618NetEase, Inc., ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,906 1,602,667Netflix, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,852 978,245Nexon Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 15,578NHN Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,032 76,413Nintendo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 115,735Perfect World Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . 24,900 91,925Roku, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,793 823,435Spotify Technology SA(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,646 729,211Take-Two Interactive Software, Inc.(a) . . . . . . . . . . . . . . . . . . 383 67,799Tencent Music Entertainment Group, ADR(a) . . . . . . . . . . . . 5,223 80,852Ubisoft Entertainment SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 10,480Vivendi SE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,525 84,838Walt Disney Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,351 2,874,015World Wrestling Entertainment, Inc., Class A(b) . . . . . . . . . 14 810Zynga, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,967 456,739

11,816,221

Equity Real Estate Investment Trusts (REITs) — 1.9%Acadia Realty Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,280 269,669Agree Realty Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,329 93,681Alexander & Baldwin, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,151 277,566Alexandria Real Estate Equities, Inc. . . . . . . . . . . . . . . . . . . . 608 110,619Alpine Income Property Trust, Inc. . . . . . . . . . . . . . . . . . . . . . 3,002 57,098American Assets Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,089 227,059American Campus Communities, Inc. . . . . . . . . . . . . . . . . . . 263 12,287American Finance Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 15,632 132,559American Homes 4 Rent, Class A . . . . . . . . . . . . . . . . . . . . . . 655 25,447American Tower Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,598 431,684Americold Realty Trust(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549 20,780Apartment Income REIT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 300 14,229Apartment Investment and Management Co., Class A. . . 453 3,040Apple Hospitality REIT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 2,274Armada Hoffler Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 5,752 76,444Ascendas Real Estate Investment Trust . . . . . . . . . . . . . . . . 17,300 38,017Ashford Hospitality Trust, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 42,808 195,204AvalonBay Communities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 562 117,284Boston Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 642 73,567Braemar Hotels & Resorts, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 56,354 349,958

Security

Shares Value

Equity Real Estate Investment Trusts (REITs) (continued)British Land Co. PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 770 $ 5,267Brixmor Property Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 7,308 167,280Brookfield Property REIT, Inc., Class A . . . . . . . . . . . . . . . . . 119 2,248Camden Property Trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 43,118CapitaLand Integrated Commercial Trust . . . . . . . . . . . . . . . 27,000 42,037CareTrust REIT, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,309 146,558Centerspace . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,545 200,800CIM Commercial Trust Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 6,228 55,741City Office REIT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,692 108,042Clipper Realty, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,412 76,528CorEnergy Infrastructure Trust, Inc. . . . . . . . . . . . . . . . . . . . . 7,858 52,020CorePoint Lodging, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,458 176,101CoreSite Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 9,287Corporate Office Properties Trust . . . . . . . . . . . . . . . . . . . . . . 69 1,931Cousins Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258 9,489Covivio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 14,468Crown Castle International Corp.. . . . . . . . . . . . . . . . . . . . . . . 1,506 293,821CTO Realty Growth, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,941 103,882CubeSmart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 20,149CyrusOne, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278 19,883Dexus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,436 11,447DiamondRock Hospitality Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . 18,781 182,176Digital Realty Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,028 154,673DigitalBridge Group, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 26,771 211,491Douglas Emmett, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297 9,985Duke Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,365 64,633Easterly Government Properties, Inc. . . . . . . . . . . . . . . . . . . 5,468 115,265Empire State Realty Trust, Inc., Class A . . . . . . . . . . . . . . . . 2,901 34,812EPR Properties(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 4,056Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,927 1,546,610Equity Commonwealth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 2,699Equity LifeStyle Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 719 53,429Equity Residential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,094 238,238Essex Property Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262 78,603Extra Space Storage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 426 69,787Federal Realty Investment Trust . . . . . . . . . . . . . . . . . . . . . . . 175 20,505Fibra Uno Administracion SA de CV . . . . . . . . . . . . . . . . . . . . 57,464 62,065First Industrial Realty Trust, Inc.(b). . . . . . . . . . . . . . . . . . . . . . 7,964 415,960Four Corners Property Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . 16,677 460,452Gaming and Leisure Properties, Inc. . . . . . . . . . . . . . . . . . . . 517 23,953Gecina SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 17,773Global Net Lease, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,652 419,062GLP J-REIT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6,899Goodman Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,829 60,596GPT Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,319 19,458Growthpoint Properties Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,202 136,898Healthcare Trust of America, Inc., Class A . . . . . . . . . . . . . . 420 11,214Healthpeak Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,316 77,100Highwoods Properties, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 148 6,685Host Hotels & Resorts, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,486 42,486Hudson Pacific Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 200 5,564Invitation Homes, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 957 35,687Iron Mountain, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 971 41,093iStar, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,692 97,265Japan Metropolitan Fund Invest. . . . . . . . . . . . . . . . . . . . . . . . 12 13,008Japan Real Estate Investment Corp. . . . . . . . . . . . . . . . . . . . 1 6,141JBG SMITH Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 4,821Kilroy Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 17,758Kimco Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 934 19,474Klepierre SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 715 18,421


June 30, 2021



Security

Shares Value

Equity Real Estate Investment Trusts (REITs) (continued)Lamar Advertising Co., Class A . . . . . . . . . . . . . . . . . . . . . . . . 195 $ 20,362Land Securities Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,607 14,998Life Storage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 16,854Link REIT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,700 55,149Macerich Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,978 455,848Mapletree Commercial Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,900 15,925Mapletree Logistics Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,700 13,300Medical Properties Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,943 59,154Mid-America Apartment Communities, Inc. . . . . . . . . . . . . . 402 67,705Mirvac Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,646 5,769National Retail Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 379 17,768National Storage Affiliates Trust . . . . . . . . . . . . . . . . . . . . . . . . 6,086 307,708NETSTREIT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,518 35,005Nippon Building Fund, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 24,922Nippon Prologis REIT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 12,720Nomura Real Estate Master Fund, Inc. . . . . . . . . . . . . . . . . . 6 9,603Omega Healthcare Investors, Inc.(b) . . . . . . . . . . . . . . . . . . . . 1,106 40,137Orix JREIT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 15,358Outfront Media, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,445 226,963Park Hotels & Resorts, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 403 8,306Pennsylvania Real Estate Investment Trust. . . . . . . . . . . . . 18,057 44,962Plymouth Industrial REIT, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 3,983 79,740Preferred Apartment Communities, Inc., Class A . . . . . . . . 3,692 35,997Prologis, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,476 2,327,966Public Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 564 169,589QTS Realty Trust, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . 4,251 328,602Rayonier, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193 6,934Realty Income Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,546 103,180Regency Centers Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552 35,367Retail Properties of America, Inc., Class A . . . . . . . . . . . . . . 4,476 51,250Retail Value, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,711 254,714Rexford Industrial Realty, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 274 15,604RPT Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,177 209,977Ryman Hospitality Properties, Inc.(a) . . . . . . . . . . . . . . . . . . . 3,950 311,892SBA Communications Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 413 131,623Scentre Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,878 26,353Segro PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,518 38,118Simon Property Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150 150,052SITE Centers Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,338 381,590SL Green Realty Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 10,480Spirit Realty Capital, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 9,281Stockland. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,861 9,963STORE Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 537 18,532Sun Communities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 454 77,816Terreno Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,883 186,011UDR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,271 62,254Unibail-Rodamco-Westfield(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 384 33,291United Urban Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . 7 10,110Uniti Group, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,746 219,700Ventas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,441 82,281VEREIT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,051 48,272VICI Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,040 63,281Vicinity Centres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,630 6,491Vornado Realty Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 919 42,890Washington Real Estate Investment Trust . . . . . . . . . . . . . . 8,335 191,705Weingarten Realty Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 4,265Welltower, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,579 131,215Weyerhaeuser Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,613 89,939

Security

Shares Value

Equity Real Estate Investment Trusts (REITs) (continued)Whitestone REIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,569 $ 54,194WP Carey, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,040 77,605Xenia Hotels & Resorts, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 7,263 136,036

16,588,034

Food & Staples Retailing — 1.0%Aeon Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 69,796Albertsons Cos., Inc., Class A(b). . . . . . . . . . . . . . . . . . . . . . . . 73 1,435Andersons, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,950 212,183BGF retail Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 959 152,947BJ’s Wholesale Club Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . 2,544 121,044Carrefour SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,052 40,382Clicks Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,340 246,722Coles Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,510 57,772Cosmos Pharmaceutical Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 100 14,693Costco Wholesale Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,998 3,955,909E-MART, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 76,011Endeavour Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,801 17,930Etablissements Franz Colruyt NV . . . . . . . . . . . . . . . . . . . . . . 149 8,332Grocery Outlet Holding Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . 65 2,253GS Retail Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,023 206,712J Sainsbury PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,533 9,534Jeronimo Martins SGPS SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,145 75,592Koninklijke Ahold Delhaize NV . . . . . . . . . . . . . . . . . . . . . . . . . 9,047 269,416Kroger Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,583 405,435Lawson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 23,158Migros Ticaret AS(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,864 40,570Performance Food Group Co.(a). . . . . . . . . . . . . . . . . . . . . . . . 13,704 664,507PriceSmart, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,370 306,704Rite Aid Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,838 29,959Shoprite Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,356 265,119SpartanNash Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,931 37,288Sprouts Farmers Market, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 70 1,739Sun Art Retail Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,000 125,100Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,237 484,927Tsuruha Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 34,916US Foods Holding Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 507 19,449Walgreens Boots Alliance, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 8,838 464,967Welcia Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 22,889WM Morrison Supermarkets PLC . . . . . . . . . . . . . . . . . . . . . . 11,115 37,931Woolworths Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,801 108,771

8,612,092

Food Products — 1.1%Associated British Foods PLC . . . . . . . . . . . . . . . . . . . . . . . . . 549 16,852Ausnutria Dairy Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,000 178,007AVI Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,302 130,865Barry Callebaut AG, Registered Shares . . . . . . . . . . . . . . . . 24 55,778Beyond Meat, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 19,214BRF SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,582 118,588Bunge Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,818 220,227China Feihe Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,000 202,666China Mengniu Dairy Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 84,000 507,465Chongqing Fuling Zhacai Group Co. Ltd., Class A(a) . . . . 21,500 125,065CJ CheilJedang Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 431 176,420Conagra Brands, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,261 700,715Dali Foods Group Co. Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,500 106,443Danone SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,059 74,506Darling Ingredients, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,754 253,395Flowers Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283 6,848


June 30, 2021



Security

Shares Value

Food Products (continued)Foshan Haitian Flavouring & Food Co. Ltd., Class A . . . . 3,250 $ 64,719Freshpet, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,871 630,818Fu Jian Anjoy Foods Co. Ltd., Class A. . . . . . . . . . . . . . . . . . 3,800 148,992Grupo Bimbo SAB de CV, Series A. . . . . . . . . . . . . . . . . . . . . 134,610 296,380Guangdong Haid Group Co. Ltd., Class A . . . . . . . . . . . . . . 8,200 103,353Hain Celestial Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 3,892Hershey Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,037 703,165Hostess Brands, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,260 684,189Ingredion, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 11,765Kellogg Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,974 834,617Kerry Group PLC, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428 59,839Kikkoman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 32,974Kuala Lumpur Kepong BHD . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,900 166,254Landec Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,860 133,425Marfrig Global Foods SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,600 140,843McCormick & Co., Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 61,824Mission Produce, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,972 61,550Nestle SA, Registered Shares . . . . . . . . . . . . . . . . . . . . . . . . . 6,840 852,586Post Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 13,993Sanderson Farms, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733 137,782Seneca Foods Corp., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . 651 33,253Tingyi Cayman Islands Holding Corp. . . . . . . . . . . . . . . . . . . 166,000 331,407TreeHouse Foods, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 1,514Uni-President China Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . 147,000 162,191Uni-President Enterprises Corp. . . . . . . . . . . . . . . . . . . . . . . . 344,000 903,325Vital Farms, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,880 137,325Want Want China Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 317,000 224,456

9,829,485

Gas Utilities — 0.5%APA Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,578 97,274Atmos Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,441 715,155Beijing Enterprises Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . 61,000 216,421Brookfield Infrastructure Corp., Class A. . . . . . . . . . . . . . . . . 3,655 275,587China Gas Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,000 155,361China Resources Gas Group Ltd. . . . . . . . . . . . . . . . . . . . . . . 4,000 23,989Enn Energy Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,400 368,711Hong Kong & China Gas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 100,380 155,862National Fuel Gas Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 6,270Naturgy Energy Group SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,176 107,475New Jersey Resources Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 12,440 492,251Osaka Gas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 89,563Snam SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,086 104,623Southwest Gas Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 23,364 1,546,463Toho Gas Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 14,728Tokyo Gas Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,300 62,244UGI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,262 336,303

4,768,280

Health Care Equipment & Supplies — 2.1%Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,122 477,863Accuray, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,163 122,777Alcon, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,288 90,337Align Technology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,574 961,714Alphatec Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,523 69,292Ambu A/S, B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293 11,274Asensus Surgical, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,736 24,523AtriCure, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,895 388,320Atrion Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 122,944Axogen, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,935 41,815Axonics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,122 134,556

Security

Shares Value

Health Care Equipment & Supplies (continued)Baxter International, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 812 $ 65,366Becton Dickinson and Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 472 114,786Boston Scientific Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,981 84,708Cardiovascular Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 6,081 259,355Carl Zeiss Meditec AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 35,182Cerus Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,819 87,580Co-Diagnostics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,333 19,247Coloplast A/S, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413 67,808CONMED Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 984 135,231CryoLife, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,991 84,944CryoPort, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,488 93,893Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,011 1,881,472DexCom, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,341 1,426,607Edwards Lifesciences Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 809 83,788Envista Holdings Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,537 239,254Fisher & Paykel Healthcare Corp. Ltd.. . . . . . . . . . . . . . . . . . 940 20,449Glaukos Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,444 122,495Globus Medical, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . 243 18,840GN Store Nord A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 17,140Guangzhou Wondfo Biotech Co. Ltd., Class A . . . . . . . . . . 6,370 63,692Haemonetics Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,091 405,904Heska Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,801 413,744Hill-Rom Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,173 360,421Hoya Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 119,043ICU Medical, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 5,351IDEXX Laboratories, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,300 2,084,115Inogen, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,634 171,658Insulet Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 695 190,784Integer Holdings Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,026 190,849Integra LifeSciences Holdings Corp.(a) . . . . . . . . . . . . . . . . . 116 7,916Intersect ENT, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,631 79,144Intuitive Surgical, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237 217,955iRhythm Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 858 56,928Jafron Biomedical Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . 9,300 124,038Koninklijke Philips NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,502 124,185LivaNova PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,973 250,059Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,057 379,465Mesa Laboratories, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,772 480,513Natus Medical, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,776 202,021Nemaura Medical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,006 20,762Neogen Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,056 232,778Nevro Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,548 919,803NuVasive, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,279 222,251Olympus Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 51,716OraSure Technologies, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 18,035 182,875Ortho Clinical Diagnostics Holdings PLC(a) . . . . . . . . . . . . . 2,699 57,786Orthofix Medical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,922 117,201Outset Medical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 973 48,631Penumbra, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 29,050Quidel Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 14,606ResMed, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 24,899SeaSpine Holdings Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,745 35,790Senseonics Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 17,144 65,833Shenzhen Mindray Bio-Medical Electronics Co. Ltd.,

Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,700 718,553Shockwave Medical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,998 568,811SI-BONE, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,701 53,530Siemens Healthineers AG(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,735 106,378Sientra, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,704 21,524Smith & Nephew PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,898 41,162


June 30, 2021



Security

Shares Value

Health Care Equipment & Supplies (continued)Sonova Holding AG, Registered Shares . . . . . . . . . . . . . . . . 106 $ 39,925STAAR Surgical Co.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,362 512,705STERIS PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,199 247,354Straumann Holding AG, Registered Shares. . . . . . . . . . . . . 15 23,926Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635 164,929Sysmex Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 35,590Tactile Systems Technology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 1,149 59,748Tandem Diabetes Care, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 146,100Terumo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 64,804Vapotherm, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,207 75,813Varex Imaging Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,732 126,912Zimmer Biomet Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 136 21,872

18,284,962

Health Care Providers & Services — 1.5%1Life Healthcare, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,928 361,280Acadia Healthcare Co., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 152 9,538AdaptHealth Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,135 140,750Addus HomeCare Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 522 45,539Alignment Healthcare, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,955 45,688Amedisys, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 18,615AmerisourceBergen Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,928 335,227AMN Healthcare Services, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . 4,352 422,057Anthem, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,043 780,017Cardinal Health, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 507 28,945Castle Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 24,199Centene Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,173 85,547Chemed Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 16,133Cigna Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,297 781,620Community Health Systems, Inc.(a). . . . . . . . . . . . . . . . . . . . . 6,250 96,500Covetrus, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,468 255,636Cross Country Healthcare, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 3,602 59,469CVS Health Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,316 360,127DaVita, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 10,237Encompass Health Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218 17,011Ensign Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,764 239,556Exagen, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,265 48,942Five Star Senior Living, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . 2,992 17,234Fleury SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,214 240,835Fresenius Medical Care AG & Co. KGaA . . . . . . . . . . . . . . . 1,026 85,257Fresenius SE & Co. KGaA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,832 95,612Fulgent Genetics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,339 123,496Guardant Health, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 26,701Hanger, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,132 205,577HCA Healthcare, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 833 172,214Henry Schein, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429 31,827Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277 122,633IHH Healthcare Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,100 209,629Laboratory Corp. of America Holdings(a) . . . . . . . . . . . . . . . . 260 71,721LHC Group, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,857 371,883Life Healthcare Group Holdings Ltd.(a). . . . . . . . . . . . . . . . . . 46,749 74,379Magellan Health, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,494 140,735McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,435 1,230,629Molina Healthcare, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 17,714Narayana Hrudayalaya Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 8,702 57,704Netcare Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267,308 266,559Oak Street Health, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341 19,972Option Care Health, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,407 118,251Owens & Minor, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,911 123,223Patterson Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,155 490,950PetIQ, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,499 212,261

Security

Shares Value

Health Care Providers & Services (continued)Premier, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 $ 5,706Privia Health Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,065 224,734Progyny, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,802 224,318Quest Diagnostics, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 52,128R1 RCM, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,634 147,540RadNet, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 736 24,796Select Medical Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 8,406 355,238Shanghai Pharmaceuticals Holding Co. Ltd., Class H . . . 68,600 149,817Sinopharm Group Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . 95,600 283,620SOC Telemed, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,391 19,295Sonic Healthcare Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 8,933Tenet Healthcare Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,588 508,320Tivity Health, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,654 96,137UnitedHealth Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,781 2,314,944Universal Health Services, Inc., Class B . . . . . . . . . . . . . . . . 182 26,650

13,151,805

Health Care Technology — 0.5%Allscripts Healthcare Solutions, Inc.(a) . . . . . . . . . . . . . . . . . . 22,240 411,662American Well Corp., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . 13,478 169,553Castlight Health, Inc., Class B(a) . . . . . . . . . . . . . . . . . . . . . . . 44,349 116,638Cerner Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,769 529,065Change Healthcare, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442 10,184Doximity, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,561 149,050Evolent Health, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . 4,758 100,489HealthStream, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,465 68,872Inovalon Holdings, Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . 9,236 314,763Inspire Medical Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,543 298,200M3, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 72,858NextGen Healthcare, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,232 86,799Omnicell, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,039 611,707Phreesia, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,467 273,827Schrodinger, Inc./United States(a) . . . . . . . . . . . . . . . . . . . . . . 448 33,873Tabula Rasa HealthCare, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 2,774 138,700Teladoc Health, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,699 282,527Veeva Systems, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . 331 102,925Vocera Communications, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . 4,704 187,454

3,959,146

Hotels, Restaurants & Leisure — 2.0%Accel Entertainment, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,850 223,749Airbnb, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,058 162,022Aramark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,007 447,261Aristocrat Leisure Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311 10,040Bally’s Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520 28,137Biglari Holdings, Inc., Class B(a). . . . . . . . . . . . . . . . . . . . . . . . 397 63,310Bloomin’ Brands, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,655 44,917Booking Holdings, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206 450,747Boyd Gaming Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,046 64,319Brinker International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,341 82,941Caesars Entertainment, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 988 102,505Carnival Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,168 188,948Century Casinos, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,317 31,117Cheesecake Factory, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . 6,382 345,777Chipotle Mexican Grill, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 756 1,172,057Choice Hotels International, Inc. . . . . . . . . . . . . . . . . . . . . . . . 42 4,992Churchill Downs, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 682 135,213Compass Group PLC(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,569 96,259Darden Restaurants, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,629 237,818Dave & Buster’s Entertainment, Inc.(a). . . . . . . . . . . . . . . . . . 3,257 132,234Denny’s Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,796 112,066Dine Brands Global, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,403 392,968


June 30, 2021



Security

Shares Value

Hotels, Restaurants & Leisure (continued)Domino’s Pizza, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 476 $ 222,049DraftKings, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,116 110,392El Pollo Loco Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 7,608 139,150Everi Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,065 101,381Evolution AB(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 30,371Expedia Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 970 158,799Flutter Entertainment PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 461 83,591GAN Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 645 10,604Gourmet Master Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000 116,239Hilton Worldwide Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 1,927 232,435Hyatt Hotels Corp., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 22 1,708International Game Technology PLC(a) . . . . . . . . . . . . . . . . . 39,296 941,532Jiumaojiu International Holdings Ltd.(c) . . . . . . . . . . . . . . . . . 29,000 118,532Jubilant Foodworks Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,436 184,048Las Vegas Sands Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,810 148,059Marriott International, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . 1,898 259,115Marriott Vacations Worldwide Corp.(a) . . . . . . . . . . . . . . . . . . 4,037 643,094McDonald’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,740 2,018,853MGM Resorts International . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,628 282,684Norwegian Cruise Line Holdings Ltd.(a)(b) . . . . . . . . . . . . . . . 903 26,557OPAP SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,474 82,560Oriental Land Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 71,233Penn National Gaming, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . 2,713 207,517Planet Fitness, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . 169 12,717Royal Caribbean Cruises Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,859 158,536Rush Street Interactive, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 7,691 94,292Ruth’s Hospitality Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 939 21,625Scientific Games Corp., Class A(a) . . . . . . . . . . . . . . . . . . . . . 2,247 174,008SeaWorld Entertainment, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 10,595 529,114Shake Shack, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 12,399 1,326,941Six Flags Entertainment Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . 13,714 593,542Sodexo SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394 36,823Starbucks Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,798 871,894Target Hospitality Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,591 50,423Travel + Leisure Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 8,382Vail Resorts, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352 111,415Wendy’s Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,916 115,133Wingstop, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,706 426,547Wyndham Hotels & Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . . 3,831 276,943Wynn Resorts Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,280 1,012,644Xiabuxiabu Catering Management China Holdings Co.

Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,500 48,726Yum China Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,406 689,397Yum! Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,175 365,220

17,644,222

Household Durables — 0.7%Beazer Homes USA, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 827 15,953Casper Sleep, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,208 26,434Ethan Allen Interiors, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,059 56,828Garmin Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,141 309,674GoPro, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,358 85,721Green Brick Partners, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 7,445 169,299Haier Smart Home Co. Ltd., Class H(a) . . . . . . . . . . . . . . . . . 53,400 186,237Helen of Troy Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 527 120,219iRobot Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,501 607,128KB Home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,421 424,343Leggett & Platt, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273 14,144Lennar Corp., B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 3,910LG Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 970 140,441LGI Homes, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,737 281,290

Security

Shares Value

Household Durables (continued)Lovesac Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 626 $ 49,949MDC Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,711 1,047,977Meritage Homes Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,055 193,334Mohawk Industries, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797 153,175Newell Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,533 69,582Oppein Home Group, Inc., Class A . . . . . . . . . . . . . . . . . . . . . 6,600 144,807Panasonic Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,600 52,967Sonos, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,728 483,637Sony Group Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,400 329,689Suofeiya Home Collection Co. Ltd., Class A . . . . . . . . . . . . 30,900 115,540TCL Technology Group Corp., Class A . . . . . . . . . . . . . . . . . 209,700 247,778Tempur Sealy International, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 396 15,519Toll Brothers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 13,412Tupperware Brands Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,564 60,895Universal Electronics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,529 122,656VOXX International Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,418 19,866Whirlpool Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 879 191,640

5,754,044

Household Products — 0.5%Central Garden & Pet Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 788 41,709Central Garden & Pet Co., Class A(a) . . . . . . . . . . . . . . . . . . . 10,572 510,627Colgate-Palmolive Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,703 1,358,789Energizer Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 2,063Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588 78,663Procter & Gamble Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,573 1,831,405Reckitt Benckiser Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 2,401 212,129Spectrum Brands Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . 44 3,742

4,039,127

Independent Power and Renewable Electricity Producers — 0.2%AES Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 922 24,036Brookfield Renewable Corp., Class A . . . . . . . . . . . . . . . . . . 18,286 766,915China Resources Power Holdings Co. Ltd. . . . . . . . . . . . . . 110,000 150,270Clearway Energy, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . 8,496 214,269Datang International Power Generation Co. Ltd.,

Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550,000 92,002EDP Renovaveis SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,963 45,482Meridian Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,897 40,629Sunnova Energy International, Inc.(a) . . . . . . . . . . . . . . . . . . . 13,206 497,338Uniper SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,676 98,593

1,929,534

Industrial Conglomerates — 0.5%3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,071 212,733Alfa SAB de CV, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,012 99,072Bidvest Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,689 35,917Carlisle Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 23,731CK Hutchison Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 124,557Doosan Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,435 122,065Far Eastern New Century Corp.. . . . . . . . . . . . . . . . . . . . . . . . 72,000 82,678Hitachi Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 103,153Honeywell International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,251 2,029,207Roper Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,281 602,326Samsung C&T Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,363 286,178Siemens AG, Registered Shares . . . . . . . . . . . . . . . . . . . . . . . 1,863 295,804Sime Darby Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322,800 169,506Smiths Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 30,833Toshiba Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 34,561

4,252,321

Insurance — 2.1%Admiral Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323 14,054


June 30, 2021



Security

Shares Value

Insurance (continued)Aegon NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,857 $ 16,042Aflac, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,794 203,586Ageas SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332 18,450AIA Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,800 382,092Alleghany Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 79,381Allianz SE, Registered Shares . . . . . . . . . . . . . . . . . . . . . . . . . 1,267 316,188Allstate Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,660 216,530American Equity Investment Life Holding Co. . . . . . . . . . . . 2,098 67,807American Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 553 68,970American International Group, Inc. . . . . . . . . . . . . . . . . . . . . . 2,763 131,519American National Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 23 3,417Aon PLC, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,172 279,827Arch Capital Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,848 110,901Arthur J. Gallagher & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,190 166,695Assicurazioni Generali SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,630 32,725Assurant, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 386 60,286Athene Holding Ltd., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,392 93,960Aviva PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,988 50,458AXA SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,820 122,391Axis Capital Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 5,734Baloise Holding AG, Registered Shares . . . . . . . . . . . . . . . . 411 64,173BB Seguridade Participacoes SA . . . . . . . . . . . . . . . . . . . . . . 42,937 199,414Brighthouse Financial, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 108 4,918Brown & Brown, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,999 106,227Cathay Financial Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 211,000 407,956China Life Insurance Co. Ltd., Class H . . . . . . . . . . . . . . . . . 164,000 325,149Cincinnati Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 717 83,617Citizens, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,956 20,927Crawford & Co., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,214 210,551Dai-ichi Life Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,900 53,358Donegal Group, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 7,311 106,521eHealth, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,361 196,282Enstar Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 29,148Erie Indemnity Co., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 377 72,893Everest Re Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 85,431FedNat Holding Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,457 18,497Fidelity National Financial, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 881 38,288First American Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 218 13,592Genworth Financial, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . 20,040 78,156Globe Life, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543 51,721Hannover Rueck SE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 54,408Hanover Insurance Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 57 7,731Hartford Financial Services Group, Inc.. . . . . . . . . . . . . . . . . 2,166 134,227HDFC Life Insurance Co. Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . 56,746 524,535Heritage Insurance Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . 16,835 144,444Insurance Australia Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 3,299 12,755Investors Title Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307 53,611Japan Post Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 9,900 81,316Japan Post Insurance Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 700 12,952Kemper Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 7,316Legal & General Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,934 49,711Lemonade Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 1,860Lincoln National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 977 61,395Loews Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,981 108,262Markel Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 99,684Marsh & McLennan Cos., Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 10,443 1,469,121MetLife, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,360 2,235,996MS&AD Insurance Group Holdings, Inc. . . . . . . . . . . . . . . . . 2,300 66,498Muenchener Rueckversicherungs-Gesellschaft AG in

Muenchen, Registered Shares . . . . . . . . . . . . . . . . . . . . . . 444 121,683

Security

Shares Value

Insurance (continued)NN Group NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 815 $ 38,500Old Mutual Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339,788 321,228Old Republic International Corp. . . . . . . . . . . . . . . . . . . . . . . . 584 14,547PICC Property & Casualty Co. Ltd., Class H . . . . . . . . . . . . 113,000 98,844Ping An Insurance Group Co. of China Ltd., Class A . . . . 32,400 321,734Ping An Insurance Group Co. of China Ltd., Class H . . . . 110,000 1,075,294Porto Seguro SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,375 176,037Primerica, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 11,332Principal Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,423 89,919Progressive Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,368 1,312,871Prudential Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,967 201,559Prudential PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,338 120,585QBE Insurance Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,340 18,883Reinsurance Group of America, Inc.. . . . . . . . . . . . . . . . . . . . 625 71,250RenaissanceRe Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 422 62,802Sampo OYJ, A Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,899 87,325Samsung Fire & Marine Insurance Co. Ltd. . . . . . . . . . . . . . 773 151,401Sanlam Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,150 271,395SBI Life Insurance Co. Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 15,500 210,509SCOR SE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223 7,099Selectquote, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,085 78,677Sompo Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 40,742Suncorp Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,184 26,508Swiss Life Holding AG, Registered Shares . . . . . . . . . . . . . 179 87,075Swiss Re AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,253 113,174T&D Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 7,786Tokio Marine Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 110,545Travelers Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,932 1,337,210Trean Insurance Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 5,265 79,396Trupanion, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,386 735,029Tryg A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,346 57,624United Insurance Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . 7,811 44,523Universal Insurance Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . 1,573 21,833Unum Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 381 10,820W.R. Berkley Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,197 89,093White Mountains Insurance Group Ltd. . . . . . . . . . . . . . . . . . 3 3,444Willis Towers Watson PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,340 308,227Zurich Insurance Group AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . 607 243,811

17,913,968

Interactive Media & Services — 4.3%Alphabet, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,176 7,755,125Alphabet, Inc., Class C(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,336 5,854,764Auto Trader Group PLC(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,234 10,807Baidu, Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,055 1,642,414Baidu, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,300 264,195Bumble Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,573 205,805Cargurus, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700 70,821Cars.com, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,250 75,232Eventbrite, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,650 88,350EverQuote, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,789 58,465Facebook, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,198 5,979,917fuboTV, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,901 382,141IAC/InterActiveCorp(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298 45,943Kakao Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,981 1,011,146Kuaishou Technology(a)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,100 128,261Match Group, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 921 148,511NAVER Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,777 1,401,525Pinterest, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,688 133,268Snap, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 819 55,807Tencent Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,900 10,608,709


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Security

Shares Value

Interactive Media & Services (continued)TripAdvisor, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 $ 7,617TrueCar, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,229 57,794Twitter, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,542 794,205Vimeo, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,315 113,435Yandex NV, Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,163 82,282Yelp, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,440 297,302Z Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,900 24,522Zillow Group, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 202 24,751Zillow Group, Inc., Class C(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 613 74,921

37,398,035

Internet & Direct Marketing Retail — 3.8%1-800-Flowers.com, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . 8,492 270,640Alibaba Group Holding Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 17,300 490,521Alibaba Group Holding Ltd., ADR(a) . . . . . . . . . . . . . . . . . . . . 42,170 9,563,313Allegro.eu SA(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,799 134,217Amazon.com, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,190 10,974,110Chewy, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335 26,703Delivery Hero SE(a)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 665 87,864eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,343 304,922Etsy, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,696 349,105HelloFresh SE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 605 58,811JD.com, Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,154 2,087,351Just Eat Takeaway.com NV(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . 576 53,271Lands’ End, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,048 166,170Meituan, Class B(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,800 3,126,837MercadoLibre, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 199,397Naspers Ltd., N Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,362 2,184,795Ocado Group PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 5,043Overstock.com, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,763 439,149Pinduoduo, Inc., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,149 1,162,106Prosus NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,419 139,016Qurate Retail, Inc., Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . 624 8,168Rakuten Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 27,099RealReal, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,332 125,120Shutterstock, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,935 189,959Stamps.com, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,666 333,683Stitch Fix, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,765 347,629Vipshop Holdings Ltd., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . 15,178 304,774Wayfair, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436 137,650Zalando SE(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483 58,414

33,355,837

IT Services — 3.3%Accenture PLC, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,856 2,905,450Adyen NV(a)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 154,497Afterpay Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354 31,421Akamai Technologies, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 751 87,567Alliance Data Systems Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 81 8,439Amadeus IT Group SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,224 86,288Amdocs Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 24,755Atos SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,855 112,956Automatic Data Processing, Inc. . . . . . . . . . . . . . . . . . . . . . . . 6,692 1,329,165BigCommerce Holdings, Inc., Series-1(a) . . . . . . . . . . . . . . . 1,792 116,337Broadridge Financial Solutions, Inc. . . . . . . . . . . . . . . . . . . . . 425 68,650Capgemini SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 637 122,504Cielo SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203,930 149,243Cognizant Technology Solutions Corp., Class A. . . . . . . . . 2,472 171,211Computershare Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,641 122,192Concentrix Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 12,703Conduent, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,922 269,415

Security

Shares Value

IT Services (continued)CSG Systems International, Inc. . . . . . . . . . . . . . . . . . . . . . . . 5,973 $ 281,806DXC Technology Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 607 23,637Edenred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 22,807EPAM Systems, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 175,770Euronet Worldwide, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 15,430Fastly, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 10,847Fidelity National Information Services, Inc. . . . . . . . . . . . . . 10,465 1,482,576Fiserv, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,975 1,066,228FleetCor Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 410 104,985Fujitsu Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 18,710Gartner, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312 75,566Genpact Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 574 26,077Global Payments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,084 203,293Globant SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 25,863GoDaddy, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 971 84,438HCL Technologies Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,241 135,504Infosys Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,507 1,618,505Infosys Ltd., ADR(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,490 497,753International Business Machines Corp. . . . . . . . . . . . . . . . . . 3,724 545,901International Money Express, Inc.(a) . . . . . . . . . . . . . . . . . . . . 1,834 27,235Jack Henry & Associates, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 181 29,595Limelight Networks, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,507 55,147LiveRamp Holdings, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 5,553 260,158Marathon Digital Holdings, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . 5,748 180,315Mastercard, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,252 3,012,723MAXIMUS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,036 794,897MongoDB, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289 104,479NTT Data Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 37,466Okta, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 876 214,340Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 693 74,359Paymentus Holdings, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . 6,302 223,721PayPal Holdings, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,553 3,367,468Sabre Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 527 6,577Samsung SDS Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 629 103,305Snowflake, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 212 51,262Square, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,329 324,010StoneCo Ltd., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 617 41,376Tata Consultancy Services Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 39,443 1,777,520Tech Mahindra Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,425 419,431Twilio, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,278 503,736Unisys Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,125 53,784VeriSign, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 476 108,380Verra Mobility Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,161 110,065Visa, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,272 4,038,539Western Union Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,335 76,605WEX, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 20,359Wipro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,910 87,407Wix.com Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 71,699Worldline SA(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,547 144,961

28,509,408

Leisure Products — 0.1%Bandai Namco Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 300 20,763Brunswick Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 17,732Callaway Golf Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,275 144,196Giant Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 182,868Hasbro, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 13,894Johnson Outdoors, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . 192 23,232Malibu Boats, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,058 224,243Mattel, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 726 14,593Peloton Interactive, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . 635 78,753


June 30, 2021



Security

Shares Value

Leisure Products (continued)Polaris, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 $ 17,531Shimano, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 71,377Yamaha Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 27,144YETI Holdings, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,906 358,649

1,194,975

Life Sciences Tools & Services — 1.1%Adaptive Biotechnologies Corp.(a) . . . . . . . . . . . . . . . . . . . . . . 115 4,699Agilent Technologies, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,632 536,846Akoya Biosciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,265 43,805Avantor, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,439 51,099Berkeley Lights, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,967 132,951Bionano Genomics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,416 142,319Bio-Rad Laboratories, Inc., Class A(a) . . . . . . . . . . . . . . . . . . 204 131,435Bio-Techne Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 9,906Bruker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,948 451,929Codexis, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,823 245,249Genscript Biotech Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000 113,410Hangzhou Tigermed Consulting Co. Ltd., Class H(c). . . . . 9,900 232,026Illumina, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358 169,409IQVIA Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335 81,177Joinn Laboratories China Co. Ltd., Class H(c) . . . . . . . . . . . 8,260 132,701Lonza Group AG, Registered Shares. . . . . . . . . . . . . . . . . . . 150 106,344Luminex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,356 86,701Maccura Biotechnology Co. Ltd., Class A. . . . . . . . . . . . . . . 10,900 70,857Maravai LifeSciences Holdings, Inc., Class A(a) . . . . . . . . . 275 11,476Medpace Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,808 672,607Mettler-Toledo International, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 35 48,487NanoString Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 6,337 410,574NeoGenomics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,951 720,507Pacific Biosciences of California, Inc.(a). . . . . . . . . . . . . . . . . 12,627 441,566PerkinElmer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 9,882Personalis, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,506 164,602Pharmaron Beijing Co. Ltd., Class H(c) . . . . . . . . . . . . . . . . . 6,000 159,756PPD, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,330 199,570PRA Health Sciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 202 33,372QIAGEN NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 707 34,175QIAGEN NV(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 688 33,286Repligen Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248 49,506Seer, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,606 52,645Singular Genomics Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . 863 23,715Syneos Health, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 737 65,954Thermo Fisher Scientific, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,759 1,391,833Waters Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 16,244WuXi AppTec Co. Ltd., Class H(c) . . . . . . . . . . . . . . . . . . . . . . 36,848 860,090Wuxi Biologics Cayman, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . 92,500 1,693,701

9,836,411

Machinery — 1.9%AGCO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 18,514Airtac International Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000 346,679Alfa Laval AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 546 19,298Allison Transmission Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . 182 7,233Alstom SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204 10,307Altra Industrial Motion Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,430 743,179Ashok Leyland Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,312 76,566Atlas Copco AB, A Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,105 129,265Atlas Copco AB, B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,676 88,269Caterpillar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,343 1,380,427Chart Industries, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,010 294,103CNH Industrial NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,887 47,889

Security

Shares Value

Machinery (continued)Colfax Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171 $ 7,834Crane Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 6,558Daifuku Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 54,437Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,055 1,430,239Donaldson Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277 17,598Doosan Bobcat, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,358 271,223Dover Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 659 99,245Epiroc AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,259 24,717FANUC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 167,858Federal Signal Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,778 71,529Flowserve Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224 9,032Fortive Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,207 84,176Franklin Electric Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,738 1,188,178Gates Industrial Corp. PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 8,525 154,047GEA Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387 15,681Gencor Industries, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,434 66,077Graco, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419 31,718Harmonic Drive Systems, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 900 49,463Hillenbrand, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,195 228,996Hiwin Technologies Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 141,596Hoshizaki Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 25,486Hurco Cos., Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,217 42,595Hyliion Holdings Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,476 28,845Hyundai Construction Equipment Co. Ltd.(a) . . . . . . . . . . . . 3,570 175,655Hyundai Elevator Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,320 156,508IDEX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 499 109,805Illinois Tool Works, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,465 327,515Ingersoll Rand, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,685 82,245Iochpe Maxion SA(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,564 69,498ITT, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 17,402John Bean Technologies Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 4,479 638,795Kennametal, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,136 364,085Knorr-Bremse AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 368 42,341Komatsu Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,900 146,164Kone OYJ, Class B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 16,731Kubota Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,800 137,562Lincoln Electric Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 118 15,542Lydall, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 596 36,070Makita Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,100 145,970Manitowoc Co., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,089 296,180Mayville Engineering Co., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 2,301 46,273Meritor, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,416 150,263Middleby Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 22,351Mitsubishi Heavy Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1,500 44,283NGK Insulators Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,500 92,564Nikola Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,845 195,861Nordson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294 64,536NSK Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 10,996Oshkosh Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,789 347,621Otis Worldwide Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,360 1,501,297Parker-Hannifin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427 131,136Pentair PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341 23,014Proto Labs, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,740 159,732Rational AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 34,427Rexnord Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,197 159,978Sandvik AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,993 76,530Schindler Holding AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 6,121Schindler Holding AG, Registered Shares . . . . . . . . . . . . . . 277 81,055Shenzhen Inovance Technology Co. Ltd., Class A . . . . . . 17,800 203,923Sinotruk Hong Kong Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,500 95,363


June 30, 2021



Security

Shares Value

Machinery (continued)SKF AB, B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,012 $ 51,282SMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 177,478Snap-on, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 33,291Spirax-Sarco Engineering PLC. . . . . . . . . . . . . . . . . . . . . . . . . 283 53,302SPX FLOW, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,420 92,641Stanley Black & Decker, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 612 125,454Techtronic Industries Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000 156,843Thermax Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,295 85,880THK Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 29,843Timken Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 8,784Toro Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268 29,448Trinity Industries, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 1,022Volvo AB, A Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,349 33,482Volvo AB, B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,650 160,261Wabash National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 953 15,248Wartsila OYJ Abp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 22,286Watts Water Technologies, Inc., Class A. . . . . . . . . . . . . . . . 902 131,611Welbilt, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,619 199,530Woodward, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 14,008Xylem, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,787 214,369Yaskawa Electric Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 29,301Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A . . 43,500 161,095Zhengzhou Yutong Bus Co. Ltd., Class A. . . . . . . . . . . . . . . 30,100 58,063Zoomlion Heavy Industry Science and Technology Co.

Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,200 210,044Zoomlion Heavy Industry Science and Technology Co.

Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,600 422,455

16,121,270

Marine — 0.2%AP Moeller - Maersk A/S, Class A . . . . . . . . . . . . . . . . . . . . . . 13 36,161AP Moeller - Maersk A/S, Class B . . . . . . . . . . . . . . . . . . . . . . 11 31,668COSCO SHIPPING Holdings Co. Ltd., Class H(a) . . . . . . . 107,000 268,877Evergreen Marine Corp. Taiwan Ltd.(a) . . . . . . . . . . . . . . . . . 92,000 649,838Kirby Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 4,548Kuehne + Nagel International AG, Registered Shares . . . 505 172,841Yang Ming Marine Transport Corp.(a) . . . . . . . . . . . . . . . . . . . 25,000 163,644

1,327,577

Media — 0.7%Cable One, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 30,605Cardlytics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,333 549,988Charter Communications, Inc., Class A(a) . . . . . . . . . . . . . . . 432 311,666Comcast Corp., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,478 2,022,956ComScore, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,300 66,500Cumulus Media, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . 3,764 55,143Dentsu Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 7,176Discovery, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,154 372,885Discovery, Inc., Class C(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,141 62,046Emerald Holding, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,770 41,880Entravision Communications Corp., Class A . . . . . . . . . . . . 18,562 123,994EW Scripps Co., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,978 101,501Fox Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,016 111,984Fox Corp., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397 13,974Gannett Co., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,039 44,134Grupo Televisa SAB, Series CPO . . . . . . . . . . . . . . . . . . . . . . 55,432 158,560iHeartMedia, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 8,059 217,029Informa PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,081 35,312Interpublic Group of Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 487 15,823John Wiley & Sons, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . 8 481Liberty Broadband Corp., Class A(a) . . . . . . . . . . . . . . . . . . . . 101 16,985

Security

Shares Value

Media (continued)Liberty Broadband Corp., Class C(a). . . . . . . . . . . . . . . . . . . . 411 $ 71,374Liberty Media Corp. - Liberty SiriusXM, Class A(a) . . . . . . . 289 13,462Liberty Media Corp. - Liberty SiriusXM, Class C(a). . . . . . . 628 29,133Magnite, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,065 239,080McClatchy Co., Class A(a)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,156 —Meredith Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 703 30,538MultiChoice Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,553 53,847National CineMedia, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,432 68,100New York Times Co., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . 368 16,026News Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 20,616News Corp., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371 9,034Nexstar Media Group, Inc., Class A . . . . . . . . . . . . . . . . . . . . 85 12,570Omnicom Group, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 488 39,035Pearson PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,443 28,133Publicis Groupe SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234 14,975Sinclair Broadcast Group, Inc., Class A. . . . . . . . . . . . . . . . . 10,563 350,903Sirius XM Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,825 495,895TEGNA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,229 229,416Townsquare Media, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . 5,405 68,914ViacomCBS, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 612 29,651ViacomCBS, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,521 68,749WPP PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,535 34,268

6,284,341

Metals & Mining — 1.6%Alrosa AO(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,543 433,036Aneka Tambang Tbk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 451,400 71,808Angang Steel Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . 458,000 289,960Anglo American Platinum Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 1,366 157,764AngloGold Ashanti Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,029 260,400Antofagasta PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,613 51,962ArcelorMittal SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,941 90,545Baoshan Iron & Steel Co. Ltd., Class A. . . . . . . . . . . . . . . . . 86,560 102,203BlueScope Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,018 16,728Boliden AB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,530 135,833China Hongqiao Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,500 77,908China Molybdenum Co. Ltd., Class H . . . . . . . . . . . . . . . . . . 249,000 147,548China Steel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383,000 543,919Cia Siderurgica Nacional SA. . . . . . . . . . . . . . . . . . . . . . . . . . . 16,350 144,605Cleveland-Cliffs, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,763 232,050Commercial Metals Co.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,441 566,508Constellium SE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,523 47,811Evraz PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,158 17,705Fortescue Metals Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,513 26,430Glencore PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,429 66,223Gold Fields Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,159 268,947Hecla Mining Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,726 161,641Hindalco Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,687 344,788Hitachi Metals Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,300 43,953Hochschild Mining PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,450 111,439Hunan Valin Steel Co. Ltd., Class A . . . . . . . . . . . . . . . . . . . . 152,000 155,012Impala Platinum Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 16,829 276,795Industrias Penoles SAB de CV(a). . . . . . . . . . . . . . . . . . . . . . . 12,192 168,293JSW Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,668 135,289Korea Zinc Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 52,919Materion Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,121 310,517MMC Norilsk Nickel PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,510 511,821MMC Norilsk Nickel PJSC, ADR . . . . . . . . . . . . . . . . . . . . . . . 1,416 48,313MP Materials Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,021 74,494Newmont Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,918 248,323Nippon Steel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 27,053


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Security

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Metals & Mining (continued)Northam Platinum Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,801 $ 102,734Novagold Resources, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,302 242,719Novolipetsk Steel PJSC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,368 130,084Nucor Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,601 153,584Olympic Steel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,046 89,522POSCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,158 975,979Press Metal Aluminium Holdings BHD. . . . . . . . . . . . . . . . . . 83,900 96,602Reliance Steel & Aluminum Co. . . . . . . . . . . . . . . . . . . . . . . . . 3,741 564,517Rio Tinto Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461 43,705Rio Tinto PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,240 184,996Royal Gold, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 23,961Ryerson Holding Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,872 158,731Saudi Arabian Mining Co.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,346 461,507Schnitzer Steel Industries, Inc., Class A . . . . . . . . . . . . . . . . 10,721 525,865Seah Besteel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,049 29,499Severstal PAO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,550 119,157Severstal PJSC, GDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,679 315,598Southern Copper Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,199 141,440Steel Dynamics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,108 66,037TA Chen Stainless Pipe. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,000 130,127Tung Ho Steel Enterprise Corp. . . . . . . . . . . . . . . . . . . . . . . . . 46,000 86,660United States Steel Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,035 384,840Vale SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,823 1,589,822voestalpine AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,233 50,293Worthington Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,205 624,342Zhejiang Huayou Cobalt Co. Ltd., Class A . . . . . . . . . . . . . . 8,800 154,786Zijin Mining Group Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . 86,000 115,402

13,983,052

Mortgage Real Estate Investment Trusts (REITs) — 0.2%AFC Gamma, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 943 19,473AGNC Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,897 32,040Annaly Capital Management, Inc. . . . . . . . . . . . . . . . . . . . . . . 6,017 53,431Arbor Realty Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,677 457,564Blackstone Mortgage Trust, Inc., Class A(b) . . . . . . . . . . . . . 14,530 463,362Ellington Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,425 448,589Granite Point Mortgage Trust, Inc. . . . . . . . . . . . . . . . . . . . . . 1,427 21,048New Residential Investment Corp. . . . . . . . . . . . . . . . . . . . . . 695 7,360Starwood Property Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 555 14,524

1,517,391

Multi-line Retail — 0.4%Big Lots, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,789 184,102Dollar General Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,374 297,320Dollar Tree, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,552 154,424Franchise Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,980 140,375Kohl’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 20,501Nordstrom, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,246 45,566Ollie’s Bargain Outlet Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . 99 8,329Pan Pacific International Holdings Corp.. . . . . . . . . . . . . . . . 500 10,397Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,523 2,543,830Wesfarmers Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 688 30,501

3,435,345

Multi-Utilities — 0.5%CenterPoint Energy, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,709 90,945Consolidated Edison, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,515 1,686,496DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,380 697,248E.ON SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,610 169,033Engie SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,932 136,193MDU Resources Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 12,223National Grid PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,739 225,634

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Multi-Utilities (continued)NorthWestern Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,815 $ 952,379Public Service Enterprise Group, Inc. . . . . . . . . . . . . . . . . . . 6,656 397,629Sempra Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,747 231,443Suez SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,432 57,861Veolia Environnement SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,938 88,818

4,745,902

Oil, Gas & Consumable Fuels — 3.1%Antero Midstream Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,295 221,255Antero Resources Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,837 388,330APA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 874 18,905Ardmore Shipping Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,146 55,476BP PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,799 240,315Brigham Minerals, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . 11,525 245,367Cabot Oil & Gas Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,262 22,035Callon Petroleum Co.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 69,228Centennial Resource Development, Inc., Class A(a) . . . . . 10,846 73,536Cheniere Energy, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,140 185,624Chesapeake Energy Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . 6,466 335,715Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,064 1,996,763China Petroleum & Chemical Corp., ADR(b). . . . . . . . . . . . . 4,125 210,416China Petroleum & Chemical Corp., Class A. . . . . . . . . . . . 286,594 193,280China Petroleum & Chemical Corp., Class H . . . . . . . . . . . 514,000 261,245Cimarex Energy Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206 14,925Clean Energy Fuels Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,848 171,007CNX Resources Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,621 268,023ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,685 407,116Continental Resources, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . 950 36,129CVR Energy, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,801 50,306Delek US Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,568 336,580Denbury, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 636 48,832Devon Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,327 243,065Diamondback Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 451 42,344ENEOS Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,200 42,746Energy Fuels, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,152 37,220Eni SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,112 86,706EOG Resources, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,254 855,594EQT Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,232 71,944Equitrans Midstream Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413 3,515Evolution Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,873 123,370Extraction Oil & Gas, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,105 170,496Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,299 1,154,301Falcon Minerals Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,200 77,216Formosa Petrochemical Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 36,000 137,604Galp Energia SGPS SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,631 17,733Gazprom PJSC, ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,194 70,184Gevo, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,364 24,456Golar LNG Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,491 19,756Green Plains, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,145 172,975Gulfport Energy Operating Corp.(a) . . . . . . . . . . . . . . . . . . . . . 2,258 146,093Hess Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,413 996,583HollyFrontier Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283 9,311Idemitsu Kosan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 2,416Indian Oil Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,811 68,058Inpex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 35,925Kinder Morgan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,520 1,103,280Koninklijke Vopak NV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 7,910Kosmos Energy Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,864 37,589LUKOIL PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,879 636,447LUKOIL PJSC, ADR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,744 1,461,238Lundin Energy AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 762 27,015


June 30, 2021



Security

Shares Value

Oil, Gas & Consumable Fuels (continued)Magnolia Oil & Gas Corp., Class A(a) . . . . . . . . . . . . . . . . . . . 10,020 $ 156,613Marathon Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,922 26,178Marathon Petroleum Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,003 302,281Matador Resources Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,933 177,637MOL Hungarian Oil & Gas PLC(a) . . . . . . . . . . . . . . . . . . . . . . 61,057 485,838Murphy Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,290 76,591Neste OYJ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,473 90,357Northern Oil and Gas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,461 71,885Novatek PJSC, GDR, Registered Shares. . . . . . . . . . . . . . . 2,140 469,589Oasis Petroleum, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 755 75,915Occidental Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,697 178,145Occidental Petroleum Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 365 5,077Oil Search Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,294 17,981OMV AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329 18,775ONEOK, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,699 205,812Ovintiv, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,580 553,243Par Pacific Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,535 109,919PBF Energy, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 16,035 245,336PDC Energy, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,226 193,509Penn Virginia Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,191 51,730PetroChina Co. Ltd., ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,715 182,146PetroChina Co. Ltd., Class H . . . . . . . . . . . . . . . . . . . . . . . . . . 750,000 367,282Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,910 1,622,856Pioneer Natural Resources Co. . . . . . . . . . . . . . . . . . . . . . . . . 1,029 167,233Polski Koncern Naftowy ORLEN SA. . . . . . . . . . . . . . . . . . . . 13,549 273,167PTT Exploration & Production PCL, NVDR . . . . . . . . . . . . . 58,200 212,960PTT PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207,900 255,127Reliance Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,024 1,479,373Repsol SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,269 53,630REX American Resources Corp.(a) . . . . . . . . . . . . . . . . . . . . . 520 46,894SandRidge Energy, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,103 32,047Santos Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,258 11,993Saudi Arabian Oil Co.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,035 84,554Scorpio Tankers, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,700 191,835SK Innovation Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,783 729,726SM Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,807 192,286S-Oil Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,352 760,542Southwestern Energy Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,962 141,535Talos Energy, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,584 134,254Targa Resources Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 692 30,759Tatneft PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,528 229,340Tellurian, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,796 115,301TotalEnergies SE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,787 307,463Ultrapar Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,164 240,936Valero Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,410 578,573Vertex Energy, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,657 101,302W&T Offshore, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,492 201,236Williams Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,333 274,341Woodside Petroleum Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,383 56,333World Fuel Services Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,726 308,606YPF SA, ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,482 91,176

26,720,715

Paper & Forest Products — 0.1%Domtar Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,021 111,074Louisiana-Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,302 560,818Mondi PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,470 38,703Shandong Sun Paper Industry JSC Ltd., Class A . . . . . . . 126,262 260,480Stora Enso OYJ, B Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,793 69,264

Security

Shares Value

Paper & Forest Products (continued)Svenska Cellulosa AB SCA, Class B . . . . . . . . . . . . . . . . . . . 2,070 $ 33,952UPM-Kymmene OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,574 59,588

1,133,879

Personal Products — 0.5%Amorepacific Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,245 184,528Colgate-Palmolive India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,646 514,027Coty, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 878Dabur India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,400 577,320Emami Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,354 100,759Estee Lauder Cos., Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . 2,141 681,009Herbalife Nutrition Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,051 319,069LG Household & Health Care Ltd. . . . . . . . . . . . . . . . . . . . . . . 339 530,407L’Oreal SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510 227,763Marico Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,867 413,432Medifast, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240 67,915Natural Health Trends Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 21Nature’s Sunshine Products, Inc. . . . . . . . . . . . . . . . . . . . . . . 993 17,248Nu Skin Enterprises, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . 30 1,700Shiseido Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 14,752Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,860 400,854USANA Health Sciences, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 434 44,455

4,096,137

Pharmaceuticals — 2.0%Aclaris Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,195 108,784Amneal Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 9 46Amphastar Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . 17,284 348,445Arvinas, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,178 167,706Astellas Pharma, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 69,707AstraZeneca PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,140 377,253Atea Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,866 40,082Axsome Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 2,213 149,289BioDelivery Sciences International, Inc.(a)(b) . . . . . . . . . . . . 19,969 71,489Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,974 1,936,043CanSino Biologics, Inc., Class H(a)(c) . . . . . . . . . . . . . . . . . . . 3,200 169,965Cassava Sciences, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,703 145,504Catalent, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 22,705China Resources Pharmaceutical Group Ltd.(c) . . . . . . . . . 384,000 239,139Chugai Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 1,800 71,346Citius Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 5,885 20,480Collegium Pharmaceutical, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 5,615 132,739CSPC Pharmaceutical Group Ltd.. . . . . . . . . . . . . . . . . . . . . . 431,520 623,310Cymabay Therapeutics, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 5,003 21,813Daiichi Sankyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300 92,764Eisai Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 58,966Elanco Animal Health, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 636 22,063Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,334 535,700Endo International PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,135 70,832GlaxoSmithKline PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,411 243,989Harmony Biosciences Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . 2,401 67,780Intra-Cellular Therapies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 1,484 60,577Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,869 5,085,359Kala Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 2,505 13,277KemPharm, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,414 18,128Lannett Co., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,376 43,786Luye Pharma Group Ltd.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . 228,500 150,174Merck & Co., Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,651 595,018Merck KGaA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434 83,274Mind Medicine MindMed, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 15,081 52,029Nektar Therapeutics(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 4,136Novan, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,392 24,064


June 30, 2021



Security

Shares Value

Pharmaceuticals (continued)Novartis AG, Registered Shares . . . . . . . . . . . . . . . . . . . . . . . 6,057 $ 552,559Novo Nordisk A/S, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,425 370,411Ono Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 400 8,920Optinose, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,371 13,594Oramed Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 2,439 32,634Organon & Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 551 16,673Otsuka Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 24,913Perrigo Co. PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,940 134,799Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,740 1,086,298Phathom Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 1,525 51,621Provention Bio, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,579 21,741Reata Pharmaceuticals, Inc., Class A(a) . . . . . . . . . . . . . . . . 1,740 246,262Relmada Therapeutics, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . 2,081 66,613Revance Therapeutics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,370 99,887Roche Holding AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,027 769,912Royalty Pharma PLC, Class A . . . . . . . . . . . . . . . . . . . . . . . . . 778 31,890Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,377 249,734Shionogi & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 20,846Sino Biopharmaceutical Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 502,000 491,825Supernus Pharmaceuticals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 4,710 145,021Takeda Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 4,200 140,954Teva Pharmaceutical Industries Ltd., ADR(a) . . . . . . . . . . . . 817 8,088TherapeuticsMD, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,248 44,325Theravance Biopharma, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 4,402 63,917UCB SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 27,544Viatris, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,159 30,852Vifor Pharma AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 10,106Xeris Pharmaceuticals, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 14,566 59,284YiChang HEC ChangJiang Pharmaceutical Co. Ltd.(c). . . 110,200 121,556Zoetis, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,238 230,714Zogenix, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,486 233,038

17,344,292

Professional Services — 0.7%Adecco Group AG, Registered Shares . . . . . . . . . . . . . . . . . 2,792 189,972ASGN, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,602 543,002Booz Allen Hamilton Holding Corp. . . . . . . . . . . . . . . . . . . . . . 1,177 100,257CACI International, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . 48 12,246Clarivate PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,444 67,283CoStar Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,700 306,434Dun & Bradstreet Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 95 2,030Equifax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,097 262,742Experian PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,407 170,151Franklin Covey Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,812 188,018FTI Consulting, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 7,650Heidrick & Struggles International, Inc. . . . . . . . . . . . . . . . . . 5,576 248,411IHS Markit Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,594 517,560Insperity, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,849 709,314Intertek Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 815 62,375KBR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,832 69,891Kelly Services, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . 7,169 171,841Kforce, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,796 490,602ManpowerGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 13,794Mistras Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,359 52,679Nielsen Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 837 20,649Persol Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 13,823Randstad NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733 56,192Recruit Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,100 201,059RELX PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,853 234,752Robert Half International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,766 157,121Science Applications International Corp.. . . . . . . . . . . . . . . . 107 9,387Teleperformance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 31,269

Security

Shares Value

Professional Services (continued)TransUnion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,076 $ 118,156TriNet Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,462 468,366Upwork, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,370 487,887Verisk Analytics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,515 264,701Wolters Kluwer NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,716 272,995

6,522,609

Real Estate Management & Development — 1.0%Agile Group Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000 67,389Aldar Properties PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,096 85,410Altisource Portfolio Solutions SA(a) . . . . . . . . . . . . . . . . . . . . . 4,614 41,018Aroundtown SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,445 26,879CapitaLand Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,200 41,986CBRE Group, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 13,251 1,136,008China Aoyuan Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,000 52,362China Overseas Land & Investment Ltd.. . . . . . . . . . . . . . . . 86,000 195,016China Overseas Property Holdings Ltd. . . . . . . . . . . . . . . . . 70,000 74,830China Resources Land Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 323,104CIFI Holdings Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 86,000 67,082City Developments Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600 19,550CK Asset Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 41,298Country Garden Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . 96,000 107,450Cushman & Wakefield PLC(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 12,526 218,829Daito Trust Construction Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . 100 10,910Daiwa House Industry Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 1,800 54,123Deutsche Wohnen SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 839 51,337Emaar Properties PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,788 107,659ESR Cayman Ltd.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 10,115eXp World Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,888 73,198Fastighets AB Balder, B Shares(a) . . . . . . . . . . . . . . . . . . . . . . 162 10,155Forestar Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797 16,665FRP Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 4,844Hang Lung Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 9,701Henderson Land Development Co. Ltd. . . . . . . . . . . . . . . . . 9,000 42,590Hongkong Land Holdings Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . 3,100 14,764Howard Hughes Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 4,581Jinke Properties Group Co. Ltd., Class A . . . . . . . . . . . . . . . 75,500 67,619Jinke Smart Services Group Co. Ltd., Class H . . . . . . . . . . 7,300 68,467Jones Lang LaSalle, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 24,237KE Holdings, Inc., ADR(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,867 375,099Kennedy-Wilson Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 29,804 592,205KWG Group Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,000 81,581LEG Immobilien SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 27,928Lendlease Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 729 6,264Longfor Group Holdings Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . 21,500 119,758Marcus & Millichap, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,414 793,492Mitsubishi Estate Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,700 59,805Mitsui Fudosan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 57,809NEPI Rockcastle PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,009 226,887New World Development Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 5,000 25,930Newmark Group, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . 29,351 352,506RE/MAX Holdings, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . 7,378 245,909Realogy Holdings Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,266 351,027Redfin Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,703 298,217RMR Group, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,200 239,568Shimao Group Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,500 204,550Sino Land Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 6,306St. Joe Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,799 80,253Sumitomo Realty & Development Co. Ltd. . . . . . . . . . . . . . . 900 32,188Sun Hung Kai Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 66,879Sunac China Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 857,260Swire Pacific Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 10,163


June 30, 2021



Security

Shares Value

Real Estate Management & Development (continued)Swire Properties Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 $ 8,936Swiss Prime Site AG, Registered Shares . . . . . . . . . . . . . . . 727 72,153UOL Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 10,877Vonovia SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,899 122,724Wharf Real Estate Investment Co. Ltd. . . . . . . . . . . . . . . . . . 5,000 29,065

8,424,515

Road & Rail — 0.7%ArcBest Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,190 127,436Avis Budget Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 688 53,588Central Japan Railway Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 45,585CJ Logistics Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,017 159,708Container Corp. Of India Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 18,007 169,491Covenant Logistics Group, Inc., Class A(a) . . . . . . . . . . . . . . 5,244 108,446CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,707 247,241East Japan Railway Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 35,657Hankyu Hanshin Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 300 9,260JB Hunt Transport Services, Inc.(b) . . . . . . . . . . . . . . . . . . . . . 68 11,081Kansas City Southern . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 353 100,030Kintetsu Group Holdings Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . 300 10,545Knight-Swift Transportation Holdings, Inc. . . . . . . . . . . . . . . 505 22,957Landstar System, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,163 341,797Localiza Rent a Car SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,614 303,851Lyft, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,760 106,445Marten Transport Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,986 32,749MTR Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,500 108,576Norfolk Southern Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908 240,992Old Dominion Freight Line, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 165 41,877Rumo SA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,014 61,657Ryder System, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,991 891,291Schneider National, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . 17,474 380,409Uber Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,059 303,677Union Pacific Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,389 525,413United International Transportation Co. . . . . . . . . . . . . . . . . . 4,922 59,240Werner Enterprises, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,259 1,213,571West Japan Railway Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 11,429

5,723,999

Semiconductors & Semiconductor Equipment — 4.6%Advanced Micro Devices, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . 14,658 1,376,826Alpha & Omega Semiconductor Ltd.(a) . . . . . . . . . . . . . . . . . 840 25,528Ambarella, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,976 317,331Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354 60,945Applied Materials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,147 1,160,133ASML Holding NV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,034 713,790ASPEED Technology, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 72,140Broadcom, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 993 473,502Brooks Automation, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,144 394,840ChipMOS Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,000 181,005Cirrus Logic, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 8,597CMC Materials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,325 350,470Cree, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 27,910Disco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 60,810Entegris, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432 53,123Everlight Electronics Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 32,000 60,489Faraday Technology Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,000 289,279First Solar, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212 19,188Gigadevice Semiconductor Beijing, Inc., Class A. . . . . . . . 6,340 183,898Ichor Holdings Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,224 334,851Infineon Technologies AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 513 20,635Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,684 3,013,820

Security

Shares Value

Semiconductors & Semiconductor Equipment (continued)Kinsus Interconnect Technology Corp.. . . . . . . . . . . . . . . . . . 44,000 $ 212,936KLA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382 123,848Lam Research Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950 618,165Lasertec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 58,028Lattice Semiconductor Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . 17,527 984,667Macronix International Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . 128,000 209,662MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000 1,793,284Meta Materials, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,773 58,224Microchip Technology, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 20,365Micron Technology, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,835 155,938MKS Instruments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 23,667Nanya Technology Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,000 291,498Novatek Microelectronics Corp. . . . . . . . . . . . . . . . . . . . . . . . . 32,000 571,938NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,181 2,545,118ON Semiconductor Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . 975 37,323Parade Technologies Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 198,504Phison Electronics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000 189,502Power Integrations, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,748 964,041Qualcomm, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,686 2,670,790Realtek Semiconductor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 29,000 525,331Semtech Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,815 124,872Silicon Laboratories, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,494 1,914,705Sitronix Technology Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 112,144SK Hynix, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,850 1,450,361SMART Global Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 429 20,455STMicroelectronics NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,448 52,659SunPower Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,532 103,205Synaptics, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,781 432,668Taiwan Semiconductor Manufacturing Co. Ltd.. . . . . . . . . . 546,000 11,759,763Taiwan Semiconductor Manufacturing Co. Ltd., ADR . . . . 2,224 267,236Teradyne, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 766 102,613Texas Instruments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,339 257,490Tokyo Electron Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 216,192Ultra Clean Holdings, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,408 344,238United Microelectronics Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . 87,000 164,978Universal Display Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 23,122Visual Photonics Epitaxy Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . 92,000 442,045Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,779 257,315

39,498,000

Software — 5.6%8x8, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,671 129,667ACI Worldwide, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,476 611,919Adobe, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,878 4,028,032Alarm.com Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,885 159,659Alkami Technology, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 840 29,963Altair Engineering, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . 6,679 460,651Alteryx, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,473 298,747Anaplan, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329 17,536ANSYS, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 126,677Appfolio, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 651 91,921Appian Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,059 559,127Asana, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,213 199,302Aspen Technology, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 22,694Atlassian Corp. PLC, Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . 423 108,652Autodesk, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 975 284,602Avalara, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 34,625Avaya Holdings Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,221 113,545Bill.Com Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 34,804Black Knight, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357 27,839Blackline, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,566 619,329


June 30, 2021



Security

Shares Value

Software (continued)Bottomline Technologies DE, Inc.(a) . . . . . . . . . . . . . . . . . . . . 9,033 $ 334,944Box, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,234 568,079Cadence Design Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . 2,162 295,805CDK Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 12,224Cerence, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,813 300,175Ceridian HCM Holding, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 560 53,715Check Point Software Technologies Ltd.(a) . . . . . . . . . . . . . . 169 19,626Citrix Systems, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552 64,733Cloudera, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,577 215,331Cloudflare, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 35,880CommVault Systems, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,578 436,032Cornerstone OnDemand, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 3,484 179,705Coupa Software, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296 77,585Crowdstrike Holdings, Inc., Class A(a) . . . . . . . . . . . . . . . . . . 493 123,896Dassault Systemes SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 482 116,980Datadog, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517 53,809Digital Turbine, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,681 279,866DocuSign, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 611 170,817Dolby Laboratories, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . 125 12,286Domo, Inc., Class B(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,894 153,092Dropbox, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326 9,881Duck Creek Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 48 2,088Dynatrace, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,323 77,290Elastic NV(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 23,759Envestnet, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,160 315,578Everbridge, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 7,620Fair Isaac Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 57,808FireEye, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338 6,834Five9, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 28,059Fortinet, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393 93,609Guidewire Software, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 398 44,863HubSpot, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,487 866,505InterDigital, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,091 79,676Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,737 2,812,105j2 Global, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,176 436,859KnowBe4, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,486 46,467LivePerson, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,198 581,682Manhattan Associates, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 144 20,857Medallia, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 3,847Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,309 14,441,408MicroStrategy, Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . . 447 297,031Mimecast Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,717 568,537Model N, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,467 84,544Momentive Global, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,982 189,251Monday.com Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 52,096nCino Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 1,798New Relic, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 4,219NortonLifeLock, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,417 38,571Nuance Communications, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . 918 49,976Nutanix, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 381 14,562Olo, Inc., Class A(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,154 80,538Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,236 485,410PagerDuty, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,718 456,372Palantir Technologies, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . 1,885 49,689Paycom Software, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 57,065Paylocity Holding Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . 269 51,325Pegasystems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 9,743Ping Identity Holding Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 5,712 130,805Procore Technologies, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 1,385 131,506Progress Software Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,020 278,425

Security

Shares Value

Software (continued)Proofpoint, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 $ 23,110PROS Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,897 314,296PTC, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,320 751,503Rapid7, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,154 582,353RingCentral, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 632 183,647Riot Blockchain, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,212 120,996SailPoint Technologies Holding, Inc.(a). . . . . . . . . . . . . . . . . . 7,467 381,340salesforce.com, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,729 1,399,423SAP SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,820 396,096SentinelOne, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,345 227,162ServiceNow, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,440 1,340,902Shanghai Baosight Software Co. Ltd., Class A . . . . . . . . . . 16,770 131,858Sinch AB(a)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 910 15,313Slack Technologies, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . 3,089 136,843Smartsheet, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 904 65,377Splunk, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,264 905,649Sprout Social, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 4,392 392,733SS&C Technologies Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . 675 48,640Sumo Logic, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,355 48,631Synchronoss Technologies, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . 11,580 41,572Synopsys, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434 119,693Temenos AG, Registered Shares . . . . . . . . . . . . . . . . . . . . . . 216 34,727Tenable Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,906 450,963Teradata Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 8,695TOTVS SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,390 108,927Trade Desk, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,470 113,719Trend Micro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 31,418Tyler Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 16,285UiPath, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,335 158,617Unity Software, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331 36,354Varonis Systems, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,188 875,133Verint Systems, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,017 361,326VMware, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,849 775,695Workday, Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,519 1,556,346Workiva, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,694 188,593Yext, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,177 388,359Zendesk, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,656 527,707Zoom Video Communications, Inc., Class A(a) . . . . . . . . . . 625 241,894Zscaler, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313 67,627Zuora, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,783 168,757

48,190,408

Specialty Retail — 1.6%Aaron’s Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,745 119,803ABC-Mart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 17,255Advance Auto Parts, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 30,361American Eagle Outfitters, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 24,374 914,756Asbury Automotive Group, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . 759 130,070At Home Group, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,331 85,874AutoNation, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 9,671AutoZone, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 88,041Bed Bath & Beyond, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,067 235,260Best Buy Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 836 96,123Burlington Stores, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351 113,018Camping World Holdings, Inc., Class A(b) . . . . . . . . . . . . . . . 3,812 156,254CarMax, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 523 67,545Carvana Co.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 57,346China Yongda Automobiles Services Holdings Ltd. . . . . . . 82,500 147,651Conn’s, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,034 77,367Designer Brands, Inc., Class A(a)(b). . . . . . . . . . . . . . . . . . . . . 8,118 134,353Dick’s Sporting Goods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 11,321


June 30, 2021



Security

Shares Value

Specialty Retail (continued)Fast Retailing Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 $ 75,169Five Below, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 25,705Floor & Decor Holdings, Inc., Class A(a) . . . . . . . . . . . . . . . . 227 23,994Foot Locker, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 12,018Foschini Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,277 91,808Gap, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342 11,508Genesco, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 576 36,680Group 1 Automotive, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,899 447,693Guess?, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,797 153,041H & M Hennes & Mauritz AB, B Shares(a). . . . . . . . . . . . . . . 1,476 35,054Haverty Furniture Cos., Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,473 105,745Hibbett, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,033 182,218Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,651 2,120,937Home Product Center PCL, NVDR . . . . . . . . . . . . . . . . . . . . . 1,005,000 451,945Hotai Motor Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000 286,431Hotel Shilla Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,069 92,056Industria de Diseno Textil SA . . . . . . . . . . . . . . . . . . . . . . . . . . 2,799 98,824Jarir Marketing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,147 64,589L Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,532 182,456Lazydays Holdings, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 964 21,208Lithia Motors, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,181 749,479Lowe’s Cos., Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,288 1,413,653MarineMax, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,761 329,531Mr Price Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,921 205,227National Vision Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . 6,933 354,484Nitori Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 17,660ODP Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,452 69,710O’Reilly Automotive, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 98,521Penske Automotive Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 8 604Pepkor Holdings Ltd.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,764 39,138Rent-A-Center, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,390 339,117Ross Stores, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,812 224,688Sally Beauty Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,967 65,482Shift Technologies, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,044 26,118Signet Jewelers Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,758 384,399Sleep Number Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,502 275,095Sonic Automotive, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . 5,553 248,441Suning.com Co. Ltd., Class A(d) . . . . . . . . . . . . . . . . . . . . . . . . 83,500 72,165TJX Cos., Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,894 667,053Topsports International Holdings Ltd.(c) . . . . . . . . . . . . . . . . . 99,000 161,884Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 334,908Truworths International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,640 91,448Ulta Beauty, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 952 329,173Urban Outfitters, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,616 478,811Vroom Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 5,609Williams-Sonoma, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 32,090Zumiez, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434 21,262

14,046,898

Technology Hardware, Storage & Peripherals — 3.8%3D Systems Corp.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,273 330,672Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,689 16,803,485Asustek Computer, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000 240,012Brother Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 27,963Canon, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,300 74,586Corsair Gaming, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 837 27,864Dell Technologies, Inc., Class C(a). . . . . . . . . . . . . . . . . . . . . . 9,619 958,726Ennoconn Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,000 110,040Gigabyte Technology Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 15,000 57,778Hewlett Packard Enterprise Co. . . . . . . . . . . . . . . . . . . . . . . . . 83,599 1,218,873HP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,450 768,336

Security

Shares Value

Technology Hardware, Storage & Peripherals (continued)Lenovo Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,000 $ 689,041Micro-Star International Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . 53,000 299,411NCR Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 10,582Primax Electronics Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,000 435,619Pure Storage, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 484 9,453Samsung Electronics Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . 133,769 9,576,005Seiko Epson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 10,547Super Micro Computer, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,291 45,417Xerox Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 5,661Xiaomi Corp., Class B(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,400 1,037,809

32,737,880

Textiles, Apparel & Luxury Goods — 1.0%Adidas AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 505 188,445Anta Sports Products Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000 610,239Capri Holdings Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 18,015Carter’s, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 6,087Columbia Sportswear Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1,869Crocs, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,766 1,021,414Culp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,408 55,550Deckers Outdoor Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,861 714,754Eclat Textile Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000 306,089EssilorLuxottica SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 671 123,956Fossil Group, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,360 62,261G-III Apparel Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,151 37,822Hanesbrands, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 726 13,554Hermes International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 13,134Kering SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 91,127Kontoor Brands, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,230 182,204Levi Strauss & Co., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,345 342,203Li Ning Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,000 829,484Lululemon Athletica, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 683 249,274LVMH Moet Hennessy Louis Vuitton SE . . . . . . . . . . . . . . . . 579 455,474Makalot Industrial Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,476 201,305Movado Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,726 85,787NIKE, Inc., Class B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,083 1,403,233Oxford Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,196 118,213Pandora A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 10,118PVH Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 16,354Ralph Lauren Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 877 103,319Raymond Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,675 87,075Rocky Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 582 32,359Shenzhou International Group Holdings Ltd. . . . . . . . . . . . . 8,200 207,073Skechers USA, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . 255 12,707Steven Madden Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,929 609,533Taiwan Paiho Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,000 212,171Tapestry, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 710 30,871Under Armour, Inc., Class A(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 260 5,499Under Armour, Inc., Class C(a) . . . . . . . . . . . . . . . . . . . . . . . . . 602 11,179Unifi, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,355 33,008VF Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 773 63,417

8,566,176

Thrifts & Mortgage Finance — 0.8%Essent Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,534 698,253Federal Agricultural Mortgage Corp., Class C(b) . . . . . . . . . 3,210 317,469Flagstar Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,192 134,926FS Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,389 98,994Housing Development Finance Corp. Ltd. . . . . . . . . . . . . . . 59,126 1,973,221Merchants Bancorp(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,854 190,471MGIC Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503 6,841Mr Cooper Group, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,222 73,459


June 30, 2021



Security

Shares Value

Thrifts & Mortgage Finance (continued)New York Community Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . 57,396 $ 632,504NMI Holdings, Inc., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,301 51,726Northwest Bancshares, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,725 159,929OP Bancorp(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,950 79,977Premier Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,955 140,772Radian Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,359 452,988Riverview Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,999 354,493Rocket Cos., Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 619Security National Financial Corp., Class A(a) . . . . . . . . . . . . 1,822 15,943Southern Missouri Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . 4,130 185,685Territorial Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,213 31,502TFS Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,701 75,130Walker & Dunlop, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,817 294,038Washington Federal, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,371 456,710Western New England Bancorp, Inc. . . . . . . . . . . . . . . . . . . . 9,066 73,888WSFS Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,725 80,368

6,579,906

Tobacco — 0.2%ITC Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352,339 962,288KT&G Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,810 360,472Turning Point Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,009 46,182Vector Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,175 87,315

1,456,257

Trading Companies & Distributors — 0.7%Air Lease Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 7,847Applied Industrial Technologies, Inc. . . . . . . . . . . . . . . . . . . . 10,853 988,274Ashtead Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,955 145,312Barloworld Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,996 164,107Brenntag SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 17,498Bunzl PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,749 90,940Fastenal Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,732 90,064Ferguson PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,686 234,568GATX Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,629 144,118GMS, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,774 133,540Herc Holdings, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273 30,595ITOCHU Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 5,771Marubeni Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,800 146,302McGrath RentCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,024 165,098Mitsubishi Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,300 144,776Mitsui & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,700 105,871MRC Global, Inc.(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,831 139,411MSC Industrial Direct Co., Inc., Class A . . . . . . . . . . . . . . . . 58 5,204NOW, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,618 100,765Posco International Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,292 150,858Reece Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 916 16,221Rush Enterprises, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . 3,737 161,588SiteOne Landscape Supply, Inc.(a) . . . . . . . . . . . . . . . . . . . . . 8,761 1,482,887Sumitomo Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,900 172,969Toyota Tsusho Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 66,449Triton International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,839 462,633United Rentals, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 50,723Univar Solutions, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 5,559Veritiv Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,060 65,105W.W. Grainger, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 616 269,808Watsco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 21,785WESCO International, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 2,451 252,012

6,038,658

Transportation Infrastructure — 0.1%Adani Ports & Special Economic Zone Ltd. . . . . . . . . . . . . . 17,871 169,508

Security

Shares Value

Transportation Infrastructure (continued)Atlantia SpA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,048 $ 19,029COSCO SHIPPING Ports Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 174,000 135,854International Container Terminal Services, Inc.. . . . . . . . . . 80,060 268,479Macquarie Infrastructure Corp.. . . . . . . . . . . . . . . . . . . . . . . . . 17 651Malaysia Airports Holdings Bhd . . . . . . . . . . . . . . . . . . . . . . . . 28,100 40,639Santos Brasil Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . 77,448 140,608Transurban Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,356 46,457Westports Holdings BHD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,400 74,434

895,659

Utilities — 0.0%AES Brasil Energia SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,379 23,416

Water Utilities — 0.2%American Water Works Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . 2,347 361,743Beijing Enterprises Water Group Ltd.(b) . . . . . . . . . . . . . . . . . 712,000 269,760California Water Service Group(b) . . . . . . . . . . . . . . . . . . . . . . 7,657 425,270Cia de Saneamento de Minas Gerais-COPASA. . . . . . . . . 125,883 392,040Essential Utilities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,461 112,468Guangdong Investment Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,000 80,433Severn Trent PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,921 66,501United Utilities Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,726 63,788

1,772,003

Wireless Telecommunication Services — 0.3%KDDI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600 112,161Maxis Bhd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,100 100,563Mobile TeleSystems PJSC, ADR . . . . . . . . . . . . . . . . . . . . . . . 10,102 93,545MTN Group Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,225 254,486Sistema PJSFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,218,527 528,324Sistema PJSFC, GDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,326 80,338SK Telecom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,856 527,443Softbank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,900 90,217SoftBank Group Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,900 202,251Spok Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,163 30,428Turkcell Iletisim Hizmetleri A/S . . . . . . . . . . . . . . . . . . . . . . . . . 48,794 90,272United States Cellular Corp.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . 10,870 394,690Vodacom Group Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,845 206,005Vodafone Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,446 134,830

2,845,553

Total Common Stocks — 86.4%(Cost: $554,379,418). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 749,023,200

Par

(000)

Corporate Bonds

Airlines — 0.0%Singapore Airlines Ltd., Series MCb, 0.00%, 06/08/30(e). SGD 33 24,557

Total Corporate Bonds — 0.0%(Cost: $24,714) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,557


June 30, 2021



Security

Shares Value

Preferred Securities

Preferred Stocks — 0.4%

Automobiles — 0.0%Bayerische Motoren Werke AG, Preference Shares . . . . . 339 $ 30,496Volkswagen AG, Preference Shares. . . . . . . . . . . . . . . . . . . . 395 99,039

129,535

Banks — 0.2%Banco Bradesco SA, Preference Shares . . . . . . . . . . . . . . . 253,929 1,313,602Itau Unibanco Holding SA, Preference Shares . . . . . . . . . . 62,321 373,390

1,686,992

Electric Utilities — 0.0%Cia Energetica de Minas Gerais, Preference Shares . . . . 32,962 80,387

Health Care Equipment & Supplies — 0.0%Sartorius AG, Preference Shares . . . . . . . . . . . . . . . . . . . . . . 126 65,584

Metals & Mining — 0.0%Gerdau SA, Preference Shares . . . . . . . . . . . . . . . . . . . . . . . . 19,546 116,361

Oil, Gas & Consumable Fuels — 0.2%Petroleo Brasileiro SA, Preference Shares. . . . . . . . . . . . . . 190,776 1,128,822

Trading Companies & Distributors — 0.0%WESCO International, Inc.(a)(f) . . . . . . . . . . . . . . . . . . . . . . . . . 1,463 45,192

Total Preferred Stocks — 0.4% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,252,873

Total Preferred Securities — 0.4%(Cost: $2,372,563) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,252,873

Rights

Metals & Mining — 0.0%Pan American Silver Corp., (Expires 02/22/29)(a). . . . . . . . 16,660 14,161

Oil, Gas & Consumable Fuels(a) — 0.0%ACS Actividades de Construccion y Servicios SA . . . . . . . 173 242Ultrapar Participacoes SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,381 646

888

Total Rights — 0.0%(Cost: $3,801) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,049

Total Long-Term Investments — 86.8%(Cost: $556,780,496). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 752,315,679

Security

Shares Value

Short-Term Securities

Money Market Funds — 15.6%BlackRock Cash Funds: Institutional, SL Agency

Shares, 0.10%(g)(h)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,806,353 $ 41,831,437BlackRock Cash Funds: Treasury, SL Agency Shares,

0.01%(g)(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,455,498 93,455,498

Total Short-Term Securities — 15.6%(Cost: $135,271,914). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,286,935

Total Investments — 102.4%(Cost: $692,052,410). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 887,602,614

Liabilities in Excess of Other Assets — (2.4)% . . . . . . . . . . . . . . . . . . . . . . . . . (20,526,143)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 867,076,471

(a) Non-income producing security.(b) All or a portion of this security is on loan.(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,

as amended. These securities may be resold in transactions exempt from registration toqualified institutional investors.

(d) Security is valued using significant unobservable inputs and is classified as Level 3 in thefair value hierarchy.

(e) Zero-coupon bond.(f) Variable rate security. Interest rate resets periodically. The rate shown is the effective

interest rate as of period end. Security description also includes the reference rate andspread if published and available.

(g) Affiliate of the Master Portfolio.(h) Annualized 7-day yield as of period end.(i) All or a portion of this security was purchased with the cash collateral from loaned

securities.

For Master Portfolio compliance purposes, the Master Portfolio’s industry classifications refer to one or more of the industry sub-classifications used by one or more widelyrecognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which maycombine such industry sub-classifications for reporting ease.


June 30, 2021



Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the six-months ended June 30, 2021 for purposes of Section 2(a)(3) of the InvestmentCompany Act of 1940, as amended, were as follows:

Affiliated IssuerValue at

12/31/20Purchases

at CostProceeds

from Sales

NetRealized

Gain (Loss)

Change inUnrealized

Appreciation(Depreciation)

Value at06/30/21

SharesHeld at

06/30/21 Income

Capital GainDistributions

fromUnderlying

Funds

BlackRock Cash Funds: Institutional, SL Agency Shares . $ 35,734,117 $ 6,098,591(a) $ — $ (1,532) $ 261 $ 41,831,437 41,806,353 $ 76,872(b) $ —BlackRock Cash Funds: Treasury, SL Agency Shares . . . . 27,191,885 66,263,613(a)

— — — 93,455,498 93,455,498 4,976 —

$ (1,532) $ 261 $ 135,286,935 $ 81,848 $ —

(a) Represents net amount purchased (sold).(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other

payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

DescriptionNumber ofContracts

ExpirationDate

NotionalAmount (000)

Value/Unrealized

Appreciation(Depreciation)

Long Contracts MSCI Emerging Markets Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 09/17/21 $ 4,163 $ 8,614Russell 2000 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 09/17/21 923 1,397S&P 500 E-Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 09/17/21 22,730 423,544

433,555

Short Contracts E-Mini MSCI EAFE Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 09/17/21 42,856 993,149E-Mini Russell 2000 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,686 09/17/21 194,548 (170,629)MSCI Emerging Markets Mini Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 658 09/17/21 44,902 194,835

1,017,355

$ 1,450,910

Forward Foreign Currency Exchange Contracts

Currency Purchased Currency Sold Counterparty Settlement Date

UnrealizedAppreciation

(Depreciation)

USD 147,393 CAD 178,000 Bank of America N.A. 09/15/21 $ 3,803USD 658,449 CHF 591,000 Goldman Sachs International 09/15/21 18,451USD 1,113,497 EUR 914,000 Bank of America N.A. 09/15/21 28,071USD 665,141 JPY 72,711,000 Bank of America N.A. 09/15/21 10,237USD 26,715 NOK 221,000 Bank of America N.A. 09/15/21 1,040

61,602

AUD 809,000 USD 627,143 Bank of America N.A. 09/15/21 (20,243)EUR 437,000 USD 519,698 Morgan Stanley & Co. International PLC 09/15/21 (737)GBP 540,000 USD 763,787 Morgan Stanley & Co. International PLC 09/15/21 (16,680)JPY 60,190,000 USD 544,948 Bank of America N.A. 09/15/21 (2,820)NZD 118,000 USD 85,011 Bank of America N.A. 09/15/21 (2,548)SEK 5,851,000 USD 708,142 Bank of America N.A. 09/15/21 (23,991)SGD 165,000 USD 124,617 BNP Paribas S.A. 09/15/21 (1,914)USD 686,362 SEK 5,901,000 Bank of America N.A. 09/15/21 (3,636)

(72,569)

$ (10,967)


June 30, 2021

Diversified Equity Master Portfolio


OTC Total Return Swaps

Paid by the Master Portfolio Received by the Master Portfolio

Rate/Reference Frequency Rate/Reference Frequency CounterpartyEffective

DateTermination

DateNotional

Amount (000) Value

UpfrontPremium

Paid(Received)

UnrealizedAppreciationDepreciation

3-Month LIBOR , 0.15% . . . . . . . . Monthly

Russell1000 Index Monthly Goldman Sachs International N/A 08/04/21 USD 125,183 $ 4,367,409 $ — $ 4,367,409

3-Month LIBOR, 0.15% . . . . . . . . Quarterly

Russell1000 Index Quarterly JPMorgan Chase Bank N.A. N/A 08/11/21 USD 124,620 4,955,379 — 4,955,379

MSCI EmergingMarkets . . . . . . . Quarterly

3-Month LIBOR,0.15% Quarterly JPMorgan Chase Bank N.A. N/A 08/11/21 USD 36,159 (1,405,307) — (1,405,307)

MSCI EmergingMarkets . . . . . . . Monthly

3-Month LIBOR,0.15% Monthly Merrill Lynch International N/A 09/10/21 USD 37,135 (419,433) — (419,433)


3-Month LIBOR,0.15% Quarterly Citibank N.A. N/A 09/10/21 USD 37,682 125,259 — 125,259

3-Month LIBOR, 0.15% . . . . . . . . Monthly

Russell1000 Index Monthly Merrill Lynch International N/A 09/10/21 USD 127,237 2,392,846 — 2,392,846

3-Month LIBOR, 0.15% . . . . . . . . Monthly

Russell1000 Index Monthly Citibank N.A. N/A 09/10/21 USD 127,999 1,615,379 — 1,615,379


3-Month LIBOR,0.15% Quarterly Goldman Sachs International N/A 05/04/22 USD 35,975 (1,244,009) — (1,244,009)

$ 10,387,523 $ — $ 10,387,523

Balances Reported in the Statement of Assets and Liabilities for OTC Swaps

Description

SwapPremiums

Paid

SwapPremiumsReceived

UnrealizedAppreciation

UnrealizedDepreciation

OTC Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 13,456,272 $ (3,068,749)

Derivative Financial Instruments Categorized by Risk Exposure

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

CommodityContracts

CreditContracts

EquityContracts

ForeignCurrency

ExchangeContracts

InterestRate

ContractsOther

Contracts Total

Assets — Derivative Financial InstrumentsFutures contracts

Unrealized appreciation on futures contracts(a). . . . . . . . . . . . . . . . . . . . . $ — $ — $ 1,621,539 $ — $ — $ — $ 1,621,539Forward foreign currency exchange contracts

Unrealized appreciation on forward foreign currency exchangecontracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 61,602 — — 61,602

Swaps — OTCUnrealized appreciation on OTC swaps; Swap premiums paid. . . . . . — — 13,456,272 — — — 13,456,272

$ — $ — $ 15,077,811 $ 61,602 $ — $ — $ 15,139,413

Liabilities — Derivative Financial InstrumentsFutures contracts

Unrealized depreciation on futures contracts(a). . . . . . . . . . . . . . . . . . . . . $ — $ — $ 170,629 $ — $ — $ — $ 170,629Forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchangecontracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 72,569 — — 72,569

Swaps — OTCUnrealized depreciation on OTC swaps; Swap premiums received. . — — 3,068,749 — — — 3,068,749

$ — $ — $ 3,239,378 $ 72,569 $ — $ — $ 3,311,947

(a) Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Master Portfolio Schedule of Investments. In theStatement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included innet unrealized appreciation (depreciation).


June 30, 2021



For the six months ended June 30, 2021, the effect of derivative financial instruments in the Statement of Operations was as follows:

CommodityContracts

CreditContracts

EquityContracts

ForeignCurrency

ExchangeContracts

InterestRate

ContractsOther

Contracts Total

Net Realized Gain (Loss) fromFutures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ (15,711,429) $ — $ — $ — $ (15,711,429)Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . — — — 110,574 — — 110,574Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 29,834,864 — — — 29,834,864

$ — $ — $ 14,123,435 $ 110,574 $ — $ — $ 14,234,009

Net Change in Unrealized Appreciation (Depreciation) onFutures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 379,218 $ — $ — $ — $ 379,218Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . — — — (50,951) — — (50,951)Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 10,387,523 — — — 10,387,523

$ — $ — $ 10,766,741 $ (50,951) $ — $ — $ 10,715,790

Average Quarterly Balances of Outstanding Derivative Financial Instruments Futures contracts

Average notional value of contracts — long . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 28,921,848Average notional value of contracts — short . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $261,293,073

Forward foreign currency exchange contractsAverage amounts purchased — in USD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,863,057Average amounts sold — in USD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,077,109

Total return swapsAverage notional value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $634,536,192

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

Derivative Financial Instruments — Offsetting as of Period End

The Master Portfolio’s derivative assets and liabilities (by type) were as follows:

Assets Liabilities

Derivative Financial InstrumentsFutures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 690,351 $ 299,624Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,602 72,569Swaps — OTC(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,456,272 3,068,749

Total derivative assets and liabilities in the Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,208,225 3,440,942

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (690,351) (299,624)

Total derivative assets and liabilities subject to an MNA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,517,874 $ 3,141,318

(a) Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities.

The following table presents the Master Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the relatedcollateral received (and pledged) by the Master Portfolio:

Counterparty

DerivativeAssets

Subject toan MNA by

Counterparty

DerivativesAvailablefor Offset(a)

Non-CashCollateralReceived

CashCollateralReceived

Net Amountof Derivative

Assets(b)

Bank of America N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,151 $ (43,151) $ — $ — $ —Citibank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,740,638 — — (1,480,000) 260,638Goldman Sachs International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,385,860 (1,244,009) — (2,260,000) 881,851JPMorgan Chase Bank N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,955,379 (1,405,307) — (3,300,000) 250,072Merrill Lynch International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,392,846 (419,433) — (1,850,000) 123,413

$ 13,517,874 $ (3,111,900) $ — $ (8,890,000) $ 1,515,974


June 30, 2021



Counterparty

DerivativeLiabilities

Subject toan MNA by

Counterparty

DerivativesAvailablefor Offset(a)

Non-CashCollateralPledged

CashCollateralPledged

Net Amountof Derivative

Liabilities(c)(d)

Bank of America N.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 53,238 $ (43,151) $ — $ — $ 10,087BNP Paribas S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,914 — — — 1,914Goldman Sachs International. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,244,009 (1,244,009) — — —JPMorgan Chase Bank N.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,405,307 (1,405,307) — — —Merrill Lynch International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419,433 (419,433) — — —Morgan Stanley & Co. International PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,417 — — — 17,417

$ 3,141,318 $ (3,111,900) $ — $ — $ 29,418

(a) The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.(b) Net amount represents the net amount receivable from the counterparty in the event of default.(c) Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.(d) Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

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

Level 1 Level 2 Level 3 Total

AssetsInvestments

Long-Term Investments Common Stocks

Aerospace & Defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,058,905 $ 185,816 $ — $ 3,244,721Air Freight & Logistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,359,051 772,316 — 7,131,367Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,252,553 329,836 — 2,582,389Auto Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,491,030 2,311,829 — 6,802,859Automobiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,508,399 4,191,544 — 10,699,943Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,061,448 18,122,270 — 49,183,718Beverages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,970,207 796,028 — 5,766,235Biotechnology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,540,434 1,572,607 3,470 26,116,511Building Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,247,416 1,014,888 — 8,262,304Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,193,989 2,463,704 — 17,657,693Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,262,774 8,242,224 — 15,504,998Commercial Services & Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,031,977 1,011,904 — 8,043,881Communications Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,033,466 453,762 — 1,487,228Construction & Engineering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,585,318 1,012,393 — 5,597,711Construction Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,637,236 1,591,597 — 3,228,833Consumer Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,520,042 121,586 — 5,641,628Containers & Packaging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,786,371 36,600 — 1,822,971Distributors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,821,266 — — 1,821,266Diversified Consumer Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,050,117 168,766 — 2,218,883Diversified Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,216,991 876,283 — 6,093,274Diversified Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,193,042 706,117 — 4,899,159Electric Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,742,288 2,247,812 — 8,990,100Electrical Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,184,670 1,861,032 — 4,045,702Electronic Equipment, Instruments & Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,544,231 5,019,348 — 10,563,579Energy Equipment & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,746,502 — — 2,746,502Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,132,524 683,697 — 11,816,221Equity Real Estate Investment Trusts (REITs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,049,331 538,703 — 16,588,034Food & Staples Retailing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,566,137 1,045,955 — 8,612,092Food Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,608,884 4,220,601 — 9,829,485Gas Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,372,029 1,396,251 — 4,768,280Health Care Equipment & Supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,529,760 1,755,202 — 18,284,962Health Care Providers & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,470,862 680,943 — 13,151,805Health Care Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,886,288 72,858 — 3,959,146Hotels, Restaurants & Leisure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,765,800 878,422 — 17,644,222


June 30, 2021



Fair Value Hierarchy as of Period End (continued)


Common Stocks (continued)Household Durables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,536,585 $ 1,217,459 $ — $ 5,754,044Household Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,826,998 212,129 — 4,039,127Independent Power and Renewable Electricity Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,548,040 381,494 — 1,929,534Industrial Conglomerates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,136,575 1,115,746 — 4,252,321Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,369,635 5,544,333 — 17,913,968Interactive Media & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,948,870 13,449,165 — 37,398,035Internet & Direct Marketing Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,124,166 6,231,671 — 33,355,837IT Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,513,934 4,995,474 — 28,509,408Leisure Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 892,823 302,152 — 1,194,975Life Sciences Tools & Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,433,351 3,403,060 — 9,836,411Machinery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,534,728 4,586,542 — 16,121,270Marine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,548 1,323,029 — 1,327,577Media. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,164,477 119,864 — 6,284,341Metals & Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,931,822 7,051,230 — 13,983,052Mortgage Real Estate Investment Trusts (REITs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,517,391 — — 1,517,391Multi-line Retail. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,394,447 40,898 — 3,435,345Multi-Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,068,363 677,539 — 4,745,902Oil, Gas & Consumable Fuels. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,612,417 9,108,298 — 26,720,715Paper & Forest Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 671,892 461,987 — 1,133,879Personal Products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,662,702 2,433,435 — 4,096,137Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,375,125 4,969,167 — 17,344,292Professional Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,290,021 1,232,588 — 6,522,609Real Estate Management & Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,074,543 3,349,972 — 8,424,515Road & Rail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,114,508 609,491 — 5,723,999Semiconductors & Semiconductor Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,667,129 19,830,871 — 39,498,000Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,464,016 726,392 — 48,190,408Specialty Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,459,858 1,514,875 72,165 14,046,898Technology Hardware, Storage & Peripherals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,289,109 12,448,771 — 32,737,880Textiles, Apparel & Luxury Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,230,486 3,335,690 — 8,566,176Thrifts & Mortgage Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,606,685 1,973,221 — 6,579,906Tobacco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,497 1,322,760 — 1,456,257Trading Companies & Distributors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,741,123 1,297,535 — 6,038,658Transportation Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 484,172 411,487 — 895,659Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,416 — — 23,416Water Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,291,521 480,482 — 1,772,003Wireless Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825,231 2,020,322 — 2,845,553

Corporate Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 24,557 — 24,557Preferred Securities

Preferred Stocks Automobiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 129,535 — 129,535Banks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,686,992 — — 1,686,992Electric Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,387 — — 80,387Health Care Equipment & Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 65,584 — 65,584Metals & Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,361 — — 116,361Oil, Gas & Consumable Fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,128,822 — — 1,128,822Trading Companies & Distributors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,192 — — 45,192

Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,049 — — 15,049Short-Term Securities

Money Market Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,286,935 — — 135,286,935

$ 702,745,280 $ 184,781,699 $ 75,635 $ 887,602,614

Derivative Financial Instruments(a)

Assets Equity Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,621,539 $ 13,456,272 $ — $ 15,077,811Foreign Currency Exchange Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 61,602 — 61,602


June 30, 2021



Fair Value Hierarchy as of Period End (continued)


Liabilities Equity Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (170,629) $ (3,068,749) $ — $ (3,239,378)Foreign Currency Exchange Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (72,569) — (72,569)

$ 1,450,910 $ 10,376,556 $ — $ 11,827,466

(a) Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchangecontracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


June 30, 2021



Diversified EquityMaster Portfolio

ASSETSInvestments, at value — unaffiliated(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 752,315,679Investments, at value — affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,286,935Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517,416Cash pledged for futures contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,251,000Foreign currency, at value(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309,768Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,035,671Securities lending income — affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,021Contributions from investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 337Dividends — unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 901,390Dividends — affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 690,351

Unrealized appreciation on:Forward foreign currency exchange contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,602OTC swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,456,272

Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,581Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 890,000

Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 931,736,378

LIABILITIESCash received as collateral for OTC derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,890,000Collateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,884,228Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,019,972Administration fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,136Deferred foreign capital gain tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304,040Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,638Trustees’ fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,571Other accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,380Variation margin on futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,624

Unrealized depreciation on:Forward foreign currency exchange contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,569OTC swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,068,749

Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,659,907

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 867,076,471

NET ASSETS CONSIST OFInvestors’ capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 660,004,976Net unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207,071,495

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 867,076,471

(a) Investments, at cost — unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 556,780,496(b) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,667,785(c) Investments, at cost — affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 135,271,914(d) Foreign currency, at cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 310,518


Statement of Assets and Liabilities (unaudited)

June 30, 2021


Diversified EquityMaster Portfolio

INVESTMENT INCOMEDividends — unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,544,673Dividends — affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,976Securities lending income — affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,872Foreign taxes withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (370,423)

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,256,098

EXPENSESInvestment advisory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,019Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,007Professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,104Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,996

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,417,126Less:

Fees waived and/or reimbursed by the Administrator. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (400,007)Fees waived and/or reimbursed by the Manager. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (423,004)

Total expenses after fees waived and/or reimbursed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 594,115

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,661,983

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) from:

Investments — unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,935,471(a)

Investments — affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,532)Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,574Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (153,810)Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,711,429)Swaps. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,834,864

85,014,138

Net change in unrealized appreciation (depreciation) on:Investments — unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,517,394(b)

Investments — affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (50,951)Foreign currency translations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,680)Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379,218Swaps. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,387,523

29,226,765

Net realized and unrealized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,240,903

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 118,902,886

(a) Net of foreign capital gain tax of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 324,958(b) Net of reduction in deferred foreign capital gain tax of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,576


Statement of Operations (unaudited)

Six Months Ended June 30, 2021

M A S T E R P O R T F O L I O F I N A N C I A L S T A T E M E N T S 35


Six Months Ended06/30/21

(unaudited)Year Ended

12/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,661,983 $ 8,931,072Net realized gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,014,138 7,174,186Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,226,765 111,301,384

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,902,886 127,406,642

CAPITAL TRANSACTIONSProceeds from contributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,789,856 290,682,031Value of withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,419,808) (191,423,104)

Net increase in net assets derived from capital transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,370,048 99,258,927

NET ASSETSTotal increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,272,934 226,665,569Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 733,803,537 507,137,968

End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 867,076,471 $ 733,803,537


Statements of Changes in Net Assets




(unaudited)

Year Ended December 31,

2020 2019 2018 2017 2016

Total ReturnTotal return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.78%(a)

19.60% 31.98% (3.90)% 22.15% 12.45%

Ratios to Average Net Assets(b)

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35%(c) 0.36% 0.36% 0.36% 0.36% 0.36%

Total expenses after fees waived and/or reimbursed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%(c) 0.15% 0.15% 0.15% 0.15% 0.15%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.17%(c) 1.52% 1.85% 1.88% 1.69% 1.66%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 867,076 $ 733,804 $ 507,138 $ 429,098 $ 535,456 $ 503,047

Portfolio turnover rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70% 150% 172% 150% 252% 115%

(a) Aggregate total return.(b) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:


(unaudited)

Year Ended December 31,

2020 2019 2018 2017 2016

Investments in underlying funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01% 0.01% 0.01% —% —% —%

(c) Annualized.


Financial Highlights (unaudited)

M A S T E R P O R T F O L I O F I N A N C I A L H I G H L I G H T S 37

1. ORGANIZATION

Master Investment Portfolio (“MIP”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.MIP is organized as a Delaware statutory trust. Diversified Equity Master Portfolio (the “Master Portfolio”) is a series of MIP. The Master Portfolio is classified as diversified.

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Fund Advisors (the "Manager") or its affiliates, is included in acomplex of equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may requiremanagement to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets andliabilities 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 resultscould differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicableto 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, arerecorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividenddates may have passed are subsequently recorded when the Master Portfolio is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax atvarious rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investmenttrust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: The Master Portfolio’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreigncurrencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales ofinvestments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreigncurrency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Master Portfolio does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reportingpurposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market pricesof those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Master Portfolio reports realized currency gains(losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated asordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, orcertain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions inwhich the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxeswithheld 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 taxeson stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactionsare included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2021, if any, are disclosed in the Statement of Assets andLiabilities.

The Master Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Master Portfolio may record a reclaimreceivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operationsincludes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where the Master Portfolio enters into certain investments (e.g. futures contracts, forward foreign currency exchange contracts)that would be treated as “senior securities” for 1940 Act purposes, the Master Portfolio may segregate or designate on its books and records cash or liquid assets having amarket value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.”Furthermore, if required by an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange, orbroker-dealer or custodian as collateral for certain investments or obligations.

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

Other: Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other funds managedby the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

Notes to Financial Statements (unaudited)


3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Master Portfolio’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day thatthe Master Portfolio is open for business 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 anasset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Master Portfolio determines the fair values of its financialinstruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does nototherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. TheBlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies andprocedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarilytraded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask(short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affectingthe values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of theMaster Portfolio’s net assets. Each business day, the Master Portfolio uses a pricing service to assist with the valuation of certain foreign exchange-traded equitysecurities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic FairValue Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the localmarkets.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value ("NAV").

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE basedon that day’s prevailing forward exchange rate for the underlying currencies.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and modelsthat incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, orin 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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflectingfair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and costapproach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used indetermining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the MasterPortfolio 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 bebased upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricingof all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments,the fair valuation approaches that are used by the Global Valuation Committee and third party pricing services utilize one or a combination of, but not limited to, the followinginputs.

Standard Inputs Generally Considered By Third Party Pricing Services

Market approach . . . . . . . . . . . . . . . . . . . . . . . . . . . (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;(ii) recapitalizations and other transactions across the capital structure; and(iii) market multiples of comparable issuers.

Income approach . . . . . . . . . . . . . . . . . . . . . . . . . . . (i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;(ii) quoted prices for similar investments or assets in active markets; and(iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates,

liquidation amounts and/or default rates.

Cost approach. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the PrivateCompany;

(ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;(iii) relevant news and other public sources; and(iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable

to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Suchinvestments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an

Notes to Financial Statements (unaudited) (continued)

M A S T E R P O R T F O L I O N O T E S T O F I N A N C I A L S T A T E M E N T S 39

option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used, as deemedappropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocatethe enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by the Master Portfolio.Typically, the most recently available information by a Private Company is as of a date that is earlier than the date the Master Portfolio is calculating its NAV. This factor mayresult in a difference between the value of the investment and the price the Master Portfolio could receive upon the sale of the investment.

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 valuehierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical orsimilar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yieldcurves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the GlobalValuation Committee’s assumptions used in determining the fair value of financial instruments).

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 tounobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. Theinputs 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 isdetermined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservableinputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companiesthat 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 pricingtransparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds mayexperience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of theissuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates andperceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debtsecurities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more seniordebt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s boardof directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Securities Lending: The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges andmaintains with the Master Portfolio collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. Theinitial collateral received by the Master Portfolio is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchangesand 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 market value of the securities on loan.The market value of the loaned securities is determined at the close of each business day of the Master Portfolio and any additional required collateral is delivered to the MasterPortfolio, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or inrespect 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, afternotice, 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 by the securities lending agent, BlackRockInstitutional Trust Company, N.A. ("BTC"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by theFund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio’s Schedule of Investments,. The market value of any securitieson loan and the value of any related collateral are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated, andcollateral on securities loaned at value, respectively.

Securities lending transactions are entered into by the Master Portfolio under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the eventof 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 additionalcollateral. In the event that a borrower defaults, the Master Portfolio, as lender, would offset the market value of the collateral received against the market value of the securitiesloaned. 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 MSLAcounterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio canreinvest 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 areextinguished, 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 defaultingparty’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 Master Portfolio’s securities on loan by counterparty which are subject to offset under an MSLA:

CounterpartySecurities

Loaned at ValueCash Collateral

Received(a)Net

Amount(b)

Barclays Bank PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,225,984 $ (5,225,984) $ —BNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338,366 (338,366) —BofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,956 (110,956) —Citadel Clearing LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,274 (22,274) —Citigroup Global Markets, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552,284 (552,284) —Credit Suisse Securities (USA) LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,681,377 (1,681,377) —Deutsche Bank Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333,059 (333,059) —Goldman Sachs & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,061 (162,061) —HSBC Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 890,095 (890,095) —ING Financial Markets LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,206 (104,206) —J.P. Morgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,732,351 (13,732,351) —Jefferies LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,139,777 (1,139,777) —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,279,760 (9,279,760) —National Financial Services LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,085 (53,017) 68Pershing LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,026 (290,026) —Scotia Capital (USA), Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,587,253 (1,587,253) —State Street Bank & Trust Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,233 (30,233) —TD Prime Services LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,392,895 (1,392,895) —UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,546,690 (2,546,690) —UBS Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,461 (79,461) —Virtu Americas LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 838,008 (838,008) —Wells Fargo Bank, National Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277,584 (276,818) 766

$ 40,667,785 $ (40,666,951) $ 834

(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the MasterPortfolio’s Statement of Assets and Liabilities.

(b) The market value of the loaned securities is determined as of June 30, 2021. Additional collateral is delivered to the Master Portfolio on the next business day in accordance with theMSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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 theserisks, the Master Portfolio benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock’s indemnity allows for full replacement of thesecurities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a lossif the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral fallsbelow the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Master Portfolio engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Master Portfolio and/or to manage itsexposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivativefinancial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or OTC.

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 valueof equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Master Portfolio and a counterparty to buy or sell a specific quantity of an underlying instrument at a specifiedprice 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 bypayment of a cash amount on the settlement date. Upon entering into a futures contract, the Master Portfolio is required to deposit initial margin with the broker in the form ofcash 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 thelife of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement 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 theStatement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuationin market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (orpayable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equalto 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 involvesthe risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreigncurrency exchange rate risk).



A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts helpto manage the overall exposure to the currencies in which some of the investments held by the Master Portfolio are denominated and in some cases, may be used to obtainexposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. Whena contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at thetime it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use offorward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in thevalue of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forwardforeign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. AMaster Portfolio’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by theMaster Portfolio.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Master Portfolio and acounterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC marketand 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 ofAssets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swapsin 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 swapis 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 theMaster Portfolio’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes theMaster Portfolio’s counterparty on the swap. The Master Portfolio is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap,the Master Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of theparticular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swapsin the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statementof Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealizedappreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments receivedfrom (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those attermination.

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market orto 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 pricerisk 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 (distributionsplus 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 ofthe instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Master Portfolio receivespayment from or makes a payment to the counterparty.

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

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

Cash collateral that has been pledged to cover obligations of the Master Portfolio and cash collateral received from the counterparty, if any, is reported separately in theStatement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Master Portfolio, if any, isnoted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before atransfer is required, which is determined at the close of business of the Master Portfolio. Any additional required collateral is delivered to/pledged by the Master Portfolio on thenext business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Master Portfolio generally agrees not to usenon-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 collateralreceived. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Master Portfolio from thecounterparties are not fully collateralized, the Master Portfolio bears the risk of loss from counterparty non-performance. Likewise, to the extent the MasterPortfolio has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Master Portfolio bears the risk ofloss 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 maynot be required for all derivative contracts.



For financial reporting purposes, the Master Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statementof Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio’s investment adviser andan indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio’s portfolioand provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Master Portfolio’snet assets:

Average Daily Net AssetsInvestment

Advisory Fees

First $1 billion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% $1 billion — $3 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.24$3 billion — $5 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.23$5 billion — $10 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.22Greater than $10 billion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.21

MIP, on behalf of the Master Portfolio entered into an Administration Agreement with BlackRock Advisors, LLC (“BAL”), which has agreed to provide general administrativeservices (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Master Portfolio’s ordinary operating expenses, excluding, generally,investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain otherexpenses which are borne by the Master Portfolio. BAL is entitled to receive for these administrative services an annual fee of 0.10% based on the average daily net assets ofthe Master Portfolio.

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Master Portfolio and, accordingly, have a favorable impact onits performance. BAL may delegate certain of its administration duties to sub-administrators.

Expense Waivers and Reimbursements: The Manager has voluntarily agreed to waive 0.095% of the investment advisory fees payable by the Master Portfolio. Thisvoluntary waiver may be terminated at any time. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. During the sixmonths ended June 30, 2021, the Manager waived $380,086 pursuant to this agreement.

BAL voluntarily agreed to waive all of its administration fees payable by the Master Portfolio. This arrangement is voluntary and may be terminated by BAL at any time. Thisamount is included in fees waived and/or reimbursed by the Administrator in the Statement of Operations. For the six months ended June 30, 2021, the amount waived was$400,007.

The fees and expenses of MIP’s trustees who are not “interested persons” of MIP, as defined in the 1940 Act (“Independent Trustees”), counsel to the Independent Trusteesand the Master Portfolio’s independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Master Portfolio. Each of BAL and BFAhas contractually agreed to reimburse the Master Portfolio or provide an offsetting credit against the investment advisory fees paid by the Master Portfolio in an amount equalto these independent expenses through June 30, 2023. For the six months ended June 30, 2021, the amount waived was $17,100 which is included in fees waived and/orreimbursed by the Manager in the Statement of Operations.

With respect to the Master Portfolio, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfoliopays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver") through June 30, 2023. The contractualagreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the MasterPortfolio. Prior to April 24, 2020, this waiver was voluntary. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For thesix months ended June 30, 2021, the amount waived was $25,818.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio’s assets invested in affiliated equity andfixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023. The agreement can be renewed for annualperiods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Master Portfolio’s Independent Trustees. For the six months endedJune 30, 2021, there were no fees waived by the Manager pursuant to this arrangement.

Securities Lending: The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve assecurities lending agent for the Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securitieslending. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). Thecash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager 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 the Master Portfolio bears toan 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 whichthe 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 to10 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. The Master Portfolio retains a portion of securities lending income and remits a remaining portion to BTC as compensation for itsservices as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio retains 82% of securities lending income (which excludes collateral investment fees), and thisamount 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 earned across the BlackRock Multi-Asset Complex in a calendaryear exceeds a specified threshold, the Master Portfolio, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lendingincome in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the totalof securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the sixmonths ended June 30, 2021, the Master Portfolio paid BTC $16,854 for securities lending agent services.

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Master Portfolio may participate in a joint lending and borrowing facility fortemporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio’sinvestment policies and restrictions. The Master Portfolio is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the InterfundLending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or anylower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of itsoutstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergencypurposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate,as calculated according to a formula established by the Board.

During the period ended June 30, 2021, the Master Portfolio did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of MIP are directors and/or officers of BlackRock or its affiliates.

7. PURCHASES AND SALES

For the six months ended June 30, 2021, purchases and sales of investments, excluding short-term investments, were $488,905,816 and $493,931,784, respectively.

8. INCOME TAX INFORMATION

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of itsproportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision isrequired. It is intended that the Master Portfolio’s assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the InternalRevenue Code of 1986, as amended.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the MasterPortfolio’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on the Master Portfolio’s state andlocal tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Master Portfolio as of June 30, 2021, inclusive of the open tax return years, and does notbelieve that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio’s financial statements.

As of June 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income taxpurposes were as follows:

Master Portfolio Name Tax CostGross Unrealized

AppreciationGross Unrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

Diversified Equity Master Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 707,247,238 $ 218,698,371 $ (26,515,529) $ 192,182,842

9. BANK BORROWINGS

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billioncredit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated forcertain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding,subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment



amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) theFed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2022 unlessextended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets ofParticipating Funds. During the six months ended June 30, 2021, the Master Portfolio did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the MasterPortfolio 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 otherinstruments 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 politicaland/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional orglobal 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 theMaster Portfolio and its investments. The Master Portfolio’s prospectus provides details of the risks to which the Master Portfolio is subject.

The Master Portfolio 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.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines,disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in thefuture, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. Thispandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effectscannot be determined with certainty.

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 dueto 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.The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio reasonably expects cannot be sold or disposed of incurrent market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Master Portfolio mayexperience 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 extendedperiods 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 the MasterPortfolio’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 ofthe Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which the Master Portfolio invests.

The price the Master Portfolio could receive upon the sale of any particular portfolio investment may differ from the Master Portfolio’s valuation of the investment, particularlyfor securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significantunobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact theresulting fair value and therefore the Master Portfolio’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribedby the Master Portfolio, and the Master Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Master Portfolio’sability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

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

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 underlyinginstrument. 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 Master Portfolio 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, the Master Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of adefault (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 clearingbroker’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 orgoes 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 allocatedon a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Master Portfolio.

Concentration 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 investmentwill have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio’s portfolio are disclosed in its Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBORrates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition.The Master Portfolio may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The



transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instrumentswhose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Master Portfolio is uncertain.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Master Portfolio through the date the financial statements were issued and has determined that therewere no subsequent events requiring adjustment or additional disclosure in the financial statements.



The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of Master Investment Portfolio (the “Master Fund”) met on April 7, 2021 (the“April Meeting”) and May 10-12, 2021 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Agreement”) between the MasterFund, on behalf of Diversified Equity Master Portfolio (the “Fund”) and BlackRock Fund Advisors (the “Manager” or “BlackRock”), the Fund’s investment advisor.

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreement for the Fundon an annual basis. The Board members whom are not “interested persons” of the Master Fund, as defined in the 1940 Act, are considered independent Board members (the“Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s variousservices to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests fromthe Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executivesessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had a fifth one-day meeting to consider specificinformation surrounding the renewal of the Agreement. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to theFund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholderservices; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during thecontract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessionsoutside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement,including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response tospecific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inceptionperiods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfoliomanagers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees,including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and howBlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investmentobjective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and the Fund’s adherence to applicable compliance policies and procedures; (f) thenature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available;(g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policiesapproved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Fund’s valuation andliquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund(“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, asapplicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock’s compensation methodology for itsinvestment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodicupdates on BlackRock’s business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent BoardMembers continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board tobetter assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and preparedby Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding the Fund’s fees and expenses as comparedwith a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of the Fund as compared with a peer group of funds (“PerformancePeers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimatedprofits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided byBlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds,ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, asapplicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregateamounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund’s shares; and (i) various additional information requested by the Board asappropriate regarding BlackRock’s and the Fund’s operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement. As a result of the discussions that occurred during the April Meeting, and asa culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded tothese questions and requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investmentperformance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimatedprofits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund’s fees and expenses compared to its Expense Peers; (e) the existence andsharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; and (g) other factorsdeemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lendingand cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel toengage in open, candid discussions with the Board. The members of the Board gave attention to all of the information that was furnished, and each Board Member placedvarying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a fund by fund basis. Thefollowing paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particularinformation, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

Disclosure of Investment Advisory Agreement

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 47

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services,and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevantbenchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including thesenior investment officers. The Board also reviewed the materials provided by the Fund’s portfolio management team discussing the Fund’s performance, investmentstrategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Fund’s portfoliomanagement team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment tocompliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory andmanagement personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to addresscybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to theFund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund.BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties)and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative servicesincluding, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional informationand periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating theactivities of third-party service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings andpreparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its considerationof strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for theoperation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements and other services. The Board reviewed the structure and duties ofBlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliancewith applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing COVID-19 pandemic.

B. The Investment Performance of the Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. Inpreparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund’s performance as ofDecember 31, 2020, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile positionand fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as comparedto its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fundthroughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data providedby Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers(for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and thatselecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even oneperiod of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-, three- and five-year periods reported, the Fund ranked in the second, first and first quartiles, respectively, against its Performance Peers.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates fromtheir Relationship with the Fund

The Board, including the Independent Board Members, reviewed the Fund’s contractual advisory fee rate compared with those of its Expense Peers. The contractual advisoryfee rate is shown before taking into account any reimbursements or fee waivers. The Board also compared the Fund’s total expense ratio, as well as its actual advisory fee rate,to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratiogives effect to any expense reimbursements or fee waivers, and the actual advisory fee rate gives effect to any advisory fee reimbursements or waivers. The Board consideredthe services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutionalaccounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also providedwith an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewedBlackRock’s estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2020 compared to availableaggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexesmanaged by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis,noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including,among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Boardthus recognized that calculating and comparing profitability at the individual fund level is difficult.

Disclosure of Investment Advisory Agreement (continued)


The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operatingmargin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms,including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligationsunder the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited toBlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to otherproducts with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investmenttrust, and institutional separate account product channels, as applicable.

The Board noted that the Fund’s contractual advisory fee rate ranked in the first quartile, and that the actual advisory fee rate and total expense ratio each ranked in the firstquartile relative to the Fund’s Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downwardas the size of the Fund increases above certain contractually specified levels. The Board noted that if the size of the Fund were to decrease, the Fund could lose the benefitof one or more breakpoints. The Board additionally noted that BlackRock has voluntarily agreed to waive a portion of its administration and advisory fees payable by the Fund.The Board further noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate the Fund for certain other fees and expenses.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Fund increase, including theexistence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In itsconsideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extentto which the Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order toenable the Fund to more fully participate in these economies of scale. The Board considered the Fund’s asset levels and whether the current fee schedule was appropriate.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’srespective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and itsrisk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to theFund, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts toexpand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party researchobtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board receivedreports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

Conclusion

The Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Master Fund, on behalf of theFund, for a one-year term ending June 30, 2022. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, includingthe Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arrivingat its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, anddifferent Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice ofindependent legal counsel in making this determination.

Disclosure of Investment Advisory Agreement (continued)

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 49

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies(“Rule 18f-4”). The Master Portfolio will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on theamount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives assenior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives riskmanagement program and appoint a derivatives risk manager.

General Information

Quarterly performance, semi-annual and annual reports and other information regarding the Master Portfolio may be found on BlackRock’s website, which can be accessedat blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Master Portfolio and does not,and is not intended to, incorporate BlackRock’s website in this report.

Householding

The Master Portfolio will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, toshareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicatemailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailingof these documents to be combined with those for other members of your household, please call the Master Portfolio at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Master Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT.The Master Portfolio’s Form N-PORT is available on the SEC’s website at sec.gov. Additionally, the Master Portfolio makes its portfolio holdings for the first and third quartersof each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Master Portfolio uses to determine how to vote proxies relating to portfolio securities and information about how the MasterPortfolio voted proxies relating to securities held in the Master Portfolio’s portfolio during the most recent 12-month period ended June 30 is available without charge, uponrequest (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

BlackRock’s Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visitblackrock.com for more information.

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can alsovisit blackrock.com for more information.

Automatic Investment Plans

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in anyof the BlackRock funds.

Systematic Withdrawal Plans

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their accountbalance is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

Additional Information


BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-publicpersonal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why incertain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is setforth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, ifapplicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information wereceive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respondto regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it onlyfor its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest toyou. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for theinformation. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, includingprocedures relating to the proper storage and disposal of such information.

Master Portfolio and Service Providers

Investment AdviserBlackRock Fund AdvisorsSan Francisco, CA 94105

AdministratorBlackRock Advisors, LLCWilmington, DE 19809

Accounting Agent and CustodianState Street Bank and Trust CompanyBoston, MA 02111

Transfer AgentBNY Mellon Investment Servicing (US) Inc.Wilmington, DE 19809

Independent Registered Public Accounting FirmPricewaterhouseCoopers LLPPhiladelphia, PA 19103

Legal CounselSidley Austin LLPNew York, NY 10019

Address of MIP400 Howard StreetSan Francisco, CA 94105

Additional Information (continued)

A D D I T I O N A L I N F O R M A T I O N 51

Currency Abbreviation

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

EUR Euro

GBP British Pound

JPY Japanese Yen

NOK Norwegian Krone

NZD New Zealand Dollar

SEK Swedish Krona

SGD Singapore Dollar

USD United States Dollar

Portfolio Abbreviation

ADR American Depositary Receipt

CPO Certificates of Participation (Ordinary)

GDR Global Depositary Receipt

JSC Joint Stock Company

LIBOR London Interbank Offered Rate

MSCI Morgan Stanley Capital International

NVDR Non-Voting Depositary Receipt

PCL Public Company Limited

PJSC Public Joint Stock Company

REIT Real Estate Investment Trust

S&P Standard & Poor’s

SAB Special Assessment Bonds

SCA Societe en Commandite par Actions

TA Tax Allocation

Glossary of Terms Used in this Report


master portfolio information diversified equity master

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