iShares U.S. ETF Trust DEF 14A Definitive proxy

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )

Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐

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☐		Preliminary Proxy Statement

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☒		Definitive Proxy Statement

☐		Definitive Additional Materials

☐		Soliciting Material Pursuant to § 240.14a-12

iShares, Inc.

iShares Trust

iShares U.S. ETF Trust

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)

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iShares, Inc.

iShares Trust

iShares U.S. ETF Trust

400 Howard Street

San Francisco, CA 94105

May 10, 2017

Dear Shareholder:

A joint special meeting (the “Meeting”) of the shareholders of each series of iShares, Inc., iShares Trust and iShares U.S. ETF Trust (each, a “Company,” and each series, a “Fund,” and collectively, the “Funds”) will be held at the offices of BlackRock Fund Advisors (the “Adviser”), 400 Howard Street, San Francisco, CA 94105, on June 19, 2017, at 11:00 a.m. (Pacific time) to consider and vote on the proposals discussed in the enclosed joint proxy statement. The Funds are listed inAppendix B to the enclosed joint proxy statement.

You have received this letter because you were a shareholder of record of at least one Fund on May 2, 2017 (the “Record Date”). The purpose of the Meeting is to seek shareholder approval of the five nominees named in the enclosed joint proxy statement (the “Board Nominees”) to the Board of Directors or Trustees (each, a “Board,” the members of which are referred to as “Board Members”) of each Company.

Each Board has unanimously approved the five Board Nominees on behalf of each of the Funds that the Board oversees, subject to approval by the applicable Fund’s shareholders. The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that they possess the requisite experience in overseeing investment companies, and that their election would be in your best interests as a shareholder.

Each Board unanimously recommends that you vote, or submit voting instructions, “FOR” the election of each of the Board Nominees. In connection with your vote, we urge you to read the full text of the enclosed joint proxy statement.

Your vote is important. You can vote on the Internet, by telephone, by mail or in person at the Meeting. Please take a few moments to vote your shares, whether or not you plan to attend the Meeting in person. Broadridge Financial Solutions, Inc. (“Broadridge”), a professional proxy solicitation firm, has been retained to assist the Funds in obtaining shareholder votes.

Attendance at the Meeting will be limited to each Fund’s shareholders as of the Record Date. Photographic identification will be required for admission to the Meeting.

Even if you plan to attend the Meeting in person, please promptly follow the enclosed instructions to submit voting instructions via the Internet, by telephone, or by signing and dating each voting instruction form you receive and returning it in the accompanying postage-paid return envelope.

Please take the time to vote as outlined above and participate in the governance of your Fund(s).

If you have any questions about the proposals to be voted on, please call Broadridge, the firm assisting us in the solicitation of proxies, at 1-877-777-8588.

Sincerely,

Martin Small

President of the Funds

55 East 52nd Street, New York, NY 10055

IMPORTANT INFORMATION FOR FUND SHAREHOLDERS

While we encourage you to read the full text of the enclosed joint proxy statement, for your convenience, we have provided a brief overview of the matters to be voted on.

Questions and Answers

Q:	Why am I receiving the joint proxy statement?

A joint special meeting of shareholders of the Funds will be held at the offices of BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105, on June 19, 2017, at 11:00 a.m. (Pacific time). The enclosed joint proxy statement describes a proposal to elect the Board Nominees of the Fund(s) in which you owned shares as of the Record Date, May 2, 2017, and provides you with other information relating to the Meeting. The enclosed voting instruction form(s) indicate the Fund(s) in which you owned shares as of the Record Date. The table starting on page 5 of the joint proxy statement identifies the five Board Nominees, three of whom are current Board Members and two of whom are current advisory Board Members of the Companies (the “Advisory Board Members”).

Q:	Why are the Companies holding a meeting to elect Board Members at this time?

A:	The Boards believe that it would be beneficial to current and future shareholders of the Companies to expand the breadth and depth of the Boards by adding Directors/Trustees with varied backgrounds and qualifications.

In addition, the Investment Company Act of 1940, as amended (the “1940 Act”), requires that persons filling vacancies on a board be elected by shareholders at a meeting called for that purpose unless at least two-thirds of the directors/trustees then holding office have been elected by shareholders. The 1940 Act also requires a fund to hold a meeting for the purpose of electing directors/trustees if at any time less than a majority of the directors/trustees were elected by shareholders of the fund. Because three of the eight current Board Members of iShares, Inc. and iShares Trust were appointed by the then-existing Board Members and not elected by shareholders, iShares, Inc. and iShares Trust are currently prohibited by the 1940 Act from appointing new Board Members without shareholder approval. Although iShares U.S. ETF Trust is not similarly required to hold a shareholder meeting to elect Board Members at this time, it is being included in this joint proxy statement to facilitate consistency in the status of Board Members (as elected or appointed) and the composition of the Boards across the three Companies. The election of the Board Nominees to the Boards by shareholders would provide the Boards with more flexibility when a future vacancy exists on the Boards as a result of Director/Trustee resignation or otherwise.

Q:	Who are the Board Nominees for election to the Board of each Company?

The Board Nominees are: Jane D. Carlin, Richard L. Fagnani, Drew E. Lawton, Madhav V. Rajan and Mark Wiedman. All of the Board Nominees, other than Mark Wiedman, are not “interested persons” of the Companies. Jane D. Carlin, Madhav V. Rajan and Mark Wiedman currently serve as Board Members of the Companies. Richard L. Fagnani and Drew E. Lawton currently serve as Advisory Board Members. Biographical information for the Board Nominees is included in the enclosed joint proxy statement under Proposal 1 of the Meeting and the relevant appendices.

Q:	How do the Boards of the Companies recommend that I vote?

The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that the Board Nominees possess the requisite experience in overseeing investment companies. The Boards have approved the Board Nominees named in the joint proxy statement, believe their election would be in your best interest and unanimously recommend that you vote, or submit voting instructions, “FOR” each Board Nominee.

Q:	How do I vote my shares?

A:	For your convenience, there are several ways you can vote:

•

By Telephone: You may vote by calling the toll-free number listed on your voting instruction form and following the instructions.

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By Mail: You may vote by completing the enclosed voting instruction form and dating, signing and returning it in the postage-paid envelope. Please note that if you sign and date the voting instruction form but provide no voting instructions, your shares will be voted “FOR” the proposal.

•

On the Internet: You may vote via the Internet by accessing the website address printed on the enclosed voting instruction form or the Important Notice Regarding the Availability of Proxy Materials for the Joint Shareholder Meeting to be held on June 19, 2017 (the “Notice”) and following the instructions. To vote in this manner, you will need the “control” number that appears on your voting instruction form or Notice.

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In Person: You may vote your shares by attending the Meeting in person.

Q:	Will my vote make a difference?

A:	Yes. Your vote is very important and can make a difference in the governance and management of your Fund(s), no matter how many shares you own. Your vote can help ensure that the Board Nominees be elected. We encourage all shareholders to participate in the governance of their Fund(s).

Q:	Are the Funds paying for the costs of the joint proxy statement?

Except as otherwise noted below, the costs associated with the joint proxy statement, including the printing, distribution and proxy solicitation costs, will be borne by the Funds, and additional out-of-pocket costs, such as legal expenses, incurred in connection with the preparation of the joint proxy statement, also will be borne by the Funds. Costs that are borne by the Funds collectively will be allocated among the Funds on the basis of their respective net assets, except when direct costs can reasonably be attributed to one or more specific Funds. Pursuant to a contractual or voluntary expense limitation, the Adviser will bear some or all of the costs associated with the joint proxy statement for certain Funds to the extent the total operating expenses of such Funds, after taking into account the proxy costs allocated to such Funds, exceed the contractual or voluntary expense limitation for such Funds.

The Funds have retained Broadridge, a proxy solicitation firm, to assist in the distribution of proxy materials and the solicitation and tabulation of proxies. It is anticipated that Broadridge will be paid approximately $2.21 million for solicitation services (including reimbursements of out-of-pocket expenses), which includes approximately $2.20 million for the costs of printing and distributing proxy materials.

Q:	Whom do I call if I have questions?

A:	If you need more information, or have any questions about voting, please call Broadridge, the proxy solicitor for the Funds, at 1-877-777-8588.

Please votenow. Your vote is important.

To avoid the wasteful and unnecessary expense of further solicitation and no matter how large or small your holdings may be, we urge you to record your voting instructions by telephone or via the Internet, or to indicate your voting instructions on the enclosed voting instruction form(s), and date and sign it (them) and return it (them) promptly in the postage-paid envelope provided. If you submit a properly executed voting instruction form but do not indicate how you wish your shares to be voted, your shares will be voted “FOR” the election of the Board Nominees. If your shares of a Fund are held through a broker, you must provide voting instructions to your broker about how to vote your shares in order for your broker to vote your shares as you instruct at the Meeting.

iSHARES, INC.

iSHARES TRUST

iSHARES U.S. ETF TRUST

NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD ON JUNE 19, 2017

A joint special meeting (the “Meeting”) of the shareholders of each series (each, a “Fund”) of iShares, Inc., iShares Trust and iShares U.S. ETF Trust (each, a “Company”) will be held at the offices of BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105, on June 19, 2017, at 11:00 a.m. (Pacific time), to consider and vote on the following proposals, as more fully described in the accompanying joint proxy statement:


PROPOSAL 1.		To elect five Board members to the Board of Directors or Trustees of each Company.

PROPOSAL 2.		To transact such other business as may properly come before the Meeting or any adjournments, postponements or delays thereof.

The purpose of the Meeting is to seek shareholder approval of the five nominees named in the accompanying joint proxy statement (the “Board Nominees”) to the Board of Directors or Trustees of each Company (each, a “Board”). Each Board has unanimously approved the five Board Nominees on behalf of each Fund overseen by such Board, subject to approval by the shareholders of the Funds. The Boards have reviewed the qualifications and backgrounds of the Board Nominees and believe that the Board Nominees each possess the requisite experience in overseeing investment companies and that their election would be in your best interests as a shareholder.

Each Board unanimously recommends that you vote, or provide voting instructions, “FOR” the election of each Board Nominee.

Shareholders of record of a Fund as of the close of business on May 2, 2017 (the “Record Date”) are entitled to notice of, and to vote at, the Meeting and any adjournments, postponements or delays thereof.

If you owned shares in more than one Fund as of the Record Date, you may receive more than one voting instruction form. Please be certain to vote by telephone or via the Internet with respect to each Fund in which you are a shareholder of record or sign, date and return each voting instruction form you receive from us.

If you have any questions about the proposals to be voted on, please call Broadridge Financial Solutions, Inc., the firm assisting us in the solicitation of proxies, toll-free at 1-877-777-8588.

By Order of the Boards,

Martin Small

President of the Funds

55 East 52nd Street, New York, NY 10055

Dated: May 10, 2017

Table of Contents


	Page
JOINT PROXY STATEMENT		1
PROPOSAL 1 – ELECTION OF BOARD MEMBERS		5
VOTE REQUIRED AND MANNER OF VOTING PROXIES		14
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		15
ADDITIONAL INFORMATION		17
Appendix A – Company Information/Quorum and Voting Requirements		A-1
Appendix B – Shares Outstanding/Net Assets		B-1
Appendix C – Compensation of the Board Members/Board Nominees		C-1
Appendix D – Fund Securities Owned by Board Members/Board Nominees		D-1
Appendix E – Meetings of the Boards		E-1
Appendix F – Committee Meetings of the Boards		F-1
Appendix G – Executive Officers of the Companies		G-1
Appendix H – Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees to Independent Registered Public Accountants (PricewaterhouseCoopers LLP)		H-1
Appendix I – 5% Beneficial Share Ownership		I-1
Appendix J – Blackrock International Limited Sub-Advised Funds		J-1
Appendix K – Joint Audit Committee Charter		K-1
Appendix L – Joint Nominating and Governance Committee Charter		L-1

iShares, Inc.

iShares Trust

iShares U.S. ETF Trust

400 Howard Street

San Francisco, CA 94105

JOINT SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD ON JUNE 19, 2017

JOINT PROXY STATEMENT

This joint proxy statement (this “Proxy Statement”) is furnished in connection with the solicitation of proxies by the Board of Directors or Trustees (each, a “Board,” the members of which are referred to as “Board Members”) of each series listed inAppendix B to this Proxy Statement (each, a “Fund” and, collectively, the “Funds”) of iShares, Inc., iShares Trust and iShares U.S. ETF Trust (each, a “Company” and together, the “Companies”). The proxies will be voted at the joint special meeting of shareholders of the Funds (the “Meeting”) and at any and all adjournments, postponements or delays thereof. The Meeting will be held at the offices of BlackRock Fund Advisors (the “Adviser”), 400 Howard Street, San Francisco, CA 94105, on June 19, 2017, at 11:00 a.m. (Pacific time). The Meeting will be held for the purpose of electing five nominees to the Board of each Company (the “Board Nominees”).

The Board of each Company has determined that the use of a joint proxy statement for such Company’s Meeting is in the best interests of the Funds and their shareholders in light of the similar matters being considered and voted on by the shareholders of each Fund. Shareholders will receive either a copy of this Proxy Statement and the accompanying proxy materials, which are expected to be mailed on or about May 18, 2017, or an Important Notice Regarding the Availability of Proxy Materials for the Joint Shareholder Meeting to be held on June 19, 2017 (the “Notice”), which is expected to be mailed on or about May 10, 2017.

iShares, Inc. is a corporation organized under the laws of the State of Maryland. Each of iShares Trust and iShares U.S. ETF Trust is a statutory trust organized under the laws of the State of Delaware. Each Company is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

Shareholders of record of a Fund as of the close of business on May 2, 2017 (the “Record Date”) are entitled to notice of and to vote at the Meeting and any and all adjournments, postponements or delays thereof. Shareholders of the Funds on the Record Date are entitled to the voting rights set forth onAppendix A, with no shares having cumulative voting rights. The quorum and voting requirements for Proposal 1 for each Fund are also set forth inAppendix A.

The number of outstanding shares of each Fund as of the close of business on the Record Date are shown inAppendix B. To the knowledge of each Fund, as of the Record Date, no person was the beneficial owner of more than five percent of a class of the outstanding shares of a Fund, except as set forth inAppendix I.

The Fund in which you owned shares on the Record Date is named on the voting instruction form or Notice. If you owned shares in more than one Fund on the Record Date, you may receive more than one voting instruction form. Even if you plan to attend the Meeting in person, please sign, date and return EACH voting instruction form that you receive or, if you provide voting instructions by telephone or via the Internet, please vote on the proposals affecting EACH Fund you own. If you vote by telephone or via the Internet, you will be asked to enter a unique code that has been assigned to you, which is printed on your voting instruction form(s) or Notice, as applicable. This code is designed to confirm your identity, provide access into the voting website and confirm that your voting instructions are properly recorded.

All properly executed proxies received prior to the Meeting will be voted at the Meeting and any and all adjournments, postponements or delays thereof. On any matter coming before the Meeting as to which a shareholder has specified a choice on that shareholder’s proxy, the shares will be voted accordingly. If a voting instruction form is properly executed and returned and no choice is specified with respect to a proposal, the shares will be voted“FOR” the proposal. Shareholders who execute proxies or provide voting instructions by telephone or via the Internet may revoke them with respect to one or more proposals at any time before a vote is taken on such proposal(s) by filing with the applicable Fund a written notice of revocation (addressed to the Secretary of the Funds at the principal executive offices of the Funds at 400 Howard Street, San Francisco, CA 94105, by delivering a duly executed proxy bearing a later date, or by attending the Meeting and voting in person by ballot, in all cases prior to the exercise of the authority granted in the voting instruction form. Merely attending the Meeting, however, will not revoke any previously executed proxy. If you hold shares through a bank, broker or other intermediary, please consult your bank, broker or intermediary regarding your ability to revoke voting instructions after such instructions have been provided.

Photographic identification will be required for admission to the Meeting. If you hold your shares through a bank, broker or other intermediary, and you wish to attend the Meeting and vote your shares, you must request a “legal proxy” from the bank, broker or other intermediary.

Copies of each Fund’s most recent annual report and semi-annual report can be obtained on a website maintained by BlackRock, Inc. atwww.iShares.com. In addition, each Fund will furnish, without charge, a copy of its annual report and most recent semi-annual report succeeding the annual report, if any, to a shareholder upon request. Such requests should be directed to the distributor for the Companies, BlackRock Investments, LLC (the “Distributor”), 1 University Square Drive, Princeton, NJ 08540, or by calling 1-800-iShares (1-800-474-2737). Copies of annual and semi-annual reports of each Fund are also available on the EDGAR Database on the U.S. Securities and Exchange Commission’s website atwww.sec.gov.

Please note that only one annual or semi-annual report, or this Proxy Statement or Notice, may be delivered to two or more shareholders of a Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of an annual report or semi-annual report, or this Proxy Statement or Notice, or for instructions on how to request a separate copy of these documents or as to how to request a single copy if multiple copies of these documents are received, shareholders should contact the applicable Fund at the address and phone number set forth above.

SUMMARY OF PROPOSAL AND FUNDS VOTING

The proposal described in this Proxy Statement is to elect Board Members, and the shareholders of each Fund of each Company as of the Record Date are entitled to vote on the proposal.

PLEASE VOTENOW. YOUR VOTE IS IMPORTANT.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE JOINT SHAREHOLDER MEETING TO BE HELD ON JUNE 19, 2017

The Notice of Joint Special Meeting of Shareholders, Proxy Statement and form of proxy are available on the Internet atwww.proxyvote.com. This Notice cannot be used to cast your vote and presents only an overview of the more complete proxy materials that are available on the Internet. The Proxy Statement and annual and semi-annual reports of each Fund are available by calling 1-800-iShares (1-800-474-2737).

If you have any questions or wish to obtain directions so that you can attend the Meeting in person, please call Broadridge Financial Solutions, Inc. (“Broadridge”), the proxy solicitor for the Funds, toll freeat 1-877-777-8588.

PROPOSAL 1 — ELECTION OF BOARD MEMBERS

The purpose of the Proposal is to elect five Board Members to the Board of each Company.

Board Nominees. The Board of each Company currently consists of eight Board Members, six of whom are not “interested persons” of such Company (as defined in the 1940 Act) (the “Independent Board Members”). Each Company also has two advisory Board Members (the “Advisory Board Members”). Each Board Nominee elected at the Meeting will serve until his or her successor is elected or until his or her earlier death, resignation, retirement or removal.

Each Board recommends a vote“FOR” the election of each of the five Board Nominees: Jane D. Carlin, Richard L. Fagnani, Drew E. Lawton, Madhav V. Rajan and Mark Wiedman. All of the Board Nominees, other than Mark Wiedman, are not “interested persons” of the Companies. All of the Board Nominees other than Richard L. Fagnani and Drew E. Lawton currently serve as Board Members of the Companies. Richard L. Fagnani and Drew E. Lawton currently serve as Advisory Board Members for each Company. The Board Nominees were recommended by the Independent Board Members.

To vote for the Board Nominees, please vote by telephone or via the Internet, as described in the voting instruction form(s) or Notice, or date and sign the enclosed voting instruction form(s) and return the voting instruction form(s) promptly in the enclosed postage-paid envelope. If you owned shares in more than one Fund as of the Record Date, you may receive more than one voting instruction form. Each of the Board Nominees has consented to being named in this Proxy Statement and to serve as a Board Member if elected.

Board Members’/Board Nominees’ Biographical Information. Please refer to the below table, which identifies the Board Members/Board Nominees, and sets forth certain biographical information about the Board Members/Board Nominees, for each Company. Each Board Nominee was nominated by the Nominating and Governance Committee of the Board of each respective Company. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Board Member/Board Nominee is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Messrs. Kapito and Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. Each Board has designated Cecilia H. Herbert as its Independent Board Chair.


Name (Age)	Position	Principal Occupation(s) During the Past 5 Years	Number of Funds in Exchange- Traded Fund Complex Overseen or to be Overseen	Other Directorships Held by Board Member/Board Nominee
*Independent Board Members/Board Nominees*

Jane D. Carlin (61)	Board Member/Board Nominee (since 2015 for each Company); Risk Committee Chair (since 2016 for each Company).	Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	333 Funds	Director of PHH Corporation (mortgage solutions) (since 2012); Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (62)	Advisory Board Member/Board Nominee (since 2017 for each Company).	Retired; Partner, KPMG LLP (2002-2016).	333 Funds	None


Name (Age)	Position	Principal Occupation(s) During the Past 5 Years	Number of Funds in Exchange- Traded Fund Complex Overseen or to be Overseen	Other Directorships Held by Board Member/Board Nominee
Cecilia H. Herbert (68)	Board Member (since 2005 for iShares, Inc. and iShares Trust; since 2011 for iShares U.S. ETF Trust); Independent Board Chair (since 2016 for each Company); Nominating and Governance Committee Chair (since 2016 for each Company).	Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.	333 Funds	Trustee of Forward Funds (17 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015).

Charles A. Hurty (73)	Board Member (since 2005 for iShares, Inc. and iShares Trust; since 2011 for iShares U.S. ETF Trust); Audit Committee Chair (since 2006 for iShares, Inc. and iShares Trust; since 2011 for iShares U.S. ETF Trust).	Retired; Partner, KPMG LLP (1968-2001).	333 Funds	Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

John E. Kerrigan (61)	Board Member (since 2005 for iShares, Inc. and iShares Trust; since 2011 for iShares U.S. ETF Trust); Securities Lending Committee Chair (since 2016 for each Company).	Chief Investment Officer, Santa Clara University (since 2002).	333 Funds	None

Drew E. Lawton (58)	Advisory Board Member/Board Nominee (since 2016 for each Company).	Senior Managing Director of New York Life Insurance Company (2010-2015).	333 Funds	None

John E. Martinez (55)	Board Member (since 2003 for iShares, Inc. and iShares Trust; since 2011 for iShares U.S. ETF Trust); Fixed Income Plus Committee Chair (since 2016 for each Company).	Director of Real Estate Equity Exchange, Inc. (since 2005).	333 Funds	None


Name (Age)	Position	Principal Occupation(s) During the Past 5 Years	Number of Funds in Exchange- Traded Fund Complex Overseen or to be Overseen	Other Directorships Held by Board Member/Board Nominee
Madhav V. Rajan (52)	Board Member/Board Nominee (since 2011 for each Company); Equity Plus Committee Chair and 15(c) Committee Chair (since 2016 for each Company).	Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business(2010-2016).	333 Funds	Director of Cavium, Inc. (since 2013).
*Interested Board Members/Board Nominees*

Robert S. Kapito¹ (60)	Board Member (since 2009 for iShares, Inc. and iShares Trust; since 2011 for iShares U.S. ETF Trust).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	333 Funds	Director of BlackRock, Inc. (since 2006).

Mark Wiedman² (46)	Board Member/Board Nominee (since 2013 for each Company).	Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s Exchange-Traded Funds and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	333 Funds	Director of PennyMac Financial Services, Inc. (since 2008).

¹	Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of each Company due to his affiliations with BlackRock, Inc. and its affiliates.

²	Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of each Company due to his affiliations with BlackRock, Inc. and its affiliates.

The Board has concluded that, based on each Board Member/Board Nominee’s experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Board Members, each Board Member/Board Nominee should serve as a Board Member. Among the attributes common to all Board Members are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with each Company’s investment adviser, other service providers, counsel and the independent registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Board Members. A Board Member’s ability to perform his or her duties effectively may have been attained through the Board Member’s educational background or professional training; business, consulting, public service or academic positions; experience from service as a Board Member of the Companies and the Funds of each Company (and any predecessor funds), other investment funds, public companies, or non-profit entities or other organizations; and/or other life experiences.

Set forth below is a brief discussion of the specific experience, qualifications, attributes or skills of each Board Member/Board Nominee that led the Board to conclude that he or she should serve (or continue to serve) as a Board Member.


Board Members/ Board Nominees		Experience, Qualifications, Attributes or Skills
*Independent Board Members/Board Nominees*

Jane D. Carlin		Jane D. Carlin has been a Board Member of each Company since 2015 and Chair of the Risk Committee of each Company since 2016. Ms. Carlin has served as a consultant since 2012 and formerly served as Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley from 2006 to 2012. In addition, Ms. Carlin served as Managing Director and Global Head of the Bank Operational Risk Oversight Department of Credit Suisse Group from 2003 to 2006. Prior to that, Ms. Carlin served as Managing Director and Deputy General Counsel of Morgan Stanley. Ms. Carlin has over 30 years of experience in the financial sector and has served in a number of legal, regulatory, and risk management positions. Ms. Carlin has served as an Independent Director on the Board of PHH Corporation since 2012 and as a Director of The Hanover Insurance Group, Inc. since 2016. She previously served as a Director on the Boards of Astoria Financial Corporation and Astoria Bank. Ms. Carlin was appointed by the United States Treasury to the Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security, where she served as Chairperson from 2010 to 2012 and Vice Chair and Chair of the Cyber Security Committee from 2009 to 2010. Ms. Carlin has a BA degree in political science from State University of New York at Stony Brook and a JD degree from Benjamin N. Cardozo School of Law.

Richard L. Fagnani		Richard L. Fagnani has been an Advisory Board Member of each Company since 2017. Mr. Fagnani served as a Senior Audit Partner at KPMG LLP from 2002 to 2016, most recently as the U.S. asset management audit practice leader responsible for setting strategic direction and execution of the operating plan for the asset management audit practice. In addition, from 1977 to 2002, Mr. Fagnani served as an Audit Partner at Andersen LLP, where he developed and managed the asset management audit practice. Mr. Fagnani served as a Trustee on the Board of the Walnut Street Theater in Philadelphia from 2009 to 2014 and as a member of the School of Business Advisory Board at LaSalle University from 2006 to 2014. Mr. Fagnani has a BS degree in Accounting from LaSalle University.

Cecilia H. Herbert		Cecilia H. Herbert has been a Board Member of iShares, Inc. and iShares Trust since 2005, and a Board Member of iShares U.S. ETF Trust since 2011. Ms. Herbert has served as Chair of each Company’s Board since 2016, Chair of the Nominating and Governance Committee of each Company since 2016, and Chair of the Nominating and Governance Committee and the Equity Plus Committee of each Company from 2012 to 2015. Ms. Herbert served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. In addition, Ms. Herbert has served as Trustee of the Forward Funds since 2009, which was purchased by Salient Partners in 2015, and has also served as Trustee of the Salient MF Trust since 2015. She has served since 1992 on the Investment Council of the Archdiocese of San Francisco and was Chair from 1994 to 2005. She has served as a Trustee of Stanford Health Care since 2016 and as a Trustee of WNET, New York’s public media station, since 2011. She was President of the Board of Catholic Charities CYO, the largest social services agency in the San Francisco Bay Area, from 2007 to 2011 and a member of


Board Members/ Board Nominees		Experience, Qualifications, Attributes or Skills
		that board from 1992 to 2013. She previously served as Trustee of the Pacific Select Funds from 2004 to 2005 and Trustee of the Montgomery Funds from 1992 to 2003. She worked from 1973 to 1990 at J.P. Morgan/Morgan Guaranty Trust doing international corporate finance and corporate lending, retiring as Managing Director and Head of the West Coast Office. Ms. Herbert has been on numerous non-profit boards, chairing investment and finance committees. She holds a double major in economics and communications from Stanford University and an MBA from Harvard Business School.

Charles A. Hurty		Charles A. Hurty has been a Board Member of iShares, Inc. and iShares Trust since 2005, and a Board Member of iShares U.S. ETF Trust since 2011. Mr. Hurty has served as Chair of the Audit Committee of iShares, Inc. and iShares Trust since 2006 and of iShares U.S. ETF Trust since 2011. Mr. Hurty served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. In addition, Mr. Hurty has served as Director of the SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (formerly, Citigroup Alternative Investments Multi- Adviser Hedge Fund Portfolios LLC) since 2002. He was a Director of the GMAM Absolute Return Strategy Fund from 2002 to 2015 and was a Director of the CSFB Alternative Investment Funds from 2005 to December 2009, when the funds were liquidated. Mr. Hurty was formerly a Partner at KPMG, LLP from 1968 to 2001, where he held several leadership roles in KPMG’s Investment Management Practice. Prior to joining KPMG, Mr. Hurty was an officer in the United States Army. Mr. Hurty has a BS degree in accounting from the University of Kansas.

John E. Kerrigan		John E. Kerrigan has been a Board Member of iShares, Inc. and iShares Trust since 2005, and a Board Member of iShares U.S. ETF Trust since 2011. Mr. Kerrigan served as Chair of the Securities Lending Committee of each Company since 2016, Chair of the Nominating and Governance Committee of iShares, Inc. and iShares Trust from 2010 to 2012, Chair of the Nominating and Governance Committee of iShares U.S. ETF Trust from 2011 to 2012, and Chair of the Fixed Income Plus Committee of each Company from 2012 to 2015. Mr. Kerrigan served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. Mr. Kerrigan has served as Chief Investment Officer of Santa Clara University since 2002. Mr. Kerrigan was formerly a Managing Director at Merrill Lynch & Co., including the following responsibilities: Managing Director, Institutional Client Division, Western United States. Mr. Kerrigan has been a Director, since 1999, of The BASIC Fund (Bay Area Scholarships for Inner City Children). Mr. Kerrigan has a BA degree from Boston College and is a Chartered Financial Analyst Charterholder.

Drew E. Lawton		Drew E. Lawton has been an Advisory Board Member of each Company since 2016. Mr. Lawton served as Director of Principal Funds, Inc., Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds from March 2016 through October 2016. Mr. Lawton served in various capacities at New York Life Insurance Company from February 2010 to December 2015, most recently as a Senior Managing Director and Chief Executive Officer of New York Life Investment Management. From 2008 to 2010, Mr. Lawton was the President of Fridson Investment Advisors, LLC. Mr. Lawton previously held multiple roles at Fidelity Investments from 1997 to 2008. Mr. Lawton as a BA degree in Administrative Science from Yale University and an MBA from University of North Texas.


Board Members/ Board Nominees		Experience, Qualifications, Attributes or Skills

John E. Martinez		John E. Martinez has been a Board Member of iShares, Inc. and iShares Trust since 2003, and a Board Member of iShares U.S. ETF Trust since 2011. Mr. Martinez served as Chair of the Fixed Income Plus Committee of each Company since 2016 and Chair of the Securities Lending Committee of each Company from 2012 to 2015. Mr. Martinez served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. Mr. Martinez is a Director of Real Estate Equity Exchange, Inc., providing governance oversight and consulting services to this privately held firm that develops products and strategies for homeowners in managing the equity in their homes. Mr. Martinez currently serves as a Board Member for the Cloudera Foundation, whose mission is to apply Cloudera’s data science expertise and discipline to solve global social problems. Mr. Martinez previously served as Director of Barclays Global Investors (“BGI”) UK Holdings, where he provided governance oversight representing BGI’s shareholders (Barclays PLC, BGI management shareholders) through oversight of BGI’s worldwide activities. Mr. Martinez also previously served as Co-Chief Executive Officer of the Global Index and Markets Group of BGI, Chairman of Barclays Global Investor Services and Chief Executive Officer of the Capital Markets Group of BGI. From 2003 to 2012, he was a Director and Executive Committee Member for Larkin Street Youth Services, providing governance oversight and strategy development to an agency that provides emergency and transitional housing, healthcare, education, job and life skills training to homeless youth. He now serves on the Larkin Street Honorary Board. From 2012 to 2016, Mr. Martinez served as a Director for Reading Partners, an organization committed to making all children literate through one-on-one tutoring of students in grades K-4 who are not yet reading at grade level. Mr. Martinez has an AB degree in economics from The University of California, Berkeley and holds an MBA degree in finance and statistics from The University of Chicago Booth School of Business.

Madhav V. Rajan		Madhav V. Rajan has been a Board Member of each Company since 2011. Mr. Rajan has served as Chair of the Equity Plus Committee and 15(c) Committee of each Company since 2016, Chair of the Nominating and Governance Committee of each Company in 2016, and Chair of the 15(c) Committee of each Company from 2012 to 2015. Mr. Rajan served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2011 to 2015. Mr. Rajan is the Robert K. Jaedicke Professor of Accounting at the Stanford University Graduate School of Business. He has taught accounting for over 25 years to undergraduate, MBA and law students, as well as to senior executives. From 2010 to 2016, Mr. Rajan served as the Senior Associate Dean for Academic Affairs and head of the MBA Program at the Stanford University Graduate School of Business. Mr. Rajan served as editor of “The Accounting Review” from 2002 to 2008 and is co-author of “Cost Accounting: A Managerial Emphasis,” a leading cost accounting textbook. Mr. Rajan holds MS and PhD degrees in Accounting from Carnegie Mellon University.


Board Members/ Board Nominees		Experience, Qualifications, Attributes or Skills
*Interested Board Members/Board Nominees*

Robert Kapito		Robert Kapito has been a Board Member of iShares, Inc. and iShares Trust since 2009, and a Board Member of iShares U.S. ETF Trust since 2011. Mr. Kapito has served as a Director of BlackRock, Inc. since 2006. Mr. Kapito served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. In addition, he has over 20 years of


Board Members/ Board Nominees		Experience, Qualifications, Attributes or Skills
		experience as part of BlackRock, Inc. and BlackRock, Inc.’s predecessor entities. Mr. Kapito serves as President of BlackRock, Inc., and is a member of the Global Executive Committee and Chairman of the Global Operating Committee. He is responsible for day-to-day oversight of BlackRock’s key operating units, including Investment Strategies, Client Businesses, Technology & Operations, and Risk & Quantitative Analysis. Prior to assuming his current responsibilities in 2007, Mr. Kapito served as Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group. In that role, he was responsible for overseeing all portfolio management within BlackRock, including the Fixed Income, Equity, Liquidity, and Alternative Investment Groups. Mr. Kapito serves as a member of the Board of Trustees of the University of Pennsylvania and the Harvard Business School Board of Dean’s Advisors. He has also been President of the Board of Directors for the Hope & Heroes Children’s Cancer Fund since 2002. Mr. Kapito earned a BS degree in economics from the Wharton School of the University of Pennsylvania in 1979, and an MBA degree from Harvard Business School in 1983.

Mark Wiedman		Mark Wiedman has been a Board Member of each Company since 2013. Mr. Wiedman served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2013 to 2015. Mr. Wiedman is the Global Head of BlackRock’s Exchange-Traded Funds and Index Investments Business and Senior Managing Director of BlackRock, Inc. In addition, he is a member of BlackRock’s Global Executive Committee. Prior to assuming his current responsibilities in 2016, Mr. Wiedman was the Global Head of iShares. Mr. Wiedman was previously the head of Corporate Strategy for BlackRock. Mr. Wiedman joined BlackRock in 2004 to help start the advisory business, which evolved into the Financial Markets Advisory Group in BlackRock Solutions. This group advises financial institutions and governments on managing their capital markets exposures and businesses. Prior to BlackRock, he served as senior advisor and chief of staff for the Under Secretary for Domestic Finance at the U.S. Department of the Treasury and also was a management consultant at McKinsey & Co., advising financial institutions in the United States, Europe, and Japan. He has taught as an adjunct associate professor of law at Fordham University in New York and Renmin University in Beijing. Mr. Wiedman serves on the board of PennyMac Financial Services, Inc., a publicly-traded U.S. mortgage banking and investment management firm started in 2008, with BlackRock, Inc. as a sponsor. Mr. Wiedman earned an AB degree, Phi Beta Kappa,magna cum laude, in social studies from Harvard College in 1992 and a JD degree from Yale Law School in 1996.

Board Leadership Structure and Oversight

Overall responsibility for oversight of the Funds rests with the Board. The Board has engaged the Adviser to manage the Funds on a day-to-day basis. The Board is responsible for overseeing the Adviser and other service providers in the operations of the Funds in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and each Company’s charter. The Board of each Company is currently composed of eight members, six of whom are Independent Board Members. Each Company also has two Advisory Board Members. The Board currently conducts regular in person meetings four times a year. In addition, the Board frequently holds special in person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The Independent Board Members meet regularly outside the presence of management, in executive session or with other service providers to each Company.

The Board has appointed an Independent Board Member to serve in the role of Board Chair for each Company. The Board Chair’s role is to preside at all meetings of the Board and to act as a liaison with service providers,

officers, attorneys, and other Board Members generally between meetings. The Board Chair may also perform such other functions as may be delegated by the Board from time to time. The Board has established seven standing Committees for each Company: a Nominating and Governance Committee, an Audit Committee, a 15(c) Committee, a Risk Committee, a Securities Lending Committee, an Equity Plus Committee and a Fixed Income Plus Committee to assist the Board in the oversight and direction of the business and affairs of the Funds, and from time to time the Board may establish ad hoc committees or informal working groups to review and address the policies and practices of the Funds with respect to certain specified matters. The Chair of each standing Committee is an Independent Board Member. The role of the Chair of each Committee is to preside at all meetings of the Committee and to act as a liaison with service providers, officers, attorneys and other Board Members between meetings. Each standing Committee meets regularly to conduct the oversight functions delegated to the Committee by the Board and reports its finding to the Board. The Board and each standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that the Board’s leadership structure is appropriate because it allows the Board to exercise independent judgment over management and it allocates areas of responsibility among committees of Independent Board Members and the full Board to enhance effective oversight.

Day-to-day risk management with respect to the Funds is the responsibility of the Adviser or other service providers (depending on the nature of the risk), subject to the supervision of the Adviser. Each Fund is subject to a number of risks, including investment, compliance, operational, reputational, counterparty and valuation risks, among others. While there are a number of risk management functions performed by the Adviser and other service providers, as applicable, it is not possible to identify and eliminate all of the risks applicable to the Funds. The Board Members have an oversight role in this area, satisfying themselves that risk management processes and controls are in place and operating effectively. Risk oversight forms part of the Board’s general oversight of each Fund and is addressed as part of various Board and committee activities. In some cases, risk management issues are specifically addressed in presentations and discussions. For example, the Adviser has an independent dedicated Risk and Quantitative Analysis (“RQA”) Group that assists the Adviser in managing fiduciary and corporate risks, including investment, operational, counterparty credit and enterprise risk. Representatives of the RQA Group meet with the Board to discuss their analysis and methodologies, as well as specific risk topics such as operational and counterparty risks relating to the Funds. The Board, directly or through a committee, also reviews reports from, among others, management and the independent registered public accounting firm for the Companies, as appropriate, regarding risks faced by each Fund of each Company and management’s risk functions. The Board has appointed a Chief Compliance Officer (“CCO”) who oversees the implementation and testing of each Company’s compliance program, including assessments by independent third parties, and reports to the Board regarding compliance matters for each respective Company and its principal service providers. In testing and maintaining the compliance program, the CCO (and his or her delegates) assesses key compliance risks affecting each Fund, and addresses them in periodic reports to the Board. In addition, the Audit Committee meets with both the Funds’ independent registered public accounting firm and the Adviser’s internal audit group to review risk controls in place that support each Fund as well as test results. Board oversight of risk is also performed as needed between meetings through communications between the Adviser and the Board. The Independent Board Members have engaged independent legal counsel to assist them in performing their oversight responsibilities. From time to time, the Board may modify the manner in which it conducts risk oversight. The Board’s oversight role does not make it a guarantor of the Funds’ investment performance or other activities.

Compensation. Information relating to compensation paid to the Board Members/Board Nominees for each Company’s fiscal year ended October 31, 2016 (the date of the most recently completed fiscal year end for each Company) is set forth inAppendix C.

Equity Securities Owned by Board Members/Board Nominees. Information relating to the amount of equity securities owned by Board Members/Board Nominees in the Funds that they oversee or are nominated to oversee in all registered investment companies overseen or to be overseen by the Board Members/Board Nominees within the same family of investment companies as the Companies, as of December 31, 2016, is set forth inAppendix D.

Attendance of Board Members at Shareholders’ Meetings. None of the Companies currently has a formal policy regarding Board members’ attendance at shareholders’ meetings. None of the Companies held, or were required to hold, a meeting at which Board Members were elected during its last fiscal year.

Board Meetings. Information relating to the number of times that the Boards and each committee of the Boards met during each Company’s most recently completed fiscal year ended October 31, 2016 is set forth inAppendix EandAppendix F, respectively. All incumbent Board Members attended greater than 75% of the aggregate number of meetings of each Board and of each Committee on which the Board Member served during each Company’s most recently completed fiscal year.

Standing Committees of the Boards. Information relating to the various standing committees of the Boards is set forth below.

The Board of each Company has established the following standing committees:

Audit Committee. The members of the Audit Committee are Charles A. Hurty (Chair), John E. Kerrigan and Madhav V. Rajan, each of whom is an Independent Board Member. The purposes of the Audit Committee are to assist the Board (i) in its oversight of each Company’s accounting and financial reporting principles and policies and related controls and procedures maintained by or on behalf of the respective Company; (ii) in its oversight of each Company’s financial statements and the independent audit thereof; (iii) in selecting, evaluating and, where deemed appropriate, replacing the independent accountants (or nominating the independent accountants to be proposed for shareholder approval in any proxy statement); (iv) in evaluating the independence of the independent accountants; (v) in complying with legal and regulatory requirements that relate to each Company’s accounting and financial reporting, internal controls, compliance controls and independent audits; and (vi) to assume such other responsibilities as may be delegated by the Board.

Nominating and Governance Committee. The members of the Nominating and Governance Committee are Cecilia H. Herbert (Chair), Jane D. Carlin, John E. Martinez and Madhav V. Rajan, each of whom is an Independent Board Member. The Nominating and Governance Committee nominates individuals for Independent Board Member membership on the Board and recommends appointments to the Advisory Board. The Nominating and Governance Committee functions include, but are not limited to, the following: (i) reviewing the qualifications of any person properly identified or nominated to serve as an Independent Board Member; (ii) recommending to the Board and current Independent Board Members the nominee(s) for appointment as an Independent Board Member by the Board and current Independent Board Members and/or for election as Independent Board Members by shareholders to fill any vacancy for a position of Independent Board Member(s) on the Board; (iii) recommending to the Board and current Independent Board Members the size and composition of the Board and Board committees and whether they comply with applicable laws and regulations; (iv) recommending a current Independent Board Member to the Board and current Independent Board Members to serve as Board Chair; (v) periodic review of the Board’s retirement policy; and (vi) recommending an appropriate level of compensation for the Independent Board Members for their services as Board Members, members or chairpersons of committees of the Board, Board Chair and any other positions as the Nominating and Governance Committee considers appropriate. The Nominating and Governance Committee is not required to consider Board nominations recommended by shareholders (acting solely in their capacity as a shareholder and not in any other capacity), although the Committee may consider any such nomination if the Committee deems it appropriate after considering all circumstances the Committee’s members deem relevant.

15(c) Committee. Each Independent Board Member serves on the 15(c) Committee. The Chair of the 15(c) Committee is Madhav V. Rajan. The principal responsibilities of the 15(c) Committee are to support, oversee and organize on behalf of the Board the process for the annual review and renewal of each Company’s advisory and sub-advisory agreements. These responsibilities include: (i) meeting with BlackRock, Inc. over the course of the year in preparation for the Board meeting at which a Company’s advisory and sub-advisory agreements are to be considered to discuss generally the process for providing requested information to the Board and the format in

which information will be provided; and (ii) considering and discussing with BlackRock, Inc. such other matters and information as may be necessary and appropriate for the Board to evaluate the investment advisory and sub-advisory agreements of the respective Company.

Securities Lending Committee. The members of the Securities Lending Committee are John E. Kerrigan (Chair), Jane D. Carlin and Madhav V. Rajan, each of whom is an Independent Board Member. The principal responsibilities of the Securities Lending Committee are to support, oversee and organize on behalf of the Board the process for oversight of each Company’s securities lending activities. These responsibilities include: (i) requesting that certain information be provided to the Committee for its review and consideration prior to such information being provided to the Board; (ii) considering and discussing with BlackRock, Inc. such other matters and information as may be necessary and appropriate for the Board to oversee a Company’s securities lending activities and make required findings and approvals; and (iii) providing a recommendation to the Board regarding the annual approval of each Company’s Securities Lending Guidelines and the required findings with respect to, and annual approval of, the respective Company’s agreement with the lending agent.

Equity Plus Committee. The members of the Equity Plus Committee are Madhav V. Rajan (Chair), Charles A. Hurty and John E. Kerrigan, each of whom is an Independent Board Member. The principal responsibilities of the Equity Plus Committee are to support, oversee and organize on behalf of the Board the process for oversight of Company performance and related matters for equity funds. These responsibilities include: (i) reviewing quarterly reports regarding Company performance, secondary market trading and changes in net assets to identify any matters that should be brought to the attention of the Board; and (ii) considering any performance or investment related matters as may be delegated to the Committee by the Board from time to time and providing a report or recommendation to the Board as appropriate.

Fixed Income Plus Committee.The members of the Fixed Income Plus Committee are John E. Martinez (Chair) and Jane D. Carlin, each of whom is an Independent Board Member. The principal responsibilities of the Fixed Income Plus Committee are to support, oversee and organize on behalf of the Board the process for oversight of Company performance and related matters for fixed-income or multi-asset funds. These responsibilities include: (i) reviewing quarterly reports regarding Company performance, secondary market trading and changes in net assets to identify any matters that should be brought to the attention of the Board; and (ii) considering any performance or investment related matters as may be delegated to the Committee by the Board from time to time and providing a report or recommendation to the Board as appropriate.

Risk Committee. The members of the Risk Committee are Jane D. Carlin (Chair), Charles A. Hurty and John E. Martinez, each of whom is an Independent Board Member. The principal responsibilities of the Risk Committee are to consider and organize on behalf of the Board risk related matters of the Funds so the Board may most effectively structure itself to oversee them.

As the Chair of the Board, Cecilia H. Herbert may serve as an ex-officio member of each Committee.

Committee Charters. A copy of each of the joint Audit Committee Charter and joint Nominating and Governance Committee Charter is included in Appendix K andAppendix L, respectively.

Each Board unanimously recommends that you vote, or provide voting instructions, “FOR” the election of each Board Nominee under Proposal 1.

VOTE REQUIRED AND MANNER OF VOTING PROXIES

For the Meeting, a quorum with respect to a Company is constituted by one-third of the Company’s shares outstanding and entitled to vote at the Meeting, present in person or by proxy. If a quorum is not present or a quorum is present but sufficient votes to approve a proposal are not received, or for any other reason, the persons

named as proxies may propose one or more adjournments of the Meeting to permit further solicitation of proxies. Any such adjournment will require the affirmative vote of a majority of the Company’s shares represented at the Meeting in person or by proxy and voting on the question of adjournment. The persons named as proxies will vote those proxies that they are entitled to vote “FOR” a proposal in favor of such an adjournment and will vote those proxies required to be voted “AGAINST” a proposal against such adjournment. For purposes of determining the presence of a quorum, abstentions and broker non-votes, if any, will be treated as shares that are present at the Meeting. Abstentions and broker non-votes will have no effect on the outcome of a vote on adjournment. A shareholder vote may be taken on a proposal in this Proxy Statement with respect to any Fund prior to such adjournment if sufficient votes have been received for approval and it is otherwise appropriate. A Board also may postpone the Meeting of shareholders of the respective Company prior to the Meeting with notice to the shareholders entitled to vote at or to receive notice of that Meeting.

The affirmative vote of a plurality of votes cast, voted in person or by proxy at the Meeting, is required for the election of each Board Nominee to the Board of each Company. Thus, if a quorum is present at the Meeting, the proposal to elect the Board Members will be approved with respect to those Board Nominees who receive the largest number of votes with no majority approval requirement. The votes of each Fund that are series of the same Company will be counted together with respect to the election of the Board Nominees to the Board of that Company, and the shareholders of each Fund will vote together as a single class with the shareholders of all other Funds that are series of the same Company.

If you hold your shares directly (not through a broker-dealer, bank or other financial institution, or variable annuity contract or variable life insurance policy), and if you return a properly executed voting instruction form that does not specify how you wish to vote on Proposal 1, your shares will be voted “FOR” the Board Nominees in Proposal 1.

The Companies expect that broker-dealer firms holding shares of a Fund in “street name” for the benefit of their customers and clients will request the instructions of such customers and clients on how to vote their shares on Proposal 1 before the Meeting. Broker-dealer firms may, without instructions, give a proxy to vote on “routine” matters if no instructions have been received prior to the date specified in the broker-dealer firm’s request for voting instructions. The proposal to elect Board Members of each Company is a routine matter. If instructions are not received by the date specified in the broker-dealer firms’ proxy solicitation materials, broker-dealers may vote on Proposal 1, on behalf of the broker-dealer firms’ customers and beneficial owners. In those cases, the broker-dealer may, but is not required to, vote such shares in the same proportion as those shares for which the broker-dealer has received voting instructions. This practice is commonly referred to as “echo voting.” A properly executed voting instruction form or other authorization by a beneficial owner of Fund shares that does not specify how the beneficial owner’s shares should be voted on a proposal may be deemed an instruction to vote such shares in favor of such proposal.

Votes cast by proxy or in person at the Meeting will be tabulated by the inspectors of election appointed for the Meeting. The inspectors of election will determine whether or not a quorum is present at the Meeting. The inspectors of election will treat withheld votes and “broker non-votes,” if any, as present for purposes of determining a quorum. Broker non-votes occur when shares are held by brokers or nominees, typically in “street name,” as to which proxies have been returned but (a) voting instructions have not been received from the beneficial owners or persons entitled to vote and (b) the broker or nominee does not have discretionary voting power or elects not to exercise discretion on a particular matter.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board Members, including a majority of the Independent Board Members, of each Company, have selected PricewaterhouseCoopers LLP (“PwC” or the “Independent Registered Public Accounting Firm”) as the independent registered public accounting firm for the Funds, as indicated onAppendix H.

No representatives of PwC will be present at the Meeting.

Appendix H sets forth the fees billed by the Funds’ independent registered public accounting firm for the two most recent fiscal years for all audit, audit-related, tax and all other services provided directly to the Funds. The fee information inAppendix H is presented under the following captions:

(a) Audit Fees – fees related to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements, including out-of-pocket expenses.

(b) Audit-Related Fees – fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under “Audit Fees,” including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

(c) Tax Fees – fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, tax distribution and analysis reviews and miscellaneous tax advice.

(d) All Other Fees – fees for products and services provided to the Fund other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees.”

Each Company’s Audit Committee is required to approve all audit engagement fees and terms for the Funds. Each Company’s Audit Committee also is required to consider and act upon (i) the provision by the Independent Registered Public Accounting Firm of any non-audit services to the Funds, and (ii) the provision by the Independent Registered Public Accounting Firm of non-audit services to the Adviser and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Funds (the Adviser and such other entities collectively, the “Affiliated Service Providers”) to the extent that such approval (in the case of this clause (ii)) is required under applicable regulations of the U.S. Securities and Exchange Commission (the “SEC”). SeeAppendix H to this Proxy Statement for information about the fees paid by the Funds and the Affiliated Service Providers to the Independent Registered Public Accounting Firm.

The Audit Committee of each Company complies with applicable laws and regulations with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to a Fund on an annual basis require specific pre-approval by the respective Company’s Audit Committee. As noted above, each Company’s Audit Committee must also approve other non-audit services provided by the Independent Registered Public Accounting Firm to the Funds and to the Affiliated Service Providers that relate directly to the operations and financial reporting of the Funds. Each Company’s Audit Committee has implemented policies and procedures by which such services may be approved other than by the full Audit Committee. Subject to such policies and procedures, including applicable dollar limitations, each Company’s Audit Committee may pre-approve, without consideration on a specific case-by-case basis (“general pre-approval”), certain permissible non-audit services that the Audit Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the Independent Registered Public Accounting Firm. Each service approved subject to general pre-approval is presented to the applicable Company’s Audit Committee for ratification at the next regularly scheduled in person Board meeting.

For each Fund’s two most recently completed fiscal years, there were no services rendered by PwC to the Funds for which the general pre-approval requirement was waived.

Each Company’s Audit Committee has considered the provision of non-audit services that were rendered by PwC to the respective Company’s Affiliated Service Providers in connection with determining such auditor’s independence.

The Audit Committee of each Company consists of the following Board Members, all of whom are Independent Board Members:

Charles A. Hurty (Chair)

John E. Kerrigan

Madhav V. Rajan

ADDITIONAL INFORMATION

5% Beneficial Share Ownership

As of the Record Date, to the best of each Fund’s knowledge, the persons listed inAppendix I beneficially owned more than 5% of the outstanding shares of any class of such Fund indicated.

Investment Adviser, Sub-Adviser and Administrator

Adviser. BlackRock Fund Advisors serves as investment adviser to the Companies, and is located at 400 Howard Street, San Francisco, CA 94105. BlackRock Fund Advisors is an indirect wholly-owned subsidiary of BlackRock, Inc.

Sub-adviser. BlackRock International Limited serves as sub-adviser to the Funds listed inAppendix J, and is located at Exchange Place One, 1 Semple Street, Edinburgh, EH3 8BL, United Kingdom.

Administrator, Custodian and Transfer Agent. State Street Bank and Trust Company serves as administrator, custodian and transfer agent for the Funds, and is located at 1 Iron Street, Boston, MA 02210.

Distributor. BlackRock Investments, LLC, an indirect wholly-owned subsidiary of BlackRock, Inc., serves as the distributor for the Funds, and is located at 1 University Square Drive, Princeton, NJ 08540.

Submission of Shareholder Proposals

The Funds are not required to hold annual meetings of shareholders and do not currently intend to hold an annual meeting of shareholders in 2017. The Directors/Trustees will call a special meeting of shareholders of a Fund only if required under the 1940 Act, or in their discretion, or upon the written request of shareholders entitled to cast not less than one-third of all votes of that Fund entitled to be cast at such meeting.

Any Fund shareholder who wishes to submit proposals to be considered at a special meeting of the Fund’s shareholders should send such proposals to the Secretary of the applicable Company at: Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055, Attention: Benjamin Archibald, referencing the name of the particular Fund. Any shareholder proposal intended to be presented at any future meeting of Fund shareholders must be received by the Fund at its principal office a reasonable time before the Fund begins to print and mail its proxy materials in order for such proposal to be considered for inclusion in the proxy statement relating to such meeting. Moreover, inclusion of any such proposals is subject to limitations under the federal securities laws. Persons named as proxies for any subsequent shareholders’ meeting will vote in their discretion with respect to proposals submitted on an untimely basis.

Shareholder Communications

Shareholders of a Fund who wish to send communications to the Board or a specified Director/Trustee should submit the communication in writing to the attention of the Secretary of the applicable Company at: Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055, Attention: Benjamin Archibald, identifying the correspondence as intended for the Board or a specified Board Member.

Additionally, shareholders with complaints or concerns regarding accounting matters may address letters to the CCO, 55 East 52nd Street, New York, NY 10055, Attention: Charles Park. Shareholders who are uncomfortable submitting complaints to the CCO may address letters directly to the Chair of the Audit Committee of the Board that oversees the Fund at: 400 Howard Street, San Francisco, CA 94105. Such letters may be submitted on an anonymous basis.

Expense of Proxy Solicitation

Except as otherwise noted below, the cost of preparing, printing and mailing the enclosed proxy, accompanying notice and this Proxy Statement, and costs in connection with the solicitation of proxies, will be borne by the Funds. Additional out-of-pocket costs, such as legal expenses and auditor fees, incurred in connection with the preparation of this Proxy Statement, also will be borne by the Funds. Costs that are borne by the Funds collectively will be allocated among the Funds on the basis of their respective net assets, except when direct costs can be reasonably attributed to one or more specific Fund(s). Pursuant to a contractual or voluntary expense limitation, the Adviser will bear some or all of the costs associated with the joint proxy statement for certain Funds to the extent the total operating expenses of such Funds, after taking into account the proxy costs allocated to such Funds, exceed the contractual or voluntary expense limitation for such Funds.

Solicitation may be made by mail, telephone, fax, e-mail or the Internet by officers or employees of the Adviser, or by dealers and their representatives. Brokerage houses, banks and other fiduciaries may be requested to forward proxy solicitation materials to their principals to obtain authorization for the execution of proxies. The Funds will reimburse brokerage firms, custodians, banks and fiduciaries for their expenses in forwarding this Proxy Statement and other proxy materials to the beneficial owners of each Fund’s shares. The Funds have retained Broadridge, a proxy solicitation firm, located at 1155 Long Island Avenue, Edgewood, NY 11717 to assist in the distribution of proxy materials and the solicitation and tabulation of proxies. It is anticipated that Broadridge will be paid approximately $2.21 million for solicitation services (including reimbursements of out-of-pocket expenses), which includes approximately $2.2 million for the costs of printing and distributing proxy materials. Broadridge may solicit proxies personally and by mail, telephone, fax, e-mail or the Internet. In addition to the solicitation of proxies by Broadridge, officers of each Company and officers and employees of the Adviser and its affiliates also may solicit proxies electronically, by telephone, by fax, in person or by other means. These employees and officers do not receive additional compensation for soliciting proxies.

If You Plan to Attend the Joint Special Meeting In Person

Attendance at the Meeting will be limited to each Fund’s shareholders as of the Record Date.Photographic identification will be required for admission to the Meeting. If you hold your shares through a bank, broker or other intermediary, and you wish to attend the Meeting and vote your shares, you must request a “legal proxy” from the bank, broker or other intermediary.

General

Management does not intend to present and does not have reason to believe that any items of business other than voting with respect to Proposal 1 will be presented at the Meeting. However, if other matters are properly presented at the Meeting for a vote, the proxies will be voted by the persons named in the enclosed proxy upon such matters in accordance with their judgment of what is in the best interests of the Funds.

The Meeting as to any Company may be adjourned from time to time for any reason whatsoever by vote of the holders of a majority of the shares present (in person or by proxy and entitled to vote at the Meeting) of such Company, or by the chairperson of the Meeting, whether or not a quorum is present. Such authority to adjourn the Meeting may be used in the event that a quorum is not present at the Meeting, or in the event that a quorum is present but sufficient votes have not been received to approve Proposal 1, or for any other reason consistent with applicable state law and a Company’s By-Laws or Declaration of Trust, as applicable, including to allow for the

further solicitation of proxies. Any adjournment may be made with respect to any business which might have been transacted at the Meeting, and any adjournment will not delay or otherwise affect the effectiveness and validity of any business transacted at the Meeting prior to adjournment. The persons designated as proxies may use their discretionary authority to vote as instructed by management of the Funds on questions of adjournment and on any other proposals raised at the Meeting to the extent permitted by the SEC’s proxy rules, including proposals for which management of such Funds did not have timely notice, as set forth in the SEC’s proxy rules.

Please vote promptly by following the enclosed instructions to provide voting instructions by telephone or via the Internet OR by signing and dating each enclosed voting instruction form, and returning it (them) in the accompanying postage-paid return envelope.

By Order of the Boards,

Martin Small

President of the Funds

May 10, 2017

Defined terms used in these appendices and not otherwise defined shall have the same meanings attributed thereto in the Proxy Statement to which these appendices are attached.

Appendix A – Company Information/Quorum and Voting Requirements

The following table lists (i) each Company, (ii) the form of organization of each Company, (iii) the voting rights of shares/interests in each Company, (iv) the quorum requirement for each Company and (v) the vote required to approve Proposal 1 with respect to each Company.


Company	Form of Organization	Voting Rights	Quorum Requirement	Vote Required to Approve Proposal
iShares, Inc.	Maryland Corporation	Each whole share shall be entitled to one vote as to any matter on which it is entitled to vote, and each fractional share shall be entitled to a proportionate fractional vote	Holders of shares entitled to vote, present in person or by proxy, representing one-third of the voting power	Affirmative vote of a plurality* of votes cast

iShares Trust	Delaware Statutory Trust	Each whole share shall be entitled to one vote as to any matter on which it is entitled to vote, and each fractional share shall be entitled to a proportionate fractional vote	Holders of shares entitled to vote, present in person or by proxy, representing one-third of the voting power	Affirmative vote of a plurality of votes cast

iShares U.S. ETF Trust	Delaware Statutory Trust	Each whole share shall be entitled to one vote as to any matter on which it is entitled to vote, and each fractional share shall be entitled to a proportionate fractional vote	Holders of shares entitled to vote, present in person or by proxy, representing one-third of the voting power	Affirmative vote of a plurality of votes cast

*	If a quorum is present at the Meeting, the proposal to elect the Board Members will be approved with respect to those Board Nominees who receive the largest number of votes with no majority approval requirement.

A-1

Appendix B – Shares Outstanding/Net Assets

For the Funds listed in the tables below, shareholders are entitled to one vote for each share held, and each fractional share is entitled to a proportionate fractional vote. The tables below set forth the number of shares outstanding and the net assets of each Fund, each as of the Record Date:


Fund	Shares Outstanding		Net Assets
*iShares, Inc.*
iShares MSCI USA Equal Weighted ETF		2,550,000	$	128,164,607.20
iShares Asia/Pacific Dividend ETF		950,000	$	46,069,804.34
iShares Core MSCI Emerging Markets ETF		588,600,000	$	28,862,000,925.09
iShares Currency Hedged MSCI Emerging Markets ETF		12,250,000	$	286,632,911.18
iShares Edge MSCI Min Vol EM Currency Hedged ETF		250,000	$	6,224,665.13
iShares Edge MSCI Min Vol Emerging Markets ETF		69,500,000	$	3,795,778,492.36
iShares Edge MSCI Min Vol Global ETF		40,000,000	$	3,116,789,929.99
iShares Edge MSCI Multifactor Emerging Markets ETF		1,000,000	$	41,381,950.31
iShares Emerging Markets Dividend ETF		7,500,000	$	300,541,605.93
iShares MSCI Australia ETF		84,800,000	$	1,918,065,462.89
iShares MSCI Austria Capped ETF		7,000,000	$	137,561,990.14
iShares MSCI Belgium Capped ETF		4,560,000	$	89,678,943.92
iShares MSCI Brazil Capped ETF		148,100,000	$	5,646,644,079.40
iShares MSCI BRIC ETF		8,300,000	$	306,333,936.98
iShares MSCI Canada ETF		118,000,000	$	3,091,387,839.48
iShares MSCI Chile Capped ETF		11,350,000	$	496,918,667.15
iShares MSCI Colombia Capped ETF		1,350,000	$	18,358,564.77
iShares MSCI EM ESG Optimized ETF		850,000	$	53,051,222.87
iShares MSCI Emerging Markets Asia ETF		5,400,000	$	332,831,934.49
iShares MSCI Emerging Markets ETF		759,600,000	$	30,711,524,946.60
iShares MSCI Emerging Markets Small-Cap ETF		4,600,000	$	214,545,592.49
iShares MSCI Eurozone ETF		266,600,000	$	10,551,233,233.14
iShares MSCI France ETF		13,600,000	$	383,320,422.48
iShares MSCI Frontier 100 ETF		20,600,000	$	585,674,372.55
iShares MSCI Germany ETF		159,000,000	$	4,749,845,060.26
iShares MSCI Global Agriculture Producers ETF		1,050,000	$	27,522,058.00
iShares MSCI Global Energy Producers ETF		1,800,000	$	34,291,913.06
iShares MSCI Global Gold Miners ETF		12,050,000	$	215,253,710.81
iShares MSCI Global Metals & Mining Producers ETF		10,350,000	$	281,992,590.97
iShares MSCI Global Silver Miners ETF		5,700,000	$	62,173,525.60
iShares MSCI Hong Kong ETF		73,725,000	$	1,697,788,844.07
iShares MSCI Israel Capped ETF		1,950,000	$	101,200,717.50
iShares MSCI Italy Capped ETF		21,900,000	$	582,892,646.36
iShares MSCI Japan ETF		305,700,000	$	15,940,077,159.80
iShares MSCI Japan Small-Cap ETF		1,900,000	$	128,452,167.33
iShares MSCI Malaysia ETF		11,850,000	$	378,298,590.40
iShares MSCI Mexico Capped ETF		25,100,000	$	1,310,957,847.00
iShares MSCI Netherlands ETF		6,200,000	$	176,125,716.53
iShares MSCI Pacific ex Japan ETF		64,800,000	$	2,923,929,371.93
iShares MSCI Russia Capped ETF		16,150,000	$	517,991,479.74
iShares MSCI Singapore Capped ETF		22,700,000	$	527,670,353.36
iShares MSCI South Africa ETF		7,400,000	$	436,383,311.50
iShares MSCI South Korea Capped ETF		50,750,000	$	3,205,008,500.41

B-1


Fund	Shares Outstanding		Net Assets
*iShares, Inc.*
iShares MSCI Spain Capped ETF		38,775,000	$	1,251,879,035.56
iShares MSCI Sweden Capped ETF		10,875,000	$	364,093,868.68
iShares MSCI Switzerland Capped ETF		33,375,000	$	1,118,389,252.09
iShares MSCI Taiwan Capped ETF		99,400,000	$	3,399,719,197.68
iShares MSCI Thailand Capped ETF		5,550,000	$	431,057,825.38
iShares MSCI Turkey ETF		10,150,000	$	404,582,040.51
iShares MSCI World ETF		5,600,000	$	444,183,633.83
iShares Emerging Markets Corporate Bond ETF		1,450,000	$	73,454,011.40
iShares Emerging Markets High Yield Bond ETF		5,050,000	$	254,325,838.40
iShares Emerging Markets Local Currency Bond ETF		5,400,000	$	247,787,176.69
iShares Global High Yield Corporate Bond ETF		3,800,000	$	188,126,562.32
iShares International High Yield Bond ETF		1,300,000	$	62,703,973.57

*iShares Trust*
iShares Cohen & Steers REIT ETF		32,500,000	$	3,260,613,312.66
iShares Core Aggressive Allocation ETF		12,100,000	$	614,770,117.88
iShares Core Conservative Allocation ETF		10,250,000	$	344,658,089.06
iShares Core Dividend Growth ETF		46,500,000	$	1,430,785,921.58
iShares Core Growth Allocation ETF		22,300,000	$	957,712,736.81
iShares Core High Dividend ETF		79,650,000	$	6,617,266,996.03
iShares Core Moderate Allocation ETF		18,150,000	$	667,450,196.43
iShares Core S&P 500 ETF		453,100,000	$	108,897,544,145.79
iShares Core S&P Mid-Cap ETF		231,000,000	$	39,941,588,261.17
iShares Core S&P Small-Cap ETF		430,700,000	$	30,107,041,583.81
iShares Core S&P Total U.S. Stock Market ETF		154,900,000	$	8,475,846,184.01
iShares Core S&P U.S. Growth ETF		45,300,000	$	2,152,895,683.76
iShares Core S&P U.S. Value ETF		37,600,000	$	1,894,117,634.11
iShares Core U.S. REIT ETF		2,550,000	$	125,324,856.84
iShares Dow Jones U.S. ETF		9,300,000	$	1,113,859,273.72
iShares Edge MSCI Min Vol USA ETF		262,900,000	$	12,703,298,624.35
iShares Edge MSCI Min Vol USA Small-Cap ETF		300,000	$	8,198,150.86
iShares Edge MSCI Multifactor Consumer Discretionary ETF		100,000	$	2,817,381.55
iShares Edge MSCI Multifactor Consumer Staples ETF		100,000	$	2,525,964.13
iShares Edge MSCI Multifactor Energy ETF		100,000	$	2,497,825.45
iShares Edge MSCI Multifactor Financials ETF		100,000	$	3,104,901.93
iShares Edge MSCI Multifactor Healthcare ETF		100,000	$	2,817,441.28
iShares Edge MSCI Multifactor Industrials ETF		100,000	$	2,952,220.67
iShares Edge MSCI Multifactor Materials ETF		100,000	$	2,983,557.08
iShares Edge MSCI Multifactor Technology ETF		100,000	$	3,449,927.52
iShares Edge MSCI Multifactor USA ETF		13,550,000	$	380,739,582.19
iShares Edge MSCI Multifactor USA Small-Cap ETF		1,350,000	$	48,761,726.50
iShares Edge MSCI Multifactor Utilities ETF		100,000	$	2,621,623.47
iShares Edge MSCI USA Momentum Factor ETF		31,050,000	$	2,642,531,631.68
iShares Edge MSCI USA Quality Factor ETF		50,800,000	$	3,723,083,487.50
iShares Edge MSCI USA Size Factor ETF		3,600,000	$	274,223,184.62
iShares Edge MSCI USA Value Factor ETF		37,500,000	$	2,750,354,871.03
iShares International Dividend Growth ETF		450,000	$	23,767,165.73
iShares Micro-Cap ETF		9,800,000	$	849,128,452.95
iShares Morningstar Large-Cap ETF		5,750,000	$	824,557,567.83

B-2


Fund	Shares Outstanding		Net Assets
*iShares Trust*
iShares Morningstar Large-Cap Growth ETF		5,350,000	$	733,994,898.22
iShares Morningstar Large-Cap Value ETF		4,000,000	$	379,989,795.60
iShares Morningstar Mid-Cap ETF		4,450,000	$	748,008,703.96
iShares Morningstar Mid-Cap Growth ETF		1,200,000	$	214,250,354.07
iShares Morningstar Mid-Cap Value ETF		2,600,000	$	383,055,766.57
iShares Morningstar Small-Cap ETF		1,500,000	$	241,856,150.21
iShares Morningstar Small-Cap Growth ETF		750,000	$	116,543,462.99
iShares Morningstar Small-Cap Value ETF		3,350,000	$	479,583,113.74
iShares Mortgage Real Estate Capped ETF		29,200,000	$	1,358,250,273.96
iShares MSCI KLD 400 Social ETF		9,350,000	$	824,298,481.27
iShares MSCI USA ESG Optimized ETF		100,000	$	5,232,004.26
iShares MSCI USA ESG Select ETF		5,350,000	$	534,053,135.35
iShares Nasdaq Biotechnology ETF		27,450,000	$	8,188,624,884.70
iShares North American Natural Resources ETF		29,750,000	$	981,230,160.42
iShares North American Tech ETF		8,100,000	$	1,163,140,896.38
iShares North American Tech-Multimedia Networking ETF		1,800,000	$	81,067,676.42
iShares North American Tech-Software ETF		6,900,000	$	908,481,281.77
iShares PHLX Semiconductor ETF		6,850,000	$	931,446,276.86
iShares Residential Real Estate Capped ETF		6,500,000	$	411,325,587.06
iShares Russell 1000 ETF		134,400,000	$	17,876,492,193.39
iShares Russell 1000 Growth ETF		303,900,000	$	35,557,011,609.73
iShares Russell 1000 Value ETF		324,900,000	$	37,256,955,083.39
iShares Russell 2000 ETF		287,700,000	$	40,019,658,137.68
iShares Russell 2000 Growth ETF		46,900,000	$	7,736,060,765.47
iShares Russell 2000 Value ETF		73,100,000	$	8,660,897,233.01
iShares Russell 3000 ETF		52,850,000	$	7,490,178,923.08
iShares Russell Mid-Cap ETF		82,950,000	$	15,678,347,735.45
iShares Russell Mid-Cap Growth ETF		70,050,000	$	7,400,806,821.52
iShares Russell Mid-Cap Value ETF		113,350,000	$	9,430,732,714.10
iShares Russell Top 200 ETF		2,000,000	$	109,361,896.52
iShares Russell Top 200 Growth ETF		14,200,000	$	900,503,837.65
iShares Russell Top 200 Value ETF		4,700,000	$	225,611,781.47
iShares S&P 100 ETF		45,450,000	$	4,821,547,405.25
iShares S&P 500 Growth ETF		130,350,000	$	17,588,165,289.39
iShares S&P 500 Value ETF		130,750,000	$	13,580,155,468.24
iShares S&P Mid-Cap 400 Growth ETF		33,500,000	$	6,521,585,675.89
iShares S&P Mid-Cap 400 Value ETF		40,000,000	$	5,928,282,121.61
iShares S&P Small-Cap 600 Growth ETF		27,250,000	$	4,233,401,412.98
iShares S&P Small-Cap 600 Value ETF		33,600,000	$	4,684,456,088.48
iShares Select Dividend ETF		187,900,000	$	17,133,875,668.24
iShares Transportation Average ETF		5,850,000	$	964,536,873.21
iShares U.S. Aerospace & Defense ETF		18,500,000	$	2,840,082,211.80
iShares U.S. Basic Materials ETF		10,750,000	$	956,399,385.75
iShares U.S. Broker-Dealers & Securities Exchanges ETF		3,150,000	$	161,017,691.12
iShares U.S. Consumer Goods ETF		5,600,000	$	659,496,718.31
iShares U.S. Consumer Services ETF		4,350,000	$	722,468,030.57
iShares U.S. Energy ETF		31,100,000	$	1,150,086,796.20
iShares U.S. Financial Services ETF		13,100,000	$	1,428,733,585.44
iShares U.S. Financials ETF		16,250,000	$	1,694,650,478.74

B-3


Fund	Shares Outstanding		Net Assets
*iShares Trust*
iShares U.S. Healthcare ETF		11,700,000	$	1,864,479,419.04
iShares U.S. Healthcare Providers ETF		3,850,000	$	540,564,561.60
iShares U.S. Home Construction ETF		46,050,000	$	1,478,152,801.64
iShares U.S. Industrials ETF		7,900,000	$	1,017,130,864.68
iShares U.S. Insurance ETF		2,700,000	$	163,616,521.26
iShares U.S. Medical Devices ETF		7,900,000	$	1,254,428,692.79
iShares U.S. Oil & Gas Exploration & Production ETF		7,200,000	$	416,036,914.31
iShares U.S. Oil Equipment & Services ETF		5,900,000	$	220,489,003.25
iShares U.S. Pharmaceuticals ETF		4,700,000	$	715,864,338.31
iShares U.S. Preferred Stock ETF		451,250,000	$	17,537,413,318.67
iShares U.S. Real Estate ETF		62,500,000	$	4,953,899,786.30
iShares U.S. Regional Banks ETF		16,200,000	$	723,260,233.58
iShares U.S. Technology ETF		24,600,000	$	3,440,507,389.21
iShares U.S. Telecommunications ETF		15,200,000	$	517,584,681.15
iShares U.S. Utilities ETF		6,200,000	$	798,056,069.27
iShares Adaptive Currency Hedged MSCI EAFE ETF		100,000	$	2,677,909.99
iShares Adaptive Currency Hedged MSCI Eurozone ETF		100,000	$	2,704,315.31
iShares Adaptive Currency Hedged MSCI Japan ETF		200,000	$	5,116,574.08
iShares Asia 50 ETF		8,100,000	$	439,612,021.43
iShares China Large-Cap ETF		80,400,000	$	3,087,432,424.14
iShares Core MSCI EAFE ETF		403,800,000	$	24,185,464,330.09
iShares Core MSCI Europe ETF		44,600,000	$	2,051,847,650.10
iShares Core MSCI International Developed Markets ETF		600,000	$	31,490,235.72
iShares Core MSCI Pacific ETF		18,200,000	$	969,287,106.76
iShares Core MSCI Total International Stock ETF		102,900,000	$	5,800,434,310.41
iShares Currency Hedged JPX-Nikkei 400 ETF		100,000	$	2,613,518.94
iShares Currency Hedged MSCI ACWI ETF		100,000	$	2,669,210.66
iShares Currency Hedged MSCI ACWI ex U.S. ETF		2,900,000	$	72,388,354.01
iShares Currency Hedged MSCI Australia ETF		150,000	$	3,661,865.83
iShares Currency Hedged MSCI Canada ETF		100,000	$	2,547,675.40
iShares Currency Hedged MSCI EAFE ETF		149,250,000	$	4,201,495,357.34
iShares Currency Hedged MSCI EAFE Small-Cap ETF		250,000	$	7,072,247.08
iShares Currency Hedged MSCI Europe Small-Cap ETF		50,000	$	1,391,722.46
iShares Currency Hedged MSCI Eurozone ETF		49,150,000	$	1,458,145,828.44
iShares Currency Hedged MSCI Germany ETF		26,350,000	$	747,267,891.32
iShares Currency Hedged MSCI Italy ETF		400,000	$	6,459,963.20
iShares Currency Hedged MSCI Japan ETF		39,900,000	$	1,142,289,983.75
iShares Currency Hedged MSCI Mexico ETF		150,000	$	3,210,882.39
iShares Currency Hedged MSCI South Korea ETF		50,000	$	1,361,221.57
iShares Currency Hedged MSCI Spain ETF		2,450,000	$	58,160,316.51
iShares Currency Hedged MSCI Switzerland ETF		150,000	$	3,962,723.14
iShares Currency Hedged MSCI United Kingdom ETF		3,700,000	$	86,891,754.17
iShares Edge MSCI Intl Momentum Factor ETF		800,000	$	21,732,592.00
iShares Edge MSCI Intl Quality Factor ETF		900,000	$	24,467,459.87
iShares Edge MSCI Intl Size Factor ETF		400,000	$	10,400,449.68
iShares Edge MSCI Intl Value Factor ETF		3,200,000	$	76,062,014.07
iShares Edge MSCI Min Vol Asia ex Japan ETF		200,000	$	6,514,057.35
iShares Edge MSCI Min Vol EAFE Currency Hedged ETF		700,000	$	18,291,701.34
iShares Edge MSCI Min Vol EAFE ETF		95,100,000	$	6,431,145,045.77

B-4


Fund	Shares Outstanding		Net Assets
*iShares Trust*
iShares Edge MSCI Min Vol Europe Currency Hedged ETF		150,000	$	3,681,532.67
iShares Edge MSCI Min Vol Europe ETF		1,050,000	$	25,050,144.05
iShares Edge MSCI Min Vol Global Currency Hedged ETF		100,000	$	2,739,921.37
iShares Edge MSCI Min Vol Japan ETF		500,000	$	30,162,451.01
iShares Edge MSCI Multifactor Global ETF		800,000	$	21,094,299.11
iShares Edge MSCI Multifactor Intl ETF		9,200,000	$	239,282,050.77
iShares Edge MSCI Multifactor Intl Small-Cap ETF		500,000	$	13,855,683.94
iShares Emerging Markets Infrastructure ETF		1,500,000	$	48,018,736.00
iShares Europe Developed Real Estate ETF		1,150,000	$	41,970,741.67
iShares Europe ETF		61,100,000	$	2,663,575,606.89
iShares Exponential Technologies ETF		33,150,000	$	1,014,741,424.94
iShares Global 100 ETF		18,800,000	$	1,568,643,964.61
iShares Global Clean Energy ETF		9,500,000	$	81,717,616.02
iShares Global Consumer Discretionary ETF		2,400,000	$	238,869,081.15
iShares Global Consumer Staples ETF		6,100,000	$	614,406,536.20
iShares Global Energy ETF		27,900,000	$	902,504,047.62
iShares Global Financials ETF		6,350,000	$	390,693,120.07
iShares Global Healthcare ETF		14,450,000	$	1,522,708,123.72
iShares Global Industrials ETF		2,600,000	$	216,034,759.14
iShares Global Infrastructure ETF		36,400,000	$	1,574,880,817.46
iShares Global Materials ETF		4,300,000	$	256,062,658.07
iShares Global REIT ETF		13,800,000	$	353,157,611.77
iShares Global Tech ETF		8,600,000	$	1,110,882,404.55
iShares Global Telecom ETF		5,100,000	$	299,243,007.77
iShares Global Timber & Forestry ETF		4,200,000	$	249,824,564.15
iShares Global Utilities ETF		2,850,000	$	137,927,347.02
iShares India 50 ETF		26,250,000	$	866,857,121.75
iShares International Developed Property ETF		3,700,000	$	136,220,303.78
iShares International Developed Real Estate ETF		18,500,000	$	525,653,428.22
iShares International Preferred Stock ETF		3,900,000	$	64,858,643.96
iShares International Select Dividend ETF		126,200,000	$	4,041,732,014.55
iShares JPX-Nikkei 400 ETF		1,500,000	$	84,998,693.97
iShares Latin America 40 ETF		38,250,000	$	1,222,702,297.20
iShares MSCI Argentina and Global Exposure ETF		100,000	$	2,532,685.45
iShares MSCI ACWI ETF		103,200,000	$	6,665,488,875.22
iShares MSCI ACWI ex U.S. ETF		47,600,000	$	2,133,335,030.47
iShares MSCI ACWI Low Carbon Target ETF		3,600,000	$	381,802,577.13
iShares MSCI All Country Asia ex Japan ETF		48,600,000	$	3,136,464,543.82
iShares MSCI All Peru Capped ETF		6,350,000	$	215,011,128.28
iShares MSCI Brazil Small-Cap ETF		4,250,000	$	60,838,764.65
iShares MSCI China A ETF		350,000	$	9,139,606.83
iShares MSCI China ETF		45,000,000	$	2,308,456,180.05
iShares MSCI China Small-Cap ETF		450,000	$	20,367,191.24
iShares MSCI Denmark Capped ETF		1,000,000	$	59,841,321.77
iShares MSCI EAFE ESG Optimized ETF		2,000,000	$	123,591,742.96
iShares MSCI EAFE ETF		1,089,000,000	$	69,935,154,007.32
iShares MSCI EAFE Growth ETF		37,600,000	$	2,706,831,887.59
iShares MSCI EAFE Small-Cap ETF		134,200,000	$	7,632,189,795.22
iShares MSCI EAFE Value ETF		95,600,000	$	4,938,349,496.48

B-5


Fund	Shares Outstanding		Net Assets
*iShares Trust*
iShares MSCI Europe Financials ETF		46,100,000	$	988,547,394.91
iShares MSCI Europe Small-Cap ETF		1,950,000	$	99,823,522.17
iShares MSCI Finland Capped ETF		900,000	$	34,172,971.23
iShares MSCI Germany Small-Cap ETF		500,000	$	24,908,197.76
iShares MSCI Global Impact ETF		400,000	$	21,119,058.15
iShares MSCI India ETF		155,250,000	$	4,987,899,722.85
iShares MSCI India Small-Cap ETF		3,750,000	$	167,855,033.77
iShares MSCI Indonesia ETF		19,900,000	$	527,868,289.60
iShares MSCI Ireland Capped ETF		1,600,000	$	68,643,876.09
iShares MSCI Kokusai ETF		3,000,000	$	178,134,956.58
iShares MSCI New Zealand Capped ETF		3,550,000	$	153,396,394.26
iShares MSCI Norway Capped ETF		1,200,000	$	26,754,798.79
iShares MSCI Philippines ETF		5,300,000	$	191,539,757.37
iShares MSCI Poland Capped ETF		12,100,000	$	290,107,412.13
iShares MSCI Qatar Capped ETF		2,350,000	$	44,444,021.30
iShares MSCI Saudi Arabia Capped ETF		350,000	$	8,684,054.13
iShares MSCI UAE Capped ETF		2,450,000	$	42,480,018.75
iShares MSCI United Kingdom ETF		82,300,000	$	2,738,670,995.36
iShares MSCI United Kingdom Small-Cap ETF		900,000	$	35,709,182.91
iShares 0-5 Year High Yield Corporate Bond ETF		50,100,000	$	2,381,494,553.39
iShares 0-5 Year Investment Grade Corporate Bond ETF		7,300,000	$	367,723,299.24
iShares 0-5 Year TIPS Bond ETF		12,550,000	$	1,266,398,557.98
iShares 10+ Year Credit Bond ETF		13,900,000	$	828,074,310.46
iShares 10-20 Year Treasury Bond ETF		3,900,000	$	528,647,772.11
iShares 1-3 Year Credit Bond ETF		110,250,000	$	11,588,157,821.81
iShares 1-3 Year Treasury Bond ETF		129,700,000	$	10,963,597,013.90
iShares 20+ Year Treasury Bond ETF		54,500,000	$	6,624,886,265.63
iShares 3-7 Year Treasury Bond ETF		54,100,000	$	6,685,541,464.61
iShares 7-10 Year Treasury Bond ETF		73,200,000	$	7,787,674,193.00
iShares Aaa — A Rated Corporate Bond ETF		2,000,000	$	103,704,781.03
iShares Agency Bond ETF		4,350,000	$	492,800,763.53
iShares California Muni Bond ETF		6,300,000	$	732,589,132.01
iShares CMBS ETF		4,650,000	$	238,674,577.42
iShares Convertible Bond ETF		3,350,000	$	173,370,120.12
iShares Core 10+ Year USD Bond ETF		7,750,000	$	479,138,749.14
iShares Core 1-5 Year USD Bond ETF		17,400,000	$	872,248,697.24
iShares Core 5-10 Year USD Bond ETF		600,000	$	29,592,290.10
iShares Core Total USD Bond Market ETF		17,800,000	$	900,921,033.41
iShares Core U.S. Aggregate Bond ETF		406,200,000	$	44,200,214,175.66
iShares Fallen Angels USD Bond ETF		400,000	$	10,918,989.62
iShares Floating Rate Bond ETF		108,500,000	$	5,509,551,987.44
iShares GNMA Bond ETF		3,450,000	$	171,839,321.34
iShares Government/Credit Bond ETF		1,100,000	$	124,656,416.93
iShares iBoxx $ High Yield Corporate Bond ETF		220,500,000	$	19,333,223,035.45
iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF		200,000	$	10,400,745.03
iShares iBoxx $ Investment Grade Corporate Bond ETF		265,900,000	$	31,490,594,855.03
iShares Intermediate Credit Bond ETF		64,300,000	$	7,026,224,550.63
iShares Intermediate Government/Credit Bond ETF		21,550,000	$	2,382,110,923.49
iShares J.P. Morgan USD Emerging Markets Bond ETF		95,000,000	$	10,867,424,318.67

B-6


Fund	Shares Outstanding		Net Assets
*iShares Trust*
iShares MBS ETF		98,600,000	$	10,523,026,404.40
iShares Morningstar Multi-Asset Income ETF		12,300,000	$	310,250,556.68
iShares National Muni Bond ETF		73,300,000	$	7,993,329,233.81
iShares New York Muni Bond ETF		2,300,000	$	253,562,551.98
iShares Short Treasury Bond ETF		43,600,000	$	4,807,200,082.52
iShares Short-Term National Muni Bond ETF		13,500,000	$	1,426,522,313.32
iShares TIPS Bond ETF		199,000,000	$	22,729,042,862.44
iShares Treasury Floating Rate Bond ETF		600,000	$	30,101,905.27
iShares U.S. Credit Bond ETF		12,200,000	$	1,344,186,432.19
iShares U.S. Treasury Bond ETF		155,100,000	$	3,900,530,215.42
iShares Yield Optimized Bond ETF		750,000	$	18,687,391.28
iShares iBonds Dec 2017 Term Corporate ETF		5,850,000	$	145,122,799.13
iShares iBonds Dec 2018 Term Corporate ETF		10,550,000	$	264,954,592.94
iShares iBonds Dec 2019 Term Corporate ETF		12,300,000	$	306,352,170.37
iShares iBonds Dec 2020 Term Corporate ETF		12,150,000	$	308,498,882.07
iShares iBonds Dec 2021 Term Corporate ETF		13,650,000	$	339,156,931.82
iShares iBonds Dec 2021 Term Muni Bond ETF		4,650,000	$	119,429,615.71
iShares iBonds Dec 2022 Term Corporate ETF		10,000,000	$	249,815,761.64
iShares iBonds Dec 2022 Term Muni Bond ETF		4,300,000	$	111,075,177.68
iShares iBonds Dec 2023 Term Corporate ETF		5,850,000	$	146,190,724.43
iShares iBonds Dec 2024 Term Corporate ETF		4,800,000	$	118,943,042.94
iShares iBonds Dec 2025 Term Corporate ETF		6,750,000	$	166,700,307.87
iShares iBonds Dec 2026 Term Corporate ETF		1,100,000	$	26,611,307.31
iShares iBonds Mar 2018 Term Corporate ETF		4,000,000	$	102,367,084.44
iShares iBonds Mar 2018 Term Corporate ex-Financials ETF		3,650,000	$	89,825,461.02
iShares iBonds Mar 2020 Term Corporate ETF		3,350,000	$	87,697,338.58
iShares iBonds Mar 2020 Term Corporate ex-Financials ETF		3,450,000	$	84,912,058.45
iShares iBonds Mar 2023 Term Corporate ETF		3,200,000	$	84,778,707.68
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF		1,900,000	$	46,283,661.42
iShares iBonds Dec 2023 Term Muni Bond ETF		100,000	$	2,515,392.00
iShares iBonds Sep 2017 Term Muni Bond ETF		7,700,000	$	209,667,918.15
iShares iBonds Sep 2018 Term Muni Bond ETF		7,600,000	$	193,388,218.89
iShares iBonds Sep 2019 Term Muni Bond ETF		7,050,000	$	179,757,822.60
iShares iBonds Sep 2020 Term Muni Bond ETF		6,950,000	$	177,738,725.02
iShares 1-3 Year International Treasury Bond ETF		900,000	$	71,392,586.65
iShares Core International Aggregate Bond ETF		5,350,000	$	277,086,424.88
iShares Currency Hedged International High Yield Bond ETF		50,000	$	1,340,733.86
iShares International Treasury Bond ETF		6,450,000	$	598,256,183.10

*iShares U.S. ETF Trust*
iShares Commodities Select Strategy ETF		6,700,000	$	220,143,969.89
iShares Edge U.S. Fixed Income Balanced Risk ETF		1,100,000	$	109,937,789.64
iShares Interest Rate Hedged 10+ Year Credit Bond ETF		450,000	$	11,166,009.46
iShares Interest Rate Hedged Corporate Bond ETF		700,000	$	65,953,411.39
iShares Interest Rate Hedged Emerging Markets Bond ETF		100,000	$	2,602,445.22
iShares Interest Rate Hedged High Yield Bond ETF		2,400,000	$	217,756,718.25
iShares Short Maturity Bond ETF		46,850,000	$	2,351,145,341.72
iShares Short Maturity Municipal Bond ETF		750,000	$	37,479,830.06
iShares Ultra Short-Term Bond ETF		2,450,000	$	122,542,333.74

B-7

Appendix C – Compensation of the Board Members/Board Nominees

Effective January 1, 2017, each current Independent Board Member is paid an annual retainer of $325,000 for his or her services as a Board Member of all Funds in the complex of exchange-traded funds advised by the Adviser or its affiliates (“Exchange-Traded Fund Complex”) (prior to January 1, 2017, the annual retainer was $300,000), together with out-of-pocket expenses in accordance with the Boards’ policy on travel and other business expenses relating to attendance at meetings. The annual retainer for services as an Advisory Board Member is the same as the annual retainer for services as a Board Member.

The Independent Chair of the Boards is paid an additional annual retainer of $50,000. The Chair of each of the Equity Plus Committee, Fixed Income Plus Committee, Securities Lending Committee, Risk Committee, Nominating and Governance Committee and 15(c) Committee is paid an additional annual retainer of $25,000. The Chair of the Audit Committee is paid an additional annual retainer of $40,000. Cecilia H. Herbert waived the annual retainer for her service as the Chair of the Nominating and Governance Committee. Each Independent Board Member that served as a director of subsidiaries of the Exchange-Traded Fund Complex is paid an additional annual retainer of $10,000 (plus an additional $1,772 paid annually to compensate for taxes due in the Republic of Mauritius in connection with such Board Member’s service on the boards of certain Mauritius-based subsidiaries). The Funds do not maintain or provide pension or retirement benefits to the Board Members.

The following table sets forth the aggregate compensation, paid to each Independent Board Member by the Funds during the most recently completed fiscal year ended October 31, 2016. Messrs. Kapito and Wiedman serve without compensation from the Funds because of their affiliation with BlackRock, Inc.

Name of Board Member/
Board Nominee

Compensation from the
Companies

Pension or
Retirement Benefits
Accrued as Part of
Company Expenses

Estimated Annual
Benefits Upon
Retirement

Total Compensation¹
from the
Exchange-Traded
Fund Complex

Interested Board Members/Board Nominees

Robert S. Kapito

None

N/A

None

Mark Wiedman

None

N/A

None

Independent Board Members/Board Nominees

Jane D. Carlin

iShares, Inc.: $41,399

iShares Trust: $282,678

iShares U.S. ETF Trust: $923

N/A

$325,000

Richard L. Fagnani²

N/A

Cecilia H. Herbert

iShares, Inc.: $44,584

iShares Trust: $304,422

iShares U.S. ETF Trust: $994

N/A

$350,000

Charles A. Hurty

iShares, Inc.: $43,309

iShares Trust: $295,725

iShares U.S. ETF Trust: $966

N/A

$340,000

John E. Kerrigan

iShares, Inc.: $41,399

iShares Trust: $282,678

iShares U.S. ETF Trust: $923

N/A

$325,000

Drew E. Lawton³

iShares, Inc.: $9,554

iShares Trust: $65,233

iShares U.S. ETF Trust: $213

N/A

$75,000

C-1

Name of Board Member/
Board Nominee

Compensation from the
Companies

Pension or
Retirement Benefits
Accrued as Part of
Company Expenses

Estimated Annual
Benefits Upon
Retirement

Total Compensation¹
from the
Exchange-Traded
Fund Complex

John E. Martinez

iShares, Inc.: $41,399

iShares Trust: $282,678

iShares U.S. ETF Trust: $923

N/A

$325,000

Madhav V. Rajan

iShares, Inc.: $44,584

iShares Trust: $304,422

iShares U.S. ETF Trust: $994

N/A

$350,000

¹	Includes compensation for service on the Board or Advisory Board of each Company.

²	Compensation is not shown for Richard L. Fagnani because he was appointed to serve as an Advisory Board Member of the Companies effective April 1, 2017.

³	Compensation is shown for Drew E. Lawton for the period from October 18, 2016 (date of his appointment to the Advisory Board of the Companies) to October 31, 2016.

C-2

Appendix D – Fund Securities Owned by Board Members/Board Nominees

The following table sets forth the dollar range of shares of each Fund beneficially owned by the Board Members/Board Nominees in the Funds that they oversee or are nominated to oversee as of December 31, 2016, except as otherwise indicated.

Aggregate Dollar Range of Equity Securities


Name of Board Member/ Board Nominee	Fund Name	Aggregate Dollar Range of Shares in Each Fund	Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director or Advisory Board Member in Family of Investment Companies
*Interested Board Members/Board Nominees*

Robert S. Kapito	None	None	None

Mark Wiedman	iShares Core MSCI EAFE ETF	$50,001-$100,000	Over $100,000
	iShares Core MSCI Emerging Markets ETF	$50,001-$100,000
	iShares Core S&P Total U.S. Stock Market ETF	Over $100,000
	iShares National Muni Bond ETF	Over $100,000
	iShares New York Muni Bond ETF	Over $100,000

*Independent Board Members/Board Nominees*

Jane D. Carlin	iShares Core MSCI EAFE ETF	$50,001-$100,000	Over $100,000
	iShares Core S&P Small-Cap ETF	$50,001-$100,000
	iShares Global Tech ETF	$10,001-$50,000

Richard L. Fagnani	iShares Core MSCI EAFE ETF	Over $100,000	Over $100,000
	iShares Core MSCI Emerging Markets ETF	$10,001-$50,000
	iShares MSCI Japan ETF	$10,001-$50,000
	iShares Russell 1000 Growth ETF	$50,001-$100,000
	iShares Russell 1000 Value ETF	$50,001-$100,000
	iShares Russell 2000 Growth ETF	$10,001-$50,000
	iShares Russell 2000 Value ETF	$10,001-$50,000
	iShares Mid-Cap Growth ETF	$10,001-$50,000
	iShares Mid-Cap Value ETF	$10,001-$50,000

Cecilia H. Herbert	iShares California Muni Bond ETF	Over $100,000	Over $100,000
	iShares China Large-Cap ETF	$50,001-$100,000
	iShares Core Dividend Growth ETF	$10,001-$50,000
	iShares Core High Dividend ETF	$1-$10,000
	iShares Core MSCI Emerging Markets ETF	$10,001-$50,000
	iShares Core MSCI Total International Stock ETF	$10,001-$50,000
	iShares Core S&P 500 ETF	Over $100,000
	iShares Core S&P Small-Cap ETF	$1-$10,000
	iShares Core S&P Total U.S. Stock Market ETF	$10,001-$50,000
	iShares Core S&P U.S. Growth ETF	$50,001-$100,000
	iShares Core S&P U.S. Value ETF	$50,001-$100,000
	iShares iBoxx $ High Yield Corporate Bond ETF	$10,001-$50,000
	iShares International Select Dividend ETF	$1-$10,000
	iShares MSCI EAFE ETF	$1-$10,000
	iShares MSCI Japan ETF	$10,001-$50,000
	iShares National Muni Bond ETF	$10,001-$50,000
	iShares U.S. Preferred Stock ETF	$10,001-$50,000

D-1


Name of Board Member/ Board Nominee	Fund Name	Aggregate Dollar Range of Shares in Each Fund	Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director or Advisory Board Member in Family of Investment Companies
Charles A. Hurty	iShares China Large-Cap ETF	$10,001-$50,000	Over $100,000
	iShares Core Dividend Growth ETF	Over $100,000
	iShares Core Growth Allocation ETF	Over $100,000
	iShares Core High Dividend ETF	Over $100,000
	iShares Core Moderate Allocation ETF	$50,001-$100,000
	iShares Core MSCI Emerging Markets ETF	$50,001-$100,000
	iShares Core S&P 500 ETF	Over $100,000
	iShares Core S&P U.S. Value ETF	$10,001-$50,000
	iShares Edge MSCI Min Vol USA ETF	Over $100,000
	iShares Global Energy ETF	$10,001-$50,000
	iShares Global Healthcare ETF	$10,001-$50,000
	iShares Global Tech ETF	$10,001-$50,000
	iShares MSCI EAFE ETF	$10,001-$50,000
	iShares Russell 2000 ETF	$10,001-$50,000
	iShares U.S. Basic Materials ETF	$10,001-$50,000
	iShares U.S. Energy ETF	$10,001-$50,000
	iShares U.S. Technology ETF	Over $100,000

John E. Kerrigan	iShares MSCI ACWI ETF	$10,001-$50,000	Over $100,000
	iShares MSCI ACWI ex U.S. ETF	Over $100,000
	iShares Short-Term National Muni Bond ETF	Over $100,000

Drew E. Lawton	iShares MSCI Frontier 100 ETF	$50,001-$100,000	$50,001-$100,000

John E. Martinez	iShares Core MSCI Total International Stock ETF	$1-$10,000	Over $100,000
	iShares Core S&P 500 ETF	Over $100,000
	iShares Core S&P Total U.S. Stock Market ETF	$1-$10,000
	iShares Global Consumer Staples ETF	Over $100,000
	iShares MSCI All Country Asia ex Japan ETF	Over $100,000
	iShares MSCI EAFE ETF	Over $100,000
	iShares Russell 1000 ETF	Over $100,000
	iShares Russell 1000 Value ETF	Over $100,000
	iShares Russell 2000 ETF	Over $100,000
	iShares Short Maturity Bond ETF	Over $100,000
	iShares TIPS Bond ETF	$50,001-$100,000

Madhav V. Rajan	iShares Core Dividend Growth ETF	Over $100,000	Over $100,000
	iShares Core High Dividend ETF	Over $100,000
	iShares Core S&P 500 ETF	Over $100,000
	iShares iBoxx $ High Yield Corporate Bond ETF	Over $100,000
	iShares iBoxx $ Investment Grade Corporate Bond ETF	Over $100,000
	iShares Russell 2000 ETF	Over $100,000
	iShares Select Dividend ETF	Over $100,000
	iShares U.S. Preferred Stock ETF	Over $100,000

As of December 31, 2016, all Board Members, Board Nominees and executive officers as a group owned less than 1% of the outstanding shares of each Fund which they oversee (or are nominated to oversee). Ownership amounts may vary over time.

As of December 31, 2016, none of the Independent Board Members, Advisory Board Members or their immediate family members owned beneficially or of record any securities of the Adviser, the Distributor or any person controlling, controlled by or under common control with the Adviser or the Distributor.

D-2

Appendix E — Meetings of the Boards

During the most recently completed fiscal year ended October 31, 2016 for each Company, the Board of each Company met the following number of times:


Company	Number of Quarterly Board Meetings		Number of Special Board Meetings
iShares, Inc.		4		4
iShares Trust		4		4
iShares U.S. ETF Trust		4		4

E-1

Appendix F – Committee Meetings of the Boards

Each of the Audit Committee, Nominating and Governance Committee, 15(c) Committee, Securities Lending Committee, Equity Plus Committee, Fixed Income Plus Committee and Risk Committee met the following number of times for each Company’s most recently completed fiscal year ended October 31, 2016:


Company	Number of Audit Committee Meetings		Number of Nominating and Governance Committee Meetings		Number of 15(c) Committee Meetings		Number of Securities Lending Committee Meetings		Number of Equity Plus Committee Meetings		Number of Fixed Income Committee Meetings		Number of Risk Committee Meetings
iShares, Inc.		7		4		2		5		4		4		3
iShares Trust		7		4		2		5		4		4		3
iShares U.S. ETF Trust		7		4		2		5		4		4		3

F-1

Appendix G – Executive Officers of the Companies

The executive officers of each Company, their age and their principal occupations during the past five years (their titles may have varied during that period) are shown in the table below. The address of Messrs. Small, Park, and Archibald is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The address of Messrs. Messinger, Radell, Mason and Gee is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105.

Each executive officer is an “interested person” of the Companies (as defined in the 1940 Act) by virtue of that individual’s position with BlackRock, Inc. or its affiliates described in the table below.

Information Pertaining to the Executive Officers


Name, Address and Year of Birth	Position(s) Held with Funds	Principal Occupations(s) During Past 5 Years	Number of Funds in Exchange- Traded Fund Complex Overseen
Martin Small (41)	President (since 2016 for each Company).	Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).	333

Steve Messinger (55)	Executive Vice President (since 2016 for each Company).	Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016).	333

Scott Radell (48)	Executive Vice President (since 2012 for each Company).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).	333

Alan Mason (56)	Executive Vice President (since 2016 for each Company).	Managing Director, BlackRock, Inc. (since 2009).	333

Jack Gee (57)	Treasurer and Chief Financial Officer (since 2008 for iShares, Inc. and iShares Trust; since 2011 for iShares U.S. ETF Trust).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009).	333

G-1


Name, Address and Year of Birth	Position(s) Held with Funds	Principal Occupations(s) During Past 5 Years	Number of Funds in Exchange- Traded Fund Complex Overseen
Charles Park (49)	Chief Compliance Officer (since 2006 for iShares, Inc. and iShares Trust; since 2011 for iShares U.S. ETF Trust).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, theEquity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of the Adviser (since 2006).	333

Benjamin Archibald (41)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised mutual funds (since 2012).	333

The executive officers receive no compensation from the Funds.

G-2

Appendix H – Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees to Independent Registered Public Accountants (PricewaterhouseCoopers LLP)

Audit Fees and Audit-Related Fees


			Audit Fees				Audit-Related Fees
Fund	Fiscal Year End		Most Recent Fiscal Year ($)		Fiscal Year Prior to Most Recent Fiscal Year End ($)		Most Recent Fiscal Year ($)		Fiscal Year Prior to Most Recent Fiscal Year End ($)
iShares, Inc.
Funds with 4/30 Fiscal Year Ends		4/30		31,600		30,400		0		0
Funds with 8/31 Fiscal Year Ends		8/31		760,740		712,460		0		0
Funds with 10/31 Fiscal Year Ends		10/31		79,000		76,000		0		0

iShares Trust
Funds with 2/28 Fiscal Year Ends		2/28		289,800		283,800		0		0
Funds with 3/31 Fiscal Year Ends		3/31		1,044,180		787,710		0		0
Funds with 4/30 Fiscal Year Ends		4/30		423,600		630,190		0		0
Funds with 7/31 Fiscal Year Ends		7/31		689,560		751,470		0		0
Funds with 8/31 Fiscal Year Ends		8/31		632,030		453,890		0		0
Funds with 10/31 Fiscal Year Ends		10/31		615,130		533,020		0		0

iShares U.S. ETF Trust
Funds with 10/31 Fiscal Year Ends		10/31		121,700		113,240		0		0

Tax Fees and All Other Fees


			Tax Fees				All Other Fees
Fund	Fiscal Year End		Most Recent Fiscal Year ($)		Fiscal Year Prior to Most Recent Fiscal Year End ($)		Most Recent Fiscal Year ($)		Fiscal Year Prior to Most Recent Fiscal Year End ($)
iShares, Inc.
Funds with 4/30 Fiscal Year Ends		4/30		7,562		7,464		0		0
Funds with 8/31 Fiscal Year Ends		8/31		181,488		171,672		0		0
Funds with 10/31 Fiscal Year Ends		10/31		18,905		18,385		0		0

iShares Trust
Funds with 2/28 Fiscal Year Ends	��	2/28		83,182		80,894		0		0
Funds with 3/31 Fiscal Year Ends		3/31		287,356		212,724		0		0
Funds with 4/30 Fiscal Year Ends		4/30		120,992		179,136		0		0
Funds with 7/31 Fiscal Year Ends		7/31		185,269		201,528		0		0
Funds with 8/31 Fiscal Year Ends		8/31		115,692		170,145		0		0
Funds with 10/31 Fiscal Year Ends		10/31		154,434		151,240		0		0

iShares U.S. ETF Trust
Funds with 10/31 Fiscal Year Ends		10/31		34,029		33,093		0		0

H-1

Aggregate Non-Audit Fees for Services Provided to the Funds and Their Affiliated Service ProvidersPre-Approved by the Audit Committee¹


Fund	Fiscal Year End		Most Recent Fiscal Year ($)		Fiscal Year Prior to Most Recent Fiscal Year End ($)
iShares, Inc.
Funds with 4/30 Fiscal Year Ends		4/30		7,562		7,464
Funds with 8/31 Fiscal Year Ends		8/31		181,488		171,672
Funds with 10/31 Fiscal Year Ends		10/31		18,905		18,385

iShares Trust
Funds with 2/28 Fiscal Year Ends		2/28		83,182		80,894
Funds with 3/31 Fiscal Year Ends		3/31		287,356		212,724
Funds with 4/30 Fiscal Year Ends		4/30		120,992		179,136
Funds with 7/31 Fiscal Year Ends		7/31		185,269		201,528
Funds with 8/31 Fiscal Year Ends		8/31		115,692		170,145
Funds with 10/31 Fiscal Year Ends		10/31		154,434		151,240

iShares U.S. ETF Trust
Funds with 10/31 Fiscal Year Ends		10/31		34,029		33,093

¹	There were no non-audit services provided to the Funds’ Affiliated Service Providers.

H-2

Appendix I – 5% Beneficial Share Ownership

As of the Record Date, to the best knowledge of each Fund, the following persons beneficially owned more than 5% of the outstanding shares of any class of the Funds indicated:


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
*iShares, Inc.*
iShares Asia/Pacific Dividend ETF	Charles Schwab & Co., Inc.		147,933		15.57	%
	National Financial Services LLC		135,164		14.23	%
	SG Americas Securities, LLC		86,997		9.16	%
	Morgan Stanley Smith Barney LLC		81,168		8.54	%
	Merrill Lynch Safekeeping		63,752		6.71	%
	TD Ameritrade Clearing, Inc.		48,015		5.05	%

iShares Core MSCI Emerging Markets ETF	Merrill Lynch Safekeeping		89,363,633		15.18	%
	National Financial Services LLC		70,272,383		11.94	%
	State Street Bank and Trust Company		40,263,142		6.84	%
	The Bank of New York Mellon		31,637,083		5.37	%
	Morgan Stanley Smith Barney LLC		30,907,988		5.25	%

iShares Currency Hedged MSCI Emerging	Citibank, N.A.		4,489,153		36.65	%
Markets ETF	Charles Schwab & Co., Inc.		2,165,383		17.68	%
	Janney Montgomery Scott Inc.		1,017,455		8.31	%
	National Financial Services LLC		998,651		8.15	%
	Merrill Lynch Safekeeping		182,685		73.07	%
	J.P. Morgan Clearing Corp.		36,263		14.51	%

iShares Edge MSCI Min Vol EM Currency	Merrill Lynch Safekeeping		182,685		73.07	%
Hedged ETF	J.P. Morgan Clearing Corp.		36,263		14.51	%

iShares Edge MSCI Min Vol Emerging	National Financial Services LLC		7,974,803		11.47	%
Markets ETF	Charles Schwab & Co., Inc.		6,663,367		9.59	%
	Bank of America, NA/GWIM Trust Operations		6,121,000		8.81	%
	JPMorgan Chase Bank, National Association		5,327,029		7.66	%
	Morgan Stanley Smith Barney LLC		4,327,078		6.23	%
	UBS Financial Services LLC		3,778,449		5.44	%
	Merrill Lynch Safekeeping		3,709,804		5.34	%

iShares Edge MSCI Min Vol Global ETF	Northern Trust Company/United Nations Joint Staff Pension Fund		4,660,000		11.65	%
	JPMorgan Chase Bank, National Association		3,265,610		8.16	%
	National Financial Services LLC		2,990,602		7.48	%
	Charles Schwab & Co., Inc.		2,781,281		6.95	%
	Merrill Lynch Safekeeping		2,628,498		6.57	%
	The Bank of New York Mellon		2,605,028		6.51	%
	Brown Brothers Harriman & Co.		2,361,395		5.90	%

iShares Edge MSCI Multifactor Emerging	Goldman, Sachs & Co.		281,418		28.14	%
Markets ETF	The Bank of New York Mellon		191,014		19.10	%
	Citibank, N.A.		185,374		18.54	%
	Wells Fargo Securities, LLC		158,301		15.83	%

iShares Emerging Markets Corporate Bond ETF	Citibank, N.A.		168,191		11.60	%
	Morgan Stanley Smith Barney LLC		148,598		10.25	%
	Charles Schwab & Co., Inc.		137,367		9.47	%
	LPL Financial Corporation		94,835		6.54	%
	Raymond, James & Associates, Inc.		93,410		6.44	%
	Pershing LLC		89,694		6.19	%
	Brown Brothers Harriman & Co.		86,781		5.98	%
	UBS Financial Services LLC		85,079		5.87	%
	National Financial Services LLC		74,081		5.11	%
	JPMorgan Chase Bank, National Association		74,007		5.10	%

iShares Emerging Markets Dividend ETF	National Financial Services LLC		1,802,969		24.04	%
	Merrill Lynch Safekeeping		838,998		11.19	%
	Pershing LLC		781,233		10.42	%
	Charles Schwab & Co., Inc.		632,539		8.43	%
	UBS Financial Services LLC		558,501		7.45	%
	Morgan Stanley Smith Barney LLC		433,782		5.78	%

I-1


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares Emerging Markets High Yield Bond ETF	Deutsche Bank Securities Inc. /Cedear		658,303		13.04	%
	National Financial Services LLC		524,887		10.39	%
	Charles Schwab & Co., Inc.		505,631		10.01	%
	Pershing LLC		455,650		9.02	%
	U.S. BANK N.A./ETF		362,875		7.19	%
	Merrill Lynch Safekeeping		318,021		6.30	%
	TD Ameritrade Clearing, Inc.		309,388		6.13	%
	Morgan Stanley Smith Barney LLC		299,946		5.94	%
iShares Emerging Markets Local Currency	JPMorgan Chase Bank, National Association		672,144		12.45	%
Bond ETF	State Street Bank and Trust Company		368,166		6.82	%
	National Financial Services LLC		341,784		6.33	%
	SSB – BlackRock Institutional Trust		340,897		6.31	%
	The Bank of New York Mellon/ Mellon Trust of New England, National Association		329,025		6.09	%
	Brown Brothers Harriman & Co.		307,766		5.70	%
	Citibank, N.A.		283,189		5.24	%
	Charles Schwab & Co., Inc.		270,619		5.01	%

iShares Global High Yield Corporate Bond ETF	Merrill Lynch Safekeeping		1,180,603		31.07	%
	National Financial Services LLC		316,354		8.33	%
	Charles Schwab & Co., Inc.		263,890		6.94	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		205,143		5.40	%
	Citibank, N.A.		193,238		5.09	%

iShares International High Yield Bond ETF	The Bank of New York Mellon		236,820		18.22	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		167,512		12.89	%
	TD Ameritrade Clearing, Inc.		102,918		7.92	%
	J.P. Morgan Clearing Corp.		90,842		6.99	%
	Pershing LLC		69,554		5.35	%
	Charles Schwab & Co., Inc.		68,568		5.27	%
	National Financial Services LLC		66,736		5.13	%

iShares MSCI Australia ETF	State Street Bank and Trust Company		11,952,695		14.10	%
	The Bank of New York Mellon		10,091,898		11.90	%
	Citibank, N.A.		9,565,291		11.28	%
	National Financial Services LLC		5,570,188		6.57	%
	Charles Schwab & Co., Inc.		5,234,340		6.17	%
	JPMorgan Chase Bank, National Association		5,095,789		6.01	%

iShares MSCI Austria Capped ETF	Brown Brothers Harriman & Co.		808,456		11.55	%
	Pershing LLC		442,721		6.32	%
	J.P. Morgan Clearing Corp.		385,420		5.51	%
	CIBC World Markets Inc. /CDS		371,567		5.31	%
	First Clearing, LLC		369,746		5.28	%
	Wells Fargo Securities, LLC		363,000		5.19	%
	Charles Schwab & Co., Inc.		350,890		5.01	%
	National Financial Services LLC		350,376		5.01	%

iShares MSCI Belgium Capped ETF	State Street Bank and Trust Company		867,693		19.03	%
	Brown Brothers Harriman & Co.		464,759		10.19	%
	Morgan Stanley Smith Barney LLC		455,242		9.98	%
	Pershing LLC		339,351		7.44	%
	National Financial Services LLC		311,409		6.83	%
	First Clearing, LLC		271,484		5.95	%
	Deutsche Bank Securities Inc. /Cedear		268,000		5.88	%

iShares MSCI Brazil Capped ETF	Brown Brothers Harriman & Co.		38,153,990		25.76	%
	State Street Bank and Trust Company		21,323,578		14.40	%
	JPMorgan Chase Bank, National Association		8,555,900		5.78	%
	The Bank of New York Mellon		7,978,478		5.39	%
	Citibank, N.A.		7,508,667		5.07	%

iShares MSCI BRIC ETF	National Financial Services LLC		2,550,856		30.73	%
	TD Ameritrade Clearing, Inc.		669,067		8.06	%
	Morgan Stanley Smith Barney LLC		526,666		6.35	%
	Computershare Trust Company, N.A.		519,103		6.25	%
	Charles Schwab & Co., Inc.		492,645		5.94	%

iShares MSCI Canada ETF	State Street Bank and Trust Company		13,177,718		11.17	%
	Merrill Lynch Safekeeping		13,112,958		11.11	%
	BNP Paribas, New York Branch/Custody Services		10,558,555		8.95	%
	Citibank, N.A.		10,218,420		8.66	%
	The Bank of New York Mellon		8,490,251		7.20	%
	National Financial Services LLC		7,911,570		6.70	%
	Bank of America/LaSalle Bank NA		7,415,185		6.28	%
	Northern Trust Company		5,953,417		5.05	%

I-2


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares MSCI Chile Capped ETF	Brown Brothers Harriman & Co.		2,735,550		24.10	%
	State Street Bank and Trust Company		1,384,655		12.20	%
	National Financial Services LLC		668,716		5.89	%
	Charles Schwab & Co., Inc.		659,957		5.81	%
	The Bank of New York Mellon		638,125		5.62	%

iShares MSCI Colombia Capped ETF	JPMorgan Chase Bank, National Association		424,870		31.47	%
	BNP Paribas, New York Branch/Custody Services		250,133		18.53	%
	Interactive Brokers Retail Equity Clearing		82,069		6.08	%
	State Street Bank and Trust Company		80,123		5.94	%

iShares MSCI EM ESG Optimized ETF	Merrill Lynch Safekeeping		376,128		44.25	%
	U.S. Bank N.A.		281,000		33.06	%
	Charles Schwab & Co., Inc.		53,895		6.34	%

iShares MSCI Emerging Markets Asia ETF	Merrill Lynch Safekeeping		2,450,279		45.38	%
	Charles Schwab & Co., Inc.		674,068		12.48	%
	Citibank, N.A.		443,742		8.22	%
	The Bank of New York Mellon		340,507		6.31	%

iShares MSCI Emerging Markets ETF	The Bank of New York Mellon		106,271,818		13.99	%
	State Street Bank and Trust Company		57,847,024		7.62	%
	Brown Brothers Harriman & Co.		57,055,921		7.51	%
	National Financial Services LLC		42,285,385		5.57	%
	Citibank, N.A.		41,890,593		5.51	%

iShares MSCI Emerging Markets Small-Cap ETF	SEI Private Trust Company		1,060,358		23.05	%
	National Financial Services LLC		957,969		20.83	%
	Brown Brothers Harriman & Co.		726,202		15.79	%
	Charles Schwab & Co., Inc.		410,689		8.93	%

iShares MSCI Eurozone ETF	Brown Brothers Harriman & Co.		57,822,262		21.69	%
	SSB – BlackRock Institutional Trust		37,117,290		13.92	%
	The Bank of New York Mellon		28,386,994		10.65	%
	Citibank, N.A.		28,183,259		10.57	%
	State Street Bank and Trust Company		23,937,490		8.98	%
	Deutsche Bank Securities Inc. /Cedear		15,546,619		5.83	%

iShares MSCI France ETF	Brown Brothers Harriman & Co.		1,363,895		10.03	%
	The Bank of New York Mellon		1,280,192		9.41	%
	LPL Financial Corporation		961,105		7.07	%
	Citibank, N.A.		898,732		6.61	%
	First Clearing, LLC		849,649		6.25	%

iShares MSCI Frontier 100 ETF	National Financial Services LLC		3,048,251		14.80	%
	Charles Schwab & Co., Inc.		2,121,249		10.30	%
	State Street Bank and Trust Company		1,945,959		9.45	%
	Morgan Stanley Smith Barney LLC		1,479,758		7.18	%
	Citibank, N.A.		1,353,874		6.57	%
	Pershing LLC		1,147,218		5.57	%
	TD Ameritrade Clearing, Inc.		1,118,511		5.43	%

iShares MSCI Germany ETF	Brown Brothers Harriman & Co.		58,774,618		36.97	%
	SSB – BlackRock Institutional Trust		25,357,693		15.95	%
	Bank of America/LaSalle Bank NA		9,445,457		5.94	%
	Citibank, N.A.		9,405,743		5.92	%
	State Street Bank and Trust Company		8,097,078		5.09	%

iShares MSCI Global Agriculture Producers ETF	National Financial Services LLC		290,358		27.65	%
	Charles Schwab & Co., Inc.		134,678		12.83	%
	Pershing LLC		122,097		11.63	%
	UBS Financial Services LLC		56,931		5.42	%

iShares MSCI Global Energy Producers ETF	National Financial Services LLC		234,680		13.04	%
	Pershing LLC		174,648		9.70	%
	Brown Brothers Harriman & Co.		167,777		9.32	%
	Merrill Lynch Safekeeping		154,002		8.56	%
	Charles Schwab & Co., Inc.		137,122		7.62	%
	LPL Financial Corporation		130,196		7.23	%
	RBC Dominion Securities, Inc. /CDS		105,782		5.88	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		92,494		5.14	%

iShares MSCI Global Gold Miners ETF	National Financial Services LLC		2,330,649		19.34	%
	Citigroup Global Markets Inc.		1,682,200		13.96	%
	UBS Securities LLC		1,477,638		12.26	%
	J.P. Morgan Clearing Corp.		908,601		7.54	%
	Goldman, Sachs & Co.		652,036		5.41	%

I-3


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares MSCI Global Metals & Mining	National Financial Services LLC		1,432,271		13.84	%
Producers ETF	Charles Schwab & Co., Inc.		1,344,479		12.99	%
	State Street Bank and Trust Company		1,013,676		9.79	%
	Citibank, N.A.		858,842		8.30	%
	J.P. Morgan Clearing Corp.		851,512		8.23	%

iShares MSCI Global Silver Miners ETF	National Financial Services LLC		1,894,182		33.23	%
	Citibank, N.A.		543,987		9.54	%
	Charles Schwab & Co., Inc.		493,010		8.65	%
	Morgan Stanley Smith Barney LLC		363,344		6.37	%
	TD Ameritrade Clearing, Inc.		332,394		5.83	%

iShares MSCI Hong Kong ETF	Brown Brothers Harriman & Co.		14,434,131		19.58	%
	Bank of America/LaSalle Bank NA		8,834,040		11.98	%
	State Street Bank and Trust Company		5,230,384		7.09	%
	Charles Schwab & Co., Inc.		5,137,348		6.97	%
	Deutsche Bank Securities, Inc.		4,130,877		5.60	%
	The Bank of New York Mellon		3,782,594		5.13	%

iShares MSCI Israel Capped ETF	Charles Schwab & Co., Inc.		225,676		11.57	%
	National Financial Services LLC		207,833		10.66	%
	BNP Paribas, New York Branch/Custody Services		156,130		8.01	%
	Morgan Stanley Smith Barney LLC		120,709		6.19	%

iShares MSCI Italy Capped ETF	State Street Bank and Trust Company		5,420,578		24.75	%
	Brown Brothers Harriman & Co.		3,039,201		13.88	%
	National Financial Services LLC		1,397,786		6.38	%
	Charles Schwab & Co., Inc.		1,266,006		5.78	%
	Northern Trust Company		1,251,808		5.72	%

iShares MSCI Japan ETF	Brown Brothers Harriman & Co.		59,056,456		19.28	%
	State Street Bank and Trust Company		31,719,839		10.36	%
	JPMorgan Chase Bank, National Association		31,308,742		10.22	%
	SSB – BlackRock Institutional Trust		21,440,527		7.00	%
	J.P. Morgan Clearing Corp.		19,912,698		6.50	%
	Morgan Stanley Smith Barney LLC		18,527,384		6.05	%
	The Bank of New York Mellon		15,889,281		5.19	%
	Deutsche Bank Securities Inc. /Cedear		15,751,487		5.14	%

iShares MSCI Japan Small-Cap ETF	Brown Brothers Harriman & Co.		669,908		35.26	%
	Morgan Stanley Smith Barney LLC		197,234		10.38	%
	Charles Schwab & Co., Inc.		134,678		7.09	%
	Merrill Lynch Safekeeping		129,122		6.80	%
	The Bank of New York Mellon		120,064		6.32	%

iShares MSCI Malaysia ETF	State Street Bank and Trust Company		3,208,087		27.07	%
	JPMorgan Chase Bank, National Association		807,279		6.81	%
	Brown Brothers Harriman & Co.		709,118		5.98	%
	Charles Schwab & Co., Inc.		690,086		5.82	%
	The Bank of New York Mellon		685,423		5.78	%
	Citibank, N.A.		619,190		5.23	%

iShares MSCI Mexico Capped ETF	Charles Schwab & Co., Inc.		1,996,519		7.95	%
	The Bank of New York Mellon		1,841,456		7.34	%
	National Financial Services LLC		1,640,401		6.54	%
	Citibank, N.A.		1,635,182		6.51	%
	Deutsche Bank Securities, Inc.		1,578,941		6.29	%
	Brown Brothers Harriman & Co.		1,521,714		6.06	%
	Northern Trust Company		1,315,769		5.24	%

iShares MSCI Netherlands ETF	State Street Bank and Trust Company		1,410,508		22.75	%
	The Bank of New York Mellon/ Mellon Trust of New England, National Association		941,860		15.19	%
	Union Bank of California, N.A.		389,005		6.27	%
	First Clearing, LLC		331,310		5.34	%

iShares MSCI Pacific ex Japan ETF	Merrill Lynch Safekeeping		16,165,918		24.95	%
	Citibank, N.A.		5,404,878		8.34	%
	Charles Schwab & Co., Inc.		4,270,313		6.59	%
	Brown Brothers Harriman & Co.		4,100,042		6.33	%
	National Financial Services LLC		3,440,079		5.31	%

iShares MSCI Russia Capped ETF	State Street Bank and Trust Company		2,627,972		16.27	%
	JPMorgan Chase Bank, National Association		2,274,379		14.08	%
	Citibank, N.A.		1,257,751		7.79	%
	Deutsche Bank Securities Inc. /Cedear		1,097,200		6.79	%
	National Financial Services LLC		928,966		5.75	%
	Brown Brothers Harriman & Co.		838,505		5.19	%

I-4


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares MSCI Singapore Capped ETF	Charles Schwab & Co., Inc.		2,601,359		11.46	%
	First Clearing, LLC		2,196,080		9.67	%
	Citibank, N.A.		2,103,173		9.27	%
	National Financial Services LLC		2,082,225		9.17	%

iShares MSCI South Africa ETF	State Street Bank and Trust Company		2,581,217		34.88	%
	The Bank of New York Mellon		637,055		8.61	%
	Brown Brothers Harriman & Co.		453,598		6.13	%
iShares MSCI South Korea Capped ETF	State Street Bank and Trust Company		11,069,106		21.81	%
	Brown Brothers Harriman & Co.		6,301,743		12.42	%
	Northern Trust Company		3,025,702		5.96	%
	Deutsche Bank Securities Inc. /Cedear		2,938,281		5.79	%
	Citibank, N.A.		2,783,203		5.48	%

iShares MSCI Spain Capped ETF	Brown Brothers Harriman & Co.		12,823,272		33.07	%
	Deutsche Bank Securities Inc. /Cedear		3,813,684		9.84	%
	Citibank, N.A.		2,329,532		6.01	%

iShares MSCI Sweden Capped ETF	Merrill Lynch Safekeeping		2,647,512		24.34	%
	Citibank, N.A.		1,320,607		12.14	%
	Brown Brothers Harriman & Co.		870,896		8.01	%
	National Financial Services LLC		811,391		7.46	%
	Charles Schwab & Co., Inc.		634,885		5.84	%

iShares MSCI Switzerland Capped ETF	Merrill Lynch Safekeeping		8,751,736		26.22	%
	Citibank, N.A.		3,438,921		10.30	%
	State Street Bank and Trust Company		3,273,882		9.81	%
	National Financial Services LLC		2,700,501		8.09	%
	Charles Schwab & Co., Inc.		2,227,856		6.68	%
	The Bank of New York Mellon		1,940,197		5.81	%

iShares MSCI Taiwan Capped ETF	Brown Brothers Harriman & Co.		21,491,308		21.62	%
	State Street Bank and Trust Company		21,359,187		21.49	%
	Northern Trust Company/United Nations Joint Staff Pension Fund		7,879,775		7.93	%
	JPMorgan Chase Bank, National Association		5,823,757		5.86	%

iShares MSCI Thailand Capped ETF	State Street Bank and Trust Company		1,053,891		18.99	%
	Northern Trust Company/United Nations Joint Staff Pension Fund		1,003,325		18.08	%
	The Bank of New York Mellon/ Mellon Trust of New England, National Association		478,433		8.62	%

iShares MSCI Turkey ETF	The Bank of New York Mellon		1,492,634		14.56	%
	JPMorgan Chase Bank, National Association		1,123,394		10.96	%
	Charles Schwab & Co., Inc.		784,703		7.66	%
	National Financial Services LLC		683,568		6.67	%
	Citibank, N.A.		617,329		6.02	%

iShares MSCI USA Equal Weighted ETF	National Financial Services LLC		826,344		32.41	%
	Northern Trust Company		500,000		19.61	%
	Charles Schwab & Co., Inc.		187,146		7.34	%
	Morgan Stanley Smith Barney LLC		142,210		5.58	%
	Merrill Lynch Safekeeping		134,469		5.27	%

iShares MSCI World ETF	Citibank, N.A.		1,419,191		25.34	%
	JPMorgan Chase Bank, National Association		1,245,010		22.23	%
	The Bank of New York Mellon		819,695		14.64	%
	Brown Brothers Harriman & Co.		665,114		11.88	%

*iShares Trust*
iShares 0-5 Year High Yield Corporate Bond ETF	Charles Schwab & Co., Inc.		25,432,169		50.76	%
	National Financial Services LLC		9,049,588		18.06	%
	Merrill Lynch Safekeeping		3,163,081		6.31	%

iShares 0-5 Year Investment Grade Corporate	National Financial Services LLC		1,889,646		25.89	%
Bond ETF	Morgan Stanley Smith Barney LLC		767,391		10.51	%
	Merrill Lynch Safekeeping		714,733		9.79	%
	Deutsche Bank Securities Inc. /Cedear		552,328		7.57	%
	TD Ameritrade Clearing, Inc.		528,497		7.24	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		408,862		5.60	%
	LPL Financial Corporation		376,092		5.15	%

I-5


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares 0-5 Year TIPS Bond ETF	National Financial Services LLC		3,746,474		29.85	%
	Charles Schwab & Co., Inc.		2,032,150		16.19	%
	The Bank of New York Mellon		964,039		7.68	%
	Pershing LLC		736,532		5.87	%
	Merrill Lynch Safekeeping		716,510		5.71	%
	TD Ameritrade Clearing, Inc.		699,982		5.58	%

iShares 10+ Year Credit Bond ETF	The Bank of New York Mellon		1,794,493		12.91	%
	Morgan Stanley Smith Barney LLC		1,444,183		10.39	%
	National Financial Services LLC		1,410,916		10.15	%
	First Clearing, LLC		797,048		5.73	%
	Pershing LLC		777,405		5.59	%
	U.S. Bank N.A.		726,523		5.23	%
	SSB – BlackRock Institutional Trust		713,821		5.14	%

iShares 10-20 Year Treasury Bond ETF	Charles Schwab & Co., Inc.		498,639		12.79	%
	National Financial Services LLC		331,741		8.51	%
	Merrill Lynch Safekeeping		311,370		7.98	%
	Bank of America, NA/GWIM Trust Operations		268,012		6.87	%
	Vanguard Marketing Corporation		252,687		6.48	%
	Citibank, N.A.		240,813		6.17	%
	The Bank of New York Mellon		222,291		5.70	%

iShares 1-3 Year Credit Bond ETF	National Financial Services LLC		13,481,015		12.23	%
	Charles Schwab & Co., Inc.		13,409,686		12.16	%
	U.S. Bank N.A.		7,136,681		6.47	%
	Northern Trust Company		5,773,387		5.24	%

iShares 1-3 Year International Treasury Bond ETF	TD Ameritrade Clearing, Inc.		151,417		16.82	%
	National Financial Services LLC		130,186		14.47	%
	Vanguard Marketing Corporation		87,898		9.77	%
	Charles Schwab & Co., Inc.		84,197		9.36	%
	Morgan Stanley Smith Barney LLC		69,219		7.69	%
	Pershing LLC		59,831		6.65	%

iShares 1-3 Year Treasury Bond ETF	Merrill Lynch Safekeeping		15,492,233		11.88	%
	National Financial Services LLC		12,070,959		9.26	%
	TD Ameritrade Clearing, Inc.		11,916,784		9.14	%
	Morgan Stanley Smith Barney LLC		8,729,501		6.69	%
	Charles Schwab & Co., Inc.		7,894,937		6.05	%
	JPMorgan Chase Bank, National Association		7,782,082		5.97	%
	Deutsche Bank Securities Inc. /Cedear		7,590,181		5.82	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		7,002,376		5.37	%

iShares 20+ Year Treasury Bond ETF	National Financial Services LLC		6,045,541		11.01	%
	Charles Schwab & Co., Inc.		5,709,942		10.40	%
	TD Ameritrade Clearing, Inc.		3,275,851		5.97	%
	Pershing LLC		2,907,321		5.30	%
	State Street Bank and Trust Company		2,848,578		5.19	%

iShares 3-7 Year Treasury Bond ETF	Merrill Lynch Safekeeping		14,922,562		27.58	%
	TD Ameritrade Clearing, Inc.		4,174,521		7.72	%
	Charles Schwab & Co., Inc.		4,015,068		7.42	%
	JPMorgan Chase Bank, National Association		3,135,666		5.80	%
	National Financial Services LLC		2,850,210		5.27	%

iShares 7-10 Year Treasury Bond ETF	Charles Schwab & Co., Inc.		8,601,623		11.75	%
	National Financial Services LLC		7,817,047		10.68	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		6,583,318		8.99	%
	Merrill Lynch Safekeeping		5,494,851		7.51	%
	First Clearing, LLC		4,549,701		6.22	%
	TD Ameritrade Clearing, Inc.		4,351,560		5.94	%
	JPMorgan Chase Bank, National Association		4,137,531		5.65	%

iShares Aaa – A Rated Corporate Bond ETF	Charles Schwab & Co., Inc.		603,070		30.15	%
	National Financial Services LLC		203,776		10.19	%
	J.P. Morgan Clearing Corp.		144,374		7.22	%
	Merrill Lynch Safekeeping		125,767		6.29	%

iShares Adaptive Currency Hedged MSCI EAFE ETF	Merrill Lynch Safekeeping		68,706		68.71	%
	TD Ameritrade Clearing, Inc.		11,690		11.69	%
	J.P. Morgan Clearing Corp.		10,788		10.79	%

iShares Adaptive Currency Hedged MSCI	Merrill Lynch Safekeeping		68,991		68.99	%
Eurozone ETF	Charles Schwab & Co., Inc.		11,560		11.56	%
	J.P. Morgan Clearing Corp.		7,352		7.35	%
	National Financial Services LLC		5,250		5.25	%

I-6


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares Adaptive Currency Hedged MSCI	Merrill Lynch Safekeeping		96,955		48.48	%
Japan ETF	J.P. Morgan Clearing Corp.		60,647		30.32	%
	U.S. Bank N.A.		35,030		17.52	%

iShares Agency Bond ETF	First Clearing, LLC		905,434		20.81	%
	Charles Schwab & Co., Inc.		861,133		19.80	%
	National Financial Services LLC		381,239		8.76	%
	M&I Marshall & Ilsley Bank		273,697		6.29	%
	U.S. Bank N.A./ETF		240,133		5.52	%

iShares Asia 50 ETF	Computershare Trust Company, N.A.		3,697,021		45.64	%
	National Financial Services LLC		1,496,612		18.48	%
	Charles Schwab & Co., Inc.		436,428		5.39	%

iShares California Muni Bond ETF	Charles Schwab & Co., Inc.		1,754,608		27.85	%
	National Financial Services LLC		1,185,754		18.82	%
	Merrill Lynch Safekeeping		579,204		9.19	%
	Morgan Stanley Smith Barney LLC		384,553		6.10	%
	TD Ameritrade Clearing, Inc.		327,594		5.20	%

iShares China Large-Cap ETF	Citibank, N.A.		8,864,752		11.03	%
	National Financial Services LLC		6,012,002		7.48	%
	Charles Schwab & Co., Inc.		5,532,836		6.88	%
	Brown Brothers Harriman & Co.		5,470,890		6.80	%
	The Bank of New York Mellon		4,436,594		5.52	%

iShares CMBS ETF	Charles Schwab & Co., Inc.		683,945		14.71	%
	Morgan Stanley Smith Barney LLC		556,831		11.97	%
	The Bank of New York Mellon		417,393		8.98	%
	National Financial Services LLC		391,896		8.43	%
	M&I Marshall & Ilsley Bank		345,866		7.44	%
	Pershing LLC		316,257		6.80	%
	UBS Financial Services LLC		242,065		5.21	%

iShares Cohen & Steers REIT ETF	State Street Bank and Trust Company		5,420,573		16.65	%
	Charles Schwab & Co., Inc.		3,757,438		11.54	%
	National Financial Services LLC		2,939,572		9.03	%
	JPMorgan Chase Bank, National Association		2,363,096		7.26	%

iShares Convertible Bond ETF	JPMorgan Chase Bank, National Association		2,927,273		87.38	%

iShares Core 10+ Year USD Bond ETF	SSB – BlackRock Institutional Trust		4,400,000		56.77	%
	National Financial Services LLC		1,105,889		14.27	%
	Charles Schwab & Co., Inc.		589,774		7.61	%
	Fifth Third Bank		574,398		7.41	%

iShares Core 1-5 Year USD Bond ETF	National Financial Services LLC		7,402,914		42.55	%
	Morgan Stanley Smith Barney LLC		1,344,257		7.73	%
	Charles Schwab & Co., Inc.		1,066,843		6.13	%
	Merrill Lynch Safekeeping		1,046,131		6.01	%

iShares Core 5-10 Year USD Bond ETF	Merrill Lynch Safekeeping		415,371		69.23	%
	RBC Capital Markets Corporation		61,856		10.31	%
	National Financial Services LLC		50,793		8.47	%

iShares Core Aggressive Allocation ETF	National Financial Services LLC		2,351,541		19.43	%
	TD Ameritrade Clearing, Inc.		2,100,742		17.36	%
	Charles Schwab & Co., Inc.		1,315,470		10.87	%
	Merrill Lynch Safekeeping		1,015,695		8.39	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		861,978		7.12	%
	First Clearing, LLC		823,850		6.81	%
	Pershing LLC		747,535		6.18	%

iShares Core Conservative Allocation ETF	TD Ameritrade Clearing, Inc.		2,013,810		19.65	%
	National Financial Services LLC		1,723,079		16.81	%
	Charles Schwab & Co., Inc.		1,074,315		10.48	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		965,611		9.42	%
	LPL Financial Corporation		737,036		7.19	%
	First Clearing, LLC		593,679		5.79	%
	Merrill Lynch Safekeeping		576,690		5.63	%
	Pershing LLC		534,198		5.21	%

iShares Core Dividend Growth ETF	National Financial Services LLC		11,562,944		24.87	%
	Merrill Lynch Safekeeping		8,812,186		18.95	%
	Morgan Stanley Smith Barney LLC		3,972,272		8.54	%
	PNC Bank, National Association		3,466,155		7.45	%

I-7


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned			Ownership
iShares Core Growth Allocation ETF	National Financial Services LLC		4,026,064			18.05	%
	TD Ameritrade Clearing, Inc.		2,400,374			10.76	%
	Merrill Lynch Safekeeping		1,899,115			8.52	%
	Charles Schwab & Co., Inc.		1,882,338			8.44	%
	Brown Brothers Harriman & Co.		1,393,632			6.25	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		1,178,274			5.28	%

iShares Core High Dividend ETF	National Financial Services LLC		16,367,366			20.55	%
	Charles Schwab & Co., Inc.		7,117,970			8.94	%
	Merrill Lynch Safekeeping		7,047,229			8.85	%
	Morgan Stanley Smith Barney LLC		5,113,913			6.42	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		3,999,231			5.02	%

iShares Core International Aggregate Bond ETF	SSB – BlackRock Institutional Trust		3,079,958			57.57	%
	National Financial Services LLC		708,657			13.25	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		413,945			7.74	%
	Pershing LLC		370,449			6.92	%

iShares Core Moderate Allocation ETF	National Financial Services LLC		4,097,498			22.58	%
	TD Ameritrade Clearing, Inc.		2,297,258			12.66	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		1,987,467			10.95	%
	Merrill Lynch Safekeeping		1,055,971			5.82	%
	Pershing LLC		1,008,335			5.56	%
	Charles Schwab & Co., Inc.		975,416			5.37	%
	LPL Financial Corporation		959,564			5.29	%
	SSB – BlackRock Institutional Trust		932,913			5.14	%

iShares Core MSCI EAFE ETF	National Financial Services LLC		53,154,358			13.16	%
	State Street Bank and Trust Company		42,645,653			10.56	%
	Morgan Stanley Smith Barney LLC		31,400,451			7.78	%
	UBS Financial Services LLC		23,254,399			5.76	%
	Raymond, James & Associates, Inc.		22,430,050	��		5.55	%

iShares Core MSCI Europe ETF	Citibank, N.A.		14,012,859			31.42	%
	SSB – BlackRock Institutional Trust		7,156,658			16.05	%
	National Financial Services LLC		5,442,767			12.20	%
	The Bank of New York Mellon		2,894,690			6.49	%

iShares Core MSCI International Developed	Merrill Lynch Safekeeping		450,854			75.14	%
Markets ETF	Goldman Sachs International		123,900			20.65	%

iShares Core MSCI Pacific ETF	National Financial Services LLC		6,450,241			35.44	%
	SSB – BlackRock Institutional Trust		4,130,294			22.69	%
	Pershing LLC		1,688,254			9.28	%
	State Street Bank and Trust Company		1,060,816			5.83	%

iShares Core MSCI Total International Stock ETF	SSB – BlackRock Institutional Trust		48,143,424			46.79	%
	National Financial Services LLC		18,368,488			17.85	%
	Northern Trust Company		8,523,427			8.28	%

iShares Core S&P 500 ETF	National Financial Services LLC		58,561,789			12.79	%
	Charles Schwab & Co., Inc.		35,345,956			7.72	%
	The Bank of New York Mellon		32,652,184			7.13	%
	SSB – BlackRock Institutional Trust		24,142,548			5.27	%

iShares Core S&P Mid-Cap ETF	National Financial Services LLC		26,227,937			11.34	%
	JPMorgan Chase Bank, National Association		22,951,332			9.92	%
	Charles Schwab & Co., Inc.		18,634,648			8.06	%
	First Clearing, LLC		15,614,477			6.75	%
	TD Ameritrade Clearing, Inc.		14,790,421			6.40	%
	The Bank of New York Mellon		14,065,263			6.08	%

iShares Core S&P Small-Cap ETF	National Financial Services LLC		64,464,657			14.97	%
	Charles Schwab & Co., Inc.		51,291,485			11.91	%
	First Clearing, LLC		23,738,340			5.51	%
	Wells Fargo Bank, National Association		22,114,210			5.13	%

iShares Core S&P Total U.S. Stock Market ETF	National Financial Services LLC		59,145,676			38.18	%
	The Bank of New York Mellon		13,896,316			8.97	%
	SSB – BlackRock Institutional Trust		9,320,334			6.02	%
	State Street Bank and Trust Company		8,866,387			5.72	%
	Merrill Lynch Safekeeping		8,324,487			5.37	%

I-8


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares Core S&P U.S. Growth ETF	LPL Financial Corporation		7,557,525		16.68	%
	National Financial Services LLC		7,158,189		15.80	%
	UBS Financial Services LLC		6,118,327		13.51	%
	Merrill Lynch Safekeeping		3,899,600		8.61	%
	Morgan Stanley Smith Barney LLC		3,230,791		7.13	%
	The Bank of New York Mellon		2,639,784		5.83	%

iShares Core S&P U.S. Value ETF	Merrill Lynch Safekeeping		5,797,619		15.42	%
	National Financial Services LLC		5,482,478		14.58	%
	LPL Financial Corporation		5,336,800		14.19	%
	Charles Schwab & Co., Inc.		3,918,857		10.42	%
	The Bank of New York Mellon		3,041,955		8.09	%
	Morgan Stanley Smith Barney LLC		2,468,541		6.57	%
	Edward D. Jones & Co.		1,946,189		5.18	%

iShares Core Total USD Bond Market ETF	SSB – BlackRock Institutional Trust		10,622,878		59.68	%
	Edward D. Jones & Co.		2,368,659		13.31	%

iShares Core U.S. Aggregate Bond ETF	Edward D. Jones & Co.		48,995,967		12.06	%
	State Street Bank and Trust Company		47,646,454		11.73	%
	National Financial Services LLC		38,389,232		9.45	%
	First Clearing, LLC		29,416,922		7.24	%
	TD Ameritrade Clearing, Inc.		26,288,702		6.47	%
	Charles Schwab & Co., Inc.		25,405,531		6.25	%

iShares Core U.S. REIT ETF	Brown Brothers Harriman & Co.		738,208		28.95	%
	National Financial Services LLC		344,834		13.52	%
	First Clearing, LLC		204,932		8.04	%
	Charles Schwab & Co., Inc.		198,929		7.80	%

iShares Currency Hedged International High Yield	J.P. Morgan Clearing Corp.		11,239		22.48	%
Bond ETF	Citibank, N.A.		7,550		15.10	%
	Citadel Securities LLC/Internal		6,945		13.89	%
	Pershing LLC		6,888		13.78	%
	E*Trade Clearing LLC		4,400		8.80	%

iShares Currency Hedged JPX-Nikkei 400 ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		42,410		42.41	%
	Citibank, N.A.		29,760		29.76	%
	J.P. Morgan Clearing Corp.		15,007		15.01	%

iShares Currency Hedged MSCI ACWI ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		35,293		35.29	%
	National Financial Services LLC		15,020		15.02	%
	Citigroup Global Markets Inc. /Salomon Brothers		12,400		12.40	%
	Merrill Lynch Safekeeping		8,903		8.90	%
	Pershing LLC		6,638		6.64	%

iShares Currency Hedged MSCI ACWI ex U.S. ETF	National Financial Services LLC		1,037,206		35.77	%
	Charles Schwab & Co., Inc.		648,181		22.35	%
	JPMorgan Chase Bank, National Association		326,199		11.25	%
	TD Ameritrade Clearing, Inc.		290,875		10.03	%

iShares Currency Hedged MSCI Australia ETF	Virtu Financial BD LLC		37,977		25.32	%
	Citigroup Global Markets Inc. /Salomon Brothers		25,000		16.67	%
	National Financial Services LLC		23,403		15.60	%
	J.P. Morgan Clearing Corp.		21,705		14.47	%
	SG Americas Securities, LLC		14,266		9.51	%
	Brown Brothers Harriman & Co.		11,735		7.82	%
	Pershing LLC		7,833		5.22	%

iShares Currency Hedged MSCI Canada ETF	SG Americas Securities, LLC		18,028		18.03	%
	National Financial Services LLC		17,786		17.79	%
	Brown Brothers Harriman & Co.		13,080		13.08	%
	J.P. Morgan Clearing Corp.		10,089		10.09	%
	TD Ameritrade Clearing, Inc.		7,528		7.53	%
	Merrill Lynch Safekeeping		7,318		7.32	%
	NBCN Inc. /CDS		5,560		5.56	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		5,525		5.53	%

iShares Currency Hedged MSCI EAFE ETF	Goldman, Sachs & Co.		45,362,344		30.39	%
	Charles Schwab & Co., Inc.		16,591,263		11.12	%
	National Financial Services LLC		14,001,149		9.38	%
	Pershing LLC		10,204,691		6.84	%
	Morgan Stanley Smith Barney LLC		9,911,678		6.64	%

iShares Currency Hedged MSCI EAFE	LPL Financial Corporation		99,801		39.92	%
Small-Cap ETF	J.P. Morgan Clearing Corp.		47,648		19.06	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		31,337		12.53	%
	Charles Schwab & Co., Inc.		17,459		6.98	%

iShares Currency Hedged MSCI Europe	J.P. Morgan Clearing Corp.		15,821		31.64	%
Small-Cap ETF	Goldman, Sachs & Co.		15,700		31.40	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		7,143		14.29	%

I-9


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares Currency Hedged MSCI Eurozone ETF	Ameriprise Enterprise Investment Services Inc./ Beta/133		4,908,489		9.99	%
	Charles Schwab & Co., Inc.		4,846,984		9.86	%
	National Financial Services LLC		4,257,273		8.66	%
	Citibank, N.A.		4,139,124		8.42	%
	Deutsche Bank Securities Inc. /Cedear		3,082,527		6.27	%
	Morgan Stanley Smith Barney LLC		3,038,620		6.18	%

iShares Currency Hedged MSCI Germany ETF	Charles Schwab & Co., Inc.		8,122,670		30.83	%
	Citibank, N.A.		2,477,042		9.40	%
	JPMorgan Chase Bank, National Association		2,023,231		7.68	%
	Deutsche Bank Securities Inc. /Cedear		1,507,962		5.72	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		1,345,435		5.11	%
	First Clearing, LLC		1,333,300		5.06	%

iShares Currency Hedged MSCI Italy ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		114,529		28.63	%
	National Financial Services LLC		65,693		16.42	%
	Goldman, Sachs & Co.		44,055		11.01	%
	Citibank, N.A.		36,240		9.06	%
	Vanguard Marketing Corporation		28,491		7.12	%
	J.P. Morgan Clearing Corp.		26,546		6.64	%

iShares Currency Hedged MSCI Japan ETF	The Bank of New York Mellon		9,877,469		24.76	%
	JPMorgan Chase Bank, National Association		3,878,490		9.72	%
	Deutsche Bank Securities Inc. /Cedear		3,731,255		9.35	%
	Citibank, N.A.		3,310,930		8.30	%
	Brown Brothers Harriman & Co.		2,581,482		6.47	%
	Morgan Stanley Smith Barney LLC		2,495,443		6.25	%

iShares Currency Hedged MSCI Mexico ETF	J.P. Morgan Clearing Corp.		36,160		24.11	%
	Goldman, Sachs & Co.		35,471		23.65	%
	Merrill Lynch Safekeeping		31,024		20.68	%
	Brown Brothers Harriman & Co.		22,818		15.21	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		7,535		5.02	%

iShares Currency Hedged MSCI South Korea ETF	J.P. Morgan Clearing Corp.		40,217		80.43	%

iShares Currency Hedged MSCI Spain ETF	First Clearing, LLC		1,326,471		54.14	%
	Goldman, Sachs & Co.		344,927		14.08	%
	National Financial Services LLC		199,655		8.15	%

iShares Currency Hedged MSCI Switzerland ETF	Morgan Stanley Smith Barney LLC		49,600		33.07	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		34,728		23.15	%
	J.P. Morgan Clearing Corp.		23,371		15.58	%
	Goldman, Sachs & Co.		12,426		8.28	%
	Citibank, N.A.		8,110		5.41	%
	Brown Brothers Harriman & Co.		8,085		5.39	%

iShares Currency Hedged MSCI United	Merrill Lynch Safekeeping		1,324,300		35.79	%
Kingdom ETF	UBS Financial Services LLC		825,692		22.32	%
	Morgan Stanley Smith Barney LLC		478,439		12.93	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		423,794		11.45	%

iShares Dow Jones U.S. ETF	National Financial Services LLC		1,693,310		18.21	%
	Charles Schwab & Co., Inc.		1,221,206		13.13	%
	TD Ameritrade Clearing, Inc.		914,316		9.83	%
	First Clearing, LLC		692,490		7.45	%
	Pershing LLC		659,605		7.09	%
	Merrill Lynch Safekeeping		592,104		6.37	%
	Morgan Stanley Smith Barney LLC		538,257		5.79	%

iShares Edge MSCI Intl Momentum Factor ETF	Charles Schwab & Co., Inc.		322,783		40.35	%
	Morgan Stanley Smith Barney LLC		137,671		17.21	%
	Janney Montgomery Scott Inc.		99,754		12.47	%
	National Financial Services LLC		54,763		6.85	%
	Merrill Lynch Safekeeping		45,179		5.65	%

iShares Edge MSCI Intl Quality Factor ETF	Charles Schwab & Co., Inc.		326,952		36.33	%
	J.P. Morgan Clearing Corp.		198,295		22.03	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		85,402		9.49	%
	Goldman, Sachs & Co.		75,618		8.40	%
	TD Ameritrade Clearing, Inc.		46,796		5.20	%

iShares Edge MSCI Intl Size Factor ETF	Merrill Lynch Safekeeping		200,259		50.06	%
	J.P. Morgan Clearing Corp.		197,713		49.43	%

iShares Edge MSCI Intl Value Factor ETF	Charles Schwab & Co., Inc.		1,096,361		34.26	%
	National Financial Services LLC		369,747		11.55	%
	Fifth Third Bank		287,900		9.00	%
	J.P. Morgan Clearing Corp.		236,922		7.40	%
	Raymond, James & Associates, Inc.		232,890		7.28	%
	Pershing LLC		202,250		6.32	%

I-10


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares Edge MSCI Min Vol Asia ex Japan ETF	Goldman, Sachs & Co.		75,180		37.59	%
	J.P. Morgan Clearing Corp.		42,779		21.39	%
	Brown Brothers Harriman & Co.		26,521		13.26	%

iShares Edge MSCI Min Vol EAFE Currency	Merrill Lynch Safekeeping		503,564		71.94	%
Hedged ETF	LPL Financial Corporation		108,774		15.54	%

iShares Edge MSCI Min Vol EAFE ETF	Charles Schwab & Co., Inc.		14,242,858		14.98	%
	National Financial Services LLC		11,478,096		12.07	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		9,940,480		10.45	%
	Merrill Lynch Safekeeping		7,553,998		7.94	%
	Pershing LLC		6,238,943		6.56	%

iShares Edge MSCI Min Vol Europe Currency	J.P. Morgan Clearing Corp.		47,200		31.47	%
Hedged ETF	Merrill Lynch Safekeeping		35,664		23.78	%
	Charles Schwab & Co., Inc.		23,409		15.61	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		22,292		14.86	%
	Goldman, Sachs & Co.		15,603		10.40	%

iShares Edge MSCI Min Vol Europe ETF	LPL Financial Corporation		160,965		15.33	%
	SSB – BlackRock Institutional Trust		156,512		14.91	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		133,566		12.72	%
	Pershing LLC		90,227		8.59	%
	Merrill Lynch Safekeeping		84,743		8.07	%
	National Financial Services LLC		74,044		7.05	%

iShares Edge MSCI Min Vol Global Currency	Goldman, Sachs & Co.		51,063		51.06	%
Hedged ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		30,001		30.00	%
	The Bank of New York Mellon		6,630		6.63	%

iShares Edge MSCI Min Vol Japan ETF	Morgan Stanley Smith Barney LLC		211,477		42.30	%
	J.P. Morgan Clearing Corp.		77,859		15.57	%
	Merrill Lynch Safekeeping		51,242		10.25	%

iShares Edge MSCI Min Vol USA ETF	National Financial Services LLC		32,924,994		12.52	%
	Merrill Lynch Safekeeping		23,470,304		8.93	%
	Pershing LLC		22,984,308		8.74	%
	State Street Bank and Trust Company		20,621,422		7.84	%

iShares Edge MSCI Min Vol USA Small-Cap ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		76,601		25.53	%
	National Financial Services LLC		64,559		21.52	%
	Scottrade, Inc.		48,623		16.21	%
	LPL Financial Corporation		38,341		12.78	%
	TD Ameritrade Clearing, Inc.		18,533		6.18	%

iShares Edge MSCI Multifactor Consumer	Merrill Lynch, Pierce, Fenner & Smith Incorporated		76,976		76.98	%
Discretionary ETF	Merrill Lynch Safekeeping		14,719		14.72	%

iShares Edge MSCI Multifactor Consumer Staples ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		84,188		84.19	%

iShares Edge MSCI Multifactor Energy ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		83,812		83.81	%
	National Financial Services LLC		6,457		6.46	%

iShares Edge MSCI Multifactor Financials ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		51,386		51.39	%
	Merrill Lynch Safekeeping		17,317		17.32	%
	Charles Schwab & Co., Inc.		8,849		8.85	%
	National Financial Services LLC		5,301		5.30	%

iShares Edge MSCI Multifactor Global ETF	SSB-Trust Custody		492,707		61.59	%
	Citibank, N.A.		87,724		10.97	%
	J.P. Morgan Clearing Corp.		47,822		5.98	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		43,273		5.41	%

iShares Edge MSCI Multifactor Healthcare ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		49,168		49.17	%
	LPL Financial Corporation		11,635		11.64	%
	Pershing LLC		7,271		7.27	%
	Charles Schwab & Co., Inc.		6,534		6.53	%
	Merrill Lynch Safekeeping		5,077		5.08	%

iShares Edge MSCI Multifactor Industrials ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		39,482		39.48	%
	LPL Financial Corporation		23,354		23.35	%
	Merrill Lynch Safekeeping		17,079		17.08	%
	National Financial Services LLC		6,085		6.09	%

iShares Edge MSCI Multifactor Intl ETF	Merrill Lynch Safekeeping		2,322,333		25.24	%
	The Bank of New York Mellon		1,950,264		21.20	%
	SSB – BlackRock Institutional Trust		1,458,748		15.86	%
	Wells Fargo Securities, LLC		787,735		8.56	%
	National Financial Services LLC		732,812		7.97	%

I-11


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares Edge MSCI Multifactor Intl Small-Cap ETF	Citibank, N.A.		264,170		52.83	%
	J.P. Morgan Clearing Corp.		59,883		11.98	%
	National Financial Services LLC		54,587		10.92	%
	Charles Schwab & Co., Inc.		29,316		5.86	%

iShares Edge MSCI Multifactor Materials ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		68,057		68.06	%
	Merrill Lynch Safekeeping		23,700		23.70	%

iShares Edge MSCI Multifactor Technology ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		47,388		47.39	%
	M&I Marshall & Ilsley Bank		12,300		12.30	%
	Charles Schwab & Co., Inc.		7,591		7.59	%
	National Financial Services LLC		7,297		7.30	%

iShares Edge MSCI Multifactor USA ETF	Merrill Lynch Safekeeping		3,167,216		23.37	%
	SSB – BlackRock Institutional Trust		2,401,092		17.72	%
	National Financial Services LLC		2,168,384		16.00	%
	The Bank of New York Mellon		2,064,935		15.24	%

iShares Edge MSCI Multifactor USASmall-Cap ETF	The Bank of New York Mellon		361,632		26.79	%
	Citibank, N.A.		188,265		13.95	%
	National Financial Services LLC		148,910		11.03	%
	LPL Financial Corporation		140,218		10.39	%
	TD Ameritrade Clearing, Inc.		128,078		9.49	%
	UBS Financial Services LLC		118,084		8.75	%

iShares Edge MSCI Multifactor Utilities ETF	Merrill Lynch, Pierce, Fenner & Smith Incorporated		91,483		91.48	%

iShares Edge MSCI USA Momentum Factor ETF	National Financial Services LLC		6,498,085		20.93	%
	Charles Schwab & Co., Inc.		3,398,347		10.94	%
	State Street Bank and Trust Company		2,273,453		7.32	%
	Merrill Lynch Safekeeping		1,936,163		6.24	%
	TD Ameritrade Clearing, Inc.		1,829,983		5.89	%
	Northern Trust Company		1,663,320		5.36	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		1,586,175		5.11	%
	Pershing LLC		1,578,715		5.08	%

iShares Edge MSCI USA Quality Factor ETF	State Street Bank and Trust Company		9,981,051		19.65	%
	PNC Bank, National Association		5,050,991		9.94	%
	Charles Schwab & Co., Inc.		4,825,560		9.50	%
	Citibank, N.A.		4,087,519		8.05	%
	Merrill Lynch Safekeeping		3,172,476		6.25	%
	National Financial Services LLC		3,040,834		5.99	%
	Brown Brothers Harriman & Co.		2,873,383		5.66	%
	Bank of America/LaSalle Bank NA		2,819,057		5.55	%

iShares Edge MSCI USA Size Factor ETF	State Street Bank and Trust Company		2,727,442		75.76	%

iShares Edge MSCI USA Value Factor ETF	Bank of America/LaSalle Bank NA		6,934,259		18.49	%
	Brown Brothers Harriman & Co.		5,415,918		14.44	%
	Citibank, N.A.		3,676,362		9.80	%
	PNC Bank, National Association		3,100,387		8.27	%
	State Street Bank and Trust Company		2,567,309		6.85	%
	The Bank of New York Mellon		2,355,655		6.28	%
	JPMorgan Chase Bank, National Association		2,351,146		6.27	%
	Northern Trust Company		2,307,144		6.15	%

iShares Emerging Markets Infrastructure ETF	Charles Schwab & Co., Inc.		208,161		13.88	%
	National Financial Services LLC		189,580		12.64	%
	UBS Financial Services LLC		153,978		10.27	%
	Bank of America, NA/GWIM Trust Operations		131,375		8.76	%
	First Clearing, LLC		109,630		7.31	%
	Pershing LLC		86,703		5.78	%

iShares Europe Developed Real Estate ETF	Charles Schwab & Co., Inc.		261,114		22.71	%
	National Financial Services LLC		173,656		15.10	%
	JPMorgan Chase Bank, National Association		110,405		9.60	%
	Citibank, N.A.		58,715		5.11	%

iShares Europe ETF	Computershare Trust Company, N.A.		9,648,329		15.79	%
	The Bank of New York Mellon		8,610,806		14.09	%
	Brown Brothers Harriman & Co.		5,040,125		8.25	%
	State Street Bank and Trust Company		4,711,200		7.71	%
	National Financial Services LLC		4,243,503		6.95	%
	Morgan Stanley Smith Barney LLC		3,524,489		5.77	%
	Pershing LLC		3,260,270		5.34	%
	Citibank, N.A.		3,058,637		5.01	%

iShares Exponential Technologies ETF	TD Ameritrade Clearing, Inc.		28,058,877		84.64	%

iShares Fallen Angels USD Bond ETF	Merrill Lynch Safekeeping		249,828		62.46	%
	Charles Schwab & Co., Inc.		52,958		13.24	%
	National Financial Services LLC		35,975		8.99	%

I-12


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares Floating Rate Bond ETF	National Financial Services LLC		14,262,746		13.15	%
	Charles Schwab & Co., Inc.		10,585,114		9.76	%
	Citibank, N.A.		9,707,867		8.95	%
	Bank of America, NA/GWIM Trust Operations		7,631,854		7.03	%
	The Bank of New York Mellon		6,651,473		6.13	%
	TD Ameritrade Clearing, Inc.		5,425,083		5.00	%

iShares Global 100 ETF	Computershare Trust Company, N.A.		10,507,414		55.89	%
	Merrill Lynch Safekeeping		1,460,989		7.77	%

iShares Global Clean Energy ETF	National Financial Services LLC		1,426,589		15.02	%
	Charles Schwab & Co., Inc.		1,023,419		10.77	%
	Pershing LLC		595,898		6.27	%
	Merrill Lynch Safekeeping		578,953		6.09	%
	Brown Brothers Harriman & Co.		575,633		6.06	%

iShares Global Consumer Discretionary ETF	The Bank of New York Mellon		534,499		22.27	%
	SSB – BlackRock Institutional Trust		346,899		14.45	%
	National Financial Services LLC		197,613		8.23	%
	Charles Schwab & Co., Inc.		168,136		7.01	%
	Brown Brothers Harriman & Co.		136,018		5.67	%

iShares Global Consumer Staples ETF	Computershare Trust Company, N.A.		1,110,660		18.21	%
	Charles Schwab & Co., Inc.		558,696		9.16	%
	National Financial Services LLC		520,376		8.53	%
	JPMorgan Chase Bank, National Association		436,014		7.15	%
	Merrill Lynch Safekeeping		319,304		5.23	%
	Brown Brothers Harriman & Co.		314,836		5.16	%

iShares Global Energy ETF	Charles Schwab & Co., Inc.		2,967,927		10.64	%
	National Financial Services LLC		2,101,799		7.53	%
	State Street Bank and Trust Company		1,985,255		7.12	%
	Merrill Lynch Safekeeping		1,711,763		6.14	%
	Morgan Stanley Smith Barney LLC		1,599,060		5.73	%
	Deutsche Bank Securities Inc. /Cedear		1,598,379		5.73	%
	The Bank of New York Mellon		1,514,908		5.43	%

iShares Global Financials ETF	The Bank of New York Mellon		691,734		10.89	%
	Charles Schwab & Co., Inc.		679,410		10.70	%
	State Street Bank and Trust Company		621,226		9.78	%
	Citibank, N.A.		484,100		7.62	%
	National Financial Services LLC		470,577		7.41	%
	Morgan Stanley Smith Barney LLC		447,391		7.05	%
	First Clearing, LLC		347,462		5.47	%

iShares Global Healthcare ETF	Computershare Trust Company, N.A.		3,182,530		22.02	%
	SSB – BlackRock Institutional Trust		1,632,846		11.30	%
	Citibank, N.A.		1,045,503		7.24	%
	The Bank of New York Mellon		969,819		6.71	%
	Brown Brothers Harriman & Co.		770,182		5.33	%
	Charles Schwab & Co., Inc.		755,809		5.23	%

iShares Global Industrials ETF	SSB – BlackRock Institutional Trust		355,576		13.68	%
	Citibank, N.A.		211,299		8.13	%
	The Bank of New York Mellon		182,785		7.03	%
	National Financial Services LLC		180,487		6.94	%
	Charles Schwab & Co., Inc.		173,505		6.67	%
	BNP Paribas, New York Branch/Custody Services		170,675		6.56	%
	Merrill Lynch Safekeeping		145,498		5.60	%

iShares Global Infrastructure ETF	Northern Trust Company		11,477,029		31.53	%
	State Street Bank and Trust Company		3,977,891		10.93	%
	National Financial Services LLC		2,493,475		6.85	%

iShares Global Materials ETF	Charles Schwab & Co., Inc.		603,976		14.05	%
	National Financial Services LLC		539,677		12.55	%
	BNP Paribas, New York Branch/Custody Services		452,339		10.52	%
	TD Ameritrade Clearing, Inc.		237,299		5.52	%

iShares Global REIT ETF	Raymond, James & Associates, Inc.		3,294,905		23.88	%
	National Financial Services LLC		1,668,206		12.09	%
	Charles Schwab & Co., Inc.		1,424,698		10.32	%
	Northern Trust Company		1,117,119		8.10	%
	The Bank of New York Mellon		1,002,418		7.26	%

iShares Global Tech ETF	State Street Bank and Trust Company		959,407		11.16	%
	Citibank, N.A.		880,044		10.23	%
	Charles Schwab & Co., Inc.		817,948		9.51	%
	National Financial Services LLC		648,316		7.54	%
	Bank of America, NA/GWIM Trust Operations		486,142		5.65	%
	Brown Brothers Harriman & Co.		460,334		5.35	%

I-13


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares Global Telecom ETF	Charles Schwab & Co., Inc.		794,160		15.57	%
	National Financial Services LLC		623,232		12.22	%
	Merrill Lynch Safekeeping		350,481		6.87	%
	Morgan Stanley Smith Barney LLC		331,969		6.51	%

iShares Global Timber & Forestry ETF	JPMorgan Chase Bank, National Association		1,019,870		24.28	%
	Charles Schwab & Co., Inc.		620,253		14.77	%
	National Financial Services LLC		463,989		11.05	%
	TD Ameritrade Clearing, Inc.		307,472		7.32	%

iShares Global Utilities ETF	National Financial Services LLC		378,980		13.30	%
	Morgan Stanley Smith Barney LLC		331,293		11.62	%
	Charles Schwab & Co., Inc.		273,801		9.61	%
	First Clearing, LLC		187,027		6.56	%
	Merrill Lynch Safekeeping		166,074		5.83	%

iShares GNMA Bond ETF	National Financial Services LLC		1,797,376		52.10	%
	Charles Schwab & Co., Inc.		312,957		9.07	%
	U.S. Bank N.A.		218,065		6.32	%

iShares Government/Credit Bond ETF	U.S. Bank N.A.		201,180		18.29	%
	Merrill Lynch Safekeeping		160,325		14.58	%
	National Financial Services LLC		157,668		14.33	%
	Charles Schwab & Co., Inc.		86,073		7.82	%
	Citibank, N.A.		78,833		7.17	%

iShares iBonds Dec 2017 Term Corporate ETF	Merrill Lynch Safekeeping		866,974		14.82	%
	National Financial Services LLC		798,479		13.65	%
	UBS Financial Services LLC		647,301		11.06	%
	TD Ameritrade Clearing, Inc.		621,771		10.63	%
	Morgan Stanley Smith Barney LLC		519,026		8.87	%
	Charles Schwab & Co., Inc.		518,727		8.87	%
	LPL Financial Corporation		360,799		6.17	%

iShares iBonds Dec 2018 Term Corporate ETF	Merrill Lynch Safekeeping		1,341,219		12.71	%
	TD Ameritrade Clearing, Inc.		1,154,917		10.95	%
	Morgan Stanley Smith Barney LLC		1,071,749		10.16	%
	National Financial Services LLC		985,808		9.34	%
	UBS Financial Services LLC		896,558		8.50	%
	The Bank of New York Mellon		875,885		8.30	%
	Charles Schwab & Co., Inc.		805,767		7.64	%
	LPL Financial Corporation		565,013		5.36	%

iShares iBonds Dec 2019 Term Corporate ETF	TD Ameritrade Clearing, Inc.		1,682,845		13.68	%
	Merrill Lynch Safekeeping		1,645,855		13.38	%
	UBS Financial Services LLC		1,227,011		9.98	%
	National Financial Services LLC		1,112,067		9.04	%
	Charles Schwab & Co., Inc.		938,304		7.63	%
	The Bank of New York Mellon		909,793		7.40	%
	Morgan Stanley Smith Barney LLC		850,867		6.92	%
	LPL Financial Corporation		678,577		5.52	%

iShares iBonds Dec 2020 Term Corporate ETF	TD Ameritrade Clearing, Inc.		1,551,306		12.77	%
	Merrill Lynch Safekeeping		1,434,320		11.81	%
	Morgan Stanley Smith Barney LLC		1,142,468		9.40	%
	National Financial Services LLC		922,750		7.59	%
	The Bank of New York Mellon		882,071		7.26	%
	UBS Financial Services LLC		866,735		7.13	%
	Charles Schwab & Co., Inc.		806,271		6.64	%
	U.S. Bank N.A.		718,345		5.91	%
	LPL Financial Corporation		689,372		5.67	%

iShares iBonds Dec 2021 Term Corporate ETF	Charles Schwab & Co., Inc.		2,432,953		17.82	%
	Merrill Lynch Safekeeping		1,801,306		13.20	%
	National Financial Services LLC		1,549,456		11.35	%
	TD Ameritrade Clearing, Inc.		1,379,076		10.10	%
	The Bank of New York Mellon		895,561		6.56	%
	Morgan Stanley Smith Barney LLC		727,600		5.33	%

iShares iBonds Dec 2021 Term Muni Bond ETF	Charles Schwab & Co., Inc.		884,488		19.02	%
	National Financial Services LLC		545,267		11.73	%
	First Clearing, LLC		459,982		9.89	%
	Merrill Lynch Safekeeping		380,146		8.18	%
	UBS Financial Services LLC		371,536		7.99	%
	U.S. Bank N.A.		241,141		5.19	%

iShares iBonds Dec 2022 Term Corporate ETF	Charles Schwab & Co., Inc.		2,838,943		28.39	%
	National Financial Services LLC		1,359,185		13.59	%
	Merrill Lynch Safekeeping		1,202,361		12.02	%
	Morgan Stanley Smith Barney LLC		686,227		6.86	%
	TD Ameritrade Clearing, Inc.		663,009		6.63	%
	Scottrade, Inc.		593,051		5.93	%

I-14


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares iBonds Dec 2022 Term Muni Bond ETF	Charles Schwab & Co., Inc.		1,084,218		25.21	%
	U.S. Bank N.A.		578,583		13.46	%
	First Clearing, LLC		430,338		10.01	%
	National Financial Services LLC		393,985		9.16	%
	Merrill Lynch Safekeeping		371,367		8.64	%

iShares iBonds Dec 2023 Term Corporate ETF	Charles Schwab & Co., Inc.		1,264,994		21.62	%
	Merrill Lynch Safekeeping		1,219,492		20.85	%
	National Financial Services LLC		984,364		16.83	%
	U.S. Bank N.A.		357,977		6.12	%
	TD Ameritrade Clearing, Inc.		348,570		5.96	%

iShares iBonds Dec 2023 Term Muni Bond ETF	J.P. Morgan Clearing Corp.		45,372		45.37	%

iShares iBonds Dec 2024 Term Corporate ETF	Charles Schwab & Co., Inc.		1,360,921		28.35	%
	Merrill Lynch Safekeeping		909,190		18.94	%
	National Financial Services LLC		708,097		14.75	%
	Morgan Stanley Smith Barney LLC		307,929		6.42	%
	UBS Financial Services LLC		283,732		5.91	%

iShares iBonds Dec 2025 Term Corporate ETF	Charles Schwab & Co., Inc.		2,226,450		32.98	%
	Merrill Lynch Safekeeping		1,415,502		20.97	%
	National Financial Services LLC		1,232,656		18.26	%

iShares iBonds Dec 2026 Term Corporate ETF	National Financial Services LLC		324,223		29.47	%
	Charles Schwab & Co., Inc.		195,689		17.79	%
	Merrill Lynch Safekeeping		150,837		13.71	%
	TD Ameritrade Clearing, Inc.		121,648		11.06	%
	FOLIO (FN) Investment, Inc.		65,587		5.96	%

iShares iBonds Mar 2018 Term Corporate ETF	Morgan Stanley Smith Barney LLC		708,482		17.28	%
	Merrill Lynch Safekeeping		671,791		16.39	%
	Charles Schwab & Co., Inc.		580,110		14.15	%
	U.S. Bank N.A.		309,094		7.54	%
	National Financial Services LLC		296,736		7.24	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		263,575		6.43	%

iShares iBonds Mar 2018 Term Corporate	Charles Schwab & Co., Inc.		860,229		23.57	%
ex-Financials ETF	U.S. Bank N.A.		456,000		12.49	%
	National Financial Services LLC		339,357		9.30	%
	Pershing LLC		270,191		7.40	%
	UBS Financial Services LLC		266,257		7.29	%
	Stifel, Nicolaus & Company Incorporated		198,373		5.43	%
	SSB – BlackRock Institutional Trust		197,561		5.41	%

iShares iBonds Mar 2020 Term Corporate ETF	Morgan Stanley Smith Barney LLC		566,789		16.92	%
	Merrill Lynch Safekeeping		459,580		13.72	%
	Charles Schwab & Co., Inc.		403,100		12.03	%
	National Financial Services LLC		382,656		11.42	%
	TD Ameritrade Clearing, Inc.		221,008		6.60	%

iShares iBonds Mar 2020 Term Corporate	Charles Schwab & Co., Inc.		542,260		15.72	%
ex-Financials ETF	J.P. Morgan Clearing Corp.		452,918		13.13	%
	U.S. Bank N.A.		402,200		11.66	%
	National Financial Services LLC		338,960		9.82	%
	UBS Financial Services LLC		233,536		6.77	%
	Pershing LLC		205,440		5.95	%

iShares iBonds Mar 2023 Term Corporate ETF	Morgan Stanley Smith Barney LLC		875,344		27.35	%
	Merrill Lynch Safekeeping		379,158		11.85	%
	Pershing LLC		247,154		7.72	%
	Brown Brothers Harriman & Co.		190,000		5.94	%
	National Financial Services LLC		182,644		5.71	%
	J.P. Morgan Clearing Corp.		170,403		5.33	%
	Stifel, Nicolaus & Company Incorporated		164,764		5.15	%

iShares iBonds Mar 2023 Term Corporate	Pershing LLC		346,338		18.23	%
ex-Financials ETF	Stifel, Nicolaus & Company Incorporated		257,707		13.56	%
	Charles Schwab & Co., Inc.		233,410		12.28	%
	Robert W. Baird & Co. Incorporated		141,785		7.46	%
	SSB – BlackRock Institutional Trust		128,900		6.78	%
	UBS Financial Services LLC		121,930		6.42	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		102,665		5.40	%

iShares iBonds Sep 2017 Term Muni Bond ETF	Charles Schwab & Co., Inc.		1,252,336		16.26	%
	National Financial Services LLC		1,240,777		16.11	%
	Merrill Lynch Safekeeping		922,891		11.99	%
	First Clearing, LLC		794,261		10.32	%
	Morgan Stanley Smith Barney LLC		589,069		7.65	%
	U.S. Bank N.A.		471,592		6.12	%

I-15


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares iBonds Sep 2018 Term Muni Bond ETF	Charles Schwab & Co., Inc.		1,260,637		16.59	%
	National Financial Services LLC		1,223,019		16.09	%
	First Clearing, LLC		756,844		9.96	%
	Merrill Lynch Safekeeping		684,169		9.00	%
	Morgan Stanley Smith Barney LLC		522,910		6.88	%
	UBS Financial Services LLC		490,535		6.45	%

iShares iBonds Sep 2019 Term Muni Bond ETF	Charles Schwab & Co., Inc.		1,251,526		17.75	%
	National Financial Services LLC		1,064,703		15.10	%
	Merrill Lynch Safekeeping		890,075		12.63	%
	First Clearing, LLC		628,520		8.92	%
	UBS Financial Services LLC		503,410		7.14	%
	Morgan Stanley Smith Barney LLC		414,404		5.88	%

iShares iBonds Sep 2020 Term Muni Bond ETF	Charles Schwab & Co., Inc.		1,599,932		23.02	%
	National Financial Services LLC		813,809		11.71	%
	Merrill Lynch Safekeeping		757,192		10.89	%
	First Clearing, LLC		598,693		8.61	%
	UBS Financial Services LLC		503,534		7.25	%
	Morgan Stanley Smith Barney LLC		443,617		6.38	%

iShares iBoxx $ High Yield Corporate Bond ETF	National Financial Services LLC		27,104,888		12.29	%
	State Street Bank and Trust Company		19,728,981		8.95	%
	The Bank of New York Mellon		15,833,176		7.18	%
	Morgan Stanley Smith Barney LLC		13,591,831		6.16	%
	Charles Schwab & Co., Inc.		12,852,178		5.83	%
	Merrill Lynch Safekeeping		11,980,832		5.43	%
	Northern Trust Company		11,968,093		5.43	%
	Pershing LLC		11,130,996		5.05	%

iShares iBoxx $ High Yield ex Oil & Gas Corporate	Merrill Lynch Safekeeping		99,868		49.93	%
Bond ETF	J.P. Morgan Clearing Corp.		89,697		44.85	%

iShares iBoxx $ Investment Grade Corporate	Merrill Lynch Safekeeping		34,457,640		12.96	%
Bond ETF	The Bank of New York Mellon		29,971,833		11.27	%
	National Financial Services LLC		23,008,627		8.65	%
	JPMorgan Chase Bank, National Association		17,306,646		6.51	%
	Charles Schwab & Co., Inc.		15,612,610		5.87	%
	TD Ameritrade Clearing, Inc.		14,082,158		5.30	%

iShares India 50 ETF	State Street Bank and Trust Company		4,747,427		18.09	%
	Citibank, N.A.		4,611,264		17.57	%
	Brown Brothers Harriman & Co.		2,634,758		10.04	%
	National Financial Services LLC		1,855,155		7.07	%
	SSB – BlackRock Institutional Trust		1,492,511		5.69	%
	The Bank of New York Mellon		1,396,941		5.32	%

iShares Intermediate Credit Bond ETF	National Financial Services LLC		8,012,270		12.46	%
	Charles Schwab & Co., Inc.		5,686,636		8.84	%
	First Clearing, LLC		4,699,149		7.31	%
	Pershing LLC		4,194,467		6.52	%
	TD Ameritrade Clearing, Inc.		3,983,057		6.19	%

iShares Intermediate Government/Credit Bond ETF	TD Ameritrade Clearing, Inc.		6,749,622		31.32	%
	National Financial Services LLC		1,924,130		8.93	%
	Charles Schwab & Co., Inc.		1,704,961		7.91	%

iShares International Developed Property ETF	Charles Schwab & Co., Inc.		789,125		21.33	%
	National Financial Services LLC		649,218		17.55	%
	TD Ameritrade Clearing, Inc.		596,915		16.13	%
	Morgan Stanley Smith Barney LLC		210,655		5.69	%
	Merrill Lynch Safekeeping		192,571		5.20	%

iShares International Developed Real Estate ETF	National Financial Services LLC		3,657,044		19.77	%
	Wells Fargo Bank, National Association		3,292,471		17.80	%
	Charles Schwab & Co., Inc.		2,295,924		12.41	%
	TD Ameritrade Clearing, Inc.		2,210,883		11.95	%

iShares International Dividend Growth ETF	Merrill Lynch Safekeeping		225,793		50.18	%
	J.P. Morgan Clearing Corp.		41,596		9.24	%
	National Financial Services LLC		34,438		7.65	%
	D.A. Davidson & Co.		25,191		5.60	%
	Pershing LLC		24,581		5.46	%

iShares International Preferred Stock ETF	National Financial Services LLC		596,295		15.29	%
	Merrill Lynch Safekeeping		452,550		11.60	%
	Charles Schwab & Co., Inc.		325,574		8.35	%
	Pershing LLC		275,745		7.07	%
	LPL Financial Corporation		258,524		6.63	%
	Morgan Stanley Smith Barney LLC		250,841		6.43	%
	D.A. Davidson & Co.		214,265		5.49	%

I-16


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares International Select Dividend ETF	National Financial Services LLC		16,579,955		13.14	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		14,720,596		11.66	%
	Merrill Lynch Safekeeping		10,847,787		8.60	%
	Charles Schwab & Co., Inc.		10,533,494		8.35	%
	Morgan Stanley Smith Barney LLC		9,497,804		7.53	%
	First Clearing, LLC		8,142,299		6.45	%

iShares International Treasury Bond ETF	National Financial Services LLC		1,121,974		17.39	%
	Charles Schwab & Co., Inc.		970,977		15.05	%
	First Clearing, LLC		626,021		9.71	%
	Pershing LLC		450,155		6.98	%
	The Bank of New York Mellon/ Mellon Trust of New England, National Association		350,144		5.43	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		322,687		5.00	%

iShares J.P. Morgan USD Emerging Markets	State Street Bank and Trust Company		10,618,955		11.18	%
Bond ETF	Charles Schwab & Co., Inc.		9,435,975		9.93	%
	JPMorgan Chase Bank, National Association		8,124,968		8.55	%
	National Financial Services LLC		6,804,874		7.16	%
	First Clearing, LLC		6,661,430		7.01	%
	The Bank of New York Mellon		5,871,354		6.18	%

iShares JPX-Nikkei 400 ETF	Northern Trust Company		186,195		12.41	%
	Morgan Stanley Smith Barney LLC		174,709		11.65	%
	Merrill Lynch Safekeeping		140,048		9.34	%
	Brown Brothers Harriman & Co.		82,597		5.51	%
	National Financial Services LLC		80,104		5.34	%

iShares Latin America 40 ETF	Citibank, N.A.		8,205,743		21.45	%
	Pershing LLC		3,444,564		9.01	%
	Brown Brothers Harriman & Co.		2,868,433		7.50	%
	National Financial Services LLC		2,657,326		6.95	%
	State Street Bank and Trust Company		2,305,162		6.03	%
	Charles Schwab & Co., Inc.		2,211,618		5.78	%

iShares MBS ETF	Merrill Lynch Safekeeping		41,346,943		41.93	%
	National Financial Services LLC		5,811,748		5.89	%
	TD Ameritrade Clearing, Inc.		5,534,292		5.61	%
	First Clearing, LLC		5,139,068		5.21	%

iShares Micro-Cap ETF	Charles Schwab & Co., Inc.		2,696,345		27.51	%
	National Financial Services LLC		1,544,456		15.76	%
	TD Ameritrade Clearing, Inc.		990,280		10.10	%
	State Street Bank and Trust Company		619,695		6.32	%

iShares Morningstar Large-Cap ETF	National Financial Services LLC		797,938		13.88	%
	Charles Schwab & Co., Inc.		733,041		12.75	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		717,634		12.48	%
	First Clearing, LLC		396,998		6.90	%
	TD Ameritrade Clearing, Inc.		365,600		6.36	%
	LPL Financial Corporation		347,295		6.04	%
	Pershing LLC		339,076		5.90	%
	Morgan Stanley Smith Barney LLC		322,015		5.60	%
	Merrill Lynch Safekeeping		311,803		5.42	%

iShares Morningstar Large-Cap Growth ETF	National Financial Services LLC		718,162		13.42	%
	Morgan Stanley Smith Barney LLC		681,353		12.74	%
	JPMorgan Chase Bank, National Association		563,510		10.53	%
	Merrill Lynch Safekeeping		538,274		10.06	%
	Charles Schwab & Co., Inc.		504,595		9.43	%
	First Clearing, LLC		482,500		9.02	%
	Pershing LLC		334,404		6.25	%
	TD Ameritrade Clearing, Inc.		311,009		5.81	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		288,474		5.39	%

iShares Morningstar Large-Cap Value ETF	JPMorgan Chase Bank, National Association		634,344		15.86	%
	Merrill Lynch Safekeeping		481,339		12.03	%
	Morgan Stanley Smith Barney LLC		466,197		11.65	%
	First Clearing, LLC		399,861		10.00	%
	National Financial Services LLC		364,082		9.10	%
	Charles Schwab & Co., Inc.		242,342		6.06	%
	LPL Financial Corporation		219,266		5.48	%
	Pershing LLC		206,566		5.16	%

I-17


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares Morningstar Mid-Cap ETF	National Financial Services LLC		684,534		15.38	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		457,327		10.28	%
	Morgan Stanley Smith Barney LLC		445,000		10.00	%
	First Clearing, LLC		394,368		8.86	%
	Charles Schwab & Co., Inc.		338,687		7.61	%
	Pershing LLC		338,399		7.60	%
	Raymond, James & Associates, Inc.		282,188		6.34	%
	The Bank of New York Mellon		271,209		6.09	%
	UBS Financial Services LLC		266,907		6.00	%
	TD Ameritrade Clearing, Inc.		245,036		5.51	%

iShares Morningstar Mid-Cap Growth ETF	National Financial Services LLC		223,778		18.65	%
	Charles Schwab & Co., Inc.		205,700		17.14	%
	Morgan Stanley Smith Barney LLC		133,728		11.14	%
	First Clearing, LLC		122,409		10.20	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		73,336		6.11	%
	TD Ameritrade Clearing, Inc.		66,268		5.52	%
	Pershing LLC		65,345		5.45	%

iShares Morningstar Mid-Cap Value ETF	Morgan Stanley Smith Barney LLC		541,759		20.84	%
	National Financial Services LLC		371,494		14.29	%
	Charles Schwab & Co., Inc.		252,506		9.71	%
	TD Ameritrade Clearing, Inc.		202,220		7.78	%
	First Clearing, LLC		160,427		6.17	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		138,720		5.34	%
	Pershing LLC		136,293		5.24	%
	JPMorgan Chase Bank, National Association		134,310		5.17	%

iShares Morningstar Multi-Asset Income ETF	Merrill Lynch Safekeeping		2,415,097		19.63	%
	National Financial Services LLC		1,581,085		12.85	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		1,367,414		11.12	%
	LPL Financial Corporation		789,443		6.42	%
	First Clearing, LLC		767,138		6.24	%
	Pershing LLC		646,123		5.25	%
	Charles Schwab & Co., Inc.		639,314		5.20	%

iShares Morningstar Small-Cap ETF	Morgan Stanley Smith Barney LLC		220,816		14.72	%
	National Financial Services LLC		182,354		12.16	%
	Charles Schwab & Co., Inc.		152,380		10.16	%
	First Clearing, LLC		151,305		10.09	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		133,826		8.92	%
	UBS Financial Services LLC		113,910		7.59	%
	Pershing LLC		110,778		7.39	%
	LPL Financial Corporation		83,873		5.59	%

iShares Morningstar Small-Cap Growth ETF	First Clearing, LLC		102,589		13.68	%
	National Financial Services LLC		100,630		13.42	%
	Morgan Stanley Smith Barney LLC		98,291		13.11	%
	Charles Schwab & Co., Inc.		77,734		10.36	%
	Pershing LLC		56,670		7.56	%
	Merrill Lynch Safekeeping		50,989		6.80	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		44,595		5.95	%
	LPL Financial Corporation		41,896		5.59	%
	TD Ameritrade Clearing, Inc.		41,678		5.56	%

iShares Morningstar Small-Cap Value ETF	National Financial Services LLC		472,393		14.10	%
	Morgan Stanley Smith Barney LLC		437,341		13.05	%
	Charles Schwab & Co., Inc.		385,978		11.52	%
	TD Ameritrade Clearing, Inc.		312,146		9.32	%
	UBS Financial Services LLC		237,834		7.10	%
	First Clearing, LLC		200,324		5.98	%
	Pershing LLC		182,065		5.43	%

iShares Mortgage Real Estate Capped ETF	National Financial Services LLC		5,382,727		18.40	%
	Charles Schwab & Co., Inc.		3,009,594		10.29	%
	TD Ameritrade Clearing, Inc.		2,039,355		6.97	%
	Citibank, N.A.		2,034,953		6.96	%
	First Clearing, LLC		1,725,542		5.90	%
	Pershing LLC		1,679,261		5.74	%
	Merrill Lynch Safekeeping		1,620,264		5.54	%
	Morgan Stanley Smith Barney LLC		1,548,322		5.29	%

I-18


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares MSCI ACWI ETF	National Financial Services LLC		17,821,099		17.27	%
	Citibank, N.A.		9,258,713		8.97	%
	JPMorgan Chase Bank, National Association		9,010,803		8.73	%
	The Bank of New York Mellon		8,501,464		8.24	%
	Brown Brothers Harriman & Co.		6,941,906		6.73	%
	Northern Trust Company		5,830,142		5.65	%
	Charles Schwab & Co., Inc.		5,174,398		5.01	%

iShares MSCI ACWI ex U.S. ETF	Charles Schwab & Co., Inc.		7,561,455		15.89	%
	National Financial Services LLC		5,951,398		12.50	%
	The Bank of New York Mellon		5,716,848		12.01	%
	Merrill Lynch Safekeeping		2,809,025		5.90	%
	Morgan Stanley Smith Barney LLC		2,699,257		5.67	%
	UBS Financial Services LLC		2,468,056		5.18	%

iShares MSCI ACWI Low Carbon Target ETF	Northern Trust Company/United Nations Joint Staff Pension Fund		1,223,200		33.98	%
	State Street Bank and Trust Company		502,946		13.97	%
	Brown Brothers Harriman & Co.		501,150		13.92	%
	The Bank of New York Mellon		320,991		8.92	%
	Merrill Lynch Safekeeping		208,484		5.79	%

iShares MSCI All Country Asia ex Japan ETF	Brown Brothers Harriman & Co.		10,194,403		20.98	%
	The Bank of New York Mellon		6,977,638		14.36	%
	JPMorgan Chase Bank, National Association		6,285,065		12.93	%
	Citibank, N.A.		5,350,326		11.01	%
	State Street Bank and Trust Company		4,784,398		9.84	%

iShares MSCI All Peru Capped ETF	Brown Brothers Harriman & Co.		1,369,366		21.23	%
	National Financial Services LLC		497,525		7.71	%
	Morgan Stanley Smith Barney LLC		477,155		7.40	%
	State Street Bank and Trust Company		417,113		6.47	%

iShares MSCI Argentina and Global Exposure ETF	Merrill Lynch Safekeeping		50,000		50.00	%
	J.P. Morgan Clearing Corp.		48,995		49.00	%

iShares MSCI Brazil Small-Cap ETF	Pershing LLC		661,550		15.57	%
	National Financial Services LLC		623,055		14.66	%
	Charles Schwab & Co., Inc.		333,657		7.85	%
	Merrill Lynch Safekeeping		272,708		6.42	%
	Interactive Brokers Retail Equity Clearing		243,003		5.72	%
	JPMorgan Chase Bank, National Association		237,686		5.59	%

iShares MSCI China A ETF	Merrill Lynch Safekeeping		320,690		91.63	%

iShares MSCI China ETF	Deutsche Bank Securities Inc. /Cedear		11,167,236		24.82	%
	Brown Brothers Harriman & Co.		9,594,111		21.32	%
	State Street Bank and Trust Company		5,966,690		13.26	%
	Citibank, N.A.		4,638,677		10.31	%
	Northern Trust Company		2,754,962		6.12	%

iShares MSCI China Small-Cap ETF	National Financial Services LLC		63,998		14.22	%
	J.P. Morgan Clearing Corp.		44,968		9.99	%
	Charles Schwab & Co., Inc.		42,613		9.47	%
	TD Ameritrade Clearing, Inc.		34,725		7.72	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		26,421		5.87	%
	Citibank, N.A.		25,701		5.71	%
	Pershing LLC		22,518		5.00	%

iShares MSCI Denmark Capped ETF	Brown Brothers Harriman & Co.		173,250		17.33	%
	Morgan Stanley Smith Barney LLC		142,838		14.28	%
	The Bank of New York Mellon		122,882		12.29	%
	Citibank, N.A.		85,137		8.51	%
	SG Americas Securities, LLC		76,796		7.68	%
	State Street Bank and Trust Company		63,800		6.38	%

iShares MSCI EAFE ESG Optimized ETF	Merrill Lynch Safekeeping		917,134		45.86	%
	U.S. Bank N.A.		881,000		44.05	%

iShares MSCI EAFE ETF	JPMorgan Chase Bank, National Association		143,850,455		13.21	%
	Merrill Lynch Safekeeping		101,399,549		9.31	%
	SSB – BlackRock Institutional Trust		83,250,906		7.64	%
	Charles Schwab & Co., Inc.		65,440,937		6.01	%
	National Financial Services LLC		59,225,862		5.44	%

iShares MSCI EAFE Growth ETF	National Financial Services LLC		4,754,027		12.64	%
	Edward D. Jones & Co.		4,136,887		11.00	%
	Charles Schwab & Co., Inc.		3,971,032		10.56	%
	Wells Fargo Bank, National Association		2,335,207		6.21	%
	Morgan Stanley Smith Barney LLC		2,334,856		6.21	%

I-19


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares MSCI EAFE Small-Cap ETF	Charles Schwab & Co., Inc.		27,466,546		20.47	%
	National Financial Services LLC		16,723,955		12.46	%
	Edward D. Jones & Co.		13,547,350		10.09	%
	State Street Bank and Trust Company		11,077,537		8.25	%
	TD Ameritrade Clearing, Inc.		10,620,494		7.91	%
	Pershing LLC		9,292,475		6.92	%
	The Bank of New York Mellon		6,730,501		5.02	%

iShares MSCI EAFE Value ETF	Edward D. Jones & Co.		20,583,977		21.53	%
	Charles Schwab & Co., Inc.		8,372,628		8.76	%
	National Financial Services LLC		8,059,884		8.43	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		7,415,209		7.76	%
	TD Ameritrade Clearing, Inc.		5,806,491		6.07	%

iShares MSCI Europe Financials ETF	Brown Brothers Harriman & Co.		6,216,154		12.84	%
	Morgan Stanley Smith Barney LLC		4,523,887		9.35	%
	Bank of America/LaSalle Bank NA		3,379,473		6.98	%
	Charles Schwab & Co., Inc.		3,354,811		6.93	%
	National Financial Services LLC		3,184,898		6.58	%
	Goldman, Sachs & Co.		2,802,655		5.79	%
	Merrill Lynch Safekeeping		2,654,592		5.48	%

iShares MSCI Europe Small-Cap ETF	Citibank, N.A.		657,285		33.71	%
	National Financial Services LLC		309,998		15.90	%
	Merrill Lynch Safekeeping		144,962		7.43	%
	Charles Schwab & Co., Inc.		143,323		7.35	%
	TD Ameritrade Clearing, Inc.		130,419		6.69	%

iShares MSCI Finland Capped ETF	State Street Bank and Trust Company		330,737		36.75	%
	Citibank, N.A.		145,885		16.21	%
	JPMorgan Chase Bank NA/DBTC Americas/Deutsche Bank AG, London		100,000		11.11	%
	Brown Brothers Harriman & Co.		79,246		8.81	%
	SG Americas Securities, LLC		62,910		6.99	%

iShares MSCI Germany Small-Cap ETF	National Financial Services LLC		88,309		17.66	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		62,542		12.51	%
	Charles Schwab & Co., Inc.		53,612		10.72	%
	TD Ameritrade Clearing, Inc.		45,545		9.11	%
	Merrill Lynch Safekeeping		30,647		6.13	%
	Morgan Stanley Smith Barney LLC		25,944		5.19	%

iShares MSCI Global Impact ETF	Merrill Lynch Safekeeping		246,423		61.61	%
	TD Ameritrade Clearing, Inc.		44,587		11.15	%

iShares MSCI India ETF	State Street Bank and Trust Company		33,747,522		21.74	%
	JPMorgan Chase Bank, National Association		16,467,168		10.61	%
	The Bank of New York Mellon		13,906,143		8.96	%
	Citibank, N.A.		13,692,860		8.82	%
	Brown Brothers Harriman & Co.		11,408,377		7.35	%
	Northern Trust Company		10,920,267		7.03	%

iShares MSCI India Small-Cap ETF	National Financial Services LLC		672,250		17.93	%
	Raymond, James & Associates, Inc.		600,624		16.02	%
	JPMorgan Chase Bank, National Association		338,207		9.02	%
	Charles Schwab & Co., Inc.		305,484		8.15	%
	State Street Bank and Trust Company		270,189		7.21	%

iShares MSCI Indonesia ETF	Northern Trust Company/United Nations Joint Staff Pension Fund		3,413,400		17.15	%
	State Street Bank and Trust Company		3,133,505		15.75	%
	Brown Brothers Harriman & Co.		2,157,195		10.84	%
	Citibank, N.A.		1,228,247		6.17	%

iShares MSCI Ireland Capped ETF	Charles Schwab & Co., Inc.		337,895		21.12	%
	First Clearing, LLC		120,530		7.53	%
	National Financial Services LLC		114,689		7.17	%
	SG Americas Securities, LLC		93,047		5.82	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		88,771		5.55	%
	Morgan Stanley Smith Barney LLC		81,098		5.07	%

iShares MSCI KLD 400 Social ETF	BNP Paribas, New York Branch/Custody Services		990,904		10.60	%
	Charles Schwab & Co., Inc.		974,499		10.42	%
	Merrill Lynch Safekeeping		927,417		9.92	%
	National Financial Services LLC		834,348		8.92	%
	Morgan Stanley Smith Barney LLC		655,898		7.01	%
	JPMorgan Chase Bank, National Association		648,915		6.94	%
	The Bank of New York Mellon		605,071		6.47	%

I-20


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares MSCI Kokusai ETF	Mitsubishi UFJ Trust & Banking Corporation (U.S.A.)		575,380		19.18	%
	Interactive Brokers Retail Equity Clearing		492,654		16.42	%
	Pershing LLC		488,664		16.29	%
	Citibank, N.A.		308,095		10.27	%
	Morgan Stanley & Co. Incorporated		262,210		8.74	%
	The Bank of New York Mellon		210,727		7.02	%
	TradeStation Securities, Inc.		201,311		6.71	%

iShares MSCI New Zealand Capped ETF	National Financial Services LLC		483,621		13.62	%
	Morgan Stanley Smith Barney LLC		334,450		9.42	%
	Charles Schwab & Co., Inc.		279,102		7.86	%
	First Clearing, LLC		246,555		6.95	%
	JPMorgan Chase Bank, National Association		202,371		5.70	%
	The Bank of New York Mellon		184,619		5.20	%
	Penson Financial Services, Inc./Ridge		179,576		5.06	%

iShares MSCI Norway Capped ETF	Citibank, N.A.		270,152		22.51	%
	The Bank of New York Mellon		193,740		16.15	%
	National Financial Services LLC		88,702		7.39	%
	Charles Schwab & Co., Inc.		79,993		6.67	%
	LPL Financial Corporation		72,179		6.01	%
	SG Americas Securities, LLC		72,101		6.01	%

iShares MSCI Philippines ETF	State Street Bank and Trust Company		882,742		16.66	%
	Brown Brothers Harriman & Co.		554,686		10.47	%
	Citibank, N.A.		543,528		10.26	%
	The Bank of New York Mellon		327,791		6.18	%
	JPMorgan Chase Bank, National Association		283,154		5.34	%
	Charles Schwab & Co., Inc.		276,917		5.22	%
	National Financial Services LLC		273,313		5.16	%

iShares MSCI Poland Capped ETF	State Street Bank and Trust Company		2,519,597		20.82	%
	The Bank of New York Mellon		907,282		7.50	%
	Northern Trust Company/United Nations Joint Staff Pension Fund		900,000		7.44	%
	JPMorgan Chase Bank, National Association		658,878		5.45	%
	Citibank, N.A.		617,699		5.10	%
	Charles Schwab & Co., Inc.		605,765		5.01	%

iShares MSCI Qatar Capped ETF	Northern Trust Company/United Nations Joint Staff Pension Fund		1,242,952		52.89	%
	The Bank of New York Mellon		425,144		18.09	%
	Brown Brothers Harriman & Co.		317,565		13.51	%

iShares MSCI Saudi Arabia Capped ETF	J.P. Morgan Clearing Corp.		91,823		26.24	%
	BNP Paribas, New York Branch/Custody Services		54,925		15.69	%
	National Financial Services LLC		31,505		9.00	%
	Charles Schwab & Co., Inc.		25,108		7.17	%
	JPMorgan Chase Bank, National Association		25,000		7.14	%
	Citibank, N.A.		23,088		6.60	%
	Interactive Brokers Retail Equity Clearing		19,125		5.46	%

iShares MSCI UAE Capped ETF	Northern Trust Company/United Nations Joint Staff Pension Fund		1,146,423		46.79	%
	The Bank of New York Mellon		479,163		19.56	%
	Brown Brothers Harriman & Co.		298,427		12.18	%
	Citibank, N.A.		165,754		6.77	%

iShares MSCI United Kingdom ETF	Merrill Lynch Safekeeping		24,432,667		29.69	%
	Charles Schwab & Co., Inc.		7,906,070		9.61	%
	State Street Bank and Trust Company		5,078,433		6.17	%

iShares MSCI United Kingdom Small-Cap ETF	National Financial Services LLC		294,749		32.75	%
	Pershing LLC		79,595		8.84	%
	Goldman, Sachs & Co.		77,387		8.60	%
	SG Americas Securities, LLC		76,787		8.53	%
	J.P. Morgan Clearing Corp.		65,960		7.33	%
	Charles Schwab & Co., Inc.		60,805		6.76	%
	TD Ameritrade Clearing, Inc.		45,102		5.01	%

iShares MSCI USA ESG Optimized ETF	Merrill Lynch Safekeeping		87,693		87.69	%
	Charles Schwab & Co., Inc.		5,260		5.26	%

iShares MSCI USA ESG Select ETF	Merrill Lynch Safekeeping		728,924		13.62	%
	Charles Schwab & Co., Inc.		651,571		12.18	%
	Morgan Stanley Smith Barney LLC		483,355		9.03	%
	National Financial Services LLC		365,225		6.83	%

iShares Nasdaq Biotechnology ETF	Merrill Lynch Safekeeping		3,125,839		11.22	%
	National Financial Services LLC		2,949,555		10.59	%
	Charles Schwab & Co., Inc.		2,722,878		9.78	%
	Morgan Stanley Smith Barney LLC		1,985,318		7.13	%
	Citibank, N.A.		1,623,371		5.83	%

I-21


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares National Muni Bond ETF	National Financial Services LLC		9,858,550		13.45	%
	Charles Schwab & Co., Inc.		8,026,699		10.95	%
	Penson Financial Services, Inc./Ridge		7,324,051		9.99	%
	UBS Financial Services LLC		4,831,783		6.59	%
	Merrill Lynch Safekeeping		4,397,320		6.00	%
	First Clearing, LLC		3,908,523		5.33	%
	TD Ameritrade Clearing, Inc.		3,750,692		5.12	%
	Pershing LLC		3,745,730		5.11	%

iShares New York Muni Bond ETF	National Financial Services LLC		484,698		21.07	%
	Charles Schwab & Co., Inc.		308,649		13.42	%
	Merrill Lynch Safekeeping		274,207		11.92	%
	Pershing LLC		162,871		7.08	%
	UBS Financial Services LLC		159,362		6.93	%
	Morgan Stanley Smith Barney LLC		121,952		5.30	%

iShares North American Natural Resources ETF	The Bank of New York Mellon		5,198,217		17.47	%
	Charles Schwab & Co., Inc.		4,188,890		14.08	%
	National Financial Services LLC		3,323,365		11.17	%
	Morgan Stanley Smith Barney LLC		2,777,504		9.34	%
	Merrill Lynch Safekeeping		1,683,868		5.66	%
	U.S. Bank N.A.		1,669,763		5.61	%
	TD Ameritrade Clearing, Inc.		1,498,562		5.04	%

iShares North American Tech ETF	Charles Schwab & Co., Inc.		1,244,018		15.36	%
	Citibank, N.A.		1,091,299		13.47	%
	National Financial Services LLC		926,079		11.43	%
	JPMorgan Chase Bank, National Association		732,937		9.05	%
	BMO Nesbitt Burns Inc. /CDS		645,936		7.97	%
	Morgan Stanley Smith Barney LLC		449,409		5.55	%

iShares North American Tech-Multimedia	U.S. Bank N.A.		224,113		12.45	%
Networking ETF	First Clearing, LLC		156,224		8.68	%
	Charles Schwab & Co., Inc.		140,925		7.83	%
	Morgan Stanley Smith Barney LLC		138,811		7.71	%
	Merrill Lynch Safekeeping		131,668		7.31	%
	National Financial Services LLC		130,985		7.28	%
	Goldman, Sachs & Co.		129,380		7.19	%
	Trust Custody		98,170		5.45	%

iShares North American Tech-Software ETF	The Bank of New York Mellon		784,889		11.38	%
	Morgan Stanley Smith Barney LLC		695,113		10.07	%
	State Street Bank and Trust Company		671,442		9.73	%
	Charles Schwab & Co., Inc.		599,565		8.69	%
	National Financial Services LLC		516,747		7.49	%
	Merrill Lynch Safekeeping		472,344		6.85	%
	Brown Brothers Harriman & Co.		388,314		5.63	%

iShares PHLX Semiconductor ETF	National Financial Services LLC		1,453,061		20.32	%
	Charles Schwab & Co., Inc.		839,693		11.74	%
	Merrill Lynch Safekeeping		717,780		10.04	%
	Morgan Stanley Smith Barney LLC		483,536		6.76	%

iShares Residential Real Estate Capped ETF	National Financial Services LLC		1,115,401		17.16	%
	Charles Schwab & Co., Inc.		801,417		12.33	%
	Citibank, N.A.		724,316		11.14	%
	Pershing LLC		601,669		9.26	%
	Stifel, Nicolaus & Company Incorporated		531,628		8.18	%
	TD Ameritrade Clearing, Inc.		421,993		6.49	%

iShares Russell 1000 ETF	State Street Bank and Trust Company		29,305,389		21.80	%
	Charles Schwab & Co., Inc.		20,162,607		15.00	%
	National Financial Services LLC		17,608,432		13.10	%

iShares Russell 1000 Growth ETF	National Financial Services LLC		42,689,693		14.05	%
	Morgan Stanley Smith Barney LLC		38,929,614		12.81	%
	Merrill Lynch Safekeeping		29,024,265		9.55	%
	Charles Schwab & Co., Inc.		22,853,169		7.52	%

iShares Russell 1000 Value ETF	National Financial Services LLC		47,650,195		14.67	%
	Morgan Stanley Smith Barney LLC		36,966,881		11.38	%
	Merrill Lynch Safekeeping		31,546,435		9.71	%
	TD Ameritrade Clearing, Inc.		24,713,259		7.61	%
	Pershing LLC		22,535,327		6.94	%
	Charles Schwab & Co., Inc.		16,917,355		5.21	%

iShares Russell 2000 ETF	Charles Schwab & Co., Inc.		31,968,663		10.89	%
	National Financial Services LLC		22,242,253		7.58	%
	Bank of America, NA/GWIM Trust Operations		19,814,153		6.75	%
	The Bank of New York Mellon		16,752,980		5.71	%

I-22


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares Russell 2000 Growth ETF	National Financial Services LLC		5,021,877		10.65	%
	Charles Schwab & Co., Inc.		4,726,728		10.02	%
	Morgan Stanley Smith Barney LLC		4,432,791		9.40	%
	TD Ameritrade Clearing, Inc.		2,764,823		5.86	%

iShares Russell 2000 Value ETF	Charles Schwab & Co., Inc.		7,854,969		10.57	%
	National Financial Services LLC		7,648,949		10.29	%
	Morgan Stanley Smith Barney LLC		7,623,079		10.26	%
	Pershing LLC		6,011,395		8.09	%

iShares Russell 3000 ETF	Charles Schwab & Co., Inc.		7,864,353		14.88	%
	National Financial Services LLC		7,052,294		13.34	%
	Northern Trust Company		5,448,375		10.31	%
	SSB-Trust Custody		3,768,366		7.13	%
	Pershing LLC		2,716,425		5.14	%

iShares Russell Mid-Cap ETF	JPMorgan Chase Bank, National Association		8,788,524		10.58	%
	Bank of America, NA/GWIM Trust Operations		6,778,048		8.16	%
	Wells Fargo Bank, National Association		6,247,620		7.52	%
	Charles Schwab & Co., Inc.		6,039,152		7.27	%
	National Financial Services LLC		5,237,321		6.30	%
	PNC Bank, National Association		4,444,787		5.35	%

iShares Russell Mid-Cap Growth ETF	Morgan Stanley Smith Barney LLC		9,316,124		13.30	%
	National Financial Services LLC		7,901,754		11.28	%
	Charles Schwab & Co., Inc.		5,758,425		8.22	%
	Pershing LLC		5,519,318		7.88	%
	TD Ameritrade Clearing, Inc.		4,514,792		6.45	%

iShares Russell Mid-Cap Value ETF	Pershing LLC		13,788,097		12.12	%
	National Financial Services LLC		13,662,312		12.01	%
	Morgan Stanley Smith Barney LLC		12,489,950		10.98	%
	Charles Schwab & Co., Inc.		7,754,415		6.81	%

iShares Russell Top 200 ETF	National Financial Services LLC		464,480		23.22	%
	Charles Schwab & Co., Inc.		312,062		15.60	%
	TD Ameritrade Clearing, Inc.		293,618		14.68	%
	Merrill Lynch Safekeeping		230,928		11.55	%
	First Clearing, LLC		129,570		6.48	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		125,792		6.29	%

iShares Russell Top 200 Growth ETF	Northern Trust Company		3,632,514		25.58	%
	National Financial Services LLC		2,422,728		17.06	%
	UBS Financial Services LLC		1,346,750		9.48	%
	Morgan Stanley Smith Barney LLC		1,076,979		7.58	%
	Charles Schwab & Co., Inc.		932,613		6.57	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		879,714		6.20	%

iShares Russell Top 200 Value ETF	UBS Financial Services LLC		1,358,518		28.90	%
	Merrill Lynch Safekeeping		587,143		12.49	%
	National Financial Services LLC		455,622		9.69	%
	First Clearing, LLC		357,970		7.62	%
	Morgan Stanley Smith Barney LLC		355,612		7.57	%
	Wells Fargo Bank, National Association		314,268		6.69	%

iShares S&P 100 ETF	National Financial Services LLC		5,853,200		12.88	%
	Charles Schwab & Co., Inc.		4,553,413		10.02	%
	Merrill Lynch Safekeeping		3,838,435		8.45	%
	Edward D. Jones & Co.		3,755,773		8.26	%

iShares S&P 500 Growth ETF	National Financial Services LLC		23,492,135		18.02	%
	Morgan Stanley Smith Barney LLC		16,800,531		12.89	%
	Charles Schwab & Co., Inc.		11,644,554		8.93	%
	First Clearing, LLC		7,762,045		5.95	%
	Merrill Lynch Safekeeping		7,205,038		5.53	%
	Pershing LLC		6,704,017		5.14	%

iShares S&P 500 Value ETF	National Financial Services LLC		23,575,171		18.02	%
	Morgan Stanley Smith Barney LLC		15,964,765		12.21	%
	Charles Schwab & Co., Inc.		10,046,902		7.68	%
	First Clearing, LLC		8,158,364		6.24	%
	Merrill Lynch Safekeeping		7,964,679		6.09	%

iShares S&P Mid-Cap 400 Growth ETF	Wells Fargo Bank, National Association		4,728,646		14.09	%
	National Financial Services LLC		4,096,613		12.21	%
	First Clearing, LLC		3,291,766		9.81	%
	Morgan Stanley Smith Barney LLC		3,159,836		9.42	%
	Charles Schwab & Co., Inc.		2,486,825		7.41	%

I-23


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares S&P Mid-Cap 400 Value ETF	National Financial Services LLC		5,507,638		13.77	%
	Wells Fargo Bank, National Association		5,027,200		12.57	%
	First Clearing, LLC		4,019,938		10.05	%
	Charles Schwab & Co., Inc.		3,692,566		9.23	%
	Morgan Stanley Smith Barney LLC		3,258,751		8.15	%
	TD Ameritrade Clearing, Inc.		2,049,712		5.12	%

iShares S&P Small-Cap 600 Growth ETF	National Financial Services LLC		5,917,309		21.71	%
	Morgan Stanley Smith Barney LLC		3,073,700		11.28	%
	Charles Schwab & Co., Inc.		2,874,684		10.55	%
	First Clearing, LLC		1,946,763		7.14	%

iShares S&P Small-Cap 600 Value ETF	National Financial Services LLC		7,436,053		22.10	%
	Charles Schwab & Co., Inc.		4,864,221		14.46	%
	Morgan Stanley Smith Barney LLC		2,760,033		8.20	%
	TD Ameritrade Clearing, Inc.		2,064,402		6.13	%
	First Clearing, LLC		1,955,263		5.81	%

iShares Select Dividend ETF	National Financial Services LLC		29,357,117		15.62	%
	Charles Schwab & Co., Inc.		19,170,211		10.20	%
	Morgan Stanley Smith Barney LLC		15,292,744		8.13	%
	Merrill Lynch Safekeeping		14,237,663		7.57	%
	First Clearing, LLC		9,451,330		5.03	%

iShares Short Treasury Bond ETF	Deutsche Bank Securities Inc. /Cedear		24,227,942		55.19	%

iShares Short-Term National Muni Bond ETF	National Financial Services LLC		1,903,332		14.10	%
	Charles Schwab & Co., Inc.		1,820,388		13.48	%
	Merrill Lynch Safekeeping		1,256,427		9.31	%
	UBS Financial Services LLC		1,149,820		8.52	%
	Morgan Stanley Smith Barney LLC		1,099,152		8.14	%
	Bank of America, NA/GWIM Trust Operations		1,003,137		7.43	%

iShares TIPS Bond ETF	Merrill Lynch Safekeeping		21,166,865		10.60	%
	National Financial Services LLC		20,684,446		10.36	%
	Pershing LLC		19,669,555		9.85	%
	Morgan Stanley Smith Barney LLC		18,602,434		9.32	%
	Charles Schwab & Co., Inc.		18,321,982		9.17	%
	State Street Bank and Trust Company		12,837,460		6.43	%

iShares Transportation Average ETF	National Financial Services LLC		727,341		12.33	%
	Charles Schwab & Co., Inc.		667,752		11.32	%
	Brown Brothers Harriman & Co.		513,111		8.70	%
	The Bank of New York Mellon		472,762		8.01	%
	Citibank, N.A.		318,369		5.40	%
	Deutsche Bank Securities Inc. /Cedear		295,749		5.01	%

iShares Treasury Floating Rate Bond ETF	J.P. Morgan Clearing Corp.		110,702		18.45	%
	Merrill Lynch Safekeeping		65,781		10.96	%
	LPL Financial Corporation		59,996		10.00	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		59,390		9.90	%
	Charles Schwab & Co., Inc.		49,455		8.24	%
	UBS Financial Services LLC		48,469		8.08	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		33,562		5.59	%

iShares U.S. Aerospace & Defense ETF	National Financial Services LLC		3,381,414		18.28	%
	Charles Schwab & Co., Inc.		1,775,542		9.60	%
	Morgan Stanley Smith Barney LLC		1,388,284		7.50	%
	Pershing LLC		1,254,321		6.78	%
	Merrill Lynch Safekeeping		1,103,869		5.97	%
	First Clearing, LLC		998,652		5.40	%
	TD Ameritrade Clearing, Inc.		996,252		5.39	%

iShares U.S. Basic Materials ETF	National Financial Services LLC		2,321,453		21.59	%
	Merrill Lynch Safekeeping		1,029,579		9.58	%
	Charles Schwab & Co., Inc.		912,254		8.49	%
	Pershing LLC		824,139		7.67	%
	TD Ameritrade Clearing, Inc.		760,153		7.07	%
	First Clearing, LLC		640,586		5.96	%
	LPL Financial Corporation		559,781		5.21	%

iShares U.S. Broker-Dealers & Securities	National Financial Services LLC		470,400		14.93	%
Exchanges ETF	Morgan Stanley Smith Barney LLC		368,385		11.69	%
	First Clearing, LLC		325,454		10.33	%
	Charles Schwab & Co., Inc.		274,874		8.73	%
	JPMorgan Chase Bank, National Association		177,016		5.62	%

I-24


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares U.S. Consumer Goods ETF	Charles Schwab & Co., Inc.		589,622		9.75	%
	National Financial Services LLC		583,285		9.64	%
	Morgan Stanley Smith Barney LLC		568,700		9.40	%
	TD Ameritrade Clearing, Inc.		471,463		7.79	%
	Merrill Lynch Safekeeping		423,048		6.99	%
	First Clearing, LLC		396,611		6.56	%
	The Bank of New York Mellon		367,619		6.08	%
	Pershing LLC		344,076		5.69	%
	UBS Financial Services LLC		330,586		5.46	%

iShares U.S. Consumer Services ETF	Morgan Stanley Smith Barney LLC		546,110		12.55	%
	National Financial Services LLC		478,859		11.01	%
	Charles Schwab & Co., Inc.		344,241		7.91	%
	SSB – BlackRock Institutional Trust		300,000		6.90	%
	TD Ameritrade Clearing, Inc.		284,406		6.54	%
	Merrill Lynch Safekeeping		256,027		5.89	%
	First Clearing, LLC		255,729		5.88	%

iShares U.S. Credit Bond ETF	UBS Financial Services LLC		3,566,373		29.23	%
	SSB – BlackRock Institutional Trust		1,397,271		11.45	%
	National Financial Services LLC		742,366		6.08	%
	Charles Schwab & Co., Inc.		697,403		5.72	%
	Morgan Stanley Smith Barney LLC		697,172		5.71	%

iShares U.S. Energy ETF	Citibank, N.A.		3,809,715		12.25	%
	National Financial Services LLC		3,587,860		11.54	%
	Charles Schwab & Co., Inc.		2,897,600		9.32	%
	Merrill Lynch Safekeeping		2,555,431		8.22	%
	Morgan Stanley Smith Barney LLC		2,335,404		7.51	%

iShares U.S. Financial Services ETF	National Financial Services LLC		1,775,946		13.40	%
	Brown Brothers Harriman & Co.		1,227,212		9.26	%
	Morgan Stanley Smith Barney LLC		1,118,675		8.44	%
	Merrill Lynch Safekeeping		776,696		5.86	%
	The Bank of New York Mellon		776,680		5.86	%

iShares U.S. Financials ETF	National Financial Services LLC		2,770,022		16.99	%
	Merrill Lynch Safekeeping		1,709,813		10.49	%
	Charles Schwab & Co., Inc.		1,258,124		7.72	%
	The Bank of New York Mellon		932,240		5.72	%
	Pershing LLC		930,183		5.71	%
	Morgan Stanley Smith Barney LLC		911,217		5.59	%

iShares U.S. Healthcare ETF	National Financial Services LLC		1,444,302		11.99	%
	Merrill Lynch Safekeeping		1,093,726		9.08	%
	Charles Schwab & Co., Inc.		1,036,801		8.60	%
	Morgan Stanley Smith Barney LLC		802,461		6.66	%
	First Clearing, LLC		781,082		6.48	%
	Northern Trust Company		765,790		6.36	%
	UBS Financial Services LLC		609,236		5.06	%

iShares U.S. Healthcare Providers ETF	Charles Schwab & Co., Inc.		601,757		15.63	%
	National Financial Services LLC		491,102		12.76	%
	Morgan Stanley Smith Barney LLC		386,113		10.03	%
	Pershing LLC		197,295		5.12	%

iShares U.S. Home Construction ETF	National Financial Services LLC		5,132,837		11.13	%
	Charles Schwab & Co., Inc.		4,584,253		9.94	%
	Morgan Stanley & Co. Incorporated		2,597,538		5.63	%
	Citibank, N.A.		2,592,810		5.62	%
	TD Ameritrade Clearing, Inc.		2,574,149		5.58	%
	Merrill Lynch Safekeeping		2,469,373		5.36	%

iShares U.S. Industrials ETF	Merrill Lynch Safekeeping		847,398		10.59	%
	National Financial Services LLC		839,775		10.50	%
	Charles Schwab & Co., Inc.		642,855		8.04	%
	Morgan Stanley Smith Barney LLC		600,196		7.50	%
	The Bank of New York Mellon		564,393		7.05	%
	BMO Nesbitt Burns Inc. /CDS		432,173		5.40	%
	First Clearing, LLC		425,271		5.32	%
	Citibank, N.A.		421,189		5.26	%

iShares U.S. Insurance ETF	Morgan Stanley Smith Barney LLC		422,060		15.63	%
	National Financial Services LLC		366,125		13.56	%
	Charles Schwab & Co., Inc.		270,494		10.02	%
	First Clearing, LLC		233,374		8.64	%
	Merrill Lynch Safekeeping		205,648		7.62	%
	TD Ameritrade Clearing, Inc.		186,367		6.90	%

I-25


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares U.S. Medical Devices ETF	National Financial Services LLC		1,649,286		20.88	%
	Charles Schwab & Co., Inc.		831,483		10.53	%
	Morgan Stanley Smith Barney LLC		612,901		7.76	%
	Citibank, N.A.		602,639		7.63	%
	Pershing LLC		432,976		5.48	%
	First Clearing, LLC		426,364		5.40	%

iShares U.S. Oil & Gas Exploration & Production ETF	The Bank of New York Mellon		1,188,971		16.51	%
	Merrill Lynch Safekeeping		684,166		9.50	%
	Charles Schwab & Co., Inc.		681,830		9.47	%
	National Financial Services LLC		562,992		7.82	%
	Citibank, N.A.		426,397		5.92	%
	LPL Financial Corporation		379,908		5.28	%
	JPMorgan Chase Bank, National Association		369,683		5.13	%

iShares U.S. Oil Equipment & Services ETF	Citibank, N.A.		997,542		16.77	%
	National Financial Services LLC		602,772		10.13	%
	Charles Schwab & Co., Inc.		470,902		7.91	%
	Morgan Stanley Smith Barney LLC		435,467		7.32	%
	Merrill Lynch Safekeeping		344,786		5.79	%
	Brown Brothers Harriman & Co.		301,433		5.07	%

iShares U.S. Pharmaceuticals ETF	The Bank of New York Mellon		826,393		17.58	%
	National Financial Services LLC		535,711		11.40	%
	Charles Schwab & Co., Inc.		502,979		10.70	%
	TD Ameritrade Clearing, Inc.		346,728		7.38	%
	Merrill Lynch Safekeeping		313,817		6.68	%
	Morgan Stanley Smith Barney LLC		261,580		5.57	%
	Citibank, N.A.		243,367		5.18	%

iShares U.S. Preferred Stock ETF	National Financial Services LLC		72,613,911		16.09	%
	Charles Schwab & Co., Inc.		48,875,544		10.83	%
	First Clearing, LLC		30,931,507		6.85	%
	Merrill Lynch Safekeeping		26,903,800		5.96	%
	TD Ameritrade Clearing, Inc.		26,619,337		5.90	%
	Morgan Stanley Smith Barney LLC		25,669,751		5.69	%
	Pershing LLC		23,559,171		5.22	%

iShares U.S. Real Estate ETF	National Financial Services LLC		6,885,806		10.68	%
	The Bank of New York Mellon		4,289,414		6.66	%

iShares U.S. Regional Banks ETF	National Financial Services LLC		1,968,371		12.15	%
	Charles Schwab & Co., Inc.		1,659,863		10.25	%
	Merrill Lynch Safekeeping		1,465,802		9.05	%
	First Clearing, LLC		1,205,756		7.44	%
	Morgan Stanley Smith Barney LLC		880,198		5.43	%

iShares U.S. Technology ETF	Merrill Lynch Safekeeping		3,181,836		12.91	%
	Charles Schwab & Co., Inc.		2,813,022		11.41	%
	Morgan Stanley Smith Barney LLC		2,690,945		10.92	%
	National Financial Services LLC		2,606,138		10.57	%
	First Clearing, LLC		1,386,145		5.62	%
	UBS Financial Services LLC		1,283,212		5.21	%

iShares U.S. Telecommunications ETF	Charles Schwab & Co., Inc.		1,996,314		13.05	%
	Merrill Lynch Safekeeping		1,787,497		11.68	%
	Morgan Stanley Smith Barney LLC		1,473,017		9.63	%
	National Financial Services LLC		1,339,197		8.75	%
	The Bank of New York Mellon		978,990		6.40	%
	Ameriprise Enterprise Investment Services Inc./ Beta/133		927,617		6.06	%
	First Clearing, LLC		872,819		5.70	%

iShares U.S. Treasury Bond ETF	Merrill Lynch Safekeeping		58,581,834		37.77	%
	National Financial Services LLC		21,639,370		13.95	%
	UBS Financial Services LLC		16,148,028		10.41	%
	SEI Private Trust Company		14,493,779		9.34	%
	SSB – BlackRock Institutional Trust		9,438,156		6.09	%
	Charles Schwab & Co., Inc.		8,903,851		5.74	%

iShares U.S. Utilities ETF	Charles Schwab & Co., Inc.		1,148,832		18.53	%
	National Financial Services LLC		921,293		14.86	%
	First Clearing, LLC		467,145		7.53	%
	Pershing LLC		462,957		7.47	%
	Morgan Stanley Smith Barney LLC		442,760		7.14	%
	Merrill Lynch Safekeeping		429,579		6.93	%
	TD Ameritrade Clearing, Inc.		408,105		6.58	%

I-26


		Shares Beneficially Percentage of
Fund Name	Participant Name	Owned		Ownership
iShares Yield Optimized Bond ETF	Merrill Lynch Safekeeping		148,404		19.79	%
	National Financial Services LLC		102,276		13.64	%
	TD Ameritrade Clearing, Inc.		78,190		10.43	%
	Charles Schwab & Co., Inc.		67,527		9.00	%
	LPL Financial Corporation		62,383		8.32	%
	Merrill Lynch, Pierce, Fenner & Smith Incorporated		55,299		7.37	%
	SSB – BlackRock Institutional Trust		50,000		6.67	%
	Pershing LLC		39,757		5.30	%

*iShares U.S. ETF Trust*
iShares Commodities Select Strategy ETF	Charles Schwab & Co., Inc.		3,280,256		48.96	%
	National Financial Services LLC		970,144		14.48	%
	The Bank of New York Mellon		541,493		8.08	%
	TD Ameritrade Clearing, Inc.		465,773		6.95	%

iShares Edge U.S. Fixed Income Balanced Risk ETF	Merrill Lynch Safekeeping		474,671		43.15	%
	The Bank of New York Mellon		218,670		19.88	%
	LPL Financial Corporation		91,672		8.33	%
	Pershing LLC		69,434		6.31	%

iShares Interest Rate Hedged 10+ Year Credit	Charles Schwab & Co., Inc.		314,853		69.97	%
Bond ETF	J.P. Morgan Clearing Corp.		27,899		6.20	%
	UBS Financial Services LLC		25,533		5.67	%

iShares Interest Rate Hedged Corporate Bond ETF	National Financial Services LLC		251,036		35.86	%
	UBS Financial Services LLC		93,876		13.41	%
	Pershing LLC		88,402		12.63	%
	Charles Schwab & Co., Inc.		37,602		5.37	%

iShares Interest Rate Hedged Emerging Markets	J.P. Morgan Clearing Corp.		66,177		66.18	%
Bond ETF	Pershing LLC		6,868		6.87	%
	TD Ameritrade Clearing, Inc.		6,184		6.18	%
	Charles Schwab & Co., Inc.		5,452		5.45	%

iShares Interest Rate Hedged High Yield Bond ETF	Northern Trust Company		1,392,685		56.84	%
	National Financial Services LLC		470,772		19.22	%

iShares Short Maturity Bond ETF	National Financial Services LLC		6,118,754		13.06	%
	The Bank of New York Mellon		4,678,192		9.99	%
	Charles Schwab & Co., Inc.		4,554,210		9.72	%
	State Street Bank and Trust Company		4,229,488		9.03	%
	Morgan Stanley Smith Barney LLC		4,011,858		8.56	%
	Merrill Lynch Safekeeping		3,714,438		7.93	%
	Northern Trust Company		2,610,459		5.57	%

iShares Short Maturity Municipal Bond ETF	National Financial Services LLC		230,223		30.70	%
	Charles Schwab & Co., Inc.		147,015		19.60	%
	Merrill Lynch Safekeeping		96,917		12.92	%
	Pershing LLC		62,718		8.36	%
	LPL Financial Corporation		61,653		8.22	%

iShares Ultra Short-Term Bond ETF	Merrill Lynch Safekeeping		2,155,929		88.00	%

I-27


Participant Name		Participant Mailing Address
Ameriprise Enterprise Investment Services Inc./Beta/133		901 3rd Avenue South, Minneapolis, MN 55474
Bank of America, NA/GWIM Trust Operations		414 N. Akard Street, 5th Floor, Dallas, TX 75201-3077
Bank of America/LaSalle Bank NA		200 North College Street, Charlotte, NC 28255
BMO Nesbitt Burns Inc./CDS		250 Yonge Street, 7th Floor, Toronto, ON, Canada M5B 2M8
BNP Paribas, New York Branch/Custody Services		525 Washington Blvd., Jersey City, NJ 07310
Brown Brothers Harriman & Co.		525 Washington Blvd., 11th Floor, Jersey City, NJ 07310
Charles Schwab & Co., Inc.		111 Pavonia Avenue, Jersey City, NJ 07310
CIBC World Markets Inc. /CDS		161 Bay Street, 10th Floor, Toronto, ON, Canada M5J 258
Citadel Securities LLC/Internal		131 South Dearborn Street, Chicago, IL 60603
Citigroup Global Markets Inc.		388 Greenwich Street, New York, NY 10013
Citibank, N.A.		3800 CitiBank Center Tampa, Building A/Floor 2, Tampa, FL 33610
Citigroup Global Markets Inc. /Salomon Brothers		580 Crosspoint Parkway, 2nd Floor, Getzville, NY 14068
Computershare Trust Company, N.A.		250 Royall Street, Canton, MA 02021
D.A. Davidson & Co.		9 3rd Street North, Great Falls, MT 59403
Deutsche Bank Securities Inc./Cedear		1251 Avenue of the Americas, New York, NY 10020
Deutsche Bank Securities, Inc.		1 South Street, Baltimore, MD 21202
E*Trade Clearing LLC		Harborside Financial Center, 501 Plaza 11, Jersey City, NJ 07311
Edward D. Jones & Co.		12555 Manchester Road, Saint Louis, MO 63131
Fifth Third Bank		5001 Kingsley Drive, Cincinnati, OH 45263
First Clearing, LLC		901 East Byrd Street, Richmond, VA 23219
FOLIO (FN) Investment, Inc.		8180 Greensboro Drive, 8th Floor, McLean, VA 22102
Goldman Sachs International		133 Peterborough Court, 4th Floor, London, UK ECY A2BB
Goldman, Sachs & Co.		30 Hudson Street, 16th Floor, Jersey City, NJ 07302
Interactive Brokers Retail Equity Clearing		8 Greenwich Office Park, Greenwich, CT 06831
J.P. Morgan Clearing Corp.		One Metrotech Center North, Brooklyn, NY 11201
Janney Montgomery Scott Inc.		26 Broadway, New York, NY 10004
JPMorgan Chase Bank NA/DBTC Americas/Deutsche Bank AG, London		1 Appold Street, Broadgate, London, UK EC2A 2HE
JPMorgan Chase Bank, National Association		14201 Dallas Pkwy, 12th Floor, Dallas, TX 75240
LPL Financial Corporation		9785 Towne Centre Drive, San Diego, CA 92121-1968
M&I Marshall & Ilsley Bank		11270 W Park Place, 7th Floor, Milwaukee, WI 53224
Merrill Lynch Safekeeping		101 Hudson Street, 8th Floor, Jersey City, NJ 07302
Merrill Lynch, Pierce, Fenner & Smith Incorporated		101 Hudson Street, 9th Floor, Jersey City, NJ 07302-3997
Mitsubishi UFJ Trust & Banking Corporation (U.S.A.)		420 Fifth Avenue, 6th Floor, New York, NY 10018
Morgan Stanley & Co. Incorporated		One Pierrepont Plaza, 8th Floor, Brooklyn, NY 11201
Morgan Stanley Smith Barney LLC		1300 Thames Street, 6th Floor, Baltimore, MD 21231
National Financial Services LLC		200 Liberty Street, 5th Floor, New York, NY 10281
NBCN Inc./CDS		1010 Rue De La Gauchetiere, Montreal, Québec, Canada H3B 2N2
Northern Trust Company		801 South Canal Street, Chicago, IL 60612
Northern Trust Company/United Nations Joint Staff Pension Fund		50 South LaSalle Street, Chicago, IL 60675
Penson Financial Services, Inc./Ridge		330 Bay Street, Suite 711, Toronto, ON Canada M5H 2S8
Pershing LLC		One Pershing Plaza, Jersey City, NJ 07399
PNC Bank, National Association		8800 Tinicum Blvd., Attn: Trade Sett. Dept, Philadelphia, PA 19153
Raymond, James & Associates, Inc.		880 Carillon Parkway, P.O. Box 12749, St. Petersburg, FL 33733
RBC Capital Markets Corporation		One Liberty Plaza, New York, NY 10006-1446
RBC Dominion Securities, Inc./CDS		200 Bay Street, 6th Floor, Royal Bank Plaza North Tower, Toronto, ON, Canada M5J 2W7
Robert W. Baird & Co. Incorporated		777 E. Wisconsin Ave, 9th Ave Floor, Milwaukee, WI 53202
Scottrade, Inc.		12855 Flushing Meadow Dr., St. Louis, MO 63131
SEI Private Trust Company		1 Freedom Valley Drive, Oaks, PA 19456
SG Americas Securities, LLC		480 Washington Boulevard, Jersey City, NJ 07310
SSB – BlackRock Institutional Trust		400 Howard Street, San Francisco, CA 94105
SSB-Trust Custody		1776 Heritage Drive, Quincy, MA 02171
State Street Bank and Trust Company		1776 Heritage Drive, North Quincy, MA 02171
Stifel, Nicolaus & Company Incorporated		501 N. Broadway, St. Louis, MO 63102
TD Ameritrade Clearing, Inc.		1005 N. Ameritrade Place, Bellevue, NE 68005
The Bank of New York Mellon		401 Salina Street, 2nd Floor, Syracuse, NY 13202
The Bank of New York Mellon/ Mellon Trust of New England, National Association		One Boston Place, 8th Floor, Boston, MA 02108

I-28


Participant Name		Participant Mailing Address
TradeStation Securities, Inc.		8050 SW 10th Street, Plantation, FL 33324
U.S. Bank N.A.		1555 North Rivercenter Dr., Suite 302, Milwaukee, WI 53212
U.S. Bank N.A./ETF		1555 North Rivercenter Dr., Suite 302, Milwaukee, WI 53212
UBS Financial Services LLC		1000 Harbor Blvd., 8th Floor, Weehawken, NJ 07087
UBS Securities LLC		677 Washington Blvd., Stamford, CT 06901
Union Bank of California, N.A.		350 California St., 8th Floor, San Francisco, CA 94104
Vanguard Marketing Corporation		100 Vanguard Boulevard, Malvern, PA 19355
Virtu Financial BD LLC		645 Madison Avenue, New York, NY 10022
Wells Fargo Bank, National Association		733 Marquette Ave, 4th Floor, Minneapolis, MN 55402
Wells Fargo Securities, LLC		8739 Research Drive, Charlotte, NC 28262-0675

I-29

Appendix J – BLACKROCK INTERNATIONAL LIMITED SUB-ADVISED FUNDS

Fund Name

iShares 1-3 Year International Treasury Bond ETF

iShares Core International Aggregate Bond ETF

iShares Emerging Markets Local Currency Bond ETF

iShares Global High Yield Corporate Bond ETF

iShares International High Yield Bond ETF

iShares International Preferred Stock ETF

iShares International Treasury Bond ETF

iShares Commodities Select Strategy ETF

J-1

Appendix K – JOINT AUDIT COMMITTEE CHARTER

AUDIT COMMITTEE CHARTER

For

iShares Trust,

iShares U.S. ETF Trust,

iShares, Inc.,

iShares U.S. ETF Company, Inc. and

iShares Sovereign Screened Global Bond Fund, Inc.

Composition of the Audit Committee: The Audit Committee of the Board of Trustees of iShares Trust and iShares U.S. ETF Trust and the Audit Committee of the Board of Directors of iShares, Inc., iShares U.S. ETF Company, Inc. and iShares Sovereign Screened Global Bond Fund, Inc. (hereinafter referred to in the singular as the “Committee” and the “Board”) shall be comprised only of Trustees and Directors of iShares Trust, iShares U.S. ETF Trust, iShares, Inc., iShares U.S. ETF Company, Inc. or iShares Sovereign Screened Global Bond Fund, Inc. (each, a “Company,” and together, the “Companies”) that are not “interested persons” of the Companies within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “Act”), and shall otherwise satisfy all Securities and Exchange Commission (“SEC”) regulations applicable to audit committees of listed open-end investment companies and the applicable membership rules of the national securities exchanges on which the individual series of each Company are listed, as such requirements are interpreted by the Board in its business judgment. Each member of the Committee shall be “financially literate” as the Committee interprets such qualification in its business judgment, or must become financially literate within a reasonable period of time (as the Committee interprets such time period in its business judgment) after his or her appointment to the Committee. The Committee shall have at least three members.

The Board shall determine annually whether any member of the Committee is an “audit committee financial expert,” as defined in Item 3 of Form N-CSR. Any member of the Committee who is determined to be such an expert shall not bear any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such member as a member of the Committee and the Board in the absence of such determination. Likewise, the presence on the Committee of a member determined to be such an expert does not otherwise affect the duties, obligations or liabilities of any other member of the Committee. Furthermore, the determination by the Board that any member of the Committee is an audit committee financial expert shall not make such person an expert for any other purpose, including without limitation under Section 11 of the Securities Act of 1933 or applicable fiduciary laws. The determination by the Board that a member of the Committee is an audit committee financial expert is solely a disclosure-based determination and made for purposes of complying with Section 407 of the Sarbanes-Oxley Act and applicable rules of the SEC.

The Committee shall elect a chairperson by a majority vote (the “Chairperson”). When a Chairperson is appointed, he or she shall preside at all Committee meetings at which he or she is present and have such other duties and powers as may be determined by the Committee members. The Chairperson shall serve until he or she resigns, is removed by the Committee, or is replaced by a duly appointed successor.

The compensation of Committee members shall be as determined by the Board from time to time. No member of the Committee may receive, directly or indirectly, any consulting, advisory or other compensatory fee from the Companies (or their subsidiaries, if any), other than fees paid in his or her capacity as a member of the Board or a committee of the Board, provided that, unless the rules of any applicable national securities exchange or national securities association provide otherwise, compensatory fees do not include the receipt of fixed amounts of compensation under a retirement plan (including deferred compensation) for prior service with the Companies (provided that such compensation is not contingent in any way on continued service).

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II.	Purposes of the Committee: The purposes of the Committee are to:

oversee the Companies’ accounting and financial reporting policies and processes and their internal controls over financial reporting;

oversee, or, as appropriate, assist Board oversight of, the quality, integrity and objectivity of the Companies’ financial statements and the independent audit thereof;

interact with the Companies’ independent registered public accounting firm (the “independent accountants”), appropriate officers of the Companies (“Management”), and the Companies’ investment adviser, sub-adviser, administrator and other key service providers regarding accounting and financial reporting matters;

oversee, or, as appropriate, assist Board oversight of, the Companies’ compliance with legal and regulatory requirements that relate to the Companies’ accounting and financial reporting, internal controls over financial reporting and independent audits;

approve, prior to appointment, the engagement of the independent accountants and, in connection therewith, review and evaluate the qualifications, independence and performance of the independent accountants; and

assume such other responsibilities as may be delegated by the Board.

The function of the Committee is oversight. Management and contractually obligated service providers are responsible for the preparation, presentation and integrity of the Companies’ financial statements. Management and applicable service providers are responsible for maintaining appropriate accounting and financial reporting principles and policies and for establishing and maintaining adequate internal controls over financial reporting, in all cases designed to assure compliance with accounting standards and applicable laws and regulations. The independent accountants are responsible for planning and carrying out an audit in accordance with applicable auditing standards of the Companies’ annual financial statements and, in connection with those responsibilities, for considering the Companies’ internal controls over financial reporting and, if so engaged by the Companies, for reviewing the Companies’ unaudited interim financial statements in accordance with applicable accounting standards. In fulfilling their responsibilities hereunder, it is recognized that the members of the Committee are not full-time employees of the Companies, and the members of the Committee are neither acting as, nor do they represent themselves to be acting as, accountants or auditors. As such, in fulfilling their oversight duties under this Charter, it is neither the duty nor the responsibility of the Committee or its members to conduct “field work” or other types of auditing or accounting reviews or procedures or to set independence standards for the independent accountants, and each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Companies from which it receives information, (ii) the accuracy of the financial and other information provided to the Committee by such persons or organizations, absent actual knowledge to the contrary (which shall be promptly reported to the Board) and (iii) representations made by Management as to any information technology, internal audit and other non-audit services provided by the independent accountants to the Companies, the Companies’ investment adviser and any entity controlling, controlled by or under common control with the Companies’ investment adviser that provides ongoing services to the Companies (the “Adviser Affiliates”). The authority and responsibilities set forth in this Charter do not reflect or create any duty or obligation of the Committee to plan or conduct any audits, to determine or certify that the Companies’ financial statements are complete, accurate, fairly presented, or in accordance with generally accepted accounting principles or applicable law or regulations, or to guarantee the independent accountants’ reports.

The independent accountants for the Companies shall report directly to the Committee.

III.

Meetings of the Committee: The Committee shall meet as often as it deems reasonably necessary or advisable. A majority of the members shall be authorized to call a meeting of the Committee and to send notice thereof. A majority of the members of the Committee shall constitute a quorum for the transaction of

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business. The action of a majority of the members of the Committee present at a meeting at which a quorum is present shall be the action of the Committee.

In addition, the Committee shall meet separately at least annually with Management and the independent accountants to discuss any matters that the Committee or any of these persons or firms believes should be discussed privately. The Committee may request any officer of the Companies or any officer or employee of any service provider, outside counsel to the Companies or to the Board members who are not “interested persons” (as that term is defined in Section 2(a)(19) of the Act) or representatives of the Companies’ independent accountants to attend a meeting of the Committee or to meet with any members of, or consultants to, the Committee.

Except as otherwise required by the Act or the rules thereunder, members of the Committee may participate in a meeting of the Committee by means of conference call or similar communications equipment by means of which all persons participating in the meeting can hear each other and may also act by unanimous written consent in lieu of a meeting. The Committee shall cause to be kept such minutes of its meetings as it shall deem appropriate.

IV.	Duties and Powers of the Committee: To carry out its purposes, the Committee shall have the following duties and powers:

with respect to the independent accountants,

(i)

to approve, prior to appointment, the engagement of the independent accountants to annually audit and provide their opinion on a Company’s financial statements, to approve and recommend to the Board, including those Board members who are not “interested persons” of the Companies (as that term is defined in Section 2(a)(19) of the Act), for approval, the selection, retention or termination of the independent accountants and, in connection therewith, to review and evaluate matters potentially affecting the independence and capabilities of the independent accountants;

(ii)

to review and approve the compensation of the independent accountants for the performance of audit services to the Companies;

(iii)

to ensure that the independent accountants prepare and deliver annually a formal written statement delineating all relationships between the independent accountants and the Companies, the BlackRock investment fund complex and any Adviser Affiliate (the “Statement as to Independence”¹), to discuss with the independent accountants any relationships or services disclosed in the Statement as to Independence that may impact the objectivity and independence of the Companies’ independent accountants, and to take appropriate action in response to the Statement as to Independence to satisfy the Committee of the independent accountants’ independence;

(iv)

to obtain and review a report by the independent accountants, at least annually, describing the independent accountants’ internal quality-control procedures, any material issues raised by the most recent internal quality-control review or peer review, or any material issues raised by any inquiry or investigation by governmental or professional authorities, within the preceding five years, with respect to any independent audit carried out by the independent accountants, and any steps taken to deal with any such issues;

(v)

to approve, prior to appointment, in accordance with the policies and procedures of the Audit Committee, the engagement of the independent accountants to provide non-audit services to the Companies or any Adviser Affiliate, if the engagement relates directly to the operations and financial reporting of the Companies;

(vi)

to develop, to the extent deemed appropriate by the Committee, any policies and procedures for pre-approval of the engagement of the independent accountants to provide audit or non-audit

¹	The independent accountants shall be responsible for the accuracy and completeness of the Statement as to Independence.

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services to a Company and to provide non-audit services to a Company’s Adviser Affiliates, if the engagement relates directly to the operations and financial reporting of the Companies, provided in either case that the policies and procedures are detailed as to the particular services covered (de minimis non-audit services do not require pre-approval²);

(vii)

if asked by Management or the independent accountants, to review and resolve any disagreements between Management and the independent accountants regarding financial accounting and reporting;

(viii)

to establish clear policies regarding hiring of employees or former employees of the independent accountants by the Companies and the Companies’ investment adviser(s); and

with respect to financial reporting principles and controls over financial reporting,

(i)

to consider information and comments, which have been brought to the attention of the Committee, with respect to the Companies’ financial statements before their release; to meet with the independent accountants to discuss any matters of concern relating to, the Companies’ financial statements, including any adjustments to such statements recommended by the independent accountants; and to review the independent accountants’ opinion on the Companies’ financial statements;

(ii)

to consider information and comments from the independent accountants with respect to the adequacy of internal controls over financial reporting;

(iii)

to consider information and comments from the independent accountants with respect to the adequacy of internal controls of servicing agents employed on behalf of the Companies;

(iv)

to consider the reports required by applicable laws and regulations to be made by the independent accountants regarding:

•

critical accounting policies and practices;

•

alternative treatments within generally accepted accounting principles for policies and practices related to material items that have been discussed with Management, including ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent accountants; and

•

other material written communications between the independent accountants and Management;

(v)

to consider any reports or communications (and Management’s responses thereto) submitted to the Committee by the independent accountants required by or referred to in the Public Company Accounting Oversight Board Auditing Standard No. 16, Communications with Audit Committees, as may be modified or supplemented, including reports and communications related to:

•

deficiencies in the design or operation of controls over financial reporting noted in the audit;

•

consideration of fraud in a financial statement audit;

•

detection of illegal acts;

•

the independent accountants’ responsibility under generally accepted auditing standards;

•

significant accounting policies;

A non-audit service isde minimis if: (a) the total amount of the non-audit service is not more than 5% of the total amount of revenues received by the independent accountants from a Company and any Adviser Affiliate for services otherwise requiring Committee pre-approval during the fiscal year in which the non-audit service was provided; (b) the Company did not recognize these services as non-audit services at the time of the engagement; and (c) these services are promptly brought to the attention of the Committee and the Committee approves them before the audit is complete.

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•

Management judgments and accounting estimates;

•

adjustments arising from the audit;

•

the responsibility of the independent accountants for other information in documents containing audited financial statements;

•

disagreements between Management and the independent accountants regarding the Companies’ financial reporting and the resolution of any such disagreements;

•

consultation by Management with other accountants;

•

major issues discussed with Management prior to retention of the independent accountants;

•

audit differences not booked by Management;

•

difficulties encountered with Management in performing the audit; and

•

the independent accountant’s judgments about the quality of a Company’s accounting principles;

(vi)

to meet with Management and/or the independent accountants (separately from Management):

•

to discuss the scope of the annual audit or any audit or review of interim financial statements;

•

to review and discuss the audited financial statements;

•

to discuss any significant matters arising from any audit or report or communication referred to in this Section IV, whether raised by Management or the independent accountants, relating to the Companies’ financial statements;

•

to discuss significant tax accounting policies elected by the Companies (including compliance with Subchapter M of the Internal Revenue Code of 1986, as amended) and their effect on amounts distributed and reported to shareholders for federal tax purposes;

•

to discuss significant changes to the Companies’ auditing and accounting principles, policies, controls, procedures and practices proposed or contemplated by the independent accountants or Management;

•

to discuss significant risks and exposures, if any, and the steps taken to monitor and minimize such risks; and

•

to discuss such other matters as the Committee deems necessary or advisable;

(vii)

to establish procedures reasonably designed:

•

to receive, retain and treat complaints that a Company receives from any source about the Company’s accounting, internal controls over financial reporting, or auditing matters relating to the Company; and

•

to receive confidential, anonymous submissions from employees of a Company, its investment adviser or its other service providers about questionable accounting or auditing matters relating to the Company;

with respect to reporting, recommendations and other matters,

(i)

upon request by the Board, to provide advice to the Board in selecting the principal accounting officer of each Company;

(ii)

to provide any report or other disclosures required by the rules of the SEC to be included in a Company’s proxy statement with respect to an annual meeting of shareholders;

(iii)

to review this Charter at least annually and recommend any changes to the Board;

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(iv)

to evaluate the performance of the Committee on an annual basis and to report to the Board on the results of this evaluation (such evaluation may occur as part of the Board’s annual self-assessment);

(v)

to investigate or initiate an investigation of reports of improprieties in connection with the Companies’ accounting or financial reporting;

(vi)

to review and report on its activities to the Board on a regular basis and to make such recommendations with respect to the above and other matters as the Committee may deem necessary or appropriate; and

(vii)

to evaluate the performance of the independent accountants through the completion and/or discussion of the External Auditor Evaluation Questionnaire.

Resources and Authority of the Committee: The Committee shall have the resources and authority appropriate to discharge its responsibilities, including (a) the authority to engage independent accountants for special audits, reviews and other procedures and to engage independent counsel and other advisors, experts or consultants, and (b) appropriate funding, as determined by the Committee, for payment of (i) compensation to the independent accountants engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for a Company, (ii) compensation to any independent counsel and other advisors, experts or consultants engaged by the Committee and (iii) ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

Approved by the Boards of Directors of iShares, Inc., iShares U.S. ETF Company, Inc. and iShares Sovereign Screened Global Bond Fund, Inc. and the Boards of Trustees of iShares Trust and iShares U.S. ETF Trust on June 22, 2016.

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Appendix L – JOINT NOMINATING AND GOVERNANCE COMMITTEE CHARTER

iShares Trust

iShares U.S. ETF Trust

iShares, Inc.

iShares U.S. ETF Company, Inc. and

iShares Sovereign Screened Global Bond Fund, Inc.

NOMINATING AND GOVERNANCE COMMITTEE CHARTER

Purposes of the Nominating and Governance Committee. The Nominating and Governance Committees (together, the “Committee”) of the Board of Trustees of iShares Trust and iShares U.S. ETF Trust (each, a “Trust”) and the Board of Directors of iShares, Inc., iShares U.S. ETF Company, Inc. and iShares Sovereign Screened Global Bond Fund, Inc. (each, a “Corporation”) (the “Boards”) have two primary roles: (a) nomination of Independent Board Members (as defined in Article IV below) and Advisory Board Members (as defined in Article II below); and (b) supervision of fund governance issues.

II.	Nomination Role. With regard to the nomination of Independent Board Members, the Committee is authorized to:

•

Identify individuals qualified to serve as Independent Board Members on the Boards;

•

Review the experience, qualifications, attributes or skills of any person properly identified or nominated to serve as an Independent Board Member on the Boards;

•

Recommend to the Boards and the then-current Independent Board Members the nominee(s) for appointment as Independent Board Members by the Boards and the then-current Independent Board Members and/or for election as Independent Board Members by shareholders¹ to fill any vacancy for a position of Independent Board Member on the Boards;

•

Recommend to the Boards and the then-current Independent Board Members the size and composition of the Boards and Board committees and whether the composition of the Boards and Board committees is as prescribed by the Investment Company Act of 1940, as amended (the “1940 Act”) and other applicable laws and regulations; and

•

Recommend to the Boards and the then-current Independent Board Members a then-current Independent Board Member to serve in the capacity as Chairperson of the Boards in accordance with each Trust’s and Corporation’s By-Laws.

The Committee performs these functions to assist the Boards and the Independent Board Members in carrying out their fiduciary responsibilities and the requirements of the 1940 Act and the rules thereunder with respect to the selection and nomination of members of the Boards. Nomination of any person to serve on the Boards as an Independent Board Member shall initially be acted upon by the Independent Board Members and then by the entire Boards. Nomination of any persons to serve on the Boards other than as Independent Board Members shall be made by the Boards.

The Committee shall have the authority to retain and terminate any search firm or other consultant to be used to identify Independent Board Member candidates, including the authority to approve its fees and other retention terms. The Committee is empowered to cause the Trust and/or the Corporation to pay the compensation of any search firm or other consultant engaged by the Committee.

The Committee shall make nominations for the appointment or election of Independent Board Members in accordance with this Charter and apply the criteria and principles set forth in the “General Guidelines for Selecting Independent Board Members” attached hereto asAnnex A.

¹	The term “shareholder” shall mean a shareholder of iShares Trust, iShares U.S. ETF Trust, iShares, Inc., iShares U.S. ETF Company, Inc., and iShares Sovereign Screened Global Bond Fund, Inc.

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The Boards believe that shareholders as a group are best served by the efficient allocation of Trust, Corporation and Board resources. As such, the Boards are not required to consider any person nominated by any shareholder of the Trusts and/or the Corporations (solely in the capacity as shareholder and not in any other capacity) to serve as an Independent Board Member, although the Committee may consider any such person if the Committee deems it appropriate after considering all circumstances the Committee’s members deem relevant.

In addition to members of the Committee, the President and other officers of the Trusts and the Corporations, even if not members of the Committee, may be solicited for their input on candidates and to recruit candidates for the relevant Board. The Committee shall give candidates recommended by the President and other officers of the Trust and Corporation the same consideration given any other candidate.

The Committee may from time to time propose nominations of one or more individuals to serve as members of an “advisory board,” as such term is defined in Section 2(a)(1) of the 1940 Act (“Advisory Board Members”). An individual shall be eligible to serve as an Advisory Board Member only if that individual meets the requirements to be an Independent Board Member (including those set forth in the “General Guidelines for Selecting Independent Board Members” attached hereto asAnnex A) and does not otherwise serve the Trusts or the Corporations in any other capacity. Any Advisory Board Member shall serve at the pleasure of the Boards and may be removed, at any time, with or without cause, by the Boards. An Advisory Board Member subsequently may be appointed as a Board member, or nominated and elected as a Board member, at which time he or she shall cease to be an Advisory Board Member. Any Advisory Board Member may resign at any time.

III.	Fund Governance Role. With regard to fund governance, the Committee is authorized to:

•

Monitor and evaluate industry and legal developments with respect to fund governance matters in order to seek compliance with all applicable requirements, with a view to identifying and recommending “best practices” to the Boards;

•

Periodically review the Boards’ retirement policy for Board members and, if applicable, Advisory Board Members and make any recommendations to the Boards with respect thereto;

•

Periodically review the role and responsibilities of the Chairperson of the Boards;

•

Periodically consider an appropriate level of compensation to be paid to the Independent Board Members for their services as Board members, members or chairpersons of committees of the Boards, Chairperson of the Boards and such other positions as the Committee considers appropriate, and make recommendations to the Boards with respect thereto;

•

Periodically consider an appropriate level of compensation, if any, to Advisory Board Members for their service as Advisory Board Members and make recommendations to the Boards with respect thereto;

•

Recommend to the Boards new or revised Board policies and guidelines regarding fund governance matters (including risk oversight), as the Committee deems necessary;

•

Recommend to the Boards procedures for evaluating the performance of Board members, Advisory Board Members and Board committees, including the chairpersons thereof, and, at least once annually, evaluate the performance of the Boards and the committees of the Boards, pursuant to the requirements of Rule 0-1 under the 1940 Act or other applicable requirements;

•

Consider, with the assistance of counsel to the Trusts or Corporations and counsel to the Independent Board Members and Advisory Board Members, any issues or controversies arising as to whether or not any Board member designated as an Independent Board Member or any Advisory Board Member in fact satisfies all of the criteria for such status (whether imposed by law or any such more stringent policies as may be adopted by the Boards). This assessment may occur upon: (i) the consideration of a new Board member or Advisory Board Member, (ii) a Board member’s or Advisory Board Member’s joining the board of another entity or assuming a new professional role, or (iii) at such other time as the

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Committee in its discretion may deem appropriate. The Committee shall make recommendations to the Boards regarding the same;

•

At least once annually, evaluate the independence (pursuant to the requirements of Rule 0-1 under the 1940 Act) and overall performance of counsel to the Independent Board Members; and

•

Consider other fund governance related issues or conflicts that are brought before the Committee and make recommendations to the Boards, as appropriate.

IV.

Committee Operations. The Committee shall be composed of members of the Boards that are not “interested persons,” as defined in Section 2(a)(19) of the 1940 Act, of the Trusts or Corporations, any adviser or sub adviser to any series of the Trusts or Corporations, or the Trusts’ or Corporations’ principal underwriter/placement agent (each, an “Independent Board Member”).

The Committee shall elect a Chairperson of the Committee by majority vote. When a Chairperson of the Committee is appointed, he or she shall preside at all Committee meetings at which he or she is present and have such other duties and powers as may be determined by the Committee members. The Chairperson of the Committee shall serve until he or she resigns, is removed by the Committee, or is replaced by a duly appointed successor. The compensation, if any, of Committee members and its Chairperson shall be as determined from time to time by the Boards.

The Committee shall meet with such frequency as the members of the Committee shall from time to time determine to be appropriate. Meetings of the Committee shall be open to all Board members; however, no member of a Board other than a member of the Committee shall have the right to vote on any matter brought before the Committee and the Committee may hold executive sessions during which only members of the Committee are present. An affirmative vote or the consent of a majority of all the members of the Committee is required for the Committee to take action. Any action permitted to be taken by the Committee may be taken by written action signed by at least a majority of the members of the Committee. The Committee shall cause to be kept such records of its meetings as it shall deem appropriate.

As it deems necessary and at each Trust’s or Corporation’s expense, the Committee is authorized to confer with, and to seek the help of, outside advisors, including without limitation counsel to the Trusts or Corporations and counsel to the Independent Board Members and Advisory Board Members, and officers or other employees of the Trusts or Corporations, as well as officers and employees of BlackRock Fund Advisors and its affiliates.

The Committee shall, from time to time as it deems appropriate, review and reassess the adequacy of this Charter, including Annex A, and recommend any proposed changes to the Boards for consideration.

V.	Approval of Charter. This Charter and any amendments are subject to approval by the Boards.

Amended and approved by the Boards of Trustees/Directors of iShares Trust, iShares U.S. ETF Trust, iShares, Inc., iShares U.S. ETF Company, Inc. and iShares Sovereign Screened Global Bond Fund, Inc. on September 28-29, 2016.

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ANNEX A

General Guidelines for Selecting Independent Board Members

I.	Application of Criteria to Prospective Independent Board Members. The Committee expects that all candidates should generally have the following characteristics:

The candidate may not be an “interested person” (within the meaning of the 1940 Act) of the Trusts or Corporations.

The candidate should have a reputation for integrity, honesty and adherence to high ethical standards. As fiduciaries, registered investment company board members must affirmatively consider a candidate’s reputation prior to recommending the candidate to serve as a board member. The Committee’s consideration of this criterion may be accomplished through personal knowledge of the candidate or through inquiries of other persons that know the candidate or by receipt of references.

The candidate should have demonstrated relevant skills and abilities, including the ability to exercise business judgment, in matters that relate to the current and long-term objectives of the Trusts and Corporations. The candidate should be willing and able to contribute positively to the decision-making process of the Trusts and Corporations.

The candidate should be committed to understanding the Trusts and Corporations and the responsibilities of an Independent Board Member of a registered investment company and to regularly attending and participating in meetings of the Boards and the committees on which the candidate would be a member.

The candidate should have the ability to understand the sometimes conflicting interests of the various constituencies of the Trusts and Corporations and to act in the interests of all shareholders.

The candidate should not have a conflict of interest that would impair the candidate’s ability to represent the interests of all the shareholders and to fulfill the responsibilities of an Independent Board Member.

The candidate should have the ability to serve a sufficient number of years before reaching the Trusts’ or Corporations’ mandatory retirement age for Board members.

Nominees shall not be discriminated against on the basis of race, religion, national origin, sex, sexual orientation, disability or any other basis proscribed by law.

The Committee may consider how the diversity of a candidate’s specific experience, qualifications, attributes or skills could enhance the makeup of the then-current Boards.

The Committee may determine that a candidate who does not have the type of previous experience or knowledge referred to above should nevertheless be considered as a nominee if the Committee finds that the candidate has additional qualifications such that his/her qualifications, taken as a whole, demonstrate the same level of fitness to serve as an Independent Board Member.

In evaluating candidates, the Committee shall seek to have at least one Independent Board Member qualify as an “audit committee financial expert,” as such term is defined by rules under the 1940 Act, and the Committee shall give preference to candidates that the Committee believes would qualify as audit committee financial experts.

II.

Application of Criteria to Existing Independent Board Members. Each existing Independent Board Member shall continue to serve in such capacity in accordance with, and subject to, each Trust’s or Corporation’s charter documents and any policies adopted by the Boards relating thereto, including, without limitation, each Trust’s or Corporation’s retirement policy for Independent Board Members. Any re-nomination of an existing Independent Board Member should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above. In addition, the Committee shall consider the existing Independent Board Member’s performance on the Boards and any committees thereof.

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iShares, Inc.

iShares Trust

iShares U.S. ETF Trust

iSHARES, INC.

iSHARES TRUST

iSHARES U.S. ETF TRUST

JOINT SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 19, 2017

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARDS OF DIRECTORS/TRUSTEES

The undersigned hereby appoints Jack Gee, Benjamin Archibald, Deepa Damre, and Lezlie Iannone as proxies, each with the power of substitution, to represent the undersigned and to vote, as designated on the reverse side hereof, all of the shares of the below named Funds held of record by the undersigned on May 2, 2017 at the Joint Special Meeting of Shareholders of each Fund to be held on June 19, 2017 or at any adjournments, postponements or delays thereof. This proxy does not revoke any prior powers of attorney except for prior proxies given in connection with the Joint Special Meeting of Shareholders.

THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE ELECTION OF EACH OF THE BOARD NOMINEES.

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Proposal 1.		To Elect Board Members: To withhold authority to vote for any individual nominee(s) mark the “For All Except” and write the nominee number on the line provided.

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FOR ALL EXCEPT

01. Jane D. Carlin

02. Richard L. Fagnani

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03. Drew E. Lawton

04. Madhav V. Rajan

05. Mark Wiedman

iShares U.S. ETF Trust DEF 14ADefinitive proxy