Docoh
Loading...

iSHARES

Filed: 9 May 17, 8:00pm
Table of Contents

 

 

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  ☐

Check the appropriate box:

 

 Preliminary Proxy Statement   

 Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

 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)

Payment of Filing Fee (Check the appropriate box):

 

 No fee required.
 Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
 (1) 

Title of each class of securities to which transaction applies:

 

     

 (2) 

Aggregate number of securities to which transaction applies:

 

     

 (3) 

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

 

     

 (4) 

Proposed maximum aggregate value of transaction:

 

     

 (5) 

Total fee paid:

 

     

 Fee paid previously with preliminary materials.

 Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
 (1) 

Amount Previously Paid:

 

     

 (2) 

Form, Schedule or Registration Statement No.:

 

     

 (3) 

Filing Party:

 

     

 (4) 

Date Filed:

 

     

 

 

 


Table of Contents

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


Table of Contents

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: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?

 

A: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?

 

A: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.

 

i


Table of Contents
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.

 

  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.

 

  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?

 

A: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.

 

ii


Table of Contents

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

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 


Table of Contents

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.

 

1


Table of Contents

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.

 

2


Table of Contents

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.

 

3


Table of Contents

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.

 

4


Table of Contents

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 52nd 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

 

5


Table of Contents

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

 

6


Table of Contents

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.

 

7


Table of Contents

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

 

8


Table of Contents

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.

 

9


Table of Contents

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

 

10


Table of Contents

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,

 

11


Table of Contents

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.

 

12


Table of Contents

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

 

13


Table of Contents

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

 

14


Table of Contents

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.

 

15


Table of Contents

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.

 

16


Table of Contents

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 52nd 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 52nd Street, New York, NY 10055, Attention: Benjamin Archibald, identifying the correspondence as intended for the Board or a specified Board Member.

 

17


Table of Contents

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

 

18


Table of Contents

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

 

19


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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    N/A    None 

Mark Wiedman

  None   N/A    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    N/A    $325,000 

Richard L. Fagnani2

  N/A   N/A    N/A    N/A 

Cecilia H. Herbert

  

iShares, Inc.: $44,584

iShares Trust: $304,422

iShares U.S. ETF Trust: $994

   N/A    N/A    $350,000 

Charles A. Hurty

  

iShares, Inc.: $43,309

iShares Trust: $295,725

iShares U.S. ETF Trust: $966

   N/A    N/A    $340,000 

John E. Kerrigan

  

iShares, Inc.: $41,399

iShares Trust: $282,678

iShares U.S. ETF Trust: $923

   N/A    N/A    $325,000 

Drew E. Lawton3

  

iShares, Inc.: $9,554

iShares Trust: $65,233

iShares U.S. ETF Trust: $213

   N/A    N/A    $75,000 

 

C-1


Table of Contents

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    N/A   $325,000

Madhav V. Rajan

  

iShares, Inc.: $44,584

iShares Trust: $304,422

iShares U.S. ETF Trust: $994

   N/A    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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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 52nd 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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents
    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


Table of Contents

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


Table of Contents

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


Table of Contents

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


Table of Contents

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.

 

I.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).

 

K-1


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

 

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

 

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

 

 3.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;

 

 4.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;

 

 5.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

 

 6.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

 

K-2


Table of Contents
 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:

 

 1.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.

 

K-3


Table of Contents
 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

 

 2.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;

 

2 

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.

 

K-4


Table of Contents
  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;

 

 3.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;

 

K-5


Table of Contents
 (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.

 

 V.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.

 

K-6


Table of Contents

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

 

I.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.

 

L-1


Table of Contents

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

 

L-2


Table of Contents
 

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.

 

L-3


Table of Contents

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:

 

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

 

 2.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.

 

 3.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.

 

 4.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.

 

 5.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.

 

 6.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.

 

 7.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.

 

L-4


Table of Contents

E27480-S58105

EASY VOTING OPTIONS:

VOTE ON THE INTERNET

Log on to:

www.proxyvote.com

or scan the QR code

Follow the on-screen

instructions

available 24 hours

VOTE BY TELEPHONE

Call the toll-free number

listed on your voting instruction form,

and follow the recorded instructions

available 24 hours

VOTE BY MAIL

Vote, sign and date your

voting instruction form and return it in

the postage-paid envelope

THANK YOU FOR VOTING

Please detach at perforation before mailing

 

PROXY  PROXY

 

iShares, Inc.                 

iShares Trust                

iShares U.S. ETF Trust


Table of Contents

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.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE PRESENTED AT THE JOINT SPECIAL MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS OR DELAYS THEREOF.

 

VOTE VIA THE INTERNET: www.proxyvote.com

VOTE VIA THE TELEPHONE: call the toll-free number listed on your voting instruction form

 

     
     

 

Note: Please sign exactly as your name(s) appear(s) on this voting instruction form. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee, or guardian, please give full title as such. If a corporation, please sign in full corporate name by an authorized officer. If a partnership, please sign in partnership name by an authorized person.

 

Signature

 

Signature of joint owner, if any

 

Date

 

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.

 

      

FOR

ALL

   WITHHOLD
ALL
   FOR ALL EXCEPT 
01. Jane D. Carlin  02. Richard L. Fagnani                                          
03. Drew E. Lawton  04. Madhav V. Rajan      
05. Mark Wiedman