Form N-Q for iShares Trust Cycle 5/31/13 3Q


Security	Shares		Value

COMMON STOCKS — 99.35%

AGRICULTURE — 0.99%
Casa Grande SAA		831,089	$	2,669,346

				2,669,346
BANKS — 25.78%
BBVA Banco Continental SA		2,862,752		6,846,281
Credicorp Ltd.		455,533		62,690,452

				69,536,733
BUILDING MATERIALS — 6.68%
Cementos Pacasmayo SAA		3,606,530		9,179,778
Union Andina de Cementos SAA		6,442,674		8,848,206

				18,027,984
DIVERSIFIED FINANCIAL SERVICES — 4.18%
Intergroup Financial Services Corp.		338,245		11,270,323

				11,270,323
ELECTRIC — 6.58%
Edegel SA		7,184,612		6,709,672
Empresa de Distribucion Electrica de Lima Norte SA		2,287,978		4,139,393
Luz del Sur SAA		1,959,422		6,903,366

				17,752,431
FOOD — 6.83%
Alicorp SA		3,496,739		11,884,174
Copeinca ASA		664,964		6,553,095

				18,437,269
HOLDING COMPANIES — DIVERSIFIED — 4.50%
Grana y Montero SAA		3,052,056		12,127,745

				12,127,745
IRON & STEEL — 0.70%
Corporacion Aceros Arequipa SA		10,069,512		1,880,773

				1,880,773
MACHINERY — 2.80%
Ferreycorp SAA		10,149,840		7,545,935

				7,545,935
MINING — 38.18%
Compania de Minas Buenaventura SA SP ADR		1,256,397		22,552,326


Security	Shares		Value

Compania Minera Atacocha SA Class B^a		32,131,688	$	1,294,446
Compania Minera Milpo SA		7,581,519		3,609,586
Hochschild Mining PLC		2,035,398		7,825,760
Minsur SA		11,711,986		5,576,115
Rio Alto Mining Ltd.^a		2,170,988		6,512,964
Sociedad Minera Cerro Verde SA^a		260,755		6,127,742
Southern Copper Corp.		1,249,280		38,915,072
Volcan Compania Minera SAA Class B		23,627,609		10,556,925

				102,970,936
OIL & GAS — 2.13%
Maple Energy PLC^a		3,975,555		2,703,378
Refineria la Pampilla SA		15,678,985		3,043,348

				5,746,726

TOTAL COMMON STOCKS
(Cost: $382,309,078)				267,966,201

SHORT-TERM INVESTMENTS — 0.52%

MONEY MARKET FUNDS — 0.52%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^b,c		1,385,517		1,385,517

				1,385,517

TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,385,517)				1,385,517


TOTAL INVESTMENTS IN SECURITIES — 99.87%
(Cost: $383,694,595)				269,351,718
Other Assets, Less Liabilities — 0.13%				359,426

NET ASSETS — 100.00%			$	269,711,144

SP ADR — Sponsored American Depositary Receipts

^a	Non-income earning security.

^b	Affiliated issuer. See Note 2.

^c	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.30%

ADVERTISING — 0.36%
STW Communications Group Ltd.		2,723	$	3,890

				3,890
AGRICULTURE — 2.17%
Australian Agricultural Co. Ltd.^a		1,781		1,912
GrainCorp Ltd. Class A		1,749		21,296

				23,208
AIRLINES — 0.42%
Virgin Australia Holdings Ltd.^a		10,000		4,506

				4,506
APPAREL — 0.74%
Billabong International Ltd.^a		3,526		1,538
Pacific Brands Ltd.		8,701		6,382

				7,920
AUTO MANUFACTURERS — 0.13%
MaxiTRANS Industries Ltd.		1,200		1,363

				1,363
AUTO PARTS & EQUIPMENT — 0.56%
ARB Corp. Ltd.		496		5,939

				5,939
BANKS — 2.16%
Bank of Queensland Ltd.		2,738		23,100

				23,100
BIOTECHNOLOGY — 1.01%
Mesoblast Ltd.^a,b		1,510		9,092
Starpharma Holdings Ltd.^a		2,100		1,731

				10,823
BUILDING MATERIALS — 2.13%
Adelaide Brighton Ltd.		4,104		13,102
CSR Ltd.		4,693		9,719

				22,821
CHEMICALS — 2.03%
DuluxGroup Ltd.		3,349		14,738
Nufarm Ltd.		1,590		6,951

				21,689
COAL — 0.07%
Coalspur Mines Ltd.^a,b		3,250		748

				748


Security	Shares		Value

COMMERCIAL SERVICES — 6.05%
Credit Corp. Group Ltd.		334	$	3,135
Emeco Holdings Ltd.		5,897		2,318
Invocare Ltd.		1,013		10,450
Macquarie Atlas Roads Group		3,687		6,716
McMillan Shakespeare Ltd.		481		7,812
Mermaid Marine Australia Ltd.		1,913		6,328
Navitas Ltd.		1,753		9,446
Programmed Maintenance Services Ltd.		1,049		2,414
Qube Logistics Holdings Ltd.		4,781		7,884
Silex Systems Ltd.^a		1,113		2,593
Skilled Group Ltd.		1,308		3,123
Thorn Group Ltd.		1,218		2,557

				64,776
COMPUTERS — 0.29%
NEXTDC Ltd.^a		1,400		3,154

				3,154
DIVERSIFIED FINANCIAL SERVICES — 4.52%
BT Investment Management Ltd.		583		1,951
FlexiGroup Ltd.		1,549		6,698
IMF Australia Ltd.		1,000		1,985
IOOF Holdings Ltd.		1,841		14,685
Perpetual Ltd.		361		14,990
Platinum Asset Management Ltd.		1,657		8,102

				48,411
ELECTRIC — 4.32%
DUET Group		10,644		23,675
Energy World Corp. Ltd.^a,b		7,926		2,964
Spark Infrastructure Group		11,701		19,632

				46,271
ENERGY — ALTERNATE SOURCES — 0.56%
Infigen Energy^a		7,121		1,741
Linc Energy Ltd.^a		2,851		4,278

				6,019
ENGINEERING & CONSTRUCTION — 6.04%
Boart Longyear Ltd.		4,276		2,829
Cardno Ltd.		1,141		5,885
Clough Ltd.		3,158		3,527
Decmil Group Ltd.		1,239		2,002


Security	Shares		Value

Downer EDI Ltd.		4,000	$	14,343
Forge Group Ltd.		788		3,558
Macmahon Holdings Ltd.		9,202		1,588
Monadelphous Group Ltd.^b		753		11,457
NRW Holdings Ltd.		2,261		2,526
RCR Tomlinson Ltd.		1,300		2,867
Transfield Services Ltd.		4,269		3,786
UGL Ltd.		1,515		10,327

				64,695
ENTERTAINMENT — 2.00%
Ainsworth Game Technology Ltd.		1,049		3,721
Aristocrat Leisure Ltd.		4,235		17,663

				21,384
ENVIRONMENTAL CONTROL — 0.83%
Transpacific Industries Group Ltd.^a		10,377		8,855

				8,855
FOOD — 1.29%
Goodman Fielder Ltd.^a		17,055		11,691
Tassal Group Ltd.		1,094		2,150

				13,841
FOREST PRODUCTS & PAPER — 0.00%
Gunns Ltd.^a,b,c		15,059		—

				—
GAS — 0.75%
Envestra Ltd.		8,204		8,023

				8,023
HEALTH CARE — SERVICES — 1.99%
Primary Health Care Ltd.		4,343		21,277

				21,277
HOME BUILDERS — 0.15%
Fleetwood Corp. Ltd.		435		1,656

				1,656
HOUSEWARES — 0.54%
Breville Group Ltd.		800		5,822

				5,822
INSURANCE — 1.74%
Challenger Ltd.		4,793		18,611

				18,611
INTERNET — 3.84%
carsales.com Ltd.		1,764		15,526
iiNET Ltd.		1,209		6,503


Security	Shares		Value

Iress Ltd.		1,008	$	8,099
SMS Management & Technology Ltd.		606		2,876
Webjet Ltd.		673		2,871
Wotif.com Holdings Ltd.		987		5,242

				41,117
IRON & STEEL — 4.66%
Arrium Ltd.		12,374		9,550
Atlas Iron Ltd.		7,633		5,672
BC Iron Ltd.		850		2,429
BlueScope Steel Ltd.^a		5,082		25,677
Gindalbie Metals Ltd.^a		7,576		872
Grange Resources Ltd.		3,233		589
Mount Gibson Iron Ltd.		6,739		3,198
Sundance Resources Ltd.^a		21,670		1,932

				49,919
LEISURE TIME — 0.13%
Corporate Travel Management Ltd.		300		1,378

				1,378
MANUFACTURING — 3.54%
Ansell Ltd.		1,212		20,033
Bradken Ltd.		1,576		7,041
G.U.D Holdings Ltd.		704		4,725
GWA Group Ltd.		2,057		4,200
Hills Industries Ltd.		1,979		1,945

				37,944
MEDIA — 4.00%
APN News & Media Ltd.		4,882		1,334
Fairfax Media Ltd.		19,089		11,347
SAI Global Ltd.		1,894		6,991
Seven West Media Ltd.		5,866		12,373
Southern Cross Media Group Ltd.		4,945		6,779
Ten Network Holdings Ltd.^a		14,501		4,032

				42,856
METAL FABRICATE & HARDWARE — 1.48%
Austin Engineering Ltd.		403		1,673
Sims Metal Management Ltd.		1,520		14,136

				15,809
MINING — 12.77%
Aquarius Platinum Ltd.^a		3,900		2,430
Aquila Resources Ltd.^a		1,681		3,513
Ausdrill Ltd.		2,436		3,001
Ausenco Ltd.		805		1,690


Security	Shares		Value

Beadell Resources Ltd.^a		6,432	$	4,440
Cudeco Ltd.^a		1,210		4,374
Discovery Metals Ltd.^a		3,471		632
Energy Resources of Australia Ltd.^a		1,693		1,915
Evolution Mining Ltd.^a		4,327		3,340
Independence Group NL		1,897		5,875
Indophil Resources NL^a		6,683		1,922
Kingsgate Consolidated Ltd.		1,227		1,918
Lynas Corp. Ltd.^a,b		16,960		9,106
MACA Ltd.		820		1,494
Medusa Mining Ltd.		1,451		3,520
Metals X Ltd.^a		7,494		898
Mineral Deposits Ltd.^a		703		1,854
Mineral Resources Ltd.		1,230		10,696
Mirabela Nickel Ltd.^a		6,048		957
Northern Star Resources Ltd.		3,338		2,624
OM Holdings Ltd.^a		2,355		869
OZ Minerals Ltd.		2,850		11,066
Paladin Energy Ltd.^a		7,437		7,308
PanAust Ltd.		4,621		10,589
Papillon Resources Ltd.^a		2,302		1,688
Perseus Mining Ltd.^a		3,659		3,754
Regis Resources Ltd.^a		2,997		11,666
Resolute Mining Ltd.		5,749		4,327
Sandfire Resources NL^a		920		5,627
Silver Lake Resources Ltd.^a,b		3,073		2,386
St Barbara Ltd.^a		4,498		2,911
Syrah Resources Ltd.^a		750		1,445
Tiger Resources Ltd.^a		4,702		1,037
Western Areas NL		1,310		3,843
Western Desert Resources Ltd.^a		2,994		2,024

				136,739
OIL & GAS — 5.69%
Aurora Oil and Gas Ltd.^a		3,737		11,214
AWE Ltd.^a		5,275		6,650
Beach Energy Ltd.		12,091		14,085
Buru Energy Ltd.^a		1,823		2,674
Drillsearch Energy Ltd.^a		3,200		3,497
Horizon Oil Ltd.^a		8,980		3,229
Karoon Gas Australia Ltd.^a		1,682		9,160
Maverick Drilling & Exploration Ltd.^a		1,650		649
Red Fork Energy Ltd.^a		3,461		1,825
Roc Oil Co. Ltd.^a,b		6,664		2,779
Senex Energy Ltd.^a		8,836		5,168

				60,930


Security	Shares		Value

OIL & GAS SERVICES — 0.16%
Imdex Ltd.		2,052	$	1,672

				1,672
PHARMACEUTICALS — 1.68%
Acrux Ltd.		1,322		4,829
Sigma Pharmaceuticals Ltd.		11,011		8,445
Sirtex Medical Ltd.		430		4,741

				18,015
REAL ESTATE — 0.22%
FKP Property Group		1,762		2,382

				2,382
REAL ESTATE INVESTMENT TRUSTS — 9.41%
Abacus Property Group		2,349		5,315
Ardent Leisure Group		3,463		5,594
Aspen Group Ltd.		10,546		2,022
Astro Japan Property Trust		546		1,848
Australand Property Group		2,181		7,277
BWP Trust		3,887		9,317
Challenger Diversified Property Group		1,166		3,007
Charter Hall Group		2,015		7,940
Charter Hall Retail REIT		2,697		10,627
Commonwealth Property Office Fund		21,153		22,309
Investa Office Fund		5,522		16,889
Shopping Centres Australasia Property Group^a		5,300		8,562

				100,707
RETAIL — 6.42%
Automotive Holdings Group		1,583		5,600
Cash Converters International Ltd.		2,893		3,106
David Jones Ltd.		4,621		11,165
JB Hi-Fi Ltd.^b		914		13,215
Myer Holdings Ltd.		5,187		12,184
OrotonGroup Ltd.		172		1,163
Premier Investments Ltd.		797		5,295
Reject Shop Ltd. (The)		219		3,462
Super Retail Group Ltd.		1,285		13,589

				68,779
SOFTWARE — 0.30%
UXC Ltd.		3,288		3,184

				3,184
TELECOMMUNICATIONS — 1.66%
Amcom Telecommunications Ltd.		1,369		2,231
M2 Telecommunications Group Ltd.		1,359		7,062
TPG Telecom Ltd.		2,562		8,499

				17,792


Security	Shares		Value

TRANSPORTATION — 0.49%
Cabcharge Australia Ltd.		1,013	$	3,885
Miclyn Express Offshore Ltd.^b		790		1,390

				5,275

TOTAL COMMON STOCKS
(Cost: $1,190,638)				1,063,300

PREFERRED STOCKS — 0.27%

FOREST PRODUCTS & PAPER — 0.00%
Gunns Ltd.^a,c		22		—

				—
REAL ESTATE INVESTMENT TRUSTS — 0.27%
Multiplex SITES Trust^a		35		2,863

				2,863

TOTAL PREFERRED STOCKS
(Cost: $3,626)				2,863

SHORT-TERM INVESTMENTS — 3.61%

MONEY MARKET FUNDS — 3.61%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^d,e,f		35,643		35,643
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^d,e,f		2,600		2,600
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^d,e		404		404

				38,647

TOTAL SHORT-TERM INVESTMENTS
(Cost: $38,647)				38,647


TOTAL INVESTMENTS IN SECURITIES — 103.18%
(Cost: $1,232,911)				1,104,810
Other Assets, Less Liabilities — (3.18)%				(34,050	)

NET ASSETS — 100.00%			$	1,070,760

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 3.

^c	Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^d	Affiliated issuer. See Note 2.

^e	The rate quoted is the annualized seven-day yield of the fund at period end.

^f	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 86.91%

AGRICULTURE — 2.51%
BrasilAgro — Companhia Brasileira Propriedades Agricolas^a		43,000	$	217,364
SLC Agricola SA		68,800		614,266
Tereos Internacional SA		331,100		526,332

				1,357,962
AUTO PARTS & EQUIPMENT — 4.17%
Autometal SA		43,000		415,371
Iochpe-Maxion SA		94,600		1,153,361
MAHLE Metal Leve SA		55,900		687,561

				2,256,293
BUILDING MATERIALS — 2.44%
Eternit SA		107,500		499,050
Magnesita Refratarios SA		249,400		824,492

				1,323,542
CHEMICALS — 0.22%
Fertilizantes Heringer SA^a		25,805		121,973

				121,973
COAL — 0.23%
CCX Carvao da Colombia SA^a		68,800		127,434

				127,434
COMMERCIAL SERVICES — 15.24%
Abril Educacao SA Units		43,000		856,955
Companhia de Locacao das Americas		94,600		466,668
Estacio Participacoes SA		369,800		2,887,234
Mills Estruturas e Servicos de Engenharia SA		116,100		1,934,864
Santos Brasil Participacoes SA Units		64,500		925,512
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		68,810		1,177,728

				8,248,961
ELECTRIC — 5.55%
Equatorial Energia SA		223,640		2,199,119
Light SA		98,900		805,558

				3,004,677
ENERGY — ALTERNATE SOURCES — 0.80%
Vanguarda Agro SA^a		248,452		431,067

				431,067


Security	Shares		Value

ENTERTAINMENT — 0.42%
T4F Entretenimento SA		55,900	$	229,362

				229,362
FOOD — 5.13%
Marfrig Alimentos SA^a		331,100		1,176,872
Minerva SA^a		124,700		616,907
Sao Martinho SA		73,100		983,784

				2,777,563
HEALTH CARE — SERVICES — 4.07%
Diagnosticos da America SA		283,800		1,477,189
Fleury SA		77,400		726,618

				2,203,807
HOLDING COMPANIES — DIVERSIFIED — 0.67%
TPI — Triunfo Participacoes e Investimentos SA		64,500		362,946

				362,946
HOME BUILDERS — 4.86%
Brookfield Incorporacoes SA		481,689		381,728
Even Construtora e Incorporadora SA		249,400		970,679
Rossi Residencial SA		395,674		640,114
Tecnisa SA		146,200		641,688

				2,634,209
HOME FURNISHINGS — 0.64%
UNICASA Industria de Moveis SA		94,600		346,008

				346,008
HOUSEHOLD PRODUCTS & WARES — 0.77%
Technos SA		43,000		416,379

				416,379
INSURANCE — 1.88%
Brasil Insurance Participacoes e Administracao SA		81,700		826,367
Tempo Participacoes SA		124,700		191,797

				1,018,164
INTERNET — 0.78%
B2W Companhia Global do Varejo^a		90,300		421,319

				421,319
IRON & STEEL — 0.39%
MMX Mineracao e Metalicos SA^a		266,600		210,025

				210,025


Security	Shares		Value

MACHINERY — 0.22%
Industrias Romi SA^a		43,000	$	117,352

				117,352
MANUFACTURING — 0.26%
Companhia Providencia Industria e Comercio SA		34,400		139,694

				139,694
MINING — 1.14%
Paranapanema SA^a		227,900		619,831

				619,831
OIL & GAS — 2.01%
HRT Participacoes em Petroleo SA^a		399,900		433,176
QGEP Participacoes SA		111,800		655,318

				1,088,494
PHARMACEUTICALS — 2.07%
Brazil Pharma SA		163,400		946,280
Profarma Distribuidora de Produtos Farmaceuticos SA		21,500		172,399

				1,118,679
REAL ESTATE — 20.08%
Aliansce Shopping Centers SA		124,700		1,263,636
Brasil Brokers Participacoes SA		163,400		505,704
Direcional Engenharia SA		98,900		765,211
EZ TEC Empreendimentos e Participacoes SA		73,100		1,011,550
Gafisa SA^a		614,900		1,098,576
General Shopping Brasil SA^a		34,400		169,375
Helbor Empreendimentos SA		181,030		837,854
Iguatemi Empresa de Shopping Centers SA		77,400		900,831
JHSF Participacoes SA		124,700		396,458
LPS Brasil — Consultoria de Imoveis SA		86,000		754,121
PDG Realty SA Empreendimentos e Participacoes		1,698,500		1,839,833
Rodobens Negocios Imobiliarios SA		34,400		251,642
Sao Carlos Empreendimentos e Participacoes SA		25,800		562,566
Sonae Sierra Brasil SA		38,700		514,113

				10,871,470


Security	Shares		Value

RETAIL — 5.49%
Arezzo Industria e Comercio SA		64,500	$	1,134,508
International Meal Co. Holdings SA		73,100		901,517
Magazine Luiza SA		81,700		312,234
Positivo Informatica SA		38,700		85,293
Restoque Comercio e Confeccoes de Roupas SA		133,300		539,438

				2,972,990
SHIPBUILDING — 0.25%
OSX Brasil SA^a		103,200		133,080

				133,080
SOFTWARE — 0.99%
Linx SA		30,100		536,353

				536,353
TRANSPORTATION — 3.63%
Julio Simoes Logistica SA		107,500		819,148
LLX Logistica SA^a		494,500		394,199
Log-in Logistica Intermodal SA^a		64,500		314,251
Tegma Gestao Logistica SA		34,400		435,535

				1,963,133

TOTAL COMMON STOCKS
(Cost: $46,262,428)				47,052,767

PREFERRED STOCKS — 12.60%

AIRLINES — 1.08%
GOL Linhas Aereas Inteligentes SA		133,300		581,943

				581,943
AUTO PARTS & EQUIPMENT — 1.78%
Randon Implementos e Participacoes SA		159,100		966,141

				966,141
BANKS — 3.84%
Banco ABC Brasil SA		77,172		535,216
Banco Daycoval SA		94,600		448,036
Banco Industrial e Comercial SA		98,945		245,907
Banco Panamericano SA		189,276		573,362
Banco Pine SA		43,003		278,076

				2,080,597


Security	Shares		Value

BUILDING MATERIALS — 0.37%
Eucatex SA Industria e Comercio		60,200	$	197,604

				197,604
CHEMICALS — 0.30%
Unipar Participacoes SA Class B		692,311		162,320

				162,320
COMMERCIAL SERVICES — 0.94%
Contax Participacoes SA		240,800		510,382

				510,382
ELECTRIC — 2.60%
Centrais Eletricas Santa Catarina SA		25,800		266,160
Companhia Energetica do Ceara Class A		32,300		667,947
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		133,300		474,431

				1,408,538
IRON & STEEL — 0.72%
Companhia de Ferro Ligas da Bahia — Ferbasa		60,210		389,627

				389,627
MANUFACTURING — 0.20%
Forjas Taurus SA		90,318		108,845

				108,845
MEDIA — 0.77%
Saraiva Livreiros Editores SA		25,800		416,178

				416,178

TOTAL PREFERRED STOCKS
(Cost: $7,114,010)				6,822,175

SHORT-TERM INVESTMENTS — 0.02%

MONEY MARKET FUNDS — 0.02%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^b,c		12,086		12,086

				12,086


	Value

TOTAL SHORT-TERM INVESTMENTS
(Cost: $12,086)	$	12,086


TOTAL INVESTMENTS IN SECURITIES — 99.53%
(Cost: $53,388,524)		53,887,028
Other Assets, Less Liabilities — 0.47%		254,990

NET ASSETS — 100.00%	$	54,142,018

^a	Non-income earning security.

^b	Affiliated issuer. See Note 2.

^c	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.40%

ADVERTISING — 1.20%
Aimia Inc.		1,862	$	26,753

				26,753
AUTO PARTS & EQUIPMENT — 1.36%
Linamar Corp.		528		14,856
Westport Innovations Inc.^a,b		508		15,468

				30,324
BANKS — 2.45%
Canadian Western Bank		854		23,466
Home Capital Group Inc.^b		352		18,071
Laurentian Bank of Canada		304		12,986

				54,523
BEVERAGES — 0.38%
Cott Corp.		1,038		8,527

				8,527
BUILDING MATERIALS — 0.43%
Norbord Inc.		288		9,452

				9,452
CHEMICALS — 2.62%
Canexus Corp.		1,462		12,929
Methanex Corp.		1,020		45,269

				58,198
COAL — 0.06%
SouthGobi Resources Ltd.^a		878		1,376

				1,376
COMMERCIAL SERVICES — 5.59%
Black Diamond Group Ltd.		403		9,284
Davis & Henderson Corp.		640		14,539
DirectCash Payments Inc.		134		3,296
EnerCare Inc.		635		5,732
FirstService Corp.^a		297		9,483
MacDonald Dettwiler & Associates Ltd.		380		25,637
Morneau Shepell Inc.		496		6,747
Ritchie Bros. Auctioneers Inc.		978		20,250
Stantec Inc.		500		21,281
Transcontinental Inc. Class A		680		8,106

				124,355
COMPUTERS — 0.13%
Sandvine Corp.^a		1,508		2,976

				2,976


Security	Shares		Value

DIVERSIFIED FINANCIAL SERVICES — 2.87%
AGF Management Ltd. Class B		756	$	8,331
Alaris Royalty Corp.		228		7,240
Canaccord Financial Inc.		952		5,766
Dundee Corp. Class A^a		446		10,145
Element Financial Corp.^a		1,324		14,079
Gluskin Sheff + Associates Inc.		179		3,232
GMP Capital Inc.		552		3,306
Sprott Inc.		648		2,069
TMX Group Ltd.		204		9,693

				63,861
ELECTRIC — 2.39%
Algonquin Power & Utilities Corp.		1,734		12,969
Atlantic Power Corp.		1,300		6,151
Boralex Inc. Class A^a		222		2,341
Capital Power Corp.		763		15,872
Northland Power Inc.		887		15,911

				53,244
ELECTRONICS — 0.99%
Avigilon Corp.^a		330		5,616
Celestica Inc.^a		1,774		16,409

				22,025
ENERGY — ALTERNATE SOURCES — 0.84%
Capstone Infrastructure Corp.		797		3,169
Innergex Renewable Energy Inc.		1,018		9,830
Uranium Participation Corp.^a		1,165		5,715

				18,714
ENGINEERING & CONSTRUCTION — 0.95%
Aecon Group Inc.		611		6,585
Bird Construction Inc.		440		5,211
Genivar Inc.		389		9,387

				21,183
ENTERTAINMENT — 1.24%
Cineplex Inc.		678		22,468
Great Canadian Gaming Corp.^a		536		5,082

				27,550
ENVIRONMENTAL CONTROL — 1.62%
Newalta Corp.		531		7,182
Progressive Waste Solutions Ltd.		1,236		28,881

				36,063


Security	Shares		Value

FOOD — 1.41%
Alliance Grain Traders Inc.		169	$	2,237
Maple Leaf Foods Inc.		1,068		12,710
North West Co. Inc. (The)		527		12,824
Premium Brands Holdings Corp.		192		3,477

				31,248
FOREST PRODUCTS & PAPER — 2.24%
Canfor Corp.^a		924		15,538
Canfor Pulp Products Inc.		391		3,215
Cascades Inc.		707		3,530
West Fraser Timber Co. Ltd.		370		27,569

				49,852
GAS — 1.33%
Enbridge Income Fund Holdings Inc.		492		12,039
Just Energy Group Inc.		1,526		10,970
Valener Inc.		412		6,458

				29,467
HEALTH CARE — SERVICES — 1.00%
CML HealthCare Inc.		983		7,238
Extendicare Inc.		933		6,436
Leisureworld Senior Care Corp.		322		3,953
Medical Facilities Corp.		312		4,604

				22,231
HOLDING COMPANIES — DIVERSIFIED — 0.69%
Exchange Income Corp.		44		1,142
Sherritt International Corp.		3,168		14,222

				15,364
HOME FURNISHINGS — 0.50%
Dorel Industries Inc. Class B		278		11,095

				11,095
INSURANCE — 0.51%
Genworth MI Canada Inc.		480		11,318

				11,318
IRON & STEEL — 1.78%
Labrador Iron Ore Royalty Corp.		692		22,697
Russel Metals Inc.		652		16,812

				39,509
MACHINERY — 2.01%
AG Growth International Inc.		135		4,632
ATS Automation Tooling Systems Inc.^a		955		9,471
Badger Daylighting Ltd.		132		6,320
Toromont Industries Ltd.		826		18,757
Wajax Corp.		176		5,575

				44,755


Security	Shares		Value

MEDIA — 3.38%
Astral Media Inc. Class A		574	$	26,991
Cogeco Cable Inc.		170		7,415
Corus Entertainment Inc. Class B		862		20,024
Quebecor Inc. Class B		462		20,683

				75,113
METAL FABRICATE & HARDWARE — 0.37%
Martinrea International Inc.^a		852		8,153

				8,153
MINING — 19.65%
Alacer Gold Corp.		2,501		5,420
Alamos Gold Inc.		1,378		20,039
Argonaut Gold Inc.^a		1,606		12,229
Asanko Gold Inc.^a		806		2,012
Augusta Resource Corp.^a		1,168		2,938
AuRico Gold Inc.		2,658		13,553
Aurizon Mines Ltd.^a		1,794		6,665
B2Gold Corp.^a		6,660		16,818
Banro Corp.^a,b		2,756		3,333
Belo Sun Mining Corp.^a		2,942		1,765
Capstone Mining Corp.^a		3,327		7,339
Centerra Gold Inc.		1,788		6,608
China Gold International Resources Corp. Ltd.^a		1,741		5,710
Colossus Minerals Inc.^a		1,174		2,011
Continental Gold Ltd.^a		1,157		4,623
Denison Mines Corp.^a		3,601		4,634
Detour Gold Corp.^a		1,274		13,165
Dundee Precious Metals Inc.^a		1,094		5,367
Endeavour Mining Corp.^a		4,458		3,968
Endeavour Silver Corp.^a		1,086		4,886
First Majestic Silver Corp.^a		1,265		13,720
Fortuna Silver Mines Inc.^a		1,374		4,400
Gabriel Resources Ltd.^a		2,414		3,247
Golden Star Resources Ltd.^a,b		2,849		1,902
Guyana Goldfields Inc.^a		1,343		1,949
HudBay Minerals Inc.		1,858		14,831
IAMGOLD Corp.		4,070		21,383
Imperial Metals Corp.^a		489		5,204
Ivanplats Ltd. Class A^a		3,388		8,851
Lundin Mining Corp.^a		5,664		23,400
MAG Silver Corp.^a		520		3,879
Major Drilling Group International		865		5,699
Nevsun Resources Ltd.		2,174		7,888
NGEx Resources Inc.^a		1,467		3,038
North American Palladium Ltd.^a,b		1,703		1,829


Security	Shares		Value

Northern Dynasty Minerals Ltd.^a		781	$	1,927
Novagold Resources Inc.^a		2,738		6,994
OceanaGold Corp.^a		3,199		5,912
Orbite Aluminae Inc.^a,b		1,998		1,643
Osisko Mining Corp.^a		4,718		20,359
Pan American Silver Corp.		1,636		19,976
Premier Gold Mines Ltd.^a		1,631		3,472
Pretium Resources Inc.^a		820		6,744
Primero Mining Corp.^a		854		4,677
Rainy River Resources Ltd.^a		1,074		3,782
Romarco Minerals Inc.^a		6,411		3,101
Rubicon Minerals Corp.^a		3,140		5,438
Sabina Gold & Silver Corp.^a		1,688		2,287
Sandstorm Gold Ltd.^a		974		7,454
Seabridge Gold Inc.^a		359		4,311
SEMAFO Inc.		2,977		5,876
Silver Standard Resources Inc.^a		880		6,965
Silvercorp Metals Inc.		1,866		5,850
Tahoe Resources Inc.^a,b		938		13,695
Tanzanian Royalty Exploration Corp.^a		1,056		3,341
Taseko Mines Ltd.^a		2,092		4,716
Thompson Creek Metals Co. Inc.^a,b		1,642		5,688
Timmins Gold Corp.^a		1,546		3,949
Torex Gold Resources Inc.^a		6,586		10,833
Uranium One Inc.^a		5,166		13,845

				437,138
OIL & GAS — 13.97%
Advantage Oil & Gas Ltd.^a		1,835		7,989
Angle Energy Inc.^a		834		2,598
Bankers Petroleum Ltd.^a		2,757		7,869
Bellatrix Exploration Ltd.^a		1,177		6,206
Birchcliff Energy Ltd.^a		1,081		9,361
BlackPearl Resources Inc.^a		3,200		6,595
Bonterra Energy Corp.		258		12,853
Canacol Energy Ltd.^a		836		2,152
Cequence Energy Ltd.^a		1,518		2,570
Crew Energy Inc.^a		1,122		6,633
DeeThree Exploration Ltd.^a		778		5,322
Ensign Energy Services Inc.		1,408		23,118
Freehold Royalties Ltd.		540		12,451
Ithaca Energy Inc.^a		3,437		6,318
Kelt Exploration Ltd.^a		485		3,454
Legacy Oil & Gas Inc. Class A^a		1,406		7,659
Lightstream Resources Ltd.		2,077		17,986


Security	Shares		Value

Long Run Exploration Ltd.^a		1,012	$	4,142
Longview Oil Corp.		190		919
Niko Resources Ltd.		727		6,281
NuVista Energy Ltd.^a		1,282		10,171
Paramount Resources Ltd. Class A^a		584		21,754
Parex Resources Inc.^a		1,112		4,691
Parkland Fuel Corp.		735		12,687
Petrominerales Ltd.		914		5,412
Precision Drilling Corp.		2,530		21,811
RMP Energy Inc.^a		1,126		4,859
Secure Energy Services Inc.		1,064		13,949
Southern Pacific Resource Corp.^a		4,335		2,139
Sprott Resource Corp.		930		3,680
Spyglass Resources Corp.		1,395		3,050
Surge Energy Inc.^a		763		3,905
Tag Oil Ltd.^a		595		1,802
TransGlobe Energy Corp.^a		805		5,951
Trilogy Energy Corp.		640		20,020
Twin Butte Energy Ltd.		2,686		5,847
Whitecap Resources Inc.		1,562		16,534

				310,738
OIL & GAS SERVICES — 6.36%
Calfrac Well Services Ltd.		367		9,871
Canadian Energy Services & Technology Corp.		606		8,965
Canyon Services Group Inc.		638		7,204
Enerflex Ltd.		846		10,886
Mullen Group Ltd.		952		19,804
Pason Systems Inc.		708		12,125
Poseidon Concepts Corp.		789		5
Savanna Energy Services Corp.		934		6,497
ShawCor Ltd.		624		25,146
Total Energy Services Inc.		315		4,480
Trican Well Service Ltd.		1,608		22,606
Trinidad Drilling Ltd.		1,317		9,340
Western Energy Services Corp.		670		4,590

				141,519
PACKAGING & CONTAINERS — 0.32%
Intertape Polymer Group Inc.		580		7,211

				7,211
PHARMACEUTICALS — 0.49%
Atrium Innovations Inc.^a		288		3,968
Paladin Labs Inc.^a		144		7,001

				10,969


Security	Shares		Value

PIPELINES — 2.69%
Gibson Energy Inc.		1,302	$	31,695
Veresen Inc.		2,142		28,144

				59,839
REAL ESTATE — 0.65%
Dream Unlimited Corp. Class A		446		5,869
Killam Properties Inc.		552		6,473
Mainstreet Equity Corp.^a		62		2,024

				14,366
REAL ESTATE INVESTMENT TRUSTS — 7.72%
Allied Properties Real Estate Investment Trust		360		11,682
Artis Real Estate Investment Trust		652		10,283
Boardwalk Real Estate Investment Trust		248		14,637
Brookfield Office Properties Canada		138		3,801
Calloway Real Estate Investment Trust		616		16,754
Canadian Apartment Properties Real Estate Investment Trust		538		12,821
Canadian Real Estate Investment Trust		370		15,666
Chartwell Retirement Residences		914		9,613
Cominar Real Estate Investment Trust		661		14,409
Crombie Real Estate Investment Trust		282		4,213
Dundee Industrial REIT		248		2,469
Dundee International Real Estate Investment Trust		494		4,899
Dundee Real Estate Investment Trust		548		18,075
Granite Real Estate Investment Trust		250		9,257
InnVest Real Estate Investment Trust		490		2,252
InterRent Real Estate Investment Trust		300		1,849
Morguard North American Residential REIT		154		1,712
Morguard Real Estate Investment Trust		342		6,184
Northern Property Real Estate Investment Trust		170		5,050
NorthWest Healthcare Properties Real Estate Investment Trust		205		2,469
Pure Industrial Real Estate Trust		718		3,514

				171,609
RETAIL — 3.45%
AutoCanada Inc.		118		3,277
Dominion Diamond Corp.^a		870		13,291
Hudson’s Bay Co.		258		4,204
Jean Coutu Group PJC Inc. (The) Class A		966		15,861
Liquor Stores N.A. Ltd.		234		4,132
Reitmans Canada Ltd. Class A		524		4,639
RONA Inc.		1,312		13,278
Sears Canada Inc.		277		2,425
Superior Plus Corp.		1,352		15,593

				76,700
SEMICONDUCTORS — 0.26%
Wi-Lan Inc.		1,330		5,675

				5,675


Security	Shares		Value

SOFTWARE — 1.19%
Constellation Software Inc.		180	$	26,472

				26,472
STORAGE & WAREHOUSING — 0.49%
Westshore Terminals Investment Corp.		388		10,988

				10,988
TELECOMMUNICATIONS — 0.60%
EXFO Inc.^a		286		1,287
Manitoba Telecom Services Inc.		240		8,280
Sierra Wireless Inc.^a		330		3,768

				13,335
TRANSPORTATION — 1.22%
Horizon North Logistics Inc.		1,058		6,889
Student Transportation Inc.^b		740		4,697
TransForce Inc.		802		15,566

				27,152

TOTAL COMMON STOCKS
(Cost: $2,491,609)				2,210,940

SHORT-TERM INVESTMENTS — 3.31%

MONEY MARKET FUNDS — 3.31%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^c,d,e		67,689		67,689
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^c,d,e		4,938		4,938
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^c,d		1,120		1,120

				73,747

TOTAL SHORT-TERM INVESTMENTS
(Cost: $73,747)				73,747


TOTAL INVESTMENTS IN SECURITIES — 102.71%
(Cost: $2,565,356)				2,284,687
Other Assets, Less Liabilities — (2.71)%				(60,388	)

NET ASSETS — 100.00%			$	2,224,299

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 3.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.35%

AEROSPACE & DEFENSE — 0.14%
AviChina Industry & Technology Co. Ltd. Class H		3,304,000	$	1,774,834

				1,774,834
AGRICULTURE — 0.15%
China Agri-Industries Holdings Ltd.		3,850,900		1,894,991

				1,894,991
AIRLINES — 0.34%
Air China Ltd. Class H		3,300,000		2,729,170
China Southern Airlines Co. Ltd. Class H		3,306,000		1,524,640

				4,253,810
APPAREL — 0.23%
Shenzhou International Group Holdings Ltd.		825,000		2,811,002

				2,811,002
AUTO MANUFACTURERS — 2.86%
Brilliance China Automotive Holdings Ltd.^a		4,950,000		5,700,649
BYD Co. Ltd. Class H^a,b		963,000		4,236,416
Dah Chong Hong Holdings Ltd.^b		1,380,000		1,246,174
Dongfeng Motor Group Co. Ltd. Class H		4,950,000		7,804,916
Geely Automobile Holdings Ltd.^b		8,250,000		4,091,630
Great Wall Motor Co. Ltd. Class H		1,787,500		8,554,339
Guangzhou Automobile Group Co. Ltd. Class H		3,852,000		4,108,641

				35,742,765
AUTO PARTS & EQUIPMENT — 0.24%
Weichai Power Co. Ltd. Class H		825,000		3,050,124

				3,050,124
BANKS — 25.96%
Agricultural Bank of China Ltd. Class H		37,950,000		17,794,868
Bank of China Ltd. Class H		133,375,000		63,227,186
Bank of Communications Co. Ltd. Class H		15,400,200		11,803,884


Security	Shares		Value

China CITIC Bank Corp. Ltd. Class H		14,300,800	$	7,718,909
China Construction Bank Corp. Class H		127,875,000		103,778,598
China Merchants Bank Co. Ltd. Class H		7,012,500		14,164,477
China Minsheng Banking Corp. Ltd. Class H		9,212,500		11,285,989
Chongqing Rural Commercial Bank Co. Ltd. Class H		4,125,000		2,098,952
Industrial and Commercial Bank of China Ltd. Class H		130,625,000		92,043,947

				323,916,810
BEVERAGES — 0.36%
Tsingtao Brewery Co. Ltd. Class H		550,000		3,829,482
Yantai Changyu Pioneer Wine Co. Ltd. Class B		115,500		662,546

				4,492,028
BUILDING MATERIALS — 1.40%
Anhui Conch Cement Co. Ltd. Class H		2,200,000		7,184,263
BBMG Corp. Class H		2,062,500		1,498,493
China National Building Material Co. Ltd. Class H		4,950,000		5,279,796
China Resources Cement Holdings Ltd.^b		3,306,000		1,746,097
China Shanshui Cement Group Ltd.		3,300,000		1,713,170

				17,421,819
CHEMICALS — 0.68%
China BlueChemical Ltd. Class H		3,306,000		2,052,728
Kingboard Chemical Holdings Co. Ltd.^b		1,318,800		2,837,115
Sinopec Shanghai Petrochemical Co. Ltd. Class H		4,400,000		1,615,397
Yingde Gases Group Co. Ltd.^b		1,787,500		1,934,225

				8,439,465
COAL — 2.80%
China Coal Energy Co. Class H		7,425,000		4,839,813
China Shenhua Energy Co. Ltd. Class H		6,050,000		19,834,660


Security	Shares		Value

Inner Mongolia Yitai Coal Co. Ltd. Class B		935,087	$	4,669,824
Shougang Fushan Resources Group Ltd.		5,500,000		2,217,628
Yanzhou Coal Mining Co. Ltd. Class H^b		3,300,000		3,383,831

				34,945,756
COMMERCIAL SERVICES — 0.41%
Jiangsu Expressway Co. Ltd. Class H		2,200,000		2,678,157
Zhejiang Expressway Co. Ltd. Class H		2,760,000		2,446,128

				5,124,285
COMPUTERS — 0.91%
Lenovo Group Ltd.^b		11,000,000		11,321,946

				11,321,946
DIVERSIFIED FINANCIAL SERVICES — 1.28%
China Everbright Ltd.^b		1,652,000		2,672,891
CITIC Securities Co. Ltd. Class H		1,925,000		4,215,618
COSCO Pacific Ltd.^b		2,750,000		4,038,492
Far East Horizon Ltd.^b		2,475,000		1,683,413
Haitong Securities Co. Ltd. Class H^a		2,200,000		3,321,482

				15,931,896
ELECTRIC — 1.37%
China Resources Power Holdings Co. Ltd.		3,252,000		8,566,935
Datang International Power Generation Co. Ltd. Class H		5,500,000		2,267,223
Huaneng Power International Inc. Class H		6,050,000		6,219,276

				17,053,434
ELECTRICAL COMPONENTS & EQUIPMENT — 0.21%
Zhuzhou CSR Times Electric Co. Ltd. Class H		826,000		2,596,280

				2,596,280
ENERGY — ALTERNATE SOURCES — 0.65%
China Longyuan Power Group Corp. Ltd. Class H		4,950,000		4,941,838
GCL-Poly Energy Holdings Ltd.^b		13,475,000		3,159,234

				8,101,072


Security	Shares		Value

ENGINEERING & CONSTRUCTION — 1.79%
Beijing Capital International Airport Co. Ltd. Class H		3,306,000	$	2,257,150
China Communications Construction Co. Ltd. Class H		7,975,000		7,499,549
China Railway Construction Corp. Ltd. Class H		3,575,000		3,555,289
China Railway Group Ltd. Class H		7,150,000		3,730,291
China State Construction International Holdings Ltd.		3,300,000		5,313,804

				22,356,083
ENVIRONMENTAL CONTROL — 0.25%
China Everbright International Ltd.		3,850,000		3,114,598

				3,114,598
FOOD — 2.71%
China Mengniu Dairy Co. Ltd.^b		2,200,000		7,666,048
Tingyi (Cayman Islands) Holding Corp.^b		3,300,000		8,493,585
Uni-President China Holdings Ltd.^b		1,926,000		2,138,677
Want Want China Holdings Ltd.^b		10,450,000		15,453,960

				33,752,270
FOREST PRODUCTS & PAPER — 0.35%
Lee & Man Paper Manufacturing Ltd.^b		3,025,000		2,038,021
Nine Dragons Paper (Holdings) Ltd.^b		3,025,000		2,326,383

				4,364,404
GAS — 1.52%
Beijing Enterprises Holdings Ltd.^b		962,500		7,879,486
China Resources Gas Group Ltd.^b		1,626,000		4,252,048
ENN Energy Holdings Ltd.^b		1,220,000		6,875,741

				19,007,275
HEALTH CARE — PRODUCTS — 1.55%
Hengan International Group Co. Ltd.^b		1,375,000		15,250,618
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		3,304,000		4,132,767

				19,383,385


Security	Shares		Value

HOLDING COMPANIES — DIVERSIFIED — 0.59%
China Merchants Holdings (International) Co. Ltd.		2,200,000	$	7,311,795

				7,311,795
HOME FURNISHINGS — 0.20%
Haier Electronics Group Co. Ltd.^a,b		1,375,000		2,444,350

				2,444,350
INSURANCE — 7.21%
China Life Insurance Co. Ltd. Class H		13,200,000		34,093,368
China Pacific Insurance (Group) Co. Ltd. Class H		4,675,000		15,808,568
China Taiping Insurance Holdings Co. Ltd.^a		1,485,000		2,639,898
New China Life Insurance Co. Ltd. Class H		1,017,500		3,499,672
People’s Insurance Co. Group of China Ltd. Class H^a,b		7,150,000		3,555,289
PICC Property and Casualty Co. Ltd. Class H		4,951,200		5,848,728
Ping An Insurance (Group) Co. of China Ltd. Class H		3,300,000		24,571,031

				90,016,554
INTERNET — 5.77%
Tencent Holdings Ltd.		1,815,000		71,965,914

				71,965,914
IRON & STEEL — 0.23%
CITIC Pacific Ltd.^b		2,475,000		2,930,032

				2,930,032
MACHINERY — 0.52%
CSR Corp Ltd. Class H		3,300,000		2,389,086
Shanghai Electric Group Co. Ltd. Class H		4,878,000		1,816,023
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H^b		2,420,160		2,335,111

				6,540,220
MANUFACTURING — 0.32%
China International Marine Containers (Group) Co. Ltd. Class H^a		880,000		1,532,643
Fosun International Ltd.		2,887,500		2,428,940

				3,961,583


Security	Shares		Value

MINING — 0.98%
Aluminum Corp. of China Ltd. Class H^a,b		7,150,000	$	2,910,548
Jiangxi Copper Co. Ltd. Class H		2,475,000		4,814,307
Zhaojin Mining Industry Co. Ltd. Class H		1,512,500		1,500,264
Zijin Mining Group Co. Ltd. Class H^b		11,000,000		3,060,751

				12,285,870
OIL & GAS — 11.68%
China Petroleum & Chemical Corp. Class H		34,650,000		35,798,037
CNOOC Ltd.		31,625,000		55,894,136
Kunlun Energy Co. Ltd.^b		5,500,000		10,556,758
PetroChina Co. Ltd. Class H		37,400,000		43,553,357

				145,802,288
OIL & GAS SERVICES — 0.47%
China Oilfield Services Ltd. Class H		2,750,000		5,816,844

				5,816,844
PHARMACEUTICALS — 0.80%
Sihuan Pharmaceutical Holdings Group Ltd.^b		3,575,000		2,182,911
Sino Biopharmaceutical Ltd.		4,400,000		3,083,423
Sinopharm Group Co. Ltd. Class H		1,760,000		4,761,169

				10,027,503
PIPELINES — 0.35%
China Gas Holdings Ltd.^b		4,400,000		4,404,081

				4,404,081
REAL ESTATE — 6.74%
Agile Property Holdings Ltd.		2,200,000		2,663,987
China Overseas Grand Oceans Group Ltd.		1,100,000		1,609,729
China Overseas Land & Investment Ltd.		7,150,000		21,322,525
China Resources Land Ltd.		3,850,000		11,828,528
China Vanke Co. Ltd. Class B		2,255,031		4,531,675
Country Garden Holdings Co. Ltd.^b		7,975,870		4,582,416
Evergrande Real Estate Group Ltd.^b		11,550,000		4,642,139
Franshion Properties (China) Ltd.^b		6,050,000		2,228,964
Greentown China Holdings Ltd.^a		1,100,000		1,958,314


Security	Shares		Value

Guangzhou R&F Properties Co. Ltd. Class H		1,650,000	$	3,073,504
Longfor Properties Co. Ltd.^b		2,475,000		4,208,533
Poly Property Group Co. Ltd.^a		3,575,000		2,422,386
Shanghai Industrial Holdings Ltd.		825,000		2,534,685
Shimao Property Holdings Ltd.		2,475,000		5,381,821
Shui On Land Ltd.		6,392,000		2,256,155
Sino-Ocean Land Holdings Ltd.^b		5,225,000		3,197,139
SOHO China Ltd.^b		3,575,000		3,030,286
Yuexiu Property Co. Ltd.^b		8,800,000		2,618,643

				84,091,429
RETAIL — 3.37%
Anta Sports Products Ltd.^b		1,653,000		1,533,158
Belle International Holdings Ltd.		8,250,000		12,731,875
Bosideng International Holdings Ltd.^b		4,950,000		1,326,326
China Resources Enterprise Ltd.^b		2,200,000		7,184,263
Daphne International Holdings Ltd.^b		1,652,000		1,500,309
Golden Eagle Retail Group Ltd.^b		1,100,000		1,751,430
GOME Electrical Appliances Holdings Ltd.^a,b		17,875,000		1,842,119
Intime Department Store Group Co. Ltd.^b		1,787,500		1,862,843
Parkson Retail Group Ltd.^b		2,200,000		1,006,080
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		1,182,500		2,306,262
Sun Art Retail Group Ltd.^b		4,262,500		6,051,006
Wumart Stores Inc. Class H		826,000		1,685,454
Zhongsheng Group Holdings Ltd.^b		962,500		1,212,610

				41,993,735
TELECOMMUNICATIONS — 11.36%
China Communications Services Corp. Ltd. Class H		4,400,800		2,891,235
China Mobile Ltd.		10,725,000		113,912,023
China Telecom Corp. Ltd. Class H		24,750,000		11,860,411
China Unicom (Hong Kong) Ltd.		8,250,000		11,329,031
ZTE Corp. Class H^a		1,100,000		1,782,604

				141,775,304
TRANSPORTATION — 0.29%
China COSCO Holdings Co. Ltd. Class H^a,b		4,537,500		1,958,137
China Shipping Container Lines Co. Ltd. Class H^a,b		6,600,000		1,691,915

				3,650,052


Security	Shares		Value

WATER — 0.31%
Guangdong Investment Ltd.^b		4,400,000	$	3,859,947

				3,859,947

TOTAL COMMON STOCKS
(Cost: $1,259,811,260)				1,239,727,833

RIGHTS — 0.02%

INSURANCE — 0.02%
PICC Property and Casualty Co. Ltd. Class H^a		544,632		265,904

				265,904

TOTAL RIGHTS
(Cost: $0)				265,904

SHORT-TERM INVESTMENTS — 5.49%

MONEY MARKET FUNDS — 5.49%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^c,d,e		63,292,122		63,292,122
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^c,d,e		4,617,026		4,617,026
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^c,d		553,253		553,253

				68,462,401

TOTAL SHORT-TERM INVESTMENTS
(Cost: $68,462,401)				68,462,401


TOTAL INVESTMENTS IN SECURITIES — 104.86%
(Cost: $1,328,273,661)				1,308,456,138
Other Assets, Less Liabilities — (4.86)%				(60,603,228	)

NET ASSETS — 100.00%			$	1,247,852,910

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 3.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.12%

ADVERTISING — 0.13%
SinoMedia Holding Ltd.^a		64,000	$	47,653

				47,653
AEROSPACE & DEFENSE — 0.15%
AVIC International Holding HK Ltd.^b		1,088,000		54,661

				54,661
AGRICULTURE — 0.38%
Asian Citrus Holdings Ltd.^a		320,000		137,270

				137,270
AIRLINES — 0.06%
Shandong Airlines Co. Ltd. Class B^c		30,600		21,050

				21,050
APPAREL — 1.51%
China Haidian Holdings Ltd.^a		608,000		61,875
China Lilang Ltd.^a		144,000		76,797
China Outfitters Holdings Ltd.		320,000		46,581
Hosa International Ltd.		128,000		53,589
Luthai Textile Co. Ltd. Class B		118,400		130,559
Peak Sport Products Co. Ltd.		240,000		43,592
Texhong Textile Group Ltd.		96,000		137,765

				550,758
AUTO MANUFACTURERS — 0.63%
Qingling Motors Co. Ltd. Class H		288,000		84,588
Sinotruk (Hong Kong) Ltd.		256,000		144,113

				228,701
AUTO PARTS & EQUIPMENT — 1.24%
Double Coin Holdings Ltd. Class B		81,600		65,199
Minth Group Ltd.		224,000		385,510

				450,709
BEVERAGES — 1.07%
China Huiyuan Juice Group Ltd.^a,b		216,000		88,483
Dynasty Fine Wines Group Ltd.^b,c		128,000		17,808
Kingway Brewery Holdings Ltd.^b		224,000		88,298
Tibet 5100 Water Resources Holdings Ltd.		464,000		172,742
Yantai North Andre Juice Co. Ltd. Class H		56,000		20,632

				387,963


Security	Shares		Value

BIOTECHNOLOGY — 0.19%
Global Bio-Chem Technology Group Co. Ltd.^b		736,000	$	68,264

				68,264
BUILDING MATERIALS — 2.05%
Asia Cement China Holdings Corp.^a		160,000		84,093
China Fangda Group Co. Ltd. Class B^b		118,400		45,909
China Glass Holdings Ltd.^b		320,000		44,520
China Singyes Solar Technologies Holdings Ltd.^a		160,400		177,699
Luoyang Glass Co. Ltd. Class H^b		96,000		20,529
SYP Glass Group Co. Ltd. Class B		57,600		30,701
TCC International Holdings Ltd.^a		352,000		98,397
West China Cement Ltd.		928,000		151,822
Yuanda China Holdings Ltd.^a		896,000		93,492

				747,162
CHEMICALS — 4.54%
Billion Industrial Holdings Ltd.^a		208,000		135,044
Century Sunshine Group Holdings Ltd.		480,000		56,887
China Lumena New Materials Corp.^a		1,024,000		220,292
China Sanjiang Fine Chemicals Co. Ltd.		192,000		104,375
Danhua Chemical Technology Co. Ltd. Class B^b		70,400		59,066
Dongyue Group Ltd.^a		432,000		213,139
Fufeng Group Ltd.^a,b		345,600		133,560
Huabao International Holdings Ltd.		736,000		323,306
Hubei Sanonda Co. Ltd. Class B^b		83,200		57,126
Shanghai Chlor-Alkali Chemical Co. Ltd. Class B^b		144,000		75,600
Sinofert Holdings Ltd.		768,000		176,101
Yip’s Chemical Holdings Ltd.^a		96,000		97,449

				1,651,945
COAL — 0.32%
Hidili Industry International Development Ltd.^a		304,000		65,791
Winsway Coking Coal Holding Ltd.^a		624,000		49,034

				114,825


Security	Shares		Value

COMMERCIAL SERVICES — 4.03%
AMVIG Holdings Ltd.		192,000	$	74,942
Anhui Expressway Co. Ltd. Class H		192,000		100,417
Anxin-China Holdings Ltd.		832,000		203,638
Guangdong Provincial Expressway Development Co. Ltd. Class B		108,800		39,664
Jinzhou Port Co. Ltd. Class B		80,000		31,840
Kai Yuan Holdings Ltd.^b		2,880,000		68,635
Shenzhen Chiwan Wharf Holdings Ltd. Class B		44,800		79,237
Shenzhen Expressway Co. Ltd. Class H		256,000		99,593
Shenzhen International Holdings Ltd.		3,320,000		453,342
Sichuan Expressway Co. Ltd. Class H		320,000		101,407
Xiamen International Port Co. Ltd. Class H		352,000		48,972
Xiangyu Dredging Holdings Ltd.^a		128,000		31,824
Yuexiu Transport Infrastructure Ltd.^a		256,000		134,879

				1,468,390
COMPUTERS — 1.05%
CITIC 21CN Co. Ltd.^b		832,000		54,661
Great Wall Technology Co. Ltd. Class H		160,000		35,245
Ju Teng International Holdings Ltd.		288,000		189,210
PAX Global Technology Ltd.^b		144,000		35,987
TPV Technology Ltd.		256,000		66,285

				381,388
COSMETICS & PERSONAL CARE — 1.39%
BaWang International (Group) Holding Ltd.^b		352,000		19,498
Magic Holdings International Ltd.		176,800		106,589
Prince Frog International Holdings Ltd.^a		160,000		111,712
Vinda International Holdings Ltd.^a		208,000		269,016

				506,815
DISTRIBUTION & WHOLESALE — 1.40%
Digital China Holdings Ltd.		288,000		402,906
Goldlion Holdings Ltd.		128,000		64,307
Inspur International Ltd.		960,000		43,901

				511,114


Security	Shares		Value

DIVERSIFIED FINANCIAL SERVICES — 0.08%
Credit China Holdings Ltd.		320,000	$	28,856

				28,856
ELECTRIC — 2.86%
China Datang Corp. Renewable Power Co. Ltd. Class H^a		864,000		215,922
China Power International Development Ltd.^a		816,000		315,350
China Power New Energy Development Co. Ltd.^a,b		1,600,000		94,811
China WindPower Group Ltd.		1,280,000		52,765
Huadian Energy Co. Ltd. Class B^b		144,000		48,384
Tianjin Development Holdings Ltd.^b		160,000		98,109
Zhejiang Southeast Electric Power Co. Ltd. Class B^b		248,000		214,520

				1,039,861
ELECTRICAL COMPONENTS & EQUIPMENT — 2.81%
Boer Power Holdings Ltd.		80,000		56,681
Chaowei Power Holdings Ltd.		192,000		87,061
China High Speed Transmission Equipment Group Co. Ltd.^b		400,000		206,111
Foshan Electrical and Lighting Co. Ltd. Class B		84,800		69,585
Harbin Electric Co. Ltd. Class H		256,000		213,037
NVC Lighting Holdings Ltd.		464,000		151,224
Sinopoly Battery Ltd.^a,b		1,920,000		80,383
Tianneng Power International Ltd.^a		256,000		148,400
Trony Solar Holdings Co. Ltd.^b,c		216,000		8,765

				1,021,247
ELECTRONICS — 1.77%
AVIC International Holdings Ltd.^b		89,184		34,811
China Automation Group Ltd.		240,000		60,287
INESA Electron Co. Ltd. Class B^b		107,200		45,024
Kingboard Laminates Holdings Ltd.^a		368,000		155,490
Regent Manner International Holdings Ltd.		224,000		44,438
Shenzhen SEG Co. Ltd. Class B		16,900		6,379
Shijiazhuang Baoshi Electronic Glass Co. Ltd. Class B^b		30,400		36,028
Tech Pro Technology Development Ltd.^b		256,000		95,965
Tongda Group Holdings Ltd.		800,000		58,742
Wasion Group Holdings Ltd.^a		160,000		108,208

				645,372


Security	Shares		Value

ENERGY — ALTERNATE SOURCES — 0.45%
China Suntien Green Energy Corp. Ltd. Class H^a		448,000	$	163,900

				163,900
ENGINEERING & CONSTRUCTION — 1.67%
China Resources and Transportation Group Ltd.^a,b		4,800,000		182,408
Hainan Meilan International Airport Co. Ltd. Class H		48,000		43,283
Hopewell Highway Infrastructure Ltd.		336,000		164,477
Richly Field China Development Ltd.^b,c		900,000		2,551
Wison Engineering Services Co. Ltd.^b		368,000		213,325

				606,044
ENTERTAINMENT — 0.84%
ChinaVision Media Group Ltd.^a,b		1,120,000		71,417
REXLot Holdings Ltd.		2,800,000		216,417
SMI Corp. Ltd.^b		832,000		17,363

				305,197
ENVIRONMENTAL CONTROL — 2.43%
Beijing Enterprises Water Group Ltd.^a		736,000		278,745
Chiho-Tiande Group Ltd.^a		96,000		43,654
China Metal Recycling Holdings Ltd.^a,c		184,800		168,367
China Water Affairs Group Ltd.^a		352,000		129,232
Dongjiang Environmental Co. Ltd. Class H^a		12,800		73,870
Interchina Holdings Co. Ltd.^b		1,600,000		88,628
Shanghai Youngsun Investment Co. Ltd. Class B		38,400		45,773
Tianjin Capital Environmental Protection Group Co. Ltd. Class H		128,000		56,392

				884,661
FOOD — 3.87%
Ausnutria Dairy Corp. Ltd.^b,c		81,000		3,809
Beijing Jingkelong Co. Ltd. Class H		64,000		21,930
Changshouhua Food Co. Ltd.		96,000		68,388
China Foods Ltd.		320,000		160,767
China Modern Dairy Holdings Ltd.^b		672,000		228,536
China Starch Holdings Ltd.		720,000		20,498


Security	Shares		Value

China Yurun Food Group Ltd.^b		496,000	$	341,835
Daqing Dairy Holdings Ltd.^a,b,c		108,000		5,843
Labixiaoxin Snacks Group Ltd.^a		128,000		71,892
Lianhua Supermarket Holdings Co. Ltd. Class H		128,000		77,992
Shanghai Dajiang Group Stock Co. Ltd. Class B^b		113,600		36,579
Shenguan Holdings Group Ltd.		416,000		215,963
Yashili International Holdings Ltd.		320,000		155,820

				1,409,852
FOREST PRODUCTS & PAPER — 0.70%
China Forestry Holdings Co.^a,b,c		306,000		—
Qunxing Paper Holdings Co. Ltd.^c		148,000		10,391
Shandong Chenming Paper Holdings Ltd. Class B		201,623		104,671
Shandong Chenming Paper Holdings Ltd. Class H		112,000		45,303
Superb Summit International Group Ltd.^b		1,085,000		46,124
Youyuan International Holdings Ltd.		144,200		48,297

				254,786
GAS — 1.04%
Binhai Investment Co. Ltd.^b		640,000		34,215
Towngas China Co. Ltd.^a		336,000		345,401

				379,616
HAND & MACHINE TOOLS — 0.14%
Chongqing Machinery & Electric Co. Ltd. Class H		384,000		51,940

				51,940
HEALTH CARE — PRODUCTS — 1.56%
China Medical System Holdings Ltd.		352,300		353,988
Golden Meditech Holdings Ltd.^a		448,000		59,443
Lifetech Scientific Corp.^b		32,000		25,352
Microport Scientific Corp.^a		160,000		128,201

				566,984
HOLDING COMPANIES — DIVERSIFIED — 0.90%
C C Land Holdings Ltd.		480,000		145,927
China Merchants China Direct Investments Ltd.		32,000		48,972
CITIC Resources Holdings Ltd.^b		1,024,200		133,256

				328,155


Security	Shares		Value

HOME BUILDERS — 0.28%
Baoye Group Co. Ltd. Class H		128,000	$	101,407

				101,407
HOME FURNISHINGS — 2.58%
Chigo Holding Ltd.^b		1,344,000		36,012
Hefei Meiling Co. Ltd. Class B		53,436		27,053
Hisense Kelon Electrical Holdings Co. Ltd. Class H^b		160,000		98,109
Konka Group Co. Ltd. Class B		116,800		41,527
Skyworth Digital Holdings Ltd.^a		672,000		454,475
TCL Multimedia Technology Holdings Ltd.		160,000		134,384
Tsann Kuen China Enterprise Co. Ltd. Class B^b		25,760		16,658
Welling Holding Ltd.		353,600		76,980
Wuxi Little Swan Co. Ltd. Class B		48,000		55,094

				940,292
HOUSEWARES — 0.11%
Bolina Holding Co. Ltd.		96,000		39,202

				39,202
INTERNET — 0.13%
Pacific Online Ltd.		128,900		47,656

				47,656
IRON & STEEL — 1.61%
Bengang Steel Plates Co. Ltd. Class B		144,000		53,239
China Vanadium Titano-Magnetite Mining Co. Ltd.^b		352,000		68,470
Chongqing Iron & Steel Co. Ltd. Class H^b		192,000		27,701
Newton Resources Ltd.^b		416,000		50,374
Shougang Concord International Enterprises Co. Ltd.^a,b		1,600,000		82,444
Tiangong International Co. Ltd.		416,000		144,154
Xingda International Holdings Ltd.^a		304,000		133,148
Xiwang Special Steel Co. Ltd.		192,000		24,733

				584,263
LEISURE TIME — 1.02%
China Travel International Investment Hong Kong Ltd.		1,024,000		200,505
Huangshan Tourism Development Co. Ltd. Class B		56,000		77,168


Security	Shares		Value

Jinan Qingqi Motorcycle Co. Ltd. Class B^b,c		53,100	$	3,890
Jinshan Development & Construction Co. Ltd. Class B^b		62,400		33,883
Shanghai Jinjiang International Travel Co. Ltd. Class B		22,400		34,966
Zhonglu Co. Ltd. Class B		28,160		21,880

				372,292
LODGING — 0.46%
Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H		448,000		79,641
Shanghai Jinjiang International Hotels Development Co. Ltd. Class B		56,000		86,968

				166,609
MACHINERY — 4.67%
Changchai Co. Ltd. Class B		54,400		34,829
China National Materials Co. Ltd. Class H		384,000		88,051
Dalian Refrigeration Co. Ltd. Class B		25,600		22,425
First Tractor Co. Ltd. Class H^a,b		160,000		114,392
Haitian International Holdings Ltd.		208,000		362,797
Hangzhou Steam Turbine Co. Ltd. Class B		99,224		166,677
Honghua Group Ltd.^a		352,000		174,576
Jingwei Textile Machinery Co. Ltd. Class H		64,000		45,015
Lonking Holdings Ltd.^b		704,000		160,519
Sany Heavy Equipment International Holdings Co. Ltd.^a		336,000		132,447
SGSB Group Co. Ltd. Class B^b		88,000		43,824
Shandong Molong Petroleum Machinery Co. Ltd. Class H		89,600		38,205
Shanghai Automation Instrumentation Co. Ltd. Class B^b		36,800		21,786


Security	Shares		Value

Shanghai Diesel Engine Co. Ltd. Class B		120,045	$	96,516
Shanghai Highly Group Co. Ltd. Class B		102,400		62,873
Shanghai Mechanical and Electrical Industry Co. Ltd. Class B		75,200		78,809
Shanghai Shibei Hi-Tech Co. Ltd. Class B^b		84,800		55,374

				1,699,115
MANUFACTURING — 1.20%
China Aerospace International Holdings Ltd.		704,000		99,758
Lee & Man Chemical Co. Ltd.		64,000		29,680
Sunny Optical Technology Group Co Ltd.		192,000		275,035
Time Watch Investments Ltd.^b		288,000		31,535

				436,008
MEDIA — 0.72%
Phoenix Satellite Television Holdings Ltd.^a		448,000		181,213
VODone Ltd.^a,b		1,024,000		80,466

				261,679
METAL FABRICATE & HARDWARE — 0.49%
Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd.		128,000		61,504
EVA Precision Industrial Holdings Ltd.		352,000		62,575
Shengli Oil & Gas Pipe Holdings Ltd.^c		408,000		32,323
Wafangdian Bearing Co. Ltd. Class B		27,200		21,724

				178,126
MINING — 3.07%
CGN Mining Co. Ltd.^b		400,000		35,039
China Kingstone Mining Holdings Ltd.^b,c		189,000		3,348
China Precious Metal Resources Holdings Co. Ltd.^a,b		1,344,000		235,462
China Qinfa Group Ltd.		192,000		19,292
China Rare Earth Holdings Ltd.		384,000		63,317
CITIC Dameng Holdings Ltd.		320,000		30,092
Huili Resources Group Ltd.^b		46,000		13,333


Security	Shares		Value

Hunan Nonferrous Metal Corp. Ltd. Class H^a,b		576,000	$	186,984
Inner Mongolia Eerduosi Resourses Co. Ltd. Class B		145,600		145,454
Lingbao Gold Co. Ltd. Class H		96,000		27,825
MMG Ltd.^b		576,000		158,788
North Mining Shares Co. Ltd.^b		3,200,000		154,584
Real Gold Mining Ltd.^a,b,c		126,000		—
Xinjiang Xinxin Mining Industry Co. Ltd. Class H^a,b		256,000		45,509

				1,119,027
OIL & GAS — 0.66%
MIE Holdings Corp.^a		320,000		75,849
Sino Oil And Gas Holdings Ltd.^a,b		3,520,000		83,887
Yanchang Petroleum International Ltd.^b		1,440,000		80,693

				240,429
OIL & GAS SERVICES — 3.24%
Anhui Tianda Oil Pipe Co. Ltd. Class H		96,000		19,416
Anton Oilfield Services Group^a		352,000		303,808
CIMC Enric Holdings Ltd.		192,000		261,184
Hilong Holding Ltd.^a		240,000		152,110
Shenzhen Chiwan Petroleum Supply Base Co. Class B		22,400		42,418
Sinopec Kantons Holdings Ltd.^a		384,000		399,196

				1,178,132
PACKAGING & CONTAINERS — 0.84%
CPMC Holdings Ltd.^a		144,000		111,300
Greatview Aseptic Packaging Co. Ltd.^a		224,000		140,815
Overseas Chinese Town Asia Holdings Ltd.		96,000		53,177

				305,292
PHARMACEUTICALS — 4.63%
China National Accord Medicines Corp. Ltd. Class B		19,200		72,122
China Pharmaceutical Group Ltd.^a		416,000		216,499
China Shineway Pharmaceutical Group Ltd.^a		128,000		246,014
Dawnrays Pharmaceutical Holdings Ltd.		128,000		45,509


Security	Shares		Value

Extrawell Pharmaceutical Holdings Ltd.^b		640,000	$	56,062
Hua Han Bio-Pharmaceutical Holdings Ltd. Class H^a		533,056		155,876
Lijun International Pharmaceutical (Holding) Co. Ltd.^a		544,000		175,195
Livzon Pharmaceutical Group Inc. Class B		24,000		120,575
Real Nutriceutical Group Ltd.^a		256,000		82,445
Shandong Luoxin Pharmacy Stock Co. Ltd. Class H		64,000		78,322
Tong Ren Tang Technologies Co. Ltd. Class H		96,000		302,984
Winteam Pharmaceutical Group Ltd.^a		224,000		132,736

				1,684,339
PIPELINES — 1.06%
China Oil and Gas Group Ltd.^a		1,600,000		298,861
China Tian Lun Gas Holdings Ltd.^b		96,000		86,196

				385,057
REAL ESTATE — 12.89%
Beijing Capital Land Ltd. Class H		384,000		170,660
Beijing North Star Co. Ltd. Class H		256,000		63,317
Beijing Properties Holdings Ltd.^b		672,000		51,940
Central China Real Estate Ltd.		224,038		70,708
China Aoyuan Property Group Ltd.		416,000		76,096
China Properties Group Ltd.^a,b		208,000		56,804
China SCE Property Holdings Ltd.^a,b		368,000		88,648
China South City Holdings Ltd.^a		640,000		145,102
CIFI Holdings Group Co. Ltd.		736,000		134,632
Fantasia Holdings Group Co. Ltd.		744,000		126,511
Future Land Development Holdings Ltd.		608,000		99,469
Gemdale Properties and Investment Corp. Ltd.^b		704,000		102,478
Glorious Property Holdings Ltd.^b		992,000		150,791
Golden Wheel Tiandi Holdings Co. Ltd.		192,000		32,401
Greattown Holdings Ltd. Class B^b		56,819		26,193
Henderson Investment Ltd.		384,000		30,175
HKC (Holdings) Ltd.^a		1,792,000		60,020
Hopson Development Holdings Ltd.^b		224,000		387,819


Security	Shares		Value

Hutchison Harbour Ring Ltd.		608,000	$	47,777
Jiangsu Future Land Co. Ltd. Class B		233,600		185,946
Jinchuan Group International Resources Co. Ltd.^a,b		384,000		74,200
Kaisa Group Holdings Ltd.^a,b		608,000		173,092
KWG Property Holdings Ltd.^a		424,000		280,744
Lai Fung Holdings Ltd.		1,904,000		44,149
Minmetals Land Ltd.^a		416,000		68,594
Powerlong Real Estate Holdings Ltd.		416,000		88,958
Renhe Commercial Holdings Co. Ltd.^a,b		4,288,000		273,427
Road King Infrastructure Ltd.		96,000		88,669
Shanghai Dingli Technology Development Group Co. Ltd. Class B^b		43,200		30,154
Shanghai Industrial Urban Development Group Ltd.^a,b		544,000		127,542
Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B		94,400		94,117
Shanghai Lingyun Industries Development Co. Ltd. Class B^b		67,200		40,051
Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd. Class B		72,000		84,816
Shenzhen Investment Ltd.^a		800,000		339,053
Sinolink Worldwide Holdings Ltd.^b		736,000		73,005
SPG Land Holdings Ltd.^b		112,000		136,631
SRE Group Ltd.^b		1,184,286		44,242
Sunac China Holdings Ltd.^a		544,000		391,735
Yuzhou Properties Co.		307,440		72,080
Zall Development Group Ltd.		176,000		59,174

				4,691,920
REAL ESTATE INVESTMENT TRUSTS — 0.66%
Yuexiu Real Estate Investment Trust		432,000		241,521

				241,521
RETAIL — 6.29%
361 Degrees International Ltd.^a		256,000		64,307
Ajisen (China) Holdings Ltd.^a		192,000		145,185
Boshiwa International Holding Ltd.^b,c		153,000		8,278


Security	Shares		Value

Century Ginwa Retail Holdings Ltd.		171,000	$	40,752
China Dongxiang (Group) Co. Ltd.^a		1,008,000		190,880
China Flooring Holding Co. Ltd.		144,000		28,010
China Yongda Automobiles Services Holdings Ltd.^a		128,000		121,523
China ZhengTong Auto Services Holdings Ltd.^b		320,000		179,317
Embry Holdings Ltd.		48,000		29,123
Evergreen International Holdings Ltd.		112,000		21,786
FIYTA Holdings Ltd. Class B		30,400		27,256
Hengdeli Holdings Ltd.^a		704,000		193,167
Lao Feng Xiang Co. Ltd. Class B		75,280		166,218
Le Saunda Holdings Ltd.^a		128,000		41,222
Li Ning Co. Ltd.^a,b		408,000		278,034
Maoye International Holdings Ltd.		480,000		92,750
New World Department Store China Ltd.^a		176,000		97,264
PCD Stores (Group) Ltd.^a		928,000		139,867
Ports Design Ltd.^a		128,000		105,364
Pou Sheng International Holdings Ltd.^b		656,000		32,535
Sparkle Roll Group Ltd.^a		640,000		51,116
Viva China Holdings Ltd.^b		517,600		31,005
Xiao Nan Guo Restaurants Holdings Ltd.		192,000		31,164
Xinhua Winshare Publishing and Media Co. Ltd. Class H		144,000		73,272
XTEP International Holdings Ltd.^a		232,000		101,314

				2,290,709
SEMICONDUCTORS — 2.81%
China Ruifeng Galaxy Renewable Energy Holdings Ltd.^b		256,000		52,435
Hanergy Solar Group Ltd.^a,b		4,000,000		262,792
Honbridge Holdings Ltd.^a,b		576,000		91,266
Semiconductor Manufacturing International Corp.^a,b		7,296,000		592,116
Solargiga Energy Holdings Ltd.^b		480,000		24,115

				1,022,724
SHIPBUILDING — 0.73%
China Rongsheng Heavy Industries Group Holdings Ltd.^a,^b		1,160,000		203,226
Guangzhou Shipyard International Co. Ltd. Class H^b		64,800		60,853

				264,079


Security	Shares		Value

SOFTWARE — 3.05%
China ITS Holdings Co. Ltd.^b		192,000	$	51,940
Chinasoft International Ltd.^a,b		320,000		90,689
Kingdee International Software Group Co. Ltd.^a,b		641,200		141,244
Kingsoft Corp. Ltd.^a		224,000		376,854
NetDragon Websoft Inc.		64,000		148,400
Shanghai Baosight Software Co. Ltd. Class B		40,090		59,373
Travelsky Technology Ltd. Class H		336,500		242,748

				1,111,248
TELECOMMUNICATIONS — 2.39%
BYD Electronic International Co. Ltd.		296,000		187,221
China All Access Holdings Ltd.^a		256,000		85,413
China Energine International Holdings Ltd.^b		544,000		33,988
China Wireless Technologies Ltd.		512,000		234,142
Comba Telecom Systems Holdings Ltd.^a,b		304,000		110,043
Eastern Communications Co. Ltd. Class B		96,000		48,768
Nanjing Panda Electronics Co. Ltd. Class H		64,000		27,701
O-Net Communications Group Ltd.		96,000		17,684
Shanghai Potevio Co. Ltd. Class B		35,200		21,824
TCL Communication Technology Holdings Ltd.		192,000		103,880

				870,664
TEXTILES — 0.60%
China Taifeng Beddings Holdings Ltd.		96,000		22,383
Shanghai Haixin Group Co. Ltd. Class B^b		148,800		83,923
Sijia Group Co. Ltd.^b,c		96,000		12,707
Weiqiao Textile Co. Ltd. Class H		152,000		98,882

				217,895
TRANSPORTATION — 1.67%
Cosco International Holdings Ltd.		256,000		106,189
Dazhong Transportation Group Co. Ltd. Class B		192,000		126,528
Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B		51,200		42,701


Security	Shares		Value

Sinotrans Ltd. Class H		560,000	$	113,258
Sinotrans Shipping Ltd.^a		488,000		123,213
Tianjin Port Development Holdings Ltd.^a		672,000		97,820

				609,709

TOTAL COMMON STOCKS
(Cost: $36,342,423)				36,074,533

SHORT-TERM INVESTMENTS — 31.01%

MONEY MARKET FUNDS — 31.01%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^d,e,f		10,498,263		10,498,263
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^d,e,f		765,826		765,826
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^d,e		20,270		20,270

				11,284,359

TOTAL SHORT-TERM INVESTMENTS
(Cost: $11,284,359)				11,284,359


TOTAL INVESTMENTS IN SECURITIES — 130.13%
(Cost: $47,626,782)				47,358,892
Other Assets, Less Liabilities — (30.13)%				(10,965,808	)

NET ASSETS — 100.00%			$	36,393,084

^a	All or a portion of this security represents a security on loan. See Note 3.

^b	Non-income earning security.

^c	Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^d	Affiliated issuer. See Note 2.

^e	The rate quoted is the annualized seven-day yield of the fund at period end.

^f	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.74%

AGRICULTURE — 0.87%
United International Enterprises Ltd.		186	$	31,328

				31,328
APPAREL — 0.90%
IC Companys A/S		1,394		32,227

				32,227
BANKS — 11.86%
Danske Bank A/S^a		14,414		284,119
Jyske Bank A/S Registered^a,b		2,078		82,498
Sydbank A/S^a		2,678		59,862

				426,479
BEVERAGES — 7.50%
Carlsberg A/S Class B		2,356		224,418
Royal Unibrew A/S		500		45,454

				269,872
BIOTECHNOLOGY — 7.05%
Bavarian Nordic A/S^a		2,690		32,497
Genmab A/S^a		1,724		61,731
Novozymes A/S Class B		4,604		159,174

				253,402
BUILDING MATERIALS — 1.43%
Rockwool International A/S Class B		378		51,578

				51,578
CHEMICALS — 1.14%
Auriga Industries A/S Class B^a		1,392		41,133

				41,133
ELECTRICAL COMPONENTS & EQUIPMENT — 3.33%
Solar Holdings A/S Class B		446		21,900
Vestas Wind Systems A/S^a,b		6,620		97,694

				119,594
FOOD — 3.02%
Christian Hansen Holding A/S		2,620		93,405
East Asiatic Co. Ltd. A/S^a,b		914		15,331

				108,736
HEALTH CARE — PRODUCTS — 6.14%
Coloplast A/S Class B		2,840		161,918
William Demant Holding A/S^a		742		59,070

				220,988


Security	Shares		Value

HOLDING COMPANIES — DIVERSIFIED — 0.99%
Schouw & Co. A/S		1,156	$	35,767

				35,767
HOME FURNISHINGS — 0.56%
Bang & Olufsen A/S Class B^a		2,052		19,974

				19,974
INSURANCE — 5.39%
Alm. Brand A/S^a		9,712		32,413
Topdanmark A/S^a		3,508		89,452
TrygVesta A/S		856		71,955

				193,820
MACHINERY — 1.97%
FLSmidth & Co. A/S^b		1,412		70,882

				70,882
MANUFACTURING — 1.24%
NKT Holding A/S		1,102		44,708

				44,708
PHARMACEUTICALS — 22.45%
ALK-Abello A/S		422		29,671
Novo Nordisk A/S Class B		4,810		772,955
Zealand Pharma A/S^a		400		4,971

				807,597
RETAIL — 2.29%
Pandora A/S		2,368		82,322

				82,322
SOFTWARE — 1.62%
SimCorp A/S		190		58,291

				58,291
TELECOMMUNICATIONS — 6.43%
GN Store Nord A/S		5,314		101,882
TDC A/S		16,516		129,474

				231,356
TRANSPORTATION — 13.56%
A.P. Moeller-Maersk A/S Class A		14		95,977
A.P. Moeller-Maersk A/S Class B		28		200,714
D/S Norden A/S		1,266		40,798
DFDS A/S		468		26,845
DSV A/S		5,140		123,563

				487,897


Security	Shares		Value

TOTAL COMMON STOCKS
(Cost: $3,356,463)			$	3,587,951

SHORT-TERM INVESTMENTS — 7.03%

MONEY MARKET FUNDS — 7.03%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^c,d,e		234,910		234,910
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^c,d,e		17,136		17,136
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^c,d		943		943

				252,989

TOTAL SHORT-TERM INVESTMENTS
(Cost: $252,989)				252,989


TOTAL INVESTMENTS IN SECURITIES — 106.77%
(Cost: $3,609,452)				3,840,940
Other Assets, Less Liabilities — (6.77)%				(243,658	)

NET ASSETS — 100.00%			$	3,597,282

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 3.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 70.31%

BRAZIL — 29.24%
ALL — America Latina Logistica SA		8,700	$	43,448
Anhanguera Educacional Participacoes SA		7,200		45,343
Arteris SA		2,100		20,532
Banco Bradesco SA		10,830		181,300
Banco do Brasil SA		9,900		117,915
Banco Santander (Brasil) SA Units		15,600		111,410
BB Seguridade Participacoes SA^a		11,100		96,137
BM&F Bovespa SA		33,300		219,392
BR Malls Participacoes SA		7,800		80,467
BR Properties SA		3,600		35,467
BRF — Brasil Foods SA		12,000		280,903
CCR SA		16,200		148,436
Centrais Eletricas Brasileiras SA		2,400		6,370
CETIP SA — Mercados Organizados		3,900		42,520
Cielo SA		6,664		171,869
Companhia de Bebidas das Americas		2,700		103,883
Companhia de Saneamento Basico do Estado de Sao Paulo		6,300		79,409
Companhia de Saneamento de Minas Gerais SA		900		18,780
Companhia Hering SA		2,700		48,732
Companhia Siderurgica Nacional SA		13,800		42,774
Cosan SA Industria e Comercio		2,100		46,578
CPFL Energia SA		4,800		50,666
Cyrela Brazil Realty SA Empreendimentos e Participacoes		5,100		40,656
Duratex SA		5,440		37,754
EcoRodovias Infraestrutura e Logistica SA		3,600		28,614
EDP Energias do Brasil SA		5,400		32,032
Embraer SA		10,500		96,209
Fibria Celulose SA^a		4,800		52,894
Hypermarcas SA		6,300		50,517
JBS SA		12,300		40,374
Kroton Educacional SA		3,300		48,667
Localiza Rent A Car SA		2,520		38,901
Lojas Americanas SA		1,800		13,471
Lojas Renner SA		2,400		83,843
M Dias Branco SA		600		26,450
MPX Energia SA^a		2,700		12,028
MRV Engenharia e Participacoes SA		5,400		16,839


Security	Shares		Value

Multiplan Empreendimentos Imobiliarios SA		1,800	$	47,259
Multiplus SA		900		15,489
Natura Cosmeticos SA		3,300		78,486
Odontoprev SA		5,700		26,862
OGX Petroleo e Gas Participacoes SA^a		17,700		11,454
Petroleo Brasileiro SA		52,200		464,343
Porto Seguro SA		1,800		22,258
Qualicorp SA^a		3,600		32,074
Raia Drogasil SA		3,900		42,026
Souza Cruz SA		7,200		98,147
Sul America SA Units		2,884		18,729
TIM Participacoes SA		15,600		59,619
Totvs SA		2,100		37,174
Tractebel Energia SA		3,300		57,178
Transmissora Alianca de Energia Eletrica SA		2,100		22,846
Ultrapar Participacoes SA		6,000		151,931
Vale SA		24,000		342,688
WEG SA		3,900		51,792

				4,191,935

CHILE — 8.25%
AES Gener SA		55,908		38,194
Aguas Andinas SA Series A		50,142		37,175
Banco de Chile		328,436		49,178
Banco de Credito e Inversiones		561		33,939
Banco Santander (Chile) SA		1,077,867		66,261
CAP SA		1,419		35,316
Cencosud SA		20,544		108,981
Colbun SA		165,945		47,152
Compania Cervecerias Unidas SA		2,406		32,305
CorpBanca SA		2,284,425		27,185
E.CL SA		10,749		19,956
Empresa Nacional de Electricidad SA		59,880		96,084
Empresa Nacional de Telecomunicaciones SA		2,364		43,547
Empresas CMPC SA		21,702		71,455
Empresas Copec SA		7,662		102,183
Enersis SA		357,453		120,979
LATAM Airlines Group SA		4,932		88,521
S.A.C.I. Falabella SA		12,993		149,349
Vina Concha y Toro SA		7,419		14,763

				1,182,523


Security	Shares		Value

COLOMBIA — 4.57%
Bancolombia SA SP ADR		5,838	$	338,020
Ecopetrol SA SP ADR		7,335		317,972

				655,992
MEXICO — 25.74%
Alfa SAB de CV Series A		51,600		121,292
America Movil SAB de CV Series L		693,000		694,045
Arca Continental SAB de CV		6,600		51,933
Cemex SAB de CV CPO^a		204,046		237,432
Coca-Cola FEMSA SAB de CV Series L		8,100		117,933
Compartamos SAB de CV		21,600		34,848
Controladora Comercial Mexicana SAB de CV BC Units		5,700		20,969
El Puerto de Liverpool SA de CV Series C1		3,900		45,652
Fibra Uno Administracion SA de CV		22,868		79,063
Fomento Economico Mexicano SAB de CV BD Units		36,000		390,789
Genomma Lab Internacional SAB de CV Series B^a		13,200		27,942
Grupo Aeroportuario del Pacifico SAB de CV Series B		6,300		33,296
Grupo Aeroportuario del Sureste SAB de CV Series B		3,900		46,290
Grupo Bimbo SAB de CV Series A		31,200		91,990
Grupo Carso SAB de CV Series A1		10,800		56,506
Grupo Comercial Chedraui SA de CV		6,300		23,367
Grupo Financiero Banorte SAB de CV Series O		33,000		210,258
Grupo Financiero Inbursa SAB de CV Series O		35,400		80,894
Grupo Financiero Santander Mexico SAB de CV Series B		31,454		101,025
Grupo Mexico SAB de CV Series B		66,300		218,629
Grupo Modelo SAB de CV Series C		11,700		105,194
Grupo Televisa SAB de CV CPO		47,400		247,000
Industrias CH SAB de CV Series B^a		3,000		21,352
Industrias Penoles SAB de CV		2,430		91,907
Kimberly-Clark de Mexico SAB de CV Series A		29,400		100,111
Mexichem SAB de CV		18,968		86,867
Minera Frisco SAB de CV Series A1^a		11,400		42,168
OHL Mexico SAB de CV^a		9,000		24,207
Wal-Mart de Mexico SAB de CV Series V		97,800		287,516

				3,690,475


Security	Shares		Value

PERU — 2.51%
Compania de Minas Buenaventura SA SP ADR		3,543	$	63,597
Credicorp Ltd.		1,422		195,695
Southern Copper Corp.		3,246		101,113

				360,405

TOTAL COMMON STOCKS
(Cost: $10,649,304)				10,081,330

PREFERRED STOCKS — 29.18%

BRAZIL — 28.35%
AES Tiete SA		2,100		22,895
Banco Bradesco SA		38,440		618,811
Banco do Estado do Rio Grande do Sul SA Class B		3,300		26,013
Bradespar SA		4,200		43,447
Braskem SA Class A		3,000		23,507
Centrais Eletricas Brasileiras SA Class B		5,100		23,939
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A		2,200		107,073
Companhia de Bebidas das Americas		12,900		495,723
Companhia Energetica de Minas Gerais		9,847		99,964
Companhia Energetica de Sao Paulo Class B		3,000		29,514
Companhia Paranaense de Energia Class B		1,800		27,727
Gerdau SA		15,900		97,299
Itau Unibanco Holding SA		45,040		684,296
Itausa — Investimentos Itau SA		47,927		211,705
Klabin SA		8,700		52,913
Lojas Americanas SA		8,412		68,044
Marcopolo SA		3,900		25,420
Metalurgica Gerdau SA		5,100		39,699
Oi SA		12,961		24,128
Petroleo Brasileiro SA		76,500		719,245
Suzano Papel e Celulose SA Class A		4,500		16,333
Telefonica Brasil SA		5,400		133,446
Usinas Siderurgicas de Minas Gerais SA Class A		6,300		26,292
Vale SA Class A		33,300		447,373

				4,064,806


Security	Shares		Value

CHILE — 0.83%
Embotelladora Andina SA Class B		5,958	$	37,905
Sociedad Quimica y Minera de Chile SA Series B		1,722		80,400

				118,305

TOTAL PREFERRED STOCKS
(Cost: $4,812,946)				4,183,111

RIGHTS — 0.01%

BRAZIL — 0.01%
CETIP SA — Mercados Organizados^a		2		—
Itausa — Investimentos Itau SA^a		1,244		1,581

				1,581
CHILE — 0.00%
Empresas CMPC SA^a		1,521		500

				500

TOTAL RIGHTS				2,081
(Cost: $0)

SHORT-TERM INVESTMENTS — 0.13%

MONEY MARKET FUNDS — 0.13%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^b,c		18,194		18,194

				18,194

TOTAL SHORT-TERM INVESTMENTS
(Cost: $18,194)				18,194


TOTAL INVESTMENTS IN SECURITIES — 99.63%
(Cost: $15,480,444)				14,284,716
Other Assets, Less Liabilities — 0.37%				52,960

NET ASSETS — 100.00%			$	14,337,676

CPO — Certificates of Participation (Ordinary)

SP ADR — Sponsored American Depositary Receipts

^a	Non-income earning security.

^b	Affiliated issuer. See Note 2.

^c	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.93%

AUTO PARTS & EQUIPMENT — 4.40%
Nokian Renkaat OYJ		4,359	$	183,093

				183,093
BANKS — 2.24%
Pohjola Bank PLC Class A		5,685		93,055

				93,055
CHEMICALS — 1.64%
Kemira OYJ		4,359		68,074

				68,074
COMMERCIAL SERVICES — 1.77%
Cramo OYJ		1,767		21,595
Poyry OYJ^a		3,318		18,104
Ramirent OYJ		3,534		33,984

				73,683
COMPUTERS — 1.81%
F-Secure OYJ		7,656		18,455
Tieto OYJ		2,757		56,812

				75,267
ELECTRIC — 5.71%
Fortum OYJ		12,648		237,681

				237,681
ENGINEERING & CONSTRUCTION — 2.11%
YIT OYJ		4,494		87,888

				87,888
FOOD — 2.65%
Atria PLC		1,656		13,478
HKScan OYJ Class A		3,081		15,652
Kesko OYJ Class B		2,667		80,915

				110,045
FOREST PRODUCTS & PAPER — 9.12%
Metsa Board OYJ Class B		9,471		31,791
Stora Enso OYJ Class R		21,588		157,796
UPM-Kymmene OYJ		17,601		189,787

				379,374
HAND & MACHINE TOOLS — 1.70%
Konecranes OYJ		2,034		70,567

				70,567
INSURANCE — 13.34%
Sampo OYJ Class A		13,599		554,989

				554,989


Security	Shares		Value

IRON & STEEL — 1.53%
Outokumpu OYJ^a,b		47,511	$	32,942
Rautaruukki OYJ		4,656		30,895

				63,837
LEISURE TIME — 2.16%
Amer Sports OYJ Class A		4,905		90,077

				90,077
MACHINERY — 17.16%
Kone OYJ Class B		4,920		434,546
Metso OYJ		4,827		186,423
Outotec OYJ^b		6,873		92,726

				713,695
MANUFACTURING — 6.66%
Uponor OYJ		2,682		41,919
Wartsila OYJ Abp		5,010		235,045

				276,964
MEDIA — 0.85%
Sanoma OYJ		4,206		35,213

				35,213
MINING — 0.49%
Talvivaara Mining Co. PLC^a		92,460		20,371

				20,371
OIL & GAS — 1.89%
Neste Oil OYJ		5,364		78,485

				78,485
PACKAGING & CONTAINERS — 1.68%
Huhtamaki OYJ		3,678		69,832

				69,832
PHARMACEUTICALS — 3.30%
Biotie Therapies OYJ^a		33,738		17,053
Oriola-KD OYJ Class B		7,296		22,126
Orion OYJ Class B		3,972		98,115

				137,294
REAL ESTATE — 2.92%
Citycon OYJ		12,933		41,065
Sponda OYJ		10,743		55,692
Technopolis OYJ		4,119		24,662

				121,419
RETAIL — 0.70%
Stockmann OYJ Abp Class B		1,914		29,097

				29,097


Security	Shares		Value

TELECOMMUNICATIONS — 12.89%
Elisa OYJ		5,724	$	108,975
Nokia OYJ^a,b		117,618		402,728
PKC Group OYJ		990		24,454

				536,157
TRANSPORTATION — 1.21%
Cargotec Corp. OYJ Class B^b		1,647		50,353

				50,353

TOTAL COMMON STOCKS
(Cost: $4,159,100)				4,156,510

SHORT-TERM INVESTMENTS — 7.58%

MONEY MARKET FUNDS — 7.58%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^c,d,e		291,385		291,385
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^c,d,e		21,256		21,256
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^c,d		2,766		2,766

				315,407

TOTAL SHORT-TERM INVESTMENTS
(Cost: $315,407)				315,407


TOTAL INVESTMENTS IN SECURITIES — 107.51%
(Cost: $4,474,507)				4,471,917
Other Assets, Less Liabilities — (7.51)%				(312,527	)

NET ASSETS — 100.00%			$	4,159,390

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 3.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 95.74%

ADVERTISING — 0.24%
Stroer Out-Of-Home Media AG^a,b		2,166	$	24,206

				24,206
AEROSPACE & DEFENSE — 5.44%
MTU Aero Engines Holding AG		5,430		547,852
OHB AG		546		11,598

				559,450
AGRICULTURE — 0.84%
KWS Saat AG		243		86,605

				86,605
AIRLINES — 0.12%
Air Berlin PLC^a,b		4,584		11,882

				11,882
APPAREL — 1.09%
Gerry Weber International AG		2,628		112,360

				112,360
AUTO PARTS & EQUIPMENT — 3.20%
ElringKlinger AG		3,330		119,328
Grammer AG		1,125		39,060
NORMA Group AG		3,318		126,854
SAF-Holland SA^a		4,422		44,621

				329,863
BANKS — 1.55%
Aareal Bank AG^a		5,013		124,512
Comdirect Bank AG		3,654		35,039

				159,551
BIOTECHNOLOGY — 1.03%
MorphoSys AG^a		2,190		105,852

				105,852
BUILDING MATERIALS — 0.44%
Bauer AG		993		27,643
CENTROTEC Sustainable AG		966		18,028

				45,671
CHEMICALS — 7.19%
H&R AG		1,410		17,166
SGL Carbon SE^b		3,354		123,905
Symrise AG		11,706		478,113
Wacker Chemie AG^b		1,629		120,422

				739,606


Security	Shares		Value

COMMERCIAL SERVICES — 5.37%
Amadeus Fire AG		516	$	33,965
Bertrandt AG		525		56,793
Evotec AG^a,b		9,276		33,673
Hamburger Hafen und Logistik AG		2,670		65,019
R Stahl AG		288		13,623
Sixt AG		1,302		29,192
Wirecard AG		11,130		320,945

				553,210
COMPUTERS — 2.45%
Bechtle AG		1,542		76,150
Wincor Nixdorf AG		3,108		176,465

				252,615
DIVERSIFIED FINANCIAL SERVICES — 1.01%
Aurelius AG		1,776		43,963
Deutsche Beteiligungs AG		996		24,235
MLP AG		5,238		35,775

				103,973
ELECTRICAL COMPONENTS & EQUIPMENT — 2.49%
LEONI AG		3,408		172,343
SMA Solar Technology AG		1,074		35,723
Vossloh AG		486		48,587

				256,653
ENERGY — ALTERNATE SOURCES — 0.61%
CropEnergies AG		2,436		18,563
Nordex SE^a		5,667		43,773

				62,336
ENGINEERING & CONSTRUCTION — 4.65%
Bilfinger Berger SE		4,560		478,690

				478,690
ENTERTAINMENT — 0.58%
Borussia Dortmund GmbH & Co. KGaA		5,700		23,122
Tipp24 SE^a		606		37,066

				60,188
HAND & MACHINE TOOLS — 2.37%
Gildemeister AG		5,037		116,752
KUKA AG^a		2,661		126,738

				243,490
HEALTH CARE — PRODUCTS — 1.69%
Carl Zeiss Meditec AG Bearer		3,390		108,276
Draegerwerk AG & Co. KGaA		324		36,666
STRATEC Biomedical AG		612		28,681

				173,623


Security	Shares		Value

HEALTH CARE — SERVICES — 2.26%
Rhoen Klinikum AG		10,824	$	232,723

				232,723
HOLDING COMPANIES — DIVERSIFIED — 0.17%
KHD Humboldt Wedag International AG		3,114		17,959

				17,959
HOME FURNISHINGS — 1.09%
Rational AG		354		112,219

				112,219
INTERNET — 0.27%
XING AG		204		12,294
zooplus AG^a,b		285		15,458

				27,752
IRON & STEEL — 1.51%
Salzgitter AG		4,080		155,246

				155,246
LEISURE TIME — 2.69%
CTS Eventim AG		2,256		98,531
TUI AG^a		14,496		177,874

				276,405
MACHINERY — 7.18%
DEUTZ AG^a		8,739		56,810
Duerr AG		2,520		164,309
Heidelberger Druckmaschinen AG^a,b		23,046		57,525
Homag Group AG		726		13,798
Krones AG		1,326		96,614
Pfeiffer Vacuum Technology AG		984		105,681
Rheinmetall AG		4,128		207,576
Wacker Neuson SE		2,562		37,171

				739,484
MANUFACTURING — 1.82%
Balda AG		4,536		26,142
Gesco AG		312		31,418
Indus Holding AG		2,214		76,081
Jenoptik AG		4,422		53,894

				187,535
MEDIA — 2.99%
Sky Deutschland AG^a		45,804		307,436

				307,436


Security	Shares		Value

METAL FABRICATE & HARDWARE — 3.34%
Aurubis AG		3,516	$	211,843
Kloeckner & Co. SE^a,b		10,410		132,458

				344,301
OIL & GAS SERVICES — 0.22%
C.A.T. oil AG		1,554		22,154

				22,154
PACKAGING & CONTAINERS — 1.91%
Gerresheimer AG		3,276		196,533

				196,533
PHARMACEUTICALS — 2.64%
Stada Arzneimittel AG		6,192		271,721

				271,721
REAL ESTATE — 12.15%
Colonia Real Estate AG^a		1,428		9,004
Deutsche EuroShop AG		4,788		207,255
Deutsche Wohnen AG Bearer		16,782		314,171
DIC Asset AG		2,451		26,721
GAGFAH SA^a		8,616		107,364
GSW Immobilien AG		5,274		206,113
IVG Immobilien AG^a		14,958		7,560
LEG Immobilien AG^a		3,318		188,776
PATRIZIA Immobilien AG^a		2,958		35,092
TAG Immobilien AG		12,972		148,985

				1,251,041
REAL ESTATE INVESTMENT TRUSTS — 1.41%
Alstria Office REIT AG		6,618		79,791
Hamborner REIT AG		4,512		42,512
Prime Office REIT AG		4,260		23,298

				145,601
RETAIL — 1.88%
BayWa AG Registered		1,380		69,769
Cewe Color Holding AG		444		20,140
Delticom AG		564		28,364
Takkt AG		2,046		35,452
Tom Tailor Holding AG		1,752		39,962

				193,687
SEMICONDUCTORS — 3.20%
AIXTRON SE^a		10,110		180,750
Dialog Semiconductor PLC^a,b		6,396		99,512
Kontron AG		4,875		25,512
Suss Microtec AG^a		2,106		23,579

				329,353


Security	Shares		Value

SOFTWARE — 2.78%
Nemetschek AG		492	$	29,497
PSI AG		1,068		21,620
Software AG		6,810		234,633

				285,750
TELECOMMUNICATIONS — 3.67%
ADVA Optical Networking SE^a		3,918		20,651
Drillisch AG		4,818		78,801
Freenet AG		10,686		229,063
Init Innovation in Traffic Systems AG		576		17,976
QSC AG		9,486		30,771

				377,262
TRANSPORTATION — 0.20%
VTG AG		1,104		20,102

				20,102

TOTAL COMMON STOCKS
(Cost: $8,698,203)				9,854,088

PREFERRED STOCKS — 3.63%

BIOTECHNOLOGY — 0.37%
Biotest AG		534		38,202

				38,202
BUILDING MATERIALS — 0.40%
Sto AG		261		41,267

				41,267
COMMERCIAL SERVICES — 0.35%
Sixt AG		1,752		35,660

				35,660
ELECTRONICS — 0.94%
Sartorius AG		936		96,778

				96,778
HEALTH CARE — PRODUCTS — 0.80%
Draegerwerk AG & Co. KGaA		660		82,542

				82,542
MACHINERY — 0.77%
Jungheinrich AG		1,695		79,521

				79,521

TOTAL PREFERRED STOCKS
(Cost: $300,309)				373,970


Security	Shares		Value


SHORT-TERM INVESTMENTS — 5.56%

MONEY MARKET FUNDS — 5.56%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^c,d,e		530,712	$	530,712
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^c,d,e		38,714		38,714
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^c,d		2,720		2,720

				572,146

TOTAL SHORT-TERM INVESTMENTS
(Cost: $572,146)				572,146


TOTAL INVESTMENTS IN SECURITIES — 104.93%
(Cost: $9,570,658)				10,800,204
Other Assets, Less Liabilities — (4.93)%				(507,630	)

NET ASSETS — 100.00%			$	10,292,574

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 3.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.14%

APPAREL — 2.93%
Sitoy Group Holdings Ltd.		28,000	$	12,083
Stella International Holdings Ltd.		58,000		162,880

				174,963
AUTO PARTS & EQUIPMENT — 3.01%
Xinyi Glass Holdings Co. Ltd.^a		208,000		179,791

				179,791
BANKS — 5.71%
Dah Sing Banking Group Ltd.		46,400		57,680
Dah Sing Financial Holdings Ltd.		16,000		71,314
Wing Hang Bank Ltd.		22,000		211,277

				340,271
BEVERAGES — 0.34%
Silver Base Group Holdings Ltd.^a		84,225		20,506

				20,506
BIOTECHNOLOGY — 0.57%
CK Life Sciences International (Holdings) Inc.^a		384,000		34,132

				34,132
BUILDING MATERIALS — 0.40%
Far East Global Group Ltd.^b		64,000		23,662

				23,662
COMMERCIAL SERVICES — 0.42%
Pico Far East Holdings Ltd.		72,000		24,950

				24,950
DISTRIBUTION & WHOLESALE — 0.95%
Pacific Andes International Holdings Ltd.		272,000		12,964
VST Holdings Ltd.		104,400		23,401
YGM Trading Ltd.		8,212		20,417

				56,782
DIVERSIFIED FINANCIAL SERVICES — 1.96%
Get Nice Holdings Ltd.		392,000		17,927
Guotai Junan International Holdings Ltd.		52,000		23,311
Haitong International Securities Group Ltd.		40,000		18,808
Value Partners Group Ltd.		96,000		56,639

				116,685
ELECTRICAL COMPONENTS & EQUIPMENT — 2.21%
Johnson Electric Holdings Ltd.		182,000		119,570
Neo-Neon Holdings Ltd.^b		64,000		12,367

				131,937


Security	Shares		Value

ELECTRONICS — 1.82%
Truly International Holdings Ltd.		168,000	$	108,425

				108,425
ENGINEERING & CONSTRUCTION — 0.73%
SOCAM Development Ltd.		33,000		43,786

				43,786
HAND & MACHINE TOOLS — 7.23%
Techtronic Industries Co. Ltd.^a		166,000		430,888

				430,888
HOLDING COMPANIES — DIVERSIFIED — 4.83%
China Financial International Investments Ltd.^a,b		520,000		26,125
Emperor International Holdings Ltd.		136,000		41,696
Melco International Development Ltd.		100,000		220,024

				287,845
HOME FURNISHINGS — 0.36%
Samson Holding Ltd.		116,000		21,667

				21,667
HOUSEHOLD PRODUCTS & WARES — 0.77%
Goodbaby International Holdings Ltd.		84,000		45,988

				45,988
INTERNET — 0.40%
SUNeVision Holdings Ltd.		88,000		24,032

				24,032
LODGING — 1.39%
Century City International Holdings Ltd.		208,000		16,345
Dorsett Hospitality International Ltd.		72,000		18,272
Emperor Entertainment Hotel Ltd.		60,000		20,946
Regal Hotels International Holdings Ltd.		56,000		27,124

				82,687
MACHINERY — 0.04%
Chen Hsong Holdings Ltd.		8,000		2,659

				2,659
MANUFACTURING — 0.72%
Singamas Container Holdings Ltd.		176,000		42,850

				42,850
MEDIA — 4.88%
Television Broadcasts Ltd.		40,000		290,874

				290,874
MINING — 2.79%
China Daye Non-Ferrous Metals Mining Ltd.^b		640,000		18,797
CST Mining Group Ltd.^b		2,656,000		32,504


Security	Shares		Value

G-Resources Group Ltd.^b		1,956,000	$	79,371
IRC Ltd.^a,b		136,000		16,643
Mongolia Energy Corp. Ltd.^b		492,000		19,014

				166,329
OIL & GAS — 1.26%
Brightoil Petroleum (Holdings) Ltd.^a,b		316,000		60,653
Pearl Oriental Oil Ltd.^b		228,000		14,392

				75,045
PHARMACEUTICALS — 0.41%
United Laboratories International Holdings Ltd. (The)^a,b		64,000		24,239

				24,239
REAL ESTATE — 9.10%
CSI Properties Ltd.		728,000		32,354
Great Eagle Holdings Ltd.		32,000		126,964
HKR International Ltd.		92,800		47,818
K. Wah International Holdings Ltd.		128,000		65,461
Kowloon Development Co. Ltd.		44,000		56,907
Lai Sun Development Co. Ltd.^b		1,208,000		38,748
Midland Holdings Ltd.^a		80,000		34,421
Paliburg Holdings Ltd.		8,000		2,762
Polytec Asset Holdings Ltd.		160,000		20,405
Shun Tak Holdings Ltd.^a		184,000		98,841
Soundwill Holdings Ltd.		8,000		18,096

				542,777
REAL ESTATE INVESTMENT TRUSTS — 4.63%
Champion REIT^a		276,000		130,839
Prosperity REIT		140,000		49,055
Regal REIT^a		124,000		38,976
Sunlight REIT		132,000		57,474

				276,344
RETAIL — 21.90%
Bonjour Holdings Ltd.		152,000		25,259
Cafe de Coral Holdings Ltd.^a		40,000		137,837
Chow Sang Sang Holdings International Ltd.^a		36,000		88,762
Dickson Concepts International Ltd.		28,000		15,943
Emperor Watch & Jewellery Ltd.^a		400,000		40,192
Esprit Holdings Ltd.^a		222,850		341,618
Giordano International Ltd.		144,000		136,528
Glorious Sun Enterprises Ltd.		24,000		6,863
I.T Ltd.		64,000		26,217
Luk Fook Holdings International Ltd.		40,000		104,859


Security	Shares		Value

Man Wah Holdings Ltd.		40,000	$	42,047
Ming Fung Jewellery Group Ltd.^b		360,000		13,217
Newocean Energy Holdings Ltd.		112,000		78,631
Oriental Watch Holdings Ltd.		48,000		16,510
Sa Sa International Holdings Ltd.		120,000		134,178
Stelux Holdings International Ltd.		48,000		17,870
Trinity Ltd.^a		112,000		46,313
Tsui Wah Holdings Ltd.^b		48,000		33,019

				1,305,863
TELECOMMUNICATIONS — 11.48%
Citic Telecom International Holdings Ltd.^a		164,000		51,126
Foxconn International Holdings Ltd.^a,b		272,000		154,522
Hong Kong Television Network Ltd.		52,000		17,885
Hutchison Telecommunications Hong Kong Holdings Ltd.		176,000		95,450
SmarTone Telecommunications Holding Ltd.^a		44,000		76,859
VTech Holdings Ltd.		19,600		288,844

				684,686
TEXTILES — 2.93%
Cecep Costin New Materials Group Ltd.		32,000		13,438
Pacific Textile Holdings Ltd.		60,000		75,669
Texwinca Holdings Ltd.		80,000		85,330

				174,437
TRANSPORTATION — 2.97%
Pacific Basin Shipping Ltd.		212,000		121,801
SITC International Holdings Co. Ltd.^a		144,000		55,465

				177,266

TOTAL COMMON STOCKS
(Cost: $5,418,875)				5,912,366

SHORT-TERM INVESTMENTS — 23.50%

MONEY MARKET FUNDS — 23.50%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^c,d,e		1,303,661		1,303,661
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^c,d,e		95,099		95,099
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^c,d		2,910		2,910

				1,401,670


	Value

TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,401,670)	$	1,401,670


TOTAL INVESTMENTS IN SECURITIES — 122.64%
(Cost: $6,820,545)		7,314,036
Other Assets, Less Liabilities — (22.64)%		(1,350,291	)

NET ASSETS — 100.00%	$	5,963,745

^a	All or a portion of this security represents a security on loan. See Note 3.

^b	Non-income earning security.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.13%

AGRICULTURE — 5.19%
ITC Ltd.		1,385,951	$	8,339,997

				8,339,997
AUTO MANUFACTURERS — 3.71%
Mahindra & Mahindra Ltd.		192,659		3,300,119
Tata Motors Ltd.		480,822		2,666,930

				5,967,049
BANKS — 17.90%
Axis Bank Ltd.		181,864		4,605,923
Bank of Baroda		25,781		297,427
Bank of India		74,549		379,773
Canara Bank Ltd.		58,039		423,335
HDFC Bank Ltd.		966,851		11,990,425
ICICI Bank Ltd.		269,240		5,502,773
Kotak Mahindra Bank Ltd.		182,118		2,524,374
State Bank of India		84,455		3,060,251

				28,784,281
BEVERAGES — 1.79%
United Breweries Ltd.		41,783		566,106
United Spirits Ltd.		54,102		2,312,637

				2,878,743
BUILDING MATERIALS — 1.68%
ACC Ltd.		28,575		616,549
Ambuja Cements Ltd.		413,166		1,333,820
Ultratech Cement Ltd.		22,642		752,916

				2,703,285
CHEMICALS — 0.96%
Asian Paints Ltd.		18,034		1,552,645

				1,552,645
COAL — 1.13%
Coal India Ltd.		316,992		1,822,206

				1,822,206
COMMERCIAL SERVICES — 0.43%
Adani Ports and Special Economic Zone Ltd.		254,199		684,269

				684,269
COMPUTERS — 13.64%
Infosys Ltd.		288,417		12,314,336
Tata Consultancy Services Ltd.		294,767		7,819,662
Wipro Ltd.		310,471		1,800,935

				21,934,933


Security	Shares		Value

COSMETICS & PERSONAL CARE — 0.46%
Dabur India Ltd.		264,795	$	732,950

				732,950
DISTRIBUTION & WHOLESALE — 0.33%
Adani Enterprises Ltd.		143,256		536,909

				536,909
DIVERSIFIED FINANCIAL SERVICES — 12.08%
Housing Development Finance Corp. Ltd.		916,940		14,450,104
Infrastructure Development Finance Co. Ltd.		626,872		1,605,884
LIC Housing Finance Ltd.		178,181		807,232
Power Finance Corp. Ltd.		172,847		560,143
Rural Electrification Corp. Ltd.		192,786		754,625
Shriram Transport Finance Co. Ltd.		86,233		1,245,215

				19,423,203
ELECTRIC — 2.94%
NTPC Ltd.		672,465		1,835,781
Power Grid Corp. of India Ltd.		697,103		1,398,279
Reliance Infrastructure Ltd.		8,342		53,366
Reliance Power Ltd.^a		377,317		459,914
Tata Power Co. Ltd.		617,985		978,098

				4,725,438
ELECTRICAL COMPONENTS & EQUIPMENT — 1.13%
Bharat Heavy Electricals Ltd.		374,650		1,330,195
Siemens Ltd.		46,101		486,025

				1,816,220
ENGINEERING & CONSTRUCTION — 2.49%
Jaiprakash Associates Ltd.		636,651		739,951
Larsen & Toubro Ltd.		131,445		3,259,655

				3,999,606
FOOD — 0.06%
GlaxoSmithKline Consumer Healthcare Ltd.		991		102,032

				102,032
GAS — 0.67%
GAIL (India) Ltd.		199,009		1,078,281

				1,078,281
HEALTH CARE — SERVICES — 0.33%
Apollo Hospitals Enterprise Ltd.		29,912		533,634

				533,634
HOLDING COMPANIES — DIVERSIFIED — 0.24%
Aditya Birla Nuvo Ltd.		20,958		393,150

				393,150


Security	Shares		Value

HOUSEHOLD PRODUCTS & WARES — 4.26%
Godrej Consumer Products Ltd.		75,510	$	1,156,545
Hindustan Unilever Ltd.		542,417		5,689,689

				6,846,234
INSURANCE — 0.25%
Reliance Capital Ltd.		69,342		400,879

				400,879
IRON & STEEL — 1.77%
Jindal Steel & Power Ltd.		239,649		1,206,836
JSW Steel Ltd.		51,308		621,310
Tata Steel Ltd.		196,469		1,014,780

				2,842,926
LEISURE TIME — 1.54%
Bajaj Auto Ltd.		52,705		1,698,671
Hero Motocorp Ltd.		25,403		780,889

				2,479,560
MEDIA — 0.40%
Zee Entertainment Enterprises Ltd.		162,433		650,192

				650,192
MINING — 2.10%
Hindalco Industries Ltd.		672,211		1,218,632
Sesa Goa Ltd.		249,809		724,860
Sterlite Industries (India) Ltd.		861,187		1,427,053

				3,370,545
OIL & GAS — 10.81%
Bharat Petroleum Corp. Ltd.		110,054		734,245
Cairn (India) Ltd.		299,593		1,514,540
Oil & Natural Gas Corp. Ltd.		483,108		2,804,481
Oil India Ltd.		70,686		744,090
Reliance Industries Ltd.		812,038		11,591,506

				17,388,862
PHARMACEUTICALS — 6.06%
Cipla Ltd.		216,662		1,421,335
Divi’s Laboratories Ltd.		25,472		440,850
Dr. Reddy’s Laboratories Ltd.		63,881		2,365,921
Lupin Ltd.		47,752		623,646
Piramal Enterprises Ltd.		44,105		418,094
Ranbaxy Laboratories Ltd.^a		80,427		534,448


Security	Shares		Value

Sun Pharmaceuticals Industries Ltd.		194,945	$	3,603,471
Wockhardt Ltd.^a		15,384		333,173

				9,740,938
REAL ESTATE — 0.58%
DLF Ltd.		263,779		909,229
Unitech Ltd.^a		52,398		21,985

				931,214
RETAIL — 0.44%
Titan Industries Ltd.		135,037		701,781

				701,781
SOFTWARE — 1.57%
HCL Technologies Ltd.		130,810		1,724,951
Satyam Computer Services Ltd.^a		411,607		805,215

				2,530,166
TELECOMMUNICATIONS — 2.19%
Bharti Airtel Ltd.		357,378		1,910,424
Idea Cellular Ltd.^a		420,500		975,596
Reliance Communications Ltd.		335,534		632,040

				3,518,060

TOTAL COMMON STOCKS
(Cost: $155,824,059)				159,410,188


TOTAL INVESTMENTS IN SECURITIES — 99.13%
(Cost: $155,824,059)				159,410,188
Other Assets, Less Liabilities — 0.87%				1,405,484

NET ASSETS — 100.00%			$	160,815,672

^a	Non-income earning security.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.87%

AIRLINES — 0.37%
Jet Airways India Ltd.^a		851	$	7,409
SpiceJet Ltd.^a		7,915		4,666

				12,075
APPAREL — 1.88%
Arvind Ltd.		15,498		22,485
Bata India Ltd.		1,975		28,056
Page Industries Ltd.		153		11,479

				62,020
AUTO MANUFACTURERS — 3.10%
Ashok Leyland Ltd.		126,249		53,083
Eicher Motors Ltd.		751		49,215

				102,298
AUTO PARTS & EQUIPMENT — 2.17%
Amtek India Ltd.		4,616		7,686
Apollo Tyres Ltd.		12,799		20,246
MRF Ltd.		165		43,510

				71,442
BANKS — 10.24%
Andhra Bank		23,132		35,158
Federal Bank Ltd.		14,253		113,638
Jammu & Kashmir Bank Ltd.		2,139		46,321
Karnataka Bank Ltd.		14,338		34,750
Karur Vysya Bank Ltd.		4,864		39,185
Syndicate Bank		5,721		12,979
UCO Bank		24,585		32,970
Vijaya Bank		24,688		22,356

				337,357
BEVERAGES — 3.58%
McLeod Russel India Ltd.		5,285		27,569
Radico Khaitan Ltd.		1,665		3,652
Tata Global Beverages Ltd.		33,638		86,887

				118,108
BIOTECHNOLOGY — 1.26%
Advanta India Ltd.^a		253		3,265
Biocon Ltd.		7,988		38,225

				41,490


Security	Shares		Value

BUILDING MATERIALS — 2.16%
Century Textiles & Industries Ltd.		5,714	$	28,269
India Cements Ltd.		24,393		28,804
Madras Cements Ltd.		3,563		14,032

				71,105
CHEMICALS — 7.32%
Bayer CropScience Ltd.		1,056		26,080
Berger Paints India Ltd.		8,646		34,417
Chambal Fertilizers & Chemicals Ltd.		16,190		12,339
EID Parry India Ltd.		5,320		13,285
Godrej Industries Ltd.		8,619		44,884
Gujarat Fluorochemicals Ltd.		3,279		16,042
Gujarat State Fertilisers & Chemicals Ltd.		22,568		22,674
Rallis India Ltd.		3,594		8,125
United Phosphorus Ltd.		23,139		63,496

				241,342
COMMERCIAL SERVICES — 0.28%
Gujarat Pipavav Port Ltd.^a		11,003		9,253

				9,253
COMPUTERS — 3.10%
CMC Ltd.		433		9,484
HCL Infosystems Ltd.		12,795		7,634
MindTree Ltd.		2,334		33,786
NIIT Technologies Ltd.		2,732		12,832
Redington India Ltd.		28,867		38,482

				102,218
DIVERSIFIED FINANCIAL SERVICES — 14.09%
Bajaj Finance Ltd.		2,202		57,398
Cholamandalam Investment and Finance Co. Ltd.		984		4,854
Dewan Housing Finance Corp. Ltd.		3,903		11,232
Edelweiss Financial Services Ltd.		6,057		3,340
Financial Technologies (India) Ltd.		2,586		37,708
Gruh Finance Ltd.		2,304		9,186
IFCI Ltd.		65,903		29,693
India Infoline Ltd.		11,040		12,118
Indiabulls Housing Finance Ltd.^a		25,444		122,434
Mahindra & Mahindra Financial Services Ltd.		29,370		131,134
Multi Commodity Exchange of India Ltd.		515		7,780
SE Investments Ltd.		2,340		15,927
SREI Infrastructure Finance Ltd.		13,293		6,036
Sundaram Finance Ltd.		1,560		15,477

				464,317


Security	Shares		Value

ELECTRIC — 2.48%
CESC Ltd.		6,720	$	39,313
GVK Power & Infrastructure Ltd.^a		72,294		10,367
Indiabulls Infrastructure and Power Ltd.^a		24,923		1,324
Lanco Infratech Ltd.^a		53,242		8,766
PTC India Ltd.		22,395		22,044

				81,814
ELECTRICAL COMPONENTS & EQUIPMENT — 3.27%
Amara Raja Batteries Ltd.		4,246		20,040
Bajaj Electricals Ltd.		1,028		2,962
Havells India Ltd.		4,918		64,330
Schneider Electric Infrastructure Ltd. New		5,799		7,536
Suzlon Energy Ltd.^a		62,671		13,037

				107,905
ENGINEERING & CONSTRUCTION — 3.88%
GMR Infrastructure Ltd.^a		93,767		34,612
Hindustan Construction Co. Ltd.^a		44,311		10,394
IRB Infrastructure Developers Ltd.		12,123		25,605
NCC Ltd.		13,792		7,643
Punj Lloyd Ltd.		26,200		19,991
Voltas Ltd.		20,085		29,780

				128,025
FOOD — 2.94%
Balrampur Chini Mills Ltd.^a		7,223		6,132
Britannia Industries Ltd.		2,376		30,463
REI Agro Ltd.		79,733		19,762
Ruchi Soya Industries Ltd.		20,153		23,904
Shree Renuka Sugars Ltd.^a		43,889		16,550

				96,811
GAS — 1.41%
Gujarat Gas Co. Ltd.		5,722		23,350
Indraprastha Gas Ltd.		4,730		23,104

				46,454
HOLDING COMPANIES — DIVERSIFIED — 0.59%
Sintex Industries Ltd.		22,985		19,288

				19,288
HOME BUILDERS — 1.35%
Sobha Developers Ltd.		6,415		44,599

				44,599


Security	Shares		Value

HOME FURNISHINGS — 0.75%
TTK Prestige Ltd.		191	$	11,942
Videocon Industries Ltd.		2,313		8,958
Whirlpool of India Ltd.^a		995		3,819

				24,719
HOUSEHOLD PRODUCTS & WARES — 0.17%
Jyothy Laboratories Ltd.		1,553		5,614

				5,614
INSURANCE — 1.91%
MAX India Ltd.		16,618		62,871

				62,871
IRON & STEEL — 0.47%
MOIL Ltd.		865		3,030
Orissa Minerals Development Co. Ltd. New		279		12,337

				15,367
LEISURE TIME — 1.08%
Cox & Kings Ltd.		9,354		19,922
TVS Motor Co. Ltd.		24,752		15,731

				35,653
LODGING — 1.45%
EIH Ltd.		3,843		3,841
Indian Hotels Co. Ltd.		48,315		43,880

				47,721
MACHINERY — 1.43%
Thermax Ltd.		4,576		47,081

				47,081
MANUFACTURING — 1.58%
Jain Irrigation Systems Ltd.		19,694		24,127
Supreme Industries Ltd.		3,624		23,241
VIP Industries Ltd.		4,848		4,871

				52,239
MEDIA — 2.24%
DEN Networks Ltd.^a		2,521		9,564
Hathway Cable & Datacom Ltd.^a		5,850		29,004
Jagran Prakashan Ltd.		10,455		15,955
TV18 Broadcast Ltd.^a		41,803		19,279

				73,802


Security	Shares		Value

METAL FABRICATE & HARDWARE — 3.00%
Bharat Forge Ltd.		12,153	$	50,432
Jindal Saw Ltd.		16,565		21,042
Maharashtra Seamless Ltd.		750		3,051
Tube Investments of India Ltd.		4,605		11,834
Welspun Corp. Ltd.		15,401		12,392

				98,751
MINING — 0.87%
Gujarat Mineral Development Corp. Ltd.		11,649		28,553

				28,553
OIL & GAS — 0.32%
Aban Offshore Ltd.		2,031		10,625

				10,625
PHARMACEUTICALS — 6.68%
Aurobindo Pharma Ltd.		15,001		45,254
Emami Ltd.		5,043		68,300
Ipca Laboratories Ltd.		3,192		33,598
Novartis India Ltd.		339		3,191
Strides Arcolab Ltd.		1,797		27,818
Sun Pharma Advanced Research Co. Ltd.^a		5,303		15,172
Torrent Pharmaceuticals Ltd.		1,341		18,711
Unichem Laboratories Ltd.		2,866		8,278

				220,322
PIPELINES — 0.74%
Gujarat State Petronet Ltd.		23,247		24,406

				24,406
REAL ESTATE — 2.67%
Anant Raj Industries Ltd.		4,970		5,710
Godrej Properties Ltd.		576		5,800
Housing Development & Infrastructure Ltd.^a		26,670		19,783
Indiabulls Real Estate Ltd.		29,706		36,630
Prestige Estates Projects Ltd.		5,481		16,273
Sunteck Realty Ltd.		541		3,849

				88,045
RETAIL — 4.31%
Gitanjali Gems Ltd.		4,064		41,449
Jubilant Foodworks Ltd.^a		2,787		54,423


Security	Shares		Value

Rajesh Exports Ltd.		11,223	$	24,220
Shoppers Stop Ltd.		1,621		10,762
Trent Ltd.		591		11,262

				142,116
SHIPBUILDING — 0.28%
Pipavav Defence & Offshore Engineering Co. Ltd.^a		7,577		9,135

				9,135
SOFTWARE — 2.11%
Hexaware Technologies Ltd.		23,266		33,137
Indian Infotech & Software Ltd.^a		12,252		3,286
KPIT Cummins Infosystems Ltd.		8,941		17,056
Polaris Financial Technology Ltd.		2,415		4,864
Rolta India Ltd.		10,579		11,106

				69,449
TEXTILES — 1.11%
Bombay Dyeing & Manufacturing Co. Ltd. New		11,862		15,551
Raymond Ltd.		4,303		20,884

				36,435
TRANSPORTATION — 1.23%
Gateway Distriparks Ltd.		1,413		3,021
Great Eastern Shipping Co. Ltd. (The)		8,661		37,597

				40,618

TOTAL COMMON STOCKS
(Cost: $3,632,494)				3,291,443

TOTAL INVESTMENTS IN SECURITIES — 99.87%
(Cost: $3,632,494)				3,291,443
Other Assets, Less Liabilities — 0.13%				4,172

NET ASSETS — 100.00%			$	3,295,615

^a	Non-income earning security.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 98.33%

AGRICULTURE — 6.33%
PT Astra Agro Lestari Tbk		1,490,670	$	2,967,643
PT Bisi International Tbk		5,679,500		475,466
PT BW Plantation Tbk		6,136,252		682,850
PT Central Proteinaprima Tbk^a,b		450,000		—
PT Charoen Pokphand Indonesia Tbk		27,934,225		14,116,836
PT Gudang Garam Tbk		1,821,242		9,947,570
PT Japfa Comfeed Indonesia Tbk		18,160,500		3,671,035
PT Malindo Feedmill Tbk		2,888,500		1,098,485
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		11,623,000		2,278,322
PT Sampoerna Agro Tbk		2,504,872		480,772

				35,718,979
AIRLINES — 0.16%
PT Garuda Indonesia (Persero) Tbk^a		17,142,000		927,541

				927,541
AUTO PARTS & EQUIPMENT — 0.45%
PT Gajah Tunggal Tbk		5,936,986		1,954,750
PT Selamat Sempurna Tbk		2,180,500		567,665

				2,522,415
BANKS — 26.50%
PT Bank Bukopin Tbk		12,068,699		1,022,667
PT Bank Central Asia Tbk		47,234,658		49,911,047
PT Bank Danamon Indonesia Tbk		12,700,360		7,455,546
PT Bank Mandiri (Persero) Tbk		35,332,780		34,990,094
PT Bank Negara Indonesia (Persero) Tbk		28,238,558		14,054,412
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk		9,176,836		1,143,006
PT Bank Pembangunan Daerah Jawa Timur Tbk		11,294,500		501,593
PT Bank Rakyat Indonesia (Persero) Tbk		42,024,672		38,184,745
PT Bank Tabungan Negara (Persero) Tbk		15,845,426		2,297,142

				149,560,252
BUILDING MATERIALS — 6.70%
PT Arwana Citramulia Tbk		4,517,000		1,567,922
PT Asahimas Flat Glass Tbk		346,011		261,407


Security	Shares		Value

PT Holcim Indonesia Tbk		5,802,500	$	1,866,041
PT Indocement Tunggal Prakarsa Tbk		5,574,644		13,516,876
PT Semen Gresik (Persero) Tbk		11,228,155		20,633,669

				37,845,915
CHEMICALS — 0.02%
PT Polychem Indonesia Tbk^a		3,679,096		103,293

				103,293
COAL — 3.38%
PT Adaro Energy Tbk		54,487,839		5,173,424
PT Bukit Asam (Persero) Tbk		3,054,050		3,803,922
PT Bumi Resources Tbk		55,047,917		3,709,201
PT Darma Henwa Tbk^a		35,248,500		179,931
PT Exploitasi Energi Indonesia Tbk^a		8,476,000		281,235
PT Golden Eagle Energy Tbk^a		813,334		448,393
PT Indika Energy Tbk		5,917,500		561,845
PT Indo Tambangraya Megah Tbk		1,497,380		4,586,156
PT Resource Alam Indonesia Tbk		1,704,000		325,317

				19,069,424
COMMERCIAL SERVICES — 1.22%
PT Citra Marga Nusaphala Persada Tbk		6,664,000		1,615,824
PT Jasa Marga (Persero) Tbk		7,723,000		5,282,706

				6,898,530
DISTRIBUTION & WHOLESALE — 0.63%
PT AKR Corporindo Tbk		6,561,168		3,583,691

				3,583,691
DIVERSIFIED FINANCIAL SERVICES — 0.06%
PT Clipan Finance Indonesia Tbk		7,146,000		313,709

				313,709
ENGINEERING & CONSTRUCTION — 1.73%
PT Adhi Karya Persero Tbk		3,411,000		1,358,132
PT Alam Sutera Realty Tbk		37,192,116		4,024,874
PT Pembangunan Perumahan (Persero) Tbk		7,334,000		1,310,311
PT Total Bangun Persada Tbk		4,519,000		738,173
PT Wijaya Karya (Persero) Tbk		8,093,639		2,334,306

				9,765,796


Security	Shares		Value

FOOD — 3.41%
PT Indofood CBP Sukses Makmur Tbk		3,457,577	$	4,624,222
PT Indofood Sukses Makmur Tbk		16,620,730		12,471,911
PT Nippon Indosari Corpindo Tbk		959,500		852,236
PT Tiga Pilar Sejahtera Food Tbk		5,539,500		831,349
PT Tunas Baru Lampung Tbk		8,420,000		447,004

				19,226,722
GAS — 4.30%
PT Perusahaan Gas Negara (Persero) Tbk		43,266,507		24,294,619

				24,294,619
HOME BUILDERS — 0.24%
PT Waskita Karya Persero Tbk		12,763,000		1,368,162

				1,368,162
HOUSEHOLD PRODUCTS & WARES — 3.19%
PT Unilever Indonesia Tbk		5,777,504		17,990,186

				17,990,186
INSURANCE — 0.24%
PT Panin Financial Tbk^a		47,767,778		1,341,107

				1,341,107
IRON & STEEL — 0.11%
PT Krakatau Steel (Persero) Tbk		11,943,500		634,060

				634,060
MACHINERY — 1.95%
PT Hexindo Adiperkasa Tbk		796,318		402,427
PT United Tractors Tbk		6,355,796		10,576,771

				10,979,198
MEDIA — 3.39%
PT Bhakti Investama Tbk		94,569,500		5,213,632
PT Global Mediacom Tbk		26,438,500		7,017,877
PT Media Nusantara Citra Tbk		15,849,500		5,420,707
PT MNC Sky Vision Tbk^a		5,349,500		1,474,594

				19,126,810
METAL FABRICATE & HARDWARE — 0.16%
PT Bakrie and Brothers Tbk^a		181,129,614		924,602

				924,602
MINING — 1.07%
PT Aneka Tambang (Persero) Tbk		12,638,566		1,651,594
PT Borneo Lumbung Energi & Metal Tbk^a		20,093,500		830,819
PT Bumi Resources Minerals Tbk^a		48,399,500		1,951,792
PT Central Omega Resources Tbk		5,319,500		298,696
PT Delta Dunia Makmur Tbk^a		18,554,554		340,972
PT Timah (Persero) Tbk		7,622,410		972,742

				6,046,615


Security	Shares		Value

OIL & GAS — 0.91%
PT Benakat Petroleum Energy Tbk^a		82,127,710	$	1,333,160
PT Energi Mega Persada Tbk^a		122,489,942		1,713,234
PT Medco Energi Internasional Tbk		5,678,252		1,159,419
PT Sugih Energy Tbk^a		19,115,911		917,251

				5,123,064
PHARMACEUTICALS — 2.56%
PT Kalbe Farma Tbk		86,504,085		12,805,607
PT Tempo Scan Pacific Tbk		3,393,702		1,645,746

				14,451,353
PIPELINES — 0.10%
PT Hanson International Tbk^a		8,971,007		577,002

				577,002
REAL ESTATE — 8.72%
PT Agung Podomoro Land Tbk^a		23,283,000		1,164,744
PT Bakrieland Development Tbk^a		148,278,795		756,911
PT Bekasi Fajar Industrial Estate Tbk^a		8,815,500		846,000
PT Bumi Serpong Damai Tbk		10,694,122		2,401,947
PT Ciputra Development Tbk		40,188,322		6,318,531
PT Ciputra Property Tbk		10,476,640		1,572,298
PT Ciputra Surya Tbk		1,065,980		418,992
PT Gading Development Tbk^a		15,159,500		564,902
PT Intiland Development Tbk		21,582,620		1,410,197
PT Kawasan Industri Jababeka Tbk^a		63,765,000		2,669,081
PT Lippo Cikarang Tbk^a		1,582,000		1,663,563
PT Lippo Karawaci Tbk		74,156,962		13,930,455
PT Metropolitan Land Tbk		7,173,000		476,003
PT Modernland Realty Tbk^a		16,605,477		1,915,691
PT Nirvana Development Tbk^a		13,629,000		445,256
PT Pakuwon Jati Tbk		62,125,077		2,663,862
PT Sentul City Tbk^a		83,198,050		2,590,649
PT Summarecon Agung Tbk		18,057,979		5,162,056
PT Surya Semesta Internusa Tbk		13,360,374		2,264,239

				49,235,377
RETAIL — 11.37%
PT ACE Hardware Indonesia Tbk		18,513,979		1,795,639
PT Agis Tbk^a		18,745,500		755,944
PT Astra International Tbk		76,625,830		55,151,822
PT Erajaya Swasembada Tbk^a		4,392,500		1,547,129
PT Mitra Adiperkasa Tbk		2,828,500		2,570,051
PT Ramayana Lestari Sentosa Tbk		12,088,000		1,851,148
PT Tiphone Mobile Indonesia Tbk^a		7,122,000		501,703

				64,173,436


Security	Shares		Value

TELECOMMUNICATIONS — 9.01%
PT Bakrie Telecom Tbk^a		103,006,268	$	525,810
PT Indosat Tbk		5,143,378		2,730,533
PT Telekomunikasi Indonesia (Persero) Tbk		34,343,178		38,743,453
PT Tower Bersama Infrastructure Tbk^a		6,356,500		3,893,721
PT XL Axiata Tbk		9,683,500		4,943,083

				50,836,600
TRANSPORTATION — 0.42%
PT Berlian Laju Tanker Tbk^a,b		20,137,514		—
PT Trada Maritime Tbk^a		16,579,000		2,369,638

				2,369,638

TOTAL COMMON STOCKS
(Cost: $525,710,465)				555,008,096

SHORT-TERM INVESTMENTS — 0.03%

MONEY MARKET FUNDS — 0.03%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^c,d		144,402		144,402

				144,402

TOTAL SHORT-TERM INVESTMENTS
(Cost: $144,402)			$	144,402


TOTAL INVESTMENTS IN SECURITIES — 98.36%
(Cost: $525,854,867)				555,152,498
Other Assets, Less Liabilities — 1.64%				9,279,221

NET ASSETS — 100.00%			$	564,431,719

^a	Non-income earning security.

^b	Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 100.04%

AIRLINES — 9.44%
Aer Lingus Group PLC		1,288,170	$	2,699,530
Ryanair Holdings PLC SP ADR		53,625		2,619,045

				5,318,575
BANKS — 4.65%
Bank of Ireland^a		10,941,918		2,623,434

				2,623,434
BEVERAGES — 4.67%
C&C Group PLC		441,324		2,630,997

				2,630,997
BUILDING MATERIALS — 28.41%
CRH PLC		629,421		13,296,391
Kingspan Group PLC		219,726		2,714,379

				16,010,770
DISTRIBUTION & WHOLESALE — 0.41%
DCC PLC		6,080		230,447

				230,447
ENTERTAINMENT — 4.74%
Paddy Power PLC		31,785		2,671,389

				2,671,389
FOOD — 19.56%
Fyffes PLC		29,535		24,880
Glanbia PLC		195,546		2,686,333
Kerry Group PLC Class A		141,843		8,033,306
Total Produce PLC		341,259		283,054

				11,027,573
FOREST PRODUCTS & PAPER — 4.86%
Smurfit Kappa Group PLC		163,839		2,739,126

				2,739,126
INSURANCE — 4.50%
FBD Holdings PLC		141,726		2,534,741

				2,534,741
MEDIA — 0.02%
Independent News & Media PLC^a		235,298		10,368

				10,368


Security	Shares		Value

OIL & GAS — 0.02%
Providence Resources PLC^a		1,320	$	10,273

				10,273
PHARMACEUTICALS — 9.57%
Elan Corp. PLC^a		439,686		5,384,922
United Drug PLC		1,543		7,666

				5,392,588
RETAIL — 4.58%
Grafton Group PLC Units		367,224		2,584,258

				2,584,258
TRANSPORTATION — 4.61%
Irish Continental Group PLC		87,516		2,599,036

				2,599,036

TOTAL COMMON STOCKS
(Cost: $46,799,979)				56,383,575

SHORT-TERM INVESTMENTS — 0.02%

MONEY MARKET FUNDS — 0.02%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^b,c		9,836		9,836

				9,836

TOTAL SHORT-TERM INVESTMENTS
(Cost: $9,836)				9,836


TOTAL INVESTMENTS IN SECURITIES — 100.06%
(Cost: $46,809,815)				56,393,411
Other Assets, Less Liabilities — (0.06)%				(35,451	)

NET ASSETS — 100.00%			$	56,357,960

SP ADR — Sponsored American Depositary Receipts

^a	Non-income earning security.

^b	Affiliated issuer. See Note 2.

^c	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 100.04%

AIRLINES — 2.08%
Air New Zealand Ltd.		3,327,975	$	3,887,710

				3,887,710
BUILDING MATERIALS — 14.93%
Fletcher Building Ltd.		4,188,870		27,957,510

				27,957,510
CHEMICALS — 2.07%
Nuplex Industries Ltd.^a		1,718,325		3,877,643

				3,877,643
ELECTRIC — 8.59%
Contact Energy Ltd.		2,023,560		8,326,106
Infratil Ltd.		4,266,150		7,756,166

				16,082,272
ENGINEERING & CONSTRUCTION — 7.77%
Auckland International Airport Ltd.		6,066,900		14,561,613

				14,561,613
HEALTH CARE — PRODUCTS — 4.35%
Fisher & Paykel Healthcare Corp. Ltd.^a		3,278,100		8,155,544

				8,155,544
HEALTH CARE — SERVICES — 7.82%
Ryman Healthcare Ltd.		2,094,855		11,008,180
Summerset Group Holdings Ltd.		1,501,605		3,640,034

				14,648,214
INTERNET — 6.64%
Diligent Board Member Services Inc.^b		590,940		3,863,967
Trade Me Ltd.		2,169,615		8,563,750

				12,427,717
LODGING — 5.77%
SKYCITY Entertainment Group Ltd.		3,237,360		10,816,361

				10,816,361
MEDIA — 4.60%
Sky Network Television Ltd.		1,846,110		8,611,714

				8,611,714
OIL & GAS — 1.33%
New Zealand Oil & Gas Ltd.		3,891,720		2,498,122

				2,498,122


Security	Shares		Value

REAL ESTATE — 3.22%
Precinct Properties New Zealand Ltd.		6,941,130	$	6,032,993

				6,032,993
REAL ESTATE INVESTMENT TRUSTS — 7.16%
Goodman Property Trust		7,801,185		6,904,937
Kiwi Income Property Trust		6,791,400		6,498,553

				13,403,490
RETAIL — 1.66%
Warehouse Group Ltd.(The)		1,014,510		3,114,535

				3,114,535
SOFTWARE — 2.56%
Xero Ltd.^b		430,290		4,803,584

				4,803,584
TELECOMMUNICATIONS — 13.78%
Chorus Ltd.		2,948,715		5,854,749
Telecom Corp. of New Zealand Ltd.		10,829,280		19,947,464

				25,802,213
TRANSPORTATION — 5.71%
Freightways Ltd.		1,331,085		4,521,594
Mainfreight Ltd.		749,700		6,169,406

				10,691,000

TOTAL COMMON STOCKS
(Cost: $173,903,518)				187,372,235

SHORT-TERM INVESTMENTS — 1.46%

MONEY MARKET FUNDS — 1.46%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^c,d,e		2,436,761		2,436,761
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^c,d,e		177,756		177,756


Security	Shares		Value

BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^c,d		117,603	$	117,603

				2,732,120

TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,732,120)				2,732,120


TOTAL INVESTMENTS IN SECURITIES — 101.50%
(Cost: $176,635,638)				190,104,355
Other Assets, Less Liabilities — (1.50)%				(2,802,283	)

NET ASSETS — 100.00%			$	187,302,072

^a	All or a portion of this security represents a security on loan. See Note 3.

^b	Non-income earning security.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.45%

AIRLINES — 1.10%
Norwegian Air Shuttle AS^a		2,596	$	130,738

				130,738
BANKS — 10.80%
DNB ASA		72,696		1,178,981
SpareBank 1 SMN		12,516		108,457

				1,287,438
CHEMICALS — 4.85%
Borregaard ASA		9,604		43,896
Yara International ASA		11,960		534,857

				578,753
COMPUTERS — 0.32%
Dolphin Group ASA^a		33,348		37,850

				37,850
ENGINEERING & CONSTRUCTION — 2.35%
Aker Solutions ASA		15,756		233,042
Kvaerner ASA		25,104		47,560

				280,602
ENVIRONMENTAL CONTROL — 1.20%
Tomra Systems ASA		16,092		143,546

				143,546
FOOD — 4.95%
Austevoll Seafood ASA		12,688		75,454
Cermaq ASA		6,552		121,344
Copeinca ASA		5,352		52,743
Leroey Seafood Group ASA		2,672		73,775
Marine Harvest ASA		256,768		267,001

				590,317
HOLDING COMPANIES — DIVERSIFIED — 0.78%
Aker ASA Class A		2,952		93,042

				93,042
HOME BUILDERS — 0.34%
BWG Homes ASA^a		17,884		40,566

				40,566
INSURANCE — 3.82%
Gjensidige Forsikring ASA		19,156		289,678
Storebrand ASA^a		34,904		165,403

				455,081
INTERNET — 0.69%
Atea ASA		8,212		82,323

				82,323


Security	Shares		Value

MANUFACTURING — 4.33%
Orkla ASA		61,204	$	516,321

				516,321
MEDIA — 2.56%
Schibsted ASA		7,260		305,797

				305,797
MINING — 3.24%
Norsk Hydro ASA		84,428		383,447
Northland Resources SA^a,b		50,768		2,933

				386,380
OIL & GAS — 28.22%
Det norske oljeselskap ASA^a,b		7,976		125,628
DNO International ASA^a		69,064		123,684
Norwegian Energy Co. ASA^a		43,768		27,144
Seadrill Ltd.		25,796		1,053,676
Sevan Drilling AS^a		68,616		38,706
Statoil ASA		87,868		1,996,101

				3,364,939
OIL & GAS SERVICES — 14.47%
Archer Ltd.^a		39,712		27,799
BW Offshore Ltd.		51,128		68,021
Electromagnetic GeoServices AS^a		23,592		42,851
Fred Olsen Energy ASA		3,564		150,179
Petroleum Geo-Services ASA		20,208		301,466
Polarcus Ltd.^a		53,368		53,953
Prosafe SE		24,176		227,159
Subsea 7 SA		23,252		513,994
TGS-NOPEC Geophysical Co. ASA		9,704		340,480

				1,725,902
PHARMACEUTICALS — 1.06%
Algeta ASA^a,b		3,232		125,975

				125,975
REAL ESTATE — 0.93%
Norwegian Property ASA		61,152		88,214
Selvaag Bolig ASA^a		5,716		22,532

				110,746
SEMICONDUCTORS — 1.13%
Nordic Semiconductor ASA^a,b		17,276		56,653
Renewable Energy Corp. ASA^a,b		198,400		78,073

				134,726


Security	Shares		Value

SOFTWARE — 0.67%
Opera Software ASA		10,636	$	79,877

				79,877
TELECOMMUNICATIONS — 9.16%
Telenor ASA		51,940		1,092,554

				1,092,554
TRANSPORTATION — 2.48%
Deep Sea Supply PLC^a		20,400		32,409
Golden Ocean Group Ltd.^a		48,824		53,922
Hoegh LNG Holdings Ltd.^a		4,884		38,422
Songa Offshore SE^a,b		24,204		22,824
Stolt-Nielsen Ltd.^b		3,868		92,010
Wilh Wilhelmsen ASA		7,232		56,525

				296,112

TOTAL COMMON STOCKS
(Cost: $11,615,302)				11,859,585

SHORT-TERM INVESTMENTS — 2.72%

MONEY MARKET FUNDS — 2.72%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^c,d,e		301,736		301,736
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^c,d,e		22,011		22,011
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^c,d		1,246		1,246

				324,993

TOTAL SHORT-TERM INVESTMENTS
(Cost: $324,993)				324,993


TOTAL INVESTMENTS IN SECURITIES — 102.17%
(Cost: $11,940,295)				12,184,578
Other Assets, Less Liabilities — (2.17)%				(259,039	)

NET ASSETS — 100.00%			$	11,925,539

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 3.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 103.68%

AIRLINES — 0.86%
Cebu Air Inc.		2,137,660	$	4,022,968

				4,022,968
BANKS — 14.60%
Bank of the Philippine Islands		7,122,125		17,270,353
BDO Unibank Inc.^a		14,182,306		31,236,638
East West Banking Corp.^a		2,898,600		2,400,071
Metropolitan Bank & Trust Co.		2,168,053		6,478,001
Philippine National Bank^a		1,974,734		4,484,846
Rizal Commercial Banking Corp.		3,489,868		5,106,419
Security Bank Corp.		327,535		1,340,515

				68,316,843
BEVERAGES — 0.51%
Pepsi-Cola Products Philippines Inc.^a		15,597,900		2,369,021

				2,369,021
COMMERCIAL SERVICES — 3.67%
International Container Terminal Services Inc.		7,809,300		17,190,806

				17,190,806
ELECTRIC — 8.06%
Aboitiz Power Corp.		18,463,715		15,615,752
Energy Development Corp.		73,730,820		10,814,551
First Gen Corp.^a		11,883,237		5,903,666
First Philippine Holdings Corp.		2,270,839		5,358,793

				37,692,762
ENGINEERING & CONSTRUCTION — 2.60%
DMCI Holdings Inc.		7,940,000		10,603,573
EEI Corp.		4,301,929		1,557,121

				12,160,694
ENTERTAINMENT — 0.36%
PhilWeb Corp.		4,552,228		1,701,566

				1,701,566
FOOD — 6.18%
D&L Industries Inc.^a		12,780,900		2,509,616
RFM Corp.		9,626,506		1,320,883
San Miguel Pure Foods Co. Inc.		331,820		2,232,544
Universal Robina Corp.		7,705,360		22,877,281

				28,940,324
HOLDING COMPANIES — DIVERSIFIED — 15.20%
Aboitiz Equity Ventures Inc.		17,196,410		21,968,444
Alliance Global Group Inc.		20,432,239		11,600,987


Security	Shares		Value

Ayala Corp.		1,765,028	$	26,306,308
GT Capital Holdings Inc.		284,860		5,054,294
San Miguel Corp.		2,848,173		6,199,005

				71,129,038
MEDIA — 0.57%
Lopez Holdings Corp.		18,468,150		2,647,669

				2,647,669
MINING — 1.50%
Atlas Consolidated Mining & Development Corp.		8,292,931		3,594,192
Lepanto Consolidated Mining Co. Class B^a		62,860,579		1,100,469
Nickel Asia Corp.		4,855,700		2,320,443

				7,015,104
OIL & GAS — 0.33%
Philex Petroleum Corp.^a		3,403,000		1,550,551

				1,550,551
REAL ESTATE — 20.06%
Ayala Land Inc.		54,348,840		43,394,212
Belle Corp.^a		41,465,267		6,464,540
Filinvest Land Inc.		97,286,590		4,833,259
Global-Estate Resorts Inc.^a		21,163,677		1,071,452
SM Development Corp.		17,710,785		3,310,036
SM Prime Holdings Inc.		64,101,881		29,571,485
Vista Land & Lifescapes Inc.		33,741,800		5,228,502

				93,873,486
RETAIL — 15.27%
Jollibee Foods Corp.		4,173,653		13,408,613
Puregold Price Club Inc.		2,854,262		2,329,597
SM Investments Corp.		2,104,607		55,714,579

				71,452,789
TELECOMMUNICATIONS — 9.31%
Globe Telecom Inc.		329,175		12,070,529
Philippine Long Distance Telephone Co.		429,622		31,487,318

				43,557,847
WATER — 4.60%
Manila Water Co. Inc.		7,304,629		7,007,398
Metro Pacific Investments Corp.		97,557,600		14,517,088

				21,524,486

TOTAL COMMON STOCKS
(Cost: $432,583,566)				485,145,954


Security	Shares		Value

SHORT-TERM INVESTMENTS — 0.14%

MONEY MARKET FUNDS — 0.14%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^b,c		671,953	$	671,953

				671,953

TOTAL SHORT-TERM INVESTMENTS
(Cost: $671,953)				671,953


TOTAL INVESTMENTS IN SECURITIES — 103.82%
(Cost: $433,255,519)				485,817,907
Other Assets, Less Liabilities — (3.82)%				(17,878,389	)

NET ASSETS — 100.00%			$	467,939,518

^a	Non-income earning security.

^b	Affiliated issuer. See Note 2.

^c	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.87%

AGRICULTURE — 1.66%
Kernel Holding SA^a		155,672	$	2,706,560

				2,706,560
BANKS — 31.75%
Bank Handlowy w Warszawie SA		98,332		2,959,089
Bank Millennium SA^a		1,405,684		2,192,756
Bank Pekao SA		268,034		13,497,297
Bank Zachodni WBK SA		64,597		5,713,345
BRE Bank SA		41,114		4,905,984
Getin Noble Bank SA^a,b		4,524,177		2,617,389
Powszechna Kasa Oszczednosci Bank Polski SA		1,879,288		19,814,934

				51,700,794
BIOTECHNOLOGY — 0.13%
Bioton SA^a,b		16,785,584		203,372

				203,372
BUILDING MATERIALS — 0.71%
Rovese SA^a		2,491,972		1,154,861

				1,154,861
CHEMICALS — 4.80%
Boryszew SA^a,b		6,388,164		773,983
Ciech SA^a		155,306		1,232,494
Grupa Azoty SA		133,224		3,035,366
Synthos SA		1,573,678		2,559,678
Zaklady Chemiczne Police SA		23,124		210,126

				7,811,647
COAL — 3.91%
Jastrzebska Spolka Weglowa SA		105,286		2,558,602
Lubelski Wegiel Bogdanka SA		97,722		3,812,444

				6,371,046
COMPUTERS — 1.67%
Asseco Poland SA		211,548		2,722,644

				2,722,644
DIVERSIFIED FINANCIAL SERVICES — 2.23%
Alior Bank SA^a		88,560		2,247,900
Warsaw Stock Exchange SA^b		110,532		1,384,391

				3,632,291
ELECTRIC — 8.42%
ENEA SA		386,374		1,733,238
Polska Grupa Energetyczna SA		1,390,678		7,624,308
Tauron Polska Energia SA		2,976,312		3,912,582


Security	Shares		Value

Zespol Elektrowni Patnow Adamow Konin SA^a		49,938	$	431,094

				13,701,222
ENGINEERING & CONSTRUCTION — 0.83%
Budimex SA		51,118		1,354,806

				1,354,806
FOOD — 2.46%
Eurocash SA		201,788		4,011,984

				4,011,984
HOLDING COMPANIES — DIVERSIFIED — 0.74%
Getin Holding SA		1,444,602		1,198,931

				1,198,931
INSURANCE — 10.05%
Powszechny Zaklad Ubezpieczen SA		117,486		16,369,644

				16,369,644
IRON & STEEL — 0.09%
Alchemia SA^a		126,616		147,654

				147,654
MACHINERY — 0.05%
Rafako SA^a		51,553		76,515

				76,515
MANUFACTURING — 0.35%
Kopex SA^a		182,146		571,025

				571,025
MEDIA — 3.09%
Cyfrowy Polsat SA^a		570,960		3,137,172
TVN SA		604,998		1,896,660

				5,033,832
METAL FABRICATE & HARDWARE — 0.40%
Impexmetal SA^a		858,227		644,687

				644,687
MINING — 8.06%
KGHM Polska Miedz SA		292,312		13,130,555

				13,130,555
OIL & GAS — 12.12%
Grupa Lotos SA^a		200,934		2,615,255
Polski Koncern Naftowy Orlen SA^a		626,104		10,051,193
Polskie Gornictwo Naftowe i Gazownictwo SA^a		3,785,660		7,074,929

				19,741,377


Security	Shares		Value

REAL ESTATE — 1.88%
Globe Trade Centre SA^a,b		808,738	$	2,082,198
LC Corp. SA^a		1,964,688		827,187
Polski Holding Nieruchomosci SA		18,693		151,177

				3,060,562
TELECOMMUNICATIONS — 4.47%
Midas SA^a,b		3,440,034		854,421
Netia SA^a,b		1,061,644		1,456,707
Telekomunikacja Polska SA		2,011,292		4,959,008

				7,270,136

TOTAL COMMON STOCKS
(Cost: $195,043,549)				162,616,145

RIGHTS — 0.01%

ENGINEERING & CONSTRUCTION — 0.01%
Polimex-Mostostal SA^a,b		1,272,872		14,265

				14,265

TOTAL RIGHTS
(Cost: $0)				14,265

SHORT-TERM INVESTMENTS — 1.17%

MONEY MARKET FUNDS — 1.17%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^c,d,e		1,734,926		1,734,926
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^c,d,e		126,559		126,559
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^c,d		38,852		38,852

				1,900,337

TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,900,337)				1,900,337


TOTAL INVESTMENTS IN SECURITIES — 101.05%
(Cost: $196,943,886)				164,530,747
Other Assets, Less Liabilities — (1.05)%				(1,713,008	)

NET ASSETS — 100.00%			$	162,817,739

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 3.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 99.64%

AGRICULTURE — 4.19%
First Resources Ltd.^a		312,000	$	468,746
GMG Global Ltd.		2,600,000		236,429
Indofood Agri Resources Ltd.^a		408,000		324,232

				1,029,407
AIRLINES — 0.33%
Tiger Airways Holdings Ltd.^a,b		160,800		81,376

				81,376
BUILDING MATERIALS — 0.09%
Hong Leong Asia Ltd.		16,000		21,508

				21,508
COAL — 0.22%
Geo Energy Resources Ltd.		160,000		53,770

				53,770
COMMERCIAL SERVICES — 3.29%
CWT Ltd.^a		16,000		21,508
Ezion Holdings Ltd.		408,000		735,571
Raffles Education Corp. Ltd.^b		200,000		51,398

				808,477
COMPUTERS — 0.51%
CSE Global Ltd.^a		184,000		125,126

				125,126
DISTRIBUTION & WHOLESALE — 0.27%
Tat Hong Holdings Ltd.^a		56,000		65,979

				65,979
DIVERSIFIED FINANCIAL SERVICES — 2.22%
ARA Asset Management Ltd.^a		305,500		471,059
Asiasons Capital Ltd.^a,b		96,000		74,013

				545,072
ELECTRONICS — 3.96%
Venture Corp. Ltd.^a		168,000		972,411

				972,411
ENGINEERING & CONSTRUCTION — 5.29%
Civmec Ltd.		8,000		5,852
Rotary Engineering Ltd.		24,000		9,299
SATS Ltd.		448,000		1,154,849
United Engineers Ltd.^a		56,000		127,529

				1,297,529


Security	Shares		Value

ENVIRONMENTAL CONTROL — 2.07%
Hyflux Ltd.^a		400,000	$	423,833
Sound Global Ltd.^a,b		168,000		83,691

				507,524
FOOD — 2.02%
China Minzhong Food Corp. Ltd.^a,b		168,000		136,828
Super Group Ltd.^a		96,000		358,297

				495,125
HEALTH CARE — PRODUCTS — 1.20%
Biosensors International Group Ltd.^a,b		312,000		294,817

				294,817
HEALTH CARE - SERVICES — 1.45%
Raffles Medical Group Ltd.^a		136,000		355,956

				355,956
HOLDING COMPANIES — DIVERSIFIED — 0.94%
Boustead Singapore Ltd.^a		72,000		77,144
K-Green Trust		152,000		128,605
Tuan Sing Holdings Ltd.^a		88,000		25,050

				230,799
HOME BUILDERS — 0.46%
Ying Li International Real Estate Ltd.^a,b		296,000		112,347

				112,347
HOUSEHOLD PRODUCTS & WARES — 1.20%
OSIM International Ltd.^a		184,000		293,900

				293,900
LODGING — 2.57%
GuocoLeisure Ltd.		104,000		66,200
Overseas Union Enterprise Ltd.^a		208,000		493,417
Stamford Land Corp. Ltd.^a		144,000		70,597

				630,214
MANUFACTURING — 0.09%
Hi-P International Ltd.		32,000		21,381

				21,381
METAL FABRICATE & HARDWARE — 0.03%
Dyna-Mac Holdings Ltd.		24,000		8,160

				8,160
MINING — 2.55%
LionGold Corp. Ltd.^a,b		376,000		343,399
Midas Holdings Ltd.^a		720,000		281,817

				625,216


Security	Shares		Value

OIL & GAS SERVICES — 0.29%
Swiber Holdings Ltd.^a		120,000	$	72,115

				72,115
REAL ESTATE — 8.57%
Ascendas India Trust		192,000		115,384
Blumont Group Ltd.^b		424,000		355,387
Chip Eng Seng Corp. Ltd.^a		160,000		95,521
Ho Bee Investment Ltd.		8,000		12,715
Hong Fok Corp. Ltd.		16,000		9,046
Orchard Parade Holdings Ltd.		32,000		54,402
Perennial China Retail Trust^a		624,000		288,649
Wing Tai Holdings Ltd.		304,800		510,952
Yanlord Land Group Ltd.		384,000		432,689
Yoma Strategic Holdings Ltd.^a		344,000		229,850

				2,104,595
REAL ESTATE INVESTMENT TRUSTS — 40.29%
AIMS AMP Capital Industrial REIT		48,000		62,436
Ascendas Hospitality Trust^a		56,000		39,632
Ascott Residence Trust		328,000		348,840
Cache Logistics Trust		328,000		334,575
Cambridge Industrial Trust		776,000		466,343
CapitaRetail China Trust		152,000		188,100
CDL Hospitality Trusts		464,000		675,096
Far East Hospitality Trust		272,000		220,456
First REIT		48,000		49,152
Frasers Centrepoint Trust		360,000		577,867
Frasers Commercial Trust		192,000		216,344
Keppel REIT Management Ltd.^a		664,000		745,566
Lippo Malls Indonesia Retail Trust		1,264,000		514,735
Mapletree Commercial Trust		752,000		793,832
Mapletree Industrial Trust^a		824,000		908,931
Mapletree Logistics Trust		960,000		918,515
Parkway Life REIT		192,000		378,033
Sabana Shari’ah Compliant Industrial REIT		104,000		100,328
Starhill Global REIT		672,000		462,294
Suntec REIT		1,384,000		1,887,795

				9,888,870
RETAIL — 0.27%
Courts Asia Ltd.^b		24,000		20,496
Sheng Siong Group Ltd.^a		88,000		46,273

				66,769
SHIPBUILDING — 2.29%
COSCO Corp. (Singapore) Ltd.^a		352,000		221,279
STX OSV Holdings Ltd.		384,000		340,078

				561,357
TELECOMMUNICATIONS — 3.05%
Innopac Holdings Ltd.		352,000		53,163
M1 Ltd.^a		280,000		695,212

				748,375


Security	Shares		Value

TRANSPORTATION — 9.93%
Ezra Holdings Ltd.^a,b		496,000	$	382,398
Neptune Orient Lines Ltd.^a,b		440,000		384,454
Singapore Post Ltd.		1,088,000		1,127,016
SMRT Corp. Ltd.^a		480,000		542,759

				2,436,627

TOTAL COMMON STOCKS
(Cost: $24,486,712)				24,454,802

SHORT-TERM INVESTMENTS — 22.69%

MONEY MARKET FUNDS — 22.69%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^c,d,e		5,142,298		5,142,298
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^c,d,e		375,120		375,120
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^c,d		50,802		50,802

				5,568,220

TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,568,220)				5,568,220


TOTAL INVESTMENTS IN SECURITIES — 122.33%
(Cost: $30,054,932)				30,023,022
Other Assets, Less Liabilities — (22.33)%				(5,480,436	)

NET ASSETS — 100.00%			$	24,542,586

^a	All or a portion of this security represents a security on loan. See Note 3.

^b	Non-income earning security.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.


Security	Shares		Value

COMMON STOCKS — 98.78%

AEROSPACE & DEFENSE — 1.34%
BBA Aviation PLC		6,735	$	28,631
Chemring Group PLC		2,898		12,408
Ultra Electronics Holdings PLC		1,014		27,026

				68,065
AGRICULTURE — 0.38%
Genus PLC		891		19,277

				19,277
BANKS — 0.26%
Bank of Georgia Holdings PLC		474		13,302

				13,302
BEVERAGES — 0.94%
Britvic PLC		3,564		28,638
Marston’s PLC		8,658		18,771

				47,409
BIOTECHNOLOGY — 0.33%
Abcam PLC		2,409		16,490

				16,490
CHEMICALS — 2.55%
AZ Electronic Materials SA		5,322		25,828
Elementis PLC		6,648		23,706
Filtrona PLC		3,450		36,483
Synthomer PLC		4,101		12,715
Victrex PLC		1,176		30,345

				129,077
COAL — 0.06%
Bumi PLC^a,b		1,095		3,229

				3,229
COMMERCIAL SERVICES — 7.83%
Ashtead Group PLC		7,425		71,032
Berendsen PLC		2,562		29,656
Cape PLC		1,905		7,690
Chime Communications PLC		906		3,667
De La Rue PLC		1,440		20,849
Dignity PLC		825		16,923
Hays PLC		20,562		29,272
Homeserve PLC		4,374		17,553
Interserve PLC		1,776		13,151
ITE Group PLC		3,528		15,704
Mears Group PLC		1,200		6,727
Michael Page International PLC		4,080		23,802
Northgate PLC		1,878		9,702
QinetiQ Group PLC		9,873		27,737


Security	Shares		Value

Rentokil Initial PLC		26,418	$	36,408
RPS Group PLC		3,072		9,781
Savills PLC		1,776		15,981
Speedy Hire PLC		7,263		6,304
SThree PLC		1,371		7,332
W.S. Atkins PLC		1,500		20,024
Xchanging PLC		3,525		7,228

				396,523
COMPUTERS — 0.84%
Anite PLC		4,371		8,529
Computacenter PLC		1,302		9,134
Domino Printing Sciences PLC		1,674		17,258
SDL PLC		1,266		7,345

				42,266
COSMETICS & PERSONAL CARE — 0.45%
PZ Cussons PLC		4,053		22,963

				22,963
DISTRIBUTION & WHOLESALE — 2.82%
DCC PLC		1,227		46,506
Diploma PLC		1,599		12,897
Inchcape PLC		6,558		54,585
John Menzies PLC		585		6,448
SIG PLC		8,337		22,322

				142,758
DIVERSIFIED FINANCIAL SERVICES — 8.03%
Ashmore Group PLC		5,196		31,369
Brewin Dolphin Holdings PLC		3,696		13,712
Close Brothers Group PLC		2,145		32,260
F&C Asset Management PLC		6,750		9,860
Henderson Group PLC		14,754		37,624
IG Group Holdings PLC		5,430		47,666
Intermediate Capital Group PLC		5,976		42,402
International Personal Finance PLC		3,687		29,039
Jupiter Fund Management PLC		4,098		20,254
Man Group PLC		25,479		44,616
Paragon Group of Companies PLC		4,449		20,296
Provident Financial PLC		2,025		47,279
Rathbone Brothers PLC		672		15,792
Tullett Prebon PLC		3,234		14,420

				406,589
ELECTRIC — 0.09%
XP Power Ltd.^c		246		4,587

				4,587
ELECTRONICS — 4.85%
Dialight PLC		468		9,181
Electrocomponents PLC		6,426		26,237
Halma PLC		5,604		43,926
Oxford Instruments PLC		789		20,132
Premier Farnell PLC		5,580		18,028
Renishaw PLC		486		12,894
Rotork PLC		1,266		54,894


Security	Shares		Value

Spectris PLC		1,725	$	54,581
TT electronics PLC		2,079		5,453

				245,326
ENGINEERING & CONSTRUCTION — 1.79%
Balfour Beatty PLC		10,158		35,899
Carillion PLC		6,357		24,760
Costain Group PLC		543		2,103
Keller Group PLC		858		12,332
Kier Group PLC		594		11,158
Morgan Sindall Group PLC		519		4,469

				90,721
ENTERTAINMENT — 1.75%
888 Holdings PLC		1,896		4,467
Betfair Group PLC		1,008		12,348
bwin.party digital entertainment PLC		9,696		18,890
Cineworld Group PLC		2,211		10,852
Ladbrokes PLC		13,467		42,223

				88,780
ENVIRONMENTAL CONTROL — 0.15%
Shanks Group PLC		5,601		7,345

				7,345
FOOD — 2.30%
Booker Group PLC		21,633		41,424
Dairy Crest Group PLC		2,019		14,886
Devro PLC		2,325		11,456
Greencore Group PLC		5,841		11,512
Greggs PLC		1,518		9,371
Ocado Group PLC^a		5,970		24,601
Premier Foods PLC^a		2,865		3,127

				116,377
FOREST PRODUCTS & PAPER — 2.41%
DS Smith PLC		13,767		50,615
Mondi PLC		5,385		71,151

				121,766
HEALTH CARE — PRODUCTS — 0.06%
Advanced Medical Solutions Group PLC		2,835		3,234

				3,234
HEALTH CARE — SERVICES — 0.27%
Synergy Health PLC		852		13,821

				13,821
HOLDING COMPANIES — DIVERSIFIED — 1.43%
Drax Group PLC		5,865		50,906
Mitie Group PLC		5,397		21,266

				72,172


Security	Shares		Value

HOME BUILDERS — 5.89%
Barratt Developments PLC^a		14,427	$	69,949
Bellway PLC		1,779		34,443
Berkeley Group Holdings PLC (The)		1,824		58,543
Bovis Homes Group PLC		1,992		22,696
Crest Nicholson Holdings PLC^a		2,391		12,706
Galliford Try PLC		1,155		16,740
Redrow PLC^a		3,321		11,283
Taylor Wimpey PLC		47,640		71,613

				297,973
HOME FURNISHINGS — 0.97%
Howden Joinery Group PLC		9,387		33,330
Pace PLC		4,131		15,783

				49,113
INSURANCE — 5.65%
Amlin PLC		7,344		46,463
Beazley PLC		7,740		27,717
Catlin Group Ltd.		5,421		41,340
Chesnara PLC		1,617		6,282
Hiscox Ltd.		5,127		43,102
Jardine Lloyd Thompson Group PLC		1,956		26,334
Lancashire Holdings Ltd.		2,400		28,945
Phoenix Group Holdings		2,322		22,777
St James’s Place PLC		4,836		43,075

				286,035
INTERNET — 2.85%
ASOS PLC^a		1,032		61,286
Blinkx PLC^a		4,473		8,986
Moneysupermarket.com Group PLC		3,930		12,393
Monitise PLC^a		18,579		11,971
Quindell Portfolio PLC^a		34,605		4,690
Rightmove PLC		1,449		44,947

				144,273
IRON & STEEL — 0.37%
Evraz PLC		4,452		9,132
Ferrexpo PLC		2,286		5,892
London Mining PLC^a		2,040		3,503

				18,527
LEISURE TIME — 0.57%
Thomas Cook Group PLC^a		13,398		29,007

				29,007
LODGING — 0.36%
Millennium & Copthorne Hotels PLC		2,160		18,339

				18,339
MACHINERY — 0.99%
Spirax-Sarco Engineering PLC		1,161		49,901

				49,901


Security	Shares		Value

MANUFACTURING — 2.23%
Alent PLC		3,990	$	22,418
Fenner PLC		2,865		14,986
Hill & Smith Holdings PLC		1,188		7,817
Morgan Crucible Co. PLC (The)		4,152		18,444
Senior PLC		6,066		25,236
Vesuvius PLC		4,173		24,079

				112,980
MEDIA — 3.26%
Daily Mail & General Trust PLC Class A NVS		4,239		49,165
Informa PLC		8,952		68,946
Trinity Mirror PLC^a		3,792		7,014
UBM PLC		3,609		39,861

				164,986
METAL FABRICATE & HARDWARE — 0.47%
Bodycote PLC		2,847		23,740

				23,740
MINING — 2.35%
African Barrick Gold PLC		2,274		4,733
African Minerals Ltd.^a,c		3,780		14,614
Anglo Pacific Group PLC		1,383		5,153
Centamin PLC^a		15,282		8,906
Gem Diamonds Ltd.^a		1,560		3,311
Highland Gold Mining Ltd.		3,435		4,505
Hochschild Mining PLC		2,655		10,208
Kazakhmys PLC		3,162		15,700
Lonmin PLC^a		6,723		30,069
Pan African Resources PLC^a		21,423		4,872
Petra Diamonds Ltd.^a		5,898		10,337
Sirius Minerals PLC^a		17,175		6,705

				119,113
OIL & GAS — 5.50%
Afren PLC^a		16,029		31,884
Amerisur Resources PLC^a		11,550		8,055
Bowleven PLC^a		4,635		4,901
Cairn Energy PLC^a		8,448		34,979
EnQuest PLC^a		10,563		20,595
Essar Energy PLC^a		4,839		10,807
Faroe Petroleum PLC^a		2,394		4,029
Gulf Keystone Petroleum Ltd.^a,c		12,402		29,849
Heritage Oil PLC^a		2,604		5,602
Iofina PLC		1,389		5,202
Ophir Energy PLC^a		6,498		38,924
Premier Oil PLC		7,767		42,380
Rockhopper Exploration PLC^a		4,167		8,355
Salamander Energy PLC^a		3,789		9,995
SOCO International PLC^a		2,958		17,315
Xcite Energy Ltd.^a		3,621		5,805

				278,677
OIL & GAS SERVICES — 1.95%
Hunting PLC		1,905		25,098
John Wood Group PLC		5,178		66,846


Security	Shares		Value

Kentz Corp. Ltd.		1,125	$	6,800

				98,744
PACKAGING & CONTAINERS — 0.29%
RPC Group PLC		2,397		14,584

				14,584
PHARMACEUTICALS — 1.63%
BTG PLC^a		5,277		28,762
Hikma Pharmaceuticals PLC		2,019		29,692
United Drug PLC		3,621		17,990
Vectura Group PLC^a		4,659		6,145

				82,589
REAL ESTATE — 2.54%
Capital & Counties Properties PLC		9,465		46,967
Grainger PLC		6,312		14,785
Helical Bar PLC		1,410		5,665
Quintain Estates and Development PLC^a		7,320		8,323
Redefine International PLC		4,869		3,193
Regus PLC		9,699		24,675
St. Modwen Properties PLC		2,670		11,658
UNITE Group PLC		2,439		13,356

				128,622
REAL ESTATE INVESTMENT TRUSTS — 3.53%
Big Yellow Group PLC		1,848		11,588
Derwent London PLC		1,335		48,333
Great Portland Estates PLC		5,016		42,130
Hansteen Holdings PLC		9,543		12,790
LondonMetric Property PLC		8,022		13,938
Primary Health Properties PLC		1,020		4,979
Shaftesbury PLC		3,735		34,854
Workspace Group PLC		1,647		10,048

				178,660
RETAIL — 7.25%
Darty PLC		7,641		8,254
Debenhams PLC		18,186		25,931
Dixons Retail PLC^a		53,259		33,526
Domino’s Pizza Group PLC		2,034		21,818
Dunelm Group PLC		1,344		18,267
Enterprise Inns PLC^a		7,116		12,202
Greene King PLC		3,243		37,564
Halfords Group PLC		2,883		14,380
Home Retail Group PLC		11,988		28,408
JD Wetherspoon PLC		1,413		14,107
Lookers PLC		4,179		6,573
Majestic Wine PLC		894		6,137
Mitchells & Butlers PLC^a		3,045		17,543
Mothercare PLC^a		1,062		5,631
Mulberry Group PLC		399		6,678
N Brown Group PLC		2,208		15,348
Pendragon PLC		21,537		8,326
Restaurant Group PLC (The)		2,985		23,465
Spirit Pub Co. PLC		9,282		9,429
Sports Direct International PLC^a		3,501		27,150
SuperGroup PLC^a		453		5,302


Security	Shares		Value

WH Smith PLC		1,854	$	21,264

				367,303
SEMICONDUCTORS — 0.86%
CSR PLC		2,274		19,031
Imagination Technologies Group PLC^a		3,120		16,622
IQE PLC^a		9,744		3,250
Nanoco Group PLC^a		1,989		4,516

				43,419
SOFTWARE — 2.17%
AVEVA Group PLC		990		36,293
Fidessa Group PLC		528		15,618
Innovation Group PLC^a		12,366		5,156
Kofax PLC^a		1,125		5,628
Micro Focus International PLC		2,226		23,151
Playtech Ltd.		2,364		23,977

				109,823
TELECOMMUNICATIONS — 3.25%
Avanti Communications Group PLC^a		1,287		5,230
Cable & Wireless Communications PLC		37,065		24,433
COLT Group SA^a		5,196		8,547
Kcom Group PLC		7,293		9,271
Laird PLC		4,065		12,979
Spirent Communications PLC		9,522		19,359
TalkTalk Telecom Group PLC		7,401		25,639
Telecity Group PLC		2,991		44,009
Telecom plus PLC		762		15,308

				164,775
TRANSPORTATION — 1.81%
Clarkson PLC		201		5,229
FirstGroup PLC		7,254		13,736
Go-Ahead Group PLC (The)		546		12,723
Hargreaves Services PLC		423		5,746
National Express Group PLC		6,456		19,664
Stagecoach Group PLC		6,480		29,061
Stobart Group Ltd.		4,179		5,639

				91,798
WATER — 1.11%
Pennon Group PLC		5,424		56,206

				56,206

TOTAL COMMON STOCKS
(Cost: $4,597,875)				5,001,264


Security	Shares		Value

RIGHTS — 0.00%

REAL ESTATE INVESTMENT TRUSTS — 0.00%
Primary Health Properties PLC		102	$	11

				11

TOTAL RIGHTS
(Cost: $0)				11

SHORT-TERM INVESTMENTS — 0.67%

MONEY MARKET FUNDS — 0.67%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%^d,e,f		30,855		30,855
BlackRock Cash Funds: Prime, SL Agency Shares
0.14%^d,e,f		2,251		2,251
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%^d,e		871		871

				33,977

TOTAL SHORT-TERM INVESTMENTS
(Cost: $33,977)				33,977


TOTAL INVESTMENTS IN SECURITIES — 99.45%
(Cost: $4,631,852)				5,035,252
Other Assets, Less Liabilities — 0.55%				27,975

NET ASSETS — 100.00%			$	5,063,227

NVS — Non-Voting Shares

^a	Non-income earning security.

^b	Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^c	All or a portion of this security represents a security on loan. See Note 3.

^d	Affiliated issuer. See Note 2.

^e	The rate quoted is the annualized seven-day yield of the fund at period end.

^f	All or a portion of this security represents an investment of securities lending collateral. See Note 3.

See accompanying notes to schedules of investments.

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated December 16, 1999.

These schedules of investments relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

Each of the iShares MSCI India ETF and iShares MSCI India Small-Cap ETF carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (each, a “Subsidiary”), which in turn invests in Indian securities included in each Fund’s underlying index. The accompanying schedules of investments are consolidated and include the securities held by each Fund’s Subsidiary.

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting date end on a day that the Fund’s listing exchange is not open. Accounting principles generally accepted in the United States of America (“U.S. GAAP”) define fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Trustees of the Trust (the “Board”).

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or other default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.

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

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of May 31, 2013. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

As a result of a temporary suspension of trading due to a pending corporate action, the following Funds had transfers from Level 1 to Level 2 during the period ended May 31, 2013.

As a result of the resumption of trading after a temporary suspension, the following Funds had transfers from Level 2 to Level 1 during the period ended May 31, 2013.

The following table includes a rollforward for the period ended May 31, 2013 of investments whose values are classified as Level 3 as of the beginning or end of the period.

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

As of May 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

In December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. The scope of the disclosure requirements for offsetting will be limited to derivative instruments and securities lending transactions. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar agreements. The guidance is effective for financial statements for fiscal years beginning after January 1, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statements and disclosures.

Each Fund may invest its positive cash balances in certain money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or an affiliate. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”).

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BFA or its affiliates. Each Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the value of the cash collateral received.

As of May 31, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


iShares MSCI ETF		Former Name ^a
All Peru Capped		iShares MSCI All Peru Capped Index Fund
Australia Small-Cap		iShares MSCI Australia Small Cap Index Fund
Brazil Small-Cap		iShares MSCI Brazil Small Cap Index Fund
Canada Small-Cap		iShares MSCI Canada Small Cap Index Fund
China		iShares MSCI China Index Fund
China Small-Cap		iShares MSCI China Small Cap Index Fund
Denmark Capped		iShares MSCI Denmark Capped Investment Market Index Fund
Emerging Markets Latin America		iShares MSCI Emerging Markets Latin America Index Fund
Finland Capped		iShares MSCI Finland Capped Investable Market Index Fund
Germany Small-Cap		iShares MSCI Germany Small Cap Index Fund
Hong Kong Small-Cap		iShares MSCI Hong Kong Small Cap Index Fund
India		iShares MSCI India Index Fund
India Small-Cap		iShares MSCI India Small Cap Index Fund
Indonesia		iShares MSCI Indonesia Investable Market Index Fund
Ireland Capped		iShares MSCI Ireland Capped Investable Market Index Fund
New Zealand Capped		iShares MSCI New Zealand Investable Market Index Fund
Norway Capped		iShares MSCI Norway Capped Investable Market Index Fund
Philippines		iShares MSCI Philippines Investable Market Index Fund
Poland Capped		iShares MSCI Poland Capped Investable Market Index Fund
Singapore Small-Cap		iShares MSCI Singapore Small Cap Index Fund
United Kingdom Small-Cap		iShares MSCI United Kingdom Small Cap Index Fund


iShares MSCI ETF and Investment Type	Investments
iShares MSCI ETF and Investment Type	Level 1		Level 2		Level 3			Total
All Peru Capped
Assets:
Common Stocks	$	267,966,201	$	—	$	—		$	267,966,201
Money Market Funds		1,385,517		—		—			1,385,517

	$	269,351,718	$	—	$	—		$	269,351,718


Australia Small-Cap
Assets:
Common Stocks	$	1,061,762	$	1,538	$	0	^a	$	1,063,300
Preferred Stocks		2,863		—		0	^a		2,863
Money Market Funds		38,647		—		—			38,647

	$	1,103,272	$	1,538	$	0	^a	$	1,104,810


Brazil Small-Cap
Assets:
Common Stocks	$	47,052,767	$	—	$	—		$	47,052,767
Preferred Stocks		6,822,175		—		—			6,822,175
Money Market Funds		12,086		—		—			12,086

	$	53,887,028	$	—	$	—		$	53,887,028


Canada Small-Cap
Assets:
Common Stocks	$	2,210,935	$	5	$	—		$	2,210,940
Money Market Funds		73,747		—		—			73,747

	$	2,284,682	$	5	$	—		$	2,284,687


China
Assets:
Common Stocks	$	1,239,727,833	$	—	$	—		$	1,239,727,833
Rights		—		265,904		—			265,904
Money Market Funds		68,462,401		—		—			68,462,401

	$	1,308,190,234	$	265,904	$	—		$	1,308,456,138


iShares MSCI ETF	Amount of Transfer
India Small-Cap	$	122,434
Philippines		88,596,100


iShares MSCI China Small-Cap ETF	Common Stocks
Balance at beginning of period	$	183,765
Realized gain (loss) and change in unrealized appreciation/depreciation		(152,621	)
Purchases		115,691
Sales		(31,815	)
Transfers in^a		184,110	^b
Transfers out		—

Balance at end of period	$	299,130

Net change in unrealized appreciation/ depreciation on investments still held at end of period	$	(105,089	)


iShares MSCI ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
All Peru Capped	$	388,639,710	$	4,461,491	$	(123,749,483	)	$	(119,287,992	)
Australia Small-Cap		1,251,014		139,345		(285,549	)		(146,204	)
Brazil Small-Cap		57,079,100		5,703,166		(8,895,238	)		(3,192,072	)
Canada Small-Cap		2,607,886		194,230		(517,429	)		(323,199	)
China		1,329,372,788		60,356,734		(81,273,384	)		(20,916,650	)
China Small-Cap		47,982,369		4,734,900		(5,358,377	)		(623,477	)
Denmark Capped		3,614,141		332,425		(105,626	)		226,799
Emerging Markets Latin America		15,481,871		400,588		(1,597,743	)		(1,197,155	)
Finland Capped		4,483,560		277,470		(289,113	)		(11,643	)
Germany Small-Cap		9,589,556		1,369,861		(159,213	)		1,210,648
Hong Kong Small-Cap		6,948,433		626,037		(260,434	)		365,603
India		155,837,018		7,198,122		(3,624,952	)		3,573,170
India Small-Cap		3,637,991		325,894		(672,442	)		(346,548	)
Indonesia		529,174,256		74,140,665		(48,162,423	)		25,978,242
Ireland Capped		47,130,256		9,611,692		(348,537	)		9,263,155
New Zealand Capped		178,264,709		16,608,260		(4,768,614	)		11,839,646
Norway Capped		11,956,402		778,865		(550,689	)		228,176