UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09729

iShares Trust

(Exact name of Registrant as specified in charter)

c/o: State Street Bank and Trust Company

1 Iron Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: August 31, 2017

Date of reporting period: November 30, 2016

Item 1. Schedules of Investments.

Schedule of Investments (Unaudited)

iSHARES^® ADAPTIVE CURRENCY HEDGED MSCI EUROZONE ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 99.97%
EXCHANGE-TRADED FUNDS — 99.97%
iShares MSCI Eurozone ETFa		68,944	$	2,259,984
				2,259,984
TOTAL INVESTMENT COMPANIES
(Cost: $2,353,558)				2,259,984
SHORT-TERM INVESTMENTS — 0.05%
MONEY MARKET FUNDS — 0.05%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		1,189		1,189
				1,189
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,189)				1,189
TOTAL INVESTMENTS IN SECURITIES — 100.02%
(Cost: $2,354,747)d				2,261,173
Other Assets, Less Liabilities — (0.02)%				(475	)
NET ASSETS — 100.00%			$	2,260,698

^a  Affiliated issuer. See Schedule 1.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $2,355,785. Net unrealized depreciation was $94,612, of which $ — represented gross unrealized appreciation on securities and $94,612 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Eurozone ETF		67,434		1,678		(168	)		68,944	$	2,259,984		—	$	(20	)

1

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ADAPTIVE CURRENCY HEDGED MSCI EUROZONE ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	EUR	1,059,000		USD	1,122,122	BNP		12/05/2016	$	368
	USD	1,161,767		EUR	1,059,000	BNP		12/05/2016		39,277
										39,645
	USD	1,127,331		EUR	1,062,000	BNP		01/05/2017		(407	)
										(407	)
					Net unrealized appreciation				$	39,238

Counterparties:

BNP — BNP Paribas SA

Currency abbreviations:

EUR — Euro

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	2,259,984	$	—		$	—	$	2,259,984
Money market funds		1,189		—			—		1,189
Total	$	2,261,173	$	—		$	—	$	2,261,173
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	39,645		$	—	$	39,645
Liabilities:
Forward currency contracts		—		(407	)		—		(407	)
Total	$	—	$	39,238		$	—	$	39,238

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

2

Schedule of Investments (Unaudited)

iSHARES^® ADAPTIVE CURRENCY HEDGED MSCI JAPAN ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 99.71%
EXCHANGE-TRADED FUNDS — 99.71%
iShares MSCI Japan ETFa		74,771	$	3,730,325
				3,730,325
TOTAL INVESTMENT COMPANIES
(Cost: $3,603,630)				3,730,325
SHORT-TERM INVESTMENTS — 0.05%
MONEY MARKET FUNDS — 0.05%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		1,857		1,857
				1,857
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,857)				1,857
TOTAL INVESTMENTS IN SECURITIES — 99.76%
(Cost: $3,605,487)d				3,732,182
Other Assets, Less Liabilities — 0.24%				8,988
NET ASSETS — 100.00%			$	3,741,170

^a  Affiliated issuer. See Schedule 1.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $3,616,472. Net unrealized appreciation was $115,710, of which $126,695 represented gross unrealized appreciation on securities and $10,985 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Japan ETF		286,366		80,255a		(291,850	)		74,771	$	3,730,325	$	—	$	1,569

^a  Includes 71,938 shares received from a one-for-four reverse stock split.

3

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ADAPTIVE CURRENCY HEDGED MSCI JAPAN ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	USD	1,819,819		JPY	191,170,000	BNP		12/05/2016	$	148,679
	USD	2,773,509		JPY	315,621,000	BNP		01/06/2017		8,782
										157,461
	JPY	191,170,000		USD	1,678,259	BNP		12/05/2016		(7,118	)
										(7,118	)
					Net unrealized appreciation				$	150,343

Counterparties:

BNP — BNP Paribas SA

Currency abbreviations:

JPY — Japanese Yen

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	3,730,325	$	—		$	—	$	3,730,325
Money market funds		1,857		—			—		1,857
Total	$	3,732,182	$	—		$	—	$	3,732,182
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	157,461		$	—	$	157,461
Liabilities:
Forward currency contracts		—		(7,118	)		—		(7,118	)
Total	$	—	$	150,343		$	—	$	150,343

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

4

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI AUSTRALIA ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 99.14%
EXCHANGE-TRADED FUNDS — 99.14%
iShares MSCI Australia ETFa,b		493,054	$	10,078,024
				10,078,024
TOTAL INVESTMENT COMPANIES (Cost: $9,261,353)				10,078,024
SHORT-TERM INVESTMENTS — 47.66%
MONEY MARKET FUNDS — 47.66%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%c,d,e		4,838,548		4,840,000
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d		5,325		5,325
				4,845,325
TOTAL SHORT-TERM INVESTMENTS (Cost: $4,845,325)				4,845,325
TOTAL INVESTMENTS IN SECURITIES — 146.80% (Cost: $14,106,678)f				14,923,349
Other Assets, Less Liabilities — (46.80)%				(4,757,592	)
NET ASSETS — 100.00%			$	10,165,757

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

^b  Affiliated issuer. See Schedule 1.

^c  Affiliated money market fund.

^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.

^f  The cost of investments for federal income tax purposes was $14,198,660. Net unrealized appreciation was $724,689, of which $816,671 represented gross unrealized appreciation on securities and $91,982 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Australia ETF		488,097		12,985		(8,028	)		493,054	$	10,078,024	$	—	$	(49	)

5

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI AUSTRALIA ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	USD	9,831,260		AUD	12,994,000	BNP		12/05/2016	$	236,734
	USD	10,214,168		AUD	13,735,000	BNP		01/05/2017		80,267
										317,001
	AUD	12,994,000		USD	9,676,422	BNP		12/05/2016		(81,896	)
										(81,896	)
						Net unrealized appreciation			$	235,105

Counterparties:

BNP — BNP Paribas SA

Currency abbreviations:

AUD — Australian Dollar

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	10,078,024	$	—		$	—	$	10,078,024
Money market funds		4,845,325		—			—		4,845,325
Total	$	14,923,349	$	—		$	—	$	14,923,349
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	317,001		$	—	$	317,001
Liabilities:
Forward currency contracts		—		(81,896	)		—		(81,896	)
Total	$	—	$	235,105		$	—	$	235,105

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

6

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI CANADA ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 100.14%
EXCHANGE-TRADED FUNDS — 100.14%
iShares MSCI Canada ETFa		429,233	$	11,164,350
				11,164,350
TOTAL INVESTMENT COMPANIES
(Cost: $9,860,181)				11,164,350
SHORT-TERM INVESTMENTS — 0.06%
MONEY MARKET FUNDS — 0.06%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		6,879		6,879
				6,879
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,879)				6,879
TOTAL INVESTMENTS IN SECURITIES — 100.20%
(Cost: $9,867,060)d				11,171,229
Other Assets, Less Liabilities — (0.20)%				(22,676	)
NET ASSETS — 100.00%			$	11,148,553

^a  Affiliated issuer. See Schedule 1.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $9,986,426. Net unrealized appreciation was $1,184,803, of which $1,304,169 represented gross unrealized appreciation on securities and $119,366 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Canada ETF		416,192		13,049		(8	)		429,233	$	11,164,350	$	—	$	(10	)

7

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI CANADA ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	CAD	14,518,000		USD	10,787,331	BNP		12/05/2016	$	20,611
	USD	10,889,678		CAD	14,572,000	BNP		12/05/2016		41,535
										62,146
	CAD	54,000		USD	40,257	BNP		12/05/2016		(57	)
	USD	11,086,601		CAD	14,915,000	BNP		01/05/2017		(21,071	)
										(21,128	)
						Net unrealized appreciation			$	41,018

Counterparties:

BNP — BNP Paribas SA

Currency abbreviations:

CAD — Canadian Dollar

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	11,164,350	$	—		$	—	$	11,164,350
Money market funds		6,879		—			—		6,879
Total	$	11,171,229	$	—		$	—	$	11,171,229
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	62,146		$	—	$	62,146
Liabilities:
Forward currency contracts		—		(21,128	)		—		(21,128	)
Total	$	—	$	41,018		$	—	$	41,018

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

8

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI EUROZONE ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 100.00%
EXCHANGE-TRADED FUNDS — 100.00%
iShares MSCI Eurozone ETFa		33,265,049	$	1,090,428,306
				1,090,428,306
TOTAL INVESTMENT COMPANIES
(Cost: $1,281,320,848)				1,090,428,306
SHORT-TERM INVESTMENTS — 0.05%
MONEY MARKET FUNDS — 0.05%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		582,262		582,262
				582,262
TOTAL SHORT-TERM INVESTMENTS
(Cost: $582,262)				582,262
TOTAL INVESTMENTS IN SECURITIES — 100.05%
(Cost: $1,281,903,110)d				1,091,010,568
Other Assets, Less Liabilities — (0.05)%				(537,227	)
NET ASSETS — 100.00%			$	1,090,473,341

^a  Affiliated issuer. See Schedule 1.

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

^c  Affiliated money market fund.

^d  The cost of investments for federal income tax purposes was $1,294,641,442. Net unrealized depreciation was $203,630,874, of which $ — represented gross unrealized appreciation on securities and $203,630,874 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Eurozone ETF		39,282,725		3,594,359		(9,612,035	)		33,265,049	$	1,090,428,306	$	—	$	(22,246,579	)

9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI EUROZONE ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	EUR	357,505,345		USD	378,437,283	CITI		12/05/2016	$	501,422
	USD	407,953,384		EUR	373,105,345	CITI		12/05/2016		12,479,420
	USD	757,539,821		EUR	692,731,000	BNP		12/05/2016		23,277,826
	USD	693,123,364		EUR	652,222,000	BNP		01/05/2017		528,661
										36,787,329
	EUR	692,963,000		USD	736,067,940	BNP		12/05/2016		(1,560,036	)
	EUR	15,600,000		USD	17,159,906	CITI		12/05/2016		(624,646	)
	USD	245,773		EUR	232,000	BNP		12/05/2016		(136	)
	EUR	3,395,000		USD	3,622,112	BNP		01/05/2017		(16,961	)
	USD	8,206,188		EUR	7,729,000	BNP		01/05/2017		(1,239	)
	USD	379,157,656		EUR	357,505,345	CITI		01/05/2017		(477,358	)
										(2,680,376	)
						Net unrealized appreciation			$	34,106,953

Counterparties:

BNP — BNP Paribas SA

CITI — Citibank N.A. London

Currency abbreviations:

EUR — Euro

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	1,090,428,306	$	—		$	—	$	1,090,428,306
Money market funds		582,262		—			—		582,262
Total	$	1,091,010,568	$	—		$	—	$	1,091,010,568
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	36,787,329		$	—	$	36,787,329
Liabilities:
Forward currency contracts		—		(2,680,376	)		—		(2,680,376	)
Total	$	—	$	34,106,953		$	—	$	34,106,953

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

10

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI GERMANY ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 99.97%
EXCHANGE-TRADED FUNDS — 99.97%
iShares MSCI Germany ETFa,b		16,744,412	$	415,763,750
				415,763,750
TOTAL INVESTMENT COMPANIES
(Cost: $499,289,891)				415,763,750
SHORT-TERM INVESTMENTS — 4.34%
MONEY MARKET FUNDS — 4.34%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%c,d,e		17,617,346		17,622,631
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d		440,075		440,075
				18,062,706
TOTAL SHORT-TERM INVESTMENTS
(Cost: $18,057,463)				18,062,706
TOTAL INVESTMENTS IN SECURITIES — 104.31%
(Cost: $517,347,354)f				433,826,456
Other Assets, Less Liabilities — (4.31)%				(17,912,378	)
NET ASSETS — 100.00%			$	415,914,078

^a  Affiliated issuer. See Schedule 1.

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

^c  Affiliated money market fund.

^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.

^f  The cost of investments for federal income tax purposes was $520,892,320. Net unrealized depreciation was $87,065,864, of which $5,244 represented gross unrealized appreciation on securities and $87,071,108 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Germany ETF		18,777,370		1,623,240		(3,656,198	)		16,744,412	$	415,763,750	$	—	$	(10,221,340	)

11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI GERMANY ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	EUR	130,000		USD	137,718	BNP		12/05/2016	$	76
	EUR	147,428,000		USD	156,059,909	CITI		12/05/2016		206,776
	USD	299,236,797		EUR	273,466,000	BNP		12/05/2016		9,375,811
	USD	165,919,076		EUR	151,746,000	CITI		12/05/2016		5,075,516
	USD	258,067,929		EUR	242,839,000	BNP		01/05/2017		197,135
										14,855,314
	EUR	280,221,000		USD	298,207,112	BNP		12/05/2016		(1,186,146	)
	EUR	4,318,000		USD	4,749,774	CITI		12/05/2016		(172,899	)
	USD	7,291,178		EUR	6,885,000	BNP		12/05/2016		(6,595	)
	USD	1,858,045		EUR	1,750,000	BNP		01/05/2017		(281	)
	USD	156,356,977		EUR	147,428,000	CITI		01/05/2017		(196,853	)
										(1,562,774	)
						Net unrealized appreciation			$	13,292,540

Counterparties:

BNP — BNP Paribas SA

CITI — Citibank N.A. London

Currency abbreviations:

EUR — Euro

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	415,763,750	$	—		$	—	$	415,763,750
Money market funds		18,062,706		—			—		18,062,706
Total	$	433,826,456	$	—		$	—	$	433,826,456
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	14,855,314		$	—	$	14,855,314
Liabilities:
Forward currency contracts		—		(1,562,774	)		—		(1,562,774	)
Total	$	—	$	13,292,540		$	—	$	13,292,540

^a Shown at the unrealized appreciation (depreciation) on the contracts.

12

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI ITALY ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 99.98%
EXCHANGE-TRADED FUNDS — 99.98%
iShares MSCI Italy Capped ETFa,b		164,309	$	3,573,710
				3,573,710
TOTAL INVESTMENT COMPANIES
(Cost: $4,870,138)				3,573,710
SHORT-TERM INVESTMENTS — 14.16%
MONEY MARKET FUNDS — 14.16%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%c,d,e		503,683		503,834
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d		2,161		2,161
				505,995
TOTAL SHORT-TERM INVESTMENTS
(Cost: $505,886)				505,995
TOTAL INVESTMENTS IN SECURITIES — 114.14%
(Cost: $5,376,024)f				4,079,705
Other Assets, Less Liabilities — (14.14)%				(505,412	)
NET ASSETS — 100.00%			$	3,574,293

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

^b  Affiliated issuer. See Schedule 1.

^c  Affiliated money market fund.

^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.

^f  The cost of investments for federal income tax purposes was $5,400,664. Net unrealized depreciation was $1,320,959, of which $28,499 represented gross unrealized appreciation on securities and $1,349,458 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Italy Capped ETF		621,544		577,619a		(1,034,854	)		164,309	$	3,573,710	$	—	$	(1,088,864	)

^a Includes 159,368 shares received from a one-for-four reverse stock split.

13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI ITALY ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	USD	4,517,921		EUR	4,128,000	BNP		12/05/2016	$	142,436
	USD	3,516,507		EUR	3,309,000	BNP		01/05/2017		2,680
										145,116
	EUR	4,128,000		USD	4,416,120	BNP		12/05/2016		(40,636	)
	EUR	78,000		USD	82,904	BNP		01/05/2017		(76	)
	USD	72,198		EUR	68,000	BNP		01/05/2017		(11	)
										(40,723	)
						Net unrealized appreciation			$	104,393

Counterparties:

BNP — BNP Paribas SA

Currency abbreviations:

EUR — Euro

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	3,573,710	$	—		$	—	$	3,573,710
Money market funds		505,995		—			—		505,995
Total	$	4,079,705	$	—		$	—	$	4,079,705
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	145,116		$	—	$	145,116
Liabilities:
Forward currency contracts		—		(40,723	)		—		(40,723	)
Total	$	—	$	104,393		$	—	$	104,393

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

14

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI JAPAN ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 99.22%
EXCHANGE-TRADED FUNDS — 99.22%
iShares MSCI Japan ETFa		13,530,514	$	675,037,343
				675,037,343
TOTAL INVESTMENT COMPANIES
(Cost: $688,517,461)				675,037,343
SHORT-TERM INVESTMENTS — 0.35%
MONEY MARKET FUNDS — 0.35%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		2,352,819		2,352,819
				2,352,819
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,352,819)				2,352,819
TOTAL INVESTMENTS IN SECURITIES — 99.57%
(Cost: $690,870,280)d				677,390,162
Other Assets, Less Liabilities — 0.43%				2,917,061
NET ASSETS — 100.00%			$	680,307,223

^a  Affiliated issuer. See Schedule 1.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $695,658,660. Net unrealized depreciation was $18,268,498, of which $ — represented gross unrealized appreciation on securities and $18,268,498 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Japan ETF		38,311,015		18,452,546a		(43,233,047	)		13,530,514	$	675,037,343	$	—	$	2,893,581

^a Includes 8,673,524 shares received from a one-for-four reverse stock split.

15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI JAPAN ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	USD	542,420,326		JPY	58,268,143,000	BNP		12/05/2016	$	33,060,735
	USD	140,697,790		JPY	14,806,543,000	CITI		12/05/2016		11,264,205
	USD	584,721,218		JPY	66,112,364,000	BNP		01/05/2017		5,627,990
	USD	122,828,838		JPY	13,880,887,000	CITI		01/05/2017		1,242,993
										51,195,923
	JPY	58,268,143,000		USD	515,025,171	BNP		12/05/2016		(5,665,581	)
	JPY	14,806,543,000		USD	131,570,608	CITI		12/05/2016		(2,137,023	)
	JPY	3,801,770,000		USD	33,302,470	BNP		01/05/2017		(1,902	)
										(7,804,506	)
						Net unrealized appreciation			$	43,391,417

Counterparties:

BNP — BNP Paribas SA

CITI — Citibank N.A. London

Currency abbreviations:

JPY — Japanese Yen

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	675,037,343	$	—		$	—	$	675,037,343
Money market funds		2,352,819		—			—		2,352,819
Total	$	677,390,162	$	—		$	—	$	677,390,162
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	51,195,923		$	—	$	51,195,923
Liabilities:
Forward currency contracts		—		(7,804,506	)		—		(7,804,506	)
Total	$	—	$	43,391,417		$	—	$	43,391,417

^a Shown at the unrealized appreciation (depreciation) on the contracts.

16

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI MEXICO ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 100.41%
EXCHANGE-TRADED FUNDS — 100.41%
iShares MSCI Mexico Capped ETFa,b		25,524	$	1,126,119
				1,126,119
TOTAL INVESTMENT COMPANIES
(Cost: $1,410,443)				1,126,119
SHORT-TERM INVESTMENTS — 35.81%
MONEY MARKET FUNDS — 35.81%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%c,d,e		400,706		400,826
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d		778		778
				401,604
TOTAL SHORT-TERM INVESTMENTS
(Cost: $401,486)				401,604
TOTAL INVESTMENTS IN SECURITIES — 136.22%
(Cost: $1,811,929)f				1,527,723
Other Assets, Less Liabilities — (36.22)%				(406,173	)
NET ASSETS — 100.00%			$	1,121,550

^a  Affiliated issuer. See Schedule 1.

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

^c  Affiliated money market fund.

^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.

^f  The cost of investments for federal income tax purposes was $1,819,740. Net unrealized depreciation was $292,017, of which $118 represented gross unrealized appreciation on securities and $292,135 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Mexico Capped ETF		23,115		3,228		(819	)		25,524	$	1,126,119	$	—	$	(4,995	)

17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI MEXICO ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	MXN	22,107,000		USD	1,068,866	BNP		12/05/2016	$	5,135
	USD	1,203,814		MXN	22,748,000	BNP		12/05/2016		98,672
	USD	58,646		MXN	1,206,000	BNP		01/05/2017		269
										104,076
	MXN	641,000		USD	33,879	BNP		12/05/2016		(2,738	)
	USD	1,064,818		MXN	22,107,000	BNP		01/05/2017		(5,295	)
										(8,033	)
						Net unrealized appreciation			$	96,043

Counterparties:

BNP — BNP Paribas SA

Currency abbreviations:

MXN — Mexican Peso

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	1,126,119	$	—		$	—	$	1,126,119
Money market funds		401,604		—			—		401,604
Total	$	1,527,723	$	—		$	—	$	1,527,723
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	104,076		$	—	$	104,076
Liabilities:
Forward currency contracts		—		(8,033	)		—		(8,033	)
Total	$	—	$	96,043		$	—	$	96,043

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

18

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI SOUTH KOREA ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 99.47%
EXCHANGE-TRADED FUNDS — 99.47%
iShares MSCI South Korea Capped ETFa		160,964	$	8,572,942
				8,572,942
TOTAL INVESTMENT COMPANIES
(Cost: $8,576,098)				8,572,942
SHORT-TERM INVESTMENTS — 0.07%
MONEY MARKET FUNDS — 0.07%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		5,810		5,810
				5,810
TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,810)				5,810
TOTAL INVESTMENTS IN SECURITIES — 99.54%
(Cost: $8,581,908)d				8,578,752
Other Assets, Less Liabilities — 0.46%				39,664
NET ASSETS — 100.00%			$	8,618,416

^a Affiliated issuer. See Schedule 1.

^b Affiliated money market fund.

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

^d The cost of investments for federal income tax purposes was $8,600,851. Net unrealized depreciation was $22,099, of which $ — represented gross unrealized appreciation on securities and $22,099 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI South Korea Capped ETF		219,077		34,593		(92,706	)		160,964	$	8,572,942	$	—	$	316,590

19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI SOUTH KOREA ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	USD	11,942,550		KRW	13,688,551,000	JPM		12/05/2016	$	268,605
	USD	7,204		KRW	8,249,000	MS		12/05/2016		169
	USD	490,221		KRW	562,284,000	SOC		12/05/2016		10,691
	USD	428		KRW	503,000	HSBC		01/05/2017		1
	USD	8,545,124		KRW	10,013,176,000	SCB		01/05/2017		42,111
										321,577
	KRW	4,244,212,000		USD	3,703,501	NSI		12/05/2016		(83,929	)
	KRW	10,013,176,000		USD	8,547,312	SCB		12/05/2016		(7,820	)
	KRW	1,696,000		USD	1,482	SSB		12/05/2016		(35	)
	USD	37,126		KRW	43,748,000	HSBC		01/05/2017		(25	)
										(91,809	)
						Net unrealized appreciation			$	229,768

Counterparties:

HSBC — HSBC Bank PLC

JPM — JPMorgan Chase Bank N.A.

MS — Morgan Stanley and Co. International PLC

NSI — Nomura Securities International Inc.

SOC — Societe Generale

SCB — Standard Chartered Bank

SSB — State Street Bank London

Currency abbreviations:

KRW — South Korean Won

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	8,572,942	$	—		$	—	$	8,572,942
Money market funds		5,810		—			—		5,810
Total	$	8,578,752	$	—		$	—	$	8,578,752
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	321,577		$	—	$	321,577
Liabilities:
Forward currency contracts		—		(91,809	)		—		(91,809	)
Total	$	—	$	229,768		$	—	$	229,768

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

20

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI SPAIN ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 100.06%
EXCHANGE-TRADED FUNDS — 100.06%
iShares MSCI Spain Capped ETFa,b		600,039	$	15,102,981
				15,102,981
TOTAL INVESTMENT COMPANIES
(Cost: $18,505,834)				15,102,981
SHORT-TERM INVESTMENTS — 36.98%
MONEY MARKET FUNDS — 36.98%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%c,d,e		5,573,348		5,575,020
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d		6,547		6,547
				5,581,567
TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,580,851)				5,581,567
TOTAL INVESTMENTS IN SECURITIES — 137.04%
(Cost: $24,086,685)f				20,684,548
Other Assets, Less Liabilities — (37.04)%				(5,590,733	)
NET ASSETS — 100.00%			$	15,093,815

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

^b  Affiliated issuer. See Schedule 1.

^c  Affiliated money market fund.

^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.

^f  The cost of investments for federal income tax purposes was $24,096,298. Net unrealized depreciation was $3,411,750, of which $715 represented gross unrealized appreciation on securities and $3,412,465 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Spain Capped ETF		602,289		290,315		(292,565	)		600,039	$	15,102,981	$	—	$	(860,093	)

21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI SPAIN ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	EUR	11,764,000		USD	12,452,782	CITI		12/05/2016	$	16,500
	USD	4,968,378		EUR	4,493,000	BNP		12/05/2016		206,011
	USD	12,862,758		EUR	11,764,000	CITI		12/05/2016		393,476
	USD	2,837,436		EUR	2,670,000	BNP		01/05/2017		2,162
										618,149
	EUR	4,493,000		USD	4,807,712	BNP		12/05/2016		(45,345	)
	EUR	313,000		USD	332,678	BNP		01/05/2017		(303	)
	USD	77,507		EUR	73,000	BNP		01/05/2017		(12	)
	USD	12,476,487		EUR	11,764,000	CITI		01/05/2017		(15,708	)
										(61,368	)
						Net unrealized appreciation			$	556,781

Counterparties:

BNP — BNP Paribas SA

CITI — Citibank N.A. London

Currency abbreviations:

EUR — Euro

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	15,102,981	$	—		$	—	$	15,102,981
Money market funds		5,581,567		—			—		5,581,567
Total	$	20,684,548	$	—		$	—	$	20,684,548
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	618,149		$	—	$	618,149
Liabilities:
Forward currency contracts		—		(61,368	)		—		(61,368	)
Total	$	—	$	556,781		$	—	$	556,781

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

22

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI SWITZERLAND ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 99.98%
EXCHANGE-TRADED FUNDS — 99.98%
iShares MSCI Switzerland Capped ETFa		120,804	$	3,424,793
				3,424,793
TOTAL INVESTMENT COMPANIES
(Cost: $3,829,401)				3,424,793
SHORT-TERM INVESTMENTS — 0.06%
MONEY MARKET FUNDS — 0.06%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		1,874		1,874
				1,874
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,874)				1,874
TOTAL INVESTMENTS IN SECURITIES — 100.04%
(Cost: $3,831,275)d				3,426,667
Other Assets, Less Liabilities — (0.04)%				(1,255	)
NET ASSETS — 100.00%			$	3,425,412

^a  Affiliated issuer. See Schedule 1.

^b Affiliated money market fund.

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

^d The cost of investments for federal income tax purposes was $3,849,830. Net unrealized depreciation was $423,163, of which $ — represented gross unrealized appreciation on securities and $423,163 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI Switzerland Capped ETF		154,512		6,873		(40,581	)		120,804	$	3,424,793	$	—	$	(26,252	)

23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI SWITZERLAND ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	CHF	3,445,000		USD	3,388,413	BNP		12/05/2016	$	457
	USD	4,588,623		CHF	4,553,000	BNP		12/05/2016		109,804
	USD	16,768		CHF	17,000	BNP		01/05/2017		3
										110,264
	CHF	1,108,000		USD	1,137,361	BNP		12/05/2016		(47,413	)
	USD	3,406,380		CHF	3,455,000	BNP		01/05/2017		(817	)
										(48,230	)
						Net unrealized appreciation			$	62,034

Counterparties:

BNP — BNP Paribas SA

Currency abbreviations:

CHF — Swiss Franc

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	3,424,793	$	—		$	—	$	3,424,793
Money market funds		1,874		—			—		1,874
Total	$	3,426,667	$	—		$	—	$	3,426,667
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	110,264		$	—	$	110,264
Liabilities:
Forward currency contracts		—		(48,230	)		—		(48,230	)
Total	$	—	$	62,034		$	—	$	62,034

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

24

Schedule of Investments (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI UNITED KINGDOM ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 99.84%
EXCHANGE-TRADED FUNDS — 99.84%
iShares MSCI United Kingdom ETFa		2,644,344	$	79,488,980
				79,488,980
TOTAL INVESTMENT COMPANIES
(Cost: $83,303,148)				79,488,980
SHORT-TERM INVESTMENTS — 0.07%
MONEY MARKET FUNDS — 0.07%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		55,782		55,782
				55,782
TOTAL SHORT-TERM INVESTMENTS
(Cost: $55,782)				55,782
TOTAL INVESTMENTS IN SECURITIES — 99.91%
(Cost: $83,358,930)d				79,544,762
Other Assets, Less Liabilities — 0.09%				70,766
NET ASSETS — 100.00%			$	79,615,528

^a  Affiliated issuer. See Schedule 1.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $83,385,945. Net unrealized depreciation was $3,841,183, of which $ — represented gross unrealized appreciation on securities and $3,841,183 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares MSCI United Kingdom ETF		7,259,436		5,080,451a		(9,695,543	)		2,644,344	$	79,488,980	$	—	$	(1,132,175	)

^a  Includes 3,792,372 shares received from a one-for-four reverse stock split.

25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI UNITED KINGDOM ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	GBP	95,707,000		USD	119,633,566	BNP		12/05/2016	$	119,505
	GBP	32,740,000		USD	40,958,510	BNP		01/05/2017		51,992
										171,497
	USD	116,385,341		GBP	95,707,000	BNP		12/05/2016		(3,367,730	)
	USD	120,376,430		GBP	96,194,000	BNP		01/05/2017		(117,286	)
										(3,485,016	)
						Net unrealized depreciation			$	(3,313,519	)

Counterparties:

BNP — BNP Paribas SA

Currency abbreviations:

GBP — British Pound

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	79,488,980	$	—		$	—	$	79,488,980
Money market funds		55,782		—			—		55,782
Total	$	79,544,762	$	—		$	—	$	79,544,762
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	171,497		$	—	$	171,497
Liabilities:
Forward currency contracts		—		(3,485,016	)		—		(3,485,016	)
Total	$	—	$	(3,313,519	)	$	—	$	(3,313,519	)

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

26

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MIN VOL GLOBAL CURRENCY HEDGED ETF

November 30, 2016

Security	Shares		Value
INVESTMENT COMPANIES — 99.81%
EXCHANGE-TRADED FUNDS — 99.81%
iShares Edge MSCI Min Vol Global ETFa		35,322	$	2,562,258
				2,562,258
TOTAL INVESTMENT COMPANIES
(Cost: $2,602,333)				2,562,258
SHORT-TERM INVESTMENTS — 0.04%
MONEY MARKET FUNDS — 0.04%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		1,148		1,148
				1,148
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,148)				1,148
TOTAL INVESTMENTS IN SECURITIES — 99.85%
(Cost: $2,603,481)d				2,563,406
Other Assets, Less Liabilities — 0.15%				3,841
NET ASSETS — 100.00%			$	2,567,247

^a  Affiliated issuer. See Schedule 1.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $2,603,715. Net unrealized depreciation was $40,309, of which $ — represented gross unrealized appreciation on securities and $40,309 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the three months ended November 30, 2016, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Shares held at beginning of period		Shares purchased		Shares sold			Shares held at end of period		Value at end of period		Dividend income		Net realized gain (loss)
iShares Edge MSCI Min Vol Global ETF		17,315		18,091		(84	)		35,322	$	2,562,258	$	—	$	(17	)

27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL GLOBAL CURRENCY HEDGED ETF

November 30, 2016

Schedule 2 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	CAD	142,000		USD	105,510	BNP		12/05/2016	$	202
	CHF	103,000		USD	101,308	BNP		12/05/2016		14
	DKK	20,704		USD	2,944	BNP		12/05/2016		5
	GBP	54,000		USD	67,415	BNP		12/05/2016		152
	ILS	75,000		USD	19,529	BNP		12/05/2016		48
	INR	620,408		USD	9,026	BNP		12/05/2016		28
	KRW	71,800,000		USD	61,190	BNP		12/05/2016		43
	USD	111,353		CAD	149,000	BNP		12/05/2016		429
	USD	106,815		CHF	106,000	BNP		12/05/2016		2,542
	USD	14,018		CLP	9,139,000	BNP		12/05/2016		502
	USD	3,191		DKK	21,704	BNP		12/05/2016		99
	USD	19,684		EUR	18,000	BNP		12/05/2016		605
	USD	176,697		HKD	1,370,000	BNP		12/05/2016		68
	USD	9,303		INR	624,408	BNP		12/05/2016		190
	USD	340,155		JPY	35,795,000	BNP		12/05/2016		27,248
	USD	62,975		KRW	72,118,000	BNP		12/05/2016		1,471
	USD	27,269		SGD	38,000	BNP		12/05/2016		758
	USD	141,983		TWD	4,495,000	BNP		12/05/2016		1,063
	CAD	7,000		USD	5,208	BNP		01/05/2017		5
	CHF	3,000		USD	2,953	BNP		01/05/2017		5
	GBP	3,000		USD	3,753	BNP		01/05/2017		5
	ILS	22,000		USD	5,744	BNP		01/05/2017		3
	USD	745		CAD	1,000	BNP		01/05/2017		—
	USD	33		CLP	22,000	BNP		01/05/2017		—
	USD	19,129		EUR	18,000	BNP		01/05/2017		14
	USD	173,188		HKD	1,343,000	BNP		01/05/2017		6
	USD	326,822		JPY	36,934,000	BNP		01/05/2017		3,309
	USD	61,179		KRW	71,800,000	BNP		01/05/2017		208
	USD	27,270		SGD	39,000	BNP		01/05/2017		59
	USD	140,760		TWD	4,486,000	BNP		01/05/2017		330
										39,411
	CAD	7,000		USD	5,224	BNP		12/05/2016		(13	)
	CHF	3,000		USD	3,039	BNP		12/05/2016		(88	)
	CLP	9,139,000		USD	13,517	BNP		12/05/2016		(1	)
	DKK	1,000		USD	148	BNP		12/05/2016		(5	)
	EUR	18,000		USD	19,093	BNP		12/05/2016		(14	)
	HKD	1,370,000		USD	176,648	BNP		12/05/2016		(19	)
	INR	4,000		USD	60	BNP		12/05/2016		(1	)
	JPY	35,795,000		USD	316,131	BNP		12/05/2016		(3,224	)
	KRW	318,000		USD	278	BNP		12/05/2016		(7	)
	SGD	38,000		USD	26,568	BNP		12/05/2016		(57	)
	TWD	4,495,000		USD	141,081	BNP		12/05/2016		(161	)
	USD	65,605		GBP	54,000	BNP		12/05/2016		(1,963	)
	USD	19,467		ILS	75,000	BNP		12/05/2016		(110	)
	CLP	132,000		USD	196	BNP		01/05/2017		(1	)
	DKK	2,000		USD	286	BNP		01/05/2017		—
	HKD	3,000		USD	387	BNP		01/05/2017		—
	INR	17,000		USD	247	BNP		01/05/2017		—
	KRW	3,699,000		USD	3,151	BNP		01/05/2017		(10	)
	SGD	2,000		USD	1,397	BNP		01/05/2017		(1	)
	TWD	92,000		USD	2,887	BNP		01/05/2017		(7	)
	USD	105,549		CAD	142,000	BNP		01/05/2017		(203	)
	USD	101,551		CHF	103,000	BNP		01/05/2017		(24	)

28

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MIN VOL GLOBAL CURRENCY HEDGED ETF

November 30, 2016

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	USD	13,480		CLP	9,139,000	BNP		01/05/2017	$	(6	)
	USD	2,950		DKK	20,704	BNP		01/05/2017		(5	)
	USD	63,821		GBP	51,000	BNP		01/05/2017		(62	)
	USD	774		HKD	6,000	BNP		01/05/2017		—
	USD	19,542		ILS	75,000	BNP		01/05/2017		(50	)
	USD	9,021		INR	622,408	BNP		01/05/2017		(22	)
	USD	65		KRW	77,000	BNP		01/05/2017		—
	USD	31		TWD	1,000	BNP		01/05/2017		—
										(6,054	)
						Net unrealized appreciation			$	33,357

Counterparties:

BNP — BNP Paribas SA

Currency abbreviations:

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

SGD — Singapore Dollar

TWD — Taiwan New Dollar

USD — United States Dollar

Schedule 3 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	2,562,258	$	—		$	—	$	2,562,258
Money market funds		1,148		—			—		1,148
Total	$	2,563,406	$	—		$	—	$	2,563,406
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	39,411		$	—	$	39,411
Liabilities:
Forward currency contracts		—		(6,054	)		—		(6,054	)
Total	$	—	$	33,357		$	—	$	33,357

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

29

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MULTIFACTOR CONSUMER DISCRETIONARY ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.73%
AUTO COMPONENTS — 5.26%
Autoliv Inc.		142	$	14,691
Goodyear Tire & Rubber Co. (The)		2,012		61,748
Lear Corp.		487		63,072
				139,511
AUTOMOBILES — 3.95%
General Motors Co.		3,033		104,729
				104,729
DISTRIBUTORS — 4.98%
Genuine Parts Co.		709		68,227
LKQ Corp.a		1,944		63,822
				132,049
HOTELS, RESTAURANTS & LEISURE — 8.29%
Carnival Corp.		1,389		71,409
Darden Restaurants Inc.		848		62,158
McDonald’s Corp.		444		52,956
Starbucks Corp.		573		33,217
				219,740
HOUSEHOLD DURABLES — 8.68%
Garmin Ltd.		1,132		59,045
Leggett & Platt Inc.		1,212		58,249
Mohawk Industries Inc.a		327		64,563
Whirlpool Corp.		296		48,082
				229,939
INTERNET & DIRECT MARKETING RETAIL — 10.73%
Amazon.com Inc.a		347		260,448
Priceline Group Inc. (The)a		16		24,059
				284,507
LEISURE PRODUCTS — 2.38%
Hasbro Inc.		739		63,103
				63,103
MEDIA — 18.30%
Charter Communications Inc. Class Aa		24		6,607
Comcast Corp. Class A		1,713		119,071
Interpublic Group of Companies Inc. (The)		2,636		63,449
Liberty Broadband Corp. Class Ca		659		46,993
News Corp. Class A		3,929		45,419
Omnicom Group Inc.		863		75,029
Scripps Networks Interactive Inc. Class A		61		4,225
Time Warner Inc.		229		21,027
Walt Disney Co. (The)		1,042		103,283
				485,103

Security	Shares		Value
MULTILINE RETAIL — 4.50%
Kohl’s Corp.		1,151	$	61,958
Nordstrom Inc.		1,025		57,318
				119,276
SPECIALTY RETAIL — 26.05%
AutoNation Inc.a		738		32,959
Bed Bath & Beyond Inc.		1,341		60,090
Best Buy Co. Inc.		1,471		67,225
Dick’s Sporting Goods Inc.		909		53,695
Foot Locker Inc.		871		62,425
Home Depot Inc. (The)		867		112,190
Lowe’s Companies Inc.		153		10,794
O’Reilly Automotive Inc.a		295		80,977
Ross Stores Inc.		1,184		80,026
Staples Inc.		6,137		59,345
TJX Companies Inc. (The)		3		235
Ulta Salon Cosmetics & Fragrance Inc.a		271		70,324
				690,285
TEXTILES, APPAREL & LUXURY GOODS — 6.61%
lululemon athletica Inc.a,b		635		36,189
Michael Kors Holdings Ltd.a		1,278		59,414
NIKE Inc. Class B		366		18,326
PVH Corp.		577		61,127
				175,056
TOTAL COMMON STOCKS
(Cost: $2,518,008)				2,643,298
SHORT-TERM INVESTMENTS — 0.60%
MONEY MARKET FUNDS — 0.60%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%c,d,e		10,004		10,007
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d		5,828		5,828
				15,835
TOTAL SHORT-TERM INVESTMENTS
(Cost: $15,833)				15,835

30

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR CONSUMER DISCRETIONARY ETF

November 30, 2016

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.33%
(Cost: $2,533,841)f	$	2,659,133
Other Assets, Less Liabilities — (0.33)%		(8,744	)
NET ASSETS — 100.00%	$	2,650,389

^a  Non-income earning security.

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

^c  Affiliated money market fund.

^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.

^f  The cost of investments for federal income tax purposes was $2,538,974. Net unrealized appreciation was $120,159, of which $165,510 represented gross unrealized appreciation on securities and $45,351 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,643,298	$	—	$	—	$	2,643,298
Money market funds		15,835		—		—		15,835
Total	$	2,659,133	$	—	$	—	$	2,659,133

31

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MULTIFACTOR CONSUMER STAPLES ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.74%
BEVERAGES — 19.13%
Coca-Cola Co. (The)		4,201	$	169,510
Dr Pepper Snapple Group Inc.		810		70,260
Molson Coors Brewing Co. Class B		736		72,150
PepsiCo Inc.		1,413		141,441
				453,361
FOOD & STAPLES RETAILING — 20.44%
Costco Wholesale Corp.		257		38,578
CVS Health Corp.		753		57,898
Kroger Co. (The)		2,594		83,786
Wal-Mart Stores Inc.		2,713		191,077
Walgreens Boots Alliance Inc.		633		53,634
Whole Foods Market Inc.		1,948		59,200
				484,173
FOOD PRODUCTS — 26.52%
Archer-Daniels-Midland Co.		1,851		80,019
Bunge Ltd.		886		60,496
Campbell Soup Co.		1,136		64,627
General Mills Inc.		10		609
Hormel Foods Corp.		1,713		58,653
Ingredion Inc.		487		57,164
JM Smucker Co. (The)		532		67,005
Kraft Heinz Co. (The)		221		18,045
McCormick & Co. Inc./MD		670		61,104
Mondelez International Inc. Class A		929		38,312
Tyson Foods Inc. Class A		1,093		62,093
WhiteWave Foods Co. (The)a		1,095		60,324
				628,451
HOUSEHOLD PRODUCTS — 20.44%
Church & Dwight Co. Inc.		1,394		61,043
Clorox Co. (The)		582		67,256
Colgate-Palmolive Co.		387		25,244

Security	Shares		Value
Kimberly-Clark Corp.		889	$	102,777
Procter & Gamble Co. (The)		2,764		227,920
				484,240
PERSONAL PRODUCTS — 2.22%
Edgewell Personal Care Co.a		664		52,549
				52,549
TOBACCO — 10.99%
Altria Group Inc.		1,799		115,010
Philip Morris International Inc.		1,499		132,332
Reynolds American Inc.		239		12,930
				260,272
TOTAL COMMON STOCKS
(Cost: $2,501,703)				2,363,046
SHORT-TERM INVESTMENTS — 0.04%
MONEY MARKET FUNDS — 0.04%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		1,046		1,046
				1,046
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,046)				1,046
TOTAL INVESTMENTS IN SECURITIES — 99.78%
(Cost: $2,502,749)d				2,364,092
Other Assets, Less Liabilities — 0.22%				5,226
NET ASSETS — 100.00%			$	2,369,318

^a  Non-income earning security.

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

^c  Affiliated money market fund.

^d  The cost of investments for federal income tax purposes was $2,505,306. Net unrealized depreciation was $141,214, of which $13,572 represented gross unrealized appreciation on securities and $154,786 represented gross unrealized depreciation on securities.

32

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR CONSUMER STAPLES ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,363,046	$	—	$	—	$	2,363,046
Money market funds		1,046		—		—		1,046
Total	$	2,364,092	$	—	$	—	$	2,364,092

33

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MULTIFACTOR ENERGY ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 100.85%
ENERGY EQUIPMENT & SERVICES — 15.15%
FMC Technologies Inc.a		1,974	$	67,629
Halliburton Co.		541		28,723
Helmerich & Payne Inc.		981		74,213
National Oilwell Varco Inc.		2,218		82,864
Schlumberger Ltd.		1,949		163,813
				417,242
OIL, GAS & CONSUMABLE FUELS — 85.70%
Anadarko Petroleum Corp.		177		12,240
Chevron Corp.		3,483		388,563
Cimarex Energy Co.		601		82,866
Concho Resources Inc.a		673		96,252
ConocoPhillips		1,140		55,313
Continental Resources Inc./OKa,b		1,216		70,540
Diamondback Energy Inc.a		133		14,344
EOG Resources Inc.		513		52,593
Exxon Mobil Corp.		7,168		625,766
HollyFrontier Corp.		2,257		64,934
Kinder Morgan Inc./DE		1,114		24,731
Marathon Oil Corp.		4,993		90,174
Marathon Petroleum Corp.		2,220		104,384
Murphy Oil Corp.		2,036		69,041
Occidental Petroleum Corp.		657		46,883
ONEOK Inc.		1,449		79,594
Parsley Energy Inc. Class Aa		1,815		69,242
Phillips 66		1,519		126,198
Pioneer Natural Resources Co.		21		4,012
Spectra Energy Corp.		2,608		106,798
Tesoro Corp.		862		70,124

Security	Shares		Value
Valero Energy Corp.		1,705	$	104,960
				2,359,552
TOTAL COMMON STOCKS
(Cost: $2,568,356)				2,776,794
SHORT-TERM INVESTMENTS — 0.47%
MONEY MARKET FUNDS — 0.47%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%c,d,e		10,670		10,673
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d		2,205		2,205
				12,878
TOTAL SHORT-TERM INVESTMENTS
(Cost: $12,875)				12,878
TOTAL INVESTMENTS IN SECURITIES — 101.32%
(Cost: $2,581,231)f				2,789,672
Other Assets, Less Liabilities — (1.32)%				(36,300	)
NET ASSETS — 100.00%			$	2,753,372

^a  Non-income earning security.

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

^c  Affiliated money market fund.

^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.

^f  The cost of investments for federal income tax purposes was $2,585,665. Net unrealized appreciation was $204,007, of which $230,348 represented gross unrealized appreciation on securities and $26,341 represented gross unrealized depreciation on securities.

Schedule 1- Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,776,794	$	—	$	—	$	2,776,794
Money market funds		12,878		—		—		12,878
Total	$	2,789,672	$	—	$	—	$	2,789,672

34

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MULTIFACTOR FINANCIALS ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 100.13%
BANKS — 37.40%
Bank of America Corp.		7,585	$	160,194
Citigroup Inc.		1,939		109,340
Citizens Financial Group Inc.		2,340		78,414
Comerica Inc.		1,130		72,038
Fifth Third Bancorp.		3,049		79,335
Huntington Bancshares Inc./OH		5,592		69,676
JPMorgan Chase & Co.		2,962		237,464
People’s United Financial Inc.		2,813		52,659
U.S. Bancorp.		582		28,879
Wells Fargo & Co.		3,824		202,366
				1,090,365
CAPITAL MARKETS — 15.48%
Ameriprise Financial Inc.		679		77,548
E*TRADE Financial Corp.a		1,316		45,415
Eaton Vance Corp. NVS		1,156		46,749
Goldman Sachs Group Inc. (The)		99		21,710
Morgan Stanley		41		1,696
MSCI Inc.		817		64,380
Nasdaq Inc.		996		63,834
Raymond James Financial Inc.		919		66,113
SEI Investments Co.		1,353		63,834
				451,279
CONSUMER FINANCE — 1.92%
Navient Corp.		3,252		56,032
				56,032
DIVERSIFIED FINANCIAL SERVICES — 7.11%
Berkshire Hathaway Inc. Class Ba		884		139,177
Voya Financial Inc.		1,752		68,100
				207,277
INSURANCE — 38.22%
Aflac Inc.		1,217		86,870
Alleghany Corp.a		111		63,042
American International Group Inc.		194		12,286
Aon PLC		744		84,890

Security	Shares		Value
Arch Capital Group Ltd.a		840	$	69,485
Assurant Inc.		617		53,272
Axis Capital Holdings Ltd.		930		56,739
Chubb Ltd.		19		2,432
Cincinnati Financial Corp.		938		71,982
FNF Group		1,862		59,472
Lincoln National Corp.		1,167		74,805
Principal Financial Group Inc.		1,297		74,824
Reinsurance Group of America Inc.		544		66,395
Torchmark Corp.		942		66,025
Travelers Companies Inc. (The)		749		84,899
Unum Group		1,599		67,590
WR Berkley Corp.		887		54,808
XL Group Ltd.		1,788		64,600
				1,114,416
TOTAL COMMON STOCKS
(Cost: $2,597,142)				2,919,369
SHORT-TERM INVESTMENTS — 0.16%
MONEY MARKET FUNDS — 0.16%
BlackRock Cash Funds: Treasury,     SL Agency Shares
0.30%b,c		4,729		4,729
				4,729
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,729)				4,729
TOTAL INVESTMENTS IN SECURITIES — 100.29%
(Cost: $2,601,871)d				2,924,098
Other Assets, Less Liabilities — (0.29)%				(8,559	)
NET ASSETS — 100.00%			$	2,915,539

NVS — Non-Voting Shares

^a  Non-income earning security.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $2,602,439. Net unrealized appreciation was $321,659, of which $330,210 represented gross unrealized appreciation on securities and $8,551 represented gross unrealized depreciation on securities.

35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR FINANCIALS ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,919,369	$	—	$	—	$	2,919,369
Money market funds		4,729		—		—		4,729
Total	$	2,924,098	$	—	$	—	$	2,924,098

36

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MULTIFACTOR HEALTHCARE ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.64%
BIOTECHNOLOGY — 8.87%
AbbVie Inc.		652	$	39,641
Amgen Inc.		331		47,687
Biogen Inc.a		40		11,763
Celgene Corp.a		290		34,368
Gilead Sciences Inc.		521		38,398
United Therapeutics Corp.a		393		49,365
				221,222
HEALTH CARE EQUIPMENT & SUPPLIES — 24.39%
Abbott Laboratories		70		2,665
Align Technology Inc.a		594		55,272
Cooper Companies Inc. (The)		336		55,269
DENTSPLY SIRONA Inc.		1,051		61,147
Edwards Lifesciences Corp.a		756		62,635
IDEXX Laboratories Inc.a		513		60,355
Intuitive Surgical Inc.a		111		71,455
Medtronic PLC		640		46,726
ResMed Inc.		984		60,496
Teleflex Inc.		372		55,030
Varian Medical Systems Inc.a		653		58,659
Zimmer Biomet Holdings Inc.		183		18,640
				608,349
HEALTH CARE PROVIDERS & SERVICES — 35.57%
Aetna Inc.		719		94,074
AmerisourceBergen Corp.		806		62,860
Anthem Inc.		609		86,801
Cardinal Health Inc.		997		70,797
Cigna Corp.		594		80,036
Henry Schein Inc.a		394		58,690
Laboratory Corp. of America Holdingsa		491		61,792
McKesson Corp.		562		80,821
MEDNAX Inc.a		849		55,584
Patterson Companies Inc.		762		29,520
Quest Diagnostics Inc.		712		62,271
UnitedHealth Group Inc.		526		83,276
Universal Health Services Inc. Class B		491		60,403
				886,925
LIFE SCIENCES TOOLS & SERVICES — 7.34%
Agilent Technologies Inc.		1,408		61,924
Mettler-Toledo International Inc.a		145		59,743

Security	Shares		Value
Thermo Fisher Scientific Inc.		12	$	1,681
Waters Corp.a		444		59,749
				183,097
PHARMACEUTICALS — 23.47%
Allergan PLCa		96		18,653
Bristol-Myers Squibb Co.		627		35,388
Eli Lilly & Co.		247		16,578
Johnson & Johnson		2,109		234,732
Mallinckrodt PLCa		974		51,330
Merck & Co. Inc.		1,690		103,411
Pfizer Inc.		3,892		125,089
				585,181
TOTAL COMMON STOCKS
(Cost: $2,520,929)				2,484,774
SHORT-TERM INVESTMENTS — 0.06%
MONEY MARKET FUNDS — 0.06%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		1,496		1,496
				1,496
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,496)				1,496
TOTAL INVESTMENTS IN SECURITIES — 99.70%
(Cost: $2,522,425)d				2,486,270
Other Assets, Less Liabilities — 0.30%				7,514
NET ASSETS — 100.00%			$	2,493,784

^a  Non-income earning security.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $2,522,838. Net unrealized depreciation was $36,568, of which $73,788 represented gross unrealized appreciation on securities and $110,356 represented gross unrealized depreciation on securities.

37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR HEALTHCARE ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,484,774	$	—	$	—	$	2,484,774
Money market funds		1,496		—		—		1,496
Total	$	2,486,270	$	—	$	—	$	2,486,270

38

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MULTIFACTOR INDUSTRIALS ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.77%
AEROSPACE & DEFENSE — 18.84%
Boeing Co. (The)		1,211	$	182,328
General Dynamics Corp.		38		6,663
Huntington Ingalls Industries Inc.		377		67,392
L-3 Communications Holdings Inc.		467		73,679
Lockheed Martin Corp.		165		43,766
Northrop Grumman Corp.		17		4,244
Raytheon Co.		42		6,281
Textron Inc.		1,618		74,477
United Technologies Corp.		610		65,709
				524,539
AIR FREIGHT & LOGISTICS — 7.52%
CH Robinson Worldwide Inc.		937		70,135
Expeditors International of Washington Inc.		1,318		69,511
FedEx Corp.		64		12,267
United Parcel Service Inc. Class B		496		57,496
				209,409
AIRLINES — 6.86%
American Airlines Group Inc.		1,370		63,623
Southwest Airlines Co.		1,382		64,415
United Continental Holdings Inc.a		915		63,089
				191,127
BUILDING PRODUCTS — 2.55%
AO Smith Corp.		1,372		66,720
Johnson Controls International PLC		95		4,273
				70,993
COMMERCIAL SERVICES & SUPPLIES — 7.18%
Cintas Corp.		608		69,677
Republic Services Inc.		1,341		74,412
Waste Connections Inc.		731		55,877
				199,966
CONSTRUCTION & ENGINEERING — 4.91%
Fluor Corp.		1,263		67,583
Jacobs Engineering Group Inc.a		1,113		69,017
				136,600
ELECTRICAL EQUIPMENT — 7.29%
Acuity Brands Inc.		282		70,898
Eaton Corp. PLC		1,495		99,432

Security	Shares		Value
Rockwell Automation Inc.		244	$	32,625
				202,955
INDUSTRIAL CONGLOMERATES — 17.50%
3M Co.		537		92,225
General Electric Co.		10,870		334,361
Honeywell International Inc.		532		60,616
				487,202
MACHINERY — 12.75%
AGCO Corp.		916		51,113
Caterpillar Inc.		232		22,170
Cummins Inc.		632		89,605
Illinois Tool Works Inc.		10		1,252
Snap-on Inc.		277		46,314
Stanley Black & Decker Inc.		663		78,652
Xylem Inc./NY		1,280		66,022
				355,128
PROFESSIONAL SERVICES — 4.80%
Equifax Inc.		619		70,845
ManpowerGroup Inc.		737		62,947
				133,792
ROAD & RAIL — 9.57%
AMERCO		97		33,122
JB Hunt Transport Services Inc.		726		69,239
Norfolk Southern Corp.		944		100,498
Union Pacific Corp.		628		63,635
				266,494
TOTAL COMMON STOCKS
(Cost: $2,573,976)				2,778,205
SHORT-TERM INVESTMENTS — 0.23%
MONEY MARKET FUNDS — 0.23%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		6,369		6,369
				6,369
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,369)				6,369

39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR INDUSTRIALS ETF

November 30, 2016

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.00%
(Cost: $2,580,345)d	$	2,784,574
Other Assets, Less Liabilities — 0.00%		59
NET ASSETS — 100.00%	$	2,784,633

^a  Non-income earning security.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $2,581,795. Net unrealized appreciation was $202,779, of which $214,295 represented gross unrealized appreciation on securities and $11,516 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,778,205	$	—	$	—	$	2,778,205
Money market funds		6,369		—		—		6,369
Total	$	2,784,574	$	—	$	—	$	2,784,574

40

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MULTIFACTOR MATERIALS ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.46%
CHEMICALS — 65.43%
Air Products & Chemicals Inc.		567	$	81,909
Albemarle Corp.		1,167		102,439
Celanese Corp. Series A		1,353		107,320
Dow Chemical Co. (The)		4,208		234,470
Eastman Chemical Co.		1,404		105,469
Ecolab Inc.		743		86,730
EI du Pont de Nemours & Co.		3,259		239,895
International Flavors & Fragrances Inc.		819		99,140
LyondellBasell Industries NV Class A		2,276		205,568
Monsanto Co.		1,497		153,757
Mosaic Co. (The)		2,116		60,095
PPG Industries Inc.		667		63,985
Praxair Inc.		861		103,578
Sherwin-Williams Co. (The)		566		152,067
Valspar Corp. (The)		170		17,355
				1,813,777
CONSTRUCTION MATERIALS — 4.14%
Martin Marietta Materials Inc.		409		89,755
Vulcan Materials Co.		198		24,879
				114,634
CONTAINERS & PACKAGING — 18.94%
Avery Dennison Corp.		1,170		84,310
Ball Corp.		74		5,554
Crown Holdings Inc.a		1,663		90,451
International Paper Co.		2,919		142,214
Packaging Corp. of America		1,046		88,659
WestRock Co.		2,225		113,920
				525,108

Security	Shares		Value
METALS & MINING — 10.95%
Freeport-McMoRan Inc.		1,929	$	29,610
Newmont Mining Corp.		3,857		125,121
Nucor Corp.		2,392		148,758
				303,489
TOTAL COMMON STOCKS
(Cost: $2,533,092)				2,757,008
SHORT-TERM INVESTMENTS — 0.11%
MONEY MARKET FUNDS — 0.11%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		3,033		3,033
				3,033
TOTAL SHORT-TERM INVESTMENTS (Cost: $3,033)				3,033
TOTAL INVESTMENTS IN SECURITIES — 99.57%
(Cost: $2,536,125)d				2,760,041
Other Assets, Less Liabilities — 0.43%				11,946
NET ASSETS — 100.00%			$	2,771,987

^a  Non-income earning security.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $2,537,518. Net unrealized appreciation was $222,523, of which $252,531 represented gross unrealized appreciation on securities and $30,008 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,757,008	$	—	$	—	$	2,757,008
Money market funds		3,033		—		—		3,033
Total	$	2,760,041	$	—	$	—	$	2,760,041

41

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MULTIFACTOR TECHNOLOGY ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.83%
COMMUNICATIONS EQUIPMENT — 3.78%
Cisco Systems Inc.		1,605	$	47,861
F5 Networks Inc.a		470		66,153
				114,014
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 9.94%
Arrow Electronics Inc.a		652		44,512
Avnet Inc.		910		41,760
Corning Inc.		3,261		78,362
Flex Ltd.a		3,905		55,607
FLIR Systems Inc.		981		35,228
TE Connectivity Ltd.		151		10,214
Trimble Inc.a		1,212		34,166
				299,849
INTERNET SOFTWARE & SERVICES — 11.49%
Alphabet Inc. Class Aa		133		103,192
Alphabet Inc. Class Ca		142		107,641
Facebook Inc. Class Aa		1,147		135,828
				346,661
IT SERVICES — 17.78%
Accenture PLC Class A		952		113,697
Broadridge Financial Solutions Inc.		845		54,705
Computer Sciences Corp.		1,004		60,873
International Business Machines Corp.		275		44,610
MasterCard Inc. Class A		120		12,264
Paychex Inc.		1,306		76,989
Visa Inc. Class A		605		46,779
Western Union Co. (The)		3,281		68,999
Xerox Corp.		6,156		57,559
				536,475
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 15.52%
Intel Corp.		1,657		57,498
Lam Research Corp.		688		72,942
Linear Technology Corp.		1,156		72,284
Marvell Technology Group Ltd.		3,106		44,540
Maxim Integrated Products Inc.		1,701		66,798
NVIDIA Corp.		1,026		94,597
Qorvo Inc.a		914		48,817
QUALCOMM Inc.		161		10,969
				468,445

Security	Shares		Value
SOFTWARE — 24.03%
Activision Blizzard Inc.		531	$	19,440
ANSYS Inc.a		623		58,581
CA Inc.		2,161		69,065
Cadence Design Systems Inc.a		2,090		54,925
Citrix Systems Inc.a		633		54,900
Microsoft Corp.		4,296		258,877
Oracle Corp.		703		28,254
Symantec Corp.		2,969		72,414
Synopsys Inc.a		1,082		65,439
VMware Inc. Class Aa		534		43,329
				725,224
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 17.29%
Apple Inc.		3,306		365,379
Hewlett Packard Enterprise Co.		3,764		89,583
NetApp Inc.		1,822		66,613
				521,575
TOTAL COMMON STOCKS
(Cost: $2,634,226)				3,012,243
SHORT-TERM INVESTMENTS — 0.23%
MONEY MARKET FUNDS — 0.23%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		6,985		6,985
				6,985
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,985)				6,985
TOTAL INVESTMENTS IN SECURITIES — 100.06%
(Cost: $2,641,211)d				3,019,228
Other Assets, Less Liabilities — (0.06)%				(1,861	)
NET ASSETS — 100.00%			$	3,017,367

^a  Non-income earning security.

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

^c  Affiliated money market fund.

^d  The cost of investments for federal income tax purposes was $2,641,221. Net unrealized appreciation was $378,007, of which $382,929 represented gross unrealized appreciation on securities and $4,922 represented gross unrealized depreciation on securities.

42

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE MSCI MULTIFACTOR TECHNOLOGY ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	3,012,243	$	—	$	—	$	3,012,243
Money market funds		6,985		—		—		6,985
Total	$	3,019,228	$	—	$	—	$	3,019,228

43

Schedule of Investments (Unaudited)

iSHARES^® EDGE MSCI MULTIFACTOR UTILITIES ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.66%
ELECTRIC UTILITIES — 62.72%
Alliant Energy Corp.		2,231	$	80,138
American Electric Power Co. Inc.		1,149		67,848
Duke Energy Corp.		2,063		152,188
Edison International		1,971		135,546
Entergy Corp.		1,407		96,703
Eversource Energy		336		17,344
Exelon Corp.		5,132		166,841
FirstEnergy Corp.		3,178		99,440
NextEra Energy Inc.		1,400		159,922
OGE Energy Corp.		2,330		73,745
PG&E Corp.		1,166		68,561
Pinnacle West Capital Corp.		1,092		80,732
PPL Corp.		1,216		40,687
Southern Co. (The)		2,838		132,875
Westar Energy Inc.		1,393		79,345
Xcel Energy Inc.		1,644		64,132
				1,516,047
GAS UTILITIES — 6.42%
Atmos Energy Corp.		1,075		76,454
UGI Corp.		1,758		78,758
				155,212
MULTI-UTILITIES — 30.41%
Ameren Corp.		1,941		95,342
Consolidated Edison Inc.		1,883		131,377
Dominion Resources Inc./VA		1,800		131,922
DTE Energy Co.		183		17,035
NiSource Inc.		3,463		75,978

Security	Shares		Value
Public Service Enterprise Group Inc.		3,171	$	130,994
SCANA Corp.		1,218		85,906
Sempra Energy		456		45,509
WEC Energy Group Inc.		378		21,172
				735,235
WATER UTILITIES — 0.11%
American Water Works Co. Inc.		36		2,609
				2,609
TOTAL COMMON STOCKS
(Cost: $2,515,254)				2,409,103
SHORT-TERM INVESTMENTS — 0.04%
MONEY MARKET FUNDS — 0.04%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%a,b		969		969
				969
TOTAL SHORT-TERM INVESTMENTS
(Cost: $969)				969
TOTAL INVESTMENTS IN SECURITIES — 99.70%
(Cost: $2,516,223)c				2,410,072
Other Assets, Less Liabilities — 0.30%				7,296
NET ASSETS — 100.00%			$	2,417,368

^a  Affiliated money market fund.

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

^c  The cost of investments for federal income tax purposes was $2,516,655. Net unrealized depreciation was $106,583, of which $11,798 represented gross unrealized appreciation on securities and $118,381 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,409,103	$	—	$	—	$	2,409,103
Money market funds		969		—		—		969
Total	$	2,410,072	$	—	$	—	$	2,410,072

44

Schedule of Investments (Unaudited)

iSHARES^® MSCI ALL PERU CAPPED ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 98.96%
BANKS — 30.08%
BBVA Banco Continental SA		4,584,088	$	5,309,236
Credicorp Ltd.		308,705		48,370,986
Intercorp Financial Services Inc.		302,341		9,553,976
Scotiabank		14,572		126,856
				63,361,054
CONSTRUCTION & ENGINEERING — 3.17%
Grana y Montero SAA		5,238,825		6,681,979
				6,681,979
CONSTRUCTION MATERIALS — 5.51%
Cementos Pacasmayo SAA		3,311,457		6,117,044
Union Andina de Cementos SAA		7,181,913		5,496,201
				11,613,245
ELECTRIC UTILITIES — 3.33%
Enel Distribucion Peru SAA		1,487,012		2,354,454
Luz del Sur SAA		1,343,957		4,653,902
				7,008,356
FOOD & STAPLES RETAILING — 3.31%
InRetail Peru Corp.a,b		366,074		6,962,727
				6,962,727
FOOD PRODUCTS — 5.61%
Alicorp SAA		4,427,768		9,529,341
Casa Grande SAA		1,085,802		2,295,450
				11,824,791
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.54%
Enel Generacion Peru SAA		4,957,275		3,241,379
				3,241,379
METALS & MINING — 40.34%
Cia. de Minas Buenaventura SAA ADR		1,671,985		18,676,072
Cia. Minera Milpo SAA		7,303,353		6,852,582
Hochschild Mining PLC		2,493,836		6,801,790
Minsur SAb		11,481,080		4,847,604
Pan American Silver Corp.		269,515		4,536,014
Sociedad Minera Cerro Verde SAAb		239,324		4,846,311
Southern Copper Corp.		749,772		24,615,015
Tahoe Resources Inc.		334,271		3,209,459

Security	Shares		Value
Trevali Mining Corp.b		4,473,857	$	4,525,097
Volcan Cia. Minera SAA Class B		30,510,136		6,083,241
				84,993,185
MULTILINE RETAIL — 2.21%
SACI Falabella		590,221		4,664,592
				4,664,592
OIL, GAS & CONSUMABLE FUELS — 1.03%
Refineria La Pampilla SAA Relapasab		30,826,919		2,169,318
				2,169,318
TRADING COMPANIES & DISTRIBUTORS — 2.83%
Ferreycorp SAA		11,889,089		5,961,103
				5,961,103
TOTAL COMMON STOCKS
(Cost: $268,223,439)				208,481,729
SHORT-TERM INVESTMENTS — 0.03%
MONEY MARKET FUNDS — 0.03%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d		69,049		69,049
				69,049
TOTAL SHORT-TERM INVESTMENTS
(Cost: $69,049)				69,049
TOTAL INVESTMENTS IN SECURITIES — 98.99%
(Cost: $268,292,488)e				208,550,778
Other Assets, Less Liabilities — 1.01%				2,129,776
NET ASSETS — 100.00%			$	210,680,554

ADR  —  American Depositary Receipts

^a  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^b  Non-income earning security.

^c  Affiliated money market fund.

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

^e  The cost of investments for federal income tax purposes was $279,453,969. Net unrealized depreciation was $70,903,191, of which $6,028,315 represented gross unrealized appreciation on securities and $76,931,506 represented gross unrealized depreciation on securities.

45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL PERU CAPPED ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	208,481,729	$	—	$	—	$	208,481,729
Money market funds		69,049		—		—		69,049
Total	$	208,550,778	$	—	$	—	$	208,550,778

46

Schedule of Investments (Unaudited)

iSHARES^® MSCI BRAZIL SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 73.86%
AUTO COMPONENTS — 1.72%
Mahle-Metal Leve SA		69,300	$	421,639
Tupy SA		92,400		316,878
				738,517
COMMERCIAL SERVICES & SUPPLIES — 2.04%
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		115,510		873,881
				873,881
CONSTRUCTION MATERIALS — 0.86%
Magnesita Refratarios SAa		53,920		366,800
				366,800
DIVERSIFIED CONSUMER SERVICES — 7.09%
Estacio Participacoes SA		477,400		2,368,299
GAEC Educacao SA		66,000		264,390
Ser Educacional SAb		67,500		405,100
				3,037,789
ELECTRIC UTILITIES — 3.26%
Alupar Investimento SA Units		154,072		747,927
Light SA		146,300		647,915
				1,395,842
FOOD PRODUCTS — 7.97%
Marfrig Global Foods SAa		469,700		903,990
Minerva SAa		192,500		697,154
Sao Martinho SA		90,200		1,436,267
SLC Agricola SA		87,500		378,197
				3,415,608
HEALTH CARE PROVIDERS & SERVICES — 3.38%
Fleury SA		125,600		1,450,388
				1,450,388
HOTELS, RESTAURANTS & LEISURE — 1.39%
CVC Brasil Operadora e Agencia de Viagens SA		84,700		595,717
				595,717
HOUSEHOLD DURABLES — 10.02%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		462,100		1,274,617
Even Construtora e Incorporadora SA		377,300		443,948
EZ TEC Empreendimentos e Participacoes SA		100,153		436,735
Gafisa SA		605,300		374,007
MRV Engenharia e Participacoes SA		515,900		1,763,135
				4,292,442

Security	Shares		Value
INSURANCE — 0.92%
FPC Par Corretora de Seguros SA		100,100	$	395,073
				395,073
INTERNET & DIRECT MARKETING RETAIL — 2.13%
B2W Cia. Digitala		272,500		912,764
				912,764
MACHINERY — 0.98%
Iochpe Maxion SA		107,800		421,320
				421,320
MEDIA — 5.69%
Multiplus SA		86,500		893,002
Smiles SA		109,300		1,546,195
				2,439,197
MULTILINE RETAIL — 1.30%
Magazine Luiza SAa		11,700		359,734
Marisa Lojas SAa		107,800		197,594
				557,328
OIL, GAS & CONSUMABLE FUELS — 0.56%
QGEP Participacoes SA		146,300		238,751
				238,751
REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.37%
Aliansce Shopping Centers SA		177,100		774,370
BR Properties SA		130,394		304,542
Iguatemi Empresa de Shopping Centers SA		125,600		1,013,712
Sonae Sierra Brasil SA		38,700		210,519
				2,303,143
ROAD & RAIL — 1.37%
Cosan Logistica SAa		190,087		277,614
JSL SA		107,800		309,138
				586,752
SOFTWARE — 5.06%
Linx SA		161,800		844,278
TOTVS SA		207,900		1,322,078
				2,166,356
SPECIALTY RETAIL — 4.47%
Cia. Hering		257,300		1,277,182
Via Varejo SA		223,300		636,397
				1,913,579
TEXTILES, APPAREL & LUXURY GOODS — 2.08%
Arezzo Industria e Comercio SA		78,600		639,024

47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRAZIL SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Guararapes Confeccoes SA		13,800	$	252,868
				891,892
TRANSPORTATION INFRASTRUCTURE — 3.59%
EcoRodovias Infraestrutura e Logistica SA		392,700		917,171
Prumo Logistica SAa		128,041		290,340
Santos Brasil Participacoes SA		415,800		333,131
				1,540,642
WATER UTILITIES — 2.61%
Cia. de Saneamento de Minas Gerais-COPASA		110,800		1,116,681
				1,116,681
TOTAL COMMON STOCKS (Cost: $26,454,529)				31,650,462
PREFERRED STOCKS — 25.02%
AIRLINES — 0.68%
GOL Linhas Aereas Inteligentes SA		182,400		292,272
				292,272
BANKS — 3.61%
Banco ABC Brasil SA		115,509		471,256
Banco do Estado do Rio Grande do Sul SA Class B		323,400		1,076,566
				1,547,822
ELECTRIC UTILITIES — 1.67%
Cia. Energetica do Ceara Class A		20,000		266,076
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		173,800		450,107
				716,183
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 3.08%
Cia. Energetica de Sao Paulo Class B		340,500		1,317,707
				1,317,707
MACHINERY — 2.29%
Marcopolo SA		854,500		666,927
Randon SA Implemetos e Participacoes		300,350		315,223
				982,150
METALS & MINING — 10.69%
Bradespar SA		400,400		1,769,691
Metalurgica Gerdau SA		1,074,300		1,854,815

Security	Shares		Value
Usinas Siderurgicas de Minas Gerais SA Class A		777,700	$	954,163
				4,578,669
TEXTILES, APPAREL & LUXURY GOODS — 1.87%
Alpargatas SA		264,800		802,424
				802,424

WATER UTILITIES — 1.13%
Cia de Saneamento do Parana	146,096	$	483,746
			483,746
TOTAL PREFERRED STOCKS (Cost: $7,418,428)			10,720,973
RIGHTS — 0.00%
MACHINERY — 0.00%
Marcopolo SAa	37,259		110
			110
TOTAL RIGHTS (Cost: $0)			110
SHORT-TERM INVESTMENTS — 0.03%
MONEY MARKET FUNDS — 0.03%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d	11,553		11,553
			11,553
TOTAL SHORT-TERM INVESTMENTS (Cost: $11,553)			11,553
TOTAL INVESTMENTS IN SECURITIES — 98.91% (Cost: $33,884,510)e			42,383,098
Other Assets, Less Liabilities — 1.09%			468,977
NET ASSETS — 100.00%		$	42,852,075

^a  Non-income earning security.

^b  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^c  Affiliated money market fund.

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

^e  The cost of investments for federal income tax purposes was $43,927,601. Net unrealized depreciation was $1,544,503, of which $9,356,174 represented gross unrealized appreciation on securities and $10,900,677 represented gross unrealized depreciation on securities.

48

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRAZIL SMALL-CAP ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	31,650,462	$	—	$	—	$	31,650,462
Preferred stocks		10,720,973		—		—		10,720,973
Rights		110		—		—		110
Money market funds		11,553		—		—		11,553
Total	$	42,383,098	$	—	$	—	$	42,383,098

49

Schedule of Investments (Unaudited)

iSHARES^® MSCI CHINA ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.69%
AEROSPACE & DEFENSE — 0.13%
AviChina Industry & Technology Co. Ltd. Class H		4,430,000	$	3,066,930
				3,066,930
AIR FREIGHT & LOGISTICS — 0.09%
Sinotrans Ltd. Class H		4,216,000		2,108,910
				2,108,910
AIRLINES — 0.22%
Air China Ltd. Class H		3,940,000		2,702,301
China Southern Airlines Co. Ltd. Class H		3,940,000		2,260,383
				4,962,684
AUTO COMPONENTS — 0.13%
Fuyao Glass Industry Group Co. Ltd.a		992,000		3,018,210
				3,018,210
AUTOMOBILES — 2.11%
Brilliance China Automotive Holdings Ltd.		6,400,000		8,960,569
Byd Co. Ltd. Class Hb		1,354,000		8,151,947
Chongqing Changan Automobile Co. Ltd. Class B		1,785,684		2,693,495
Dongfeng Motor Group Co. Ltd. Class H		5,456,000		5,549,798
Geely Automobile Holdings Ltd.b		11,160,000		11,538,899
Great Wall Motor Co. Ltd. Class H		6,448,000		6,068,393
Guangzhou Automobile Group Co. Ltd. Class H		4,432,000		5,805,228
				48,768,329
BANKS — 17.01%
Agricultural Bank of China Ltd. Class H		51,584,000		21,613,454
Bank of China Ltd. Class H		167,400,000		76,182,630
Bank of Communications Co. Ltd. Class H		18,352,200		14,101,334
China CITIC Bank Corp. Ltd. Class H		18,600,800		12,134,111
China Construction Bank Corp. Class H		177,816,000		132,502,624
China Everbright Bank Co. Ltd. Class H		6,448,000		3,059,135
China Merchants Bank Co. Ltd. Class H		8,184,150		20,215,984

Security	Shares		Value
China Minsheng Banking Corp. Ltd. Class H		12,276,300	$	13,864,283
Chongqing Rural Commercial Bank Co. Ltd. Class H		5,208,000		3,249,692
Industrial & Commercial Bank of China Ltd. Class H		155,744,000		95,374,163
				392,297,410
BEVERAGES — 0.40%
China Resources Beer Holdings Co. Ltd.b,c		3,472,000		7,349,853
Tsingtao Brewery Co. Ltd. Class H		496,000		1,956,721
				9,306,574
BIOTECHNOLOGY — 0.10%
3SBio Inc.a,b,c		2,092,000		2,225,058
				2,225,058
CAPITAL MARKETS — 2.50%
China Cinda Asset Management Co. Ltd. Class H		18,104,000		6,535,192
China Everbright Ltd.		1,984,000		4,005,523
China Galaxy Securities Co. Ltd. Class H		6,200,000		6,154,719
China Huarong Asset Management Co. Ltd.a,c		9,672,000		3,890,422
CITIC Securities Co. Ltd. Class H		4,588,000		10,741,503
GF Securities Co. Ltd. Class H		2,903,200		6,797,021
Haitong Securities Co. Ltd. Class H		6,448,000		12,436,049
Huatai Securities Co. Ltd. Class Ha		3,075,200		7,064,914
				57,625,343
CHEMICALS — 0.17%
Sinopec Shanghai Petrochemical Co. Ltd. Class H		7,384,000		3,883,986
				3,883,986
COMMERCIAL SERVICES & SUPPLIES — 0.27%
China Everbright International Ltd.b		5,168,000		6,262,910
				6,262,910
COMMUNICATIONS EQUIPMENT — 0.11%
ZTE Corp. Class H		1,587,240		2,578,333
				2,578,333

50

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA ETF

November 30, 2016

Security	Shares		Value
CONSTRUCTION & ENGINEERING — 1.45%
China Communications Construction Co. Ltd. Class H		9,350,000	$	11,210,381
China Railway Construction Corp. Ltd. Class H		4,183,000		5,942,857
China Railway Group Ltd. Class H		8,432,000		7,609,471
China State Construction International Holdings Ltd.		3,940,000		6,369,708
Sinopec Engineering Group Co. Ltd. Class H		2,604,000		2,249,270
				33,381,687
CONSTRUCTION MATERIALS — 0.45%
Anhui Conch Cement Co. Ltd. Class H		2,584,000		7,478,847
China National Building Material Co. Ltd. Class Hb		5,908,000		2,985,743
				10,464,590
DIVERSIFIED CONSUMER SERVICES — 0.91%
New Oriental Education & Technology Group Inc. ADRc		281,976		14,146,736
TAL Education Group Class A ADRb,c		90,520		6,927,495
				21,074,231
DIVERSIFIED FINANCIAL SERVICES — 0.16%
Far East Horizon Ltd.		4,184,000		3,781,251
				3,781,251
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.42%
China Communications Services Corp. Ltd. Class H		4,924,800		2,901,554
China Telecom Corp. Ltd. Class H		29,524,000		14,273,559
China Unicom Hong Kong Ltd.		12,796,000		15,539,997
				32,715,110
ELECTRICAL EQUIPMENT — 0.39%
Shanghai Electric Group Co. Ltd. Class Hb,c		5,908,000		2,848,642
Zhuzhou CRRC Times Electric Co. Ltd. Class H		1,116,000		6,057,203
				8,905,845
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.95%
AAC Technologies Holdings Inc.		1,600,000		14,480,478
Sunny Optical Technology Group Co. Ltd.		1,488,000		7,491,172
				21,971,650

Security	Shares		Value
ENERGY EQUIPMENT & SERVICES — 0.16%
China Oilfield Services Ltd. Class H		3,940,000	$	3,733,442
				3,733,442
FOOD & STAPLES RETAILING — 0.19%
Sun Art Retail Group Ltd.b		5,044,000		4,278,847
				4,278,847
FOOD PRODUCTS — 1.19%
China Huishan Dairy Holdings Co. Ltd.b		8,432,000		3,152,495
China Mengniu Dairy Co. Ltd.		5,906,000		12,106,438
Tingyi Cayman Islands Holding Corp.b		3,940,000		4,683,310
Want Want China Holdings Ltd.b		11,904,000		7,596,682
				27,538,925
GAS UTILITIES — 0.75%
China Gas Holdings Ltd.b		3,448,000		4,560,794
China Resources Gas Group Ltd.		1,984,000		5,882,952
ENN Energy Holdings Ltd.		1,488,000		6,848,523
				17,292,269
HEALTH CARE EQUIPMENT & SUPPLIES — 0.12%
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		3,964,000		2,739,203
				2,739,203
HEALTH CARE PROVIDERS & SERVICES — 0.68%
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		1,476,200		3,692,094
Sinopharm Group Co. Ltd. Class H		2,559,200		11,943,692
				15,635,786
HEALTH CARE TECHNOLOGY — 0.17%
Alibaba Health Information Technology Ltd.c		6,892,000		3,856,211
				3,856,211
HOTELS, RESTAURANTS & LEISURE — 1.05%
Yum China Holdings Inc.c		860,560		24,198,947
				24,198,947
HOUSEHOLD DURABLES — 0.20%
Haier Electronics Group Co. Ltd.		2,708,000		4,517,610
				4,517,610

51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA ETF

November 30, 2016

Security	Shares		Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.26%
CGN Power Co. Ltd. Class Ha		22,320,000	$	6,704,647
China Longyuan Power Group Corp. Ltd.		6,696,000		5,239,984
China Power International Development Ltd.		6,944,000		2,569,315
China Resources Power Holdings Co. Ltd.		3,940,000		6,481,458
Huaneng Power International Inc. Class H		8,928,000		5,593,920
Huaneng Renewables Corp. Ltd. Class H		7,936,000		2,557,805
				29,147,129
INDUSTRIAL CONGLOMERATES — 1.32%
Beijing Enterprises Holdings Ltd.		1,108,000		5,113,857
CITIC Ltd.		9,350,000		14,392,683
Fosun International Ltd.		5,536,000		8,207,667
Shanghai Industrial Holdings Ltd.		992,000		2,794,402
				30,508,609
INSURANCE — 7.22%
China Life Insurance Co. Ltd. Class H		15,624,000		45,421,825
China Pacific Insurance Group Co. Ltd. Class H		5,555,200		21,592,992
China Taiping Insurance Holdings Co. Ltd.b,c		3,323,324		7,609,243
New China Life Insurance Co. Ltd. Class H		1,612,000		8,157,001
People’s Insurance Co. Group of China Ltd. (The) Class H		14,632,000		6,168,467
PICC Property & Casualty Co. Ltd. Class H		9,844,308		16,498,875
Ping An Insurance Group Co. of China Ltd. Class H		11,036,000		61,037,226
				166,485,629
INTERNET & DIRECT MARKETING RETAIL — 3.70%
Ctrip.com International Ltd.b,c		788,144		35,647,753
JD.com Inc. ADRb,c		1,413,104		37,970,105
Qunar Cayman Islands Ltd. ADRb,c		75,144		2,256,574
Vipshop Holdings Ltd. ADRb,c		854,112		9,583,137
				85,457,569

Security	Shares		Value
INTERNET SOFTWARE & SERVICES — 29.33%
58.com Inc. ADRb,c		171,120	$	5,487,818
Alibaba Group Holding Ltd. ADRb,c		2,372,120		223,026,722
Baidu Inc.c		573,624		95,766,527
Netease Inc.		166,656		37,347,610
Sina Corp.c		118,544		9,135,001
Tencent Holdings Ltd.		12,003,200		299,745,359
Weibo Corp. ADRc		66,712		3,422,993
YY Inc. ADRc		61,752		2,672,009
				676,604,039
IT SERVICES — 0.18%
TravelSky Technology Ltd. Class H		1,970,000		4,129,644
				4,129,644
MACHINERY — 0.87%
China Conch Venture Holdings Ltd.		2,830,000		5,217,330
CRRC Corp. Ltd. Class H		8,858,650		8,748,269
Haitian International Holdings Ltd.		1,488,000		2,973,448
Weichai Power Co. Ltd. Class H		1,970,000		3,174,695
				20,113,742
MEDIA — 0.21%
Alibaba Pictures Group Ltd.c		24,800,000		4,763,912
				4,763,912
METALS & MINING — 0.52%
Aluminum Corp. of China Ltd. Class Hb,c		8,368,000		3,732,704
Jiangxi Copper Co. Ltd. Class H		2,708,000		4,140,561
Zijin Mining Group Co. Ltd. Class H		12,304,000		4,124,255
				11,997,520
OIL, GAS & CONSUMABLE FUELS — 6.09%
China Coal Energy Co. Ltd. Class Hc		4,216,000		2,125,216
China Petroleum & Chemical Corp. Class H		54,065,000		37,778,203
China Shenhua Energy Co. Ltd. Class H		7,192,000		14,890,903
CNOOC Ltd.		37,696,000		47,529,137
Kunlun Energy Co. Ltd.b		6,892,000		5,037,953
PetroChina Co. Ltd. Class H		44,640,000		30,329,176
Yanzhou Coal Mining Co. Ltd. Class Hb		3,940,000		2,753,096
				140,443,684
PAPER & FOREST PRODUCTS — 0.13%
Nine Dragons Paper (Holdings) Ltd.		3,446,000		3,025,437
				3,025,437

52

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA ETF

November 30, 2016

Security	Shares		Value
PERSONAL PRODUCTS — 0.55%
Hengan International Group Co. Ltd.b		1,600,000		12,593,065
				12,593,065
PHARMACEUTICALS — 1.01%
China Medical System Holdings Ltd.		2,708,000		4,517,610
CSPC Pharmaceutical Group Ltd.		8,860,000		9,514,906
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		862,000		2,711,583
Sino Biopharmaceutical Ltd.		9,424,000		6,463,574
				23,207,673
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.83%
China Evergrande Groupb		8,432,000		5,761,456
China Jinmao Holdings Group Ltd.		7,876,000		2,112,005
China Overseas Land & Investment Ltd.		7,936,000		22,917,935
China Resources Land Ltd.		5,952,665		14,458,330
China Vanke Co. Ltd. Class H		2,752,831		8,446,607
Country Garden Holdings Co. Ltd.b		11,656,727		6,522,171
Fullshare Holdings Ltd.		13,335,000		7,100,172
Guangzhou R&F Properties Co. Ltd. Class H		1,984,000		2,521,996
Longfor Properties Co. Ltd.		3,100,000		3,984,581
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B		1,984,052		3,085,201
Shimao Property Holdings Ltd.		2,584,000		3,377,974
Sino-Ocean Group Holding Ltd.		6,324,000		2,698,644
SOHO China Ltd.		4,340,000		2,299,627
Sunac China Holdings Ltd.		3,938,000		2,990,314
				88,277,013
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.50%
GCL-Poly Energy Holdings Ltd.b		27,280,000		3,657,662
Semiconductor Manufacturing International Corp.b,c		57,784,000		7,822,088
				11,479,750
SOFTWARE — 0.17%
Kingsoft Corp. Ltd.b		1,724,000		3,871,785
				3,871,785

Security	Shares		Value
SPECIALTY RETAIL — 0.14%
GOME Electrical Appliances Holding Ltd.b		25,296,000		3,293,814
				3,293,814
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.41%
Lenovo Group Ltd.b		15,256,000		9,460,445
				9,460,445
TEXTILES, APPAREL & LUXURY GOODS — 1.11%
ANTA Sports Products Ltd.b		2,216,000		6,499,455
Belle International Holdings Ltd.		13,144,000		7,540,730
HengTen Networks Group Ltd.c		44,508,000		3,901,870
Shenzhou International Group Holdings Ltd.		1,240,000		7,625,457
				25,567,512
TRANSPORTATION INFRASTRUCTURE — 0.85%
Beijing Capital International Airport Co. Ltd. Class H		3,448,000		3,400,592
China Merchants Port Holdings Co. Ltd.b		2,480,000		6,228,256
COSCO SHIPPING Ports Ltd.		3,448,000		3,609,517
Jiangsu Expressway Co. Ltd. Class H		2,480,000		3,305,963
Zhejiang Expressway Co. Ltd. Class H		2,976,000		3,180,631
				19,724,959
WATER UTILITIES — 0.65%
Beijing Enterprises Water Group Ltd.b		9,352,000		6,763,837
Guangdong Investment Ltd.		5,908,000		8,271,726
				15,035,563
WIRELESS TELECOMMUNICATION SERVICES — 6.16%
China Mobile Ltd.		13,020,000		142,090,077
				142,090,077
TOTAL COMMON STOCKS (Cost: $2,310,533,394)				2,299,468,851
SHORT-TERM INVESTMENTS — 9.64%
MONEY MARKET FUNDS — 9.64%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%d,e,f		221,469,329		221,535,770

53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA ETF

November 30, 2016

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%d,e		801,726		801,726
				222,337,496
TOTAL SHORT-TERM INVESTMENTS (Cost: $222,278,916)				222,337,496
TOTAL INVESTMENTS IN SECURITIES — 109.33% (Cost: $2,532,812,310)g				2,521,806,347
Other Assets, Less Liabilities — (9.33)%				(215,167,230	)
NET ASSETS — 100.00%			$	2,306,639,117

ADR — American Depositary Receipts

^a  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

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

^c  Non-income earning security.

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $2,621,840,621. Net unrealized depreciation was $100,034,274, of which $206,575,142 represented gross unrealized appreciation on securities and $306,609,416 represented gross unrealized depreciation on securities.

Schedule 1 — Futures Contracts

Futures contracts outstanding as of November 30, 2016 were as follows:

Issue	Number of long (short) contracts		Expiration date		Exchange		Initial notional value		Current notional value		Unrealized appreciation (depreciation)
H-Shares Index		60		Dec. 2016		Hong Kong Futures	$	3,721,495	$	3,825,492	$	103,997

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	2,296,383,650	$	3,085,201	$	—	$	2,299,468,851
Money market funds		222,337,496		—		—		222,337,496
Total	$	2,518,721,146	$	3,085,201	$	—	$	2,521,806,347
Derivative financial instrumentsa:
Assets:
Futures contracts	$	103,997	$	—	$	—	$	103,997
Total	$	103,997	$	—	$	—	$	103,997

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

54

Schedule of Investments (Unaudited)

iSHARES^® MSCI CHINA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.56%
AEROSPACE & DEFENSE — 0.16%
AVIC International Holding HK Ltd.a,b		468,000	$	31,374
				31,374
AIR FREIGHT & LOGISTICS — 0.08%
Guangdong Yueyen Transportation Co. Ltd. Class H		27,000		15,142
				15,142
AIRLINES — 0.20%
Shandong Airlines Co. Ltd. Class B		18,000		40,332
				40,332
AUTO COMPONENTS — 4.20%
Chaowei Power Holdings Ltd.		81,000		74,143
China First Capital Group Ltd.a		72,000		112,874
Hunan Tyen Machinery Co. Ltd. Class Ba		37,800		21,546
Launch Tech Co. Ltd.a		22,500		24,192
Minth Group Ltd.b		90,000		294,715
Nexteer Automotive Group Ltd.		117,000		146,615
Tianneng Power International Ltd.b		90,000		80,292
Xinchen China Power Holdings Ltd.a,b		72,000		11,974
Xingda International Holdings Ltd.b		99,000		40,204
Zhejiang Shibao Co. Ltd. Class H		18,000		25,248
				831,803
AUTOMOBILES — 0.56%
Hybrid Kinetic Group Ltd.a		2,394,000		54,629
Qingling Motors Co. Ltd. Class H		90,000		27,383
Yadea Group Holdings Ltd.		126,000		28,265
				110,277
BANKS — 0.28%
Bank of Chongqing Co. Ltd. Class H		67,500		56,303
				56,303

Security	Shares		Value
BEVERAGES — 0.93%
Anhui Gujing Distillery Co. Ltd. Class B		16,200	$	61,152
Dynasty Fine Wines Group Ltd.a,b		128,000		5,941
New Silkroad Culturaltainment Ltd.a		180,000		34,577
Tibet Water Resources Ltd.		207,000		82,729
				184,399
BIOTECHNOLOGY — 0.44%
China Regenerative Medicine International Ltd.a,b		1,620,000		56,390
Shanghai Haohai Biological Technology Co. Ltd.c		6,300		30,864
				87,254
BUILDING PRODUCTS — 0.94%
China Fangda Group Co. Ltd. Class B		39,600		36,299
China Lesso Group Holdings Ltd.b		153,000		110,657
Far East Global Group Ltd.		72,000		11,232
Luoyang Glass Co. Ltd. Class Ha,b		36,000		25,990
Yuanda China Holdings Ltd.a		126,000		2,924
				187,102
CAPITAL MARKETS — 1.07%
Central China Securities Co. Ltd. Class H		153,000		90,340
Guolian Securities Co. Ltd.		62,000		35,250
Noah Holdings Ltd. ADRa,b		3,483		85,647
				211,237
CHEMICALS — 2.55%
Century Sunshine Group Holdings Ltd.		56,250		2,139
China BlueChemical Ltd. Class H		234,000		53,698
China Lumena New Materials Corp.a,b		868,000		8,147
China XLX Fertiliser Ltd.		63,000		19,737
Dahua Group Dalian Chemical Industry Co.a		10,800		12,226
Danhua Chemical Technology Co. Ltd. Class Ba		21,600		12,809

55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Dongyue Group Ltd.a		200,000	$	30,026
Fufeng Group Ltd.		144,600		66,179
Huabao International Holdings Ltd.a		279,000		117,979
Hubei Sanonda Co. Ltd. Class B		23,400		20,574
Shanghai Chlor-Alkali Chemical Co. Ltd. Class Ba		58,500		45,922
Sinofert Holdings Ltd.b		270,000		37,245
Tianjin TEDA Biomedical Engineering Co. Ltd.a		25,000		2,417
Yingde Gases Group Co. Ltd.		153,000		60,359
Yip’s Chemical Holdings Ltd.b		36,000		15,780
				505,237
COMMERCIAL SERVICES & SUPPLIES — 1.10%
Beijing Enterprises Environment Group Ltd.a		81,000		15,560
Capital Environment Holdings Ltd.a		612,000		24,459
China Greenland Broad Greenstate Group Co Ltd.b		108,000		17,404
Dongjiang Environmental Co. Ltd. Class Hb		28,900		51,715
Dynagreen Environmental Protection Group Co. Ltd. Class H		54,000		24,018
Greentown Service Group Co. Ltd.		72,000		25,248
Shanghai Zhongyida Co. Ltd.a		54,000		28,890
Tianjin Capital Environmental Protection Group Co. Ltd. Class H		54,000		30,701
				217,995
COMMUNICATIONS EQUIPMENT — 1.75%
BYD Electronic International Co. Ltd.		99,000		88,066
China All Access Holdings Ltd.b		162,000		52,631
China Fiber Optic Network System Group Ltd.a		181,600		16,389
Comba Telecom Systems Holdings Ltd.		192,060		35,160
Eastern Communications Co. Ltd. Class B		45,900		33,920

Security	Shares		Value
Nanjing Panda Electronics Co. Ltd. Class Hb		18,000	$	16,964
O-Net Technologies Group Ltd.a		36,000		18,890
Shanghai Potevio Co. Ltd. Class Ba		17,100		24,846
Trigiant Group Ltd.b		108,000		16,012
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co.c		22,500		43,395
				346,273
CONSTRUCTION & ENGINEERING — 0.58%
Baoye Group Co. Ltd. Class H		36,000		25,898
Beijing Urban Construction Design & Development Group Co. Ltd.c		27,000		16,882
China Singyes Solar Technologies Holdings Ltd.		72,400		34,816
Concord New Energy Group Ltd.		720,000		37,593
				115,189
CONSTRUCTION MATERIALS — 0.83%
Asia Cement China Holdings Corp.		76,500		18,542
China National Materials Co. Ltd. Class H		144,000		34,716
China Shanshui Cement Group Ltd.a,b		480,000		30,941
Huaxin Cement Co. Ltd. Class B		31,500		22,554
Shanghai Yaohua Pilkington Glass Group Co. Ltd. Class Ba		21,600		14,947
Tongfang Kontafarma Holdings Ltd.a,b		162,000		15,246
West China Cement Ltd.a		270,000		27,499
				164,445
CONSUMER FINANCE — 0.87%
Credit China FinTech Holdings Ltd.a,b		1,440,000		155,944
Differ Group Holding Co.Ltd.a,b		216,000		16,708
				172,652
CONTAINERS & PACKAGING — 0.90%
AMVIG Holdings Ltd.b		72,000		25,155
CPMC Holdings Ltd.		63,000		30,458

56

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Foshan Huaxin Packaging Co. Ltd.		39,100	$	33,566
Greatview Aseptic Packaging Co. Ltd.		144,000		76,487
Sheen Tai Holdings Group Co. Ltd.		118,000		12,322
				177,988
DISTRIBUTORS — 0.76%
China Animation Characters Co. Ltd.b		54,000		22,069
China Beidahuang Industry Group Holdings Ltd.a		360,000		21,117
Dah Chong Hong Holdings Ltd.		108,000		43,163
Xinhua Winshare Publishing and Media Co. Ltd. Class Ha		63,000		64,083
				150,432
DIVERSIFIED CONSUMER SERVICES — 1.08%
China Maple Leaf Educational Systems Ltd.b		90,000		57,086
Fu Shou Yuan International Group Ltd.b		117,000		73,911
Tarena International Inc. ADR		4,977		83,564
				214,561
DIVERSIFIED FINANCIAL SERVICES — 0.33%
China Merchants China Direct Investments Ltd.		18,075		26,471
Kong Sun Holdings Ltd.a		500,000		21,369
Min Xin Holdings Ltd.		18,000		18,031
				65,871
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.14%
APT Satellite Holdings Ltd.		49,500		26,867
				26,867
ELECTRICAL EQUIPMENT — 1.39%
Boer Power Holdings Ltd.b		36,000		15,780
China Energine International Holdings Ltd.a		252,000		20,467
FDG Electric Vehicles Ltd.a,b		1,755,000		85,978
Foshan Electrical and Lighting Co. Ltd. Class B		39,640		31,736
Hangzhou Steam Turbine Co. Ltd. Class Ba		39,524		43,617
Harbin Electric Co. Ltd. Class H		90,000		42,699

Security	Shares		Value
Trony Solar Holdings Co. Ltd.a,b		216,000	$	6,909
Welling Holding Ltd.		145,600		28,532
				275,718
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.83%
Anxin-China Holdings Ltd.a		672,000		18,653
AVIC International Holdings Ltd. Class H		37,184		20,614
China Aerospace International Holdings Ltd.		252,000		32,813
China Innovationpay Group Ltd.a,b		468,000		38,011
Digital China Holdings Ltd.		135,000		107,211
INESA Intelligent Tech Inc. Class B		41,400		33,368
Ju Teng International Holdings Ltd.		108,000		36,758
Kingboard Chemical Holdings Ltd.		94,500		264,982
Kingboard Laminates Holdings Ltd.		121,500		107,612
Nanjing Sample Technology Co. Ltd.		9,000		17,265
PAX Global Technology Ltd.b		108,000		72,402
Technovator International Ltd.b		72,000		29,518
Tongda Group Holdings Ltd.b		450,000		132,274
Wasion Group Holdings Ltd.b		72,000		45,391
				956,872
ENERGY EQUIPMENT & SERVICES — 0.59%
Anton Oilfield Services Group/Hong Konga,b		162,000		21,721
Hilong Holding Ltd.b		117,000		31,525
Honghua Group Ltd.a		252,000		25,341
Shandong Molong Petroleum Machinery Co. Ltd. Class Ha		43,200		19,047
Wison Engineering Services Co. Ltd.a		153,000		19,331
				116,965
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.64%
Spring REIT		99,000		41,991
Yuexiu REIT		153,000		85,607
				127,598

57

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
FOOD & STAPLES RETAILING — 0.15%
Lianhua Supermarket Holdings Co. Ltd. Class Ha		63,000	$	29,646
				29,646
FOOD PRODUCTS — 3.67%
Biostime International Holdings Ltd.a,b		27,000		88,240
China Agri-Industries Holdings Ltd.a		297,000		119,464
China Foods Ltd.		126,000		54,905
China Huiyuan Juice Group Ltd.a		67,500		25,933
China Modern Dairy Holdings Ltd.a,b		342,000		90,828
China Shengmu Organic Milk Ltd.a,b,c		225,000		66,427
China Yurun Food Group Ltd.a		180,000		28,311
Honworld Group Ltd.c		27,000		15,734
Leyou Technologies Holdings Ltd.a,b		360,000		71,474
Qinqin Foodstuffs Group Cayman Co. Ltd.a		14,000		4,476
Shandong Zhonglu Oceanic Fisheries Co. Ltd.a		17,100		13,315
Shanghai Greencourt Investment Group Co. Ltd. Class Ba		52,200		33,773
Shenguan Holdings Group Ltd.		144,000		12,253
Tenwow International Holdings Ltd.		90,000		28,079
Yashili International Holdings Ltd.b		117,000		24,436
Yihai International Holding Ltd.a		45,000		19,435
YuanShengTai Dairy Farm Ltd.a,b		342,000		30,864
				727,947
GAS UTILITIES — 0.59%
China Oil and Gas Group Ltd.a		556,000		43,008
Towngas China Co. Ltd.		144,000		74,630
				117,638
HEALTH CARE EQUIPMENT & SUPPLIES — 0.50%
Lifetech Scientific Corp.a,b		270,000		69,270
PW Medtech Group Ltd.a		90,000		29,007
				98,277

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 2.36%
China NT Pharma Group Co.Ltd.b		117,000	$	26,698
China Pioneer Pharma Holdings Ltd.b		54,000		19,284
Golden Meditech Holdings Ltd.a		216,000		27,847
Harmonicare Medical Holdings Ltd.b,c		45,017		31,746
Huayi Tencent Entertainment Co. Ltd.a,b		720,000		48,268
iKang Healthcare Group Inc. ADRa,b		6,831		104,788
Phoenix Healthcare Group Co. Ltd.		81,000		126,983
Universal Medical Financial & Technical Advisory Services Co. Ltd.c		72,000		69,339
Wenzhou Kangning Hospital Co. Ltd.c		2,700		12,201
				467,154
HOTELS, RESTAURANTS & LEISURE — 2.27%
500.com Ltd. ADRa,b		3,159		43,910
Ajisen (China) Holdings Ltd.		90,000		37,710
China LotSynergy Holdings Ltd.a,b		900,000		33,068
China Nuclear Energy Technology Corp. Ltd.a		72,000		13,088
China Travel International Investment Hong Kong Ltd.b		342,000		100,087
China Vanguard Group Ltd.a		20,000		735
Haichang Ocean Park Holdings Ltd.a,c		162,000		39,682
Huangshan Tourism Development Co. Ltd. Class B		32,400		45,684
Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H		162,000		45,112
Shanghai Jinjiang International Travel Co. Ltd. Class B		9,000		33,039
Tuniu Corp. ADRa,b		4,752		43,148
Zhuhai Holdings Investment Group Ltd.		90,000		14,156
				449,419
HOUSEHOLD DURABLES — 2.26%
Hefei Meiling Co. Ltd. Class B		18,936		11,352
Hisense Kelon Electrical Holdings Co. Ltd. Class H		63,000		54,986

58

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
HongDa Financial Holding Ltd.a		270,000	$	11,487
Konka Group Co. Ltd. Class Ba		94,500		35,453
Lisi Group Holdings Ltd.		270,000		28,543
Ozner Water International Holding Ltd.a,b,c		54,000		12,322
Q Technology Group Co. Ltd.a		45,000		23,844
Skyworth Digital Holdings Ltd.b		270,000		169,519
TCL Multimedia Technology Holdings Ltd.a,b		72,000		35,273
Wuxi Little Swan Co. Ltd. Class B		11,700		39,294
Yuxing InfoTech Investment Holdings Ltd.a,b		108,000		25,619
				447,692
HOUSEHOLD PRODUCTS — 0.36%
NVC Lighting Holdings Ltd.		153,000		20,712
Vinda International Holdings Ltd.		27,000		51,308
				72,020
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.58%
Canvest Environment Protection Group Co. Ltd.b		81,000		37,176
CGN Meiya Power Holdings Co. Ltd.a,b,c		198,000		31,142
China Datang Corp. Renewable Power Co. Ltd. Class Ha		315,000		29,645
China Power New Energy Development Co. Ltd. New		61,500		36,393
Huadian Energy Co. Ltd. Class Ba		65,700		33,441
Huadian Fuxin Energy Corp. Ltd. Class H		360,000		81,221
Shanghai Lingyun Industries Development Co. Ltd. Class Ba		26,100		29,101
United Photovoltaics Group Ltd.a		414,000		35,227
				313,346
INDUSTRIAL CONGLOMERATES — 0.07%
Chongqing Machinery & Electric Co. Ltd. Class H		108,000		13,088
				13,088
INTERNET & DIRECT MARKETING RETAIL — 0.82%
Cogobuy Groupa,b,c		81,000		123,223
Jumei International Holding Ltd. ADRa		8,523		39,803
				163,026

Security	Shares		Value
INTERNET SOFTWARE & SERVICES — 3.24%
21Vianet Group Inc. ADRa,b		9,252	$	72,628
Baozun Inc. ADRa,b		2,907		43,867
Bitauto Holdings Ltd. ADRa,b		3,771		85,036
Fang Holdings Ltd. ADRa		36,792		107,801
HC International Inc.a,b		72,000		52,445
Pacific Online Ltd.		72,900		20,394
Phoenix New Media Ltd. ADRa		4,419		17,057
Renren Inc.a		11,520		22,118
Sino-I Technology Ltd.a		1,080,000		17,683
Sohu.com Inc.a		4,275		148,043
Tian Ge Interactive Holdings Ltd.b,c		54,000		40,866
Xunlei Ltd. ADRa		3,249		14,621
				642,559
IT SERVICES — 1.21%
AGTech Holdings Ltd.a,b		360,000		69,618
Chinasoft International Ltd.a,b		252,000		125,730
Hi Sun Technology (China) Ltd.a,b		270,000		43,163
Peace Map Holding Ltd.a		60,000		1,245
				239,756
LEISURE PRODUCTS — 0.35%
Shanghai Phoenix Enterprise Group Co. Ltd. Class Ba		22,500		23,400
Shenzhen China Bicycle Co. Holdings Ltd.a		36,000		23,159
Zhonglu Co. Ltd. Class B		10,860		22,068
				68,627
LIFE SCIENCES TOOLS & SERVICES — 0.14%
Genscript Biotech Corp.		54,000		27,917
				27,917
MACHINERY — 2.85%
Changchai Co. Ltd. Class B		19,800		12,457
China Ocean Industry Group Ltd.a		1,515,000		46,485
China Yuchai International Ltd.		2,124		26,529
CIMC Enric Holdings Ltd.		72,000		32,024
CRCC High-Tech Equipment Corp. Ltd.		72,000		29,889
Dalian Refrigeration Co. Ltd. Class B		13,500		10,425
First Tractor Co. Ltd. Class H		54,000		31,537
Huangshi Dongbei Electrical Appliance Co. Ltd. Class Ba		18,000		33,138

59

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Kama Co. Ltd.a		29,715	$	33,014
Lonking Holdings Ltd.		252,000		50,032
Sany Heavy Equipment International Holdings Co. Ltd.a,b		108,000		18,797
Shang Gong Group Co. Ltd. Class Ba		39,000		44,070
Shanghai Diesel Engine Co. Ltd. Class B		44,145		36,905
Shanghai Highly Group Co. Ltd. Class B		39,600		32,155
Shanghai Lingang Holdings Corp. Ltd. Class Ba		17,200		25,800
Shanghai Prime Machinery Co. Ltd. Class H		108,000		20,607
Sinotruk Hong Kong Ltd.		97,000		67,404
Zhengzhou Coal Mining Machinery Group Co. Ltd. Class H		25,200		12,768
				564,036
MARINE — 0.58%
Chu Kong Shipping Enterprises Group Co. Ltd.		54,000		14,829
Seaspan Corp.		6,705		60,144
Sinotrans Shipping Ltd.a,b		189,000		40,935
				115,908
MEDIA — 1.93%
Huanxi Media Group Ltd.		90,000		33,533
IMAX China Holding Inc.a,b,c		15,300		74,067
Nan Hai Corp. Ltd.a		1,800,000		66,137
Phoenix Satellite Television Holdings Ltd.		198,000		38,800
Poly Culture Group Corp. Ltd. Class H		11,700		29,383
SMI Holdings Group Ltd.b		756,000		72,124
Viva China Holdings Ltd.a,b		365,600		33,465
Wisdom Sports Groupa		99,000		34,206
				381,715
METALS & MINING — 2.69%
Bengang Steel Plates Co. Ltd. Class Ba		56,700		20,248
Chiho-Tiande Group Ltd.a,b		54,000		39,682
China Daye Non-Ferrous Metals Mining Ltd.a		864,000		16,597
China Metal Recycling Holdings Ltd.a		184,800		—

Security	Shares		Value
China Silver Group Ltd.b		90,000	$	15,316
Chongqing Iron & Steel Co. Ltd. Class Ha		72,000		22,927
Da Ming International Holdings Ltd.a		36,000		13,692
Huili Resources Group Ltd.a		90,000		19,029
Inner Mongolia Eerduosi Resourses Co. Ltd. Class B		38,700		40,442
MMG Ltd.a,b		216,000		60,707
Munsun Capital Group Ltd.a		990,000		29,738
North Mining Shares Co. Ltd.a		1,530,000		32,941
Real Gold Mining Ltd.a		126,000		84
Shougang Concord International Enterprises Co. Ltd.a		684,000		24,250
Shougang Fushan Resources Group Ltd.		342,000		73,632
Xinjiang Xinxin Mining Industry Co. Ltd. Class Ha		108,000		16,430
Zhaojin Mining Industry Co. Ltd. Class H		117,000		106,492
				532,207
MULTI-UTILITIES — 0.14%
Tianjin Development Holdings Ltd.		54,000		28,613
				28,613
MULTILINE RETAIL — 1.74%
Golden Eagle Retail Group Ltd.		54,000		77,554
Intime Retail Group Co. Ltd.b		229,500		188,768
Lifestyle China Group Ltd.a		112,500		29,443
Maoye International Holdings Ltd.a		162,000		15,037
New World Department Store China Ltd.a		117,000		16,291
Parkson Retail Group Ltd.b		177,000		18,255
				345,348
OIL, GAS & CONSUMABLE FUELS — 1.58%
China Suntien Green Energy Corp. Ltd. Class H		216,000		28,961
Inner Mongolia Yitai Coal Co. Ltd. Class B		148,500		141,372
MIE Holdings Corp.a		144,000		14,109

60

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Shanxi Guoxin Energy Corp. Ltd.		17,120	$	20,527
Sino Oil And Gas Holdings Ltd.a		1,215,000		29,291
Sinopec Kantons Holdings Ltd.		126,000		56,367
Yanchang Petroleum International Ltd.a		810,000		23,183
				313,810
PAPER & FOREST PRODUCTS — 2.02%
Chengde Nanjiang Co. Ltd. Class Ba		121,800		45,381
China Forestry Holdings Co. Ltd.a		306,000		—
China Wood Optimization Holding Ltd.a		36,000		12,206
KuangChi Science Ltd.a		216,000		78,529
Lee & Man Paper Manufacturing Ltd.		216,000		165,969
Qunxing Paper Holdings Co. Ltd.a		148,000		1,717
Shandong Chenming Paper Holdings Ltd. Class B		67,523		65,463
Shandong Chenming Paper Holdings Ltd. Class H		31,500		31,270
Superb Summit International Group Ltd.a,b		59,500		558
				401,093
PERSONAL PRODUCTS — 0.11%
CKH Food & Health Ltd.a		7,560		12,481
Golden Throat Holdings Group Co. Ltd.c		22,500		10,211
				22,692
PHARMACEUTICALS — 5.91%
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		36,000		49,754
China Animal Healthcare Ltd.a,b		140,000		5,602
China Shineway Pharmaceutical Group Ltd.		45,000		48,152
China Traditional Chinese Medicine Holdings Co. Ltd.b		270,000		135,058
Consun Pharmaceutical Group Ltd.b		54,000		29,866
Dawnrays Pharmaceutical Holdings Ltd.		36,000		21,999
Hua Han Health Industry Holdings Ltd. Class Hb		651,960		44,547
Hutchison China Meditech Ltd.a		2,322		63,752

Security	Shares		Value
Lee’s Pharmaceutical Holdings Ltd.b		36,000	$	31,792
Livzon Pharmaceutical Group Inc. Class H		10,820		69,677
Luye Pharma Group Ltd.		166,500		111,620
Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. Class H		18,000		24,273
Shandong Xinhua Pharmaceutical Co. Ltd. Class H		22,000		16,167
Shanghai Dingli Technology Development Group Co. Ltd. Class B		32,000		26,784
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. Class H		36,000		28,636
Shanghai Kai Kai Industrial Co. Ltd.		11,700		16,825
Shanghai Shenqi Pharmaceutical Investment Management Co. Ltd.		7,200		12,226
Sihuan Pharmaceutical Holdings Group Ltd.		639,007		173,002
SSY Group Ltd.		252,255		84,880
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd.		26,100		21,794
Tong Ren Tang Technologies Co. Ltd. Class H		81,000		154,342
				1,170,748
PROFESSIONAL SERVICES — 0.64%
51job Inc. ADRa		2,898		102,502
Zhaopin Ltd. ADRa		1,647		24,788
				127,290
REAL ESTATE MANAGEMENT & DEVELOPMENT — 14.07%
Agile Property Holdings Ltd.		216,000		120,856
Beijing Capital Land Ltd. Class H		144,000		56,251
Beijing Enterprises Medical & Health Group Ltd.a		594,000		31,780
Beijing North Star Co. Ltd. Class H		90,000		29,704
Beijing Properties Holdings Ltd.a,b		288,000		14,480
C C Land Holdings Ltd.		171,000		47,839
Carnival Group International Holdings Ltd.a,b		630,077		76,357

61

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Central China Real Estate Ltd.		99,038	$	23,366
China Aoyuan Property Group Ltd.b		153,000		35,308
China Electronics Optics Valley Union Holding Co Ltd.b		360,000		37,129
China Logistics Property Holdings Co. Ltd.a		198,000		93,427
China Merchants Land Ltd.		180,000		29,472
China Minsheng Drawin Technology Group Ltd.a		532,000		17,832
China Overseas Grand Oceans Group Ltd.a		126,000		46,946
China Overseas Property Holdings Ltd.b		195,000		36,453
China SCE Property Holdings Ltd.b		162,800		53,940
China South City Holdings Ltd.b		396,000		91,895
CIFI Holdings Group Co. Ltd.		378,000		112,084
Colour Life Services Group Co. Ltd.		45,000		32,488
Crown International Corp Ltd.a		126,000		28,102
Fantasia Holdings Group Co. Ltd.		216,000		29,239
Future Land Development Holdings Ltd.		252,000		46,458
Gemdale Properties & Investment Corp. Ltd.		522,000		34,995
Glorious Property Holdings Ltd.a		396,000		59,732
Greenland Hong Kong Holdings Ltd.a,b		108,000		28,961
Greentown China Holdings Ltd.a		94,500		77,728
Guangdong Land Holdings Ltd.a		72,000		16,151
Guorui Properties Ltd.b		117,000		38,916
HKC Holdings Ltd.a		34,920		17,332
HNA Innovation Hainan Co. Ltd.a		19,800		12,969
Hopson Development Holdings Ltd.		90,000		82,381
Hydoo International Holding Ltd.		180,000		16,940
Jiayuan International Group Ltd.		72,000		31,374
K Wah International Holdings Ltd.		171,000		87,962
KWG Property Holding Ltd.		171,000		96,119
Logan Property Holdings Co. Ltd.		162,000		66,415
Minmetals Land Ltd.		198,000		25,271
Overseas Chinese Town Asia Holdings Ltd.		36,000		12,578

Security	Shares		Value
Poly Property Group Co. Ltd.a,b		270,000	$	84,237
Powerlong Real Estate Holdings Ltd.		162,000		47,619
Renhe Commercial Holdings Co. Ltd.a,b		2,214,000		57,087
Road King Infrastructure Ltd.		36,000		30,400
Ronshine China Holdings Ltd.a,b		54,000		42,885
Shanghai Huili Building Materials Co. Ltd.a		13,500		23,153
Shanghai Industrial Urban Development Group Ltd.		198,000		55,137
Shanghai Shibei Hi-Tech Co. Ltd. Class B		31,500		35,280
Shenzhen Investment Ltd.		414,000		180,403
Shenzhen SEG Co. Ltd. Class B		32,400		21,554
Shenzhen Wongtee International Enterprise Co. Ltd. Class Ba		19,800		12,942
Shui On Land Ltd.		499,500		118,489
Sinolink Worldwide Holdings Ltd.a		252,000		29,889
Tian Shan Development Holding Ltd.		36,000		14,666
Xinyuan Real Estate Co. Ltd. ADR		5,247		29,016
Yuexiu Property Co. Ltd.		972,000		144,109
Yuzhou Properties Co. Ltd.		180,440		65,601
				2,789,697
ROAD & RAIL — 0.75%
Dazhong Transportation Group Co. Ltd. Class B		97,200		69,304
eHi Car Services Ltd. ADRa,b		4,302		43,493
Shanghai Jinjiang International Industrial Investment Co. Ltd. Class B		23,400		35,451
				148,248
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.58%
China Electronics Corp. Holdings Co. Ltd.		126,000		30,052
Hua Hong Semiconductor Ltd.c		45,000		51,923
JA Solar Holdings Co. Ltd. ADRa,b		5,805		31,579
JinkoSolar Holding Co. Ltd.a,b		2,907		41,105
Shanghai Fudan Microelectronics Group Co. Ltd. Class Ha		36,000		29,935
Xinyi Solar Holdings Ltd.b		378,000		129,141
				313,735

62

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
SOFTWARE — 3.27%
Boyaa Interactive International Ltd.a,b		45,000	$	24,888
Changyou.com Ltd. ADRa		1,728		41,697
Chanjet Information Technology Co. Ltd. Class Ha		9,000		11,742
Cheetah Mobile Inc. ADRa,b		3,951		40,142
China City Railway Transportation Technology Holdings Co. Ltd.a,b		72,000		14,666
Feiyu Technology International Co. Ltd.c		54,000		9,259
IGG Inc.		108,000		85,073
Kingdee International Software Group Co. Ltd.a		270,022		116,967
KongZhong Corp. ADRa		3,042		20,260
National Agricultural Holdings Ltd.a,b		144,000		31,189
NetDragon Websoft Holdings Ltd.		22,500		71,068
NQ Mobile Inc. ADRa		10,719		40,196
Ourgame International Holdings Ltd.a,b		45,000		20,421
Rentian Technology Holdings Ltd.a		450,000		28,427
Shanghai Baosight Software Co. Ltd. Class B		31,580		54,476
Sinosoft Technology Group Ltd.b		81,012		38,017
				648,488
SPECIALTY RETAIL — 1.43%
Boshiwa International Holding Ltd.a,b		153,000		1,468
China Harmony New Energy Auto Holding Ltd.		94,500		37,768
China ZhengTong Auto Services Holdings Ltd.b		121,500		36,340
Hengdeli Holdings Ltd.a,b		288,000		33,045
Pou Sheng International Holdings Ltd.b		288,000		87,997
Zhongsheng Group Holdings Ltd.		94,500		87,718
				284,336
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.44%
Coolpad Group Ltd.a		432,000		47,340
Goldpac Group Ltd.		45,000		13,227

Security	Shares		Value
TPV Technology Ltd.a		144,000	$	26,362
				86,929
TEXTILES, APPAREL & LUXURY GOODS — 4.35%
361 Degrees International Ltd.		81,000		32,268
Best Pacific International Holdings Ltd.		36,000		29,471
Bosideng International Holdings Ltd.		378,000		35,574
C.banner International Holdings Ltd.a		135,000		35,157
China Dongxiang Group Co. Ltd.		468,000		93,520
China Lilang Ltd.		54,000		31,746
China Longevity Group Co. Ltd.a		96,000		3,249
Citychamp Watch & Jewellery Group Ltd.		198,000		48,755
Cosmo Lady China Holdings Co. Ltd.b,c		81,000		31,328
Fuguiniao Co. Ltd. Class Hb		43,200		21,609
HOSA International Ltd.		90,000		30,632
Lao Feng Xiang Co. Ltd. Class B		27,980		96,923
Li Ning Co. Ltd.a,b		193,500		142,443
Luthai Textile Co. Ltd. Class B		36,900		46,573
Shanghai Haixin Group Co. Class B		57,600		50,285
Texhong Textile Group Ltd.		31,500		47,433
Weiqiao Textile Co. Class H		54,000		35,018
XTEP International Holdings Ltd.b		112,500		50,473
				862,457
TRADING COMPANIES & DISTRIBUTORS — 1.41%
BEP International Holdings Ltd.		1,710,000		125,660
China Aircraft Leasing Group Holdings Ltd.b		31,500		37,849
China Chengtong Development Group Ltd.a,b		414,000		37,362
CITIC Resources Holdings Ltd.a,b		396,037		52,589
Shanghai Dasheng Agricultural Finance Technology Co. Ltd.		324,000		26,315
				279,775
TRANSPORTATION INFRASTRUCTURE — 4.07%
Anhui Expressway Co. Ltd. Class H		54,000		44,277
COSCO International Holdings Ltd.		72,000		35,273

63

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Guangdong Provincial Expressway Development Co. Ltd. Class B		54,000	$	35,714
HNA Infrastructure Company Ltd. Class H		18,000		19,957
Hopewell Highway Infrastructure Ltd.		121,500		62,343
Jinzhou Port Co. Ltd. Class B		41,400		22,149
Qingdao Port International Co. Ltd.c		117,000		64,710
Qinhuangdao Port Co. Ltd.		99,000		24,122
Shenzhen Chiwan Wharf Holdings Ltd. Class B		17,100		29,056
Shenzhen Expressway Co. Ltd. Class H		90,000		86,442
Shenzhen International Holdings Ltd.		135,000		198,758
Sichuan Expressway Co. Ltd. Class H		126,000		52,306
Tianjin Port Development Holdings Ltd.		252,000		39,960
Xiamen International Port Co. Ltd. Class H		144,000		29,518
Yuexiu Transport Infrastructure Ltd.		90,000		61,264
				805,849
WATER UTILITIES — 1.23%
China Everbright Water Ltd.		66,600		22,783
China Water Affairs Group Ltd.		108,000		77,276
China Water Industry Group Ltd.a		144,000		24,134
CT Environmental Group Ltd.b		288,000		69,432
Kangda International Environmental Co. Ltd.c		99,000		25,399
Yunnan Water Investment Co. Ltd.b		45,000		23,960
				242,984
TOTAL COMMON STOCKS (Cost: $23,099,264)				19,733,956
RIGHTS — 0.04%
METALS & MINING — 0.04%
MMG Ltd.a		108,000		9,050
				9,050

Security	Shares		Value
TOTAL RIGHTS (Cost: $0)			$	9,050
SHORT-TERM INVESTMENTS — 26.12%
MONEY MARKET FUNDS — 26.12%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%d,e,f		5,154,406		5,155,952
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%d,e		20,658		20,658
				5,176,610
TOTAL SHORT-TERM INVESTMENTS (Cost: $5,175,075)				5,176,610
TOTAL INVESTMENTS IN SECURITIES — 125.72% (Cost: $28,274,339)g				24,919,616
Other Assets, Less Liabilities — (25.72)%				(5,098,078	)
NET ASSETS — 100.00%			$	19,821,538

ADR — American Depositary Receipts

^a  Non-income earning security.

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

^c  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $28,928,091. Net unrealized depreciation was $4,008,475, of which $2,695,279 represented gross unrealized appreciation on securities and $6,703,754 represented gross unrealized depreciation on securities.

64

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHINA SMALL-CAP ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	19,353,122	$	167,223	$	213,611	$	19,733,956
Rights		9,050		—		—		9,050
Money market funds		5,176,610		—		—		5,176,610
Total	$	24,538,782	$	167,223	$	213,611	$	24,919,616

The following table includes a rollforward for the period ended November 30, 2016 of investments whose values are classified as Level 3 as of the beginning or end of the period.

	Common Stocks
Balance at beginning of period	$	330,149
Realized gain (loss) and change in unrealized appreciation/depreciation		(55,179	)
Purchases		—
Sales		(21,082	)
Transfers in		—
Transfers out a		(40,277	)b
Balance at end of period	$	213,611
Net change in unrealized appreciation/depreciation on investments still held at end of period	$	(32,376	)

^a  Represents the value as of the beginning of the reporting period.

^b  Transfers out of Level 3 are due to resumption of trading of equity securities.

The following table summarizes the valuation techniques used and unobservable inputs developed by the Global Valuation Committee to determine the fair value of the Fund’s Level 3 investments as of November 30, 2016:

	Value		Valuation Techniques		Unobservable Inputs		Range of Unobservable Input		Weighted Average of Unobservable Inputsa
Assets:
Common Stockb	$	79,237		Last traded price — adjusted		Adjustment based on change on proxy index		-15% to -80%c		-27	%
Common Stock	$	22,768		Grey market trade		Trade details		n/a		n/a

^a  Unobservable inputs are weighted based on the fair value of the investments included in the range.

^b  Does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information without adjustment for which such inputs are unobservable.

^c  An increase in the unobservable input may result in a significant increase to the value, while a decrease in the unobservable input may result in a significant decrease to value.

65

Schedule of Investments (Unaudited)

iSHARES^® MSCI DENMARK CAPPED ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.45%
BANKS — 12.81%
Danske Bank A/S		161,746	$	4,729,968
Jyske Bank A/S Registered		19,797		864,862
Spar Nord Bank A/S		35,031		367,112
Sydbank A/S		21,548		634,434
				6,596,376
BEVERAGES — 5.35%
Carlsberg A/S Class B		26,070		2,219,087
Royal Unibrew A/S		13,663		539,032
				2,758,119
BIOTECHNOLOGY — 5.47%
Bavarian Nordic A/Sa,b		11,636		377,437
Genmab A/Sa		12,948		2,244,891
Zealand Pharma A/Sa,b		12,614		197,835
				2,820,163
BUILDING PRODUCTS — 0.81%
Rockwool International A/S Class B		2,595		418,835
				418,835
CHEMICALS — 6.36%
Chr Hansen Holding A/S		25,611		1,419,020
Novozymes A/S Class B		54,771		1,857,041
				3,276,061
COMMERCIAL SERVICES & SUPPLIES — 2.58%
ISS A/S		38,856		1,329,622
				1,329,622
CONSTRUCTION & ENGINEERING — 1.45%
FLSmidth & Co. A/Sb		12,280		503,905
Per Aarsleff Holding A/S		10,566		241,040
				744,945
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.12%
TDC A/Sa		214,132		1,090,566
				1,090,566
ELECTRIC UTILITIES — 0.93%
DONG Energy A/Sa,c		14,028		479,027
				479,027
ELECTRICAL EQUIPMENT — 6.64%
Vestas Wind Systems A/S		51,779		3,419,646
				3,419,646

Security	Shares		Value
FOOD PRODUCTS — 0.61%
Schouw & Co. AB		4,746	$	316,689
				316,689
HEALTH CARE EQUIPMENT & SUPPLIES — 6.88%
Ambu A/S Class Bb		9,804		379,518
Coloplast A/S Class B		27,384		1,740,978
GN Store Nord A/S		41,359		807,885
William Demant Holding A/Sa		36,324		615,275
				3,543,656
HEALTH CARE TECHNOLOGY — 0.08%
NNIT A/Sb,c		1,492		42,439
				42,439
HOUSEHOLD DURABLES — 0.43%
Bang & Olufsen A/Sa,b		21,154		221,686
				221,686
INSURANCE — 2.54%
Alm Brand A/S		34,204		256,033
Topdanmark A/Sa		17,467		443,050
Tryg A/S		33,955		611,457
				1,310,540
MACHINERY — 1.10%
NKT Holding A/S		8,321		567,104
				567,104
MARINE — 5.78%
AP Moller — Maersk A/S Class A		566		719,444
AP Moller — Maersk A/S Class B		1,204		1,598,215
D/S Norden A/Sa,b		14,964		228,078
Dfds A/S		10,415		429,157
				2,974,894
OIL, GAS & CONSUMABLE FUELS — 0.33%
TORM PLC		21,287		168,448
				168,448
PHARMACEUTICALS — 24.25%
ALK-Abello A/S		2,506		308,355
Novo Nordisk A/S Class B		358,980		12,181,653
				12,490,008
ROAD & RAIL — 4.17%
DSV A/S		47,700		2,148,459
				2,148,459
SOFTWARE — 1.17%
SimCorp A/S		12,618		600,352
				600,352

66

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI DENMARK CAPPED ETF

November 30, 2016

Security	Shares		Value
SPECIALTY RETAIL — 0.51%
Matas A/S		18,691	$	261,167
				261,167
TEXTILES, APPAREL & LUXURY GOODS — 6.37%
IC Group A/S		8,504		177,025
Pandora A/S		26,042		3,102,272
				3,279,297
TOBACCO — 0.33%
Scandinavian Tobacco Group A/Sc		10,776		170,545
				170,545
TRADING COMPANIES & DISTRIBUTORS — 0.38%
Solar A/S Class B		3,879		194,127
				194,127
TOTAL COMMON STOCKS (Cost: $59,194,902)				51,222,771
SHORT-TERM INVESTMENTS — 3.17%
MONEY MARKET FUNDS — 3.17%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%d,e,f		1,582,716		1,583,191
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%d,e		50,754		50,754
				1,633,945
TOTAL SHORT-TERM INVESTMENTS (Cost: $1,633,656)				1,633,945

	Value
TOTAL INVESTMENTS IN SECURITIES — 102.62% (Cost: $60,828,558)g	$	52,856,716
Other Assets, Less Liabilities — (2.62)%		(1,348,646	)
NET ASSETS — 100.00%	$	51,508,070

^a  Non-income earning security.

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

^c  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $61,351,155. Net unrealized depreciation was $8,494,439, of which $1,496,088 represented gross unrealized appreciation on securities and $9,990,527 represented gross unrealized depreciation on securities.

67

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI DENMARK CAPPED ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	51,222,771	$	—	$	—	$	51,222,771
Money market funds		1,633,945		—		—		1,633,945
Total	$	52,856,716	$	—	$	—	$	52,856,716

68

Schedule of Investments (Unaudited)

iSHARES^® MSCI EAFE ESG OPTIMIZED ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.13%
AUSTRALIA — 7.57%
Alumina Ltd.		5,215	$	6,377
Amcor Ltd./Australia		423		4,494
AMP Ltd.		1,536		5,334
APA Group		1,021		6,012
Aristocrat Leisure Ltd.		471		5,220
Aurizon Holdings Ltd.		1,141		4,198
Australia & New Zealand Banking Group Ltd.		1,611		33,816
Boral Ltd.		345		1,282
Brambles Ltd.		1,235		10,749
Caltex Australia Ltd.		257		5,706
Commonwealth Bank of Australia		779		45,268
CSL Ltd.		199		14,409
Dexus Property Group		1,255		8,457
Goodman Group		1,428		7,048
GPT Group (The)		1,626		5,815
Healthscope Ltd.		3,155		5,245
Insurance Australia Group Ltd.		1,404		5,799
LendLease Group		676		6,798
Macquarie Group Ltd.		221		13,700
Mirvac Group		6,282		9,515
National Australia Bank Ltd.		1,428		30,523
Newcrest Mining Ltd.		529		7,637
Oil Search Ltd.		1,027		4,894
Origin Energy Ltd.		1,059		4,648
QBE Insurance Group Ltd.		536		4,424
Ramsay Health Care Ltd.		135		7,063
Rio Tinto Ltd.		241		10,283
Sonic Healthcare Ltd.		268		4,317
South32 Ltd.		4,742		9,495
Stockland		3,458		11,063
Sydney Airport		1,177		5,461
Tabcorp Holdings Ltd.		1,701		5,894
Tatts Group Ltd.		1,850		5,727
Telstra Corp. Ltd.		1,882		7,022
Transurban Group		1,410		10,980
Wesfarmers Ltd.		486		15,002
Westpac Banking Corp.		1,671		38,606
Woodside Petroleum Ltd.		591		12,934

Security	Shares		Value
Woolworths Ltd.		450	$	7,611
				408,826
AUSTRIA — 0.31%
Erste Group Bank AG		201		5,595
OMV AG		349		11,290
				16,885
BELGIUM — 1.14%
Anheuser-Busch InBev SA/NV		410		42,640
KBC Group NV		202		12,124
Umicore SA		109		6,537
				61,301
DENMARK — 1.69%
AP Moller — Maersk A/S Class A		4		5,084
Carlsberg A/S Class B		98		8,342
Chr Hansen Holding A/S		99		5,485
Coloplast A/S Class B		126		8,011
Genmab A/Sa		25		4,335
ISS A/S		152		5,201
Novo Nordisk A/S Class B		954		32,373
Novozymes A/S Class B		171		5,798
Pandora A/S		66		7,862
Vestas Wind Systems A/S		129		8,520
				91,011
FINLAND — 0.87%
Kone OYJ Class B		130		5,731
Neste OYJ		276		11,345
Nokia OYJ		3,087		13,295
UPM-Kymmene OYJ		281		6,439
Wartsila OYJ Abp		241		10,168
				46,978
FRANCE — 10.07%
Accor SA		147		5,213
Aeroports de Paris		57		5,612
Air Liquide SA		177		18,040
Airbus Group SE		268		17,134
ArcelorMittala		859		6,495
Atos SE		76		7,863
AXA SA		1,069		25,209
BNP Paribas SA		419		24,348
Capgemini SA		84		6,638
Carrefour SA		225		5,280
Cie. de Saint-Gobain		262		11,374

69

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE ESG OPTIMIZED ETF

November 30, 2016

Security	Shares		Value
Cie. Generale des Etablissements Michelin Class B		113	$	12,107
CNP Assurances		322		5,660
Credit Agricole SA		244		2,757
Danone SA		372		23,424
Eiffage SA		67		4,426
Engie SA		669		8,268
Essilor International SA		180		19,113
Eurazeo SA		94		5,105
Imerys SA		92		6,417
Kering		44		9,568
L’Oreal SA		167		28,531
Legrand SA		164		9,177
LVMH Moet Hennessy Louis Vuitton SE		130		23,678
Natixis SA		1,257		6,336
Orange SA		1,016		14,825
Pernod Ricard SA		143		15,018
Peugeot SAa		353		5,212
Renault SA		113		8,911
Rexel SA		274		4,241
Sanofi		512		41,338
Schneider Electric SE		389		25,923
Societe BIC SA		43		5,567
Societe Generale SA		323		13,906
Suez		436		6,094
Technip SA		93		6,448
Thales SA		42		4,105
Total SA		1,084		51,694
Unibail-Rodamco SE		90		19,882
Valeo SA		107		5,972
Vivendi SA		606		11,565
Wendel SA		44		5,097
				543,571
GERMANY — 8.62%
adidas AG		126		18,579
Allianz SE Registered		256		40,680
BASF SE		502		43,129
Bayer AG Registered		360		33,831
Bayerische Motoren Werke AG		186		15,866
Brenntag AG		134		7,060
Commerzbank AG		528		3,682
Daimler AG Registered		478		31,823

Security	Shares		Value
Deutsche Bank AG Registereda		520	$	8,197
Deutsche Boerse AGa		152		12,295
Deutsche Post AG Registered		617		19,302
Deutsche Telekom AG Registered		1,157		18,244
Deutsche Wohnen AG Bearer		170		5,241
E.ON SE		1,032		6,817
GEA Group AG		113		4,216
HeidelbergCement AG		124		11,129
Henkel AG & Co. KGaA		70		7,134
HOCHTIEF AG		25		3,559
Infineon Technologies AG		153		2,561
Linde AG		82		13,674
Merck KGaA		134		13,439
METRO AG		167		4,995
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		105		19,141
Osram Licht AG		105		5,350
ProSiebenSat.1 Media SE Registered		173		5,934
RWE AGa		408		5,133
SAP SE		585		48,950
Siemens AG Registered		443		50,095
Vonovia SE		163		5,262
				465,318
HONG KONG — 3.47%
AIA Group Ltd.		4,200		25,612
BOC Hong Kong Holdings Ltd.		3,500		13,131
Cheung Kong Property Holdings Ltd.		1,000		6,846
CK Hutchison Holdings Ltd.		1,000		12,183
CLP Holdings Ltd.		1,500		14,668
Galaxy Entertainment Group Ltd.		1,000		4,963
Hang Lung Properties Ltd.		1,000		2,253
Hang Seng Bank Ltd.		1,000		18,951
HKT Trust & HKT Ltd.		4,000		5,219
Hong Kong Exchanges & Clearing Ltd.		600		15,780
Hysan Development Co. Ltd.		2,000		8,818
Link REIT		500		3,442
Melco Crown Entertainment Ltd. ADR		241		4,738
MTR Corp. Ltd.		3,500		17,508
Sands China Ltd.		2,000		9,850

70

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE ESG OPTIMIZED ETF

November 30, 2016

Security	Shares		Value
Shangri-La Asia Ltd.		4,000	$	4,357
Swire Pacific Ltd. Class A		1,000		9,959
Swire Properties Ltd.		3,000		9,070
				187,348
IRELAND — 0.44%
CRH PLC		556		18,576
Paddy Power Betfair PLC		49		5,120
				23,696
ISRAEL — 0.66%
Bank Hapoalim BM		1,938		11,657
Bank Leumi le-Israel BMa		1,466		5,965
Mobileye NVa,b		100		3,723
Teva Pharmaceutical Industries Ltd. ADR		380		14,326
				35,671
ITALY — 1.66%
Assicurazioni Generali SpA		713		9,016
CNH Industrial NV		1,129		9,629
Enel SpA		5,372		21,734
EXOR SpA		146		6,135
Intesa Sanpaolo SpA		6,185		13,752
Snam SpA		2,608		10,109
Telecom Italia SpA/Milanoa		6,875		5,204
Terna Rete Elettrica Nazionale SpA		2,149		9,328
UniCredit SpA		2,262		4,852
				89,759
JAPAN — 24.49%
Aeon Co. Ltd.		400		5,532
AEON Financial Service Co. Ltd.		300		5,013
Aisin Seiki Co. Ltd.		200		8,583
Ajinomoto Co. Inc.		500		9,709
Alps Electric Co. Ltd.		200		5,043
Asahi Glass Co. Ltd.		1,000		6,521
Asahi Group Holdings Ltd.		200		6,533
Asahi Kasei Corp.		1,000		8,930
ASICS Corp.		300		6,340
Astellas Pharma Inc.		1,100		15,248
Bridgestone Corp.		300		11,498
Canon Inc.		300		8,586
Central Japan Railway Co.		100		16,394
Chugai Pharmaceutical Co. Ltd.		200		5,643
Concordia Financial Group Ltd.		1,000		4,612

Security	Shares		Value
Dai Nippon Printing Co. Ltd.		1,000	$	9,496
Dai-ichi Life Holdings Inc.		600		9,655
Daiichi Sankyo Co. Ltd.		200		4,181
Daikin Industries Ltd.		200		18,807
Daiwa House Industry Co. Ltd.		400		11,416
Daiwa Securities Group Inc.		1,000		6,033
Denso Corp.		400		17,482
Dentsu Inc.		100		4,590
East Japan Railway Co.		200		17,142
Eisai Co. Ltd.		200		11,600
FANUC Corp.		100		16,942
Fuji Heavy Industries Ltd.		300		12,230
FUJIFILM Holdings Corp.		200		7,458
Fujitsu Ltd.		1,000		5,922
Hankyu Hanshin Holdings Inc.		200		6,345
Hitachi Chemical Co. Ltd.		300		6,608
Hitachi Ltd.		3,000		16,042
Hitachi Metals Ltd.		500		6,560
Honda Motor Co. Ltd.		1,000		29,242
Hoya Corp.		200		7,897
Hulic Co. Ltd.		600		5,655
Idemitsu Kosan Co. Ltd.		300		6,814
INPEX Corp.		700		6,665
Japan Exchange Group Inc.		200		2,973
JFE Holdings Inc.		400		5,862
JX Holdings Inc.		2,100		8,043
Kajima Corp.		1,000		7,038
Kansai Paint Co. Ltd.		100		1,839
Kao Corp.		300		13,867
Kawasaki Heavy Industries Ltd.		2,000		6,336
KDDI Corp.		1,000		26,320
Keio Corp.		1,000		8,004
Kintetsu Group Holdings Co. Ltd.		1,000		3,879
Kirin Holdings Co. Ltd.		500		8,177
Kobe Steel Ltd.a		600		5,682
Komatsu Ltd.		700		16,178
Konica Minolta Inc.		600		5,750
Kubota Corp.		700		10,613
Kuraray Co. Ltd.		400		5,680
Kyocera Corp.		200		9,541
Lawson Inc.		100		6,951
Mazda Motor Corp.		300		4,829
Miraca Holdings Inc.		100		4,493
Mitsubishi Chemical Holdings Corp.		200		1,263

71

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE ESG OPTIMIZED ETF

November 30, 2016

Security	Shares		Value
Mitsubishi Electric Corp.		1,000	$	13,836
Mitsubishi Estate Co. Ltd.		1,000		20,233
Mitsubishi Heavy Industries Ltd.		2,000		8,895
Mitsubishi Materials Corp.		200		5,941
Mitsubishi UFJ Financial Group Inc.		6,200		36,445
Mitsui & Co. Ltd.		900		12,176
Mitsui Chemicals Inc.		1,000		4,643
Mizuho Financial Group Inc.		11,100		19,736
MS&AD Insurance Group Holdings Inc.		300		9,344
Murata Manufacturing Co. Ltd.		100		13,537
Nabtesco Corp.		200		5,104
NEC Corp.		3,000		7,846
NGK Insulators Ltd.		200		3,837
NGK Spark Plug Co. Ltd.		400		8,236
Nidec Corp.		100		8,987
Nintendo Co. Ltd.		100		24,376
Nippon Express Co. Ltd.		1,000		5,187
Nippon Steel & Sumitomo Metal Corp.		400		8,611
Nippon Telegraph & Telephone Corp.		400		16,236
Nippon Yusen KK		4,000		7,442
Nissan Motor Co. Ltd.		600		5,563
Nitto Denko Corp.		100		6,930
Nomura Holdings Inc.		2,000		10,777
Nomura Research Institute Ltd.		100		3,405
NTT Data Corp.		100		4,994
NTT DOCOMO Inc.		800		18,423
Obayashi Corp.		700		6,684
Odakyu Electric Railway Co. Ltd.		300		5,890
Omron Corp.		200		7,407
Ono Pharmaceutical Co. Ltd.		300		6,670
Oriental Land Co. Ltd./Japan		100		5,719
ORIX Corp.		700		10,944
Osaka Gas Co. Ltd.		2,000		7,593
Otsuka Holdings Co. Ltd.		100		4,078
Panasonic Corp.		1,200		12,259
Rakuten Inc.		500		4,950
Recruit Holdings Co. Ltd.		200		7,662
Resona Holdings Inc.		1,500		7,242
Secom Co. Ltd.		100		7,301
Sekisui Chemical Co. Ltd.		600		9,120

Security	Shares		Value
Sekisui House Ltd.		400	$	6,565
Seven & I Holdings Co. Ltd.		300		11,677
Shimizu Corp.		1,000		9,250
Shin-Etsu Chemical Co. Ltd.		200		14,849
Shionogi & Co. Ltd.		200		9,496
Shiseido Co. Ltd.		200		5,106
Showa Shell Sekiyu KK		600		5,376
SoftBank Group Corp.		400		23,562
Sompo Holdings Inc.		300		9,815
Sony Corp.		600		17,314
Stanley Electric Co. Ltd.		200		5,538
Sumitomo Chemical Co. Ltd.		2,000		9,180
Sumitomo Dainippon Pharma Co. Ltd.		400		6,561
Sumitomo Electric Industries Ltd.		100		1,406
Sumitomo Metal Mining Co. Ltd.		1,000		13,410
Sumitomo Mitsui Financial Group Inc.		600		22,147
Sumitomo Mitsui Trust Holdings Inc.		200		7,284
Suntory Beverage & Food Ltd.		100		4,296
Suzuken Co. Ltd./Aichi Japan		200		6,003
Sysmex Corp.		100		6,047
T&D Holdings Inc.		600		7,525
Taisei Corp.		1,000		7,267
Takeda Pharmaceutical Co. Ltd.		300		12,335
TDK Corp.		100		6,749
Teijin Ltd.		400		7,435
Terumo Corp.		200		7,065
Tokio Marine Holdings Inc.		400		17,198
Tokyo Electron Ltd.		100		9,193
Tokyo Gas Co. Ltd.		2,000		8,753
Toray Industries Inc.		1,000		8,157
TOTO Ltd.		100		3,848
Toyota Motor Corp.		1,200		70,023
Toyota Tsusho Corp.		200		5,018
West Japan Railway Co.		100		6,106
Yamaha Corp.		200		6,117
Yamaha Motor Co. Ltd.		200		4,618
Yaskawa Electric Corp.		400		6,161
Yokogawa Electric Corp.		500		6,955
				1,321,949

72

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE ESG OPTIMIZED ETF

November 30, 2016

Security	Shares		Value
NETHERLANDS — 3.14%
Aegon NV		862	$	4,387
Akzo Nobel NV		187		11,656
ASML Holding NV		216		22,368
Heineken NV		167		12,528
ING Groep NV		1,405		19,152
Koninklijke Ahold Delhaize NV		478		9,436
Koninklijke DSM NV		87		5,281
Koninklijke KPN NV		2,087		6,020
Koninklijke Philips NV		509		14,654
Koninklijke Vopak NV		153		7,158
NXP Semiconductors NVa		122		12,096
RELX NV		945		15,278
Unilever NV CVA		737		29,611
				169,625
NEW ZEALAND — 0.21%
Fletcher Building Ltd.		900		6,558
Ryman Healthcare Ltd.		800		4,961
				11,519
NORWAY — 0.86%
DNB ASA		438		6,452
Norsk Hydro ASA		2,284		10,769
Orkla ASA		1,272		11,340
Statoil ASA		657		11,260
Telenor ASA		431		6,369
				46,190
PORTUGAL — 0.22%
EDP — Energias de Portugal SA		2,366		6,844
Galp Energia SGPS SA		387		5,241
				12,085
SINGAPORE — 1.20%
CapitaLand Ltd.		3,600		7,741
CapitaLand Mall Trust		5,300		7,215
City Developments Ltd.		1,100		6,482
DBS Group Holdings Ltd.		1,100		13,477
Keppel Corp. Ltd.		900		3,424
Singapore Airlines Ltd.		700		4,887
Singapore Telecommunications Ltd.		4,900		12,931
United Overseas Bank Ltd.		600		8,549
				64,706
SPAIN — 3.09%
Abertis Infraestructuras SA		361		4,827
Amadeus IT Holding SA Class A		278		12,610

Security	Shares		Value
Banco Bilbao Vizcaya Argentaria SA		4,039	$	24,962
Banco Santander SA		6,690		30,608
CaixaBank SA		2,398		6,978
Ferrovial SA		341		6,050
Gas Natural SDG SA		262		4,488
Iberdrola SA		3,333		20,079
Industria de Diseno Textil SA		747		25,575
Red Electrica Corp. SA		64		1,141
Repsol SA		994		13,286
Telefonica SA		1,940		16,159
				166,763
SWEDEN — 2.80%
Assa Abloy AB		429		8,104
Atlas Copco AB Class A		349		10,547
Atlas Copco AB Class B		224		6,015
Boliden AB		494		12,746
Hennes & Mauritz AB Class B		515		14,945
Kinnevik AB Class B		156		3,819
Lundin Petroleum ABa		247		4,650
Nordea Bank AB		1,296		13,603
Sandvik AB		547		6,470
Skandinaviska Enskilda Banken AB Class A		876		8,720
Skanska AB Class B		376		8,634
Svenska Cellulosa AB SCA Class B		403		10,738
Svenska Handelsbanken AB Class A		690		9,567
Swedbank AB Class A		510		11,761
Telefonaktiebolaget LM Ericsson Class B		1,448		7,449
Telia Co. AB		1,445		5,425
Volvo AB Class B		747		7,978
				151,171
SWITZERLAND — 8.68%
ABB Ltd. Registered		1,166		23,717
Actelion Ltd. Registered		69		13,277
Adecco Group AG Registered		118		7,257
Cie. Financiere Richemont SA Class A Registered		260		16,961
Credit Suisse Group AG Registered		717		9,516

73

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE ESG OPTIMIZED ETF

November 30, 2016

Security	Shares		Value
Geberit AG Registered		18	$	7,112
Givaudan SA Registered		6		10,673
Kuehne + Nagel International AG Registered		69		8,996
LafargeHolcim Ltd. Registered		277		14,643
Lonza Group AG Registered		50		8,914
Nestle SA Registered		1,467		98,506
Novartis AG Registered		987		68,067
Roche Holding AG		323		71,884
SGS SA Registered		4		8,022
Sika AG Bearer		2		9,685
Swatch Group AG (The) Bearer		17		4,988
Swiss Re AG		167		15,345
Swisscom AG Registered		23		9,811
Syngenta AG Registered		36		13,744
UBS Group AG		1,680		26,668
Zurich Insurance Group AG		79		20,668
				468,454
UNITED KINGDOM — 17.94%
3i Group PLC		547		4,709
Aberdeen Asset Management PLC		1,319		4,417
Anglo American PLCa		833		12,333
Antofagasta PLC		927		7,980
Ashtead Group PLC		375		7,342
Associated British Foods PLC		206		6,563
AstraZeneca PLC		614		31,832
Aviva PLC		2,208		12,331
BAE Systems PLC		1,251		9,386
Barclays PLC		7,433		20,055
Barratt Developments PLC		917		5,376
Berkeley Group Holdings PLC		166		5,137
BP PLC		8,590		49,310
British Land Co. PLC (The)		833		6,156
BT Group PLC		5,117		22,830
Bunzl PLC		280		7,207
Burberry Group PLC		328		5,856
Capita PLC		749		4,908
Centrica PLC		3,316		8,713
Cobham PLC		3,278		6,729
Coca-Cola European Partners PLC		281		9,345
Coca-Cola HBC AG		350		7,434
Compass Group PLC		776		13,292

Security	Shares		Value
Croda International PLC		195	$	7,947
DCC PLC		71		5,438
Diageo PLC		1,643		41,158
Experian PLC		268		5,056
GKN PLC		1,606		6,218
GlaxoSmithKline PLC		2,255		42,134
Glencore PLCa		6,649		23,202
Hammerson PLC		1,513		10,293
HSBC Holdings PLC		7,579		60,148
InterContinental Hotels Group PLC		193		7,912
Intertek Group PLC		148		6,082
Investec PLC		875		5,685
ITV PLC		3,325		6,979
J Sainsbury PLC		1,639		4,730
Johnson Matthey PLC		201		7,860
Kingfisher PLC		1,981		8,739
Land Securities Group PLC		401		4,860
Legal & General Group PLC		5,300		15,614
Lloyds Banking Group PLC		27,056		19,562
London Stock Exchange Group PLC		139		4,772
Marks & Spencer Group PLC		1,397		5,737
Mediclinic International PLC		580		5,141
Meggitt PLC		942		5,560
Merlin Entertainments PLCc		1,029		5,603
Mondi PLC		270		5,509
National Grid PLC		2,239		25,546
Next PLC		93		5,698
Old Mutual PLC		3,278		7,777
Pearson PLC		541		5,377
Petrofac Ltd.		443		4,397
Prudential PLC		1,313		25,403
Reckitt Benckiser Group PLC		306		25,856
RELX PLC		1,105		18,983
Rio Tinto PLC		441		16,474
Rolls-Royce Holdings PLC		703		5,942
Rolls-Royce Holdings PLC Newa		37,996		48
RSA Insurance Group PLC		1,140		7,698
Schroders PLC		254		8,775
Segro PLC		1,660		8,669
Shire PLC		368		21,426
Sky PLC		780		7,611
Smiths Group PLC		182		3,209

74

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE ESG OPTIMIZED ETF

November 30, 2016

Security	Shares		Value
SSE PLC		862	$	15,886
Standard Chartered PLCa		1,638		13,120
Standard Life PLC		1,079		4,659
Taylor Wimpey PLC		2,280		4,224
Tesco PLCa		4,484		11,692
Travis Perkins PLC		243		4,074
Unilever PLC		654		26,115
United Utilities Group PLC		687		7,579
Vodafone Group PLC		15,317		37,107
Whitbread PLC		140		6,059
William Hill PLC		1,426		5,368
Wm Morrison Supermarkets PLC		1,912		5,196
Wolseley PLC		194		11,259
WPP PLC		1,232		26,306
				968,713
TOTAL COMMON STOCKS (Cost: $5,068,056)				5,351,539
PREFERRED STOCKS — 0.39%
GERMANY — 0.29%
Bayerische Motoren Werke AG		83		5,964
Henkel AG & Co. KGaA		83		9,624
				15,588
ITALY — 0.10%
Intesa Sanpaolo SpA		2,513		5,217
				5,217
TOTAL PREFERRED STOCKS (Cost: $20,170)				20,805
RIGHTS — 0.02%
SPAIN — 0.02%
CaixaBank SAa		2,398		99
Telefonica SAa		2,117		708
				807
TOTAL RIGHTS (Cost: $874)				807

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.09%
MONEY MARKET FUNDS — 0.09%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%d,e,f		3,850	$	3,851
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%d,e		1,153		1,153
				5,004
TOTAL SHORT-TERM INVESTMENTS (Cost: $5,003)				5,004
TOTAL INVESTMENTS IN SECURITIES — 99.63% (Cost: $5,094,103)g				5,378,155
Other Assets, Less Liabilities — 0.37%				20,162
NET ASSETS — 100.00%			$	5,398,317

ADR — American Depositary Receipts

^a  Non-income earning security.

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

^c  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $5,101,118. Net unrealized appreciation was $277,037, of which $483,096 represented gross unrealized appreciation on securities and $206,059 represented gross unrealized depreciation on securities.

75

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE ESG OPTIMIZED ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	5,351,491	$	48	$	—	$	5,351,539
Preferred stocks		20,805		—		—		20,805
Rights		99		708		—		807
Money market funds		5,004		—		—		5,004
Total	$	5,377,399	$	756	$	—	$	5,378,155

76

Schedule of Investments (Unaudited)

iSHARES^® MSCI FINLAND CAPPED ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.48%
AIRLINES — 0.08%
Finnair OYJa		6,452	$	28,746
				28,746
AUTO COMPONENTS — 3.09%
Nokian Renkaat OYJ		32,292		1,167,422
				1,167,422
BUILDING PRODUCTS — 0.79%
Uponor OYJ		18,449		297,670
				297,670
CHEMICALS — 1.03%
Kemira OYJ		32,003		388,713
				388,713
COMMERCIAL SERVICES & SUPPLIES — 0.63%
Caverion Corp.		34,346		237,187
				237,187
COMMUNICATIONS EQUIPMENT — 16.19%
Nokia OYJ		1,418,486		6,109,202
				6,109,202
CONSTRUCTION & ENGINEERING — 0.89%
Lehto Group OYJa		3,164		29,905
YIT OYJ		38,251		306,354
				336,259
CONTAINERS & PACKAGING — 2.58%
Huhtamaki OYJ		25,906		975,578
				975,578
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.29%
Elisa OYJ		39,575		1,243,482
				1,243,482
ELECTRIC UTILITIES — 4.47%
Fortum OYJ		116,058		1,686,666
				1,686,666
ELECTRICAL EQUIPMENT — 0.40%
PKC Group OYJ		9,990		152,602
				152,602
FOOD & STAPLES RETAILING — 2.41%
Kesko OYJ Class B		18,437		908,663
				908,663
FOOD PRODUCTS — 0.27%
Atria OYJ		8,791		102,580
				102,580

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 0.55%
Oriola-KD OYJ Class B		44,768	$	208,481
				208,481
INSURANCE — 12.46%
Sampo OYJ Class A		106,294		4,703,080
				4,703,080
IT SERVICES — 1.16%
Tieto OYJ		17,184		436,397
				436,397
LEISURE PRODUCTS — 2.38%
Amer Sports OYJ		33,696		899,337
				899,337
MACHINERY — 20.21%
Cargotec OYJ Class B		11,036		446,856
Kone OYJ Class B		77,352		3,410,205
Konecranes OYJ		15,217		525,267
Metso OYJ		32,022		906,970
Ponsse OYJ		5,787		136,835
Valmet OYJ		35,893		548,665
Wartsila OYJ Abp		39,116		1,650,226
				7,625,024
MEDIA — 0.59%
Sanoma OYJ		27,472		222,647
				222,647
METALS & MINING — 2.49%
Outokumpu OYJa		84,852		656,180
Outotec OYJa		53,175		283,168
				939,348
MULTILINE RETAIL — 0.42%
Stockmann OYJ Abp Class Ba		19,484		129,179
Tokmanni Group Corp.a		3,552		30,709
				159,888
OIL, GAS & CONSUMABLE FUELS — 3.86%
Neste OYJ		35,395		1,454,947
				1,454,947
PAPER & FOREST PRODUCTS — 12.14%
Metsa Board OYJ		61,111		397,063
Stora Enso OYJ Class R		151,997		1,468,075
UPM-Kymmene OYJ		118,527		2,715,842
				4,580,980

77

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FINLAND CAPPED ETF

November 30, 2016

Security	Shares		Value
PHARMACEUTICALS — 3.23%
Orion OYJ Class B		28,602	$	1,217,281
				1,217,281
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.15%
Citycon OYJ		134,448		309,776
Sponda OYJ		73,331		315,359
Technopolis OYJ		58,431		187,810
				812,945
SOFTWARE — 0.38%
F-Secure OYJ		42,384		143,425
				143,425
TRADING COMPANIES & DISTRIBUTORS — 1.34%
Cramo OYJ		12,577		315,531
Ramirent OYJ		26,462		188,636
				504,167
TOTAL COMMON STOCKS (Cost: $40,573,699)				37,542,717

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.12%
MONEY MARKET FUNDS — 0.12%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		44,635	$	44,635
				44,635
TOTAL SHORT-TERM INVESTMENTS (Cost: $44,635)				44,635
TOTAL INVESTMENTS IN SECURITIES — 99.60% (Cost: $40,618,334)d				37,587,352
Other Assets, Less Liabilities — 0.40%				150,540
NET ASSETS — 100.00%			$	37,737,892

^a  Non-income earning security.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $41,531,647. Net unrealized depreciation was $3,944,295, of which $1,435,998 represented gross unrealized appreciation on securities and $5,380,293 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	37,542,717	$	—	$	—	$	37,542,717
Money market funds		44,635		—		—		44,635
Total	$	37,587,352	$	—	$	—	$	37,587,352

78

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 94.83%
AEROSPACE & DEFENSE — 4.70%
MTU Aero Engines AG		8,758	$	921,338
OHB SEa		883		17,647
				938,985
AUTO COMPONENTS — 2.20%
ElringKlinger AGa		4,824		67,932
Grammer AG		1,841		91,388
LEONI AGa		5,511		174,447
SAF-Holland SA		7,670		106,016
				439,783
AUTOMOBILES — 0.12%
EDAG Engineering Group AGa		1,686		24,681
				24,681
BANKS — 0.24%
comdirect bank AG		4,734		48,124
				48,124
BIOTECHNOLOGY — 0.10%
Biotest AG		1,154		19,281
				19,281
BUILDING PRODUCTS — 0.12%
CENTROTEC Sustainable AG		1,506		24,714
				24,714
CAPITAL MARKETS — 1.70%
AURELIUS Equity Opportunities SE & Co KGaA		3,956		228,291
Deutsche Beteiligungs AG		2,020		66,085
MLP AG		10,061		44,793
				339,169
CHEMICALS — 1.34%
H&R GmbH & Co. KGaAb		2,097		34,569
Wacker Chemie AG		2,640		233,366
				267,935
COMMERCIAL SERVICES & SUPPLIES — 1.49%
Bilfinger SEa,b		5,821		220,105
Cewe Stiftung & Co. KGAA		875		77,458
				297,563
COMMUNICATIONS EQUIPMENT — 0.27%
ADVA Optical Networking SEa,b		7,049		53,173
				53,173

Security	Shares		Value
CONSTRUCTION & ENGINEERING — 0.00%
Bauer AG		65	$	711
				711
CONSTRUCTION MATERIALS — 0.57%
BRAAS Monier Building Group SA		3,952		114,449
				114,449
CONSUMER FINANCE — 0.33%
Ferratum OYJa		1,481		23,636
Sixt Leasing SE		2,116		41,863
				65,499
DIVERSIFIED FINANCIAL SERVICES — 1.28%
GRENKE AG		1,495		217,823
Hypoport AGa,b		516		37,550
				255,373
ELECTRICAL EQUIPMENT — 1.62%
Nordex SEa,b		10,633		219,104
Senvion SAb		3,267		47,029
SGL Carbon SEa,b		6,228		58,469
				324,602
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.99%
Isra Vision AG		513		51,274
Jenoptik AG		8,702		146,589
				197,863
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.09%
Alstria office REIT AGa		24,550		300,532
Hamborner REIT AGa		12,759		116,683
				417,215
FOOD PRODUCTS — 1.84%
KWS Saat SE		332		98,031
Suedzucker AG		12,050		270,480
				368,511
HEALTH CARE EQUIPMENT & SUPPLIES — 1.30%
Carl Zeiss Meditec AG Bearer		5,483		187,869
Draegerwerk AG & Co. KGaA		515		33,871
STRATEC Biomedical AG		811		37,802
				259,542
HEALTH CARE PROVIDERS & SERVICES — 0.74%
RHOEN-KLINIKUM AG		5,631		148,886
				148,886

79

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
HEALTH CARE TECHNOLOGY — 0.80%
CompuGroup Medical SE		4,038	$	159,368
				159,368
HOTELS, RESTAURANTS & LEISURE — 0.38%
bet-at-home.com AG		360		32,216
Zeal Network SE		1,191		43,398
				75,614
HOUSEHOLD DURABLES — 0.14%
Surteco SE		1,315		28,966
				28,966
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 2.58%
Capital Stage AGa		13,826		92,986
Uniper SEb		33,931		423,110
				516,096
INDUSTRIAL CONGLOMERATES — 3.21%
Indus Holding AG		3,094		169,554
Rheinmetall AG		6,612		472,043
				641,597
INSURANCE — 0.38%
Wuestenrot & Wuerttembergische AG		3,952		75,251
				75,251
INTERNET & DIRECT MARKETING RETAIL — 1.17%
Takkt AG		5,523		113,573
zooplus AGa,b		943		121,040
				234,613
INTERNET SOFTWARE & SERVICES — 0.44%
XING AG		471		87,686
				87,686
IT SERVICES — 6.47%
Bechtle AG		2,480		231,167
CANCOM SEa		2,759		124,592
GFT Technologies SE		2,653		53,528
Wirecard AGa		19,794		883,888
				1,293,175
LIFE SCIENCES TOOLS & SERVICES — 3.54%
Evotec AGb		19,129		124,897
Gerresheimer AG		5,293		386,580
MorphoSys AGa,b		4,423		197,061
				708,538

Security	Shares		Value
MACHINERY — 15.34%
DEUTZ AG		15,311	$	83,711
DMG Mori AG		6,641		294,119
Duerr AG		4,379		349,926
Gesco AG		512		37,862
Heidelberger Druckmaschinen AGa,b		41,078		104,015
KION Group AG		11,007		624,444
Koenig & Bauer AGb		2,220		99,227
Krones AG		2,398		217,571
KUKA AGa		63		5,893
KUKA AG Newb		3,962		443,405
NORMA Group SE		5,377		212,984
Pfeiffer Vacuum Technology AG		1,160		102,749
Rational AG		573		252,496
SLM Solutions Group AGa,b		2,132		68,663
Vossloh AGa,b		1,745		100,922
Wacker Neuson SE		4,731		68,178
				3,066,165
MEDIA — 2.37%
Borussia Dortmund GmbH & Co. KGaA		10,949		56,099
CTS Eventim AG & Co. KGaA		8,095		241,386
Stroeer SE & Co. KGaAa		4,662		176,948
				474,433
METALS & MINING — 2.59%
Aurubis AG		5,686		301,374
Salzgitter AG		6,590		215,523
				516,897
OIL, GAS & CONSUMABLE FUELS — 0.14%
VERBIO Vereinigte BioEnergie AG		3,686		27,328
				27,328
PHARMACEUTICALS — 2.57%
STADA Arzneimittel AG		10,509		513,809
				513,809
PROFESSIONAL SERVICES — 0.83%
Amadeus Fire AG		876		67,975
Bertrandt AGa		936		98,348
				166,323
REAL ESTATE MANAGEMENT & DEVELOPMENT — 11.87%
ADLER Real Estate AGa,b		3,876		55,795
ADO Properties SAc		4,834		164,093

80

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Deutsche Euroshop AG		7,734	$	301,505
DIC Asset AG		7,514		67,800
Grand City Properties SA		19,456		325,270
LEG Immobilien AG		10,640		807,014
PATRIZIA Immobilien AGb		7,078		116,154
TAG Immobilien AG		22,198		278,333
TLG Immobilien AG		11,375		205,132
WCM Beteiligungs & Grundbesitz-AGa,b		18,820		51,288
				2,372,384
ROAD & RAIL — 0.81%
Sixt SEa		2,085		109,991
VTG AGa		1,689		51,001
				160,992
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.76%
AIXTRON SEb		18,080		72,881
Dialog Semiconductor PLCa,b		13,131		521,028
Manz AGa,b		781		27,340
Siltronic AGb		2,025		81,317
SMA Solar Technology AGa		2,037		49,343
				751,909
SOFTWARE — 2.69%
Nemetschek SE		2,599		144,054
RIB Software AGa		5,928		88,006
Software AG		8,660		305,682
				537,742
SPECIALTY RETAIL — 0.20%
Hornbach Baumarkt AG		1,360		40,128
				40,128
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.76%
S&T AG		5,515		55,444
Wincor Nixdorf AGb		1,387		96,313
				151,757
TEXTILES, APPAREL & LUXURY GOODS — 0.44%
Bijou Brigitte AG		693		39,366
Gerry Weber International AGa		4,234		48,912
				88,278
THRIFTS & MORTGAGE FINANCE — 2.74%
Aareal Bank AG		10,097		358,654
Deutsche Pfandbriefbank AGc		18,148		188,471
				547,125

Security	Shares		Value
TRADING COMPANIES & DISTRIBUTORS — 1.03%
BayWa AGa		2,263	$	71,538
Kloeckner & Co. SEb		12,621		133,401
				204,939
TRANSPORTATION INFRASTRUCTURE — 0.36%
Hamburger Hafen und Logistik AG		4,133		72,341
				72,341
WIRELESS TELECOMMUNICATION SERVICES — 4.18%
Drillisch AGa		7,388		284,842
Freenet AG		21,593		551,344
				836,186
TOTAL COMMON STOCKS
(Cost: $20,445,523)				18,955,699
PREFERRED STOCKS — 4.79%
BIOTECHNOLOGY — 0.23%
Biotest AG		3,385		46,699
				46,699
CONSTRUCTION MATERIALS — 0.20%
STO SE & Co. KGaA		424		39,904
				39,904
HEALTH CARE EQUIPMENT & SUPPLIES — 2.74%
Draegerwerk AG & Co. KGaA		1,282		100,976
Sartorius AG		5,998		446,024
				547,000
MACHINERY — 1.06%
Jungheinrich AG		8,099		212,423
				212,423
ROAD & RAIL — 0.56%
Sixt SE		2,867		112,042
				112,042
TOTAL PREFERRED STOCKS
(Cost: $824,176)				958,068
RIGHTS — 0.03%
ELECTRICAL EQUIPMENT — 0.03%
SGL Carbon SEa,b		6,319		5,892
				5,892

81

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
TOTAL RIGHTS
(Cost: $0)			$	5,892
SHORT-TERM INVESTMENTS — 21.07%
MONEY MARKET FUNDS — 21.07%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%d,e,f		4,197,521		4,198,780
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%d,e		12,120		12,120
				4,210,900
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,209,681)				4,210,900
TOTAL INVESTMENTS IN SECURITIES — 120.72%
(Cost: $25,479,380)g				24,130,559
Other Assets, Less Liabilities — (20.72)%				(4,142,163	)
NET ASSETS — 100.00%			$	19,988,396

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

^b  Non-income earning security.

^c  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $25,624,569. Net unrealized depreciation was $1,494,010, of which $1,861,620 represented gross unrealized appreciation on securities and $3,355,630 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	18,955,699	$	—	$	—	$	18,955,699
Preferred stocks		958,068		—		—		958,068
Rights		5,892		—		—		5,892
Money market funds		4,210,900		—		—		4,210,900
Total	$	24,130,559	$	—	$	—	$	24,130,559

82

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL IMPACT ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.70%
AUSTRALIA — 1.50%
CSL Ltd.		1,680	$	121,644
GPT Group (The)		8,386		29,989
Mirvac Group		62,881		95,242
				246,875
BELGIUM — 4.18%
Umicore SA		11,522		690,940
				690,940
BRAZIL — 0.91%
BRF SA		9,800		149,644
				149,644
CHINA — 4.46%
Beijing Enterprises Water Group Ltd.		140,000		101,255
China Everbright International Ltd.		21,000		25,449
China Longyuan Power Group Corp. Ltd.		119,000		93,124
China Vanke Co. Ltd. Class H		97,300		298,549
CSPC Pharmaceutical Group Ltd.		14,000		15,035
GCL-Poly Energy Holdings Ltd.a		1,519,000		203,665
				737,077
DENMARK — 6.58%
Genmab A/Sb		21		3,641
Novo Nordisk A/S Class B		13,104		444,672
Vestas Wind Systems A/S		9,674		638,901
				1,087,214
FRANCE — 11.69%
Danone SA		5,593		352,186
Fonciere des Regions		301		23,670
Klepierre		1,519		56,695
Schneider Electric SE		10,059		670,326
Suez		46,536		650,389
Unibail-Rodamco SE		805		177,834
				1,931,100
HONG KONG — 1.81%
Swire Properties Ltd.		14,000		42,325
WH Group Ltd.c		308,000		256,116
				298,441
INDONESIA — 0.64%
Bank Rakyat Indonesia Persero Tbk PT		105,700		85,013

Security	Shares		Value
Indofood CBP Sukses Makmur Tbk PT		13,000	$	8,297
Unilever Indonesia Tbk PT		4,200		12,559
				105,869
JAPAN — 15.07%
Chugai Pharmaceutical Co. Ltd.		1,400		39,501
East Japan Railway Co.		7,700		659,952
NH Foods Ltd.		9,000		232,691
Nippon Prologis REIT Inc.		7		14,554
Nisshin Seifun Group Inc.		2,800		39,391
Nissin Foods Holdings Co. Ltd.		700		36,614
Ono Pharmaceutical Co. Ltd.		700		15,564
Sekisui House Ltd.		40,600		666,304
Shionogi & Co. Ltd.		1,400		66,471
Sysmex Corp.		700		42,327
Terumo Corp.		2,100		74,181
TOTO Ltd.		4,900		188,569
Toyo Suisan Kaisha Ltd.		1,400		49,761
Unicharm Corp.		4,200		89,735
Yakult Honsha Co. Ltd.		700		30,839
Yokogawa Electric Corp.		17,500		243,429
				2,489,883
MALAYSIA — 0.03%
PPB Group Bhd		1,400		4,903
				4,903
MEXICO — 0.34%
Gruma SAB de CV Series B		2,660		31,964
Kimberly-Clark de Mexico SAB de CV Series A		14,000		24,680
				56,644
NORWAY — 0.45%
Marine Harvest ASA		4,165		74,903
				74,903
PHILIPPINES — 0.20%
Energy Development Corp.		329,700		33,746
				33,746
SINGAPORE — 0.28%
CapitaLand Commercial Trust		19,600		20,935
CapitaLand Mall Trust		18,200		24,777
				45,712
SOUTH AFRICA — 0.26%
Pioneer Foods Group Ltd.		1,141		12,686
Tiger Brands Ltd.		1,092		30,682
				43,368

83

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL IMPACT ETF

November 30, 2016

Security	Shares		Value
SOUTH KOREA — 1.28%
Ottogi Corp.		21	$	12,431
Samsung SDI Co. Ltd.		2,527		199,514
				211,945
SWEDEN — 1.32%
Svenska Cellulosa AB SCA Class B		8,197		218,421
				218,421
SWITZERLAND — 5.33%
ABB Ltd. Registered		31,402		638,737
Actelion Ltd. Registered		518		99,669
Geberit AG Registered		357		141,062
				879,468
TAIWAN — 0.80%
Uni-President Enterprises Corp.		77,000		131,663
				131,663
UNITED KINGDOM — 6.25%
Berkeley Group Holdings PLC		11,193		346,397
Pearson PLC		68,957		685,362
				1,031,759
UNITED STATES — 36.32%
AbbVie Inc.		10,598		644,358
Akamai Technologies Inc.b		3,794		253,060
Amgen Inc.		2,737		394,320
BioMarin Pharmaceutical Inc.b		364		31,169
Cadence Design Systems Inc.b		7,658		201,252
Celgene Corp.b		2,975		352,567
Citrix Systems Inc.b		4,032		349,695
Colgate-Palmolive Co.		2,793		182,187
Digital Realty Trust Inc.a		1,869		172,565
Edwards Lifesciences Corp.b		686		56,835
Gilead Sciences Inc.		8,687		640,232
Hormel Foods Corp.		2,394		81,971
Incyte Corp.b		455		46,542
Jazz Pharmaceuticals PLCb		350		36,271
JM Smucker Co. (The)		630		79,348
Kimberly-Clark Corp.		3,346		386,831
Procter & Gamble Co. (The)		7,854		647,641
Rockwell Automation Inc.		1,827		244,288
ServiceNow Inc.a,b		1,547		128,633
Tesla Motors Inc.b		3,500		662,900
United Therapeutics Corp.b		455		57,153
Vertex Pharmaceuticals Inc.b		511		41,703

Security	Shares		Value
VMware Inc. Class Aa,b		1,421	$	115,300
WhiteWave Foods Co. (The)b		1,169		64,400
Xylem Inc./NY		2,478		127,815
				5,999,036
TOTAL COMMON STOCKS
(Cost: $17,165,417)				16,468,611
SHORT-TERM INVESTMENTS — 2.13%
MONEY MARKET FUNDS — 2.13%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%d,e,f		347,333		347,437
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%d,e		4,086		4,086
				351,523
TOTAL SHORT-TERM INVESTMENTS
(Cost: $351,451)				351,523
TOTAL INVESTMENTS IN SECURITIES — 101.83%
(Cost: $17,516,868)g				16,820,134
Other Assets, Less Liabilities — (1.83)%				(302,933	)
NET ASSETS — 100.00%			$	16,517,201

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

^b  Non-income earning security.

^c  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $17,590,428. Net unrealized depreciation was $770,294, of which $575,041 represented gross unrealized appreciation on securities and $1,345,335 represented gross unrealized depreciation on securities.

84

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL IMPACT ETF

November 30, 2016

Schedule 1 — Forward Currency Contracts

Forward currency contracts outstanding as of November 30, 2016 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	PHP	120,000		USD	2,412	SSB		12/05/2016	$	(2	)

Counterparties:

SSB — State Street Bank London

Currency abbreviations:

PHP — Philippine Peso

USD — United States Dollar

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Common stocks	$	16,468,611	$	—		$	—	$	16,468,611
Money market funds		351,523		—			—		351,523
Total	$	16,820,134	$	—		$	—	$	16,820,134
Derivative financial instrumentsa:
Liabilities:
Forward currency contracts	$	—	$	(2	)	$	—	$	(2	)
Total	$	—	$	(2	)	$	—	$	(2	)

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

85

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI INDIA ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.88%
AUTO COMPONENTS — 1.69%
Bharat Forge Ltd.		1,187,741	$	15,677,728
Bosch Ltd.		85,446		25,622,147
Motherson Sumi Systems Ltd.		4,773,963		21,606,960
				62,906,835
AUTOMOBILES — 9.87%
Bajaj Auto Ltd.		951,446		37,323,805
Hero Motocorp Ltd.		566,026		26,181,068
Mahindra & Mahindra Ltd.		4,225,172		73,153,077
Maruti Suzuki India Ltd.		1,198,749		92,223,653
Tata Motors Ltd.		17,925,388		120,281,330
Tata Motors Ltd. Class A		4,323,841		18,817,998
				367,980,931
BANKS — 8.61%
Axis Bank Ltd.		18,955,769		130,116,942
ICICI Bank Ltd.		12,532,570		48,620,526
IDFC Bank Ltd.		15,430,532		15,430,769
State Bank of India		17,602,893		66,439,403
Yes Bank Ltd.		3,534,535		60,614,720
				321,222,360
BEVERAGES — 0.56%
United Spirits Ltd.a		741,478		20,781,743
				20,781,743
CHEMICALS — 2.24%
Asian Paints Ltd.		3,262,624		46,230,351
UPL Ltd.		4,022,602		37,255,919
				83,486,270
CONSTRUCTION & ENGINEERING — 1.95%
Larsen & Toubro Ltd.		3,594,082		72,604,720
				72,604,720
CONSTRUCTION MATERIALS — 2.81%
ACC Ltd.		510,997		10,021,518
Ambuja Cements Ltd.		6,753,984		20,800,024
Shree Cement Ltd.		94,798		21,565,802
Ultratech Cement Ltd.		995,733		52,419,710
				104,807,054
CONSUMER FINANCE — 1.62%
Bajaj Finance Ltd.		1,832,414		24,623,525
Mahindra & Mahindra Financial Services Ltd.		3,159,850		13,786,759
Shriram Transport Finance Co. Ltd.		1,672,203		22,095,649
				60,505,933

Security	Shares		Value
DIVERSIFIED FINANCIAL SERVICES — 0.38%
Power Finance Corp. Ltd.		7,183,987	$	14,084,819
				14,084,819
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.95%
Bharti Infratel Ltd.		6,451,331		35,386,258
				35,386,258
ELECTRIC UTILITIES — 0.36%
Tata Power Co. Ltd.		12,572,699		13,601,500
				13,601,500
ELECTRICAL EQUIPMENT — 0.72%
Bharat Heavy Electricals Ltd.		6,660,224		12,663,864
Havells India Ltd.		2,833,852		14,256,419
				26,920,283
FOOD PRODUCTS — 0.65%
Nestle India Ltd.		262,364		24,108,344
				24,108,344
GAS UTILITIES — 0.60%
GAIL (India) Ltd.		3,595,507		22,311,396
				22,311,396
HEALTH CARE PROVIDERS & SERVICES — 0.41%
Apollo Hospitals Enterprise Ltd.		867,576		15,150,175
				15,150,175
HOUSEHOLD PRODUCTS — 2.43%
Hindustan Unilever Ltd.		7,361,569		90,770,775
				90,770,775
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.20%
NTPC Ltd.		18,697,435		44,565,863
				44,565,863
INDUSTRIAL CONGLOMERATES — 0.34%
Siemens Ltd.		807,539		12,825,851
				12,825,851
INSURANCE — 0.51%
Bajaj Finserv Ltd.		433,956		18,956,148
				18,956,148
IT SERVICES — 16.52%
HCL Technologies Ltd.		6,398,774		75,141,175
Infosys Ltd.		20,834,234		296,934,241

86

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INDIA ETF

November 30, 2016

Security	Shares		Value
Tata Consultancy Services Ltd.		5,361,777	$	178,288,674
Tech Mahindra Ltd.		2,644,078		18,742,532
Wipro Ltd.		6,890,085		46,832,158
				615,938,780
LIFE SCIENCES TOOLS & SERVICES — 0.42%
Divi’s Laboratories Ltd.		902,969		15,487,244
				15,487,244
MACHINERY — 1.68%
Ashok Leyland Ltd.		12,906,638		14,990,408
Eicher Motors Ltd.		151,106		47,727,270
				62,717,678
MEDIA — 1.17%
Zee Entertainment Enterprises Ltd.		6,533,747		43,493,754
				43,493,754
METALS & MINING — 3.13%
Hindalco Industries Ltd.		12,643,068		32,462,429
JSW Steel Ltd.		959,232		24,229,913
Tata Steel Ltd.		3,413,613		20,698,931
Vedanta Ltd.		11,764,813		39,505,972
				116,897,245
OIL, GAS & CONSUMABLE FUELS — 10.56%
Bharat Petroleum Corp. Ltd.		5,738,839		53,989,512
Cairn India Ltd.		5,102,926		18,756,989
Coal India Ltd.		7,877,652		35,516,153
Hindustan Petroleum Corp. Ltd.		4,617,229		31,784,831
Oil & Natural Gas Corp. Ltd.		9,700,226		40,941,392
Reliance Industries Ltd.		14,708,146		212,739,566
				393,728,443
PERSONAL PRODUCTS — 1.94%
Dabur India Ltd.		5,991,554		24,820,032
Godrej Consumer Products Ltd.		1,351,613		28,773,311
Marico Ltd.		5,119,794		18,897,528
				72,490,871
PHARMACEUTICALS — 9.36%
Aurobindo Pharma Ltd.		2,985,601		32,312,157
Cadila Healthcare Ltd.		2,321,445		13,623,649
Cipla Ltd.		3,917,884		32,431,076
Dr. Reddy’s Laboratories Ltd.		1,296,295		60,543,303
Glenmark Pharmaceuticals Ltd.		1,567,626		20,053,095
Lupin Ltd.		2,505,979		55,093,942
Piramal Enterprises Ltd.		880,438		21,778,473

Security	Shares		Value
Sun Pharmaceuticals Industries Ltd.		10,914,853	$	113,184,536
				349,020,231
ROAD & RAIL — 0.17%
Container Corp. of India Ltd.		375,811		6,423,749
				6,423,749
TEXTILES, APPAREL & LUXURY GOODS — 0.45%
Titan Co. Ltd.		3,523,006		16,650,255
				16,650,255
THRIFTS & MORTGAGE FINANCE — 10.19%
Housing Development Finance Corp. Ltd.		17,049,866		314,624,048
Indiabulls Housing Finance Ltd.		3,348,422		37,425,121
LIC Housing Finance Ltd.		3,375,912		27,836,289
				379,885,458
TOBACCO — 3.50%
ITC Ltd.		38,411,969		130,473,627
				130,473,627
TRANSPORTATION INFRASTRUCTURE — 1.02%
Adani Ports & Special Economic Zone Ltd.		9,392,195		38,131,936
				38,131,936
WIRELESS TELECOMMUNICATION SERVICES — 1.87%
Bharti Airtel Ltd.		11,330,647		53,732,424
Idea Cellular Ltd.		14,289,526		16,168,602
				69,901,026
TOTAL COMMON STOCKS
(Cost: $3,753,045,676)				3,724,217,555
TOTAL INVESTMENTS IN SECURITIES — 99.88%
(Cost: $3,753,045,676)b				3,724,217,555
Other Assets, Less Liabilities — 0.12%				4,605,426
NET ASSETS — 100.00%			$	3,728,822,981

^a  Non-income earning security.

^b  The cost of investments for federal income tax purposes was $3,931,781,091. Net unrealized depreciation was $207,563,536, of which $201,970,611 represented gross unrealized appreciation on securities and $409,534,147 represented gross unrealized depreciation on securities.

87

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INDIA ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	3,724,217,555	$	—	$	—	$	3,724,217,555
Total	$	3,724,217,555	$	—	$	—	$	3,724,217,555

88

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INDIA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.92%
AIR FREIGHT & LOGISTICS — 0.68%
Allcargo Logistics Ltd.		63,581	$	164,969
Blue Dart Express Ltd.		4,928		342,435
				507,404
AIRLINES — 0.38%
Jet Airways India Ltd.a		24,068		139,646
SpiceJet Ltd.a		148,588		139,690
				279,336
AUTO COMPONENTS — 5.26%
Apollo Tyres Ltd.		239,120		666,891
Asahi India Glass Ltd.		60,092		152,624
Balkrishna Industries Ltd.		40,358		585,333
Ceat Ltd.		19,072		356,829
Exide Industries Ltd.		213,004		563,714
JK Tyre & Industries Ltd.		56,584		100,770
Mahindra CIE Automotive Ltd.a		94,336		271,298
Sundram Fasteners Ltd.		52,902		229,658
Tube Investments of India Ltd.		74,508		631,450
WABCO India Ltd.		4,736		351,957
				3,910,524
AUTOMOBILES — 0.88%
TVS Motor Co. Ltd.		119,065		650,736
				650,736
BANKS — 5.95%
Allahabad Banka		148,827		151,003
Andhra Bank		141,240		106,989
Canara Bank Ltd.a		113,344		527,236
DCB Bank Ltd.a		147,049		240,073
Federal Bank Ltd.		1,291,803		1,336,173
Jammu & Kashmir Bank Ltd. (The)		200,564		178,152
Karnataka Bank Ltd. (The)		145,466		230,475
Karur Vysya Bank Ltd. (The)		254,540		311,254
Oriental Bank of Commerce		72,449		126,854
RBL Bank Ltd.a,b		92,576		491,965
State Bank of Bikaner & Jaipur		14,520		150,707
Syndicate Banka		144,438		141,908
Union Bank of India		143,749		319,109
Vijaya Banka		160,292		104,209
				4,416,107

Security	Shares		Value
BIOTECHNOLOGY — 0.90%
Biocon Ltd.		50,122	$	671,330
				671,330
BUILDING PRODUCTS — 1.92%
Astral Polytechnik Ltd.		30,272		177,699
Blue Star Ltd.		23,936		172,223
Cera Sanitaryware Ltd.		3,269		98,993
Kajaria Ceramics Ltd.		66,088		515,195
Sintex Industries Ltd.		310,798		352,576
Somany Ceramics Ltd.		14,828		111,596
				1,428,282
CAPITAL MARKETS — 4.04%
Credit Analysis & Research Ltd.		18,467		372,664
CRISIL Ltd.		18,625		608,417
Edelweiss Financial Services Ltd.		345,293		512,777
IIFL Holdings Ltd.		132,333		511,070
JM Financial Ltd.		196,007		200,449
Motilal Oswal Financial Services Ltd.		35,600		279,395
Multi Commodity Exchange of India Ltd.		18,084		321,250
PTC India Financial Services Ltd.		136,664		77,967
Tata Investment Corp. Ltd.		13,908		116,457
				3,000,446
CHEMICALS — 7.80%
Aarti Industries		20,944		221,805
Advanced Enzyme Technologies Ltd.a		5,588		175,055
Akzo Nobel India Ltd.		11,737		244,466
Atul Ltd.		7,480		244,210
BASF India Ltd.		8,976		137,632
Bayer CropScience Ltd./India		8,888		531,048
Coromandel International Ltd.		73,111		282,088
Dhanuka Agritech Ltd.		12,306		129,354
EID Parry India Ltd.a		56,189		203,416
Finolex Industries Ltd.		31,240		201,546
Godrej Industries Ltd.		70,356		400,301
Gujarat Fluorochemicals Ltd.		27,131		193,467
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		61,556		194,788
Kansai Nerolac Paints Ltd.		135,169		685,334
Monsanto India Ltd.		4,346		144,258
PI Industries Ltd.		57,291		728,097
Rallis India Ltd.		48,444		144,414

89

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INDIA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
SH Kelkar & Co. Ltd.b		35,904	$	155,499
Sharda Cropchem Ltd.		22,397		140,176
Supreme Industries Ltd.		39,852		523,411
Vinati Organics Ltd.		12,716		110,582
				5,790,947
COMMUNICATIONS EQUIPMENT — 0.19%
Sterlite Technologies Ltd.		100,809		141,311
				141,311
CONSTRUCTION & ENGINEERING — 4.79%
Ashoka Buildcon Ltd.		46,360		99,223
Dilip Buildcon Ltd.a		33,924		120,508
Engineers India Ltd.		83,996		359,305
Gayatri Projects Ltd.		20,020		187,275
GE Power India Ltd.a		16,720		114,623
GMR Infrastructure Ltd.a		2,192,902		384,444
Hindustan Construction Co. Ltd.a		454,878		226,612
IRB Infrastructure Developers Ltd.		165,635		451,299
Kalpataru Power Transmission Ltd.		38,149		135,405
KEC International Ltd.		64,812		138,006
NCC Ltd./India		349,423		408,390
PNC Infratech Ltd.		62,920		101,069
Sadbhav Engineering Ltd.		87,922		353,299
Voltas Ltd.		103,974		479,776
				3,559,234
CONSTRUCTION MATERIALS — 3.24%
Century Textiles & Industries Ltd.		27,918		329,250
Dalmia Bharat Ltd.		22,308		528,768
HeidelbergCement India Ltd.a		55,880		93,271
India Cements Ltd. (The)		159,104		278,117
JK Cement Ltd.		17,644		187,436
JK Lakshmi Cement Ltd.		31,155		187,957
Orient Cement Ltd.		50,893		101,007
Prism Cement Ltd.a		125,566		171,337
Ramco Cements Ltd. (The)		59,400		529,532
				2,406,675
CONSUMER FINANCE — 2.98%
Bharat Financial Inclusion Ltd.a		27,464		296,712
Capital First Ltd.		23,375		193,269
Manappuram Finance Ltd.		431,744		485,680
Muthoot Finance Ltd.		99,774		441,593
Repco Home Finance Ltd.		31,733		278,230
Sundaram Finance Ltd.		27,855		519,914
				2,215,398

Security	Shares		Value
CONTAINERS & PACKAGING — 0.37%
Essel Propack Ltd.		38,764	$	145,771
HSIL Ltd.		29,656		127,291
				273,062
DIVERSIFIED FINANCIAL SERVICES — 2.17%
IFCI Ltd.		613,063		209,134
L&T Finance Holdings Ltd.		439,667		573,920
Reliance Capital Ltd.		105,535		677,393
SREI Infrastructure Finance Ltd.		130,548		154,104
				1,614,551
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.87%
Himachal Futuristic Communications Ltd.a		385,792		71,298
Tata Communications Ltd.		59,592		572,814
				644,112
ELECTRIC UTILITIES — 2.37%
Adani Transmissions Ltd.a		172,720		146,985
CESC Ltd.		62,329		533,879
Reliance Infrastructure Ltd.		109,840		770,496
Torrent Power Ltd.		119,552		311,504
				1,762,864
ELECTRICAL EQUIPMENT — 3.04%
Amara Raja Batteries Ltd.		21,562		295,809
Crompton Greaves Ltd.a		360,206		406,784
Finolex Cables Ltd.		73,219		443,974
GE T&D India Ltd.		64,339		305,251
Schneider Electric Infrastructure Ltd.a		49,589		109,213
Suzlon Energy Ltd.a		2,362,407		510,799
V-Guard Industries Ltd.		74,800		187,740
				2,259,570
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.52%
Redington India Ltd.		271,436		388,225
				388,225
FOOD PRODUCTS — 2.06%
Balrampur Chini Mills Ltd.		115,633		206,943
CCL Products India Ltd.		17,096		63,715
Kaveri Seed Co. Ltd.a		28,512		172,991
KRBL Ltd.		75,819		300,179
McLeod Russel India Ltd.		45,144		98,896

90

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INDIA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Tata Global Beverages Ltd.		310,112	$	561,110
Zydus Wellness Ltd.		9,812		123,981
				1,527,815
GAS UTILITIES — 1.47%
Gujarat Gas Ltd.		34,760		277,449
Gujarat State Petronet Ltd.		142,208		325,972
Indraprastha Gas Ltd.		17,426		211,063
Mahanagar Gas Ltd.		24,596		276,381
				1,090,865
HEALTH CARE PROVIDERS & SERVICES — 0.98%
Fortis Healthcare Ltd.a		95,964		248,641
Max India Ltd.a		124,666		262,358
Narayana Hrudayalaya Ltd.a		43,136		217,542
				728,541
HOTELS, RESTAURANTS & LEISURE — 2.84%
Coffee Day Enterprises Ltd.a,b		42,988		131,792
Cox & Kings Ltd.		82,910		199,435
Delta Corp. Ltd.		57,040		95,707
EIH Ltd.		117,260		175,593
Indian Hotels Co. Ltd. (The)		413,318		615,609
Jubilant Foodworks Ltd.		37,840		508,816
Mahindra Holidays & Resorts India Ltd.		22,528		131,583
Thomas Cook India Ltd.		92,015		252,188
				2,110,723
HOUSEHOLD DURABLES — 3.02%
Bajaj Electricals Ltd.		24,906		81,123
Crompton Greaves Consumer Electricals Ltd.a		359,763		778,929
Johnson Controls-Hitachi Air Conditioning India Ltd.		6,766		139,830
LA Opala RG Ltd.		13,684		105,146
Symphony Ltd.		17,474		311,486
TTK Prestige Ltd.		2,938		221,954
Videocon Industries Ltd.a		88,792		134,974
Whirlpool of India Ltd.a		31,724		466,250
				2,239,692
HOUSEHOLD PRODUCTS — 0.47%
Eveready Industries India Ltd.		36,907		116,843
Jyothy Laboratories Ltd.		45,037		230,386
				347,229

Security	Shares		Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.73%
Adani Power Ltd.a		836,725	$	350,831
PTC India Ltd.		186,384		194,692
				545,523
INDUSTRIAL CONGLOMERATES — 1.00%
Aditya Birla Nuvo Ltd.		32,634		603,249
Chennai Super Kings Cricket Ltd.a		206,787		6,797
Jaiprakash Associates Ltd.a		1,124,224		133,037
				743,083
INSURANCE — 0.35%
Max Financial Services Ltd.		33,487		261,271
				261,271
INTERNET & DIRECT MARKETING RETAIL — 0.31%
Infibeam Incorporation Ltd.a		13,288		231,762
				231,762
INTERNET SOFTWARE & SERVICES — 1.39%
Info Edge India Ltd.		63,101		827,470
Just Dial Ltd.a		36,290		201,255
				1,028,725
IT SERVICES — 3.91%
eClerx Services Ltd.		21,328		467,509
Hexaware Technologies Ltd.		94,649		284,712
MindTree Ltd.		105,177		733,484
Mphasis Ltd.		76,780		590,862
Persistent Systems Ltd.		41,200		366,773
Polaris Consulting & Services Ltd./Indiaa		1,194		2,757
Rolta India Ltd.a		13,305		10,244
Vakrangee Ltd.		110,852		447,545
				2,903,886
LIFE SCIENCES TOOLS & SERVICES — 0.10%
Dishman Pharmaceuticals & Chemicals Ltd.		20,880		72,082
				72,082
MACHINERY — 3.87%
AIA Engineering Ltd.		34,496		672,670
BEML Ltd.		10,516		129,520
Carborundum Universal Ltd.		45,705		178,115
Escorts Ltd.		51,503		242,809

91

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INDIA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Force Motors Ltd.		3,344	$	197,932
Greaves Cotton Ltd.		60,808		111,935
Ingersoll-Rand India Ltd.		7,832		78,910
ISGEC Heavy Engineering Ltd.		1,804		119,058
Jain Irrigation Systems Ltd.		301,052		395,178
Lakshmi Machine Works Ltd.		2,860		162,832
Texmaco Rail & Engineering Ltd.		53,214		83,340
Thermax Ltd.		29,862		363,432
Timken India Ltd.		16,808		137,376
				2,873,107
MARINE — 0.11%
Shipping Corp. of India Ltd.a		94,952		81,567
				81,567
MEDIA — 3.16%
DEN Networks Ltd.a		25,452		23,240
Dish TV India Ltd.a		389,918		519,234
Inox Leisure Ltd.a		32,877		106,174
Jagran Prakashan Ltd.a		87,956		225,322
PVR Ltd.		24,420		410,009
SITI Networks Ltd.a		233,992		124,433
Sun TV Network Ltd.		98,736		679,118
TV18 Broadcast Ltd.a		468,908		262,716
				2,350,246
METALS & MINING — 0.72%
Jindal Steel & Power Ltd.a		333,080		343,547
MOIL Ltd.		35,244		193,652
				537,199
MULTILINE RETAIL — 0.41%
Future Retail Ltd.a		121,990		219,389
Shoppers Stop Ltd.		20,549		88,577
				307,966
OIL, GAS & CONSUMABLE FUELS — 1.22%
Aegis Logistics Ltd.		82,632		180,055
Chennai Petroleum Corp. Ltd.		37,312		152,003
Great Eastern Shipping Co. Ltd. (The)		85,096		451,469
Gujarat Mineral Development Corp. Ltd.		79,539		123,523
				907,050
PAPER & FOREST PRODUCTS — 0.33%
Century Plyboards India Ltd.		55,419		147,112
Greenply Industries Ltd.		24,678		94,279
				241,391

Security	Shares		Value
PERSONAL PRODUCTS — 0.93%
Bajaj Corp. Ltd.		46,306	$	248,920
Gillette India Ltd.		6,826		438,526
				687,446
PHARMACEUTICALS — 8.02%
Ajanta Pharma Ltd.		22,064		611,645
Alembic Pharmaceuticals Ltd.		47,476		459,092
AstraZeneca Pharma India Ltd.a		6,116		84,834
FDC Ltd./India		44,044		140,853
Granules India Ltd.		53,521		85,697
Indoco Remedies Ltd.		23,452		88,345
Ipca Laboratories Ltd.a		46,156		391,776
JB Chemicals & Pharmaceuticals Ltd.		20,812		107,132
Jubilant Life Sciences Ltd.		66,498		684,566
Marksans Pharma Ltd.		207,064		134,163
Natco Pharma Ltd.		58,188		513,286
Pfizer Ltd./India		11,535		308,922
Sanofi India Ltd.		5,808		378,608
Sequent Scientific Ltd.a		86,760		143,673
Shilpa Medicare Ltd.		22,907		227,066
Strides Shasun Ltd.		45,681		731,041
Sun Pharma Advanced Research Co. Ltd.a		64,771		302,616
Suven Life Sciences Ltd.		46,447		123,227
Unichem Laboratories Ltd.		37,181		146,010
Wockhardt Ltd.		29,097		298,116
				5,960,668
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.77%
Godrej Properties Ltd.a		54,224		238,130
Housing Development & Infrastructure Ltd.a		264,308		239,213
Indiabulls Real Estate Ltd.a		186,674		191,041
Oberoi Realty Ltd.		88,756		370,654
Sobha Ltd.		40,818		152,302
Unitech Ltd.a		1,636,996		119,578
				1,310,918
ROAD & RAIL — 0.13%
VRL Logistics Ltd.		23,100		92,806
				92,806
SOFTWARE — 1.82%
Cyient Ltd.		76,346		553,838
KPIT Technologies Ltd.		155,643		299,921

92

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INDIA SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
NIIT Technologies Ltd.		31,240	$	194,061
Tata Elxsi Ltd.		7,791		144,440
Zensar Technologies Ltd.		11,099		163,009
				1,355,269
SPECIALTY RETAIL — 0.34%
PC Jeweller Ltd.		47,168		253,932
				253,932
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.04%
Ricoh India Ltd.a		9,870		30,901
				30,901
TEXTILES, APPAREL & LUXURY GOODS — 6.09%
Aditya Birla Fashion and Retail Ltd.a		192,687		392,840
Arvind Ltd.		132,114		701,691
Bata India Ltd.		32,106		195,055
Himatsingka Seide Ltd.		25,212		104,533
Indo Count Industries Ltd.		49,060		111,883
Kitex Garments Ltd.		11,616		68,008
KPR Mill Ltd.		18,392		161,151
Page Industries Ltd.		5,720		1,115,877
Rajesh Exports Ltd.		92,547		629,992
Raymond Ltd.		25,388		188,809
SRF Ltd.		14,451		332,505
Vardhman Textiles Ltd.		15,884		256,062
Welspun India Ltd.		263,604		268,229
				4,526,635
THRIFTS & MORTGAGE FINANCE — 1.55%
Can Fin Homes Ltd.		6,600		163,219
Dewan Housing Finance Corp. Ltd.		152,284		570,657
GRUH Finance Ltd.		91,300		417,692
				1,151,568
TOBACCO — 0.24%
Godfrey Phillips India Ltd.		12,980		176,157
				176,157

Security	Shares		Value
TRADING COMPANIES & DISTRIBUTORS — 0.43%
Adani Enterprises Ltd.		170,239	$	169,247
Kushal Tradelink Ltd.		29,700		152,950
				322,197
TRANSPORTATION INFRASTRUCTURE — 0.81%
Gateway Distriparks Ltd.		79,232		273,468
Gujarat Pipavav Port Ltd.		114,935		234,407
Navkar Corp. Ltd.a,b		35,728		91,344
				599,219
WATER UTILITIES — 0.27%
VA Tech Wabag Ltd.		27,764		201,328
				201,328
WIRELESS TELECOMMUNICATION SERVICES — 0.68%
Reliance Communications Ltd.a		910,360		502,069
				502,069
TOTAL COMMON STOCKS
(Cost: $69,168,713)				74,220,950
TOTAL INVESTMENTS IN SECURITIES — 99.92%
(Cost: $69,168,713)c				74,220,950
Other Assets, Less Liabilities — 0.08%				60,734
NET ASSETS — 100.00%			$	74,281,684

^a  Non-income earning security.

^b  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^c  The cost of investments for federal income tax purposes was $71,808,042. Net unrealized appreciation was $2,412,908, of which $9,559,129 represented gross unrealized appreciation on securities and $7,146,221 represented gross unrealized depreciation on securities.

93

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INDIA SMALL-CAP ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	74,183,252	$	37,698	$	—	$	74,220,950
Total	$	74,183,252	$	37,698	$	—	$	74,220,950

94

Schedule of Investments (Unaudited)

iSHARES^® MSCI INDONESIA ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.87%
AIRLINES — 0.10%
Garuda Indonesia Persero Tbk PTa		17,096,700	$	481,899
				481,899
AUTOMOBILES — 9.89%
Astra International Tbk PT		88,003,430		49,026,076
				49,026,076
BANKS — 29.73%
Bank Bukopin Tbk		15,793,299		745,819
Bank Central Asia Tbk PT		53,595,058		56,551,140
Bank Danamon Indonesia Tbk PT		14,594,460		3,499,871
Bank Mandiri Persero Tbk PT		40,579,080		31,439,243
Bank Negara Indonesia Persero Tbk PT		32,436,058		12,385,656
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		10,561,736		1,207,946
Bank Pembangunan Daerah Jawa Timur Tbk PT		13,143,400		489,756
Bank Rakyat Indonesia Persero Tbk PT		48,264,272		38,817,972
Bank Tabungan Negara Persero Tbk PT		18,437,126		2,244,697
				147,382,100
BUILDING PRODUCTS — 0.18%
Arwana Citramulia Tbk PT		20,811,200		882,969
				882,969
CAPITAL MARKETS — 0.38%
Kresna Graha Investama PT Tbka		53,765,300		1,912,184
				1,912,184
CONSTRUCTION & ENGINEERING — 2.47%
Adhi Karya Persero Tbk PT		7,759,110		1,093,518
Pembangunan Perumahan Persero Tbk PT		10,534,600		3,303,601
Sitara Propertindo Tbk PTa		19,729,800		953,552
Surya Semesta Internusa Tbk PT		14,307,374		543,685
Waskita Karya Persero Tbk PT		20,667,900		3,888,814
Wijaya Karya Persero Tbk PT		13,663,270		2,449,861
				12,233,031
CONSTRUCTION MATERIALS — 3.85%
Indocement Tunggal Prakarsa Tbk PT		6,403,444		7,548,055

Security	Shares		Value
PT Holcim Indonesia Tbk		6,749,900	$	460,702
PT Wijaya Karya Beton Tbk		11,401,700		677,245
Semen Baturaja Persero TBK PT		10,363,900		1,980,631
Semen Indonesia Persero Tbk PT		12,897,355		8,445,971
				19,112,604
DIVERSIFIED TELECOMMUNICATION SERVICES — 12.67%
Inovisi Infracom Tbk PTa		9,476,400		—
Link Net Tbk PT		4,636,500		1,693,465
Telekomunikasi Indonesia Persero Tbk PT		219,118,090		61,115,394
				62,808,859
FOOD & STAPLES RETAILING — 0.12%
Matahari Putra Prima Tbk PT		4,683,500		587,489
				587,489
FOOD PRODUCTS — 6.78%
Charoen Pokphand Indonesia Tbk PT		32,090,725		7,458,829
Eagle High Plantations Tbk PTa		41,023,852		623,569
Indofood CBP Sukses Makmur Tbk PT		10,143,854		6,474,402
Indofood Sukses Makmur Tbk PT		19,090,730		10,670,524
Japfa Comfeed Indonesia Tbk PT		19,863,600		2,447,682
Nippon Indosari Corpindo Tbk PT		6,625,700		718,670
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		13,367,100		1,790,171
PT Bisi International Tbk		6,537,700		880,377
Salim Ivomas Pratama Tbk PT		13,935,800		529,566
Sawit Sumbermas Sarana Tbk PT		8,307,800		839,822
Tiga Pilar Sejahtera Food Tbka		8,414,300		1,161,021
				33,594,633
GAS UTILITIES — 1.87%
Perusahaan Gas Negara Persero Tbk PT		47,437,607		9,275,754
				9,275,754
HEALTH CARE PROVIDERS & SERVICES — 0.24%
Siloam International Hospitals Tbk PTa		1,529,800		1,185,235
				1,185,235
HOUSEHOLD PRODUCTS — 4.01%
Sekawan Intipratama Tbk PTa		30,572,100		18,047

95

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INDONESIA ETF

November 30, 2016

Security	Shares		Value
Unilever Indonesia Tbk PT		6,634,904		19,839,844
				19,857,891
INSURANCE — 0.15%
Panin Financial Tbk PTa		55,674,478		751,775
				751,775
MARINE — 0.00%
Berlian Laju Tanker Tbk PTa		20,137,514		—
				0
MEDIA — 1.87%
Global Mediacom Tbk PT		27,641,800		1,203,369
Media Nusantara Citra Tbk PT		21,742,500		2,783,489
Surya Citra Media Tbk PT		25,440,400		4,711,707
Visi Media Asia Tbk PTa		28,610,600		561,551
				9,260,116
METALS & MINING — 0.97%
Aneka Tambang Persero Tbk PTa		36,601,054		2,619,666
Krakatau Steel Persero Tbk PTa		16,720,593		1,042,531
Timah Persero Tbk PT		12,979,280		1,154,033
				4,816,230
MULTILINE RETAIL — 2.95%
Matahari Department Store Tbk PT		10,727,000		11,397,809
Mitra Adiperkasa Tbk PTa		3,254,500		1,266,740
Multipolar Tbk PTa		30,735,943		752,948
Ramayana Lestari Sentosa Tbk PT		13,911,700		1,221,540
				14,639,037
OIL, GAS & CONSUMABLE FUELS — 4.85%
Adaro Energy Tbk PT		62,596,439		7,066,781
Indo Tambangraya Megah Tbk PT		1,721,380		2,032,251
Sugih Energy Tbk PTa		119,120,611		1,002,011
Tambang Batubara Bukit Asam Persero Tbk PT		3,008,050		2,619,073
United Tractors Tbk PT		7,298,696		11,309,546
				24,029,662
PERSONAL PRODUCTS — 0.11%
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		13,216,800		531,500
				531,500

Security	Shares		Value
PHARMACEUTICALS — 2.05%
Kalbe Farma Tbk PT		91,727,385	$	10,152,450
				10,152,450
REAL ESTATE MANAGEMENT & DEVELOPMENT — 7.01%
Agung Podomoro Land Tbk PTa		22,579,400		393,192
Alam Sutera Realty Tbk PTa		42,809,116		1,200,329
Bumi Serpong Damai Tbk PT		33,489,622		4,200,875
Ciputra Development Tbk PT		46,966,613		4,678,467
Hanson International Tbk PTa		291,118,935		3,608,779
Intiland Development Tbk PT		27,109,220		1,000,156
Kawasan Industri Jababeka Tbk PTa		67,494,770		1,434,311
Lippo Cikarang Tbk PTa		1,822,300		736,181
Lippo Karawaci Tbk PT		80,308,262		4,533,172
Modernland Realty Tbk PTa		35,517,018		917,245
Pakuwon Jati Tbk PT		104,000,177		5,256,604
PP Properti Tbk PT		20,788,700		2,216,541
Summarecon Agung Tbk PT		43,928,458		4,586,517
				34,762,369
SPECIALTY RETAIL — 0.43%
Ace Hardware Indonesia Tbk PT		33,591,179		2,143,986
				2,143,986
TEXTILES, APPAREL & LUXURY GOODS — 0.13%
Sri Rejeki Isman Tbk PT		36,299,400		642,823
				642,823
TOBACCO — 4.31%
Gudang Garam Tbk PT		2,091,442		10,030,897
Hanjaya Mandala Sampoerna Tbk PT		40,463,500		11,345,604
				21,376,501
TRADING COMPANIES & DISTRIBUTORS — 0.78%
AKR Corporindo Tbk PT		7,811,300		3,847,292
				3,847,292
TRANSPORTATION INFRASTRUCTURE — 0.55%
Jasa Marga Persero Tbk PT		8,868,300		2,715,620
				2,715,620

96

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI INDONESIA ETF

November 30, 2016

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 1.42%
Tower Bersama Infrastructure Tbk PT		10,432,500	$	4,272,302
XL Axiata Tbk PTa		16,279,300		2,762,766
				7,035,068
TOTAL COMMON STOCKS
(Cost: $601,386,632)				495,045,153
RIGHTS — 0.01%
HEALTH CARE PROVIDERS & SERVICES — 0.01%
Siloam International Hospitals Tbk PTa		189,913		21,020
				21,020
TRANSPORTATION INFRASTRUCTURE — 0.00%
Jasa Marga Persero Tbk PTa		601,508		11,096
				11,096
TOTAL RIGHTS
(Cost: $0)				32,116

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.01%
MONEY MARKET FUNDS — 0.01%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		31,962	$	31,962
				31,962
TOTAL SHORT-TERM INVESTMENTS
(Cost: $31,962)				31,962
TOTAL INVESTMENTS IN SECURITIES — 99.89%
(Cost: $601,418,594)d				495,109,231
Other Assets, Less Liabilities — 0.11%				567,316
NET ASSETS — 100.00%			$	495,676,547

^a  Non-income earning security.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $607,654,980. Net unrealized depreciation was $112,545,749, of which $2,968,717 represented gross unrealized appreciation on securities and $115,514,466 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	494,025,095	$	1,002,011	$	18,047	$	495,045,153
Rights		—		32,116		—		32,116
Money market funds		31,962		—		—		31,962
Total	$	494,057,057	$	1,034,127	$	18,047	$	495,109,231

97

Schedule of Investments (Unaudited)

iSHARES^® MSCI IRELAND CAPPED ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.95%
AIRLINES — 4.22%
Ryanair Holdings PLC ADRa		50,354	$	4,020,264
				4,020,264
BANKS — 6.61%
Bank of Irelanda		18,705,532		3,988,407
Permanent TSB Group Holdings PLCa		844,711		2,302,898
				6,291,305
BEVERAGES — 2.90%
C&C Group PLC		747,161		2,757,414
				2,757,414
BUILDING PRODUCTS — 4.93%
Kingspan Group PLC		175,406		4,688,980
				4,688,980
CONSTRUCTION MATERIALS — 22.47%
CRH PLC		640,144		21,387,139
				21,387,139
CONTAINERS & PACKAGING — 4.66%
Smurfit Kappa Group PLC		194,487		4,435,703
				4,435,703
DIVERSIFIED FINANCIAL SERVICES — 0.19%
IFG Group PLC		103,593		181,321
				181,321
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.27%
Green REIT PLC		1,849,229		2,520,735
Hibernia REIT PLC		1,938,047		2,401,268
Irish Residential Properties REIT PLC		1,619,757		1,994,874
				6,916,877
FOOD & STAPLES RETAILING — 1.13%
Fyffes PLC		302,048		467,802
Total Produce PLC		328,724		607,105
				1,074,907
FOOD PRODUCTS — 18.56%
Glanbia PLC		256,352		4,346,931
Kerry Group PLC Class A		175,022		12,407,878
Origin Enterprises PLC		142,768		912,021
				17,666,830

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 4.01%
UDG Healthcare PLC		465,009	$	3,819,959
				3,819,959
HOTELS, RESTAURANTS & LEISURE — 12.17%
Dalata Hotel Group PLCa		527,689		2,465,237
Paddy Power Betfair PLC		87,322		9,124,169
				11,589,406
INSURANCE — 0.19%
FBD Holdings PLCa		27,862		177,927
				177,927
INTERNET SOFTWARE & SERVICES — 0.27%
Datalex PLC		69,800		255,451
				255,451
LIFE SCIENCES TOOLS & SERVICES — 4.49%
ICON PLCa		56,554		4,277,745
				4,277,745
MARINE — 2.30%
Irish Continental Group PLC		494,445		2,192,440
				2,192,440
PROFESSIONAL SERVICES — 0.13%
CPL Resources PLC		23,234		125,698
				125,698
SPECIALTY RETAIL — 0.16%
Applegreen PLCa		33,749		153,944
				153,944
TRADING COMPANIES & DISTRIBUTORS — 3.29%
Grafton Group PLC		472,383		3,128,036
				3,128,036
TOTAL COMMON STOCKS
(Cost: $104,221,324)				95,141,346

98

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI IRELAND CAPPED ETF

November 30, 2016

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.00%
MONEY MARKET FUNDS — 0.00%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		1,206	$	1,206
				1,206
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,206)				1,206

	Value
TOTAL INVESTMENTS IN SECURITIES — 99.95%
(Cost: $104,222,530)d	$	95,142,552
Other Assets, Less Liabilities — 0.05%		47,376
NET ASSETS — 100.00%	$	95,189,928

ADR — American Depositary Receipts

^a  Non-income earning security.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $105,163,619. Net unrealized depreciation was $10,021,067, of which $5,053,458 represented gross unrealized appreciation on securities and $15,074,525 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	95,141,346	$	—	$	—	$	95,141,346
Money market funds		1,206		—		—		1,206
Total	$	95,142,552	$	—	$	—	$	95,142,552

99

Schedule of Investments (Unaudited)

iSHARES^® MSCI NEW ZEALAND CAPPED ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.76%
AIR FREIGHT & LOGISTICS — 1.82%
Freightways Ltd.		487,363	$	2,314,468
				2,314,468
AIRLINES — 2.17%
Air New Zealand Ltd.		1,803,402		2,761,023
				2,761,023
CONSTRUCTION MATERIALS — 11.04%
Fletcher Building Ltd.		1,929,143		14,056,633
				14,056,633
DIVERSIFIED TELECOMMUNICATION SERVICES — 13.03%
Chorus Ltd.		1,267,139		3,538,704
Spark New Zealand Ltd.		5,067,726		13,056,937
				16,595,641
ELECTRIC UTILITIES — 13.04%
Contact Energy Ltd.		1,902,959		6,339,443
Genesis Energy Ltd.		1,624,328		2,337,187
Infratil Ltd.		1,693,844		3,349,665
Mercury NZ Ltd.		2,149,521		4,585,978
				16,612,273
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 9.19%
Argosy Property Ltd.		2,653,273		1,974,672
Goodman Property Trust		3,287,014		2,842,400
Kiwi Property Group Ltd.		3,928,533		4,065,435
Precinct Properties New Zealand Ltd.		3,325,262		2,816,551
				11,699,058
FOOD PRODUCTS — 3.08%
a2 Milk Co. Ltd.a,b		2,245,883		3,916,030
				3,916,030
HEALTH CARE EQUIPMENT & SUPPLIES — 7.02%
Fisher & Paykel Healthcare Corp. Ltd.		1,542,099		8,941,067
				8,941,067
HEALTH CARE PROVIDERS & SERVICES — 7.87%
Metlifecare Ltd.		463,805		1,850,835
Ryman Healthcare Ltd.		952,882		5,909,775

Security	Shares		Value
Summerset Group Holdings Ltd.		657,074	$	2,263,468
				10,024,078
HEALTH CARE TECHNOLOGY — 0.22%
Orion Health Group Ltd.a		216,200		275,837
				275,837
HOTELS, RESTAURANTS & LEISURE — 3.96%
SKYCITY Entertainment Group Ltd.		1,802,549		5,046,705
				5,046,705
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 4.56%
Meridian Energy Ltd.		3,186,320		5,804,252
				5,804,252
INTERNET & DIRECT MARKETING RETAIL — 3.27%
Trade Me Group Ltd.		1,235,463		4,168,314
				4,168,314
MEDIA — 3.22%
Sky Network Television Ltd.		1,209,123		4,105,157
				4,105,157
OIL, GAS & CONSUMABLE FUELS — 4.89%
New Zealand Refining Co. Ltd. (The)		599,478		1,096,268
Z Energy Ltd.		1,027,518		5,134,549
				6,230,817
SOFTWARE — 2.37%
Xero Ltd.a,b		238,856		3,016,947
				3,016,947
TRANSPORTATION INFRASTRUCTURE — 9.01%
Auckland International Airport Ltd.		2,630,944		11,477,926
				11,477,926
TOTAL COMMON STOCKS
(Cost: $133,505,030)				127,046,226

100

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI NEW ZEALAND CAPPED ETF

November 30, 2016

Security	Shares		Value
SHORT-TERM INVESTMENTS — 3.16%
MONEY MARKET FUNDS — 3.16%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%c,d,e		4,007,176	$	4,008,379
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d		14,531		14,531
				4,022,910
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,022,198)				4,022,910
TOTAL INVESTMENTS IN SECURITIES — 102.92%
(Cost: $137,527,228)f				131,069,136
Other Assets, Less Liabilities — (2.92)%				(3,722,768	)
NET ASSETS — 100.00%			$	127,346,368

^a  Non-income earning security.

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

^c  Affiliated money market fund.

^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.

^f  The cost of investments for federal income tax purposes was $139,768,347. Net unrealized depreciation was $8,699,211, of which $2,574,988 represented gross unrealized appreciation on securities and $11,274,199 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	127,046,226	$	—	$	—	$	127,046,226
Money market funds		4,022,910		—		—		4,022,910
Total	$	131,069,136	$	—	$	—	$	131,069,136

101

Schedule of Investments (Unaudited)

iSHARES^® MSCI NORWAY CAPPED ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.68%
AIRLINES — 0.91%
Norwegian Air Shuttle ASAa,b		8,699	$	272,011
				272,011
AUTO COMPONENTS — 0.38%
Kongsberg Automotive ASAa		165,958		112,092
				112,092
BANKS — 14.60%
DNB ASA		252,725		3,722,678
Skandiabanken ASAa,c		15,212		123,295
Sparebank 1 Nord Norge		34,695		209,886
SpareBank 1 SMN		40,313		291,226
				4,347,085
CHEMICALS — 5.52%
Borregaard ASA		32,317		326,467
Yara International ASA		35,563		1,315,887
				1,642,354
CONSUMER FINANCE — 0.23%
B2Holding ASAa		39,587		68,589
				68,589
DIVERSIFIED FINANCIAL SERVICES — 1.07%
Aker ASA Class A		8,600		320,234
				320,234
DIVERSIFIED TELECOMMUNICATION SERVICES — 9.59%
Telenor ASA		193,169		2,854,485
				2,854,485
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.33%
IDEX ASAa		139,014		99,609
				99,609
ENERGY EQUIPMENT & SERVICES — 8.50%
Akastor ASAa,b		76,108		110,857
Aker Solutions ASAa		51,583		232,007
BW Offshore Ltd.a		1,070,321		49,033
Ocean Yield ASA		21,661		174,293
Petroleum Geo-Services ASAa,b		71,784		209,960
Seadrill Ltd.a,b		104,436		290,129
Subsea 7 SAa,b		74,749		872,773
TGS Nopec Geophysical Co. ASA		30,141		592,329
				2,531,381

Security	Shares		Value
FOOD PRODUCTS — 16.76%
Austevoll Seafood ASA		29,095	$	273,412
Bakkafrost P/F		11,579		488,287
Leroy Seafood Group ASA		9,002		499,104
Marine Harvest ASA		75,494		1,357,680
Norway Royal Salmon ASA		2,853		66,691
Orkla ASA		205,051		1,828,156
Salmar ASA		15,177		476,000
				4,989,330
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.34%
Scatec Solar ASAb,c		25,459		101,081
				101,081
INSURANCE — 5.90%
Gjensidige Forsikring ASA		56,171		898,667
Protector Forsikring ASAb		20,794		174,644
Storebrand ASAa		130,484		682,067
				1,755,378
INTERNET SOFTWARE & SERVICES — 0.85%
Opera Software ASAa		36,637		253,911
				253,911
IT SERVICES — 0.79%
Atea ASA		25,814		236,515
				236,515
MACHINERY — 0.39%
Hexagon Composites ASAa,b		35,856		115,826
				115,826
MARINE — 1.05%
Golden Ocean Group Ltd.a,b		24,602		106,636
Stolt-Nielsen Ltd.		9,853		117,475
Wilh Wilhelmsen ASA		26,275		87,345
				311,456
MEDIA — 2.98%
Schibsted ASA		19,410		419,065
Schibsted ASA Class B		23,067		468,214
				887,279
METALS & MINING — 4.42%
Norsk Hydro ASA		279,297		1,316,902
				1,316,902
MULTILINE RETAIL — 0.53%
Europris ASAc		36,719		156,569
				156,569

102

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI NORWAY CAPPED ETF

November 30, 2016

Security	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 20.60%
Aker BP ASA		30,906	$	502,445
BW LPG Ltd.b,c		28,309		90,781
DNO ASAa,b		212,005		184,284
Frontline Ltd./Bermudab		24,214		173,503
Hoegh LNG Holdings Ltd.b		16,199		169,351
Statoil ASA		292,417		5,011,500
				6,131,864
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.61%
Entra ASAc		27,839		287,770
Norwegian Property ASA		72,746		88,015
Selvaag Bolig ASA		21,466		103,382
				479,167
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.82%
Nordic Semiconductor ASAa,b		41,126		165,699
REC Silicon ASAa,b		729,855		79,732
				245,431
SPECIALTY RETAIL — 1.17%
XXL ASAc		29,412		348,944
				348,944
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.34%
Thin Film Electronics ASAa,b		225,242		101,335
				101,335
TOTAL COMMON STOCKS
(Cost: $34,949,112)				29,678,828

Security	Shares		Value
SHORT-TERM INVESTMENTS — 9.97%
MONEY MARKET FUNDS — 9.97%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%d,e,f		2,952,262	$	2,953,147
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%d,e		14,985		14,985
				2,968,132
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,967,532)				2,968,132
TOTAL INVESTMENTS IN SECURITIES — 109.65% (Cost: $37,916,644)g				32,646,960
Other Assets, Less Liabilities — (9.65)%				(2,874,473	)
NET ASSETS — 100.00%			$	29,772,487

^a  Non-income earning security.

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

^c  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $40,294,171. Net unrealized depreciation was $7,647,211, of which $1,360,162 represented gross unrealized appreciation on securities and $9,007,373 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	29,678,828	$	—	$	—	$	29,678,828
Money market funds		2,968,132		—		—		2,968,132
Total	$	32,646,960	$	—	$	—	$	32,646,960

103

Schedule of Investments (Unaudited)

iSHARES^® MSCI PHILIPPINES ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.47%
AIRLINES — 0.82%
Cebu Air Inc.		553,380	$	1,130,573
				1,130,573
BANKS — 11.92%
Bank of the Philippine Islands		1,837,559		3,325,564
BDO Unibank Inc.		4,192,456		9,442,089
Metropolitan Bank & Trust Co.		1,662,116		2,506,710
Rizal Commercial Banking Corp.		274,758		196,690
Security Bank Corp.		288,510		1,052,978
				16,524,031
CHEMICALS — 1.08%
D&L Industries Inc.		6,611,300		1,502,266
				1,502,266
CONSTRUCTION MATERIALS — 0.94%
CEMEX Holdings Philippines Inc.a,b		6,090,000		1,302,988
				1,302,988
DIVERSIFIED FINANCIAL SERVICES — 13.08%
Ayala Corp.		633,548		9,249,062
GT Capital Holdings Inc.		202,035		4,708,598
Metro Pacific Investments Corp.		33,434,300		4,168,362
				18,126,022
ELECTRIC UTILITIES — 0.56%
First Philippine Holdings Corp.		577,609		772,391
				772,391
FOOD & STAPLES RETAILING — 0.72%
Cosco Capital Inc.		5,826,500		991,196
				991,196
FOOD PRODUCTS — 5.93%
Century Pacific Food Inc.		1,813,400		623,550
Universal Robina Corp.		2,223,630		7,596,918
				8,220,468
HOTELS, RESTAURANTS & LEISURE — 5.28%
Bloomberry Resorts Corp.b		9,933,965		1,274,456
Jollibee Foods Corp.		1,112,263		4,826,591
Max’s Group Inc.		731,500		378,032
Melco Crown Philippines Resorts Corp.b		4,473,700		368,835
Premium Leisure Corp.		20,556,000		475,355
				7,323,269

Security	Shares		Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 5.73%
Aboitiz Power Corp.		3,800,615	$	3,278,632
Energy Development Corp.		24,073,520		2,463,990
First Gen Corp.		3,299,437		1,446,365
Lopez Holdings Corp.		4,808,650		752,288
				7,941,275
INDUSTRIAL CONGLOMERATES — 20.57%
Aboitiz Equity Ventures Inc.		4,418,720		6,508,571
Alliance Global Group Inc.		5,408,139		1,413,751
DMCI Holdings Inc.		10,410,600		2,826,123
JG Summit Holdings Inc.		7,317,882		10,043,142
SM Investments Corp.		615,281		7,720,397
				28,511,984
MEDIA — 0.55%
ABS-CBN Holdings Corp. PDR		850,330		757,483
				757,483
METALS & MINING — 0.36%
Nickel Asia Corp.		3,005,900		499,271
				499,271
REAL ESTATE MANAGEMENT & DEVELOPMENT — 22.78%
Ayala Land Inc.		18,776,040		12,421,711
DoubleDragon Properties Corp.b		1,719,000		1,520,933
Filinvest Land Inc.		25,302,590		880,223
Megaworld Corp.		29,242,700		2,163,948
Robinsons Land Corp.		4,248,100		2,199,650
SM Prime Holdings Inc.		21,178,835		11,285,725
Vista Land & Lifescapes Inc.		11,000,600		1,106,033
				31,578,223
SOFTWARE — 0.16%
Xurpas Inc.		1,164,300		227,101
				227,101
TRANSPORTATION INFRASTRUCTURE — 1.38%
International Container Terminal Services Inc.		1,313,150		1,906,484
				1,906,484
WATER UTILITIES — 1.37%
Manila Water Co. Inc.		3,170,929		1,900,134
				1,900,134

104

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI PHILIPPINES ETF

November 30, 2016

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 6.24%
Globe Telecom Inc.		85,165	$	2,500,320
PLDT Inc.		241,597		6,150,447
				8,650,767
TOTAL COMMON STOCKS
(Cost: $180,844,951)				137,865,926
SHORT-TERM INVESTMENTS — 0.03%
MONEY MARKET FUNDS — 0.03%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d		44,991		44,991
				44,991
TOTAL SHORT-TERM INVESTMENTS
(Cost: $44,991)				44,991
TOTAL INVESTMENTS IN SECURITIES — 99.50% (Cost: $180,889,942)e				137,910,917
Other Assets, Less Liabilities — 0.50%				692,240
NET ASSETS — 100.00%			$	138,603,157

PDR  —  Philippine Depositary Receipt

^a  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^b  Non-income earning security.

^c  Affiliated money market fund.

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

^e  The cost of investments for federal income tax purposes was $183,358,533. Net unrealized depreciation was $45,447,616, of which $260,559 represented gross unrealized appreciation on securities and $45,708,175 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	137,865,926	$	—	$	—	$	137,865,926
Money market funds		44,991		—		—		44,991
Total	$	137,910,917	$	—	$	—	$	137,910,917

105

Schedule of Investments (Unaudited)

iSHARES^® MSCI POLAND CAPPED ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.76%
BANKS — 31.74%
Alior Bank SAa		295,307	$	3,145,348
Bank Handlowy w Warszawie SA		113,904		1,828,637
Bank Millennium SAa		1,724,203		2,179,906
Bank Pekao SA		475,709		13,413,200
Bank Zachodni WBK SA		98,469		6,871,842
Getin Noble Bank SAa,b		1,585,297		446,238
mBank SAa		49,027		3,795,103
Powszechna Kasa Oszczednosci Bank Polski SA		2,654,606		16,185,811
				47,866,085
CAPITAL MARKETS — 0.63%
Warsaw Stock Exchange		107,521		953,109
				953,109
CHEMICALS — 3.66%
Ciech SA		96,658		1,290,987
Grupa Azoty SA		151,766		2,226,502
Synthos SAa		1,912,415		1,998,158
				5,515,647
CONSTRUCTION & ENGINEERING — 1.34%
Budimex SA		41,300		2,022,612
				2,022,612
CONSUMER FINANCE — 1.48%
KRUK SAb		45,678		2,233,750
				2,233,750
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.62%
Netia SAb		1,018,254		1,141,636
Orange Polska SA		2,184,128		2,808,280
				3,949,916
ELECTRIC UTILITIES — 7.23%
Enea SAa,b		761,764		1,689,962
Energa SAb		700,469		1,328,402
PGE Polska Grupa Energetyczna SA		2,539,487		5,621,698
Tauron Polska Energia SAa		3,575,106		2,260,000
				10,900,062

Security	Shares		Value
FOOD & STAPLES RETAILING — 1.74%
Eurocash SA		281,928	$	2,617,487
				2,617,487
HEALTH CARE PROVIDERS & SERVICES — 0.24%
Neuca SA		4,087		365,505
				365,505
INSURANCE — 7.85%
Powszechny Zaklad Ubezpieczen SA		1,677,355		11,831,774
				11,831,774
MEDIA — 2.46%
Cyfrowy Polsat SAa,b		644,792		3,714,585
				3,714,585
METALS & MINING — 8.68%
Boryszew SAa,b		471,468		899,737
Jastrzebska Spolka Weglowa SAa,b		205,326		4,054,552
KGHM Polska Miedz SA		390,307		8,133,782
				13,088,071
OIL, GAS & CONSUMABLE FUELS — 18.22%
Grupa Lotos SAa,b		321,418		2,828,476
Lubelski Wegiel Bogdanka SAa,b		44,452		737,076
Polski Koncern Naftowy ORLEN SA		970,876		17,705,769
Polskie Gornictwo Naftowe i Gazownictwo SA		5,259,949		6,210,982
				27,482,303
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.10%
Globe Trade Centre SAa,b		870,248		1,662,835
				1,662,835
ROAD & RAIL — 0.85%
PKP Cargo SAa,b		111,947		1,281,820
				1,281,820
SOFTWARE — 3.83%
Asseco Poland SA		252,096		3,162,588
CD Projekt SAa		230,031		2,617,998
				5,780,586

106

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI POLAND CAPPED ETF

November 30, 2016

Security	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS — 6.09%
CCC SA		81,148	$	3,852,161
LPP SAb		3,869		5,325,534
				9,177,695
TOTAL COMMON STOCKS
(Cost: $252,622,359)				150,443,842
SHORT-TERM INVESTMENTS — 11.76%
MONEY MARKET FUNDS — 11.76%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%c,d,e		17,698,431		17,703,741
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%c,d		30,472		30,472
				17,734,213
TOTAL SHORT-TERM INVESTMENTS
(Cost: $17,729,237)				17,734,213
TOTAL INVESTMENTS IN SECURITIES — 111.52% (Cost: $270,351,596)f				168,178,055
Other Assets, Less Liabilities — (11.52)%				(17,375,100	)
NET ASSETS — 100.00%			$	150,802,955

^a  Non-income earning security.

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

^c  Affiliated money market fund.

^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.

^f  The cost of investments for federal income tax purposes was $280,830,996. Net unrealized depreciation was $112,652,941, of which $1,958,064 represented gross unrealized appreciation on securities and $114,611,005 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	150,443,842	$	—	$	—	$	150,443,842
Money market funds		17,734,213		—		—		17,734,213
Total	$	168,178,055	$	—	$	—	$	168,178,055

107

Schedule of Investments (Unaudited)

iSHARES^® MSCI QATAR CAPPED ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.93%
BANKS — 42.68%
Commercial Bank QSC (The)		166,500	$	1,508,980
Doha Bank QSC		145,928		1,346,584
Masraf Al Rayan QSC		315,204		2,925,930
Qatar First Banka		153,751		414,653
Qatar International Islamic Bank QSC		48,324		808,231
Qatar Islamic Bank SAQ		64,973		1,773,678
Qatar National Bank SAQ		199,079		8,140,960
				16,919,016
CONSTRUCTION MATERIALS — 3.05%
Qatar National Cement Co. QSC		22,597		508,886
Qatari Investors Group QSC		47,684		700,619
				1,209,505
DIVERSIFIED FINANCIAL SERVICES — 1.93%
Qatar Industrial Manufacturing Co. QSC		27,803		335,206
Salam International Investment Ltd. QSC		142,427		430,269
				765,475
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.56%
Ooredoo QSC		70,699		1,805,725
				1,805,725
ENERGY EQUIPMENT & SERVICES — 1.30%
Gulf International Services QSC		65,459		514,151
				514,151
FOOD & STAPLES RETAILING — 0.87%
Al Meera Consumer Goods Co. QSC		7,954		345,142
				345,142
FOOD PRODUCTS — 0.74%
Widam Food Co.		17,522		293,541
				293,541
HEALTH CARE PROVIDERS & SERVICES — 0.63%
Medicare Group		14,061		249,076
				249,076

Security	Shares		Value
INDUSTRIAL CONGLOMERATES — 10.69%
Industries Qatar QSC		134,563	$	3,880,346
Mannai Corp. QSC		16,766		358,692
				4,239,038
INSURANCE — 4.72%
Qatar Insurance Co. SAQ		79,138		1,869,128
				1,869,128
MARINE — 3.90%
Qatar Navigation QSC		64,170		1,545,565
				1,545,565
MULTI-UTILITIES — 4.63%
Qatar Electricity & Water Co. QSC		31,388		1,836,110
				1,836,110
OIL, GAS & CONSUMABLE FUELS — 4.53%
Qatar Gas Transport Co. Ltd.		283,105		1,796,036
				1,796,036
REAL ESTATE MANAGEMENT & DEVELOPMENT — 13.24%
Barwa Real Estate Co.		116,749		987,551
Ezdan Holding Group QSC		678,300		2,757,014
Mazaya Qatar Real Estate Development QSCa		77,841		264,872
National Leasing		49,512		190,368
United Development Co. QSC		207,655		1,048,768
				5,248,573
WIRELESS TELECOMMUNICATION SERVICES — 2.46%
Vodafone Qatar QSCa		403,375		974,871
				974,871
TOTAL COMMON STOCKS
(Cost: $44,908,624)				39,610,952
SHORT-TERM INVESTMENTS — 0.11%
MONEY MARKET FUNDS — 0.11%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		42,440		42,440
				42,440
TOTAL SHORT-TERM INVESTMENTS
(Cost: $42,440)				42,440

108

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI QATAR CAPPED ETF

November 30, 2016

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.04%
(Cost: $44,951,064)d	$	39,653,392
Other Assets, Less Liabilities — (0.04)%		(16,554	)
NET ASSETS — 100.00%	$	39,636,838

^a  Non-income earning security.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $49,116,004. Net unrealized depreciation was $9,462,612, of which $1,037,408 represented gross unrealized appreciation on securities and $10,500,020 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	39,610,952	$	—	$	—	$	39,610,952
Money market funds		42,440		—		—		42,440
Total	$	39,653,392	$	—	$	—	$	39,653,392

109

Schedule of Investments (Unaudited)

iSHARES^® MSCI SAUDI ARABIA CAPPED ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.57%
BANKS — 32.83%
Al Rajhi Bank		29,465	$	498,186
Alinma Bank		28,481		107,897
Arab National Bank		15,592		89,496
Bank Al-Jazira		1,882		6,703
Bank AlBilad		7,333		37,144
Banque Saudi Fransi		17,824		127,112
National Commercial Bank		28,986		326,879
Riyad Bank		50,029		149,916
Samba Financial Group		34,069		209,721
Saudi British Bank (The)		5,562		36,033
Saudi Investment Bank (The)		6,583		25,536
				1,614,623
BUILDING PRODUCTS — 0.41%
Saudi Ceramic Co.		2,382		20,315
				20,315
CHEMICALS — 23.86%
Advanced Petrochemical Co.		4,790		55,026
Sahara Petrochemical Co.		12,213		40,179
Saudi Arabian Fertilizer Co.		6,140		121,214
Saudi Basic Industries Corp.		29,356		738,879
Saudi Chemical Co.		2,480		24,814
Saudi Industrial Investment Group		3,708		17,003
Saudi International Petrochemical Co.a		9,645		39,676
Saudi Kayan Petrochemical Co.		19,463		42,963
Yanbu National Petrochemical Co.		7,101		93,861
				1,173,615
COMMERCIAL SERVICES & SUPPLIES — 0.36%
Saudi Airlines Catering Co.		658		17,965
				17,965
CONSTRUCTION MATERIALS — 4.96%
Arabian Cement Co./Saudi Arabia		2,823		37,269
City Cement Co.		6,763		25,945
Eastern Province Cement Co.		3,201		26,113
Najran Cement Co.		6,954		22,433
Northern Region Cement Co.		7,063		23,161
Qassim Cement Co. (The)		2,399		40,773
Saudi Cement Co.		1,646		28,207
Southern Province Cement Co.		1,389		27,977
Yamama Cement Co.		892		4,804
Yanbu Cement Co.		766		7,194
				243,876

Security	Shares		Value
DIVERSIFIED FINANCIAL SERVICES — 0.45%
Aseer Trading Tourism & Manufacturing Co.		5,553	$	21,910
				21,910
DIVERSIFIED TELECOMMUNICATION SERVICES — 6.30%
Saudi Telecom Co.		16,026		309,758
				309,758
ELECTRIC UTILITIES — 3.58%
Saudi Electricity Co.		34,455		175,997
				175,997
FOOD & STAPLES RETAILING — 0.68%
Abdullah Al Othaim Markets Co.		1,333		33,491
				33,491
FOOD PRODUCTS — 6.59%
Almarai Co.		9,939		174,829
Halwani Brothers Co.		304		4,779
National Agriculture Development Co. (The)		776		4,961
Saudia Dairy & Foodstuff Co.		977		34,186
Savola Group (The)		10,249		105,606
				324,361
GAS UTILITIES — 0.09%
National Gas & Industrialization Co.		587		4,571
				4,571
HEALTH CARE PROVIDERS & SERVICES — 3.00%
Al Hammadi Development and Investment Co.		3,409		33,999
Dallah Healthcare Holding Co.		1,502		35,939
Middle East Healthcare Co.		281		4,787
Mouwasat Medical Services Co.		1,297		46,891
National Medical Care Co.		1,480		25,876
				147,492
HOTELS, RESTAURANTS & LEISURE — 1.64%
Abdul Mohsen Al-Hokair Tourism and Development Co.		2,292		20,122
Al Tayyar Travel Group Holding Co.		1,697		15,848
Dur Hospitality Co.		3,650		19,734
Herfy Food Services Co.		1,207		25,067
				80,771
INDUSTRIAL CONGLOMERATES — 0.76%
National Industrialization Co.		8,290		37,240
				37,240

110

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SAUDI ARABIA CAPPED ETF

November 30, 2016

Security	Shares		Value
INSURANCE — 2.40%
Bupa Arabia for Cooperative Insurance Co.		947	$	35,654
Co for Cooperative Insurance (The)		2,272		61,516
Mediterranean & Gulf Insurance & Reinsurance Co. (The)a		3,653		20,695
				117,865
MEDIA — 0.49%
Saudi Research & Marketing Groupa		2,738		24,205
				24,205
METALS & MINING — 4.10%
Saudi Arabian Mining Co.a		16,842		180,411
Zamil Industrial Investment Co.		2,911		21,117
				201,528
OIL, GAS & CONSUMABLE FUELS — 0.74%
Rabigh Refining & Petrochemical Co.a		12,477		36,224
				36,224
PHARMACEUTICALS — 0.68%
Saudi Pharmaceutical Industries & Medical Appliances Corp.		3,493		33,562
				33,562
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.69%
Arriyadh Development Co.		4,750		25,150
Emaar Economic City		11,468		53,381
Red Sea Housing Services Co.		692		4,784
				83,315
ROAD & RAIL — 0.56%
Saudi Public Transport Co.		1,337		4,947
United International Transportation Co.		2,610		22,747
				27,694
SPECIALTY RETAIL — 0.74%
Jarir Marketing Co.		989		31,429
Saudi Co. For Hardware LLC		236		4,789
				36,218

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 2.66%
Etihad Etisalat Co.a		14,798	$	96,971
Mobile Telecommunications Co.a		15,342		33,703
				130,674
TOTAL COMMON STOCKS
(Cost: $4,867,999)				4,897,270
SHORT-TERM INVESTMENTS — 0.01%
MONEY MARKET FUNDS — 0.01%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		647		647
				647
TOTAL SHORT-TERM INVESTMENTS
(Cost: $647)				647
TOTAL INVESTMENTS IN SECURITIES — 99.58%
(Cost: $4,868,646)d				4,897,917
Other Assets, Less Liabilities — 0.42%				20,728
NET ASSETS — 100.00%			$	4,918,645

^a  Non-income earning security.

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

^c  Affiliated money market fund.

^d  The cost of investments for federal income tax purposes was $4,881,603. Net unrealized appreciation was $16,314, of which $358,907 represented gross unrealized appreciation on securities and $342,593 represented gross unrealized depreciation on securities.

111

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SAUDI ARABIA CAPPED ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	4,897,270	$	—	$	—	$	4,897,270
Money market funds		647		—		—		647
Total	$	4,897,917	$	—	$	—	$	4,897,917

112

Schedule of Investments (Unaudited)

iSHARES^® MSCI UAE CAPPED ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 98.89%
AIRLINES — 2.24%
Air Arabia PJSC		2,471,161	$	854,479
				854,479
BANKS — 24.48%
Abu Dhabi Commercial Bank PJSC		1,669,989		2,819,046
Ajman Bank PJSCa		1,112,375		414,924
Dubai Islamic Bank PJSC		1,046,680		1,493,283
First Gulf Bank PJSC		518,722		1,638,285
National Bank of Abu Dhabi PJSC		646,479		1,654,547
Union National Bank PJSC		1,094,797		1,341,352
				9,361,437
BUILDING PRODUCTS — 0.83%
National Central Cooling Co. PJSC		585,030		318,570
				318,570
CAPITAL MARKETS — 5.41%
Amanat Holdings PJSC		1,646,475		403,454
Dubai Financial Market PJSC		2,250,844		698,630
Dubai Investments PJSC		1,568,404		965,080
				2,067,164
CONSTRUCTION & ENGINEERING — 3.48%
Arabtec Holding PJSCa		2,420,043		856,571
Orascom Construction Ltd.a		88,231		475,565
				1,332,136
DIVERSIFIED FINANCIAL SERVICES — 3.96%
Al Waha Capital PJSC		1,143,731		554,295
Gulf General Investment Co.a		1,912,156		257,706
SHUAA Capital PSCa		1,717,113		701,273
				1,513,274
DIVERSIFIED TELECOMMUNICATION SERVICES — 20.47%
Emirates Telecommunications Group Co. PJSC		1,541,559		7,827,729
				7,827,729
ENERGY EQUIPMENT & SERVICES — 1.02%
Lamprell PLCa		359,672		390,956
				390,956
FOOD PRODUCTS — 0.95%
Agthia Group PJSC		217,893		364,851
				364,851

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 3.20%
NMC Health PLC		72,428	$	1,221,636
				1,221,636
HOTELS, RESTAURANTS & LEISURE — 3.38%
DXB Entertainments PJSCa		3,226,279		1,291,267
				1,291,267
OIL, GAS & CONSUMABLE FUELS — 1.59%
Dana Gas PJSCa		4,046,371		605,934
				605,934
REAL ESTATE MANAGEMENT & DEVELOPMENT — 22.91%
Aldar Properties PJSC		2,460,342		1,661,284
Deyaar Development PJSCa		1,496,179		224,049
Emaar Malls PJSC		1,521,309		1,076,930
Emaar Properties PJSC		2,542,526		4,721,137
Eshraq Properties Co. PJSCa		1,517,208		408,957
RAK Properties PJSC		2,105,738		384,128
Union Properties PJSCa		1,144,088		284,710
				8,761,195
THRIFTS & MORTGAGE FINANCE — 0.87%
Amlak Finance PJSCa		1,003,430		333,306
				333,306
TRANSPORTATION INFRASTRUCTURE — 4.10%
DP World Ltd.		100,874		1,566,573
				1,566,573
TOTAL COMMON STOCKS
(Cost: $38,967,163)				37,810,507
SHORT-TERM INVESTMENTS — 0.08%
MONEY MARKET FUNDS — 0.08%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%b,c		28,461		28,461
				28,461
TOTAL SHORT-TERM INVESTMENTS
(Cost: $28,461)				28,461

113

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI UAE CAPPED ETF

November 30, 2016

	Value
TOTAL INVESTMENTS IN SECURITIES — 98.97%
(Cost: $38,995,624)d	$	37,838,968
Other Assets, Less Liabilities — 1.03%		395,096
NET ASSETS — 100.00%	$	38,234,064

^a  Non-income earning security.

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

^c  Affiliated money market fund.

^d  The cost of investments for federal income tax purposes was $46,245,883. Net unrealized depreciation was $8,406,915, of which $1,952,739 represented gross unrealized appreciation on securities and $10,359,654 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	37,810,507	$	—	$	—	$	37,810,507
Money market funds		28,461		—		—		28,461
Total	$	37,838,968	$	—	$	—	$	37,838,968

114

Schedule of Investments (Unaudited)

iSHARES^® MSCI UNITED KINGDOM ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.19%
AEROSPACE & DEFENSE — 2.19%
BAE Systems PLC		2,824,887	$	21,194,135
Cobham PLC		1,517,728		3,115,538
Meggitt PLC		688,924		4,066,145
Rolls-Royce Holdings PLC		1,637,305		13,838,818
Rolls-Royce Holdings PLC Newa		74,227,854		92,740
				42,307,376
AIR FREIGHT & LOGISTICS — 0.24%
Royal Mail PLC		799,790		4,682,522
				4,682,522
AIRLINES — 0.09%
easyJet PLC		141,187		1,746,351
				1,746,351
AUTO COMPONENTS — 0.31%
GKN PLC		1,523,283		5,897,986
				5,897,986
BANKS — 13.14%
Barclays PLC		15,065,820		40,648,786
HSBC Holdings PLC		17,717,364		140,608,378
Lloyds Banking Group PLC		57,213,524		41,366,977
Royal Bank of Scotland Group PLCa		3,141,094		7,625,272
Standard Chartered PLCa		2,924,214		23,422,677
				253,672,090
BEVERAGES — 3.09%
Coca-Cola HBC AG		160,715		3,413,555
Diageo PLC		2,242,647		56,179,375
				59,592,930
BIOTECHNOLOGY — 2.42%
Shire PLC		801,783		46,681,453
				46,681,453
CAPITAL MARKETS — 1.77%
3i Group PLC		864,391		7,440,996
Aberdeen Asset Management PLC		819,850		2,745,180
Hargreaves Lansdown PLC		231,811		3,408,883
ICAP PLC		492,147		2,993,893
Investec PLC		584,659		3,798,460
London Stock Exchange Group PLC		280,807		9,641,093
Schroders PLC		120,517		4,163,370
				34,191,875

Security	Shares		Value
CHEMICALS — 0.59%
Croda International PLC		116,601	$	4,752,125
Johnson Matthey PLC		171,979		6,725,450
				11,477,575
COMMERCIAL SERVICES & SUPPLIES — 0.36%
Babcock International Group PLC		224,017		2,672,920
G4S PLC		1,378,879		4,205,286
				6,878,206
CONSUMER FINANCE — 0.25%
Provident Financial PLC		131,156		4,776,704
				4,776,704
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.92%
BT Group PLC		7,515,903		33,533,016
Inmarsat PLCb		400,837		3,558,226
				37,091,242
ELECTRIC UTILITIES — 0.86%
SSE PLC		897,175		16,533,728
				16,533,728
ENERGY EQUIPMENT & SERVICES — 0.12%
Petrofac Ltd.		230,530		2,288,353
				2,288,353
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.37%
British Land Co. PLC (The)		868,971		6,421,872
Hammerson PLC		703,669		4,787,049
Intu Properties PLCb		836,512		2,812,467
Land Securities Group PLC		702,653		8,515,580
Segro PLC		736,272		3,845,176
				26,382,144
FOOD & STAPLES RETAILING — 1.48%
J Sainsbury PLC		1,457,451		4,206,371
Tesco PLCa		7,277,212		18,975,318
Wm Morrison Supermarkets PLC		1,971,465		5,357,349
				28,539,038
FOOD PRODUCTS — 0.71%
Associated British Foods PLC		317,541		10,116,763
Tate & Lyle PLC		414,487		3,511,092
				13,627,855
HEALTH CARE EQUIPMENT & SUPPLIES — 0.58%
Smith & Nephew PLC		794,489		11,186,994
				11,186,994

115

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI UNITED KINGDOM ETF

November 30, 2016

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 0.15%
Mediclinic International PLC		327,588	$	2,903,902
				2,903,902
HOTELS, RESTAURANTS & LEISURE — 3.09%
Carnival PLC		169,619		8,570,127
Compass Group PLC		1,462,351		25,049,017
InterContinental Hotels Group PLC		166,749		6,835,512
Merlin Entertainments PLCc		630,696		3,434,068
TUI AG		443,229		5,836,740
Whitbread PLC		163,165		7,061,655
William Hill PLC		771,794		2,905,375
				59,692,494
HOUSEHOLD DURABLES — 1.04%
Barratt Developments PLC		890,705		5,221,479
Berkeley Group Holdings PLC		116,720		3,612,209
Persimmon PLC		274,589		5,832,217
Taylor Wimpey PLC		2,901,328		5,375,756
				20,041,661
HOUSEHOLD PRODUCTS — 2.46%
Reckitt Benckiser Group PLC		563,195		47,588,255
				47,588,255
INDUSTRIAL CONGLOMERATES — 0.63%
DCC PLC		78,875		6,040,897
Smiths Group PLC		351,108		6,189,697
				12,230,594
INSURANCE — 6.20%
Admiral Group PLC		187,928		4,463,497
Aviva PLC		3,614,177		20,184,525
Direct Line Insurance Group PLC		1,221,935		5,300,654
Legal & General Group PLC		5,300,596		15,616,011
Old Mutual PLC		4,390,692		10,417,405
Prudential PLC		2,297,084		44,441,600
RSA Insurance Group PLC		905,459		6,114,572
St. James’s Place PLC		467,959		5,495,880
Standard Life PLC		1,755,409		7,579,729
				119,613,873
INTERNET SOFTWARE & SERVICES — 0.23%
Auto Trader Group PLCc		889,589		4,442,477
				4,442,477
IT SERVICES — 0.28%
Worldpay Group PLCc		1,599,618		5,380,132
				5,380,132

Security	Shares		Value
MACHINERY — 0.38%
IMI PLC		241,666	$	2,928,794
Weir Group PLC (The)		192,853		4,356,387
				7,285,181
MEDIA — 2.46%
ITV PLC		3,224,766		6,768,760
Pearson PLC		732,228		7,277,599
Sky PLC		919,629		8,973,571
WPP PLC		1,143,311		24,412,263
				47,432,193
METALS & MINING — 7.28%
Anglo American PLCa		1,248,408		18,483,172
Antofagasta PLCb		350,420		3,016,544
BHP Billiton PLC		1,881,163		30,871,527
Fresnillo PLC		196,442		2,945,216
Glencore PLCa		10,897,843		38,028,840
Randgold Resources Ltd.		83,385		5,938,331
Rio Tinto PLC		1,101,864		41,162,409
				140,446,039
MULTI-UTILITIES — 2.64%
Centrica PLC		4,869,596		12,794,809
National Grid PLC		3,353,081		38,257,056
				51,051,865
MULTILINE RETAIL — 0.70%
Marks & Spencer Group PLC		1,442,649		5,924,640
Next PLC		124,746		7,643,261
				13,567,901
OIL, GAS & CONSUMABLE FUELS — 14.51%
BP PLC		16,730,219		96,037,641
Royal Dutch Shell PLC Class A		3,780,727		95,700,975
Royal Dutch Shell PLC Class B		3,336,000		88,299,066
				280,037,682
PAPER & FOREST PRODUCTS — 0.34%
Mondi PLC		326,357		6,658,566
				6,658,566
PERSONAL PRODUCTS — 2.36%
Unilever PLC		1,143,141		45,646,573
				45,646,573
PHARMACEUTICALS — 7.37%
AstraZeneca PLC		1,126,358		58,394,752
GlaxoSmithKline PLC		4,341,841		81,126,350

116

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI UNITED KINGDOM ETF

November 30, 2016

Security	Shares		Value
Hikma Pharmaceuticals PLC		127,638	$	2,712,601
				142,233,703
PROFESSIONAL SERVICES — 2.21%
Capita PLC		592,315		3,881,502
Experian PLC		854,673		16,124,213
Intertek Group PLC		143,393		5,892,417
RELX PLC		970,656		16,675,146
				42,573,278
SOFTWARE — 0.41%
Sage Group PLC (The)		961,482		7,898,389
				7,898,389
SPECIALTY RETAIL — 0.64%
Dixons Carphone PLC		869,760		3,605,599
Kingfisher PLC		2,004,068		8,841,211
				12,446,810
TEXTILES, APPAREL & LUXURY GOODS — 0.37%
Burberry Group PLC		395,501		7,061,247
				7,061,247
TOBACCO — 6.62%
British American Tobacco PLC		1,660,504		91,149,052
Imperial Brands PLC		853,897		36,625,275
				127,774,327
TRADING COMPANIES & DISTRIBUTORS — 1.72%
Ashtead Group PLC		447,283		8,756,952
Bunzl PLC		298,849		7,691,670
Travis Perkins PLC		222,132		3,724,477
Wolseley PLC		224,704		13,040,616
				33,213,715
WATER UTILITIES — 0.64%
Severn Trent PLC		209,215		5,716,671
United Utilities Group PLC		605,972		6,685,207
				12,401,878
WIRELESS TELECOMMUNICATION SERVICES — 2.97%
Vodafone Group PLC		23,699,095		57,413,123
				57,413,123
TOTAL COMMON STOCKS (Cost: $2,599,252,795)				1,914,590,280

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.64%
MONEY MARKET FUNDS — 0.64%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%d,e,f		12,290,625	$	12,294,312
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%d,e		161,135		161,135
				12,455,447
TOTAL SHORT-TERM INVESTMENTS (Cost: $12,453,708)				12,455,447
TOTAL INVESTMENTS IN SECURITIES — 99.83% (Cost: $2,611,706,503)g				1,927,045,727
Other Assets, Less Liabilities — 0.17%				3,187,060
NET ASSETS — 100.00%			$	1,930,232,787

^a  Non-income earning security.

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

^c  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $2,683,194,950. Net unrealized depreciation was $756,149,223, of which $7,937,633 represented gross unrealized appreciation on securities and $764,086,856 represented gross unrealized depreciation on securities.

117

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI UNITED KINGDOM ETF

November 30, 2016

Schedule 1 — Futures Contracts

Futures contracts outstanding as of November 30, 2016 were as follows:

Issue	Number of long (short) contracts		Expiration date		Exchange		Initial notional value		Current notional value		Unrealized appreciation (depreciation)
FTSE 100 Index		163		Dec. 2016		Intercontinental	$	13,736,467	$	13,810,677	$	74,210

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	1,914,497,540	$	92,740	$	—	$	1,914,590,280
Money market funds		12,455,447		—		—		12,455,447
Total	$	1,926,952,987	$	92,740	$	—	$	1,927,045,727
Derivative financial instrumentsa:
Assets:
Futures contracts	$	74,210	$	—	$	—	$	74,210
Total	$	74,210	$	—	$	—	$	74,210

^a  Shown at the unrealized appreciation (depreciation) on the contracts.

118

Schedule of Investments (Unaudited)

iSHARES^® MSCI UNITED KINGDOM SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
COMMON STOCKS — 99.69%
AEROSPACE & DEFENSE — 1.49%
Chemring Group PLCa		18,291	$	37,936
QinetiQ Group PLC		37,485		113,806
Senior PLC		27,325		63,125
Ultra Electronics Holdings PLC		4,576		115,717
				330,584
AIRLINES — 0.17%
Dart Group PLC		6,357		37,885
				37,885
BANKS — 2.55%
Aldermore Group PLCa		13,427		35,799
BGEO Group PLC		2,574		95,160
CYBG PLCa		57,407		202,263
Metro Bank PLCa		3,525		143,795
Shawbrook Group PLCa,b		8,862		27,736
Virgin Money Holdings UK PLC		15,924		61,178
				565,931
BEVERAGES — 0.97%
Britvic PLC		16,234		115,916
Fevertree Drinks PLC		5,630		75,265
Stock Spirits Group PLC		11,799		24,582
				215,763
BIOTECHNOLOGY — 0.97%
Abcam PLC		11,876		122,932
Genus PLC		3,976		91,652
				214,584
BUILDING PRODUCTS — 0.21%
Polypipe Group PLC		12,272		47,102
				47,102
CAPITAL MARKETS — 6.97%
Allied Minds PLCa		11,879		55,715
Ashmore Group PLC		25,350		86,814
Brewin Dolphin Holdings PLC		18,307		65,736
Close Brothers Group PLC		9,767		166,325
CMC Markets PLCb		7,622		17,760
Henderson Group PLC		73,733		213,539
IG Group Holdings PLC		23,864		250,601
Intermediate Capital Group PLC		17,936		151,935
Jupiter Fund Management PLC		28,327		152,008
Man Group PLC		110,899		157,124

Security	Shares		Value
P2P Global Investments PLC/Fund		5,581	$	51,704
SVG Capital PLCa		10,379		91,551
Tullett Prebon PLC		15,852		88,075
				1,548,887
CHEMICALS — 2.14%
Elementis PLC		30,198		95,116
Essentra PLC		17,113		84,776
Scapa Group PLC		9,454		36,853
Sirius Minerals PLCa,c		257,253		57,854
Synthomer PLC		17,694		81,994
Victrex PLC		5,567		119,285
				475,878
COMMERCIAL SERVICES & SUPPLIES — 5.49%
Aggreko PLC		16,654		170,101
Berendsen PLC		11,230		124,242
Cape PLC		8,033		14,327
De La Rue PLC		6,587		47,321
Homeserve PLC		17,143		129,796
Mitie Group PLC		22,997		59,074
Regus PLC		42,455		123,591
Rentokil Initial PLC		119,067		318,947
Restore PLCc		7,037		33,542
RPS Group PLC		14,389		33,708
Serco Group PLCa		71,549		118,893
Shanks Group PLC		39,338		44,603
				1,218,145
COMMUNICATIONS EQUIPMENT — 0.08%
Telit Communications PLCc		5,488		18,376
				18,376
CONSTRUCTION & ENGINEERING — 2.78%
Balfour Beatty PLC		44,931		150,278
Carillion PLC		27,992		86,314
Costain Group PLC		5,603		24,729
Galliford Try PLC		5,398		85,247
Interserve PLC		9,558		35,736
John Laing Group PLCb		23,827		81,538
Keller Group PLC		4,662		45,258
Kier Group PLC		6,273		109,255
				618,355
CONSTRUCTION MATERIALS — 0.41%
Forterra PLCb		5,213		11,886

119

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI UNITED KINGDOM SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Ibstock PLCb		13,326	$	30,802
Marshalls PLC		12,964		47,620
				90,308
CONSUMER FINANCE — 0.40%
Arrow Global Group PLC		10,345		37,773
International Personal Finance PLC		14,399		50,121
				87,894
CONTAINERS & PACKAGING — 2.67%
DS Smith PLC		61,641		302,666
RPC Group PLC		21,592		290,543
				593,209
DISTRIBUTORS — 1.02%
Inchcape PLC		25,029		190,285
John Menzies PLC		5,424		35,578
				225,863
DIVERSIFIED CONSUMER SERVICES — 1.01%
AA PLC		39,658		131,651
Dignity PLC		3,069		93,598
				225,249
DIVERSIFIED FINANCIAL SERVICES — 0.18%
Plus500 Ltd.		5,229		39,101
				39,101
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.50%
Kcom Group PLC		33,588		43,224
TalkTalk Telecom Group PLCc		34,228		68,295
				111,519
ELECTRICAL EQUIPMENT — 1.33%
Dialight PLCa		1,588		13,491
Melrose Industries PLC		122,873		281,321
				294,812
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.53%
Electrocomponents PLC		28,709		160,550
Halma PLC		24,651		290,434
Laird PLC		17,953		34,857
Oxford Instruments PLC		3,562		27,726
Renishaw PLC		2,365		73,280
Spectris PLC		7,760		198,076
				784,923

Security	Shares		Value
ENERGY EQUIPMENT & SERVICES — 1.99%
Amec Foster Wheeler PLC		25,392	$	138,320
Hunting PLC		9,057		61,105
John Wood Group PLC		23,556		242,216
				441,641
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.14%
Assura PLC		107,281		76,736
Big Yellow Group PLC		9,751		80,955
Derwent London PLC		6,896		207,642
Empiric Student Property PLC		32,402		44,936
Great Portland Estates PLC		22,411		170,102
Hansteen Holdings PLC		48,434		64,265
LondonMetric Property PLC		38,853		69,416
NewRiver REIT PLC		15,230		63,697
Primary Health Properties PLC		39,326		54,539
Redefine International PLC/Isle of Man		81,864		37,476
Safestore Holdings PLC		13,708		58,574
Schroder REIT Ltd.		33,294		24,023
Shaftesbury PLC		17,239		197,723
Standard Life Investment Property Income Trust Ltd.		25,293		27,335
Tritax Big Box REIT PLC		71,990		118,367
Workspace Group PLC		7,964		68,308
				1,364,094
FOOD & STAPLES RETAILING — 1.59%
Booker Group PLC		109,716		236,325
Conviviality PLC		10,628		27,387
Greggs PLC		6,573		74,075
Majestic Wine PLCc		4,174		15,645
				353,432
FOOD PRODUCTS — 0.85%
Dairy Crest Group PLC		9,164		65,319
Greencore Group PLC		26,865		97,675
Premier Foods PLCa		46,352		25,481
				188,475
HEALTH CARE EQUIPMENT & SUPPLIES — 0.16%
Advanced Medical Solutions Group PLC		12,903		36,111
				36,111

120

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI UNITED KINGDOM SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 1.18%
CVS Group PLC		3,705	$	49,299
Spire Healthcare Group PLCb		18,280		80,896
UDG Healthcare PLC		16,044		131,798
				261,993
HEALTH CARE TECHNOLOGY — 0.19%
EMIS Group PLC		3,672		42,667
				42,667
HOTELS, RESTAURANTS & LEISURE — 4.99%
888 Holdings PLC		10,355		27,072
Domino’s Pizza Group PLC		32,278		141,148
Enterprise Inns PLCa		32,343		43,642
Greene King PLC		20,133		172,558
GVC Holdings PLC		18,066		147,167
J D Wetherspoon PLC		5,179		53,059
Ladbrokes Coral Group PLC		62,291		96,583
Marston’s PLC		37,448		62,929
Mitchells & Butlers PLC		13,556		38,481
Rank Group PLC		11,432		27,738
Restaurant Group PLC (The)		13,087		53,075
SSP Group PLC		30,951		143,041
Thomas Cook Group PLCa		95,007		100,540
				1,107,033
HOUSEHOLD DURABLES — 2.54%
Bellway PLC		7,991		243,808
Bovis Homes Group PLC		8,759		88,971
Cairn Homes PLCa		35,855		48,780
Crest Nicholson Holdings PLC		16,531		90,360
Redrow PLC		14,414		73,584
Telford Homes PLC		4,528		17,453
				562,956
HOUSEHOLD PRODUCTS — 0.32%
PZ Cussons PLC		18,148		70,018
				70,018
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.42%
Drax Group PLC		26,493		93,873
				93,873
INSURANCE — 4.67%
Beazley PLC		34,073		162,195
Chesnara PLC		8,203		35,615
Chesnara PLC Newa		311		185

Security	Shares		Value
esure Group PLC		18,808	$	46,551
Hastings Group Holdings PLCb		8,415		22,583
Hiscox Ltd.		18,590		243,180
JRP Group PLC		30,157		50,187
Lancashire Holdings Ltd.		12,350		99,524
Phoenix Group Holdings		23,035		204,050
Saga PLC		72,804		173,463
				1,037,533
INTERNET & DIRECT MARKETING RETAIL — 2.19%
AO World PLCa,c		13,607		29,071
ASOS PLCa		3,533		222,781
boohoo.com PLCa		43,781		68,375
Hostelworld Group PLCb		6,345		19,264
N Brown Group PLC		9,968		24,846
Ocado Group PLCa,c		32,740		110,444
On the Beach Group PLCa,b		3,903		12,435
				487,216
INTERNET SOFTWARE & SERVICES — 3.24%
Gocompare.Com Group PLCa		19,212		14,402
iomart Group PLC		5,387		19,098
Just Eat PLCa		30,840		225,602
Moneysupermarket.com Group PLC		35,648		118,027
Rightmove PLC		6,126		280,819
Zoopla Property Group PLCb		14,916		62,412
				720,360
IT SERVICES — 1.09%
Equiniti Group PLCb		18,532		44,513
Kainos Group PLC		3,354		9,376
Paysafe Group PLCa		29,848		144,731
Redcentric PLC		9,386		10,554
SafeCharge International Group Ltd.		3,588		9,952
Softcat PLC		5,814		21,879
				241,005
LIFE SCIENCES TOOLS & SERVICES — 0.25%
Clinigen Healthcare Ltd.a		5,974		56,353
				56,353
MACHINERY — 3.08%
Bodycote PLC		12,470		89,273
Fenner PLC		12,623		38,521
Morgan Advanced Materials PLC		18,605		65,598

121

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI UNITED KINGDOM SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Rotork PLC		56,651	$	165,979
Spirax-Sarco Engineering PLC		4,785		255,337
Vesuvius PLC		14,137		69,485
				684,193
MEDIA — 4.50%
Cineworld Group PLC		12,104		82,343
Daily Mail & General Trust PLC Class A NVS		17,565		167,446
Entertainment One Ltd.		22,535		61,801
Informa PLC		52,809		428,537
ITE Group PLC		17,295		31,764
UBM PLC		25,633		228,505
				1,000,396
METALS & MINING — 2.40%
Acacia Mining PLC		10,687		52,995
Centamin PLC		71,346		115,793
Evraz PLCa		23,019		68,966
Ferrexpo PLCa		11,482		18,900
Hochschild Mining PLC		16,427		44,804
KAZ Minerals PLCa		16,013		72,544
Lonmin PLCa		18,259		34,105
Petra Diamonds Ltd.		34,174		70,365
Vedanta Resources PLC		5,256		55,359
				533,831
MULTI-UTILITIES — 0.29%
Telecom Plus PLC		4,168		65,146
				65,146
MULTILINE RETAIL — 0.88%
B&M European Value Retail SA		45,588		141,825
Debenhams PLC		75,986		52,595
				194,420
OIL, GAS & CONSUMABLE FUELS — 2.73%
Amerisur Resources PLCa		59,895		21,702
Cairn Energy PLCa		37,469		98,028
EnQuest PLC ADRa,c		67,321		25,023
Faroe Petroleum PLCa,c		20,317		19,038
Hurricane Energy PLCa		38,896		19,196
Nostrum Oil & Gas PLCa		5,536		29,603
Ophir Energy PLCa		45,583		45,276
Pantheon Resources PLCa		14,412		11,344
Premier Oil PLCa		33,981		25,261
SOCO International PLC		13,244		22,876

Security	Shares		Value
Sound Energy PLCa		31,686	$	29,296
Stobart Group Ltd.		18,932		37,728
Tullow Oil PLCa		59,376		220,921
				605,292
PHARMACEUTICALS — 2.10%
BTG PLCa		24,979		182,415
GW Pharmaceuticals PLCa,c		2,680		24,293
Indivior PLC		46,925		189,134
Vectura Group PLCa		39,658		70,855
				466,697
PROFESSIONAL SERVICES — 1.55%
Hays PLC		88,684		153,904
Pagegroup PLC		20,180		93,439
WS Atkins PLC		5,542		97,146
				344,489
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.41%
Capital & Counties Properties PLC		49,582		176,055
Countrywide PLC		9,676		20,709
Foxtons Group PLC		16,654		21,900
Grainger PLC		27,139		76,393
Helical PLC		6,424		23,276
Savills PLC		8,655		72,451
ST Modwen Properties PLC		12,273		42,935
UNITE Group PLC (The)		14,457		100,970
				534,689
ROAD & RAIL — 2.02%
FirstGroup PLCa		78,403		99,720
Go-Ahead Group PLC		2,799		72,704
National Express Group PLC		28,334		125,955
Northgate PLC		8,589		44,990
Redde PLC		19,053		38,326
Stagecoach Group PLC		26,146		66,640
				448,335
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.22%
Imagination Technologies Group PLCa,c		17,410		48,833
				48,833
SOFTWARE — 3.13%
AVEVA Group PLC		4,164		88,287
Micro Focus International PLC		14,924		393,618

122

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI UNITED KINGDOM SMALL-CAP ETF

November 30, 2016

Security	Shares		Value
Playtech PLC		14,698	$	157,744
Sophos Group PLCb		17,527		55,731
				695,380
SPECIALTY RETAIL — 2.86%
Card Factory PLC		19,937		63,369
Dunelm Group PLC		6,558		60,550
GAME Digital PLC		3,128		1,935
Halfords Group PLC		12,948		55,391
JD Sports Fashion PLC		22,195		92,342
Lookers PLC		21,023		27,645
Pets at Home Group PLC		24,397		64,743
Sports Direct International PLCa,c		17,481		69,017
SuperGroup PLC		3,171		60,854
WH Smith PLC		7,353		138,538
				634,384
TEXTILES, APPAREL & LUXURY GOODS — 0.32%
Jimmy Choo PLCa,c		7,577		12,638
Ted Baker PLC		1,852		59,351
				71,989
THRIFTS & MORTGAGE FINANCE — 0.50%
OneSavings Bank PLC		7,060		27,794
Paragon Group of Companies PLC (The)		18,297		83,532
				111,326
TRADING COMPANIES & DISTRIBUTORS — 1.85%
Diploma PLC		7,374		86,557
Grafton Group PLC		14,619		96,804
Howden Joinery Group PLC		40,939		184,137
SIG PLC		38,472		42,876
				410,374
TRANSPORTATION INFRASTRUCTURE — 0.99%
BBA Aviation PLC		67,157		220,085
				220,085
WATER UTILITIES — 1.18%
Pennon Group PLC		25,535		260,970
				260,970
TOTAL COMMON STOCKS (Cost: $25,600,177)				22,139,957

Security	Shares		Value
SHORT-TERM INVESTMENTS — 2.22%
MONEY MARKET FUNDS — 2.22%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.72%d,e,f		486,699	$	486,845
BlackRock Cash Funds: Treasury, SL Agency Shares
0.30%d,e		6,633		6,633
				493,478
TOTAL SHORT-TERM INVESTMENTS (Cost: $493,332)				493,478
TOTAL INVESTMENTS IN SECURITIES — 101.91% (Cost: $26,093,509)g				22,633,435
Other Assets, Less Liabilities — (1.91)%				(424,708	)
NET ASSETS — 100.00%			$	22,208,727

ADR — American Depositary Receipts

NVS — Non-Voting Shares

^a  Non-income earning security.

^b  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

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

^d  Affiliated money market fund.

^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.

^g  The cost of investments for federal income tax purposes was $26,420,348. Net unrealized depreciation was $3,786,913, of which $713,020 represented gross unrealized appreciation on securities and $4,499,933 represented gross unrealized depreciation on securities.

123

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI UNITED KINGDOM SMALL-CAP ETF

November 30, 2016

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2016. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	22,139,772	$	185	$	—	$	22,139,957
Money market funds		493,478		—		—		493,478
Total	$	22,633,250	$	185	$	—	$	22,633,435

124

Item 2. Controls and Procedures.

(a) The President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the certifications filed with this Form N-Q.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of the President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed with this Form N-Q as exhibits.

SIGNATURES

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.

iShares Trust
By:	/s/ Martin Small
	Martin Small, President (Principal Executive Officer)
Date:	January 27, 2017

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.

By:	/s/ Martin Small
	Martin Small, President (Principal Executive Officer)
Date:	January 27, 2017
By:	/s/ Jack Gee
	Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:	January 27, 2017