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1 Level 37, Chifley Tower 2 Chifley Square, Sydney NSW 2000 PO Box N43, Grosvenor Place, NSW or April 2016 Market Announcements Office ASX Limited SEMI ANNUAL REPORT TO SHAREHOLDERS: AS OF 31 JANUARY IVE BlackRock Investment Management (Australia) Limited (BIMAL), on behalf of ishares Trust, makes this announcement regarding certain ishares exchange traded funds quoted on the ASX. Attached is a copy of a 2016 Semi-annual report (unaudited) (Semi-Annual Report) relating to certain funds of ishares Trust, which has been lodged with the US Securities and Exchange Commission. All information included in the attached document relating to funds of ishares Trust not detailed in the below table should be disregarded. ASX Code Issuer Fund IVE ishares Trust ishares MSCI EAFE ETF The Semi-Annual Report has not been prepared specifically for Australian investors. It contains references to dollar amounts which are not Australian dollars. It contains financial information which is not prepared in accordance with Australian law or practices. Important notice Before investing in an ishares ETF, you should carefully consider whether such products are appropriate for you, read the applicable prospectus or product disclosure statement (PDS) available at and consult an investment adviser. An ishares ETF is not sponsored, endorsed, issued, sold or promoted by the provider of the index which a particular fund seeks to track. No index provider makes any representation regarding the advisability of investing in the ishares ETFs. Further information on the index providers can be found on BIMAL s website terms and conditions at For more information about ishares ETFs go to or call BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, ishares and the stylized i logo are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. ** END ** ishares Trust ARBN organised in Delaware USA. The liability of shareholders is limited. c/- BlackRock Investment Management (Australia) Limited ABN

2 JANUARY 31, SEMI-ANNUAL REPORT (UNAUDITED) ishares Trust ishares Adaptive Currency Hedged MSCI EAFE ETF DEFA BATS ishares Currency Hedged MSCI ACWI ETF HACW NYSE Arca ishares Currency Hedged MSCI ACWI ex U.S. ETF HAWX NYSE Arca ishares Currency Hedged MSCI EAFE ETF HEFA NYSE Arca ishares Currency Hedged MSCI EAFE Small-Cap ETF HSCZ NYSE Arca ishares MSCI ACWI ETF ACWI NASDAQ ishares MSCI ACWI ex U.S. ETF ACWX NASDAQ ishares MSCI EAFE ETF EFA NYSE Arca ishares MSCI EAFE Small-Cap ETF SCZ NASDAQ

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4 Table of Contents Fund Performance Overviews... 5 About Fund Performance Shareholder Expenses Schedules of Investments ishares Adaptive Currency Hedged MSCI EAFE ETF ishares Currency Hedged MSCI ACWI ETF ishares Currency Hedged MSCI ACWI ex U.S. ETF ishares Currency Hedged MSCI EAFE ETF ishares Currency Hedged MSCI EAFE Small-Cap ETF ishares MSCI ACWI ETF ishares MSCI ACWI ex U.S. ETF ishares MSCI EAFE ETF ishares MSCI EAFE Small-Cap ETF Financial Statements Financial Highlights Notes to Financial Statements Board Review and Approval of Investment Advisory Contract Supplemental Information

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6 Fund Performance Overview ishares ADAPTIVE CURRENCY HEDGED MSCI EAFE ETF Performance as of The ishares Adaptive Currency Hedged MSCI EAFE ETF (the Fund ) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while dynamically hedging currency risk for a U.S. dollar based investor, as represented by the MSCI EAFE Adaptive Hedge to USD Index (the Index ). The Index applies a methodology, based on a hedge ratio as calculated by MSCI Inc., that sells the total value or a portion of the total value of each non-u.s. dollar currency in which the constituent securities are denominated in the form of a one-month currency contract to create a hedge against fluctuations in the relative value of the currencies in relation to the U.S. dollar. The hedge ratio is based on four commonly used indicators for measuring currency risk. The overall effect, since the four indicators are equally weighted, is that each foreign currency represented by constituent weights in the Index can be unhedged, 25% hedged, 50% hedged, 75% hedged or fully hedged relative to the U.S. dollar. In order to replicate the hedging component of the Index, the Fund enters into foreign currency forward contracts designed to offset the Fund s exposure to the component currencies. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the ishares MSCI EAFE ETF. For the period from January 5, 2016 (inception date of the Fund) through, the total return for the Fund was -3.38%, net of fees, while the total return for the Index was -3.91%. Cumulative Total Returns NAV MARKET INDEX Since Inception (3.38)% (4.73)% (3.91)% The inception date of the Fund was 1/5/16. The first day of secondary market trading was 1/7/16. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See About Fund Performance on page 19 for more information. Shareholder Expenses Actual Hypothetical 5% Return Beginning Account Value (1/5/16) a Ending Account Value (1/31/16) Expenses Paid During Period b,c Beginning Account Value (8/1/15) Ending Account Value (1/31/16) Expenses Paid During Period b,c Annualized Expense Ratio b $ 1, $ $ 0.03 $ 1, $ 1, $ % a The beginning of the period (commencement of operations) is January 5, b Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. c Expenses are calculated using the Fund s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (26 days for actual and 184 days for hypothetical expenses) and divided by the number of days in the year (366 days). See Shareholder Expenses on page 19 for more information. F UND P ERFORMANCE O VERVIEWS 5

7 Fund Performance Overview (Continued) ishares ADAPTIVE CURRENCY HEDGED MSCI EAFE ETF Sector ALLOCATION BY SECTOR 1 As of 1/31/16 Percentage of Total Investments 2 Financials 24.39% Consumer Discretionary Industrials Consumer Staples Health Care Materials 6.11 Information Technology 5.17 Telecommunication Services 5.11 Energy 4.74 Utilities 3.92 TOTAL % Country TEN LARGEST COUNTRIES 1 As of 1/31/16 Percentage of Total Investments 2 Japan 23.17% United Kingdom France 9.92 Switzerland 9.40 Germany 8.93 Australia 6.75 Spain 3.16 Netherlands 3.14 Hong Kong 3.03 Sweden 2.84 TOTAL 89.95% 1 Table shown is for the ishares MSCI EAFE ETF, the underlying fund in which the Fund invests. 2 Excludes money market funds ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

8 Fund Performance Overview ishares CURRENCY HEDGED MSCI ACWI ETF Performance as of The ishares Currency Hedged MSCI ACWI ETF (the Fund ) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI 100% Hedged to USD Index (the Index ). The Index sells forward the non-u.s. dollar currencies in which the constituent securities are denominated in an amount equal to those securities at a one-month forward rate to effectively create a hedge against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. In order to replicate the hedging component of the Index, the Fund enters into foreign currency forward contracts designed to offset the Fund s exposure to the component currencies. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the ishares MSCI ACWI ETF. For the six-month reporting period ended, the total return for the Fund was -9.21%, net of fees, while the total return for the Index was -9.76%. Cumulative Total Returns NAV MARKET INDEX Since Inception (7.27)% 0.04% (8.14)% The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See About Fund Performance on page 19 for more information. Beginning Account Value (8/1/15) Actual Ending Account Value (1/31/16) Shareholder Expenses Beginning Account Value (8/1/15) Hypothetical 5% Return Ending Account Value (1/31/16) Expenses Paid During Period a,b Expenses Paid During Period a,b Annualized Expense Ratio a $ 1, $ $ 0.14 $ 1, $ 1, $ % a Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. b Expenses are calculated using the Fund s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). See Shareholder Expenses on page 19 for more information. F UND P ERFORMANCE O VERVIEWS 7

9 Fund Performance Overview (Continued) ishares CURRENCY HEDGED MSCI ACWI ETF Sector ALLOCATION BY SECTOR 1 As of 1/31/16 Percentage of Total Investments 2 Financials 20.05% Information Technology Consumer Discretionary Health Care Consumer Staples Industrials Energy 6.40 Materials 4.14 Telecommunication Services 4.09 Utilities 3.40 TOTAL % Country TEN LARGEST COUNTRIES 1 As of 1/31/16 Percentage of Total Investments 2 United States 52.85% Japan 7.85 United Kingdom 6.70 France 3.37 Switzerland 3.26 Germany 3.10 Canada 2.87 China 2.40 Australia 2.30 South Korea 1.57 TOTAL 86.27% 1 Table shown is for the ishares MSCI ACWI ETF, the underlying fund in which the Fund invests. 2 Excludes money market funds ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

10 Fund Performance Overview ishares CURRENCY HEDGED MSCI ACWI ex U.S. ETF Performance as of The ishares Currency Hedged MSCI ACWI ex U.S. ETF (the Fund ) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging equities, excluding the U.S., while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI ex USA 100% Hedged to USD Index (the Index ). The Index sells forward the non-u.s. dollar currencies in which the constituent securities are denominated in an amount equal to those securities at a one-month forward rate to effectively create a hedge against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. In order to replicate the hedging component of the Index, the Fund enters into foreign currency forward contracts designed to offset the Fund s exposure to the component currencies. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the ishares MSCI ACWI ex U.S. ETF. For the six-month reporting period ended, the total return for the Fund was %, net of fees, while the total return for the Index was %. Cumulative Total Returns NAV MARKET INDEX Since Inception (9.58)% (2.63)% (10.72)% The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See About Fund Performance on page 19 for more information. Beginning Account Value (8/1/15) Actual Ending Account Value (1/31/16) Shareholder Expenses Beginning Account Value (8/1/15) Hypothetical 5% Return Ending Account Value (1/31/16) Expenses Paid During Period a,b Expenses Paid During Period a,b Annualized Expense Ratio a $ 1, $ $ 0.14 $ 1, $ 1, $ % a Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. b Expenses are calculated using the Fund s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). See Shareholder Expenses on page 19 for more information. F UND P ERFORMANCE O VERVIEWS 9

11 Fund Performance Overview (Continued) ishares CURRENCY HEDGED MSCI ACWI ex U.S. ETF Sector ALLOCATION BY SECTOR 1 As of 1/31/16 Percentage of Total Investments 2 Financials 25.76% Consumer Discretionary Consumer Staples Industrials Health Care 9.72 Information Technology 8.17 Energy 6.33 Materials 6.21 Telecommunication Services 5.49 Utilities 3.63 TOTAL % Country TEN LARGEST COUNTRIES 1 As of 1/31/16 Percentage of Total Investments 2 Japan 17.04% United Kingdom France 7.24 Switzerland 6.87 Germany 6.58 Canada 6.18 China 5.11 Australia 4.91 South Korea 3.25 Taiwan 2.62 TOTAL 74.22% 1 Table shown is for the ishares MSCI ACWI ex U.S. ETF, the underlying fund in which the Fund invests. 2 Excludes money market funds ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

12 Fund Performance Overview ishares CURRENCY HEDGED MSCI EAFE ETF Performance as of The ishares Currency Hedged MSCI EAFE ETF (the Fund ) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE 100% Hedged to USD Index (the Index ). The Index sells forward the non-u.s. dollar currencies in which the constituent securities are denominated in an amount equal to those securities at a one-month forward rate to effectively create a hedge against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. In order to replicate the hedging component of the Index, the Fund enters into foreign currency forward contracts designed to offset the Fund s exposure to the component currencies. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the ishares MSCI EAFE ETF. For the six-month reporting period ended, the total return for the Fund was %, net of fees, while the total return for the Index was %. Average Annual Total Returns Cumulative Total Returns NAV MARKET INDEX NAV MARKET INDEX 1 Year (2.48)% (2.71)% (3.67)% (2.48)% (2.71)% (3.67)% Since Inception 4.61% 4.60% 4.07% 9.44% 9.43% 8.30% The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See About Fund Performance on page 19 for more information. Beginning Account Value (8/1/15) Actual Ending Account Value (1/31/16) Shareholder Expenses Beginning Account Value (8/1/15) Hypothetical 5% Return Ending Account Value (1/31/16) Expenses Paid During Period a,b Expenses Paid During Period a,b Annualized Expense Ratio a $ 1, $ $ 0.14 $ 1, $ 1, $ % a Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. b Expenses are calculated using the Fund s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). See Shareholder Expenses on page 19 for more information. F UND P ERFORMANCE O VERVIEWS 11

13 Fund Performance Overview (Continued) ishares CURRENCY HEDGED MSCI EAFE ETF Sector ALLOCATION BY SECTOR 1 As of 1/31/16 Percentage of Total Investments 2 Financials 24.39% Consumer Discretionary Industrials Consumer Staples Health Care Materials 6.11 Information Technology 5.17 Telecommunication Services 5.11 Energy 4.74 Utilities 3.92 TOTAL % Country TEN LARGEST COUNTRIES 1 As of 1/31/16 Percentage of Total Investments 2 Japan 23.17% United Kingdom France 9.92 Switzerland 9.40 Germany 8.93 Australia 6.75 Spain 3.16 Netherlands 3.14 Hong Kong 3.03 Sweden 2.84 TOTAL 89.95% 1 Table shown is for the ishares MSCI EAFE ETF, the underlying fund in which the Fund invests. 2 Excludes money market funds ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

14 Fund Performance Overview ishares CURRENCY HEDGED MSCI EAFE SMALL-CAP ETF Performance as of The ishares Currency Hedged MSCI EAFE Small-Cap ETF (the Fund ) seeks to track the investment results of an index composed of small capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE Small-Cap 100% Hedged to USD Index (the Index ). The Index sells forward the non-u.s. dollar currencies in which the constituent securities are denominated in an amount equal to those securities at a one-month forward rate to effectively create a hedge against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. In order to replicate the hedging component of the Index, the Fund enters into foreign currency forward contracts designed to offset the Fund s exposure to the component currencies. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the ishares MSCI EAFE Small-Cap ETF. For the six-month reporting period ended, the total return for the Fund was -6.05%, net of fees, while the total return for the Index was -6.56%. Cumulative Total Returns NAV MARKET INDEX Since Inception (2.97)% (2.93)% (4.31)% The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See About Fund Performance on page 19 for more information. Beginning Account Value (8/1/15) Actual Ending Account Value (1/31/16) Shareholder Expenses Beginning Account Value (8/1/15) Hypothetical 5% Return Ending Account Value (1/31/16) Expenses Paid During Period a,b Expenses Paid During Period a,b Annualized Expense Ratio a $ 1, $ $ 0.15 $ 1, $ 1, $ % a Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. b Expenses are calculated using the Fund s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). See Shareholder Expenses on page 19 for more information. F UND P ERFORMANCE O VERVIEWS 13

15 Fund Performance Overview (Continued) ishares CURRENCY HEDGED MSCI EAFE SMALL-CAP ETF Sector ALLOCATION BY SECTOR 1 As of 1/31/16 Percentage of Total Investments 2 Financials 22.42% Industrials Consumer Discretionary Information Technology 9.67 Materials 7.87 Health Care 7.75 Consumer Staples 7.14 Energy 2.33 Telecommunication Services 1.58 Utilities 1.49 Investment Companies 0.13 TOTAL % Country TEN LARGEST COUNTRIES 1 As of 1/31/16 Percentage of Total Investments 2 Japan 30.66% United Kingdom Germany 6.05 Australia 5.62 Sweden 5.03 Switzerland 4.21 France 4.12 Italy 3.85 Spain 2.51 Hong Kong 2.37 TOTAL 84.45% 1 Table shown is for the ishares MSCI EAFE Small-Cap ETF, the underlying fund in which the Fund invests. 2 Excludes money market funds ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

16 Fund Performance Overview ishares MSCI ACWI ETF Performance as of The ishares MSCI ACWI ETF (the Fund ) seeks to track the investment results of an index composed of large- and midcapitalization developed and emerging market equities, as represented by the MSCI ACWI (the Index ). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended, the total return for the Fund was %, net of fees, while the total return for the Index was %. Average Annual Total Returns Cumulative Total Returns NAV MARKET INDEX NAV MARKET INDEX 1 Year (6.69)% (6.10)% (6.80)% (6.69)% (6.10)% (6.80)% 5 Years 4.58% 4.62% 4.45% 25.11% 25.31% 24.32% Since Inception 2.68% 2.72% 2.51% 23.09% 23.48% 21.46% The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See About Fund Performance on page 19 for more information. Beginning Account Value (8/1/15) Actual Ending Account Value (1/31/16) Expenses Paid During Period a Shareholder Expenses Beginning Account Value (8/1/15) Hypothetical 5% Return Ending Account Value (1/31/16) Expenses Paid During Period a Annualized Expense Ratio $ 1, $ $ 1.57 $ 1, $ 1, $ % a Expenses are calculated using the Fund s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). See Shareholder Expenses on page 19 for more information. ALLOCATION BY SECTOR As of 1/31/16 Percentage of Sector Total Investments* Financials 20.05% Information Technology Consumer Discretionary Health Care Consumer Staples Industrials Energy 6.40 Materials 4.14 Telecommunication Services 4.09 Utilities 3.40 TOTAL % TEN LARGEST COUNTRIES As of 1/31/16 Percentage of Country Total Investments* United States 52.85% Japan 7.85 United Kingdom 6.70 France 3.37 Switzerland 3.26 Germany 3.10 Canada 2.87 China 2.40 Australia 2.30 South Korea 1.57 TOTAL 86.27% * Excludes money market funds. F UND P ERFORMANCE O VERVIEWS 15

17 Fund Performance Overview ishares MSCI ACWI ex U.S. ETF Performance as of The ishares MSCI ACWI ex U.S. ETF (the Fund ) seeks to track the investment results of an index composed of large- and midcapitalization non-u.s. equities, as represented by the MSCI ACWI ex USA Index (the Index ). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended, the total return for the Fund was %, net of fees, while the total return for the Index was %. Average Annual Total Returns Cumulative Total Returns NAV MARKET INDEX NAV MARKET INDEX 1 Year (11.92)% (10.70)% (11.95)% (11.92)% (10.70)% (11.95)% 5 Years (0.71)% (0.61)% (0.55)% (3.52)% (3.00)% (2.72)% Since Inception (1.36)% (1.28)% (0.96)% (10.21)% (9.60)% (7.31)% The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See About Fund Performance on page 19 for more information. Beginning Account Value (8/1/15) Actual Ending Account Value (1/31/16) Expenses Paid During Period a Shareholder Expenses Beginning Account Value (8/1/15) Hypothetical 5% Return Ending Account Value (1/31/16) Expenses Paid During Period a Annualized Expense Ratio $ 1, $ $ 1.53 $ 1, $ 1, $ % a Expenses are calculated using the Fund s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). See Shareholder Expenses on page 19 for more information. ALLOCATION BY SECTOR As of 1/31/16 Percentage of Sector Total Investments* Financials 25.76% Consumer Discretionary Consumer Staples Industrials Health Care 9.72 Information Technology 8.17 Energy 6.33 Materials 6.21 Telecommunication Services 5.49 Utilities 3.63 TOTAL % TEN LARGEST COUNTRIES As of 1/31/16 Percentage of Country Total Investments* Japan 17.04% United Kingdom France 7.24 Switzerland 6.87 Germany 6.58 Canada 6.18 China 5.11 Australia 4.91 South Korea 3.25 Taiwan 2.62 TOTAL 74.22% * Excludes money market funds ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

18 Fund Performance Overview ishares MSCI EAFE ETF Performance as of The ishares MSCI EAFE ETF (the Fund ) seeks to track the investment results of an index composed of large- and midcapitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE Index (the Index ). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended, the total return for the Fund was %, net of fees, while the total return for the Index was %. Average Annual Total Returns Cumulative Total Returns NAV MARKET INDEX NAV MARKET INDEX 1 Year (8.49)% (7.07)% (8.43)% (8.49)% (7.07)% (8.43)% 5 Years 1.49% 1.69% 1.59% 7.69% 8.76% 8.18% 10 Years 1.56% 1.60% 1.65% 16.71% 17.23% 17.81% Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See About Fund Performance on page 19 for more information. Beginning Account Value (8/1/15) Actual Ending Account Value (1/31/16) Expenses Paid During Period a Shareholder Expenses Beginning Account Value (8/1/15) Hypothetical 5% Return Ending Account Value (1/31/16) Expenses Paid During Period a Annualized Expense Ratio $ 1, $ $ 1.54 $ 1, $ 1, $ % a Expenses are calculated using the Fund s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). See Shareholder Expenses on page 19 for more information. ALLOCATION BY SECTOR As of 1/31/16 Percentage of Sector Total Investments* Financials 24.39% Consumer Discretionary Industrials Consumer Staples Health Care Materials 6.11 Information Technology 5.17 Telecommunication Services 5.11 Energy 4.74 Utilities 3.92 TOTAL % TEN LARGEST COUNTRIES As of 1/31/16 Percentage of Country Total Investments* Japan 23.17% United Kingdom France 9.92 Switzerland 9.40 Germany 8.93 Australia 6.75 Spain 3.16 Netherlands 3.14 Hong Kong 3.03 Sweden 2.84 TOTAL 89.95% * Excludes money market funds. F UND P ERFORMANCE O VERVIEWS 17

19 Fund Performance Overview ishares MSCI EAFE SMALL-CAP ETF Performance as of The ishares MSCI EAFE Small-Cap ETF (the Fund ) seeks to track the investment results of an index composed of smallcapitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE Small Cap Index (the Index ). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended, the total return for the Fund was -9.15%, net of fees, while the total return for the Index was -9.10%. Average Annual Total Returns Cumulative Total Returns NAV MARKET INDEX NAV MARKET INDEX 1 Year 0.53% 1.94% 0.81% 0.53% 1.94% 0.81% 5 Years 4.60% 4.78% 4.43% 25.20% 26.27% 24.20% Since Inception 1.53% 1.65% 1.67% 13.14% 14.29% 14.43% The inception date of the Fund was 12/10/07. The first day of secondary market trading was 12/12/07. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See About Fund Performance on page 19 for more information. Beginning Account Value (8/1/15) Actual Ending Account Value (1/31/16) Expenses Paid During Period a Shareholder Expenses Beginning Account Value (8/1/15) Hypothetical 5% Return Ending Account Value (1/31/16) Expenses Paid During Period a Annualized Expense Ratio $ 1, $ $ 1.92 $ 1, $ 1, $ % a Expenses are calculated using the Fund s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (366 days). See Shareholder Expenses on page 19 for more information. ALLOCATION BY SECTOR As of 1/31/16 Percentage of Sector Total Investments* Financials 22.42% Industrials Consumer Discretionary Information Technology 9.67 Materials 7.87 Health Care 7.75 Consumer Staples 7.14 Energy 2.33 Telecommunication Services 1.58 Utilities 1.49 Investment Companies 0.13 TOTAL % TEN LARGEST COUNTRIES As of 1/31/16 Percentage of Country Total Investments* Japan 30.66% United Kingdom Germany 6.05 Australia 5.62 Sweden 5.03 Switzerland 4.21 France 4.12 Italy 3.85 Spain 2.51 Hong Kong 2.37 TOTAL 84.45% * Excludes money market funds ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

20 About Fund Performance Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower. Net asset value or NAV is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return ( Market Price ) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund s NAV is calculated. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively. An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Shareholder Expenses As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2015 (or commencement of operations, as applicable) and held through, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. Actual Expenses The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number corresponding to your Fund under the heading entitled Expenses Paid During Period. Hypothetical Example for Comparison Purposes The table also provides information about hypothetical account values and hypothetical expenses based on each Fund s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. A BOUT F UND P ERFORMANCE / S HAREHOLDER E XPENSES 19

21 Schedule of Investments (Unaudited) ishares ADAPTIVE CURRENCY HEDGED MSCI EAFE ETF INVESTMENT COMPANIES 99.78% EXCHANGE-TRADED FUNDS 99.78% ishares MSCI EAFE ETF a 42,218 $2,342,255 2,342,255 TOTAL INVESTMENT COMPANIES (Cost: $2,436,855) 2,342,255 SHORT-TERM INVESTMENTS 0.06% MONEY MARKET FUNDS 0.06% BlackRock Cash Funds: Treasury, SL Agency Shares 0.24% a,b 1,324 1,324 1,324 TOTAL SHORT-TERM INVESTMENTS (Cost: $1,324) 1,324 TOTAL INVESTMENTS IN SECURITIES 99.84% (Cost: $2,438,179) 2,343,579 Other Assets, Less Liabilities 0.16% 3,784 NET ASSETS % $2,347,363 a Affiliated issuer. See Note 2. b The rate quoted is the annualized seven-day yield of the fund at period end. Forward currency contracts as of were as follows: Currency Purchased Currency Sold Settlement Date AUD 5, USD 3, /03/2016 BNP $ 5 DKK 3, USD /03/2016 BNP 2 EUR 8, USD 8, /03/2016 BNP 38 HKD 289, USD 37, /03/2016 BNP 52 NOK 59, USD 6, /03/2016 BNP 11 NOK 2, USD /03/2016 BNP 7 NZD 3, USD 1, /03/2016 BNP 2 SGD 1, USD /03/2016 BNP 6 USD 85, AUD 120, /03/2016 BNP 927 USD 176, CHF 178, /03/2016 BNP 2,826 USD 362, GBP 247, /03/2016 BNP 10,426 USD 38, HKD 297, /03/2016 BNP 152 USD 8, ILS 34, /03/2016 BNP 69 USD 148, JPY 17,641, /03/2016 BNP 2,540 USD 2, NZD 3, /03/2016 BNP 65 USD 1, NZD 3, /03/2016 BNP 2 DKK 91, USD 13, /03/2016 BNP 4 EUR 18, USD 19, /03/2016 BNP 7 GBP 7, USD 9, /03/2016 BNP 44 JPY 1,259, USD 10, /03/2016 BNP 5 NOK 3, USD /03/2016 BNP 1 USD 81, AUD 115, /03/2016 BNP 97 USD 170, CHF 174, /03/2016 BNP 435 USD 35, DKK 244, /03/2016 BNP 238 Currency Purchased Currency Sold Settlement Date Unrealized Counterparty Appreciation (Depreciation) Unrealized Counterparty Appreciation (Depreciation) USD 368, EUR 338, /03/2016 BNP $ 2,392 USD 345, GBP 242, /03/2016 BNP 959 USD 8, ILS 33, /03/2016 BNP 25 USD 141, JPY 17,118, /03/2016 BNP 70 USD 1, NZD 3, /03/2016 BNP 7 USD 33, SEK 289, /03/2016 BNP 51 21,465 AUD 115, USD 81, /03/2016 BNP (98) CHF 4, USD 3, /03/2016 BNP (71) CHF 174, USD 170, /03/2016 BNP (441) DKK 244, USD 35, /03/2016 BNP (239) EUR 338, USD 368, /03/2016 BNP (2,399) GBP 5, USD 7, /03/2016 BNP (192) GBP 242, USD 345, /03/2016 BNP (968) HKD 8, USD 1, /03/2016 BNP (4) ILS 1, USD /03/2016 BNP (2) ILS 33, USD 8, /03/2016 BNP (25) JPY 17,118, USD 141, /03/2016 BNP (76) JPY 523, USD 4, /03/2016 BNP (95) NZD 3, USD 1, /03/2016 BNP (7) SEK 10, USD 1, /03/2016 BNP (1) SEK 289, USD 33, /03/2016 BNP (51) SGD 21, USD 14, /03/2016 BNP (1) USD 35, DKK 247, /03/2016 BNP (242) USD 372, EUR 346, /03/2016 BNP (2,622) USD 6, NOK 61, /03/2016 BNP (180) USD 34, SEK 299, /03/2016 BNP (39) USD 15, SGD 22, /03/2016 BNP (27) AUD 5, USD 3, /03/2016 BNP (2) CHF 64, USD 62, /03/2016 BNP (66) ILS 2, USD /03/2016 BNP (1) SEK 150, USD 17, /03/2016 BNP (20) SGD 11, USD 7, /03/2016 BNP (4) USD 30, HKD 239, /03/2016 BNP (13) USD 37, HKD 289, /03/2016 BNP (57) USD 6, NOK 59, /03/2016 BNP (10) USD 14, SGD 21, /03/2016 BNP (1) (7,954) Net unrealized appreciation $13,511 Counterparties: BNP BNP Paribas SA Currency abbreviations: AUD Australian Dollar CHF Swiss Franc DKK Danish Krone EUR Euro GBP British Pound HKD Hong Kong Dollar ILS Israeli Shekel JPY Japanese Yen NOK Norwegian Krone NZD New Zealand Dollar SEK Swedish Krona SGD Singapore Dollar USD United States Dollar See notes to financial statements ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

22 Schedule of Investments (Unaudited) ishares CURRENCY HEDGED MSCI ACWI ETF INVESTMENT COMPANIES 99.65% EXCHANGE-TRADED FUNDS 99.65% ishares MSCI ACWI ETF a 41,628 $2,200,456 2,200,456 TOTAL INVESTMENT COMPANIES (Cost: $2,466,540) 2,200,456 SHORT-TERM INVESTMENTS 0.05% MONEY MARKET FUNDS 0.05% BlackRock Cash Funds: Treasury, SL Agency Shares 0.24% a,b 1,143 1,143 1,143 TOTAL SHORT-TERM INVESTMENTS (Cost: $1,143) 1,143 TOTAL INVESTMENTS IN SECURITIES 99.70% (Cost: $2,467,683) 2,201,599 Other Assets, Less Liabilities 0.30% 6,672 NET ASSETS % $2,208,271 a Affiliated issuer. See Note 2. b The rate quoted is the annualized seven-day yield of the fund at period end. Forward currency contracts as of were as follows: Currency Purchased Currency Sold Settlement Counterparty Date Unrealized Appreciation (Depreciation) BRL 49,000 USD 11,953 02/03/2016 CITI $ 295 CAD 90,000 USD 64,218 02/03/2016 CITI 27 HKD 595,000 USD 76,354 02/03/2016 CITI 116 INR 1,285,000 USD 18,842 02/03/2016 CITI 85 KRW 51,563,000 USD 42,720 02/03/2016 CITI 244 MXN 479,000 USD 26,321 02/03/2016 CITI 89 NOK 1,000 USD /03/2016 CITI 2 NZD 2,000 USD 1,292 02/03/2016 CITI 1 RUB 460,000 USD 5,997 02/03/2016 CITI 95 TRY 9,000 USD 3,024 02/03/2016 CITI 19 TWD 1,279,000 USD 38,122 02/03/2016 CITI 225 USD 55,252 AUD 76,000 02/03/2016 CITI 1,465 USD 65,518 CAD 91,000 02/03/2016 CITI 560 USD 77,928 CHF 77,000 02/03/2016 CITI 2,755 USD 15,368 DKK 105,000 02/03/2016 CITI 126 USD 262,503 EUR 240,000 02/03/2016 CITI 2,505 USD 161,729 GBP 109,000 02/03/2016 CITI 6,414 USD 77,563 HKD 601,000 02/03/2016 CITI 321 USD 5,384 ILS 21,000 02/03/2016 CITI 82 USD 19,378 INR 1,292,000 02/03/2016 CITI 348 USD 100 JPY 12,000 02/03/2016 BNP 1 USD 194,586 JPY 23,444,000 02/03/2016 CITI 935 Currency Purchased Currency Sold Settlement Counterparty Date Unrealized Appreciation (Depreciation) USD 44,766 KRW 52,789,000 02/03/2016 CITI $ 781 USD 14,037 MXN 244,000 02/03/2016 CITI 585 USD 1,363 NZD 2,000 02/03/2016 CITI 68 USD 6,529 RUB 483,000 02/03/2016 CITI 132 USD 24,219 SEK 204,000 02/03/2016 CITI 453 USD 9,880 SGD 14,000 02/03/2016 CITI 53 USD 3,384 TRY 10,000 02/03/2016 CITI 2 USD 39,601 TWD 1,311,000 02/03/2016 CITI 294 USD 15,782 ZAR 247,000 02/03/2016 CITI 236 ZAR 237,000 USD 14,639 02/03/2016 CITI 277 AUD 6,000 USD 4,238 03/03/2016 CITI 2 BRL 5,000 USD 1,234 03/03/2016 CITI 5 CAD 6,000 USD 4,264 03/03/2016 CITI 19 CHF 4,000 USD 3,908 03/03/2016 CITI 1 DKK 5,000 USD /03/2016 CITI 1 EUR 18,000 USD 19,493 03/03/2016 CITI 20 GBP 5,000 USD 7,093 03/03/2016 CITI 32 HKD 81,000 USD 10,410 03/03/2016 CITI 1 ILS 1,000 USD /03/2016 CITI 1 MXN 5,000 USD /03/2016 CITI NOK 3,000 USD /03/2016 CITI 2 SEK 2,000 USD /03/2016 CITI USD 53,955 AUD 76,000 03/03/2016 CITI 243 USD 74,108 CHF 75,000 03/03/2016 CITI 806 USD 15,239 DKK 104,000 03/03/2016 CITI 130 USD 249,516 EUR 228,000 03/03/2016 CITI 2,347 USD 151,921 GBP 106,000 03/03/2016 CITI 876 USD 5,317 ILS 21,000 03/03/2016 CITI 11 USD 18,841 INR 1,285,000 03/03/2016 CITI 3 USD 101 JPY 12,000 03/03/2016 BNP 2 USD 189,747 JPY 22,551,000 03/03/2016 CITI 3,373 USD 42,677 KRW 51,563,000 03/03/2016 CITI 47 USD 220 MXN 4,000 03/03/2016 CITI USD 4,525 NOK 39,000 03/03/2016 CITI 34 USD 1,294 NZD 2,000 03/03/2016 CITI 1 USD 22,698 SEK 193,000 03/03/2016 CITI 193 USD 9,823 SGD 14,000 03/03/2016 CITI 2 ZAR 16,000 USD 1,001 03/03/2016 CITI 1 27,744 AUD 76,000 USD 54,031 02/03/2016 CITI (245) BRL 3,000 USD /03/2016 CITI CAD 1,000 USD /03/2016 CITI (9) CHF 77,000 USD 76,031 02/03/2016 CITI (858) DKK 105,000 USD 15,374 02/03/2016 CITI (132) EUR 240,000 USD 262,400 02/03/2016 CITI (2,402) GBP 109,000 USD 156,343 02/03/2016 CITI (1,029) HKD 6,000 USD /03/2016 CITI (3) ILS 21,000 USD 5,314 02/03/2016 CITI (12) INR 7,000 USD /03/2016 CITI (2) JPY 12,000 USD /03/2016 BNP (2) JPY 23,444,000 USD 197,097 02/03/2016 CITI (3,446) KRW 1,226,000 USD 1,043 02/03/2016 CITI (22) MXN 9,000 USD /03/2016 CITI (24) NOK 39,000 USD 4,526 02/03/2016 CITI (34) NZD 2,000 USD 1,296 02/03/2016 CITI (1) RUB 23,000 USD /03/2016 CITI (10) SEK 204,000 USD 23,985 02/03/2016 CITI (219) S CHEDULES OF I NVESTMENTS 21

23 Schedule of Investments (Unaudited) (Continued) ishares CURRENCY HEDGED MSCI ACWI ETF Currency Purchased Currency Sold Settlement Counterparty Date Unrealized Appreciation (Depreciation) SGD 14,000 USD 9,831 02/03/2016 CITI $ (4) TRY 1,000 USD /03/2016 CITI (2) TWD 32,000 USD /03/2016 CITI (11) USD 12,897 BRL 52,000 02/03/2016 CITI (100) USD 13,430 MXN 244,000 02/03/2016 CITI (22) USD 4,534 NOK 40,000 02/03/2016 CITI (73) ZAR 10,000 USD /03/2016 CITI (13) INR 72,000 USD 1,056 03/03/2016 CITI (1) JPY 2,161,000 USD 17,860 03/03/2016 CITI (1) KRW 1,826,000 USD 1,510 03/03/2016 CITI (1) RUB 13,000 USD /03/2016 CITI (1) SEK 11,000 USD 1,284 03/03/2016 CITI (1) SGD 2,000 USD 1,404 03/03/2016 CITI (1) TWD 55,000 USD 1,642 03/03/2016 CITI (1) USD 707 AUD 1,000 03/03/2016 CITI (1) USD 11,855 BRL 49,000 03/03/2016 CITI (287) USD 66,355 CAD 93,000 03/03/2016 CITI (31) USD 77,379 HKD 603,000 03/03/2016 CITI (123) USD 132 INR 9,000 03/03/2016 CITI (1) USD 355 JPY 43,000 03/03/2016 CITI (1) USD 423 KRW 513,000 03/03/2016 CITI (1) USD 12,863 MXN 235,000 03/03/2016 CITI (67) USD 6,093 RUB 471,000 03/03/2016 CITI (98) USD 701 SGD 1,000 03/03/2016 CITI (1) USD 3,000 TRY 9,000 03/03/2016 CITI (18) USD 38,649 TWD 1,302,000 03/03/2016 CITI (216) USD 15,056 ZAR 245,000 03/03/2016 CITI (280) (9,807) Net unrealized appreciation $17,937 Counterparties: BNP BNP Paribas SA CITI Citibank N.A. Currency Abbreviations: AUD Australian Dollar BRL Brazilian Real CAD Canadian Dollar CHF Swiss Franc 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 MXN Mexican Peso NOK Norwegian Krone NZD New Zealand Dollar RUB New Russian Ruble SEK Swedish Krona SGD Singapore Dollar TRY Turkish Lira TWD New Taiwan Dollar USD United States Dollar ZAR South African Rand See notes to financial statements ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

24 Schedule of Investments (Unaudited) ishares CURRENCY HEDGED MSCI ACWI ex U.S. ETF INVESTMENT COMPANIES 99.31% EXCHANGE-TRADED FUNDS 99.31% ishares MSCI ACWI ex U.S. ETF a 56,314 $2,106,707 2,106,707 TOTAL INVESTMENT COMPANIES (Cost: $2,477,395) 2,106,707 SHORT-TERM INVESTMENTS 0.04% MONEY MARKET FUNDS 0.04% BlackRock Cash Funds: Treasury, SL Agency Shares 0.24% a,b TOTAL SHORT-TERM INVESTMENTS (Cost: $871) 871 TOTAL INVESTMENTS IN SECURITIES 99.35% (Cost: $2,478,266) 2,107,578 Other Assets, Less Liabilities 0.65% 13,852 NET ASSETS % $2,121,430 a Affiliated issuer. See Note 2. b The rate quoted is the annualized seven-day yield of the fund at period end. Forward currency contracts as of were as follows: Currency Purchased Currency Sold Settlement Counterparty Date Unrealized Appreciation (Depreciation) BRL 99,000 USD 24,150 02/03/2016 CITI $ 595 CAD 184,000 USD 131,289 02/03/2016 CITI 55 HKD 1,211,000 USD 155,403 02/03/2016 CITI 237 INR 2,617,000 USD 38,372 02/03/2016 CITI 174 KRW 104,989,000 USD 86,983 02/03/2016 CITI 497 MXN 988,000 USD 54,291 02/03/2016 CITI 181 NOK 4,000 USD /03/2016 CITI 9 RUB 936,000 USD 12,203 02/03/2016 CITI 193 TRY 19,000 USD 6,384 02/03/2016 CITI 41 TWD 2,603,000 USD 77,586 02/03/2016 CITI 459 USD 111,957 AUD 154,000 02/03/2016 CITI 2,968 USD 135,356 CAD 188,000 02/03/2016 CITI 1,156 USD 161,928 CHF 160,000 02/03/2016 CITI 5,725 USD 31,324 DKK 214,000 02/03/2016 CITI 259 USD 547,975 EUR 501,000 02/03/2016 CITI 5,229 USD 335,327 GBP 226,000 02/03/2016 CITI 13,300 USD 161,707 HKD 1,253,000 02/03/2016 CITI 670 USD 11,024 ILS 43,000 02/03/2016 CITI 167 USD 39,640 INR 2,643,000 02/03/2016 CITI 710 USD 406,220 JPY 48,942,000 02/03/2016 CITI 1,951 USD 93,432 KRW 110,176,000 02/03/2016 CITI 1,629 Currency Purchased Currency Sold Settlement Counterparty Date Unrealized Appreciation (Depreciation) USD 29,283 MXN 509,000 02/03/2016 CITI $ 1,220 USD 2,727 NZD 4,000 02/03/2016 CITI 137 USD 13,557 RUB 1,003,000 02/03/2016 CITI 273 USD 50,694 SEK 427,000 02/03/2016 CITI 949 USD 20,465 SGD 29,000 02/03/2016 CITI 109 USD 6,429 TRY 19,000 02/03/2016 CITI 4 USD 82,435 TWD 2,729,000 02/03/2016 CITI 612 USD 32,969 ZAR 516,000 02/03/2016 CITI 492 ZAR 483,000 USD 29,835 02/03/2016 CITI 565 AUD 11,000 USD 7,770 03/03/2016 CITI 4 BRL 10,000 USD 2,468 03/03/2016 CITI 10 CAD 12,000 USD 8,528 03/03/2016 CITI 38 CHF 7,000 USD 6,840 03/03/2016 CITI 2 DKK 11,000 USD 1,597 03/03/2016 CITI 1 EUR 35,000 USD 37,905 03/03/2016 CITI 37 GBP 9,000 USD 12,767 03/03/2016 CITI 57 HKD 158,000 USD 20,305 03/03/2016 CITI 3 ILS 1,000 USD /03/2016 CITI JPY 6,000 USD 50 03/03/2016 CITI 1 MXN 7,000 USD /03/2016 CITI 1 NOK 7,000 USD /03/2016 CITI 4 SEK 6,000 USD /03/2016 CITI 1 TRY 1,000 USD /03/2016 CITI 1 USD 109,329 AUD 154,000 03/03/2016 CITI 492 USD 151,180 CHF 153,000 03/03/2016 CITI 1,644 USD 31,211 DKK 213,000 03/03/2016 CITI 267 USD 508,881 EUR 465,000 03/03/2016 CITI 4,788 USD 309,575 GBP 216,000 03/03/2016 CITI 1,785 USD 10,888 ILS 43,000 03/03/2016 CITI 23 USD 38,371 INR 2,617,000 03/03/2016 CITI 7 USD 386,562 JPY 45,942,000 03/03/2016 CITI 6,871 USD 86,896 KRW 104,989,000 03/03/2016 CITI 95 USD 385 MXN 7,000 03/03/2016 CITI 1 USD 9,282 NOK 80,000 03/03/2016 CITI 70 USD 2,587 NZD 4,000 03/03/2016 CITI 2 USD 46,336 SEK 394,000 03/03/2016 CITI 395 USD 19,647 SGD 28,000 03/03/2016 CITI 3 ZAR 29,000 USD 1,814 03/03/2016 CITI 2 57,171 AUD 154,000 USD 109,485 02/03/2016 CITI (497) BRL 11,000 USD 2,752 02/03/2016 CITI (3) CAD 4,000 USD 2,885 02/03/2016 CITI (30) CHF 160,000 USD 158,023 02/03/2016 CITI (1,821) DKK 214,000 USD 31,334 02/03/2016 CITI (269) EUR 501,000 USD 547,690 02/03/2016 CITI (4,944) GBP 226,000 USD 324,315 02/03/2016 CITI (2,288) HKD 42,000 USD 5,421 02/03/2016 CITI (23) ILS 43,000 USD 10,881 02/03/2016 CITI (24) INR 26,000 USD /03/2016 CITI (8) JPY 48,942,000 USD 411,360 02/03/2016 CITI (7,091) KRW 5,187,000 USD 4,413 02/03/2016 CITI (91) MXN 30,000 USD 1,734 02/03/2016 CITI (80) NOK 80,000 USD 9,285 02/03/2016 CITI (70) NZD 4,000 USD 2,592 02/03/2016 CITI (2) RUB 67,000 USD /03/2016 CITI (30) SEK 427,000 USD 50,216 02/03/2016 CITI (470) S CHEDULES OF I NVESTMENTS 23