UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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
100 Summer Street, 4th Floor, Boston, MA		02110
(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:	July 31, 2020
Date of reporting period:	January 31, 2020

Item 1. Reports to Stockholders.

Copies of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are attached.

JANUARY 31, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Cybersecurity and Tech ETF  |  IHAK  |  NYSE Arca

· iShares Exponential Technologies ETF  |  XT  |  NASDAQ

· iShares Genomics Immunology and Healthcare ETF  |  IDNA  |  NYSE Arca

· iShares Robotics and Artificial Intelligence Multisector ETF  |  IRBO  |  NYSE Arca

· iShares Self-Driving EV and Tech ETF  |  IDRV  |  NYSE Arca

· iShares U.S. Tech Breakthrough Multisector ETF  |  TECB  |  NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents

	Page
Fund Summary		3
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		27
Statements of Operations		29
Statements of Changes in Net Assets		31
Financial Highlights		34
Notes to Financial Statements		40
Board Review and Approval of Investment Advisory Contract		49
Statement Regarding Liquidity Risk Management Program		51
Supplemental Information		52
General Information		53
Glossary of Terms Used in this Report		54

2

Fund Summary  as of January 31, 2020 iShares^® Cybersecurity and Tech ETF

Investment Objective

The iShares Cybersecurity and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that are involved in cyber security and technology, including cyber security hardware, software, products, and services, as represented by the NYSE^® FactSet^® Global Cyber Security 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.

Performance

	Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		6.17	%		13.15	%
Fund Market		6.13			13.11
Index		6.28			13.36

The inception date of the Fund was 6/11/19. The first day of secondary market trading was 6/13/19.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,061.70	$	2.44	$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Software	65.1	%
IT Services	24.7
Communications Equipment	6.2
Semiconductors & Semiconductor Equipment	4.0

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	75.4	%
Israel	11.9
United Kingdom	6.5
Japan	4.1
Taiwan	1.5
Other (each representing less than 1%)	0.6

FUND SUMMARY 3

Fund Summary  as of January 31, 2020 iShares^® Exponential Technologies ETF

Investment Objective

The iShares Exponential Technologies ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of developed and emerging market companies that create or use exponential technologies, as represented by the Morningstar^® Exponential Technologies Index^SM (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.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		10.27	%		19.74	%		12.67	%		19.74	%		78.83	%
Fund Market		10.33			19.20			12.60			19.20			78.31
Index		10.41			19.96			12.91			19.96			80.56

The inception date of the Fund was 3/19/15. The first day of secondary market trading was 3/23/15.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,102.70	$	2.43	$	1,000.00	$	1,022.80	$	2.34		0.46	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	35.1	%
Health Care	30.8
Industrials	11.7
Communication Services	10.8
Financials	5.1
Consumer Discretionary	3.9
Real Estate	2.0
Materials	0.6

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	60.1	%
Japan	6.3
China	4.1
Germany	3.9
France	3.5
Netherlands	3.1
United Kingdom	3.0
Switzerland	3.0
Denmark	2.5
Sweden	1.9

4 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares^® Genomics Immunology and Healthcare ETF

Investment Objective

The iShares Genomics Immunology and Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that could benefit from the long-term growth and innovation in genomics, immunology and bioengineering, as represented by the NYSE^® FactSet Global Genomics and Immuno Biopharma Index^TM (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.

Performance

	Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		1.97	%		15.10	%
Fund Market		1.86			15.06
Index		2.05			14.95

The inception date of the Fund was 6/11/19. The first day of secondary market trading was 6/13/19.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,019.70	$	2.39	$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Biotechnology	76.4	%
Pharmaceuticals	22.5
Life Sciences Tools & Services	1.1

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	63.9	%
Japan	11.6
Germany	10.3
France	4.6
Denmark	4.2
Netherlands	2.5
Switzerland	1.9
United Kingdom	1.0

FUND SUMMARY 5

Fund Summary  as of January 31, 2020 iShares^® Robotics and Artificial Intelligence Multisector ETF

Investment Objective

The iShares Robotics and Artificial Intelligence Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that could benefit from the long-term growth and innovation in robotics technologies and artificial intelligence, as represented by the NYSE^® FactSet^® Global Robotics and Artificial Intelligence 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.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		8.45	%		19.60	%		8.98	%		19.60	%		14.78	%
Fund Market		8.20			18.74			8.90			18.74			14.65
Index		8.71			20.18			9.31			20.18			15.25

The inception date of the Fund was 6/26/18. The first day of secondary market trading was 6/28/18.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,084.50	$	2.46	$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	58.0	%
Communication Services	23.4
Industrials	10.9
Consumer Discretionary	5.7
Health Care	2.0

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	51.1	%
China	15.9
Japan	10.1
France	3.9
South Korea	3.8
Taiwan	2.8
Germany	2.7
Canada	1.9
United Kingdom	1.8
Russia	1.1

6 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares^® Self-Driving EV and Tech ETF

Investment Objective

The iShares Self-Driving EV and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that may benefit from growth and innovation in and around electric vehicles, battery technologies and autonomous driving technologies, as represented by the NYSE^® FactSet Global Autonomous Driving and Electric Vehicle 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.

Performance

	Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		12.92	%		7.95	%
Fund Market		12.55			7.55
Index		13.02			7.95

The inception date of the Fund was 4/16/19. The first day of secondary market trading was 4/18/19.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period  (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period  (a)		Annualized Expense Ratio
$	1,000.00	$	1,129.20	$	2.52	$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	40.8	%
Information Technology	36.5
Industrials	14.7
Communication Services	5.0
Materials	3.0

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	48.5	%
Germany	13.6
Japan	11.9
South Korea	8.6
France	4.4
Netherlands	3.4
Switzerland	3.1
Sweden	1.7
United Kingdom	1.5
Canada	1.2

FUND SUMMARY 7

Fund Summary  as of January 31, 2020 iShares^® U.S. Tech Breakthrough Multisector ETF

Investment Objective

The iShares U.S.Tech Breakthrough Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. companies that could benefit from various breakthrough technologies, including robotics and artificial intelligence, cloud and data tech, cybersecurity, genomics and immunology, and financial technology as represented by the NYSE^® FactSet U.S. Tech Breakthrough 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.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		0.87	%
Fund Market		0.79
Index		0.89

The inception date of the Fund was 1/8/20. The first day of secondary market trading was 1/10/20.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (01/08/20)(a)		Ending Account Value (01/31/20)		Expenses Paid During the Period  (b)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (b)		Annualized Expense Ratio
$	1,000.00	$	1,008.70	$	0.19	$	1,000.00	$	1,023.60	$	1.53		0.30	%

^(a)  The beginning of the period (commencement of operations) is January 08, 2020.

^(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 (23 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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	69.4	%
Communication Services	11.7
Health Care	9.9
Consumer Discretionary	5.3
Real Estate	2.7
Other (each representing less than 1%)	1.0

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
salesforce. com Inc.	4.3	%
Amazon. com Inc.	4.3
Apple Inc.	4.3
Intel Corp.	4.2
Microsoft Corp.	4.2
Alphabet Inc., Class A	4.1
International Business Machines Corp.	3.9
Facebook Inc., Class A	3.8
Visa Inc., Class A	3.6
Gilead Sciences Inc.	3.5

8 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 iShares.com. 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 ask 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 your 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your 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 under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your 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.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 9

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Cybersecurity and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Israel — 11.9%
Check Point Software Technologies Ltd.(a)		3,776	$	431,635
CyberArk Software Ltd.(a)(b)		2,736		378,197
Mellanox Technologies Ltd.(a)		3,720		449,748
Radware Ltd.(a)		2,944		75,013
				1,334,593
Japan — 4.1%
Digital Arts Inc.		800		37,791
Trend Micro Inc.(a)		8,000		425,151
				462,942
Malaysia — 0.4%
My EG Services Bhd		157,600		39,996
South Korea — 0.2%
Ahnlab Inc.		440		24,255
Taiwan — 1.5%
Accton Technology Corp.		32,000		172,664
United Kingdom — 6.4%
Avast PLC(c)		39,680		222,301
Micro Focus International PLC		23,600		318,935
Sophos Group PLC(c)		24,736		181,752
				722,988
United States — 75.4%
A10 Networks Inc.(a)		4,152		28,275
Akamai Technologies Inc.(a)		5,000		466,750
Alarm.com Holdings Inc.(a)(b)		2,616		114,921
Booz Allen Hamilton Holding Corp.		5,906		460,904
CACI International Inc., Class A(a)		1,808		483,532
Calix Inc.(a)		3,728		34,149
Citrix Systems Inc.		3,856		467,424
Crowdstrike Holdings Inc., Class A(a)(b)		1,360		83,082
DocuSign Inc.(a)(b)		5,640		442,796
Everbridge Inc.(a)(b)		2,432		220,437
FireEye Inc.(a)		15,328		244,941
ForeScout Technologies Inc.(a)		2,656		75,723
Fortinet Inc.(a)		4,104		473,438
Juniper Networks Inc.		17,768		407,598
ManTech International Corp./VA, Class A		1,960		157,349
Mimecast Ltd.(a)		4,072		207,794
NIC Inc.		4,664		92,021
NortonLifeLock Inc		16,800		477,456
Okta Inc.(a)(b)		3,608		462,004

Security	Shares		Value
United States (continued)
Palo Alto Networks Inc.(a)		1,888	$	443,265
Perspecta Inc.		10,040		281,823
Ping Identity Holding Corp.(a)		1,120		27,160
Proofpoint Inc.(a)(b)		3,696		453,906
Qualys Inc.(a)(b)		2,360		202,346
Rapid7 Inc.(a)(b)		3,168		188,116
SailPoint Technologies Holding Inc.(a)		6,160		154,554
Science Applications International Corp.		3,768		330,717
Tenable Holdings Inc.(a)		2,896		78,916
Varonis Systems Inc.(a)		2,120		177,359
VMware Inc., Class A(a)		2,888		427,597
Zix Corp.(a)		3,920		26,460
Zscaler Inc.(a)(b)		4,816		270,129
				8,462,942
Total Common Stocks — 99.9% (Cost: $10,586,778)				11,220,380
Short-Term Investments
Money Market Funds — 16.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(d)(e)(f)		1,832,045		1,833,144
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(d)(e)		6,000		6,000
				1,839,144
Total Short-Term Investments — 16.4% (Cost: $1,838,971)				1,839,144
Total Investments in Securities — 116.3% (Cost: $12,425,749)				13,059,524
Other Assets, Less Liabilities — (16.3)%				(1,827,332	)
Net Assets — 100.0%			$	11,232,192

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

10 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Cybersecurity and Tech ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Net Activity	Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	83,898	1,748,147	1,832,045	$	1,833,144	$	938	(b)	$	(85	)	$	173
BlackRock Cash Funds: Treasury, SL Agency Shares	3,000	3,000	6,000		6,000		63			—			—
				$	1,839,144	$	1,001		$	(85	)	$	173

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	11,220,380	$	—	$	—	$	11,220,380
Money Market Funds		1,839,144		—		—		1,839,144
	$	13,059,524	$	—	$	—	$	13,059,524

See notes to financial statements.

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.5%
Cochlear Ltd.		83,518	$	13,478,491
CSL Ltd.		67,702		14,143,070
Sonic Healthcare Ltd.		654,279		13,871,680
				41,493,241
Austria — 0.5%
ams AG(a)		300,812		12,310,695
Belgium — 1.0%
Proximus SADP		451,299		12,863,335
UCB SA		166,084		15,291,233
				28,154,568
Brazil — 0.6%
TIM Participacoes SA		3,816,055		14,957,917
China — 4.1%
3SBio Inc.(a)(b)		9,700,500		12,467,770
Alibaba Group Holding Ltd., ADR(a)		63,847		13,190,152
Baidu Inc., ADR(a)(c)		112,246		13,869,116
NetEase Inc., ADR		42,118		13,509,770
Ping An Insurance Group Co. of China Ltd., Class H		1,142,000		13,045,293
Tencent Holdings Ltd.		301,700		14,492,666
Wuxi Biologics Cayman Inc.(a)(b)		1,119,500		14,338,147
Xiaomi Corp., Class B(a)(b)(c)		10,226,000		15,171,286
				110,084,200
Denmark — 2.5%
DSV Panalpina A/S		118,112		12,849,246
Genmab A/S(a)		57,090		13,185,980
H Lundbeck A/S		351,110		14,932,986
Novo Nordisk A/S, Class B		231,476		14,159,705
Vestas Wind Systems A/S		133,060		13,275,711
				68,403,628
Finland — 0.5%
Nokia OYJ		3,764,331		14,682,061
France — 3.5%
Bouygues SA		314,026		12,434,172
Capgemini SE		114,679		14,278,258
Iliad SA(c)		103,209		13,576,459
Natixis SA		3,092,752		13,102,906
Orange SA		881,393		12,507,411
Sanofi		134,217		12,932,883
STMicroelectronics NV		498,354		13,967,061
				92,799,150
Germany — 3.9%
Bayer AG, Registered		170,553		13,806,952
Deutsche Boerse AG		85,061		13,861,613
Deutsche Telekom AG, Registered		793,084		12,837,153
Infineon Technologies AG		585,958		12,711,848
Merck KGaA		114,510		14,707,711
QIAGEN NV(a)		316,808		10,588,775
Siemens AG, Registered		100,418		12,423,662
Telefonica Deutschland Holding AG		4,423,229		13,396,683
				104,334,397
India — 1.0%
Infosys Ltd.		1,130,302		12,291,039
Infosys Ltd., ADR		154,330		1,691,457
Tata Consultancy Services Ltd.		454,159		13,232,236
				27,214,732

Security	Shares		Value
Japan — 6.3%
Chugai Pharmaceutical Co. Ltd.		143,000	$	14,862,712
FANUC Corp.		68,500		12,842,367
Honda Motor Co. Ltd.		454,300		11,866,248
Mitsubishi Heavy Industries Ltd.		338,800		12,578,597
Murata Manufacturing Co. Ltd.		217,000		12,669,428
Nidec Corp.		93,000		12,047,054
Rakuten Inc.(a)		1,537,300		12,141,245
SoftBank Group Corp		332,300		13,870,233
Taiyo Yuden Co. Ltd.(c)		467,000		14,003,321
Takeda Pharmaceutical Co. Ltd.		326,404		12,729,711
TDK Corp.		118,800		13,010,620
Tokyo Electron Ltd.		64,000		14,466,947
Yaskawa Electric Corp.		355,500		12,709,900
				169,798,383
Netherlands — 3.0%
Adyen NV(a)(b)		17,289		15,921,689
ASM International NV		117,313		14,307,193
ASML Holding NV		46,758		13,174,530
Koninklijke KPN NV		4,373,055		12,275,477
Randstad NV		217,569		12,528,076
Wolters Kluwer NV		183,243		13,792,510
				81,999,475
Singapore — 0.5%
Singapore Technologies Engineering Ltd.		4,461,800		13,435,415
South Korea — 1.1%
Samsung Electronics Co. Ltd.		302,365		14,308,332
SK Hynix Inc.		193,705		15,196,055
				29,504,387
Spain — 0.9%
Grifols SA		381,576		12,812,737
Telefonica SA		1,748,153		11,834,988
				24,647,725
Sweden — 1.9%
Elekta AB, Class B		1,057,399		12,111,328
Millicom International Cellular SA, SDR		282,175		13,332,001
Swedish Orphan Biovitrum AB(a)		805,776		14,391,470
Telefonaktiebolaget LM Ericsson, Class B		1,449,788		11,395,365
				51,230,164
Switzerland — 3.0%
ABB Ltd., Registered		570,396		13,312,887
Adecco Group AG, Registered		210,705		12,387,344
Kuehne + Nagel International AG, Registered		79,901		12,924,004
Novartis AG, Registered		140,650		13,295,723
Roche Holding AG, NVS		42,465		14,279,019
Swisscom AG, Registered		25,092		13,778,551
				79,977,528
Taiwan — 1.0%
MediaTek Inc.		943,000		12,111,755
Taiwan Semiconductor Manufacturing Co. Ltd.		1,265,000		13,399,980
				25,511,735
United Kingdom — 3.0%
AstraZeneca PLC		136,126		13,321,726
BT Group PLC		5,197,986		11,026,218
GlaxoSmithKline PLC		571,032		13,428,785
London Stock Exchange Group PLC		144,209		14,895,951
RELX PLC		553,259		14,680,934

12 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Vodafone Group PLC		6,864,633	$	13,510,100
				80,863,714
United States — 60.0%
3M Co.		77,428		12,284,727
Abbott Laboratories		153,948		13,415,029
AbbVie Inc.		151,202		12,250,386
Accenture PLC, Class A		64,748		13,286,937
Advanced Micro Devices Inc.(a)		332,077		15,607,619
Albemarle Corp.		199,553		16,020,115
Alexion Pharmaceuticals Inc.(a)(c)		119,364		11,863,588
Align Technology Inc.(a)		47,500		12,212,250
Alnylam Pharmaceuticals Inc.(a)		110,177		12,647,218
Alphabet Inc., Class A(a)		9,728		13,938,084
Amazon.com Inc.(a)		7,494		15,053,348
Amgen Inc.		55,900		12,077,195
Amphenol Corp., Class A		124,329		12,367,006
Analog Devices Inc.		112,920		12,392,970
Apple Inc.		48,464		15,000,093
Applied Materials Inc.		221,633		12,852,498
Arista Networks Inc.(a)		68,547		15,309,287
Berkshire Hathaway Inc., Class B(a)		58,721		13,178,754
Biogen Inc.(a)		44,709		12,020,015
BioMarin Pharmaceutical Inc.(a)		166,642		13,914,607
BlackRock Inc.(d)		26,619		14,037,529
Boston Scientific Corp.(a)		298,409		12,494,385
Bristol-Myers Squibb Co.		209,990		13,218,870
Broadcom Inc.		40,833		12,460,598
Broadridge Financial Solutions Inc.		109,520		13,049,308
Cadence Design Systems Inc.(a)		198,872		14,340,660
Capital One Financial Corp.		129,975		12,971,505
Charles River Laboratories International Inc.(a)		89,909		13,898,133
Cisco Systems Inc.		295,303		13,575,079
Cognizant Technology Solutions Corp., Class A		215,988		13,257,343
CoreSite Realty Corp.		118,688		13,939,906
Corning Inc.		465,580		12,426,330
Cypress Semiconductor Corp.		558,918		13,039,557
CyrusOne Inc.		210,726		12,822,677
Dell Technologies Inc., Class C(a)		274,587		13,391,608
Digital Realty Trust Inc.		111,880		13,760,121
Eli Lilly & Co.		108,457		15,144,935
Emerson Electric Co.		173,931		12,458,678
Envestnet Inc.(a)		182,207		14,370,666
Equinix Inc.		23,351		13,770,785
Exelixis Inc.(a)		743,922		12,795,458
Facebook Inc., Class A(a)		64,616		13,046,617
First Solar Inc.(a)(c)		243,309		12,063,260
General Electric Co.(c)		1,193,306		14,856,660
Gentex Corp.		460,809		13,718,284
Gilead Sciences Inc.		193,605		12,235,836
Hewlett Packard Enterprise Co.		824,624		11,487,012
Honeywell International Inc.		74,419		12,890,859
HP Inc.		649,967		13,857,296
Illumina Inc.(a)		40,908		11,866,184
Incyte Corp.(a)		138,285		10,104,485
Intel Corp.		228,875		14,631,979
Intercept Pharmaceuticals Inc.(a)(c)		109,552		10,123,700
Intercontinental Exchange Inc.		141,651		14,128,271
International Business Machines Corp.		97,989		14,083,959
Intuitive Surgical Inc.(a)		22,776		12,749,549
Ionis Pharmaceuticals Inc.(a)		212,366		12,385,185

Security	Shares		Value
United States (continued)
IQVIA Holdings Inc.(a)		91,131	$	14,148,088
Jazz Pharmaceuticals PLC(a)		88,357		12,665,976
Johnson & Johnson		93,004		13,845,505
KLA Corp.		78,238		12,967,166
Laboratory Corp. of America Holdings(a)		78,327		13,738,556
Lam Research Corp.		47,453		14,150,959
Lincoln Electric Holdings Inc.		138,024		12,308,980
Marvell Technology Group Ltd.(c)		528,245		12,699,010
Mastercard Inc., Class A		45,000		14,217,300
Maxim Integrated Products Inc.		226,391		13,610,627
Medtronic PLC		116,889		13,493,666
MercadoLibre Inc.(a)		22,512		14,925,456
Merck & Co. Inc.		147,258		12,581,724
Microchip Technology Inc.		131,816		12,849,424
Micron Technology Inc.(a)(c)		265,453		14,092,900
Microsoft Corp.		86,868		14,787,540
Myriad Genetics Inc.(a)		533,153		14,741,680
Nasdaq Inc.		126,404		14,721,010
Nektar Therapeutics(a)(c)		606,492		12,063,126
NVIDIA Corp.		60,390		14,278,008
ON Semiconductor Corp.(a)		584,812		13,538,398
Palo Alto Networks Inc.(a)		57,757		13,560,188
PayPal Holdings Inc.(a)		124,111		14,135,002
Pfizer Inc.		342,892		12,769,298
PRA Health Sciences Inc.(a)		128,444		13,012,662
Premier Inc., Class A(a)		337,968		11,751,147
Qorvo Inc.(a)		114,820		12,154,845
QUALCOMM Inc.		150,149		12,809,211
Quest Diagnostics Inc.		125,017		13,835,631
Regeneron Pharmaceuticals Inc.(a)		34,998		11,827,224
Rockwell Automation Inc.		64,551		12,371,845
Roper Technologies Inc.		37,961		14,488,195
salesforce.com Inc.(a)		83,638		15,248,044
Seagate Technology PLC		226,443		12,904,987
Seattle Genetics Inc.(a)		117,462		12,731,706
ServiceNow Inc.(a)		48,937		16,551,962
Skyworks Solutions Inc.		119,673		13,541,000
Splunk Inc.(a)		89,641		13,917,662
Sprint Corp.(a)		2,492,444		10,891,980
Square Inc., Class A(a)		198,942		14,858,978
Stryker Corp.		66,032		13,912,942
Syneos Health Inc.(a)		233,755		14,343,207
Synopsys Inc.(a)		99,224		14,636,532
T Rowe Price Group Inc.		106,467		14,216,539
TE Connectivity Ltd.		141,157		13,011,852
Tesla Inc.(a)(c)		37,045		24,100,366
Texas Instruments Inc.		105,536		12,732,918
Thermo Fisher Scientific Inc.(c)		41,099		12,871,796
T-Mobile U.S. Inc.(a)		175,997		13,937,202
United Technologies Corp.		88,687		13,320,787
United Therapeutics Corp.(a)		141,690		13,838,862
Varian Medical Systems Inc.(a)		94,041		13,219,343
Verizon Communications Inc.		214,157		12,729,492
Vertex Pharmaceuticals Inc.(a)		59,542		13,519,011
Visa Inc., Class A(c)		72,035		14,332,804
VMware Inc., Class A(a)(c)		86,495		12,806,450
Western Digital Corp.		256,056		16,771,668
Xilinx Inc.		139,226		11,761,812
XPO Logistics Inc.(a)(c)		160,308		14,254,587
Zayo Group Holdings Inc.(a)		381,826		13,268,453

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Zebra Technologies Corp., Class A(a)		51,007	$	12,191,693
Zimmer Biomet Holdings Inc.		89,093		13,176,855
Zoetis Inc.		105,713		14,187,742
				1,616,074,572
Total Common Stocks — 99.8% (Cost: $2,243,083,073)				2,687,477,687
Short-Term Investments
Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.78%(d)(e)(f)		95,254,247		95,311,400
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.50%(d)(e)		1,328,000		1,328,000
				96,639,400
Total Short-Term Investments — 3.6% (Cost: $96,612,032)				96,639,400
Total Investments in Securities — 103.4% (Cost: $2,339,695,105)				2,784,117,087
Other Assets, Less Liabilities — (3.4)%				(90,898,560	)
Net Assets — 100.0%			$	2,693,218,527

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Shares Purchased		Shares Sold		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	39,946,502	55,307,745	(b)	—		95,254,247	$	95,311,400	$	399,507	(c)	$	2,933		$	11,286
BlackRock Cash Funds: Treasury, SL Agency Shares	1,069,000	259,000	(b)	—		1,328,000		1,328,000		20,424			—			—
BlackRock Inc.	28,704	5,487		(7,572	)	26,619		14,037,529		187,331			141,570			1,511,002
							$	110,676,929	$	607,262		$	144,503		$	1,522,288

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

^(c)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description Long Contracts	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Euro STOXX 50 Index		25		03/20/20	$	1,008	$	(35,499	)
MSCI Emerging Markets E-Mini		12		03/20/20		630		(38,918	)
S&P 500 E-Mini		19		03/20/20		3,063		(4,079	)
							$	(78,496	)

14 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Exponential Technologies ETF

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	78,496

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	612,523
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$(78,496)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

	Equity Contracts
Futures contracts:
Average notional value of contracts — long	$	3,629,980

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	2,687,477,687	$	—	$	—	$	2,687,477,687
Money Market Funds		96,639,400		—		—		96,639,400
	$	2,784,117,087	$	—	$	—	$	2,784,117,087
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(78,496)		$            —		$            —	$	(78,496)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Genomics Immunology and Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Denmark — 4.2%
Genmab A/S(a)		4,572	$	1,055,987
France — 4.5%
Sanofi		11,826		1,139,530
Germany — 10.3%
BioNTech SE, ADR(a)(b)		11,142		325,458
Merck KGaA		9,486		1,218,385
MorphoSys AG(a)		8,316		1,043,228
				2,587,071
Japan — 11.6%
Kyowa Kirin Co. Ltd.		49,600		1,183,426
Sumitomo Dainippon Pharma Co. Ltd.		38,500		675,975
Takeda Pharmaceutical Co. Ltd.		27,000		1,052,996
				2,912,397
Netherlands — 2.5%
ProQR Therapeutics NV(a)		10,980		77,190
uniQure NV(a)		9,504		547,050
				624,240
Switzerland — 2.0%
CRISPR Therapeutics AG(a)		9,360		486,252
United Kingdom — 1.0%
Orchard Therapeutics PLC, ADR(a)		20,934		260,000
United States — 63.8%
Adverum Biotechnologies Inc.(a)		15,138		149,412
Agenus Inc.(a)(b)		30,384		113,636
Allogene Therapeutics Inc.(a)(b)		13,698		297,521
AnaptysBio Inc.(a)		6,984		101,408
Bluebird Bio Inc.(a)(b)		13,752		1,095,897
Bridgebio Pharma Inc.(a)		19,890		686,006
Constellation Pharmaceuticals Inc.(a)(b)		4,212		139,165
CytomX Therapeutics Inc.(a)		12,258		90,954
Dermira Inc.(a)		13,050		247,298
Editas Medicine Inc.(a)		14,292		377,738
Exelixis Inc.(a)		62,928		1,082,362
Fate Therapeutics Inc.(a)		20,826		528,147
FibroGen Inc.(a)		22,338		934,845
Gilead Sciences Inc.		16,290		1,029,528
Inovio Pharmaceuticals Inc.(a)(b)		27,846		126,142
Intellia Therapeutics Inc.(a)		10,854		129,271
Invitae Corp.(a)		26,982		503,214
Iovance Biotherapeutics Inc.(a)		33,300		723,942

Security	Shares		Value
United States (continued)
Karyopharm Therapeutics Inc.(a)		16,074	$	259,595
Kura Oncology Inc.(a)		11,250		132,075
Ligand Pharmaceuticals Inc.(a)		4,914		431,498
MacroGenics Inc.(a)		12,690		117,383
Mirati Therapeutics Inc.(a)		10,638		923,698
Moderna Inc.(a)		56,286		1,154,426
NanoString Technologies Inc.(a)		10,278		279,253
Precision BioSciences Inc.(a)		9,324		75,431
Provention Bio Inc.(a)		9,288		139,041
Regeneron Pharmaceuticals Inc.(a)		2,934		991,516
Sangamo Therapeutics Inc.(a)		33,552		245,936
Sarepta Therapeutics Inc.(a)		9,972		1,156,353
Seattle Genetics Inc.(a)		9,306		1,008,677
Translate Bio Inc.(a)		10,944		78,468
Twist Bioscience Corp.(a)		5,400		134,136
Vir Biotechnology Inc.(a)(b)		10,476		278,976
Voyager Therapeutics Inc.(a)(b)		6,768		74,651
ZIOPHARM Oncology Inc.(a)(b)		51,084		201,271
				16,038,870
Total Common Stocks — 99.9% (Cost: $25,939,100)				25,104,347
Short-Term Investments
Money Market Funds — 4.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.78%(c)(d)(e)		1,050,893		1,051,524
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.50%(c)(d)		13,000		13,000
				1,064,524
Total Short-Term Investments — 4.2% (Cost: $1,064,353)				1,064,524
Total Investments in Securities — 104.1% (Cost: $27,003,453)				26,168,871
Other Assets, Less Liabilities — (4.1)%				(1,033,017	)
Net Assets — 100.0%			$	25,135,854

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

16 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Genomics Immunology and Healthcare ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	1,050,893		1,050,893	$	1,051,524	$	17,803	(b)	$	(106	)	$	171
BlackRock Cash Funds: Treasury, SL Agency Shares	1,572,000	(1,559,000	)	13,000		13,000		191			—			—
					$	1,064,524	$	17,994		$	(106	)	$	171

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	25,104,347	$	—	$	—	$	25,104,347
Money Market Funds		1,064,524		—		—		1,064,524
	$	26,168,871	$	—	$	—	$	26,168,871

See notes to financial statements.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Robotics and Artificial Intelligence Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.0%
Megaport Ltd.(a)		106,176	$	791,115
Canada — 1.9%
ATS Automation Tooling Systems Inc.(a)		46,690		717,710
Novanta Inc.(a)		7,924		718,945
				1,436,655
China — 15.9%
Alibaba Group Holding Ltd.(a)		28,000		722,636
Baidu Inc., ADR(a)		6,048		747,291
China Telecom Corp. Ltd., Class H		1,820,000		712,540
DouYu International Holdings Ltd., ADR, NVS(a)(b)		97,398		787,950
HUYA Inc., ADR(a)(b)		37,520		670,858
iQIYI Inc., ADR(a)(b)		34,580		769,059
JOYY Inc.(a)(b)		11,910		720,912
Kingsoft Corp. Ltd.(a)		294,000		903,025
Lenovo Group Ltd.		1,092,000		721,447
Momo Inc., ADR		18,802		575,341
Ping An Healthcare and Technology Co. Ltd.(a)(c)		99,400		858,320
SINA Corp.(a)		19,474		754,423
Tencent Holdings Ltd.		16,800		807,016
Tencent Music Entertainment Group, ADR(a)		56,308		714,549
Weibo Corp., ADR(a)		15,876		676,635
Xiaomi Corp., Class B(a)(c)		588,000		872,356
				12,014,358
France — 3.9%
Atos SE		8,386		698,303
Dassault Systemes SE		4,354		756,094
STMicroelectronics NV		27,664		775,322
Vivendi SA		25,508		699,915
				2,929,634
Germany — 2.7%
Duerr AG		23,170		696,360
Isra Vision AG		15,358		577,650
Nemetschek SE		11,424		779,228
				2,053,238
Israel — 0.9%
Stratasys Ltd.(a)		36,848		662,527
Japan — 10.1%
Anritsu Corp.		37,800		749,478
FANUC Corp.		3,500		656,179
Gree Inc.		145,600		621,975
Harmonic Drive Systems Inc.		15,600		718,218
Kawasaki Heavy Industries Ltd.		30,800		624,326
LINE Corp.(a)(b)		14,700		726,964
MINEBEA MITSUMI Inc.		35,000		705,910
Money Forward Inc.(a)		16,800		792,065
Nidec Corp.		4,600		595,876
Oracle Corp. Japan		7,400		651,345
Sony Corp.		11,200		797,542
				7,639,878
Netherlands — 1.0%
Yandex NV, Class A(a)		17,318		776,020
Russia — 1.1%
Mail.Ru Group Ltd., GDR(a)(d)		32,964		775,973
Mail.Ru Group Ltd., New, GDR(a)(d)		2,288		53,859
				829,832

Security	Shares		Value
South Korea — 3.8%
LG Electronics Inc.		11,830	$	654,107
NAVER Corp.		4,788		721,102
Samsung Electronics Co. Ltd.		16,576		784,399
Samsung SDS Co. Ltd.		4,312		701,874
				2,861,482
Sweden — 0.9%
Spotify Technology SA(a)		4,928		696,326
Switzerland — 1.0%
Comet Holding AG, Registered		5,670		725,469
Taiwan — 2.8%
Global Unichip Corp.		86,000		678,970
HTC Corp.		602,000		682,528
Parade Technologies Ltd.		35,000		738,025
				2,099,523
United Kingdom — 1.8%
AVEVA Group PLC		11,704		758,760
Fiat Chrysler Automobiles NV		47,796		621,415
				1,380,175
United States — 51.0%
3D Systems Corp.(a)(b)		82,124		894,330
Adobe Inc.(a)		2,282		801,302
Advanced Micro Devices Inc.(a)		17,696		831,712
Alphabet Inc., Class A(a)(b)		532		762,239
Altair Engineering Inc., Class A(a)		21,910		809,575
Alteryx Inc., Class A(a)(b)		6,496		905,997
Altra Industrial Motion Corp.		20,720		689,147
Amazon.com Inc.(a)		406		815,540
Ambarella Inc.(a)(b)		13,062		772,487
AMETEK Inc.		7,112		690,931
Analog Devices Inc.		6,020		660,695
ANSYS Inc.(a)(b)		2,730		748,921
Apple Inc.		2,590		801,631
Autodesk Inc.(a)		3,906		768,896
CEVA Inc.(a)(b)		26,572		726,744
Cloudera Inc.(a)		64,442		663,108
Cognex Corp.(b)		13,664		696,454
Cypress Semiconductor Corp.		29,946		698,640
Dropbox Inc., Class A(a)		38,430		654,079
Elastic NV(a)		10,976		712,123
Facebook Inc., Class A(a)		3,486		703,858
FARO Technologies Inc.(a)		13,734		709,498
GoDaddy Inc., Class A(a)		10,388		698,177
HubSpot Inc.(a)		4,620		835,943
Intel Corp.		12,334		788,513
International Business Machines Corp.		5,250		754,583
Intuitive Surgical Inc.(a)		1,204		673,975
iRobot Corp.(a)(b)		15,456		727,205
Lattice Semiconductor Corp.(a)		36,750		683,550
MaxLinear Inc.(a)		35,056		683,241
Microchip Technology Inc.		7,084		690,548
Microsoft Corp.		4,564		776,930
MicroStrategy Inc., Class A(a)		4,620		702,379
MongoDB Inc.(a)(b)		5,362		878,885
Moog Inc., Class A		7,798		698,779
MTS Systems Corp.		14,854		752,949
Netflix Inc.(a)		2,282		787,495
NVIDIA Corp.		3,304		781,165
Pinterest Inc., Class A(a)(b)		37,352		822,865

18 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Robotics and Artificial Intelligence Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Proto Labs Inc.(a)(b)		7,294	$	754,929
PTC Inc.(a)		9,254		769,192
QUALCOMM Inc.		8,358		713,021
Regal Beloit Corp.		8,386		657,966
salesforce.com Inc.(a)		4,424		806,539
Silicon Laboratories Inc.(a)		6,356		624,858
Snap Inc., Class A, NVS(a)		47,586		874,631
Splunk Inc.(a)		4,746		736,864
Talend SA, ADR(a)(b)		18,480		681,912
Teradata Corp.(a)(b)		26,670		649,148
Texas Instruments Inc.		5,712		689,153
Twitter Inc.(a)(b)		23,212		753,926
Xilinx Inc.		7,630		644,582
				38,611,810
Total Common Stocks — 99.8% (Cost: $69,154,820)				75,508,042
Short-Term Investments
Money Market Funds — 9.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(e)(f)(g)		7,427,307		7,431,763
Total Short-Term Investments — 9.8% (Cost: $7,430,167)				7,431,763
Total Investments in Securities — 109.6% (Cost: $76,584,987)				82,939,805
Other Assets, Less Liabilities — (9.6)%				(7,246,503	)
Net Assets — 100.0%			$	75,693,302

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period-end.

^(g)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	3,473,998	3,953,309		7,427,307	$	7,431,763	$	19,547	(b)	$	(354	)	$	786
BlackRock Cash Funds: Treasury, SL Agency Shares	62,000	(62,000	)	—		—		975			—			—
					$	7,431,763	$	20,522		$	(354	)	$	786

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

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 the Notes to Financial Statements.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Robotics and Artificial Intelligence Multisector ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	75,508,042	$	—	$	—	$	75,508,042
Money Market Funds		7,431,763		—		—		7,431,763
	$	82,939,805	$	—	$	—	$	82,939,805

See notes to financial statements.

20 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Self-Driving EV and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.1%
GUD Holdings Ltd.		2,552	$	20,535
Belgium — 1.1%
Solvay SA		1,507		156,217
Umicore SA		3,938		181,416
				337,633
Canada — 1.2%
Linamar Corp.		935		30,824
Magna International Inc.		5,973		302,997
Martinrea International Inc.		1,650		16,094
				349,915
China — 0.5%
BYD Co. Ltd., Class H		18,000		95,275
NIO Inc., ADR(a)		15,257		57,671
				152,946
France — 4.4%
Cie. Plastic Omnium SA		1,144		28,779
Faurecia SE		1,496		71,570
Schneider Electric SE		10,758		1,079,181
Valeo SA		4,389		130,936
				1,310,466
Germany — 11.1%
Bayerische Motoren Werke AG		6,699		477,650
Continental AG		2,255		257,246
Daimler AG, Registered		18,139		840,349
Hella GmbH & Co. KGaA		957		45,158
Infineon Technologies AG		25,421		551,486
Siemens AG, Registered		8,921		1,103,701
Stabilus SA		495		30,215
				3,305,805
Hong Kong — 0.0%
Johnson Electric Holdings Ltd.		6,000		13,368
Japan — 11.9%
Aisin Seiki Co. Ltd.		2,500		85,228
Alps Alpine Co. Ltd.		4,400		81,273
Denso Corp.		8,800		368,774
FCC Co. Ltd.		1,100		22,795
Futaba Industrial Co. Ltd.		1,100		6,790
GS Yuasa Corp.		1,200		24,203
Harmonic Drive Systems Inc.		1,100		50,643
Honda Motor Co. Ltd.		28,600		747,028
Keihin Corp.		1,200		28,576
Koito Manufacturing Co. Ltd.		1,300		57,752
Musashi Seimitsu Industry Co. Ltd.		1,200		14,371
NGK Spark Plug Co. Ltd.		3,300		59,280
Nissan Motor Co. Ltd.		46,200		255,542
Panasonic Corp.		42,900		436,184
Stanley Electric Co. Ltd.		2,200		57,971
Tokai Rika Co. Ltd.		1,200		20,981
Toyoda Gosei Co. Ltd.		1,200		27,912
Toyota Boshoku Corp.		1,200		17,737
Toyota Motor Corp.		16,000		1,129,603
TS Tech Co. Ltd.		1,200		33,990
				3,526,633
Netherlands — 3.4%
NXP Semiconductors NV		5,709		724,244

Security	Shares		Value
Netherlands (continued)
TomTom NV		1,441	$	15,686
Yandex NV, Class A(a)		5,731		256,806
				996,736
South Korea — 8.6%
Hanon Systems		4,092		36,050
Hyundai Mobis Co. Ltd		1,309		252,058
Hyundai Motor Co.		2,893		303,415
Hyundai Wia Corp.		330		11,864
Iljin Materials Co. Ltd.(a)		444		17,882
LG Chem Ltd.		946		267,882
Samsung Electro-Mechanics Co. Ltd.		1,133		118,828
Samsung Electronics Co. Ltd.		27,214		1,287,804
Samsung SDI Co. Ltd.		1,056		244,541
				2,540,324
Spain — 0.1%
Cie. Automotive SA		1,386		30,427
Sweden — 1.7%
Volvo AB, Class B		29,909		512,931
Switzerland — 3.1%
ABB Ltd., Registered		39,028		910,903
Autoneum Holding AG		72		8,316
				919,219
Taiwan — 0.1%
Himax Technologies Inc., ADR(a)		3,795		15,180
International CSRC Investment Holdings Co.		25,430		25,675
				40,855
United Kingdom — 1.5%
Aptiv PLC		5,192		440,230
United States — 48.4%
Adient PLC(a)		1,892		48,643
Albemarle Corp.		2,178		174,850
Alphabet Inc., Class A(a)		859		1,230,758
Ambarella Inc.(a)		627		37,081
Analog Devices Inc.		7,502		823,344
Apple Inc.		4,224		1,307,370
Autoliv Inc.		1,793		137,398
BorgWarner Inc.		4,191		143,709
Cooper-Standard Holdings Inc.(a)		308		8,168
CTS Corp.		649		19,022
Cypress Semiconductor Corp.		7,535		175,792
Dana Inc.		2,871		44,242
Ford Motor Co.		79,695		702,910
Garmin Ltd.		2,860		277,277
Garrett Motion Inc.(a)		1,441		12,133
General Motors Co.		27,203		908,308
Gentex Corp.		5,302		157,841
Gentherm Inc.(a)		715		32,969
II-VI Inc.(a)		1,771		59,594
Intel Corp.		20,207		1,291,834
Johnson Controls International PLC		15,785		622,718
Lear Corp.		1,232		151,758
Livent Corp.(a)(b)		3,212		30,225
Lydall Inc.(a)		286		5,846
Marvell Technology Group Ltd.		13,519		324,997
Maxim Integrated Products Inc.		5,533		332,644
Methode Electronics Inc.		693		22,696
Motorcar Parts of America Inc.(a)		385		7,646

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Self-Driving EV and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
NVIDIA Corp.		5,401	$	1,276,958
ON Semiconductor Corp.(a)		8,162		188,950
Qorvo Inc.(a)		2,343		248,030
QUALCOMM Inc.		13,706		1,169,259
Standard Motor Products Inc.		440		21,375
Stoneridge Inc.(a)		550		15,323
Tenneco Inc., Class A		1,133		10,730
Tesla Inc.(a)(b)		2,739		1,781,911
Veoneer Inc.(a)		2,255		29,383
Vishay Intertechnology Inc.		2,662		54,012
Vishay Precision Group Inc.(a)		231		7,979
Visteon Corp.(a)		561		44,773
Xilinx Inc.		5,126		433,044
				14,373,500
Total Common Stocks — 97.2% (Cost: $26,638,826)				28,871,523
Preferred Stocks
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		2,365		65,864
Germany — 2.4%
Schaeffler AG, Preference Shares, NVS		3,388		33,971
Volkswagen AG, Preference Shares, NVS		3,762		676,970
				710,941
Total Preferred Stocks — 2.6% (Cost: $763,084)				776,805

Security	Shares		Value
Short-Term Investments
Money Market Funds — 6.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(c)(d)(e)		1,816,083	$	1,817,173
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(c)(d)		4,000		4,000
				1,821,173
Total Short-Term Investments — 6.1% (Cost: $1,821,008)				1,821,173
Total Investments in Securities — 105.9% (Cost: $29,222,918)				31,469,501
Other Assets, Less Liabilities — (5.9)%				(1,749,226	)
Net Assets — 100.0%			$	29,720,275

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	1,816,083		1,816,083	$	1,817,173	$	4,170	(b)	$	(83	)	$	165
BlackRock Cash Funds: Treasury, SL Agency Shares	24,000	(20,000	)	4,000		4,000		225			—			—
					$	1,821,173	$	4,395		$	(83	)	$	165

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

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 the Notes to Financial Statements.

22 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Self-Driving EV and Tech ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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.	$	28,871,523	$	—	$	—	$	28,871,523
Preferred Stocks		776,805		—		—		776,805
Money Market Funds		1,821,173		—		—		1,821,173
	$	31,469,501	$	—	$	—	$	31,469,501

See notes to financial statements.

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) January 31, 2020 iShares^® U.S. Tech Breakthrough Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communication Services — 11.7%
Alphabet Inc., Class A(a)		144	$	206,320
Facebook Inc., Class A(a)		951		192,017
Netflix Inc.(a)		436		150,459
Pinterest Inc., Class A(a)		312		6,873
Snap Inc., Class A, NVS(a)		792		14,557
Twitter Inc.(a)		760		24,685
				594,911
Consumer Discretionary — 5.3%
Amazon.com Inc.(a)		109		218,950
eBay Inc.		1,192		40,004
Etsy Inc.(a)		180		8,786
Groupon Inc.(a)		720		2,074
iRobot Corp.(a)		28		1,317
				271,131
Financials — 0.3%
Blucora Inc.(a)		24		541
Enova International Inc.(a)		20		501
Green Dot Corp., Class A(a)		24		722
LendingClub Corp.(a)		44		516
MarketAxess Holdings Inc.		20		7,084
Meta Financial Group Inc.		20		744
OneMain Holdings Inc.		48		2,034
Tradeweb Markets Inc., Class A		36		1,662
Virtu Financial Inc., Class A		40		668
World Acceptance Corp.(a)		4		346
				14,818
Health Care — 9.9%
Adverum Biotechnologies Inc.(a)		144		1,421
Allogene Therapeutics Inc.(a)		132		2,867
Bluebird Bio Inc.(a)		152		12,113
Bridgebio Pharma Inc.(a)		192		6,622
Constellation Pharmaceuticals Inc.(a)		40		1,322
Editas Medicine Inc.(a)		136		3,594
Exelixis Inc.(a)		812		13,966
Fate Therapeutics Inc.(a)		200		5,072
FibroGen Inc.(a)		212		8,872
Gilead Sciences Inc.		2,845		179,804
Intellia Therapeutics Inc.(a)		104		1,239
Intuitive Surgical Inc.(a)		117		65,494
Invitae Corp.(a)		260		4,849
Iovance Biotherapeutics Inc.(a)		320		6,957
Karyopharm Therapeutics Inc.(a)		152		2,455
Kura Oncology Inc.(a)		108		1,268
Ligand Pharmaceuticals Inc.(a)		48		4,215
Mirati Therapeutics Inc.(a)		108		9,378
Moderna Inc.(a)		536		10,993
NanoString Technologies Inc.(a)		100		2,717
Precision BioSciences Inc.(a)		88		712
Regeneron Pharmaceuticals Inc.(a)		228		77,050
Sangamo Therapeutics Inc.(a)		320		2,346
Sarepta Therapeutics Inc.(a)		196		22,728
Seattle Genetics Inc.(a)		468		50,727
ZIOPHARM Oncology Inc.(a)		488		1,923
				500,704
Industrials — 0.7%
Altra Industrial Motion Corp.		64		2,129
AMETEK Inc.		232		22,539

Security	Shares		Value
Industrials (continued)
Moog Inc., Class A		32	$	2,867
Proto Labs Inc.(a)		24		2,484
Regal Beloit Corp.		40		3,138
				33,157
Information Technology — 69.2%
3D Systems Corp.(a)		116		1,263
ACI Worldwide Inc.(a)		60		2,067
Adobe Inc.(a)		492		172,761
Advanced Micro Devices Inc.(a)		1,068		50,196
Akamai Technologies Inc.(a)		424		39,580
Alarm.com Holdings Inc.(a)		96		4,217
Alliance Data Systems Corp.		24		2,467
Altair Engineering Inc., Class A(a)		40		1,478
Alteryx Inc., Class A(a)		80		11,158
Analog Devices Inc.		376		41,266
ANSYS Inc.(a)		88		24,141
Appian Corp.(a)		52		2,654
Apple Inc.		706		218,514
Autodesk Inc.(a)		224		44,094
Avalara Inc.(a)		36		3,065
Black Knight Inc.(a)		76		5,086
Blackline Inc.(a)		28		1,713
Booz Allen Hamilton Holding Corp.		368		28,719
Bottomline Technologies DE Inc.(a)		24		1,286
CACI International Inc., Class A(a)		68		18,186
Cass Information Systems Inc.		8		432
CEVA Inc.(a)		24		656
Citrix Systems Inc.		348		42,185
Cloudera Inc.(a)		404		4,157
Cognex Corp.		168		8,563
CommVault Systems Inc.(a)		64		2,881
Crowdstrike Holdings Inc., Class A(a)		52		3,177
Cypress Semiconductor Corp.		376		8,772
DocuSign Inc.(a)		288		22,611
Dropbox Inc., Class A(a)		344		5,855
Ebix Inc.		12		413
Euronet Worldwide Inc.(a)		28		4,414
Everbridge Inc.(a)		92		8,339
Evo Payments Inc., Class A(a)		20		554
Fair Isaac Corp.(a)		16		6,438
FARO Technologies Inc.(a)		16		827
Fastly Inc., Class A(a)		52		1,171
Fidelity National Information Services Inc.		332		47,695
FireEye Inc.(a)		564		9,013
Fiserv Inc.(a)		308		36,532
FleetCor Technologies Inc.(a)		48		15,131
ForeScout Technologies Inc.(a)		96		2,737
Fortinet Inc.(a)		388		44,760
Global Payments Inc.		160		31,272
GoDaddy Inc., Class A(a)		268		18,012
Guidewire Software Inc.(a)		44		4,950
HP Inc.		2,276		48,524
HubSpot Inc.(a)		60		10,856
Intel Corp.		3,360		214,805
International Business Machines Corp.		1,364		196,048
Intuit Inc.		136		38,132
Jack Henry & Associates Inc.		40		5,982
Juniper Networks Inc.		892		20,462
Lattice Semiconductor Corp.(a)		136		2,530
ManTech International Corp./VA, Class A		72		5,780

24 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® U.S. Tech Breakthrough Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Information Technology (continued)
Mastercard Inc., Class A		480	$	151,651
MaxLinear Inc.(a)		64		1,247
Microchip Technology Inc.		240		23,395
Microsoft Corp.		1,260		214,490
MicroStrategy Inc., Class A(a)		12		1,824
MongoDB Inc.(a)		72		11,801
MTS Systems Corp.		20		1,014
NetApp Inc.		348		18,583
NIC Inc.		172		3,394
NortonLifeLock Inc.		1,660		47,177
Nutanix Inc., Class A(a)		260		8,442
NVIDIA Corp.		596		140,912
Okta Inc.(a)		296		37,903
Oracle Corp.		3,297		172,928
Palo Alto Networks Inc.(a)		256		60,104
PayPal Holdings Inc.(a)		604		68,790
Pegasystems Inc.		56		4,828
Perspecta Inc.		372		10,442
Progress Software Corp.		68		3,069
Proofpoint Inc.(a)		148		18,176
PTC Inc.(a)		108		8,977
Pure Storage Inc., Class A(a)		344		6,123
Q2 Holdings Inc.(a)		24		2,093
QUALCOMM Inc.		1,236		105,443
Qualys Inc.(a)		88		7,545
Rapid7 Inc.(a)		116		6,888
SailPoint Technologies Holding Inc.(a)		224		5,620
salesforce.com Inc.(a)		1,208		220,230
Science Applications International Corp.		140		12,288
ServiceNow Inc.(a)		288		97,410
Silicon Laboratories Inc.(a)		44		4,326
Splunk Inc.(a)		236		36,641
Square Inc., Class A(a)		184		13,743
SS&C Technologies Holdings Inc.		120		7,561
Switch Inc., Class A		96		1,536
Tenable Holdings Inc.(a)		104		2,834
Teradata Corp.(a)		172		4,186
Texas Instruments Inc.		952		114,859
Twilio Inc., Class A(a)		184		22,879

Security	Shares		Value
Information Technology (continued)
Unisys Corp.(a)		96	$	932
Varonis Systems Inc.(a)		80		6,693
Visa Inc., Class A		928		184,644
VMware Inc., Class A(a)		204		30,204
Western Digital Corp.		444		29,082
WEX Inc.(a)		24		5,206
Workiva Inc.(a)		20		910
Xilinx Inc.		256		21,627
Zscaler Inc.(a)		176		9,872
Zuora Inc., Class A(a)		116		1,711
				3,520,810
Real Estate — 2.7%
CoreSite Realty Corp.		56		6,577
CyrusOne Inc.		172		10,466
Digital Realty Trust Inc.		320		39,357
Equinix Inc.		132		77,844
QTS Realty Trust Inc., Class A		88		5,006
				139,250
Total Common Stocks — 99.8% (Cost: $5,030,878)				5,074,781
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.50%(b)(c)		11,000		11,000
Total Short-Term Investments — 0.2% (Cost: $11,000)				11,000
Total Investments In Securities — 100.0% (Cost: $5,041,878)				5,085,781
Other Assets, Less Liabilities — (.00)%				(74	)
Net Assets — 100.0%			$	5,085,707

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 01/08/20	(a)	Net Activity	Shares Held at 01/31/20		Value at 01/31/20		Income		Net Realized Gain (Loss)	(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		11,000	11,000	$	11,000	$	10	$	—		$	—

^(a)  The Fund commenced operations on January 08, 2020.

^(b)  Includes realized capital gain distributions from an affiliated fund, if any.

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 the Notes to Financial Statements.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® U.S. Tech Breakthrough Multisector ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	5,074,781	$	—	$	—	$	5,074,781
Money Market Funds		11,000		—		—		11,000
	$	5,085,781	$	—	$	—	$	5,085,781

See notes to financial statements.

26 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

January 31, 2020

	iShares Cybersecurity and Tech ETF		iShares Exponential Technologies ETF		iShares Genomics Immunology and Healthcare ETF		iShares Robotics and Artificial Intelligence Multisector ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	11,220,380	$	2,673,440,158	$	25,104,347	$	75,508,042
Affiliated(c)		1,839,144		110,676,929		1,064,524		7,431,763
Cash		202,568		—		90		—
Foreign currency, at value(d)		767		1,838,869		12,139		210,094
Cash pledged:
Futures contracts		—		159,000		—		—
Foreign currency collateral pledged:
Futures contracts(e)		—		72,033		—		—
Receivables:
Investments sold		—		167,419		—		—
Securities lending income — Affiliated		241		262,318		8,676		5,723
Capital shares sold		—		—		—		776,625
Dividends		7,597		1,864,753		8,075		21,455
Tax reclaims		—		1,745,368		—		1,712
Total assets		13,270,697		2,790,226,847		26,197,851		83,955,414
LIABILITIES
Bank overdraft		—		185,724		—		94,733
Collateral on securities loaned, at value		1,833,068		95,277,103		1,051,459		7,430,257
Deferred foreign capital gain tax		—		200,338		—		—
Payables:
Investments purchased		—		56		—		710,920
Variation margin on futures contracts		—		86,075		—		—
Capital shares redeemed		—		167,419		—		—
Investment advisory fees		3,837		1,089,955		10,538		26,208
Foreign taxes		—		1,650		—		(6	)
Other liabilities		201,600		—		—		—
Total liabilities		2,038,505		97,008,320		1,061,997		8,262,112
NET ASSETS	$	11,232,192	$	2,693,218,527	$	25,135,854	$	75,693,302
NET ASSETS CONSIST OF:
Paid-in capital	$	10,630,647	$	2,186,458,303	$	24,056,840	$	67,659,378
Accumulated earnings		601,545		506,760,224		1,079,014		8,033,924
NET ASSETS	$	11,232,192	$	2,693,218,527	$	25,135,854	$	75,693,302
Shares outstanding		400,000		63,250,000		900,000		2,800,000
Net asset value	$	28.08	$	42.58	$	27.93	$	27.03
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	1,754,267	$	90,503,068	$	1,042,317	$	7,066,712
(b) Investments, at cost — Unaffiliated	$	10,586,778	$	2,231,859,233	$	25,939,100	$	69,154,820
(c) Investments, at cost — Affiliated	$	1,838,971	$	107,835,872	$	1,064,353	$	7,430,167
(d) Foreign currency, at cost	$	761	$	1,859,027	$	12,023	$	210,122
(e) Foreign currency collateral pledged, at cost	$	—	$	72,071	$	—	$	—

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Assets and Liabilities  (unaudited) (continued)

January 31, 2020

	iShares Self-Driving EV and Tech ETF			iShares U.S. Tech Breakthrough Multisector ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	29,648,328		$	5,074,781
Affiliated(c)		1,821,173			11,000
Cash		176			19,950
Foreign currency, at value(d)		31,215			—
Receivables:
Investments sold		8,386			—
Securities lending income — Affiliated		1,371			—
Capital shares sold		8,360			—
Dividends		40,819			867
Tax reclaims		6,439			—
Total assets		31,566,267			5,106,598
LIABILITIES
Collateral on securities loaned, at value		1,817,091			—
Payables:
Investments purchased		8,360			—
Capital shares redeemed		8,386			—
Investment advisory fees		12,160			971
Foreign taxes		(5	)		—
Other liabilities		—			19,920
Total liabilities		1,845,992			20,891
NET ASSETS	$	29,720,275		$	5,085,707
NET ASSETS CONSIST OF:
Paid-in capital	$	27,209,356		$	5,041,790
Accumulated earnings		2,510,919			43,917
NET ASSETS	$	29,720,275		$	5,085,707
Shares outstanding		1,100,000			200,000
Net asset value	$	27.02		$	25.43
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	1,808,268		$	—
(b) Investments, at cost — Unaffiliated	$	27,401,910		$	5,030,878
(c) Investments, at cost — Affiliated	$	1,821,008		$	11,000
(d) Foreign currency, at cost	$	31,663		$	—

See notes to financial statements.

28 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended January 31, 2020

	iShares Cybersecurity and Tech ETF			iShares Exponential Technologies ETF			iShares Genomics Immunology and Healthcare ETF			iShares Robotics and Artificial Intelligence Multisector ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	17,437		$	18,605,020		$	50,483		$	169,775
Dividends — Affiliated		63			207,755			191			975
Securities lending income — Affiliated — net		938			399,507			17,803			19,547
Foreign taxes withheld		(785	)		(912,906	)		(3,542	)		(11,060	)
Other foreign taxes		—			—			—			(125	)
Total investment income		17,653			18,299,376			64,935			179,112
EXPENSES
Investment advisory fees		12,408			6,101,886			58,316			126,440
Commitment fees		—			449			—			—
Interest expense		—			2,302			—			—
Total expenses		12,408			6,104,637			58,316			126,440
Net investment income		5,245			12,194,739			6,619			52,672
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(10,339	)		(15,986,068	)		(395,737	)		(1,164,809	)
Investments — Affiliated		(85	)		(179,697	)		(106	)		(354	)
In-kind redemptions — Unaffiliated		—			183,971,508			2,307,778			3,293,809
In-kind redemptions — Affiliated		—			324,200			—			—
Futures contracts		—			612,523			—			—
Foreign currency transactions		(128	)		16,653			155			(467	)
Net realized gain (loss)		(10,552	)		168,759,119			1,912,090			2,128,179
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		392,998			77,909,499			(1,294,255	)		2,563,027
Investments — Affiliated		173			1,522,288			171			786
Futures contracts		—			(78,496	)		—			—
Foreign currency translations		83			34,531			(6	)		82
Net change in unrealized appreciation (depreciation)		393,254			79,387,822			(1,294,090	)		2,563,895
Net realized and unrealized gain		382,702			248,146,941			618,000			4,692,074
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	387,947		$	260,341,680		$	624,619		$	4,744,746
(a) Net of deferred foreign capital gain tax of	$	—		$	(26,023	)	$	—		$	—
(b) Net of foreign capital gain tax of	$	—		$	17,919		$	—		$	—

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Operations  (unaudited) (continued)

Six Months Ended January 31, 2020

	iShares Self-Driving EV and Tech ETF			iShares U.S. Tech Breakthrough Multisector ETF (a)
INVESTMENT INCOME
Dividends — Unaffiliated	$	250,607		$	981
Dividends — Affiliated		225			10
Securities lending income — Affiliated — net		4,170			—
Other income — Affiliated		5,036			—
Foreign taxes withheld		(14,063	)		—
Other foreign taxes		(91	)		—
Total investment income		245,884			991
EXPENSES
Investment advisory fees		66,148			1,294
Total expenses		66,148			1,294
Less:
Investment advisory fees waived		—			(323	)
Total expenses after fees waived		66,148			971
Net investment income		179,736			20
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(141,798	)		(6	)
Investments — Affiliated		(83	)		—
In-kind redemptions — Unaffiliated		438,411			—
Foreign currency transactions		(263	)		—
Net realized gain (loss)		296,267			(6	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		2,953,063			43,903
Investments — Affiliated		165			—
Foreign currency translations		(835	)		—
Net change in unrealized appreciation (depreciation)		2,952,393			43,903
Net realized and unrealized gain		3,248,660			43,897
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,428,396		$	43,917

^(a)  For the period from January 08, 2020 (commencement of operations) to January 31, 2020.

See notes to financial statements.

30 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Cybersecurity and Tech ETF					iShares Exponential Technologies ETF
	Six Months Ended 01/31/20 (unaudited)			Period From 06/11/19 (a) to 07/31/19		Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,245		$	321	$	12,194,739		$	34,674,519
Net realized gain (loss)		(10,552	)		4,974		168,759,119			32,334,560
Net change in unrealized appreciation (depreciation)		393,254			240,597		79,387,822			27,416,253
Net increase in net assets resulting from operations		387,947			245,892		260,341,680			94,425,332
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(32,294	)		—		(19,476,849	)		(34,910,592	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		6,889,235			3,741,412		(110,464,924	)		156,420,290
NET ASSETS
Total increase in net assets		7,244,888			3,987,304		130,399,907			215,935,030
Beginning of period		3,987,304			—		2,562,818,620			2,346,883,590
End of period	$	11,232,192		$	3,987,304	$	2,693,218,527		$	2,562,818,620

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Changes in Net Assets  (continued)

	iShares Genomics Immunology and Healthcare ETF						iShares Robotics and Artificial Intelligence Multisector ETF
	Six Months Ended 01/31/20 (unaudited)			Period From 06/11/19 (a) to 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	6,619		$	(3,313	)	$	52,672		$	229,231
Net realized gain (loss)		1,912,090			214,181			2,128,179			(365,872	)
Net change in unrealized appreciation (depreciation)		(1,294,090	)		459,712			2,563,895			3,869,589
Net increase in net assets resulting from operations		624,619			670,580			4,744,746			3,732,948
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(216,185	)		—			(154,328	)		(220,617	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(123,445	)		24,180,285			26,124,753			32,012,112
NET ASSETS
Total increase in net assets		284,989			24,850,865			30,715,171			35,524,443
Beginning of period		24,850,865			—			44,978,131			9,453,688
End of period	$	25,135,854		$	24,850,865		$	75,693,302		$	44,978,131

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

32 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Self-Driving EV and Tech ETF						iShares U.S. Tech Breakthrough Multisector ETF
	Six Months Ended 01/31/20 (unaudited)			Period From 04/16/19 (a) to 07/31/19			Period From 01/08/20 (a) 01/31/20 (unaudited)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	179,736		$	59,598		$	20
Net realized gain (loss)		296,267			(26,600	)		(6	)
Net change in unrealized appreciation (depreciation)		2,952,393			(706,692	)		43,903
Net increase (decrease) in net assets resulting from operations		3,428,396			(673,694	)		43,917
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(189,323	)		(54,460	)		—
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(12,144	)		27,221,500			5,041,790
NET ASSETS
Total increase in net assets		3,226,929			26,493,346			5,085,707
Beginning of period		26,493,346			—			—
End of period	$	29,720,275		$	26,493,346		$	5,085,707

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 33

Financial Highlights

(For a share outstanding throughout each period)

	iShares Cybersecurity and Tech ETF
	Six Months Ended 01/31/20 (unaudited)			Period From 06/11/19(a) to 07/31/19
Net asset value, beginning of period	$	26.58		$	24.94
Net investment income(b)		0.03			0.00	(c)
Net realized and unrealized gain(d)		1.60			1.64
Net increase from investment operations		1.63			1.64
Distributions(e)
From net investment income		(0.04	)		—
From net realized gain		(0.09	)		—
Total distributions		(0.13	)		—
Net asset value, end of period	$	28.08		$	26.58
Total Return
Based on net asset value		6.17	%(f)		6.58	%(f)
Ratios to Average Net Assets
Total expenses		0.47	%(g)		0.47	%(g)
Net investment income		0.20	%(g)		0.06	%(g)
Supplemental Data
Net assets, end of period (000)	$	11,232		$	3,987
Portfolio turnover rate(h)		25	%(f)		8	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Rounds to less than $0.01.

^(d)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(e)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

34 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Exponential Technologies ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Period From 03/19/15(a) to 07/31/15
Net asset value, beginning of period	$	38.89		$	37.73		$	32.74		$	25.95		$	25.84		$	25.49
Net investment income(b)		0.19			0.55			0.47			0.38			0.41			0.18
Net realized and unrealized gain(c)		3.80			1.16			4.91			6.79			0.11			0.31
Net increase from investment operations		3.99			1.71			5.38			7.17			0.52			0.49
Distributions(d)
From net investment income		(0.30	)		(0.55	)		(0.39	)		(0.38	)		(0.41	)		(0.14	)
Total distributions		(0.30	)		(0.55	)		(0.39	)		(0.38	)		(0.41	)		(0.14	)
Net asset value, end of period	$	42.58		$	38.89		$	37.73		$	32.74		$	25.95		$	25.84
Total Return
Based on net asset value		10.27	%(e)		4.67	%		16.48	%		27.80	%		2.13	%		1.91	%(e)
Ratios to Average Net Assets
Total expenses		0.46	%(f)		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%(f)
Total expenses after fees waived		0.46	%(f)		0.47	%		0.47	%		0.47	%		0.36	%		0.30	%(f)
Net investment income		0.93	%(f)		1.47	%		1.30	%		1.32	%		1.71	%		1.90	%(f)
Supplemental Data
Net assets, end of period (000)	$	2,693,219		$	2,562,819		$	2,346,884		$	1,147,540		$	764,335		$	689,925
Portfolio turnover rate(g)		18	%(e)		21	%		19	%		23	%		28	%		1	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Genomics Immunology and Healthcare ETF
	Six Months Ended 01/31/20 (unaudited)			Period From 06/11/19(a) to 07/31/19
Net asset value, beginning of period	$	27.61		$	24.46
Net investment income (loss)(b)		0.01			(0.01	)
Net realized and unrealized gain(c)		0.55			3.16
Net increase from investment operations		0.56			3.15
Distributions(d)
From net investment income		(0.00	)(e)		—
From net realized gain		(0.24	)		—
Total distributions		(0.24	)		—
Net asset value, end of period	$	27.93		$	27.61
Total Return
Based on net asset value		1.97	%(f)		12.88	%(f)
Ratios to Average Net Assets
Total expenses		0.47	%(g)		0.47	%(g)
Net investment income (loss)		0.05	%(g)		(0.35	)%(g)
Supplemental Data
Net assets, end of period (000)	$	25,136		$	24,851
Portfolio turnover rate(h)		42	%(f)		19	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Rounds to less than $0.01.

^(f)  Not annualized.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

36 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Robotics and Artificial Intelligence Multisector ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Period From 06/26/18(a) to 07/31/18
Net asset value, beginning of period	$	24.99		$	23.63		$	23.80
Net investment income(b)		0.03			0.24			0.03
Net realized and unrealized gain (loss)(c)		2.08			1.30			(0.20	)
Net increase (decrease) from investment operations		2.11			1.54			(0.17	)
Distributions(d)
From net investment income		(0.07	)		(0.18	)		—
Total distributions		(0.07	)		(0.18	)		—
Net asset value, end of period	$	27.03		$	24.99		$	23.63
Total Return
Based on net asset value		8.45	%(e)		6.60	%		(0.71	)%(e)
Ratios to Average Net Assets
Total expenses		0.47	%(f)		0.47	%		0.47	%(f)
Net investment income		0.20	%(f)		1.02	%		1.16	%(f)
Supplemental Data
Net assets, end of period (000)	$	75,693		$	44,978		$	9,454
Portfolio turnover rate(g)		29	%(e)		35	%		0	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 37

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Self-Driving EV and Tech ETF
	Six Months Ended 01/31/20 (unaudited)			Period From 04/16/19(a) to 07/31/19
Net asset value, beginning of period	$	24.08		$	25.39
Net investment income(b)		0.16			0.17
Net realized and unrealized gain (loss)(c)		2.95			(1.30	)
Net increase (decrease) from investment operations		3.11			(1.13	)
Distributions(d)
From net investment income		(0.17	)		(0.18	)
Total distributions		(0.17	)		(0.18	)
Net asset value, end of period	$	27.02		$	24.08
Total Return
Based on net asset value		12.92	%(e)(f)		(4.40	)%(e)
Ratios to Average Net Assets
Total expenses		0.47	%(g)		0.47	%(g)
Net investment income		1.28	%(g)		2.43	%(g)
Supplemental Data
Net assets, end of period (000)	$	29,720		$	26,493
Portfolio turnover rate(h)		14	%(e)		2	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 12.88%.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

38 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares U.S. Tech Breakthrough Multisector ETF
	Period From 01/08/20(a) to 01/31/20 (unaudited)
Net asset value, beginning of period	$	25.21
Net investment income(b)		0.00	(c)
Net realized and unrealized gain(d)		0.22
Net increase from investment operations		0.22
Net asset value, end of period	$	25.43
Total Return
Based on net asset value		0.87	%(e)
Ratios to Average Net Assets
Total expenses		0.40	%(f)
Total expenses after fees waived		0.30	%(f)
Net investment income		0.01	%(f)
Supplemental Data
Net assets, end of period (000)	$	5,086
Portfolio turnover rate(g)		0	%(e)(h)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Rounds to less than $0.01.

^(d)  The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

^(h)  Rounds to less than 1%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 39

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
Cybersecurity and Tech	Non-diversified
Exponential Technologies	Diversified
Genomics Immunology and Healthcare	Non-diversified
Robotics and Artificial Intelligence Multisector	Diversified
Self-Driving EV and Tech	Non-diversified
U.S. Tech Breakthrough Multisector(a)	Non-diversified

^(a) The Fund commenced operations on January 8, 2020.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign CurrencyTranslation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2020, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

40 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of January 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements  (unaudited) (continued)

received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of January 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of January 31, 2020:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Cybersecurity and Tech
BofA Securities, Inc.	$	574,472	$	574,472		$	—	$	—
Citigroup Global Markets Inc.		192,882		192,882			—		—
Goldman Sachs & Co.		280,097		280,097			—		—
JPMorgan Securities LLC		523,166		523,166			—		—
Scotia Capital (USA) Inc.		83,082		83,082			—		—
UBS AG		100,568		100,568			—		—
	$	1,754,267	$	1,754,267		$	—	$	—
Exponential Technologies
BNP Paribas Prime Brokerage International Ltd.	$	9,022,044	$	9,022,044		$	—	$	—
BNP Paribas Securities Corp.		317,765		317,765			—		—
BofA Securities, Inc.		17,225,842		17,225,842			—		—
Citigroup Global Markets Inc.		3,481,597		3,481,597			—		—
HSBC Bank PLC		10,165		10,165			—		—
JPMorgan Securities LLC		7,029,057		7,029,057			—		—
Morgan Stanley & Co. LLC		12,517,974		12,517,974			—		—
Nomura Securities International Inc.		5,309,000		5,309,000			—		—
SG Americas Securities LLC		13,714,975		13,714,975			—		—
TD Prime Services LLC		6,448,901		6,448,901			—		—
UBS AG		569,088		569,088			—		—
Wells Fargo Bank, National Association		14,856,660		14,856,660			—		—
	$	90,503,068	$	90,503,068		$	—	$	—
Genomics Immunology and Healthcare
Barclays Capital Inc.	$	250,136	$	227,780		$	—	$	(22,356	)(b)
Citigroup Global Markets Inc.		340,352		340,352			—		—
Credit Suisse Securities (USA) LLC		248,380		248,380			—		—
Jefferies LLC		195,480		195,480			—		—
Scotia Capital (USA) Inc.		7,969		7,969			—		—
	$	1,042,317	$	1,019,961		$	—	$	(22,356	)
Robotics and Artificial Intelligence Multisector
Barclays Capital Inc.	$	35,758	$	35,758		$	—	$	—
BNP Paribas Securities Corp.		6,496		6,496			—		—
BofA Securities, Inc.		317,973		317,973			—		—
Citigroup Global Markets Inc.		534,775		534,775			—		—
Credit Suisse AG Dublin Branch		1,724,021		1,724,021			—		—
Goldman Sachs & Co.		658,527		658,527			—		—
JPMorgan Securities LLC		3,129,029		3,129,029			—		—
RBC Capital Markets LLC		66,261		66,261			—		—
Scotia Capital (USA) Inc.		571,445		571,445			—		—
UBS AG		22,427		22,427			—		—
	$	7,066,712	$	7,066,712		$	—	$	—

42 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Self-Driving EV and Tech
Citigroup Global Markets Inc.	$	26,357	$	26,357		$	—	$	—
TD Prime Services LLC		1,781,911		1,781,911			—		—
	$	1,808,268	$	1,808,268		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Cybersecurity and Tech		0.47	%
Genomics Immunology and Healthcare		0.47
Robotics and Artificial Intelligence Multisector		0.47
Self-Driving EV and Tech		0.47

For its investment advisory services to the iShares Exponential Technologies ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Net Assets	Investment Advisory Fee
First $2 billion		0.4700	%
Over $2 billion, up to and including $3 billion		0.4465
Over $3 billion		0.4242

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements  (unaudited) (continued)

For its investment advisory services to the iShares U.S. Tech Breakthrough Multisector ETF, BFA is entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For the six months ended January 31, 2020, BFA voluntarily waived its investment advisory fee for the iShares U.S. Tech Breakthrough Multisector ETF in the amount of $323.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended January 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Cybersecurity and Tech	$	403
Exponential Technologies		102,222
Genomics Immunology and Healthcare		6,457
Robotics and Artificial Intelligence Multisector		5,241
Self-Driving EV and Tech		960

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Cybersecurity and Tech	$	338,225	$	80,598	$	1,920

During the six months ended January 31, 2020, iShares Self-Driving EV and Tech ETF received a reimbursement of $5,036 from an affiliate, which is included in payment by affiliate in the statement of operations, related to an operating event.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

44 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Cybersecurity and Tech	$	1,506,100	$	1,372,001
Exponential Technologies		863,620,967		479,914,412
Genomics Immunology and Healthcare		10,170,904		10,511,780
Robotics and Artificial Intelligence Multisector		18,815,724		16,090,760
Self-Driving EV and Tech		4,201,527		4,029,087
U.S. Tech Breakthrough Multisector		6,065		6,000

For the six months ended January 31, 2020, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Cybersecurity and Tech	$	6,720,745	$	—
Exponential Technologies		—		501,603,134
Genomics Immunology and Healthcare		8,881,345		8,875,747
Robotics and Artificial Intelligence Multisector		33,804,245		10,564,541
Self-Driving EV and Tech		2,479,816		2,711,751
U.S. Tech Breakthrough Multisector		5,030,820		—

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Exponential Technologies	$	67,441,830
Robotics and Artificial Intelligence Multisector		64,947
Self-Driving EV and Tech		18,098

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Cybersecurity and Tech	$	12,427,160	$	818,537	$	(186,173	)	$	632,364
Exponential Technologies		2,379,034,535		520,814,737		(115,810,681	)		405,004,056
Genomics Immunology and Healthcare		27,005,941		1,762,247		(2,599,317	)		(837,070	)
Robotics and Artificial Intelligence Multisector		76,952,531		7,779,462		(1,792,188	)		5,987,274
Self-Driving EV and Tech		29,233,238		3,413,452		(1,177,189	)		2,236,263
U.S. Tech Breakthrough Multisector		5,041,878		145,235		(101,332	)		43,903

9. LINE OF CREDIT

The iShares Exponential Technologies ETF, along with certain other iShares funds, is a party to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements  (unaudited) (continued)

on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended January 31, 2020, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
Exponential Technologies	$	4,950,000	$	161,413		2.79	%

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

46 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 01/31/20						Period Ended 07/31/19
iShares ETF	Shares			Amount			Shares			Amount
Cybersecurity and Tech
Shares sold		250,000		$	6,889,235			150,000		$	3,741,412
Exponential Technologies
Shares sold		9,500,000		$	402,863,162			16,450,000		$	579,794,168
Shares redeemed		(12,150,000	)		(513,328,086	)		(12,750,000	)		(423,373,878	)
Net increase(decrease)		(2,650,000	)	$	(110,464,924	)		3,700,000		$	156,420,290
Genomics Immunology and Healthcare
Shares sold		300,000		$	8,926,510			900,000		$	24,180,285
Shares redeemed		(300,000	)		(9,049,955	)		—			—
Net increase(decrease)		—		$	(123,445	)		900,000		$	24,180,285
Robotics and Artificial Intelligence Multisector
Shares sold		1,400,000		$	36,830,639			1,400,000		$	32,012,112
Shares redeemed		(400,000	)		(10,705,886	)		—			—
Net increase		1,000,000		$	26,124,753			1,400,000		$	32,012,112
Self-Driving EV and Tech
Shares sold		100,000		$	2,722,925			1,100,000		$	27,221,500
Shares redeemed		(100,000	)		(2,735,069	)		—			—
Net increase(decrease)		—		$	(12,144	)		1,100,000		$	27,221,500
							Period Ended 01/31/20
iShares ETF							Shares			Amount
U.S. Tech Breakthrough Multisector
Shares sold								200,000		$	5,041,790

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

12. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

13. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements  (unaudited) (continued)

At a meeting held on December 3, 2019, the Board approved the addition of the iShares Cybersecurity and Tech ETF and iShares Genomics Immunology and Healthcare ETF as parties to the line of credit. This change to the credit agreement is effective on February 5, 2020.

48 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

I. iShares U.S. Tech Breakthrough Multisector ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940Act) (the “Independent Trustees”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on December 1-3, 2019, the Board, including the Independent Trustees, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business, including during the past year, to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates

BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT 49

Board Review and Approval of Investment Advisory Contract  (continued)

do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded ETF, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Trustees, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

50 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares U.S. Tech Breakthrough Multisector ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM 51

Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Cybersecurity and Tech(a)	$	0.013854	$	0.092280	$	0.026882	$	0.133016		11	%		69	%		20	%		100	%
Exponential Technologies(a)		0.279625		—		0.024226		0.303851		92			—			8			100
Robotics and Artificial Intelligence Multisector(a)		0.063003		—		0.007146		0.070149		90			—			10			100
Self-Driving EV and Tech(a)		0.135270		—		0.036842		0.172112		79			—			21			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

52 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

GENERAL INFORMATION 53

Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVS	Non-Voting Shares
SDR	Swedish Depositary Receipt

54 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC or Morningstar Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

^©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-701-0120

JANUARY 31, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI ACWI ETF  |  ACWI  |  NASDAQ

· iShares MSCI ACWI Low Carbon Target ETF  |  CRBN  |  NYSE Arca

· iShares MSCI All Country Asia ex Japan ETF  |  AAXJ  |  NASDAQ

· iShares MSCI Europe Financials ETF  |  EUFN  |  NASDAQ

· iShares MSCI Europe Small-Cap ETF  |  IEUS  |  NASDAQ

· iShares MSCI Kokusai ETF  |  TOK  |  NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents

	Page
Fund Summary		3
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		87
Statements of Operations		89
Statements of Changes in Net Assets		91
Financial Highlights		94
Notes to Financial Statements		100
Statement Regarding Liquidity Risk Management Program		111
Supplemental Information		112
General Information		113
Glossary of Terms Used in this Report		114

Fund Summary  as of January 31, 2020 iShares^® MSCI ACWI ETF

Investment Objective

The iShares MSCI ACWI ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.39	%		16.02	%		8.70	%		9.25	%		16.02	%		51.76	%		142.20	%
Fund Market		7.28			15.58			8.68			9.30			15.58			51.59			143.30
Index		7.40			16.04			8.51			9.15			16.04			50.42			139.98

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 9 for more information.

Expense Example    

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,073.90	$	1.62		$	1,000.00	$	1,023.60	$	1.58		0.31	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	17.7	%
Financials	16.0
Health Care	11.7
Consumer Discretionary	10.7
Industrials	10.3
Communication Services	8.8
Consumer Staples	8.0
Energy	4.6
Materials	4.5
Utilities	3.5
Real Estate	3.2
Exchanged-Traded Funds	1.0

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	55.9	%
Japan	7.2
United Kingdom	4.7
China	4.0
France	3.2
Canada	3.0
Switzerland	2.8
Germany	2.5
Australia	2.1
Taiwan	1.4

^(a) Excludes money market funds.

FUND SUMMARY 3

Fund Summary  as of January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF

Investment Objective

The iShares MSCI ACWI Low Carbon Target ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization developed and emerging market equities with a lower carbon exposure than that of the broad market, as represented by the MSCI ACWI Low Carbon Target 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.95	%		17.34	%		8.94	%		8.10	%		17.34	%		53.41	%		49.35	%
Fund Market		7.67			16.58			8.85			8.03			16.58			52.84			48.86
Index		7.92			17.15			8.60			7.78			17.15			51.08			47.05

The inception date of the Fund was 12/8/14. The first day of secondary market trading was 12/9/14.    

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,079.50	$	1.05		$	1,000.00	$	1,024.10	$	1.02		0.20	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	17.8	%
Financials	17.7
Health Care	11.7
Industrials	11.5
Consumer Discretionary	10.9
Communication Services	9.1
Consumer Staples	8.3
Materials	3.7
Real Estate	3.3
Energy	3.0
Utilities	3.0

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	55.6	%
Japan	7.2
United Kingdom	4.7
China	4.2
Canada	3.3
France	3.3
Switzerland	2.5
Germany	2.4
Australia	1.9
South Korea	1.4

^(a) Excludes money market funds.

4 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares^® MSCI All Country Asia ex Japan ETF

Investment Objective

The iShares MSCI All Country Asia ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Asian equities, excluding Japan, as represented by the MSCI AC Asia ex Japan 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.46	%(a)		4.51	%		4.36	%		4.92	%		4.51	%		23.81	%		61.67	%
Fund Market		2.92			1.81			4.24			4.83			1.81			23.08			60.32
Index		3.83			5.22			5.06			6.21			5.22			28.02			82.60

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,034.60	$	3.58		$	1,000.00	$	1,021.60	$	3.56		0.70	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	22.7	%
Information Technology	19.0
Consumer Discretionary	14.9
Communication Services	11.9
Industrials	6.6
Real Estate	5.6
Consumer Staples	5.1
Materials	4.2
Energy	3.8
Health Care	3.1
Utilities	3.1

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	39.6	%
Taiwan	13.8
South Korea	13.7
India	10.6
Hong Kong	10.1
Singapore	3.7
Thailand	2.9
Indonesia	2.3
Malaysia	2.2
Philippines	1.1

^(a) Excludes money market funds.

FUND SUMMARY 5

Fund Summary  as of January 31, 2020 iShares^® MSCI Europe Financials ETF

Investment Objective

The iShares MSCI Europe Financials ETF (the “Fund”) seeks to track the investment results of an index composed of developed market European equities in the financials sector, as represented by the MSCI Europe Financials 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		6.98	%		8.12	%		1.35	%		1.77	%		8.12	%		6.95	%		19.22	%
Fund Market		7.42			7.89			1.32			1.75			7.89			6.76			18.96
Index		7.26			8.21			1.53			1.94			8.21			7.90			21.20

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 9 for more information.

Expense Example    

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,069.80	$	2.50		$	1,000.00	$	1,022.70	$	2.44		0.48	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Banks	47.5	%
Insurance	33.0
Capital Markets	15.0
Diversified Financial Services	4.5

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	29.0	%
Switzerland	14.4
Germany	13.0
France	11.0
Spain	7.7
Italy	6.4
Sweden	5.1
Netherlands	4.7
Finland	2.8
Belgium	2.3

^(a)  Excludes money market funds.

6 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares^® MSCI Europe Small-Cap ETF

Investment Objective

The iShares MSCI Europe Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities in Europe, as represented by the MSCI Europe 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.

Performance    

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.12	%		14.39	%		8.32	%		8.28	%		14.39	%		49.14	%		121.61	%
Fund Market		12.20			14.70			8.37			8.34			14.70			49.46			122.71
Index		11.26			14.46			8.30			8.51			14.46			49.00			126.28

Index performance through August 31, 2014 reflects the performance of the FTSE Developed Small Cap ex-North America Index. Index performance beginning on September 1, 2014 reflects the performance of the MSCI Europe Small Cap Index.

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,111.20	$	2.12		$	1,000.00	$	1,023.10	$	2.03		0.40	%

^(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 9 for more information.

Portfolio Information    

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Industrials	21.7	%
Financials	14.0
Real Estate	12.8
Consumer Discretionary	11.2
Information Technology	9.2
Health Care	9.0
Materials	6.2
Communication Services	5.1
Consumer Staples	4.7
Utilities	3.2
Energy	2.9

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	32.1	%
Sweden	11.2
Germany	10.7
Switzerland	8.8
Italy	6.1
France	5.6
Netherlands	5.6
Spain	3.8
Norway	3.7
Belgium	3.3

^(a) Excludes money market funds.

FUND SUMMARY 7

Fund Summary  as of January 31, 2020 iShares^® MSCI Kokusai ETF

Investment Objective

The iShares MSCI Kokusai ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding Japan, as represented by the MSCI Kokusai 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.89	%		18.59	%		9.44	%		10.47	%		18.59	%		56.99	%		170.56	%
Fund Market		8.17			19.00			9.45			10.47			19.00			57.03			170.63
Index		7.82			18.34			9.20			10.23			18.34			55.27			164.86

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 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,078.90	$	1.31		$	1,000.00	$	1,023.90	$	1.27		0.25	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	18.6	%
Financials	15.8
Health Care	13.1
Industrials	10.1
Consumer Discretionary	9.6
Communication Services	8.5
Consumer Staples	8.4
Energy	4.8
Materials	4.1
Utilities	3.8
Real Estate	3.2

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments(a)
United States		69.0	%
United Kingdom		5.8
France		4.0
Canada		3.7
Switzerland		3.4
Germany		3.1
Australia		2.6
Netherlands		1.4
Hong Kong		1.2
Spain		1.0

^(a) Excludes money market funds.

8 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 iShares.com. 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 ask 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 your 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your 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 under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your 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.

ABOUT FUND PERFORMANCE/SHAREHOLDER EXPENSES 9

Schedule of Investments  (unaudited)  January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.0%
Banco Macro SA, ADR		8,022	$	246,035
Globant SA(a)(b)		8,120		996,324
Grupo Financiero Galicia SA, ADR		31,411		450,748
YPF SA, ADR		24,471		229,782
				1,922,889
Australia — 2.1%
AGL Energy Ltd.		104,237		1,392,140
Alumina Ltd.		1,074,152		1,567,618
AMP Ltd.		933,610		1,140,634
APA Group		306,983		2,328,425
Aristocrat Leisure Ltd.		138,453		3,355,281
ASX Ltd.		72,422		4,153,529
Aurizon Holdings Ltd.		825,270		2,988,900
AusNet Services		1,321,361		1,565,715
Australia & New Zealand Banking Group Ltd.		529,933		9,135,161
Bendigo & Adelaide Bank Ltd.		215,636		1,502,761
BHP Group Ltd.		559,542		14,758,660
BHP Group PLC		446,188		9,762,366
BlueScope Steel Ltd.		156,399		1,491,993
Boral Ltd.		383,805		1,279,552
Brambles Ltd.		391,175		3,307,444
Caltex Australia Ltd.		50,350		1,158,840
Challenger Ltd.		95,599		572,789
CIMIC Group Ltd.		12,532		245,730
Coca-Cola Amatil Ltd.		201,148		1,613,209
Cochlear Ltd.		8,930		1,441,161
Coles Group Ltd.		256,570		2,842,640
Commonwealth Bank of Australia		337,362		19,255,708
Computershare Ltd.		64,840		780,894
Crown Resorts Ltd.		27,999		219,304
CSL Ltd.		90,627		18,932,144
Dexus		241,733		2,058,454
Flight Centre Travel Group Ltd.		3,299		86,817
Fortescue Metals Group Ltd.		318,107		2,425,576
Goodman Group		276,220		2,753,391
GPT Group (The)		485,635		1,950,649
Incitec Pivot Ltd.		702,937		1,543,506
Insurance Australia Group Ltd.		399,757		1,894,730
James Hardie Industries PLC		110,387		2,349,974
Lendlease Group		134,732		1,634,357
Macquarie Group Ltd.		64,715		6,271,935
Magellan Financial Group Ltd.		26,094		1,175,114
Medibank Pvt Ltd.		912,035		1,892,741
Mirvac Group		1,275,912		2,904,141
National Australia Bank Ltd.		532,732		9,222,641
Newcrest Mining Ltd.		158,266		3,128,737
Oil Search Ltd.		184,192		892,745
Orica Ltd.		147,013		2,246,879
Origin Energy Ltd.		345,501		1,896,624
Qantas Airways Ltd.		89,536		384,214
QBE Insurance Group Ltd.		311,866		2,870,706
Ramsay Health Care Ltd.		23,539		1,248,048
REA Group Ltd.		7,440		568,299
Rio Tinto Ltd.		64,113		4,239,251
Santos Ltd.		509,608		2,964,654
Scentre Group		611,815		1,580,977
Seek Ltd.		128,001		1,944,312
Sonic Healthcare Ltd.		42,768		906,745

Security	Shares		Value
Australia (continued)
South32 Ltd.		1,063,461	$	1,879,505
Stockland		536,470		1,766,967
Suncorp Group Ltd.		361,863		3,115,324
Sydney Airport		415,840		2,335,642
Tabcorp Holdings Ltd.		269,745		846,924
Telstra Corp. Ltd.		1,044,352		2,684,702
TPG Telecom Ltd.		35,004		175,282
Transurban Group		466,424		4,902,285
Treasury Wine Estates Ltd.		181,506		1,583,264
Vicinity Centres		1,513,022		2,572,746
Washington H Soul Pattinson & Co. Ltd.		16,404		236,655
Wesfarmers Ltd.		178,774		5,410,743
Westpac Banking Corp.		651,367		10,953,764
WiseTech Global Ltd.(b)		27,849		466,647
Woodside Petroleum Ltd.		146,905		3,415,540
Woolworths Group Ltd.		198,675		5,564,843
Worley Ltd.		62,081		633,376
				218,373,024
Austria — 0.1%
ANDRITZ AG		6,703		264,149
Erste Group Bank AG		62,860		2,309,974
OMV AG		43,425		2,165,081
Raiffeisen Bank International AG		8,372		191,124
Verbund AG		8,583		453,897
voestalpine AG		59,701		1,450,242
				6,834,467
Belgium — 0.3%
Ageas		79,761		4,399,228
Anheuser-Busch InBev SA/NV		147,478		11,182,233
Colruyt SA		7,668		383,670
Galapagos NV(a)		8,630		1,932,838
Groupe Bruxelles Lambert SA		37,839		3,804,179
KBC Group NV		47,536		3,490,538
Proximus SADP		7,343		209,297
Solvay SA		2,997		310,672
Telenet Group Holding NV		2,143		99,697
UCB SA		33,306		3,066,459
Umicore SA(b)		44,556		2,052,601
				30,931,412
Brazil — 0.6%
Ambev SA		899,095		3,755,653
Atacadao SA		33,400		176,565
B2W Cia. Digital(a)		40,200		669,804
B3 SA — Brasil, Bolsa, Balcao		465,800		5,253,978
Banco Bradesco SA		68,300		501,072
Banco BTG Pactual SA		46,400		814,368
Banco do Brasil SA		190,800		2,167,304
Banco Santander Brasil SA		29,400		289,442
BB Seguridade Participacoes SA		75,400		613,681
BR Malls Participacoes SA		369,348		1,590,359
BRF SA(a)		137,572		983,519
CCR SA		368,900		1,574,618
Centrais Eletricas Brasileiras SA		92,700		850,803
Centrais Eletricas Brasileiras SA, New(a)		23,133		212,315
Cia. de Saneamento Basico do Estado de Sao Paulo		93,000		1,327,561
Cia. Siderurgica Nacional SA		115,000		347,160
Cielo SA		342,946		567,397
Cogna Educacao		395,700		1,076,004
Cosan SA		17,700		330,121

10 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
Embraer SA		204,464	$	867,952
Energisa SA		5,100		65,844
Engie Brasil Energia SA		22,400		272,842
Equatorial Energia SA		72,600		405,028
Hapvida Participacoes e Investimentos SA(c)		41,300		580,563
Hypera SA		135,500		1,127,885
IRB Brasil Resseguros S/A		142,500		1,494,945
JBS SA		255,100		1,646,442
Klabin SA		198,900		965,816
Localiza Rent a Car SA		106,785		1,340,170
Lojas Americanas SA(a)		2,568		16,556
Lojas Renner SA		111,900		1,504,395
Magazine Luiza SA		147,600		1,927,357
Natura & Co. Holding SA		119,500		1,330,559
Notre Dame Intermedica Participacoes SA		97,300		1,598,650
Petrobras Distribuidora SA		124,600		839,754
Petroleo Brasileiro SA		309,400		2,197,459
Porto Seguro SA		8,100		125,350
Raia Drogasil SA		44,000		1,279,045
Rumo SA(a)		360,900		1,959,370
Sul America SA		49,900		735,670
Suzano SA		136,813		1,270,081
TIM Participacoes SA		327,800		1,284,889
Ultrapar Participacoes SA		211,700		1,251,399
Vale SA		658,602		7,747,715
WEG SA		133,100		1,227,513
				58,164,973
Canada — 3.0%
Agnico Eagle Mines Ltd.		58,186		3,598,817
Air Canada(a)		28,311		948,945
Algonquin Power & Utilities Corp.		48,071		736,394
Alimentation Couche-Tard Inc., Class B		174,874		5,848,306
AltaGas Ltd.		51,352		827,425
Atco Ltd., Class I, NVS		8,546		333,556
Aurora Cannabis Inc.(a)(b)		166,258		314,275
Bank of Montreal		109,043		8,321,583
Bank of Nova Scotia (The)		229,175		12,524,872
Barrick Gold Corp.		340,856		6,316,873
Bausch Health Companies Inc.(a)		65,939		1,810,325
BCE Inc.		83,581		3,940,956
BlackBerry Ltd.(a)		88,423		538,875
Bombardier Inc., Class B(a)		519,412		483,064
Brookfield Asset Management Inc., Class A		180,879		11,075,257
CAE Inc.		50,537		1,499,813
Cameco Corp.		130,634		1,053,922
Canadian Apartment Properties REIT		20,465		875,822
Canadian Imperial Bank of Commerce		72,031		5,877,725
Canadian National Railway Co.		138,450		12,946,287
Canadian Natural Resources Ltd.		235,725		6,633,915
Canadian Pacific Railway Ltd.		29,474		7,834,550
Canadian Tire Corp. Ltd., Class A, NVS		22,498		2,414,382
Canadian Utilities Ltd., Class A, NVS		117,903		3,610,504
Canopy Growth Corp.(a)(b)		46,374		1,044,910
CCL Industries Inc., Class B, NVS		51,272		2,163,616
Cenovus Energy Inc.		246,299		2,145,374
CGI Inc.(a)		49,505		3,792,932
CI Financial Corp.		26,227		459,872
Constellation Software Inc.		4,964		5,221,105
Cronos Group Inc.(a)(b)		39,327		283,382
Dollarama Inc.		70,304		2,396,890

Security	Shares		Value
Canada (continued)
Emera Inc.		17,425	$	776,816
Empire Co. Ltd., Class A, NVS		24,557		570,035
Enbridge Inc.		422,091		17,173,428
Fairfax Financial Holdings Ltd.		8,504		3,807,655
First Quantum Minerals Ltd.		155,977		1,221,823
Fortis Inc.		70,224		3,064,783
Franco-Nevada Corp.		41,912		4,767,171
George Weston Ltd.		8,745		705,194
Gildan Activewear Inc.		53,085		1,471,874
Great-West Lifeco Inc.		36,839		955,132
H&R Real Estate Investment Trust		11,902		192,495
Husky Energy Inc.		142,251		926,075
Hydro One Ltd.(c)		30,429		618,911
iA Financial Corp. Inc.		17,891		985,219
Imperial Oil Ltd.		90,322		2,143,060
Intact Financial Corp.		19,103		2,070,846
Inter Pipeline Ltd.		74,530		1,242,589
Keyera Corp.		36,582		955,107
Kinross Gold Corp.(a)		354,222		1,797,157
Kirkland Lake Gold Ltd.		41,429		1,700,013
Loblaw Companies Ltd.		19,496		1,020,682
Lundin Mining Corp.		100,930		529,624
Magna International Inc.		64,274		3,260,476
Manulife Financial Corp.		375,432		7,318,163
Methanex Corp.		2,031		65,896
Metro Inc.		30,932		1,261,791
National Bank of Canada		42,382		2,353,114
Nutrien Ltd.		122,500		5,232,335
Onex Corp.		8,935		573,575
Open Text Corp.		78,326		3,527,350
Parkland Fuel Corp.		22,372		778,973
Pembina Pipeline Corp.		145,669		5,582,023
Power Corp. of Canada		138,632		3,461,214
Power Financial Corp.		33,075		859,042
PrairieSky Royalty Ltd.		30,270		332,099
Quebecor Inc., Class B		17,529		435,259
Restaurant Brands International Inc.		56,825		3,469,094
RioCan REIT		13,474		276,703
Rogers Communications Inc., Class B, NVS		83,891		4,202,955
Royal Bank of Canada		265,198		20,970,403
Saputo Inc.		78,804		2,422,722
Shaw Communications Inc., Class B, NVS		180,559		3,530,495
Shopify Inc., Class A(a)		21,129		9,846,461
SmartCentres Real Estate Investment Trust		10,035		238,327
Stars Group Inc. (The)(a)		47,216		1,127,429
Sun Life Financial Inc.		111,654		5,252,816
Suncor Energy Inc.		329,437		10,075,783
TC Energy Corp.		201,705		11,067,810
Teck Resources Ltd., Class B		121,427		1,569,999
TELUS Corp.		98,907		3,967,348
Thomson Reuters Corp.		49,037		3,944,687
Toronto-Dominion Bank (The)		374,750		20,724,521
Waste Connections Inc.(b)		64,602		6,221,819
West Fraser Timber Co. Ltd.		9,689		388,424
Wheaton Precious Metals Corp.		101,338		2,985,239
WSP Global Inc.		19,298		1,372,331
				315,266,889
Chile — 0.1%
Aguas Andinas SA, Class A		1,553,664		582,089
Banco de Chile		7,468,959		735,017

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chile (continued)
Banco de Credito e Inversiones SA		17,129	$	714,758
Banco Santander Chile		13,739,687		679,319
Cia. Cervecerias Unidas SA		75,586		666,906
Colbun SA		3,443,690		501,027
Empresas CMPC SA		404,756		927,557
Empresas COPEC SA		97,854		872,545
Enel Americas SA		6,714,805		1,322,441
Enel Chile SA		7,066,043		669,776
Itau CorpBanca		58,262,686		283,042
Latam Airlines Group SA		55,790		463,189
SACI Falabella		125,379		491,661
				8,909,327
China — 4.0%
3SBio Inc.(a)(c)		209,500		269,264
51job Inc., ADR(a)(b)		9,221		665,295
58.com Inc., ADR(a)(b)		26,259		1,460,526
AAC Technologies Holdings Inc.		187,500		1,346,202
Agile Group Holdings Ltd.		126,000		167,786
Agricultural Bank of China Ltd., Class A		1,413,600		710,555
Agricultural Bank of China Ltd., Class H		6,586,000		2,561,491
Aier Eye Hospital Group Co. Ltd., Class A		127,096		725,972
Air China Ltd., Class H		204,000		169,192
Alibaba Group Holding Ltd., ADR(a)		346,746		71,634,256
Alibaba Health Information Technology Ltd.(a)		802,000		1,132,007
Alibaba Pictures Group Ltd.(a)(b)		2,900,000		414,558
A-Living Services Co. Ltd., Class H(c)		71,000		238,194
Anhui Conch Cement Co. Ltd., Class A		197,392		1,353,004
Anhui Conch Cement Co. Ltd., Class H		209,000		1,348,491
ANTA Sports Products Ltd.		203,000		1,781,665
Autohome Inc., ADR(a)(b)		14,289		1,092,823
BAIC Motor Corp. Ltd., Class H(c)		164,000		81,737
Baidu Inc., ADR(a)		54,933		6,787,521
Bank of China Ltd., Class H		18,749,000		7,316,188
Bank of Communications Co. Ltd., Class A		1,583,700		1,237,054
Bank of Ningbo Co. Ltd., Class A		322,396		1,239,808
Bank of Shanghai Co. Ltd., Class A		856,397		1,089,635
Baozun Inc., ADR(a)(b)		9,877		297,396
Beijing Capital International Airport Co. Ltd., Class H		278,000		224,837
Beijing Enterprises Holdings Ltd.		35,500		156,129
Beijing Enterprises Water Group Ltd.		2,618,000		1,176,682
BEST Inc., ADR(a)(b)		30,064		159,640
Bosideng International Holdings Ltd.(b)		666,000		221,288
Brilliance China Automotive Holdings Ltd.(b)		912,000		818,638
BYD Co. Ltd., Class H		122,000		645,752
BYD Electronic International Co. Ltd.		128,000		251,223
CGN Power Co. Ltd., Class H(c)		454,000		112,259
China Aoyuan Group Ltd.		229,000		310,253
China Cinda Asset Management Co. Ltd., Class H		554,000		112,014
China CITIC Bank Corp. Ltd., Class H		706,000		370,962
China Communications Construction Co. Ltd., Class H		286,000		203,315
China Communications Services Corp. Ltd., Class H		288,000		195,464
China Conch Venture Holdings Ltd.		272,000		1,213,770
China Construction Bank Corp., Class H		19,836,260		15,199,906
China East Education Holdings Ltd.(a)(c)		27,500		51,495
China Education Group Holdings Ltd.(b)		60,000		73,948
China Everbright Bank Co. Ltd., Class A		1,748,900		1,003,967
China Everbright International Ltd.		528,000		378,071
China Everbright Ltd.(b)		170,000		263,159
China Evergrande Group		481,000		1,075,373

Security	Shares		Value
China (continued)
China First Capital Group Ltd.(a)		546,000	$	17,579
China Galaxy Securities Co. Ltd., Class H		440,000		220,994
China Gas Holdings Ltd.		449,800		1,784,162
China Hongqiao Group Ltd.		218,000		107,808
China Huarong Asset Management Co. Ltd., Class H(c)		344,000		45,631
China International Capital Corp. Ltd., Class H(c)		184,800		324,148
China International Travel Service Corp. Ltd., Class A		80,497		942,588
China Jinmao Holdings Group Ltd.		860,000		582,570
China Lesso Group Holdings Ltd.		149,000		193,424
China Life Insurance Co. Ltd., Class H		1,856,000		4,503,218
China Literature Ltd.(a)(c)		27,400		114,859
China Longyuan Power Group Corp. Ltd., Class H		167,000		99,363
China Medical System Holdings Ltd.		258,000		346,884
China Mengniu Dairy Co. Ltd.(b)		754,000		2,796,585
China Merchants Bank Co. Ltd., Class A		330,100		1,735,160
China Merchants Bank Co. Ltd., Class H		912,288		4,452,822
China Merchants Port Holdings Co. Ltd.(b)		98,000		151,956
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		413,794		1,071,298
China Minsheng Banking Corp. Ltd., Class A		2,368,200		2,056,128
China Minsheng Banking Corp. Ltd., Class H		952,500		669,764
China Mobile Ltd.		1,327,500		10,975,737
China Molybdenum Co. Ltd., Class H		756,000		282,347
China National Building Material Co. Ltd., Class H		592,000		572,566
China Oilfield Services Ltd., Class H		310,000		454,327
China Overseas Land & Investment Ltd.		1,088,000		3,537,972
China Pacific Insurance Group Co. Ltd., Class A		136,799		702,475
China Pacific Insurance Group Co. Ltd., Class H(b)		628,400		2,116,275
China Petroleum & Chemical Corp., Class H		6,519,200		3,467,436
China Railway Construction Corp. Ltd., Class H		334,500		328,689
China Railway Group Ltd., Class H		538,000		297,238
China Resources Beer Holdings Co. Ltd.		262,000		1,223,132
China Resources Cement Holdings Ltd.		378,000		427,902
China Resources Gas Group Ltd.		180,000		952,749
China Resources Land Ltd.		700,000		2,947,881
China Resources Pharmaceutical Group Ltd.(c)		55,000		46,253
China Resources Power Holdings Co. Ltd.		322,000		434,592
China Shenhua Energy Co. Ltd., Class H		1,235,500		2,186,219
China Southern Airlines Co. Ltd., Class H		148,000		82,912
China State Construction Engineering Corp. Ltd., Class A		1,468,497		1,147,067
China State Construction International Holdings Ltd.		344,000		275,115
China Taiping Insurance Holdings Co. Ltd.		591,600		1,247,976
China Telecom Corp. Ltd., Class H		4,844,000		1,896,452
China Tower Corp. Ltd., Class H(c)		9,776,000		2,052,168
China Traditional Chinese Medicine Holdings Co. Ltd.		242,000		112,821
China Unicom Hong Kong Ltd.		1,850,000		1,558,166
China United Network Communications Ltd., Class A		1,451,096		1,170,773
China Vanke Co. Ltd., Class A		362,296		1,499,306
China Yangtze Power Co. Ltd., Class A		490,110		1,200,289
China Zhongwang Holdings Ltd.(b)		146,800		49,155
CIFI Holdings Group Co. Ltd.		384,000		268,037
CITIC Ltd.		779,000		883,848
CITIC Securities Co. Ltd., Class A		445,699		1,521,135
CNOOC Ltd.		4,196,000		6,408,912
Contemporary Amperex Technology Co. Ltd., Class A		44,900		837,178
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		116,000		51,091
COSCO SHIPPING Ports Ltd.		250,000		177,723

12 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Country Garden Holdings Co. Ltd.		1,918,866	$	2,461,320
Country Garden Services Holdings Co. Ltd.(b)		251,000		821,054
CRRC Corp. Ltd., Class A		1,289,498		1,244,789
CRRC Corp. Ltd., Class H		674,000		447,024
CSPC Pharmaceutical Group Ltd.		1,044,000		2,326,005
Dali Foods Group Co. Ltd.(c)		130,000		91,914
Dongfeng Motor Group Co. Ltd., Class H		470,000		354,699
ENN Energy Holdings Ltd.		208,400		2,445,008
Far East Horizon Ltd.		204,000		181,277
Foshan Haitian Flavouring & Food Co. Ltd., Class A		64,296		984,345
Fosun International Ltd.		1,251,500		1,679,433
GDS Holdings Ltd., ADR(a)(b)		16,114		833,255
Geely Automobile Holdings Ltd.(b)		1,201,000		1,939,567
Genscript Biotech Corp.(a)		210,000		487,888
GF Securities Co. Ltd., Class H		90,600		100,227
GOME Retail Holdings Ltd.(a)(b)		11,128,000		1,031,843
Great Wall Motor Co. Ltd., Class H		1,211,500		811,318
Gree Electric Appliances Inc. of Zhuhai, Class A		108,800		993,413
Greentown Service Group Co. Ltd.		132,000		140,076
Guangdong Investment Ltd.		1,070,000		2,182,745
Guangzhou Automobile Group Co. Ltd., Class H		480,000		487,115
Guangzhou R&F Properties Co. Ltd., Class H		64,000		97,588
Guotai Junan Securities Co. Ltd., Class H(c)		34,400		55,289
Haidilao International Holding Ltd.(b)(c)		61,000		235,676
Haitian International Holdings Ltd.		20,000		43,684
Haitong Securities Co. Ltd., Class H		502,000		491,986
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		255,935		1,315,711
Hansoh Pharmaceutical Group Co. Ltd.(a)(c)		74,000		266,842
Hengan International Group Co. Ltd.		242,000		1,776,456
Hua Hong Semiconductor Ltd.(b)(c)		84,000		204,675
Huaneng Power International Inc., Class H		470,000		223,351
Huaneng Renewables Corp. Ltd., Class H		808,000		331,945
Huatai Securities Co. Ltd., Class H(c)		258,400		410,650
Huazhu Group Ltd., ADR(b)		35,267		1,216,711
Hutchison China MediTech Ltd., ADR(a)		13,417		329,387
HUYA Inc., ADR(a)(b)		9,600		171,648
Industrial & Commercial Bank of China Ltd., Class A		1,101,600		899,805
Industrial & Commercial Bank of China Ltd., Class H		14,158,260		9,517,974
Industrial Bank Co. Ltd., Class A		494,600		1,312,991
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		218,600		956,461
Innovent Biologics Inc.(a)(c)		163,000		629,757
iQIYI Inc., ADR(a)(b)		32,119		714,327
JD.com Inc., ADR(a)(b)		155,426		5,858,006
Jiangsu Expressway Co. Ltd., Class H		112,000		139,190
Jiangsu Hengrui Medicine Co. Ltd., Class A		94,400		1,186,134
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		60,000		918,147
JOYY Inc.(a)(b)		15,882		961,337
Kaisa Group Holdings Ltd.		361,000		152,026
Kingboard Holdings Ltd.		89,500		238,593
Kingdee International Software Group Co. Ltd.(b)		455,000		493,387
Kingsoft Corp. Ltd.(a)		162,000		497,585
Kunlun Energy Co. Ltd.		1,192,000		933,349
Kweichow Moutai Co. Ltd., Class A		18,732		2,816,166
KWG Group Holdings Ltd.		124,000		162,567
Legend Holdings Corp., Class H(c)		67,000		125,287
Lenovo Group Ltd.		2,118,000		1,399,289
Li Ning Co. Ltd.		419,500		1,245,280
Logan Property Holdings Co. Ltd.		158,000		241,734

Security	Shares		Value
China (continued)
Longfor Group Holdings Ltd.(c)		304,000	$	1,295,883
Luxshare Precision Industry Co. Ltd., Class A		132,100		851,704
Luye Pharma Group Ltd.(b)(c)		87,000		56,470
Meituan Dianping, Class B(a)		226,800		2,900,390
Momo Inc., ADR		36,877		1,128,436
Muyuan Foodstuff Co. Ltd., Class A		40,000		466,556
NetEase Inc., ADR		14,988		4,807,551
New China Life Insurance Co. Ltd., Class H		170,200		644,423
New Oriental Education & Technology Group Inc., ADR(a)		31,486		3,827,123
Nexteer Automotive Group Ltd.		42,000		31,156
NIO Inc., ADR(a)(b)		136,111		514,500
Noah Holdings Ltd.(a)(b)		5,480		185,936
People’s Insurance Co. Group of China Ltd. (The), Class H		993,000		358,073
PetroChina Co. Ltd., Class H		5,264,000		2,338,832
PICC Property & Casualty Co. Ltd., Class H		1,284,000		1,387,366
Pinduoduo Inc., ADR(a)(b)		40,440		1,424,297
Ping An Bank Co. Ltd., Class A		461,800		1,024,786
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		66,900		577,682
Ping An Insurance Group Co. of China Ltd., Class A		188,300		2,244,983
Ping An Insurance Group Co. of China Ltd., Class H		1,232,000		14,073,381
Poly Developments and Holdings Group Co. Ltd., Class A		416,300		911,332
Postal Savings Bank of China Co. Ltd., Class H(c)		1,183,000		738,908
Qudian Inc., ADR(a)(b)		18,524		53,349
SAIC Motor Corp. Ltd., Class A		312,100		1,007,680
Seazen Group Ltd.		332,000		336,921
Semiconductor Manufacturing International Corp.(a)		639,500		1,177,716
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		408,000		488,135
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		42,500		114,393
Shanghai Pudong Development Bank Co. Ltd., Class A		753,802		1,221,747
Shenzhen Expressway Co. Ltd., Class H		34,000		44,137
Shenzhen International Holdings Ltd.		139,500		280,261
Shenzhou International Group Holdings Ltd.		112,200		1,499,872
Shimao Property Holdings Ltd.		333,500		1,088,774
SINA Corp.(a)		18,388		712,351
Sino Biopharmaceutical Ltd.		1,550,000		2,080,001
Sino-Ocean Group Holding Ltd.		2,487,000		903,211
Sinopec Engineering Group Co. Ltd., Class H		91,000		49,456
Sinopharm Group Co. Ltd., Class H		205,200		673,879
Sinotruk Hong Kong Ltd.		114,000		198,200
Sun Art Retail Group Ltd.		375,000		447,688
Sunac China Holdings Ltd.		549,000		2,686,706
Sunny Optical Technology Group Co. Ltd.		159,600		2,604,196
TAL Education Group, ADR(a)(b)		83,111		4,147,239
Tencent Holdings Ltd.		1,193,600		57,336,579
Tencent Music Entertainment Group, ADR(a)		6,327		80,290
Tingyi Cayman Islands Holding Corp.		318,000		538,948
TravelSky Technology Ltd., Class H		435,000		949,001
Trip.com Group Ltd., ADR(a)(b)		98,530		3,165,769
Tsingtao Brewery Co. Ltd., Class H		84,000		468,416
Uni-President China Holdings Ltd.		161,000		165,045
Vipshop Holdings Ltd., ADR(a)(b)		90,888		1,157,004
Wanhua Chemical Group Co. Ltd., Class A		111,993		830,176
Want Want China Holdings Ltd.		2,077,000		1,725,283
Weibo Corp., ADR(a)(b)		14,057		599,109

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Weichai Power Co. Ltd., Class H		338,000	$	600,703
Wens Foodstuffs Group Co. Ltd., Class A		145,899		680,868
Wharf Holdings Ltd. (The)		521,200		1,296,808
Wuliangye Yibin Co. Ltd., Class A		74,400		1,340,364
WuXi AppTec Co. Ltd., Class A		54,495		745,427
WuXi AppTec Co. Ltd., Class H(c)		28,600		348,803
Wuxi Biologics Cayman Inc.(a)(c)		153,000		1,959,568
Xiaomi Corp., Class B(a)(b)(c)		1,516,000		2,249,136
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		120,400		127,612
Xinyi Solar Holdings Ltd.		672,000		475,988
Yanzhou Coal Mining Co. Ltd., Class H		318,000		236,711
Yihai International Holding Ltd.		100,000		568,584
Yum China Holdings Inc.		81,128		3,494,183
Zhejiang Expressway Co. Ltd., Class H		220,000		180,762
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		49,700		162,575
Zhongsheng Group Holdings Ltd.(b)		89,500		331,955
Zhuzhou CRRC Times Electric Co. Ltd., Class H		71,300		241,496
Zijin Mining Group Co. Ltd., Class H		1,122,000		492,733
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		114,600		85,158
ZTE Corp., Class H(a)		161,800		528,227
ZTO Express Cayman Inc., ADR		65,148		1,415,015
				413,748,902
Colombia — 0.0%
Ecopetrol SA		1,702,716		1,580,893
Grupo de Inversiones Suramericana SA		121,318		1,133,465
Interconexion Electrica SA ESP		26,649		146,276
				2,860,634
Czech Republic — 0.0%
CEZ AS		103,436		2,266,791
Komercni Banka AS		44,910		1,548,433
				3,815,224
Denmark — 0.6%
AP Moller — Maersk A/S, Class A		1,986		2,238,294
Carlsberg A/S, Class B		27,801		4,066,659
Chr Hansen Holding A/S		25,562		1,905,963
Coloplast A/S, Class B		8,039		1,014,509
Danske Bank A/S		143,463		2,401,918
Demant A/S(a)		17,729		575,775
DSV Panalpina A/S		42,946		4,672,038
Genmab A/S(a)		14,476		3,343,497
H Lundbeck A/S		11,209		476,728
ISS A/S		21,689		526,517
Novo Nordisk A/S, Class B		347,851		21,278,524
Novozymes A/S, Class B		58,401		3,047,641
Orsted A/S(c)		29,662		3,237,446
Pandora A/S		21,722		1,125,504
Tryg A/S		98,882		2,997,246
Vestas Wind Systems A/S		42,469		4,237,233
				57,145,492
Egypt — 0.0%
Commercial International Bank Egypt SAE		317,406		1,709,171
Finland — 0.3%
Elisa OYJ		10,680		643,145
Fortum OYJ		112,731		2,730,938
Kone OYJ, Class B		45,208		2,918,798

Security	Shares		Value
Finland (continued)
Metso OYJ		37,589	$	1,337,579
Neste OYJ		96,994		3,856,697
Nokia OYJ		1,130,435		4,409,048
Nokian Renkaat OYJ		15,059		405,695
Nordea Bank Abp		631,498		4,987,174
Orion OYJ, Class B		17,427		824,069
Sampo OYJ, Class A		104,337		4,725,646
Stora Enso OYJ, Class R		186,189		2,426,496
UPM-Kymmene OYJ		121,468		3,840,448
Wartsila OYJ Abp		123,015		1,509,802
				34,615,535
France — 3.2%
Accor SA		61,148		2,509,309
Aeroports de Paris		3,958		750,050
Air Liquide SA		90,574		13,123,917
Airbus SE		120,887		17,849,763
Alstom SA		60,014		3,188,371
Amundi SA(c)		5,897		478,693
Arkema SA		27,656		2,544,429
Atos SE		24,539		2,043,367
AXA SA		378,806		10,108,613
BioMerieux		5,187		514,180
BNP Paribas SA		211,691		11,271,166
Bollore SA		77,745		316,541
Bouygues SA		67,791		2,684,252
Bureau Veritas SA		19,279		532,202
Capgemini SE		36,784		4,579,840
Carrefour SA		144,562		2,451,917
Casino Guichard Perrachon SA		9,986		405,697
Cie. de Saint-Gobain		119,325		4,527,099
Cie. Generale des Etablissements Michelin SCA		38,451		4,474,198
Covivio		2,653		315,174
Credit Agricole SA		239,008		3,239,344
Danone SA		119,494		9,587,445
Dassault Systemes SE		23,166		4,022,891
Edenred		65,416		3,536,983
Eiffage SA		4,255		493,937
Electricite de France SA		104,421		1,290,850
Engie SA		372,308		6,419,929
EssilorLuxottica SA		55,564		8,266,583
Eurazeo SE		3,235		231,951
Eurofins Scientific SE(b)		2,278		1,226,897
Eutelsat Communications SA		29,661		445,229
Faurecia SE		12,420		594,185
Gecina SA		4,629		874,128
Getlink SE		154,144		2,724,617
Hermes International		6,453		4,838,513
Iliad SA(b)		6,780		891,864
Ingenico Group SA		16,189		1,887,357
Ipsen SA		5,489		407,555
Kering SA		15,730		9,674,754
Klepierre SA		33,966		1,156,712
Legrand SA		55,015		4,414,057
L’Oreal SA		51,284		14,316,218
LVMH Moet Hennessy Louis Vuitton SE		58,641		25,688,954
Natixis SA		115,175		487,956
Orange SA		403,100		5,720,192
Pernod Ricard SA		47,330		8,208,600
Peugeot SA		108,535		2,238,383
Publicis Groupe SA		53,208		2,360,374

14 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Remy Cointreau SA		869	$	91,680
Renault SA		43,856		1,712,950
Safran SA		72,852		11,783,215
Sanofi		236,850		22,822,395
Sartorius Stedim Biotech		4,058		728,976
Schneider Electric SE		117,243		11,761,148
SCOR SE		24,167		1,029,227
SEB SA		2,245		288,846
SES SA		75,171		925,097
Societe Generale SA		139,066		4,503,952
Sodexo SA		9,498		995,730
STMicroelectronics NV		165,773		4,646,018
Suez		149,361		2,454,690
Teleperformance		7,649		1,922,498
Thales SA		18,284		2,010,429
TOTAL SA		487,664		23,857,254
Ubisoft Entertainment SA(a)		21,409		1,628,515
Unibail-Rodamco-Westfield		17,166		2,332,265
Unibail-Rodamco-Westfield, New		6,916		939,645
Valeo SA		58,471		1,744,351
Veolia Environnement SA		144,334		4,267,492
Vinci SA		99,933		11,096,727
Vivendi SA		195,716		5,370,259
Wendel SA		20,330		2,717,083
Worldline SA(a)(c)		23,169		1,636,838
				333,182,516
Germany — 2.3%
adidas AG		37,175		11,774,201
Allianz SE, Registered		89,097		21,312,450
Aroundtown SA		120,954		1,144,176
BASF SE		176,635		11,954,266
Bayer AG, Registered		189,464		15,337,874
Bayerische Motoren Werke AG		54,224		3,866,258
Beiersdorf AG		27,835		3,158,708
Brenntag AG		20,035		1,040,867
Carl Zeiss Meditec AG, Bearer		8,202		1,004,385
Commerzbank AG		250,611		1,444,181
Continental AG		20,932		2,387,884
Covestro AG(c)		48,223		2,038,764
Daimler AG, Registered		168,823		7,821,284
Delivery Hero SE(a)(c)		25,469		1,965,007
Deutsche Bank AG, Registered		406,795		3,734,513
Deutsche Boerse AG		43,194		7,038,931
Deutsche Lufthansa AG, Registered		42,420		650,146
Deutsche Post AG, Registered		201,173		7,039,329
Deutsche Telekom AG, Registered		644,984		10,439,951
Deutsche Wohnen SE		74,756		3,164,664
E.ON SE		414,294		4,701,396
Evonik Industries AG		26,987		740,796
Fraport AG Frankfurt Airport Services Worldwide		2,831		211,267
Fresenius Medical Care AG & Co. KGaA		45,387		3,505,763
Fresenius SE & Co. KGaA		88,199		4,508,357
GEA Group AG		42,008		1,261,128
Hannover Rueck SE		12,410		2,413,610
HeidelbergCement AG		44,300		3,008,436
Henkel AG & Co. KGaA		9,204		851,690
HOCHTIEF AG		1,892		219,316
Infineon Technologies AG		258,579		5,609,646
KION Group AG		10,657		669,632
Knorr-Bremse AG		3,395		370,628

Security	Shares		Value
Germany (continued)
LANXESS AG		29,507	$	1,776,246
Merck KGaA		28,276		3,631,781
METRO AG		65,737		917,543
MTU Aero Engines AG		12,467		3,791,092
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		35,411		10,450,272
Puma SE		25,363		2,034,967
QIAGEN NV(a)		49,372		1,650,176
RWE AG		121,304		4,213,009
SAP SE		199,464		26,043,646
Siemens AG, Registered		157,968		19,543,718
Siemens Healthineers AG(c)		26,030		1,225,397
Symrise AG		19,399		1,998,022
Telefonica Deutschland Holding AG		100,383		304,031
thyssenkrupp AG(b)		96,976		1,199,889
TUI AG		80,095		821,845
Uniper SE		32,225		1,057,425
United Internet AG, Registered(d)		23,210		753,635
Vonovia SE		96,680		5,522,037
Wirecard AG(b)		24,155		3,565,574
Zalando SE(a)(c)		33,017		1,589,080
				238,478,889
Greece — 0.0%
Alpha Bank AE(a)		327,753		658,874
Eurobank Ergasias SA(a)		330,538		305,313
Hellenic Telecommunications Organization SA		5,628		84,199
Jumbo SA		71,617		1,457,953
National Bank of Greece SA(a)		77,625		248,093
				2,754,432
Hong Kong — 1.0%
AIA Group Ltd.		2,471,400		24,746,146
ASM Pacific Technology Ltd.		56,200		767,920
Bank of East Asia Ltd. (The)(b)		772,200		1,674,696
BeiGene Ltd., ADR(a)		8,055		1,227,260
BOC Hong Kong Holdings Ltd.		526,500		1,759,543
Budweiser Brewing Co. APAC Ltd.(a)(c)		203,900		619,717
CK Asset Holdings Ltd.		400,516		2,589,332
CK Hutchison Holdings Ltd.		421,516		3,761,936
CK Infrastructure Holdings Ltd.		86,500		607,123
CLP Holdings Ltd.		331,000		3,459,240
Dairy Farm International Holdings Ltd.		48,100		247,715
Galaxy Entertainment Group Ltd.		513,000		3,402,426
Haier Electronics Group Co. Ltd.		522,000		1,583,163
Hang Lung Properties Ltd.		996,000		2,098,489
Hang Seng Bank Ltd.		204,600		4,168,466
Henderson Land Development Co. Ltd.		299,003		1,355,446
HK Electric Investments & HK Electric Investments Ltd.		149,500		149,406
HKT Trust & HKT Ltd.		212,000		317,799
Hong Kong & China Gas Co. Ltd.		2,592,330		4,994,431
Hong Kong Exchanges & Clearing Ltd.		300,400		10,012,173
Hongkong Land Holdings Ltd.		132,600		706,758
Huishan Dairy(a)(e)		813,015		1,570
Jardine Matheson Holdings Ltd.		37,700		2,107,807
Jardine Strategic Holdings Ltd.		54,500		1,680,235
Kerry Properties Ltd.		65,500		184,313
Kingboard Laminates Holdings Ltd.		215,000		223,171
Link REIT		527,700		5,368,813
Melco Resorts & Entertainment Ltd., ADR		65,766		1,326,500

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
MTR Corp. Ltd.		244,500	$	1,382,316
New World Development Co. Ltd.		1,765,666		2,230,703
Nine Dragons Paper Holdings Ltd.(b)		76,000		72,624
NWS Holdings Ltd.		878,000		1,137,514
Power Assets Holdings Ltd.		197,500		1,431,989
Sands China Ltd.		631,600		3,090,935
Sino Land Co. Ltd.		126,000		172,978
SJM Holdings Ltd.		201,000		227,018
SSY Group Ltd.		174,000		160,669
Sun Hung Kai Properties Ltd.		288,000		4,053,935
Swire Pacific Ltd., Class A		213,500		1,893,067
Swire Properties Ltd.		79,000		247,228
Techtronic Industries Co. Ltd.		372,000		3,015,802
Vitasoy International Holdings Ltd.(b)		136,000		494,791
WH Group Ltd.(c)		2,227,000		2,139,554
Wharf Real Estate Investment Co. Ltd.		453,200		2,363,791
Wheelock & Co. Ltd.		95,000		582,976
Wynn Macau Ltd.		212,000		446,666
Yue Yuen Industrial Holdings Ltd.		99,000		276,031
				106,562,181
Hungary — 0.0%
OTP Bank Nyrt		68,700		3,183,590
Indonesia — 0.2%
Adaro Energy Tbk PT		1,928,500		173,007
Astra International Tbk PT		5,207,600		2,421,696
Bank Central Asia Tbk PT		2,050,500		4,865,339
Bank Mandiri Persero Tbk PT		3,252,714		1,798,461
Bank Negara Indonesia Persero Tbk PT		2,509,388		1,323,149
Bank Rakyat Indonesia Persero Tbk PT		10,953,900		3,577,766
Barito Pacific Tbk PT		5,929,600		566,688
Charoen Pokphand Indonesia Tbk PT		1,769,545		861,770
Gudang Garam Tbk PT		74,400		303,893
Indah Kiat Pulp & Paper Corp. Tbk PT		435,400		215,229
Indocement Tunggal Prakarsa Tbk PT		569,600		687,232
Indofood Sukses Makmur Tbk PT		2,019,800		1,157,447
Kalbe Farma Tbk PT		8,405,900		880,296
Pabrik Kertas Tjiwi Kimia Tbk PT		269,100		179,334
Perusahaan Gas Negara Tbk PT		1,297,300		161,984
Semen Indonesia Persero Tbk PT		1,042,900		912,681
Telekomunikasi Indonesia Persero Tbk PT		7,815,600		2,174,975
Unilever Indonesia Tbk PT		2,881,400		1,677,564
United Tractors Tbk PT		543,306		763,931
				24,702,442
Ireland — 0.4%
AIB Group PLC		74,861		220,178
Bank of Ireland Group PLC		269,780		1,319,655
CRH PLC(a)		193,548		7,275,499
Flutter Entertainment PLC		18,666		2,120,281
Kerry Group PLC, Class A		39,279		5,018,893
Kingspan Group PLC		12,028		741,783
Linde PLC		114,628		23,284,386
Smurfit Kappa Group PLC		63,295		2,194,090
Steris PLC		9,524		1,435,171
				43,609,936
Israel — 0.2%
Azrieli Group Ltd.		2,457		181,686
Bank Hapoalim BM		114,423		987,134
Bank Leumi Le-Israel BM		167,484		1,210,798

Security	Shares		Value
Israel (continued)
Check Point Software Technologies Ltd.(a)(b)		19,146	$	2,188,579
CyberArk Software Ltd.(a)(b)		7,890		1,090,635
Elbit Systems Ltd.		3,087		474,448
Israel Chemicals Ltd.		322,074		1,364,526
Israel Discount Bank Ltd., Class A		96,908		442,043
Mizrahi Tefahot Bank Ltd.		106,089		2,901,377
Nice Ltd.(a)		18,432		3,196,316
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		233,774		2,431,250
Wix.com Ltd.(a)		12,710		1,813,590
				18,282,382
Italy — 0.6%
Assicurazioni Generali SpA		204,476		3,987,033
Atlantia SpA		123,427		3,032,453
CNH Industrial NV		259,170		2,476,919
Davide Campari-Milano SpA		228,499		2,210,634
Enel SpA		1,454,689		12,662,941
Eni SpA		471,699		6,616,804
Ferrari NV		25,495		4,308,669
Intesa Sanpaolo SpA		2,610,307		6,495,654
Leonardo SpA		121,614		1,506,758
Mediobanca Banca di Credito Finanziario SpA		265,574		2,652,314
Moncler SpA		29,482		1,274,206
Pirelli & C SpA(c)		30,278		146,699
Poste Italiane SpA(c)		82,643		947,905
Prysmian SpA		43,363		964,942
Recordati SpA		38,040		1,628,484
Snam SpA		882,892		4,732,623
Telecom Italia SpA/Milano(a)		2,446,066		1,319,584
Tenaris SA		181,700		1,878,286
Terna Rete Elettrica Nazionale SpA		485,308		3,386,105
UniCredit SpA		356,114		4,768,108
				66,997,121
Japan — 7.1%
ABC-Mart Inc.		400		25,981
Acom Co. Ltd.		343,400		1,634,861
Advantest Corp.		40,300		2,182,599
Aeon Co. Ltd.		132,400		2,752,811
AGC Inc.		23,300		807,229
Air Water Inc.		17,100		239,970
Aisin Seiki Co. Ltd.		57,900		1,973,894
Ajinomoto Co. Inc.		123,000		2,048,392
Alfresa Holdings Corp.		20,800		427,380
Alps Alpine Co. Ltd.		76,900		1,420,435
Amada Holdings Co. Ltd.		10,600		113,741
Aozora Bank Ltd.		3,500		95,650
Asahi Group Holdings Ltd.		91,700		4,303,051
Asahi Intecc Co. Ltd.		39,200		1,101,296
Asahi Kasei Corp.		308,000		3,233,879
Astellas Pharma Inc.		350,400		6,305,810
Bandai Namco Holdings Inc.		43,700		2,571,561
Bridgestone Corp.		133,700		4,812,139
Brother Industries Ltd.		34,200		682,517
Canon Inc.		256,400		6,828,423
Casio Computer Co. Ltd.		62,400		1,179,661
Central Japan Railway Co.		36,900		7,348,678
Chubu Electric Power Co. Inc.		74,100		1,017,307
Chugai Pharmaceutical Co. Ltd.		52,800		5,487,770
Chugoku Electric Power Co. Inc. (The)		57,300		759,700
Coca-Cola Bottlers Japan Holdings Inc.		19,100		509,815

16 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Concordia Financial Group Ltd.		461,500	$	1,784,089
Credit Saison Co. Ltd.		19,500		319,528
CyberAgent Inc.(b)		19,700		802,468
Dai Nippon Printing Co. Ltd.		42,900		1,205,245
Daicel Corp.		20,400		197,441
Daifuku Co. Ltd.		17,200		1,068,008
Dai-ichi Life Holdings Inc.		245,000		3,743,322
Daiichi Sankyo Co. Ltd.		122,000		8,375,716
Daikin Industries Ltd.		59,600		8,597,555
Daito Trust Construction Co. Ltd.		8,000		952,530
Daiwa House Industry Co. Ltd.		121,300		3,873,408
Daiwa House REIT Investment Corp.		1,068		2,852,664
Daiwa Securities Group Inc.		640,100		3,301,932
Denso Corp.		109,900		4,605,488
Dentsu Group Inc.		35,900		1,212,290
Disco Corp.		5,000		1,192,047
East Japan Railway Co.		76,000		6,801,679
Eisai Co. Ltd.		54,000		4,149,707
FamilyMart Co. Ltd.		64,800		1,439,668
FANUC Corp.		45,300		8,492,836
Fast Retailing Co. Ltd.		13,000		7,117,406
Fuji Electric Co. Ltd.		15,400		467,463
FUJIFILM Holdings Corp.		91,000		4,604,364
Fujitsu Ltd.		46,800		5,015,288
Fukuoka Financial Group Inc.		18,900		335,678
GMO Payment Gateway Inc.(b)		7,900		518,236
Hakuhodo DY Holdings Inc.		24,300		353,340
Hamamatsu Photonics KK		17,900		776,214
Hankyu Hanshin Holdings Inc.		20,200		833,086
Hikari Tsushin Inc.		3,900		971,896
Hirose Electric Co. Ltd.		4,000		507,450
Hisamitsu Pharmaceutical Co. Inc.		6,800		352,595
Hitachi Chemical Co. Ltd.		20,700		877,580
Hitachi High-Technologies Corp.		11,000		803,801
Hitachi Ltd.		213,800		8,344,088
Hitachi Metals Ltd.		26,900		422,418
Honda Motor Co. Ltd.		330,300		8,627,387
Hoshizaki Corp.		9,800		913,226
Hoya Corp.		89,200		8,723,716
Hulic Co. Ltd.		17,300		212,928
Idemitsu Kosan Co. Ltd.		33,200		846,962
IHI Corp.		20,900		506,953
Inpex Corp.		180,400		1,715,202
Isetan Mitsukoshi Holdings Ltd.		24,500		194,626
Isuzu Motors Ltd.		74,500		751,289
ITOCHU Corp.		329,500		7,806,947
Itochu Techno-Solutions Corp.		10,300		308,378
J Front Retailing Co. Ltd.		15,400		188,974
Japan Airport Terminal Co. Ltd.		8,200		386,603
Japan Exchange Group Inc.		78,500		1,436,952
Japan Post Holdings Co. Ltd.		322,000		2,959,899
Japan Post Insurance Co. Ltd.		19,200		328,252
Japan Prime Realty Investment Corp.		83		383,660
Japan Real Estate Investment Corp.		117		853,873
Japan Retail Fund Investment Corp.		438		936,334
Japan Tobacco Inc.		256,400		5,478,825
JFE Holdings Inc.		125,200		1,519,011
JGC Holdings Corp.		27,800		409,619
JSR Corp.		26,100		478,245
JTEKT Corp.		132,300		1,445,248

Security	Shares		Value
Japan (continued)
JXTG Holdings Inc.		748,680	$	3,238,282
Kajima Corp.		50,900		660,289
Kakaku.com Inc.		45,200		1,199,384
Kansai Electric Power Co. Inc. (The)		188,500		2,135,701
Kansai Paint Co. Ltd.		33,500		817,835
Kao Corp.		108,500		8,791,318
Kawasaki Heavy Industries Ltd.		6,700		135,811
KDDI Corp.		371,200		11,202,613
Keihan Holdings Co. Ltd.		10,800		494,736
Keikyu Corp.		111,900		2,091,705
Keio Corp.		19,000		1,100,890
Keisei Electric Railway Co. Ltd.		15,600		571,407
Keyence Corp.		41,600		14,343,239
Kikkoman Corp.		23,700		1,174,231
Kintetsu Group Holdings Co. Ltd.		62,900		3,348,554
Kirin Holdings Co. Ltd.		181,500		4,039,939
Kobayashi Pharmaceutical Co. Ltd.		8,000		656,179
Koito Manufacturing Co. Ltd.		11,500		510,887
Komatsu Ltd.		199,500		4,540,910
Konami Holdings Corp.		15,100		590,709
Konica Minolta Inc.		83,300		522,618
Kose Corp.		5,500		747,474
Kubota Corp.		227,600		3,654,914
Kuraray Co. Ltd.		39,300		484,066
Kyocera Corp.		77,000		5,167,671
Kyowa Kirin Co. Ltd.		41,900		999,708
Kyushu Electric Power Co. Inc.		172,400		1,431,563
Kyushu Railway Co.		21,900		724,376
Lawson Inc.		4,900		286,626
LINE Corp.(a)		13,200		652,784
Lion Corp.		81,600		1,575,008
LIXIL Group Corp.		50,800		860,532
M3 Inc.		92,300		2,742,132
Makita Corp.		33,000		1,295,521
Marubeni Corp.		566,900		4,159,237
Marui Group Co. Ltd.		29,800		699,187
Maruichi Steel Tube Ltd.		1,400		39,526
Mazda Motor Corp.		233,100		2,008,723
Medipal Holdings Corp.		12,900		278,031
MEIJI Holdings Co. Ltd.		25,600		1,823,426
Mercari Inc.(a)(b)		14,900		264,360
MINEBEA MITSUMI Inc.		105,700		2,131,847
MISUMI Group Inc.		85,500		2,185,916
Mitsubishi Chemical Holdings Corp.		366,500		2,705,171
Mitsubishi Corp.		319,800		8,329,523
Mitsubishi Electric Corp.		330,300		4,708,341
Mitsubishi Estate Co. Ltd.		249,400		4,951,873
Mitsubishi Gas Chemical Co. Inc.		5,700		88,878
Mitsubishi Heavy Industries Ltd.		83,800		3,111,235
Mitsubishi Materials Corp.		8,100		207,984
Mitsubishi Motors Corp.		330,900		1,260,891
Mitsubishi UFJ Financial Group Inc.		2,419,500		12,690,739
Mitsui & Co. Ltd.		432,700		7,826,806
Mitsui Chemicals Inc.		9,700		219,712
Mitsui Fudosan Co. Ltd.		136,100		3,655,996
Mitsui OSK Lines Ltd.		15,700		389,512
Mizuho Financial Group Inc.		5,174,500		7,758,050
MonotaRO Co. Ltd.		22,000		542,363
MS&AD Insurance Group Holdings Inc.		140,500		4,740,587
Murata Manufacturing Co. Ltd.		126,900		7,408,988

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nabtesco Corp.		12,800	$	381,455
Nagoya Railroad Co. Ltd.		17,700		525,031
NEC Corp.		48,500		2,201,596
Nexon Co. Ltd.(a)		116,400		1,594,815
NGK Spark Plug Co. Ltd.		11,400		204,787
NH Foods Ltd.		11,400		507,496
Nidec Corp.		56,000		7,254,140
Nikon Corp.		48,100		594,233
Nintendo Co. Ltd.		24,300		9,140,665
Nippon Building Fund Inc.		177		1,433,833
Nippon Express Co. Ltd.		10,200		543,009
Nippon Paint Holdings Co. Ltd.		28,300		1,378,641
Nippon Prologis REIT Inc.		1,129		3,249,970
Nippon Shinyaku Co. Ltd.		6,200		559,450
Nippon Steel Corp.		191,134		2,707,813
Nippon Telegraph & Telephone Corp.		296,000		7,609,946
Nippon Yusen KK		15,100		247,150
Nissan Chemical Corp.		19,100		807,985
Nissan Motor Co. Ltd.		553,100		3,059,311
Nisshin Seifun Group Inc.		27,000		467,832
Nissin Foods Holdings Co. Ltd.		6,700		510,606
Nitori Holdings Co. Ltd.		13,300		2,084,241
Nitto Denko Corp.		47,800		2,729,917
Nomura Holdings Inc.		718,200		3,752,518
Nomura Real Estate Holdings Inc.		5,200		129,778
Nomura Real Estate Master Fund Inc.		1,913		3,367,628
Nomura Research Institute Ltd.		65,500		1,462,472
NSK Ltd.		28,000		240,513
NTT Data Corp.		81,500		1,169,281
NTT DOCOMO Inc.		264,820		7,591,417
Obayashi Corp.		62,600		700,593
Obic Co. Ltd.		10,900		1,509,517
Odakyu Electric Railway Co. Ltd.		46,300		1,040,613
Oji Holdings Corp.		97,200		507,591
Olympus Corp.		249,600		4,109,528
Omron Corp.		29,800		1,762,403
Ono Pharmaceutical Co. Ltd.		96,700		2,265,716
Oracle Corp. Japan		6,600		580,929
Oriental Land Co. Ltd.		46,600		6,131,070
ORIX Corp.		310,500		5,322,775
Orix JREIT Inc.		368		778,543
Osaka Gas Co. Ltd.		39,300		673,341
Otsuka Corp.		17,100		678,415
Otsuka Holdings Co. Ltd.		88,200		3,998,031
Pan Pacific International Holdings Corp.		76,500		1,247,179
Panasonic Corp.		468,500		4,763,454
Park24 Co. Ltd.		14,300		363,487
PeptiDream Inc.(a)		25,100		1,213,489
Persol Holdings Co. Ltd.		32,200		589,722
Pigeon Corp.		20,100		726,037
Pola Orbis Holdings Inc.		9,400		207,887
Rakuten Inc.(a)		199,700		1,577,185
Recruit Holdings Co. Ltd.		266,000		10,562,938
Renesas Electronics Corp.(a)		204,800		1,343,477
Resona Holdings Inc.		639,400		2,689,509
Ricoh Co. Ltd.		118,100		1,371,849
Rohm Co. Ltd.		14,800		1,099,230
Ryohin Keikaku Co. Ltd.		41,600		706,991
Santen Pharmaceutical Co. Ltd.		55,900		1,060,390
SBI Holdings Inc.		69,330		1,649,054

Security	Shares		Value
Japan (continued)
Secom Co. Ltd.		51,200	$	4,588,325
Sega Sammy Holdings Inc.		24,800		342,992
Seibu Holdings Inc.		11,800		186,279
Seiko Epson Corp.		44,400		663,634
Sekisui Chemical Co. Ltd.		26,500		450,611
Sekisui House Ltd.		76,700		1,670,791
Seven & i Holdings Co. Ltd.		167,000		6,497,569
Seven Bank Ltd.		409,500		1,239,249
SG Holdings Co. Ltd.		20,100		431,171
Sharp Corp.		38,800		544,850
Shimadzu Corp.		42,200		1,214,781
Shimamura Co. Ltd.		1,900		144,799
Shimano Inc.		12,700		1,975,569
Shimizu Corp.		55,900		584,349
Shin-Etsu Chemical Co. Ltd.		71,600		8,399,631
Shinsei Bank Ltd.		14,900		232,329
Shionogi & Co. Ltd.		66,200		4,009,808
Shiseido Co. Ltd.		79,400		5,191,750
Shizuoka Bank Ltd. (The)		33,300		238,724
Showa Denko KK		19,900		491,143
SMC Corp.		11,200		4,983,863
Softbank Corp.		330,300		4,559,015
SoftBank Group Corp.		327,800		13,682,403
Sohgo Security Services Co. Ltd.		7,700		405,656
Sompo Holdings Inc.		76,700		2,924,769
Sony Corp.		264,800		18,856,174
Sony Financial Holdings Inc.		21,300		500,737
Square Enix Holdings Co. Ltd.		17,500		868,663
Stanley Electric Co. Ltd.		4,200		110,672
Subaru Corp.		132,400		3,371,537
SUMCO Corp.		46,100		740,084
Sumitomo Chemical Co. Ltd.		645,300		2,810,182
Sumitomo Corp.		278,500		4,208,913
Sumitomo Dainippon Pharma Co. Ltd.		29,700		521,466
Sumitomo Electric Industries Ltd.		269,900		3,685,492
Sumitomo Metal Mining Co. Ltd.		31,000		904,959
Sumitomo Mitsui Financial Group Inc.		319,200		11,438,601
Sumitomo Mitsui Trust Holdings Inc.		95,208		3,586,606
Sumitomo Realty & Development Co. Ltd.		36,400		1,360,151
Sundrug Co. Ltd.		5,900		203,045
Suntory Beverage & Food Ltd.		16,000		685,704
Suzuken Co. Ltd.		10,300		402,459
Suzuki Motor Corp.		69,700		3,235,968
Sysmex Corp.		38,400		2,797,848
T&D Holdings Inc.		181,200		1,991,135
Taiheiyo Cement Corp.		14,000		385,441
Taisei Corp.		25,300		1,029,414
Taiyo Nippon Sanso Corp.		25,800		575,343
Takeda Pharmaceutical Co. Ltd.		320,734		12,508,582
TDK Corp.		29,800		3,263,607
Terumo Corp.		146,500		5,385,026
THK Co. Ltd.		12,300		319,572
Tobu Railway Co. Ltd.		22,500		803,386
Toho Co. Ltd.		16,300		608,327
Toho Gas Co. Ltd.		8,500		332,910
Tohoku Electric Power Co. Inc.		231,200		2,192,864
Tokio Marine Holdings Inc.		166,200		9,177,534
Tokyo Century Corp.		4,300		224,551
Tokyo Electric Power Co. Holdings Inc.(a)		416,500		1,671,610
Tokyo Electron Ltd.		35,700		8,069,844

18 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tokyo Gas Co. Ltd.		121,700	$	2,703,821
Tokyu Corp.		68,500		1,221,036
Tokyu Fudosan Holdings Corp.		47,900		342,948
Toppan Printing Co. Ltd.		44,800		907,698
Toray Industries Inc.		317,300		2,123,042
Toshiba Corp.		110,500		3,568,298
Tosoh Corp.		22,100		320,739
TOTO Ltd.		21,500		897,610
Toyo Seikan Group Holdings Ltd.		18,600		321,941
Toyo Suisan Kaisha Ltd.		2,400		101,859
Toyota Industries Corp.		4,100		226,969
Toyota Motor Corp.		486,500		34,346,985
Toyota Tsusho Corp.		21,600		764,276
Trend Micro Inc.(a)		22,300		1,185,109
Tsuruha Holdings Inc.		5,500		681,506
Unicharm Corp.		85,100		2,961,639
United Urban Investment Corp.		462		828,220
USS Co. Ltd.		111,100		2,050,099
Welcia Holdings Co. Ltd.		8,700		484,025
West Japan Railway Co.		16,200		1,386,159
Yakult Honsha Co. Ltd.		14,400		737,371
Yamada Denki Co. Ltd.		18,500		94,049
Yamaha Corp.		38,000		1,984,407
Yamaha Motor Co. Ltd.		34,100		648,745
Yamato Holdings Co. Ltd.		52,200		854,869
Yamazaki Baking Co. Ltd.		15,600		300,529
Yaskawa Electric Corp.		61,400		2,195,184
Yokogawa Electric Corp.		31,000		553,730
Z Holdings Corp.		546,100		2,206,872
ZOZO Inc.		29,100		489,452
				742,232,823
Malaysia — 0.2%
AirAsia Group Bhd		1,261,900		440,341
Axiata Group Bhd		307,300		322,448
CIMB Group Holdings Bhd		1,248,400		1,501,857
Dialog Group Bhd		1,643,100		1,311,112
DiGi.Com Bhd		1,248,400		1,288,612
Gamuda Bhd		189,100		178,118
Genting Bhd		854,200		1,146,437
Genting Malaysia Bhd		272,400		200,744
Genting Plantations Bhd		527,900		1,352,599
Hartalega Holdings Bhd		148,600		214,669
Hong Leong Bank Bhd		199,600		779,307
Hong Leong Financial Group Bhd		322,000		1,268,199
IHH Healthcare Bhd		1,019,800		1,418,463
Malaysia Airports Holdings Bhd		337,600		555,252
Maxis Bhd(b)		854,200		1,106,833
Petronas Chemicals Group Bhd		323,800		489,098
Petronas Gas Bhd		345,500		1,348,951
PPB Group Bhd		122,000		554,329
Press Metal Aluminium Holdings Bhd(b)		604,100		719,377
Public Bank Bhd		395,270		1,794,051
RHB Capital Bhd(a)(e)		146,400		0	(f)
Telekom Malaysia Bhd		325,600		306,690
Tenaga Nasional Bhd		395,000		1,201,000
Top Glove Corp. Bhd		196,300		280,223
YTL Corp. Bhd		2,003,700		437,607
				20,216,317

Security	Shares		Value
Mexico — 0.3%
Alfa SAB de CV, Class A		1,463,700	$	1,094,023
Alsea SAB de CV(a)		38,700		93,610
America Movil SAB de CV, Series L, NVS		6,493,000		5,385,092
Cemex SAB de CV, CPO, NVS		4,529,754		1,819,755
Coca-Cola Femsa SAB de CV		22,900		139,133
Fibra Uno Administracion SA de CV		573,900		940,725
Fomento Economico Mexicano SAB de CV		528,200		4,756,815
Grupo Aeroportuario del Pacifico SAB de CV, Series B		67,400		832,043
Grupo Aeroportuario del Sureste SAB de CV, Class B		30,215		579,880
Grupo Bimbo SAB de CV, Series A		78,400		140,115
Grupo Carso SAB de CV, Series A1		21,000		75,628
Grupo Financiero Banorte SAB de CV, Class O		593,800		3,643,844
Grupo Financiero Inbursa SAB de CV, Class O		128,200		145,629
Grupo Mexico SAB de CV, Series B		839,128		2,238,207
Grupo Televisa SAB, CPO		597,200		1,320,482
Industrias Penoles SAB de CV		22,320		232,863
Infraestructura Energetica Nova SAB de CV		62,500		293,239
Kimberly-Clark de Mexico SAB de CV, Class A		105,700		217,736
Megacable Holdings SAB de CV, CPO		7,100		26,388
Orbia Advance Corp. SAB de CV		480,123		1,122,013
Promotora y Operadora de Infraestructura SAB de CV		7,150		77,048
Wal-Mart de Mexico SAB de CV		1,190,100		3,450,523
				28,624,791
Netherlands — 1.1%
ABN AMRO Bank NV, CVA(c)		43,779		762,670
Adyen NV(a)(c)		2,111		1,944,050
Aegon NV		524,091		2,130,947
AerCap Holdings NV(a)		37,428		2,118,799
Akzo Nobel NV		54,442		5,146,374
Altice Europe NV(a)		125,954		811,810
ArcelorMittal SA		152,419		2,255,972
ASML Holding NV		86,957		24,500,997
EXOR NV		10,750		793,892
Heineken Holding NV		1,185		116,745
Heineken NV		60,511		6,593,172
ING Groep NV		682,250		7,428,384
Koninklijke Ahold Delhaize NV		236,056		5,807,460
Koninklijke DSM NV		38,062		4,652,489
Koninklijke KPN NV		886,690		2,489,002
Koninklijke Philips NV		190,312		8,731,417
Koninklijke Vopak NV		28,527		1,529,467
NN Group NV		106,144		3,693,545
NXP Semiconductors NV		59,682		7,571,259
Prosus NV(a)		91,825		6,637,837
Randstad NV		16,212		933,521
Unilever NV		261,328		15,262,118
Wolters Kluwer NV		69,314		5,217,193
				117,129,120
New Zealand — 0.1%
a2 Milk Co. Ltd.(a)		153,055		1,485,743
Auckland International Airport Ltd.		431,411		2,414,973
Fisher & Paykel Healthcare Corp. Ltd.		181,051		2,729,994
Fletcher Building Ltd.		86,072		309,143
Ryman Healthcare Ltd.		39,729		423,968
Spark New Zealand Ltd.		194,272		585,870
				7,949,691

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway — 0.2%
Aker BP ASA		14,425	$	408,754
DNB ASA		186,569		3,275,857
Equinor ASA		203,047		3,681,931
Gjensidige Forsikring ASA		9,888		215,614
Mowi ASA		77,691		1,855,926
Norsk Hydro ASA		192,615		606,193
Orkla ASA		267,808		2,585,749
Schibsted ASA, Class B		18,679		530,918
Telenor ASA		156,900		2,841,725
Yara International ASA		54,996		2,001,091
				18,003,758
Pakistan — 0.0%
Habib Bank Ltd.		125,200		132,091
MCB Bank Ltd.		198,600		270,726
Oil & Gas Development Co. Ltd.		264,800		236,318
				639,135
Peru — 0.0%
Cia. de Minas Buenaventura SAA, ADR		76,242		985,809
Credicorp Ltd.		14,527		3,000,988
Southern Copper Corp.		7,100		267,528
				4,254,325
Philippines — 0.1%
Aboitiz Equity Ventures Inc.		640,230		620,959
Aboitiz Power Corp.		596,300		379,506
Ayala Corp.		3,440		49,167
Ayala Land Inc.		1,842,500		1,507,928
Bank of the Philippine Islands		531,984		863,441
BDO Unibank Inc.		779,715		2,270,270
GT Capital Holdings Inc.		7,390		98,136
International Container Terminal Services Inc.		91,990		235,269
JG Summit Holdings Inc.		373,990		515,772
Jollibee Foods Corp.		301,010		1,132,267
Metropolitan Bank & Trust Co.		391,730		441,977
PLDT Inc.		6,570		128,737
Security Bank Corp.		187,290		652,180
SM Prime Holdings Inc.		3,036,525		2,323,841
Universal Robina Corp.		46,110		131,536
				11,350,986
Poland — 0.1%
Bank Millennium SA(a)		325,842		498,976
Bank Polska Kasa Opieki SA		60,576		1,545,731
CCC SA		3,955		98,851
CD Projekt SA		12,080		876,971
Cyfrowy Polsat SA		164,678		1,154,756
Dino Polska SA(a)(c)		3,536		148,133
Grupa Lotos SA		8,230		163,244
KGHM Polska Miedz SA(a)		52,496		1,234,261
LPP SA		91		198,588
mBank SA(a)		6,681		639,345
Orange Polska SA(a)		25,646		46,314
PGE Polska Grupa Energetyczna SA(a)		27,736		49,052
Polski Koncern Naftowy ORLEN SA		46,128		899,739
Powszechna Kasa Oszczednosci Bank Polski SA		224,565		1,980,528
Powszechny Zaklad Ubezpieczen SA		37,824		392,189
				9,926,678
Portugal — 0.1%
Banco Espirito Santo SA, Registered(a)(e)		3		0	(f)
EDP — Energias de Portugal SA		832,916		4,175,823
Galp Energia SGPS SA		46,974		710,052

Security	Shares		Value
Portugal (continued)
Jeronimo Martins SGPS SA		74,311	$	1,280,153
				6,166,028
Qatar — 0.1%
Commercial Bank PSQC (The)		109,773		143,823
Industries Qatar QSC		44,839		121,901
Masraf Al Rayan QSC		2,554,066		2,872,244
Mesaieed Petrochemical Holding Co.		867,344		518,475
Ooredoo QPSC		549,684		1,039,772
Qatar Insurance Co. SAQ		1,217,284		1,053,278
Qatar Islamic Bank SAQ		111,844		509,825
Qatar National Bank QPSC		838,692		4,679,240
				10,938,558
Russia — 0.5%
Alrosa PJSC		279,410		350,622
Gazprom PJSC		2,208,390		7,833,388
Inter RAO UES PJSC		4,841,000		438,188
LUKOIL PJSC		86,022		8,816,705
Magnit PJSC, GDR(d)		58,477		795,287
MMC Norilsk Nickel PJSC		15,852		5,159,050
Mobile TeleSystems PJSC, ADR		179,251		1,826,568
Novatek PJSC, GDR(d)		20,907		3,763,260
Novolipetsk Steel PJSC		81,290		175,525
PhosAgro PJSC, GDR(d)		175,697		2,229,595
Polyus PJSC		3,750		458,516
Rosneft Oil Co. PJSC		134,440		1,010,751
Sberbank of Russia PJSC		1,941,538		7,661,492
Sberbank of Russia PJSC, New, ADR		71,130		1,138,080
Severstal PJSC		5,257		74,967
Surgutneftegas PJSC		3,093,210		2,228,508
Tatneft PJSC, ADR		52,928		3,804,465
VTB Bank PJSC		176,150,000		127,886
X5 Retail Group NV, GDR		12,317		450,002
				48,342,855
Saudi Arabia — 0.3%
Al Rajhi Bank		203,419		3,599,952
Alinma Bank		492,967		3,402,944
Almarai Co. JSC		137,393		1,739,384
Arab National Bank		51,806		366,591
Bank AlBilad		20,845		151,393
Bank Al-Jazira		695,026		2,786,032
Banque Saudi Fransi		182,306		1,802,653
Co for Cooperative Insurance (The)(a)		7,781		155,537
Dar Al Arkan Real Estate Development Co.(a)		53,182		139,333
Etihad Etisalat Co.(a)		43,111		302,765
National Commercial Bank		177,428		2,220,214
Riyad Bank		375,565		2,358,292
Sahara International Petrochemical Co.		57,299		263,893
Samba Financial Group		340,653		2,751,009
Saudi Arabian Fertilizer Co.		79,658		1,592,311
Saudi Arabian Mining Co.(a)		65,420		748,006
Saudi Basic Industries Corp.		62,300		1,452,892
Saudi British Bank (The)		109,990		936,615
Saudi Cement Co.		10,209		183,392
Saudi Electricity Co.		334,277		1,767,605
Saudi Industrial Investment Group		33,943		213,501
Saudi Kayan Petrochemical Co.(a)		28,994		76,890
Saudi Telecom Co.		113,264		2,756,131
Savola Group (The)(a)		38,016		362,226

20 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Yanbu National Petrochemical Co.		23,046	$	323,700
				32,453,261
Singapore — 0.4%
Ascendas REIT		2,730,758		6,302,211
BOC Aviation Ltd.(c)		26,800		247,813
CapitaLand Commercial Trust		147,600		222,768
CapitaLand Ltd.		1,333,500		3,536,721
CapitaLand Mall Trust		2,091,300		3,861,144
City Developments Ltd.		15,900		123,482
ComfortDelGro Corp. Ltd.		295,600		469,963
DBS Group Holdings Ltd.		322,000		5,985,156
Genting Singapore Ltd.		2,340,200		1,474,520
Jardine Cycle & Carriage Ltd.		17,700		378,924
Keppel Corp. Ltd.		558,000		2,730,925
Mapletree Commercial Trust		133,700		230,196
Oversea-Chinese Banking Corp. Ltd.(b)		439,400		3,486,484
Singapore Press Holdings Ltd.		219,800		325,296
Singapore Telecommunications Ltd.		984,900		2,381,251
United Overseas Bank Ltd.		181,000		3,402,784
Venture Corp. Ltd.		50,200		600,605
Wilmar International Ltd.		196,000		561,477
Yangzijiang Shipbuilding Holdings Ltd.		392,500		273,189
				36,594,909
South Africa — 0.5%
Absa Group Ltd.		76,986		705,421
Anglo American Platinum Ltd.		8,972		717,485
AngloGold Ashanti Ltd.		76,306		1,545,401
Aspen Pharmacare Holdings Ltd.(a)		67,926		525,493
Bid Corp. Ltd.		101,422		2,246,572
Bidvest Group Ltd. (The)		25,900		357,432
Capitec Bank Holdings Ltd.		15,715		1,410,364
Clicks Group Ltd.		39,154		637,657
Discovery Ltd.		44,826		349,595
Exxaro Resources Ltd.		25,271		205,157
FirstRand Ltd.		809,472		3,119,269
Fortress REIT Ltd., Series A		39,098		48,092
Foschini Group Ltd. (The)		6,850		62,931
Gold Fields Ltd.		199,555		1,301,009
Growthpoint Properties Ltd.		1,292,016		1,816,635
Impala Platinum Holdings Ltd.(a)		150,680		1,421,462
Kumba Iron Ore Ltd.		6,650		154,968
Momentum Metropolitan Holdings		809,247		1,078,492
Mr. Price Group Ltd.		79,082		896,925
MTN Group Ltd.		350,428		1,887,468
MultiChoice Group Ltd.(a)		128,038		911,405
Naspers Ltd., Class N		90,341		14,820,754
Nedbank Group Ltd.		104,414		1,362,370
NEPI Rockcastle PLC		55,915		460,382
Northam Platinum Ltd.(a)		48,921		409,939
Old Mutual Ltd.		1,281,583		1,478,142
Pick n Pay Stores Ltd.		17,306		74,937
PSG Group Ltd.		89,251		1,274,844
Redefine Properties Ltd.		2,784,358		1,334,680
Reinet Investments SCA		27,553		592,593
Remgro Ltd.		46,130		561,267
RMB Holdings Ltd.		59,352		291,745
Sanlam Ltd.		621,835		3,064,505
Sasol Ltd.		129,809		2,069,830
Shoprite Holdings Ltd.		76,381		596,097

Security	Shares		Value
South Africa (continued)
Sibanye Gold Ltd.(a)(b)		427,424	$	1,113,619
Standard Bank Group Ltd.		293,514		3,081,608
Vodacom Group Ltd.		77,725		607,571
Woolworths Holdings Ltd.		280,181		828,990
				55,423,106
South Korea — 1.3%
Amorepacific Corp.(b)		7,853		1,238,716
AMOREPACIFIC Group		8,927		540,781
BGF retail Co. Ltd.		3,395		470,005
Celltrion Healthcare Co. Ltd.(a)		8,936		428,862
Celltrion Inc.(a)(b)		19,738		2,732,517
CJ CheilJedang Corp.		3,372		671,939
CJ Corp.		9,627		668,805
CJ ENM Co. Ltd.		5,036		583,945
CJ Logistics Corp.(a)		724		88,689
Daelim Industrial Co. Ltd.		1,665		113,156
DB Insurance Co. Ltd.		4,533		161,642
Fila Holdings Corp.		8,863		328,686
GS Engineering & Construction Corp.		28,670		673,541
GS Retail Co. Ltd.		16,887		561,790
Hana Financial Group Inc.		73,961		2,060,247
Hankook Tire & Technology Co. Ltd.		22,918		551,870
Hanmi Pharm Co. Ltd.		2,297		541,559
Hanwha Corp.		54,597		996,337
HDC Holdings Co. Ltd.		1		8
Helixmith Co. Ltd.(a)		4,154		269,068
Hotel Shilla Co. Ltd.		2,902		212,808
Hyundai Engineering & Construction Co. Ltd.		11,194		358,779
Hyundai Glovis Co. Ltd.		6,609		815,139
Hyundai Heavy Industries Holdings Co. Ltd.		3,627		832,307
Hyundai Marine & Fire Insurance Co. Ltd.		30,274		558,819
Hyundai Mobis Co. Ltd.		13,112		2,524,818
Hyundai Motor Co.		31,446		3,298,024
Hyundai Steel Co.		28,167		668,814
Kakao Corp.(a)		9,299		1,240,543
Kangwon Land Inc.		7,998		184,876
KB Financial Group Inc.(a)		71,856		2,649,722
KCC Corp.		3,318		560,957
Kia Motors Corp.		50,487		1,732,532
KMW Co. Ltd.(a)(b)		5,285		219,719
Korea Aerospace Industries Ltd.		22,882		577,882
Korea Electric Power Corp.(a)		53,028		1,127,877
Korea Investment Holdings Co. Ltd.		2,496		139,266
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)(b)		10,246		980,026
Korea Zinc Co. Ltd.		3,841		1,224,634
KT&G Corp.(a)		23,639		1,886,201
LG Chem Ltd.(b)		9,030		2,557,054
LG Corp.		39,305		2,318,363
LG Display Co. Ltd.(a)		83,704		1,081,547
LG Electronics Inc.		26,164		1,446,665
LG Household & Health Care Ltd.		2,451		2,587,035
LG Innotek Co. Ltd.		1,380		175,995
Lotte Chemical Corp.		6,014		956,205
Lotte Corp.		22,203		657,604
Lotte Shopping Co. Ltd.		3,303		320,088
Medy-Tox Inc.		211		57,519
Mirae Asset Daewoo Co. Ltd.		315,739		1,825,265
NAVER Corp.		30,240		4,554,331
NCSoft Corp.		3,829		2,043,247

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Netmarble Corp.(a)(c)		2,980	$	224,028
OCI Co. Ltd.		8,790		411,530
Orion Corp.		7,996		687,662
Ottogi Corp.		1,823		775,484
Pearl Abyss Corp.(a)		931		141,855
POSCO		13,744		2,548,495
POSCO Chemical Co. Ltd.		1,438		69,255
Samsung Biologics Co. Ltd.(a)(c)		4,022		1,634,987
Samsung C&T Corp.		24,857		2,262,856
Samsung Electro-Mechanics Co. Ltd.		9,464		992,575
Samsung Electronics Co. Ltd.		977,636		46,263,096
Samsung Engineering Co. Ltd.(a)		10,770		155,877
Samsung Fire & Marine Insurance Co. Ltd.		9,866		1,746,634
Samsung Heavy Industries Co. Ltd.(a)		40,512		226,039
Samsung SDI Co. Ltd.		12,508		2,896,512
Samsung SDS Co. Ltd.		3,696		601,606
Shinhan Financial Group Co. Ltd.(a)		74,598		2,450,402
Shinsegae Inc.		134		30,019
SK Holdings Co. Ltd.		9,065		1,791,171
SK Hynix Inc.		112,306		8,810,346
SK Innovation Co. Ltd.		14,237		1,552,888
SK Telecom Co. Ltd.		7,062		1,359,843
S-Oil Corp.		6,114		390,894
Woongjin Coway Co. Ltd.		15,576		1,147,437
Woori Financial Group Inc.		108,196		921,416
				136,149,731
Spain — 0.8%
ACS Actividades de Construccion y Servicios SA		78,666		2,617,946
Aena SME SA(c)		8,705		1,612,476
Amadeus IT Group SA		96,538		7,576,567
Banco Bilbao Vizcaya Argentaria SA		1,169,006		6,048,008
Banco de Sabadell SA		1,482,855		1,337,646
Banco Santander SA		3,269,935		12,878,782
Bankia SA		506,584		921,532
Bankinter SA		89,777		582,420
CaixaBank SA		876,610		2,564,653
Cellnex Telecom SA(c)		45,524		2,266,201
Ferrovial SA		143,330		4,552,307
Grifols SA		75,996		2,551,829
Iberdrola SA		1,225,749		13,407,164
Iberdrola SA, New(a)		24,330		266,121
Industria de Diseno Textil SA		217,492		7,319,920
Naturgy Energy Group SA		47,033		1,240,503
Red Electrica Corp. SA		163,583		3,269,434
Repsol SA		342,019		4,724,553
Siemens Gamesa Renewable Energy SA		42,897		684,791
Telefonica SA		875,266		5,925,547
				82,348,400
Sweden — 0.7%
Alfa Laval AB		39,556		989,039
Assa Abloy AB, Class B		210,062		4,997,299
Atlas Copco AB, Class A		204,272		7,248,009
Boliden AB		69,560		1,654,807
Electrolux AB, Series B		71,932		1,706,759
Epiroc AB, Class A		235,103		2,724,552
Essity AB, Class B		123,441		3,918,904
Hennes & Mauritz AB, Class B		165,439		3,632,787
Hexagon AB, Class B		63,085		3,437,436
Husqvarna AB, Class B		37,660		284,131

Security	Shares		Value
Sweden (continued)
ICA Gruppen AB		12,400	$	545,213
Industrivarden AB, Class C		10,332		243,651
Investor AB, Class B		101,753		5,576,085
Kinnevik AB, Class B		37,902		915,438
Lundin Petroleum AB		54,018		1,645,426
Millicom International Cellular SA, SDR		21,665		1,023,612
Sandvik AB		242,469		4,431,213
Securitas AB, Class B		12,095		190,423
Skandinaviska Enskilda Banken AB, Class A		312,354		3,086,386
Skanska AB, Class B		55,862		1,292,424
SKF AB, Class B		158,098		2,898,323
Svenska Handelsbanken AB, Class A		288,752		2,836,397
Swedbank AB, Class A		195,626		3,008,882
Swedish Match AB		30,555		1,728,945
Tele2 AB, Class B		67,201		1,013,734
Telefonaktiebolaget LM Ericsson, Class B		638,879		5,021,603
Telia Co. AB		635,978		2,721,760
Volvo AB, Class B		281,944		4,835,256
				73,608,494
Switzerland — 2.8%
ABB Ltd., Registered		350,645		8,183,959
Adecco Group AG, Registered		43,111		2,534,495
Alcon Inc.(a)		79,024		4,665,485
Baloise Holding AG, Registered		5,459		986,576
Barry Callebaut AG, Registered		1,158		2,564,662
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		244		2,045,456
Cie. Financiere Richemont SA, Registered		99,916		7,318,229
Clariant AG, Registered		30,395		684,829
Coca-Cola HBC AG		61,083		2,243,277
Credit Suisse Group AG, Registered		427,645		5,416,231
Dufry AG, Registered		4,682		406,523
EMS-Chemie Holding AG, Registered		884		579,281
Geberit AG, Registered		8,927		4,713,182
Givaudan SA, Registered		1,442		4,754,586
Julius Baer Group Ltd.		55,531		2,781,012
Kuehne + Nagel International AG, Registered		15,730		2,544,331
LafargeHolcim Ltd., Registered		94,052		4,788,173
Lonza Group AG, Registered		15,659		6,432,781
Nestle SA, Registered		610,041		67,288,259
Novartis AG, Registered		443,335		41,908,706
Pargesa Holding SA, Bearer		1,490		119,500
Partners Group Holding AG		4,833		4,433,862
Roche Holding AG, NVS		139,853		47,026,106
Schindler Holding AG, Participation Certificates, NVS		9,880		2,554,899
Schindler Holding AG, Registered		7,131		1,774,524
SGS SA, Registered		1,252		3,623,134
Sika AG, Registered		28,760		5,173,788
Sonova Holding AG, Registered		14,711		3,688,237
Straumann Holding AG, Registered		1,635		1,559,645
Swatch Group AG (The), Bearer		9,204		2,316,150
Swiss Life Holding AG, Registered		2,931		1,475,149
Swiss Prime Site AG, Registered		33,534		4,095,915
Swiss Re AG		68,593		7,752,229
Swisscom AG, Registered		9,849		5,408,295
Temenos AG, Registered		15,700		2,537,851
UBS Group AG, Registered		726,212		9,035,765
Vifor Pharma AG		12,962		2,392,282

22 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Zurich Insurance Group AG		28,799	$	11,965,119
				289,772,483
Taiwan — 1.4%
Accton Technology Corp.		72,000		388,493
Acer Inc.		1,943,000		1,086,984
Advantech Co. Ltd.		3,000		28,899
Airtac International Group		10,000		155,252
ASE Technology Holding Co. Ltd.		953,873		2,355,554
Asia Cement Corp.		40,000		59,783
Asustek Computer Inc.		57,000		422,655
Catcher Technology Co. Ltd.		110,000		888,477
Cathay Financial Holding Co. Ltd.		2,065,357		2,779,197
Chailease Holding Co. Ltd.		110,000		462,445
Chang Hwa Commercial Bank Ltd.		3,610,845		2,563,892
China Airlines Ltd.		4,485,000		1,190,695
China Development Financial Holding Corp.		10,175,000		3,129,059
China Steel Corp.		2,009,305		1,536,461
Chunghwa Telecom Co. Ltd.		662,140		2,367,212
CTBC Financial Holding Co. Ltd.		3,319,142		2,422,691
Delta Electronics Inc.		310,000		1,467,443
E.Sun Financial Holding Co. Ltd.		3,300,753		3,070,315
Eclat Textile Co. Ltd.		5,000		64,550
Eva Airways Corp.		4,569,749		1,845,508
Far EasTone Telecommunications Co. Ltd.		596,000		1,353,424
Feng TAY Enterprise Co. Ltd.		12,000		72,694
First Financial Holding Co. Ltd.		2,053,848		1,604,516
Formosa Chemicals & Fibre Corp.		210,000		590,188
Formosa Plastics Corp.		674,160		2,084,364
Formosa Taffeta Co. Ltd.		1,252,000		1,400,828
Fubon Financial Holding Co. Ltd.		232,000		345,976
Giant Manufacturing Co. Ltd.		24,000		143,004
Globalwafers Co. Ltd.		34,000		450,197
Highwealth Construction Corp.		1,252,000		1,875,368
Hon Hai Precision Industry Co. Ltd.		2,649,000		7,295,733
Hotai Motor Co. Ltd.		55,000		1,132,444
Hua Nan Financial Holdings Co. Ltd.		5,726,677		4,104,160
Innolux Corp.		447,000		130,213
Largan Precision Co. Ltd.		19,000		3,022,113
Lite-On Technology Corp.		154,000		240,617
MediaTek Inc.		353,000		4,533,881
Mega Financial Holding Co. Ltd.		2,042,287		2,132,946
Micro-Star International Co. Ltd.		51,000		156,669
Nan Ya Plastics Corp.		1,344,830		3,102,872
Nanya Technology Corp.		160,000		413,652
Novatek Microelectronics Corp.		73,000		526,797
Pegatron Corp.		226,000		475,805
President Chain Store Corp.		40,000		395,246
Quanta Computer Inc.		70,000		143,666
Realtek Semiconductor Corp.		74,000		606,276
Shanghai Commercial & Savings Bank Ltd. (The)		483,000		799,431
SinoPac Financial Holdings Co. Ltd.		7,954,842		3,396,917
Taishin Financial Holding Co. Ltd.		6,049,184		2,833,459
Taiwan Business Bank		5,204,591		2,127,733
Taiwan Cement Corp.		352,000		489,973
Taiwan Cooperative Financial Holding Co. Ltd.		5,258,401		3,620,601
Taiwan High Speed Rail Corp.		154,000		184,286
Taiwan Mobile Co. Ltd.		596,000		2,111,026
Taiwan Semiconductor Manufacturing Co. Ltd.		5,132,000		54,362,607
Tatung Co. Ltd.(a)		259,000		168,043
Uni-President Enterprises Corp.		1,277,600		3,070,401

Security	Shares		Value
Taiwan (continued)
United Microelectronics Corp.		3,393,000	$	1,673,531
Walsin Technology Corp.		62,000		432,024
Win Semiconductors Corp.		63,000		588,103
Wistron Corp.		43,000		38,788
Wiwynn Corp.		16,000		371,810
Yageo Corp.		51,000		652,504
Yuanta Financial Holding Co. Ltd.		556,000		362,581
Zhen Ding Technology Holding Ltd.		66,000		261,081
				144,164,113
Thailand — 0.3%
Advanced Info Service PCL, NVDR		139,800		914,957
B Grimm Power PCL, NVDR		132,800		264,151
Bangkok Bank PCL, Foreign		434,400		2,013,821
Bangkok Dusit Medical Services PCL, NVDR		3,380,500		2,700,496
Bangkok Expressway & Metro PCL, NVDR(b)		5,863,000		2,069,073
BTS Group Holdings PCL, NVDR		696,900		279,475
Central Pattana PCL, NVDR		1,805,300		3,518,511
Charoen Pokphand Foods PCL, NVDR		2,057,400		1,980,173
CP ALL PCL, NVDR		799,700		1,815,168
Electricity Generating PCL, NVDR		33,300		324,774
Energy Absolute PCL, NVDR		667,500		926,191
Global Power Synergy PCL, NVDR		135,400		364,889
Gulf Energy Development PCL, NVDR		113,900		703,425
Indorama Ventures PCL, NVDR(b)		819,833		743,031
Intouch Holdings PCL, NVDR		1,191,700		2,131,449
Kasikornbank PCL, Foreign		142,000		642,348
Kasikornbank PCL, NVDR		459,123		2,069,515
Muangthai Capital PCL, NVDR		55,700		116,153
Osotspa PCL, NVDR		75,900		107,750
PTT Global Chemical PCL, NVDR		239,200		376,028
PTT PCL, NVDR		1,113,000		1,544,346
Ratch Group PCL, NVDR		696,700		1,519,910
Siam Cement PCL (The), NVDR		114,000		1,309,336
Srisawad Corp PCL, NVDR		77,600		186,718
True Corp. PCL, NVDR(b)		1,069,600		129,025
				28,750,713
Turkey — 0.1%
Akbank T.A.S.(a)		812,346		1,121,132
Anadolu Efes Biracilik Ve Malt Sanayii AS		117,558		486,731
Arcelik AS(a)		117,494		410,296
BIM Birlesik Magazalar AS		157,784		1,285,999
Eregli Demir ve Celik Fabrikalari TAS		173,307		270,168
TAV Havalimanlari Holding AS		133,550		607,837
Tupras Turkiye Petrol Rafinerileri AS		23,222		436,892
Turkcell Iletisim Hizmetleri AS		115,779		272,763
Turkiye Garanti Bankasi AS(a)		646,629		1,285,695
Turkiye Is Bankasi AS, Class C(a)		133,046		161,167
				6,338,680
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		1,014,812		2,113,616
Aldar Properties PJSC		1,783,992		1,083,121
DP World PLC		99,756		1,396,584
Emaar Malls PJSC		143,383		71,047
Emaar Properties PJSC		1,118,838		1,230,631
Emirates Telecommunications Group Co. PJSC		85,221		377,729
First Abu Dhabi Bank PJSC		358,492		1,510,878
				7,783,606
United Kingdom — 4.7%
3i Group PLC		260,537		3,793,295

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Admiral Group PLC		13,826	$	411,713
Amcor PLC(a)		262,353		2,778,318
Anglo American PLC		223,766		5,856,893
Antofagasta PLC		98,461		1,067,144
Aptiv PLC		53,649		4,548,899
Ashtead Group PLC		112,843		3,651,805
Associated British Foods PLC		72,820		2,520,733
AstraZeneca PLC		268,660		26,291,927
Auto Trader Group PLC(c)		262,815		1,947,009
AVEVA Group PLC		4,259		276,107
Aviva PLC		606,955		3,187,552
BAE Systems PLC		719,391		5,987,576
Barclays PLC		3,096,836		6,858,181
Barratt Developments PLC		215,812		2,283,833
Berkeley Group Holdings PLC		48,299		3,336,191
BP PLC		3,968,473		23,891,085
British American Tobacco PLC		477,302		21,124,708
British Land Co. PLC (The)		265,190		1,938,735
BT Group PLC		1,686,776		3,578,070
Bunzl PLC		36,355		941,690
Burberry Group PLC		94,580		2,434,910
Capri Holdings Ltd.(a)		37,900		1,135,484
Carnival PLC		88,169		3,623,877
Centrica PLC		1,541,472		1,723,922
Coca-Cola European Partners PLC		39,699		2,088,564
Compass Group PLC		332,697		8,231,796
Croda International PLC		9,162		601,935
DCC PLC		12,553		1,014,685
Diageo PLC		453,658		18,000,166
Direct Line Insurance Group PLC		130,875		582,771
easyJet PLC		24,816		455,685
Evraz PLC		81,213		377,476
Experian PLC		216,726		7,533,600
Ferguson PLC		52,295		4,688,978
Fiat Chrysler Automobiles NV		227,922		2,963,306
G4S PLC		468,685		1,207,222
GlaxoSmithKline PLC		1,012,640		23,813,946
Glencore PLC		2,151,500		6,310,341
GVC Holdings PLC		111,663		1,291,188
Halma PLC		45,506		1,263,906
Hargreaves Lansdown PLC		49,768		1,131,672
HSBC Holdings PLC		3,944,946		28,694,866
Imperial Brands PLC		193,966		4,987,924
Informa PLC		157,853		1,612,218
InterContinental Hotels Group PLC		17,025		1,051,537
Intertek Group PLC		41,268		3,133,411
ITV PLC		592,591		1,057,682
J Sainsbury PLC		526,421		1,404,511
JD Sports Fashion PLC		50,513		547,206
Johnson Matthey PLC		61,967		2,127,892
Kingfisher PLC		644,455		1,733,022
Land Securities Group PLC		205,693		2,543,336
Legal & General Group PLC		1,387,173		5,586,287
Lloyds Banking Group PLC		14,063,125		10,527,740
London Stock Exchange Group PLC		68,595		7,085,464
M&G PLC(a)		434,272		1,375,043
Marks & Spencer Group PLC		548,149		1,271,724
Meggitt PLC		70,104		624,330
Melrose Industries PLC		1,102,314		3,388,561
Micro Focus International PLC		80,966		1,094,190

Security	Shares		Value
United Kingdom (continued)
Mondi PLC		61,554	$	1,254,432
National Grid PLC		671,930		8,908,757
Next PLC		30,116		2,736,050
NMC Health PLC		22,768		387,765
Ocado Group PLC(a)		103,285		1,665,799
Pearson PLC		201,573		1,510,316
Persimmon PLC		67,524		2,717,480
Polymetal International PLC		25,436		430,704
Prudential PLC		508,988		9,071,219
Reckitt Benckiser Group PLC		138,273		11,448,474
RELX PLC		424,596		11,266,814
Rentokil Initial PLC		247,767		1,525,253
Rio Tinto PLC		251,664		13,548,408
Rolls-Royce Holdings PLC		388,921		3,434,928
Royal Bank of Scotland Group PLC		989,028		2,846,058
Royal Dutch Shell PLC, Class A		782,987		20,584,876
Royal Dutch Shell PLC, Class B		866,177		22,835,897
RSA Insurance Group PLC		622,401		4,515,753
Sage Group PLC (The)		147,828		1,438,897
Schroders PLC		15,637		662,286
Segro PLC		3,708		44,509
Sensata Technologies Holding PLC(a)		18,369		868,303
Severn Trent PLC		92,200		3,134,467
Smith & Nephew PLC		196,690		4,735,691
Smiths Group PLC		32,446		722,605
Spirax-Sarco Engineering PLC		8,793		1,033,911
SSE PLC		213,826		4,251,941
St. James’s Place PLC		170,145		2,565,823
Standard Chartered PLC		556,080		4,625,387
Standard Life Aberdeen PLC		576,374		2,290,726
Taylor Wimpey PLC		987,187		2,799,118
Tesco PLC		1,845,656		6,006,940
Unilever PLC		262,077		15,661,883
United Utilities Group PLC		76,892		1,027,274
Vodafone Group PLC		5,412,945		10,653,072
Weir Group PLC (The)		97,995		1,741,307
Whitbread PLC		18,136		1,068,638
Wm Morrison Supermarkets PLC		896,591		2,150,443
WPP PLC		264,138		3,290,365
				488,056,407
United States — 55.7%
3M Co.		117,372		18,622,242
Abbott Laboratories		366,240		31,914,154
AbbVie Inc.		303,142		24,560,565
ABIOMED Inc.(a)		9,664		1,800,307
Accenture PLC, Class A		135,322		27,769,428
Activision Blizzard Inc.		154,554		9,038,318
Acuity Brands Inc.		12,238		1,442,493
Adobe Inc.(a)		102,829		36,107,375
Advance Auto Parts Inc.		16,398		2,160,437
Advanced Micro Devices Inc.(a)		210,335		9,885,745
AES Corp./VA		170,230		3,380,768
Aflac Inc.		167,867		8,656,902
Agilent Technologies Inc.(b)		66,499		5,490,157
AGNC Investment Corp.		85,083		1,581,693
Air Products & Chemicals Inc.		47,582		11,358,299
Akamai Technologies Inc.(a)		38,943		3,635,329
Albemarle Corp.		27,538		2,210,751
Alexandria Real Estate Equities Inc.		9,707		1,584,182
Alexion Pharmaceuticals Inc.(a)		43,160		4,289,672

24 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Align Technology Inc.(a)		15,609	$	4,013,074
Alleghany Corp.(a)		5,312		4,237,170
Allegion PLC		16,529		2,137,530
Allergan PLC		67,402		12,579,909
Alliance Data Systems Corp.		10,843		1,114,552
Alliant Energy Corp.		88,368		5,245,524
Allstate Corp. (The)		72,194		8,557,877
Ally Financial Inc.		60,790		1,947,104
Alnylam Pharmaceuticals Inc.(a)		24,573		2,820,735
Alphabet Inc., Class A(a)		60,576		86,792,081
Alphabet Inc., Class C, NVS(a)		65,206		93,520,401
Altice USA Inc., Class A(a)		19,346		529,307
Altria Group Inc.		384,797		18,289,401
Amazon.com Inc.(a)		86,269		173,290,266
AMERCO		1,530		568,043
Ameren Corp.		59,542		4,885,421
American Airlines Group Inc.		14,859		398,816
American Electric Power Co. Inc.		108,391		11,296,510
American Express Co.		148,127		19,237,253
American International Group Inc.		178,916		8,992,318
American Tower Corp.		91,938		21,305,712
American Water Works Co. Inc.		45,307		6,170,813
Ameriprise Financial Inc.		27,518		4,551,752
AmerisourceBergen Corp.		34,266		2,931,799
AMETEK Inc.		50,299		4,886,548
Amgen Inc.		123,969		26,783,502
Amphenol Corp., Class A		70,472		7,009,850
Analog Devices Inc.		78,382		8,602,425
Annaly Capital Management Inc.		289,790		2,828,350
ANSYS Inc.(a)		13,225		3,628,014
Anthem Inc.		52,843		14,018,191
AO Smith Corp.		24,062		1,027,207
Aon PLC		49,005		10,793,351
Apache Corp.		82,387		2,260,699
Apple Inc.		930,879		288,116,359
Applied Materials Inc.		195,268		11,323,591
Aramark		41,917		1,850,216
Arch Capital Group Ltd.(a)		40,394		1,783,799
Archer-Daniels-Midland Co.		118,180		5,289,737
Arconic Inc.		88,476		2,649,856
Arista Networks Inc.(a)		11,727		2,619,108
Arrow Electronics Inc.(a)		11,926		905,660
Arthur J Gallagher & Co.		7,455		764,659
Assurant Inc.		11,117		1,451,436
AT&T Inc.		1,498,009		56,355,099
Athene Holding Ltd., Class A(a)		19,823		863,490
Autodesk Inc.(a)		46,391		9,132,068
Autoliv Inc.		24,771		1,898,202
Automatic Data Processing Inc.		95,564		16,378,714
AutoZone Inc.(a)		5,284		5,590,261
AvalonBay Communities Inc.		24,539		5,317,356
Avery Dennison Corp.		13,490		1,770,428
Axalta Coating Systems Ltd.(a)		28,508		821,315
Baker Hughes Co.		117,321		2,541,173
Ball Corp.		69,684		5,029,791
Bank of America Corp.		1,813,337		59,531,854
Bank of New York Mellon Corp. (The)		171,080		7,660,962
Baxter International Inc.		102,030		9,103,117
Becton Dickinson and Co.		56,649		15,588,672
Berkshire Hathaway Inc., Class B(a)		263,424		59,120,248

Security	Shares		Value
United States (continued)
Best Buy Co. Inc.		51,375	$	4,350,949
Biogen Inc.(a)		37,415		10,059,023
BioMarin Pharmaceutical Inc.(a)		42,474		3,546,579
Bio-Rad Laboratories Inc., Class A(a)		3,190		1,151,335
Black Knight Inc.(a)		17,550		1,174,446
BlackRock Inc.(g)		23,742		12,520,344
Blackstone Group Inc. (The), Class A		133,413		8,147,532
Boeing Co. (The)		110,017		35,015,111
Booking Holdings Inc.(a)		8,642		15,819,613
Booz Allen Hamilton Holding Corp.		21,801		1,701,350
BorgWarner Inc.		49,003		1,680,313
Boston Properties Inc.		36,585		5,244,460
Boston Scientific Corp.(a)		298,949		12,516,995
Bristol-Myers Squibb Co.		483,237		30,419,769
Broadcom Inc.		82,210		25,087,204
Broadridge Financial Solutions Inc.		20,894		2,489,520
Brown & Brown Inc.		48,564		2,180,524
Brown-Forman Corp., Class B, NVS(b)		68,294		4,619,406
Bunge Ltd.		39,743		2,083,725
Burlington Stores Inc.(a)		14,466		3,145,921
Cabot Oil & Gas Corp.		97,885		1,379,200
Cadence Design Systems Inc.(a)		62,117		4,479,257
Campbell Soup Co.		25,161		1,217,541
Capital One Financial Corp.		90,127		8,994,675
Cardinal Health Inc.		63,345		3,243,897
CarMax Inc.(a)(b)		36,189		3,511,781
Carnival Corp.		35,360		1,539,221
Caterpillar Inc.		114,766		15,074,514
Cboe Global Markets Inc.		28,120		3,464,946
CBRE Group Inc., Class A(a)		67,830		4,141,022
CDK Global Inc.		22,754		1,221,435
CDW Corp./DE		24,443		3,188,589
Celanese Corp.		21,980		2,274,930
Centene Corp.(a)		125,045		7,854,076
CenterPoint Energy Inc.		92,785		2,456,947
CenturyLink Inc.		202,772		2,769,866
Cerner Corp.		58,095		4,172,964
CF Industries Holdings Inc.		52,479		2,113,854
CH Robinson Worldwide Inc.		35,229		2,544,238
Charles Schwab Corp. (The)		243,102		11,073,296
Charter Communications Inc., Class A(a)		31,812		16,461,438
Cheniere Energy Inc.(a)		57,776		3,422,650
Chevron Corp.		390,571		41,845,777
Chipotle Mexican Grill Inc.(a)		5,621		4,872,058
Chubb Ltd.		92,567		14,069,258
Church & Dwight Co. Inc.		54,693		4,059,314
Cigna Corp.(a)		77,790		14,965,240
Cincinnati Financial Corp.		18,766		1,969,492
Cintas Corp.		16,315		4,551,396
Cisco Systems Inc.		879,346		40,423,536
Citigroup Inc.		459,359		34,180,903
Citizens Financial Group Inc.		100,123		3,732,585
Citrix Systems Inc.		30,543		3,702,422
Clorox Co. (The)		28,247		4,443,536
CME Group Inc.		73,612		15,981,901
CMS Energy Corp.		75,571		5,177,369
Coca-Cola Co. (The)		839,551		49,029,778
Cognex Corp.		30,974		1,578,745
Cognizant Technology Solutions Corp., Class A		114,837		7,048,695
Colgate-Palmolive Co.		171,266		12,636,005

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Comcast Corp., Class A		934,392	$	40,356,390
Comerica Inc.		41,722		2,551,718
Conagra Brands Inc.		102,521		3,374,991
Concho Resources Inc.		41,172		3,120,014
ConocoPhillips		230,446		13,695,406
Consolidated Edison Inc.		57,732		5,426,808
Constellation Brands Inc., Class A		32,970		6,208,251
Cooper Companies Inc. (The)		7,897		2,739,390
Copart Inc.(a)		46,102		4,677,509
Corning Inc.		167,746		4,477,141
Corteva Inc.(a)		152,029		4,396,679
CoStar Group Inc.(a)		8,404		5,487,728
Costco Wholesale Corp.		90,835		27,751,909
Coty Inc., Class A		69,144		709,417
Crown Castle International Corp.		83,320		12,484,669
Crown Holdings Inc.(a)		24,331		1,801,224
CSX Corp.		158,372		12,090,118
Cummins Inc.		33,553		5,367,473
CVS Health Corp.		265,642		18,015,840
Danaher Corp.		136,706		21,991,894
Darden Restaurants Inc.		25,519		2,971,177
DaVita Inc.(a)(b)		26,188		2,091,636
Deere & Co.		59,995		9,514,007
Dell Technologies Inc., Class C(a)		35,011		1,707,486
Delta Air Lines Inc.		42,409		2,363,878
Dentsply Sirona Inc.		47,036		2,634,016
Devon Energy Corp.		98,441		2,138,139
DexCom Inc.(a)		19,054		4,587,251
Diamondback Energy Inc.		34,646		2,577,662
Digital Realty Trust Inc.		39,916		4,909,269
Discover Financial Services		62,709		4,711,327
Discovery Inc., Class A(a)(b)		94,697		2,770,834
DISH Network Corp., Class A(a)		56,007		2,058,817
DocuSign Inc.(a)		22,959		1,802,511
Dollar General Corp.		52,951		8,123,213
Dollar Tree Inc.(a)		47,200		4,109,704
Dominion Energy Inc.		161,516		13,849,997
Domino’s Pizza Inc.		8,962		2,525,044
Dover Corp.		34,494		3,927,142
Dow Inc.(a)		155,534		7,165,451
DR Horton Inc.		77,394		4,581,725
Dropbox Inc., Class A(a)		46,402		789,762
DTE Energy Co.		31,015		4,112,899
Duke Energy Corp.		147,674		14,417,413
Duke Realty Corp.		122,767		4,457,670
DuPont de Nemours Inc.		150,526		7,703,921
DXC Technology Co.		56,210		1,791,975
E*TRADE Financial Corp.		42,722		1,820,812
East West Bancorp. Inc.		12,761		584,964
Eastman Chemical Co.		17,486		1,246,227
Eaton Corp. PLC		91,513		8,645,233
Eaton Vance Corp., NVS		10,321		472,186
eBay Inc.		166,229		5,578,645
Ecolab Inc.		55,858		10,954,312
Edison International		71,584		5,479,755
Edwards Lifesciences Corp.(a)		43,927		9,657,790
Elanco Animal Health Inc.(a)		65,165		2,013,599
Electronic Arts Inc.(a)		58,813		6,347,099
Eli Lilly & Co.		181,796		25,385,993
Emerson Electric Co.		121,630		8,712,357

Security	Shares		Value
United States (continued)
Entergy Corp.		54,769	$	7,203,219
EOG Resources Inc.		113,947		8,307,876
EPAM Systems Inc.(a)		10,535		2,403,455
Equifax Inc.		25,195		3,776,731
Equinix Inc.		16,818		9,918,079
Equitable Holdings Inc.		62,292		1,496,254
Equity LifeStyle Properties Inc.		19,554		1,422,554
Equity Residential		69,751		5,794,913
Erie Indemnity Co., Class A, NVS		5,141		855,977
Essential Utilities Inc.		29,207		1,517,012
Essex Property Trust Inc.		16,494		5,109,181
Estee Lauder Companies Inc. (The), Class A		45,742		8,927,009
Everest Re Group Ltd.		12,831		3,548,670
Evergy Inc.		24,187		1,745,334
Eversource Energy		53,528		4,948,128
Exact Sciences Corp.(a)(b)		29,205		2,724,242
Exelon Corp.		188,154		8,954,249
Expedia Group Inc.		27,560		2,988,882
Expeditors International of Washington Inc.		51,445		3,757,543
Extra Space Storage Inc.		37,260		4,123,937
Exxon Mobil Corp.		868,506		53,951,593
F5 Networks Inc.(a)		16,335		1,994,830
Facebook Inc., Class A(a)		494,255		99,795,027
FactSet Research Systems Inc.		6,015		1,720,952
Fastenal Co.		112,306		3,917,233
Federal Realty Investment Trust		27,458		3,432,799
FedEx Corp.		50,326		7,279,153
Fidelity National Financial Inc.		77,443		3,775,346
Fidelity National Information Services Inc.		132,478		19,031,789
Fifth Third Bancorp.		159,969		4,551,118
First Republic Bank/CA		37,352		4,141,590
FirstEnergy Corp.		110,545		5,614,581
Fiserv Inc.(a)		116,234		13,786,515
FleetCor Technologies Inc.(a)		19,178		6,045,481
Flex Ltd.(a)(b)		108,153		1,422,212
FLIR Systems Inc.		25,765		1,327,928
Flowserve Corp.		19,207		896,583
FMC Corp.		34,209		3,270,038
Ford Motor Co.		769,456		6,786,602
Fortinet Inc.(a)		31,794		3,667,756
Fortive Corp.		65,199		4,885,361
Fortune Brands Home & Security Inc.		20,268		1,392,614
Fox Corp., Class A, NVS		111,825		4,146,471
Franklin Resources Inc.		80,677		2,041,128
Freeport-McMoRan Inc.		289,912		3,218,023
Gap Inc. (The)		67,443		1,174,183
Garmin Ltd.		21,552		2,089,466
Gartner Inc.(a)		19,645		3,158,523
General Dynamics Corp.		54,886		9,629,200
General Electric Co.		1,787,630		22,255,994
General Mills Inc.		129,172		6,745,362
General Motors Co.		255,948		8,546,104
Genuine Parts Co.		25,048		2,343,741
Gilead Sciences Inc.		258,620		16,344,784
Global Payments Inc.		57,231		11,185,799
GoDaddy Inc., Class A(a)		42,369		2,847,620
Goldman Sachs Group Inc. (The)		67,165		15,968,479
Grubhub Inc.(a)		21,449		1,161,463
Guidewire Software Inc.(a)(b)		14,833		1,668,713
Halliburton Co.		158,807		3,463,581

26 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Hanesbrands Inc.		96,613	$	1,329,395
Harley-Davidson Inc.		47,637		1,591,076
Hartford Financial Services Group Inc. (The)		84,326		4,998,845
Hasbro Inc.		24,857		2,532,183
HCA Healthcare Inc.		56,595		7,855,386
HD Supply Holdings Inc.(a)		11,893		484,521
Healthpeak Properties Inc.		110,635		3,981,754
HEICO Corp.		10,421		1,275,843
HEICO Corp., Class A		11,695		1,124,474
Henry Schein Inc.(a)(b)		22,209		1,531,088
Hershey Co. (The)		33,869		5,255,453
Hess Corp.		55,798		3,156,493
Hewlett Packard Enterprise Co.		297,541		4,144,746
Hilton Worldwide Holdings Inc.		48,775		5,257,945
HollyFrontier Corp.		37,785		1,697,302
Hologic Inc.(a)		40,101		2,146,206
Home Depot Inc. (The)		224,231		51,147,091
Honeywell International Inc.		150,988		26,154,141
Hormel Foods Corp.		79,517		3,757,973
Host Hotels & Resorts Inc.		199,832		3,265,255
HP Inc.		319,947		6,821,270
Humana Inc.		28,373		9,540,138
Huntington Bancshares Inc./OH		102,475		1,390,586
Huntington Ingalls Industries Inc.		7,068		1,844,748
IAC/InterActiveCorp.(a)		16,936		4,125,440
IDEX Corp.		9,217		1,510,205
IDEXX Laboratories Inc.(a)		18,339		4,970,052
IHS Markit Ltd.(a)		95,690		7,546,113
Illinois Tool Works Inc.		67,109		11,742,733
Illumina Inc.(a)		30,205		8,761,564
Incyte Corp.(a)		40,046		2,926,161
Ingersoll-Rand PLC		52,921		7,050,665
Ingredion Inc.		8,500		748,000
Insulet Corp.(a)		11,980		2,324,599
Intel Corp.		911,990		58,303,521
Intercontinental Exchange Inc.		113,630		11,333,456
International Business Machines Corp.		181,336		26,063,423
International Flavors & Fragrances Inc.		23,292		3,053,814
International Paper Co.		88,626		3,608,851
Interpublic Group of Companies Inc. (The)		51,249		1,163,352
Intuit Inc.		54,683		15,332,020
Intuitive Surgical Inc.(a)		24,040		13,457,111
Invesco Ltd.		59,918		1,036,581
Invitation Homes Inc.		55,834		1,757,096
Ionis Pharmaceuticals Inc.(a)		30,753		1,793,515
IPG Photonics Corp.(a)(b)		9,951		1,270,444
IQVIA Holdings Inc.(a)		33,167		5,149,177
Iron Mountain Inc.		46,080		1,456,589
Jack Henry & Associates Inc.		9,977		1,491,961
Jacobs Engineering Group Inc.		33,662		3,114,745
Jazz Pharmaceuticals PLC(a)		14,938		2,141,362
JB Hunt Transport Services Inc.		15,281		1,649,278
Jefferies Financial Group Inc.		36,024		779,559
JM Smucker Co. (The)		28,454		2,948,119
Johnson & Johnson		544,332		81,034,705
Johnson Controls International PLC		174,272		6,875,030
Jones Lang LaSalle Inc.		7,581		1,287,405
JPMorgan Chase & Co.		656,322		86,870,780
Juniper Networks Inc.		100,344		2,301,891
Kansas City Southern		24,670		4,161,582

Security	Shares		Value
United States (continued)
Kellogg Co.		56,805	$	3,874,669
KeyCorp		224,286		4,196,391
Keysight Technologies Inc.(a)		41,172		3,828,584
Kimberly-Clark Corp.		73,563		10,537,164
Kimco Realty Corp.		117,650		2,241,233
Kinder Morgan Inc./DE		442,812		9,241,486
KKR & Co. Inc., Class A, NVS		105,849		3,376,583
KLA Corp.		32,690		5,418,041
Knight-Swift Transportation Holdings Inc.(b)		23,167		859,032
Kohl’s Corp.		34,646		1,481,117
Kraft Heinz Co. (The)		130,727		3,817,228
Kroger Co. (The)		166,672		4,476,810
L3Harris Technologies Inc.		47,372		10,484,845
Laboratory Corp. of America Holdings(a)		22,570		3,958,778
Lam Research Corp.		30,105		8,977,612
Lamb Weston Holdings Inc.		34,807		3,178,227
Las Vegas Sands Corp.		70,408		4,598,346
Lear Corp.		10,127		1,247,444
Leggett & Platt Inc.		26,167		1,245,288
Leidos Holdings Inc.		35,697		3,586,478
Lennar Corp., Class A		59,939		3,977,552
Lennox International Inc.		5,155		1,201,012
Liberty Broadband Corp., Class C, NVS(a)		29,941		3,980,057
Liberty Global PLC, Class A(a)(b)		48,641		998,113
Liberty Global PLC, Class C, NVS(a)		71,553		1,393,852
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		62,083		2,904,864
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		12,227		599,368
Liberty Property Trust		29,883		1,872,170
Lincoln National Corp.		51,174		2,787,960
Live Nation Entertainment Inc.(a)		27,017		1,841,479
LKQ Corp.(a)		71,212		2,327,564
Lockheed Martin Corp.		54,687		23,412,598
Loews Corp.		29,745		1,530,380
Lowe’s Companies Inc.		159,234		18,509,360
Lululemon Athletica Inc.(a)		24,165		5,784,859
LyondellBasell Industries NV, Class A		57,452		4,473,213
M&T Bank Corp.		27,772		4,680,137
ManpowerGroup Inc.		7,322		669,890
Marathon Oil Corp.		199,694		2,270,521
Marathon Petroleum Corp.		133,592		7,280,764
Markel Corp.(a)		1,606		1,883,790
MarketAxess Holdings Inc.		7,815		2,767,917
Marriott International Inc./MD, Class A		58,603		8,207,936
Marsh & McLennan Companies Inc.		112,984		12,638,390
Martin Marietta Materials Inc.		14,083		3,715,095
Marvell Technology Group Ltd.(b)		136,903		3,291,148
Masco Corp.		79,905		3,797,086
Mastercard Inc., Class A		187,491		59,235,907
Match Group Inc.(a)(b)		11,123		870,041
Maxim Integrated Products Inc.		42,921		2,580,411
McCormick & Co. Inc./MD, NVS		27,812		4,543,646
McDonald’s Corp.		156,239		33,430,459
McKesson Corp.		38,396		5,475,654
Medical Properties Trust Inc.		62,723		1,389,314
Medtronic PLC		279,806		32,300,805
MercadoLibre Inc.(a)(b)		9,380		6,218,940
Merck & Co. Inc.		531,551		45,415,717
MetLife Inc.		162,879		8,096,715

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Mettler-Toledo International Inc.(a)		4,551	$	3,445,926
MGM Resorts International		110,770		3,440,516
Microchip Technology Inc.		51,806		5,050,049
Micron Technology Inc.(a)		224,161		11,900,707
Microsoft Corp.		1,496,141		254,688,082
Mid-America Apartment Communities Inc.		23,415		3,212,772
Middleby Corp. (The)(a)		9,532		1,069,109
Mohawk Industries Inc.(a)		13,342		1,756,875
Molson Coors Beverage Co., Class B		47,560		2,643,385
Mondelez International Inc., Class A		304,266		17,458,783
MongoDB Inc.(a)(b)		9,585		1,571,077
Monster Beverage Corp.(a)		86,523		5,762,432
Moody’s Corp.		36,592		9,396,460
Morgan Stanley		258,115		13,489,090
Mosaic Co. (The)		84,780		1,682,035
Motorola Solutions Inc.		37,040		6,556,080
MSCI Inc.		14,899		4,258,134
Mylan NV(a)		110,914		2,375,778
Nasdaq Inc.		15,265		1,777,762
National Oilwell Varco Inc.		88,813		1,830,436
National Retail Properties Inc.		16,619		930,664
NetApp Inc.		53,218		2,841,841
Netflix Inc.(a)		89,580		30,913,162
Neurocrine Biosciences Inc.(a)		16,328		1,634,106
Newell Brands Inc.		87,519		1,709,246
Newmont Corp.		153,342		6,909,591
News Corp., Class A, NVS		125,123		1,704,175
NextEra Energy Inc.		99,066		26,569,501
Nielsen Holdings PLC		65,358		1,333,303
NIKE Inc., Class B		258,407		24,884,594
NiSource Inc.		39,963		1,171,316
Noble Energy Inc.		113,630		2,246,465
Nordstrom Inc.		27,157		1,001,007
Norfolk Southern Corp.		56,212		11,703,901
Northern Trust Corp.		45,630		4,463,070
Northrop Grumman Corp.		34,011		12,739,500
NortonLifeLock Inc.		129,820		3,689,484
Norwegian Cruise Line Holdings Ltd.(a)		49,456		2,663,206
NRG Energy Inc.		65,799		2,427,325
Nucor Corp.		75,433		3,582,313
NVIDIA Corp.		118,235		27,954,301
NVR Inc.(a)		587		2,240,561
Occidental Petroleum Corp.		183,780		7,299,742
OGE Energy Corp.		41,064		1,882,784
Okta Inc.(a)		22,921		2,935,034
Old Dominion Freight Line Inc.		11,905		2,336,118
Omega Healthcare Investors Inc.		29,614		1,242,307
Omnicom Group Inc.		51,275		3,861,520
ON Semiconductor Corp.(a)(b)		71,829		1,662,841
ONEOK Inc.		88,895		6,655,569
Oracle Corp.		479,469		25,148,149
O’Reilly Automotive Inc.(a)		14,930		6,063,073
Ovintiv Inc.		55,639		867,470
Owens Corning		20,222		1,223,229
PACCAR Inc.		77,200		5,729,012
Packaging Corp. of America		11,329		1,084,752
Palo Alto Networks Inc.(a)		19,918		4,676,348
Parker-Hannifin Corp.		27,791		5,438,421
Paychex Inc.		73,567		6,309,842
Paycom Software Inc.(a)		11,233		3,573,891

Security	Shares		Value
United States (continued)
PayPal Holdings Inc.(a)		229,611	$	26,150,397
Pentair PLC		46,385		1,991,308
People’s United Financial Inc.		175,313		2,703,326
PepsiCo Inc.		288,815		41,017,506
PerkinElmer Inc.		17,517		1,619,972
Perrigo Co. PLC		29,757		1,697,339
Pfizer Inc.		1,136,445		42,321,212
Philip Morris International Inc.		318,466		26,337,138
Phillips 66		92,422		8,444,598
Pinnacle West Capital Corp.		41,605		4,064,392
Pinterest Inc., Class A(a)(b)		29,474		649,312
Pioneer Natural Resources Co.		33,592		4,534,920
PNC Financial Services Group Inc. (The)		90,725		13,477,199
Polaris Inc.		10,130		930,339
PPG Industries Inc.		54,224		6,498,204
PPL Corp.		133,261		4,822,716
Principal Financial Group Inc.		64,755		3,428,777
Procter & Gamble Co. (The)		510,924		63,671,349
Progressive Corp. (The)		121,561		9,808,757
Prologis Inc.		127,337		11,827,061
Prudential Financial Inc.		84,272		7,673,808
PTC Inc.(a)		20,385		1,694,401
Public Service Enterprise Group Inc.		109,487		6,481,630
Public Storage		30,976		6,931,190
PulteGroup Inc.		65,044		2,904,215
PVH Corp.		17,849		1,555,897
Qorvo Inc.(a)		26,561		2,811,747
QUALCOMM Inc.		249,621		21,295,168
Quest Diagnostics Inc.		32,349		3,580,064
Ralph Lauren Corp.		15,340		1,741,090
Raymond James Financial Inc.		18,836		1,722,175
Raytheon Co.		59,674		13,184,374
Realty Income Corp.		72,652		5,696,643
Regency Centers Corp.		8,913		552,963
Regeneron Pharmaceuticals Inc.(a)		17,007		5,747,346
Regions Financial Corp.		217,880		3,392,392
Reinsurance Group of America Inc.		5,309		764,761
RenaissanceRe Holdings Ltd.		5,427		1,028,091
Republic Services Inc.		53,562		5,091,068
ResMed Inc.		29,427		4,678,010
RingCentral Inc., Class A(a)		14,526		2,986,255
Robert Half International Inc.		16,002		930,836
Rockwell Automation Inc.		23,533		4,510,335
Roku Inc.(a)(b)		17,680		2,138,396
Rollins Inc.		26,928		1,021,918
Roper Technologies Inc.		20,932		7,988,907
Ross Stores Inc.		76,413		8,572,774
Royal Caribbean Cruises Ltd.		37,366		4,374,811
RPM International Inc.		20,076		1,432,824
S&P Global Inc.		53,475		15,707,212
Sabre Corp.		47,539		1,023,990
salesforce.com Inc.(a)		170,001		30,992,882
Sarepta Therapeutics Inc.(a)		15,320		1,776,507
SBA Communications Corp.		24,195		6,038,104
Schlumberger Ltd.		274,101		9,185,125
Seagate Technology PLC		57,450		3,274,076
Sealed Air Corp.		25,891		919,131
Seattle Genetics Inc.(a)		24,522		2,657,940
SEI Investments Co.		9,917		647,183
Sempra Energy		52,583		8,446,933

28 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
ServiceNow Inc.(a)		39,049	$	13,207,543
Sherwin-Williams Co. (The)		17,669		9,841,456
Signature Bank/New York NY		18,085		2,566,081
Simon Property Group Inc.		57,467		7,651,731
Sirius XM Holdings Inc.		450,692		3,186,392
Skyworks Solutions Inc.		37,502		4,243,351
SL Green Realty Corp.		38,669		3,559,095
Snap Inc., Class A, NVS(a)		144,904		2,663,336
Snap-on Inc.		6,392		1,020,355
Southern Co. (The)		200,672		14,127,309
Southwest Airlines Co.		37,267		2,048,940
Spirit AeroSystems Holdings Inc., Class A		18,338		1,197,838
Splunk Inc.(a)		31,770		4,932,610
Sprint Corp.(a)(b)		205,922		899,879
Square Inc., Class A(a)		70,497		5,265,421
SS&C Technologies Holdings Inc.		51,405		3,239,029
Stanley Black & Decker Inc.		26,020		4,145,767
Starbucks Corp.		246,286		20,892,441
State Street Corp.		73,821		5,583,082
Steel Dynamics Inc.		39,973		1,194,393
Stryker Corp.		70,157		14,782,080
Sun Communities Inc.		13,524		2,193,187
SVB Financial Group(a)		11,864		2,851,275
Synchrony Financial		133,429		4,324,434
Synopsys Inc.(a)		24,835		3,663,411
Sysco Corp.		104,728		8,602,358
T Rowe Price Group Inc.		55,504		7,411,449
Take-Two Interactive Software Inc.(a)		24,756		3,085,588
Tapestry Inc.		64,874		1,671,803
Targa Resources Corp.		58,993		2,153,245
Target Corp.		104,353		11,556,051
TD Ameritrade Holding Corp.		57,319		2,721,506
TE Connectivity Ltd.		74,029		6,823,993
TechnipFMC PLC		101,001		1,667,527
Teledyne Technologies Inc.(a)		4,071		1,486,159
Teleflex Inc.		7,744		2,876,973
Teradyne Inc.		30,032		1,981,812
Tesla Inc.(a)(b)		27,618		17,967,442
Texas Instruments Inc.		193,064		23,293,172
Textron Inc.		54,146		2,486,926
Thermo Fisher Scientific Inc.		83,622		26,189,574
Tiffany & Co.		22,521		3,018,264
TJX Companies Inc. (The)		255,891		15,107,805
T-Mobile U.S. Inc.(a)		61,810		4,894,734
Tractor Supply Co.		29,427		2,735,240
TransDigm Group Inc.		10,109		6,502,918
TransUnion		43,977		4,032,691
Travelers Companies Inc. (The)		57,555		7,575,389
Trimble Inc.(a)		66,991		2,848,457
TripAdvisor Inc.		24,907		680,459
Truist Financial Corp.		275,517		14,208,412
Twilio Inc., Class A(a)(b)		23,161		2,879,839
Twitter Inc.(a)		148,916		4,836,792
Tyler Technologies Inc.(a)		6,661		2,156,032
Tyson Foods Inc., Class A		62,403		5,156,360
U.S. Bancorp.		311,292		16,566,960
Uber Technologies Inc.(a)		38,820		1,408,778
UDR Inc.		95,298		4,565,727
UGI Corp.		24,966		1,038,336
Ulta Salon Cosmetics & Fragrance Inc.(a)		11,771		3,153,569

Security	Shares		Value
United States (continued)
Under Armour Inc., Class A(a)(b)		40,733	$	821,992
Under Armour Inc., Class C, NVS(a)(b)		42,857		769,712
Union Pacific Corp.		146,651		26,312,122
United Airlines Holdings Inc.(a)		23,073		1,725,860
United Parcel Service Inc., Class B		143,260		14,830,275
United Rentals Inc.(a)		17,319		2,350,015
United Technologies Corp.		164,227		24,666,895
UnitedHealth Group Inc.		195,586		53,287,406
Universal Health Services Inc., Class B		14,108		1,934,348
Unum Group		31,250		834,063
Vail Resorts Inc.		8,542		2,003,184
Valero Energy Corp.		84,650		7,136,842
Varian Medical Systems Inc.(a)		21,402		3,008,479
Veeva Systems Inc., Class A(a)		27,221		3,990,871
Ventas Inc.		72,338		4,185,477
VEREIT Inc.		86,641		845,616
VeriSign Inc.(a)		25,763		5,362,311
Verisk Analytics Inc.		34,646		5,628,936
Verizon Communications Inc.		840,108		49,936,020
Vertex Pharmaceuticals Inc.(a)		53,843		12,225,053
VF Corp.		65,490		5,433,705
ViacomCBS Inc., Class B, NVS		119,253		4,070,105
VICI Properties Inc.		59,737		1,600,952
Visa Inc., Class A		354,567		70,548,196
Vistra Energy Corp.		66,874		1,506,002
VMware Inc., Class A(a)(b)		17,669		2,616,072
Vornado Realty Trust		68,005		4,472,689
Voya Financial Inc.		11,418		681,997
Vulcan Materials Co.		28,963		4,102,030
WABCO Holdings Inc.(a)		8,648		1,173,101
Walgreens Boots Alliance Inc.		155,701		7,917,396
Walmart Inc.		292,857		33,529,198
Walt Disney Co. (The)		371,319		51,357,131
Waste Management Inc.		87,904		10,697,917
Waters Corp.(a)		14,471		3,238,465
Wayfair Inc., Class A(a)(b)		13,239		1,240,494
WEC Energy Group Inc.		60,788		6,072,113
Wells Fargo & Co.		857,689		40,259,922
Welltower Inc.		79,076		6,714,343
West Pharmaceutical Services Inc.		12,555		1,957,952
Western Digital Corp.		60,371		3,954,301
Western Union Co. (The)		107,953		2,903,936
Westinghouse Air Brake Technologies Corp.		39,883		2,945,758
Westlake Chemical Corp.		4,249		260,039
Westrock Co.		67,071		2,615,769
Weyerhaeuser Co.		135,187		3,913,664
Whirlpool Corp.		14,925		2,181,587
Williams Companies Inc. (The)		254,625		5,268,191
Willis Towers Watson PLC		27,048		5,714,972
Workday Inc., Class A(a)		33,322		6,152,241
WP Carey Inc.		27,919		2,348,546
WW Grainger Inc.		9,030		2,733,110
Wynn Resorts Ltd.		20,877		2,633,842
Xcel Energy Inc.		80,720		5,585,017
Xerox Holdings Corp.(a)		52,552		1,869,275
Xilinx Inc.		52,502		4,435,369
XPO Logistics Inc.(a)		20,943		1,862,252
Xylem Inc./NY		45,969		3,753,829
Yum! Brands Inc.		63,509		6,717,347
Zayo Group Holdings Inc.(a)		35,999		1,250,965

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Zebra Technologies Corp., Class A(a)		12,251	$	2,928,234
Zillow Group Inc., Class C, NVS(a)(b)		28,094		1,298,224
Zimmer Biomet Holdings Inc.		43,111		6,376,117
Zions Bancorp. N.A.		8,211		373,518
Zoetis Inc.		99,084		13,298,064
				5,785,500,673
Total Common Stocks — 98.0% (Cost: $8,598,874,199)				10,184,771,069
Investment Companies
India — 1.0%
iShares MSCI India ETF(b)(g)		3,149,321		108,620,081
Total Investment Companies — 1.0% (Cost: $110,444,648)				108,620,081
Preferred Stocks
Brazil — 0.3%
Banco Bradesco SA, Preference Shares, NVS		954,261		7,344,678
Braskem SA, Class A, Preference Shares, NVS		16,800		124,037
Cia. Brasileira de Distribuicao, Preference Shares, NVS		63,971		1,273,656
Cia. Energetica de Minas Gerais, Preference Shares, NVS		306,054		1,070,732
Gerdau SA, Preference Shares, NVS		181,400		851,125
Itau Unibanco Holding SA, Preference Shares, NVS		834,858		6,411,991
Itausa-Investimentos Itau SA, Preference Shares, NVS		920,484		2,770,122
Lojas Americanas SA, Preference Shares, NVS		218,660		1,409,719
Petroleo Brasileiro SA, Preference Shares, NVS		1,168,000		7,776,189
Telefonica Brasil SA, Preference Shares, NVS		150,700		2,094,442
				31,126,691
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		124,737		1,627,931
Germany — 0.2%
Bayerische Motoren Werke AG, Preference Shares, NVS		4,823		269,381
Fuchs Petrolub SE, Preference Shares, NVS		11,891		527,104
Henkel AG & Co. KGaA, Preference Shares, NVS		37,917		3,863,285
Porsche Automobil Holding SE, Preference Shares, NVS		48,058		3,256,187
Sartorius AG, Preference Shares, NVS		10,294		2,402,486
Volkswagen AG, Preference Shares, NVS		43,128		7,760,864
				18,079,307

Security	Shares		Value
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		888,787	$	467,853
South Korea — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		166,116		6,620,388
Total Preferred Stocks — 0.6% (Cost: $48,414,432)				57,922,170
Warrants
Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)(a)		75,330		0	(f)
Total Warrants — 0.0% (Cost: $0)				0	(f)
Short-Term Investments
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,     1.78%(g)(h)(i)		155,976,911		156,070,497
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.50%(g)(h)		6,405,000		6,405,000
				162,475,497
Total Short-Term Investments — 1.6% (Cost: $162,413,143)				162,475,497
Total Investments in Securities — 101.2% (Cost: $8,920,146,422)				10,513,788,817
Other Assets, Less Liabilities — (1.2)%				(125,600,802	)
Net Assets — 100.0%			$	10,388,188,015

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(f)  Rounds to less than $1.

^(g)  Affiliate of the Fund.

^(h)  Annualized 7-day yield as of period-end.

⁽ⁱ⁾  All or a portion of this security was purchased with cash collateral received from loaned securities.

30 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Shares Purchased		Shares Sold		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	107,737,376	48,239,535	(b)	—		155,976,911	$	156,070,497	$	704,217	(c)	$	(7,759	)	$	19,511
BlackRock Cash Funds: Treasury, SL Agency Shares	13,200,000	—		(6,795,000	)(b)	6,405,000		6,405,000		148,339			—			—
BlackRock Inc.	26,653	—		(2,911	)	23,742		12,520,344		172,940			444,354			1,069,391
iShares MSCI India ETF	3,166,906	332,776		(350,361	)	3,149,321		108,620,081		110,635			632,531			4,129,547
							$	283,615,922	$	1,136,131		$	1,069,126		$	5,218,449

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

^(c)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE E-Mini		88		03/20/20	$	8,696	$	(232,077	)
MSCI Emerging Markets E-Mini		61		03/20/20		3,203		(194,607	)
S&P 500 E-Mini		100		03/20/20		16,120		107,959
							$	(318,725	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	107,959
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	426,684

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,076,493
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(433,274	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	34,999,960

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.    

SCHEDULES OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI ETF

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	10,139,077,530		$	45,691,969		$	1,570	$	10,184,771,069
Investment Companies		108,620,081			—			—		108,620,081
Preferred Stocks		57,922,170			—			—		57,922,170
Warrants		—			0	(a)		—		0	(a)
Money Market Funds		162,475,497			—			—		162,475,497
	$	10,468,095,278		$	45,691,969		$	1,570	$	10,513,788,817
Derivative financial instruments(b)
Assets
Futures Contracts	$	107,959		$	—		$	—	$	107,959
Liabilities
Futures Contracts		(426,684	)		—			—		(426,684	)
	$	(318,725	)	$	—		$	—	$	(318,725	)

^(a)  Rounds to less than $1.

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

See notes to financial statements.

32 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.9%
AMP Ltd.		89,665	$	109,548
APA Group		6,320		47,936
Aristocrat Leisure Ltd.		7,900		191,449
ASX Ltd.		1,580		90,616
Australia & New Zealand Banking Group Ltd.		29,230		503,876
Bendigo & Adelaide Bank Ltd.		10,033		69,920
Brambles Ltd.		22,752		192,372
Caltex Australia Ltd.		5,925		136,368
Challenger Ltd.		5,925		35,500
Cochlear Ltd.		474		76,496
Coles Group Ltd.		11,850		131,291
Commonwealth Bank of Australia		20,631		1,177,562
Computershare Ltd.		10,586		127,491
Crown Resorts Ltd.		8,532		66,827
CSL Ltd.		4,898		1,023,201
Dexus		20,461		174,234
Fortescue Metals Group Ltd.		40,527		309,020
Goodman Group		22,120		220,494
GPT Group (The)		10,112		40,617
Harvey Norman Holdings Ltd.		12,482		35,346
Insurance Australia Group Ltd.		41,317		195,830
James Hardie Industries PLC		6,478		137,907
Lendlease Group		5,925		71,873
Macquarie Group Ltd.		4,977		482,352
Medibank Pvt Ltd.		23,068		47,873
Mirvac Group		76,156		173,341
National Australia Bank Ltd.		25,912		448,588
Newcrest Mining Ltd.		9,085		179,600
QBE Insurance Group Ltd.		16,195		149,074
Ramsay Health Care Ltd.		1,185		62,829
Scentre Group		54,747		141,470
Seek Ltd.		10,665		161,999
Sonic Healthcare Ltd.		2,054		43,548
Stockland		40,764		134,264
Suncorp Group Ltd.		21,409		184,313
Sydney Airport		23,779		133,559
Tabcorp Holdings Ltd.		36,645		115,055
Telstra Corp. Ltd.		31,679		81,437
Transurban Group		37,367		392,741
Treasury Wine Estates Ltd.		18,091		157,807
Vicinity Centres		47,400		80,599
Westpac Banking Corp.		38,649		649,944
Woolworths Group Ltd.		9,164		256,682
Worley Ltd.		32,153		328,038
				9,570,887
Austria — 0.1%
Erste Group Bank AG		3,555		130,639
Raiffeisen Bank International AG		4,011		91,567
Verbund AG		5,925		313,333
				535,539
Belgium — 0.1%
Anheuser-Busch InBev SA/NV		7,584		575,042
Umicore SA		3,634		167,411
				742,453
Brazil — 0.6%
Ambev SA		71,101		297,000
B3 SA — Brasil, Bolsa, Balcao		31,600		356,431
Banco Bradesco SA		15,810		115,988

Security	Shares		Value
Brazil (continued)
Banco do Brasil SA		15,800	$	179,473
BB Seguridade Participacoes SA		15,800		128,596
CCR SA		39,500		168,602
Cielo SA		31,636		52,341
Cogna Educacao		24,200		65,806
Embraer SA		15,800		67,071
Localiza Rent a Car SA		16,550		207,705
Lojas Renner SA		15,850		213,089
Suzano SA		15,800		146,677
Ultrapar Participacoes SA		47,402		280,202
Vale SA		63,201		743,489
				3,022,470
Canada — 3.3%
Agnico Eagle Mines Ltd.		7,268		449,527
Algonquin Power & Utilities Corp.		5,925		90,764
Alimentation Couche-Tard Inc., Class B		12,798		428,003
AltaGas Ltd.		5,925		95,468
Aurora Cannabis Inc.(a)(b)		15,168		28,672
Bank of Montreal		6,399		488,338
Bank of Nova Scotia (The)		14,773		807,374
Barrick Gold Corp.		17,459		323,557
Bausch Health Companies Inc.(a)		2,054		56,392
BCE Inc.		4,898		230,947
BlackBerry Ltd.(a)		16,511		100,623
Bombardier Inc., Class B(a)		35,550		33,062
Brookfield Asset Management Inc., Class A		10,033		614,323
Cameco Corp.		15,326		123,646
Canadian Imperial Bank of Commerce		5,293		431,909
Canadian National Railway Co.		6,952		650,073
Canadian Pacific Railway Ltd.		1,027		272,989
Canadian Tire Corp. Ltd., Class A, NVS		948		101,735
Canopy Growth Corp.(a)(b)		3,871		87,222
CCL Industries Inc., Class B, NVS		4,661		196,689
CGI Inc.(a)		2,133		163,424
Constellation Software Inc.		316		332,367
Cronos Group Inc.(a)(b)		5,925		42,694
Dollarama Inc.		5,451		185,842
Enbridge Inc.		19,917		810,354
Fairfax Financial Holdings Ltd.		474		212,233
First Quantum Minerals Ltd.		27,176		212,879
Franco-Nevada Corp.		4,819		548,125
George Weston Ltd.		3,476		280,304
Hydro One Ltd.(c)		11,297		229,775
Intact Financial Corp.		1,185		128,459
Inter Pipeline Ltd.		5,925		98,784
Kirkland Lake Gold Ltd.		3,950		162,086
Loblaw Companies Ltd.		2,449		128,214
Lundin Mining Corp.		44,319		232,561
Manulife Financial Corp.		11,692		227,908
Metro Inc.		4,819		196,579
National Bank of Canada		1,659		92,110
Open Text Corp.		5,925		266,828
Pembina Pipeline Corp.		30,415		1,165,500
Power Financial Corp.		5,925		153,887
PrairieSky Royalty Ltd.		40,290		442,031
Restaurant Brands International Inc.		3,950		241,143
RioCan REIT		6,794		139,522
Rogers Communications Inc., Class B, NVS		4,424		221,643
Royal Bank of Canada		15,168		1,199,402
Shaw Communications Inc., Class B, NVS		10,665		208,534

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Shopify Inc., Class A(a)		948	$	441,784
Stars Group Inc. (The)(a)		4,345		103,750
Sun Life Financial Inc.		4,661		219,279
TELUS Corp.		2,370		95,065
Thomson Reuters Corp.		4,424		355,880
Toronto-Dominion Bank (The)		19,307		1,067,721
Wheaton Precious Metals Corp.		13,509		397,951
WSP Global Inc.		2,370		168,537
				16,784,468
Chile — 0.1%
Aguas Andinas SA, Class A		296,566		111,110
Cencosud SA		11,850		14,651
Cia. Cervecerias Unidas SA		5,925		52,277
Itau CorpBanca		6,025,725		29,273
SACI Falabella		13,156		51,590
				258,901
China — 4.2%
360 Security Technology Inc., Class A		7,900		27,718
Agricultural Bank of China Ltd., Class A		292,300		146,926
Agricultural Bank of China Ltd., Class H		632,000		245,804
Alibaba Group Holding Ltd., ADR(a)		16,906		3,492,611
Baidu Inc., ADR(a)		2,765		341,643
Bank of Beijing Co. Ltd., Class A		176,197		136,372
Bank of China Ltd., Class A		110,600		57,015
Bank of China Ltd., Class H		1,106,000		431,581
Bank of Communications Co. Ltd., Class A		213,300		166,612
Bank of Communications Co. Ltd., Class H		237,000		152,610
Bank of Jiangsu Co. Ltd., Class A		31,695		31,456
Bank of Nanjing Co. Ltd., Class A		31,600		37,318
Bank of Ningbo Co. Ltd., Class A		7,900		30,380
Bank of Shanghai Co. Ltd., Class A		15,800		20,103
China Cinda Asset Management Co. Ltd., Class H		316,000		63,893
China CITIC Bank Corp. Ltd., Class A		23,700		19,697
China CITIC Bank Corp. Ltd., Class H		158,000		83,020
China Conch Venture Holdings Ltd.		39,500		176,264
China Construction Bank Corp., Class H		1,191,000		912,626
China Everbright Bank Co. Ltd., Class A		221,200		126,981
China Gas Holdings Ltd.		31,600		125,344
China Jushi Co. Ltd., Class A		15,800		22,562
China Life Insurance Co. Ltd., Class H		158,000		383,356
China Merchants Bank Co. Ltd., Class A		23,700		124,578
China Merchants Bank Co. Ltd., Class H		39,500		192,797
China Minsheng Banking Corp. Ltd., Class A		118,500		102,885
China Mobile Ltd.		79,000		653,170
China Molybdenum Co. Ltd., Class H		237,000		88,514
China National Nuclear Power Co. Ltd., Class A		386,698		267,819
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		15,800		22,878
China Oilfield Services Ltd., Class H		148,000		216,904
China Pacific Insurance Group Co. Ltd., Class A		15,800		81,134
China Resources Gas Group Ltd.		158,000		836,302
China Tower Corp. Ltd., Class H(c)		474,000		99,502
China Unicom Hong Kong Ltd.		158,000		133,076
China Vanke Co. Ltd., Class A		7,900		32,693
China Vanke Co. Ltd., Class H		24,400		86,729
China Yangtze Power Co. Ltd., Class A		71,100		174,125
Chongqing Rural Commercial Bank Co. Ltd., Class H		158,000		72,846
Country Garden Holdings Co. Ltd.		79,000		101,333
ENN Energy Holdings Ltd.		23,700		278,055

Security	Shares		Value
China (continued)
Foshan Haitian Flavouring & Food Co. Ltd., Class A		7,900	$	120,946
Fosun International Ltd.		39,500		53,006
Ganfeng Lithium Co. Ltd., Class A		7,900		48,927
Geely Automobile Holdings Ltd.		79,000		127,582
Great Wall Motor Co. Ltd., Class H		85,000		56,923
Gree Electric Appliances Inc. of Zhuhai, Class A		7,900		72,132
Guangzhou Baiyun International Airport Co. Ltd., Class A		7,900		17,305
Guotai Junan Securities Co. Ltd., Class A		15,800		39,642
Haitong Securities Co. Ltd., Class A		15,800		32,828
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		7,900		40,612
Hangzhou Robam Appliances Co. Ltd., Class A		7,900		37,025
Henan Shuanghui Investment & Development Co. Ltd., Class A		7,900		33,009
Huaneng Renewables Corp. Ltd., Class H		456,000		187,335
Huazhu Group Ltd., ADR		3,950		136,275
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		7,900		29,399
Hutchison China MediTech Ltd., ADR(a)		3,792		93,094
Iflytek Co. Ltd., Class A		7,900		39,699
Industrial & Commercial Bank of China Ltd., Class A		23,700		19,359
Industrial & Commercial Bank of China Ltd., Class H		869,000		584,190
Industrial Bank Co. Ltd., Class A		65,598		174,140
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		15,800		69,131
iQIYI Inc., ADR(a)(b)		5,925		131,772
JD.com Inc., ADR(a)		9,085		342,414
Jiangsu Expressway Co. Ltd., Class H		158,000		196,358
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		7,900		120,889
Jinduicheng Molybdenum Co. Ltd., Class A		23,700		24,672
JOYY Inc.(a)(b)		621		37,589
NetEase Inc., ADR		790		253,400
New Oriental Education & Technology Group Inc., ADR(a)		2,133		259,266
NIO Inc., ADR(a)(b)		23,700		89,586
Offshore Oil Engineering Co. Ltd., Class A		47,400		48,667
People’s Insurance Co. Group of China Ltd. (The), Class H		237,000		85,461
PICC Property & Casualty Co. Ltd., Class H		158,000		170,719
Pinduoduo Inc., ADR(a)		3,318		116,860
Ping An Insurance Group Co. of China Ltd., Class A		7,900		94,187
Ping An Insurance Group Co. of China Ltd., Class H		79,000		902,433
Postal Savings Bank of China Co. Ltd., Class H(c)		158,000		98,688
Qudian Inc., ADR(a)		5,925		17,064
Sany Heavy Industry Co. Ltd., Class A		31,600		72,335
SF Holding Co. Ltd., Class A		7,900		44,245
Shanghai International Airport Co. Ltd., Class A		7,900		77,818
Shanghai International Port Group Co. Ltd., Class A		47,599		35,345
Shanghai Pudong Development Bank Co. Ltd., Class A		63,200		102,433
Shenzhen International Holdings Ltd.		39,500		79,357
Shenzhou International Group Holdings Ltd.		23,700		316,818
Sichuan Chuantou Energy Co. Ltd., Class A		15,800		20,554
Sino Biopharmaceutical Ltd.		79,000		106,013
Sunny Optical Technology Group Co. Ltd.		7,900		128,904
Suofeiya Home Collection Co. Ltd., Class A		7,900		22,213
TAL Education Group, ADR(a)		4,503		224,700
Tech-Bank Food Co. Ltd., Class A(a)		15,800		22,472
Tencent Holdings Ltd.		63,200		3,035,918
Tencent Music Entertainment Group, ADR(a)		5,925		75,188
Tianqi Lithium Corp., Class A		10,150		44,671
Tongkun Group Co. Ltd., Class A		15,800		31,948
Towngas China Co. Ltd.		158,000		98,281
Trip.com Group Ltd., ADR(a)		5,767		185,294
Vipshop Holdings Ltd., ADR(a)		7,268		92,522

34 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Want Want China Holdings Ltd.		79,000	$	65,622
Wens Foodstuffs Group Co. Ltd., Class A		7,900		36,867
Wuliangye Yibin Co. Ltd., Class A		7,900		142,324
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		15,800		83,436
Yintai Gold Co. Ltd., Class A		15,800		27,955
Yum China Holdings Inc.		4,530		195,107
Zhejiang Expressway Co. Ltd., Class H		158,000		129,820
Zhejiang Semir Garment Co. Ltd., Class A		15,800		21,051
ZTO Express Cayman Inc., ADR		5,925		128,691
				21,447,718
Colombia — 0.1%
Grupo de Inversiones Suramericana SA		45,109		421,450
Interconexion Electrica SA ESP		47,953		263,213
				684,663
Czech Republic — 0.0%
Moneta Money Bank AS(c)		5,925		21,706
Denmark — 0.5%
Carlsberg A/S, Class B		850		124,336
Chr Hansen Holding A/S		1,975		147,261
Coloplast A/S, Class B		869		109,666
Danske Bank A/S		9,796		164,009
Genmab A/S(a)		632		145,972
ISS A/S		2,054		49,862
Novo Nordisk A/S, Class B		18,881		1,154,977
Novozymes A/S, Class B		6,599		344,367
Orsted A/S(c)		1,264		137,959
Pandora A/S		1,580		81,866
Vestas Wind Systems A/S		2,449		244,342
				2,704,617
Finland — 0.4%
Elisa OYJ		3,318		199,809
Kone OYJ, Class B		6,004		387,641
Neste OYJ		16,116		640,808
Nokia OYJ		42,028		163,922
Nokian Renkaat OYJ		2,607		70,233
Nordea Bank Abp		33,022		260,787
Orion OYJ, Class B		1,501		70,978
Sampo OYJ, Class A		4,503		203,950
Wartsila OYJ Abp		12,956		159,013
				2,157,141
France — 3.3%
Aeroports de Paris		474		89,824
Airbus SE		7,031		1,038,174
Alstom SA		3,002		159,488
Amundi SA(c)		1,580		128,258
Atos SE		2,370		197,350
AXA SA		20,224		539,687
BioMerieux		474		46,987
BNP Paribas SA		10,033		534,192
Bollore SA		33,101		134,772
Bureau Veritas SA		5,214		143,934
Capgemini SE		2,291		285,244
CNP Assurances		4,266		76,918
Credit Agricole SA		3,792		51,394
Danone SA		7,426		595,815
Dassault Aviation SA		79		96,128
Dassault Systemes SE		1,817		315,531
Edenred		4,661		252,016

Security	Shares		Value
France (continued)
Eiffage SA		395	$	45,853
EssilorLuxottica SA		3,748		557,612
Eurazeo SE		2,900		207,932
Gecina SA		697		131,620
Getlink SE		10,349		182,927
Hermes International		474		355,409
ICADE		1,106		123,547
Iliad SA(b)		711		93,527
Ingenico Group SA		1,106		128,940
Kering SA		948		583,068
Klepierre SA		4,187		142,588
Legrand SA		4,029		323,262
L’Oreal SA		3,555		992,398
LVMH Moet Hennessy Louis Vuitton SE		2,291		1,003,622
Natixis SA		5,925		25,102
Orange SA		11,850		168,157
Pernod Ricard SA		2,923		506,946
Peugeot SA		5,767		118,936
Publicis Groupe SA		1,738		77,100
Remy Cointreau SA		711		75,011
Renault SA		3,476		135,767
Safran SA		4,424		715,546
Sanofi		12,245		1,179,904
Sartorius Stedim Biotech		316		56,766
Schneider Electric SE		9,164		919,280
SCOR SE		1,817		77,383
SES SA		4,108		50,555
Societe Generale SA		12,324		399,139
Sodexo SA		1,817		190,487
STMicroelectronics NV		8,611		241,335
Teleperformance		474		119,135
Thales SA		1,501		165,043
Ubisoft Entertainment SA(a)		2,133		162,251
Unibail-Rodamco-Westfield		2,414		327,979
Vinci SA		7,821		868,457
Vivendi SA		10,744		294,805
Worldline SA(a)(c)		1,343		94,880
				16,527,981
Germany — 2.2%
adidas AG		1,896		600,508
Allianz SE, Registered		4,503		1,077,140
Aroundtown SA		10,744		101,634
BASF SE		237		16,040
Bayer AG, Registered		9,085		735,467
Bayerische Motoren Werke AG		5,767		411,196
Beiersdorf AG		1,185		134,473
Commerzbank AG		11,850		68,287
Continental AG		1,185		135,183
Daimler AG, Registered		14,062		651,469
Delivery Hero SE(a)(c)		3,239		249,898
Deutsche Bank AG, Registered		24,253		222,650
Deutsche Boerse AG		1,580		257,478
Deutsche Post AG, Registered		5,293		185,210
Deutsche Telekom AG, Registered		20,224		327,353
Deutsche Wohnen SE		4,108		173,905
Fraport AG Frankfurt Airport Services Worldwide		1,422		106,118
Fresenius Medical Care AG & Co. KGaA		3,081		237,981
Fresenius SE & Co. KGaA		4,977		254,403
GEA Group AG		2,686		80,637
Infineon Technologies AG		16,906		366,761

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
KION Group AG		790	$	49,640
Merck KGaA		1,185		152,202
MTU Aero Engines AG		711		216,208
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		1,422		419,652
Puma SE		1,294		103,822
QIAGEN NV(a)		3,081		102,977
SAP SE		11,139		1,454,399
Siemens AG, Registered		8,690		1,075,122
Siemens Healthineers AG(c)		1,975		92,976
Symrise AG		3,713		382,425
Telefonica Deutschland Holding AG		37,367		113,174
United Internet AG, Registered(d)		2,133		69,259
Vonovia SE		5,451		311,343
Wirecard AG		1,027		151,598
Zalando SE(a)(c)		2,686		129,275
				11,217,863
Greece — 0.0%
National Bank of Greece SA(a)		5,625		17,978
OPAP SA		5,625		70,128
				88,106
Hong Kong — 1.0%
AIA Group Ltd.		142,200		1,423,850
BOC Hong Kong Holdings Ltd.		39,500		132,008
CK Asset Holdings Ltd.		39,500		255,367
Hang Lung Properties Ltd.		79,000		166,446
Hang Seng Bank Ltd.		7,900		160,952
Hong Kong & China Gas Co. Ltd.		181,559		349,795
Hong Kong Exchanges & Clearing Ltd.		9,000		299,965
Hongkong Land Holdings Ltd.		23,700		126,321
Jardine Strategic Holdings Ltd.		7,900		243,557
Link REIT		39,500		401,873
Melco Resorts & Entertainment Ltd., ADR		6,794		137,035
MTR Corp. Ltd.		39,500		223,319
Power Assets Holdings Ltd.		79,000		572,796
Sun Hung Kai Properties Ltd.		39,500		556,008
Swire Properties Ltd.		31,600		98,891
				5,148,183
Hungary — 0.0%
OTP Bank Nyrt		1,896		87,862
India — 1.0%
Adani Ports & Special Economic Zone Ltd.		3,160		16,359
Asian Paints Ltd.		8,769		220,664
Axis Bank Ltd.		18,723		191,356
Bajaj Auto Ltd.		1,896		84,495
Bandhan Bank Ltd.(c)		5,925		37,394
Bharat Petroleum Corp. Ltd.		17,775		113,825
Bharti Airtel Ltd.(a)		21,909		152,426
Bharti Infratel Ltd.		7,979		27,764
Cipla Ltd.		11,850		74,215
Dabur India Ltd.		5,925		41,163
DLF Ltd.		23,700		86,503
Godrej Consumer Products Ltd.		5,925		55,852
HCL Technologies Ltd.		16,432		136,186
HDFC Life Insurance Co. Ltd.(c)		5,925		49,753
Hero MotoCorp Ltd.		1,580		55,396
Hindustan Unilever Ltd.		8,137		231,969
Housing Development Finance Corp. Ltd.		14,457		489,075

Security	Shares		Value
India (continued)
ICICI Bank Ltd.		14,342	$	105,649
ICICI Bank Ltd., ADR, NVS		15,168		221,149
Infosys Ltd.		24,016		261,153
Infosys Ltd., ADR		11,455		125,547
ITC Ltd.		61,383		202,280
Larsen & Toubro Ltd., GDR(d)		2,765		52,369
Lupin Ltd.		5,925		59,638
Mahindra & Mahindra Ltd., GDR		2,844		22,610
Maruti Suzuki India Ltd.		1,106		107,155
Nestle India Ltd.		774		166,601
Petronet LNG Ltd.		41,001		153,127
REC Ltd.		23,858		48,045
Reliance Industries Ltd.		35,076		693,901
SBI Life Insurance Co. Ltd.(c)		5,925		82,543
State Bank of India(a)		5,925		26,442
State Bank of India, GDR(a)(d)		2,217		98,435
Sun Pharmaceutical Industries Ltd.		8,295		50,486
Tata Consultancy Services Ltd.		10,133		295,232
Tata Motors Ltd.(a)		49,694		122,986
Tech Mahindra Ltd.		7,031		78,491
Titan Co. Ltd.		4,819		80,213
United Spirits Ltd.(a)		5,925		51,397
Wipro Ltd.		5,925		19,662
Wipro Ltd., ADR		16,425		59,623
Zee Entertainment Enterprises Ltd.		11,850		44,696
				5,293,825
Indonesia — 0.2%
Astra International Tbk PT		268,600		124,907
Bank Central Asia Tbk PT		39,500		93,724
Bank Rakyat Indonesia Persero Tbk PT		521,400		170,300
Charoen Pokphand Indonesia Tbk PT		86,900		42,320
Gudang Garam Tbk PT		15,800		64,537
Hanjaya Mandala Sampoerna Tbk PT		371,300		56,287
Jasa Marga Persero Tbk PT		189,642		63,885
Telekomunikasi Indonesia Persero Tbk PT		758,400		211,052
Unilever Indonesia Tbk PT		197,500		114,985
				941,997
Ireland — 0.2%
Flutter Entertainment PLC		128		14,540
Kerry Group PLC, Class A		1,817		232,168
Linde PLC		4,503		914,694
				1,161,402
Israel — 0.2%
Bank Hapoalim BM		16,353		141,078
Bank Leumi Le-Israel BM		13,994		101,167
Check Point Software Technologies Ltd.(a)		1,580		180,610
Nice Ltd.(a)		1,264		219,192
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		16,985		176,644
Wix.com Ltd.(a)		395		56,363
				875,054
Italy — 0.5%
Assicurazioni Generali SpA		15,800		308,081
Atlantia SpA		11,297		277,554
CNH Industrial NV		14,694		140,432
Davide Campari-Milano SpA		18,960		183,430
Ferrari NV		1,817		307,074
Intesa Sanpaolo SpA		171,114		425,811
Leonardo SpA		5,457		67,610
Moncler SpA		3,002		129,746

36 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Recordati SpA		948	$	40,584
Snam SpA		53,562		287,112
Terna Rete Elettrica Nazionale SpA		44,319		309,224
UniCredit SpA		19,750		264,438
				2,741,096
Japan — 7.1%
Alfresa Holdings Corp.		15,800		324,645
Astellas Pharma Inc.		24,300		437,304
Canon Inc.		15,800		420,784
Chiba Bank Ltd. (The)		15,800		87,903
Concordia Financial Group Ltd.		31,600		122,161
Dai-ichi Life Holdings Inc.		15,800		241,406
Daiichi Sankyo Co. Ltd.		7,900		542,362
Daiwa House Industry Co. Ltd.		7,900		252,266
Daiwa Securities Group Inc.		23,700		122,256
Denso Corp.		7,900		331,059
Dentsu Group Inc.		7,900		266,771
East Japan Railway Co.		1,100		98,445
Hitachi Ltd.		7,900		308,318
Honda Motor Co. Ltd.		15,800		412,694
Hoya Corp.		7,900		772,616
Iida Group Holdings Co. Ltd.		15,800		271,145
Isuzu Motors Ltd.		15,800		159,334
ITOCHU Corp.		31,600		748,709
Japan Post Bank Co. Ltd.		23,700		222,164
Japan Post Holdings Co. Ltd.		31,600		290,475
Japan Tobacco Inc.		15,800		337,619
JGC Holdings Corp.		7,900		116,403
Kajima Corp.		15,800		204,962
Kansai Paint Co. Ltd.		15,800		385,725
Kao Corp.		7,900		640,105
KDDI Corp.		23,700		715,253
Keikyu Corp.		7,900		147,672
Keisei Electric Railway Co. Ltd.		7,900		289,367
Keyence Corp.		1,800		620,621
Kirin Holdings Co. Ltd.		7,900		175,843
Koito Manufacturing Co. Ltd.		7,900		350,957
Komatsu Ltd.		7,900		179,815
Kubota Corp.		15,800		253,724
Kyocera Corp.		7,900		530,190
M3 Inc.		7,900		234,700
Marubeni Corp.		126,400		927,373
Mebuki Financial Group Inc.		31,600		71,431
Medipal Holdings Corp.		15,800		340,534
Mitsubishi Corp.		23,700		617,291
Mitsubishi Electric Corp.		31,600		450,450
Mitsubishi Estate Co. Ltd.		15,800		313,711
Mitsubishi Motors Corp.		23,700		90,309
Mitsubishi UFJ Financial Group Inc.		142,200		745,866
Mitsubishi UFJ Lease & Finance Co. Ltd.		23,700		151,753
Mitsui & Co. Ltd.		102,700		1,857,668
Mitsui Fudosan Co. Ltd.		7,900		212,214
Mizuho Financial Group Inc.		371,300		556,684
MS&AD Insurance Group Holdings Inc.		7,900		266,553
Murata Manufacturing Co. Ltd.		7,900		461,237
Nexon Co. Ltd.(a)		7,900		108,239
Nippon Paint Holdings Co. Ltd.		7,900		384,850
Nippon Telegraph & Telephone Corp.		15,800		406,207
Nissan Motor Co. Ltd.		23,700		131,090
Nomura Holdings Inc.		71,100		371,490

Security	Shares		Value
Japan (continued)
NTT Data Corp.		15,800	$	226,683
NTT DOCOMO Inc.		15,800		452,928
Obayashi Corp.		23,700		265,241
Olympus Corp.		15,800		260,138
Omron Corp.		7,900		467,214
ORIX Corp.		23,700		406,279
Otsuka Holdings Co. Ltd.		7,900		358,100
Panasonic Corp.		23,700		240,969
Rakuten Inc.(a)		23,700		187,177
Recruit Holdings Co. Ltd.		15,800		627,423
Resona Holdings Inc.		63,200		265,838
Ricoh Co. Ltd.		15,800		183,533
Santen Pharmaceutical Co. Ltd.		7,900		149,858
SBI Holdings Inc.		7,900		187,906
Sega Sammy Holdings Inc.		7,900		109,260
Sekisui House Ltd.		7,900		172,089
Seven & i Holdings Co. Ltd.		7,900		307,370
Seven Bank Ltd.		47,400		143,444
Shimizu Corp.		23,700		247,747
Shin-Etsu Chemical Co. Ltd.		7,900		926,775
Shinsei Bank Ltd.		7,900		123,181
Shiseido Co. Ltd.		7,900		516,559
Shizuoka Bank Ltd. (The)		15,800		113,268
SoftBank Group Corp.		15,800		659,493
Sompo Holdings Inc.		7,900		301,247
Sony Corp.		15,800		1,125,104
Subaru Corp.		7,900		201,172
Sumitomo Corp.		23,700		358,173
Sumitomo Mitsui Financial Group Inc.		15,800		566,196
Sumitomo Mitsui Trust Holdings Inc.		7,900		297,603
T&D Holdings Inc.		7,900		86,810
Taisei Corp.		7,900		321,437
Takeda Pharmaceutical Co. Ltd.		18,575		724,422
Terumo Corp.		15,800		580,774
Toho Gas Co. Ltd.		7,900		309,411
Tokio Marine Holdings Inc.		7,900		436,237
Toshiba Corp.		7,900		255,109
Toyota Industries Corp.		7,900		437,330
Toyota Motor Corp.		23,700		1,673,224
Toyota Tsusho Corp.		7,900		279,527
Unicharm Corp.		7,900		274,935
Z Holdings Corp.		63,200		255,401
				36,163,308
Malaysia — 0.3%
AMMB Holdings Bhd		79,000		71,327
CIMB Group Holdings Bhd		71,100		85,535
Dialog Group Bhd		292,300		233,241
Genting Bhd		150,100		201,452
Genting Malaysia Bhd		55,300		40,753
IHH Healthcare Bhd		55,300		76,918
Malayan Banking Bhd		55,300		113,758
Maxis Bhd(b)		31,600		40,946
Petronas Dagangan Bhd		23,700		128,158
PPB Group Bhd		57,120		259,535
Public Bank Bhd		23,700		107,570
RHB Bank Bhd(b)		7,900		10,969
				1,370,162
Mexico — 0.3%
America Movil SAB de CV, Series L, NVS		316,001		262,081

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mexico (continued)
Coca-Cola Femsa SAB de CV		15,800	$	95,996
Fibra Uno Administracion SA de CV		94,800		155,394
Fomento Economico Mexicano SAB de CV		23,700		213,435
Grupo Aeroportuario del Pacifico SAB de CV, Series B		7,900		97,524
Grupo Aeroportuario del Sureste SAB de CV, Class B		6,320		121,292
Grupo Financiero Banorte SAB de CV, Class O		38,601		236,875
Grupo Financiero Inbursa SAB de CV, Class O		39,500		44,870
Promotora y Operadora de Infraestructura SAB de CV		6,345		68,374
Wal-Mart de Mexico SAB de CV		86,900		251,954
				1,547,795
Netherlands — 1.1%
Aegon NV		32,627		132,661
AerCap Holdings NV(a)(b)		2,212		125,221
Altice Europe NV(a)		5,925		38,188
ASML Holding NV		4,898		1,380,060
Heineken NV		2,765		301,269
ING Groep NV		28,124		306,216
Koninklijke Ahold Delhaize NV		6,162		151,598
Koninklijke DSM NV		2,370		289,696
Koninklijke KPN NV		13,983		39,251
Koninklijke Philips NV		8,769		402,317
Koninklijke Vopak NV		2,607		139,774
NXP Semiconductors NV		3,464		439,443
Prosus NV(a)		4,740		342,645
Randstad NV		2,133		122,823
Unilever NV		15,484		904,299
Wolters Kluwer NV		2,844		214,065
				5,329,526
New Zealand — 0.1%
a2 Milk Co. Ltd.(a)		5,925		57,515
Meridian Energy Ltd.		81,844		283,100
				340,615
Norway — 0.3%
DNB ASA		25,675		450,812
Gjensidige Forsikring ASA		10,349		225,667
Mowi ASA		14,136		337,689
Orkla ASA		26,116		252,156
Schibsted ASA, Class B		5,135		145,954
Telenor ASA		8,848		160,252
				1,572,530
Peru — 0.1%
Credicorp Ltd.		474		97,919
Southern Copper Corp.		15,405		580,460
				678,379
Philippines — 0.1%
BDO Unibank Inc.		23,370		68,046
International Container Terminal Services Inc.		38,190		97,673
Jollibee Foods Corp.		5,430		20,425
SM Investments Corp.		8,565		163,616
SM Prime Holdings Inc.		155,700		119,156
				468,916
Poland — 0.1%
Bank Polska Kasa Opieki SA		4,740		120,952
CCC SA		237		5,923
CD Projekt SA		2,054		149,114
Powszechna Kasa Oszczednosci Bank Polski SA		11,613		102,420
Powszechny Zaklad Ubezpieczen SA		11,218		116,317
				494,726

Security	Shares		Value
Portugal — 0.1%
Galp Energia SGPS SA		10,270	$	155,240
Jeronimo Martins SGPS SA		5,925		102,070
				257,310
Qatar — 0.1%
Barwa Real Estate Co.		278,870		269,462
Industries Qatar QSC		39,105		106,312
Mesaieed Petrochemical Holding Co.		142,200		85,003
Qatar Insurance Co. SAQ		23,700		20,507
Qatar National Bank QPSC		36,340		202,749
				684,033
Russia — 0.3%
Alrosa PJSC		52,930		66,420
Magnit PJSC, GDR(d)		9,108		123,869
Mobile TeleSystems PJSC, ADR		26,228		267,263
Moscow Exchange MICEX-RTS PJSC		168,750		290,283
Sberbank of Russia PJSC		194,390		767,081
Sberbank of Russia PJSC, New, ADR		7,141		114,256
VTB Bank PJSC		56,250,000		40,838
				1,670,010
Saudi Arabia — 0.4%
Al Rajhi Bank		11,613		205,518
Alinma Bank		5,925		40,900
Almarai Co. JSC		4,345		55,007
Arab National Bank		11,850		83,853
Bank AlBilad		5,925		43,032
Bank Al-Jazira		5,925		23,751
Banque Saudi Fransi		11,850		117,174
Dar Al Arkan Real Estate Development Co.(a)		17,775		46,569
Emaar Economic City(a)		11,850		31,646
Etihad Etisalat Co.(a)		5,925		41,611
National Commercial Bank		20,935		261,967
Riyad Bank		21,883		137,410
Samba Financial Group		25,675		207,344
Saudi Arabian Fertilizer Co.		5,767		115,279
Saudi Arabian Mining Co.(a)		5,925		67,746
Saudi British Bank (The)		17,775		151,362
Saudi Telecom Co.		7,031		171,090
Yanbu National Petrochemical Co.		10,349		145,360
				1,946,619
Singapore — 0.4%
Ascendas REIT		36,400		84,006
City Developments Ltd.		23,700		184,057
DBS Group Holdings Ltd.		15,800		293,682
Genting Singapore Ltd.		165,900		104,531
Oversea-Chinese Banking Corp. Ltd.		43,400		344,364
SATS Ltd.		15,800		52,786
Singapore Press Holdings Ltd.(b)		34,500		51,059
Singapore Technologies Engineering Ltd.		47,400		142,731
Singapore Telecommunications Ltd.		150,100		362,906
United Overseas Bank Ltd.		9,300		174,839
UOL Group Ltd.		23,700		138,564
Yangzijiang Shipbuilding Holdings Ltd.		79,000		54,986
				1,988,511
South Africa — 0.6%
Absa Group Ltd.		7,110		65,149
Aspen Pharmacare Holdings Ltd.(a)		5,925		45,837
Bidvest Group Ltd. (The)		5,925		81,768
Clicks Group Ltd.		4,108		66,902
Discovery Ltd.		11,850		92,417

38 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
FirstRand Ltd.		40,685	$	156,778
Fortress REIT Ltd., Series A		23,700		29,152
Growthpoint Properties Ltd.		103,016		144,845
Kumba Iron Ore Ltd.		5,451		127,027
Liberty Holdings Ltd.		1,422		10,011
Mr. Price Group Ltd.		5,925		67,200
MTN Group Ltd.		19,355		104,250
MultiChoice Group Ltd.(a)		4,673		33,264
Naspers Ltd., Class N		4,740		777,614
Nedbank Group Ltd.		7,368		96,136
NEPI Rockcastle PLC		9,085		74,802
Old Mutual Ltd.		38,552		44,465
Pepkor Holdings Ltd.(c)		17,775		19,458
Rand Merchant Investment Holdings Ltd.		35,550		64,277
Redefine Properties Ltd.		232,971		111,675
Reinet Investments SCA		4,898		105,343
Remgro Ltd.		5,925		72,090
RMB Holdings Ltd.		33,891		166,591
Sanlam Ltd.		38,236		188,433
SPAR Group Ltd. (The)		3,792		48,468
Standard Bank Group Ltd.		16,669		175,008
Vodacom Group Ltd.		5,925		46,315
				3,015,275
South Korea — 1.3%
Amorepacific Corp.		711		112,152
BNK Financial Group Inc.		6,162		34,898
Celltrion Inc.(a)		910		125,981
Daelim Industrial Co. Ltd.		1,817		123,486
Daewoo Engineering & Construction Co. Ltd.(a)		15,089		55,072
GS Engineering & Construction Corp.		2,133		50,110
Hana Financial Group Inc.		3,816		106,298
Hanwha Corp.		1,580		28,833
Hanwha Life Insurance Co. Ltd.		75,919		130,582
Hotel Shilla Co. Ltd.		1,027		75,311
Hyundai Engineering & Construction Co. Ltd.		2,449		78,493
Hyundai Mobis Co. Ltd.		948		182,545
Hyundai Motor Co.		1,185		124,282
Industrial Bank of Korea(a)		1,106		9,976
Kangwon Land Inc.		5,925		136,958
KB Financial Group Inc.(a)		4,042		149,051
Kia Motors Corp.		1,896		65,064
Korea Aerospace Industries Ltd.		2,032		51,318
Korea Gas Corp.		2,212		60,318
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		2,054		196,464
KT&G Corp.(a)		2,212		176,500
LG Household & Health Care Ltd.		158		166,769
NAVER Corp.		1,384		208,439
NCSoft Corp.		318		169,693
Samsung Biologics Co. Ltd.(a)(c)		316		128,457
Samsung C&T Corp.		711		64,726
Samsung Electronics Co. Ltd.		50,802		2,404,021
Samsung Engineering Co. Ltd.(a)		7,426		107,479
Samsung Fire & Marine Insurance Co. Ltd.		395		69,929
Samsung SDI Co. Ltd.		553		128,060
Samsung SDS Co. Ltd.		869		141,449
Shinhan Financial Group Co. Ltd.(a)		4,981		163,616
SK Holdings Co. Ltd.		869		171,707
SK Hynix Inc.		6,241		489,603
SK Telecom Co. Ltd.		237		45,636

Security	Shares		Value
South Korea (continued)
Woongjin Coway Co. Ltd.		1,185	$	87,295
				6,620,571
Spain — 1.0%
Aena SME SA(c)		2,449		453,642
Amadeus IT Group SA		6,162		483,611
Banco Bilbao Vizcaya Argentaria SA		76,809		397,382
Banco de Sabadell SA		81,875		73,857
Banco Santander SA		171,588		675,807
Bankia SA		53,325		97,004
CaixaBank SA		48,901		143,067
Cellnex Telecom SA(c)		6,229		310,082
Enagas SA		4,975		134,083
Ferrovial SA		7,031		223,312
Grifols SA		4,029		135,288
Industria de Diseno Textil SA		15,168		510,495
Mapfre SA		44,714		114,564
Red Electrica Corp. SA		27,600		551,624
Siemens Gamesa Renewable Energy SA		8,374		133,679
Telefonica SA		61,225		414,493
				4,851,990
Sweden — 0.9%
Alfa Laval AB		3,160		79,011
Assa Abloy AB, Class B		15,563		370,238
Atlas Copco AB, Class A		7,505		266,293
Atlas Copco AB, Class B		4,187		130,319
Boliden AB		19,276		458,569
Epiroc AB, Class A		11,692		135,496
Hennes & Mauritz AB, Class B		10,112		222,044
Hexagon AB, Class B		3,239		176,490
Husqvarna AB, Class B		11,850		89,404
ICA Gruppen AB		3,239		142,415
Industrivarden AB, Class C		10,507		247,778
Investor AB, Class B		10,507		575,786
Kinnevik AB, Class B		9,480		228,968
Sandvik AB		7,505		137,157
Skandinaviska Enskilda Banken AB, Class A		6,873		67,912
Skanska AB, Class B		5,293		122,459
Svenska Handelsbanken AB, Class A		9,243		90,794
Swedbank AB, Class A		3,318		51,033
Telefonaktiebolaget LM Ericsson, Class B		24,490		192,492
Telia Co. AB		29,230		125,094
Volvo AB, Class B		25,359		434,899
				4,344,651
Switzerland — 2.5%
ABB Ltd., Registered		17,854		416,708
Adecco Group AG, Registered		2,133		125,399
Alcon Inc.(a)		4,029		237,867
Cie. Financiere Richemont SA, Registered		5,530		405,038
Credit Suisse Group AG, Registered		5,451		69,038
EMS-Chemie Holding AG, Registered		316		207,074
Geberit AG, Registered		632		333,677
Givaudan SA, Registered		79		260,480
Kuehne + Nagel International AG, Registered		711		115,004
Lonza Group AG, Registered		632		259,628
Nestle SA, Registered		30,099		3,319,956
Novartis AG, Registered		20,698		1,956,594
Roche Holding AG, NVS		7,031		2,364,201
Schindler Holding AG, Participation Certificates, NVS		474		122,573
SGS SA, Registered		79		228,616

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Sika AG, Registered		2,370	$	426,352
Sonova Holding AG, Registered		237		59,419
Swatch Group AG (The), Bearer		553		139,160
Swiss Re AG		2,844		321,423
Swisscom AG, Registered		237		130,142
Temenos AG, Registered		1,185		191,551
UBS Group AG, Registered		41,633		518,011
Vifor Pharma AG		790		145,803
Zurich Insurance Group AG		1,264		525,154
				12,878,868
Taiwan — 1.4%
Acer Inc.		79,000		44,196
Cathay Financial Holding Co. Ltd.		245,253		330,019
China Development Financial Holding Corp.		316,000		97,178
China Life Insurance Co. Ltd.(a)		94,892		77,587
Chunghwa Telecom Co. Ltd.		79,000		282,432
CTBC Financial Holding Co. Ltd.		316,400		230,945
Delta Electronics Inc.		79,000		373,961
E.Sun Financial Holding Co. Ltd.		158,091		147,054
Fubon Financial Holding Co. Ltd.		158,000		235,622
Hon Hai Precision Industry Co. Ltd.		116,720		321,464
Mega Financial Holding Co. Ltd.		158,000		165,014
Ruentex Development Co. Ltd.		158,000		222,023
Shin Kong Financial Holding Co. Ltd.		409,853		133,637
SinoPac Financial Holdings Co. Ltd.		395,200		168,760
Synnex Technology International Corp.		158,000		196,134
Taishin Financial Holding Co. Ltd.		423,477		198,358
Taiwan Business Bank		79,700		32,583
Taiwan Cooperative Financial Holding Co. Ltd.		79,680		54,863
Taiwan High Speed Rail Corp.		79,000		94,536
Taiwan Mobile Co. Ltd.		79,000		279,817
Taiwan Semiconductor Manufacturing Co. Ltd.		237,000		2,510,510
Tatung Co. Ltd.(a)		79,000		51,256
Uni-President Enterprises Corp.		158,000		379,715
Yuanta Financial Holding Co. Ltd.		395,000		257,589
				6,885,253
Thailand — 0.2%
Airports of Thailand PCL, NVDR		110,600		250,154
Bangkok Bank PCL, Foreign		7,900		36,623
Bangkok Expressway & Metro PCL, NVDR		294,500		103,930
CP ALL PCL, NVDR		86,900		197,246
Energy Absolute PCL, NVDR		79,000		109,617
Kasikornbank PCL, Foreign		23,700		107,209
Krung Thai Bank PCL, NVDR		489,800		252,993
Siam Commercial Bank PCL (The), NVDR		39,500		124,190
				1,181,962
Turkey — 0.1%
Akbank T.A.S.(a)		50,459		69,639
Aselsan Elektronik Sanayi Ve Ticaret AS		17,775		69,674
TAV Havalimanlari Holding AS		6,162		28,046
Turkcell Iletisim Hizmetleri AS		11,850		27,917
Turkiye Garanti Bankasi AS(a)		22,910		45,552
Turkiye Is Bankasi AS, Class C(a)		9,290		11,254
				252,082
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		29,625		61,702
Aldar Properties PJSC		136,354		82,785
Emaar Properties PJSC		75,840		83,418

Security	Shares		Value
United Arab Emirates (continued)
Emirates Telecommunications Group Co. PJSC		36,261	$	160,721
				388,626
United Kingdom — 4.7%
3i Group PLC		20,698		301,353
Amcor PLC(a)		17,775		188,237
Antofagasta PLC		46,136		500,033
Aptiv PLC		3,160		267,936
Ashtead Group PLC		7,505		242,876
AstraZeneca PLC		12,834		1,255,976
Auto Trader Group PLC(c)		13,193		97,738
Aviva PLC		44,161		231,921
BAE Systems PLC		24,569		204,491
Barclays PLC		175,854		389,442
Barratt Developments PLC		17,301		183,088
Berkeley Group Holdings PLC		2,528		174,618
British American Tobacco PLC		24,731		1,094,559
British Land Co. PLC (The)		31,126		227,554
BT Group PLC		78,921		167,411
Bunzl PLC		4,661		120,732
Burberry Group PLC		6,636		170,840
Capri Holdings Ltd.(a)		2,133		63,905
Coca-Cola European Partners PLC		2,370		124,686
Compass Group PLC		20,066		496,486
Croda International PLC		3,200		210,237
DCC PLC		1,738		140,486
Diageo PLC		25,517		1,012,459
Direct Line Insurance Group PLC		10,721		47,739
Experian PLC		16,511		573,938
Ferguson PLC		3,318		297,505
Fiat Chrysler Automobiles NV		11,534		149,958
GlaxoSmithKline PLC		48,901		1,149,990
GVC Holdings PLC		12,403		143,419
Halma PLC		5,925		164,564
Hargreaves Lansdown PLC		3,476		79,041
HSBC Holdings PLC		213,300		1,551,508
Imperial Brands PLC		13,351		343,327
Informa PLC		13,667		139,587
Intertek Group PLC		2,054		155,957
ITV PLC		55,379		98,843
JD Sports Fashion PLC		5,925		64,185
Johnson Matthey PLC		8,532		292,981
Kingfisher PLC		28,440		76,479
Land Securities Group PLC		21,001		259,672
Legal & General Group PLC		62,252		250,695
Lloyds Banking Group PLC		779,098		583,237
London Stock Exchange Group PLC		3,192		329,715
M&G PLC(a)		33,219		105,182
Marks & Spencer Group PLC		27,337		63,423
Meggitt PLC		5,609		49,952
Melrose Industries PLC		66,439		204,236
Micro Focus International PLC		11,297		152,670
National Grid PLC		30,415		403,256
Next PLC		1,659		150,721
Ocado Group PLC(a)		5,925		95,560
Pearson PLC		12,798		95,891
Persimmon PLC		6,715		270,243
Polymetal International PLC		5,625		95,247
Prudential PLC		33,219		592,031
Reckitt Benckiser Group PLC		7,742		641,008
RELX PLC		22,041		584,866

40 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Rentokil Initial PLC		17,775	$	109,423
Rio Tinto PLC		10,586		569,901
Rolls-Royce Holdings PLC		19,829		175,129
Royal Bank of Scotland Group PLC		47,400		136,400
Royal Dutch Shell PLC, Class B		79		2,083
RSA Insurance Group PLC		16,748		121,513
Sage Group PLC (The)		5,925		57,672
Schroders PLC		948		40,151
Segro PLC		19,291		231,560
Sensata Technologies Holding PLC(a)		2,686		126,967
Severn Trent PLC		15,168		515,657
Smith & Nephew PLC		8,769		211,131
Smiths Group PLC		7,979		177,700
St. James’s Place PLC		6,399		96,498
Standard Chartered PLC		28,124		233,931
Standard Life Aberdeen PLC		34,602		137,521
Taylor Wimpey PLC		66,992		189,952
Tesco PLC		82,318		267,915
Unilever PLC		12,640		755,374
United Utilities Group PLC		37,209		497,111
Vodafone Group PLC		279,265		549,614
Weir Group PLC (The)		3,871		68,785
Whitbread PLC		3,081		181,544
WPP PLC		17,222		214,534
				23,791,756
United States — 55.5%
3M Co.		6,162		977,663
Abbott Laboratories		19,197		1,672,827
AbbVie Inc.		15,484		1,254,514
ABIOMED Inc.(a)		632		117,735
Accenture PLC, Class A		7,110		1,459,043
Activision Blizzard Inc.		7,110		415,793
Acuity Brands Inc.		553		65,182
Adobe Inc.(a)		5,214		1,830,844
Advance Auto Parts Inc.		790		104,082
Advanced Micro Devices Inc.(a)		11,060		519,820
Aflac Inc.		9,559		492,958
Agilent Technologies Inc.		4,582		378,290
AGNC Investment Corp.		11,376		211,480
Akamai Technologies Inc.(a)		1,896		176,992
Albemarle Corp.		1,817		145,869
Alexandria Real Estate Equities Inc.		1,422		232,070
Alexion Pharmaceuticals Inc.(a)		2,133		211,999
Align Technology Inc.(a)		869		223,420
Alleghany Corp.(a)		225		179,473
Allegion PLC		1,501		194,109
Allergan PLC		3,634		678,250
Alliance Data Systems Corp.		1,422		146,167
Allstate Corp. (The)		3,792		449,504
Ally Financial Inc.		7,663		245,446
Alphabet Inc., Class A(a)		2,844		4,074,826
Alphabet Inc., Class C, NVS(a)		3,318		4,758,775
Altice USA Inc., Class A(a)		5,925		162,108
Altria Group Inc.		20,066		953,737
Amazon.com Inc.(a)		4,266		8,569,200
AMERCO		395		146,652
American Express Co.		8,690		1,128,570
American International Group Inc.		11,692		587,640
American Tower Corp.		4,740		1,098,448
American Water Works Co. Inc.		11,376		1,549,411

Security	Shares		Value
United States (continued)
Ameriprise Financial Inc.		1,501	$	248,280
AmerisourceBergen Corp.		1,817		155,463
AMETEK Inc.		2,370		230,245
Amgen Inc.		6,399		1,382,504
Amphenol Corp., Class A		1,501		149,304
Analog Devices Inc.		4,977		546,226
Annaly Capital Management Inc.		17,004		165,959
ANSYS Inc.(a)		1,248		342,364
Anthem Inc.		2,686		712,542
AO Smith Corp.		3,871		165,253
Aon PLC		2,923		643,791
Apple Inc.		45,899		14,206,199
Applied Materials Inc.		10,586		613,882
Arch Capital Group Ltd.(a)		3,476		153,500
Arrow Electronics Inc.(a)		790		59,993
Assurant Inc.		1,027		134,085
AT&T Inc.		74,023		2,784,745
Athene Holding Ltd., Class A(a)		1,264		55,060
Atmos Energy Corp.		10,349		1,211,143
Autodesk Inc.(a)		2,370		466,534
Automatic Data Processing Inc.		5,372		920,707
AutoZone Inc.(a)		237		250,737
AvalonBay Communities Inc.		1,580		342,370
Avery Dennison Corp.		2,212		290,303
Axalta Coating Systems Ltd.(a)		12,640		364,158
Baker Hughes Co.		38,078		824,769
Ball Corp.		4,424		319,324
Bank of America Corp.		89,823		2,948,889
Bank of New York Mellon Corp. (The)		8,848		396,213
Baxter International Inc.		4,424		394,709
Becton Dickinson and Co.		2,686		739,133
Berkshire Hathaway Inc., Class B(a)		12,087		2,712,685
Best Buy Co. Inc.		2,528		214,096
Biogen Inc.(a)		1,975		530,979
BioMarin Pharmaceutical Inc.(a)		2,054		171,509
BlackRock Inc.(e)		1,193		629,129
Blackstone Group Inc. (The), Class A		5,925		361,840
Boeing Co. (The)		5,688		1,810,320
Booking Holdings Inc.(a)		553		1,012,294
BorgWarner Inc.		2,133		73,141
Boston Properties Inc.		1,343		192,519
Boston Scientific Corp.(a)		15,168		635,084
Bristol-Myers Squibb Co.		24,332		1,531,699
Broadcom Inc.		4,266		1,301,813
Broadridge Financial Solutions Inc.		1,106		131,780
Brown & Brown Inc.		2,958		132,814
Brown-Forman Corp., Class B, NVS		3,600		243,504
Burlington Stores Inc.(a)		553		120,261
Cadence Design Systems Inc.(a)		1,738		125,327
Capital One Financial Corp.		5,451		544,010
Cardinal Health Inc.		3,476		178,006
CarMax Inc.(a)(b)		1,817		176,322
Caterpillar Inc.		6,241		819,755
Cboe Global Markets Inc.		546		67,278
CBRE Group Inc., Class A(a)		5,214		318,315
CDW Corp./DE		1,185		154,583
Centene Corp.(a)		4,683		294,139
CenturyLink Inc.		9,516		129,989
Cerner Corp.		4,345		312,101
CH Robinson Worldwide Inc.		1,343		96,991

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Charles Schwab Corp. (The)		9,401	$	428,216
Charter Communications Inc., Class A(a)		1,422		735,828
Cheniere Energy Inc.(a)		1,185		70,199
Chipotle Mexican Grill Inc.(a)		395		342,370
Chubb Ltd.		4,424		672,404
Church & Dwight Co. Inc.		3,160		234,535
Cigna Corp.(a)		4,029		775,099
Cincinnati Financial Corp.		1,264		132,657
Cintas Corp.		1,501		418,734
Cisco Systems Inc.		47,084		2,164,451
Citigroup Inc.		20,777		1,546,017
Citizens Financial Group Inc.		5,846		217,939
Citrix Systems Inc.		1,580		191,528
Clorox Co. (The)		1,106		173,985
CME Group Inc.		3,160		686,068
Coca-Cola Co. (The)		45,899		2,680,502
Cognex Corp.		2,054		104,692
Cognizant Technology Solutions Corp., Class A		6,083		373,375
Colgate-Palmolive Co.		9,164		676,120
Comcast Corp., Class A		47,321		2,043,794
Conagra Brands Inc.		4,187		137,836
Consolidated Edison Inc.		12,719		1,195,586
Constellation Brands Inc., Class A		2,054		386,768
Cooper Companies Inc. (The)		395		137,022
Copart Inc.(a)		3,397		344,660
Corning Inc.		8,374		223,502
Corteva Inc.(a)		7,426		214,760
CoStar Group Inc.(a)		632		412,690
Costco Wholesale Corp.		5,372		1,641,253
Coty Inc., Class A		9,322		95,644
Crown Castle International Corp.		4,582		686,567
CSX Corp.		8,532		651,333
Cummins Inc.		1,264		202,202
CVS Health Corp.		13,509		916,180
Danaher Corp.		6,873		1,105,660
Darden Restaurants Inc.		1,027		119,574
Deere & Co.		3,160		501,113
Dell Technologies Inc., Class C(a)		2,528		123,291
Dentsply Sirona Inc.		3,239		181,384
DexCom Inc.(a)		869		209,212
Digital Realty Trust Inc.		1,422		174,892
Discover Financial Services		3,002		225,540
Discovery Inc., Class A(a)(b)		4,345		127,135
Dollar General Corp.		2,607		399,940
Dollar Tree Inc.(a)		2,370		206,356
Domino’s Pizza Inc.		553		155,808
Dover Corp.		1,738		197,871
Dow Inc.(a)		5,925		272,965
DR Horton Inc.		3,713		219,810
Dropbox Inc., Class A(a)		5,925		100,844
Duke Realty Corp.		5,925		215,137
DXC Technology Co.		3,792		120,889
Eaton Corp. PLC		4,503		425,398
eBay Inc.		11,929		400,337
Ecolab Inc.		5,372		1,053,503
Edison International		6,083		465,654
Edwards Lifesciences Corp.(a)		2,291		503,699
Elanco Animal Health Inc.(a)		5,925		183,082
Electronic Arts Inc.(a)		3,081		332,502
Eli Lilly & Co.		8,769		1,224,503

Security	Shares		Value
United States (continued)
Emerson Electric Co.		7,584	$	543,242
Equifax Inc.		1,738		260,526
Equinix Inc.		711		419,298
Equitable Holdings Inc.		5,925		142,318
Equity Residential		4,819		400,363
Essential Utilities Inc.		11,850		615,489
Essex Property Trust Inc.		553		171,297
Estee Lauder Companies Inc. (The), Class A		2,923		570,453
Everest Re Group Ltd.		395		109,245
Eversource Energy		15,563		1,438,644
Expedia Group Inc.		1,738		188,486
Expeditors International of Washington Inc.		3,555		259,657
Facebook Inc., Class A(a)		24,490		4,944,776
Fastenal Co.		7,742		270,041
Fidelity National Financial Inc.		3,871		188,711
Fidelity National Information Services Inc.		6,864		986,082
Fifth Third Bancorp.		3,002		85,407
Fiserv Inc.(a)		6,970		826,712
FleetCor Technologies Inc.(a)		1,185		373,548
FLIR Systems Inc.		2,370		122,150
Flowserve Corp.		3,555		165,947
FMC Corp.		3,239		309,616
Ford Motor Co.		29,467		259,899
Fortinet Inc.(a)		1,817		209,609
Fortive Corp.		3,871		290,054
Fortune Brands Home & Security Inc.		2,528		173,699
Fox Corp., Class A, NVS		6,715		248,992
Franklin Resources Inc.		4,503		113,926
Freeport-McMoRan Inc.		13,509		149,950
Garmin Ltd.		1,975		191,476
Gartner Inc.(a)		948		152,419
General Dynamics Corp.		2,923		512,811
General Electric Co.		96,064		1,195,997
General Mills Inc.		5,688		297,027
General Motors Co.		10,665		356,104
Genuine Parts Co.		1,896		177,409
Gilead Sciences Inc.		13,272		838,790
Global Payments Inc.		2,212		432,335
Goldman Sachs Group Inc. (The)		3,713		882,766
Grubhub Inc.(a)		2,765		149,725
Halliburton Co.		39,974		871,833
Harley-Davidson Inc.		2,844		94,990
Hartford Financial Services Group Inc. (The)		2,449		145,177
Hasbro Inc.		2,054		209,241
HCA Healthcare Inc.		1,817		252,200
HD Supply Holdings Inc.(a)		2,054		83,680
Healthpeak Properties Inc.		3,048		109,698
Henry Schein Inc.(a)		948		65,355
Hershey Co. (The)		1,343		208,393
Hewlett Packard Enterprise Co.		13,272		184,879
Hilton Worldwide Holdings Inc.		1,264		136,259
HollyFrontier Corp.		10,191		457,780
Hologic Inc.(a)		2,607		139,527
Home Depot Inc. (The)		11,692		2,666,945
Honeywell International Inc.		8,769		1,518,966
Host Hotels & Resorts Inc.		10,902		178,139
HP Inc.		19,592		417,701
Humana Inc.		1,343		451,570
Huntington Bancshares Inc./OH		5,767		78,258
IAC/InterActiveCorp.(a)		632		153,949

42 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
IDEXX Laboratories Inc.(a)		790	$	214,098
IHS Markit Ltd.(a)		6,674		526,312
Illinois Tool Works Inc.		3,634		635,877
Illumina Inc.(a)		1,659		481,226
Incyte Corp.(a)		2,054		150,086
Ingersoll-Rand PLC		3,002		399,956
Intel Corp.		46,847		2,994,929
Intercontinental Exchange Inc.		4,661		464,888
International Business Machines Corp.		10,428		1,498,816
International Flavors & Fragrances Inc.		2,133		279,658
Interpublic Group of Companies Inc. (The)		2,923		66,352
Intuit Inc.		3,081		863,851
Intuitive Surgical Inc.(a)		1,343		751,785
Invesco Ltd.		5,451		94,302
IQVIA Holdings Inc.(a)		1,659		257,560
Jack Henry & Associates Inc.		790		118,137
Jacobs Engineering Group Inc.		3,713		343,564
Jazz Pharmaceuticals PLC(a)		316		45,299
JM Smucker Co. (The)		1,027		106,407
Johnson & Johnson		27,887		4,151,538
Johnson Controls International PLC		5,451		215,042
Jones Lang LaSalle Inc.		1,185		201,237
JPMorgan Chase & Co.		32,351		4,281,978
Juniper Networks Inc.		2,923		67,054
Kellogg Co.		1,404		95,767
KeyCorp		1,343		25,128
Keysight Technologies Inc.(a)		1,422		132,232
Kimberly-Clark Corp.		1,422		203,687
Kimco Realty Corp.		4,108		78,257
Kinder Morgan Inc./DE		34,918		728,739
KKR & Co. Inc., Class A, NVS		10,112		322,573
KLA Corp.		2,054		340,430
Kohl’s Corp.		869		37,150
Kraft Heinz Co. (The)		9,954		290,657
L3Harris Technologies Inc.		2,652		586,967
Laboratory Corp. of America Holdings(a)		869		152,423
Lam Research Corp.		1,580		471,172
Lamb Weston Holdings Inc.		1,027		93,775
Las Vegas Sands Corp.		6,162		402,440
Leidos Holdings Inc.		1,580		158,743
Lennar Corp., Class A		3,002		199,213
Lennox International Inc.		711		165,649
Liberty Global PLC, Class A(a)(b)		6,399		131,307
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		2,923		136,767
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		3,002		145,807
Lincoln National Corp.		3,160		172,157
Live Nation Entertainment Inc.(a)		2,340		159,494
LKQ Corp.(a)		4,108		134,270
Lockheed Martin Corp.		2,291		980,823
Loews Corp.		3,950		203,227
Lowe’s Companies Inc.		8,374		973,394
Lululemon Athletica Inc.(a)		1,422		340,413
M&T Bank Corp.		869		146,444
ManpowerGroup Inc.		1,817		166,237
Marathon Petroleum Corp.		3,397		185,136
Markel Corp.(a)		79		92,665
Marriott International Inc./MD, Class A		1,106		154,906
Marsh & McLennan Companies Inc.		6,715		751,140
Marvell Technology Group Ltd.		7,189		172,824
Masco Corp.		5,609		266,540

Security	Shares		Value
United States (continued)
Mastercard Inc., Class A		9,518	$	3,007,117
Maxim Integrated Products Inc.		3,397		204,228
McCormick & Co. Inc./MD, NVS		1,817		296,843
McDonald’s Corp.		8,453		1,808,688
McKesson Corp.		2,370		337,986
Medical Properties Trust Inc.		5,925		131,239
Medtronic PLC		14,141		1,632,437
MercadoLibre Inc.(a)(b)		553		366,639
Merck & Co. Inc.		27,018		2,308,418
MetLife Inc.		9,717		483,032
Mettler-Toledo International Inc.(a)		316		239,269
MGM Resorts International		1,501		46,621
Microchip Technology Inc.		2,607		254,130
Micron Technology Inc.(a)		12,008		637,505
Microsoft Corp.		74,418		12,668,176
Middleby Corp. (The)(a)(b)		711		79,746
Molson Coors Beverage Co., Class B		2,528		140,506
Mondelez International Inc., Class A		15,642		897,538
Monster Beverage Corp.(a)		5,135		341,991
Moody’s Corp.		1,738		446,301
Morgan Stanley		6,241		326,155
Motorola Solutions Inc.		1,264		223,728
MSCI Inc.		1,106		316,095
Mylan NV(a)		4,424		94,762
National Oilwell Varco Inc.		26,623		548,700
NetApp Inc.		3,397		181,400
Netflix Inc.(a)		4,661		1,608,464
Newmont Corp.		5,925		266,980
News Corp., Class A, NVS		5,688		77,471
Nielsen Holdings PLC		6,004		122,482
NIKE Inc., Class B		13,509		1,300,917
Norfolk Southern Corp.		2,765		575,701
Northern Trust Corp.		1,343		131,359
Northrop Grumman Corp.		1,738		651,003
NortonLifeLock Inc.		7,979		226,763
NVIDIA Corp.		6,083		1,438,204
Old Dominion Freight Line Inc.		1,343		263,537
Omnicom Group Inc.		1,659		124,939
ONEOK Inc.		22,989		1,721,186
Oracle Corp.		25,438		1,334,223
O’Reilly Automotive Inc.(a)		948		384,983
PACCAR Inc.		3,634		269,679
Palo Alto Networks Inc.(a)		790		185,476
Parker-Hannifin Corp.		1,185		231,893
Paychex Inc.		5,530		474,308
PayPal Holdings Inc.(a)		11,613		1,322,605
People’s United Financial Inc.		3,555		54,818
PepsiCo Inc.		14,141		2,008,305
Pfizer Inc.		59,408		2,212,354
Philip Morris International Inc.		16,195		1,339,326
Phillips 66		11,534		1,053,862
Pioneer Natural Resources Co.		316		42,660
PNC Financial Services Group Inc. (The)		4,582		680,656
Polaris Inc.		869		79,809
PPG Industries Inc.		4,029		482,835
Principal Financial Group Inc.		3,634		192,420
Procter & Gamble Co. (The)		26,465		3,298,068
Progressive Corp. (The)		5,846		471,714
Prologis Inc.		7,031		653,039
Prudential Financial Inc.		5,609		510,756

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Public Storage		1,738	$	388,895
PVH Corp.		869		75,751
QUALCOMM Inc.		13,193		1,125,495
Quest Diagnostics Inc.		948		104,915
Ralph Lauren Corp.		869		98,632
Raytheon Co.		3,002		663,262
Realty Income Corp.		1,896		148,665
Regeneron Pharmaceuticals Inc.(a)		632		213,578
Regions Financial Corp.		5,451		84,872
ResMed Inc.		1,422		226,055
Robert Half International Inc.		2,449		142,458
Rockwell Automation Inc.		1,106		211,976
Rollins Inc.		4,029		152,901
Roper Technologies Inc.		1,343		512,569
Ross Stores Inc.		3,950		443,150
S&P Global Inc.		2,923		858,573
Sabre Corp.		3,950		85,083
salesforce.com Inc.(a)		7,742		1,411,444
SBA Communications Corp.		1,501		374,590
Schlumberger Ltd.		49,770		1,667,793
Seagate Technology PLC		2,370		135,066
Sealed Air Corp.		4,740		168,270
SEI Investments Co.		2,607		170,133
Sempra Energy		6,241		1,002,554
ServiceNow Inc.(a)		1,896		641,284
Sherwin-Williams Co. (The)		1,580		880,044
Simon Property Group Inc.		3,713		494,386
Sirius XM Holdings Inc.		7,663		54,177
Skyworks Solutions Inc.		1,738		196,655
SL Green Realty Corp.		1,738		159,966
Snap Inc., Class A, NVS(a)		11,850		217,803
Snap-on Inc.		790		126,108
Spirit AeroSystems Holdings Inc., Class A		1,501		98,045
Splunk Inc.(a)		1,343		208,514
Sprint Corp.(a)		5,925		25,892
Square Inc., Class A(a)		3,397		253,722
Stanley Black & Decker Inc.		1,896		302,090
Starbucks Corp.		13,272		1,125,864
State Street Corp.		4,005		302,898
Stryker Corp.		3,318		699,103
SVB Financial Group(a)		553		132,902
Synchrony Financial		4,187		135,701
Sysco Corp.		7,189		590,504
T Rowe Price Group Inc.		3,160		421,955
Take-Two Interactive Software Inc.(a)		1,185		147,698
Tapestry Inc.		4,740		122,150
Target Corp.		5,056		559,901
TD Ameritrade Holding Corp.		1,659		78,769
TE Connectivity Ltd.		4,582		422,369
TechnipFMC PLC		18,407		303,900
Teleflex Inc.		395		146,746
Tesla Inc.(a)(b)		1,422		925,111
Texas Instruments Inc.		10,359		1,249,813
Textron Inc.		2,291		105,226
Thermo Fisher Scientific Inc.		4,424		1,385,553
Tiffany & Co.		1,580		211,752
TJX Companies Inc. (The)		7,821		461,752
T-Mobile U.S. Inc.(a)		1,580		125,120
Tractor Supply Co.		1,659		154,204
TransDigm Group Inc.		553		355,734

Security	Shares		Value
United States (continued)
TransUnion		2,449	$	224,573
Travelers Companies Inc. (The)		3,239		426,317
Trimble Inc.(a)		3,397		144,440
TripAdvisor Inc.		2,291		62,590
Truist Financial Corp.		13,245		683,045
Twitter Inc.(a)		6,320		205,274
U.S. Bancorp.		11,613		618,044
Uber Technologies Inc.(a)		5,925		215,018
UDR Inc.		5,850		280,273
Ulta Salon Cosmetics & Fragrance Inc.(a)		632		169,319
Under Armour Inc., Class A(a)(b)		4,503		90,871
Union Pacific Corp.		7,742		1,389,070
United Parcel Service Inc., Class B		5,925		613,356
United Rentals Inc.(a)		1,106		150,073
United Technologies Corp.		9,668		1,452,134
UnitedHealth Group Inc.		9,796		2,668,920
Unum Group		1,975		52,713
Vail Resorts Inc.		711		166,737
Valero Energy Corp.		11,218		945,790
Varian Medical Systems Inc.(a)		790		111,050
Veeva Systems Inc., Class A(a)		1,896		277,973
Ventas Inc.		2,133		123,415
VEREIT Inc.		14,536		141,871
VeriSign Inc.(a)		632		131,544
Verisk Analytics Inc.		3,160		513,405
Verizon Communications Inc.		41,317		2,455,882
Vertex Pharmaceuticals Inc.(a)		2,449		556,045
VF Corp.		3,634		301,513
ViacomCBS Inc., Class B, NVS		2,898		98,909
VICI Properties Inc.		5,925		158,790
Visa Inc., Class A		18,178		3,616,877
VMware Inc., Class A(a)		1,106		163,754
Voya Financial Inc.		3,002		179,309
Vulcan Materials Co.		2,133		302,097
Walgreens Boots Alliance Inc.		10,270		522,229
Walmart Inc.		14,931		1,709,450
Walt Disney Co. (The)		18,462		2,553,479
Waters Corp.(a)		948		212,153
Wayfair Inc., Class A(a)(b)		1,185		111,034
Wells Fargo & Co.		45,425		2,132,249
Welltower Inc.		4,266		362,226
Western Digital Corp.		3,239		212,154
Western Union Co. (The)		5,530		148,757
Westinghouse Air Brake Technologies Corp.		2,291		169,213
Weyerhaeuser Co.		10,981		317,900
Willis Towers Watson PLC		1,126		237,913
Workday Inc., Class A(a)		1,106		204,201
WP Carey Inc.		3,318		279,110
WW Grainger Inc.		632		191,287
Wynn Resorts Ltd.		1,659		209,299
Xerox Holdings Corp.(a)		3,950		140,501
Xilinx Inc.		3,476		293,652
XPO Logistics Inc.(a)(b)		948		84,296
Xylem Inc./NY		4,977		406,422
Yum! Brands Inc.		2,212		233,963
Zayo Group Holdings Inc.(a)		4,503		156,479
Zillow Group Inc., Class C, NVS(a)(b)		2,054		94,915
Zimmer Biomet Holdings Inc.		1,896		280,418

44 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Zoetis Inc.		5,451	$	731,579
				281,060,226
Total Common Stocks — 99.0% (Cost: $421,497,196)				501,797,632
Preferred Stocks
Brazil — 0.3%
Banco Bradesco SA, Preference Shares, NVS		56,871		437,720
Itau Unibanco Holding SA, Preference Shares, NVS		71,154		546,487
Itausa-Investimentos Itau SA, Preference Shares, NVS		86,900		261,518
Telefonica Brasil SA, Preference Shares, NVS		7,900		109,795
				1,355,520
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		9,164		255,212
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		16,511		215,484
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		571,486		241,939
				457,423
Germany — 0.2%
Fuchs Petrolub SE, Preference Shares, NVS		1,738		77,042
Henkel AG & Co. KGaA, Preference Shares, NVS		3,792		386,359
Volkswagen AG, Preference Shares, NVS		2,370		426,480
				889,881
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		305,572		160,852
South Korea — 0.1%
Hyundai Motor Co., Series 2, Preference Shares, NVS		1,106		74,516

Security	Shares		Value
South Korea (continued)
Samsung Electronics Co. Ltd., Preference Shares, NVS		7,900	$	314,847
				389,363
Total Preferred Stocks — 0.7% (Cost: $3,364,179)				3,508,251
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,     1.78%(e)(f)(g)		2,820,056		2,821,748
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.50%(e)(f)		410,000		410,000
				3,231,748
Total Short-Term Investments — 0.7% (Cost: $3,230,556)				3,231,748
Total Investments in Securities — 100.4% (Cost: $428,091,931)				508,537,631
Other Assets, Less Liabilities — (0.4)%				(1,794,718	)
Net Assets — 100.0%			$	506,742,913

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period-end.

^(g)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Shares Purchased		Shares Sold		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	2,898,525	—		(78,469	)(b)	2,820,056	$	2,821,748	$	26,189	(c)	$	500		$	(9	)
BlackRock Cash Funds: Treasury, SL Agency Shares	38,000	372,000	(b)	—		410,000		410,000		4,828			—			—
BlackRock Inc.	1,253	140		(200	)	1,193		629,129		8,111			14,392			55,530
							$	3,860,877	$	39,128		$	14,892		$	55,521

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

^(c)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE E-Mini		3		03/20/20	$	296	$	(9,203	)

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI ACWI Low Carbon Target  ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
MSCI Emerging Markets E-Mini		4		03/20/20	$	210	$	(15,395	)
S&P 500 E-Mini		3		03/20/20		484		(1,629	)
							$	(26,227	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	26,227

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	166,293
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(26,227	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	330,032

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	498,320,144		$	3,477,488	$	—	$	501,797,632
Preferred Stocks		3,508,251			—		—		3,508,251
Money Market Funds		3,231,748			—		—		3,231,748
	$	505,060,143		$	3,477,488	$	—	$	508,537,631
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(26,227	)	$	—	$	—	$	(26,227	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 46

Consolidated Schedule of Investments  (unaudited)  January 31, 2020 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
China — 39.6%
360 Security Technology Inc., Class A		52,800	$	166,706
3SBio Inc.(a)(b)(c)		924,000		1,187,590
51job Inc., ADR(b)(c)		19,536		1,409,522
58.com Inc., ADR(b)(c)		61,776		3,435,981
AAC Technologies Holdings Inc.(c)		528,000		3,790,905
Accelink Technologies Co. Ltd., Class A		26,400		100,280
AECC Aviation Power Co. Ltd., Class A		106,691		296,025
Agile Group Holdings Ltd.(c)		1,056,000		1,406,205
Agricultural Bank of China Ltd., Class A		3,379,200		1,592,414
Agricultural Bank of China Ltd., Class H		20,856,000		8,111,517
Aier Eye Hospital Group Co. Ltd., Class A		158,490		826,082
Air China Ltd., Class A		80,898		85,833
Air China Ltd., Class H		1,588,000		1,317,045
Aisino Corp., Class A		80,899		238,095
Alibaba Group Holding Ltd., ADR(b)		1,229,976		254,100,743
Alibaba Health Information Technology Ltd.(b)		2,652,000		3,743,245
Alibaba Pictures Group Ltd.(b)(c)		10,560,000		1,509,562
A-Living Services Co. Ltd., Class H(a)		264,000		885,678
Aluminum Corp. of China Ltd., Class A(b)		502,699		213,203
Aluminum Corp. of China Ltd., Class H(b)		3,168,000		938,377
Angang Steel Co. Ltd., Class A		475,298		185,292
Angel Yeast Co. Ltd., Class A		28,098		100,992
Anhui Conch Cement Co. Ltd., Class A		184,898		1,140,893
Anhui Conch Cement Co. Ltd., Class H		924,000		5,961,751
Anhui Gujing Distillery Co. Ltd., Class A		28,097		517,099
Anhui Kouzi Distillery Co. Ltd., Class A		26,400		173,039
ANTA Sports Products Ltd.		792,000		6,951,126
Anxin Trust Co. Ltd., Class A(b)		237,600		112,306
Autohome Inc., ADR(b)(c)		39,864		3,048,799
AVIC Aircraft Co. Ltd., Class A		132,000		282,367
Avic Capital Co. Ltd., Class A		448,800		262,123
AVIC Electromechanical Systems Co. Ltd., Class A		160,099		141,059
AVIC Jonhon Optronic Technology Co. Ltd., Class A		52,800		253,565
AVIC Shenyang Aircraft Co. Ltd., Class A(b)		54,497		203,115
AviChina Industry & Technology Co. Ltd., Class H		1,850,000		776,700
BAIC Motor Corp. Ltd., Class H(a)		1,320,000		657,884
Baidu Inc., ADR(b)		198,528		24,530,120
Bank of Beijing Co. Ltd., Class A		343,200		245,045
Bank of Chengdu Co. Ltd., Class A		158,400		178,468
Bank of China Ltd., Class A		1,531,200		745,615
Bank of China Ltd., Class H		55,704,000		21,736,677
Bank of Communications Co. Ltd., Class A		1,716,086		1,237,538
Bank of Communications Co. Ltd., Class H		6,336,100		4,079,962
Bank of Guiyang Co. Ltd., Class A		158,400		182,766
Bank of Hangzhou Co. Ltd., Class A		264,000		313,280
Bank of Jiangsu Co. Ltd., Class A		528,000		475,764
Bank of Nanjing Co. Ltd., Class A		399,000		431,887
Bank of Ningbo Co. Ltd., Class A		264,099		914,926
Bank of Shanghai Co. Ltd., Class A		633,641		728,396
Baoshan Iron & Steel Co. Ltd., Class A		844,895		589,983
Baozun Inc., ADR(b)(c)		31,152		937,987
BBMG Corp., Class A		237,600		103,824
BBMG Corp., Class H		1,848,000		499,787
Beijing Capital Development Co. Ltd., Class A		105,600		100,883
Beijing Capital International Airport Co. Ltd., Class H		1,056,000		854,059
Beijing Dabeinong Technology Group Co. Ltd., Class A		174,100		131,020
Beijing Enlight Media Co. Ltd., Class A		132,000		179,260
Beijing Enterprises Holdings Ltd.		397,000		1,746,004

Security	Shares		Value
China (continued)
Beijing Enterprises Water Group Ltd.		3,696,000	$	1,661,198
Beijing New Building Materials PLC, Class A		79,200		262,160
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		80,899		282,456
Beijing Originwater Technology Co. Ltd., Class A		132,000		145,330
Beijing Shiji Information Technology Co. Ltd., Class A		26,400		127,423
Beijing Shunxin Agriculture Co. Ltd., Class A		26,400		177,789
Beijing Sinnet Technology Co. Ltd., Class A		80,899		220,419
Beijing Tiantan Biological Products Corp. Ltd., Class A		52,800		254,771
Beijing Tongrentang Co. Ltd., Class A		52,800		203,576
BEST Inc., ADR(b)(c)		125,664		667,276
Betta Pharmaceuticals Co. Ltd., Class A		26,400		248,664
BGI Genomics Co. Ltd., Class A		26,400		329,680
BOE Technology Group Co. Ltd., Class A		1,531,200		929,285
Bohai Leasing Co. Ltd., Class A(b)		264,000		117,245
Bosideng International Holdings Ltd.		2,640,000		877,178
Brilliance China Automotive Holdings Ltd.		2,112,000		1,895,793
BYD Co. Ltd., Class A		79,200		609,031
BYD Co. Ltd., Class H(c)		528,500		2,797,377
BYD Electronic International Co. Ltd.		528,000		1,036,294
By-Health Co. Ltd., Class A		79,200		173,605
Caitong Securities Co. Ltd., Class A		160,099		222,677
Centre Testing International Group Co. Ltd., Class A		79,200		164,896
CGN Power Co. Ltd., Class H(a)		7,920,000		1,958,351
Changjiang Securities Co. Ltd., Class A		264,000		233,358
Chaozhou Three-Circle Group Co. Ltd., Class A		80,897		241,323
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		26,400		131,608
China Agri-Industries Holdings Ltd.		1,320,000		708,882
China Aoyuan Group Ltd.		1,060,000		1,436,103
China Avionics Systems Co. Ltd., Class A		80,898		149,255
China Cinda Asset Management Co. Ltd., Class H		6,600,000		1,334,467
China CITIC Bank Corp. Ltd., Class A		158,400		120,562
China CITIC Bank Corp. Ltd., Class H		6,336,200		3,329,302
China Coal Energy Co. Ltd., Class H		1,584,000		542,626
China Communications Construction Co. Ltd., Class A		105,600		114,002
China Communications Construction Co. Ltd., Class H		3,168,000		2,252,104
China Communications Services Corp. Ltd., Class H		1,584,000		1,075,053
China Conch Venture Holdings Ltd.		1,188,000		5,301,317
China Construction Bank Corp., Class A		422,400		387,246
China Construction Bank Corp., Class H		68,112,390		52,192,394
China Ding Yi Feng Holdings Ltd.		336,000		30,723
China East Education Holdings Ltd.(a)(b)		396,000		741,521
China Eastern Airlines Corp. Ltd., Class A(b)		580,895		380,749
China Eastern Airlines Corp. Ltd., Class H(b)		1,056,000		486,868
China Education Group Holdings Ltd.(c)		528,000		650,744
China Enterprise Co. Ltd., Class A		160,097		93,734
China Everbright Bank Co. Ltd., Class A		1,663,200		874,018
China Everbright Bank Co. Ltd., Class H		2,640,000		1,064,173
China Everbright International Ltd.		2,640,370		1,890,618
China Everbright Ltd.		528,000		817,340
China Evergrande Group		1,320,000		2,951,126
China Film Co. Ltd., Class A		79,200		140,580
China First Capital Group Ltd.(b)		2,112,000		67,998
China Fortune Land Development Co. Ltd., Class A		132,099		448,202
China Galaxy Securities Co. Ltd., Class H		2,640,000		1,325,967
China Gas Holdings Ltd.		1,320,000		5,235,869
China Gezhouba Group Co. Ltd., Class A		160,097		129,398
China Grand Automotive Services Group Co. Ltd., Class A		290,400		137,677

SCHEDULES OF INVESTMENTS 47

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI All Country Asia ex Japan  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Greatwall Technology Group Co. Ltd., Class A		132,000	$	240,521
China Hongqiao Group Ltd.		1,320,000		652,784
China Huarong Asset Management Co. Ltd., Class H(a)		7,656,000		1,015,555
China International Capital Corp. Ltd., Class H(a)		844,800		1,481,819
China International Marine Containers Group Co. Ltd., Class A		190,680		224,640
China International Travel Service Corp. Ltd., Class A		80,298		846,232
China Jinmao Holdings Group Ltd.		4,224,000		2,861,368
China Jushi Co. Ltd., Class A		158,400		203,576
China Lesso Group Holdings Ltd.		528,000		685,423
China Life Insurance Co. Ltd., Class A		132,000		547,204
China Life Insurance Co. Ltd., Class H		5,544,000		13,451,424
China Literature Ltd.(a)(b)		211,200		885,338
China Longyuan Power Group Corp. Ltd., Class H		2,376,000		1,413,685
China Medical System Holdings Ltd.		1,057,000		1,421,149
China Mengniu Dairy Co. Ltd.		2,112,000		7,833,404
China Merchants Bank Co. Ltd., Class A		897,697		4,332,861
China Merchants Bank Co. Ltd., Class H		2,904,446		14,176,423
China Merchants Energy Shipping Co. Ltd., Class A		292,099		236,923
China Merchants Port Holdings Co. Ltd.		1,062,180		1,646,982
China Merchants Securities Co. Ltd., Class A		319,200		769,420
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		343,295		800,048
China Minsheng Banking Corp. Ltd., Class A		1,848,098		1,469,970
China Minsheng Banking Corp. Ltd., Class H		4,620,020		3,248,633
China Mobile Ltd.		4,488,000		37,106,672
China Molybdenum Co. Ltd., Class A		792,000		419,592
China Molybdenum Co. Ltd., Class H		3,168,000		1,183,170
China National Building Material Co. Ltd., Class H		2,640,000		2,553,336
China National Chemical Engineering Co. Ltd., Class A		160,099		145,175
China National Medicines Corp. Ltd., Class A		26,400		101,788
China National Nuclear Power Co. Ltd., Class A		607,200		379,782
China National Software & Service Co. Ltd., Class A		26,400		245,309
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		158,400		206,516
China Oilfield Services Ltd., Class H		1,216,000		1,782,132
China Overseas Land & Investment Ltd.		2,641,760		8,590,509
China Pacific Insurance Group Co. Ltd., Class A		290,498		1,342,809
China Pacific Insurance Group Co. Ltd., Class H		1,900,800		6,401,360
China Petroleum & Chemical Corp., Class A		1,108,892		712,574
China Petroleum & Chemical Corp., Class H		18,480,000		9,829,154
China Power International Development Ltd.		3,432,000		667,403
China Railway Construction Corp. Ltd., Class A		501,600		607,410
China Railway Construction Corp. Ltd., Class H		1,452,000		1,426,774
China Railway Group Ltd., Class A		765,600		546,638
China Railway Group Ltd., Class H		2,904,000		1,604,420
China Railway Hi-Tech Industry Co. Ltd., Class A		80,896		107,664
China Railway Signal & Communication Corp. Ltd., Class H(a)		1,056,000		512,707
China Reinsurance Group Corp., Class H		3,696,000		528,347
China Resources Beer Holdings Co. Ltd.		1,060,000		4,948,551
China Resources Cement Holdings Ltd.		1,584,000		1,793,115
China Resources Gas Group Ltd.		528,000		2,794,730
China Resources Land Ltd.		2,113,555		8,900,726
China Resources Pharmaceutical Group Ltd.(a)		1,188,000		999,065
China Resources Power Holdings Co. Ltd.		1,588,000		2,143,265
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		54,498		306,156
China Shenhua Energy Co. Ltd., Class A		186,200		413,730
China Shenhua Energy Co. Ltd., Class H		2,508,000		4,437,909

Security	Shares		Value
China (continued)
China Shipbuilding Industry Co. Ltd., Class A		1,056,095	$	684,679
China South Publishing & Media Group Co. Ltd., Class A		80,897		127,651
China Southern Airlines Co. Ltd., Class A		316,800		261,934
China Southern Airlines Co. Ltd., Class H(c)		1,588,000		889,619
China Spacesat Co. Ltd., Class A		79,200		300,953
China State Construction Engineering Corp. Ltd., Class A		1,821,600		1,282,414
China State Construction International Holdings Ltd.		1,588,000		1,270,007
China Taiping Insurance Holdings Co. Ltd.		1,214,590		2,562,169
China Telecom Corp. Ltd., Class H		10,032,000		3,927,582
China Tower Corp. Ltd., Class H(a)		30,624,000		6,428,559
China Traditional Chinese Medicine Holdings Co. Ltd.		1,584,000		738,462
China TransInfo Technology Co. Ltd., Class A		79,200		231,172
China Unicom Hong Kong Ltd.		4,224,000		3,557,671
China United Network Communications Ltd., Class A		1,372,898		997,894
China Vanke Co. Ltd., Class A		422,407		1,573,742
China Vanke Co. Ltd., Class H		1,108,884		3,941,480
China Yangtze Power Co. Ltd., Class A		976,898		2,287,817
China Zhongwang Holdings Ltd.		1,267,200		424,309
Chongqing Brewery Co. Ltd., Class A		28,096		173,002
Chongqing Changan Automobile Co. Ltd., Class A		160,098		203,243
Chongqing Fuling Zhacai Group Co. Ltd., Class A		26,400		79,922
Chongqing Rural Commercial Bank Co. Ltd., Class H		1,848,000		852,019
Chongqing Zhifei Biological Products Co. Ltd., Class A		53,200		425,582
CIFI Holdings Group Co. Ltd.		2,112,000		1,474,203
CITIC Ltd.		4,224,000		4,792,520
CITIC Securities Co. Ltd., Class A		448,800		1,378,547
CITIC Securities Co. Ltd., Class H		1,584,000		3,092,563
CNOOC Ltd.		12,936,000		19,758,266
Contemporary Amperex Technology Co. Ltd., Class A		107,299		1,939,190
COSCO SHIPPING Development Co. Ltd., Class A		871,200		272,452
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		1,056,000		465,108
COSCO SHIPPING Holdings Co. Ltd., Class A(b)		449,898		274,970
COSCO SHIPPING Holdings Co. Ltd., Class H(b)		1,848,000		666,383
COSCO SHIPPING Ports Ltd.		1,588,000		1,128,895
Country Garden Holdings Co. Ltd.(c)		5,544,838		7,112,337
Country Garden Services Holdings Co. Ltd.		792,000		2,590,735
CRRC Corp. Ltd., Class A		1,082,499		939,852
CRRC Corp. Ltd., Class H		3,168,500		2,101,479
CSC Financial Co. Ltd., Class A		133,699		582,504
CSPC Pharmaceutical Group Ltd.		3,700,000		8,243,506
Dali Foods Group Co. Ltd.(a)		1,584,000		1,119,932
Daqin Railway Co. Ltd., Class A		633,695		637,966
Datang International Power Generation Co. Ltd., Class H		2,112,000		369,911
Dawning Information Industry Co. Ltd., Class A		54,498		291,759
DHC Software Co. Ltd., Class A		158,400		283,423
Dong-E-E-Jiao Co. Ltd., Class A		26,400		115,925
Dongfang Electric Corp. Ltd., Class A		132,000		150,608
Dongfeng Motor Group Co. Ltd., Class H		2,114,000		1,595,389
Dongxing Securities Co. Ltd., Class A		133,698		210,777
East Money Information Co. Ltd., Class A		316,800		613,894
ENN Energy Holdings Ltd.		580,800		6,814,110
Eve Energy Co. Ltd., Class A(b)		54,498		422,346
Everbright Securities Co. Ltd., Class A		185,893		296,248
Fangda Carbon New Material Co. Ltd., Class A(b)		133,697		192,829
Far East Horizon Ltd.		1,851,000		1,644,825

48 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI All Country Asia ex Japan  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Fiberhome Telecommunication Technologies Co. Ltd., Class A		54,499	$	182,110
Financial Street Holdings Co. Ltd., Class A		105,600		101,788
First Capital Securities Co. Ltd., Class A		184,800		182,879
Focus Media Information Technology Co. Ltd., Class A		660,040		498,602
Foshan Haitian Flavouring & Food Co. Ltd., Class A		105,698		1,456,389
Fosun International Ltd.		1,980,000		2,657,034
Founder Securities Co. Ltd., Class A		396,000		409,413
Foxconn Industrial Internet Co. Ltd., Class A		184,800		475,010
Fujian Sunner Development Co. Ltd., Class A		52,800		142,201
Fuyao Glass Industry Group Co. Ltd., Class A		80,299		253,758
Fuyao Glass Industry Group Co. Ltd., Class H(a)		417,600		1,204,683
Ganfeng Lithium Co. Ltd., Class A		54,498		303,744
GCL System Integration Technology Co. Ltd., Class A(b)		264,000		203,576
GD Power Development Co. Ltd., Class A		871,200		248,815
GDS Holdings Ltd., ADR(b)(c)		45,672		2,361,699
Geely Automobile Holdings Ltd.		3,696,000		5,968,891
Gemdale Corp., Class A		211,298		359,968
Genscript Biotech Corp.(b)		528,000		1,226,689
GF Securities Co. Ltd., Class A		343,200		653,290
GF Securities Co. Ltd., Class H		844,800		934,569
Giant Network Group Co. Ltd., Class A		54,498		126,774
Gigadevice Semiconductor Beijing Inc., Class A		28,098		1,021,957
Glodon Co. Ltd., Class A		54,499		280,168
GoerTek Inc., Class A		158,497		480,959
GOME Retail Holdings Ltd.(b)(c)		7,656,160		709,917
Grandjoy Holdings Group Co. Ltd., Class A		160,099		130,543
Great Wall Motor Co. Ltd., Class H		2,244,000		1,502,762
Gree Electric Appliances Inc. of Zhuhai, Class A		105,698		875,433
Greenland Holdings Corp. Ltd., Class A		397,093		331,157
Greentown Service Group Co. Ltd.		1,056,000		1,120,612
GRG Banking Equipment Co. Ltd., Class A		132,000		171,908
Guangdong Haid Group Co. Ltd., Class A		80,899		354,080
Guangdong HEC Technology Holding Co. Ltd., Class A		132,000		177,186
Guangdong Investment Ltd.		2,112,000		4,308,372
Guanghui Energy Co. Ltd., Class A		264,000		110,459
Guangzhou Automobile Group Co. Ltd., Class A		105,600		148,686
Guangzhou Automobile Group Co. Ltd., Class H		2,112,397		2,143,709
Guangzhou Baiyun International Airport Co. Ltd., Class A		107,299		211,601
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		79,200		426,152
Guangzhou Haige Communications Group Inc. Co., Class A		132,000		202,256
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		28,098		199,617
Guangzhou R&F Properties Co. Ltd., Class H		739,200		1,127,140
Guosen Securities Co. Ltd., Class A		211,200		333,864
Guotai Junan Securities Co. Ltd., Class A		396,000		894,037
Guotai Junan Securities Co. Ltd., Class H(a)		475,200		763,757
Guoyuan Securities Co. Ltd., Class A		158,400		176,885
Haidilao International Holding Ltd.(a)(c)		264,000		1,019,974
Haier Smart Home Co. Ltd., Class A		264,000		629,954
Haitian International Holdings Ltd.		531,000		1,159,804
Haitong Securities Co. Ltd., Class A		396,000		740,789
Haitong Securities Co. Ltd., Class H		2,112,000		2,069,868
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		422,400		1,954,327
Hangzhou Robam Appliances Co. Ltd., Class A		52,800		222,727
Hangzhou Silan Microelectronics Co. Ltd., Class A		79,200		172,587
Hangzhou Tigermed Consulting Co. Ltd., Class A		27,490		259,559

Security	Shares		Value
China (continued)
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		528,000	$	1,903,952
Hefei Meiya Optoelectronic Technology Inc., Class A		26,400		125,161
Henan Shuanghui Investment & Development Co. Ltd., Class A		132,000		496,310
Hengan International Group Co. Ltd.		528,000		3,875,903
Hengli Petrochemical Co. Ltd., Class A		264,099		579,277
Hengtong Optic-Electric Co. Ltd., Class A		105,600		224,989
Hengyi Petrochemical Co. Ltd., Class A		132,000		232,793
Hesteel Co. Ltd., Class A		475,200		147,253
Hithink RoyalFlush Information Network Co. Ltd., Class A		27,488		385,267
HLA Corp. Ltd., Class A		132,000		126,292
Hongfa Technology Co. Ltd., Class A		26,400		116,830
Hua Hong Semiconductor Ltd.(a)(c)		264,000		643,264
Huaan Securities Co. Ltd., Class A		184,800		165,462
Huadian Power International Corp. Ltd., Class A		132,000		60,319
Huadian Power International Corp. Ltd., Class H		1,584,000		524,267
Huadong Medicine Co. Ltd., Class A		79,287		223,953
Hualan Biological Engineering Inc., Class A		52,800		286,816
Huaneng Power International Inc., Class A		105,600		73,438
Huaneng Power International Inc., Class H		3,168,000		1,505,482
Huaneng Renewables Corp. Ltd., Class H		3,934,000		1,616,178
Huatai Securities Co. Ltd., Class A		316,800		771,326
Huatai Securities Co. Ltd., Class H(a)		1,214,400		1,929,928
Huaxi Securities Co. Ltd., Class A		132,000		179,825
Huaxia Bank Co. Ltd., Class A		634,699		617,225
Huaxin Cement Co. Ltd., Class A		52,800		145,217
Huayu Automotive Systems Co. Ltd., Class A		159,600		547,665
Huazhu Group Ltd., ADR		97,416		3,360,852
Hubei Biocause Pharmaceutical Co. Ltd., Class A		237,600		197,808
Hubei Energy Group Co. Ltd., Class A		528,600		261,175
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		26,400		93,494
Hundsun Technologies Inc., Class A		52,800		601,830
Hutchison China MediTech Ltd., ADR(b)(c)		45,408		1,114,766
HUYA Inc., ADR(b)(c)		42,768		764,692
Iflytek Co. Ltd., Class A		106,400		481,192
Industrial & Commercial Bank of China Ltd., Class A		1,108,800		839,184
Industrial & Commercial Bank of China Ltd., Class H		47,256,350		31,768,361
Industrial Bank Co. Ltd., Class A		924,000		2,218,033
Industrial Securities Co. Ltd., Class A		343,200		299,935
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		2,270,496		366,376
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A(b)		422,400		158,638
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		264,091		1,044,628
Inner Mongolia Yitai Coal Co. Ltd., Class B		792,000		626,472
Innovent Biologics Inc.(a)(b)		528,000		2,039,949
Inspur Electronic Information Industry Co. Ltd., Class A		52,800		231,624
iQIYI Inc., ADR(b)(c)		94,248		2,096,076
Jafron Biomedical Co. Ltd., Class A		26,400		274,073
JD.com Inc., ADR(b)		539,880		20,348,077
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		132,000		141,561
Jiangsu Expressway Co. Ltd., Class H		1,058,000		1,314,853
Jiangsu Hengli Hydraulic Co. Ltd., Class A		26,400		171,305
Jiangsu Hengrui Medicine Co. Ltd., Class A		211,297		2,431,358
Jiangsu King’s Luck Brewery JSC Ltd., Class A		52,800		209,381
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		79,200		1,090,713
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		52,800		202,445
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		158,400		189,099

SCHEDULES OF INVESTMENTS 49

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI All Country Asia ex Japan  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Jiangsu Zhongtian Technology Co. Ltd., Class A		158,400	$	168,063
Jiangxi Copper Co. Ltd., Class A		26,400		51,346
Jiangxi Copper Co. Ltd., Class H		1,057,000		1,255,076
Jiangxi Zhengbang Technology Co. Ltd., Class A		105,600		187,893
Jinduicheng Molybdenum Co. Ltd., Class A		105,600		98,923
Jinke Properties Group Co. Ltd., Class A		237,600		218,165
Jinyu Bio-Technology Co. Ltd., Class A		52,800		136,773
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		105,600		145,971
Jointown Pharmaceutical Group Co. Ltd., Class A		79,200		203,576
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		26,400		128,441
JOYY Inc.(b)(c)		26,136		1,582,012
Juneyao Airlines Co. Ltd., Class A(b)		79,200		134,360
Kaisa Group Holdings Ltd.		1,848,000		778,241
Kingboard Holdings Ltd.		528,000		1,407,565
Kingdee International Software Group Co. Ltd.(c)		1,848,000		2,003,910
Kingsoft Corp. Ltd.(b)(c)		528,000		1,621,759
Kunlun Energy Co. Ltd.		2,646,000		2,071,846
Kweichow Moutai Co. Ltd., Class A		52,872		7,436,871
KWG Group Holdings Ltd.		924,000		1,211,390
Laobaixing Pharmacy Chain JSC, Class A		26,400		286,514
Lee & Man Paper Manufacturing Ltd.(c)		1,056,000		738,462
Legend Holdings Corp., Class H(a)		290,400		543,034
Lenovo Group Ltd.(c)		5,280,000		3,488,313
Lens Technology Co. Ltd., Class A		158,400		420,949
Lepu Medical Technology Beijing Co. Ltd., Class A		79,200		324,816
Li Ning Co. Ltd.		1,457,500		4,326,569
Liaoning Cheng Da Co. Ltd., Class A(b)		158,442		332,595
Lingyi iTech Guangdong Co., Class A(b)		264,000		439,573
Livzon Pharmaceutical Group Inc., Class A		26,400		135,717
Logan Property Holdings Co. Ltd.		1,056,000		1,615,640
Lomon Billions Group Co. Ltd., Class A		105,600		219,711
Longfor Group Holdings Ltd.(a)		1,320,000		5,626,859
LONGi Green Energy Technology Co. Ltd., Class A		158,400		591,501
Luxshare Precision Industry Co. Ltd., Class A		237,660		1,379,234
Luye Pharma Group Ltd.(a)(c)		924,000		599,745
Luzhou Laojiao Co. Ltd., Class A		79,200		841,333
Maanshan Iron & Steel Co. Ltd., Class H		528,000		187,675
Mango Excellent Media Co. Ltd., Class A(b)		79,200		474,897
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		184,847		334,439
Meituan Dianping, Class B(b)		739,200		9,453,124
Metallurgical Corp. of China Ltd., Class A		924,008		319,315
Metallurgical Corp. of China Ltd., Class H		2,376,000		465,108
Momo Inc., ADR		111,144		3,401,006
Muyuan Foodstuff Co. Ltd., Class A		79,200		831,381
NanJi E-Commerce Co. Ltd., Class A(b)		132,000		173,982
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		52,800		337,559
Nanjing Securities Co. Ltd., Class A		158,400		259,446
NARI Technology Co. Ltd., Class A		211,298		493,334
NAURA Technology Group Co. Ltd., Class A		26,400		402,062
NavInfo Co. Ltd., Class A		105,600		213,830
NetEase Inc., ADR		50,688		16,258,683
New China Life Insurance Co. Ltd., Class A		105,699		651,902
New China Life Insurance Co. Ltd., Class H		607,200		2,299,023
New Hope Liuhe Co. Ltd., Class A		184,872		431,108
New Oriental Education & Technology Group Inc., ADR(b)		97,944		11,905,093

Security	Shares		Value
China (continued)
Nexteer Automotive Group Ltd.		792,000	$	587,505
Ninestar Corp., Class A		52,800		264,648
Ningbo Joyson Electronic Corp., Class A(b)		52,800		147,479
Ningbo Zhoushan Port Co. Ltd., Class A		369,600		173,643
NIO Inc., ADR(b)(c)		486,552		1,839,167
Noah Holdings Ltd.(b)(c)		25,608		868,879
Offshore Oil Engineering Co. Ltd., Class A		184,800		170,740
OFILM Group Co. Ltd., Class A(b)		132,000		304,044
Orient Securities Co. Ltd., Class A		265,998		351,737
Oriental Pearl Group Co. Ltd., Class A		132,000		180,202
Ovctek China Inc., Class A		26,400		177,035
Pacific Securities Co. Ltd. (The), Class A(b)		318,497		144,176
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(b)		422,400		142,352
People’s Insurance Co. Group of China Ltd. (The), Class H		6,072,000		2,189,545
Perfect World Co. Ltd., Class A		52,800		339,293
PetroChina Co. Ltd., Class A		660,000		484,435
PetroChina Co. Ltd., Class H		14,784,000		6,568,636
PICC Property & Casualty Co. Ltd., Class H		5,281,814		5,707,017
Pinduoduo Inc., ADR(b)		141,768		4,993,069
Ping An Bank Co. Ltd., Class A		765,638		1,529,570
Ping An Healthcare and Technology Co. Ltd.(a)(b)		237,600		2,051,679
Ping An Insurance Group Co. of China Ltd., Class A		475,299		5,192,941
Ping An Insurance Group Co. of China Ltd., Class H		4,092,000		46,743,731
Poly Developments and Holdings Group Co. Ltd., Class A		528,095		1,048,226
Postal Savings Bank of China Co. Ltd., Class H(a)		5,808,000		3,627,709
Power Construction Corp. of China Ltd., Class A		633,600		331,150
Qudian Inc., ADR(b)		102,960		296,525
RiseSun Real Estate Development Co. Ltd., Class A		184,800		215,074
Rongsheng Petro Chemical Co. Ltd., Class A		211,200		312,149
SAIC Motor Corp. Ltd., Class A		343,298		1,000,068
Sanan Optoelectronics Co. Ltd., Class A		184,826		535,781
Sangfor Technologies Inc., Class A		26,400		531,559
Sansteel Minguang Co. Ltd. Fujian, Class A		132,000		143,445
Sany Heavy Industry Co. Ltd., Class A		396,099		816,203
SDIC Capital Co. Ltd., Class A		158,400		284,101
SDIC Power Holdings Co. Ltd., Class A		290,400		305,627
Sealand Securities Co. Ltd., Class A		240,410		143,845
Seazen Group Ltd(c)		1,584,000		1,607,480
Seazen Holdings Co. Ltd., Class A		105,697		461,862
Semiconductor Manufacturing International Corp.(b)(c)		2,244,400		4,133,333
SF Holding Co. Ltd., Class A		79,200		428,414
Shaanxi Coal Industry Co. Ltd., Class A		396,098		427,615
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		52,800		141,447
Shandong Gold Mining Co. Ltd., Class A		132,000		584,149
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		79,200		185,367
Shandong Linglong Tyre Co. Ltd., Class A		52,800		149,666
Shandong Nanshan Aluminum Co. Ltd., Class A		448,800		129,459
Shandong Sinocera Functional Material Co. Ltd., Class A		52,800		166,630
Shandong Sun Paper Industry JSC Ltd., Class A		132,000		157,583
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,056,000		1,263,408
Shanghai Baosight Software Co. Ltd., Class A		52,800		255,299
Shanghai Construction Group Co. Ltd., Class A		316,800		137,979
Shanghai Electric Group Co. Ltd., Class A		369,600		230,644
Shanghai Electric Group Co. Ltd., Class H		2,128,000		633,064

50 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI All Country Asia ex Japan  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shanghai Electric Power Co. Ltd., Class A		105,600	$	101,185
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		105,700		362,104
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		396,000		1,065,873
Shanghai Industrial Holdings Ltd.		531,000		940,973
Shanghai International Airport Co. Ltd., Class A		52,800		468,073
Shanghai International Port Group Co. Ltd., Class A		396,000		264,648
Shanghai Jahwa United Co. Ltd., Class A		26,400		96,925
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		921,875		872,094
Shanghai M&G Stationery Inc., Class A		26,400		169,986
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		211,500		587,735
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		475,200		888,602
Shanghai Pudong Development Bank Co. Ltd., Class A		1,293,694		1,888,038
Shanghai Tunnel Engineering Co. Ltd., Class A		344,065		257,454
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		132,000		128,743
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		79,200		147,592
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		132,000		113,663
Shanxi Meijin Energy Co. Ltd., Class A(b)		184,800		184,990
Shanxi Securities Co. Ltd., Class A		158,400		161,277
Shanxi Taigang Stainless Steel Co. Ltd., Class A		290,400		143,898
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		52,800		622,112
Shenergy Co. Ltd., Class A		398,185		283,736
Shengyi Technology Co. Ltd., Class A		105,600		330,094
Shennan Circuits Co. Ltd., Class A		26,400		602,207
Shenwan Hongyuan Group Co. Ltd., Class A		1,082,497		670,880
Shenzhen Airport Co. Ltd., Class A		105,600		122,598
Shenzhen Energy Group Co. Ltd., Class A		422,465		320,945
Shenzhen Expressway Co. Ltd., Class H		528,000		685,423
Shenzhen Goodix Technology Co. Ltd., Class A		26,400		1,146,998
Shenzhen Inovance Technology Co. Ltd., Class A		79,200		297,786
Shenzhen International Holdings Ltd.		660,000		1,325,967
Shenzhen Investment Ltd.		2,640,000		917,977
Shenzhen Kangtai Biological Products Co. Ltd., Class A		26,400		341,178
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		26,400		707,539
Shenzhen Overseas Chinese Town Co. Ltd., Class A		396,000		360,216
Shenzhen Sunway Communication Co. Ltd., Class A(b)		52,800		298,578
Shenzhou International Group Holdings Ltd.		554,400		7,411,135
Shimao Property Holdings Ltd.		924,000		3,016,575
Shui On Land Ltd.		2,508,000		503,867
Siasun Robot & Automation Co. Ltd., Class A(b)		79,200		154,039
Sichuan Chuantou Energy Co. Ltd., Class A		211,200		250,926
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		79,200		271,887
Sichuan Languang Development Co. Ltd., Class A		132,000		116,491
Sichuan Swellfun Co. Ltd., Class A		26,400		174,359
SINA Corp.(b)		45,672		1,769,333
Sino Biopharmaceutical Ltd.		5,016,500		6,731,823
Sinolink Securities Co. Ltd., Class A		158,400		179,825
Sino-Ocean Group Holding Ltd.		2,244,000		814,960
Sinopec Engineering Group Co. Ltd., Class H		1,056,000		573,906
Sinopec Shanghai Petrochemical Co. Ltd., Class A		158,400		78,942
Sinopec Shanghai Petrochemical Co. Ltd., Class H		2,640,000		676,583
Sinopharm Group Co. Ltd., Class H		844,800		2,774,331
Sinotrans Ltd., Class H		1,320,000		407,990
Sinotruk Hong Kong Ltd.		528,000		917,977
SOHO China Ltd.		1,584,000		607,905

Security	Shares		Value
China (continued)
Songcheng Performance Development Co. Ltd., Class A		79,200	$	274,262
SooChow Securities Co. Ltd., Class A		161,181		189,427
Southwest Securities Co. Ltd., Class A		264,000		171,908
Spring Airlines Co. Ltd., Class A		54,499		274,332
Sun Art Retail Group Ltd.		1,848,000		2,206,205
Sunac China Holdings Ltd.		1,848,000		9,043,774
Suning.com Co. Ltd., Class A		448,894		576,919
Sunny Optical Technology Group Co. Ltd.		528,000		8,615,385
Sunwoda Electronic Co. Ltd., Class A		80,899		252,651
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		79,200		292,131
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		107,292		119,659
TAL Education Group, ADR(b)		282,744		14,108,926
Tangshan Jidong Cement Co. Ltd., Class A		54,498		107,162
Tasly Pharmaceutical Group Co. Ltd., Class A		79,200		186,498
TBEA Co. Ltd., Class A		133,697		109,206
TCL Corp., Class A		660,000		428,828
Tencent Holdings Ltd.		4,171,200		200,370,591
Tencent Music Entertainment Group, ADR(b)		69,696		884,442
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		133,699		269,391
Tianma Microelectronics Co. Ltd., Class A		107,297		228,145
Tianqi Lithium Corp., Class A		69,658		275,934
Tingyi Cayman Islands Holding Corp.		1,586,000		2,687,962
Toly Bread Co. Ltd., Class A		28,099		138,433
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		105,600		165,877
Tongkun Group Co. Ltd., Class A		107,296		195,201
Tongling Nonferrous Metals Group Co. Ltd., Class A		950,400		270,077
Tongwei Co. Ltd., Class A		184,800		321,687
Topchoice Medical Corp., Class A(b)		26,400		347,775
Towngas China Co. Ltd.		792,000		492,648
Transfar Zhilian Co. Ltd., Class A		160,096		146,086
TravelSky Technology Ltd., Class H		794,000		1,732,200
Trip.com Group Ltd., ADR(b)(c)		342,408		11,001,569
Tsingtao Brewery Co. Ltd., Class H		528,000		2,944,326
Tus Environmental Science And Technology Development Co. Ltd., Class A		105,695		119,388
Unigroup Guoxin Microelectronics Co. Ltd., Class A		26,400		189,476
Uni-President China Holdings Ltd.		1,056,000		1,082,533
Unisplendour Corp. Ltd., Class A		79,200		336,465
Universal Scientific Industrial Shanghai Co. Ltd., Class A		79,200		201,201
Venustech Group Inc., Class A		54,498		275,494
Vipshop Holdings Ltd., ADR(b)(c)		322,872		4,110,161
Visionox Technology Inc., Class A(b)		80,898		161,154
Walvax Biotechnology Co. Ltd., Class A		79,200		288,512
Wanda Film Holding Co. Ltd., Class A(b)		80,899		179,755
Wangsu Science & Technology Co. Ltd., Class A		105,600		111,288
Wanhua Chemical Group Co. Ltd., Class A		133,699		891,989
Want Want China Holdings Ltd.		3,696,000		3,070,123
Weibo Corp., ADR(b)(c)		40,656		1,732,759
Weichai Power Co. Ltd., Class A		264,000		459,176
Weichai Power Co. Ltd., Class H		1,584,600		2,816,196
Wens Foodstuffs Group Co. Ltd., Class A		211,299		887,403
Western Securities Co. Ltd., Class A		160,099		190,442
Westone Information Industry Inc., Class A		52,800		174,547
Wharf Holdings Ltd. (The)		792,000		1,970,591
Will Semiconductor Ltd., Class A		26,400		629,577
Winning Health Technology Group Co. Ltd., Class A		80,899		165,892
Wuchan Zhongda Group Co. Ltd., Class A		239,299		155,482

SCHEDULES OF INVESTMENTS 51

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI All Country Asia ex Japan  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Wuhan Guide Infrared Co. Ltd., Class A		54,495	$	242,250
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		107,298		463,648
Wuliangye Yibin Co. Ltd., Class A		160,099		2,595,767
WUS Printed Circuit Kunshan Co. Ltd., Class A		79,200		243,952
WuXi AppTec Co. Ltd., Class A		80,898		1,004,929
WuXi AppTec Co. Ltd., Class H(a)		111,480		1,359,600
Wuxi Biologics Cayman Inc.(a)(b)		396,000		5,071,823
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		54,497		308,096
XCMG Construction Machinery Co. Ltd., Class A		397,698		265,215
Xiamen C & D Inc., Class A		132,000		145,330
Xiaomi Corp., Class B(a)(b)(c)		5,702,400		8,460,076
Xinhu Zhongbao Co. Ltd., Class A		369,600		166,781
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		211,213		319,407
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		475,258		503,725
Xinyi Solar Holdings Ltd.		2,112,000		1,495,963
Yango Group Co. Ltd., Class A		184,800		170,212
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		52,800		250,926
Yanzhou Coal Mining Co. Ltd., Class A		52,800		65,672
Yanzhou Coal Mining Co. Ltd., Class H		1,586,000		1,180,579
Yealink Network Technology Corp. Ltd., Class A		28,099		300,940
Yifeng Pharmacy Chain Co. Ltd., Class A		28,098		320,992
Yihai International Holding Ltd.		264,000		1,501,062
Yintai Gold Co. Ltd., Class A		105,600		170,551
Yonghui Superstores Co. Ltd., Class A		450,498		455,464
Yonyou Network Technology Co. Ltd., Class A		132,000		552,293
Yuexiu Property Co. Ltd.		4,752,000		960,816
Yum China Holdings Inc.		262,680		11,313,628
Yunda Holding Co. Ltd., Class A		79,200		301,858
Yunnan Baiyao Group Co. Ltd., Class A		54,498		606,865
Yunnan Energy New Material Co. Ltd., Class A		26,400		205,649
Yuzhou Properties Co. Ltd.		1,320,000		615,385
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		26,600		467,213
Zhaojin Mining Industry Co. Ltd., Class H		792,000		898,598
Zhejiang Chint Electrics Co. Ltd., Class A		105,600		361,762
Zhejiang Dahua Technology Co. Ltd., Class A		132,000		341,366
Zhejiang Dingli Machinery Co. Ltd., Class A		28,098		252,139
Zhejiang Expressway Co. Ltd., Class H		1,058,000		869,302
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A(b)		54,496		129,571
Zhejiang Huayou Cobalt Co. Ltd., Class A		52,800		320,292
Zhejiang Longsheng Group Co. Ltd., Class A		158,400		272,113
Zhejiang NHU Co. Ltd., Class A		107,298		324,983
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		132,000		352,865
Zhejiang Supor Co. Ltd., Class A		28,099		255,037
Zhejiang Weixing New Building Materials Co. Ltd., Class A		80,896		128,920
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		26,400		164,218
Zhengzhou Yutong Bus Co. Ltd., Class A		80,899		164,044
Zhenro Properties Group Ltd.		528,000		327,072
Zheshang Securities Co. Ltd., Class A		132,000		179,260
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		237,600		777,221
Zhongji Innolight Co. Ltd., Class A		28,099		193,043
Zhongjin Gold Corp. Ltd., Class A		133,699		143,192
Zhongsheng Group Holdings Ltd.		396,000		1,468,763
Zhuzhou CRRC Times Electric Co. Ltd., Class H		396,000		1,341,266
Zijin Mining Group Co. Ltd., Class A		844,800		465,661
Zijin Mining Group Co. Ltd., Class H		4,224,000		1,854,994

Security	Shares		Value
China (continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		550,037	$	445,352
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		618,200		459,377
ZTE Corp., Class A(b)		132,000		664,448
ZTE Corp., Class H(b)		580,800		1,896,133
ZTO Express Cayman Inc., ADR		232,584		5,051,724
				1,457,863,626
Hong Kong — 10.1%
AIA Group Ltd.		8,817,600		88,290,693
ASM Pacific Technology Ltd.		237,700		3,247,945
Bank of East Asia Ltd. (The)(c)		1,003,200		2,175,674
BeiGene Ltd., ADR(b)(c)		26,400		4,022,304
BOC Hong Kong Holdings Ltd.		2,640,000		8,822,779
Budweiser Brewing Co. APAC Ltd.(a)(b)(c)		897,600		2,728,092
CK Asset Holdings Ltd.		1,980,132		12,801,533
CK Hutchison Holdings Ltd.		1,980,132		17,672,236
CK Infrastructure Holdings Ltd.		531,000		3,726,964
CLP Holdings Ltd.		1,188,000		12,415,640
Dairy Farm International Holdings Ltd.(c)		184,800		951,720
Galaxy Entertainment Group Ltd.		1,584,000		10,505,737
Haier Electronics Group Co. Ltd.		1,056,000		3,202,720
Hang Lung Properties Ltd.		1,584,000		3,337,357
Hang Seng Bank Ltd.(c)		554,400		11,295,198
Henderson Land Development Co. Ltd.		1,144,166		5,186,756
HK Electric Investments & HK Electric Investments Ltd.		1,980,000		1,978,750
HKT Trust & HKT Ltd.		2,904,640		4,354,211
Hong Kong & China Gas Co. Ltd.		7,128,135		13,733,197
Hong Kong Exchanges & Clearing Ltd.		927,300		30,906,417
Hongkong Land Holdings Ltd.		792,000		4,221,360
Huishan Dairy(b)(d)		277,900		537
Jardine Matheson Holdings Ltd.		169,700		9,487,927
Jardine Strategic Holdings Ltd.		158,400		4,883,472
Kerry Properties Ltd.		528,500		1,487,170
Kingboard Laminates Holdings Ltd.		792,000		822,099
Link REIT		1,584,000		16,115,597
Melco Resorts & Entertainment Ltd., ADR		121,176		2,444,120
MTR Corp. Ltd.		1,190,000		6,727,839
New World Development Co. Ltd.		4,488,666		5,670,880
Nine Dragons Paper Holdings Ltd.		1,320,000		1,261,368
NWS Holdings Ltd.		1,322,500		1,713,396
PCCW Ltd.		2,904,000		1,716,617
Power Assets Holdings Ltd.		1,056,000		7,656,609
Sands China Ltd.		1,689,600		8,268,593
Sino Land Co. Ltd.		2,641,200		3,625,957
SJM Holdings Ltd.		1,584,000		1,789,035
SSY Group Ltd.		1,056,000		975,096
Sun Hung Kai Properties Ltd.		1,188,000		16,722,482
Swire Pacific Ltd., Class A		397,000		3,520,129
Swire Properties Ltd.		844,800		2,643,774
Techtronic Industries Co. Ltd.(c)		1,056,000		8,560,986
Vitasoy International Holdings Ltd.(c)		528,000		1,920,952
WH Group Ltd.(a)		6,864,000		6,594,475
Wharf Real Estate Investment Co. Ltd.		792,000		4,130,897
Wheelock & Co. Ltd.		528,000		3,240,119
Wynn Macau Ltd.		1,161,600		2,447,395
Yue Yuen Industrial Holdings Ltd.		396,000		1,104,122
				371,108,926

52 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI All Country Asia ex Japan  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India — 10.6%
Adani Ports & Special Economic Zone Ltd.		446,952	$	2,313,759
Ambuja Cements Ltd.		438,240		1,255,931
Ashok Leyland Ltd.		868,824		997,795
Asian Paints Ltd.		211,992		5,334,596
Aurobindo Pharma Ltd.		198,264		1,337,551
Avenue Supermarts Ltd.(a)(b)		92,928		2,779,017
Axis Bank Ltd.		1,494,504		15,274,383
Bajaj Auto Ltd.		61,776		2,753,050
Bajaj Finance Ltd.		127,512		7,801,628
Bajaj Finserv Ltd.		27,984		3,702,598
Bandhan Bank Ltd.(a)		289,080		1,824,436
Berger Paints India Ltd.		134,376		1,054,840
Bharat Forge Ltd.		156,552		1,076,442
Bharat Petroleum Corp. Ltd.		483,120		3,093,742
Bharti Airtel Ltd.(b)		1,790,712		12,458,382
Bharti Infratel Ltd.		243,144		846,059
Bosch Ltd.		5,280		1,027,453
Britannia Industries Ltd.		42,504		1,906,493
Cipla Ltd.		256,080		1,603,786
Coal India Ltd.		897,336		2,284,917
Colgate-Palmolive India Ltd.		32,208		599,656
Container Corp. of India Ltd.		152,592		1,212,482
Dabur India Ltd.		390,192		2,710,825
Divi’s Laboratories Ltd.		61,776		1,690,156
DLF Ltd.		382,008		1,394,303
Dr. Reddy’s Laboratories Ltd.		85,008		3,710,296
Eicher Motors Ltd.		9,768		2,777,366
GAIL India Ltd.		1,148,928		1,939,367
Godrej Consumer Products Ltd.		260,832		2,458,727
Grasim Industries Ltd.		219,648		2,397,559
Havells India Ltd.		185,064		1,563,348
HCL Technologies Ltd.		799,392		6,625,238
HDFC Asset Management Co. Ltd.(a)		28,512		1,268,301
HDFC Life Insurance Co. Ltd.(a)		381,216		3,201,130
Hero MotoCorp Ltd.		71,280		2,499,133
Hindalco Industries Ltd.		868,824		2,305,459
Hindustan Petroleum Corp. Ltd.		455,928		1,485,204
Hindustan Unilever Ltd.		475,464		13,554,464
Housing Development Finance Corp. Ltd.		1,198,032		40,529,016
ICICI Bank Ltd.		3,454,704		25,448,834
ICICI Lombard General Insurance Co. Ltd.(a)		122,496		2,263,234
ICICI Prudential Life Insurance Co. Ltd.(a)		211,200		1,512,282
Indian Oil Corp. Ltd.		1,382,040		2,197,280
Info Edge India Ltd.		38,544		1,538,168
Infosys Ltd.		2,490,312		27,079,951
InterGlobe Aviation Ltd.(a)		69,432		1,341,059
ITC Ltd.		2,517,768		8,297,000
JSW Steel Ltd.		638,088		2,241,792
Larsen & Toubro Ltd.		345,048		6,621,227
LIC Housing Finance Ltd.		218,856		1,342,442
Lupin Ltd.		163,944		1,650,181
Mahindra & Mahindra Financial Services Ltd.		234,168		1,212,065
Mahindra & Mahindra Ltd.		542,520		4,311,953
Marico Ltd.		327,888		1,449,034
Maruti Suzuki India Ltd.		77,088		7,468,702
Motherson Sumi Systems Ltd.		709,896		1,330,107
Nestle India Ltd.		17,424		3,750,454
NTPC Ltd.		1,747,416		2,763,492
Oil & Natural Gas Corp. Ltd.		1,846,680		2,819,546
Page Industries Ltd.		3,960		1,356,178

Security	Shares		Value
India (continued)
Petronet LNG Ltd.		458,568	$	1,712,621
Pidilite Industries Ltd.		92,664		1,963,530
Piramal Enterprises Ltd.		66,528		1,440,667
Power Grid Corp. of India Ltd.		1,341,120		3,511,730
REC Ltd.		535,656		1,078,706
Reliance Industries Ltd.		2,086,128		41,269,419
SBI Life Insurance Co. Ltd.(a)		238,392		3,321,101
Shree Cement Ltd.		6,336		2,042,837
Shriram Transport Finance Co. Ltd.		126,984		1,816,116
Siemens Ltd.		44,088		926,925
State Bank of India(b)		1,307,328		5,834,265
Sun Pharmaceutical Industries Ltd.		620,136		3,774,306
Tata Consultancy Services Ltd.		658,680		19,191,096
Tata Motors Ltd.(b)		1,161,072		2,873,494
Tata Power Co. Ltd. (The)		809,576		659,165
Tata Steel Ltd.		267,168		1,642,527
Tech Mahindra Ltd.		342,144		3,819,527
Titan Co. Ltd.		229,152		3,814,249
UltraTech Cement Ltd.		73,656		4,558,347
United Spirits Ltd.(b)		218,064		1,891,625
UPL Ltd.		397,056		2,929,893
Vedanta Ltd.		1,363,032		2,634,090
Wipro Ltd.		842,160		2,794,710
Zee Entertainment Enterprises Ltd.		528,264		1,992,534
				390,137,349
Indonesia — 2.3%
Ace Hardware Indonesia Tbk PT		1,056,000		133,015
Adaro Energy Tbk PT		10,876,800		975,766
Astra International Tbk PT		14,731,200		6,850,467
Bank Central Asia Tbk PT		7,260,000		17,226,218
Bank Mandiri Persero Tbk PT		13,648,802		7,546,573
Bank Negara Indonesia Persero Tbk PT		5,544,015		2,923,245
Bank Rakyat Indonesia Persero Tbk PT		40,735,200		13,304,943
Bank Tabungan Negara Persero Tbk PT		3,300,000		451,922
Barito Pacific Tbk PT		20,011,200		1,912,458
Bukit Asam Tbk PT		2,164,800		350,363
Bumi Serpong Damai Tbk PT(b)		6,283,200		513,055
Charoen Pokphand Indonesia Tbk PT		5,438,400		2,648,507
Gudang Garam Tbk PT		369,600		1,509,662
Hanjaya Mandala Sampoerna Tbk PT		6,837,600		1,036,531
Indah Kiat Pulp & Paper Corp. Tbk PT		2,059,200		1,017,913
Indocement Tunggal Prakarsa Tbk PT		1,372,800		1,656,308
Indofood CBP Sukses Makmur Tbk PT		1,742,400		1,451,468
Indofood Sukses Makmur Tbk PT		3,194,400		1,830,551
Jasa Marga Persero Tbk PT		1,689,640		569,194
Kalbe Farma Tbk PT		16,156,800		1,691,997
Pabrik Kertas Tjiwi Kimia Tbk PT		1,056,000		703,742
Pakuwon Jati Tbk PT		12,962,400		493,625
Perusahaan Gas Negara Tbk PT		8,131,200		1,015,283
Semen Indonesia Persero Tbk PT		2,191,200		1,917,601
Telekomunikasi Indonesia Persero Tbk PT		36,009,600		10,020,980
Unilever Indonesia Tbk PT		5,280,000		3,074,039
United Tractors Tbk PT		1,240,843		1,744,723
XL Axiata Tbk PT(b)		1,768,800		375,651
				84,945,800
Malaysia — 2.2%
AirAsia Group Bhd		1,214,400		423,766
AMMB Holdings Bhd		1,293,600		1,167,965
Axiata Group Bhd		2,032,800		2,133,002

SCHEDULES OF INVESTMENTS 53

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI All Country Asia ex Japan  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
British American Tobacco Malaysia Bhd		120,000	$	344,949
CIMB Group Holdings Bhd		3,564,000		4,287,584
Dialog Group Bhd		2,772,062		2,211,968
DiGi.Com Bhd		2,164,800		2,234,530
Fraser & Neave Holdings Bhd		105,600		846,758
Gamuda Bhd		1,320,000		1,243,338
Genting Bhd		1,610,400		2,161,347
Genting Malaysia Bhd		2,217,600		1,634,249
Genting Plantations Bhd		184,800		473,499
HAP Seng Consolidated Bhd		475,600		1,129,231
Hartalega Holdings Bhd		1,108,800		1,601,780
Hong Leong Bank Bhd		492,700		1,923,670
Hong Leong Financial Group Bhd		184,800		727,836
IHH Healthcare Bhd		1,610,400		2,239,941
IJM Corp. Bhd		2,085,600		1,078,934
IOI Corp. Bhd		1,399,200		1,550,114
Kuala Lumpur Kepong Bhd		316,800		1,762,577
Malayan Banking Bhd		2,851,200		5,865,206
Malaysia Airports Holdings Bhd		797,500		1,311,652
Maxis Bhd(c)		1,742,400		2,257,722
MISC Bhd		818,400		1,535,748
Nestle Malaysia Bhd		54,200		1,908,507
Petronas Chemicals Group Bhd		1,768,800		2,671,760
Petronas Dagangan Bhd		157,200		850,062
Petronas Gas Bhd		448,800		1,752,269
PPB Group Bhd		448,820		2,039,294
Press Metal Aluminium Holdings Bhd		1,108,800		1,320,387
Public Bank Bhd		2,296,830		10,424,851
QL Resources Bhd		396,000		802,050
RHB Bank Bhd		1,214,445		1,686,235
RHB Capital Bhd(b)(d)		359,100		1
Sime Darby Bhd		1,980,000		1,053,294
Sime Darby Plantation Bhd		1,557,600		1,927,045
Telekom Malaysia Bhd		844,800		795,736
Tenaga Nasional Bhd		2,296,800		6,983,438
Top Glove Corp. Bhd		1,135,200		1,620,527
Westports Holdings Bhd		686,400		661,611
YTL Corp. Bhd		2,217,678		484,339
				79,128,772
Pakistan — 0.0%
Habib Bank Ltd.		448,800		473,503
MCB Bank Ltd.		336,500		458,707
Oil & Gas Development Co. Ltd.		501,600		447,647
				1,379,857
Philippines — 1.1%
Aboitiz Equity Ventures Inc.		1,481,040		1,436,460
Aboitiz Power Corp.		1,161,600		739,283
Altus San Nicolas Corp.		39,875		4,074
Ayala Corp.		205,928		2,943,276
Ayala Land Inc.		5,068,800		4,148,379
Bank of the Philippine Islands		665,286		1,079,797
BDO Unibank Inc.		1,457,280		4,243,113
Globe Telecom Inc.		25,080		932,544
GT Capital Holdings Inc.		71,285		946,633
International Container Terminal Services Inc.		731,280		1,870,281
JG Summit Holdings Inc.		2,148,967		2,963,655
Jollibee Foods Corp.		324,720		1,221,453
Manila Electric Co.		158,400		797,765
Megaworld Corp.		8,712,000		694,149

Security	Shares		Value
Philippines (continued)
Metro Pacific Investments Corp.		10,824,200	$	683,566
Metropolitan Bank & Trust Co.		1,253,020		1,413,746
PLDT Inc.		60,725		1,189,890
Robinsons Land Corp.		1,795,267		900,636
Security Bank Corp.		179,520		625,124
SM Investments Corp.		165,000		3,151,977
SM Prime Holdings Inc.		7,128,025		5,455,050
Universal Robina Corp.		652,080		1,860,154
				39,301,005
Singapore — 3.7%
Ascendas REIT		2,198,920		5,074,803
BOC Aviation Ltd.(a)		158,400		1,464,683
CapitaLand Commercial Trust		2,006,466		3,028,295
CapitaLand Ltd.		1,874,400		4,971,300
CapitaLand Mall Trust		1,953,600		3,606,910
City Developments Ltd.		343,200		2,665,338
ComfortDelGro Corp. Ltd.		1,610,400		2,560,311
DBS Group Holdings Ltd.		1,320,000		24,535,424
Genting Singapore Ltd.		4,488,000		2,827,812
Jardine Cycle & Carriage Ltd.		79,466		1,701,221
Keppel Corp. Ltd.		1,056,000		5,168,203
Mapletree Commercial Trust		1,003,200		1,727,247
Oversea-Chinese Banking Corp. Ltd.		2,349,675		18,643,842
SATS Ltd.		501,600		1,675,798
Sembcorp Industries Ltd.(c)		712,800		1,107,140
Singapore Airlines Ltd.(c)		396,000		2,480,621
Singapore Exchange Ltd.		562,000		3,582,240
Singapore Press Holdings Ltd.(c)		1,264,500		1,871,412
Singapore Technologies Engineering Ltd.		1,188,000		3,577,317
Singapore Telecommunications Ltd.		5,781,600		13,978,519
Suntec REIT		1,478,400		1,993,008
United Overseas Bank Ltd.		983,500		18,489,714
UOL Group Ltd.		316,800		1,852,197
Venture Corp. Ltd.(c)		211,200		2,526,849
Wilmar International Ltd.		1,425,600		4,083,886
Yangzijiang Shipbuilding Holdings Ltd.		1,742,400		1,212,748
				136,406,838
South Korea — 12.9%
Amorepacific Corp.(c)		23,232		3,664,569
AMOREPACIFIC Group		19,800		1,199,446
BGF retail Co. Ltd.		5,808		804,061
BNK Financial Group Inc.		203,544		1,152,764
Celltrion Healthcare Co. Ltd.(b)		39,364		1,889,181
Celltrion Inc.(b)(c)		68,196		9,441,071
Cheil Worldwide Inc.		52,536		932,279
CJ CheilJedang Corp.		6,072		1,209,968
CJ Corp.		10,560		733,623
CJ ENM Co. Ltd.		7,920		918,357
CJ Logistics Corp.(b)		6,600		808,491
Daelim Industrial Co. Ltd.		20,328		1,381,523
Daewoo Engineering & Construction Co. Ltd.(b)		126,192		460,574
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)		27,984		579,943
DB Insurance Co. Ltd.		36,168		1,289,709
Doosan Bobcat Inc.		36,696		948,305
E-MART Inc.		15,048		1,401,458
Fila Holdings Corp.(c)		36,432		1,351,088
GS Engineering & Construction Corp.		43,032		1,010,946
GS Holdings Corp.		36,696		1,407,062
GS Retail Co. Ltd.		20,064		667,481

54 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI All Country Asia ex Japan  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Hana Financial Group Inc.		219,384	$	6,111,129
Hankook Tire & Technology Co. Ltd.		53,856		1,296,864
Hanmi Pharm Co. Ltd.		4,853		1,144,182
Hanon Systems		137,280		1,209,414
Hanwha Corp.		26,400		481,772
Hanwha Life Insurance Co. Ltd.		213,840		367,808
Hanwha Solutions Corp.(b)		78,408		1,108,508
HDC Holdings Co. Ltd.		1		8
HDC Hyundai Development Co-Engineering & Construction, Class E(c)		18,480		324,061
Helixmith Co. Ltd.(b)(c)		14,256		923,407
HLB Inc.(b)(c)		25,851		2,010,645
Hotel Shilla Co. Ltd.(c)		23,496		1,722,994
Hyosung Corp.		1		60
Hyundai Department Store Co. Ltd.		10,560		691,094
Hyundai Engineering & Construction Co. Ltd.		56,760		1,819,215
Hyundai Glovis Co. Ltd.		13,728		1,693,179
Hyundai Heavy Industries Holdings Co. Ltd.		7,128		1,635,699
Hyundai Marine & Fire Insurance Co. Ltd.		45,672		843,046
Hyundai Mobis Co. Ltd.		48,048		9,252,017
Hyundai Motor Co.		108,768		11,407,476
Hyundai Steel Co.		57,816		1,372,818
Industrial Bank of Korea(b)		177,408		1,600,148
Kakao Corp.(b)		37,224		4,965,907
Kangwon Land Inc.		85,536		1,977,192
KB Financial Group Inc.(b)		289,872		10,689,159
KCC Corp.		3,563		602,378
Kia Motors Corp.		193,512		6,640,635
KMW Co. Ltd.(b)(c)		18,216		757,312
Korea Aerospace Industries Ltd.		53,856		1,360,125
Korea Electric Power Corp.(b)		188,232		4,003,592
Korea Gas Corp.		19,536		532,718
Korea Investment Holdings Co. Ltd.		31,416		1,752,875
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)		27,720		2,651,407
Korea Zinc Co. Ltd.		5,544		1,767,605
Korean Air Lines Co. Ltd.		34,584		686,254
KT&G Corp.(b)		83,688		6,677,626
Kumho Petrochemical Co. Ltd.		13,728		753,292
LG Chem Ltd.(c)		33,000		9,344,716
LG Corp.		67,848		4,001,942
LG Display Co. Ltd.(b)		171,600		2,217,259
LG Electronics Inc.		76,824		4,247,767
LG Household & Health Care Ltd.		6,864		7,244,965
LG Innotek Co. Ltd.		10,560		1,346,747
LG Uplus Corp.		75,240		836,456
Lotte Chemical Corp.		12,408		1,972,829
Lotte Corp.		19,008		562,976
Lotte Shopping Co. Ltd.		8,184		793,096
Medy-Tox Inc.		3,269		891,134
Meritz Securities Co. Ltd.		235,224		722,339
Mirae Asset Daewoo Co. Ltd.		298,584		1,726,093
NAVER Corp.		108,466		16,335,652
NCSoft Corp.		12,144		6,480,332
Netmarble Corp.(a)(b)		19,008		1,428,969
NH Investment & Securities Co. Ltd.		104,016		964,364
OCI Co. Ltd.		13,728		642,717
Orion Corp.		16,632		1,430,365
Ottogi Corp.		792		336,908
Pan Ocean Co. Ltd.(b)		181,368		605,651
Pearl Abyss Corp.(b)(c)		5,016		764,279

Security	Shares		Value
South Korea (continued)
POSCO		57,552	$	10,671,638
POSCO Chemical Co. Ltd.		17,952		864,576
Posco International Corp.		35,904		507,599
S-1 Corp.		12,144		928,236
Samsung Biologics Co. Ltd.(a)(b)		12,144		4,936,668
Samsung C&T Corp.		62,040		5,647,808
Samsung Card Co. Ltd.		24,054		765,910
Samsung Electro-Mechanics Co. Ltd.		41,448		4,347,024
Samsung Electronics Co. Ltd.		3,487,176		165,018,019
Samsung Engineering Co. Ltd.(b)		116,424		1,685,039
Samsung Fire & Marine Insurance Co. Ltd.		22,704		4,019,419
Samsung Heavy Industries Co. Ltd.(b)(c)		319,176		1,780,862
Samsung Life Insurance Co. Ltd.		51,216		2,986,544
Samsung SDI Co. Ltd.		40,392		9,353,687
Samsung SDS Co. Ltd.		25,608		4,168,269
Samsung Securities Co. Ltd.		46,728		1,382,021
Shinhan Financial Group Co. Ltd.(b)		345,510		11,349,345
Shinsegae Inc.		5,544		1,241,975
SK Holdings Co. Ltd.		25,608		5,059,935
SK Hynix Inc.		402,336		31,563,046
SK Innovation Co. Ltd.		40,656		4,434,518
SK Telecom Co. Ltd.		14,256		2,745,104
S-Oil Corp.		32,736		2,092,951
Woongjin Coway Co. Ltd.		36,168		2,664,388
Woori Financial Group Inc.		376,540		3,206,680
Yuhan Corp.		7,212		1,319,139
				475,723,476
Taiwan — 13.8%
Accton Technology Corp.		264,000		1,424,476
Acer Inc.		2,112,830		1,181,993
Advantech Co. Ltd.		293,595		2,828,169
Airtac International Group		110,000		1,707,769
ASE Technology Holding Co. Ltd.		2,640,110		6,519,653
Asia Cement Corp.		1,584,448		2,368,097
Asustek Computer Inc.		531,100		3,938,111
AU Optronics Corp.		6,072,580		2,030,291
Catcher Technology Co. Ltd.		531,000		4,288,921
Cathay Financial Holding Co. Ltd.		5,743,357		7,728,408
Chailease Holding Co. Ltd.		819,167		3,443,815
Chang Hwa Commercial Bank Ltd.		4,318,179		3,066,137
Cheng Shin Rubber Industry Co. Ltd.		1,584,303		2,063,700
Chicony Electronics Co. Ltd.		540,961		1,538,235
China Airlines Ltd.		2,115,330		561,586
China Development Financial Holding Corp.		9,768,734		3,004,123
China Life Insurance Co. Ltd.(b)		1,848,072		1,511,052
China Steel Corp.		8,712,484		6,662,199
Chunghwa Telecom Co. Ltd.		2,904,110		10,382,465
Compal Electronics Inc.		2,112,000		1,282,903
CTBC Financial Holding Co. Ltd.		13,728,456		10,020,605
Delta Electronics Inc.		1,320,000		6,248,469
E.Sun Financial Holding Co. Ltd.		7,920,397		7,367,445
Eclat Textile Co. Ltd.		134,208		1,732,633
Eva Airways Corp.		1,911,476		771,956
Evergreen Marine Corp. Taiwan Ltd.(b)		1,852,942		720,715
Far Eastern New Century Corp.		2,376,040		2,218,025
Far EasTone Telecommunications Co. Ltd.		1,323,000		3,004,330
Feng TAY Enterprise Co. Ltd.		294,117		1,781,701
First Financial Holding Co. Ltd.		7,392,545		5,775,235
Formosa Chemicals & Fibre Corp.		2,640,740		7,421,591
Formosa Petrochemical Corp.		792,000		2,356,940

SCHEDULES OF INVESTMENTS 55

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI All Country Asia ex Japan  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Formosa Plastics Corp.		3,432,400	$	10,612,273
Formosa Taffeta Co. Ltd.		264,000		295,382
Foxconn Technology Co. Ltd.		797,666		1,597,497
Fubon Financial Holding Co. Ltd.		4,224,111		6,299,321
Giant Manufacturing Co. Ltd.		264,000		1,573,041
Globalwafers Co. Ltd.		252,000		3,336,754
Highwealth Construction Corp.		530,880		795,204
Hiwin Technologies Corp.		190,482		1,929,474
Hon Hai Precision Industry Co. Ltd.		8,712,516		23,995,542
Hotai Motor Co. Ltd.		264,000		5,435,731
Hua Nan Financial Holdings Co. Ltd.		6,072,251		4,351,824
Innolux Corp.		6,336,981		1,845,987
Inventec Corp.		1,848,460		1,404,289
Largan Precision Co. Ltd.		84,000		13,360,919
Lite-On Technology Corp.		1,584,371		2,475,498
MediaTek Inc.		1,056,391		13,568,132
Mega Financial Holding Co. Ltd.		7,920,827		8,272,438
Micro-Star International Co. Ltd.		528,000		1,621,980
Nan Ya Plastics Corp.		3,696,000		8,527,631
Nanya Technology Corp.		795,000		2,055,331
Nien Made Enterprise Co. Ltd.		68,000		557,119
Novatek Microelectronics Corp.		529,000		3,817,472
Pegatron Corp.		1,320,000		2,779,039
Phison Electronics Corp.		116,000		1,226,853
Pou Chen Corp.		1,584,000		1,840,458
Powertech Technology Inc.		529,200		1,891,940
President Chain Store Corp.		528,000		5,217,253
Quanta Computer Inc.		2,116,000		4,342,812
Realtek Semiconductor Corp.		264,642		2,168,191
Ruentex Development Co. Ltd.		321,977		452,445
Ruentex Industries Ltd.		320,517		722,540
Shanghai Commercial & Savings Bank Ltd. (The)		2,577,088		4,265,431
Shin Kong Financial Holding Co. Ltd.		8,092,125		2,638,533
SinoPac Financial Holdings Co. Ltd.		8,184,925		3,495,168
Standard Foods Corp.		363,844		833,460
Synnex Technology International Corp.		1,092,950		1,356,736
Taishin Financial Holding Co. Ltd.		6,211,012		2,909,260
Taiwan Business Bank		3,433,027		1,403,485
Taiwan Cement Corp.		3,695,398		5,143,881
Taiwan Cooperative Financial Holding Co. Ltd.		6,600,793		4,544,887
Taiwan High Speed Rail Corp.		1,584,000		1,895,515
Taiwan Mobile Co. Ltd.		1,320,000		4,675,428
Taiwan Semiconductor Manufacturing Co. Ltd.		17,952,670		190,170,294
Tatung Co. Ltd.(b)		528,000		342,573
Uni-President Enterprises Corp.		2,904,694		6,980,727
United Microelectronics Corp.		8,184,000		4,036,598
Vanguard International Semiconductor Corp.		530,000		1,319,342
Walsin Technology Corp.		264,000		1,839,584
Win Semiconductors Corp.		266,000		2,483,101
Winbond Electronics Corp.		2,112,000		1,185,024
Wistron Corp.		2,112,169		1,905,280
WPG Holdings Ltd.		1,205,100		1,515,899
Yageo Corp.		243,217		3,111,767
Yuanta Financial Holding Co. Ltd.		7,392,556		4,820,860
Zhen Ding Technology Holding Ltd.		264,097		1,044,708
				509,239,659
Thailand — 2.9%
Advanced Info Service PCL, NVDR		871,200		5,701,790
Airports of Thailand PCL, NVDR		3,062,400		6,926,506
B Grimm Power PCL, NVDR		290,400		577,632

Security	Shares		Value
Thailand (continued)
Bangkok Bank PCL, Foreign		343,200	$	1,591,030
Bangkok Dusit Medical Services PCL, NVDR		6,943,200		5,546,541
Bangkok Expressway & Metro PCL, NVDR(c)		5,755,200		2,031,030
Banpu PCL, NVDR		3,432,000		1,112,069
Berli Jucker PCL, NVDR		897,600		1,180,674
BTS Group Holdings PCL, NVDR		5,253,600		2,106,833
Bumrungrad Hospital PCL, NVDR		316,800		1,356,843
Central Pattana PCL, NVDR		1,742,400		3,395,919
Charoen Pokphand Foods PCL, NVDR		2,851,200		2,744,177
CP ALL PCL, NVDR		4,250,400		9,647,603
Electricity Generating PCL, NVDR		239,400		2,334,860
Energy Absolute PCL, NVDR		1,267,200		1,758,306
Global Power Synergy PCL, NVDR(c)		475,200		1,280,616
Gulf Energy Development PCL, NVDR		396,000		2,445,621
Home Product Center PCL, NVDR		4,303,243		2,015,635
Indorama Ventures PCL, NVDR(c)		1,240,800		1,124,562
Intouch Holdings PCL, NVDR		1,675,600		2,996,943
IRPC PCL, NVDR		8,817,600		814,716
Kasikornbank PCL, Foreign		871,200		3,940,943
Kasikornbank PCL, NVDR		580,875		2,618,317
Krung Thai Bank PCL, NVDR		2,719,275		1,404,566
Land & Houses PCL, NVDR		5,464,800		1,630,499
Minor International PCL, NVDR		2,191,220		2,161,694
Osotspa PCL, NVDR		184,800		262,348
PTT Exploration & Production PCL, NVDR		1,029,684		4,112,790
PTT Global Chemical PCL, NVDR		1,716,076		2,697,713
PTT PCL, NVDR		8,474,400		11,758,672
Ratch Group PCL, NVDR		554,400		1,209,471
Robinson PCL, NVDR		421,500		726,841
Siam Cement PCL (The), NVDR		554,400		6,367,507
Siam Commercial Bank PCL (The), NVDR		633,600		1,992,069
Srisawad Corp PCL, NVDR		475,200		1,143,407
Thai Oil PCL, NVDR(c)		871,200		1,453,398
Thai Union Group PCL, NVDR		2,560,800		1,256,986
TMB Bank PCL, NVDR		14,836,825		671,156
Total Access Communication PCL, NVDR		554,400		791,492
True Corp. PCL, NVDR(c)		8,606,490		1,038,191
				105,927,966
Total Common Stocks — 99.2% (Cost: $3,024,711,470)				3,651,163,274
Preferred Stocks
South Korea — 0.8%
Amorepacific Corp., Preference Shares, NVS		7,128		499,980
Hyundai Motor Co.
Preference Shares, NVS		17,688		1,086,346
Series 2, Preference Shares, NVS		26,928		1,814,254
LG Chem Ltd., Preference Shares, NVS		5,808		874,721
LG Household & Health Care Ltd., Preference Shares, NVS		1,584		1,012,718
Samsung Electronics Co. Ltd., Preference Shares, NVS		601,656		23,978,403
				29,266,422
Total Preferred Stocks — 0.8% (Cost: $11,753,636)				29,266,422

56 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI All Country Asia ex Japan  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
China — 0.0%
Legend Holdings Corp. Class H, (Expires 03/10/20)(b)		26,907	$	0	(e)
South Korea — 0.0%
Hyundai Development Co., (Expires 03/06/20)(b)		9,837		22,697
Total Rights — 0.0% (Cost: $0)				22,697
Warrants
Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/15/21)(b)		559,190		0	(e)
Total Warrants — 0.0% (Cost: $0)				0	(e)
Short-Term Investments
Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,     1.78%(f)(g)(h)		93,122,267		93,178,140
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.50%(f)(g)		2,739,000		2,739,000
				95,917,140
Total Short-Term Investments — 2.6% (Cost: $95,879,204)				95,917,140
Total Investments in Securities — 102.6% (Cost: $3,132,344,310)				3,776,369,533
Other Assets, Less Liabilities — (2.6)%				(96,218,014	)
Net Assets — 100.0%			$	3,680,151,519

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  All or a portion of this security is on loan.

^(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Rounds to less than $1.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period-end.

^(h) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	99,266,293	(6,144,026	)	93,122,267	$	93,178,140	$	1,028,578	(b)	$	14,852		$	(6,706	)
BlackRock Cash Funds: Treasury, SL Agency Shares	4,401,000	(1,662,000	)	2,739,000		2,739,000		54,163			—			—
					$	95,917,140	$	1,082,741		$	14,852		$	(6,706	)

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Hang Seng Index		9		02/27/20	$	1,520	$	(152,848	)

SCHEDULES OF INVESTMENTS 57

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI All Country Asia ex Japan  ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
MSCI Emerging Markets E-Mini		83		03/20/20	$	4,358	$	(325,175	)
							$	(478,023	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	478,023

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(421,204	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	159,221

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	12,734,840

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

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 the Notes to Consolidated Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	3,488,624,519		$	162,538,217		$	538	$	3,651,163,274
Preferred Stocks		29,266,422			—			—		29,266,422
Rights		—			22,697			—		22,697
Warrants		—			0	(a)		—		0	(a)
Money Market Funds		95,917,140			—			—		95,917,140
	$	3,613,808,081		$	162,560,914		$	538	$	3,776,369,533
Derivative financial instruments(b)
Liabilities
Futures Contracts	$	(478,023	)	$	—		$	—	$	(478,023	)

^(a)  Rounds to less than $1.

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

See notes to financial statements.

58 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares^® MSCI Europe Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.9%
Erste Group Bank AG		151,678	$	5,573,851
Raiffeisen Bank International AG		74,818		1,708,015
				7,281,866
Belgium — 2.2%
Ageas		89,137		4,916,362
Groupe Bruxelles Lambert SA		40,487		4,070,398
KBC Group NV		125,779		9,235,870
				18,222,630
Denmark — 0.9%
Danske Bank A/S		326,402		5,464,759
Tryg A/S		60,318		1,828,320
				7,293,079
Finland — 2.8%
Nordea Bank Abp		1,625,455		12,836,822
Sampo OYJ, Class A		222,371		10,071,659
				22,908,481
France — 11.0%
Amundi SA(a)		30,709		2,492,824
AXA SA		969,339		25,867,259
BNP Paribas SA		565,003		30,082,726
CNP Assurances		85,799		1,546,992
Credit Agricole SA		578,893		7,845,904
Eurazeo SE		20,000		1,434,011
Natixis SA		476,090		2,017,026
SCOR SE		79,527		3,386,907
Societe Generale SA		406,674		13,171,013
Wendel SA		13,621		1,820,432
				89,665,094
Germany — 13.0%
Allianz SE, Registered		213,062		50,965,500
Commerzbank AG		504,879		2,909,437
Deutsche Bank AG, Registered		985,040		9,042,993
Deutsche Boerse AG		95,273		15,525,769
Hannover Rueck SE		30,302		5,893,410
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		72,364		21,355,609
				105,692,718
Ireland — 0.4%
AIB Group PLC		413,573		1,216,386
Bank of Ireland Group PLC		485,690		2,375,799
				3,592,185
Italy — 6.4%
Assicurazioni Generali SpA		554,267		10,807,532
FinecoBank Banca Fineco SpA		256,331		3,003,999
Intesa Sanpaolo SpA		7,499,931		18,663,305
Mediobanca Banca di Credito Finanziario SpA		316,101		3,156,932
Poste Italiane SpA(a)		269,668		3,093,058
UniCredit SpA		1,014,233		13,579,845
				52,304,671
Netherlands — 4.7%
ABN AMRO Bank NV, CVA(a)		212,405		3,700,288
Aegon NV		894,674		3,637,732
EXOR NV		55,518		4,100,030
ING Groep NV		1,954,862		21,284,669
NN Group NV		153,523		5,342,215
				38,064,934

Security	Shares		Value
Norway — 1.3%
DNB ASA		475,714	$	8,352,786
Gjensidige Forsikring ASA		100,121		2,183,202
				10,535,988
Spain — 7.7%
Banco Bilbao Vizcaya Argentaria SA		3,345,245		17,307,069
Banco de Sabadell SA		2,880,160		2,598,121
Banco Santander SA		8,337,262		32,836,670
Bankia SA		630,634		1,147,193
Bankinter SA		339,277		2,201,027
CaixaBank SA		1,809,229		5,293,169
Mapfre SA		547,317		1,402,313
				62,785,562
Sweden — 5.1%
Industrivarden AB, Class C		83,634		1,972,269
Investor AB, Class B		228,476		12,520,532
Kinnevik AB, Class B		122,164		2,950,598
L E Lundbergforetagen AB, Class B		38,613		1,676,936
Skandinaviska Enskilda Banken AB, Class A		816,521		8,068,086
Svenska Handelsbanken AB, Class A		770,574		7,569,312
Swedbank AB, Class A		454,337		6,988,059
				41,745,792
Switzerland — 14.4%
Baloise Holding AG, Registered		24,580		4,442,215
Credit Suisse Group AG, Registered		1,282,336		16,241,105
Julius Baer Group Ltd.		112,283		5,623,173
Pargesa Holding SA, Bearer		19,663		1,576,995
Partners Group Holding AG		9,365		8,591,583
Swiss Life Holding AG, Registered		16,840		8,475,438
Swiss Re AG		147,792		16,703,124
UBS Group AG, Registered		1,949,285		24,253,637
Zurich Insurance Group AG		75,016		31,166,894
				117,074,164
United Kingdom — 28.9%
3i Group PLC		485,473		7,068,256
Admiral Group PLC		95,514		2,844,230
Aviva PLC		1,965,052		10,319,884
Barclays PLC		8,653,902		19,164,729
Direct Line Insurance Group PLC		695,680		3,097,780
Hargreaves Lansdown PLC		143,273		3,257,879
HSBC Holdings PLC		10,134,517		73,716,752
Legal & General Group PLC		2,993,330		12,054,446
Lloyds Banking Group PLC		35,179,892		26,335,878
London Stock Exchange Group PLC		157,913		16,311,494
M&G PLC(b)		1,292,023		4,090,955
Prudential PLC		1,304,305		23,245,414
Royal Bank of Scotland Group PLC		2,432,100		6,998,688
RSA Insurance Group PLC		516,759		3,749,280
Schroders PLC		62,856		2,662,189
St. James’s Place PLC		269,100		4,058,085
Standard Chartered PLC		1,367,689		11,376,224
Standard Life Aberdeen PLC		1,203,509		4,783,195
				235,135,358
Total Common Stocks — 99.7% (Cost: $1,009,020,910)				812,302,522

SCHEDULES OF INVESTMENTS 59

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.50%(c)(d)		337,000	$	337,000
Total Short-Term Investments — 0.0% (Cost: $337,000)				337,000
Total Investments in Securities — 99.7% (Cost: $1,009,357,910)				812,639,522
Other Assets, Less Liabilities — 0.3%				2,296,647
Net Assets — 100.0%			$	814,936,169

^(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

^(d) Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		10,109,786		(10,109,786	)		—	$	—	$	5,093	(b)	$	467	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		396,000		(59,000	)		337,000		337,000		3,060			—		—
								$	337,000	$	8,153		$	467	$	—

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		43		03/20/20	$	1,734	$	(47,859	)
FTSE 100 Index		9		03/20/20		856		(30,857	)
							$	(78,716	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	78,716

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

60 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Financials ETF

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	622,843
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(78,716	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,329,852

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.    

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	812,302,522		$	—	$	—	$	812,302,522
Money Market Funds		337,000			—		—		337,000
	$	812,639,522		$	—	$	—	$	812,639,522
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(78,716	)	$	—	$	—	$	(78,716	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 61

Schedule of Investments  (unaudited)  January 31, 2020 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.0%
AED Oil Ltd.(a)(b)		11,395	$	0	(c)
Austria — 2.0%
Agrana Beteiligungs AG		1,296		27,576
ams AG(b)		8,373		342,664
AT&S Austria Technologie & Systemtechnik AG		2,613		57,596
BAWAG Group AG(d)		6,379		276,547
CA Immobilien Anlagen AG		6,839		301,264
DO & CO AG		709		70,714
EVN AG		3,734		73,657
FACC AG(e)		2,138		28,385
IMMOFINANZ AG		9,460		262,613
Kapsch TrafficCom AG		550		16,152
Lenzing AG		1,387		109,747
Oesterreichische Post AG(e)		3,523		133,914
Palfinger AG		1,442		44,665
Porr AG(e)		1,202		20,993
S IMMO AG		4,873		130,686
S&T AG		4,944		133,467
Schoeller-Bleckmann Oilfield Equipment AG		1,175		54,169
Semperit AG Holding(b)(e)		1,167		15,804
Telekom Austria AG		17,639		141,720
UNIQA Insurance Group AG		12,852		121,632
Vienna Insurance Group AG Wiener Versicherung Gruppe		3,851		104,131
Wienerberger AG		12,154		345,077
Zumtobel Group AG(b)		2,927		28,707
				2,841,880
Belgium — 3.3%
Ackermans & van Haaren NV		2,473		396,014
Aedifica SA		2,593		350,575
AGFA-Gevaert NV(b)		16,100		79,076
Barco NV		943		234,610
Befimmo SA		2,396		147,366
Bekaert SA		3,875		98,511
Biocartis NV(b)(d)(e)		4,159		26,410
bpost SA		10,366		103,342
Cie. d’Entreprises CFE		786		85,798
Cofinimmo SA		2,724		434,094
D’ieteren SA/NV		2,606		168,080
Econocom Group SA/NV		13,890		39,560
Elia System Operator SA/NV		2,901		279,695
Euronav NV		18,552		184,623
Exmar NV(b)		3,134		18,581
Fagron		6,483		150,155
Gimv NV		1,972		121,507
Intervest Offices & Warehouses NV		1,975		58,657
Ion Beam Applications(b)(e)		2,011		23,133
KBC Ancora		4,137		206,216
Kinepolis Group NV		1,568		96,614
Melexis NV		2,149		153,370
Mithra Pharmaceuticals SA(b)(e)		1,577		42,712
Montea CVA		1,172		115,854
Ontex Group NV		7,268		131,850
Orange Belgium SA		3,260		66,258
Recticel SA		3,971		33,885
Retail Estates NV		945		86,712
Sioen Industries NV		713		17,146
Sofina SA		1,630		373,015

Security	Shares		Value
Belgium (continued)
Tessenderlo Group SA(b)		2,730	$	91,820
Van de Velde NV		619		19,242
Warehouses De Pauw CVA		12,823		366,488
X-Fab Silicon Foundries SE(b)(d)(e)		5,392		31,490
				4,832,459
China — 0.0%
Boshiwa International Holding Ltd.(a)(b)(e)		20,000		0	(c)
Denmark — 3.1%
ALK-Abello A/S(b)		702		187,385
Alm Brand A/S		5,832		51,632
Ambu A/S, Series B(e)		17,037		312,021
Bavarian Nordic A/S(b)		3,188		111,052
D/S Norden A/S		3,081		41,555
Dfds A/S		3,692		155,381
FLSmidth & Co. A/S		4,321		148,340
GN Store Nord A/S		13,398		665,395
Jyske Bank A/S, Registered(b)		6,880		262,004
Maersk Drilling A/S(b)		2,180		121,554
Matas A/S		3,975		37,490
Netcompany Group A/S(b)(d)		3,156		143,120
Nilfisk Holding A/S(b)		2,823		60,953
NKT A/S(b)		2,556		55,226
NNIT A/S(d)		1,297		20,503
Per Aarsleff Holding A/S		1,981		60,370
Ringkjoebing Landbobank A/S		2,983		221,623
Rockwool International A/S, Class B		881		205,639
Royal Unibrew A/S		5,281		502,934
Scandinavian Tobacco Group A/S(d)		6,650		87,127
Schouw & Co. A/S		1,358		111,264
SimCorp A/S		4,232		469,745
Spar Nord Bank A/S		8,956		86,726
Sydbank A/S		6,210		135,189
Topdanmark A/S		4,239		200,152
Zealand Pharma A/S(b)		2,701		97,973
				4,552,353
Finland — 2.1%
Adapteo OYJ(b)		4,073		47,395
Aktia Bank OYJ		5,415		57,369
Cargotec OYJ, Class B		4,359		161,537
Caverion OYJ		10,226		83,294
Citycon OYJ		7,741		81,882
Cramo OYJ		3,857		58,601
Finnair OYJ		5,252		30,673
F-Secure OYJ(b)		9,898		36,198
Huhtamaki OYJ		10,224		455,362
Kemira OYJ		10,560		159,623
Kesko OYJ, Class B		6,779		458,562
Konecranes OYJ		6,608		199,918
Metsa Board OYJ		19,434		117,914
Oriola OYJ, Class B		10,735		25,518
Outokumpu OYJ		32,340		111,460
Outotec OYJ(b)		16,271		93,872
Rovio Entertainment OYJ(d)		4,592		23,073
Sanoma OYJ		7,884		94,622
TietoEVRY OYJ		6,027		196,900
TietoEVRY OYJ, New(b)		1,847		59,912
Tokmanni Group Corp.		5,144		74,564
Uponor OYJ		5,711		77,466
Valmet OYJ		14,143		307,039

62 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
YIT OYJ		16,774	$	119,620
				3,132,374
France — 5.6%
ABC arbitrage		3,950		29,066
Air France-KLM(b)		20,257		188,390
Akka Technologies		1,204		83,926
AKWEL		980		20,331
Albioma SA		2,783		92,832
ALD SA(d)(e)		10,640		155,645
Alten SA		3,027		374,365
APERAM SA		5,161		148,419
Aubay		734		24,403
Beneteau SA(e)		3,827		41,117
Boiron SA		487		18,511
Bonduelle SCA		1,496		35,644
Carmila SA		5,037		98,801
Cellectis SA(b)		3,337		51,921
CGG SA(b)		66,652		188,057
Chargeurs SA		1,752		33,084
Cie. des Alpes		994		33,157
Cie. Plastic Omnium SA		6,034		151,792
Coface SA(b)		9,667		119,235
Constellium SE(b)		12,796		145,363
DBV Technologies SA(b)		3,491		67,819
Derichebourg SA		10,463		38,102
Devoteam SA(e)		532		49,818
Elior Group SA(d)		10,118		142,066
Elis SA		18,412		359,318
Eramet		921		38,917
Etablissements Maurel et Prom SA		5,273		14,813
Europcar Mobility Group(d)(e)		11,056		45,088
FFP		525		55,853
FIGEAC-AERO(b)		819		7,361
Fnac Darty SA(b)		1,836		89,647
Gaztransport Et Technigaz SA		2,345		237,784
Genfit(b)(e)		3,728		64,078
GL Events		1,000		23,494
Groupe Crit		292		22,296
Groupe Guillin		760		12,583
Guerbet		595		22,979
ID Logistics Group(b)		274		53,624
Imerys SA		3,351		145,127
Innate Pharma SA(b)(e)		5,457		38,311
Interparfums SA		1,493		59,977
IPSOS		3,972		128,972
Jacquet Metal Service SA		1,411		22,079
Kaufman & Broad SA		1,815		76,956
Korian SA		5,176		236,325
Lagardere SCA		5,518		104,873
Latecoere SACA(b)		7,972		31,230
LISI		1,975		60,080
LNA Sante SA		553		28,098
Maisons du Monde SA(d)		4,797		63,792
Manitou BF SA(e)		1,035		18,971
Mercialys SA		4,797		60,497
Mersen SA		1,665		54,617
Metropole Television SA		2,517		41,896
Nexans SA		2,718		132,622
Nexity SA		4,428		213,950
Oeneo SA		2,545		38,808

Security	Shares		Value
France (continued)
Orpea		4,742	$	617,998
Quadient		3,686		88,722
Rexel SA		25,425		304,723
Rubis SCA		9,414		582,661
SMCP SA(b)(d)		2,712		23,533
Societe BIC SA		2,665		180,007
SOITEC(b)		2,222		210,414
Solocal Group(b)(e)		60,537		29,384
Solutions 30 SE(b)(e)		7,303		84,736
Sopra Steria Group		1,721		275,783
SPIE SA		12,339		239,843
Synergie SA(e)		758		24,066
Tarkett SA		3,270		45,261
Technicolor SA, Registered(b)(e)		38,943		26,994
Television Francaise 1		4,590		34,665
Trigano SA		918		87,236
Vallourec SA(b)(e)		34,302		87,051
Vicat SA		2,072		86,452
Vilmorin & Cie SA		771		37,338
Virbac SA(b)		436		106,782
				8,110,529
Germany — 10.4%
Aareal Bank AG		5,842		191,763
ADLER Real Estate AG(b)		4,845		65,182
ADO Properties SA(d)		3,065		94,562
ADVA Optical Networking SE(b)		4,334		35,878
AIXTRON SE(b)		12,031		127,621
alstria office REIT AG		15,893		315,442
Amadeus Fire AG		545		92,407
AURELIUS Equity Opportunities SE & Co. KGaA(e)		2,248		82,260
Aurubis AG		3,544		193,663
Basler AG		387		23,073
BayWa AG(e)		1,445		42,596
Bechtle AG		3,097		448,575
Bertrandt AG		579		33,494
bet-at-home.com AG		325		17,201
Bilfinger SE(e)		2,979		105,510
Borussia Dortmund GmbH & Co. KGaA		6,193		60,532
CANCOM SE		3,240		193,711
CECONOMY AG(b)		19,003		98,662
Cewe Stiftung & Co. KGaA		585		66,775
CompuGroup Medical SE		2,516		165,900
Consus Real Estate AG(b)		4,908		38,128
Corestate Capital Holding SA(e)		1,789		78,411
CropEnergies AG		2,754		30,825
CTS Eventim AG & Co. KGaA		5,973		372,334
Datagroup SE		442		31,594
Dermapharm Holding SE		1,418		59,368
Deutsche Beteiligungs AG		1,310		55,239
Deutsche EuroShop AG		5,197		141,910
Deutsche Pfandbriefbank AG(d)		14,265		230,488
Deutz AG		12,530		65,707
DIC Asset AG		4,473		83,773
Draegerwerk AG & Co. KGaA		324		14,775
Duerr AG		5,455		163,947
Eckert & Ziegler Strahlen- und Medizintechnik AG		407		77,939
Elmos Semiconductor AG		1,049		32,550
ElringKlinger AG(b)		3,224		22,009
Encavis AG(e)		8,757		105,197
Evotec SE(b)(e)		13,449		362,321

SCHEDULES OF INVESTMENTS 63

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Flatex AG(b)		1,086	$	32,856
Freenet AG		13,507		299,968
Gerresheimer AG		3,281		259,793
Grand City Properties SA		12,495		320,142
GRENKE AG(e)		2,933		292,369
Hamborner REIT AG		6,588		73,811
Hamburger Hafen und Logistik AG		2,539		62,690
Heidelberger Druckmaschinen AG(b)		27,877		27,557
HelloFresh SE(b)		14,749		351,414
Hornbach Baumarkt AG		845		18,541
Hornbach Holding AG & Co. KGaA		1,028		64,936
HUGO BOSS AG		6,677		316,697
Hypoport AG(b)		341		120,738
Indus Holding AG		1,920		78,407
Isra Vision AG(e)		1,602		60,255
Jenoptik AG		5,434		150,067
JOST Werke AG(d)		1,569		59,118
K+S AG, Registered(e)		19,850		193,580
Kloeckner & Co. SE		7,675		48,949
Koenig & Bauer AG(e)		1,452		38,619
Krones AG(e)		1,650		125,346
KWS Saat SE & Co. KGaA		1,205		74,381
LEG Immobilien AG		6,604		814,921
Leoni AG(b)(e)		3,242		38,083
MBB SE		255		19,103
MLP SE		5,947		37,038
MorphoSys AG(b)		3,357		421,130
Nemetschek SE		6,102		416,216
New Work SE		297		97,095
Nordex SE(b)(e)		6,764		88,376
Norma Group SE		3,348		122,290
OHB SE		541		24,491
OSRAM Licht AG		10,316		517,307
PATRIZIA AG		4,807		114,853
Pfeiffer Vacuum Technology AG		519		86,331
ProSiebenSat.1 Media SE		24,174		321,074
Rational AG		352		265,064
Rheinmetall AG		4,580		490,908
RHOEN-KLINIKUM AG		1,745		30,554
RIB Software SE(e)		4,361		92,163
Rocket Internet SE(b)(d)		7,256		169,828
SAF-Holland SA		4,661		32,438
Salzgitter AG(e)		4,159		70,057
Scout24 AG(d)		11,310		778,972
SGL Carbon SE(b)(e)		6,400		28,597
Siltronic AG		2,219		240,204
Sirius Real Estate Ltd.		99,824		118,956
Sixt Leasing SE		1,296		19,217
Sixt SE		1,446		146,064
SMA Solar Technology AG(b)		1,120		41,207
Software AG		5,060		169,066
Stabilus SA		2,595		158,398
STRATEC SE		489		34,628
Stroeer SE & Co. KGaA		2,970		236,648
Suedzucker AG		7,646		129,472
TAG Immobilien AG		13,772		363,239
Takkt AG		3,271		42,992
TLG Immobilien AG		8,165		279,145
Varta AG(b)(e)		1,467		125,019
VERBIO Vereinigte BioEnergie AG		2,300		32,625

Security	Shares		Value
Germany (continued)
Vossloh AG		1,076	$	47,399
Wacker Chemie AG		1,648		118,930
Wacker Neuson SE		3,003		48,355
Washtec AG		1,172		66,109
Wuestenrot & Wuerttembergische AG		2,484		52,688
zooplus AG(b)(e)		630		56,691
				15,095,497
Hong Kong — 0.0%
China Hongxing Sports Ltd.(a)(b)		198,000		2
Peace Mark Holdings Ltd.(a)(b)		30,000		0	(c)
Real Gold Mining Ltd.(a)(b)		27,000		0	(c)
				2
Ireland — 1.0%
C&C Group PLC		32,591		153,802
Cairn Homes PLC(b)		73,891		100,392
Dalata Hotel Group PLC		18,533		93,757
Glanbia PLC		21,956		256,212
Glenveagh Properties PLC(b)(d)		80,786		78,784
Grafton Group PLC		25,238		306,073
Hibernia REIT PLC		71,611		108,881
Irish Residential Properties REIT PLC		46,536		85,505
Origin Enterprises PLC		13,054		53,960
UDG Healthcare PLC		26,008		257,300
				1,494,666
Italy — 6.0%
A2A SpA		165,256		330,104
ACEA SpA		5,502		128,348
Amplifon SpA		13,011		370,275
Anima Holding SpA(d)		32,185		152,799
Aquafil SpA(e)		1,745		11,719
Arnoldo Mondadori Editore SpA(b)		13,579		27,869
Ascopiave SpA		8,586		42,056
ASTM SpA		6,866		200,418
Autogrill SpA		13,157		127,872
Azimut Holding SpA		11,323		278,443
Banca Farmafactoring SpA(d)		12,263		75,424
Banca Generali SpA		6,197		197,235
Banca IFIS SpA		2,252		35,788
Banca Mediolanum SpA		15,468		139,704
Banca Monte dei Paschi di Siena SpA(b)(e)		29,893		56,151
Banca Popolare di Sondrio SCPA		47,918		103,232
Banco BPM SpA(b)		159,497		326,996
Biesse SpA		1,410		24,860
Bio On SpA(a)(b)(e)		801		888
BPER Banca		42,485		195,390
Brunello Cucinelli SpA		3,611		131,336
Buzzi Unicem SpA		6,925		161,927
Cairo Communication SpA		6,634		17,534
Carel Industries SpA(d)		3,109		40,311
Cerved Group SpA		20,039		196,645
CIR-Compagnie Industriali Riunite SpA		32,549		40,183
Credito Emiliano SpA		8,532		44,959
Credito Valtellinese SpA(b)		659,190		46,168
Danieli & C Officine Meccaniche SpA		1,255		20,584
Datalogic SpA(e)		2,106		36,502
De’ Longhi SpA		7,092		133,766
DeA Capital SpA		9,527		15,077
DiaSorin SpA		2,647		325,608
doValue SpA(d)		4,158		54,373

64 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
El.En. SpA		1,094	$	34,480
Enav SpA(d)		28,329		182,871
ERG SpA		6,294		148,847
Falck Renewables SpA		12,847		83,714
Fila SpA(e)		2,255		32,037
Fincantieri SpA(b)(e)		49,063		44,612
Freni Brembo SpA(e)		15,967		182,609
Gamenet Group SpA(d)		1,747		25,168
Geox SpA		7,956		9,452
Gruppo MutuiOnline SpA		2,718		60,543
Hera SpA		85,872		390,360
Illimity Bank SpA(b)		5,493		56,156
IMA Industria Macchine Automatiche SpA(e)		2,295		149,929
Immobiliare Grande Distribuzione SIIQ SpA		5,725		38,067
Infrastrutture Wireless Italiane SpA(d)		25,010		259,838
Interpump Group SpA		8,055		227,270
Iren SpA		61,097		203,529
Italgas SpA		50,738		337,142
Italmobiliare SpA		1,490		41,446
Juventus Football Club SpA(b)(e)		55,717		70,266
La Doria SpA		1,129		11,085
Maire Tecnimont SpA(e)		15,141		39,096
MARR SpA		3,451		73,811
Mediaset SpA(b)(e)		37,502		99,203
OVS SpA(b)(d)(e)		21,150		40,338
Piaggio & C SpA		16,750		45,775
RAI Way SpA(d)		9,807		63,905
Reply SpA		2,161		169,673
SAES Getters SpA		463		14,828
Saipem SpA(b)		63,835		265,141
Salini Impregilo SpA(b)(e)		24,421		39,594
Salvatore Ferragamo SpA		7,056		130,468
Saras SpA		60,804		81,668
Sesa SpA		829		46,486
Societa Cattolica di Assicurazioni SC		16,416		129,892
Tamburi Investment Partners SpA		11,225		84,589
Technogym SpA(d)		10,498		130,648
Tinexta SpA		1,986		23,770
Tod’s SpA(e)		1,221		49,416
Unione di Banche Italiane SpA		100,909		302,605
Unipol Gruppo SpA		44,985		229,471
Zignago Vetro SpA		2,216		33,153
				8,773,495
Liechtenstein — 0.1%
Liechtensteinische Landesbank AG		1,128		75,672
VP Bank AG, Registered		348		59,536
				135,208
Netherlands — 5.5%
Aalberts NV		10,458		458,019
Accell Group NV		2,081		64,342
AMG Advanced Metallurgical Group NV(e)		3,161		72,162
Arcadis NV		7,504		170,976
Argenx SE(b)		4,419		637,117
ASM International NV		4,596		560,516
ASR Nederland NV		14,928		556,514
Basic-Fit NV(b)(d)		3,732		138,343
BE Semiconductor Industries NV		8,009		340,911
Boskalis Westminster		8,539		200,330
Brunel International NV(e)		2,390		21,957

Security	Shares		Value
Netherlands (continued)
Cementir Holding NV		3,893	$	27,611
Corbion NV		6,234		215,822
COSMO Pharmaceuticals NV(b)		788		67,079
Eurocommercial Properties NV		4,407		110,179
Euronext NV(d)		5,852		508,114
Flow Traders(d)		3,681		85,828
ForFarmers NV		3,817		24,957
Fugro NV, CVA(b)(e)		8,838		93,046
IMCD NV		5,557		480,653
Intertrust NV(d)		8,452		150,426
InterXion Holding NV(b)		7,994		695,718
Kendrion NV		1,395		30,610
Koninklijke BAM Groep NV		27,594		76,205
Koninklijke Volkerwessels NV		3,320		80,575
NIBC Holding NV(d)		3,157		28,933
NSI NV		1,978		107,847
OCI NV(b)		8,755		151,356
Pharming Group NV(b)		63,286		92,717
PostNL NV		47,622		88,002
Rhi Magnesita NV		2,354		99,111
SBM Offshore NV		18,326		315,498
Shop Apotheke Europe NV(b)(d)		1,082		54,738
SIF Holding NV(e)		1,262		18,657
Signify NV(d)		13,365		446,110
Takeaway.com NV(b)(d)		3,888		366,669
TKH Group NV		4,307		228,341
TomTom NV		6,895		75,058
Vastned Retail NV		1,191		32,073
Wereldhave NV		3,599		66,208
				8,039,328
Norway — 3.7%
Adevinta ASA(b)		11,880		144,605
Aker ASA, Class A		2,339		129,792
Aker Solutions ASA(b)		15,321		30,940
Atea ASA		8,604		111,636
Austevoll Seafood ASA		9,519		92,992
Axactor SE(b)(e)		10,488		19,684
B2Holding ASA(e)		27,824		23,378
Bakkafrost P/F		5,226		371,917
Borr Drilling Ltd.(b)(e)		8,149		42,629
Borregaard ASA		9,890		94,417
BW LPG Ltd.(d)		8,063		65,254
BW Offshore Ltd.(b)(e)		9,598		52,947
DNO ASA		63,797		63,840
Elkem ASA(d)		28,029		70,606
Entra ASA(d)		17,513		299,426
Europris ASA(d)		17,011		61,823
Fjordkraft Holding ASA(d)		7,708		52,848
Flex LNG Ltd.(e)		3,262		26,647
Frontline Ltd./Bermuda		7,950		72,533
Golden Ocean Group Ltd.(e)		9,181		41,972
Grieg Seafood ASA		5,433		83,342
Hoegh LNG Holdings Ltd.		4,753		14,257
Kongsberg Gruppen ASA		9,398		145,796
Kvaerner ASA		13,427		14,858
Leroy Seafood Group ASA		30,997		201,226
NEL ASA(b)(e)		129,241		128,641
Nordic Semiconductor ASA(b)(e)		13,946		88,810
Northern Drilling Ltd.(b)		7,218		11,667
Norway Royal Salmon ASA		1,373		35,063

SCHEDULES OF INVESTMENTS 65

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Norwegian Air Shuttle ASA(b)		10,481	$	40,683
Norwegian Finans Holding ASA(b)		13,674		139,814
Ocean Yield ASA		6,684		33,500
Odfjell Drilling Ltd.(b)(e)		10,222		27,125
PGS ASA(b)		32,590		62,827
Protector Forsikring ASA(b)(e)		7,669		34,427
Salmar ASA		5,941		291,127
Sbanken ASA(d)		8,486		64,535
Scatec Solar ASA(d)		7,107		121,280
Selvaag Bolig ASA		4,347		24,900
SpareBank 1 Nord Norge		10,502		87,955
Sparebank 1 Oestlandet		4,256		45,017
SpareBank 1 SMN		13,807		152,183
SpareBank 1 SR-Bank ASA		18,883		200,757
Stolt-Nielsen Ltd.		1,984		25,613
Storebrand ASA		49,309		379,267
Subsea 7 SA		23,716		255,175
TGS NOPEC Geophysical Co. ASA		11,805		301,087
Tomra Systems ASA		11,602		342,353
Veidekke ASA		11,218		141,171
Wallenius Wilhelmsen ASA		10,809		28,847
XXL ASA(b)(d)(e)		11,334		14,570
				5,407,759
Portugal — 0.6%
Altri SGPS SA		7,526		46,539
Banco Comercial Portugues SA, Class R		863,790		183,505
Corticeira Amorim SGPS SA		4,114		49,330
CTT-Correios de Portugal SA		13,089		42,471
Mota-Engil SGPS SA		8,695		16,275
Navigator Co. SA (The)		23,221		83,377
NOS SGPS SA		27,028		140,237
REN — Redes Energeticas Nacionais SGPS SA		42,060		127,248
Semapa-Sociedade de Investimento e Gestao		2,678		37,334
Sonae SGPS SA		84,477		78,592
				804,908
Singapore — 0.0%
Jurong Technologies Industrial Corp. Ltd.(a)(b)		60,000		0	(c)
Spain — 3.7%
Acciona SA		2,325		263,840
Acerinox SA		17,108		166,878
Aedas Homes SAU(b)(d)		2,250		50,991
Almirall SA		6,617		97,895
Applus Services SA		14,113		164,064
Atresmedia Corp. de Medios de Comunicacion SA		9,374		31,767
Befesa SA(d)		2,326		90,090
Bolsas y Mercados Espanoles SHMSF SA		8,001		310,335
Cia. de Distribucion Integral Logista Holdings SA		5,541		124,407
Cie. Automotive SA		7,452		163,597
Construcciones y Auxiliar de Ferrocarriles SA		2,003		88,900
Corp Financiera Alba SA		1,869		94,862
Distribuidora Internacional de Alimentacion SA(b)		321,959		36,429
Ebro Foods SA		7,259		150,189
eDreams ODIGEO SA(b)		6,432		31,506
Ence Energia y Celulosa SA(e)		14,066		56,990
Euskaltel SA(d)		9,464		89,148
Faes Farma SA		30,109		164,165
Fluidra SA(b)		5,124		63,031
Fomento de Construcciones y Contratas SA		8,235		102,394
Gestamp Automocion SA(d)		18,277		74,577

Security	Shares		Value
Spain (continued)
Global Dominion Access SA(b)(d)		10,950	$	40,106
Grupo Catalana Occidente SA		4,430		145,562
Grupo Empresarial San Jose SA(b)		2,403		17,176
Indra Sistemas SA(b)		13,863		159,161
Inmobiliaria Colonial Socimi SA		26,398		353,684
Lar Espana Real Estate Socimi SA		8,737		64,678
Liberbank SA		200,452		66,331
Masmovil Ibercom SA(b)		8,118		170,031
Mediaset Espana Comunicacion SA		17,173		94,223
Melia Hotels International SA		12,025		96,614
Merlin Properties Socimi SA		36,822		522,319
Metrovacesa SA(d)		4,650		46,790
Miquel y Costas & Miquel SA		1,902		31,743
Neinor Homes SA(b)(d)		8,396		91,742
Obrascon Huarte Lain SA(b)(e)		17,192		20,176
Pharma Mar SA(b)		18,616		85,368
Promotora de Informaciones SA, Class A(b)		17,862		27,119
Prosegur Cash SA(d)		46,996		80,205
Prosegur Cia. de Seguridad SA		27,564		108,623
Sacyr SA		39,649		113,802
Sacyr SA, New(b)		862		2,474
Solaria Energia y Medio Ambiente SA(b)		6,560		61,430
Talgo SA(b)(d)		9,243		61,151
Tecnicas Reunidas SA(b)		3,618		88,208
Tubacex SA		11,487		32,461
Unicaja Banco SA(d)		83,809		83,729
Viscofan SA		4,165		221,921
Zardoya Otis SA		19,769		149,084
				5,451,966
Sweden — 11.0%
AAK AB		18,642		350,167
AcadeMedia AB(d)		9,073		54,596
AF POYRY AB		10,297		261,948
Alimak Group AB(d)		3,697		50,783
Ambea AB(d)		4,986		40,194
Arjo AB, Class B		22,489		107,701
Atrium Ljungberg AB, Class B		4,767		115,235
Attendo AB(d)		10,781		59,337
Avanza Bank Holding AB		11,852		116,077
Axfood AB		11,173		231,606
Beijer Ref AB		7,431		223,578
Betsson AB		12,606		54,041
Bilia AB, Class A		8,615		94,653
BillerudKorsnas AB		18,562		238,605
BioArctic AB(d)(e)		3,492		32,751
BioGaia AB, Class B		1,718		74,416
Biotage AB		5,842		72,853
Bonava AB, Class B		8,908		79,666
Boozt AB(b)(d)(e)		4,212		20,298
Bravida Holding AB(d)		21,226		193,571
Bufab AB		2,971		40,687
Bure Equity AB		5,068		113,047
Camurus AB(b)		2,368		24,617
Castellum AB		27,443		673,644
Catena AB		2,185		94,530
Cellavision AB		1,740		60,205
Clas Ohlson AB, Class B		4,293		45,519
Climeon AB(b)(e)		2,380		16,593
Cloetta AB, Class B		23,096		81,470
Collector AB(b)		3,161		9,937

66 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Dios Fastigheter AB		9,735	$	89,688
Dometic Group AB(d)		30,918		281,958
Dustin Group AB(d)		6,956		53,765
Elekta AB, Class B		38,522		441,227
Eltel AB(b)(d)		13,751		26,450
Embracer Group AB(b)		16,248		136,037
Evolution Gaming Group AB(d)		11,365		351,374
Fabege AB		27,852		477,798
Fastighets AB Balder, Class B(b)		10,582		502,167
Fingerprint Cards AB, Class B(b)(e)		30,564		54,192
Fortnox AB(b)		4,626		81,110
Getinge AB, Class B		23,781		405,987
Granges AB		7,768		71,808
Hansa Biopharma AB(b)(e)		3,349		24,965
Hexpol AB		26,338		237,594
Hoist Finance AB(b)(d)		7,938		39,646
Holmen AB, Class B		11,081		328,108
Hufvudstaden AB, Class A		11,644		230,497
Humana AB		3,316		21,261
Indutrade AB		9,520		343,321
Intrum AB(e)		7,587		210,246
Investment AB Oresund		2,823		39,129
Inwido AB		5,995		45,155
JM AB		6,194		189,316
John Mattson Fastighetsforetagen AB(b)		1,959		28,657
Kambi Group PLC(b)		2,326		31,420
Karo Pharma AB(b)		8,209		36,826
Kindred Group PLC		24,221		123,208
Klovern AB, Class B		48,242		121,022
Kungsleden AB		19,749		210,221
LeoVegas AB(d)(e)		8,507		26,125
Lifco AB, Class B		4,882		287,947
Lindab International AB		7,406		83,905
Loomis AB, Class B		7,986		289,492
Mekonomen AB(b)(e)		4,352		36,302
Modern Times Group MTG AB, Class B(b)		7,168		71,407
Munters Group AB(b)(d)		13,662		71,154
Mycronic AB(e)		7,152		139,276
NCC AB, Class B		9,540		178,158
NetEnt AB		20,043		51,362
New Wave Group AB, Class B		4,866		29,230
Nibe Industrier AB, Class B		32,719		567,231
Nobia AB		11,512		84,919
Nobina AB(d)		9,153		69,417
Nolato AB, Class B		1,947		112,918
Nordic Entertainment Group AB, Class B		6,994		212,317
Nyfosa AB(b)		17,660		172,777
Oncopeptides AB(b)(d)(e)		3,147		45,253
Pandox AB		9,258		206,509
Paradox Interactive AB(e)		3,328		52,482
Peab AB, Class B		19,310		193,928
PowerCell Sweden AB(b)		3,825		76,908
Ratos AB, Class B		23,819		83,774
RaySearch Laboratories AB(b)		2,612		25,473
Recipharm AB, Class B		4,621		67,886
Resurs Holding AB(d)		11,816		65,402
Saab AB, Class B(e)		9,763		317,241
Sagax AB, Class D		10,977		41,682
Samhallsbyggnadsbolaget i Norden AB		100,648		262,215
SAS AB(b)(e)		19,526		28,037

Security	Shares		Value
Sweden (continued)
Scandi Standard AB		5,402	$	41,530
Scandic Hotels Group AB(d)		5,899		62,609
SkiStar AB		3,876		42,626
SSAB AB, Class A		23,846		73,428
SSAB AB, Class B		64,490		185,937
Stillfront Group AB(b)		2,352		113,468
Storytel AB(b)		3,216		57,389
Svenska Cellulosa AB SCA, Class B		63,266		633,536
Sweco AB, Class B		6,968		268,927
Swedish Orphan Biovitrum AB(b)		18,857		336,793
Thule Group AB(d)		10,881		257,162
Tobii AB(b)(e)		8,887		35,848
Trelleborg AB, Class B		25,187		413,658
Troax Group AB		4,314		58,453
Vitrolife AB		6,929		145,357
Wallenstam AB, Class B		17,066		223,270
Wihlborgs Fastigheter AB		14,496		277,628
Xvivo Perfusion AB(b)		2,066		37,382
				16,082,206
Switzerland — 8.7%
Allreal Holding AG, Registered		1,519		314,998
ALSO Holding AG, Registered		673		109,835
APG SGA SA		146		42,235
Arbonia AG, Registered		4,601		55,339
Aryzta AG(b)(e)		103,884		104,697
Ascom Holding AG, Registered		3,375		33,489
Autoneum Holding AG(e)		296		34,190
Bachem Holding AG, Class B, Registered		545		97,647
Banque Cantonale Vaudoise, Registered		318		266,085
Basilea Pharmaceutica AG, Registered(b)(e)		1,162		66,567
Belimo Holding AG		52		364,477
Bell Food Group AG, Registered		232		60,499
BKW AG		2,217		206,195
Bobst Group SA, Registered		851		44,736
Bossard Holding AG, Class A, Registered		629		91,371
Bucher Industries AG, Registered		703		235,585
Burckhardt Compression Holding AG		325		88,963
Burkhalter Holding AG		465		37,077
Cembra Money Bank AG		3,012		352,589
Coltene Holding AG, Registered		513		44,946
Comet Holding AG, Registered		734		93,914
Conzzeta AG, Registered		142		161,369
Daetwyler Holding AG, Bearer		792		142,888
DKSH Holding AG		3,762		194,409
dormakaba Holding AG		326		204,838
EFG International AG		9,098		56,411
Emmi AG, Registered		224		217,160
Feintool International Holding AG, Registered		259		13,830
Flughafen Zurich AG, Registered		2,107		366,368
Forbo Holding AG, Registered		102		175,350
Galenica AG(d)		4,980		339,763
GAM Holding AG(b)		16,462		50,831
Georg Fischer AG, Registered		432		424,856
Gurit Holding AG, Bearer		38		57,525
Helvetia Holding AG, Registered		3,659		526,589
Huber & Suhner AG, Registered		1,598		119,297
Idorsia Ltd.(b)		8,952		287,370
Implenia AG, Registered		1,654		67,501
Inficon Holding AG, Registered		179		137,899
Interroll Holding AG, Registered		69		134,931

SCHEDULES OF INVESTMENTS 67

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Intershop Holding AG(e)		115	$	74,167
Kardex AG, Registered		648		110,592
Komax Holding AG, Registered(e)		381		77,152
Kudelski SA, Bearer(e)		4,218		22,917
Landis+Gyr Group AG		2,324		213,255
LEM Holding SA, Registered		47		71,149
Leonteq AG(b)(e)		1,058		39,492
Logitech International SA, Registered		17,311		778,273
Medacta Group SA(b)(d)		737		60,369
Medartis Holding AG(b)(d)		335		14,901
Meyer Burger Technology AG(b)(e)		61,205		25,867
Mobilezone Holding AG, Registered		4,296		48,820
Mobimo Holding AG, Registered		705		227,337
Molecular Partners AG(b)		1,156		27,208
OC Oerlikon Corp. AG, Registered		21,296		227,213
Orascom Development Holding AG(b)		1,254		18,359
Orior AG		609		55,883
PSP Swiss Property AG, Registered		4,309		651,410
Rieter Holding AG, Registered		319		42,072
Schweiter Technologies AG, Bearer		107		132,467
Sensirion Holding AG(b)(d)		918		37,550
SFS Group AG		1,769		165,170
Siegfried Holding AG, Registered(e)		403		186,572
SIG Combibloc Group AG		16,724		264,269
St. Galler Kantonalbank AG, Class A, Registered		285		135,637
Stadler Rail AG(b)(e)		4,742		226,172
Sulzer AG, Registered		1,934		213,764
Sunrise Communications Group AG(d)		3,565		294,604
Swissquote Group Holding SA, Registered		972		58,756
Tecan Group AG, Registered		1,242		351,307
TX Group AG		293		27,615
u-blox Holding AG(e)		703		63,197
Valiant Holding AG, Registered		1,639		168,582
Valora Holding AG, Registered		359		95,664
VAT Group AG(d)		2,843		430,525
Vetropack Holding AG, Bearer		21		62,927
Vontobel Holding AG, Registered		3,294		229,858
VZ Holding AG		302		106,935
Ypsomed Holding AG, Registered(e)		396		57,566
Zehnder Group AG, Registered		1,013		48,106
Zur Rose Group AG(b)		732		90,471
				12,658,769
United Kingdom — 31.8%
888 Holdings PLC		39,044		69,276
AA PLC		64,008		40,331
AB Dynamics PLC		1,612		46,749
Abcam PLC		20,230		371,741
Advanced Medical Solutions Group PLC		20,497		76,194
AG Barr PLC		10,737		85,629
Aggreko PLC		26,502		269,348
Airtel Africa PLC(d)		79,225		76,237
Alfa Financial Software Holdings PLC(b)(d)		10,495		13,516
Alliance Pharma PLC		43,308		49,610
Amigo Holdings PLC(d)		11,983		9,162
Anglo Pacific Group PLC		18,037		41,252
AO World PLC(b)(e)		23,154		23,502
Arrow Global Group PLC(e)		17,227		60,223
Ascential PLC(d)		41,737		200,925
Ashmore Group PLC		44,168		316,438
ASOS PLC(b)		6,157		249,410

Security	Shares		Value
United Kingdom (continued)
Assura PLC		254,593	$	261,100
Aston Martin Lagonda Global Holdings PLC(b)(d)(e)		5,954		39,149
Avast PLC(d)		60,793		340,584
B&M European Value Retail SA		93,789		449,652
Babcock International Group PLC		26,383		204,773
Bakkavor Group PLC(d)		14,123		25,282
Balfour Beatty PLC		73,225		256,564
Bank of Georgia Group PLC		3,980		79,379
Beazley PLC		55,272		394,535
Bellway PLC		12,872		676,169
Biffa PLC(d)		26,111		97,063
Big Yellow Group PLC		16,596		257,928
Blue Prism Group PLC(b)(e)		6,480		148,971
Bodycote PLC		20,125		227,219
boohoo Group PLC(b)		78,455		312,637
Brewin Dolphin Holdings PLC		32,112		152,388
Britvic PLC		27,851		339,781
Burford Capital Ltd.		21,926		182,233
Cairn Energy PLC(b)		62,148		138,860
Capita PLC(b)		173,666		332,974
Capital & Counties Properties PLC		75,954		243,899
Card Factory PLC		33,482		39,104
Centamin PLC		122,352		219,347
Central Asia Metals PLC		17,449		46,578
Cineworld Group PLC		108,641		253,912
Civitas Social Housing PLC		66,050		86,196
Clinigen Healthcare Ltd.(b)		13,169		168,212
Close Brothers Group PLC		15,924		297,233
CMC Markets PLC(d)		11,828		24,448
Coats Group PLC		151,470		151,149
Computacenter PLC		7,902		186,871
ConvaTec Group PLC(d)		156,212		428,311
Countryside Properties PLC(d)		47,367		304,703
Craneware PLC(e)		2,110		52,847
Cranswick PLC		5,460		257,090
Crest Nicholson Holdings PLC		27,209		179,335
Custodian REIT PLC		39,499		59,149
CVS Group PLC		7,200		108,862
Daily Mail & General Trust PLC, Class A, NVS		16,632		178,025
Dart Group PLC		9,373		210,043
De La Rue PLC(e)		10,519		19,413
Dechra Pharmaceuticals PLC		10,728		402,189
Derwent London PLC		11,086		600,618
Dialog Semiconductor PLC(b)		8,046		355,504
Dignity PLC		5,151		38,635
Diploma PLC		11,884		305,164
Diversified Gas & Oil PLC		63,462		75,457
Dixons Carphone PLC		103,442		184,900
Domino’s Pizza Group PLC		49,043		199,699
Drax Group PLC		41,117		147,425
DS Smith PLC		143,385		643,958
Dunelm Group PLC		10,692		163,352
EI Group PLC(b)		46,156		172,915
Electrocomponents PLC		46,964		410,326
Elementis PLC		60,929		102,725
EMIS Group PLC		5,281		80,056
Empiric Student Property PLC		65,209		85,099
EnQuest PLC(b)		150,004		47,259
Equiniti Group PLC(d)		38,734		104,569
Essentra PLC		28,035		154,845

68 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Euromoney Institutional Investor PLC		11,382	$	183,646
Ferrexpo PLC		31,448		57,664
Fevertree Drinks PLC		11,070		200,793
Finablr PLC(b)(d)		22,133		24,099
First Derivatives PLC		1,945		71,020
Firstgroup PLC(b)		128,800		210,193
Forterra PLC(d)		21,589		93,629
Frasers Group PLC(b)		22,618		140,548
Frontier Developments PLC(b)		2,079		38,696
Funding Circle Holdings PLC(b)(d)		18,084		19,190
Future PLC		8,720		147,132
Games Workshop Group PLC		3,264		285,478
Gamesys Group PLC(b)		6,807		66,490
GB Group PLC		19,209		180,035
GCP Student Living PLC		47,761		126,862
Genus PLC		6,828		277,221
Go-Ahead Group PLC (The)		4,587		123,834
GoCo Group PLC		33,343		41,184
Grainger PLC		64,849		253,204
Great Portland Estates PLC		24,897		305,613
Greencore Group PLC		47,097		152,477
Greggs PLC		10,595		314,801
Gulf Keystone Petroleum Ltd.		23,760		58,131
Halfords Group PLC		20,466		44,163
Hammerson PLC		80,663		248,174
Hansteen Holdings PLC		42,516		65,348
Hastings Group Holdings PLC(d)		37,864		89,842
Hays PLC		154,187		315,443
Helical PLC		11,258		71,233
Hikma Pharmaceuticals PLC		15,302		369,535
Hill & Smith Holdings PLC		8,409		157,514
Hiscox Ltd.		30,132		521,524
Hochschild Mining PLC		27,787		61,646
HomeServe PLC		31,472		531,856
Hotel Chocolat Group PLC(e)		4,076		25,038
Howden Joinery Group PLC		63,162		573,163
Hunting PLC		14,680		59,253
Hurricane Energy PLC(b)(e)		163,661		44,744
Hyve Group PLC		79,598		103,142
Ibstock PLC(d)		43,428		166,588
IG Design Group PLC (e)		4,948		52,049
IG Group Holdings PLC		38,705		338,677
IMI PLC		28,655		417,014
Inchcape PLC		42,758		370,309
Indivior PLC(b)		69,896		34,948
IntegraFin Holdings PLC		24,258		158,286
Intermediate Capital Group PLC		30,609		702,876
International Personal Finance PLC		22,768		47,420
Intu Properties PLC(b)(e)		99,061		22,264
Investec PLC		73,326		405,192
iomart Group PLC		7,806		39,153
IQE PLC(b)(e)		83,010		55,751
IWG PLC		70,623		411,109
J D Wetherspoon PLC		7,290		149,046
John Laing Group PLC(d)		51,154		239,381
John Menzies PLC		7,453		42,393
John Wood Group PLC		72,194		358,110
Jupiter Fund Management PLC		48,636		247,216
Just Eat PLC(b)		64,449		731,477
Just Group PLC(b)		109,674		112,766

Security	Shares		Value
United Kingdom (continued)
Kainos Group PLC		7,595	$	79,093
KAZ Minerals PLC		26,955		155,560
Keller Group PLC		7,424		81,814
Keywords Studios PLC(e)		5,973		97,003
Lancashire Holdings Ltd.		20,167		198,849
Learning Technologies Group PLC(e)		48,764		100,021
LondonMetric Property PLC		83,618		251,093
Lookers PLC		32,892		23,934
LXI REIT PLC		54,729		98,116
Man Group PLC		159,200		322,971
Marshalls PLC		21,045		219,019
Marston’s PLC		66,715		92,077
McCarthy & Stone PLC(d)		39,294		76,349
Mediclinic International PLC		43,111		209,869
Metro Bank PLC(b)(e)		11,681		35,261
Mitchells & Butlers PLC(b)		20,097		105,968
Mitie Group PLC		39,376		68,982
Moneysupermarket.com Group PLC		56,866		243,997
Morgan Advanced Materials PLC		29,836		122,709
Morgan Sindall Group PLC		3,985		96,235
N Brown Group PLC		15,864		17,137
National Express Group PLC		48,677		286,822
NCC Group PLC		28,604		81,067
Network International Holdings PLC(b)(d)		36,891		295,669
NewRiver REIT PLC		31,062		76,978
Northgate PLC		13,834		48,508
Numis Corp. PLC		6,426		24,184
On the Beach Group PLC(d)		12,331		63,361
OneSavings Bank PLC		46,980		264,189
Oxford Biomedica PLC(b)		5,618		44,804
Pagegroup PLC		34,374		206,894
Paragon Banking Group PLC		27,468		183,938
Patisserie Holdings PLC(a)(b)		7,527		0	(c)
Pennon Group PLC		44,259		646,724
Petrofac Ltd.		27,073		124,621
Pets at Home Group PLC		52,686		195,851
Pharos Energy PLC		28,791		17,268
Phoenix Group Holdings PLC		57,022		569,761
Photo-Me International PLC		27,325		32,310
Picton Property Income Ltd. (The)		56,406		75,842
Playtech PLC		32,844		149,411
Plus500 Ltd.		11,286		132,586
Pollen Street Secured Lending PLC		7,813		85,894
Polypipe Group PLC		21,252		151,978
Premier Foods PLC(b)		68,055		32,475
Premier Oil PLC(b)		87,986		116,389
Primary Health Properties PLC		120,075		249,137
Provident Financial PLC		26,354		161,714
Purplebricks Group PLC(b)		25,676		36,215
PZ Cussons PLC		26,798		67,966
QinetiQ Group PLC		58,652		272,458
Quilter PLC(d)		199,605		447,698
Rathbone Brothers PLC		5,215		135,563
RDI REIT PLC		29,998		52,197
Redde PLC		31,428		40,600
Redrow PLC		24,140		252,980
Regional REIT Ltd.(d)		39,952		61,302
Renewi PLC		85,937		40,328
Renishaw PLC		3,840		201,261
Restaurant Group PLC (The)		52,837		89,918

SCHEDULES OF INVESTMENTS 69

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Restore PLC		11,990	$	79,026
Rightmove PLC		93,295		808,972
Rotork PLC		91,693		367,807
Royal Mail PLC		93,201		243,504
RPS Group PLC		23,023		52,807
RWS Holdings PLC		18,406		139,268
Sabre Insurance Group PLC(d)		24,450		99,430
Safestore Holdings PLC		22,197		235,544
Saga PLC		122,424		67,489
Sanne Group PLC		15,275		121,014
Savills PLC		15,098		247,583
Scapa Group PLC		16,164		53,588
Schroder REIT Ltd.		53,407		37,172
Senior PLC		43,552		95,588
Serco Group PLC(b)		129,655		270,211
Serica Energy PLC(b)		17,996		27,423
Shaftesbury PLC		16,066		190,392
SIG PLC		60,450		73,709
Signature Aviation PLC		86,364		331,517
Sirius Minerals PLC(b)(e)		728,586		52,679
Smart Metering Systems PLC(e)		10,896		73,898
Softcat PLC		12,465		189,782
SolGold PLC(b)(e)		67,263		16,988
Sophos Group PLC(d)		46,407		340,982
Spectris PLC		12,117		422,636
Spire Healthcare Group PLC(d)		31,051		53,620
Spirent Communications PLC		64,480		188,270
SSP Group PLC		46,918		398,297
St. Modwen Properties PLC		20,915		135,921
Stagecoach Group PLC		43,894		78,980
Standard Life Investment Property Income Trust Ltd.		44,519		57,922
Stobart Group Ltd.		35,698		47,998
Superdry PLC		5,509		27,871
Synthomer PLC		35,389		157,583
TalkTalk Telecom Group PLC		72,093		112,614
Tate & Lyle PLC		48,951		511,572
Ted Baker PLC		2,976		8,764
Telecom Plus PLC		6,672		132,981
TI Fluid Systems PLC(d)		24,675		77,088
TORM PLC(b)		3,318		28,834
TP ICAP PLC		59,095		309,181
Trainline PLC(b)(d)		40,531		252,180
Travis Perkins PLC		26,314		538,171
Tritax Big Box REIT PLC		180,409		332,228
Tullow Oil PLC		149,325		100,074
UK Commercial Property REIT Ltd.		81,433		93,068
Ultra Electronics Holdings PLC		7,284		216,808
UNITE Group PLC (The)		30,717		515,048
Urban & Civic PLC		15,174		72,609
Vectura Group PLC		61,550		75,943
Vesuvius PLC		22,868		131,129
Victoria PLC(b)(e)		11,141		64,619
Victrex PLC		9,034		263,895
Virgin Money UK PLC(b)		135,421		293,206
Vistry Group PLC		21,333		388,072
Watkin Jones PLC		15,944		52,018
WH Smith PLC		11,367		358,417
William Hill PLC		90,065		205,273

Security	Shares		Value
United Kingdom (continued)
Workspace Group PLC		14,202	$	227,648
				46,321,618
Total Common Stocks — 98.6% (Cost: $156,826,985)				143,735,017
Preferred Stocks
Germany — 0.2%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		789		45,992
Jungheinrich AG, Preference Shares, NVS		5,094		111,887
Sixt SE, Preference Shares, NVS		1,729		120,330
STO SE & Co. KGaA, Preference Shares, NVS		270		31,597
				309,806
Italy — 0.1%
Buzzi Unicem SpA, Preference Shares, NVS		4,213		59,201
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		3,989		39,874
				99,075
Total Preferred Stocks — 0.3% (Cost: $598,981)				408,881
Rights
Norway — 0.0%
XXL ASA, (Expires 03/11/20)(b)		1,201		0	(c)
Total Rights — 0.0% (Cost: $0)				0	(c)
Short-Term Investments
Money Market Funds — 5.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,     1.78%(f)(g)(h)		7,250,595		7,254,946
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.50%(f)(g)		52,000		52,000
				7,306,946
Total Short-Term Investments — 5.0% (Cost: $7,302,741)				7,306,946
Total Investments in Securities — 103.9% (Cost: $164,728,707)				151,450,844
Other Assets, Less Liabilities — (3.9)%				(5,681,194	)
Net Assets — 100.0%			$	145,769,650

^(a)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(b)  Non-income producing security.

^(c)  Rounds to less than $1.

^(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)  All or a portion of this security is on loan.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period-end.

^(h)  All or a portion of this security was purchased with cash collateral received from loaned securities.

70 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	11,396,621	(4,146,026	)	7,250,595	$	7,254,946	$	137,615	(b)	$	1,599		$	(813	)
BlackRock Cash Funds: Treasury, SL Agency Shares	55,000	(3,000	)	52,000		52,000		833			—			—
					$	7,306,946	$	138,448		$	1,599		$	(813	)

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		17		03/20/20	$	685	$	(21,848	)
FTSE 100 Index		5		03/20/20		476		(20,546	)
							$	(42,394	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	42,394

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	24,729
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(42,394	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	387,091

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

SCHEDULES OF INVESTMENTS 71

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Europe Small-Cap ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	143,000,176		$	733,951		$	890	$	143,735,017
Preferred Stocks		408,881			—			—		408,881
Rights		—			0	(a)		—		0	(a)
Money Market Funds		7,306,946			—			—		7,306,946
	$	150,716,003		$	733,951		$	890	$	151,450,844
Derivative financial instruments(b)
Liabilities
Futures Contracts	$	(42,394	)	$	—		$	—	$	(42,394	)

^(a)  Rounds to less than $1.

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

See notes to financial statements.

72 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.6%
AGL Energy Ltd.		2,751	$	36,741
Alumina Ltd.		11,806		17,230
AMP Ltd.		12,029		14,696
APA Group		5,315		40,314
Aristocrat Leisure Ltd.		2,315		56,102
ASX Ltd.		721		41,351
Aurizon Holdings Ltd.		8,998		32,588
AusNet Services		12,951		15,346
Australia & New Zealand Banking Group Ltd.		11,684		201,413
Bendigo & Adelaide Bank Ltd.		1,810		12,614
BHP Group Ltd.		11,998		316,463
BHP Group PLC		8,663		189,542
BlueScope Steel Ltd.		2,177		20,768
Boral Ltd.		5,566		18,556
Brambles Ltd.		6,532		55,229
Caltex Australia Ltd.		1,123		25,847
Challenger Ltd.		2,070		12,403
CIMIC Group Ltd.		415		8,137
Coca-Cola Amatil Ltd.		2,576		20,660
Cochlear Ltd.		245		39,539
Coles Group Ltd.		4,530		50,190
Commonwealth Bank of Australia		7,263		414,552
Computershare Ltd.		1,978		23,822
Crown Resorts Ltd.		1,656		12,971
CSL Ltd.		1,850		386,468
Dexus		4,324		36,821
Flight Centre Travel Group Ltd.		276		7,263
Fortescue Metals Group Ltd.		6,302		48,053
Goodman Group		6,720		66,986
GPT Group (The)		7,835		31,471
Harvey Norman Holdings Ltd.		3,343		9,467
Incitec Pivot Ltd.		7,421		16,295
Insurance Australia Group Ltd.		8,894		42,155
James Hardie Industries PLC		1,809		38,511
Lendlease Group		2,392		29,016
Macquarie Group Ltd.		1,303		126,282
Magellan Financial Group Ltd.		509		22,922
Medibank Pvt Ltd.		11,346		23,546
Mirvac Group		17,808		40,533
National Australia Bank Ltd.		12,021		208,107
Newcrest Mining Ltd.		3,174		62,746
Oil Search Ltd.		5,478		26,551
Orica Ltd.		1,610		24,606
Origin Energy Ltd.		7,256		39,832
Qantas Airways Ltd.		3,017		12,946
QBE Insurance Group Ltd.		5,489		50,526
Ramsay Health Care Ltd.		736		39,023
REA Group Ltd.		180		13,749
Rio Tinto Ltd.		1,570		103,811
Santos Ltd.		7,006		40,758
Scentre Group		23,662		61,144
Seek Ltd.		1,288		19,564
Sonic Healthcare Ltd.		1,748		37,060
South32 Ltd.		19,934		35,230
Stockland		10,329		34,021
Suncorp Group Ltd.		5,044		43,424
Sydney Airport		4,385		24,629
Tabcorp Holdings Ltd.		7,637		23,978

Security	Shares		Value
Australia (continued)
Telstra Corp. Ltd.		17,512	$	45,018
TPG Telecom Ltd.		1,978		9,905
Transurban Group		10,755		113,039
Treasury Wine Estates Ltd.		2,869		25,026
Vicinity Centres		13,580		23,091
Washington H Soul Pattinson & Co. Ltd.		414		5,973
Wesfarmers Ltd.		4,852		146,850
Westpac Banking Corp.		14,162		238,156
WiseTech Global Ltd.(a)		588		9,853
Woodside Petroleum Ltd.		3,910		90,907
Woolworths Group Ltd.		5,112		143,186
Worley Ltd.		1,196		12,202
				4,367,774
Austria — 0.1%
ANDRITZ AG		324		12,768
Erste Group Bank AG		1,211		44,502
OMV AG		628		31,311
Raiffeisen Bank International AG		552		12,601
Verbund AG		276		14,596
voestalpine AG		490		11,903
				127,681
Belgium — 0.3%
Ageas		782		43,131
Anheuser-Busch InBev SA/NV		3,132		237,478
Colruyt SA		276		13,810
Galapagos NV(a)(b)		176		39,418
Groupe Bruxelles Lambert SA		332		33,378
KBC Group NV		1,027		75,412
Proximus SADP		616		17,558
Solvay SA		325		33,690
Telenet Group Holding NV		245		11,398
UCB SA		521		47,968
Umicore SA(a)		815		37,545
				590,786
Canada — 3.7%
Agnico Eagle Mines Ltd.		950		58,758
Air Canada(b)		538		18,033
Algonquin Power & Utilities Corp.		2,145		32,859
Alimentation Couche-Tard Inc., Class B		3,594		120,194
AltaGas Ltd.		874		14,083
Atco Ltd., Class I, NVS		337		13,153
Aurora Cannabis Inc.(a)(b)		2,714		5,130
Bank of Montreal		2,670		203,760
Bank of Nova Scotia (The)		4,998		273,151
Barrick Gold Corp.		7,340		136,028
Bausch Health Companies Inc.(b)		1,380		37,887
BCE Inc.		598		28,197
BlackBerry Ltd.(b)		1,978		12,055
Bombardier Inc., Class B(b)		8,786		8,171
Brookfield Asset Management Inc., Class A		3,672		224,837
CAE Inc.		1,150		34,129
Cameco Corp.		1,671		13,481
Canadian Apartment Properties REIT		323		13,823
Canadian Imperial Bank of Commerce		1,840		150,144
Canadian National Railway Co.		2,918		272,859
Canadian Natural Resources Ltd.		4,969		139,841
Canadian Pacific Railway Ltd.		584		155,234
Canadian Tire Corp. Ltd., Class A, NVS		265		28,439
Canadian Utilities Ltd., Class A, NVS		552		16,904

SCHEDULES OF INVESTMENTS 73

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Canopy Growth Corp.(a)(b)		829	$	18,679
CCL Industries Inc., Class B, NVS		587		24,771
Cenovus Energy Inc.		4,370		38,065
CGI Inc.(b)		1,035		79,299
CI Financial Corp.		1,058		18,551
Constellation Software Inc.		80		84,144
Cronos Group Inc.(a)(b)		736		5,303
Dollarama Inc.		1,229		41,901
Emera Inc.		1,012		45,116
Empire Co. Ltd., Class A, NVS		598		13,881
Enbridge Inc.		8,409		342,133
Fairfax Financial Holdings Ltd.		114		51,043
First Capital Real Estate Investment Trust		398		6,521
First Quantum Minerals Ltd.		2,587		20,265
Fortis Inc.		1,686		73,582
Franco-Nevada Corp.		767		87,240
George Weston Ltd.		325		26,208
Gildan Activewear Inc.		828		22,958
Great-West Lifeco Inc.		1,181		30,620
H&R Real Estate Investment Trust		646		10,448
Husky Energy Inc.		1,380		8,984
Hydro One Ltd.(c)		1,319		26,828
iA Financial Corp. Inc.		475		26,157
IGM Financial Inc.		230		6,655
Imperial Oil Ltd.		1,242		29,469
Intact Financial Corp.		552		59,839
Inter Pipeline Ltd.		1,502		25,042
Keyera Corp.		837		21,853
Kinross Gold Corp.(b)		4,738		24,038
Kirkland Lake Gold Ltd.		828		33,976
Loblaw Companies Ltd.		828		43,349
Lundin Mining Corp.		2,682		14,074
Magna International Inc.		1,164		59,047
Manulife Financial Corp.		8,116		158,202
Methanex Corp.		282		9,149
Metro Inc.		1,077		43,933
National Bank of Canada		1,364		75,731
Nutrien Ltd.		2,327		99,393
Onex Corp.		337		21,633
Open Text Corp.		1,058		47,646
Parkland Fuel Corp.		608		21,170
Pembina Pipeline Corp.		2,070		79,322
Power Corp. of Canada		1,211		30,235
Power Financial Corp.		1,104		28,674
PrairieSky Royalty Ltd.		860		9,435
Quebecor Inc., Class B		552		13,707
Restaurant Brands International Inc.		1,136		69,351
RioCan REIT		598		12,281
Rogers Communications Inc., Class B, NVS		1,502		75,251
Royal Bank of Canada		5,900		466,540
Saputo Inc.		903		27,762
Shaw Communications Inc., Class B, NVS		1,870		36,564
Shopify Inc., Class A(b)		421		196,193
SmartCentres Real Estate Investment Trust		153		3,634
Stars Group Inc. (The)(b)		1,058		25,263
Sun Life Financial Inc.		2,499		117,567
Suncor Energy Inc.		6,364		194,642
TC Energy Corp.		3,772		206,974
Teck Resources Ltd., Class B		2,071		26,777
TELUS Corp.		889		35,659

Security	Shares		Value
Canada (continued)
Thomson Reuters Corp.		950	$	76,421
Toronto-Dominion Bank (The)		7,414		410,011
Waste Connections Inc.(a)		1,058		101,896
West Fraser Timber Co. Ltd.		291		11,666
Wheaton Precious Metals Corp.		1,978		58,268
WSP Global Inc.		368		26,169
				6,248,308
Denmark — 0.7%
AP Moller - Maersk A/S, Class A		17		19,160
AP Moller - Maersk A/S, Class B, NVS		23		27,600
Carlsberg A/S, Class B		440		64,362
Chr Hansen Holding A/S		415		30,943
Coloplast A/S, Class B		461		58,177
Danske Bank A/S		2,856		47,816
Demant A/S(b)		476		15,459
DSV Panalpina A/S		874		95,081
Genmab A/S(b)		285		65,826
H Lundbeck A/S		276		11,739
ISS A/S		647		15,706
Novo Nordisk A/S, Class B		7,246		443,248
Novozymes A/S, Class B		782		40,809
Orsted A/S(c)		797		86,988
Pandora A/S		430		22,280
Tryg A/S		521		15,792
Vestas Wind Systems A/S		787		78,521
				1,139,507
Finland — 0.4%
Elisa OYJ		639		38,480
Fortum OYJ		1,886		45,689
Kone OYJ, Class B		1,426		92,068
Metso OYJ		444		15,799
Neste OYJ		1,889		75,111
Nokia OYJ		23,232		90,612
Nokian Renkaat OYJ		460		12,393
Nordea Bank Abp		13,758		108,652
Orion OYJ, Class B		398		18,820
Sampo OYJ, Class A		1,841		83,383
Stora Enso OYJ, Class R		2,177		28,372
UPM-Kymmene OYJ		2,236		70,695
Wartsila OYJ Abp		1,726		21,184
				701,258
France — 4.0%
Accor SA		783		32,132
Aeroports de Paris		122		23,119
Air Liquide SA		1,933		280,086
Airbus SE		2,404		354,966
Alstom SA		690		36,658
Amundi SA(c)		251		20,375
Arkema SA		254		23,369
Atos SE		395		32,892
AXA SA		7,973		212,763
BioMerieux		138		13,680
BNP Paribas SA		4,633		246,677
Bollore SA		3,419		13,921
Bouygues SA		877		34,726
Bureau Veritas SA		1,058		29,206
Capgemini SE		660		82,174
Carrefour SA		2,300		39,010
Casino Guichard Perrachon SA(a)		230		9,344

74 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Cie. de Saint-Gobain		2,078	$	78,838
Cie. Generale des Etablissements Michelin SCA		703		81,802
CNP Assurances		736		13,270
Covivio		224		26,611
Credit Agricole SA		4,659		63,145
Danone SA		2,530		202,991
Dassault Aviation SA		10		12,168
Dassault Systemes SE		543		94,295
Edenred		953		51,528
Eiffage SA		308		35,754
Electricite de France SA		2,444		30,213
Engie SA		7,820		134,845
EssilorLuxottica SA		1,208		179,721
Eurazeo SE		190		13,623
Eurofins Scientific SE(a)		47		25,313
Eutelsat Communications SA		828		12,429
Faurecia SE		316		15,118
Gecina SA		206		38,900
Getlink SE		1,886		33,337
Hermes International		125		93,726
ICADE		153		17,091
Iliad SA(a)		107		14,075
Ingenico Group SA		231		26,931
Ipsen SA		138		10,246
JCDecaux SA		276		7,396
Kering SA		306		188,206
Klepierre SA		858		29,219
Legrand SA		1,122		90,022
L’Oreal SA		1,047		292,276
LVMH Moet Hennessy Louis Vuitton SE		1,150		503,782
Natixis SA		4,203		17,807
Orange SA		8,218		116,618
Pernod Ricard SA		862		149,499
Peugeot SA		2,386		49,208
Publicis Groupe SA		884		39,215
Remy Cointreau SA		92		9,706
Renault SA		782		30,544
Safran SA		1,317		213,014
Sanofi		4,615		444,692
Sartorius Stedim Biotech		92		16,527
Schneider Electric SE		2,260		226,710
SCOR SE		695		29,599
SEB SA		95		12,223
SES SA		1,564		19,247
Societe Generale SA		3,222		104,351
Sodexo SA		383		40,152
STMicroelectronics NV		2,877		80,632
Suez		1,334		21,924
Teleperformance		238		59,819
Thales SA		429		47,171
TOTAL SA		9,766		477,767
Ubisoft Entertainment SA(b)		362		27,536
Unibail-Rodamco-Westfield		417		56,656
Unibail-Rodamco-Westfield, New		142		19,293
Valeo SA		1,012		30,191
Veolia Environnement SA		2,300		68,004
Vinci SA		2,110		234,298
Vivendi SA		3,463		95,021
Wendel SA		138		18,444

Security	Shares		Value
France (continued)
Worldline SA(b)(c)		430	$	30,378
				6,688,215
Germany — 2.9%
adidas AG		743		235,326
Allianz SE, Registered		1,713		409,758
Aroundtown SA		4,048		38,292
BASF SE		3,775		255,484
Bayer AG, Registered		3,851		311,754
Bayerische Motoren Werke AG		1,334		95,116
Beiersdorf AG		414		46,981
Brenntag AG		628		32,626
Carl Zeiss Meditec AG, Bearer		138		16,899
Commerzbank AG		4,508		25,978
Continental AG		433		49,396
Covestro AG(c)		716		30,271
Daimler AG, Registered		3,790		175,584
Delivery Hero SE(b)(c)		552		42,588
Deutsche Bank AG, Registered		8,096		74,324
Deutsche Boerse AG		788		128,413
Deutsche Lufthansa AG, Registered		994		15,234
Deutsche Post AG, Registered		4,133		144,620
Deutsche Telekom AG, Registered		13,662		221,138
Deutsche Wohnen SE		1,460		61,807
E.ON SE		9,154		103,879
Evonik Industries AG		920		25,254
Fraport AG Frankfurt Airport Services Worldwide		184		13,731
Fresenius Medical Care AG & Co. KGaA		900		69,517
Fresenius SE & Co. KGaA		1,686		86,181
GEA Group AG		483		14,500
Hannover Rueck SE		260		50,567
HeidelbergCement AG		599		40,678
Henkel AG & Co. KGaA		444		41,085
HOCHTIEF AG		92		10,664
Infineon Technologies AG		5,100		110,640
KION Group AG		292		18,348
Knorr-Bremse AG		222		24,236
LANXESS AG		368		22,153
Merck KGaA		552		70,899
METRO AG		935		13,051
MTU Aero Engines AG		207		62,947
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		589		173,822
Puma SE		368		29,526
QIAGEN NV(b)		932		31,151
RWE AG		2,450		85,091
SAP SE		4,007		523,187
Siemens AG, Registered		3,153		390,088
Siemens Healthineers AG(c)		610		28,717
Symrise AG		506		52,116
Telefonica Deutschland Holding AG		3,250		9,843
thyssenkrupp AG(a)		1,686		20,861
TUI AG		1,626		16,684
Uniper SE		877		28,778
United Internet AG, Registered		506		16,430
Volkswagen AG		139		25,509
Vonovia SE		2,181		124,571
Wirecard AG(a)		506		74,692
Zalando SE(b)(c)		621		29,888
				4,850,873

SCHEDULES OF INVESTMENTS 75

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong — 1.2%
AIA Group Ltd.		49,800	$	498,648
ASM Pacific Technology Ltd.		1,200		16,397
Bank of East Asia Ltd. (The)(a)		9,280		20,126
BeiGene Ltd., ADR(a)(b)		138		21,026
BOC Hong Kong Holdings Ltd.		14,000		46,787
Budweiser Brewing Co. APAC Ltd.(a)(b)(c)		5,400		16,412
CK Asset Holdings Ltd.		10,836		70,055
CK Hutchison Holdings Ltd.		10,336		92,246
CK Infrastructure Holdings Ltd.		2,500		17,547
CLP Holdings Ltd.		7,000		73,156
Dairy Farm International Holdings Ltd.(a)		1,400		7,210
Galaxy Entertainment Group Ltd.		9,000		59,692
Hang Lung Properties Ltd.		8,000		16,855
Hang Seng Bank Ltd.(a)		2,900		59,084
Henderson Land Development Co. Ltd.		5,523		25,037
HK Electric Investments & HK Electric Investments Ltd.		13,000		12,992
HKT Trust & HKT Ltd.		15,740		23,595
Hong Kong & China Gas Co. Ltd.		38,167		73,533
Hong Kong Exchanges & Clearing Ltd.		4,900		163,314
Hongkong Land Holdings Ltd.		4,600		24,518
Jardine Matheson Holdings Ltd.		800		44,728
Jardine Strategic Holdings Ltd.		800		24,664
Kerry Properties Ltd.		2,500		7,035
Link REIT		8,300		84,444
Melco Resorts & Entertainment Ltd., ADR		911		18,375
MTR Corp. Ltd.		6,000		33,922
New World Development Co. Ltd.		23,333		29,478
NWS Holdings Ltd.		7,000		9,069
PCCW Ltd.		22,000		13,005
Power Assets Holdings Ltd.		5,500		39,878
Sands China Ltd.		9,600		46,981
Sino Land Co. Ltd.		14,000		19,220
SJM Holdings Ltd.		8,000		9,036
Sun Hung Kai Properties Ltd.		7,000		98,533
Swire Pacific Ltd., Class A		2,000		17,734
Swire Properties Ltd.		4,400		13,770
Techtronic Industries Co. Ltd.		5,393		43,721
Vitasoy International Holdings Ltd.		2,000		7,276
WH Group Ltd.(c)		33,000		31,704
Wharf Real Estate Investment Co. Ltd.		4,000		20,863
Wheelock & Co. Ltd.		3,000		18,410
Wynn Macau Ltd.		6,000		12,641
Yue Yuen Industrial Holdings Ltd.		3,000		8,365
				1,991,082
Ireland — 0.5%
AIB Group PLC		3,244		9,541
Bank of Ireland Group PLC		3,386		16,563
CRH PLC(b)		3,470		130,438
Flutter Entertainment PLC		335		38,053
Irish Bank Resolution Corp. Ltd.(b)(d)		6,552		0	(e)
Kerry Group PLC, Class A		659		84,204
Kingspan Group PLC		506		31,205
Linde PLC		2,215		449,933
Smurfit Kappa Group PLC		874		30,297
Steris PLC		345		51,988
				842,222
Israel — 0.2%
Azrieli Group Ltd.		184		13,606
Bank Hapoalim BM		4,477		38,623

Security	Shares		Value
Israel (continued)
Bank Leumi Le-Israel BM		5,632	$	40,716
Check Point Software Technologies Ltd.(a)(b)		511		58,412
CyberArk Software Ltd.(b)		138		19,076
Elbit Systems Ltd.		143		21,978
Israel Chemicals Ltd.		2,945		12,477
Israel Discount Bank Ltd., Class A		4,968		22,661
Mizrahi Tefahot Bank Ltd.		521		14,249
Nice Ltd.(b)		260		45,087
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		4,416		45,926
Wix.com Ltd.(b)		185		26,398
				359,209
Italy — 0.8%
Assicurazioni Generali SpA		4,327		84,371
Atlantia SpA		2,024		49,727
CNH Industrial NV		4,002		38,248
Davide Campari-Milano SpA		2,422		23,432
Enel SpA		33,258		289,508
Eni SpA		10,626		149,057
Ferrari NV		529		89,401
FinecoBank Banca Fineco SpA		1,921		22,513
Intesa Sanpaolo SpA		60,546		150,666
Leonardo SpA		1,485		18,399
Mediobanca Banca di Credito Finanziario SpA		2,624		26,206
Moncler SpA		736		31,810
Pirelli & C SpA(c)		1,748		8,469
Poste Italiane SpA(c)		2,162		24,798
Prysmian SpA		851		18,937
Recordati SpA		444		19,007
Snam SpA		9,339		50,060
Telecom Italia SpA/Milano(b)		35,952		19,395
Tenaris SA		1,932		19,972
Terna Rete Elettrica Nazionale SpA		6,686		46,650
UniCredit SpA		8,109		108,574
				1,289,200
Malta — 0.0%
BGP Holdings PLC(b)(d)		38,252		1
Netherlands — 1.4%
ABN AMRO Bank NV, CVA(c)		1,865		32,490
Adyen NV(b)(c)		46		42,362
Aegon NV		7,736		31,455
AerCap Holdings NV(a)(b)		465		26,324
Akzo Nobel NV		922		87,156
Altice Europe NV(b)		2,786		17,957
ArcelorMittal SA		2,733		40,452
ASML Holding NV		1,729		487,163
EXOR NV		429		31,682
Heineken Holding NV		471		46,402
Heineken NV		1,025		111,682
ING Groep NV		16,054		174,797
Koninklijke Ahold Delhaize NV		4,992		122,813
Koninklijke DSM NV		753		92,043
Koninklijke KPN NV		13,802		38,743
Koninklijke Philips NV		3,708		170,121
Koninklijke Vopak NV		306		16,406
NN Group NV		1,257		43,740
NXP Semiconductors NV		1,140		144,620
Prosus NV(b)		2,003		144,793
Randstad NV		490		28,215
Unilever NV		6,072		354,618

76 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Wolters Kluwer NV		1,217	$	91,602
				2,377,636
New Zealand — 0.1%
a2 Milk Co. Ltd.(b)		2,990		29,025
Auckland International Airport Ltd.		4,063		22,744
Fisher & Paykel Healthcare Corp. Ltd.		2,346		35,374
Fletcher Building Ltd.		3,003		10,786
Mercury NZ Ltd.		2,814		9,542
Meridian Energy Ltd.		5,481		18,959
Ryman Healthcare Ltd.		1,502		16,029
Spark New Zealand Ltd.		7,222		21,779
				164,238
Norway — 0.2%
Aker BP ASA		460		13,035
DNB ASA		4,032		70,796
Equinor ASA		4,067		73,748
Gjensidige Forsikring ASA		843		18,382
Mowi ASA		1,658		39,607
Norsk Hydro ASA		5,494		17,291
Orkla ASA		3,067		29,613
Schibsted ASA, Class B		460		13,075
Telenor ASA		3,036		54,987
Yara International ASA		705		25,652
				356,186
Portugal — 0.1%
EDP — Energias de Portugal SA		11,392		57,114
Galp Energia SGPS SA		2,118		32,015
Jeronimo Martins SGPS SA		1,150		19,811
				108,940
Singapore — 0.5%
Ascendas REIT		15,186		35,047
CapitaLand Commercial Trust		11,358		17,142
CapitaLand Ltd.		9,200		24,400
CapitaLand Mall Trust		13,800		25,479
City Developments Ltd.		1,800		13,979
ComfortDelGro Corp. Ltd.		9,200		14,627
DBS Group Holdings Ltd.		7,200		133,830
Genting Singapore Ltd.		23,800		14,996
Jardine Cycle & Carriage Ltd.		310		6,637
Keppel Corp. Ltd.		5,500		26,918
Mapletree Commercial Trust		17,200		29,614
Oversea-Chinese Banking Corp. Ltd.(a)		12,625		100,175
SATS Ltd.		2,200		7,350
Sembcorp Industries Ltd.(a)		4,600		7,145
Singapore Airlines Ltd.		2,000		12,528
Singapore Exchange Ltd.		3,400		21,672
Singapore Press Holdings Ltd.(a)		4,500		6,660
Singapore Technologies Engineering Ltd.		6,200		18,669
Singapore Telecommunications Ltd.		33,000		79,786
Suntec REIT		10,700		14,424
United Overseas Bank Ltd.		5,100		95,880
UOL Group Ltd.		2,100		12,278
Venture Corp. Ltd.		1,100		13,161
Wilmar International Ltd.		9,200		26,355
Yangzijiang Shipbuilding Holdings Ltd.		9,200		6,403
				765,155
Spain — 1.0%
ACS Actividades de Construccion y Servicios SA		1,043		34,710
Aena SME SA(c)		278		51,495

Security	Shares		Value
Spain (continued)
Amadeus IT Group SA		1,794	$	140,798
Banco Bilbao Vizcaya Argentaria SA		27,201		140,728
Banco de Sabadell SA		22,466		20,266
Banco Santander SA		69,354		273,154
Bankia SA		5,170		9,405
Bankinter SA		2,340		15,180
CaixaBank SA		14,491		42,396
Cellnex Telecom SA(c)		990		49,282
Enagas SA		959		25,846
Endesa SA		1,257		34,505
Ferrovial SA		2,274		72,225
Grifols SA		1,258		42,242
Iberdrola SA		24,594		269,008
Iberdrola SA, New(b)		425		4,652
Industria de Diseno Textil SA		4,451		149,803
Mapfre SA		4,523		11,589
Naturgy Energy Group SA		1,242		32,758
Red Electrica Corp. SA		1,551		30,999
Repsol SA		6,078		83,960
Siemens Gamesa Renewable Energy SA		981		15,660
Telefonica SA		19,044		128,928
				1,679,589
Sweden — 0.9%
Alfa Laval AB		1,107		27,679
Assa Abloy AB, Class B		4,170		99,203
Atlas Copco AB, Class A		2,775		98,463
Atlas Copco AB, Class B		1,610		50,111
Boliden AB		1,058		25,169
Electrolux AB, Series B		1,027		24,368
Epiroc AB, Class A		2,775		32,159
Epiroc AB, Class B		1,610		18,224
Essity AB, Class B		2,432		77,209
Hennes & Mauritz AB, Class B		3,312		72,726
Hexagon AB, Class B		1,091		59,447
Husqvarna AB, Class B		2,116		15,964
ICA Gruppen AB		322		14,158
Industrivarden AB, Class C		599		14,126
Investor AB, Class B		1,995		109,326
Kinnevik AB, Class B		1,012		24,443
L E Lundbergforetagen AB, Class B		337		14,636
Lundin Petroleum AB		904		27,536
Millicom International Cellular SA, SDR		414		19,560
Sandvik AB		4,462		81,545
Securitas AB, Class B		1,356		21,349
Skandinaviska Enskilda Banken AB, Class A		6,394		63,179
Skanska AB, Class B		1,518		35,120
SKF AB, Class B		1,641		30,084
Svenska Handelsbanken AB, Class A		6,486		63,712
Swedbank AB, Class A		3,710		57,063
Swedish Match AB		810		45,834
Tele2 AB, Class B		1,795		27,078
Telefonaktiebolaget LM Ericsson, Class B		13,002		102,196
Telia Co. AB		10,702		45,801
Volvo AB, Class B		5,888		100,977
				1,498,445
Switzerland — 3.4%
ABB Ltd., Registered		7,594		177,242
Adecco Group AG, Registered		676		39,742
Alcon Inc.(b)		1,782		105,207

SCHEDULES OF INVESTMENTS 77

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Baloise Holding AG, Registered		198	$	35,783
Barry Callebaut AG, Registered		9		19,933
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		5		41,915
Cie. Financiere Richemont SA, Registered		2,131		156,083
Clariant AG, Registered		726		16,357
Coca-Cola HBC AG		783		28,756
Credit Suisse Group AG, Registered		10,396		131,668
Dufry AG, Registered		138		11,982
EMS-Chemie Holding AG, Registered		30		19,659
Geberit AG, Registered		146		77,083
Givaudan SA, Registered		35		115,403
Julius Baer Group Ltd.		920		46,074
Kuehne + Nagel International AG, Registered		210		33,968
LafargeHolcim Ltd., Registered		1,978		100,700
Lonza Group AG, Registered		322		132,279
Nestle SA, Registered		12,298		1,356,484
Novartis AG, Registered		8,803		832,153
Pargesa Holding SA, Bearer		154		12,351
Partners Group Holding AG		75		68,806
Roche Holding AG, NVS		2,869		964,712
Schindler Holding AG, Participation Certificates, NVS		166		42,926
Schindler Holding AG, Registered		94		23,392
SGS SA, Registered		21		60,771
Sika AG, Registered		552		99,302
Sonova Holding AG, Registered		246		61,675
Straumann Holding AG, Registered		46		43,880
Swatch Group AG (The), Bearer		138		34,727
Swatch Group AG (The), Registered		186		9,068
Swiss Life Holding AG, Registered		138		69,454
Swiss Prime Site AG, Registered		332		40,551
Swiss Re AG		1,180		133,361
Swisscom AG, Registered		106		58,207
Temenos AG, Registered		276		44,614
UBS Group AG, Registered		15,814		196,763
Vifor Pharma AG		199		36,728
Zurich Insurance Group AG		612		254,268
				5,734,027
United Kingdom — 5.8%
3i Group PLC		4,052		58,995
Admiral Group PLC		844		25,133
Amcor PLC(b)		6,164		65,277
Anglo American PLC		4,233		110,795
Antofagasta PLC		1,441		15,618
Aptiv PLC		1,090		92,421
Ashtead Group PLC		2,070		66,989
Associated British Foods PLC		1,464		50,678
AstraZeneca PLC		5,383		526,798
Auto Trader Group PLC(c)		4,308		31,915
AVEVA Group PLC		264		17,115
Aviva PLC		16,286		85,529
BAE Systems PLC		13,432		111,796
Barclays PLC		73,296		162,320
Barratt Developments PLC		3,971		42,023
Berkeley Group Holdings PLC		553		38,198
BP PLC		83,958		505,446
British American Tobacco PLC		9,478		419,483
British Land Co. PLC (The)		3,971		29,031
BT Group PLC		33,488		71,036
Bunzl PLC		1,426		36,937

Security	Shares		Value
United Kingdom (continued)
Burberry Group PLC		1,686	$	43,405
Capri Holdings Ltd.(b)		613		18,366
Carnival PLC		788		32,388
Centrica PLC		22,741		25,433
Coca-Cola European Partners PLC		966		50,821
Compass Group PLC		6,506		160,976
Croda International PLC		580		38,106
DCC PLC		415		33,545
Diageo PLC		9,692		384,558
Direct Line Insurance Group PLC		5,537		24,656
easyJet PLC		736		13,515
Evraz PLC		1,656		7,697
Experian PLC		3,597		125,035
Ferguson PLC		975		87,422
Fiat Chrysler Automobiles NV		4,483		58,285
G4S PLC		5,734		14,769
GlaxoSmithKline PLC		20,387		479,435
Glencore PLC		45,291		132,838
GVC Holdings PLC		2,211		25,566
Halma PLC		1,569		43,578
Hargreaves Lansdown PLC		1,267		28,810
HSBC Holdings PLC		82,575		600,637
Imperial Brands PLC		3,910		100,547
Informa PLC		5,130		52,395
InterContinental Hotels Group PLC		705		43,544
Intertek Group PLC		690		52,391
ITV PLC		15,164		27,065
J Sainsbury PLC		6,424		17,140
JD Sports Fashion PLC		1,396		15,123
Johnson Matthey PLC		815		27,986
Kingfisher PLC		8,833		23,753
Land Securities Group PLC		3,130		38,702
Legal & General Group PLC		23,552		94,846
Lloyds Banking Group PLC		291,650		218,331
London Stock Exchange Group PLC		1,288		133,043
M&G PLC(b)		10,911		34,548
Marks & Spencer Group PLC		8,388		19,460
Meggitt PLC		3,281		29,220
Melrose Industries PLC		19,642		60,380
Micro Focus International PLC		1,474		19,920
Mondi PLC		2,004		40,840
National Grid PLC		14,170		187,872
Next PLC		521		47,333
NMC Health PLC(a)		414		7,051
Ocado Group PLC(b)		1,840		29,676
Pearson PLC		2,944		22,058
Persimmon PLC		1,257		50,588
Prudential PLC		10,453		186,294
Reckitt Benckiser Group PLC		2,867		237,377
RELX PLC		8,146		216,157
Rentokil Initial PLC		6,394		39,361
Rio Tinto PLC		4,629		249,204
Rolls-Royce Holdings PLC		6,919		61,108
Royal Bank of Scotland Group PLC		20,134		57,938
Royal Dutch Shell PLC, Class A		17,681		464,837
Royal Dutch Shell PLC, Class B		15,210		400,997
RSA Insurance Group PLC		4,049		29,377
Sage Group PLC (The)		4,418		43,003
Schroders PLC		490		20,753
Segro PLC		4,002		48,038

78 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Sensata Technologies Holding PLC(b)		690	$	32,616
Severn Trent PLC		950		32,297
Smith & Nephew PLC		3,588		86,388
Smiths Group PLC		1,625		36,190
Spirax-Sarco Engineering PLC		230		27,044
SSE PLC		4,018		79,898
St. James’s Place PLC		2,143		32,317
Standard Chartered PLC		11,456		95,289
Standard Life Aberdeen PLC		10,840		43,082
Taylor Wimpey PLC		12,481		35,389
Tesco PLC		39,238		127,705
Unilever PLC		4,546		271,672
United Utilities Group PLC		2,717		36,299
Vodafone Group PLC		108,527		213,589
Weir Group PLC (The)		894		15,886
Whitbread PLC		552		32,526
Wm Morrison Supermarkets PLC		9,169		21,992
WPP PLC		5,152		64,178
				9,725,987
United States — 68.7%
3M Co.		2,434		386,178
Abbott Laboratories		7,233		630,284
AbbVie Inc.		6,065		491,386
ABIOMED Inc.(b)		184		34,277
Accenture PLC, Class A		2,632		540,113
Activision Blizzard Inc.		3,123		182,633
Acuity Brands Inc.		184		21,688
Adobe Inc.(b)		1,989		698,417
Advance Auto Parts Inc.		306		40,316
Advanced Micro Devices Inc.(b)		4,235		199,045
AES Corp./VA		2,944		58,468
Aflac Inc.		3,066		158,114
Agilent Technologies Inc.		1,247		102,952
AGNC Investment Corp.		2,025		37,645
Air Products & Chemicals Inc.		890		212,452
Akamai Technologies Inc.(b)		705		65,812
Albemarle Corp.		433		34,761
Alexandria Real Estate Equities Inc.		460		75,072
Alexion Pharmaceuticals Inc.(b)		920		91,439
Align Technology Inc.(b)		322		82,786
Alleghany Corp.(b)		52		41,478
Allegion PLC		414		53,538
Allergan PLC		1,359		253,644
Alliance Data Systems Corp.		194		19,941
Alliant Energy Corp.		904		53,661
Allstate Corp. (The)		1,380		163,585
Ally Financial Inc.		1,525		48,846
Alnylam Pharmaceuticals Inc.(b)		443		50,852
Alphabet Inc., Class A(b)		1,226		1,756,588
Alphabet Inc., Class C, NVS(b)		1,279		1,834,380
Altice USA Inc., Class A(b)		669		18,304
Altria Group Inc.		7,642		363,224
Amazon.com Inc.(b)		1,722		3,459,016
AMERCO		46		17,078
Ameren Corp.		1,012		83,035
American Airlines Group Inc.		511		13,715
American Electric Power Co. Inc.		2,024		210,941
American Express Co.		2,888		375,065
American Financial Group Inc./OH		334		36,336
American International Group Inc.		3,588		180,333

Security	Shares		Value
United States (continued)
American Tower Corp.		1,819	$	421,535
American Water Works Co. Inc.		766		104,329
Ameriprise Financial Inc.		539		89,156
AmerisourceBergen Corp.		674		57,667
AMETEK Inc.		971		94,333
Amgen Inc.		2,457		530,835
Amphenol Corp., Class A		1,215		120,856
Analog Devices Inc.		1,518		166,600
Annaly Capital Management Inc.		6,003		58,589
ANSYS Inc.(b)		350		96,016
Anthem Inc.		1,063		281,993
AO Smith Corp.		598		25,529
Aon PLC		973		214,303
Apache Corp.		1,548		42,477
Apple Inc.		18,565		5,746,053
Applied Materials Inc.		3,781		219,260
Aramark		1,014		44,758
Arch Capital Group Ltd.(b)		1,656		73,129
Archer-Daniels-Midland Co.		2,302		103,038
Arconic Inc.		1,774		53,131
Arista Networks Inc.(b)		230		51,368
Arrow Electronics Inc.(b)		383		29,085
Arthur J Gallagher & Co.		791		81,133
Assurant Inc.		239		31,204
AT&T Inc.		30,000		1,128,600
Athene Holding Ltd., Class A(b)		598		26,049
Atmos Energy Corp.		460		53,834
Autodesk Inc.(b)		889		175,000
Autoliv Inc.		344		26,361
Automatic Data Processing Inc.		1,780		305,074
AutoZone Inc.(b)		102		107,912
AvalonBay Communities Inc.		559		121,130
Avery Dennison Corp.		368		48,296
Axalta Coating Systems Ltd.(b)		946		27,254
Baker Hughes Co.		2,600		56,316
Ball Corp.		1,289		93,040
Bank of America Corp.		36,239		1,189,726
Bank of New York Mellon Corp. (The)		3,542		158,611
Baxter International Inc.		1,995		177,994
Becton Dickinson and Co.		1,114		306,551
Berkshire Hathaway Inc., Class B(b)		5,397		1,211,249
Best Buy Co. Inc.		983		83,250
Biogen Inc.(b)		760		204,326
BioMarin Pharmaceutical Inc.(b)		720		60,120
Bio-Rad Laboratories Inc., Class A(b)		92		33,205
Black Knight Inc.(b)		616		41,223
BlackRock Inc.(f)		473		249,437
Blackstone Group Inc. (The), Class A		2,732		166,843
Boeing Co. (The)		2,189		696,693
Booking Holdings Inc.(b)		171		313,024
Booz Allen Hamilton Holding Corp.		577		45,029
BorgWarner Inc.		843		28,906
Boston Properties Inc.		637		91,314
Boston Scientific Corp.(b)		5,644		236,314
Bristol-Myers Squibb Co.		9,662		608,223
Broadcom Inc.		1,633		498,326
Broadridge Financial Solutions Inc.		475		56,596
Brown & Brown Inc.		859		38,569
Brown-Forman Corp., Class B, NVS		1,168		79,004
Bunge Ltd.		582		30,514

SCHEDULES OF INVESTMENTS 79

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Burlington Stores Inc.(b)		276	$	60,022
Cabot Oil & Gas Corp.		1,702		23,981
Cadence Design Systems Inc.(b)		1,165		84,008
Camden Property Trust		368		41,374
Campbell Soup Co.		751		36,341
Capital One Financial Corp.		1,932		192,814
Cardinal Health Inc.		1,196		61,247
CarMax Inc.(b)		652		63,270
Carnival Corp.		1,740		75,742
Caterpillar Inc.		2,292		301,054
Cboe Global Markets Inc.		482		59,392
CBRE Group Inc., Class A(b)		1,328		81,074
CDK Global Inc.		518		27,806
CDW Corp./DE		581		75,791
Celanese Corp.		512		52,992
Centene Corp.(b)		2,395		150,430
CenterPoint Energy Inc.		2,039		53,993
CenturyLink Inc.		4,130		56,416
Cerner Corp.		1,242		89,213
CF Industries Holdings Inc.		950		38,266
CH Robinson Worldwide Inc.		547		39,504
Charles Schwab Corp. (The)		4,792		218,276
Charter Communications Inc., Class A(b)		633		327,552
Cheniere Energy Inc.(b)		874		51,776
Chevron Corp.		7,780		833,549
Chipotle Mexican Grill Inc.(b)		100		86,676
Chubb Ltd.		1,889		287,109
Church & Dwight Co. Inc.		1,016		75,408
Cigna Corp.(b)		1,551		298,381
Cincinnati Financial Corp.		644		67,588
Cintas Corp.		370		103,219
Cisco Systems Inc.		17,625		810,221
Citigroup Inc.		9,227		686,581
Citizens Financial Group Inc.		1,847		68,856
Citrix Systems Inc.		560		67,883
Clorox Co. (The)		495		77,868
CME Group Inc.		1,482		321,757
CMS Energy Corp.		1,165		79,814
Coca-Cola Co. (The)		16,698		975,163
Cognex Corp.		710		36,189
Cognizant Technology Solutions Corp., Class A		2,258		138,596
Colgate-Palmolive Co.		3,377		249,155
Comcast Corp., Class A		18,513		799,576
Comerica Inc.		659		40,304
Conagra Brands Inc.		1,962		64,589
Concho Resources Inc.		853		64,640
ConocoPhillips		4,489		266,781
Consolidated Edison Inc.		1,364		128,216
Constellation Brands Inc., Class A		690		129,927
Continental Resources Inc./OK		398		10,834
Cooper Companies Inc. (The)		199		69,031
Copart Inc.(b)		874		88,676
Corning Inc.		3,274		87,383
Corteva Inc.(b)		3,095		89,507
CoStar Group Inc.(b)		141		92,072
Costco Wholesale Corp.		1,790		546,881
Coty Inc., Class A		1,266		12,989
Crown Castle International Corp.		1,702		255,028
Crown Holdings Inc.(b)		575		42,567
CSX Corp.		3,148		240,318

Security	Shares		Value
United States (continued)
Cummins Inc.		623	$	99,661
CVS Health Corp.		5,291		358,836
Danaher Corp.		2,560		411,827
Darden Restaurants Inc.		521		60,660
DaVita Inc.(b)		421		33,625
Deere & Co.		1,242		196,956
Dell Technologies Inc., Class C(b)		634		30,920
Delta Air Lines Inc.		603		33,611
Dentsply Sirona Inc.		967		54,152
Devon Energy Corp.		1,531		33,253
DexCom Inc.(b)		368		88,596
Diamondback Energy Inc.		659		49,030
Digital Realty Trust Inc.		841		103,435
Discover Financial Services		1,300		97,669
Discovery Inc., Class A(a)(b)		598		17,497
Discovery Inc., Class C, NVS(b)		1,458		40,489
DISH Network Corp., Class A(b)		969		35,620
DocuSign Inc.(b)		414		32,503
Dollar General Corp.		1,085		166,450
Dollar Tree Inc.(b)		1,012		88,115
Dominion Energy Inc.		3,333		285,805
Domino’s Pizza Inc.		161		45,362
Dover Corp.		567		64,553
Dow Inc.(b)		2,990		137,749
DR Horton Inc.		1,476		87,379
Dropbox Inc., Class A(b)		1,196		20,356
DTE Energy Co.		737		97,734
Duke Energy Corp.		3,024		295,233
Duke Realty Corp.		1,349		48,982
DuPont de Nemours Inc.		3,095		158,402
DXC Technology Co.		1,150		36,662
E*TRADE Financial Corp.		1,045		44,538
East West Bancorp. Inc.		601		27,550
Eastman Chemical Co.		553		39,412
Eaton Corp. PLC		1,679		158,615
Eaton Vance Corp., NVS		444		20,313
eBay Inc.		3,266		109,607
Ecolab Inc.		1,062		208,269
Edison International		1,452		111,151
Edwards Lifesciences Corp.(b)		837		184,023
Elanco Animal Health Inc.(b)		1,380		42,642
Electronic Arts Inc.(b)		1,257		135,655
Eli Lilly & Co.		3,591		501,447
Emerson Electric Co.		2,530		181,224
Entergy Corp.		843		110,871
EOG Resources Inc.		2,392		174,401
EPAM Systems Inc.(b)		230		52,472
Equifax Inc.		490		73,451
Equinix Inc.		345		203,457
Equitable Holdings Inc.		1,735		41,675
Equity LifeStyle Properties Inc.		644		46,851
Equity Residential		1,484		123,291
Erie Indemnity Co., Class A, NVS		92		15,318
Essential Utilities Inc.		890		46,227
Essex Property Trust Inc.		277		85,804
Estee Lauder Companies Inc. (The), Class A		922		179,938
Everest Re Group Ltd.		158		43,698
Evergy Inc.		962		69,418
Eversource Energy		1,309		121,004
Exact Sciences Corp.(a)(b)		644		60,072

80 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Exelon Corp.		3,980	$	189,408
Expedia Group Inc.(a)		574		62,250
Expeditors International of Washington Inc.		705		51,493
Extra Space Storage Inc.		536		59,324
Exxon Mobil Corp.		17,299		1,074,614
F5 Networks Inc.(b)		242		29,553
Facebook Inc., Class A(b)		9,855		1,989,823
FactSet Research Systems Inc.		138		39,483
Fastenal Co.		2,392		83,433
Federal Realty Investment Trust		291		36,381
FedEx Corp.		1,028		148,690
Fidelity National Financial Inc.		1,059		51,626
Fidelity National Information Services Inc.		2,486		357,139
Fifth Third Bancorp.		2,976		84,667
First Republic Bank/CA		690		76,507
FirstEnergy Corp.		2,100		106,659
Fiserv Inc.(b)		2,359		279,801
FleetCor Technologies Inc.(b)		375		118,211
Flex Ltd.(a)(b)		2,178		28,641
FLIR Systems Inc.		598		30,821
Flowserve Corp.		567		26,468
FMC Corp.		556		53,148
Ford Motor Co.		15,747		138,889
Fortinet Inc.(b)		603		69,562
Fortive Corp.		1,255		94,037
Fortune Brands Home & Security Inc.		519		35,660
Fox Corp., Class A, NVS		1,536		56,955
Fox Corp., Class B(b)		684		24,850
Franklin Resources Inc.		1,272		32,182
Freeport-McMoRan Inc.		5,674		62,981
Gap Inc. (The)		966		16,818
Garmin Ltd.		559		54,195
Gartner Inc.(b)		376		60,453
General Dynamics Corp.		980		171,931
General Electric Co.		35,746		445,038
General Mills Inc.		2,486		129,819
General Motors Co.		5,201		173,661
Genuine Parts Co.		599		56,048
Gilead Sciences Inc.		5,198		328,514
Global Payments Inc.		1,235		241,381
Globe Life Inc.		382		39,827
GoDaddy Inc., Class A(b)		736		49,467
Goldman Sachs Group Inc. (The)		1,325		315,019
Grubhub Inc.(b)		368		19,927
Guidewire Software Inc.(b)		338		38,025
Halliburton Co.		3,588		78,254
Hanesbrands Inc.		1,429		19,663
Harley-Davidson Inc.		722		24,115
Hartford Financial Services Group Inc. (The)		1,472		87,260
Hasbro Inc.		567		57,760
HCA Healthcare Inc.		1,096		152,125
HD Supply Holdings Inc.(b)		644		26,237
Healthpeak Properties Inc.		2,024		72,844
HEICO Corp.		138		16,895
HEICO Corp., Class A		368		35,383
Henry Schein Inc.(a)(b)		613		42,260
Hershey Co. (The)		674		104,585
Hess Corp.		1,150		65,056
Hewlett Packard Enterprise Co.		5,651		78,718
Hilton Worldwide Holdings Inc.		1,163		125,371

Security	Shares		Value
United States (continued)
HollyFrontier Corp.		705	$	31,669
Hologic Inc.(b)		1,159		62,030
Home Depot Inc. (The)		4,487		1,023,485
Honeywell International Inc.		2,948		510,653
Hormel Foods Corp.		1,208		57,090
Host Hotels & Resorts Inc.		3,020		49,347
HP Inc.		6,014		128,218
Humana Inc.		565		189,976
Huntington Bancshares Inc./OH		4,538		61,581
Huntington Ingalls Industries Inc.		184		48,024
IAC/InterActiveCorp.(b)		306		74,539
IDEX Corp.		333		54,562
IDEXX Laboratories Inc.(b)		368		99,732
IHS Markit Ltd.(b)		1,564		123,337
Illinois Tool Works Inc.		1,348		235,873
Illumina Inc.(b)		598		173,462
Incyte Corp.(b)		747		54,583
Ingersoll-Rand PLC		1,013		134,962
Ingredion Inc.		276		24,288
Insulet Corp.(b)		247		47,928
Intel Corp.		18,154		1,160,585
Intercontinental Exchange Inc.		2,347		234,090
International Business Machines Corp.		3,634		522,315
International Flavors & Fragrances Inc.		406		53,231
International Paper Co.		1,610		65,559
Interpublic Group of Companies Inc. (The)		1,533		34,799
Intuit Inc.		1,058		296,642
Intuitive Surgical Inc.(b)		467		261,417
Invesco Ltd.		1,625		28,113
Invitation Homes Inc.		2,093		65,867
Ionis Pharmaceuticals Inc.(b)		552		32,193
IPG Photonics Corp.(b)		156		19,917
IQVIA Holdings Inc.(b)		698		108,365
Iron Mountain Inc.		1,139		36,004
Jack Henry & Associates Inc.		327		48,900
Jacobs Engineering Group Inc.		598		55,333
Jazz Pharmaceuticals PLC(b)		214		30,677
JB Hunt Transport Services Inc.		339		36,588
Jefferies Financial Group Inc.		950		20,558
JM Smucker Co. (The)		491		50,873
Johnson & Johnson		10,816		1,610,178
Johnson Controls International PLC		3,291		129,830
Jones Lang LaSalle Inc.		199		33,794
JPMorgan Chase & Co.		13,102		1,734,181
Juniper Networks Inc.		1,487		34,112
Kansas City Southern		401		67,645
Kellogg Co.		1,060		72,303
KeyCorp.		4,048		75,738
Keysight Technologies Inc.(b)		782		72,718
Kimberly-Clark Corp.		1,426		204,260
Kimco Realty Corp.		1,686		32,118
Kinder Morgan Inc./DE		8,204		171,217
KKR & Co. Inc., Class A, NVS		1,900		60,610
KLA Corp.		646		107,068
Knight-Swift Transportation Holdings Inc.(a)		554		20,542
Kohl’s Corp.		674		28,814
Kraft Heinz Co. (The)		2,673		78,052
Kroger Co. (The)		3,250		87,295
L3Harris Technologies Inc.		906		200,525
Laboratory Corp. of America Holdings(b)		418		73,317

SCHEDULES OF INVESTMENTS 81

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Lam Research Corp.		593	$	176,839
Lamb Weston Holdings Inc.		598		54,603
Las Vegas Sands Corp.		1,426		93,132
Lear Corp.		234		28,824
Leggett & Platt Inc.		521		24,794
Leidos Holdings Inc.		523		52,546
Lennar Corp., Class A		1,154		76,579
Lennox International Inc.		153		35,646
Liberty Broadband Corp., Class C, NVS(b)		417		55,432
Liberty Global PLC, Class A(b)		784		16,088
Liberty Global PLC, Class C, NVS(b)		1,624		31,636
Liberty Media Corp.-Liberty Formula One, Class C, NVS(b)		829		38,789
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		360		17,485
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(b)		690		33,824
Liberty Property Trust		598		37,465
Lincoln National Corp.		828		45,109
Live Nation Entertainment Inc.(b)		598		40,760
LKQ Corp.(b)		1,257		41,085
Lockheed Martin Corp.		1,034		442,676
Loews Corp.		1,180		60,711
Lowe’s Companies Inc.		3,165		367,900
Lululemon Athletica Inc.(b)		433		103,656
LyondellBasell Industries NV, Class A		1,085		84,478
M&T Bank Corp.		501		84,429
ManpowerGroup Inc.		276		25,251
Marathon Oil Corp.		3,051		34,690
Marathon Petroleum Corp.		2,682		146,169
Markel Corp.(b)		55		64,513
MarketAxess Holdings Inc.		154		54,544
Marriott International Inc./MD, Class A		1,130		158,268
Marsh & McLennan Companies Inc.		2,146		240,052
Martin Marietta Materials Inc.		250		65,950
Marvell Technology Group Ltd.		2,622		63,033
Masco Corp.		1,245		59,162
Mastercard Inc., Class A		3,699		1,168,662
Match Group Inc.(a)(b)		235		18,382
Maxim Integrated Products Inc.		1,104		66,372
McCormick & Co. Inc./MD, NVS		521		85,116
McDonald’s Corp.		3,102		663,735
McKesson Corp.		746		106,387
Medical Properties Trust Inc.		2,104		46,604
Medtronic PLC		5,481		632,727
MercadoLibre Inc.(a)(b)		184		121,992
Merck & Co. Inc.		10,601		905,749
MetLife Inc.		3,312		164,640
Mettler-Toledo International Inc.(b)		100		75,718
MGM Resorts International		2,192		68,084
Microchip Technology Inc.		970		94,556
Micron Technology Inc.(b)		4,527		240,338
Microsoft Corp.		29,819		5,076,088
Mid-America Apartment Communities Inc.		475		65,175
Middleby Corp. (The)(b)		210		23,554
Mohawk Industries Inc.(b)		230		30,286
Molson Coors Beverage Co., Class B		797		44,297
Mondelez International Inc., Class A		5,871		336,878
MongoDB Inc.(a)(b)		138		22,620
Monster Beverage Corp.(b)		1,671		111,289
Moody’s Corp.		690		177,185
Morgan Stanley		5,164		269,871
Mosaic Co. (The)		1,610		31,942

Security	Shares		Value
United States (continued)
Motorola Solutions Inc.		673	$	119,121
MSCI Inc.		335		95,743
Mylan NV(b)		2,149		46,032
Nasdaq Inc.		447		52,058
National Oilwell Varco Inc.		1,349		27,803
National Retail Properties Inc.		644		36,064
NetApp Inc.		1,022		54,575
Netflix Inc.(b)		1,794		619,091
Neurocrine Biosciences Inc.(b)		356		35,628
Newell Brands Inc.		1,598		31,209
Newmont Corp.		3,321		149,644
News Corp., Class A, NVS		1,548		21,084
NextEra Energy Inc.		1,968		527,818
Nielsen Holdings PLC		1,481		30,212
NIKE Inc., Class B		5,198		500,567
NiSource Inc.		1,534		44,962
Noble Energy Inc.		2,054		40,608
Nordstrom Inc.		507		18,688
Norfolk Southern Corp.		1,067		222,160
Northern Trust Corp.		843		82,454
Northrop Grumman Corp.		663		248,340
NortonLifeLock Inc.		2,560		72,755
Norwegian Cruise Line Holdings Ltd.(b)		874		47,065
NRG Energy Inc.		1,031		38,034
Nucor Corp.		1,277		60,645
NVIDIA Corp.		2,377		561,994
NVR Inc.(b)		14		53,438
Occidental Petroleum Corp.		3,839		152,485
OGE Energy Corp.		812		37,230
Okta Inc.(b)		414		53,013
Old Dominion Freight Line Inc.		255		50,039
Omega Healthcare Investors Inc.		900		37,755
Omnicom Group Inc.		921		69,361
ON Semiconductor Corp.(b)		1,794		41,531
ONEOK Inc.		1,689		126,455
Oracle Corp.		9,570		501,946
O’Reilly Automotive Inc.(b)		305		123,861
Ovintiv Inc.		1,175		18,320
Owens Corning		460		27,825
PACCAR Inc.		1,426		105,823
Packaging Corp. of America		352		33,704
Palo Alto Networks Inc.(b)		390		91,564
Parker-Hannifin Corp.		506		99,019
Paychex Inc.		1,336		114,589
Paycom Software Inc.(b)		184		58,541
PayPal Holdings Inc.(b)		4,573		520,819
Pentair PLC		692		29,708
People’s United Financial Inc.		1,426		21,989
PepsiCo Inc.		5,750		816,615
PerkinElmer Inc.		506		46,795
Perrigo Co. PLC		536		30,573
Pfizer Inc.		22,725		846,279
Philip Morris International Inc.		6,399		529,197
Phillips 66		1,813		165,654
Pinnacle West Capital Corp.		444		43,374
Pinterest Inc., Class A(a)(b)		606		13,350
Pioneer Natural Resources Co.		695		93,825
PNC Financial Services Group Inc. (The)		1,840		273,332
Polaris Inc.		260		23,878
PPG Industries Inc.		973		116,604

82 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
PPL Corp.		2,954	$	106,905
Principal Financial Group Inc.		1,190		63,011
Procter & Gamble Co. (The)		10,346		1,289,319
Progressive Corp. (The)		2,406		194,140
Prologis Inc.		2,598		241,302
Prudential Financial Inc.		1,671		152,161
PTC Inc.(b)		462		38,401
Public Service Enterprise Group Inc.		2,085		123,432
Public Storage		644		144,101
PulteGroup Inc.		1,111		49,606
PVH Corp.		301		26,238
Qorvo Inc.(b)		521		55,153
QUALCOMM Inc.		4,978		424,673
Quest Diagnostics Inc.		567		62,750
Ralph Lauren Corp.		199		22,587
Raymond James Financial Inc.		506		46,264
Raytheon Co.		1,135		250,767
Realty Income Corp.		1,302		102,090
Regency Centers Corp.		659		40,884
Regeneron Pharmaceuticals Inc.(b)		322		108,817
Regions Financial Corp.		4,013		62,482
Reinsurance Group of America Inc.		266		38,317
RenaissanceRe Holdings Ltd.		184		34,857
Republic Services Inc.		920		87,446
ResMed Inc.		592		94,110
RingCentral Inc., Class A(b)		295		60,646
Robert Half International Inc.		460		26,758
Rockwell Automation Inc.		506		96,980
Roku Inc.(a)(b)		336		40,639
Rollins Inc.		666		25,275
Roper Technologies Inc.		414		158,007
Ross Stores Inc.		1,475		165,480
Royal Caribbean Cruises Ltd.		724		84,766
RPM International Inc.		533		38,040
S&P Global Inc.		1,040		305,479
Sabre Corp.		1,058		22,789
salesforce.com Inc.(b)		3,418		623,136
Sarepta Therapeutics Inc.(b)		302		35,020
SBA Communications Corp.		484		120,787
Schlumberger Ltd.		5,658		189,600
Seagate Technology PLC		1,012		57,674
Sealed Air Corp.		659		23,395
Seattle Genetics Inc.(b)		506		54,845
SEI Investments Co.		562		36,676
Sempra Energy		1,150		184,736
ServiceNow Inc.(b)		788		266,525
Sherwin-Williams Co. (The)		344		191,605
Signature Bank/New York NY		232		32,918
Simon Property Group Inc.		1,268		168,834
Sirius XM Holdings Inc.		6,762		47,807
Skyworks Solutions Inc.		674		76,263
SL Green Realty Corp.		290		26,692
Snap Inc., Class A, NVS(b)		3,220		59,184
Snap-on Inc.		245		39,109
Southern Co. (The)		4,262		300,045
Southwest Airlines Co.		575		31,614
Spirit AeroSystems Holdings Inc., Class A		428		27,957
Splunk Inc.(b)		684		106,198
Sprint Corp.(a)(b)		3,404		14,875
Square Inc., Class A(a)(b)		1,493		111,512

Security	Shares		Value
United States (continued)
SS&C Technologies Holdings Inc.		932	$	58,725
Stanley Black & Decker Inc.		613		97,669
Starbucks Corp.		4,891		414,904
State Street Corp.		1,520		114,958
Steel Dynamics Inc.		981		29,312
Stryker Corp.		1,384		291,609
Sun Communities Inc.		368		59,679
SVB Financial Group(b)		230		55,276
Synchrony Financial		2,426		78,627
Synopsys Inc.(b)		622		91,751
Sysco Corp.		2,008		164,937
T Rowe Price Group Inc.		971		129,658
Take-Two Interactive Software Inc.(a)(b)		471		58,705
Tapestry Inc.		1,151		29,661
Targa Resources Corp.		920		33,580
Target Corp.		2,072		229,453
TD Ameritrade Holding Corp.		1,157		54,934
TE Connectivity Ltd.		1,350		124,443
TechnipFMC PLC		1,848		30,510
Teledyne Technologies Inc.(b)		149		54,394
Teleflex Inc.		186		69,101
Teradyne Inc.		701		46,259
Tesla Inc.(a)(b)		573		372,777
Texas Instruments Inc.		3,811		459,797
Textron Inc.		966		44,368
Thermo Fisher Scientific Inc.		1,656		518,643
Tiffany & Co.		463		62,051
TJX Companies Inc. (The)		5,016		296,145
T-Mobile U.S. Inc.(b)		1,410		111,658
Tractor Supply Co.		521		48,427
TransDigm Group Inc.		193		124,153
TransUnion		736		67,491
Travelers Companies Inc. (The)		1,067		140,439
Trimble Inc.(b)		1,058		44,986
TripAdvisor Inc.		476		13,004
Truist Financial Corp.		5,506		283,944
Twilio Inc., Class A(a)(b)		460		57,196
Twitter Inc.(b)		3,005		97,602
Tyler Technologies Inc.(b)		158		51,141
Tyson Foods Inc., Class A		1,234		101,965
U.S. Bancorp.		6,134		326,451
Uber Technologies Inc.(b)		690		25,040
UDR Inc.		1,073		51,407
UGI Corp.		751		31,234
Ulta Salon Cosmetics & Fragrance Inc.(b)		232		62,155
Under Armour Inc., Class A(a)(b)		748		15,095
Under Armour Inc., Class C, NVS(b)		753		13,524
Union Pacific Corp.		2,866		514,218
United Airlines Holdings Inc.(b)		213		15,932
United Parcel Service Inc., Class B		2,853		295,343
United Rentals Inc.(b)		306		41,521
United Technologies Corp.		3,361		504,822
UnitedHealth Group Inc.		3,883		1,057,923
Universal Health Services Inc., Class B		343		47,029
Unum Group		904		24,128
Vail Resorts Inc.		156		36,584
Valero Energy Corp.		1,798		151,589
Varian Medical Systems Inc.(b)		368		51,730
Veeva Systems Inc., Class A(b)		598		87,673
Ventas Inc.		1,489		86,154

SCHEDULES OF INVESTMENTS 83

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
VEREIT Inc.		4,446	$	43,393
VeriSign Inc.(b)		454		94,496
Verisk Analytics Inc.		644		104,631
Verizon Communications Inc.		16,949		1,007,449
Vertex Pharmaceuticals Inc.(b)		1,049		238,175
VF Corp.		1,385		114,913
ViacomCBS Inc., Class B, NVS		2,419		82,560
VICI Properties Inc.		1,904		51,027
Visa Inc., Class A		7,121		1,416,865
Vistra Energy Corp.		1,702		38,329
VMware Inc., Class A(a)(b)		335		49,600
Vornado Realty Trust		690		45,381
Voya Financial Inc.		598		35,719
Vulcan Materials Co.		552		78,180
WABCO Holdings Inc.(b)		230		31,200
Walgreens Boots Alliance Inc.		3,145		159,923
Walmart Inc.		5,849		669,652
Walt Disney Co. (The)		7,381		1,020,866
Waste Management Inc.		1,733		210,906
Waters Corp.(b)		276		61,766
Wayfair Inc., Class A(a)(b)		230		21,551
WEC Energy Group Inc.		1,302		130,057
Wells Fargo & Co.		17,145		804,786
Welltower Inc.		1,702		144,517
West Pharmaceutical Services Inc.		302		47,097
Western Digital Corp.		1,290		84,495
Western Union Co. (The)		1,592		42,825
Westinghouse Air Brake Technologies Corp.		771		56,946
Westlake Chemical Corp.		138		8,446
Westrock Co.		1,041		40,599
Weyerhaeuser Co.		3,093		89,542
Whirlpool Corp.		278		40,635
Williams Companies Inc. (The)		4,902		101,422
Willis Towers Watson PLC		552		116,632
Workday Inc., Class A(b)		654		120,748
WP Carey Inc.		750		63,090
WR Berkley Corp.		567		41,692
WW Grainger Inc.		197		59,626
Wynn Resorts Ltd.		414		52,230
Xcel Energy Inc.		2,116		146,406
Xerox Holdings Corp.(b)		902		32,084
Xilinx Inc.		1,073		90,647
XPO Logistics Inc.(a)(b)		380		33,790
Xylem Inc./NY		782		63,858
Yum! Brands Inc.		1,268		134,116
Zayo Group Holdings Inc.(b)		935		32,491
Zebra Technologies Corp., Class A(b)		230		54,975
Zillow Group Inc., Class C, NVS(b)		531		24,538
Zimmer Biomet Holdings Inc.		839		124,088
Zions Bancorp. N.A.		782		35,573

Security	Shares		Value
United States (continued)
Zoetis Inc.		1,946	$	261,173
				115,406,536
Total Common Stocks — 99.5% (Cost: $166,678,098)				167,012,855
Preferred Stocks
Germany — 0.2%
Bayerische Motoren Werke AG, Preference Shares, NVS		245		13,684
Fuchs Petrolub SE, Preference Shares, NVS		260		11,525
Henkel AG & Co. KGaA, Preference Shares, NVS		726		73,971
Porsche Automobil Holding SE, Preference Shares, NVS		644		43,635
Sartorius AG, Preference Shares, NVS		138		32,207
Volkswagen AG, Preference Shares, NVS		755		135,862
				310,884
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		23,674		12,462
Total Preferred Stocks — 0.2% (Cost: $420,302)				323,346
Short-Term Investments
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,     1.78%(f)(g)(h)		1,818,340		1,819,431
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.50%(f)(g)		226,000		226,000
				2,045,431
Total Short-Term Investments — 1.2% (Cost: $2,044,870)				2,045,431
Total Investments in Securities — 100.9% (Cost: $169,143,270)				169,381,632
Other Assets, Less Liabilities — (0.9)%				(1,432,525	)
Net Assets — 100.0%			$	167,949,107

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Rounds to less than $1.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period-end.

^(h)  All or a portion of this security was purchased with cash collateral received from loaned securities.

84 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Shares Purchased		Shares Sold		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,400,481	417,859	(b)	—		1,818,340	$	1,819,431	$	8,843	(c)	$	(101	)	$	189
BlackRock Cash Funds: Treasury, SL Agency Shares	364,000	—		(138,000	)(b)	226,000		226,000		2,826			—			—
BlackRock Inc.	449	40		(16	)	473		249,437		2,963			(1,412	)		28,062
							$	2,294,868	$	14,632		$	(1,513	)	$	28,251

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

^(c)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		3		03/20/20	$	121	$	(3,271	)
S&P 500 E-Mini		2		03/20/20		322		618
							$	(2,653	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	618
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	3,271

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	61,939
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(10,958	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	529,452

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

SCHEDULES OF INVESTMENTS 85

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI Kokusai ETF

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	167,008,202		$	4,652	$	1	$	167,012,855
Preferred Stocks		323,346			—		—		323,346
Money Market Funds		2,045,431			—		—		2,045,431
	$	169,376,979		$	4,652	$	1	$	169,381,632
Derivative financial instruments(a)
Assets
Futures Contracts	$	618		$	—	$	—	$	618
Liabilities
Futures Contracts		(3,271	)		—		—		(3,271	)
	$	(2,653	)	$	—	$	—	$	(2,653	)

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

See notes to financial statements.

86 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

January 31, 2020

	iShares MSCI ACWI ETF			iShares MSCI ACWI Low Carbon Target ETF		iShares MSCI All Country Asia ex Japan ETF (Consolidated)			iShares MSCI Europe Financials ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	10,230,172,895		$	504,676,754	$	3,680,452,393		$	812,302,522
Affiliated(c)		283,615,922			3,860,877		95,917,140			337,000
Cash		1,588,187			96,221		372			—
Foreign currency, at value(d)		15,754,742			417,672		2,267,237			575,141
Cash pledged:
Futures contracts		1,350,000			45,000		240,480			—
Foreign currency collateral pledged:
Futures contracts(e)		—			—		129,943			164,983
Receivables:
Investments sold		14,233,392			26,217		103,268,574			165,143
Securities lending income — Affiliated		127,658			6,148		172,015			1,004
Dividends		9,691,996			454,942		7,118,091			3,403
Tax reclaims		2,775,285			181,582		—			2,076,603
Foreign withholding tax claims		109,254			—		—			22,177
Total assets		10,559,419,331			509,765,413		3,889,566,245			815,647,976
LIABILITIES
Bank overdraft		—			—		—			163,078
Collateral on securities loaned, at value		155,983,372			2,819,507		93,071,543			—
Deferred foreign capital gain tax		—			56,626		2,220,495			—
Payables:
Investments purchased		5,854,077			41,733		14,397			—
Variation margin on futures contracts		533,481			18,850		134,568			31,029
Capital shares redeemed		5,787,917			—		111,563,621			166,431
Investment advisory fees		2,870,750			85,771		2,408,728			350,425
Professional fees		55,282			—		—			844
Foreign taxes		(4,170	)		13		1,374			—
IRS compliance fee for foreign withholding tax claims		150,607			—		—			—
Total liabilities		171,231,316			3,022,500		209,414,726			711,807
NET ASSETS	$	10,388,188,015		$	506,742,913	$	3,680,151,519		$	814,936,169
NET ASSETS CONSIST OF:
Paid-in capital	$	8,900,622,508		$	433,391,407	$	3,915,556,251		$	1,102,125,082
Accumulated earnings (loss)		1,487,565,507			73,351,506		(235,404,732	)		(287,188,913	)
NET ASSETS	$	10,388,188,015		$	506,742,913	$	3,680,151,519		$	814,936,169
Shares outstanding		132,400,000			3,950,000		52,800,000			43,850,000
Net asset value	$	78.46		$	128.29	$	69.70		$	18.58
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Securities loaned, at value	$	141,882,040		$	2,724,644	$	88,451,326		$	—
(b) Investments, at cost — Unaffiliated	$	8,637,742,960		$	424,385,562	$	3,036,465,106		$	1,009,020,910
(c)  Investments, at cost — Affiliated	$	282,403,462		$	3,706,369	$	95,879,204		$	337,000
(d) Foreign currency, at cost	$	15,827,109		$	415,714	$	2,263,042		$	572,476
(e) Foreign currency collateral pledged, at cost	$	—		$	—	$	129,915		$	164,929

See notes to financial statements.

FINANCIAL STATEMENTS 87

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2020

	iShares MSCI Europe Small-Cap ETF			iShares MSCI Kokusai ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	144,143,898		$	167,086,764
Affiliated(c)		7,306,946			2,294,868
Cash		30			31,530
Foreign currency, at value(d)		834,813			180,612
Cash pledged:
Futures contracts		—			15,000
Foreign currency collateral pledged:
Futures contracts(e)		72,278			8,866
Receivables:
Investments sold		392,906			—
Securities lending income — Affiliated		21,014			1,567
Dividends		88,293			105,120
Tax reclaims		225,900			86,699
Total assets		153,086,078			169,811,026
LIABILITIES
Collateral on securities loaned, at value		7,251,939			1,818,836
Payables:
Variation margin on futures contracts		14,231			7,934
Investment advisory fees		50,258			34,528
Professional fees		—			621
Total liabilities		7,316,428			1,861,919
NET ASSETS	$	145,769,650		$	167,949,107
NET ASSETS CONSIST OF:
Paid-in capital	$	167,189,280		$	183,112,126
Accumulated loss		(21,419,630	)		(15,163,019	)
NET ASSETS	$	145,769,650		$	167,949,107
Shares outstanding		2,700,000			2,300,000
Net asset value	$	53.99		$	73.02
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	6,788,792		$	1,755,883
(b) Investments, at cost — Unaffiliated	$	157,425,966		$	166,821,986
(c)  Investments, at cost — Affiliated	$	7,302,741		$	2,321,284
(d) Foreign currency, at cost	$	832,011		$	180,852
(e) Foreign currency collateral pledged, at cost	$	72,342		$	8,854

See notes to financial statements.

88 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended January 31, 2020

	iShares MSCI ACWI ETF			iShares MSCI ACWI Low Carbon Target ETF			iShares MSCI All Country Asia ex Japan ETF (Consolidated)			iShares MSCI Europe Financials ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	112,042,154		$	4,862,684		$	36,176,212		$	7,039,054
Dividends — Affiliated		431,914			12,939			54,163			3,060
Non-cash dividends — Unaffiliated		9,452,639			455,993			—			819,066
Interest — Unaffiliated		2,432			195			5,484			—
Securities lending income — Affiliated — net		704,217			26,189			1,028,578			5,093
Other income — Unaffiliated		—			—			—			1,333
Foreign taxes withheld		(5,049,223	)		(211,498	)		(3,618,942	)		(650,590	)
Other foreign taxes		(93,078	)		(1,711	)		(90,437	)		—
Total investment income		117,491,055			5,144,791			33,555,058			7,217,016
EXPENSES
Investment advisory fees		17,099,410			478,785			13,413,230			1,777,947
Commitment fees		—			126			12,439			—
Mauritius income taxes		—			—			127,787			—
Interest expense		—			—			8,666			—
Total expenses		17,099,410			478,911			13,562,122			1,777,947
Less:
Investment advisory fees waived		(350,098	)		—			—			—
Total expenses after fees waived		16,749,312			478,911			13,562,122			1,777,947
Net investment income		100,741,743			4,665,880			19,992,936			5,439,069
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(60,166,804	)		(2,518,805	)		(47,549,822	)		(5,534,846	)
Investments — Affiliated		(20,364	)		2,793			14,852			467
In-kind redemptions — Unaffiliated		363,249,142			13,968,322			59,026,274			(26,078,549	)
In-kind redemptions — Affiliated		1,089,490			12,099			—			—
Futures contracts		3,076,493			166,293			(421,204	)		622,843
Foreign currency transactions		(58,626	)		(6,493	)		(247,797	)		77,227
Net realized gain (loss)		307,169,331			11,624,209			10,822,303			(30,912,858	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		378,695,226			19,309,993			69,538,661			38,404,615
Investments — Affiliated		5,218,449			55,521			(6,706	)		—
Futures contracts		(433,274	)		(26,227	)		159,221			(78,716	)
Foreign currency translations		82,972			5,846			(123,833	)		63,573
Net change in unrealized appreciation (depreciation)		383,563,373			19,345,133			69,567,343			38,389,472
Net realized and unrealized gain		690,732,704			30,969,342			80,389,646			7,476,614
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	791,474,447		$	35,635,222		$	100,382,582		$	12,915,683
(a) Net of foreign capital gain tax of	$	—		$	6,663		$	9,534		$	—
(b) Net of deferred foreign capital gain tax of	$	—		$	42,916		$	682,088		$	—

See notes to financial statements.

FINANCIAL STATEMENTS 89

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2020

	iShares MSCI Europe Small-Cap ETF			iShares MSCI Kokusai ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,005,506		$	1,520,604
Dividends — Affiliated		833			5,789
Non-cash dividends — Unaffiliated		120,251			—
Interest — Unaffiliated		—			55
Securities lending income — Affiliated — net		137,615			8,843
Foreign taxes withheld		(60,487	)		(45,442	)
Total investment income		1,203,718			1,489,849
EXPENSES
Investment advisory fees		275,365			187,161
Total expenses		275,365			187,161
Net investment income		928,353			1,302,688
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,032,752	)		(759,449	)
Investments — Affiliated		1,599			(1,513	)
In-kind redemptions — Unaffiliated		(1,517,266	)		—
Futures contracts		24,729			61,939
Foreign currency transactions		21,562			1,206
Net realized loss		(2,502,128	)		(697,817	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		15,510,599			10,466,384
Investments — Affiliated		(813	)		28,251
Futures contracts		(42,394	)		(10,958	)
Foreign currency translations		11,433			3,775
Net change in unrealized appreciation (depreciation)		15,478,825			10,487,452
Net realized and unrealized gain		12,976,697			9,789,635
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,905,050		$	11,092,323

See notes to financial statements.

90 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

	iShares MSCI ACWI ETF						iShares MSCI ACWI Low Carbon Target ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	100,741,743		$	222,740,984		$	4,665,880		$	10,501,746
Net realized gain		307,169,331			396,880,167			11,624,209			18,087,951
Net change in unrealized appreciation (depreciation)		383,563,373			(118,194,296	)		19,345,133			(23,751,362	)
Net increase in net assets resulting from operations		791,474,447			501,426,855			35,635,222			4,838,335
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(133,728,461	)		(229,411,770	)		(5,733,300	)		(11,305,924	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,123,927,896	)		1,755,869,635			7,841,874			(58,557,538	)
NET ASSETS
Total increase (decrease) in net assets		(466,181,910	)		2,027,884,720			37,743,796			(65,025,127	)
Beginning of period		10,854,369,925			8,826,485,205			468,999,117			534,024,244
End of period	$	10,388,188,015		$	10,854,369,925		$	506,742,913		$	468,999,117

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 91

Statements of Changes in Net Assets (continued)

	iShares MSCI All Country Asia ex Japan ETF (Consolidated)						iShares MSCI Europe Financials ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	19,992,936		$	75,236,230		$	5,439,069		$	33,315,172
Net realized gain (loss)		10,822,303			5,065,350			(30,912,858	)		(168,777,205	)
Net change in unrealized appreciation (depreciation)		69,567,343			(211,924,104	)		38,389,472			(75,531,428	)
Net increase (decrease) in net assets resulting from operations		100,382,582			(131,622,524	)		12,915,683			(210,993,461	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(52,411,951	)		(81,681,537	)		(7,278,877	)		(36,740,874	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(398,166,867	)		(82,735,665	)		(225,849,059	)		(522,568,469	)
NET ASSETS
Total decrease in net assets		(350,196,236	)		(296,039,726	)		(220,212,253	)		(770,302,804	)
Beginning of period		4,030,347,755			4,326,387,481			1,035,148,422			1,805,451,226
End of period	$	3,680,151,519		$	4,030,347,755		$	814,936,169		$	1,035,148,422

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.    

92 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares MSCI Europe Small-Cap ETF						iShares MSCI Kokusai ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	928,353		$	6,028,192		$	1,302,688		$	3,103,867
Net realized gain (loss)		(2,502,128	)		13,240,344			(697,817	)		(1,955,582	)
Net change in unrealized appreciation (depreciation)		15,478,825			(49,607,111	)		10,487,452			4,329,984
Net increase (decrease) in net assets resulting from operations		13,905,050			(30,338,575	)		11,092,323			5,478,269
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,521,466	)		(6,755,832	)		(1,503,643	)		(3,283,829	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(6,531,654	)		(89,358,771	)		14,877,107			(5,892,020	)
NET ASSETS
Total increase (decrease) in net assets		5,851,930			(126,453,178	)		24,465,787			(3,697,580	)
Beginning of period		139,917,720			266,370,898			143,483,320			147,180,900
End of period	$	145,769,650		$	139,917,720		$	167,949,107		$	143,483,320

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.    

FINANCIAL STATEMENTS 93

Financial Highlights  

(For a share outstanding throughout each period)

	iShares MSCI ACWI ETF
	Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period		$	73.94		$	73.31		$	67.16		$	58.43		$	60.04		$	59.53
Net investment income(a)			0.71			1.60			1.50			1.36	(b)		1.25			1.25
Net realized and unrealized gain (loss)(c)			4.75			0.58			6.12			8.66			(1.40	)		0.47
Net increase (decrease) from investment operations			5.46			2.18			7.62			10.02			(0.15	)		1.72
Distributions(d)
From net investment income			(0.94	)		(1.55	)		(1.47	)		(1.29	)		(1.46	)		(1.21	)
Total distributions			(0.94	)		(1.55	)		(1.47	)		(1.29	)		(1.46	)		(1.21	)
Net asset value, end of period		$	78.46		$	73.94		$	73.31		$	67.16		$	58.43		$	60.04
Total Return
Based on net asset value			7.39	%(e)		3.14	%		11.40	%		17.31	%(b)		(0.13	)%		2.91	%
Ratios to Average Net Assets
Total expenses			0.31	%(f)(g)		0.32	%(g)		0.31	%(g)		0.32	%		0.33	%		0.33	%
Total expenses after fees waived			0.31	%(f)(g)		0.31	%(g)		0.31	%(g)		0.32	%		0.33	%		0.33	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.32	%		N/A			0.32	%		N/A			N/A
Net investment income			1.85	%(f)		2.25	%		2.10	%		2.21	%(b)		2.23	%		2.09	%
Supplemental Data
Net assets, end of period (000)		$	10,388,188		$	10,854,370		$	8,826,485		$	7,266,576		$	5,527,311		$	6,520,074
Portfolio turnover rate(h)			9	%(e)(i)		11	%(i)		4	%(i)		4	%		5	%		6	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

• Net investment income per share by $0.01.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.01%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

94 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI ACWI Low Carbon Target ETF
	Six Months Ended																					Period From
		01/31/20				Year Ended				Year Ended				Year Ended				Year Ended						12/08/14	(a)
	(unaudited)						07/31/19				07/31/18				07/31/17				07/31/16			to 07/31/15
Net asset value, beginning of period			$	120.26			$	118.67			$	110.08			$	95.80			$	98.40			$	96.01
Net investment income(b)				1.21				2.58				2.51				2.33				2.22				1.48
Net realized and unrealized gain (loss)(c)				8.35				1.70				8.63				14.05				(2.64	)			1.85
Net increase (decrease) from investment operations				9.56				4.28				11.14				16.38				(0.42	)			3.33
Distributions(d)
From net investment income				(1.53	)			(2.69	)			(2.55	)			(2.10	)			(2.18	)			(0.94	)
Total distributions				(1.53	)			(2.69	)			(2.55	)			(2.10	)			(2.18	)			(0.94	)
Net asset value, end of period			$	128.29			$	120.26			$	118.67			$	110.08			$	95.80			$	98.40
Total Return
Based on net asset value				7.95	%(e)			3.82	%			10.17	%			17.28	%			(0.31	)%			3.46	%(e)
Ratios to Average Net Assets
Total expenses				0.20	%(f)			0.20	%			0.20	%			0.20	%			0.33	%			0.33	%(f)
Total expenses after fees waived				0.20	%(f)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%(f)
Net investment income				1.95	%(f)			2.24	%			2.16	%			2.29	%			2.42	%			2.35	%(f)
Supplemental Data
Net assets, end of period (000)			$	506,743			$	468,999			$	534,024			$	434,815			$	239,489			$	221,397
Portfolio turnover rate(g)				6	%(e)			14	%			18	%			12	%			16	%			4	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 95

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI All Country Asia ex Japan ETF (Consolidated)
	Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period		$	68.54		$	72.59		$	70.99		$	57.05		$	59.46		$	65.13
Net investment income(a)			0.36			1.24			1.39			1.21			1.03			1.24
Net realized and unrealized gain (loss)(b)			1.73			(3.95	)		1.85			13.65			(2.21	)		(5.92	)
Net increase (decrease) from investment operations			2.09			(2.71	)		3.24			14.86			(1.18	)		(4.68	)
Distributions(c)
From net investment income			(0.93	)		(1.34	)		(1.64	)		(0.92	)		(1.23	)		(0.99	)
Total distributions			(0.93	)		(1.34	)		(1.64	)		(0.92	)		(1.23	)		(0.99	)
Net asset value, end of period		$	69.70	(d)	$	68.54		$	72.59		$	70.99		$	57.05		$	59.46
Total Return
Based on net asset value			3.02	%(d)(e)		(3.61	)%		4.52	%		26.41	%		(1.83	)%		(7.22	)%
Ratios to Average Net Assets
Total expenses			0.70	%(f)		0.68	%		0.67	%		0.70	%		0.72	%		0.69	%
Net investment income			1.03	%(f)		1.82	%		1.84	%		1.97	%		1.92	%		1.95	%
Supplemental Data
Net assets, end of period (000)		$	3,680,152		$	4,030,348		$	4,326,387		$	4,159,795		$	2,350,417		$	3,668,677
Portfolio turnover rate(g)			8	%(e)		17	%		13	%		12	%		17	%		13	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  For financial reporting purposes, the market value of certain investments were adjusted as of the report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on NAV presented herein are different than the information previously published as of January 31, 2020.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

96 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Europe Financials ETF
	Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period		$	17.53		$	21.18		$	23.15		$	16.32		$	23.63		$	24.15
Net investment income(a)			0.13			0.68			0.86			0.87			0.64			0.69
Net realized and unrealized gain (loss)(b)			1.10			(3.35	)		(1.85	)		6.61			(7.12	)		(0.47	)
Net increase (decrease) from investment operations			1.23			(2.67	)		(0.99	)		7.48			(6.48	)		0.22
Distributions(c)
From net investment income			(0.18	)		(0.98	)		(0.98	)		(0.65	)		(0.83	)		(0.74	)
Total distributions			(0.18	)		(0.98	)		(0.98	)		(0.65	)		(0.83	)		(0.74	)
Net asset value, end of period		$	18.58		$	17.53		$	21.18		$	23.15		$	16.32		$	23.63
Total Return
Based on net asset value			6.98	%(d)		(12.53	)%		(4.18	)%		46.28	%		(27.77	)%		0.98	%
Ratios to Average Net Assets
Total expenses			0.48	%(e)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.48	%		N/A			0.48	%		N/A			N/A
Net investment income			1.47	%(e)		3.62	%		3.72	%		4.30	%(f)		3.30	%		3.00	%
Supplemental Data
Net assets, end of period (000)		$	814,936		$	1,035,148		$	1,805,451		$	1,611,394		$	447,062		$	445,397
Portfolio turnover rate(g)			2	%(d)		5	%		3	%		9	%		4	%		6	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

• Ratio of net investment income to average net assets by 0.01%.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 97

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Europe Small-Cap ETF
	Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17				Year Ended 07/31/16				Year Ended 07/31/15
Net asset value, beginning of period		$	49.09			$	57.28			$	53.88			$	44.03			$	47.18			$	45.46
Net investment income(a)			0.35				1.51				1.52				1.22				1.19				1.01
Net realized and unrealized gain (loss)(b)			5.12				(7.50	)			3.38				9.56				(3.13	)			1.79
Net increase (decrease) from investment operations			5.47				(5.99	)			4.90				10.78				(1.94	)			2.80
Distributions(c)
From net investment income			(0.57	)			(2.20	)			(1.50	)			(0.93	)			(1.21	)			(1.08	)
Total distributions			(0.57	)			(2.20	)			(1.50	)			(0.93	)			(1.21	)			(1.08	)
Net asset value, end of period		$	53.99			$	49.09			$	57.28			$	53.88			$	44.03			$	47.18
Total Return
Based on net asset value			11.12	%(d)			(10.32	)%			9.15	%			24.74	%			(4.14	)%			6.34	%
Ratios to Average Net Assets
Total expenses			0.40	%(e)			0.40	%			0.40	%			0.40	%			0.40	%			0.41	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A				0.40	%			N/A				N/A				N/A				N/A
Net investment income			1.35	%(e)			2.95	%			2.65	%			2.56	%			2.69	%			2.28	%
Supplemental Data
Net assets, end of period (000)		$	145,770			$	139,918			$	266,371			$	161,646			$	59,445			$	51,897
Portfolio turnover rate(f)			6	%(d)			17	%			15	%			16	%			20	%			65	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

98 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Kokusai ETF
	Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17				Year Ended 07/31/16				Year Ended 07/31/15
Net asset value, beginning of period		$	68.33			$	66.90			$	61.10			$	53.85			$	55.33			$	54.13
Net investment income(a)			0.61				1.42				1.40				1.36	(b)			1.22				1.21
Net realized and unrealized gain (loss)(c)			4.78				1.51				6.10				7.49				(1.24	)			1.36
Net increase (decrease) from investment operations			5.39				2.93				7.50				8.85				(0.02	)			2.57
Distributions(d)
From net investment income			(0.70	)			(1.50	)			(1.70	)			(1.60	)			(1.46	)			(1.37	)
Total distributions			(0.70	)			(1.50	)			(1.70	)			(1.60	)			(1.46	)			(1.37	)
Net asset value, end of period		$	73.02			$	68.33			$	66.90			$	61.10			$	53.85			$	55.33
Total Return
Based on net asset value			7.89	%(e)			4.59	%			12.38	%			16.62	%(b)			0.11	%			4.80	%
Ratios to Average Net Assets
Total expenses			0.25	%(f)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A				N/A				N/A				0.25	%			N/A				N/A
Net investment income			1.74	%(f)			2.17	%			2.16	%			2.40	%(b)			2.36	%			2.20	%
Supplemental Data
Net assets, end of period (000)		$	167,949			$	143,483			$	147,181			$	329,938			$	280,040			$	354,114
Portfolio turnover rate(g)			2	%(e)			4	%			6	%			7	%			5	%			5	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

• Net investment income per share by $0.02.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.03%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 99

Notes to Financial Statements  (unaudited) 

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
MSCI ACWI	Diversified
MSCI ACWI Low Carbon Target	Diversified
MSCI All Country Asia ex Japan	Diversified
MSCI Europe Financials	Diversified
MSCI Europe Small-Cap	Diversified
MSCI Kokusai	Diversified

Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI All Country Asia ex Japan ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. Intercompany accounts and transactions, if any, have been eliminated.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2020, if any, are disclosed in the statement of assets and liabilities.

The iShares MSCI All Country Asia ex Japan ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities and the same covers the period of any exists.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

100 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

NOTES TO FINANCIAL STATEMENTS 101

Notes to Financial Statements  (unaudited) (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of January 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of January 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of January 31, 2020:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI ACWI
Barclays Capital Inc.	$	59,924	$	59,924		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		24,656,679		24,656,679			—		—
BNP Paribas Securities Corp.		515,621		515,621			—		—
BofA Securities, Inc.		5,205,249		5,205,249			—		—
Citigroup Global Markets Inc.		4,236,327		4,236,327			—		—
Credit Suisse Securities (USA) LLC		798,407		798,407			—		—
Goldman Sachs & Co.		10,776,668		10,776,668			—		—
HSBC Bank PLC		2,111,357		2,111,357			—		—
Jefferies LLC		135,186		135,186			—		—
JPMorgan Securities LLC		10,372,819		10,372,819			—		—
Macquarie Bank Limited		602,266		602,266			—		—
Morgan Stanley & Co. International PLC		352,406		352,406			—		—
Morgan Stanley & Co. LLC		23,544,463		23,544,463			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		19,651,715		19,651,715			—		—
National Financial Services LLC		1,706,257		1,706,257			—		—
SG Americas Securities LLC		10,234		10,234			—		—
State Street Bank & Trust Company		21,290,677		21,290,677			—		—
TD Prime Services LLC		2,640,730		2,640,730			—		—
UBS AG		3,147,648		3,147,648			—		—
UBS Securities LLC		7,281,006		7,281,006			—		—
Wells Fargo Securities LLC		2,786,401		2,786,401			—		—
	$	141,882,040	$	141,882,040		$	—	$	—

102 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received(	a)		Non-Cash Collateral Received		Net Amount
MSCI ACWI Low Carbon Target
BNP Paribas Prime Brokerage International Ltd.	$	60,921	$	60,921		$	—	$	—
BofA Securities, Inc.		212,682		212,682			—		—
Citigroup Global Markets Inc.		1,033,086		1,033,086			—		—
Credit Suisse AG Dublin Branch		88,792		88,792			—		—
Credit Suisse Securities (USA) LLC		34,317		34,317			—		—
Deutsche Bank Securities Inc.		39,648		39,648			—		—
Goldman Sachs & Co.		263,569		263,569			—		—
JPMorgan Securities LLC		675,692		675,692			—		—
Macquarie Bank Limited		5,485		5,485			—		—
Morgan Stanley & Co. International PLC		18,918		18,918			—		—
National Financial Services LLC		3,219		3,219			—		—
Scotia Capital (USA) Inc.		77,683		77,683			—		—
SG Americas Securities LLC		5,661		5,661			—		—
UBS AG		125,225		125,225			—		—
Wells Fargo Bank, National Association		79,746		79,746			—		—
	$	2,724,644	$	2,724,644		$	—	$	—
MSCI All Country Asia ex Japan
Barclays Capital Inc.	$	789,826	$	789,826		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		362,817		362,817			—		—
BofA Securities, Inc.		4,088,406		4,088,406			—		—
Citigroup Global Markets Inc.		8,490,255		8,490,255			—		—
Credit Suisse Securities (USA) LLC		542,023		542,023			—		—
Deutsche Bank Securities Inc.		1,721,307		1,721,307			—		—
Goldman Sachs & Co.		7,002,247		7,002,247			—		—
Jefferies LLC		422,737		422,737			—		—
JPMorgan Securities LLC		4,988,033		4,988,033			—		—
Macquarie Bank Limited		775,127		775,127			—		—
Morgan Stanley & Co. International PLC		1,128,861		1,128,861			—		—
Morgan Stanley & Co. LLC		49,664,336		49,664,336			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		1,789,572		1,789,572			—		—
Nomura Securities International Inc.		3,883,039		3,883,039			—		—
RBC Capital Markets LLC		103,113		103,113			—		—
Scotia Capital (USA) Inc.		203,814		203,814			—		—
SG Americas Securities LLC		28,700		28,700			—		—
State Street Bank & Trust Company		390,273		390,273			—		—
TD Prime Services LLC		2,021,362		2,021,362			—		—
UBS AG		5,420		5,420			—		—
Wells Fargo Securities LLC		50,058		50,058			—		—
	$	88,451,326	$	88,451,326		$	—	$	—
MSCI Europe Small-Cap
Barclays Capital Inc.	$	127,740	$	127,740		$	—	$	—
BNP Paribas Securities Corp.		80,760		80,760			—		—
BofA Securities, Inc.		544,094		544,094			—		—
Citigroup Global Markets Inc.		581,856		581,856			—		—
Credit Suisse AG Dublin Branch		769,017		769,017			—		—
Credit Suisse Securities (USA) LLC		198,547		198,547			—		—
Deutsche Bank Securities Inc.		412,773		412,773			—		—
Goldman Sachs & Co.		2,085,754		2,085,754			—		—
HSBC Bank PLC		64,465		64,465			—		—
Jefferies LLC		59,334		59,334			—		—
JPMorgan Securities LLC		40,875		40,875			—		—
Morgan Stanley & Co. LLC		1,613,290		1,613,290			—		—
National Financial Services LLC		6,708		6,708			—		—
Nomura Securities International Inc.		7,677		7,677			—		—
Scotia Capital (USA) Inc.		69,317		69,317			—		—
UBS AG		126,585		126,585			—		—
	$	6,788,792	$	6,788,792		$	—	$	—

NOTES TO FINANCIAL STATEMENTS 103

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Kokusai
Barclays Capital Inc.	$	21,083	$	21,083		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		96,128		96,128			—		—
BNP Paribas Securities Corp.		16,465		16,465			—		—
BofA Securities, Inc.		18,645		18,645			—		—
Citadel Clearing LLC		14,126		14,126			—		—
Citigroup Global Markets Inc.		73,522		73,522			—		—
Credit Suisse AG Dublin Branch		117,843		117,843			—		—
Credit Suisse Securities (USA) LLC		406		406			—		—
Deutsche Bank Securities Inc.		6,327		6,327			—		—
Goldman Sachs & Co.		97,324		97,324			—		—
JPMorgan Securities LLC		155,858		155,858			—		—
Morgan Stanley & Co. LLC		257,003		257,003			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		427,109		427,109			—		—
National Financial Services LLC		26,169		26,169			—		—
RBC Capital Markets LLC		26,324		26,324			—		—
Scotia Capital (USA) Inc.		17,503		17,503			—		—
TD Prime Services LLC		65,698		65,698			—		—
UBS AG		52,807		52,807			—		—
UBS Securities LLC		138,867		138,867			—		—
Wells Fargo Securities LLC		126,676		126,676			—		—
	$	1,755,883	$	1,755,883		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

104 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

For its investment advisory services to the iShares MSCIACWI ETF, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
MSCI ACWI Low Carbon Target		0.20	%
MSCI Europe Financials		0.48
MSCI Europe Small-Cap		0.40
MSCI Kokusai		0.25

For its investment advisory services to the iShares MSCI All Country Asia ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses are a fund’s total annual operating expenses.

For each of the iShares MSCI ACWI and iShares MSCI All Country Asia ex Japan ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for the Funds through November 30, 2021 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

NOTES TO FINANCIAL STATEMENTS 105

Notes to Financial Statements  (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended January 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI ACWI	$	184,963
MSCI ACWI Low Carbon Target		6,537
MSCI All Country Asia ex Japan		242,655
MSCI Europe Financials		1,310
MSCI Europe Small-Cap		31,999
MSCI Kokusai		2,335

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI ACWI	$	21,139,101	$	32,289,334	$	(3,408,216	)
MSCI All Country Asia ex Japan		4,488,264		11,884,125		(1,620,537	)
MSCI Europe Financials		2,454,213		1,625,586		(408,585	)
MSCI Europe Small-Cap		1,049,132		1,538,662		634,058
MSCI Kokusai		370,308		215,028		(86,216	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
MSCI ACWI	$	917,749,730	$	1,009,662,424
MSCI ACWI Low Carbon Target		32,390,417		30,400,167
MSCI All Country Asia ex Japan		288,717,405		434,074,694
MSCI Europe Financials		17,219,327		14,868,369
MSCI Europe Small-Cap		7,869,495		8,254,473
MSCI Kokusai		3,481,322		2,765,411

For the six months ended January 31, 2020, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI ACWI	$	—	$	1,053,555,477
MSCI ACWI Low Carbon Target		50,200,353		45,215,666
MSCI All Country Asia ex Japan		16,712,509		263,595,602
MSCI Europe Financials		228,326,512		456,126,913
MSCI Europe Small-Cap		14,872,702		21,280,364
MSCI Kokusai		14,223,786		—

106 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI ACWI	$	319,905,073
MSCI ACWI Low Carbon Target		16,818,102
MSCI All Country Asia ex Japan		767,205,070
MSCI Europe Financials		40,844,900
MSCI Europe Small-Cap		3,518,298
MSCI Kokusai		14,441,426

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI ACWI	$	9,017,402,465	$	2,291,787,624	$	(795,719,997	)	$	1,496,067,627
MSCI ACWI Low Carbon Target		430,194,597		104,860,197		(26,543,390	)		78,316,807
MSCI All Country Asia ex Japan		3,243,567,567		990,257,176		(457,933,233	)		532,323,943
MSCI Europe Financials		1,026,475,922		20,134,258		(234,049,374	)		(213,915,116	)
MSCI Europe Small-Cap		166,792,024		13,286,455		(28,670,029	)		(15,383,574	)
MSCI Kokusai		169,431,534		23,776,424		(23,828,979	)		(52,555	)

9. LINE OF CREDIT

The iShares MSCI ACWI, iShares MSCI ACWI Low Carbon Target and iShares MSCI All Country Asia ex Japan ETFs, along with certain other iShares funds, are parties to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The iShares MSCI ACWI and iShares MSCI ACWI Low Carbon Target ETFs did not borrow under the credit agreement during the six months ended January 31, 2020.

For the six months ended January 31, 2020, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI All Country Asia ex Japan	$	14,020,261	$	617,075		2.76	%

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

NOTES TO FINANCIAL STATEMENTS 107

Notes to Financial Statements  (unaudited) (continued)

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

The iShares MSCI All Country Asia ex Japan ETF invests in A-shares (i.e., equity securities of companies based in the People’s Republic of China (“China” or “PRC”) that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, “Stock Connect”). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund’s ability to invest in A-shares on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity markets.

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.

From time to time and in recent months, China has experienced outbreaks of infectious illnesses and the country may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect a Fund’s investments.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

108 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/20						Year Ended 07/31/19
iShares ETF	Shares			Amount			Shares			Amount
MSCI ACWI
Shares sold		—		$	—			57,600,000		$	3,871,369,985
Shares redeemed		(14,400,000	)		(1,123,927,896	)		(31,200,000	)		(2,115,500,350	)
Net increase(decrease)		(14,400,000	)	$	(1,123,927,896	)		26,400,000		$	1,755,869,635
MSCI ACWI Low Carbon Target
Shares sold		450,000		$	56,664,757			600,000		$	70,237,829
Shares redeemed		(400,000	)		(48,822,883	)		(1,200,000	)		(128,795,367	)
Net increase(decrease)		50,000		$	7,841,874			(600,000	)	$	(58,557,538	)
MSCI All Country Asia ex Japan
Shares sold		1,200,000		$	85,036,664			12,400,000		$	815,734,699
Shares redeemed		(7,200,000	)		(483,203,531	)		(13,200,000	)		(898,470,364	)
Net decrease		(6,000,000	)	$	(398,166,867	)		(800,000	)	$	(82,735,665	)
MSCI Europe Financials
Shares sold		12,700,000		$	240,221,632			27,700,000		$	502,932,261
Shares redeemed		(27,900,000	)		(466,070,691	)		(53,900,000	)		(1,025,500,730	)
Net decrease		(15,200,000	)	$	(225,849,059	)		(26,200,000	)	$	(522,568,469	)
MSCI Europe Small-Cap
Shares sold		300,000		$	15,132,491			2,500,000		$	125,216,030
Shares redeemed		(450,000	)		(21,664,145	)		(4,300,000	)		(214,574,801	)
Net decrease		(150,000	)	$	(6,531,654	)		(1,800,000	)	$	(89,358,771	)
MSCI Kokusai
Shares sold		200,000		$	14,877,107			100,000		$	6,704,524
Shares redeemed		—			—			(200,000	)		(12,596,544	)
Net increase(decrease)		200,000		$	14,877,107			(100,000	)	$	(5,892,020	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI ACWI and iShares MSCI Europe Financials ETFs have filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations made by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Funds continue to evaluate developments in Finland for potential impact to the receivables and payables recorded. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares MSCIACWI and iShares MSCI Europe Financials ETFs is able to pass through to its shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

NOTES TO FINANCIAL STATEMENTS 109

Notes to Financial Statements  (unaudited) (continued)

The iShares MSCI ACWI ETF, under the approval of the Board, is seeking a closing agreement with the IRS to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund (on behalf of its shareholders) paying a compliance fee to the IRS representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed as a payable for “IRS compliance fee for foreign withholding tax claims” in the statement of assets and liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

14. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

110 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares MSCI ACWI ETF, iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI All Country Asia ex Japan ETF, iSharesMSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF and iShares MSCI Kokusai ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM 111

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI ACWI(a)	$	0.848232	$	—	$	0.094846	$	0.943078		90	%		—	%		10	%		100	%
MSCI ACWI Low Carbon Target(a)		1.373188		—		0.155692		1.528880		90			—			10			100
MSCI All Country Asia ex Japan(a)		0.704211		—		0.228386		0.932597		76			—			24			100
MSCI Europe Financials(a)		0.153473		—		0.028955		0.182428		84			—			16			100
MSCI Europe Small-Cap(a)		0.489775		—		0.084363		0.574138		85			—			15			100
MSCI Kokusai(a)		0.598254		—		0.101115		0.699369		86			—			14			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

112 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

GENERAL INFORMATION 113

Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
SDR	Swedish Depositary Receipt

114 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-705-0120

  JANUARY 31, 2020

2020 Semi-Annual Report
(Unaudited)

iShares Trust

● iShares Adaptive Currency Hedged MSCI EAFE ETF | DEFA | Cboe BZX 

● iShares Currency Hedged MSCI ACWI ex U.S. ETF | HAWX | NYSE Arca 

● iShares Currency Hedged MSCI EAFE ETF | HEFA | Cboe BZX 

● iShares Currency Hedged MSCI EAFE Small-Cap ETF | HSCZ | NYSE Arca 

● iShares MSCI ACWI ex U.S. ETF | ACWX | NASDAQ 

● iShares MSCI EAFE ETF | EFA | NYSE Arca 

● iShares MSCI EAFE Small-Cap ETF | SCZ | NASDAQ

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service. 

Table of Contents

	Page
Fund Summary	3
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
Financial Statements
Statements of Assets and Liabilities	83
Statements of Operations	85
Statements of Changes in Net Assets	87
Financial Highlights	91
Notes to Financial Statements	98
Statement Regarding Liquidity Risk Management Program	109
Supplemental Information	110
General Information	111
Glossary of Terms Used in this Report	112

Fund Summary as of January 31, 2020 iShares^® Adaptive Currency Hedged MSCI EAFE ETF

Investment Objective

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 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.

Performance

			Average Annual Total Returns					Cumulative Total Returns
						Since				Since
	6 Months			1 Year		Inception		1 Year		Inception
Fund NAV	5.76	%(a)		12.60	%	7.66	%	12.60	%	35.09	%
Fund Market	5.79			12.66		7.70		12.66		35.30
Index	6.17			13.72		8.14		13.72		37.53

The inception date of the Fund was 1/5/16. The first day of secondary market trading was 1/7/16.

^(a) The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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 10 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)(b)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)(b)	Annualized Expense Ratio		(a)
$	1,000.00	$	1,057.60	$	0.16		$	1,000.00	$	1,025.00	$	0.15			0.03	%

^(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 10 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		(a)
Financials		18.4	%
Industrials		15.1
Health Care		12.6
Consumer Staples		11.4
Consumer Discretionary		11.3
Information Technology		7.1
Materials		6.9
Communication Services		5.2
Energy		4.5
Utilities		4.0
Real Estate		3.5

TEN LARGEST GEOGRAPHIC ALLCATION
	Percent of
Country/Geographic Region		Total Investments	(a)
Japan		24.7	%
United Kingdom		16.0
France		11.2
Switzerland		9.6
Germany		8.6
Australia		7.3
Netherlands		4.0
Hong Kong		3.4
Spain		2.8
Sweden		2.5

^(a) Excludes money market funds.

F u n d  S u m m a r y 3

Fund Summary as of January 31, 2020 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Investment Objective 

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 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.

Performance

			Average Annual Total Returns				Cumulative Total Returns
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	4.81	%	12.21	%	5.97	%	12.21	%	30.54	%
Fund Market	4.65		12.00		5.94		12.00		30.36
Index	5.77		13.66		6.22		13.66		31.86

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 10 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)(b)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)(b)	Annualized Expense Ratio		(a)
$	1,000.00	$	1,048.10	$	0.15		$	1,000.00	$	1,025.00	$	0.15			0.03	%

^(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 10 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		(a)
Financials		20.4	%
Industrials		11.9
Consumer Discretionary		11.5
Consumer Staples		9.4
Health Care		9.1
Information Technology		9.1
Materials		7.0
Communication Services		6.6
Energy		5.9
Utilities		3.5
Real Estate		3.2
Exchanged-Traded Funds		2.4

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region		Total Investments	(a)
Japan		16.4	%
United Kingdom		10.6
China		9.2
France		7.4
Canada		6.8
Switzerland		6.4
Germany		5.7
Australia		4.8
Taiwan		3.2
South Korea		3.1

^(a) Excludes money market funds.

4 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Fund Summary as of January 31, 2020 iShares^® Currency Hedged MSCI EAFE ETF

Investment Objective

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 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
							Since							Since
	6 Months		1 Year		5 Years		Inception			1 Year		5 Years		Inception
Fund NAV	5.23	%	15.22	%	7.02	%	7.87	%		15.22	%	40.39	%	57.55	%
Fund Market	5.23		15.34		6.98		7.88			15.34		40.15		57.65
Index	6.12		16.63		7.30		8.14			16.63		42.22		59.88

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 10 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)(b)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)(b)	Annualized Expense Ratio		(a)
$	1,000.00	$	1,052.30	$	0.15		$	1,000.00	$	1,025.00	$	0.15			0.03	%

^(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 10 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments		(a)
Financials		18.4	%
Industrials		15.1
Health Care		12.6
Consumer Staples		11.4
Consumer Discretionary		11.3
Information Technology		7.1
Materials		6.9
Communication Services		5.2
Energy		4.5
Utilities		4.0
Real Estate		3.5

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region		Total Investments	(a)
Japan		24.7	%
United Kingdom		16.0
France		11.2
Switzerland		9.6
Germany		8.6
Australia		7.3
Netherlands		4.0
Hong Kong		3.4
Spain		2.8
Sweden.		2.5

^(a) Excludes money market funds.

F u n d  S u m m a r y 5

Fund Summary as of January 31, 2020 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Investment Objective

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 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.

Performance

			Average Annual Total Returns				Cumulative Total Returns
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	7.58	%	15.14	%	8.53	%	15.14	%	45.68	%
Fund Market	7.71		15.40		8.60		15.40		46.07
Index	8.68		16.98		8.86		16.98		47.58

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 10 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)(b)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)(b)	Annualized Expense Ratio		(a)
$	1,000.00	$	1,075.80	$	0.16		$	1,000.00	$	1,025.00	$	0.15			0.03	%

^(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 10 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Industrials	21.3	%
Real Estate	14.3
Consumer Discretionary	12.4
Financials	10.8
Information Technology	10.3
Materials	7.8
Health Care	7.4
Consumer Staples	6.1
Communication Services	4.7
Utilities	2.6
Energy	2.3

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	30.2	%
United Kingdom	17.9
Australia	7.7
Sweden	6.2
Germany	5.9
Switzerland	4.9
Italy	3.5
Netherlands	3.1
France	3.1
Spain	2.1

^(a) Excludes money market funds.

6 2 0 2 0  |  S h a r e s  S e m i - A n n u a  l   R e p o r t  t o  S h a r e h o l d e r s

Fund Summary as of January 31, 2020 iShares^® MSCI ACWI ex U.S. ETF

Investment Objective

The iShares MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
	6 Months		1 Year		5 Years		10 Years		1 Year		5 Years		10 Years
Fund NAV	5.04	%	9.51	%	4.84	%	4.92	%	9.51	%	26.64	%	61.69	%
Fund Market	4.81		8.52		4.79		4.94		8.52		26.33		61.90
Index	5.37		9.94		4.96		5.21		9.94		27.40		66.11

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 10 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Annualized Expense Ratio
$	1,000.00	$	1,050.40	$	1.55		$	1,000.00	$	1,023.60	$	1.53			0.30	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		(a)
Financials		20.4	%
Industrials		11.9
Consumer Discretionary		11.5
Consumer Staples		9.4
Health Care		9.1
Information Technology		9.1
Materials		7.0
Communication Services		6.6
Energy		5.9
Utilities		3.5
Real Estate		3.2
Exchanged-Traded Funds		2.4

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	16.4	%
United Kingdom	10.6
China	9.2
France	7.4
Canada	6.8
Switzerland	6.4
Germany	5.7
Australia	4.8
Taiwan	3.2
South Korea	3.1

^(a) Excludes money market funds.

F u n d  S u m m a r y 7

Fund Summary as of January 31, 2020 iShares^® MSCI EAFE ETF

Investment Objective

The iShares MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
	6 Months		1 Year		5 Years		10 Years		1 Year		5 Years		10 Years
Fund NAV	5.99	%	12.02	%	5.06	%	5.66	%	12.02	%	27.97	%	73.43	%
Fund Market	5.85		11.27		4.99		5.67		11.27		27.59		73.60
Index	6.12		12.10		5.12		5.76		12.10		28.38		75.00

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 10 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Annualized Expense Ratio
$	1,000.00	$	1,059.90	$	1.61		$	1,000.00	$	1,023.60	$	1.58			0.31	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		(a)
Financials		18.4	%
Industrials		15.1
Health Care		12.6
Consumer Staples		11.4
Consumer Discretionary		11.3
Information Technology		7.1
Materials		6.9
Communication Services		5.2
Energy		4.5
Utilities		4.0
Real Estate		3.5

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments		(a)
Japan		24.7	%
United Kingdom		16.0
France		11.2
Switzerland		9.6
Germany		8.6
Australia		7.3
Netherlands		4.0
Hong Kong		3.4
Spain		2.8
Sweden		2.5

^(a) Excludes money market funds.

8 2 0 2 0  |  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

Fund Summary as of January 31, 2020 iShares^® MSCI EAFE Small-Cap ETF

Investment Objective

The iShares 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, 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
	6 Months		1 Year		5 Years		10 Years		1 Year		5 Years		10 Years
Fund NAV	8.19	%	11.84	%	8.04	%	8.59	%	11.84	%	47.24	%	128.00	%
Fund Market	8.19		10.90		7.90		8.54		10.90		46.28		126.85
Index	8.59		12.30		8.18		8.53		12.30		48.16		126.77

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 10 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Annualized Expense Ratio
$	1,000.00	$	1,081.90	$	2.04		$	1,000.00	$	1,023.20	$	1.98			0.39	%

^(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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		(a)
Industrials		21.3	%
Real Estate		14.3
Consumer Discretionary		12.4
Financials		10.8
Information Technology		10.3
Materials		7.8
Health Care		7.4
Consumer Staples		6.1
Communication Services		4.7
Utilities		2.6
Energy		2.3

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments		(a)
Japan		30.2	%
United Kingdom		17.9
Australia		7.7
Sweden		6.2
Germany		5.9
Switzerland		4.9
Italy		3.5
Netherlands		3.1
France		3.1
Spain		2.1

^(a) Excludes money market funds.

F u n d  S u m m a r y 9

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 iShares.com. 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 ask 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 your 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your 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 under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your 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.

10 2 0 2 0  |  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares® Adaptive Currency Hedged MSCI EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.1%
iShares MSCI EAFE ETF(a)		147,701	$	9,966,863
Total Investment Companies — 100.1%
(Cost: $9,572,128)				9,966,863
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(a)(b)		5,000		5,000
Total Short-Term Investments — 0.0%
(Cost: $5,000)				5,000
Total Investments in Securities — 100.1%
(Cost: $9,577,128)				9,971,863
Other Assets, Less Liabilities — (0.1)%				(12,894	)
Net Assets — 100.0%			$	9,958,969

^(a) Affiliate of the Fund.

^(b) Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased			Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		0	(b)		—			—	$	—	$	708	(c)	$	327		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,000		1,000	(b)		—			5,000		5,000		42			—			—
iShares MSCI EAFE ETF		126,454		23,774			(2,527	)		147,701		9,966,863		98,300			(36	)		346,822
											$	9,971,863	$	99,050		$	291		$	346,822

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Net of purchases and sales.

^(c) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Forward Foreign Currency Exchange Contracts 

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CHF	460,000	USD	475,442	MS	02/04/20	$	2,132
DKK	624,000	USD	92,319	MS	02/04/20		291
EUR	1,453,000	USD	1,605,897	MS	02/04/20		5,552
GBP	274,000	USD	361,187	MS	02/04/20		630
HKD	646,000	USD	83,161	MS	02/04/20		16
ILS	29,000	USD	8,401	MS	02/04/20		3
JPY	277,598,000	USD	2,556,645	MS	02/04/20		5,285
NOK	280,000	USD	30,358	MS	02/04/20		83
SEK	1,830,000	USD	189,790	MS	02/04/20		302
SGD	44,000	USD	32,237	MS	02/04/20		7
USD	703,874	AUD	1,028,000	MS	02/04/20		15,731
USD	46,916	DKK	312,000	MS	02/04/20		611
USD	819,779	EUR	731,000	MS	02/04/20		9,064

S c h e d u l e   o f   I n v e s t m e n t s 11

Schedule of Investments (unaudited) (continued)	iShares® Adaptive Currency Hedged MSCI EAFE ETF
January 31, 2020

Forward Foreign Currency Exchange Contracts (continued)  

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	83,195	HKD	646,000	MS	02/04/20	$	18
USD	8,700	ILS	30,000	MS	02/04/20		6
USD	180,804	JPY	19,518,000	MS	02/04/20		674
USD	16,044	NOK	141,000	MS	02/04/20		714
USD	38,293	NZD	58,000	MS	02/04/20		801
USD	127,713	SEK	1,189,000	MS	02/04/20		4,205
USD	32,706	SGD	44,000	MS	02/04/20		462
CHF	230,000	USD	238,685	MS	03/03/20		568
JPY	1,391,000	USD	12,836	MS	03/03/20		21
USD	336,102	AUD	500,000	MS	03/03/20		1,234
USD	76,586	HKD	595,000	MS	03/03/20		15
USD	7,150	NZD	11,000	MS	03/03/20		37
USD	32,289	SGD	44,000	MS	03/03/20		45
							48,507
AUD	1,028,000	USD	689,851	MS	02/04/20		(1,708	)
EUR	9,000	USD	10,118	MS	02/04/20		(137	)
GBP	274,000	USD	362,997	MS	02/04/20		(1,180	)
HKD	646,000	USD	83,195	MS	02/04/20		(18	)
ILS	31,000	USD	8,990	MS	02/04/20		(6	)
NOK	2,000	USD	228	MS	02/04/20		(10	)
NZD	58,000	USD	38,054	MS	02/04/20		(563	)
SEK	548,000	USD	58,721	MS	02/04/20		(1,797	)
SGD	44,000	USD	32,290	MS	02/04/20		(46	)
USD	476,429	CHF	460,000	MS	02/04/20		(1,146	)
USD	46,268	DKK	312,000	MS	02/04/20		(37	)
USD	810,094	EUR	731,000	MS	02/04/20		(621	)
USD	721,763	GBP	548,000	MS	02/04/20		(1,871	)
USD	82,946	HKD	646,000	MS	02/04/20		(231	)
USD	8,674	ILS	30,000	MS	02/04/20		(19	)
USD	2,371,674	JPY	258,080,000	MS	02/04/20		(10,127	)
USD	15,296	NOK	141,000	MS	02/04/20		(33	)
USD	123,358	SEK	1,189,000	MS	02/04/20		(151	)
USD	32,237	SGD	44,000	MS	02/04/20		(7	)
USD	192,017	AUD	287,000	MS	03/03/20		(197	)
USD	237,418	CHF	230,000	MS	03/03/20		(1,834	)
USD	47,919	DKK	324,000	MS	03/03/20		(259	)
USD	800,485	EUR	725,000	MS	03/03/20		(4,955	)
USD	828,383	GBP	629,000	MS	03/03/20		(2,831	)
USD	83,108	HKD	646,000	MS	03/03/20		(26	)
USD	17,400	ILS	60,000	MS	03/03/20		(7	)
USD	1,249,861	JPY	135,749,000	MS	03/03/20		(4,810	)
USD	15,063	NOK	139,000	MS	03/03/20		(50	)
USD	7,113	NZD	11,000	MS	03/03/20		—
USD	67,663	SEK	652,000	MS	03/03/20		(155	)
							(34,832	)
	Net unrealized appreciation					$	13,675

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Schedule of Investments (unaudited) (continued)	iShares® Adaptive Currency Hedged MSCI EAFE ETF
January 31, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	48,507
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	34,832

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: 

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	15,254
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(36,061	)
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	6,462,680
Average amounts sold — in USD	$	10,508,684

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	48,507	$	34,832
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	48,507	$	34,832
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	48,507	$	34,832

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Net Amount of Derivative Assets(b)
Morgan Stanley & Co. International PLC	$	48,507	$	(34,832	)	$	13,675

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	34,832	$	(34,832	)	$	—

S c h e d u l e   o f   I n v e s t m e n t s 13

Schedule of Investments (unaudited) (continued)	iShares® Adaptive Currency Hedged MSCI EAFE ETF
January 31, 2020

^(a) The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	9,966,863	$	—		$	—	$	9,966,863
Money Market Funds		5,000		—			—		5,000
	$	9,971,863	$	—		$	—	$	9,971,863
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	48,507		$	—	$	48,507
Liabilities
Forward Foreign Currency Exchange Contracts		—		(34,832	)		—		(34,832	)
	$	—	$	13,675		$	—	$	13,675

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

See notes to financial statements.

14 2 0 2 0  I  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares® Currency Hedged MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.2%
iShares MSCI ACWI ex U.S. ETF(a)		1,713,105	$	81,269,701
Total Investment Companies — 100.2%
(Cost: $79,771,279)				81,269,701
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(a)(b)		940,000		940,000
Total Short-Term Investments — 1.1%
(Cost: $940,000)				940,000
Total Investments in Securities — 101.3%
(Cost: $80,711,279)				82,209,701
Other Assets, Less Liabilities — (1.3)%.				(1,072,871	)
Net Assets — 100.0%			$	81,136,830

^(a) Affiliate of the Fund.

^(b) Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: 

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased		Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		19,835,082		—		(19,835,082	)(b)		—	$	—	$	8,911	(c)	$	2,924		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,090,000		—		(150,000	)(b)		940,000		940,000		1,526			—			—
iShares MSCI ACWI ex U.S. ETF		1,530,513		250,262		(67,670	)		1,713,105		81,269,701		1,316,328			(100,432	)		2,453,825
										$	82,209,701	$	1,326,765		$	(97,508	)	$	2,453,825

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Net of purchases and sales.

^(c) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CHF	10,112,000	USD	10,452,140	MS	02/04/20	$	46,199
DKK	13,430,000	USD	1,986,971	MS	02/04/20		6,231
EUR	31,909,000	USD	35,267,464	MS	02/04/20		121,196
GBP	13,726,000	USD	18,034,817	MS	02/04/20		90,363
HKD	58,227,000	USD	7,495,655	MS	02/04/20		1,448
ILS	620,000	USD	179,598	MS	02/04/20		71
INR	292,992,000	USD	4,094,820	MS	02/04/20		11,154
JPY	2,990,898,000	USD	27,547,125	MS	02/04/20		55,644
NOK	6,053,000	USD	656,284	MS	02/04/20		1,797
SEK	27,536,000	USD	2,855,337	MS	02/04/20		4,982
SGD	965,000	USD	707,011	MS	02/04/20		155
TWD	220,933,000	USD	7,300,592	MS	02/04/20		12,890
USD	7,699,579	AUD	11,240,000	MS	02/04/20		175,523

S c h e d u l e   o f   I n v e s t m e n t s 15

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI ACWI ex U.S. ETF
January 31, 2020

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	3,344,829	BRL	13,858,000	MS	02/04/20	$	108,945
USD	5,728,688	CAD	7,481,000	MS	02/04/20		75,843
USD	497,021	CLP	384,886,000	MS	02/04/20		16,094
USD	1,019,304	DKK	6,774,000	MS	02/04/20		13,946
USD	18,147,127	EUR	16,175,000	MS	02/04/20		208,251
USD	7,498,744	HKD	58,227,000	MS	02/04/20		1,641
USD	194,006	ILS	669,000	MS	02/04/20		138
USD	6,613,136	KRW	7,750,500,000	MS	02/04/20		110,221
USD	350,069	NOK	3,074,000	MS	02/04/20		15,864
USD	302,460	NZD	458,000	MS	02/04/20		6,409
USD	791,473	RUB	49,249,000	MS	02/04/20		21,205
USD	1,493,109	SEK	13,893,000	MS	02/04/20		49,965
USD	715,900	SGD	965,000	MS	02/04/20		8,733
USD	3,705,204	TWD	110,806,000	MS	02/04/20		37,225
USD	2,115,654	ZAR	30,770,000	MS	02/04/20		65,482
MXN	10,439,000	USD	551,772	MS	02/05/20		688
CHF	12,000	USD	12,465	MS	03/04/20		19
DKK	42,000	USD	6,240	MS	03/04/20		6
EUR	51,000	USD	56,611	MS	03/04/20		51
GBP	42,000	USD	55,445	MS	03/04/20		59
JPY	9,635,000	USD	88,926	MS	03/04/20		131
KRW	18,093,000	USD	15,124	MS	03/04/20		7
USD	3,795,321	AUD	5,647,000	MS	03/04/20		13,243
USD	1,653,184	BRL	7,020,000	MS	03/04/20		16,553
USD	5,668,283	CAD	7,494,000	MS	03/04/20		5,850
USD	239,652	CLP	191,400,000	MS	03/04/20		595
USD	9,290	ILS	32,000	MS	03/04/20		6
USD	49,223	INR	3,535,000	MS	03/04/20		6
USD	3,228,755	KRW	3,844,317,000	MS	03/04/20		13,771
USD	524,655	MXN	9,891,000	MS	03/04/20		3,362
USD	218	NOK	2,000	MS	03/04/20		—
USD	150,778	NZD	232,000	MS	03/04/20		760
USD	773,116	RUB	49,014,000	MS	03/04/20		8,777
USD	686,888	SGD	936,000	MS	03/04/20		942
USD	1,660	TRY	10,000	MS	03/04/20		—
USD	3,653,875	TWD	110,549,000	MS	03/04/20		10,264
USD	1,052,796	ZAR	15,589,000	MS	03/04/20		18,097
							1,360,802
AUD	11,240,000	USD	7,546,353	MS	02/04/20		(22,296)
BRL	13,858,000	USD	3,257,892	MS	02/04/20		(22,008)
CAD	7,481,000	USD	5,663,303	MS	02/04/20		(10,458)
CLP	384,886,000	USD	482,038	MS	02/04/20		(1,110)
DKK	118,000	USD	17,768	MS	02/04/20		(255)
EUR	441,000	USD	496,068	MS	02/04/20		(6,977)
GBP	110,000	USD	146,037	MS	02/04/20		(782)
HKD	58,227,000	USD	7,498,744	MS	02/04/20		(1,641)
ILS	676,000	USD	196,032	MS	02/04/20		(135)
KRW	7,750,500,000	USD	6,516,754	MS	02/04/20		(13,838)
NOK	95,000	USD	10,813	MS	02/04/20		(485)

16 2 0 2 0  I  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI ACWI ex U.S. ETF
January 31, 2020

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
NZD	458,000	USD	297,058	MS	02/04/20	$	(1,007)
RUB	49,249,000	USD	779,559	MS	02/04/20		(9,291)
SEK	250,000	USD	26,815	MS	02/04/20		(846)
SGD	965,000	USD	708,471	MS	02/04/20		(1,304)
TRY	673,000	USD	112,428	MS	02/04/20		(2)
TWD	679,000	USD	22,750	MS	02/04/20		(273)
USD	10,476,054	CHF	10,112,000	MS	02/04/20		(22,285)
USD	1,004,545	DKK	6,774,000	MS	02/04/20		(813)
USD	17,925,135	EUR	16,175,000	MS	02/04/20		(13,741)
USD	18,222,915	GBP	13,836,000	MS	02/04/20		(47,520)
USD	7,475,211	HKD	58,227,000	MS	02/04/20		(21,892)
USD	181,445	ILS	627,000	MS	02/04/20		(252)
USD	4,095,074	INR	292,992,000	MS	02/04/20		(10,899)
USD	27,539,594	JPY	2,990,898,000	MS	02/04/20		(63,175)
USD	333,485	NOK	3,074,000	MS	02/04/20		(720)
USD	1,441,384	SEK	13,893,000	MS	02/04/20		(1,759)
USD	707,012	SGD	965,000	MS	02/04/20		(155)
USD	112,321	TRY	673,000	MS	02/04/20		(105)
USD	3,666,038	TWD	110,806,000	MS	02/04/20		(1,942)
ZAR	30,770,000	USD	2,068,946	MS	02/04/20		(18,775)
MXN	9,891,000	USD	526,878	MS	02/05/20		(3,420)
USD	1,073,394	MXN	20,330,000	MS	02/05/20		(2,523)
CLP	1,953,000	USD	2,440	MS	03/04/20		—
HKD	2,139,000	USD	275,328	MS	03/04/20		(63)
INR	174,000	USD	2,426	MS	03/04/20		(3)
RUB	82,000	USD	1,280	MS	03/04/20		(2)
TWD	3,674,000	USD	121,141	MS	03/04/20		(49)
USD	5,268,179	CHF	5,102,000	MS	03/04/20		(39,438)
USD	1,038,155	DKK	7,018,000	MS	03/04/20		(5,482)
USD	17,638,258	EUR	15,973,000	MS	03/04/20		(108,057)
USD	8,922,461	GBP	6,808,000	MS	03/04/20		(74,446)
USD	7,490,834	HKD	58,227,000	MS	03/04/20		(2,314)
USD	186,770	ILS	644,000	MS	03/04/20		(75)
USD	1,981,617	INR	142,399,000	MS	03/04/20		(966)
USD	13,402,945	JPY	1,455,615,000	MS	03/04/20		(51,402)
USD	73,511	KRW	88,027,000	MS	03/04/20		(106)
USD	26,898	MXN	511,000	MS	03/04/20		(34)
USD	324,898	NOK	2,998,000	MS	03/04/20		(1,079)
USD	1,293	NZD	2,000	MS	03/04/20		—
USD	23,618	RUB	1,515,000	MS	03/04/20		(8)
USD	1,455,789	SEK	14,027,000	MS	03/04/20		(3,278)
USD	4,396	SGD	6,000	MS	03/04/20		(1)
USD	115,820	TRY	698,000	MS	03/04/20		(10)
ZAR	222,000	USD	14,744	MS	03/04/20		(10)
							(589,507)
	Net unrealized appreciation					$	771,295

S c h e d u l e   o f   I n v e s t m e n t s 17

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI ACWI ex U.S. ETF
January 31, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	1,360,802
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	589,507

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	397,361
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(530,057	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	119,393,025
Average amounts sold — in USD	$	193,032,036

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund's derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	1,360,802	$	589,507
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	1,360,802	$	589,507
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")		—		—
Total derivative assets and liabilities subject to an MNA	$	1,360,802	$	589,507

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		(a)	Cash Collateral Received		(b)	Net Amount of Derivative Assets		(c)(d)
Morgan Stanley & Co. International PLC	$	1,360,802	$	(589,507	)	$	(771,295	)	$	—

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		(a)	Cash Collateral Pledged		Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	589,507	$	(589,507	)	$	—	$	—

18 2 0 2 0  I  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI ACWI ex U.S. ETF
January 31, 2020

^(a) The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b) Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c) Net amount represents the net amount receivable from the counterparty in the event of default.

^(d) Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	81,269,701	$	—		$	—	$	81,269,701
Money Market Funds		940,000		—			—		940,000
	$	82,209,701	$	—		$	—	$	82,209,701
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,360,802		$	—	$	1,360,802
Liabilities
Forward Foreign Currency Exchange Contracts		—		(589,507	)		—		(589,507	)
	$	—	$	771,295		$	—	$	771,295

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

See notes to financial statements.

S c h e d u l e   o f   I n v e s t m e n t s 19

Schedule of Investments (unaudited)	iShares® Currency Hedged MSCI EAFE ETF
January 31, 2020	Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.5%
iShares MSCI EAFE ETF(a)		44,292,448	$	2,988,854,391
Total Investment Companies — 100.5%
(Cost: $2,901,197,461)				2,988,854,391
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(a)(b)		2,222,000		2,222,000
Total Short-Term Investments — 0.1%
(Cost: $2,222,000)				2,222,000
Total Investments in Securities — 100.6%
(Cost: $2,903,419,461)				2,991,076,391
Other Assets, Less Liabilities — (0.6)%				(18,865,541	)
Net Assets — 100.0%			$	2,972,210,850

^(a) Affiliate of the Fund.

^(b) Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

																	Change in
	Shares							Shares						Net			Unrealized
	Held at		Shares		Shares			Held at		Value at				Realized			Appreciation
Affiliated Issuer	07/31/19		Purchased		Sold			01/31/20		01/31/20		Income		Gain (Loss)		(a)	(Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		6,621,000		—		(4,399,000	)(b)		2,222,000	$	2,222,000	$	2,468	$	—		$	—
iShares MSCI EAFE ETF		44,629,138		3,886,464		(4,223,154	)		44,292,448		2,988,854,391		33,961,312		3,837,141			131,940,280
										$	2,991,076,391	$	33,963,780	$	3,837,141		$	131,940,280

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Net of purchases and sales.

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CHF	557,596,000	USD	576,341,101	MS	02/04/20	$	2,558,400
DKK	197,000	USD	29,087	MS	02/04/20		151
DKK	369,717,000	USD	54,513,216	SSB	02/04/20		358,035
EUR	855,697,000	USD	943,290,423	BNP	02/04/20		5,719,916
EUR	441,000	USD	486,559	MS	02/04/20		2,532
GBP	378,154,000	USD	492,412,437	CITI	02/04/20		6,939,858
GBP	192,000	USD	251,119	CSI	02/04/20		2,417
GBP	971,000	USD	1,270,068	IBC	02/04/20		12,137
GBP	10,000	USD	13,113	SSB	02/04/20		92
HKD	773,307,000	USD	99,546,128	MS	02/04/20		22,152
ILS	34,419,000	USD	9,972,994	BNP	02/04/20		1,214
ILS	1,000	USD	289	BOA	02/04/20		—
ILS	106,000	USD	30,682	SSB	02/04/20		35
JPY	206,818,000	USD	1,879,200	BOA	02/04/20		29,507
JPY	80,559,942,000	USD	739,421,221	HSBC	02/04/20		4,060,317
JPY	2,046,000	USD	18,766	MS	02/04/20		116

20 2 0 2 0  I  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI EAFE ETF
January 31, 2020

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
JPY	1,285,286,000	USD	11,843,069	SSB	02/04/20	$	18,737
JPY	853,206,000	USD	7,862,882	WBC	02/04/20		11,291
NOK	165,483,000	USD	17,945,026	CITI	02/04/20		46,265
SEK	757,839,000	USD	78,505,469	HSBC	02/04/20		215,511
USD	748,657	AUD	1,084,000	MS	02/04/20		23,027
USD	216,658	AUD	315,000	RBS	02/04/20		5,797
USD	217,385,569	AUD	310,702,000	SSB	02/04/20		9,401,634
USD	436,289	CHF	420,000	MS	02/04/20		242
USD	55,067	DKK	367,000	BNP	02/04/20		599
USD	55,515,225	DKK	369,822,000	BOA	02/04/20		628,391
USD	70,907	DKK	471,000	JPM	02/04/20		1,004
USD	167,407	DKK	1,118,000	MS	02/04/20		1,480
USD	314,071	DKK	2,108,000	SSB	02/04/20		1,214
USD	55,959	DKK	372,000	TDB	02/04/20		749
USD	982,529	EUR	885,000	BNP	02/04/20		1,021
USD	3,857,644	EUR	3,444,000	BOA	02/04/20		38,078
USD	4,419,932	EUR	3,959,000	RBS	02/04/20		29,205
USD	982,377	EUR	885,000	SSB	02/04/20		868
USD	972,461,486	EUR	865,572,000	UBS	02/04/20		12,499,283
USD	505,087	GBP	381,000	SSB	02/04/20		1,976
USD	98,476,993	HKD	764,664,000	MS	02/04/20		21,555
USD	40,622	ILS	140,000	HSBC	02/04/20		52
USD	748,741	JPY	81,078,000	SSB	02/04/20		478
USD	38,306	NOK	340,000	CITI	02/04/20		1,342
USD	19,100,665	NOK	168,129,000	HSBC	02/04/20		821,701
USD	75,671	NOK	669,000	MS	02/04/20		2,938
USD	19,090	NOK	168,000	NAB	02/04/20		825
USD	139,933	NOK	1,259,000	SSB	02/04/20		3,054
USD	8,406,938	NZD	12,505,000	BNP	02/04/20		323,707
USD	46,026	NZD	69,000	MS	02/04/20		1,425
USD	77,135	NZD	117,000	SSB	02/04/20		1,506
USD	10,124	NZD	15,000	UBS	02/04/20		428
USD	81,202,333	SEK	756,161,000	CITI	02/04/20		2,655,657
USD	782,089	SEK	7,310,000	JPM	02/04/20		22,758
USD	326,874	SEK	3,061,000	MS	02/04/20		8,911
USD	865,373	SEK	8,232,000	SSB	02/04/20		10,269
USD	38,673	SGD	52,000	HSBC	02/04/20		566
USD	39,145,381	SGD	52,771,000	JPM	02/04/20		473,976
USD	40,089	SGD	54,000	RBS	02/04/20		517
USD	492,333	SGD	665,000	SSB	02/04/20		5,011
CHF	843,000	USD	875,584	MS	03/03/20		1,328
DKK	2,567,000	USD	381,382	HSBC	03/03/20		326
EUR	3,324,000	USD	3,689,810	MS	03/03/20		2,992
GBP	2,352,000	USD	3,104,223	CITI	03/03/20		3,909
JPY	582,248,000	USD	5,375,741	BNP	03/03/20		5,732
USD	200,352,833	AUD	297,634,000	BNP	03/03/20		1,016,236
USD	996,885	AUD	1,488,000	CITI	03/03/20		316
USD	10,438,911	AUD	15,586,000	TDB	03/03/20		385
USD	310,051	ILS	1,068,000	MS	03/03/20		203

S c h e d u l e  o f I n v e s t m e n ts 21

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI EAFE ETF
January 31, 2020

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	8,146,855	NZD	12,521,000	SSB	03/03/20	$	50,505
USD	264,126	NZD	408,000	TDB	03/03/20		303
USD	38,171,951	SGD	51,996,000	RBS	03/03/20		66,942
							48,139,104
AUD	297,634,000	USD	200,236,964	BNP	02/04/20		(1,000,750	)
AUD	11,554,000	USD	8,128,562	BOA	02/04/20		(394,314	)
AUD	787,000	USD	543,152	MS	02/04/20		(16,334	)
AUD	1,967,000	USD	1,383,704	RBS	02/04/20		(66,994	)
AUD	159,000	USD	108,488	SSB	02/04/20		(2,053	)
DKK	981,000	USD	146,352	MS	02/04/20		(758	)
DKK	4,918,000	USD	740,595	SSB	02/04/20		(10,694	)
EUR	22,000	USD	24,489	BNP	02/04/20		(90	)
EUR	9,398,000	USD	10,570,579	BOA	02/04/20		(147,732	)
EUR	2,200,000	USD	2,452,364	MS	02/04/20		(12,455	)
EUR	10,466,000	USD	11,775,517	SSB	02/04/20		(168,205	)
GBP	63,000	USD	83,536	CITI	02/04/20		(344	)
GBP	4,311,000	USD	5,723,976	IBC	02/04/20		(31,301	)
HKD	764,664,000	USD	98,476,993	MS	02/04/20		(21,555	)
ILS	1,255,000	USD	363,945	CITI	02/04/20		(262	)
ILS	160,000	USD	46,430	HSBC	02/04/20		(64	)
NOK	3,256,000	USD	370,599	JPM	02/04/20		(16,607	)
NOK	4,000	USD	451	MS	02/04/20		(16	)
NOK	1,822,000	USD	206,585	SSB	02/04/20		(8,498	)
NZD	12,706,000	USD	8,268,028	SSB	02/04/20		(54,872	)
SEK	14,558,000	USD	1,561,357	BOA	02/04/20		(49,136	)
SEK	19,000	USD	2,013	MS	02/04/20		(39	)
SEK	1,953,000	USD	205,914	NAB	02/04/20		(3,045	)
SEK	395,000	USD	41,319	SSB	02/04/20		(288	)
SGD	325,000	USD	241,715	BNP	02/04/20		(3,549	)
SGD	1,060,000	USD	788,557	JPM	02/04/20		(11,772	)
SGD	51,996,000	USD	38,169,542	RBS	02/04/20		(66,068	)
SGD	161,000	USD	119,476	SSB	02/04/20		(1,492	)
USD	574,109,221	CHF	554,134,000	MS	02/04/20		(1,196,011	)
USD	3,137,503	CHF	3,042,000	SSB	02/04/20		(20,720	)
USD	141,914	DKK	962,000	SSB	02/04/20		(861	)
USD	87,468	DKK	593,000	TDB	02/04/20		(541	)
USD	3,834,941	EUR	3,479,000	SSB	02/04/20		(23,442	)
USD	2,505,740	GBP	1,913,000	BNP	02/04/20		(20,376	)
USD	498,306,873	GBP	379,090,000	HSBC	02/04/20		(2,281,410	)
USD	505,124	GBP	388,000	RBS	02/04/20		(7,229	)
USD	2,525,272	GBP	1,929,000	SSB	02/04/20		(21,972	)
USD	1,109,374	HKD	8,643,000	HSBC	02/04/20		(3,469	)
USD	98,171,487	HKD	764,664,000	MS	02/04/20		(283,950	)
USD	20,502	ILS	71,000	BNP	02/04/20		(73	)
USD	25,775	ILS	89,000	CSI	02/04/20		(16	)
USD	10,081	ILS	35,000	HSBC	02/04/20		(61	)
USD	10,129	ILS	35,000	MS	02/04/20		(14	)
USD	10,247,150	ILS	35,427,000	RBS	02/04/20		(19,165	)
USD	41,653	ILS	144,000	SSB	02/04/20		(77	)

22 2 0 2 0  I  S h a r e s  S e m i  -  A n n u a l  R e p o r t   t o  S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI EAFE ETF
January 31, 2020

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,139,378	JPY	125,084,000	BNY	02/04/20	$	(15,013	)
USD	751,956,187	JPY	81,960,342,000	BOA	02/04/20		(4,449,535	)
USD	754,196	JPY	83,001,000	HSBC	02/04/20		(11,814	)
USD	1,863,926	JPY	203,365,000	JPM	02/04/20		(12,914	)
USD	2,261,309	JPY	247,382,000	MS	02/04/20		(21,761	)
USD	1,895,302	JPY	207,046,000	SSB	02/04/20		(15,510	)
HKD	20,127,000	USD	2,590,699	MS	03/03/20		(539	)
USD	293,762,735	CHF	284,510,000	MS	03/03/20		(2,192,668	)
USD	3,214,524	DKK	21,636,000	BNP	03/03/20		(2,715	)
USD	54,617,129	DKK	369,717,000	SSB	03/03/20		(359,202	)
USD	944,905,124	EUR	855,697,000	BNP	03/03/20		(5,732,521	)
USD	19,068,903	EUR	17,178,000	CITI	03/03/20		(15,018	)
USD	1,666,105	GBP	1,263,000	BOA	03/03/20		(2,929	)
USD	492,828,028	GBP	378,154,000	CITI	03/03/20		(6,896,569	)
USD	98,372,977	HKD	764,653,000	MS	03/03/20		(30,836	)
USD	9,984,421	ILS	34,419,000	BNP	03/03/20		(1,234	)
USD	174,274	ILS	601,000	MS	03/03/20		(88	)
USD	5,591,861	JPY	605,188,000	BNP	03/03/20		(1,636	)
USD	740,512,108	JPY	80,559,942,000	HSBC	03/03/20		(4,069,455	)
USD	17,947,106	NOK	165,483,000	CITI	03/03/20		(46,043	)
USD	180,971	NOK	1,668,000	JPM	03/03/20		(393	)
USD	4,457	NOK	41,000	SSB	03/03/20		(1	)
USD	77,578	NZD	120,000	SSB	03/03/20		(17	)
USD	78,609,728	SEK	757,839,000	HSBC	03/03/20		(215,768	)
USD	2,198,639	SEK	21,164,000	JPM	03/03/20		(2,703	)
USD	282,769	SEK	2,720,000	SSB	03/03/20		(148	)
USD	272,549	SGD	372,000	BNP	03/03/20		(68	)
USD	106,246	SGD	145,000	SSB	03/03/20		(16	)
							(30,065,788	)
	Net unrealized appreciation					$	18,073,316

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	48,139,104
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	30,065,788

S c h e d u l e   o f   I n v e s t m e n t s 23

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI EAFE ETF
January 31, 2020

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	34,044,007
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(53,489,408	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	2,249,061,228
Average amounts sold — in USD	$	4,240,633,501

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund's derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	48,139,104	$	30,065,788
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	48,139,104	$	30,065,788
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")		—		—
Total derivative assets and liabilities subject to an MNA	$	48,139,104	$	30,065,788

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		(a)	Net Amount of Derivative Assets		(b)
Bank of America N.A.	$	695,976	$	(695,976	)	$	—
BNP Paribas SA		7,068,425		(6,763,012	)		305,413
Citibank N.A.		9,647,347		(6,958,236	)		2,689,111
Credit Suisse International		2,417		(16	)		2,401
HSBC Bank PLC		5,098,473		(5,098,473	)		—
Imperial Bank of Canada		12,137		(12,137	)		—
JPMorgan Chase Bank N.A.		497,738		(44,389	)		453,349
Morgan Stanley & Co. International PLC		2,647,452		(2,647,452	)		—
National Australia Bank Limited		825		(825	)		—
Royal Bank of Scotland PLC		102,461		(102,461	)		—
State Street Bank and Trust Co.		9,853,414		(688,068	)		9,165,346
Toronto Dominion Bank		1,437		(541	)		896
UBS AG		12,499,711		—			12,499,711
Westpac Banking Corp.		11,291		—			11,291
	$	48,139,104	$	(23,011,586	)	$	25,127,518

24 2 0 2 0  I  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI EAFE ETF
January 31, 2020

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Net Amount of Derivative Liabilities(c)
Bank of America N.A.	$	5,043,646	$	(695,976	)	$	4,347,670
Bank of New York		15,013		—			15,013
BNP Paribas SA		6,763,012		(6,763,012	)		—
Citibank N.A.		6,958,236		(6,958,236	)		—
Credit Suisse International		16		(16	)		—
HSBC Bank PLC		6,582,041		(5,098,473	)		1,483,568
Imperial Bank of Canada		31,301		(12,137	)		19,164
JPMorgan Chase Bank N.A.		44,389		(44,389	)		—
Morgan Stanley & Co. International PLC		3,777,024		(2,647,452	)		1,129,572
National Australia Bank Limited		3,045		(825	)		2,220
Royal Bank of Scotland PLC		159,456		(102,461	)		56,995
State Street Bank and Trust Co.		688,068		(688,068	)		—
Toronto Dominion Bank		541		(541	)		—
	$	30,065,788	$	(23,011,586	)	$	7,054,202

^(a) The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b) Net amount represents the net amount receivable from the counterparty in the event of default.

^(c) Net amount represents the net amount payable due to the counterparty in the event of default.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	2,988,854,391	$	—		$	—	$	2,988,854,391
Money Market Funds		2,222,000		—			—		2,222,000
	$	2,991,076,391	$	—		$	—	$	2,991,076,391
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	48,139,104		$	—	$	48,139,104
Liabilities
Forward Foreign Currency Exchange Contracts		—		(30,065,788	)		—		(30,065,788	)
	$	—	$	18,073,316		$	—	$	18,073,316

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

See notes to financial statements.

S c h e d u l e   o f   I n v e s t m e n t s 25

Schedule of Investments (unaudited)	iShares® Currency Hedged MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.4%
iShares MSCI EAFE Small-Cap ETF(a)		600,549	$	35,978,891
Total Investment Companies — 100.4%
(Cost: $36,182,304)				35,978,891
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Treasury, SL Agency Shares,1.50%(a)(b)		458,000		458,000
Total Short-Term Investments — 1.3%
(Cost: $458,000)				458,000
Total Investments in Securities — 101.7%
(Cost: $36,640,304)				36,436,891
Other Assets, Less Liabilities — (1.7)%				(595,325	)
Net Assets — 100.0%			$	35,841,566

^(a) Affiliate of the Fund.

^(b) Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased			Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)		(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		0	(b)		—			—	$	—	$	3,870	(c)	$	90		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		13,000		445,000	(b)		—			458,000		458,000		332			—			—
iShares MSCI EAFE Small-Cap ETF		453,282		253,543			(106,276	)		600,549		35,978,891		724,830			329,880			1,390,478
											$	36,436,891	$	729,032		$	329,970		$	1,390,478

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Net of purchases and sales.

^(c) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CHF	3,907,000	USD	4,039,056	MS	02/04/20	$	17,214
DKK	8,835,000	USD	1,307,254	MS	02/04/20		3,986
EUR	15,287,000	USD	16,897,645	MS	02/04/20		56,395
GBP	11,266,000	USD	14,799,457	MS	02/04/20		77,294
HKD	5,993,000	USD	771,368	MS	02/04/20		270
ILS	2,290,000	USD	663,209	MS	02/04/20		405
JPY	2,703,830,000	USD	24,893,884	MS	02/04/20		59,556
NOK	14,786,000	USD	1,603,169	MS	02/04/20		4,363
SEK	44,272,000	USD	4,590,866	MS	02/04/20		7,915
SGD	878,000	USD	643,270	MS	02/04/20		141
USD	6,050,465	AUD	8,838,000	MS	02/04/20		134,307
USD	667,080	DKK	4,433,000	MS	02/04/20		9,159
USD	8,655,079	EUR	7,714,000	MS	02/04/20		99,871

26 2 0 2 0  I  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI EAFE Small-Cap ETF
January 31, 2020

Forward Foreign Currency Exchange Contracts (continued)

						Unrealized Appreciation
Currency Purchased		Currency Sold		Counterparty	Settlement Date	(Depreciation)
USD	98,123	GBP	74,000	MS	02/04/20	$	406
USD	771,807	HKD	5,993,000	MS	02/04/20		169
USD	688,715	ILS	2,375,000	MS	02/04/20		469
USD	464,362	JPY	50,283,000	MS	02/04/20		304
USD	878,049	NOK	7,718,000	MS	02/04/20		38,949
USD	683,838	NZD	1,036,000	MS	02/04/20		14,168
USD	2,490,436	SEK	23,200,000	MS	02/04/20		80,523
USD	651,259	SGD	878,000	MS	02/04/20		7,847
CHF	7,000	USD	7,271	MS	03/03/20		11
DKK	29,000	USD	4,308	MS	03/03/20		4
EUR	41,000	USD	45,508	MS	03/03/20		41
GBP	118,000	USD	155,671	MS	03/03/20		264
ILS	8,000	USD	2,320	MS	03/03/20		1
JPY	20,347,000	USD	187,899	MS	03/03/20		160
SEK	17,000	USD	1,767	MS	03/03/20		2
USD	2,780,434	AUD	4,137,000	MS	03/03/20		9,731
USD	44,708	ILS	154,000	MS	03/03/20		29
USD	315,835	NZD	486,000	MS	03/03/20		1,577
USD	574,605	SGD	783,000	MS	03/03/20		788
							626,319
AUD	8,838,000	USD	5,937,819	MS	02/04/20		(21,661	)
CHF	1,000	USD	1,039	MS	02/04/20		(1	)
DKK	405,000	USD	60,451	MS	02/04/20		(343	)
EUR	769,000	USD	858,293	MS	02/04/20		(5,434	)
GBP	50,000	USD	66,421	MS	02/04/20		(397	)
HKD	5,993,000	USD	771,806	MS	02/04/20		(169	)
ILS	2,460,000	USD	713,370	MS	02/04/20		(492	)
NOK	650,000	USD	73,280	MS	02/04/20		(2,612	)
NZD	1,036,000	USD	672,501	MS	02/04/20		(2,831	)
SEK	2,128,000	USD	225,555	MS	02/04/20		(4,507	)
SGD	878,000	USD	645,202	MS	02/04/20		(1,790	)
USD	4,048,623	CHF	3,908,000	MS	02/04/20		(8,686	)
USD	712,798	DKK	4,807,000	MS	02/04/20		(629	)
USD	9,243,942	EUR	8,342,000	MS	02/04/20		(7,749	)
USD	14,806,313	GBP	11,242,000	MS	02/04/20		(38,746	)
USD	769,533	HKD	5,993,000	MS	02/04/20		(2,105	)
USD	687,166	ILS	2,375,000	MS	02/04/20		(1,081	)
USD	24,429,984	JPY	2,653,547,000	MS	02/04/20		(59,398	)
USD	837,293	NOK	7,718,000	MS	02/04/20		(1,807	)
USD	2,406,976	SEK	23,200,000	MS	02/04/20		(2,938	)
USD	643,271	SGD	878,000	MS	02/04/20		(141	)
HKD	241,000	USD	31,022	MS	03/03/20		(7	)
NOK	53,000	USD	5,764	MS	03/03/20		(1	)
USD	1,880,086	CHF	1,821,000	MS	03/03/20		(14,170	)
USD	649,917	DKK	4,394,000	MS	03/03/20		(3,464	)
USD	8,193,385	EUR	7,420,000	MS	03/03/20		(49,873	)
USD	6,779,420	GBP	5,173,000	MS	03/03/20		(56,618	)
USD	699,087	HKD	5,434,000	MS	03/03/20		(219	)
USD	1,220,916	ILS	4,210,000	MS	03/03/20		(491	)

S c h e d u l e  of  I n v e s t m e n t s 27

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI EAFE Small-Cap ETF
January 31, 2020

Forward Foreign Currency Exchange Contracts (continued)

						Unrealized Appreciation
Currency Purchased		Currency Sold		Counterparty	Settlement Date	(Depreciation)
USD	11,085,870	JPY	1,204,051,000	MS	03/03/20	$	(42,665	)
USD	768,673	NOK	7,093,000	MS	03/03/20		(2,556	)
USD	647	NZD	1,000	MS	03/03/20		—
USD	2,272,697	SEK	21,899,000	MS	03/03/20		(5,095	)
USD	15,386	SGD	21,000	MS	03/03/20		(4	)
							(338,680	)
	Net unrealized appreciation					$	287,639

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	626,319
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	338,680

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	164,663
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts.	$	(324,893	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	54,852,788
Average amounts sold — in USD	$	86,375,388

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund's derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	626,319	$	338,680
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	626,319	$	338,680
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")		—		—
Total derivative assets and liabilities subject to an MNA	$	626,319	$	338,680

28 2 0 2 0  I  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI EAFE Small-Cap ETF
January 31, 2020

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		(a)	Cash Collateral Received		(b)	Net Amount of Derivative Assets		(c)(d)
Morgan Stanley & Co. International PLC	$	626,319	$	(338,680	)	$	(287,639	)	$	—

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		(a)	Cash Collateral Pledged		Net Amount of Derivative Liabilities
Morgan Stanley & Co. International PLC	$	338,680	$	(338,680	)	$	—	$	—

^(a) The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b) Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c) Net amount represents the net amount receivable from the counterparty in the event of default.

^(d) Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	35,978,891	$	—		$	—	$	35,978,891
Money Market Funds		458,000		—			—		458,000
	$	36,436,891	$	—		$	—	$	36,436,891
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	626,319		$	—	$	626,319
Liabilities
Forward Foreign Currency Exchange Contracts		—		(338,680	)		—		(338,680	)
	$	—	$	287,639		$	—	$	287,639

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

See notes to financial statements.

S c h e d u l e   o f   I n v e s t m e n t s 29

Schedule of Investments (unaudited)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.0%
Banco Macro SA, ADR		9,194	$	281,980
Globant SA(a)		6,220		763,194
Grupo Financiero Galicia SA, ADR		17,002		243,978
Telecom Argentina SA, ADR		7,517		84,792
YPF SA, ADR		32,159		301,973
				1,675,917
Australia — 4.8%
AGL Energy Ltd.		97,946		1,308,120
Alumina Ltd.		562,987		821,624
AMP Ltd.		554,411		677,349
APA Group		156,566		1,187,532
Aristocrat Leisure Ltd.		96,094		2,328,750
ASX Ltd.		31,467		1,804,688
Aurizon Holdings Ltd.		399,490		1,446,842
AusNet Services		117,687		139,450
Australia & New Zealand Banking Group Ltd.		457,576		7,887,847
Bendigo & Adelaide Bank Ltd.		120,306		838,409
BHP Group Ltd.		488,226		12,877,606
BHP Group PLC		338,702		7,410,627
BlueScope Steel Ltd.		97,067		925,986
Boral Ltd.		213,041		710,249
Brambles Ltd.		271,259		2,293,536
Caltex Australia Ltd.		38,804		893,101
Challenger Ltd.		87,843		526,318
CIMIC Group Ltd.		20,103		394,183
Coca-Cola Amatil Ltd.		64,673		518,678
Cochlear Ltd.		8,446		1,363,052
Coles Group Ltd.		186,596		2,067,371
Commonwealth Bank of Australia		286,561		16,356,125
Computershare Ltd.		94,013		1,132,236
Crown Resorts Ltd.		85,300		668,118
CSL Ltd.		74,824		15,630,869
Dexus		138,328		1,177,918
Flight Centre Travel Group Ltd.		5,980		157,370
Fortescue Metals Group Ltd.		238,826		1,821,056
Goodman Group		272,925		2,720,546
GPT Group (The)		326,333		1,310,781
Harvey Norman Holdings Ltd.		53,331		151,021
Incitec Pivot Ltd.		202,566		444,793
Insurance Australia Group Ltd.		398,795		1,890,171
James Hardie Industries PLC		74,883		1,594,147
Lendlease Group		94,476		1,146,035
Macquarie Group Ltd.		51,675		5,008,147
Magellan Financial Group Ltd.		20,433		920,177
Medibank Pvt Ltd.		523,913		1,087,274
Mirvac Group		720,380		1,639,678
National Australia Bank Ltd.		474,670		8,217,474
Newcrest Mining Ltd.		125,680		2,484,549
Oil Search Ltd.		230,650		1,117,918
Orica Ltd.		76,615		1,170,948
Origin Energy Ltd.		291,199		1,598,534
Qantas Airways Ltd.		69,539		298,404
QBE Insurance Group Ltd.		237,290		2,184,239
Ramsay Health Care Ltd.		27,451		1,455,464
REA Group Ltd.		7,954		607,560
Rio Tinto Ltd.		55,206		3,650,307
Santos Ltd.		284,946		1,657,679
Scentre Group		859,570		2,221,194

Security	Shares		Value
Australia (continued)
Seek Ltd.		64,025	$	972,528
Sonic Healthcare Ltd.		93,889		1,990,585
South32 Ltd.		819,830		1,448,924
Stockland		388,351		1,279,109
Suncorp Group Ltd.		209,995		1,807,873
Sydney Airport		226,638		1,272,954
Tabcorp Holdings Ltd.		364,503		1,144,437
Telstra Corp. Ltd.		633,814		1,629,338
TPG Telecom Ltd.		37,600		188,281
Transurban Group		434,135		4,562,916
Treasury Wine Estates Ltd.		128,123		1,117,608
Vicinity Centres		600,813		1,021,624
Washington H Soul Pattinson & Co. Ltd.		27,893		402,402
Wesfarmers Ltd.		192,841		5,836,492
Westpac Banking Corp.		574,744		9,665,228
WiseTech Global Ltd.(b)		22,026		369,075
Woodside Petroleum Ltd.		146,916		3,415,796
Woolworths Group Ltd.		213,048		5,967,428
Worley Ltd.		54,300		553,991
				174,588,639
Austria — 0.1%
ANDRITZ AG		10,956		431,750
Erste Group Bank AG		42,421		1,558,883
OMV AG		26,003		1,296,456
Raiffeisen Bank International AG		31,475		718,540
Verbund AG		9,507		502,762
voestalpine AG		27,688		672,590
				5,180,981
Belgium — 0.6%
Ageas		37,329		2,058,886
Anheuser-Busch InBev SA/NV		123,326		9,350,955
Colruyt SA		8,883		444,463
Galapagos NV(a)		6,880		1,540,895
Groupe Bruxelles Lambert SA		16,189		1,627,576
KBC Group NV		36,957		2,713,728
Proximus SADP		15,677		446,840
Solvay SA		12,470		1,292,653
Telenet Group Holding NV		5,688		264,619
UCB SA		19,774		1,820,578
Umicore SA(b)		32,118		1,479,608
				23,040,801
Brazil — 1.3%
Ambev SA		750,700		3,135,785
Atacadao SA		29,200		154,362
B2W Cia. Digital(a)		38,355		639,063
B3 SA - Brasil, Bolsa, Balcao		370,171		4,175,333
Banco Bradesco SA		135,700		995,541
Banco BTG Pactual SA		36,300		637,103
Banco do Brasil SA		148,700		1,689,089
Banco Santander Brasil SA		36,300		357,372
BB Seguridade Participacoes SA		149,200		1,214,340
BR Malls Participacoes SA		190,355		819,641
BRF SA(a)		88,559		633,119
CCR SA		228,100		973,625
Cia. de Saneamento Basico do Estado de Sao Paulo		65,200		930,720
Cia. Siderurgica Nacional SA		121,600		367,084
Cielo SA		224,224		370,974
Cogna Educacao		258,844		703,859
Cosan SA		13,300		248,057

30 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
Embraer SA		139,000	$	590,057
Energisa SA		7,200		92,956
Engie Brasil Energia SA		53,300		649,217
Equatorial Energia SA		45,500		253,840
Hapvida Participacoes e Investimentos SA(c)		36,300		510,277
Hypera SA		87,500		728,339
IRB Brasil Resseguros S/A		116,600		1,223,233
JBS SA		190,600		1,230,152
Klabin SA		139,500		677,383
Localiza Rent a Car SA		118,590		1,488,324
Lojas Americanas SA(a)		1,634		10,535
Lojas Renner SA		152,840		2,054,796
Magazine Luiza SA		115,400		1,506,891
Multiplan Empreendimentos Imobiliarios SA		14,100		114,430
Natura & Co. Holding SA		76,200		848,440
Notre Dame Intermedica Participacoes SA		71,700		1,178,039
Petrobras Distribuidora SA		114,900		774,380
Petroleo Brasileiro SA		507,800		3,606,559
Porto Seguro SA		6,500		100,590
Raia Drogasil SA		38,700		1,124,978
Rumo SA(a)		204,700		1,111,342
Sul America SA		42,900		632,469
Suzano SA		97,600		906,053
TIM Participacoes SA		196,260		769,287
Ultrapar Participacoes SA		137,200		811,016
Vale SA		513,099		6,036,035
WEG SA		118,300		1,091,020
				48,165,705
Canada — 6.7%
Agnico Eagle Mines Ltd.		40,642		2,513,716
Air Canada(a)		25,243		846,110
Algonquin Power & Utilities Corp.		84,671		1,297,066
Alimentation Couche-Tard Inc., Class B		145,676		4,871,838
AltaGas Ltd.		37,634		606,390
Atco Ltd., Class I, NVS		5,556		216,854
Aurora Cannabis Inc.(a)(b)		116,609		220,425
Bank of Montreal		106,471		8,125,302
Bank of Nova Scotia (The)		194,736		10,642,711
Barrick Gold Corp.		283,548		5,254,819
Bausch Health Companies Inc.(a)		52,291		1,435,625
BCE Inc.		30,822		1,453,298
BlackBerry Ltd.(a)		93,024		566,915
Bombardier Inc., Class B(a)		381,189		354,514
Brookfield Asset Management Inc., Class A		141,787		8,681,646
CAE Inc.		48,263		1,432,326
Cameco Corp.		76,409		616,449
Canadian Apartment Properties REIT		3,282		140,457
Canadian Imperial Bank of Commerce		68,883		5,620,849
Canadian National Railway Co.		118,716		11,100,985
Canadian Natural Resources Ltd.		189,547		5,334,346
Canadian Pacific Railway Ltd.		23,464		6,237,019
Canadian Tire Corp. Ltd., Class A, NVS		11,234		1,205,581
Canadian Utilities Ltd., Class A, NVS		44,790		1,371,589
Canopy Growth Corp.(a)(b)		33,753		760,530
CCL Industries Inc., Class B, NVS		28,063		1,184,224
Cenovus Energy Inc.		176,134		1,534,206
CGI Inc.(a)		40,229		3,082,231
CI Financial Corp.		26,789		469,727
Constellation Software Inc.		3,366		3,540,338
Cronos Group Inc.(a)(b)		32,537		234,454

Security	Shares		Value
Canada (continued)
Dollarama Inc.		50,438	$	1,719,594
Emera Inc.		28,432		1,267,514
Empire Co. Ltd., Class A, NVS		35,527		824,679
Enbridge Inc.		332,946		13,546,425
Fairfax Financial Holdings Ltd.		4,436		1,986,213
First Capital Real Estate Investment Trust		28,177		461,681
First Quantum Minerals Ltd.		110,732		867,403
Fortis Inc.		68,364		2,983,607
Franco-Nevada Corp.		31,994		3,639,074
George Weston Ltd.		16,505		1,330,958
Gildan Activewear Inc.		30,351		841,534
Great-West Lifeco Inc.		56,695		1,469,942
H&R Real Estate Investment Trust		63,061		1,019,905
Husky Energy Inc.		76,988		501,203
Hydro One Ltd.(c)		57,695		1,173,487
iA Financial Corp. Inc.		12,347		679,923
IGM Financial Inc.		2,920		84,495
Imperial Oil Ltd.		44,615		1,058,575
Intact Financial Corp.		20,762		2,250,688
Inter Pipeline Ltd.		61,847		1,031,134
Keyera Corp.		26,791		699,477
Kinross Gold Corp.(a)		215,725		1,094,488
Kirkland Lake Gold Ltd.		34,243		1,405,140
Loblaw Companies Ltd.		29,914		1,566,100
Lundin Mining Corp.		141,185		740,860
Magna International Inc.		49,366		2,504,227
Manulife Financial Corp.		315,033		6,140,827
Methanex Corp.		11,276		365,849
Metro Inc.		45,697		1,864,091
National Bank of Canada.		54,694		3,036,695
Nutrien Ltd.		91,616		3,913,189
Onex Corp.		17,914		1,149,974
Open Text Corp.		48,426		2,180,827
Parkland Fuel Corp.		12,366		430,573
Pembina Pipeline Corp.		88,505		3,391,504
Power Corp. of Canada		61,236		1,528,874
Power Financial Corp.		53,028		1,377,273
PrairieSky Royalty Ltd.		42,990		471,653
Quebecor Inc., Class B		19,067		473,449
Restaurant Brands International Inc.		36,199		2,209,903
RioCan REIT		58,443		1,200,190
Rogers Communications Inc., Class B, NVS.		60,335		3,022,795
Royal Bank of Canada		228,650		18,080,388
Saputo Inc.		43,975		1,351,951
Shaw Communications Inc., Class B, NVS		73,825		1,443,510
Shopify Inc., Class A(a)		16,468		7,674,358
Stars Group Inc. (The)(a)		38,013		907,679
Sun Life Financial Inc.		92,471		4,350,343
Suncor Energy Inc.		258,904		7,918,541
TC Energy Corp.		148,147		8,129,014
Teck Resources Ltd., Class B		78,949		1,020,776
TELUS Corp.		42,873		1,719,718
Thomson Reuters Corp.		35,291		2,838,917
Toronto-Dominion Bank (The)		293,412		16,226,346
West Fraser Timber Co. Ltd.		9,150		366,816
Wheaton Precious Metals Corp.		74,135		2,183,887
WSP Global Inc.		13,894		988,039
				245,658,815
Chile — 0.2%
Aguas Andinas SA, Class A		1,209,029		452,970

S c h e d u l e   o f   I n v e s t m e n t s 31

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Chile (continued)
Banco de Chile		3,895,956	$	383,399
Banco de Credito e Inversiones SA		13,745		573,550
Banco Santander Chile		10,368,107		512,621
Cencosud SA		229,447		283,680
Cia. Cervecerias Unidas SA		23,780		209,814
Colbun SA		2,800,851		407,500
Empresas CMPC SA		180,620		413,917
Empresas COPEC SA		69,025		615,483
Enel Americas SA		6,483,841		1,276,954
Enel Chile SA		7,657,934		725,880
Itau CorpBanca		35,941,573		174,605
Latam Airlines Group SA		42,443		352,378
SACI Falabella		119,430		468,332
				6,851,083
China — 9.2%
3SBio Inc.(a)(c)		302,500		388,794
51job Inc., ADR(a)(b)		5,298		382,251
58.com Inc., ADR(a)(b)		16,411		912,780
AAC Technologies Holdings Inc.(b)		133,000		954,906
Agile Group Holdings Ltd.		146,000		194,418
Agricultural Bank of China Ltd., Class A		1,199,800		603,087
Agricultural Bank of China Ltd., Class H		4,062,000		1,579,832
Aier Eye Hospital Group Co. Ltd., Class A		85,198		486,651
Air China Ltd., Class H		580,000		481,036
Alibaba Group Holding Ltd., ADR(a)		278,346		57,503,500
Alibaba Health Information Technology Ltd.(a)		760,000		1,072,725
Alibaba Pictures Group Ltd.(a)		3,630,000		518,912
A-Living Services Co. Ltd., Class H(c)		81,000		271,742
Aluminum Corp. of China Ltd., Class H(a)		774,000		229,262
Anhui Conch Cement Co. Ltd., Class A		52,798		361,899
Anhui Conch Cement Co. Ltd., Class H		227,500		1,467,855
ANTA Sports Products Ltd.		226,000		1,983,528
Autohome Inc., ADR(a)		10,162		777,190
AviChina Industry & Technology Co. Ltd., Class H		891,000		374,076
BAIC Motor Corp. Ltd., Class H(c)		387,500		193,129
Baidu Inc., ADR(a)		45,024		5,563,165
Bank of Beijing Co. Ltd., Class A		831,498		643,560
Bank of China Ltd., Class A		617,300		318,223
Bank of China Ltd., Class H		12,902,000		5,034,586
Bank of Communications Co. Ltd., Class A		750,600		586,306
Bank of Communications Co. Ltd., Class H		1,149,800		740,383
Bank of Ningbo Co. Ltd., Class A		168,498		647,977
Bank of Shanghai Co. Ltd., Class A		415,799		529,041
Baoshan Iron & Steel Co. Ltd., Class A		461,996		358,234
Baozun Inc., ADR(a)(b)		8,735		263,011
Beijing Capital International Airport Co. Ltd., Class H		526,000		425,412
Beijing Enterprises Holdings Ltd.		41,500		182,517
Beijing Enterprises Water Group Ltd.		1,526,000		685,874
BEST Inc., ADR(a)(b)		24,896		132,198
BOE Technology Group Co. Ltd., Class A		647,700		436,560
Bosideng International Holdings Ltd.		542,000		180,087
Brilliance China Automotive Holdings Ltd.(b)		676,000		606,797
BYD Co. Ltd., Class H(b)		127,500		674,864
BYD Electronic International Co. Ltd.		120,000		235,521
CGN Power Co. Ltd., Class H(c)		758,000		187,428
China Agri-Industries Holdings Ltd.		180,000		96,666
China Aoyuan Group Ltd.		179,000		242,512
China Cinda Asset Management Co. Ltd., Class H		506,000		102,309
China CITIC Bank Corp. Ltd., Class H		726,000		381,470
China Communications Construction Co. Ltd., Class H		775,000		550,941

Security	Shares		Value
China (continued)
China Communications Services Corp. Ltd., Class H		230,000	$	156,100
China Conch Venture Holdings Ltd.		358,000		1,597,535
China Construction Bank Corp., Class H		16,024,050		12,278,728
China East Education Holdings Ltd.(a)(c)		67,000		125,459
China Eastern Airlines Corp. Ltd., Class H(a)		122,000		56,248
China Education Group Holdings Ltd.		66,000		81,343
China Everbright Bank Co. Ltd., Class A		898,400		515,732
China Everbright Bank Co. Ltd., Class H		334,000		134,634
China Everbright International Ltd.		878,037		628,712
China Everbright Ltd.(b)		278,000		430,342
China Evergrande Group		374,000		836,152
China First Capital Group Ltd.(a)		760,000		24,469
China Galaxy Securities Co. Ltd., Class H		933,500		468,860
China Gas Holdings Ltd.		305,400		1,211,390
China Hongqiao Group Ltd.		387,500		191,632
China Huarong Asset Management Co. Ltd., Class H(c)		515,000		68,314
China International Capital Corp. Ltd., Class H(c)		360,000		631,457
China International Travel Service Corp. Ltd., Class A		40,198		470,703
China Jinmao Holdings Group Ltd.		1,164,000		788,502
China Lesso Group Holdings Ltd.		196,000		254,437
China Life Insurance Co. Ltd., Class A		59,500		274,100
China Life Insurance Co. Ltd., Class H		1,171,000		2,841,201
China Literature Ltd.(a)(b)(c)		39,000		163,486
China Longyuan Power Group Corp. Ltd., Class H.		903,000		537,272
China Medical System Holdings Ltd.		227,000		305,204
China Mengniu Dairy Co. Ltd.(b)		423,000		1,568,906
China Merchants Bank Co. Ltd., Class A		249,900		1,313,592
China Merchants Bank Co. Ltd., Class H		574,593		2,804,553
China Merchants Port Holdings Co. Ltd.		240,000		372,136
China Merchants Securities Co. Ltd., Class A		261,400		699,899
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		194,197		502,769
China Minsheng Banking Corp. Ltd., Class A		850,595		738,507
China Minsheng Banking Corp. Ltd., Class H		944,240		663,956
China Mobile Ltd.		1,028,000		8,499,478
China Molybdenum Co. Ltd., Class		1,074,000		401,113
China National Building Material Co. Ltd., Class		764,000		738,920
China Oilfield Services Ltd., Class H		246,000		360,530
China Overseas Land & Investment Ltd.		642,000		2,087,664
China Pacific Insurance Group Co. Ltd., Class A		99,097		508,872
China Pacific Insurance Group Co. Ltd., Class H		387,600		1,305,328
China Petroleum & Chemical Corp., Class A		569,298		401,601
China Petroleum & Chemical Corp., Class H		3,809,000		2,025,933
China Power International Development Ltd.		768,000		149,349
China Railway Construction Corp. Ltd., Class A		324,400		436,375
China Railway Construction Corp. Ltd., Class H		290,000		284,962
China Railway Group Ltd., Class A		967,896		768,479
China Railway Group Ltd., Class H		488,000		269,613
China Railway Signal & Communication Corp. Ltd., Class H(c)		96,000		46,610
China Renewable Energy Investment Ltd.(a)(d)		7,401		0	(e)
China Resources Beer Holdings Co. Ltd.		314,000		1,465,891
China Resources Cement Holdings Ltd.		290,000		328,285
China Resources Gas Group Ltd.		148,000		783,371
China Resources Land Ltd.		448,000		1,886,644
China Resources Pharmaceutical Group Ltd.(c)		97,500		81,994
China Resources Power Holdings Co. Ltd.		254,000		342,814
China Shenhua Energy Co. Ltd., Class H		574,500		1,016,578
China Shipbuilding Industry Co. Ltd., Class A		506,200		364,318
China Southern Airlines Co. Ltd., Class H		194,000		108,681

32 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China State Construction Engineering Corp. Ltd., Class A		732,998	$	572,557
China State Construction International Holdings Ltd.		512,000		409,473
China Taiping Insurance Holdings Co. Ltd.		305,400		644,239
China Telecom Corp. Ltd., Class H		2,298,000		899,679
China Tower Corp. Ltd., Class H(c)		7,312,000		1,534,928
China Traditional Chinese Medicine Holdings Co. Ltd.		228,000		106,294
China Unicom Hong Kong Ltd.		1,094,000		921,423
China United Network Communications Ltd., Class A		647,495		522,412
China Vanke Co. Ltd., Class A		152,500		631,098
China Vanke Co. Ltd., Class H		190,400		676,769
China Yangtze Power Co. Ltd., Class A		298,999		732,255
China Zhongwang Holdings Ltd.		99,600		33,350
Chongqing Rural Commercial Bank Co. Ltd., Class H		90,000		41,494
CIFI Holdings Group Co. Ltd.		720,000		502,569
CITIC Ltd.		949,000		1,076,729
CITIC Securities Co. Ltd., Class A		192,500		656,987
CITIC Securities Co. Ltd., Class H		192,500		375,832
CNOOC Ltd.		2,992,000		4,569,939
Contemporary Amperex Technology Co. Ltd., Class A		35,600		663,776
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		106,000		46,687
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		1,122,000		404,590
COSCO SHIPPING Ports Ltd.		154,000		109,477
Country Garden Holdings Co. Ltd.		1,356,828		1,740,397
Country Garden Services Holdings Co. Ltd.(b)		280,000		915,916
CRRC Corp. Ltd., Class A		531,093		512,679
CRRC Corp. Ltd., Class H		386,000		256,011
CSPC Pharmaceutical Group Ltd.		766,000		1,706,629
Dali Foods Group Co. Ltd.(c)		202,500		143,173
Daqin Railway Co. Ltd., Class A		446,300		490,734
Dongfeng Motor Group Co. Ltd., Class H		728,000		549,406
East Money Information Co. Ltd., Class A		152,800		329,043
ENN Energy Holdings Ltd.		122,900		1,441,897
Far East Horizon Ltd.		112,000		99,525
Focus Media Information Technology Co. Ltd., Class A		149,200		125,278
Foshan Haitian Flavouring & Food Co. Ltd., Class A		39,299		601,652
Fosun International Ltd.		613,000		822,607
Fuyao Glass Industry Group Co. Ltd., Class H(c)		34,000		98,082
GDS Holdings Ltd., ADR(a)(b)		10,789		557,899
Geely Automobile Holdings Ltd.(b)		809,000		1,306,502
Genscript Biotech Corp.(a)		178,000		413,543
GF Securities Co. Ltd., Class H		162,000		179,214
GOME Retail Holdings Ltd.(a)(b)		3,849,320		356,928
Great Wall Motor Co. Ltd., Class H		724,500		485,183
Gree Electric Appliances Inc. of Zhuhai, Class A		59,200		540,533
Greentown Service Group Co. Ltd.		134,000		142,199
Guangdong Investment Ltd.		494,000		1,007,735
Guangzhou Automobile Group Co. Ltd., Class H		770,028		781,442
Guangzhou R&F Properties Co. Ltd., Class H		304,400		464,152
Guotai Junan Securities Co. Ltd., Class A		314,500		789,079
Guotai Junan Securities Co. Ltd., Class H(c)		49,000		78,754
Haidilao International Holding Ltd.(b)(c)		52,000		200,904
Haier Smart Home Co. Ltd., Class A		123,800		328,292
Haitian International Holdings Ltd.		54,000		117,946
Haitong Securities Co. Ltd., Class A		380,600		790,788
Haitong Securities Co. Ltd., Class H		306,000		299,896
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		136,672		702,604
Hansoh Pharmaceutical Group Co. Ltd.(a)(c)		72,000		259,630

Security	Shares		Value
China (continued)
Henan Shuanghui Investment & Development Co. Ltd., Class A		30,900	$	129,110
Hengan International Group Co. Ltd.		156,000		1,145,153
Hua Hong Semiconductor Ltd.(b)(c)		84,000		204,675
Huadian Power International Corp. Ltd., Class H		104,000		34,422
Huaneng Power International Inc., Class H		982,000		466,662
Huaneng Renewables Corp. Ltd., Class H		772,000		317,155
Huatai Securities Co. Ltd., Class A		175,600		474,933
Huatai Securities Co. Ltd., Class H(c)		251,800		400,161
Huaxia Bank Co. Ltd., Class A		778,200		822,340
Huazhu Group Ltd., ADR(b)		22,603		779,803
Hutchison China MediTech Ltd., ADR(a)(b)		11,722		287,775
HUYA Inc., ADR(a)(b)		9,841		175,957
Industrial & Commercial Bank of China Ltd., Class A		857,300		700,256
Industrial & Commercial Bank of China Ltd., Class H		9,759,285		6,560,737
Industrial Bank Co. Ltd., Class A		284,442		755,095
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		106,299		465,100
Inner Mongolia Yitai Coal Co. Ltd., Class B		278,200		220,056
Innovent Biologics Inc.(a)(c)		146,000		564,077
iQIYI Inc., ADR(a)(b)		22,035		490,058
JD.com Inc., ADR(a)		117,874		4,442,671
Jiangsu Expressway Co. Ltd., Class H		88,000		109,364
Jiangsu Hengrui Medicine Co. Ltd., Class A		61,100		767,720
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		30,500		466,725
Jiangxi Copper Co. Ltd., Class H		208,000		246,978
JOYY Inc.(a)(b)		10,564		639,439
Kaisa Group Holdings Ltd.		326,000		137,287
Kingboard Holdings Ltd.		70,500		187,942
Kingdee International Software Group Co. Ltd.(b)		411,000		445,675
Kingsoft Corp. Ltd.(a)		148,000		454,584
Kunlun Energy Co. Ltd.		762,000		596,654
Kweichow Moutai Co. Ltd., Class A		14,400		2,164,894
KWG Group Holdings Ltd.		153,500		201,243
Lee & Man Paper Manufacturing Ltd.		50,000		34,965
Legend Holdings Corp., Class H(c)		114,900		214,858
Lenovo Group Ltd.		1,406,000		928,895
Li Ning Co. Ltd.		383,000		1,136,930
Logan Property Holdings Co. Ltd.		162,000		247,854
Longfor Group Holdings Ltd.(c)		365,000		1,555,912
Luxshare Precision Industry Co. Ltd., Class A		92,200		594,452
Luye Pharma Group Ltd.(b)(c)		383,000		248,596
Luzhou Laojiao Co. Ltd., Class A		38,200		450,853
Meituan Dianping, Class B(a)		174,100		2,226,446
Momo Inc., ADR		25,533		781,310
Muyuan Foodstuff Co. Ltd., Class A		30,300		353,416
NARI Technology Co. Ltd., Class A		118,300		306,950
NetEase Inc., ADR		11,608		3,723,382
New China Life Insurance Co. Ltd., Class A		44,200		302,901
New China Life Insurance Co. Ltd., Class H		129,400		489,943
New Hope Liuhe Co. Ltd., Class A		78,300		202,828
New Oriental Education & Technology Group Inc., ADR(a)		23,886		2,903,343
Nexteer Automotive Group Ltd.		117,000		86,791
NIO Inc., ADR(a)(b)		112,724		426,097
Noah Holdings Ltd.(a)(b)		7,505		254,645
People’s Insurance Co. Group of China Ltd. (The), Class H		1,021,000		368,170
PetroChina Co. Ltd., Class A		161,000		129,668
PetroChina Co. Ltd., Class H		3,448,000		1,531,971
PICC Property & Casualty Co. Ltd., Class H.		1,156,285		1,249,370

S c h e d u l e   o f   I n v e s t m e n t s 33

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Pinduoduo Inc., ADR(a)(b)		31,736	$	1,117,742
Ping An Bank Co. Ltd., Class A		250,900		556,775
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		55,400		478,380
Ping An Insurance Group Co. of China Ltd., Class A		129,906		1,548,788
Ping An Insurance Group Co. of China Ltd., Class H		933,000		10,657,845
Poly Developments and Holdings Group Co. Ltd., Class A		198,600		434,760
Postal Savings Bank of China Co. Ltd., Class H(c)		1,046,000		653,337
Qudian Inc., ADR(a)(b)		25,633		73,823
SAIC Motor Corp. Ltd., Class A		145,600		470,100
Sany Heavy Industry Co. Ltd., Class A		228,000		521,911
Seazen Group Ltd.		298,000		302,417
Semiconductor Manufacturing International Corp.(a)		579,800		1,067,772
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		304,000		363,708
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		66,000		177,646
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		325,812		308,218
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		136,800		255,810
Shanghai Pudong Development Bank Co. Ltd., Class A		433,000		701,798
Shenwan Hongyuan Group Co. Ltd., Class A		1,088,200		749,004
Shenzhen Expressway Co. Ltd., Class H		88,000		114,237
Shenzhen International Holdings Ltd.		97,000		194,877
Shenzhen Investment Ltd.		568,000		197,504
Shenzhou International Group Holdings Ltd.		114,900		1,535,966
Shimao Property Holdings Ltd.		223,000		728,026
Shui On Land Ltd.		599,000		120,342
SINA Corp.(a)		11,822		457,984
Sino Biopharmaceutical Ltd.		1,149,000		1,541,885
Sino-Ocean Group Holding Ltd.		960,000		348,646
Sinopec Engineering Group Co. Ltd., Class H		73,000		39,673
Sinopec Shanghai Petrochemical Co. Ltd., Class H		964,000		247,055
Sinopharm Group Co. Ltd., Class H		257,600		845,961
Sinotruk Hong Kong Ltd.		100,500		174,729
SOHO China Ltd.		839,500		322,182
Sun Art Retail Group Ltd.		537,000		641,089
Sunac China Holdings Ltd.		389,000		1,903,695
Suning.com Co. Ltd., Class A		331,994		474,088
Sunny Optical Technology Group Co. Ltd.		124,800		2,036,364
TAL Education Group, ADR(a)		61,141		3,050,936
Tencent Holdings Ltd.		948,700		45,572,396
Tencent Music Entertainment Group, ADR(a)		12,080		153,295
Tingyi Cayman Islands Holding Corp.		516,000		874,520
Towngas China Co. Ltd.		53,000		32,968
TravelSky Technology Ltd., Class H		98,000		213,798
Trip.com Group Ltd., ADR(a)		73,128		2,349,603
Tsingtao Brewery Co. Ltd., Class H		72,000		401,499
Uni-President China Holdings Ltd.		141,000		144,543
Vipshop Holdings Ltd., ADR(a)(b)		73,999		942,007
Wanhua Chemical Group Co. Ltd., Class A		67,896		503,296
Want Want China Holdings Ltd.		1,209,000		1,004,269
Weibo Corp., ADR(a)(b)		9,768		416,312
Weichai Power Co. Ltd., Class H		387,000		687,787
Wens Foodstuffs Group Co. Ltd., Class A		78,800		367,736
Wharf Holdings Ltd. (The)		179,000		445,373
Wuliangye Yibin Co. Ltd., Class A		46,700		841,331
WuXi AppTec Co. Ltd., Class A		35,497		485,557
WuXi AppTec Co. Ltd., Class H(c)		31,000		378,073
Wuxi Biologics Cayman Inc.(a)(c)		117,500		1,504,897

Security	Shares		Value
China (continued)
Xiaomi Corp., Class B(a)(c)		1,227,800	$	1,821,563
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		182,200		193,113
Xinyi Solar Holdings Ltd.		510,000		361,241
Yanzhou Coal Mining Co. Ltd., Class H		454,000		337,946
Yihai International Holding Ltd.		79,000		449,182
Yuexiu Property Co. Ltd.		456,000		92,200
Yum China Holdings Inc.		60,324		2,598,155
Yunnan Baiyao Group Co. Ltd., Class A		33,399		413,028
Yuzhou Properties Co. Ltd.		79,000		36,830
Zhaojin Mining Industry Co. Ltd., Class H		69,000		78,287
Zhejiang Expressway Co. Ltd., Class H		168,000		138,037
Zhenro Properties Group Ltd.		154,000		95,396
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		44,400		145,238
Zhongsheng Group Holdings Ltd.(b)		80,000		296,720
Zhuzhou CRRC Times Electric Co. Ltd., Class H		124,900		423,041
Zijin Mining Group Co. Ltd., Class A		831,200		509,203
Zijin Mining Group Co. Ltd., Class H		970,000		425,981
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		227,600		169,127
ZTE Corp., Class A(a)		38,500		215,349
ZTE Corp., Class H(a)		155,000		506,027
ZTO Express Cayman Inc., ADR		54,840		1,191,125
				334,548,126
Colombia — 0.1%
Bancolombia SA		36,867		456,821
Ecopetrol SA		992,917		921,877
Grupo Argos SA		10,512		53,649
Grupo de Inversiones Suramericana SA		8,304		77,584
Interconexion Electrica SA ESP		75,843		416,300
				1,926,231
Czech Republic — 0.0%
CEZ AS		32,919		721,417
Komercni Banka AS		12,289		423,708
Moneta Money Bank AS(c)		82,050		300,589
				1,445,714
Denmark — 1.3%
AP Moller - Maersk A/S, Class A		1,149		1,294,965
AP Moller - Maersk A/S, Class B, NVS		756		907,198
Carlsberg A/S, Class B		15,928		2,329,907
Chr Hansen Holding A/S		16,512		1,231,174
Coloplast A/S, Class B		17,592		2,220,082
Danske Bank A/S		98,490		1,648,961
Demant A/S(a)		20,603		669,112
DSV Panalpina A/S		33,158		3,607,214
Genmab A/S(a)		10,941		2,527,024
H Lundbeck A/S		13,162		559,790
ISS A/S		19,041		462,235
Novo Nordisk A/S, Class B		287,725		17,600,534
Novozymes A/S, Class B		36,950		1,928,226
Orsted A/S(c)		30,719		3,352,812
Pandora A/S		16,729		866,797
Tryg A/S		42,295		1,282,018
Vestas Wind Systems A/S		31,814		3,174,158
				45,662,207
Egypt — 0.0%
Commercial International Bank Egypt SAE		230,748		1,242,534
Eastern Co. SAE		50,349		47,832

34 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Egypt (continued)
EISewedy Electric Co.		294,992	$	210,602
				1,500,968
Finland — 0.8%
Elisa OYJ		18,226		1,097,562
Fortum OYJ		74,988		1,816,604
Kone OYJ, Class B		57,399		3,705,894
Metso OYJ		19,997		711,579
Neste OYJ		70,207		2,791,587
Nokia OYJ		904,109		3,526,306
Nokian Renkaat OYJ		25,888		697,432
Nordea Bank Abp		514,791		4,065,496
Orion OYJ, Class B		19,432		918,879
Sampo OYJ, Class A		70,938		3,212,934
Stora Enso OYJ, Class R		106,091		1,382,624
UPM-Kymmene OYJ		85,159		2,692,468
Wartsila OYJ Abp		68,781		844,171
				27,463,536
France — 7.4%
Accor SA		28,258		1,159,614
Aeroports de Paris		4,832		915,675
Air Liquide SA		77,527		11,233,444
Airbus SE		96,380		14,231,143
Alstom SA		32,169		1,709,046
Amundi SA(c)		9,769		793,005
Arkema SA		11,135		1,024,451
Atos SE		16,702		1,390,778
AXA SA		321,687		8,584,366
BioMerieux		5,362		531,527
BNP Paribas SA		184,470		9,821,825
Bollore SA		79,012		321,700
Bouygues SA		37,979		1,503,816
Bureau Veritas SA		47,207		1,303,162
Capgemini SE		26,087		3,247,996
Carrefour SA		96,472		1,636,262
Casino Guichard Perrachon SA(b)		9,803		398,263
Cie. de Saint-Gobain		79,340		3,010,099
Cie. Generale des Etablissements Michelin SCA		26,703		3,107,189
CNP Assurances		38,768		699,003
Covivio		11,018		1,308,928
Credit Agricole SA		187,935		2,547,137
Danone SA		101,629		8,154,070
Dassault Aviation SA		156		189,821
Dassault Systemes SE		22,122		3,841,595
Edenred		41,679		2,253,546
Eiffage SA		11,722		1,360,736
Electricite de France SA(b)		90,639		1,120,477
Engie SA		297,837		5,135,781
EssilorLuxottica SA		45,754		6,807,092
Eurazeo SE		3,971		284,723
Eurofins Scientific SE(b)		1,971		1,061,552
Eutelsat Communications SA		36,115		542,107
Faurecia SE		13,738		657,240
Gecina SA		9,255		1,747,689
Getlink SE		82,695		1,461,700
Hermes International		5,282		3,960,487
ICADE		4,853		542,112
Iliad SA(b)		4,641		610,493
Ingenico Group SA		10,608		1,236,709
Ipsen SA		7,360		546,476

Security	Shares		Value
France (continued)
JCDecaux SA		3,895	$	104,372
Kering SA		12,483		7,677,683
Klepierre SA		33,158		1,129,196
Legrand SA		44,615		3,579,626
L’Oreal SA		40,879		11,411,603
LVMH Moet Hennessy Louis Vuitton SE		45,612		19,981,320
Natixis SA		160,953		681,901
Orange SA		321,045		4,555,790
Pernod Ricard SA		33,673		5,840,021
Peugeot SA		96,850		1,997,396
Publicis Groupe SA		36,431		1,616,125
Remy Cointreau SA		3,740		394,573
Renault SA		29,643		1,157,812
Safran SA		54,361		8,792,447
Sanofi		185,118		17,837,602
Sartorius Stedim Biotech		5,750		1,032,926
Schneider Electric SE		90,285		9,056,875
SCOR SE		29,555		1,258,692
SEB SA		2,681		344,943
SES SA		60,575		745,470
Societe Generale SA		133,254		4,315,718
Sodexo SA		14,673		1,538,255
STMicroelectronics NV		117,787		3,301,144
Suez		66,179		1,087,626
Teleperformance		10,924		2,745,636
Thales SA		17,127		1,883,210
TOTAL SA		396,978		19,420,759
Ubisoft Entertainment SA(a)		13,970		1,062,654
Unibail-Rodamco-Westfield		16,162		2,195,856
Unibail-Rodamco-Westfield, New		6,590		895,353
Valeo SA		38,768		1,156,556
Veolia Environnement SA		87,461		2,585,940
Vinci SA		84,287		9,359,369
Vivendi SA		137,210		3,764,910
Wendel SA		4,810		642,851
Worldline SA(a)(c)		15,112		1,067,629
				268,212,674
Germany — 5.3%
adidas AG		29,724		9,414,293
Allianz SE, Registered		70,380		16,835,249
Aroundtown SA		153,795		1,454,839
BASF SE		150,794		10,205,404
Bayer AG, Registered		152,000		12,305,012
Bayerische Motoren Werke AG		55,159		3,932,925
Beiersdorf AG		16,587		1,882,288
Brenntag AG		28,601		1,485,891
Carl Zeiss Meditec AG, Bearer		7,255		888,419
Commerzbank AG		165,805		955,475
Continental AG		16,800		1,916,513
Covestro AG(c)		28,404		1,200,860
Daimler AG, Registered		148,919		6,899,166
Delivery Hero SE(a)(c)		19,546		1,508,031
Deutsche Bank AG, Registered		304,347		2,794,006
Deutsche Boerse AG		31,882		5,195,518
Deutsche Lufthansa AG, Registered		42,507		651,480
Deutsche Post AG, Registered		160,223		5,606,431
Deutsche Telekom AG, Registered		537,261		8,696,307
Deutsche Wohnen SE		56,309		2,383,743
E.ON SE		360,575		4,091,794
Evonik Industries AG		27,117		744,365

S c h e d u l e  o f  I n v e s t m e n t s 35

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Fraport AG Frankfurt Airport Services Worldwide		4,450	$	332,087
Fresenius Medical Care AG & Co. KGaA		35,493		2,741,535
Fresenius SE & Co. KGaA		66,910		3,420,154
GEA Group AG		26,459		794,329
Hannover Rueck SE		11,155		2,169,526
HeidelbergCement AG		23,753		1,613,078
Henkel AG & Co. KGaA		17,216		1,593,078
HOCHTIEF AG		2,530		293,272
Infineon Technologies AG		203,550		4,415,840
KION Group AG		11,513		723,419
Knorr-Bremse AG		6,224		679,467
LANXESS AG		15,791		950,578
Merck KGaA		21,264		2,731,157
METRO AG		36,712		512,418
MTU Aero Engines AG		9,132		2,776,951
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		25,460		7,513,595
Puma SE		15,530		1,246,029
QIAGEN NV(a)		37,463		1,252,138
RWE AG		90,510		3,143,502
SAP SE		161,674		21,109,475
Siemens AG, Registered		126,533		15,654,596
Siemens Healthineers AG(c)		26,790		1,261,175
Symrise AG		20,984		2,161,271
Telefonica Deutschland Holding AG		98,098		297,111
thyssenkrupp AG(b)		66,516		823,006
TUI AG		77,827		798,573
Uniper SE		35,125		1,152,585
United Internet AG, Registered		22,032		715,385
Volkswagen AG		4,810		882,721
Vonovia SE		80,040		4,571,616
Wirecard AG(b)		19,070		2,814,966
Zalando SE(a)(c)		22,820		1,098,307
				193,290,949
Greece — 0.1%
Alpha Bank AE(a)		321,860		647,027
Eurobank Ergasias SA(a)		435,448		402,217
Hellenic Telecommunications Organization SA		21,956		328,477
Jumbo SA		43,685		889,324
Motor Oil Hellas Corinth Refineries SA		1,731		36,831
National Bank of Greece SA(a)		92,536		295,750
OPAP SA		52,668		656,625
Titan Cement International SA(a)		14,274		296,121
				3,552,372
Hong Kong — 2.3%
AIA Group Ltd.		2,012,000		20,146,171
ASM Pacific Technology Ltd.		71,200		972,881
Bank of East Asia Ltd. (The)(b)		381,000		826,287
BeiGene Ltd., ADR(a)(b)		6,718		1,023,554
BOC Hong Kong Holdings Ltd.		574,500		1,919,957
Budweiser Brewing Co. APAC Ltd.(a)(c)		210,000		638,257
CK Asset Holdings Ltd.		415,060		2,683,359
CK Hutchison Holdings Ltd.		420,560		3,753,404
CK Infrastructure Holdings Ltd.		80,500		565,010
CLP Holdings Ltd.		276,500		2,889,667
Dairy Farm International Holdings Ltd.(b)		42,700		219,905
Galaxy Entertainment Group Ltd.		387,000		2,566,743
Haier Electronics Group Co. Ltd.		167,000		506,491
Hang Lung Properties Ltd.		181,000		381,352

Security	Shares		Value
Hong Kong (continued)
Hang Seng Bank Ltd.		127,100	$	2,589,501
Henderson Land Development Co. Ltd.		264,617		1,199,567
HK Electric Investments & HK Electric Investments Ltd.		236,000		235,851
HKT Trust & HKT Ltd.		214,000		320,797
Hong Kong & China Gas Co. Ltd.		1,686,766		3,249,755
Hong Kong Exchanges & Clearing Ltd.		197,300		6,575,904
Hongkong Land Holdings Ltd.		153,400		817,622
Huishan Dairy(a)(d)		930,700		1,798
Jardine Matheson Holdings Ltd.		38,700		2,163,717
Jardine Strategic Holdings Ltd.		38,700		1,193,121
Kerry Properties Ltd.		74,000		208,232
Kingboard Laminates Holdings Ltd.		172,000		178,537
Link REIT		374,000		3,805,072
Melco Resorts & Entertainment Ltd., ADR		39,667		800,083
MTR Corp. Ltd.		333,500		1,885,491
New World Development Co. Ltd.		1,146,000		1,447,831
Nine Dragons Paper Holdings Ltd.		147,000		140,471
NWS Holdings Ltd.		155,000		200,814
PCCW Ltd.		114,000		67,388
Power Assets Holdings Ltd.		299,500		2,171,548
Sands China Ltd.		435,200		2,129,789
Sino Land Co. Ltd.		196,000		269,078
SJM Holdings Ltd.		551,000		622,322
SSY Group Ltd.		174,000		160,669
Sun Hung Kai Properties Ltd.		257,000		3,617,574
Swire Pacific Ltd., Class A.		119,500		1,059,585
Swire Properties Ltd.		128,200		401,198
Techtronic Industries Co. Ltd.		209,500		1,698,415
Vitasoy International Holdings Ltd.(b)		120,000		436,580
WH Group Ltd.(c)		1,496,000		1,437,257
Wharf Real Estate Investment Co. Ltd.		281,000		1,465,634
Wheelock & Co. Ltd.		88,000		540,020
Wynn Macau Ltd.		310,000		653,144
Yue Yuen Industrial Holdings Ltd.		96,000		267,666
				83,105,069
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		97,576		826,206
OTP Bank Nyrt		32,919		1,525,482
Richter Gedeon Nyrt		10,048		215,667
				2,567,355
Indonesia — 0.5%
Adaro Energy Tbk PT		3,118,700		279,781
Astra International Tbk PT		2,830,400		1,316,224
Bank Central Asia Tbk PT		1,503,300		3,566,966
Bank Mandiri Persero Tbk PT		2,999,684		1,658,558
Bank Negara Indonesia Persero Tbk PT		950,100		500,968
Bank Rakyat Indonesia Persero Tbk PT		9,427,500		3,079,213
Bank Tabungan Negara Persero Tbk PT		1,394,800		191,012
Barito Pacific Tbk PT		5,133,900		490,644
Charoen Pokphand Indonesia Tbk PT		1,337,100		651,169
Gudang Garam Tbk PT		114,400		467,276
Hanjaya Mandala Sampoerna Tbk PT		1,063,100		161,158
Indah Kiat Pulp & Paper Corp. Tbk PT		558,500		276,080
Indocement Tunggal Prakarsa Tbk PT		376,900		454,737
Indofood CBP Sukses Makmur Tbk PT		189,500		157,859
Indofood Sukses Makmur Tbk PT		421,700		241,655
Jasa Marga Persero Tbk PT		132,800		44,737
Kalbe Farma Tbk PT		5,855,800		613,240
Pabrik Kertas Tjiwi Kimia Tbk PT		294,500		196,261

36 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
Perusahaan Gas Negara Tbk PT		2,475,300	$	309,073
Semen Indonesia Persero Tbk PT		671,200		587,392
Telekomunikasi Indonesia Persero Tbk PT		8,552,100		2,379,933
Unilever Indonesia Tbk PT		1,573,200		915,924
United Tractors Tbk PT		351,745		494,581
XL Axiata Tbk PT(a)		382,000		81,128
				19,115,569
Ireland — 0.4%
AIB Group PLC		160,790		472,910
Bank of Ireland Group PLC		157,509		770,470
CRH PLC(a)		129,386		4,863,639
Flutter Entertainment PLC		13,287		1,509,277
Irish Bank Resolution Corp. Ltd.(a)(d)		64,486		1
Kerry Group PLC, Class A		24,528		3,134,077
Kingspan Group PLC		27,077		1,669,875
Smurfit Kappa Group PLC		35,835		1,242,203
				13,662,452
Israel — 0.4%
Azrieli Group Ltd.		4,074		301,257
Bank Hapoalim BM		198,261		1,710,410
Bank Leumi Le-Israel BM		276,124		1,996,193
Check Point Software Technologies Ltd.(a)(b)		19,965		2,282,199
CyberArk Software Ltd.(a)(b)		6,821		942,867
Elbit Systems Ltd.		6,130		942,133
Israel Chemicals Ltd.		158,287		670,612
Israel Discount Bank Ltd., Class A		90,466		412,658
Mizrahi Tefahot Bank Ltd.		16,116		440,749
Nice Ltd.(a)		11,720		2,032,380
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		174,288		1,812,595
Wix.com Ltd.(a)		7,969		1,137,097
				14,681,150
Italy — 1.4%
Assicurazioni Generali SpA		177,238		3,455,925
Atlantia SpA		84,438		2,074,540
CNH Industrial NV		166,255		1,588,919
Davide Campari-Milano SpA		119,752		1,158,551
Enel SpA		1,303,655		11,348,203
Eni SpA		411,088		5,766,578
Ferrari NV		19,649		3,320,692
FinecoBank Banca Fineco SpA		65,849		771,699
Intesa Sanpaolo SpA		2,399,549		5,971,191
Leonardo SpA		65,436		810,731
Mediobanca Banca di Credito Finanziario SpA		127,887		1,277,220
Moncler SpA		33,788		1,460,311
Pirelli & C SpA(c)		61,040		295,742
Poste Italiane SpA(c)		59,202		679,039
Prysmian SpA		40,635		904,237
Recordati SpA		13,744		588,378
Snam SpA		365,721		1,960,398
Telecom Italia SpA/Milano(a)		1,461,808		788,604
Tenaris SA		79,115		817,835
Terna Rete Elettrica Nazionale SpA		333,998		2,330,380
UniCredit SpA		309,245		4,140,566
				51,509,739
Japan — 16.3%
ABC-Mart Inc.		3,700		240,328
Acom Co. Ltd.		69,300		329,924
Advantest Corp.		31,600		1,711,418
Aeon Co. Ltd.		114,900		2,388,957

Security	Shares		Value
Japan (continued)
AEON Financial Service Co. Ltd.		36,000	$	574,950
Aeon Mall Co. Ltd.		18,000		303,252
AGC Inc.		38,100		1,319,975
Air Water Inc.		19,300		270,843
Aisin Seiki Co. Ltd.		32,200		1,097,744
Ajinomoto Co. Inc.		79,300		1,320,630
Alfresa Holdings Corp.		20,200		415,052
Alps Alpine Co. Ltd.		36,000		664,963
Amada Holdings Co. Ltd.		30,300		325,127
ANA Holdings Inc.		21,000		663,413
Aozora Bank Ltd.		11,600		317,011
Asahi Group Holdings Ltd.		60,300		2,829,596
Asahi Intecc Co. Ltd.		31,900		896,208
Asahi Kasei Corp.		219,200		2,301,514
Astellas Pharma Inc.		316,900		5,702,943
Bandai Namco Holdings Inc.		33,700		1,983,103
Bank of Kyoto Ltd. (The)		2,700		110,855
Benesse Holdings Inc.		3,500		97,361
Bridgestone Corp.		95,400		3,433,643
Brother Industries Ltd.		38,700		772,322
Calbee Inc.		6,700		221,922
Canon Inc.		177,300		4,721,838
Casio Computer Co. Ltd.		41,900		792,112
Central Japan Railway Co.		23,800		4,739,798
Chiba Bank Ltd. (The)		33,100		184,152
Chubu Electric Power Co. Inc.		127,500		1,750,427
Chugai Pharmaceutical Co. Ltd.		38,700		4,022,286
Chugoku Electric Power Co. Inc. (The)		46,900		621,814
Coca-Cola Bottlers Japan Holdings Inc.		29,000		774,065
Concordia Financial Group Ltd.		228,500		883,346
Credit Saison Co. Ltd.		37,800		619,392
CyberAgent Inc.(b)		17,400		708,779
Dai Nippon Printing Co. Ltd.		35,000		983,300
Daicel Corp.		25,300		244,865
Daifuku Co. Ltd.		15,900		987,286
Dai-ichi Life Holdings Inc.		190,900		2,916,736
Daiichi Sankyo Co. Ltd.		96,000		6,590,728
Daikin Industries Ltd.		39,200		5,654,768
Daito Trust Construction Co. Ltd.		10,200		1,214,476
Daiwa House Industry Co. Ltd.		89,700		2,864,342
Daiwa House REIT Investment Corp.		110		293,814
Daiwa Securities Group Inc.		280,600		1,447,465
Denso Corp.		77,500		3,247,728
Dentsu Group Inc.		38,700		1,306,841
Disco Corp.		4,100		977,478
East Japan Railway Co.		46,700		4,179,453
Eisai Co. Ltd.		41,700		3,204,496
Electric Power Development Co. Ltd.		26,700		610,687
FamilyMart Co. Ltd.		43,900		975,331
FANUC Corp.		32,000		5,999,354
Fast Retailing Co. Ltd.		9,900		5,420,178
Fuji Electric Co. Ltd.		17,900		543,350
FUJIFILM Holdings Corp.		59,900		3,030,785
Fujitsu Ltd.		34,600		3,707,884
Fukuoka Financial Group Inc.		21,800		387,185
GMO Payment Gateway Inc.		6,800		446,076
Hakuhodo DY Holdings Inc.		34,200		497,294
Hamamatsu Photonics KK.		12,900		559,395
Hankyu Hanshin Holdings Inc.		24,700		1,018,674
Hikari Tsushin Inc.		2,800		697,772

S c h e d u l e  o f  I n v e s t m e n t s 37

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hino Motors Ltd.		48,100	$	459,765
Hirose Electric Co. Ltd.		4,600		583,568
Hisamitsu Pharmaceutical Co. Inc.		6,100		316,298
Hitachi Chemical Co. Ltd.		17,000		720,718
Hitachi Construction Machinery Co. Ltd.		25,700		710,167
Hitachi High-Technologies Corp.		12,500		913,411
Hitachi Ltd.		156,800		6,119,518
Hitachi Metals Ltd.		26,000		408,285
Honda Motor Co. Ltd.		255,700		6,678,846
Hoshizaki Corp.		8,400		782,765
Hoya Corp.		64,700		6,327,628
Hulic Co. Ltd.		77,300		951,407
Idemitsu Kosan Co. Ltd.		38,672		986,558
IHI Corp.		33,000		800,452
Iida Group Holdings Co. Ltd.		2,500		42,903
Inpex Corp.		178,800		1,699,990
Isetan Mitsukoshi Holdings Ltd.		78,000		619,624
Isuzu Motors Ltd.		104,200		1,050,797
ITOCHU Corp.		198,400		4,700,754
Itochu Techno-Solutions Corp.		8,900		266,462
J Front Retailing Co. Ltd.		21,200		260,147
Japan Airlines Co. Ltd.		9,600		274,134
Japan Airport Terminal Co. Ltd.		6,700		315,883
Japan Exchange Group Inc.		89,700		1,641,969
Japan Post Bank Co. Ltd.		16,900		158,420
Japan Post Holdings Co. Ltd.		261,800		2,406,526
Japan Post Insurance Co. Ltd.		22,700		388,090
Japan Prime Realty Investment Corp.		143		661,005
Japan Real Estate Investment Corp.		247		1,802,620
Japan Retail Fund Investment Corp.		436		932,059
Japan Tobacco Inc.		190,300		4,066,382
JFE Holdings Inc.		89,100		1,081,021
JGC Holdings Corp.		29,000		427,301
JSR Corp.		46,400		850,214
JTEKT Corp.		63,800		696,953
JXTG Holdings Inc.		527,900		2,283,337
Kajima Corp.		47,600		617,480
Kakaku.com Inc.		31,100		825,240
Kamigumi Co. Ltd.		3,700		79,984
Kansai Electric Power Co. Inc. (The)		124,800		1,413,982
Kansai Paint Co. Ltd.		27,500		671,357
Kao Corp.		78,600		6,368,641
Kawasaki Heavy Industries Ltd.		35,100		711,489
KDDI Corp.		299,400		9,035,728
Keihan Holdings Co. Ltd.		8,000		366,471
Keikyu Corp.		22,800		426,192
Keio Corp.		14,700		851,741
Keisei Electric Railway Co. Ltd.		9,900		362,624
Keyence Corp.		30,100		10,378,161
Kikkoman Corp.		29,700		1,471,504
Kintetsu Group Holdings Co. Ltd.		28,300		1,506,583
Kirin Holdings Co. Ltd.		144,700		3,220,822
Kobayashi Pharmaceutical Co. Ltd.		7,300		598,764
Koito Manufacturing Co. Ltd.		12,800		568,640
Komatsu Ltd.		152,700		3,475,674
Konami Holdings Corp.		12,900		504,645
Konica Minolta Inc.		94,100		590,377
Kose Corp.		5,100		693,113
Kubota Corp.		172,600		2,771,696
Kuraray Co. Ltd.		76,800		945,961

Security	Shares		Value
Japan (continued)
Kurita Water Industries Ltd.		18,000	$	537,251
Kyocera Corp.		49,100		3,295,229
Kyowa Kirin Co. Ltd.		46,300		1,104,690
Kyushu Electric Power Co. Inc.		95,300		791,346
Kyushu Railway Co.		19,300		638,377
Lawson Inc.		5,900		345,122
LINE Corp.(a)		8,800		435,189
Lion Corp.		38,700		746,971
LIXIL Group Corp.		41,800		708,076
M3 Inc.		77,500		2,302,440
Makita Corp.		38,000		1,491,812
Marubeni Corp.		287,600		2,110,066
Marui Group Co. Ltd.		24,500		574,835
Maruichi Steel Tube Ltd.		5,800		163,750
Mazda Motor Corp.		110,300		950,502
McDonald’s Holdings Co. Japan Ltd.		3,100		148,157
Mebuki Financial Group Inc.		150,000		339,069
Medipal Holdings Corp.		18,800		405,193
MEIJI Holdings Co. Ltd.		22,290		1,587,663
Mercari Inc.(a)(b)		13,700		243,070
MINEBEA MITSUMI Inc.		63,500		1,280,722
MISUMI Group Inc.		55,900		1,429,154
Mitsubishi Chemical Holdings Corp.		233,900		1,726,438
Mitsubishi Corp.		229,000		5,964,543
Mitsubishi Electric Corp.		314,900		4,488,818
Mitsubishi Estate Co. Ltd.		197,800		3,927,348
Mitsubishi Gas Chemical Co. Inc.		13,600		212,059
Mitsubishi Heavy Industries Ltd.		45,400		1,685,562
Mitsubishi Materials Corp.		11,800		302,988
Mitsubishi Motors Corp.		152,700		581,862
Mitsubishi UFJ Financial Group Inc.		2,022,000		10,605,776
Mitsubishi UFJ Lease & Finance Co. Ltd.		19,900		127,422
Mitsui & Co. Ltd.		288,300		5,214,856
Mitsui Chemicals Inc.		45,500		1,030,608
Mitsui Fudosan Co. Ltd.		152,700		4,101,915
Mitsui OSK Lines Ltd.		29,200		724,443
Mizuho Financial Group Inc.		4,084,600		6,123,979
MonotaRO Co. Ltd.		19,600		483,196
MS&AD Insurance Group Holdings Inc.		78,600		2,652,029
Murata Manufacturing Co. Ltd.		96,900		5,657,454
Nabtesco Corp.		26,500		789,731
Nagoya Railroad Co. Ltd.		14,100		418,245
NEC Corp.		42,200		1,915,616
Nexon Co. Ltd.(a)		85,700		1,174,189
NGK Insulators Ltd.		9,400		161,054
NGK Spark Plug Co. Ltd.		18,000		323,347
NH Foods Ltd.		11,900		529,755
Nidec Corp.		38,700		5,013,129
Nikon Corp.		65,500		809,194
Nintendo Co. Ltd.		19,200		7,222,254
Nippon Building Fund Inc.		257		2,081,893
Nippon Express Co. Ltd.		6,700		356,682
Nippon Paint Holdings Co. Ltd.		27,600		1,344,540
Nippon Prologis REIT Inc.		149		428,915
Nippon Shinyaku Co. Ltd.		7,200		649,684
Nippon Steel Corp.		150,586		2,133,365
Nippon Telegraph & Telephone Corp.		225,800		5,805,155
Nippon Yusen KK		38,200		625,242
Nissan Chemical Corp.		17,900		757,222
Nissan Motor Co. Ltd.		364,600		2,016,679

38 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nisshin Seifun Group Inc.		45,525	$	788,817
Nissin Foods Holdings Co. Ltd.		11,200		853,550
Nitori Holdings Co. Ltd.		12,800		2,005,886
Nitto Denko Corp.		29,700		1,696,203
Nomura Holdings Inc.		551,100		2,879,438
Nomura Real Estate Holdings Inc.		21,000		524,104
Nomura Real Estate Master Fund Inc.		681		1,198,826
Nomura Research Institute Ltd.		54,000		1,205,702
NSK Ltd.		89,100		765,347
NTT Data Corp.		87,200		1,251,059
NTT DOCOMO Inc.		220,300		6,315,192
Obayashi Corp.		62,700		701,712
Obic Co. Ltd.		9,300		1,287,937
Odakyu Electric Railway Co. Ltd.		37,500		842,829
Oji Holdings Corp.		88,100		460,069
Olympus Corp.		190,600		3,138,125
Omron Corp.		28,300		1,673,691
Ono Pharmaceutical Co. Ltd.		66,700		1,562,805
Oracle Corp. Japan		6,200		545,721
Oriental Land Co. Ltd.		35,200		4,631,194
ORIX Corp.		224,400		3,846,798
Orix JREIT Inc.		174		368,116
Osaka Gas Co. Ltd.		77,500		1,327,836
Otsuka Corp.		14,800		587,166
Otsuka Holdings Co. Ltd.		71,000		3,218,370
Pan Pacific International Holdings Corp.		81,800		1,333,585
Panasonic Corp.		374,000		3,802,630
Park24 Co. Ltd.		15,800		401,615
PeptiDream Inc.(a)		14,900		720,358
Persol Holdings Co. Ltd.		27,600		505,476
Pigeon Corp.		18,200		657,406
Pola Orbis Holdings Inc.		10,400		230,002
Rakuten Inc.(a)		142,100		1,122,273
Recruit Holdings Co. Ltd.		229,000		9,093,657
Renesas Electronics Corp.(a)		123,600		810,810
Resona Holdings Inc.		380,800		1,601,760
Ricoh Co. Ltd.		114,900		1,334,678
Rinnai Corp.		3,200		232,652
Rohm Co. Ltd.		15,500		1,151,220
Ryohin Keikaku Co. Ltd.		37,200		632,213
Sankyo Co. Ltd.		1,900		64,686
Santen Pharmaceutical Co. Ltd.		77,000		1,460,645
SBI Holdings Inc.		43,700		1,039,430
Secom Co. Ltd.		38,300		3,432,282
Sega Sammy Holdings Inc.		23,400		323,630
Seibu Holdings Inc.		18,900		298,361
Seiko Epson Corp.		36,500		545,555
Sekisui Chemical Co. Ltd.		30,200		513,527
Sekisui House Ltd.		114,900		2,502,919
Seven & i Holdings Co. Ltd.		120,500		4,688,366
Seven Bank Ltd.		97,800		295,967
SG Holdings Co. Ltd.		20,200		433,316
Sharp Corp.		38,700		543,446
Shimadzu Corp.		37,700		1,085,242
Shimamura Co. Ltd.		2,300		175,283
Shimano Inc.		12,100		1,882,235
Shimizu Corp.		57,000		595,848
Shin-Etsu Chemical Co. Ltd.		60,000		7,038,797
Shinsei Bank Ltd.		53,700		837,321
Shionogi & Co. Ltd.		39,400		2,386,502

Security	Shares		Value
Japan (continued)
Shiseido Co. Ltd.		70,800	$	4,629,419
Shizuoka Bank Ltd. (The)		52,700		377,800
Showa Denko KK		20,800		513,355
SMC Corp.		9,500		4,227,384
Softbank Corp.		265,700		3,667,364
SoftBank Group Corp.		261,900		10,931,730
Sohgo Security Services Co. Ltd.		8,400		442,534
Sompo Holdings Inc.		49,800		1,899,003
Sony Corp.		213,000		15,167,542
Sony Financial Holdings Inc.		19,900		467,825
Square Enix Holdings Co. Ltd.		14,600		724,713
Stanley Electric Co. Ltd.		23,900		629,777
Subaru Corp.		108,300		2,757,835
SUMCO Corp.		38,700		621,285
Sumitomo Chemical Co. Ltd.		304,700		1,326,922
Sumitomo Corp.		191,400		2,892,588
Sumitomo Dainippon Pharma Co. Ltd.		32,200		565,361
Sumitomo Electric Industries Ltd.		136,200		1,859,815
Sumitomo Heavy Industries Ltd.		18,600		503,162
Sumitomo Metal Mining Co. Ltd.		38,700		1,129,739
Sumitomo Mitsui Financial Group Inc.		229,000		8,206,265
Sumitomo Mitsui Trust Holdings Inc.		55,100		2,075,687
Sumitomo Realty & Development Co. Ltd.		43,900		1,640,402
Sumitomo Rubber Industries Ltd.		30,100		337,422
Sundrug Co. Ltd.		7,200		247,783
Suntory Beverage & Food Ltd.		16,500		707,132
Suzuken Co. Ltd.		9,100		355,570
Suzuki Motor Corp.		61,700		2,864,551
Sysmex Corp.		30,300		2,207,677
T&D Holdings Inc.		96,200		1,057,104
Taiheiyo Cement Corp.		12,300		338,637
Taisei Corp.		38,700		1,574,637
Taisho Pharmaceutical Holdings Co. Ltd.		2,800		202,021
Taiyo Nippon Sanso Corp.		31,700		706,914
Takeda Pharmaceutical Co. Ltd.		251,013		9,789,472
TDK Corp.		24,100		2,639,360
Teijin Ltd.		10,000		182,221
Terumo Corp.		114,900		4,223,477
THK Co. Ltd.		15,700		407,909
Tobu Railway Co. Ltd.		35,800		1,278,277
Toho Co. Ltd.		13,800		515,025
Toho Gas Co. Ltd.		11,200		438,658
Tohoku Electric Power Co. Inc.		95,100		901,996
Tokio Marine Holdings Inc.		107,600		5,941,652
Tokyo Century Corp.		4,000		208,885
Tokyo Electric Power Co. Holdings Inc.(a)		266,200		1,068,386
Tokyo Electron Ltd.		26,700		6,035,429
Tokyo Gas Co. Ltd.		77,500		1,721,825
Tokyu Corp.		77,500		1,381,464
Tokyu Fudosan Holdings Corp.		133,500		955,815
Toppan Printing Co. Ltd.		34,400		696,982
Toray Industries Inc.		238,000		1,592,449
Toshiba Corp.		86,900		2,806,200
Tosoh Corp.		30,300		439,746
TOTO Ltd.		18,600		776,537
Toyo Seikan Group Holdings Ltd.		38,100		659,460
Toyo Suisan Kaisha Ltd.		16,200		687,549
Toyoda Gosei Co. Ltd.		2,000		46,519
Toyota Industries Corp.		25,800		1,428,242
Toyota Motor Corp.		379,200		26,771,586

S c h e d u l e  o f  I n v e s t m e n t s 39

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Toyota Tsusho Corp.		40,000	$	1,415,325
Trend Micro Inc.(a)		25,300		1,344,540
Tsuruha Holdings Inc.		5,500		681,506
Unicharm Corp.		76,200		2,651,902
United Urban Investment Corp.		497		890,964
USS Co. Ltd.		54,900		1,013,055
Welcia Holdings Co. Ltd.		7,700		428,390
West Japan Railway Co.		30,100		2,575,517
Yakult Honsha Co. Ltd.		19,800		1,013,886
Yamada Denki Co. Ltd.		171,500		871,860
Yamaha Corp.		21,900		1,143,645
Yamaha Motor Co. Ltd.		54,800		1,042,558
Yamato Holdings Co. Ltd.		57,900		948,217
Yamazaki Baking Co. Ltd.		15,900		306,308
Yaskawa Electric Corp.		35,800		1,279,928
Yokogawa Electric Corp.		51,700		923,478
Yokohama Rubber Co. Ltd. (The)		6,300		109,800
Z Holdings Corp.		431,300		1,742,948
ZOZO Inc.		21,300		358,259
				593,401,869
Malaysia — 0.5%
Axiata Group Bhd		508,300		533,355
British American Tobacco Malaysia Bhd		39,900		114,695
CIMB Group Holdings Bhd		769,800		926,089
Dialog Group Bhd		737,600		588,568
DiGi.Com Bhd		807,200		833,201
Gamuda Bhd		374,000		352,279
Genting Bhd		406,200		545,168
Genting Malaysia Bhd		481,000		354,471
Hartalega Holdings Bhd		336,600		486,255
Hong Leong Bank Bhd		138,900		542,313
Hong Leong Financial Group Bhd		114,900		452,534
IHH Healthcare Bhd		555,800		773,075
IJM Corp. Bhd		104,400		54,009
IOI Corp. Bhd		625,400		692,854
Kuala Lumpur Kepong Bhd		77,500		431,186
Malayan Banking Bhd		316,100		650,250
Malaysia Airports Holdings Bhd		279,400		459,531
Maxis Bhd		588,000		761,903
MISC Bhd		62,600		117,471
Petronas Chemicals Group Bhd		455,400		687,879
Petronas Dagangan Bhd		106,700		576,982
Petronas Gas Bhd		184,200		719,180
PPB Group Bhd		190,600		866,025
Press Metal Aluminium Holdings Bhd		104,500		124,441
Public Bank Bhd		396,740		1,800,723
RHB Bank Bhd(b)		336,695		467,495
RHB Capital Bhd(a)(d)		141,000		0	(e)
Sime Darby Bhd		521,300		277,314
Sime Darby Plantation Bhd		518,400		641,359
Telekom Malaysia Bhd		131,500		123,863
Tenaga Nasional Bhd		443,600		1,348,769
Top Glove Corp. Bhd		140,800		200,996
YTL Corp. Bhd		749,054		163,593
				17,667,826
Mexico — 0.6%
Alfa SAB de CV, Class A		725,100		541,966
Alsea SAB de CV(a)		51,500		124,571
America Movil SAB de CV, Series L, NVS		5,337,400		4,426,673

Security	Shares		Value
Mexico (continued)
Arca Continental SAB de CV		13,400	$	75,797
Cemex SAB de CV, CPO, NVS		2,525,508		1,014,582
Coca-Cola Femsa SAB de CV		40,100		243,635
Fibra Uno Administracion SA de CV		531,500		871,224
Fomento Economico Mexicano SAB de CV		336,600		3,031,322
Gruma SAB de CV, Series B		15,940		169,191
Grupo Aeroportuario del Pacifico SAB de CV, Series B		52,600		649,340
Grupo Aeroportuario del Sureste SAB de CV, Class B		60,000		1,151,507
Grupo Bimbo SAB de CV, Series A		125,000		223,398
Grupo Carso SAB de CV, Series A1		37,000		133,249
Grupo Financiero Banorte SAB de CV, Class O		407,000		2,497,549
Grupo Financiero Inbursa SAB de CV, Class O		722,600		820,841
Grupo Mexico SAB de CV, Series B		588,029		1,568,450
Grupo Televisa SAB, CPO		418,500		925,354
Industrias Penoles SAB de CV		30,245		315,544
Infraestructura Energetica Nova SAB de CV		61,400		288,078
Kimberly-Clark de Mexico SAB de CV, Class A		472,600		973,529
Megacable Holdings SAB de CV, CPO		24,500		91,056
Orbia Advance Corp. SAB de CV		147,900		345,632
Promotora y Operadora de Infraestructura SAB de CV		17,130		184,593
Wal-Mart de Mexico SAB de CV		924,600		2,680,744
				23,347,825
Netherlands — 2.6%
ABN AMRO Bank NV, CVA(c)		62,866		1,095,183
Adyen NV(a)(c)		1,780		1,639,228
Aegon NV		298,613		1,214,156
AerCap Holdings NV(a)		22,413		1,268,800
Akzo Nobel NV		39,147		3,700,545
Altice Europe NV(a)		103,981		670,188
ArcelorMittal SA		106,847		1,581,455
ASML Holding NV		69,363		19,543,713
EXOR NV		19,935		1,472,209
Heineken Holding NV		19,019		1,873,733
Heineken NV		39,506		4,304,504
ING Groep NV		628,575		6,843,967
Koninklijke Ahold Delhaize NV		188,557		4,638,888
Koninklijke DSM NV		31,285		3,824,106
Koninklijke KPN NV		606,039		1,701,195
Koninklijke Philips NV		148,875		6,830,309
Koninklijke Vopak NV		10,269		550,570
NN Group NV		49,720		1,730,131
NXP Semiconductors NV		46,532		5,903,049
Prosus NV(a)		80,127		5,792,213
Randstad NV		16,887		972,389
Unilever NV		241,333		14,094,367
Wolters Kluwer NV		48,862		3,677,792
				94,922,690
New Zealand — 0.2%
a2 Milk Co. Ltd.(a)		125,353		1,216,833
Auckland International Airport Ltd.		195,734		1,095,689
Fisher & Paykel Healthcare Corp. Ltd.		75,984		1,145,732
Fletcher Building Ltd.		173,057		621,566
Mercury NZ Ltd.		19,622		66,539
Meridian Energy Ltd.		99,823		345,289
Ryman Healthcare Ltd.		123,326		1,316,074
Spark New Zealand Ltd.		352,553		1,063,201
				6,870,923
Norway — 0.4%
Aker BP ASA		22,280		631,337

40 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
DNB ASA		139,439	$	2,448,328
Equinor ASA		141,783		2,571,007
Gjensidige Forsikring ASA		51,578		1,124,691
Mowi ASA		79,126		1,890,206
Norsk Hydro ASA		222,942		701,637
Orkla ASA		147,883		1,427,845
Schibsted ASA, Class B		17,225		489,591
Telenor ASA		100,183		1,814,484
Yara International ASA		31,485		1,145,617
				14,244,743
Pakistan — 0.0%
MCB Bank Ltd.		261,800		356,878
Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR		19,363		250,364
Credicorp Ltd.		12,161		2,512,219
Southern Copper Corp.		12,498		470,925
				3,233,508
Philippines — 0.3%
Aboitiz Equity Ventures Inc.		288,830		280,136
Ayala Corp.		15,750		225,111
Ayala Land Inc.		1,771,720		1,450,001
Bank of the Philippine Islands		368,216		597,636
BDO Unibank Inc.		329,190		958,491
Globe Telecom Inc.		1,520		56,518
GT Capital Holdings Inc.		8,850		117,524
International Container Terminal Services Inc.		197,740		505,729
JG Summit Holdings Inc.		631,720		871,209
Jollibee Foods Corp.		145,080		545,727
Megaworld Corp.		423,000		33,703
Metro Pacific Investments Corp.		274,000		17,304
Metropolitan Bank & Trust Co.		615,408		694,347
PLDT Inc.		20,380		399,340
Security Bank Corp.		15,090		52,546
SM Investments Corp.		45,095		861,445
SM Prime Holdings Inc.		2,058,700		1,575,515
Universal Robina Corp.		70,770		201,882
				9,444,164
Poland — 0.2%
Bank Millennium SA(a)		183,490		280,986
Bank Polska Kasa Opieki SA		21,972		560,664
CCC SA		3,346		83,629
CD Projekt SA		12,131		880,674
Cyfrowy Polsat SA		87,750		615,321
Dino Polska SA(a)(c)		5,770		241,721
Grupa Lotos SA		10,932		216,839
KGHM Polska Miedz SA(a)		27,451		645,415
LPP SA		153		333,891
mBank SA(a)		4,441		424,986
Orange Polska SA(a)		59,955		108,273
PGE Polska Grupa Energetyczna SA(a)		71,163		125,853
Polski Koncern Naftowy ORLEN SA		45,697		891,333
Polskie Gornictwo Naftowe i Gazownictwo SA		387,645		359,568
Powszechna Kasa Oszczednosci Bank Polski SA		130,476		1,150,720
Powszechny Zaklad Ubezpieczen SA		84,424		875,374
Santander Bank Polska SA		9,194		678,834
				8,474,081
Portugal — 0.1%
Banco Espirito Santo SA, Registered(a)(d)		4		0	(e)

Security	Shares		Value
Portugal (continued)
EDP - Energias de Portugal SA		398,970	$	2,000,235
Galp Energia SGPS SA		81,496		1,231,882
Jeronimo Martins SGPS SA		45,386		781,863
				4,013,980
Qatar — 0.3%
Barwa Real Estate Co.		306,164		295,835
Commercial Bank PSQC (The)		416,473		545,657
Industries Qatar QSC		215,581		586,087
Masraf Al Rayan QSC		1,247,362		1,402,755
Mesaieed Petrochemical Holding Co.		628,319		375,592
Ooredoo QPSC		238,891		451,882
Qatar Electricity & Water Co. QSC		109,654		480,387
Qatar Fuel QSC		91,366		549,154
Qatar Insurance Co. SAQ		307,759		266,294
Qatar International Islamic Bank QSC		94,045		240,272
Qatar Islamic Bank SAQ		161,533		736,325
Qatar National Bank QPSC		660,168		3,683,217
				9,613,457
Russia — 1.1%
Alrosa PJSC		555,940		697,629
Gazprom PJSC		48,350		171,502
Gazprom PJSC, ADR		852,152		5,990,629
Inter RAO UES PJSC		4,387,000		397,094
LUKOIL PJSC		67,365		6,904,482
Magnit PJSC, GDR(f)		72,474		985,646
Magnitogorsk Iron & Steel Works PJSC		139,700		98,166
MMC Norilsk Nickel PJSC		9,794		3,187,468
Mobile TeleSystems PJSC, ADR		95,716		975,346
Moscow Exchange MICEX-RTS PJSC		91,720		157,776
Novatek PJSC, GDR(f)		16,178		2,912,040
Novolipetsk Steel PJSC		148,270		320,151
PhosAgro PJSC, GDR(f)		19,265		244,473
Polyus PJSC		3,134		383,197
Rosneft Oil Co. PJSC, GDR		224,088		1,679,316
Sberbank of Russia PJSC		1,741,921		6,873,784
Sberbank of Russia PJSC, New, ADR		63,760		1,020,160
Severstal PJSC		24,763		353,130
Surgutneftegas PJSC		1,433,050		1,032,443
Tatneft PJSC, ADR		40,010		2,875,919
VTB Bank PJSC, GDR(f)		477,908		682,453
X5 Retail Group NV, GDR		15,396		562,493
				38,505,297
Saudi Arabia — 0.7%
Advanced Petrochemical Co.		22,983		295,251
Al Rajhi Bank		209,176		3,701,835
Alinma Bank		220,250		1,520,383
Almarai Co. JSC		19,853		251,337
Arab National Bank		60,006		424,616
Bank AlBilad		75,304		546,917
Bank Al-Jazira		79,049		316,870
Banque Saudi Fransi		108,372		1,071,589
Co for Cooperative Insurance (The)(a)		4,573		91,411
Dar Al Arkan Real Estate Development Co.(a)		43,880		114,963
Emaar Economic City(a)		8,979		23,979
Etihad Etisalat Co.(a)		55,187		387,574
Jarir Marketing Co.		20,898		896,743
National Commercial Bank		197,880		2,476,137
National Industrialization Co.(a)		53,723		183,563
Rabigh Refining & Petrochemical Co.(a)		9,095		48,481

S c h e d u l e  o f  I n v e s t m e n t s 41

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Riyad Bank		197,880	$	1,242,551
Sahara International Petrochemical Co.		58,168		267,895
Samba Financial Group		117,065		945,381
Saudi Airlines Catering Co.		6,624		181,489
Saudi Arabian Fertilizer Co.		39,540		790,378
Saudi Arabian Mining Co.(a)		79,032		903,644
Saudi Arabian Oil Co.(a)(c)		163,950		1,492,242
Saudi Basic Industries Corp.		131,961		3,077,449
Saudi British Bank (The)		79,267		674,995
Saudi Cement Co.		16,841		302,528
Saudi Electricity Co.		173,095		915,300
Saudi Industrial Investment Group		35,083		220,671
Saudi Kayan Petrochemical Co.(a)		17,997		47,727
Saudi Telecom Co.		71,870		1,748,862
Savola Group (The)(a)		33,544		319,616
Yanbu National Petrochemical Co.		36,936		518,797
				26,001,174
Singapore — 0.9%
Ascendas REIT		472,966		1,091,540
BOC Aviation Ltd.(c)		20,200		186,784
CapitaLand Commercial Trust		693,805		1,047,138
CapitaLand Ltd.		510,300		1,353,422
CapitaLand Mall Trust		458,800		847,078
City Developments Ltd.		49,100		381,317
ComfortDelGro Corp. Ltd.		570,400		906,856
DBS Group Holdings Ltd.		275,100		5,113,405
Genting Singapore Ltd.		991,700		624,853
Jardine Cycle & Carriage Ltd.		10,800		231,208
Keppel Corp. Ltd.		293,400		1,435,938
Mapletree Commercial Trust		134,000		230,713
Oversea-Chinese Banking Corp. Ltd.		531,975		4,221,034
SATS Ltd.		50,700		169,384
Sembcorp Industries Ltd.		344,500		535,087
Singapore Airlines Ltd.		190,700		1,194,582
Singapore Exchange Ltd.		158,400		1,009,656
Singapore Technologies Engineering Ltd.		122,200		367,970
Singapore Telecommunications Ltd.		1,334,400		3,226,258
Suntec REIT		600,500		809,525
United Overseas Bank Ltd.		213,700		4,017,541
UOL Group Ltd.		18,100		105,823
Venture Corp. Ltd.		61,500		735,801
Wilmar International Ltd.		336,600		964,251
Yangzijiang Shipbuilding Holdings Ltd.		466,400		324,625
				31,131,789
South Africa — 1.2%
Absa Group Ltd.		80,624		738,755
Anglo American Platinum Ltd.		10,896		871,346
AngloGold Ashanti Ltd.		70,254		1,422,831
Aspen Pharmacare Holdings Ltd.(a)		68,031		526,305
Bid Corp. Ltd.		61,048		1,352,258
Bidvest Group Ltd. (The)		56,840		784,418
Capitec Bank Holdings Ltd.		5,631		505,362
Clicks Group Ltd.		50,516		822,697
Discovery Ltd.		46,952		366,175
Exxaro Resources Ltd.		53,443		433,865
FirstRand Ltd.		497,254		1,916,149
Fortress REIT Ltd., Series A		15,577		19,160
Foschini Group Ltd. (The)		58,258		535,215
Gold Fields Ltd.		144,254		940,471

Security	Shares		Value
South Africa (continued)
Growthpoint Properties Ltd.		715,721	$	1,006,337
Impala Platinum Holdings Ltd.(a)		122,576		1,156,339
Investec Ltd.		100,671		564,112
Kumba Iron Ore Ltd.		7,376		171,886
Liberty Holdings Ltd.		20,725		145,909
Life Healthcare Group Holdings Ltd.		56,441		94,222
Momentum Metropolitan Holdings		363,106		483,915
Mr. Price Group Ltd.		51,440		583,418
MTN Group Ltd.		261,567		1,408,847
MultiChoice Group Ltd.(a).		83,348		593,291
Naspers Ltd., Class N		71,720		11,765,915
Nedbank Group Ltd.		32,812		428,123
NEPI Rockcastle PLC		73,096		601,844
Northam Platinum Ltd.(a)		55,177		462,362
Old Mutual Ltd.		828,980		956,122
Pepkor Holdings Ltd.(c)		35,607		38,979
Pick n Pay Stores Ltd.		26,488		114,697
PSG Group Ltd.		41,609		594,335
Rand Merchant Investment Holdings Ltd.		333,142		602,341
Redefine Properties Ltd.		1,575,434		755,183
Reinet Investments SCA		26,003		559,257
Remgro Ltd.		81,130		987,115
RMB Holdings Ltd.		188,726		927,682
Sanlam Ltd.		232,379		1,145,202
Sasol Ltd.		86,597		1,380,806
Shoprite Holdings Ltd.		76,019		593,272
Sibanye Gold Ltd.(a)(b).		340,857		888,076
SPAR Group Ltd. (The).		6,699		85,625
Standard Bank Group Ltd.		178,322		1,872,206
Telkom SA SOC Ltd.		12,729		27,377
Tiger Brands Ltd.		34,377		451,500
Vodacom Group Ltd.		85,153		665,635
Woolworths Holdings Ltd.		191,558		566,775
				43,913,712
South Korea — 2.9%
Amorepacific Corp.		6,071		957,627
AMOREPACIFIC Group		6,404		387,942
BGF retail Co. Ltd.		2,077		287,540
BNK Financial Group Inc.		44,558		252,353
Celltrion Healthcare Co. Ltd.(a)		9,613		461,353
Celltrion Inc.(a)		14,897		2,062,344
Cheil Worldwide Inc.		4,700		83,404
CJ CheilJedang Corp.		1,995		397,544
CJ Corp.		3,748		260,380
CJ ENM Co. Ltd.		2,618		303,568
CJ Logistics Corp.(a)		888		108,779
Daelim Industrial Co. Ltd.		6,358		432,100
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		5,231		108,408
DB Insurance Co. Ltd.		12,022		428,691
Doosan Bobcat Inc.		2,227		57,551
E-MART Inc.		4,524		421,332
Fila Holdings Corp.		8,769		325,200
GS Engineering & Construction Corp.		3,322		78,043
GS Holdings Corp.		8,271		317,141
GS Retail Co. Ltd.		4,368		145,313
Hana Financial Group Inc.		43,847		1,221,396
Hankook Tire & Technology Co. Ltd.		14,680		353,497
Hanmi Pharm Co. Ltd.		1,505		354,831
Hanon Systems		10,253		90,327
Hanwha Corp.		6,676		121,830

42 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Hanwha Solutions Corp.(a)		9,996	$	141,320
HDC Holdings Co. Ltd.		1		8
HDC Hyundai Development Co-Engineering & Construction, Class E(b)		6,260		109,774
Helixmith Co. Ltd.(a)		3,723		241,151
HLB Inc.(a)(b)		12,780		994,006
Hotel Shilla Co. Ltd.		5,976		438,228
Hyundai Department Store Co. Ltd.		2,285		149,541
Hyundai Engineering & Construction Co. Ltd.		14,221		455,797
Hyundai Glovis Co. Ltd.		4,036		497,791
Hyundai Heavy Industries Holdings Co. Ltd.		1,901		436,232
Hyundai Marine & Fire Insurance Co. Ltd.		15,798		291,611
Hyundai Mobis Co. Ltd.		11,018		2,121,602
Hyundai Motor Co.		24,082		2,525,695
Hyundai Steel Co.		15,409		365,881
Industrial Bank of Korea(a)		47,155		425,319
Kakao Corp.(a)		8,792		1,172,906
Kangwon Land Inc.		18,934		437,666
KB Financial Group Inc.(a)		54,752		2,019,004
KCC Corp.		343		57,989
Kia Motors Corp.		38,383		1,317,166
KMW Co. Ltd.(a)		4,386		182,344
Korea Aerospace Industries Ltd.		14,768		372,964
Korea Electric Power Corp.(a)		37,311		793,585
Korea Gas Corp.		5,880		160,339
Korea Investment Holdings Co. Ltd.		6,774		377,959
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		6,862		656,348
Korea Zinc Co. Ltd.		1,906		607,694
Korean Air Lines Co. Ltd.		7,628		151,363
KT&G Corp.(a)		16,062		1,281,618
Kumho Petrochemical Co. Ltd.		1,036		56,848
LG Chem Ltd.(b)		8,088		2,290,305
LG Corp.		18,336		1,081,529
LG Display Co. Ltd.(a)		42,047		543,293
LG Electronics Inc.		16,845		931,397
LG Household & Health Care Ltd.		1,547		1,632,862
LG Innotek Co. Ltd.		1,766		225,223
LG Uplus Corp.		17,590		195,551
Lotte Chemical Corp.		3,740		594,647
Lotte Corp.		9,090		269,226
Lotte Shopping Co. Ltd.		2,385		231,126
Medy-Tox Inc.		1,002		273,147
Meritz Securities Co. Ltd.		49,572		152,228
Mirae Asset Daewoo Co. Ltd.		91,366		528,180
NAVER Corp.		21,972		3,309,119
NCSoft Corp.		2,947		1,572,590
Netmarble Corp.(a)(c)		4,997		375,661
NH Investment & Securities Co. Ltd.		3,839		35,593
OCI Co. Ltd.		4,324		202,441
Orion Corp.		4,810		413,664
Pan Ocean Co. Ltd.(a)		11,193		37,377
Pearl Abyss Corp.(a)(b)		1,525		232,361
POSCO		11,018		2,043,024
POSCO Chemical Co. Ltd.		2,808		135,234
Posco International Corp.		7,951		112,409
S-1 Corp.		2,786		212,950
Samsung Biologics Co. Ltd.(a)(c)		2,895		1,176,849
Samsung C&T Corp.		12,150		1,106,075
Samsung Card Co. Ltd.		4,693		149,431
Samsung Electro-Mechanics Co. Ltd.		9,923		1,040,714

Security	Shares		Value
South Korea (continued)
Samsung Electronics Co. Ltd.		784,662	$	37,131,297
Samsung Engineering Co. Ltd.(a)		15,302		221,470
Samsung Fire & Marine Insurance Co. Ltd.		5,184		917,753
Samsung Heavy Industries Co. Ltd.(a)		58,127		324,323
Samsung Life Insurance Co. Ltd.		12,476		727,509
Samsung SDI Co. Ltd.		9,384		2,173,079
Samsung SDS Co. Ltd.		6,411		1,043,532
Samsung Securities Co. Ltd.		10,114		299,130
Shinhan Financial Group Co. Ltd.(a)		63,619		2,089,763
Shinsegae Inc.		1,607		360,003
SK Holdings Co. Ltd.		4,655		919,791
SK Hynix Inc.		88,573		6,948,505
SK Innovation Co. Ltd.		7,002		763,737
SK Telecom Co. Ltd.		3,740		720,166
S-Oil Corp.		8,290		530,015
Woongjin Coway Co. Ltd.		10,260		755,823
Woori Financial Group Inc.		88,608		754,601
Yuhan Corp.		2,319		424,166
				107,067,112
Spain — 1.8%
ACS Actividades de Construccion y Servicios SA		44,394		1,477,399
Aena SME SA(c)		10,639		1,970,722
Amadeus IT Group SA		71,341		5,599,037
Banco Bilbao Vizcaya Argentaria SA		1,043,644		5,399,431
Banco de Sabadell SA		972,105		876,912
Banco Santander SA		2,461,340		9,694,095
Banco Santander SA, New(a)		194,185		811,927
Bankia SA		292,441		531,983
Bankinter SA		136,986		888,684
CaixaBank SA		568,792		1,664,085
Cellnex Telecom SA(c)		44,000		2,190,336
Enagas SA		14,047		378,587
Endesa SA		50,825		1,395,152
Ferrovial SA		88,108		2,798,400
Grifols SA		47,896		1,608,274
Iberdrola SA		1,019,066		11,146,479
Iberdrola SA, New(a)		21,688		237,220
Industria de Diseno Textil SA		174,594		5,876,143
Mapfre SA		173,041		443,358
Naturgy Energy Group SA		53,006		1,398,042
Red Electrica Corp. SA		67,320		1,345,484
Repsol SA		251,014		3,467,436
Siemens Gamesa Renewable Energy SA		44,718		713,861
Telefonica SA		720,426		4,877,281
				66,790,328
Sweden — 1.6%
Alfa Laval AB		53,938		1,348,639
Assa Abloy AB, Class B		168,538		4,009,458
Atlas Copco AB, Class A		121,098		4,296,817
Atlas Copco AB, Class B		56,103		1,746,188
Boliden AB		41,324		983,083
Electrolux AB, Series B		40,974		972,206
Epiroc AB, Class A		124,836		1,446,694
Epiroc AB, Class B		49,633		561,797
Essity AB, Class B		99,808		3,168,623
Hennes & Mauritz AB, Class B		129,691		2,847,816
Hexagon AB, Class B		43,150		2,351,199
Husqvarna AB, Class B		86,792		654,813
ICA Gruppen AB		14,251		626,600

S c h e d u l e  o f  I n v e s t m e n t s 43

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Industrivarden AB, Class C		18,661	$	440,066
Investor AB, Class B		68,736		3,766,747
Kinnevik AB, Class B		30,623		739,630
L E Lundbergforetagen AB, Class B		13,369		580,607
Lundin Petroleum AB		32,534		991,008
Millicom International Cellular SA, SDR		14,071		664,816
Sandvik AB		185,760		3,394,835
Securitas AB, Class B		62,300		980,845
Skandinaviska Enskilda Banken AB, Class A		263,410		2,602,768
Skanska AB, Class B		64,513		1,492,574
SKF AB, Class B		66,907		1,226,569
Svenska Handelsbanken AB, Class A		250,354		2,459,215
Swedbank AB, Class A		141,419		2,175,135
Swedish Match AB		29,043		1,643,389
Tele2 AB, Class B		91,758		1,384,179
Telefonaktiebolaget LM Ericsson, Class B		508,337		3,995,540
Telia Co. AB		417,180		1,785,382
Volvo AB, Class B		236,022		4,047,708
				59,384,946
Switzerland — 6.4%
ABB Ltd., Registered		296,730		6,925,597
Adecco Group AG, Registered		25,629		1,506,729
Alcon Inc.(a)		70,385		4,155,448
Baloise Holding AG, Registered		8,586		1,551,703
Barry Callebaut AG, Registered		493		1,091,864
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		199		1,668,220
Chocoladefabriken Lindt & Spruengli AG, Registered		18		1,677,848
Cie. Financiere Richemont SA, Registered		83,591		6,122,524
Clariant AG, Registered		22,959		517,289
Coca-Cola HBC AG		35,140		1,290,519
Credit Suisse Group AG, Registered		414,339		5,247,707
Dufry AG, Registered		9,149		794,377
EMS-Chemie Holding AG, Registered		878		575,350
Geberit AG, Registered		6,449		3,404,874
Givaudan SA, Registered		1,661		5,476,676
Julius Baer Group Ltd.		37,694		1,887,729
Kuehne + Nagel International AG, Registered		9,890		1,599,710
LafargeHolcim Ltd., Registered		76,386		3,888,799
Lonza Group AG, Registered		12,233		5,025,366
Nestle SA, Registered		491,957		54,263,451
Novartis AG, Registered		353,775		33,442,549
Pargesa Holding SA, Bearer		1,024		82,126
Partners Group Holding AG		3,366		3,088,016
Roche Holding AG, NVS		115,990		39,002,081
Schindler Holding AG, Participation Certificates, NVS		4,810		1,243,832
Schindler Holding AG, Registered		3,300		821,194
SGS SA, Registered		775		2,242,755
Sika AG, Registered		21,685		3,901,029
Sonova Holding AG, Registered		9,654		2,420,382
Straumann Holding AG, Registered		1,527		1,456,623
Swatch Group AG (The), Bearer		6,254		1,573,794
Swatch Group AG (The), Registered		8,522		415,475
Swiss Life Holding AG, Registered		6,336		3,188,858
Swiss Prime Site AG, Registered		15,858		1,936,930
Swiss Re AG		44,444		5,022,962
Swisscom AG, Registered		4,456		2,446,884
Temenos AG, Registered		10,749		1,737,539
UBS Group AG, Registered		624,381		7,768,751
Vifor Pharma AG		7,920		1,461,724

Security	Shares		Value
Switzerland (continued)
Zurich Insurance Group AG		24,701	$	10,262,523
				232,187,807
Taiwan — 3.1%
Accton Technology Corp.		87,000		469,430
Acer Inc.		775,792		434,006
Advantech Co. Ltd.		25,000		240,822
Airtac International Group		17,000		263,928
ASE Technology Holding Co. Ltd.		533,762		1,318,105
Asia Cement Corp.		523,440		782,327
Asustek Computer Inc.		132,000		978,781
AU Optronics Corp.		1,904,000		636,578
Catcher Technology Co. Ltd.		109,000		880,400
Cathay Financial Holding Co. Ltd.		1,166,281		1,569,377
Chailease Holding Co. Ltd.		147,000		617,995
Chang Hwa Commercial Bank Ltd.		924,094		656,156
Cheng Shin Rubber Industry Co. Ltd.		130,000		169,337
Chicony Electronics Co. Ltd.		28,000		79,619
China Development Financial Holding Corp.		2,070,000		636,575
China Life Insurance Co. Ltd.(a)		449,000		367,119
China Steel Corp.		1,904,288		1,456,157
Chunghwa Telecom Co. Ltd.		450,000		1,608,792
Compal Electronics Inc.		729,000		442,820
CTBC Financial Holding Co. Ltd.		2,992,036		2,183,932
Delta Electronics Inc.		338,000		1,599,987
E.Sun Financial Holding Co. Ltd.		1,749,508		1,627,368
Eclat Textile Co. Ltd.		22,000		284,021
Eva Airways Corp.		384,000		155,080
Evergreen Marine Corp. Taiwan Ltd.(a)		393,000		152,860
Far Eastern New Century Corp.		157,000		146,559
Far EasTone Telecommunications Co. Ltd.		268,000		608,587
Feng TAY Enterprise Co. Ltd.		38,000		230,196
First Financial Holding Co. Ltd.		1,661,028		1,297,635
Formosa Chemicals & Fibre Corp.		417,340		1,172,901
Formosa Petrochemical Corp.		313,000		931,467
Formosa Plastics Corp.		767,960		2,374,374
Formosa Taffeta Co. Ltd.		158,000		176,782
Foxconn Technology Co. Ltd.		172,000		344,467
Fubon Financial Holding Co. Ltd.		1,077,000		1,606,106
Giant Manufacturing Co. Ltd.		35,000		208,547
Globalwafers Co. Ltd.		36,000		476,679
Highwealth Construction Corp.		556,080		832,951
Hiwin Technologies Corp.		15,000		151,941
Hon Hai Precision Industry Co. Ltd.		2,097,377		5,776,483
Hotai Motor Co. Ltd.		45,000		926,545
Hua Nan Financial Holdings Co. Ltd.		1,309,429		938,433
Innolux Corp.		1,877,688		546,978
Inventec Corp.		418,000		317,558
Largan Precision Co. Ltd.		18,000		2,863,054
Lite-On Technology Corp.		202,000		315,615
MediaTek Inc.		267,000		3,429,309
Mega Financial Holding Co. Ltd.		1,569,195		1,638,853
Micro-Star International Co. Ltd.		69,000		211,963
Nan Ya Plastics Corp.		764,840		1,764,684
Nanya Technology Corp.		185,000		478,285
Nien Made Enterprise Co. Ltd.		15,000		122,894
Novatek Microelectronics Corp.		88,000		635,043
Pegatron Corp.		387,000		814,764
Phison Electronics Corp.		13,000		137,492
Pou Chen Corp.		64,000		74,362
Powertech Technology Inc.		65,000		232,381

44 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
President Chain Store Corp.		60,000	$	592,870
Quanta Computer Inc.		454,000		931,775
Realtek Semiconductor Corp.		74,000		606,276
Ruentex Industries Ltd.		17,000		38,323
Shanghai Commercial & Savings Bank Ltd. (The)		475,000		786,190
Shin Kong Financial Holding Co. Ltd.		2,561,461		835,194
SinoPac Financial Holdings Co. Ltd.		1,771,600		756,518
Synnex Technology International Corp.		705,750		876,084
Taishin Financial Holding Co. Ltd.		2,742,718		1,284,699
Taiwan Business Bank		885,349		361,947
Taiwan Cement Corp.		876,168		1,219,599
Taiwan Cooperative Financial Holding Co. Ltd.		2,283,892		1,572,543
Taiwan High Speed Rail Corp.		222,000		265,659
Taiwan Mobile Co. Ltd.		383,000		1,356,582
Taiwan Semiconductor Manufacturing Co. Ltd.		4,103,000		43,462,544
Tatung Co. Ltd.(a)		265,000		171,936
Uni-President Enterprises Corp.		837,972		2,013,862
United Microelectronics Corp.		2,029,000		1,000,765
Vanguard International Semiconductor Corp.		222,000		552,630
Walsin Technology Corp.		54,000		376,279
Win Semiconductors Corp.		61,000		569,433
Winbond Electronics Corp.		834,000		467,950
Wistron Corp.		158,000		142,524
Wiwynn Corp.		14,000		325,333
WPG Holdings Ltd.		283,000		355,987
Yageo Corp.		45,000		575,739
Yuanta Financial Holding Co. Ltd.		1,974,067		1,287,336
Zhen Ding Technology Holding Ltd.		82,000		324,374
				114,506,411
Thailand — 0.7%
Advanced Info Service PCL, NVDR		190,400		1,246,121
Airports of Thailand PCL, NVDR		736,700		1,666,261
B Grimm Power PCL, NVDR		152,400		303,138
Bangkok Bank PCL, Foreign		92,000		426,500
Bangkok Dusit Medical Services PCL, NVDR		792,500		633,085
Bangkok Expressway & Metro PCL, NVDR		2,433,800		858,896
Berli Jucker PCL, NVDR		481,000		632,692
BTS Group Holdings PCL, NVDR		2,619,700		1,050,569
Central Pattana PCL, NVDR		625,400		1,218,898
Charoen Pokphand Foods PCL, NVDR		1,038,800		999,807
CP ALL PCL, NVDR		938,800		2,130,898
Global Power Synergy PCL, NVDR		119,300		321,501
Indorama Ventures PCL, NVDR(b)		406,088		368,046
Intouch Holdings PCL, NVDR		628,900		1,124,837
Kasikornbank PCL, Foreign		308,600		1,395,977
Land & Houses PCL, NVDR		1,206,400		359,946
Minor International PCL, NVDR		662,820		653,889
Osotspa PCL, NVDR		151,600		215,217
PTT Exploration & Production PCL, NVDR		228,199		911,478
PTT Global Chemical PCL, NVDR		374,601		588,882
PTT PCL, NVDR		1,785,100		2,476,919
Siam Cement PCL (The), NVDR		122,400		1,405,813
Siam Commercial Bank PCL (The), NVDR		261,800		823,112
Srisawad Corp PCL, NVDR		98,800		237,729
Thai Oil PCL, NVDR		336,600		561,540
TMB Bank PCL, NVDR		8,380,103		379,081
Total Access Communication PCL, NVDR		253,900		362,482
True Corp. PCL, NVDR(b)		2,670,334		322,119
				23,675,433

Security	Shares		Value
Turkey — 0.1%
Akbank T.A.S.(a)		457,012	$	630,730
Anadolu Efes Biracilik Ve Malt Sanayii AS		33,668		139,397
Arcelik AS(a)		56,563		197,522
Aselsan Elektronik Sanayi Ve Ticaret AS		25,468		99,829
BIM Birlesik Magazalar AS		68,256		556,312
Eregli Demir ve Celik Fabrikalari TAS		289,369		451,096
Ford Otomotiv Sanayi AS		5,539		69,411
Haci Omer Sabanci Holding AS		154,944		252,415
KOC Holding AS		123,200		402,227
TAV Havalimanlari Holding AS		19,554		88,998
Tupras Turkiye Petrol Rafinerileri AS		23,901		449,666
Turk Hava Yollari AO(a)		129,916		296,951
Turkcell Iletisim Hizmetleri AS		111,330		262,281
Turkiye Garanti Bankasi AS(a)		386,896		769,267
Turkiye Is Bankasi AS, Class C(a)		217,393		263,342
				4,929,444
United Arab Emirates — 0.2%
Abu Dhabi Commercial Bank PJSC		505,246		1,052,309
Aldar Properties PJSC		1,050,311		637,679
DP World PLC		41,049		574,686
Emaar Malls PJSC		154,747		76,678
Emaar Properties PJSC		727,173		799,831
Emirates Telecommunications Group Co. PJSC		346,495		1,535,785
First Abu Dhabi Bank PJSC		323,584		1,363,757
				6,040,725
United Kingdom — 10.6%
3i Group PLC		186,336		2,712,963
Admiral Group PLC		6,986		208,030
Anglo American PLC		164,596		4,308,167
Antofagasta PLC		35,653		386,416
Ashtead Group PLC		80,234		2,596,518
Associated British Foods PLC		57,752		1,999,140
AstraZeneca PLC		217,592		21,294,249
Auto Trader Group PLC(c)		173,997		1,289,020
AVEVA Group PLC		9,093		589,491
Aviva PLC		661,997		3,476,617
BAE Systems PLC		513,576		4,274,553
Barclays PLC		2,870,166		6,356,203
Barratt Developments PLC		185,172		1,959,585
Berkeley Group Holdings PLC		26,526		1,832,249
BP PLC		3,380,306		20,350,190
British American Tobacco PLC		377,840		16,722,661
British Land Co. PLC (The)		162,304		1,186,562
BT Group PLC		1,381,452		2,930,402
Bunzl PLC		58,285		1,509,735
Burberry Group PLC		68,598		1,766,018
Carnival PLC		26,377		1,084,134
Centrica PLC		952,569		1,065,316
Coca-Cola European Partners PLC		38,182		2,008,755
Compass Group PLC		265,042		6,557,834
Croda International PLC		11,779		773,870
DCC PLC		18,004		1,455,300
Diageo PLC		398,655		15,817,766
Direct Line Insurance Group PLC		49,191		219,042
easyJet PLC		19,997		367,196
Evraz PLC		88,472		411,216
Experian PLC		162,174		5,637,321
Ferguson PLC		39,433		3,535,720
Fiat Chrysler Automobiles NV		177,386		2,306,267

S c h e d u l e  o f  I n v e s t m e n t s 45

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
G4S PLC		288,117	$	742,121
GlaxoSmithKline PLC		832,152		19,569,465
Glencore PLC		1,740,292		5,104,269
GVC Holdings PLC		99,323		1,148,497
Halma PLC		43,815		1,216,939
Hargreaves Lansdown PLC		50,856		1,156,412
HSBC Holdings PLC		3,328,420		24,210,361
Imperial Brands PLC		155,574		4,000,656
Informa PLC		235,840		2,408,732
InterContinental Hotels Group PLC		31,232		1,929,022
Intertek Group PLC		27,406		2,080,892
ITV PLC		687,196		1,226,537
J Sainsbury PLC		292,825		781,268
JD Sports Fashion PLC		56,350		610,438
Johnson Matthey PLC		37,504		1,287,854
Kingfisher PLC		368,681		991,431
Land Securities Group PLC		80,507		995,447
Legal & General Group PLC		891,400		3,589,759
Lloyds Banking Group PLC		11,575,543		8,665,521
London Stock Exchange Group PLC		54,012		5,579,125
M&G PLC(a)		439,316		1,391,014
Marks & Spencer Group PLC		306,234		710,473
Meggitt PLC		67,566		601,727
Melrose Industries PLC		838,333		2,577,072
Micro Focus International PLC		58,006		783,904
Mondi PLC		83,236		1,696,298
National Grid PLC		585,540		7,763,358
Next PLC		23,518		2,136,619
NMC Health PLC(b)		16,991		289,376
Ocado Group PLC(a)		77,252		1,245,934
Pearson PLC		138,650		1,038,856
Persimmon PLC		55,745		2,243,438
Polymetal International PLC		28,876		488,953
Prudential PLC		429,760		7,659,213
Reckitt Benckiser Group PLC		116,587		9,652,957
RELX PLC		328,851		8,726,184
Rentokil Initial PLC		346,356		2,132,166
Rio Tinto PLC		191,322		10,299,878
Rolls-Royce Holdings PLC		290,341		2,564,275
Royal Bank of Scotland Group PLC		828,167		2,383,159
Royal Dutch Shell PLC, Class A		716,754		18,843,598
Royal Dutch Shell PLC, Class B		606,162		15,980,860
RSA Insurance Group PLC		169,931		1,232,913
Sage Group PLC (The)		196,465		1,912,310
Schroders PLC		11,001		465,934
Segro PLC		180,248		2,163,613
Severn Trent PLC		21,848		742,753
Smith & Nephew PLC		150,483		3,623,169
Smiths Group PLC		39,336		876,052
Spirax-Sarco Engineering PLC		8,064		948,193
SSE PLC		184,050		3,659,844
St. James’s Place PLC		62,731		945,997
Standard Chartered PLC		465,201		3,869,470
Standard Life Aberdeen PLC		399,620		1,588,239
Taylor Wimpey PLC		614,274		1,741,743
Tesco PLC		1,644,072		5,350,857
Unilever PLC		193,173		11,544,137
United Utilities Group PLC		138,397		1,848,979
Vodafone Group PLC		4,438,144		8,734,592
Weir Group PLC (The)		47,627		846,300

Security	Shares		Value
United Kingdom (continued)
Whitbread PLC		22,630	$	1,333,440
Wm Morrison Supermarkets PLC		438,852		1,052,571
WPP PLC		217,814		2,713,308
				384,686,978
United States — 0.0%
Ovintiv Inc.		44,774		698,069
Total Common Stocks — 95.9%
(Cost: $3,416,619,075)				3,492,517,221
Investment Companies
India — 2.4%
iShares MSCI India ETF(b)(g)		2,550,876		87,979,713
Total Investment Companies — 2.4%
(Cost: $89,429,765)				87,979,713
Preferred Stocks
Brazil — 0.6%
Banco Bradesco SA, Preference Shares, NVS		725,177		5,581,483
Braskem SA, Class A, Preference Shares, NVS		27,100		200,083
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		84,300		806,258
Cia. Brasileira de Distribuicao, Preference Shares, NVS		36,800		732,685
Cia. Energetica de Minas Gerais, Preference Shares, NVS		185,634		649,442
Gerdau SA, Preference Shares, NVS		228,000		1,069,771
Itau Unibanco Holding SA, Preference Shares, NVS		776,795		5,966,047
Itausa-Investimentos Itau SA, Preference Shares, NVS		662,821		1,994,706
Lojas Americanas SA, Preference Shares, NVS		152,400		982,536
Petroleo Brasileiro SA, Preference Shares, NVS		663,500		4,417,381
Telefonica Brasil SA, Preference Shares, NVS		80,900		1,124,355
				23,524,747
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		19,393		540,084
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		94,457		1,232,749
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		55,633		23,553
				1,256,302
Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,384		579,981
Fuchs Petrolub SE, Preference Shares, NVS		9,821		435,345
Henkel AG & Co. KGaA, Preference Shares, NVS		29,589		3,014,762
Porsche Automobil Holding SE, Preference Shares, NVS		28,541		1,933,806
Sartorius AG, Preference Shares, NVS		6,355		1,483,174
Volkswagen AG, Preference Shares, NVS		30,543		5,496,199
				12,943,267
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		966,609		508,818
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS		512,900		289,749
Transneft PJSC, Preference Shares, NVS		15		38,714
				328,463

46 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea — 0.2%
Hyundai Motor Co.
Preference Shares, NVS		3,805	$	233,692
Series 2, Preference Shares, NVS		1,679		113,121
LG Chem Ltd., Preference Shares, NVS		1,283		193,228
LG Household & Health Care Ltd., Preference Shares, NVS		387		247,426
Samsung Electronics Co. Ltd., Preference Shares, NVS		130,105		5,185,206
				5,972,673
Total Preferred Stocks — 1.2%
(Cost: $35,395,705)				45,074,354
Rights
China — 0.0%
Legend Holdings Corp. Class H, (Expires 02/28/20)(a)		9,138		0	(e)
South Korea — 0.0%
Hyundai Development Co., (Expires 06/03/20)(a)		3,130		7,222
Total Rights — 0.0%
(Cost: $0)				7,222
Warrants
Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)(a)		304,810		0	(e)
Total Warrants — 0.0%
(Cost: $0)				0	(e)
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(g)(h)(i)		35,951,030		35,972,601

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(g)(h)		2,698,000	$	2,698,000
				38,670,601
Total Short-Term Investments — 1.1%
(Cost: $38,654,924)				38,670,601
Total Investments in Securities — 100.6%
(Cost: $3,580,099,469)				3,664,249,111
Other Assets, Less Liabilities — (0.6)%				(20,886,888	)
Net Assets — 100.0%			$	3,643,362,223

(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(e)	Rounds to less than $1.
(f)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(g)	Affiliate of the Fund.
(h)	Annualized 7-day yield as of period-end.
(i)	All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

																		Change in
	Shares							Shares							Net			Unrealized
	Held at		Shares		Shares			Held at		Value at					Realized			Appreciation
Affiliated Issuer	07/31/19		Purchased		Sold			01/31/20		01/31/20		Income			Gain (Loss)(a)			(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		42,000,405		—		(6,049,375	)(b)		35,951,030	$	35,972,601	$	550,242	(c)	$	(1,224	)	$	3,780
BlackRock Cash Funds: Treasury, SL Agency Shares		5,174,000		—		(2,476,000	)(b)		2,698,000		2,698,000		50,667			—			—
iShares MSCI India ETF		2,602,620		297,068		(348,812	)		2,550,876		87,979,713		92,555			1,094,958			3,219,088
										$	126,650,314	$	693,464		$	1,093,734		$	3,222,868

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Net of purchases and sales.

^(c) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

S c h e d u l e   o f   I n v e s t m e n t s 47

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020

Futures Contracts

							Value/
					Notional		Unrealized
	Number of		Expiration		Amount		Appreciation
Description		Contracts		Date		(000)		(Depreciation)
Long Contracts
MSCI EAFE E-Mini		119		03/20/20	$	11,760	$	(255,961	)
MSCI Emerging Markets E-Mini		86		03/20/20		4,515		(205,082	)
							$	(461,043	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	461,043

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,310,549
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(210,403	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	17,842,737

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

48 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI ACWI ex U.S. ETF
January 31, 2020

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	3,453,431,450		$	39,083,972		$	1,799	$	3,492,517,221
Investment Companies		87,979,713			—			—		87,979,713
Preferred Stocks		45,074,354			—			—		45,074,354
Rights		—			7,222			—		7,222
Warrants		—			0	(a)		—		0	(a)
Money Market Funds		38,670,601			—			—		38,670,601
	$	3,625,156,118		$	39,091,194		$	1,799	$	3,664,249,111
Derivative financial instruments(b)
Liabilities
Futures Contracts.	$	(461,043	)	$	—		$	—	$	(461,043	)

(a)	Rounds to less than $1.
(b)	Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S c h e d u l e   o f   I n v e s t m e n t s 49

Schedule of Investments (unaudited)	iShares® MSCI EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.2%
AGL Energy Ltd.		2,834,214	$	37,852,411
Alumina Ltd.		10,583,527		15,445,605
AMP Ltd.		14,426,137		17,625,073
APA Group		5,099,889		38,681,976
Aristocrat Leisure Ltd.		2,476,909		60,025,617
ASX Ltd.		837,395		48,026,080
Aurizon Holdings Ltd.		8,601,988		31,154,021
AusNet Services.		7,959,513		9,431,435
Australia & New Zealand Banking Group Ltd.		12,249,190		211,155,606
Bendigo & Adelaide Bank Ltd.		2,118,627		14,764,653
BHP Group Ltd.		12,732,937		335,848,044
BHP Group PLC		9,129,068		199,739,353
BlueScope Steel Ltd.		2,275,416		21,706,694
Boral Ltd.		5,079,358		16,933,868
Brambles Ltd.		6,858,572		57,990,261
Caltex Australia Ltd.		1,074,257		24,724,760
Challenger Ltd.		2,378,266		14,249,561
CIMIC Group Ltd.		423,085		8,295,929
Coca-Cola Amatil Ltd.		2,190,555		17,568,270
Cochlear Ltd.		249,120		40,204,047
Coles Group Ltd.		4,885,270		54,125,832
Commonwealth Bank of Australia		7,651,557		436,730,133
Computershare Ltd.		2,121,809		25,553,798
Crown Resorts Ltd.		1,633,811		12,796,927
CSL Ltd.		1,959,123		409,264,336
Dexus		4,727,437		40,256,024
Flight Centre Travel Group Ltd.		236,921		6,234,830
Fortescue Metals Group Ltd.		5,962,498		45,464,245
Goodman Group		7,112,786		70,901,015
GPT Group (The)		8,395,874		33,723,697
Harvey Norman Holdings Ltd.		2,403,091		6,805,007
Incitec Pivot Ltd.		6,940,726		15,240,414
Insurance Australia Group Ltd.		9,953,441		47,176,369
James Hardie Industries PLC		1,918,780		40,847,955
Lendlease Group		2,431,551		29,495,760
Macquarie Group Ltd.		1,397,969		135,485,908
Magellan Financial Group Ltd.		549,712		24,755,668
Medibank Pvt Ltd.		11,807,494		24,504,026
Mirvac Group.		16,955,172		38,592,164
National Australia Bank Ltd.		12,457,861		215,670,136
Newcrest Mining Ltd.		3,305,015		65,336,354
Oil Search Ltd.		5,889,332		28,544,512
Orica Ltd.		1,641,173		25,082,931
Origin Energy Ltd.		7,616,499		41,810,682
Qantas Airways Ltd.		3,146,753		13,503,262
QBE Insurance Group Ltd.		5,693,906		52,412,033
Ramsay Health Care Ltd.		698,074		37,012,179
REA Group Ltd.		227,171		17,352,280
Rio Tinto Ltd.		1,604,518		106,093,227
Santos Ltd.		7,642,904		44,462,737
Scentre Group		22,962,543		59,336,961
Seek Ltd.		1,443,164		21,921,395
Sonic Healthcare Ltd.		1,946,681		41,272,508
South32 Ltd.		21,687,679		38,329,664
Stockland		10,470,856		34,487,785
Suncorp Group Ltd.		5,441,997		46,850,829
Sydney Airport		4,770,374		26,793,682
Tabcorp Holdings Ltd.		8,673,021		27,230,853

Security	Shares		Value
Australia (continued)
Telstra Corp. Ltd.		17,966,795	$	46,187,010
TPG Telecom Ltd.		1,603,105		8,027,523
Transurban Group		11,706,078		123,035,114
Treasury Wine Estates Ltd.		3,110,973		27,136,802
Vicinity Centres		13,904,017		23,642,425
Washington H Soul Pattinson & Co. Ltd.		512,926		7,399,800
Wesfarmers Ltd.		4,899,512		148,287,773
Westpac Banking Corp.		15,084,618		253,671,667
WiseTech Global Ltd.(a)		617,044		10,339,392
Woodside Petroleum Ltd.		4,046,996		94,092,622
Woolworths Group Ltd.		5,434,468		152,218,249
Worley Ltd.		1,451,786		14,811,723
				4,571,731,482
Austria — 0.2%
ANDRITZ AG		312,739		12,324,294
Erste Group Bank AG		1,299,998		47,772,222
OMV AG		634,312		31,625,483
Raiffeisen Bank International AG		638,209		14,569,625
Verbund AG		293,874		15,541,031
voestalpine AG		508,081		12,342,176
				134,174,831
Belgium — 1.0%
Ageas		785,015		43,297,601
Anheuser-Busch InBev SA/NV		3,289,296		249,404,489
Colruyt SA		245,199		12,268,591
Galapagos NV(a)(b)		187,699		42,038,432
Groupe Bruxelles Lambert SA		346,509		34,836,603
KBC Group NV		1,079,951		79,300,098
Proximus SADP		650,091		18,529,485
Solvay SA		322,784		33,460,129
Telenet Group Holding NV		200,686		9,336,364
UCB SA		546,228		50,290,816
Umicore SA(a)		848,438		39,085,743
				611,848,351
Denmark — 1.9%
AP Moller - Maersk A/S, Class A		16,077		18,119,362
AP Moller - Maersk A/S, Class B, NVS		28,336		34,003,116
Carlsberg A/S, Class B		460,987		67,432,000
Chr Hansen Holding A/S		455,075		33,931,460
Coloplast A/S, Class B		511,799		64,588,216
Danske Bank A/S		2,796,919		46,827,193
Demant A/S(b)		486,125		15,787,609
DSV Panalpina A/S		944,569		102,758,394
Genmab A/S(b)		280,610		64,812,011
H Lundbeck A/S		301,092		12,805,681
ISS A/S		677,221		16,440,060
Novo Nordisk A/S, Class B		7,639,588		467,324,112
Novozymes A/S, Class B		940,234		49,065,871
Orsted A/S(c)		817,127		89,184,971
Pandora A/S		445,272		23,071,328
Tryg A/S		522,176		15,827,856
Vestas Wind Systems A/S		815,770		81,391,305
				1,203,370,545
Finland — 1.1%
Elisa OYJ		617,340		37,175,969
Fortum OYJ		1,920,667		46,528,652
Kone OYJ, Class B		1,469,190		94,856,410
Metso OYJ		455,239		16,199,366
Neste OYJ		1,826,192		72,613,456

50 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
Nokia OYJ		24,340,131	$	94,934,074
Nokian Renkaat OYJ		537,481		14,479,925
Nordea Bank Abp		13,985,746		110,450,632
Orion OYJ, Class B		451,319		21,341,478
Sampo OYJ, Class A		1,911,624		86,581,549
Stora Enso OYJ, Class R		2,522,026		32,868,139
UPM-Kymmene OYJ		2,313,725		73,152,934
Wartsila OYJ Abp		1,918,583		23,547,379
				724,729,963
France — 11.1%
Accor SA		788,591		32,361,137
Aeroports de Paris		128,322		24,317,307
Air Liquide SA		2,038,868		295,426,226
Airbus SE		2,522,392		372,447,826
Alstom SA		820,091		43,569,072
Amundi SA(c)		260,770		21,168,179
Arkema SA		296,839		27,310,014
Atos SE		422,720		35,199,965
AXA SA		8,351,403		222,861,045
BioMerieux		177,748		17,619,895
BNP Paribas SA		4,861,836		258,861,070
Bollore SA		3,809,111		15,508,901
Bouygues SA		964,434		38,187,723
Bureau Veritas SA		1,266,149		34,952,382
Capgemini SE		686,944		85,528,854
Carrefour SA		2,609,406		44,258,147
Casino Guichard Perrachon SA(a)		235,221		9,556,234
Cie. de Saint-Gobain		2,126,268		80,668,982
Cie. Generale des Etablissements Michelin SCA		736,408		85,689,190
CNP Assurances		730,797		13,176,575
Covivio		206,607		24,544,719
Credit Agricole SA		4,987,429		67,596,066
Danone SA		2,668,998		214,143,578
Dassault Aviation SA		10,777		13,113,495
Dassault Systemes SE		568,231		98,676,141
Edenred		1,048,110		56,670,354
Eiffage SA		336,563		39,069,571
Electricite de France SA(a)		2,630,252		32,515,106
Engie SA		7,894,576		136,130,877
EssilorLuxottica SA		1,225,145		182,272,028
Eurazeo SE		173,725		12,456,179
Eurofins Scientific SE(a)		50,114		26,990,665
Eutelsat Communications SA		753,069		11,303,997
Faurecia SE		322,952		15,450,348
Gecina SA		197,764		37,345,224
Getlink SE		1,901,825		33,616,267
Hermes International		136,892		102,642,755
ICADE		127,758		14,271,410
Iliad SA(a)		114,731		15,092,102
Ingenico Group SA		261,619		30,500,240
Ipsen SA		162,285		12,049,566
JCDecaux SA		367,186		9,839,220
Kering SA		327,492		201,424,325
Klepierre SA		876,919		29,863,471
Legrand SA		1,153,222		92,527,265
L’Oreal SA		1,092,234		304,903,281
LVMH Moet Hennessy Louis Vuitton SE		1,201,552		526,365,752
Natixis SA		4,070,351		17,244,651
Orange SA		8,596,748		121,992,187
Pernod Ricard SA		917,791		159,175,556

Security	Shares		Value
France (continued)
Peugeot SA		2,534,305	$	52,266,509
Publicis Groupe SA		932,357		41,360,527
Remy Cointreau SA		97,544		10,290,957
Renault SA		827,176		32,308,268
Safran SA		1,414,670		228,811,307
Sanofi		4,870,671		469,328,168
Sartorius Stedim Biotech		119,708		21,504,256
Schneider Electric SE		2,389,745		239,725,562
SCOR SE		699,762		29,801,559
SEB SA		96,830		12,458,346
SES SA		1,567,587		19,291,609
Societe Generale SA		3,504,124		113,488,596
Sodexo SA		379,935		39,830,768
STMicroelectronics NV		2,954,682		82,809,052
Suez		1,470,321		24,164,152
Teleperformance		253,205		63,640,498
Thales SA		460,553		50,640,394
TOTAL SA		10,373,820		507,502,830
Ubisoft Entertainment SA(b)		361,880		27,527,077
Unibail-Rodamco-Westfield		408,236		55,465,127
Unibail-Rodamco-Westfield, New		189,813		25,789,010
Valeo SA		1,038,848		30,991,693
Veolia Environnement SA		2,316,484		68,490,978
Vinci SA		2,207,620		245,137,798
Vivendi SA		3,691,284		101,285,282
Wendel SA		118,239		15,802,518
Worldline SA(b)(c)		437,151		30,883,741
				7,039,051,702
Germany — 8.0%
adidas AG		778,742		246,645,992
Allianz SE, Registered		1,835,036		438,949,826
Aroundtown SA		4,023,020		38,056,149
BASF SE		3,968,311		268,566,513
Bayer AG, Registered		4,025,878		325,911,038
Bayerische Motoren Werke AG		1,434,392		102,274,449
Beiersdorf AG		435,945		49,470,910
Brenntag AG		664,720		34,533,817
Carl Zeiss Meditec AG, Bearer		174,477		21,365,778
Commerzbank AG		4,318,467		24,885,776
Continental AG		476,151		54,318,417
Covestro AG(c)		749,398		31,682,928
Daimler AG, Registered		3,932,145		182,169,636
Delivery Hero SE(b)(c)		488,520		37,690,735
Deutsche Bank AG, Registered		8,483,966		77,885,614
Deutsche Boerse AG		821,774		133,916,985
Deutsche Lufthansa AG, Registered		1,027,761		15,751,886
Deutsche Post AG, Registered		4,274,725		149,578,709
Deutsche Telekom AG, Registered		14,404,540		233,157,253
Deutsche Wohnen SE		1,554,726		65,816,603
E.ON SE		9,715,662		110,253,045
Evonik Industries AG		806,550		22,139,894
Fraport AG Frankfurt Airport Services Worldwide		179,072		13,363,464
Fresenius Medical Care AG & Co. KGaA		927,000		71,602,923
Fresenius SE & Co. KGaA		1,806,656		92,348,551
GEA Group AG		664,981		19,963,491
Hannover Rueck SE		260,450		50,654,697
HeidelbergCement AG		644,406		43,761,940
Henkel AG & Co. KGaA		447,692		41,427,054
HOCHTIEF AG		106,332		12,325,766
Infineon Technologies AG		5,398,169		117,108,569

S c h e d u l e   o f    I n v e s t m e n t s 51

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
KION Group AG		280,034	$	17,595,923
Knorr-Bremse AG		209,803		22,903,943
LANXESS AG		372,959		22,451,176
Merck KGaA		560,031		71,930,610
METRO AG		765,890		10,690,126
MTU Aero Engines AG		224,607		68,300,775
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		622,022		183,567,228
Puma SE		358,391		28,755,035
QIAGEN NV(b)		990,831		33,116,861
RWE AG		2,524,966		87,694,583
SAP SE		4,242,339		553,914,364
Siemens AG, Registered		3,303,879		408,754,174
Siemens Healthineers AG(c)		646,805		30,449,216
Symrise AG		555,968		57,262,552
Telefonica Deutschland Holding AG		3,841,578		11,635,030
thyssenkrupp AG(a)		1,740,990		21,541,366
TUI AG		1,913,139		19,630,474
Uniper SE		869,983		28,547,456
United Internet AG, Registered		529,288		17,186,123
Volkswagen AG		139,299		25,563,868
Vonovia SE		2,226,002		127,141,756
Wirecard AG(a)		506,390		74,749,378
Zalando SE(b)(c)		597,066		28,736,271
				5,079,696,696
Hong Kong — 3.4%
AIA Group Ltd.		52,251,000		523,189,642
ASM Pacific Technology Ltd.		1,312,500		17,934,069
Bank of East Asia Ltd. (The)(a)		5,615,040		12,177,526
BeiGene Ltd., ADR(a)(b)		167,569		25,530,813
BOC Hong Kong Holdings Ltd.		15,994,500		53,453,010
Budweiser Brewing Co. APAC Ltd.(a)(b)(c)		5,707,700		17,347,515
CK Asset Holdings Ltd.		11,139,684		72,017,944
CK Hutchison Holdings Ltd.		11,667,684		104,131,476
CK Infrastructure Holdings Ltd.		2,854,792		20,037,111
CLP Holdings Ltd.		7,098,000		74,180,311
Dairy Farm International Holdings Ltd.		1,490,400		7,675,560
Galaxy Entertainment Group Ltd.		9,363,000		62,099,254
Hang Lung Properties Ltd.		8,748,000		18,431,310
Hang Seng Bank Ltd.		3,305,400		67,343,337
Henderson Land Development Co. Ltd.		6,220,764		28,200,092
HK Electric Investments & HK Electric Investments Ltd.(a)		11,425,500		11,418,290
HKT Trust & HKT Ltd.		16,287,440		24,415,743
Hong Kong & China Gas Co. Ltd.		43,833,144		84,449,746
Hong Kong Exchanges & Clearing Ltd.		5,166,000		172,180,041
Hongkong Land Holdings Ltd.		5,095,500		27,159,015
Jardine Matheson Holdings Ltd.		957,400		53,528,234
Jardine Strategic Holdings Ltd.		961,400		29,639,962
Kerry Properties Ltd.		2,827,500		7,956,429
Link REIT		9,103,958		92,623,560
Melco Resorts & Entertainment Ltd., ADR		907,632		18,306,937
MTR Corp. Ltd.		6,652,000		37,608,057
New World Development Co. Ltd.		26,519,132		33,503,675
NWS Holdings Ltd.		6,714,000		8,698,482
PCCW Ltd.		18,280,000		10,805,703
Power Assets Holdings Ltd.		5,968,000		43,271,439
Sands China Ltd.		10,430,000		51,042,512
Sino Land Co. Ltd.		13,474,000		18,497,706
SJM Holdings Ltd.		8,548,000		9,654,466

Security	Shares		Value
Hong Kong (continued)
Sun Hung Kai Properties Ltd.		6,889,000	$	96,970,689
Swire Pacific Ltd., Class A		2,147,500		19,041,504
Swire Properties Ltd.		5,026,255		15,729,500
Techtronic Industries Co. Ltd.		5,915,533		47,957,192
Vitasoy International Holdings Ltd.(a)		3,242,000		11,794,936
WH Group Ltd.(c)		41,222,000		39,603,359
Wharf Real Estate Investment Co. Ltd.(a)		5,237,912		27,319,790
Wheelock & Co. Ltd.		3,572,000		21,919,896
Wynn Macau Ltd.		6,706,800		14,130,671
Yue Yuen Industrial Holdings Ltd.		3,138,500		8,750,728
				2,141,727,232
Ireland — 0.6%
AIB Group PLC		3,519,734		10,352,113
Bank of Ireland Group PLC		4,156,614		20,332,476
CRH PLC(b)		3,445,134		129,503,111
Flutter Entertainment PLC		337,495		38,336,234
Irish Bank Resolution Corp. Ltd.(b)(d)		3,570,811		40
Kerry Group PLC, Class A		684,434		87,453,888
Kingspan Group PLC		663,801		40,937,499
Smurfit Kappa Group PLC		978,365		33,914,537
				360,829,898
Israel — 0.6%
Azrieli Group Ltd.		183,253		13,550,875
Bank Hapoalim BM		4,962,278		42,809,891
Bank Leumi Le-Israel BM		6,430,637		46,489,229
Check Point Software Technologies Ltd.(b)		526,865		60,225,938
CyberArk Software Ltd.(a)(b)		164,295		22,710,498
Elbit Systems Ltd.		104,716		16,094,036
Israel Chemicals Ltd.		3,022,316		12,804,604
Israel Discount Bank Ltd., Class A		5,089,217		23,214,309
Mizrahi Tefahot Bank Ltd.		606,511		16,587,178
Nice Ltd.(b)		268,634		46,584,156
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		4,710,914		48,993,506
Wix.com Ltd.(a)(b)		205,257		29,288,121
				379,352,341
Italy — 2.1%
Assicurazioni Generali SpA		4,735,033		92,327,382
Atlantia SpA		2,141,586		52,616,197
CNH Industrial NV		4,379,062		41,851,216
Davide Campari-Milano SpA		2,483,223		24,024,160
Enel SpA		35,154,984		306,021,073
Eni SpA		10,995,700		154,243,266
Ferrari NV		525,472		88,805,050
FinecoBank Banca Fineco SpA		2,597,375		30,439,203
Intesa Sanpaolo SpA		64,330,378		160,083,806
Leonardo SpA		1,794,763		22,236,537
Mediobanca Banca di Credito Finanziario SpA		2,667,929		26,644,875
Moncler SpA		780,094		33,715,514
Pirelli & C SpA(c)		1,734,793		8,405,161
Poste Italiane SpA(c)		2,254,551		25,859,412
Prysmian SpA		1,042,499		23,198,377
Recordati SpA		451,954		19,348,049
Snam SpA		8,924,674		47,839,506
Telecom Italia SpA/Milano(b)		38,988,723		21,033,320
Tenaris SA		2,019,994		20,881,267
Terna Rete Elettrica Nazionale SpA		6,056,765		42,259,435
UniCredit SpA		8,672,047		116,112,424
				1,357,945,230

52 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan — 24.6%
ABC-Mart Inc.		140,900	$	9,151,968
Acom Co. Ltd.		1,780,970		8,478,853
Advantest Corp.		867,100		46,961,083
Aeon Co. Ltd.		2,818,000		58,590,792
AEON Financial Service Co. Ltd.		487,390		7,784,030
Aeon Mall Co. Ltd.		460,910		7,765,112
AGC Inc.		779,400		27,002,325
Air Water Inc.		780,500		10,952,996
Aisin Seiki Co. Ltd.		695,200		23,700,364
Ajinomoto Co. Inc.		1,882,300		31,347,064
Alfresa Holdings Corp.		806,800		16,577,419
Alps Alpine Co. Ltd.		918,000		16,956,553
Amada Holdings Co. Ltd.		1,458,500		15,650,095
ANA Holdings Inc.		494,300		15,615,474
Aozora Bank Ltd.		507,800		13,877,415
Asahi Group Holdings Ltd.		1,566,300		73,499,117
Asahi Intecc Co. Ltd.		843,800		23,705,965
Asahi Kasei Corp.		5,440,400		57,122,067
Astellas Pharma Inc.		8,160,650		146,859,324
Bandai Namco Holdings Inc.		858,000		50,489,680
Bank of Kyoto Ltd. (The)		229,500		9,422,660
Benesse Holdings Inc.		306,300		8,520,501
Bridgestone Corp.		2,471,200		88,943,592
Brother Industries Ltd.		990,400		19,765,052
Calbee Inc.		345,700		11,450,505
Canon Inc.		4,325,300		115,191,018
Casio Computer Co. Ltd.		827,100		15,636,185
Central Japan Railway Co.		623,300		124,130,927
Chiba Bank Ltd. (The)		2,435,800		13,551,574
Chubu Electric Power Co. Inc.		2,777,400		38,130,472
Chugai Pharmaceutical Co. Ltd.		967,700		100,577,944
Chugoku Electric Power Co. Inc. (The)		1,202,900		15,948,400
Coca-Cola Bottlers Japan Holdings Inc.		530,900		14,170,722
Concordia Financial Group Ltd.		4,580,400		17,707,133
Credit Saison Co. Ltd.		678,300		11,114,645
CyberAgent Inc.(a)		435,600		17,743,913
Dai Nippon Printing Co. Ltd.		1,071,000		30,088,988
Daicel Corp.		1,118,500		10,825,359
Daifuku Co. Ltd.		437,800		27,184,518
Dai-ichi Life Holdings Inc.		4,654,852		71,120,865
Daiichi Sankyo Co. Ltd.		2,449,195		168,145,592
Daikin Industries Ltd.		1,076,900		155,347,433
Daito Trust Construction Co. Ltd.		308,700		36,755,764
Daiwa House Industry Co. Ltd.		2,442,300		77,988,654
Daiwa House REIT Investment Corp.		8,079		21,579,282
Daiwa Securities Group Inc.		6,570,000		33,891,101
Denso Corp.		1,873,200		78,498,634
Dentsu Group Inc.		934,000		31,539,789
Disco Corp.		116,000		27,655,487
East Japan Railway Co.		1,313,400		117,543,756
Eisai Co. Ltd.		1,089,600		83,731,867
Electric Power Development Co. Ltd.		633,000		14,478,083
FamilyMart Co. Ltd.		1,100,100		24,441,028
FANUC Corp.		837,800		157,070,591
Fast Retailing Co. Ltd.		251,600		137,749,172
Fuji Electric Co. Ltd.		550,400		16,707,257
FUJIFILM Holdings Corp.		1,552,000		78,527,176
Fujitsu Ltd.		847,300		90,800,291
Fukuoka Financial Group Inc.		737,400		13,096,785
GMO Payment Gateway Inc.(a)		178,800		11,729,188

Security	Shares		Value
Japan (continued)
Hakuhodo DY Holdings Inc.		1,009,220	$	14,674,823
Hamamatsu Photonics KK		612,000		26,538,728
Hankyu Hanshin Holdings Inc.		994,800		41,027,412
Hikari Tsushin Inc.		90,900		22,652,664
Hino Motors Ltd.		1,230,300		11,759,845
Hirose Electric Co. Ltd.		139,648		17,716,105
Hisamitsu Pharmaceutical Co. Inc.		228,100		11,827,485
Hitachi Chemical Co. Ltd.		447,500		18,971,837
Hitachi Construction Machinery Co. Ltd.		459,400		12,694,589
Hitachi High-Technologies Corp.		306,700		22,411,441
Hitachi Ltd.		4,178,400		163,072,676
Hitachi Metals Ltd.		918,100		14,417,181
Honda Motor Co. Ltd.		7,045,500		184,027,407
Hoshizaki Corp.		233,200		21,731,051
Hoya Corp.		1,648,700		161,242,054
Hulic Co. Ltd.		1,305,100		16,063,140
Idemitsu Kosan Co. Ltd.		851,583		21,724,657
IHI Corp.		632,900		15,351,701
Iida Group Holdings Co. Ltd.		626,080		10,744,188
Inpex Corp.		4,413,143		41,959,163
Isetan Mitsukoshi Holdings Ltd.		1,444,200		11,472,586
Isuzu Motors Ltd.		2,378,300		23,983,779
ITOCHU Corp.		5,822,300		137,949,591
Itochu Techno-Solutions Corp.		416,500		12,469,830
J Front Retailing Co. Ltd.		983,300		12,066,144
Japan Airlines Co. Ltd.		499,200		14,254,961
Japan Airport Terminal Co. Ltd.		223,100		10,518,439
Japan Exchange Group Inc.		2,202,400		40,315,188
Japan Post Bank Co. Ltd.		1,735,600		16,269,499
Japan Post Holdings Co. Ltd.		6,827,200		62,757,202
Japan Post Insurance Co. Ltd.		970,100		16,585,277
Japan Prime Realty Investment Corp.		3,368		15,568,280
Japan Real Estate Investment Corp.		5,688		41,511,353
Japan Retail Fund Investment Corp.		11,243		24,034,720
Japan Tobacco Inc.		5,192,200		110,948,334
JFE Holdings Inc.		2,101,475		25,496,514
JGC Holdings Corp.		950,600		14,006,626
JSR Corp.		825,600		15,127,938
JTEKT Corp.		915,300		9,998,756
JXTG Holdings Inc.		13,789,350		59,643,376
Kajima Corp.		1,926,300		24,988,493
Kakaku.com Inc.		582,800		15,464,620
Kamigumi Co. Ltd.		459,400		9,931,026
Kansai Electric Power Co. Inc. (The)		3,038,900		34,430,680
Kansai Paint Co. Ltd.		765,000		18,675,924
Kao Corp.		2,095,200		169,765,617
Kawasaki Heavy Industries Ltd.		613,900		12,443,957
KDDI Corp.		7,635,500		230,435,212
Keihan Holdings Co. Ltd.		417,900		19,143,548
Keikyu Corp.		943,900		17,643,967
Keio Corp.		439,600		25,471,126
Keisei Electric Railway Co. Ltd.		551,400		20,197,057
Keyence Corp.		788,392		271,829,211
Kikkoman Corp.		624,900		30,961,046
Kintetsu Group Holdings Co. Ltd.		741,700		39,485,252
Kirin Holdings Co. Ltd.		3,546,100		78,931,275
Kobayashi Pharmaceutical Co. Ltd.(a)		217,700		17,856,281
Koito Manufacturing Co. Ltd.		465,700		20,688,707
Komatsu Ltd.		3,989,300		90,802,261
Konami Holdings Corp.		397,200		15,538,386

S c h e d u l e   o f   I n v e s t m e n t s 53

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Konica Minolta Inc.		1,950,000	$	12,234,165
Kose Corp.		143,200		19,461,512
Kubota Corp.		4,528,000		72,712,866
Kuraray Co. Ltd.		1,364,700		16,809,286
Kurita Water Industries Ltd.		430,600		12,852,249
Kyocera Corp.		1,383,000		92,816,737
Kyowa Kirin Co. Ltd.		1,046,000		24,956,922
Kyushu Electric Power Co. Inc.		1,621,000		13,460,350
Kyushu Railway Co.		693,100		22,925,345
Lawson Inc.		215,500		12,605,711
LINE Corp.(a)(b)		255,700		12,645,218
Lion Corp.		965,200		18,629,869
LIXIL Group Corp.		1,148,580		19,456,501
M3 Inc.		1,903,500		56,550,907
Makita Corp.		968,300		38,013,715
Marubeni Corp.		6,739,700		49,447,889
Marui Group Co. Ltd.		814,200		19,103,295
Maruichi Steel Tube Ltd.		241,800		6,826,664
Mazda Motor Corp.		2,442,500		21,048,069
McDonald's Holdings Co. Japan Ltd.		283,800		13,563,537
Mebuki Financial Group Inc.		3,751,190		8,479,416
Medipal Holdings Corp.		784,400		16,906,015
MEIJI Holdings Co. Ltd.		491,304		34,994,389
Mercari Inc.(a)(b)		327,700		5,814,154
MINEBEA MITSUMI Inc.		1,575,700		31,780,045
MISUMI Group Inc.(a)		1,216,100		31,091,139
Mitsubishi Chemical Holdings Corp.		5,523,000		40,765,789
Mitsubishi Corp.		5,836,700		152,022,919
Mitsubishi Electric Corp.		7,886,600		112,421,433
Mitsubishi Estate Co. Ltd.		5,101,700		101,294,998
Mitsubishi Gas Chemical Co. Inc.		750,800		11,706,897
Mitsubishi Heavy Industries Ltd.		1,383,800		51,376,216
Mitsubishi Materials Corp.		466,300		11,973,178
Mitsubishi Motors Corp.		2,844,300		10,838,178
Mitsubishi UFJ Financial Group Inc.		53,159,280		278,830,564
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,837,300		11,764,416
Mitsui & Co. Ltd.		7,160,900		129,528,481
Mitsui Chemicals Inc.		789,600		17,885,021
Mitsui Fudosan Co. Ltd.		3,855,000		103,555,220
Mitsui OSK Lines Ltd.		492,600		12,221,261
Mizuho Financial Group Inc.		104,262,060		156,318,538
MonotaRO Co. Ltd.		531,500		13,102,994
MS&AD Insurance Group Holdings Inc.		2,040,088		68,834,265
Murata Manufacturing Co. Ltd.		2,482,900		144,962,783
Nabtesco Corp.		484,100		14,426,747
Nagoya Railroad Co. Ltd.		804,200		23,854,805
NEC Corp.		1,069,600		48,553,139
Nexon Co. Ltd.(b)		2,168,400		29,709,591
NGK Insulators Ltd.		1,160,200		19,878,133
NGK Spark Plug Co. Ltd.		671,500		12,062,652
NH Foods Ltd.		369,000		16,426,858
Nidec Corp.		966,500		125,198,690
Nikon Corp.		1,378,400		17,028,903
Nintendo Co. Ltd.		486,100		182,850,920
Nippon Building Fund Inc.		5,785		46,862,850
Nippon Express Co. Ltd.		342,800		18,249,352
Nippon Paint Holdings Co. Ltd.		627,400		30,563,934
Nippon Prologis REIT Inc.		8,527		24,546,053
Nippon Shinyaku Co. Ltd.		196,000		17,685,842
Nippon Steel Corp.		3,463,335		49,065,377

Security	Shares		Value
Japan (continued)
Nippon Telegraph & Telephone Corp.		5,554,200	$	142,794,467
Nippon Yusen KK		658,000		10,769,867
Nissan Chemical Corp.		538,700		22,788,573
Nissan Motor Co. Ltd.		10,096,800		55,847,503
Nisshin Seifun Group Inc.		844,297		14,629,236
Nissin Foods Holdings Co. Ltd.		275,000		20,957,697
Nitori Holdings Co. Ltd.		350,300		54,895,470
Nitto Denko Corp		683,100		39,012,677
Nomura Holdings Inc.		14,432,500		75,408,265
Nomura Real Estate Holdings Inc.		535,600		13,367,145
Nomura Real Estate Master Fund Inc.		17,610		31,000,489
Nomura Research Institute Ltd.		1,461,671		32,635,917
NSK Ltd.		1,527,200		13,118,265
NTT Data Corp.		2,705,955		38,822,347
NTT DOCOMO Inc.		5,758,017		165,061,206
Obayashi Corp		2,789,100		31,214,451
Obic Co. Ltd.		281,000		38,915,071
Odakyu Electric Railway Co. Ltd.		1,262,000		28,363,999
Oji Holdings Corp.		3,683,200		19,234,130
Olympus Corp.		5,059,400		83,300,266
Omron Corp.		831,000		49,146,192
Ono Pharmaceutical Co. Ltd.		1,637,500		38,367,221
Oracle Corp. Japan		164,900		14,514,425
Oriental Land Co. Ltd.		864,600		113,753,711
ORIX Corp.		5,718,000		98,021,350
Orix JREIT Inc.		11,290		23,885,196
Osaka Gas Co. Ltd.		1,607,300		27,538,461
Otsuka Corp.		451,700		17,920,469
Otsuka Holdings Co. Ltd.		1,682,500		76,266,296
Pan Pacific International Holdings Corp.		1,912,700		31,182,737
Panasonic Corp.		9,531,368		96,909,790
Park24 Co. Ltd.		499,000		12,683,905
PeptiDream Inc.(b).		403,300		19,498,012
Persol Holdings Co. Ltd.		765,900		14,026,955
Pigeon Corp.		493,500		17,825,829
Pola Orbis Holdings Inc.		402,000		8,890,474
Rakuten Inc.(b)		3,722,000		29,395,507
Recruit Holdings Co. Ltd.		5,864,400		232,877,037
Renesas Electronics Corp.(b)		3,304,200		21,675,381
Resona Holdings Inc.		9,004,500		37,875,643
Ricoh Co. Ltd.		2,865,000		33,279,836
Rinnai Corp.		153,100		11,130,950
Rohm Co. Ltd.		402,700		29,909,443
Ryohin Keikaku Co. Ltd.		1,024,800		17,416,447
Sankyo Co. Ltd.		193,200		6,577,552
Santen Pharmaceutical Co. Ltd.		1,571,900		29,818,023
SBI Holdings Inc.		1,015,980		24,165,673
Secom Co. Ltd.		907,500		81,326,267
Sega Sammy Holdings Inc.		765,138		10,582,109
Seibu Holdings Inc.		875,900		13,827,235
Seiko Epson Corp.		1,225,500		18,317,203
Sekisui Chemical Co. Ltd.		1,605,500		27,300,240
Sekisui House Ltd.		2,687,100		58,534,328
Seven & i Holdings Co. Ltd.		3,262,480		126,935,260
Seven Bank Ltd.		2,647,000		8,010,481
SG Holdings Co. Ltd.		627,900		13,469,276
Sharp Corp.		918,700		12,900,876
Shimadzu Corp.		968,500		27,879,504
Shimamura Co. Ltd.		92,700		7,064,649
Shimano Inc.(a)		320,600		49,871,440

54 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Shimizu Corp.		2,568,300	$	26,847,663
Shin-Etsu Chemical Co. Ltd.		1,571,000		184,299,165
Shinsei Bank Ltd.		836,500		13,043,179
Shionogi & Co. Ltd.		1,161,100		70,329,118
Shiseido Co. Ltd.		1,723,100		112,668,817
Shizuoka Bank Ltd. (The)		1,966,200		14,095,469
Showa Denko KK		575,500		14,203,649
SMC Corp.		247,500		110,134,474
Softbank Corp.		7,243,300		99,976,720
SoftBank Group Corp		6,774,600		282,772,435
Sohgo Security Services Co. Ltd.		316,100		16,652,959
Sompo Holdings Inc.		1,446,750		55,168,314
Sony Corp.		5,496,900		391,429,388
Sony Financial Holdings Inc.		651,900		15,325,379
Square Enix Holdings Co. Ltd.		396,400		19,676,450
Stanley Electric Co. Ltd.		560,700		14,774,731
Subaru Corp.		2,657,900		67,682,834
SUMCO Corp.		1,081,200		17,357,457
Sumitomo Chemical Co. Ltd.		6,439,800		28,044,338
Sumitomo Corp.		5,133,800		77,586,053
Sumitomo Dainippon Pharma Co. Ltd.		688,800		12,093,799
Sumitomo Electric Industries Ltd.		3,258,900		44,500,364
Sumitomo Heavy Industries Ltd.		475,400		12,860,385
Sumitomo Metal Mining Co. Ltd.		999,400		29,174,716
Sumitomo Mitsui Financial Group Inc.		5,756,500		206,285,427
Sumitomo Mitsui Trust Holdings Inc.		1,435,260		54,068,059
Sumitomo Realty & Development Co. Ltd.		1,438,500		53,752,134
Sumitomo Rubber Industries Ltd.		739,000		8,284,218
Sundrug Co. Ltd.		306,000		10,530,793
Suntory Beverage & Food Ltd.		601,000		25,756,747
Suzuken Co. Ltd.		306,224		11,965,296
Suzuki Motor Corp.		1,590,600		73,846,927
Sysmex Corp.		721,700		52,583,521
T&D Holdings Inc		2,386,800		26,227,603
Taiheiyo Cement Corp.		517,700		14,253,050
Taisei Corp.		867,800		35,309,296
Taisho Pharmaceutical Holdings Co. Ltd.		153,400		11,067,841
Taiyo Nippon Sanso Corp.		554,200		12,358,734
Takeda Pharmaceutical Co. Ltd.		6,472,810		252,438,694
TDK Corp.		560,100		61,340,471
Teijin Ltd		761,200		13,870,646
Terumo Corp.		2,789,300		102,528,682
THK Co. Ltd.		517,300		13,440,207
Tobu Railway Co. Ltd.		840,000		29,993,080
Toho Co. Ltd.		486,600		18,160,234
Toho Gas Co. Ltd		321,800		12,603,598
Tohoku Electric Power Co. Inc.		1,832,100		17,376,932
Tokio Marine Holdings Inc		2,783,300		153,693,320
Tokyo Century Corp.		183,400		9,577,377
Tokyo Electric Power Co. Holdings Inc.(b)		6,636,900		26,637,002
Tokyo Electron Ltd.		678,400		153,349,633
Tokyo Gas Co. Ltd.		1,675,100		37,215,858
Tokyu Corp.		2,149,300		38,312,014
Tokyu Fudosan Holdings Corp.		2,620,700		18,763,327
Toppan Printing Co. Ltd.		1,203,400		24,382,215
Toray Industries Inc.		5,985,300		40,047,419
Toshiba Corp.		2,138,300		69,050,607
Tosoh Corp.		1,124,100		16,314,151
TOTO Ltd.		615,800		25,709,231
Toyo Seikan Group Holdings Ltd.		629,600		10,897,537

Security	Shares		Value
Japan (continued)
Toyo Suisan Kaisha Ltd.		382,600	$	16,238,040
Toyoda Gosei Co. Ltd.		279,100		6,491,776
Toyota Industries Corp.		639,300		35,390,506
Toyota Motor Corp.		9,872,664		697,011,809
Toyota Tsusho Corp.		919,200		32,524,168
Trend Micro Inc.(b)		555,400		29,516,114
Tsuruha Holdings Inc.(a)		159,000		19,701,712
Unicharm Corp.		1,755,100		61,080,751
United Urban Investment Corp.		12,778		22,906,910
USS Co. Ltd.		947,780		17,489,136
Welcia Holdings Co. Ltd.		203,100		11,299,469
West Japan Railway Co.		700,900		59,972,751
Yakult Honsha Co. Ltd.		528,600		27,067,675
Yamada Denki Co. Ltd.		2,754,450		14,002,878
Yamaha Corp.		621,000		32,429,395
Yamaha Motor Co. Ltd.		1,206,800		22,959,096
Yamato Holdings Co. Ltd.		1,318,000		21,584,629
Yamazaki Baking Co. Ltd.		519,400		10,006,064
Yaskawa Electric Corp.		1,031,000		36,860,497
Yokogawa Electric Corp.		978,500		17,478,212
Yokohama Rubber Co. Ltd. (The)		540,900		9,427,136
Z Holdings Corp.		11,420,822		46,153,250
ZOZO Inc.		468,900		7,886,744
				15,533,289,626
Malta — 0.0%
BGP Holdings PLC(b)(d)		33,026,812		366
Netherlands — 4.0%
ABN AMRO Bank NV, CVA(c)		1,836,347		31,990,832
Adyen NV(b)(c)		44,938		41,384,051
Aegon NV		7,679,219		31,223,602
AerCap Holdings NV(a)(b)		540,432		30,593,855
Akzo Nobel NV		984,016		93,018,521
Altice Europe NV(b)		2,906,205		18,731,341
ArcelorMittal SA		2,863,230		42,379,018
ASML Holding NV		1,839,840		518,393,154
EXOR NV		468,757		34,617,922
Heineken Holding NV		496,163		48,881,483
Heineken NV(a)		1,117,721		121,784,921
ING Groep NV		16,840,031		183,355,392
Koninklijke Ahold Delhaize NV		5,114,462		125,826,226
Koninklijke DSM NV		783,300		95,746,273
Koninklijke KPN NV		15,430,591		43,314,768
Koninklijke Philips NV		3,909,142		179,349,441
Koninklijke Vopak NV		301,571		16,168,647
NN Group NV		1,325,915		46,138,511
NXP Semiconductors NV		1,203,020		152,615,117
Prosus NV(b)		2,104,752		152,148,105
Randstad NV		512,961		29,537,364
Unilever NV		6,350,605		370,889,002
Wolters Kluwer NV		1,207,506		90,887,721
				2,498,975,267
New Zealand — 0.3%
a2 Milk Co. Ltd.(b)		3,177,649		30,846,229
Auckland International Airport Ltd.		4,176,356		23,378,601
Fisher & Paykel Healthcare Corp. Ltd.		2,485,400		37,476,335
Fletcher Building Ltd.		3,652,545		13,118,780
Mercury NZ Ltd.		2,935,256		9,953,646
Meridian Energy Ltd.		5,538,162		19,156,593
Ryman Healthcare Ltd.		1,727,992		18,440,270

S c h e d u l e   o f   I n v e s t m e n t s 55

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
New Zealand (continued)
Spark New Zealand Ltd		7,853,263	$	23,683,232
				176,053,686
Norway — 0.6%
Aker BP ASA		474,581		13,447,955
DNB ASA		4,135,583		72,614,302
Equinor ASA		4,334,334		78,596,186
Gjensidige Forsikring ASA		862,049		18,797,527
Mowi ASA		1,891,079		45,175,161
Norsk Hydro ASA		5,816,808		18,306,494
Orkla ASA		3,265,860		31,532,637
Schibsted ASA, Class B		425,128		12,083,527
Telenor ASA		3,160,871		57,248,738
Yara International ASA		765,571		27,856,160
				375,658,687
Portugal — 0.2%
EDP - Energias de Portugal SA		11,088,918		55,594,267
Galp Energia SGPS SA		2,167,656		32,765,966
Jeronimo Martins SGPS SA		1,087,858		18,740,500
				107,100,733
Singapore — 1.3%
Ascendas REIT		12,470,464		28,780,102
CapitaLand Commercial Trust		11,770,652		17,765,069
CapitaLand Ltd.		11,172,100		29,630,744
CapitaLand Mall Trust		11,264,000		20,796,601
City Developments Ltd.		1,956,600		15,195,223
ComfortDelGro Corp. Ltd.		9,350,400		14,865,828
DBS Group Holdings Ltd.		7,733,500		143,745,985
Genting Singapore Ltd.		26,363,000		16,610,873
Jardine Cycle & Carriage Ltd.		421,654		9,026,837
Keppel Corp. Ltd.		6,315,800		30,910,355
Mapletree Commercial Trust		8,823,500		15,191,754
Oversea-Chinese Banking Corp. Ltd.		13,956,098		110,736,714
SATS Ltd.		2,899,500		9,686,951
Sembcorp Industries Ltd.(a)		4,110,800		6,385,007
Singapore Airlines Ltd.		2,329,400		14,591,816
Singapore Exchange Ltd.		3,650,100		23,266,078
Singapore Press Holdings Ltd.(a)		6,794,750		10,055,971
Singapore Technologies Engineering Ltd.		6,736,400		20,284,712
Singapore Telecommunications Ltd.		35,269,185		85,272,409
Suntec REIT		8,277,100		11,158,227
United Overseas Bank Ltd.		5,447,800		102,418,161
UOL Group Ltd.		2,020,400		11,812,435
Venture Corp. Ltd.		1,182,600		14,148,918
Wilmar International Ltd.		8,310,000		23,805,480
Yangzijiang Shipbuilding Holdings Ltd.		10,592,000		7,372,262
				793,514,512
Spain — 2.8%
ACS Actividades de Construccion y Servicios SA		1,132,106		37,675,642
Aena SME SA(c)		290,862		53,878,017
Amadeus IT Group SA		1,864,084		146,298,422
Banco Bilbao Vizcaya Argentaria SA		28,817,353		149,090,403
Banco de Sabadell SA		24,619,495		22,208,631
Banco Santander SA		71,828,949		282,901,451
Bankia SA		5,306,993		9,654,008
Bankinter SA		2,889,583		18,745,893
CaixaBank SA		15,491,340		45,322,218
Cellnex Telecom SA(c)		1,082,613		53,892,859
Enagas SA		1,005,788		27,107,425
Endesa SA		1,379,940		37,879,519

Security	Shares		Value
Spain (continued)
Ferrovial SA		2,151,097	$	68,321,032
Grifols SA		1,289,311		43,293,087
Iberdrola SA		26,118,086		285,677,962
Iberdrola SA, New(b)		483,668		5,290,333
Industria de Diseno Textil SA		4,707,223		158,426,491
Mapfre SA		4,654,483		11,925,525
Naturgy Energy Group SA		1,282,625		33,829,447
Red Electrica Corp. SA		1,837,143		36,717,859
Repsol SA		6,437,104		88,920,326
Siemens Gamesa Renewable Energy SA		1,030,191		16,445,582
Telefonica SA		20,172,875		136,570,268
				1,770,072,400
Sweden — 2.5%
Alfa Laval AB		1,360,452		34,016,064
Assa Abloy AB, Class B		4,332,774		103,075,128
Atlas Copco AB, Class A		2,899,686		102,887,086
Atlas Copco AB, Class B		1,684,679		52,435,113
Boliden AB		1,168,294		27,793,292
Electrolux AB, Series B		970,181		23,019,862
Epiroc AB, Class A		2,848,469		33,010,223
Epiroc AB, Class B		1,681,138		19,028,822
Essity AB, Class B		2,617,539		83,099,494
Hennes & Mauritz AB, Class B		3,469,378		76,182,230
Hexagon AB, Class B		1,134,594		61,822,845
Husqvarna AB, Class B		1,793,228		13,529,233
ICA Gruppen AB		392,917		17,276,094
Industrivarden AB, Class C		719,901		16,976,807
Investor AB, Class B		1,967,297		107,808,280
Kinnevik AB, Class B		1,033,447		24,960,597
L E Lundbergforetagen AB, Class B		328,276		14,256,803
Lundin Petroleum AB		799,485		24,352,871
Millicom International Cellular SA, SDR		430,476		20,338,820
Sandvik AB		4,875,482		89,101,291
Securitas AB, Class B		1,336,828		21,046,894
Skandinaviska Enskilda Banken AB, Class A		7,037,986		69,542,704
Skanska AB, Class B		1,464,785		33,889,295
SKF AB, Class B		1,648,126		30,214,176
Svenska Handelsbanken AB, Class A		6,643,642		65,260,179
Swedbank AB, Class A		3,912,164		60,172,152
Swedish Match AB		755,376		42,742,715
Tele2 AB, Class B		2,143,889		32,340,780
Telefonaktiebolaget LM Ericsson, Class B		13,272,722		104,323,886
Telia Co. AB		11,827,752		50,618,579
Volvo AB, Class B		6,423,013		110,152,775
				1,565,275,090
Switzerland — 9.6%
ABB Ltd., Registered		7,949,251		185,533,351
Adecco Group AG, Registered.		681,076		40,040,447
Alcon Inc.(b)		1,792,370		105,819,428
Baloise Holding AG, Registered		209,666		37,891,839
Barry Callebaut AG, Registered		12,990		28,769,392
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		4,646		38,947,493
Chocoladefabriken Lindt & Spruengli AG, Registered		441		41,107,263
Cie. Financiere Richemont SA, Registered		2,252,761		165,000,816
Clariant AG, Registered		849,061		19,130,173
Coca-Cola HBC AG.		858,344		31,522,737
Credit Suisse Group AG, Registered		11,061,550		140,097,292
Dufry AG, Registered		183,740		15,953,536

56 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
EMS-Chemie Holding AG, Registered		35,247	$	23,097,210
Geberit AG, Registered		160,190		84,575,404
Givaudan SA, Registered		39,884		131,506,164
Julius Baer Group Ltd.		963,007		48,227,734
Kuehne + Nagel International AG, Registered		234,423		37,917,972
LafargeHolcim Ltd., Registered		2,127,821		108,327,037
Lonza Group AG, Registered		321,648		132,134,312
Nestle SA, Registered		12,863,249		1,418,831,903
Novartis AG, Registered		9,285,522		877,765,608
Pargesa Holding SA, Bearer		166,672		13,367,286
Partners Group Holding AG		80,618		73,960,088
Roche Holding AG, NVS		3,036,707		1,021,104,339
Schindler Holding AG, Participation Certificates, NVS		175,849		45,473,317
Schindler Holding AG, Registered		86,682		21,570,512
SGS SA, Registered		22,959		66,440,530
Sika AG, Registered		550,428		99,019,398
Sonova Holding AG, Registered		239,825		60,127,207
Straumann Holding AG, Registered		44,423		42,375,613
Swatch Group AG (The), Bearer		125,616		31,610,766
Swatch Group AG (The), Registered		239,657		11,684,040
Swiss Life Holding AG, Registered		147,222		74,095,660
Swiss Prime Site AG, Registered		329,571		40,254,512
Swiss Re AG		1,271,635		143,717,367
Swisscom AG, Registered		111,700		61,336,845
Temenos AG, Registered		281,582		45,516,754
UBS Group AG, Registered		16,664,204		207,341,436
Vifor Pharma AG		196,648		36,293,581
Zurich Insurance Group AG		645,596		268,225,742
				6,075,712,104
United Kingdom — 15.9%
3i Group PLC		4,180,284		60,862,942
Admiral Group PLC		807,584		24,048,355
Anglo American PLC		4,526,970		118,489,759
Antofagasta PLC		1,711,052		18,544,798
Ashtead Group PLC		2,030,810		65,720,707
Associated British Foods PLC		1,530,577		52,982,365
AstraZeneca PLC		5,670,389		554,922,397
Auto Trader Group PLC(c)		3,999,069		29,626,248
AVEVA Group PLC		278,070		18,027,026
Aviva PLC		16,930,191		88,912,460
BAE Systems PLC		13,848,095		115,259,319
Barclays PLC		74,556,950		165,112,081
Barratt Developments PLC		4,357,587		46,114,220
Berkeley Group Holdings PLC		524,441		36,225,081
BP PLC		88,052,635		530,096,339
British American Tobacco PLC		9,914,601		438,806,144
British Land Co. PLC (The)		3,875,860		28,335,402
BT Group PLC		36,236,662		76,866,949
Bunzl PLC		1,445,429		37,440,424
Burberry Group PLC		1,767,491		45,503,090
Carnival PLC		703,780		28,926,405
Centrica PLC		24,861,920		27,804,607
Coca-Cola European Partners PLC		1,018,314		53,573,499
Compass Group PLC		6,856,914		169,658,027
Croda International PLC		552,110		36,273,134
DCC PLC		422,146		34,122,926
Diageo PLC		10,224,370		405,680,833
Direct Line Insurance Group PLC		5,978,650		26,622,217
easyJet PLC		686,822		12,611,791
Evraz PLC		2,199,228		10,221,956

Security	Shares		Value
United Kingdom (continued)
Experian PLC		3,938,042	$	136,890,059
Ferguson PLC		998,015		89,486,008
Fiat Chrysler Automobiles NV		4,679,480		60,839,816
G4S PLC		6,732,271		17,340,738
GlaxoSmithKline PLC		21,562,151		507,070,529
Glencore PLC		47,209,668		138,465,761
GVC Holdings PLC		2,495,067		28,851,093
Halma PLC		1,624,846		45,129,256
Hargreaves Lansdown PLC		1,220,863		27,761,151
HSBC Holdings PLC		87,266,492		634,761,607
Imperial Brands PLC		4,110,422		105,701,365
Informa PLC		5,410,684		55,261,570
InterContinental Hotels Group PLC		743,619		45,929,092
Intertek Group PLC		693,570		52,661,621
ITV PLC		15,719,369		28,056,611
J Sainsbury PLC		7,642,430		20,390,291
JD Sports Fashion PLC		1,885,172		20,422,013
Johnson Matthey PLC		831,483		28,552,395
Kingfisher PLC		9,031,103		24,285,799
Land Securities Group PLC		3,026,264		37,418,906
Legal & General Group PLC		25,780,779		103,821,832
Lloyds Banking Group PLC		303,059,201		226,871,937
London Stock Exchange Group PLC		1,360,518		140,533,595
M&G PLC(b)		10,979,271		34,763,856
Marks & Spencer Group PLC		8,336,745		19,341,521
Meggitt PLC		3,370,651		30,018,215
Melrose Industries PLC		20,998,974		64,551,756
Micro Focus International PLC		1,465,943		19,811,033
Mondi PLC		2,085,957		42,510,506
National Grid PLC		15,043,701		199,456,301
Next PLC		591,102		53,701,836
NMC Health PLC		541,424		9,221,073
Ocado Group PLC(b)		1,969,897		31,770,857
Pearson PLC		3,357,176		25,154,148
Persimmon PLC		1,376,794		55,408,604
Prudential PLC		11,237,225		200,270,603
Reckitt Benckiser Group PLC		3,065,912		253,845,761
RELX PLC		8,402,518		222,963,957
Rentokil Initial PLC		7,914,929		48,724,270
Rio Tinto PLC		4,897,451		263,655,764
Rolls-Royce Holdings PLC		7,445,462		65,757,893
Royal Bank of Scotland Group PLC		20,840,957		59,972,593
Royal Dutch Shell PLC, Class A		18,493,546		486,198,813
Royal Dutch Shell PLC, Class B		16,147,292		425,707,333
RSA Insurance Group PLC		4,470,668		32,436,373
Sage Group PLC (The)		4,704,900		45,795,576
Schroders PLC		531,959		22,530,474
Segro PLC		4,701,043		56,429,124
Severn Trent PLC		1,025,832		34,874,583
Smith & Nephew PLC		3,780,273		91,017,369
Smiths Group PLC		1,701,098		37,885,146
Spirax-Sarco Engineering PLC		318,176		37,412,240
SSE PLC		4,444,470		88,378,521
St. James's Place PLC		2,266,057		34,172,621
Standard Chartered PLC		11,783,484		98,013,187
Standard Life Aberdeen PLC		10,662,500		42,376,765
Taylor Wimpey PLC		14,032,446		39,788,286
Tesco PLC		42,330,709		137,771,082
Unilever PLC		4,797,099		286,677,585
United Utilities Group PLC		2,918,484		38,990,832

S c h e d u l e   o f   I n v e s t m e n t s 57

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Vodafone Group PLC		115,701,212	$	227,708,453
Weir Group PLC (The)		1,112,755		19,772,923
Whitbread PLC		573,566		33,796,549
Wm Morrison Supermarkets PLC		10,374,029		24,881,752
WPP PLC		5,454,416		67,945,626
				10,045,356,306
Total Common Stocks — 99.0%
(Cost: $58,292,425,056)				62,545,467,048
Preferred Stock
Germany — 0.5%
Bayerische Motoren Werke AG, Preference
Shares, NVS		241,553		13,491,530
Fuchs Petrolub SE, Preference Shares, NVS		296,499		13,143,211
Henkel AG & Co. KGaA, Preference Shares, NVS		770,806		78,535,828
Porsche Automobil Holding SE, Preference
Shares, NVS		662,710		44,902,156
Sartorius AG, Preference Shares, NVS		152,686		35,634,923
Volkswagen AG, Preference Shares, NVS		802,746		144,453,785
				330,161,433
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		25,744,945		13,552,013
Total Preferred Stocks — 0.5%
(Cost: $373,538,068)				343,713,446

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 1.78%(e)(f)(g)		359,378,641	$	359,594,268
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(e)(f)		16,802,000		16,802,000
				376,396,268
Total Short-Term Investments — 0.6%
(Cost: $376,266,608)				376,396,268
Total Investments in Securities — 100.1%
(Cost: $59,042,229,732)				63,265,576,762
Other Assets, Less Liabilities — (0.1)%				(85,558,042	)
Net Assets — 100.0%			$	63,180,018,720

^(a) All or a portion of this security is on loan.

^(b) Non-income producing security.

^(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e) Affiliate of the Fund.

^(f) Annualized 7-day yield as of period-end.

^(g) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)		(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		366,972,686		(7,594,045	)		359,378,641	$	359,594,268	$	2,836,220	(b)	$	(354	)	$	34,344
BlackRock Cash Funds: Treasury, SL Agency Shares		15,711,000		1,091,000			16,802,000		16,802,000		160,547			—			—
								$	376,396,268	$	2,996,767		$	(354	)	$	34,344

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		253	03/19/20	$	29,445	$	689,032
Euro STOXX 50 Index		2,718	03/20/20		109,610		(3,160,073	)
FTSE 100 Index		650	03/20/20		61,842		(2,279,943	)
TOPIX Index		493	03/12/20		76,371		(2,040,172	)
						$	(6,791,156	)

58 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE ETF
January 31, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	689,032
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	7,480,188

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	40,542,438
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(12,525,189	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	327,762,813

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	62,540,176,309		$	5,290,333	$	406	$	62,545,467,048
Preferred Stocks		343,713,446			—		—		343,713,446
Money Market Funds		376,396,268			—		—		376,396,268
	$	63,260,286,023		$	5,290,333	$	406	$	63,265,576,762
Derivative financial instruments(a)
Assets
Futures Contracts	$	689,032		$	—	$	—	$	689,032
Liabilities
Futures Contracts		(7,480,188	)		—		—		(7,480,188	)
	$	(6,791,156	)	$	—	$	—	$	(6,791,156	)

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

See notes to financial statements.

S c h e d u l e   o f   I n v e s t m e n t s 59

Schedule of Investments (unaudited)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.6%
Abacus Property Group		1,859,735	$	4,718,547
Accent Group Ltd.		2,233,031		2,533,859
Adelaide Brighton Ltd.		1,837,911		4,478,616
AET&D Holdings No. 1 Pty Ltd.(a)(b)		169,200		1
Afterpay Ltd.(b)		762,699		19,683,194
ALS Ltd.		2,181,623		14,093,700
Altium Ltd.		548,347		14,621,226
AMA Group Ltd.(c)		1,601,596		975,691
Ansell Ltd.		638,691		13,699,393
AP Eagers Ltd.		687,575		4,105,849
Appen Ltd.		485,496		8,239,135
ARB Corp. Ltd.		381,740		4,753,337
Ardent Leisure Group Ltd.(b)		2,647,413		2,507,819
Atlas Arteria Ltd.		3,477,236		18,925,298
Austal Ltd.		1,422,209		3,741,743
Australian Agricultural Co. Ltd.(b)(c)		2,772,784		2,069,707
Australian Pharmaceutical Industries Ltd.		2,600,781		2,289,536
Aventus Group		463,189		927,145
Avita Medical Ltd.(b)		7,892,835		3,566,603
Bank of Queensland Ltd.		1,766,627		9,047,411
Bapcor Ltd.		1,425,511		6,031,227
Beach Energy Ltd.		7,782,726		13,911,085
Bega Cheese Ltd.(c)		991,257		2,906,554
Bingo Industries Ltd.(c)		2,255,670		4,228,162
Blackmores Ltd.(c)		60,325		3,607,149
Bravura Solutions Ltd.		1,219,892		4,516,110
Breville Group Ltd.		441,644		5,519,944
Brickworks Ltd.		155,487		2,072,447
BWP Trust		2,563,509		7,053,338
BWX Ltd.		611,510		1,707,095
carsales.com Ltd.		1,032,233		11,913,326
Castile Resources Pty Ltd.(b)		382,952		51,273
Cedar Woods Properties Ltd.		516,791		2,764,265
Centuria Industrial REIT		1,275,963		3,117,805
Centuria Metropolitan REIT		1,574,780		3,162,708
Charter Hall Group		1,972,253		16,979,371
Charter Hall Long Wale REIT		846,181		3,217,582
Charter Hall Retail REIT		1,670,333		5,266,741
Charter Hall Social Infrastructure REIT		201,378		469,147
Cleanaway Waste Management Ltd.		9,018,821		12,316,802
Clinuvel Pharmaceuticals Ltd.(c)		173,044		3,208,886
Collins Foods Ltd.		436,112		2,493,296
Cooper Energy Ltd.(b)		6,997,822		2,646,850
Coronado Global Resources Inc.(d)		490,212		666,190
Corporate Travel Management Ltd.(c)		371,764		4,432,505
Costa Group Holdings Ltd.		1,495,509		2,763,224
Credit Corp. Group Ltd.		281,962		6,689,633
Cromwell Property Group		7,954,438		6,523,244
CSR Ltd.		2,259,841		7,352,451
Dicker Data Ltd.		92,261		416,290
Domain Holdings Australia Ltd.		1,031,395		2,616,871
Domino's Pizza Enterprises Ltd.		265,057		9,739,811
Downer EDI Ltd.		2,657,885		13,184,765
Ecofibre Ltd.(b)(c)		563,027		1,145,832
Elders Ltd.		617,096		3,065,312
Emeco Holdings Ltd.(b)(c)		1,374,603		2,107,321
EML Payments Ltd.(b)		1,155,350		4,068,341
Estia Health Ltd.		1,283,101		2,121,660

Security	Shares		Value
Australia (continued)
Evolution Mining Ltd.		6,645,325	$	16,504,719
FlexiGroup Ltd./Australia		1,537,984		2,162,166
Freedom Foods Group Ltd.(c)		491,542		1,589,373
G8 Education Ltd.		2,023,688		2,594,361
Galaxy Resources Ltd.(b)(c)		2,024,950		1,389,492
GDI Property Group		5,444,973		5,631,735
Genworth Mortgage Insurance Australia Ltd.		1,239,548		3,037,123
Gold Road Resources Ltd.(b)		3,659,487		3,478,777
GrainCorp Ltd., Class A(b)		993,550		5,587,107
Growthpoint Properties Australia Ltd.		652,352		1,908,453
GUD Holdings Ltd.		455,513		3,665,416
GWA Group Ltd.		1,092,028		2,617,187
Hansen Technologies Ltd.		846,529		2,079,821
Healius Ltd.		2,537,703		5,028,640
HT&E Ltd.		122,014		138,860
HUB24 Ltd.(c)		274,494		2,014,009
IDP Education Ltd.		596,901		7,100,808
IGO Ltd.		2,236,626		9,133,584
Iluka Resources Ltd.		1,888,212		12,286,694
IMF Bentham Ltd.(b)		1,109,224		3,504,929
Infigen Energy		4,613,204		2,439,764
Ingenia Communities Group		1,149,576		3,678,609
Inghams Group Ltd.		1,166,131		2,763,558
Integrated Research Ltd.		206,250		408,699
InvoCare Ltd.(c)		571,116		5,127,092
IOOF Holdings Ltd.		1,332,873		7,058,026
IPH Ltd.		912,002		5,592,542
IRESS Ltd.		674,858		6,324,970
JB Hi-Fi Ltd.		532,158		14,128,996
Jumbo Interactive Ltd.		238,065		2,141,967
Jupiter Mines Ltd.		5,011,981		973,028
Kogan.com Ltd.(c)		282,150		974,648
Link Administration Holdings Ltd.		2,314,012		10,549,472
Lovisa Holdings Ltd.(c)		132,506		990,847
Lynas Corp. Ltd.(b)		2,937,532		4,306,701
Mayne Pharma Group Ltd.(b)(c)		6,191,946		1,886,065
McMillan Shakespeare Ltd.		312,901		2,700,088
Megaport Ltd.(b)		356,421		2,655,684
Mesoblast Ltd.(b)(c)		1,801,230		3,617,499
Metcash Ltd.(c)		4,154,808		7,287,361
Mineral Resources Ltd.		743,267		8,488,714
Moelis Australia Ltd.(c)		88,976		327,607
Monadelphous Group Ltd.		436,559		5,126,141
Mount Gibson Iron Ltd.		1,685,901		1,021,407
Myer Holdings Ltd.(b)		1,100,510		324,164
Nanosonics Ltd.(b)(c)		1,231,556		5,721,786
Navigator Global Investments Ltd.		278,219		599,737
nearmap Ltd.(b)(c)		1,806,896		2,050,316
Netwealth Group Ltd.		304,031		1,650,657
New Hope Corp. Ltd.		1,433,358		1,799,177
New South Resources Ltd.(b)		2,062,895		2,969,160
NEXTDC Ltd.(b)(c)		1,669,330		8,482,073
NIB Holdings Ltd.		1,826,393		6,614,690
Nine Entertainment Co. Holdings Ltd.		7,087,064		8,895,813
Northern Star Resources Ltd.		3,255,771		27,462,648
NRW Holdings Ltd.		1,577,737		3,305,955
Nufarm Ltd./Australia(b)		1,247,568		4,618,568
oOh!media Ltd.		955,255		2,174,284
Orocobre Ltd.(b)(c)		1,086,330		2,276,272
Orora Ltd.		5,444,530		11,736,383

60 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
OZ Minerals Ltd.		1,458,057	$	9,917,135
Pact Group Holdings Ltd.(b)		1,143,188		2,112,247
Pendal Group Ltd.		1,187,693		7,052,544
Perenti Global Ltd.		2,845,248		2,923,792
Perpetual Ltd.		203,104		5,805,831
Perseus Mining Ltd.(b)		5,180,865		4,005,920
Pilbara Minerals Ltd.(b)(c)		7,212,771		1,424,433
Pinnacle Investment Management Group Ltd.(c)		551,058		1,767,058
Platinum Asset Management Ltd.(c)		1,194,892		3,791,622
PolyNovo Ltd.(b)		2,675,394		5,014,918
Premier Investments Ltd.		444,940		5,924,535
Pro Medicus Ltd.		182,830		2,937,492
Qube Holdings Ltd.		6,245,357		14,382,478
Ramelius Resources Ltd.		3,353,324		2,952,020
Regis Healthcare Ltd.		756,754		1,220,927
Regis Resources Ltd.		2,180,025		6,567,378
Reliance Worldwide Corp. Ltd.		3,360,648		10,124,033
Resolute Mining Ltd.(b)(c)		3,776,918		2,907,726
Rural Funds Group(c)		1,094,952		1,359,744
Sandfire Resources Ltd.		803,985		3,003,310
Saracen Mineral Holdings Ltd.(b)		4,474,053		11,830,858
Select Harvests Ltd.		494,060		2,824,591
Senex Energy Ltd.(b)		3,560,071		750,736
Service Stream Ltd.		1,829,498		3,221,111
Seven Group Holdings Ltd.		561,503		7,615,695
Seven West Media Ltd.(b)		5,321,245		890,577
SG Fleet Group Ltd.		619,486		912,373
Shopping Centres Australasia Property Group		3,474,085		6,721,347
Sigma Healthcare Ltd.		6,577,779		2,642,096
Silver Lake Resources Ltd.(b)		3,549,290		3,861,116
Sims Ltd.(c)		750,526		5,391,176
SmartGroup Corp. Ltd.		561,128		2,535,617
Southern Cross Media Group Ltd.		3,590,780		2,115,385
Spark Infrastructure Group		7,543,046		11,109,319
St. Barbara Ltd.		3,158,100		5,771,737
Star Entertainment Grp Ltd. (The)		3,700,083		10,353,943
Steadfast Group Ltd.		3,711,432		9,565,777
Super Retail Group Ltd.		647,591		4,066,508
Tassal Group Ltd.		1,290,767		3,724,287
Technology One Ltd.		1,205,704		6,876,989
Village Roadshow Ltd.		896,563		2,418,822
Virtus Health Ltd.		591,292		1,710,030
Viva Energy Group Ltd.(d)		4,583,652		5,277,863
Viva Energy REIT		1,410,914		2,616,365
Vocus Group Ltd.(b)		2,678,278		6,078,177
Webjet Ltd.(c)		555,887		4,372,627
Western Areas Ltd.		1,327,482		2,283,914
Westgold Resources Ltd.(b)(c)		1,727,315		2,532,408
Whitehaven Coal Ltd.		3,185,929		5,353,377
WPP AUNZ Ltd.		266,093		103,319
Zip Co. Ltd.(b)(c)		913,166		2,469,728
				836,929,856
Austria — 1.1%
Agrana Beteiligungs AG		10,995		233,945
ams AG(b)		356,755		14,600,155
AT&S Austria Technologie & Systemtechnik AG		117,230		2,583,996
BAWAG Group AG(d)		267,586		11,600,601
CA Immobilien Anlagen AG		318,958		14,050,406
DO & CO AG		26,835		2,676,470
EVN AG		186,485		3,678,596

Security	Shares		Value
Austria (continued)
FACC AG(c)		151,325	$	2,009,027
IMMOFINANZ AG		367,233		10,194,541
Kapsch TrafficCom AG		33,830		993,496
Lenzing AG		58,338		4,616,023
Oesterreichische Post AG(c)		146,779		5,579,256
Palfinger AG		33,783		1,046,401
Porr AG(c)		15,478		270,327
S IMMO AG		359,838		9,650,296
S&T AG(c)		232,064		6,264,744
Schoeller-Bleckmann Oilfield Equipment AG		49,285		2,272,094
Semperit AG Holding(b)(c)		7,735		104,749
Telekom Austria AG		623,264		5,007,584
UNIQA Insurance Group AG		553,514		5,238,473
Vienna Insurance Group AG Wiener Versicherung Gruppe		75,183		2,032,955
Wienerberger AG		526,422		14,946,221
Zumtobel Group AG(b)		179,679		1,762,215
				121,412,571
Belgium — 1.9%
Ackermans & van Haaren NV		114,723		18,371,160
Aedifica SA		131,553		17,786,022
AGFA-Gevaert NV(b)		883,821		4,340,925
Barco NV		44,595		11,094,833
Befimmo SA		90,073		5,539,950
Bekaert SA		158,555		4,030,803
Biocartis NV(b)(c)(d)		118,191		750,511
bpost SA		449,965		4,485,867
Cie. d'Entreprises CFE		31,820		3,473,399
Cofinimmo SA		102,814		16,384,356
D'ieteren SA/NV		114,729		7,399,706
Econocom Group SA/NV		720,458		2,051,918
Elia System Operator SA/NV		158,483		15,279,888
Euronav NV		683,840		6,805,328
Exmar NV(b)(c)		119,635		709,301
Fagron		272,602		6,313,840
Gimv NV		98,569		6,073,421
Intervest Offices & Warehouses NV		131,392		3,902,312
Ion Beam Applications(b)		121,587		1,398,630
KBC Ancora		164,509		8,200,255
Kinepolis Group NV		75,145		4,630,129
Melexis NV		91,473		6,528,254
Mithra Pharmaceuticals SA(b)(c)		78,214		2,118,380
Montea CVA		27,872		2,755,188
Ontex Group NV		301,895		5,476,749
Orange Belgium SA		148,018		3,008,376
Recticel SA		100,418		856,881
Retail Estates NV		13,961		1,281,047
Sioen Industries NV		2,785		66,974
Sofina SA		64,572		14,776,873
Tessenderlo Group SA(b)		174,868		5,881,489
Van de Velde NV		4,613		143,395
Warehouses De Pauw CVA		471,936		13,488,159
X-Fab Silicon Foundries SE(b)(c)(d)		80,662		471,083
				205,875,402
China — 0.1%
Citychamp Watch & Jewellery Group Ltd.(b)(c)		5,758,000		1,238,375
Cstone Pharmaceuticals(b)(c)		1,123,500		1,565,541
FIH Mobile Ltd.(b)(c)		12,857,000		2,020,057
K Wah International Holdings Ltd.		935,000		458,776

S c h e d u l e   o f   I n v e s t m e n t s 61

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
O-Net Technologies Group Ltd.		1,593,000	$	830,874
Suncity Group Holdings Ltd.(b)		6,040,000		1,213,461
TK Group Holdings Ltd.		66,000		32,299
				7,359,383
Denmark — 1.8%
ALK-Abello A/S(b)		30,857		8,236,648
Alm Brand A/S		385,408		3,412,081
Amagerbanken A/S(a)(b)		130,550		0	(e)
Ambu A/S, Series B(c)		718,139		13,152,241
Bavarian Nordic A/S(b)		144,817		5,044,602
D/S Norden A/S		148,138		1,997,991
Dfds A/S		146,070		6,147,488
FLSmidth & Co. A/S		149,834		5,143,819
GN Store Nord A/S		577,106		28,661,244
Jyske Bank A/S, Registered(b)		264,374		10,067,881
Maersk Drilling A/S(b)		88,435		4,931,015
Matas A/S		210,829		1,988,437
Netcompany Group A/S(b)(d)		118,488		5,373,239
Nilfisk Holding A/S(b)		114,007		2,461,598
NKT A/S(b)		117,552		2,539,884
NNIT A/S(d)		32,180		508,707
Per Aarsleff Holding A/S		102,247		3,115,923
Ringkjoebing Landbobank A/S		124,918		9,280,835
Rockwool International A/S, Class B		38,099		8,892,884
Royal Unibrew A/S		235,796		22,455,929
Scandinavian Tobacco Group A/S(d)		157,361		2,061,712
Schouw & Co. A/S		67,695		5,546,425
SimCorp A/S		194,627		21,603,255
Spar Nord Bank A/S		365,142		3,535,894
Sydbank A/S		258,530		5,628,093
Topdanmark A/S		185,531		8,760,196
Zealand Pharma A/S(b)		134,276		4,870,563
				195,418,584
Finland — 1.2%
Adapteo OYJ(b)		185,373		2,157,090
Aktia Bank OYJ		50,095		530,726
Cargotec OYJ, Class B		155,642		5,767,815
Caverion OYJ		483,499		3,938,231
Citycon OYJ(c)		318,777		3,371,950
Cramo OYJ(c)		179,199		2,722,647
Finnair OYJ		292,302		1,707,107
F-Secure OYJ(b)		587,579		2,148,812
Huhtamaki OYJ		453,674		20,205,990
Kemira OYJ		422,966		6,393,491
Kesko OYJ, Class B		288,780		19,534,391
Konecranes OYJ		280,812		8,495,649
Metsa Board OYJ		789,931		4,792,824
Oriola OYJ, Class B		832,742		1,979,502
Outokumpu OYJ(c)		1,212,944		4,180,415
Outotec OYJ(b)		665,724		3,840,755
Rovio Entertainment OYJ(c)(d)		156,505		786,372
Sanoma OYJ		353,589		4,243,708
TietoEVRY OYJ		279,240		9,122,699
TietoEVRY OYJ, New(b)		12,844		416,624
Tokmanni Group Corp		113,733		1,648,589
Uponor OYJ		274,583		3,724,546
Valmet OYJ		574,381		12,469,606
YIT OYJ		747,249		5,328,833
				129,508,372

Security	Shares		Value
France — 3.1%
ABC arbitrage		34,309	$	252,461
Air France-KLM(b)		820,928		7,634,644
Akka Technologies		28,785		2,006,481
AKWEL		19,010		394,372
Albioma SA		158,395		5,283,555
ALD SA(c)(d)		356,986		5,222,078
Alten SA		134,979		16,693,548
APERAM SA		192,045		5,522,791
Aubay		15,277		507,899
Beneteau SA(c)		192,159		2,064,557
Boiron SA		33,443		1,271,211
Bonduelle SCA		76,403		1,820,401
Carmila SA		211,806		4,154,605
Cellectis SA(b)		152,502		2,372,799
CGG SA(b)		2,762,945		7,795,588
Chargeurs SA(c)		28,337		535,108
Cie. des Alpes		15,494		516,831
Cie. Plastic Omnium SA		248,837		6,259,780
Coface SA(b)		434,169		5,355,157
Constellium SE(b)(c)		550,711		6,256,077
DBV Technologies SA(b)		153,829		2,988,398
Derichebourg SA		561,685		2,045,402
Devoteam SA(c)		15,675		1,467,853
Elior Group SA(c)(d)		411,789		5,781,887
Elis SA		783,837		15,296,897
Eramet		40,485		1,710,721
Etablissements Maurel et Prom SA		76,184		214,023
Europcar Mobility Group(c)(d)		515,123		2,100,763
FFP		31,923		3,396,199
FIGEAC-AERO(b)		5,573		50,087
Fnac Darty SA(b)		76,374		3,729,136
Gaztransport Et Technigaz SA		107,344		10,884,716
Genfit(b)(c)		172,702		2,968,434
GL Events		9,828		230,897
Groupe Crit(c)		2,785		212,649
Groupe Guillin		7,742		128,181
Guerbet		33,846		1,307,159
ID Logistics Group(b)		14,150		2,769,270
Imerys SA		140,744		6,095,407
Innate Pharma SA(b)(c)		279,413		1,961,605
Interparfums SA		71,626		2,877,378
IPSOS		173,691		5,639,793
Jacquet Metal Service SA		147,330		2,305,388
Kaufman & Broad SA		34,182		1,449,308
Korian SA		225,124		10,278,678
Lagardere SCA		232,663		4,421,908
Latecoere SACA(b)		417,504		1,635,567
LISI		81,412		2,476,561
LNA Sante SA		7,166		364,111
Maisons du Monde SA(d)		195,783		2,603,601
Manitou BF SA(c)		74,052		1,357,346
Mercialys SA		256,294		3,232,205
Mersen SA		83,733		2,746,671
Metropole Television SA		163,055		2,714,078
Nexans SA		117,494		5,733,009
Nexity SA		182,727		8,828,917
Oeneo SA		187,173		2,854,170
Orpea		205,656		26,801,984
Quadient		171,934		4,138,470
Rexel SA		1,076,634		12,903,658

62 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Rubis SCA		391,140	$	24,208,821
SMCP SA(b)(c)(d)		62,028		538,230
Societe BIC SA		111,877		7,556,710
SOITEC(b)		102,235		9,681,216
Solocal Group(b)(c)		2,583,792		1,254,151
Solutions 30 SE(b)(c)		247,331		2,869,746
Sopra Steria Group		70,777		11,341,714
SPIE SA		494,874		9,619,278
Synergie SA(c)		45,931		1,458,306
Tarkett SA		147,232		2,037,900
Technicolor SA, Registered(b)(c)		1,938,312		1,343,598
Television Francaise 1		304,177		2,297,262
Trigano SA		39,404		3,744,490
Vallourec SA(b)(c)		1,360,284		3,452,100
Vicat SA		73,701		3,075,081
Vilmorin & Cie SA		15,737		762,117
Virbac SA(b)		20,062		4,913,430
				342,776,578
Germany — 5.8%
Aareal Bank AG		237,119		7,783,405
ADLER Real Estate AG(b)		259,464		3,490,712
ADO Properties SA(d)		139,311		4,298,064
ADVA Optical Networking SE(b)		259,236		2,146,022
AIXTRON SE(b)		504,729		5,354,010
alstria office REIT AG		603,712		11,982,395
Amadeus Fire AG		32,250		5,468,137
AURELIUS Equity Opportunities SE & Co. KGaA(c)		110,659		4,049,320
Aurubis AG		125,221		6,842,746
Basler AG		2,936		175,048
BayWa AG(c)		63,671		1,876,902
Bechtle AG		135,936		19,689,211
Bertrandt AG		32,712		1,892,325
bet-at-home.com AG(c)		9,790		518,162
Bilfinger SE(c)		129,741		4,595,177
Borussia Dortmund GmbH & Co. KGaA.		322,766		3,154,820
CANCOM SE		147,336		8,808,837
CECONOMY AG(b)		738,668		3,835,104
Cewe Stiftung & Co. KGaA		12,871		1,469,155
CompuGroup Medical SE		110,728		7,301,173
Consus Real Estate AG(b)		19,901		154,601
Corestate Capital Holding SA(c)		83,345		3,652,955
CropEnergies AG		120,763		1,351,679
CTS Eventim AG & Co. KGaA		269,197		16,780,735
Datagroup SE(c)		19,340		1,382,402
Dermapharm Holding SE		63,719		2,667,775
Deutsche Beteiligungs AG		22,867		964,233
Deutsche EuroShop AG		179,587		4,903,812
Deutsche Pfandbriefbank AG(d)		518,746		8,381,669
Deutz AG		562,285		2,948,625
DIC Asset AG		129,863		2,432,150
Draegerwerk AG & Co. KGaA		18,359		837,215
Duerr AG		221,927		6,669,881
Eckert & Ziegler Strahlen- und Medizintechnik AG		13,779		2,638,637
Elmos Semiconductor AG		13,168		408,598
ElringKlinger AG(b)		179,857		1,227,796
Encavis AG(c)		298,332		3,583,830
Evotec SE(b)(c)		575,471		15,503,389
Flatex AG(b)(c)		49,540		1,498,777
Freenet AG		528,579		11,738,858
Gerresheimer AG		147,885		11,709,668

Security	Shares		Value
Germany (continued)
Grand City Properties SA		555,927	$	14,243,733
GRENKE AG(c)		126,925		12,652,215
Hamborner REIT AG		307,827		3,448,864
Hamburger Hafen und Logistik AG		45,217		1,116,439
Heidelberger Druckmaschinen AG(b)		1,477,118		1,460,153
HelloFresh SE(b)		631,484		15,045,930
Hornbach Baumarkt AG		34,414		755,125
Hornbach Holding AG & Co. KGaA		22,165		1,400,106
HUGO BOSS AG		280,074		13,284,182
Hypoport AG(b)		9,178		3,249,654
Indus Holding AG		83,001		3,389,527
Isra Vision AG(c)		73,480		2,763,753
Jenoptik AG		238,264		6,579,982
JOST Werke AG(d)		40,830		1,538,426
K+S AG, Registered(c)		776,405		7,571,627
Kloeckner & Co. SE		393,674		2,510,732
Koenig & Bauer AG(c)		63,675		1,693,552
Krones AG(c)		71,209		5,409,543
KWS Saat SE & Co. KGaA		58,136		3,588,547
LEG Immobilien AG		286,853		35,397,114
Leoni AG(b)(c)		138,627		1,628,441
MBB SE(c)		2,236		167,508
MLP SE		555,245		3,458,113
MorphoSys AG(b)		142,913		17,928,188
Nemetschek SE		267,170		18,223,592
New Work SE		19,876		6,497,843
Nordex SE(b)(c)		292,893		3,826,846
Norma Group SE		129,179		4,718,428
OHB SE		2,701		122,274
OSRAM Licht AG		428,579		21,491,549
PATRIZIA AG		253,997		6,068,699
Pfeiffer Vacuum Technology AG		27,099		4,507,671
ProSiebenSat.1 Media SE		1,016,539		13,501,447
Rational AG		15,768		11,873,652
Rheinmetall AG		195,935		21,001,318
RHOEN-KLINIKUM AG		261,742		4,582,988
RIB Software SE(c)		206,386		4,361,633
Rocket Internet SE(b)(d)		315,787		7,391,054
SAF-Holland SA		256,716		1,786,614
Salzgitter AG		151,710		2,555,501
Scout24 AG(d)		470,282		32,390,506
SGL Carbon SE(b)(c)		299,070		1,336,324
Siltronic AG		92,713		10,036,089
Sirius Real Estate Ltd.		2,179,032		2,596,650
Sixt Leasing SE		16,626		246,526
Sixt SE		65,600		6,626,417
SMA Solar Technology AG(b)		65,747		2,418,980
Software AG		230,032		7,685,884
Stabilus SA		105,384		6,432,605
STRATEC SE		33,441		2,368,091
Stroeer SE & Co. KGaA		133,352		10,625,434
Suedzucker AG		323,316		5,474,807
TAG Immobilien AG		571,977		15,085,988
Takkt AG		188,301		2,474,888
TLG Immobilien AG		346,298		11,839,228
Varta AG(b)(c)		49,357		4,206,233
VERBIO Vereinigte BioEnergie AG		77,341		1,097,079
Vossloh AG(c)		64,476		2,840,230
Wacker Chemie AG		69,308		5,001,681
Wacker Neuson SE(c)		127,206		2,048,290

S c h e d u l e   o f   I n v e s t m e n t s 63

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Washtec AG		16,188	$	913,123
Wuestenrot & Wuerttembergische AG		36,908		782,854
zooplus AG(b)(c)		28,394		2,555,059
				636,043,539
Hong Kong — 1.8%
Agritrade Resources Ltd.		12,260,000		322,096
Ausnutria Dairy Corp. Ltd.(c)		2,221,000		2,720,152
BOCOM International Holdings Co. Ltd.		177,000		24,619
Bright Smart Securities & Commodities Group Ltd.(c)		6,750,000		1,799,444
Brightoil Petroleum Holdings Ltd.(a)(b)(c)		12,938,512		1,216,386
Cafe de Coral Holdings Ltd.		2,796,000		6,294,232
Champion REIT		12,108,000		7,297,639
Chinese Estates Holdings Ltd.		102,500		72,734
Chow Sang Sang Holdings International Ltd.		1,744,000		2,055,094
CITIC Telecom International Holdings Ltd.		8,141,000		2,830,777
CMBC Capital Holdings Ltd.(c)		44,440,000		709,676
C-Mer Eye Care Holdings Ltd.(c)		938,000		552,056
Comba Telecom Systems Holdings Ltd.		7,726,000		2,835,722
Crystal International Group Ltd.(d)		2,155,500		755,059
CSI Properties Ltd.		65,590,000		2,365,156
Dah Sing Banking Group Ltd.		2,428,400		3,105,515
Dah Sing Financial Holdings Ltd.		664,000		2,402,916
DTXS Silk Road Investment Holdings Co. Ltd.(b)		1,096,000		844,065
Emperor International Holdings Ltd.		1,030,000		202,952
Esprit Holdings Ltd.(b)		2,143,500		383,709
Fairwood Holdings Ltd.(c)		179,000		434,308
Far East Consortium International Ltd.		1,495,000		646,911
First Pacific Co. Ltd.		8,552,000		2,698,348
Giordano International Ltd.		8,368,000		2,144,563
Guotai Junan International Holdings Ltd.(c)		15,254,000		2,612,760
Haitong International Securities Group Ltd.(c)		10,788,000		3,139,883
Hang Lung Group Ltd.		3,889,000		9,686,314
Health and Happiness H&H International Holdings Ltd.(c)		794,000		3,369,303
HKBN Ltd.		3,974,000		6,909,168
Hongkong & Shanghai Hotels Ltd. (The)		813,500		820,320
Hutchison Telecommunications Hong Kong Holdings Ltd.		15,536,000		2,841,134
Hysan Development Co. Ltd.		2,766,000		10,437,198
IT Ltd.		22,000		4,958
Johnson Electric Holdings Ltd.		1,775,250		3,955,212
Kerry Logistics Network Ltd.		3,077,500		4,930,405
Lai Sun Development Co. Ltd.		2,511,653		3,008,200
Landing International Development Ltd.(b)		6,894,243		736,934
Langham Hospitality Investments and Langham Hospitality Investments Ltd.		766,500		199,401
Leyou Technologies Holdings Ltd.(b)(c)		5,090,000		1,638,785
Li & Fung Ltd.		25,686,000		2,282,494
Lifestyle International Holdings Ltd.		1,216,500		1,220,432
Luk Fook Holdings International Ltd.		1,717,000		4,687,813
Macau Legend Development Ltd.(b)		2,058,000		262,388
Man Wah Holdings Ltd.(c)		7,581,200		5,311,302
Mandarin Oriental International Ltd.(c)		1,447,800		2,446,782
Melco International Development Ltd.		3,162,000		6,898,258
Microport Scientific Corp.(c)		2,470,000		2,713,377
Minth Group Ltd.		3,334,000		10,347,770
NewOcean Energy Holdings Ltd.(b)(c)		6,858,000		971,526
Nissin Foods Co. Ltd.(c)		1,820,000		1,481,333
OP Financial Ltd.		2,052,000		393,757
Pacific Basin Shipping Ltd.		20,855,000		3,786,984

Security	Shares		Value
Hong Kong (continued)
Pacific Textiles Holdings Ltd.		3,760,000	$	2,435,679
Prosperity REIT		9,965,000		3,811,517
Regal Hotels International Holdings Ltd.		70,000		34,978
Regina Miracle International Holdings Ltd.(d)		141,000		84,801
Sa Sa International Holdings Ltd.(c)		7,550,000		1,341,807
Shangri-La Asia Ltd.		4,804,000		4,448,320
Shun Tak Holdings Ltd.		8,142,000		3,523,177
Singamas Container Holdings Ltd.		1,826,000		169,316
SITC International Holdings Co. Ltd.		6,227,000		7,377,867
SmarTone Telecommunications Holdings Ltd.		2,381,500		1,754,328
Sun Hung Kai & Co. Ltd.		467,000		209,296
SUNeVision Holdings Ltd.		723,000		483,248
Sunlight REIT		940,000		598,024
Television Broadcasts Ltd.		1,522,700		2,337,517
Texwinca Holdings Ltd.		3,070,000		652,359
Town Health International Medical Group Ltd.(a)(c)		7,626,000		4,125
United Laboratories International Holdings Ltd. (The)(c)		4,328,000		2,859,359
Value Partners Group Ltd.		5,252,000		2,861,075
VPower Group International Holdings Ltd.(d)		239,000		68,638
VSTECS Holdings Ltd.(c)		6,950,000		3,383,302
VTech Holdings Ltd.		769,800		7,004,130
We Solutions Ltd.(b)		5,160,000		275,779
Xinyi Automobile Glass Hong Kong Enterprises Ltd.(b)		1		0	(e)
Xinyi Glass Holdings Ltd.(c)		8,244,000		10,404,667
				197,931,629
Ireland — 0.6%
C&C Group PLC		1,669,036		7,876,444
Cairn Homes PLC(b)		3,499,446		4,754,534
Dalata Hotel Group PLC		974,916		4,932,036
Glanbia PLC		926,145		10,807,509
Glenveagh Properties PLC(b)(d)		1,450,521		1,414,572
Grafton Group PLC		1,103,391		13,381,312
Hibernia REIT PLC		3,757,015		5,712,356
Irish Residential Properties REIT PLC		2,108,109		3,873,431
Origin Enterprises PLC		680,823		2,814,241
UDG Healthcare PLC		1,148,884		11,366,017
				66,932,452
Israel — 1.8%
AFI Properties Ltd.(b)(c)		122,783		5,002,541
Airport City Ltd.(b)		480,891		8,489,792
Alony Hetz Properties & Investments Ltd.		598,992		9,937,315
Amot Investments Ltd.(c)		745,606		5,439,965
Ashtrom Group Ltd.		109,437		1,636,263
Bayside Land Corp.		5,242		4,209,166
Bezeq The Israeli Telecommunication Corp. Ltd.(b)		9,213,731		7,155,206
Big Shopping Centers Ltd.		12,240		1,383,919
Blue Square Real Estate Ltd.		13,063		931,867
Caesarstone Ltd.		150,126		1,963,648
Cellcom Israel Ltd.(b)(c)		346,499		1,261,019
Clal Insurance Enterprises Holdings Ltd.(b)		189,512		2,412,555
Delek Automotive Systems Ltd.		217,330		1,301,415
Delek Group Ltd.(c)		21,486		2,784,466
Delta-Galil Industries Ltd.		11,411		300,095
Elco Ltd.		19,383		761,054
Electra Ltd./Israel		13,451		7,099,079
Energix-Renewable Energies Ltd.(b)		644,999		2,281,891
Enlight Renewable Energy Ltd.(b)		2,855,933		4,389,347
Equital Ltd.(b)		152,823		4,081,998

64 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
Fattal Holdings 1998 Ltd.		20,841	$	3,127,555
FIBI Holdings Ltd.		78,731		2,595,866
First International Bank of Israel Ltd.		244,927		6,878,085
Formula Systems 1985 Ltd.		5,524		400,310
Gazit-Globe Ltd.		421,354		4,899,678
Gilat Satellite Networks Ltd.		21,846		205,571
Hadera Paper Ltd.(c)		5,732		227,555
Harel Insurance Investments & Financial Services Ltd.		644,058		4,409,578
Hilan Ltd.		30,947		1,262,667
IDI Insurance Co. Ltd.		48,339		1,621,837
Industrial Buildings Corp. Ltd.(b)		1,277,865		3,628,545
Isracard Ltd.(b)(c)		622,734		2,302,443
Israel Corp. Ltd. (The)(b)		7,375		1,284,254
Ituran Location and Control Ltd.		142,764		3,637,627
Kornit Digital Ltd.(b)(c)		189,506		7,917,561
Matrix IT Ltd.		352,963		7,405,319
Maytronics Ltd.		65,035		558,232
Mehadrin Ltd.(b)		434		16,802
Melisron Ltd.		110,072		7,248,882
Menora Mivtachim Holdings Ltd.		219,414		2,926,835
Migdal Insurance & Financial Holdings Ltd.		964,958		783,506
Naphtha Israel Petroleum Corp. Ltd.		513,361		2,690,027
Norstar Holdings Inc.		98,261		2,267,572
Nova Measuring Instruments Ltd.(b)		39,405		1,528,916
Oil Refineries Ltd.		7,256,254		3,204,708
Partner Communications Co. Ltd.(b)		537,213		2,399,072
Paz Oil Co. Ltd.		36,994		4,503,496
Phoenix Holdings Ltd. (The)		709,437		3,902,629
Property & Building Corp. Ltd.		1,802		197,839
Radware Ltd.(b)(c)		118,945		3,030,719
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		80,313		4,643,945
REIT 1 Ltd.		317,406		1,949,473
Sapiens International Corp. NV		140,508		3,668,703
Shapir Engineering and Industry Ltd.(c)		145,732		1,039,600
Shikun & Binui Ltd.(c)		1,049,924		5,175,864
Shufersal Ltd.(c)		854,332		5,353,743
Strauss Group Ltd.(c)		216,947		6,391,804
Summit Real Estate Holdings Ltd.		38,157		572,502
Tower Semiconductor Ltd.(b)		483,951		11,078,346
UroGen Pharma Ltd.(b)(c)		80,324		2,362,329
				202,122,596
Italy — 3.4%
A2A SpA		6,770,862		13,525,006
ACEA SpA		277,890		6,482,511
Amplifon SpA		551,031		15,681,561
Anima Holding SpA(d)		1,205,861		5,724,861
Aquafil SpA(c)		14,949		100,393
Arnoldo Mondadori Editore SpA(b)		417,551		856,976
Ascopiave SpA		246,258		1,206,232
ASTM SpA		331,109		9,665,070
Autogrill SpA		607,034		5,899,712
Azimut Holding SpA		486,089		11,953,397
Banca Farmafactoring SpA(d)		301,161		1,852,294
Banca Generali SpA		263,488		8,386,167
Banca IFIS SpA		112,225		1,783,434
Banca Mediolanum SpA		620,818		5,607,124
Banca Monte dei Paschi di Siena SpA(b)(c)		1,262,677		2,371,812
Banca Popolare di Sondrio SCPA		2,065,136		4,449,008

Security	Shares		Value
Italy (continued)
Banco BPM SpA(b)		6,410,393	$	13,142,398
Biesse SpA(c)		87,357		1,540,232
Bio On SpA(a)(b)(c)		36,992		40,995
BPER Banca		1,719,805		7,909,436
Brunello Cucinelli SpA(c)		136,635		4,969,570
Buzzi Unicem SpA.		367,906		8,602,755
Cairo Communication SpA		533,209		1,409,302
Carel Industries SpA(d)		70,862		918,793
Cerved Group SpA		868,854		8,526,163
CIR-Compagnie Industriali Riunite SpA		3,418,110		4,219,777
Credito Emiliano SpA		411,559		2,168,707
Credito Valtellinese SpA(b)		26,257,668		1,839,041
Danieli & C Officine Meccaniche SpA.		6,083		99,769
Datalogic SpA(c)		107,084		1,856,007
De' Longhi SpA		297,896		5,618,786
DeA Capital SpA		128,360		203,131
DiaSorin SpA		124,644		15,332,487
doValue SpA(d)		89,560		1,171,155
El.En. SpA		59,633		1,879,466
Enav SpA(d)		1,145,367		7,393,649
ERG SpA		282,250		6,674,928
Falck Renewables SpA		578,398		3,768,967
Fila SpA(c)		71,474		1,015,440
Fincantieri SpA(b)(c)		2,167,821		1,971,153
Freni Brembo SpA(c)		650,999		7,445,232
Gamenet Group SpA(d)		89,640		1,291,408
Geox SpA		582,362		691,841
Gruppo MutuiOnline SpA		24,910		554,866
Hera SpA		3,789,940		17,228,451
Illimity Bank SpA(b)		241,119		2,464,995
IMA Industria Macchine Automatiche SpA(c)		87,206		5,697,029
Immobiliare Grande Distribuzione SIIQ SpA		71,777		477,260
Infrastrutture Wireless Italiane SpA(d)		1,049,145		10,899,963
Interpump Group SpA		360,080		10,159,577
Iren SpA		2,726,199		9,081,650
Italgas SpA		2,296,065		15,256,821
Italmobiliare SpA		65,385		1,818,738
Juventus Football Club SpA(b)(c)		2,369,823		2,988,659
La Doria SpA(c)		122,348		1,201,293
Maire Tecnimont SpA(c)		829,492		2,141,837
MARR SpA		260,591		5,573,589
Mediaset SpA(b)(c)		1,435,117		3,796,278
OVS SpA(b)(c)(d)		792,889		1,512,208
Piaggio & C SpA		1,107,634		3,026,966
RAI Way SpA(d)		462,834		3,015,927
Reply SpA		111,140		8,726,267
SAES Getters SpA(c)		20,175		646,144
Saipem SpA(b)		2,538,503		10,543,760
Salini Impregilo SpA(b)(c)		1,000,153		1,621,545
Salvatore Ferragamo SpA		254,356		4,703,124
Saras SpA		2,629,529		3,531,822
Sesa SpA		36,679		2,056,772
Societa Cattolica di Assicurazioni SC		727,462		5,756,079
Tamburi Investment Partners SpA		210,340		1,585,072
Technogym SpA(d)		425,882		5,300,139
Tinexta SpA		52,707		630,827
Tod's SpA(c)		57,587		2,330,631
Unione di Banche Italiane SpA		3,945,333		11,831,224
Unipol Gruppo SpA		1,955,145		9,973,284

S c h e d u l e   o f   I n v e s t m e n t s 65

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Zignago Vetro SpA		33,053	$	494,496
				373,873,439
Japan — 30.0%
77 Bank Ltd. (The)		257,500		3,996,079
Achilles Corp.		150,600		2,423,273
Activia Properties Inc.		2,868		15,268,128
Adastria Co. Ltd.		127,580		2,534,297
ADEKA Corp.		429,300		6,365,134
Advan Co. Ltd.		69,400		830,482
Advance Residence Investment Corp		6,098		19,213,609
Aeon Delight Co. Ltd.		96,600		3,373,447
Aeon Fantasy Co. Ltd.		19,700		426,589
AEON REIT Investment Corp		6,828		9,311,052
Ai Holdings Corp.		226,200		3,931,917
Aica Kogyo Co. Ltd.		252,200		8,074,309
Aichi Bank Ltd. (The)		3,500		109,632
Aichi Corp.		50,800		339,338
Aichi Steel Corp.		11,000		357,752
Aida Engineering Ltd.		367,300		3,012,683
Aiful Corp.(b)		1,578,400		4,383,433
Ain Holdings Inc.		120,100		7,402,021
Aisan Industry Co. Ltd.		89,800		589,912
Akatsuki Inc.(c)		37,500		1,743,784
Akita Bank Ltd. (The)		8,900		164,804
Alpen Co. Ltd.		25,300		383,988
Altech Corp.		27,100		454,063
Amano Corp.		279,200		8,230,327
Amuse Inc.		29,500		766,453
Anest Iwata Corp.		22,700		211,742
AnGes Inc.(b)(c)		506,800		2,763,471
Anicom Holdings Inc.		80,900		2,940,868
Anritsu Corp.(c)		638,800		12,665,786
AOKI Holdings Inc.		52,200		517,256
Aomori Bank Ltd. (The)		10,400		260,228
Aoyama Trading Co. Ltd.		188,700		2,460,055
Arata Corp.		23,300		979,208
Arcland Sakamoto Co. Ltd.		26,300		294,824
Arcland Service Holdings Co. Ltd.		65,600		1,201,421
Arcs Co. Ltd.		241,300		4,332,424
Argo Graphics Inc.		62,000		1,984,961
Ariake Japan Co. Ltd.		84,400		5,848,079
ARTERIA Networks Corp		108,200		1,910,733
Aruhi Corp.(c)		118,500		1,961,425
As One Corp.		27,000		2,466,208
Asahi Co. Ltd.		35,200		427,720
Asahi Diamond Industrial Co. Ltd.		419,400		2,344,941
Asahi Holdings Inc.		138,700		3,515,329
Asics Corp.		720,400		10,727,735
ASKA Pharmaceutical Co. Ltd.		172,200		1,976,443
ASKUL Corp		91,700		3,037,348
Ateam Inc.(c)		38,600		334,057
Atom Corp.		90,000		847,811
Autobacs Seven Co. Ltd.		348,900		5,134,433
Avex Inc.		259,200		2,910,425
Awa Bank Ltd. (The)		214,600		4,821,248
Axial Retailing Inc.		11,200		382,857
Azbil Corp.		581,800		16,012,450
Bando Chemical Industries Ltd.		32,300		246,456
Bank of Iwate Ltd. (The)		75,400		1,865,782
Bank of Nagoya Ltd. (The)		159,500		4,731,213

Security	Shares		Value
Japan (continued)
Bank of Okinawa Ltd. (The)		8,500	$	276,837
Bank of Saga Ltd. (The)		8,200		118,099
Bank of the Ryukyus Ltd.		57,200		561,524
BayCurrent Consulting Inc.		40,600		2,884,347
Belc Co. Ltd.		3,800		205,453
Bell System24 Holdings Inc.		151,900		2,168,098
Belluna Co. Ltd.		68,800		398,003
Benefit One Inc.		389,300		6,932,223
BeNEXT Group Inc.		60,700		636,206
Bengo4.com Inc.(b)		26,000		1,113,069
Bic Camera Inc.		480,200		5,290,020
BML Inc.		28,300		817,263
Broadleaf Co. Ltd.		627,700		3,538,540
BRONCO BILLY Co. Ltd.		25,400		606,263
Bunka Shutter Co. Ltd.		412,000		3,348,914
C.I. Takiron Corp.		61,400		394,283
Canon Electronics Inc.		34,400		663,656
Canon Marketing Japan Inc.(c)		251,900		6,119,414
Capcom Co. Ltd.		392,900		11,273,876
Cawachi Ltd.		33,000		651,871
Central Glass Co. Ltd.		165,600		3,682,207
Central Security Patrols Co. Ltd.		23,500		1,303,086
Change Inc.(b)		25,000		704,664
Chiyoda Co. Ltd.		23,300		317,517
Chiyoda Corp.(b)		847,800		2,440,500
Chiyoda Integre Co. Ltd.		7,200		136,580
Chofu Seisakusho Co. Ltd.		6,000		129,815
Chori Co. Ltd.		7,000		139,309
Chubu Shiryo Co. Ltd.		6,400		101,210
Chudenko Corp.		37,700		886,281
Chugoku Bank Ltd. (The)		568,900		5,516,574
Chugoku Marine Paints Ltd.		65,400		620,300
Chukyo Bank Ltd. (The)		9,500		196,162
Citizen Watch Co. Ltd.		1,320,200		6,528,830
CKD Corp.		238,600		3,953,735
CMIC Holdings Co. Ltd.		18,200		290,501
CMK Corp.		92,200		449,154
cocokara fine Inc.		69,500		4,328,320
COLOPL Inc.		255,700		2,677,672
Colowide Co. Ltd.		300,700		6,192,392
Comforia Residential REIT Inc.		3,053		10,056,013
Computer Engineering & Consulting Ltd.		88,700		1,694,044
COMSYS Holdings Corp.		536,700		15,796,217
Comture Corp.		126,300		2,500,713
CONEXIO Corp.		17,700		261,781
COOKPAD Inc.(b)		90,200		275,464
Corona Corp.		1,700		16,093
Cosel Co. Ltd.		21,800		229,696
Cosmo Energy Holdings Co. Ltd.		255,900		5,054,961
Cosmos Pharmaceutical Corp.(c)		52,800		11,701,398
Create Restaurants Holdings Inc.		103,800		2,188,338
Create SD Holdings Co. Ltd.		100,200		2,538,628
CYBERDYNE Inc.(b)(c)		528,200		2,582,885
Cybozu Inc.		116,800		2,085,233
Daibiru Corp.		84,300		1,057,785
Dai-Dan Co. Ltd.		7,600		187,853
Daido Metal Co. Ltd.		87,800		553,281
Daido Steel Co. Ltd.		126,100		4,938,825
Daihen Corp		118,800		3,808,922
Daiho Corp		39,200		991,709

66 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daiichi Jitsugyo Co. Ltd.		10,700	$	345,528
Daiichikosho Co. Ltd.		182,300		8,998,524
Daiken Corp.		10,500		182,904
Daikokutenbussan Co. Ltd.		89,000		2,939,706
Daikyonishikawa Corp.		67,300		470,668
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		11,200		304,426
Daio Paper Corp.(c)		384,700		5,153,706
Daiseki Co. Ltd.		166,700		4,591,037
Daishi Hokuetsu Financial Group Inc.		204,400		5,163,512
Daisyo Corp.		11,900		181,160
Daiwa Industries Ltd.		28,900		311,971
Daiwa Office Investment Corp		1,640		13,164,183
Daiwabo Holdings Co. Ltd.		90,100		5,112,469
DCM Holdings Co. Ltd.		459,600		4,431,259
Demae-Can Co. Ltd.(c)		72,700		689,538
DeNA Co. Ltd.		508,900		8,428,062
Denka Co. Ltd.		380,900		10,578,115
Denki Kogyo Co. Ltd.		25,200		866,079
Denyo Co. Ltd.		31,400		605,200
Descente Ltd.		186,900		3,102,211
Dexerials Corp.		305,900		2,664,295
DIC Corp.		362,400		9,770,105
Digital Arts Inc.		49,000		2,314,711
Digital Garage Inc.		172,000		6,450,893
Digital Hearts Holdings Co. Ltd.		18,200		154,318
Dip Corp.		141,000		4,572,727
DMG Mori Co. Ltd.		515,700		7,389,234
Doshisha Co. Ltd.		49,800		777,888
Doutor Nichires Holdings Co. Ltd.		55,200		1,054,751
Dowa Holdings Co. Ltd.		244,200		8,955,990
DTS Corp.		72,700		1,713,113
Duskin Co. Ltd.		287,800		8,058,984
DyDo Group Holdings Inc.		28,200		1,071,956
Eagle Industry Co. Ltd.		40,600		370,470
Earth Corp.		23,500		1,270,563
Ebara Corp.		447,100		12,684,712
EDION Corp.		456,800		4,796,221
eGuarantee Inc.		83,400		1,025,716
Ehime Bank Ltd. (The)		33,100		345,399
Eiken Chemical Co. Ltd.(c)		70,200		1,421,682
Eizo Corp.		23,900		796,042
Elan Corp.		53,400		839,541
Elecom Co. Ltd.		55,400		2,269,465
Elematec Corp.		11,700		133,748
EM Systems Co. Ltd.		171,400		1,442,236
Enigmo Inc.(c)		84,200		685,191
en-japan Inc.		152,800		6,224,219
Enplas Corp.		22,700		622,870
EPS Holdings Inc.		65,500		797,712
eRex Co. Ltd.		112,300		1,727,214
ES-Con Japan Ltd.		148,100		1,289,905
ESPEC Corp.		58,900		1,219,464
Euglena Co. Ltd.(b)		381,000		2,987,960
Exedy Corp.		188,400		3,999,708
Ezaki Glico Co. Ltd.		200,600		8,671,043
F@N Communications Inc.		481,300		1,980,531
Fancl Corp.		352,900		9,416,310
FCC Co. Ltd.		54,900		1,137,661
Feed One Co. Ltd.		125,600		209,749

Security	Shares		Value
Japan (continued)
Ferrotec Holdings Corp.		86,500	$	664,003
Financial Products Group Co. Ltd.		299,000		2,838,686
Fixstars Corp.		95,900		1,343,140
Foster Electric Co. Ltd.		145,900		2,226,494
FP Corp.		101,700		6,258,606
France Bed Holdings Co. Ltd.		30,200		266,376
Frontier Real Estate Investment Corp		1,908		7,983,374
Fuji Co. Ltd./Ehime		28,500		485,146
Fuji Corp./Aichi		336,000		5,428,205
Fuji Kyuko Co. Ltd.		54,600		1,939,475
Fuji Oil Holdings Inc.		245,700		6,456,185
Fuji Pharma Co. Ltd.		7,200		91,872
Fuji Seal International Inc.		213,600		4,544,555
Fuji Soft Inc.		122,300		4,998,745
Fujibo Holdings Inc.		76,100		2,510,103
Fujicco Co. Ltd.		25,700		456,926
Fujikura Ltd.		1,114,800		4,227,364
Fujimi Inc.		154,700		4,303,368
Fujimori Kogyo Co. Ltd.		6,700		210,177
Fujio Food System Co. Ltd.		52,300		846,856
Fujita Kanko Inc.		8,000		195,820
Fujitec Co. Ltd.		333,000		5,542,575
Fujitsu General Ltd.		285,000		6,497,532
Fujiya Co. Ltd.		28,700		578,846
Fukuda Corp.		7,300		329,017
Fukui Computer Holdings Inc.		43,700		1,354,726
Fukuoka REIT Corp.		4,143		7,174,804
Fukushima Galilei Co. Ltd.		17,500		638,580
Fukuyama Transporting Co. Ltd.		104,600		3,556,313
FULLCAST Holdings Co. Ltd.		61,300		1,326,277
Funai Soken Holdings Inc.		229,960		5,917,410
Furukawa Co. Ltd.		188,200		2,316,361
Furukawa Electric Co. Ltd.		284,200		6,822,793
Fuso Chemical Co. Ltd.		27,700		797,380
Futaba Corp.		19,900		238,135
Futaba Industrial Co. Ltd.		523,500		3,231,273
Future Corp.		76,000		1,341,403
Fuyo General Lease Co. Ltd.		88,100		5,608,617
G-7 Holdings Inc.		52,900		1,211,890
Gakken Holdings Co. Ltd.		18,000		1,202,380
Gecoss Corp.		13,100		129,930
Genki Sushi Co. Ltd.		11,100		300,069
Genky DrugStores Co. Ltd.(c).		21,000		386,151
Geo Holdings Corp.		254,000		2,922,342
Giken Ltd.		68,100		3,044,190
Global One Real Estate Investment Corp		5,951		7,955,897
Glory Ltd.		287,000		8,367,579
GLP J-REIT		15,513		20,796,595
GMO Cloud KK		8,800		202,818
GMO Financial Holdings Inc.		83,300		438,077
GMO internet Inc.		347,400		6,801,521
GNI Group Ltd.(b)		189,497		3,227,490
Godo Steel Ltd.		28,500		753,093
Goldcrest Co. Ltd.		64,600		1,121,716
Goldwin Inc.		81,900		5,077,898
Gree Inc.		606,100		2,589,143
GS Yuasa Corp.		328,700		6,629,499
G-Tekt Corp		50,500		742,229
GungHo Online Entertainment Inc.(b)		197,730		3,659,606
Gunma Bank Ltd. (The)		1,626,100		5,371,073

S c h e d u l e   o f   I n v e s t m e n t s 67

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Gunosy Inc.(b)(c)		91,200	$	1,026,563
Gunze Ltd.		84,400		3,430,198
Gurunavi Inc.		184,100		1,518,526
H2O Retailing Corp.		380,400		3,520,240
Hachijuni Bank Ltd. (The)		1,224,900		4,780,483
Halows Co. Ltd.		2,200		55,373
Hamakyorex Co. Ltd.		15,800		483,978
Hankyu Hanshin REIT Inc.		1,139		1,832,741
Hanwa Co. Ltd.		191,300		4,735,507
Harmonic Drive Systems Inc.(c)		175,500		8,079,946
Haseko Corp.		1,293,800		17,189,390
Hazama Ando Corp.		936,500		7,828,288
HEALIOS KK(b).		57,800		969,511
Heiwa Corp.		256,000		5,354,542
Heiwa Real Estate Co. Ltd.		203,900		6,085,865
Heiwa Real Estate REIT Inc.		6,266		8,434,833
Heiwado Co. Ltd.		64,000		1,134,327
Hibiya Engineering Ltd.		17,400		309,840
Hiday Hidaka Corp.		36,700		672,475
Hinokiya Group Co. Ltd.		7,300		137,062
Hioki E.E. Corp.		15,600		564,931
Hirata Corp.		33,300		1,972,469
Hiroshima Bank Ltd. (The)		909,400		4,186,840
HIS Co. Ltd.(c)		171,200		3,988,375
Hisaka Works Ltd.		8,300		70,146
Hitachi Capital Corp		246,000		6,809,060
Hitachi Transport System Ltd.		156,800		4,571,555
Hitachi Zosen Corp.		905,200		3,457,608
Hochiki Corp.		20,600		292,127
Hodogaya Chemical Co. Ltd.		17,900		622,623
Hogy Medical Co. Ltd.		143,700		5,005,005
Hokkaido Electric Power Co. Inc.		751,900		3,572,713
Hokkoku Bank Ltd. (The)		162,800		4,866,651
Hokuetsu Corp.		689,400		3,250,297
Hokuhoku Financial Group Inc.		539,400		5,285,259
Hokuriku Electric Power Co.(b)		664,900		5,011,979
Hokuto Corp.		63,200		1,128,311
Horiba Ltd.		157,200		10,036,666
Hoshino Resorts REIT Inc.		972		5,004,161
Hosiden Corp.		301,500		3,390,954
Hosokawa Micron Corp		10,200		476,191
House Foods Group Inc.		323,800		10,411,431
Hulic Reit Inc.		4,700		8,711,814
Hyakugo Bank Ltd. (The)		1,564,100		4,791,080
Hyakujushi Bank Ltd. (The)		232,200		4,252,590
Ibiden Co. Ltd.		488,400		11,553,791
Ichibanya Co. Ltd.		30,200		1,593,800
Ichigo Inc.		1,291,800		4,958,147
Ichigo Office REIT Investment.		7,100		7,683,997
Ichikoh Industries Ltd.(c)		88,700		565,500
Ichiyoshi Securities Co. Ltd.		29,900		169,659
Icom Inc.		18,400		431,883
Idec Corp./Japan		73,400		1,358,494
IDOM Inc.(c)		300,800		1,640,197
Iino Kaiun Kaisha Ltd.		733,200		2,428,554
Inaba Denki Sangyo Co. Ltd.		99,700		2,541,598
Inabata & Co. Ltd.		292,300		3,996,758
Industrial & Infrastructure Fund Investment Corp		7,235		11,134,364
Ines Corp.		324,500		4,793,325
Infocom Corp.		94,700		2,673,636

Security	Shares		Value
Japan (continued)
Infomart Corp.(c)		930,700	$	7,522,196
Information Services International-Dentsu Ltd.		41,300		1,758,541
Insource Co. Ltd.		50,600		1,524,279
Internet Initiative Japan Inc.		147,400		4,161,498
Invesco Office J-Reit Inc.		53,687		11,442,263
Invincible Investment Corp.		28,780		14,577,866
IR Japan Holdings Ltd.		38,000		1,886,239
Iriso Electronics Co. Ltd.		120,200		4,663,385
Iseki & Co. Ltd.		157,300		2,108,750
Ishihara Sangyo Kaisha Ltd.		229,800		1,990,886
Istyle Inc.(b)		282,200		1,234,145
Ito En Ltd.		254,800		12,577,202
Itochu Enex Co. Ltd.		62,900		543,197
Itochu-Shokuhin Co. Ltd.		2,900		134,317
Itoham Yonekyu Holdings Inc.		644,700		4,116,182
Itokuro Inc.(b)(c)		15,400		200,768
Iwatani Corp.		168,000		5,665,360
Iyo Bank Ltd. (The)		1,149,700		6,056,915
Izumi Co. Ltd.		177,100		5,669,945
J Trust Co. Ltd.		117,100		451,610
JAC Recruitment Co. Ltd.		39,300		613,876
Jaccs Co. Ltd.		161,500		3,883,093
Jafco Co. Ltd.		162,500		6,904,207
Jamco Corp.		11,700		147,026
Japan Asset Marketing Co. Ltd.(b)		72,900		66,588
Japan Aviation Electronics Industry Ltd.		143,100		2,606,259
Japan Best Rescue System Co. Ltd.		67,300		603,548
Japan Cash Machine Co. Ltd.		28,800		221,079
Japan Display Inc.(b)(c)		3,032,900		1,958,786
Japan Elevator Service Holdings Co. Ltd.		107,500		2,437,930
Japan Excellent Inc.		6,483		11,735,615
Japan Hotel REIT Investment Corp		20,545		13,856,525
Japan Investment Adviser Co. Ltd.(c)		57,200		915,116
Japan Lifeline Co. Ltd.		260,900		3,177,451
Japan Logistics Fund Inc.		4,604		12,463,105
Japan Material Co. Ltd.		231,000		3,493,186
Japan Meat Co. Ltd.		40,500		843,742
Japan Medical Dynamic Marketing Inc.		81,900		1,759,885
Japan Petroleum Exploration Co. Ltd.		160,800		4,030,942
Japan Pulp & Paper Co. Ltd.		13,700		513,821
Japan Rental Housing Investments Inc.		8,813		8,757,301
Japan Securities Finance Co. Ltd.		974,100		4,547,627
Japan Steel Works Ltd. (The)		276,300		5,095,942
Japan Tissue Engineering Co. Ltd.(b)		20,600		168,016
Japan Wool Textile Co. Ltd. (The)		71,000		689,791
JCR Pharmaceuticals Co. Ltd.		54,600		4,780,680
JCU Corp.		53,400		1,549,504
JDC Corp.		168,700		930,780
Jeol Ltd.(c)		116,900		3,872,039
JINS Holdings Inc.		73,800		5,256,595
J-Oil Mills Inc.		12,300		467,555
Joshin Denki Co. Ltd.		21,300		475,582
Joyful Honda Co. Ltd.		67,500		778,475
JSP Corp.		15,900		282,689
Juroku Bank Ltd. (The)		208,000		4,381,270
Justsystems Corp.		139,700		7,746,432
JVCKenwood Corp.		1,154,380		2,683,985
K&O Energy Group Inc.		4,300		64,073
Kadokawa Dwango(b)		249,367		4,240,286
Kaga Electronics Co. Ltd.		50,500		1,071,643

68 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kagome Co. Ltd.		427,800	$	10,684,639
Kaken Pharmaceutical Co. Ltd.		142,100		7,630,410
Kamakura Shinsho Ltd.		77,600		1,147,694
Kameda Seika Co. Ltd.		11,800		531,291
Kamei Corp.		8,000		83,259
Kanamoto Co. Ltd.		122,100		3,069,821
Kandenko Co. Ltd.		200,100		1,921,890
Kaneka Corp.		207,600		6,541,071
Kanematsu Corp.		345,900		4,538,172
Kanematsu Electronics Ltd.		11,600		381,012
Kansai Mirai Financial Group Inc.		143,300		847,491
Kansai Super Market Ltd.		6,600		61,807
Kanto Denka Kogyo Co. Ltd.		124,000		1,180,680
Kappa Create Co. Ltd.		93,900		1,284,806
Kasai Kogyo Co. Ltd.		27,000		204,770
Katakura Industries Co. Ltd.		19,400		223,918
Katitas Co. Ltd.		93,300		3,839,258
Kato Sangyo Co. Ltd.		11,700		371,883
Kawasaki Kisen Kaisha Ltd.(b).		359,700		4,924,988
Keihanshin Building Co. Ltd.		91,300		1,246,704
Keihin Corp.		188,000		4,476,893
Keiyo Bank Ltd. (The)		1,110,700		6,005,169
Keiyo Co. Ltd.		34,700		172,884
Kenedix Inc.		1,250,800		6,381,809
Kenedix Office Investment Corp		1,888		15,154,865
Kenedix Residential Next Investment Corp		3,638		7,223,302
Kenedix Retail REIT Corp.		2,487		6,160,996
Kenko Mayonnaise Co. Ltd.		21,000		477,603
Kewpie Corp.		514,100		10,838,386
KEY Coffee Inc.		29,300		612,574
KH Neochem Co. Ltd.		118,100		2,605,315
Kinden Corp.		737,300		12,816,102
Kintetsu Department Store Co. Ltd.		4,300		141,832
Kintetsu World Express Inc.		162,900		2,670,787
Kisoji Co. Ltd.		53,400		1,461,313
Kissei Pharmaceutical Co. Ltd.		29,800		859,206
Kitanotatsujin Corp.(c).		329,300		1,889,787
Kitz Corp.		527,100		3,725,226
Kiyo Bank Ltd. (The).		416,400		6,081,664
KLab Inc.(b)(c)		186,500		1,359,367
KNT-CT Holdings Co. Ltd.(b)		27,500		335,171
Koa Corp.		195,000		2,128,385
Koatsu Gas Kogyo Co. Ltd.		11,500		85,838
Kobe Bussan Co. Ltd.		213,200		8,261,660
Kobe Steel Ltd.		1,384,000		6,474,032
Koei Tecmo Holdings Co. Ltd.		141,400		3,771,623
Kohnan Shoji Co. Ltd.		43,500		961,226
Kokuyo Co. Ltd.		430,500		6,470,310
KOMEDA Holdings Co. Ltd.		105,100		2,117,806
Komeri Co. Ltd.		166,800		3,644,253
Komori Corp.		255,100		2,374,830
Konishi Co. Ltd.		243,200		3,480,216
Konoike Transport Co. Ltd.		34,900		501,676
Koshidaka Holdings Co. Ltd.		189,400		2,715,575
Kotobuki Spirits Co. Ltd.		62,600		4,187,388
Kourakuen Holdings Corp		36,700		633,196
Krosaki Harima Corp.		17,000		1,027,356
K's Holdings Corp.		857,840		10,550,360
Kumagai Gumi Co. Ltd.		176,200		5,120,912
Kumiai Chemical Industry Co. Ltd.		254,300		1,994,326

Security	Shares		Value
Japan (continued)
Kura Sushi Inc.		40,900	$	2,079,245
Kurabo Industries Ltd.		22,300		483,714
Kureha Corp.		38,000		2,173,733
Kusuri no Aoki Holdings Co. Ltd.		63,100		3,854,057
KYB Corp.(b)(c)		84,000		2,307,220
Kyoei Steel Ltd.		61,300		1,096,653
Kyokuto Kaihatsu Kogyo Co. Ltd.		62,000		819,726
Kyokuto Securities Co. Ltd.		16,400		113,636
KYORIN Holdings Inc.		216,200		3,951,582
Kyoritsu Maintenance Co. Ltd.		149,300		6,074,761
Kyowa Exeo Corp.		446,600		11,351,968
Kyudenko Corp.		188,800		5,556,784
Kyushu Financial Group Inc.		1,717,100		7,319,280
LAC Co. Ltd.		32,000		321,521
LaSalle Logiport REIT		6,295		10,163,999
Lasertec Corp.		349,000		17,742,215
LEC Inc.		58,900		664,075
Leopalace21 Corp.(b)(c)		1,089,000		3,164,967
Life Corp.		25,600		618,831
Lifull Co. Ltd.		355,400		1,852,664
Link And Motivation Inc.(c)		211,600		1,034,719
Lintec Corp.		194,100		4,303,384
LIXIL VIVA Corp.		82,600		1,707,862
M&A Capital Partners Co. Ltd.(b)		56,900		1,816,432
Mabuchi Motor Co. Ltd.		188,700		7,059,819
Macnica Fuji Electronics Holdings Inc.		200,950		3,085,121
Macromill Inc.		194,100		1,814,119
Maeda Corp.		686,800		6,704,197
Maeda Kosen Co. Ltd.		166,100		3,244,302
Maeda Road Construction Co. Ltd.		261,600		8,978,659
Makino Milling Machine Co. Ltd.		117,000		4,533,838
Mandom Corp.		81,300		1,875,259
Mani Inc.		286,000		7,317,230
Mars Group Holdings Corp.		13,300		241,740
Marudai Food Co. Ltd.		49,500		971,412
Maruha Nichiro Corp.		195,800		4,749,349
Marusan Securities Co. Ltd.		525,200		2,543,987
Maruwa Co. Ltd./Aichi(c)		26,000		1,950,270
Maruwa Unyu Kikan Co. Ltd.		86,000		1,794,824
Maruzen Showa Unyu Co. Ltd.		10,800		293,055
Marvelous Inc.		280,800		1,808,354
Matsuda Sangyo Co. Ltd.		10,100		145,184
Matsui Securities Co. Ltd.		602,600		4,987,150
Matsumotokiyoshi Holdings Co. Ltd.		344,800		14,013,415
Matsuya Co. Ltd.		253,600		1,729,117
Matsuyafoods Holdings Co. Ltd.		17,600		768,077
Max Co. Ltd.		47,100		897,370
Maxell Holdings Ltd.		260,000		3,463,948
MCJ Co. Ltd.		386,900		2,702,249
MCUBS MidCity Investment Corp.		8,982		10,566,084
Media Do Holdings Co. Ltd.		34,100		998,916
Medical Data Vision Co. Ltd.(b)		77,900		585,768
Megachips Corp.		79,700		1,277,288
Megmilk Snow Brand Co. Ltd.		229,600		5,448,459
Meidensha Corp.		159,500		3,043,281
Meiko Electronics Co. Ltd.		113,000		1,875,601
Meiko Network Japan Co. Ltd.		61,000		539,171
Meisei Industrial Co. Ltd.		159,200		1,273,482
Meitec Corp.		143,900		8,364,349
Melco Holdings Inc.		10,000		244,960

S c h e d u l e  o f  I n v e s t m e n t s 69

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Menicon Co. Ltd.		60,100	$	2,728,163
METAWATER Co. Ltd.		45,000		1,752,087
Micronics Japan Co. Ltd.		209,700		2,490,048
Mie Kotsu Group Holdings Inc.		71,800		394,160
Milbon Co. Ltd.		93,200		5,305,568
Mimasu Semiconductor Industry Co. Ltd.		56,100		1,222,052
Ministop Co. Ltd.		210,200		2,994,407
Miraca Holdings Inc.		240,100		6,413,152
Mirai Corp.		6,590		3,721,068
Mirait Holdings Corp.		347,300		5,274,307
Miroku Jyoho Service Co. Ltd.		50,200		1,408,018
Mitsuba Corp.		29,100		175,054
Mitsubishi Estate Logistics REIT Investment Corp.		1,185		4,345,966
Mitsubishi Logisnext Co. Ltd.		91,400		1,413,354
Mitsubishi Logistics Corp.		208,100		5,360,661
Mitsubishi Pencil Co. Ltd.		64,900		967,048
Mitsubishi Research Institute Inc.		13,200		527,342
Mitsubishi Shokuhin Co. Ltd.		23,100		676,685
Mitsuboshi Belting Ltd.		37,200		652,120
Mitsui E&S Holdings Co. Ltd.(b)		340,100		2,921,374
Mitsui Fudosan Logistics Park Inc.		908		4,398,210
Mitsui High-Tec Inc.		90,900		1,390,526
Mitsui Mining & Smelting Co. Ltd.		208,900		5,076,741
Mitsui Sugar Co. Ltd.		25,200		499,885
Mitsui-Soko Holdings Co. Ltd.		37,000		617,549
Mitsuuroko Group Holdings Co. Ltd.		118,300		1,221,366
Miura Co. Ltd.		405,900		14,418,185
Mixi Inc.		185,900		3,306,871
Miyazaki Bank Ltd. (The)		5,900		134,891
Mizuho Leasing Co. Ltd.		153,100		4,654,376
Mizuno Corp.		179,000		4,383,134
Mochida Pharmaceutical Co. Ltd.		30,000		1,141,763
Modec Inc.(c)		80,400		1,824,828
Monex Group Inc.		942,470		2,295,632
Money Forward Inc.(b)(c)		66,600		3,139,973
Monogatari Corp. (The)		21,300		1,725,460
Mori Hills REIT Investment Corp.		7,339		12,303,329
Mori Trust Hotel Reit Inc.		1,197		1,634,507
Mori Trust Sogo REIT Inc.		5,067		9,298,577
Morinaga & Co. Ltd./Japan		186,200		9,053,596
Morinaga Milk Industry Co. Ltd.		174,900		6,769,438
Morita Holdings Corp.		23,000		369,876
MOS Food Services Inc.		187,800		5,241,454
MTI Ltd.		28,400		181,586
Musashi Seimitsu Industry Co. Ltd.		116,400		1,393,986
Musashino Bank Ltd. (The)		190,100		3,057,105
Nachi-Fujikoshi Corp.		76,500		2,915,025
Nagaileben Co. Ltd.		14,000		306,906
Nagase & Co. Ltd.		574,100		8,093,600
Nagatanien Holdings Co. Ltd.		5,600		111,654
Nakanishi Inc.		288,500		5,195,848
Nakayama Steel Works Ltd.		15,200		69,700
Nankai Electric Railway Co. Ltd.		509,600		13,329,483
Nanto Bank Ltd. (The)		161,900		3,907,648
NEC Capital Solutions Ltd.		12,700		292,351
NEC Networks & System Integration Corp		55,700		2,114,735
NET One Systems Co. Ltd.		391,500		6,584,901
Neturen Co. Ltd.		13,600		107,284
Nextage Co. Ltd.(c)		204,300		1,962,230
NHK Spring Co. Ltd.		931,500		7,648,983

Security	Shares		Value
Japan (continued)
Nichias Corp.		205,300	$	5,025,242
Nichiban Co. Ltd.		17,500		280,781
Nichicon Corp.		334,000		3,097,015
Nichiden Corp.		14,900		282,919
Nichiha Corp.		139,200		3,429,109
NichiiGakkan Co. Ltd.		101,700		1,421,557
Nichi-Iko Pharmaceutical Co. Ltd.		263,700		3,150,727
Nichirei Corp.		461,400		11,298,202
Nifco Inc./Japan		448,600		12,002,952
Nihon Chouzai Co. Ltd.		12,300		436,347
Nihon Kohden Corp.		379,000		11,277,160
Nihon M&A Center Inc.		638,000		18,718,826
Nihon Nohyaku Co. Ltd.		383,100		1,989,992
Nihon Parkerizing Co. Ltd.		610,100		6,529,649
Nihon Tokushu Toryo Co. Ltd.		21,300		256,264
Nihon Trim Co. Ltd.		10,300		415,763
Nihon Unisys Ltd.		339,700		10,530,904
Nikkiso Co. Ltd.		245,100		3,136,538
Nikkon Holdings Co. Ltd.		334,200		7,902,889
Nippo Corp.		196,900		4,928,631
Nippon Accommodations Fund Inc.		1,924		12,763,353
Nippon Beet Sugar Manufacturing Co. Ltd.		7,400		129,245
Nippon Carbon Co. Ltd.(c)		76,800		2,689,081
Nippon Ceramic Co. Ltd.		27,300		618,113
Nippon Chemi-Con Corp.		81,500		1,278,313
Nippon Denko Co. Ltd.(b)		772,200		1,154,186
Nippon Densetsu Kogyo Co. Ltd.		52,400		1,132,751
Nippon Electric Glass Co. Ltd.		352,200		6,999,481
Nippon Flour Mills Co. Ltd.		77,100		1,180,135
Nippon Gas Co. Ltd.		163,000		5,233,566
Nippon Kanzai Co. Ltd.		54,500		977,515
Nippon Kayaku Co. Ltd.		694,900		8,302,768
Nippon Koei Co. Ltd.		39,500		1,322,923
Nippon Light Metal Holdings Co. Ltd.		2,967,400		5,804,205
Nippon Paper Industries Co. Ltd.		434,600		7,189,535
Nippon Parking Development Co. Ltd.		1,887,700		2,507,993
NIPPON REIT Investment Corp.		2,501		11,722,176
Nippon Road Co. Ltd. (The)		6,400		439,323
Nippon Seiki Co. Ltd.		248,800		3,711,857
Nippon Sharyo Ltd.(b)		153,800		4,257,047
Nippon Sheet Glass Co. Ltd.		415,900		2,310,023
Nippon Shokubai Co. Ltd.		127,300		7,634,359
Nippon Signal Co. Ltd.		106,100		1,362,653
Nippon Soda Co. Ltd.		203,400		5,629,930
Nippon Steel Trading Corp.		78,000		3,587,489
Nippon Suisan Kaisha Ltd.		1,295,500		7,195,562
Nippon Thompson Co. Ltd.		320,700		1,381,805
Nipro Corp.		662,400		7,645,545
Nishimatsu Construction Co. Ltd.		192,600		4,357,201
Nishimatsuya Chain Co. Ltd.		418,000		3,621,368
Nishimoto Co. Ltd.		4,900		165,240
Nishi-Nippon Financial Holdings Inc.		599,900		4,057,081
Nishi-Nippon Railroad Co. Ltd.		325,400		7,655,764
Nishio Rent All Co. Ltd.		142,900		3,905,243
Nissan Shatai Co. Ltd.		381,200		3,689,429
Nissei ASB Machine Co. Ltd.		29,700		1,028,957
Nissha Co. Ltd.		197,300		1,831,285
Nisshin Oillio Group Ltd. (The)		181,100		6,148,895
Nisshinbo Holdings Inc.		648,600		5,732,886
Nissin Corp.		10,200		160,079

70 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nissin Electric Co. Ltd.		246,100	$	3,006,287
Nissin Kogyo Co. Ltd.		68,900		1,420,782
Nitta Corp.		27,200		779,222
Nittetsu Mining Co. Ltd.		4,900		202,311
Nitto Boseki Co. Ltd.(c)		115,800		4,925,386
Nitto Kogyo Corp.		151,900		3,227,621
Nitto Kohki Co. Ltd.		6,700		146,876
Nittoku Co. Ltd.		33,600		1,123,772
Noevir Holdings Co. Ltd.		89,800		4,167,495
NOF Corp.		362,100		12,110,647
Nohmi Bosai Ltd.		72,000		1,636,832
Nojima Corp.		152,200		3,065,485
NOK Corp.		254,400		3,483,227
Nomura Co. Ltd.		395,200		4,583,350
Noritake Co. Ltd./Nagoya		18,700		758,283
Noritsu Koki Co. Ltd.		124,000		1,837,376
Noritz Corp.		33,200		418,427
North Pacific Bank Ltd.		1,691,900		3,465,441
NS Solutions Corp.		81,700		2,453,601
NS United Kaiun Kaisha Ltd.		10,800		201,083
NSD Co. Ltd.		421,980		6,891,217
NTN Corp.		1,853,000		5,077,649
Obara Group Inc.		77,400		2,520,847
OBIC Business Consultants Co. Ltd.		28,700		1,124,062
Ogaki Kyoritsu Bank Ltd. (The)		229,500		4,823,555
Ohara Inc.		14,700		166,279
Ohsho Food Service Corp.		31,100		1,879,457
Oiles Corp.		31,100		442,462
Oisix ra daichi Inc.(b)		138,800		1,340,809
Oita Bank Ltd. (The)		18,500		436,278
Okabe Co. Ltd.		29,500		235,434
Okamoto Industries Inc.		18,900		670,485
Okamura Corp.		80,500		790,257
Okasan Securities Group Inc.		760,200		2,721,388
Oki Electric Industry Co. Ltd.		385,900		4,899,187
Okinawa Electric Power Co. Inc. (The)		281,050		5,240,596
OKUMA Corp.		124,000		5,846,196
Okumura Corp.		161,600		4,337,264
Okuwa Co. Ltd.		30,700		418,643
One REIT Inc.		646		2,249,988
Onward Holdings Co. Ltd.		155,200		903,549
Open Door Inc.(b)		33,900		420,681
Open House Co. Ltd.		287,300		7,785,211
OPT Holding Inc.		39,500		563,062
Optex Group Co. Ltd.		149,700		2,023,440
Optim Corp.(b)		39,000		1,453,707
Optorun Co. Ltd.		79,800		2,166,826
Organo Corp.		26,800		1,713,558
Orient Corp.		2,512,900		3,941,440
Oro Co. Ltd.		34,200		1,082,308
Osaka Soda Co. Ltd.		26,200		709,722
Osaka Steel Co. Ltd.		12,500		183,028
OSAKA Titanium Technologies Co. Ltd.		92,000		1,190,903
Osaki Electric Co. Ltd.		69,100		403,564
OSG Corp.		419,500		7,241,634
OSJB Holdings Corp.		1,367,600		3,432,091
Outsourcing Inc.		458,000		4,263,708
Oyo Corp.		36,400		469,504
Pacific Industrial Co. Ltd.		57,600		706,282
Pacific Metals Co. Ltd.		98,800		1,911,552

Security	Shares		Value
Japan (continued)
Pack Corp. (The)		24,200	$	867,436
PAL GROUP Holdings Co. Ltd.		28,900		859,921
PALTAC Corp.		115,700		5,561,628
Paramount Bed Holdings Co. Ltd.		91,700		3,879,176
Parco Co. Ltd.		75,200		1,282,185
Pasona Group Inc.		115,900		1,492,793
Penta-Ocean Construction Co. Ltd.		1,345,900		8,121,222
Pepper Food Service Co. Ltd.(c)		83,800		749,975
PIA Corp.		1,700		68,151
Pilot Corp.		149,100		5,970,328
Piolax Inc.		26,700		483,820
PKSHA Technology Inc.(b)		54,900		1,666,476
Plenus Co. Ltd.		107,700		1,980,404
Premier Investment Corp.		7,076		10,471,840
Press Kogyo Co. Ltd.		847,800		2,862,894
Pressance Corp.		157,800		1,779,135
Prestige International Inc.		354,500		3,280,560
Prima Meat Packers Ltd.		164,000		3,682,945
Proto Corp.		366,300		4,657,115
Qol Holdings Co. Ltd.		185,800		2,478,819
Raito Kogyo Co. Ltd.		278,700		3,983,082
Raiznext Corp.		350,500		4,158,721
Raksul Inc.(b)		78,800		2,508,281
Rakus Co. Ltd.		152,200		2,450,422
Raysum Co. Ltd.		65,100		588,624
Relia Inc.		263,100		3,563,508
Relo Group Inc.		512,700		13,964,021
Renaissance Inc.		26,800		428,266
Rengo Co. Ltd.		863,500		6,166,434
RENOVA Inc.(b)		175,700		2,143,059
Resorttrust Inc.		372,800		5,943,612
Restar Holdings Corp.		37,100		641,467
Retail Partners Co. Ltd.		50,000		376,436
Rheon Automatic Machinery Co. Ltd.		39,200		541,064
Ricoh Leasing Co. Ltd.		79,300		3,003,428
Riken Corp.		8,600		284,061
Riken Keiki Co. Ltd.		6,200		122,759
Riken Vitamin Co. Ltd.		7,300		264,695
Ringer Hut Co. Ltd.		214,700		4,886,884
Riso Kagaku Corp.		156,000		2,714,545
Riso Kyoiku Co. Ltd.		636,800		2,126,877
Rock Field Co. Ltd.		54,100		721,766
Rohto Pharmaceutical Co. Ltd.		436,400		12,361,009
Rokko Butter Co. Ltd.		5,700		86,143
Roland DG Corp.		25,500		469,604
Rorze Corp.		43,400		1,655,755
Round One Corp.		314,700		2,970,320
Royal Holdings Co. Ltd.		50,600		1,119,517
RPA Holdings Inc.(b)(c)		54,400		525,504
RS Technologies Co. Ltd.		18,300		488,293
Ryobi Ltd.		140,800		2,338,331
Ryosan Co. Ltd.		141,000		3,330,350
Ryoyo Electro Corp.		32,400		557,513
S Foods Inc.		112,000		2,731,153
S.T. Corp.		24,000		366,693
Sac’s Bar Holdings Inc.		237,500		1,873,530
Saizeriya Co. Ltd.		158,800		3,517,819
Sakai Chemical Industry Co. Ltd.		21,500		447,714
Sakai Moving Service Co. Ltd.(c)		12,700		715,939
Sakata INX Corp.		92,100		984,009

S c h e d u l e  o f  I n v e s t m e n t s 71

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sakata Seed Corp.		167,300	$	5,425,654
SAMTY Co. Ltd.		80,600		1,388,386
Samty Residential Investment Corp.		1,195		1,262,421
San ju San Financial Group Inc.		12,200		178,523
San-A Co. Ltd.		42,000		1,741,846
San-Ai Oil Co. Ltd.		28,700		294,719
SanBio Co. Ltd.(b)(c)		125,500		2,651,612
Sangetsu Corp.		253,200		4,541,411
San-in Godo Bank Ltd. (The)		759,500		4,260,516
Sanken Electric Co. Ltd.		109,000		2,849,075
Sanki Engineering Co. Ltd.		287,700		3,976,331
Sankyo Tateyama Inc.		175,900		2,338,625
Sankyu Inc.		269,900		13,521,770
Sanrio Co. Ltd.		175,400		3,516,577
Sansan Inc.(b)(c)		51,500		2,641,878
Sanshin Electronics Co. Ltd.		10,200		159,138
Sanwa Holdings Corp.		897,000		9,649,878
Sanyo Chemical Industries Ltd.		20,500		981,640
Sanyo Denki Co. Ltd.		22,000		1,110,301
Sanyo Special Steel Co. Ltd.		148,500		2,057,914
Sapporo Holdings Ltd.		276,100		6,788,822
Sato Holdings Corp.		107,600		3,112,294
Sawai Pharmaceutical Co. Ltd.		175,600		11,551,672
SB Technology Corp.		26,600		594,656
SBS Holdings Inc.		71,900		1,215,968
SCREEN Holdings Co. Ltd.		172,100		9,336,606
SCSK Corp.		253,380		13,816,264
SEC Carbon Ltd.		5,200		409,725
Seikagaku Corp.		265,300		2,878,561
Seiko Holdings Corp.		126,400		3,145,277
Seino Holdings Co. Ltd.		701,500		9,112,995
Seiren Co. Ltd.		256,600		3,352,361
Sekisui House Reit Inc.		18,184		15,602,823
Sekisui Jushi Corp.		22,700		508,936
Sekisui Plastics Co. Ltd.		17,300		124,501
Senko Group Holdings Co. Ltd.		147,100		1,197,049
Senshu Ikeda Holdings Inc.		1,335,080		2,475,906
Seria Co. Ltd.		183,700		5,118,550
SFP Holdings Co. Ltd.		36,500		755,358
Shibuya Corp.		89,400		2,540,499
SHIFT Inc.(b)		51,600		3,589,648
Shiga Bank Ltd. (The)		282,200		6,925,792
Shikoku Bank Ltd. (The)		22,400		199,851
Shikoku Chemicals Corp.		63,700		717,606
Shikoku Electric Power Co. Inc.		701,400		6,018,379
Shima Seiki Manufacturing Ltd.		138,200		2,736,331
Shimachu Co. Ltd.		233,400		6,761,784
Shin Nippon Air Technologies Co. Ltd.		51,700		992,644
Shindengen Electric Manufacturing Co. Ltd.		8,600		269,382
Shin-Etsu Polymer Co. Ltd.		148,400		1,296,626
Shinko Electric Industries Co. Ltd.		350,400		4,264,221
Shinmaywa Industries Ltd.		275,400		3,631,006
Shinnihon Corp.		14,900		126,750
Ship Healthcare Holdings Inc.		190,000		8,659,870
Shizuoka Gas Co. Ltd.		49,900		410,213
SHO-BOND Holdings Co. Ltd.		187,100		7,785,404
Shochiku Co. Ltd.		29,500		4,050,007
Shoei Co. Ltd.		10,800		500,217
Shoei Foods Corp.		32,100		1,091,373
Showa Corp.		284,700		5,999,491

Security	Shares		Value
Japan (continued)
Showa Sangyo Co. Ltd.		12,800	$	356,064
Siix Corp.		77,000		919,297
Sinanen Holdings Co. Ltd.		154,100		2,903,282
Sinfonia Technology Co. Ltd.		84,300		970,673
Sinko Industries Ltd.		57,000		902,976
Sintokogio Ltd.		51,600		451,324
SKY Perfect JSAT Holdings Inc.		958,200		4,181,654
Skylark Holdings Co. Ltd.		934,900		17,294,593
SMS Co. Ltd.		326,500		8,260,027
Sodick Co. Ltd.		323,400		2,592,929
Software Service Inc.		1,400		129,169
Sogo Medical Holdings Co. Ltd.		29,300		558,778
Sojitz Corp.		5,829,700		18,664,076
Solasto Corp.		269,800		2,865,155
Sosei Group Corp.(b)(c)		306,800		5,468,816
Sotetsu Holdings Inc.		427,000		11,578,659
Sourcenext Corp.(c)		497,300		2,284,960
SPARX Group Co. Ltd.		937,000		2,299,599
S-Pool Inc.		246,300		1,783,877
St. Marc Holdings Co. Ltd.		35,200		743,394
Star Asia Investment Corp.		1,586		1,678,408
Star Micronics Co. Ltd.		214,200		2,808,306
Starts Corp. Inc.		70,600		1,727,464
Starts Proceed Investment Corp.		1,006		1,950,091
Starzen Co. Ltd.		7,600		303,271
Stella Chemifa Corp.		51,400		1,451,160
Strike Co. Ltd.		36,100		1,572,099
Studio Alice Co. Ltd.		22,100		393,125
Sugi Holdings Co. Ltd.		173,200		8,773,059
Sumitomo Bakelite Co. Ltd.		205,500		7,612,516
Sumitomo Densetsu Co. Ltd.		57,100		1,401,356
Sumitomo Forestry Co. Ltd.		580,800		8,225,566
Sumitomo Mitsui Construction Co. Ltd.		857,980		4,915,861
Sumitomo Osaka Cement Co. Ltd.		176,400		7,323,892
Sumitomo Riko Co. Ltd.		49,700		398,022
Sumitomo Seika Chemicals Co. Ltd.		8,100		235,411
Sumitomo Warehouse Co. Ltd. (The)		536,200		7,104,149
Sun Frontier Fudousan Co. Ltd.		104,700		1,190,113
Suruga Bank Ltd.(b)		723,900		2,898,672
Sushiro Global Holdings Ltd.		99,500		8,418,277
Systena Corp.		281,800		4,820,383
T. Hasegawa Co. Ltd.		35,900		748,903
Tachi-S Co. Ltd.		48,400		577,397
Tadano Ltd.		466,800		4,048,457
Taihei Dengyo Kaisha Ltd.		19,000		403,718
Taiho Kogyo Co. Ltd.		11,000		74,088
Taikisha Ltd.		96,600		3,382,359
Taiyo Holdings Co. Ltd.		26,800		1,155,972
Taiyo Yuden Co. Ltd.(c)		498,200		14,938,875
Takamatsu Construction Group Co. Ltd.		21,100		517,060
Takara Bio Inc.		240,200		4,569,750
Takara Holdings Inc.		665,600		5,981,403
Takara Leben Co. Ltd.		594,400		2,687,235
Takara Leben Real Estate Investment Corp.		1,928		2,308,939
Takara Standard Co. Ltd.		28,800		503,804
Takasago International Corp.		9,000		197,214
Takasago Thermal Engineering Co. Ltd.		243,400		4,307,249
Takashimaya Co. Ltd.		635,000		6,895,742
Takeuchi Manufacturing Co. Ltd.		172,000		2,997,721
Takuma Co. Ltd.		120,200		1,334,138

72 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tama Home Co. Ltd.		62,200	$	742,027
Tamron Co. Ltd.		63,000		1,365,383
Tamura Corp.		178,800		1,078,887
Tanaka Chemical Corp.(b)		28,600		222,446
Tanseisha Co. Ltd.		87,100		995,681
Tatsuta Electric Wire and Cable Co. Ltd.		83,000		446,455
Tayca Corp.		28,300		499,235
TechMatrix Corp.		94,000		2,273,137
TechnoPro Holdings Inc.		171,200		11,657,111
Teikoku Sen-I Co. Ltd.		165,600		3,790,687
Tekken Corp.		86,400		2,220,883
Tenma Corp.		8,600		156,710
T-Gaia Corp.		55,600		1,385,063
TIS Inc.		348,100		21,165,097
TKC Corp.		21,500		1,083,083
TKP Corp.(b)		60,000		2,145,131
Toa Corp./Tokyo		110,000		1,604,558
Toagosei Co. Ltd.		725,300		8,331,397
TOC Co. Ltd.		609,400		4,981,579
Tocalo Co. Ltd.		113,300		1,158,245
Toda Corp.		1,012,400		6,659,973
Toei Animation Co. Ltd.		34,300		1,655,109
Toei Co. Ltd.		13,300		1,851,705
Toenec Corp.		3,300		120,418
Toho Bank Ltd. (The)		962,000		2,263,321
Toho Holdings Co. Ltd.		250,400		5,235,101
Toho Titanium Co. Ltd.		229,700		1,805,641
Toho Zinc Co. Ltd.		77,700		1,367,824
Tokai Carbon Co. Ltd.(c)		837,600		7,805,287
Tokai Corp./GifU		17,900		441,121
TOKAI Holdings Corp.		169,400		1,639,531
Tokai Rika Co. Ltd.		255,100		4,460,161
Tokai Tokyo Financial Holdings Inc.		1,067,600		3,260,374
Token Corp.		11,500		804,263
Tokushu Tokai Paper Co. Ltd.		9,300		343,221
Tokuyama Corp.		264,700		6,928,578
Tokyo Base Co. Ltd.(b)(c)		62,300		295,449
Tokyo Broadcasting System Holdings Inc.		171,100		3,023,080
Tokyo Dome Corp.		492,100		4,662,884
Tokyo Kiraboshi Financial Group Inc.		117,144		1,378,038
Tokyo Ohka Kogyo Co. Ltd.		166,200		7,107,413
Tokyo Seimitsu Co. Ltd.		190,100		6,875,416
Tokyo Steel Manufacturing Co. Ltd.		541,300		4,125,237
Tokyo Tatemono Co. Ltd.		791,100		12,992,185
Tokyotokeiba Co. Ltd.		86,300		2,536,011
Tokyu Construction Co. Ltd.		432,040		3,077,316
Tokyu REIT Inc.		5,294		10,355,012
TOMONY Holdings Inc.		1,164,100		3,952,473
Tomy Co. Ltd.		388,400		4,285,892
Tonami Holdings Co. Ltd.		3,600		166,407
Topcon Corp.		472,000		6,728,237
Toppan Forms Co. Ltd.		100,400		1,156,057
Topre Corp.		209,400		3,267,015
Topy Industries Ltd.		23,700		392,066
Toridoll Holdings Corp.		113,800		2,635,402
Torii Pharmaceutical Co. Ltd.		48,800		1,681,672
Tosei Corp.		113,800		1,491,994
Toshiba Machine Co. Ltd.		142,900		4,482,724
Toshiba TEC Corp.		49,300		1,967,269
Tosho Co. Ltd.(c)		56,100		1,105,075

Security	Shares		Value
Japan (continued)
Totetsu Kogyo Co. Ltd.		153,500	$	4,567,399
Towa Bank Ltd. (The)		39,500		294,833
Towa Pharmaceutical Co. Ltd.		71,200		1,653,461
Toyo Construction Co. Ltd.		646,400		3,125,097
Toyo Ink SC Holdings Co. Ltd.		157,200		3,594,055
Toyo Tanso Co. Ltd.		59,000		1,124,639
Toyo Tire Corp.		514,600		6,566,331
Toyobo Co. Ltd.		373,700		5,227,007
Toyota Boshoku Corp.		282,000		4,168,141
TPR Co. Ltd.		218,600		3,676,780
Trancom Co. Ltd.		6,500		467,777
Transcosmos Inc.		52,200		1,370,680
Tri Chemical Laboratories Inc.(c)		25,600		2,510,753
Trusco Nakayama Corp.		188,000		4,442,201
TS Tech Co. Ltd.		214,900		6,087,032
TSI Holdings Co. Ltd.		537,700		2,569,808
Tsubaki Nakashima Co. Ltd.		124,800		1,493,432
Tsubakimoto Chain Co.		146,700		4,628,998
Tsugami Corp.		273,000		2,566,656
Tsukishima Kikai Co. Ltd.		53,800		727,195
Tsukui Corp.		445,800		2,369,154
Tsumura & Co.		275,200		7,617,290
Tsurumi Manufacturing Co. Ltd.		5,500		92,559
TV Asahi Holdings Corp.		73,500		1,429,515
UACJ Corp.		146,194		3,048,378
Ube Industries Ltd.		470,400		9,695,748
Ulvac Inc.		184,800		6,871,283
Union Tool Co.		9,600		277,677
Unipres Corp.		162,900		2,126,710
United Arrows Ltd.		109,800		2,944,952
UNITED Inc./Japan		112,500		1,233,104
United Super Markets Holdings Inc.		442,000		3,988,338
Universal Entertainment Corp.		111,000		3,307,930
Unizo Holdings Co. Ltd.		110,900		5,678,784
Ushio Inc.		509,300		7,617,062
UT Group Co. Ltd.(c)		116,700		3,013,732
UUUM Inc.(b)(c)		62,800		1,842,543
Uzabase Inc.(b)(c)		84,200		1,743,274
V Technology Co. Ltd.		39,100		1,792,933
Valor Holdings Co. Ltd.		193,200		3,434,944
Valqua Ltd.		27,100		583,581
ValueCommerce Co. Ltd.		75,400		1,789,259
Vector Inc.(b)		188,700		2,193,680
Vision Inc.(b)(c)		160,300		2,129,741
Vital KSK Holdings Inc.		75,000		721,041
VT Holdings Co. Ltd.		566,500		2,357,259
Wacoal Holdings Corp.		275,200		7,475,101
Wacom Co. Ltd.		731,700		2,727,377
Wakita & Co. Ltd.		38,500		363,740
Warabeya Nichiyo Holdings Co. Ltd.		21,800		364,456
WATAMI Co. Ltd.		74,900		886,624
WDB Holdings Co. Ltd.(c)		10,500		260,889
World Co. Ltd.		63,800		1,419,805
World Holdings Co. Ltd.		9,400		144,749
Wowow Inc.		13,300		332,055
Xebio Holdings Co. Ltd.		230,600		2,489,293
Yahagi Construction Co. Ltd.		242,400		1,878,636
YAKUODO Holdings Co. Ltd.		14,300		290,394
YAMABIKO Corp.		285,800		2,850,485
YAMADA Consulting Group Co. Ltd.		11,800		163,089

S c h e d u l e   o f   I n v e s t m e n t s 73

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Yamagata Bank Ltd. (The)		13,000	$	168,160
Yamaguchi Financial Group Inc.		891,900		5,488,742
YA-MAN Ltd.(c)		190,200		1,159,959
Yamanashi Chuo Bank Ltd. (The)		17,900		165,647
Yamashin-Filter Corp.(c)		145,000		1,031,462
Yamato Kogyo Co. Ltd.		188,000		4,646,879
Yamazen Corp.		99,500		944,646
Yaoko Co. Ltd.		23,600		1,223,712
Yellow Hat Ltd.		72,100		1,166,798
Yodogawa Steel Works Ltd.		273,100		4,994,088
Yokogawa Bridge Holdings Corp.		188,600		3,621,134
Yokohama Reito Co. Ltd.		525,500		4,639,973
Yokowo Co. Ltd.		70,400		1,903,142
Yomiuri Land Co. Ltd.		5,400		213,738
Yondoshi Holdings Inc.		96,900		2,136,744
Yonex Co. Ltd.		299,200		1,948,934
Yorozu Corp.		16,000		214,052
Yoshinoya Holdings Co. Ltd.(c)		329,600		7,511,298
Yuasa Trading Co. Ltd.		19,600		641,971
Yumeshin Holdings Co. Ltd.(c)		389,100		3,047,893
Yurtec Corp.		29,000		177,931
Yushin Precision Equipment Co. Ltd.		12,200		104,908
Zenkoku Hosho Co. Ltd.		243,700		10,601,518
Zenrin Co. Ltd.		162,400		2,229,563
Zensho Holdings Co. Ltd.		386,900		8,292,372
Zeon Corp.		698,700		7,632,613
ZERIA Pharmaceutical Co. Ltd.		202,800		3,652,402
ZIGExN Co. Ltd.		392,600		1,789,403
Zojirushi Corp.(c)		247,800		5,027,561
				3,302,924,940
Liechtenstein — 0.0%
Liechtensteinische Landesbank AG		14,843		995,740
VP Bank AG, Registered		14,688		2,512,852
				3,508,592
Netherlands — 3.1%
Aalberts NV		446,361		19,548,859
Accell Group NV.		119,327		3,689,446
AMG Advanced Metallurgical Group NV(c)		137,996		3,150,300
Arcadis NV(c)		285,310		6,500,673
Argenx SE(b)(c)		188,393		27,161,910
ASM International NV		210,830		25,712,286
ASR Nederland NV		607,497		22,647,401
Basic-Fit NV(b)(d)		97,545		3,615,925
BE Semiconductor Industries NV		349,922		14,894,770
Boskalis Westminster(c)		343,618		8,061,484
Brack Capital Properties NV(b)		5,977		577,170
Brunel International NV(c)		179,529		1,649,329
Cementir Holding NV		75,567		535,958
Corbion NV		297,504		10,299,641
COSMO Pharmaceuticals NV(b)(c)		36,303		3,090,338
Eurocommercial Properties NV		181,579		4,539,656
Euronext NV(d)		261,286		22,686,807
Flow Traders(d)		161,365		3,762,472
ForFarmers NV		92,771		606,572
Fugro NV, CVA(b)(c)		378,614		3,986,011
IMCD NV		234,076		20,246,410
Intertrust NV(d)		312,575		5,563,115
InterXion Holding NV(b)		339,789		29,571,837
Kendrion NV		96,637		2,120,444

Security	Shares		Value
Netherlands (continued)
Koninklijke BAM Groep NV(c)		1,154,655	$	3,188,736
Koninklijke Volkerwessels NV		99,302		2,410,018
NIBC Holding NV(d)		80,776		740,297
NSI NV		104,799		5,714,003
OCI NV(b)(c)		346,750		5,994,588
Pharming Group NV(b)		2,922,852		4,282,097
PostNL NV		2,091,087		3,864,170
Rhi Magnesita NV		116,280		4,895,774
SBM Offshore NV		752,164		12,949,173
Shop Apotheke Europe NV(b)(c)(d)		47,416		2,398,744
SIF Holding NV(c)		24,102		356,309
Signify NV(d)		571,617		19,079,999
SRH NV(a)(b)(c)		291,555		3
Takeaway.com NV(b)(c)(d)		162,689		15,342,848
TKH Group NV		178,271		9,451,269
TomTom NV		326,061		3,549,452
Vastned Retail NV		92,829		2,499,817
Wereldhave NV(c)		151,090		2,779,470
				343,715,581
New Zealand — 0.8%
Air New Zealand Ltd.		2,624,990		4,790,509
Argosy Property Ltd.		2,982,276		2,759,871
Chorus Ltd.		2,108,276		8,909,340
Contact Energy Ltd.		2,907,710		14,000,029
Genesis Energy Ltd.		1,648,320		3,360,137
Goodman Property Trust		3,766,199		5,654,525
Infratil Ltd.		2,912,603		10,216,108
Kiwi Property Group Ltd.		9,316,809		9,435,967
Metlifecare Ltd.		280,753		1,248,205
New Zealand Refining Co. Ltd. (The)		824,670		869,907
Precinct Properties New Zealand Ltd.		4,032,293		4,905,856
Pushpay Holdings Ltd.(b)		466,395		1,358,224
Restaurant Brands New Zealand Ltd.(b)		137,017		1,183,752
Sky Network Television Ltd.		1,874,900		837,206
SKYCITY Entertainment Group Ltd.		3,365,884		7,928,763
Summerset Group Holdings Ltd.		1,002,051		5,784,417
Synlait Milk Ltd.(b)		329,388		1,871,575
Tourism Holdings Ltd.		243,220		470,625
Z Energy Ltd.		1,849,525		5,326,294
				90,911,310
Norway — 2.1%
Adevinta ASA(b)		451,474		5,495,388
Aker ASA, Class A.		101,691		5,642,881
Aker Solutions ASA(b)		701,685		1,417,026
Atea ASA		366,997		4,761,748
Austevoll Seafood ASA		463,787		4,530,801
Axactor SE(b)(c)		96,751		181,583
B2Holding ASA(c)		790,950		664,574
Bakkafrost P/F		219,142		15,595,603
Borr Drilling Ltd.(b)(c)		364,812		1,908,398
Borregaard ASA		491,466		4,691,901
BW LPG Ltd.(d)		383,234		3,101,527
BW Offshore Ltd.(b)(c)		422,646		2,331,527
DNO ASA		2,917,118		2,919,080
Elkem ASA(d)		1,244,033		3,133,768
Entra ASA(d)		613,390		10,487,347
Europris ASA(d)		827,403		3,007,008
Fjordkraft Holding ASA(d)		325,715		2,233,200
Flex LNG Ltd.(c)		159,367		1,301,865

74 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Frontline Ltd./Bermuda		360,647	$	3,290,418
Golden Ocean Group Ltd.(c)		384,154		1,756,194
Grieg Seafood ASA		256,788		3,939,099
Hoegh LNG Holdings Ltd.		221,165		663,413
Kongsberg Gruppen ASA		320,551		4,972,856
Kvaerner ASA		268,695		297,326
Leroy Seafood Group ASA		1,374,205		8,921,047
NEL ASA(b)(c)		5,431,828		5,406,607
Nordic Semiconductor ASA(b)(c)		757,212		4,822,012
Northern Drilling Ltd.(b)		106,438		172,050
Norway Royal Salmon ASA		48,879		1,248,250
Norwegian Air Shuttle ASA(b)(c)		464,778		1,804,092
Norwegian Finans Holding ASA(b)		575,235		5,881,653
Ocean Yield ASA		342,011		1,714,173
Odfjell Drilling Ltd.(b)(c)		151,821		402,866
PGS ASA(b)		1,327,654		2,559,441
Protector Forsikring ASA(b)(c)		396,510		1,779,989
Salmar ASA		248,997		12,201,604
Sbanken ASA(d)		150,349		1,143,382
Scatec Solar ASA(d)		362,487		6,185,772
Selvaag Bolig ASA		281,173		1,610,572
SpareBank 1 Nord Norge		429,054		3,593,370
Sparebank 1 Oestlandet		102,154		1,080,520
SpareBank 1 SMN		789,418		8,701,086
SpareBank 1 SR-Bank ASA		617,477		6,564,771
Stolt-Nielsen Ltd.(c)		190,928		2,464,843
Storebrand ASA		2,104,207		16,184,803
Subsea 7 SA		996,616		10,723,207
TGS NOPEC Geophysical Co. ASA		487,722		12,439,350
Tomra Systems ASA(c)		517,248		15,263,019
Veidekke ASA		364,105		4,582,024
Wallenius Wilhelmsen ASA		568,980		1,518,465
XXL ASA(b)(c)(d)		579,986		745,605
				228,039,104
Portugal — 0.3%
Altri SGPS SA		408,239		2,524,451
Banco Comercial Portugues SA, Class R		37,410,522		7,947,566
Corticeira Amorim SGPS SA		72,326		867,241
CTT-Correios de Portugal SA(c)		914,341		2,966,863
Mota-Engil SGPS SA		766,199		1,434,133
Navigator Co. SA (The)		1,072,756		3,851,804
NOS SGPS SA		1,182,936		6,137,774
REN - Redes Energeticas Nacionais SGPS SA		1,485,612		4,494,551
Semapa-Sociedade de Investimento e Gestao		44,559		621,204
Sonae SGPS SA		4,711,235		4,383,023
				35,228,610
Singapore — 1.7%
Accordia Golf Trust		1,473,100		712,320
Ascott Residence Trust		8,196,896		7,566,920
Best World International Ltd.(a)(c)		1,890,600		1,530,875
Bumitama Agri Ltd.(c)		598,300		298,076
Cache Logistics Trust		990,600		508,037
CapitaLand Retail China Trust		3,197,512		3,631,140
CDL Hospitality Trusts		4,995,600		5,709,675
China Aviation Oil Singapore Corp. Ltd.		537,900		453,209
Chip Eng Seng Corp. Ltd.		629,925		269,988
COSCO Shipping International Singapore Co. Ltd.(b)(c)		6,375,000		1,284,435
Eagle Hospitality Trust REIT(b)(c)		2,020,200		1,010,100

Security	Shares		Value
Singapore (continued)
ESR-REIT		10,719,100	$	4,280,101
Far East Hospitality Trust		5,551,100		2,765,586
First REIT		4,074,800		3,015,274
First Resources Ltd.		2,621,800		3,265,485
Frasers Centrepoint Trust(c)		2,899,545		6,118,170
Frasers Commercial Trust(c)		3,845,100		4,591,921
Frasers Hospitality Trust		1,751,200		885,287
Frasers Logistics & Industrial Trust		7,303,300		6,527,970
Golden Agri-Resources Ltd.		28,432,300		4,374,521
GuocoLand Ltd.		299,800		401,959
Hutchison Port Holdings Trust, Class U		23,791,200		3,806,592
Japfa Ltd.(c)		3,023,520		1,218,357
Kenon Holdings Ltd./Singapore		125,998		2,605,860
Keppel DC REIT		4,933,800		8,169,381
Keppel Infrastructure Trust		9,691,500		3,727,773
Keppel REIT		8,310,700		7,367,534
Lippo Malls Indonesia Retail Trust(c)		10,260,200		1,616,194
Manulife US Real Estate Investment Trust(c)		3,366,431		3,568,417
Mapletree Industrial Trust		7,465,660		15,205,901
Mapletree Logistics Trust		12,346,390		16,643,972
Mapletree North Asia Commercial Trust		11,314,100		9,864,297
NetLink NBN Trust		12,653,500		9,363,349
OUE Commercial Real Estate Investment Trust		6,753,679		2,696,721
OUE Ltd.(c)		1,302,700		1,374,378
Oxley Holdings Ltd.(c)		1,943,100		498,267
Parkway Life REIT		1,726,400		4,528,179
Prime U.S. REIT(b)		1,442,700		1,457,127
Raffles Medical Group Ltd.(c)		3,985,300		3,036,642
Sabana Shari’ah Compliant Industrial REIT		362,100		123,362
Sasseur Real Estate Investment Trust		2,036,700		1,186,297
Sembcorp Marine Ltd.(b)(c)		3,856,200		3,277,304
Sheng Siong Group Ltd.		4,606,200		4,150,946
SIA Engineering Co. Ltd.		275,200		528,261
SIIC Environment Holdings Ltd.(c)		5,842,960		1,006,005
Silverlake Axis Ltd.		5,052,940		1,388,272
Singapore Post Ltd.(c)		7,951,900		5,214,265
Soilbuild Business Space REIT		9,693,847		3,586,631
Starhill Global REIT		6,559,000		3,532,028
StarHub Ltd.		2,702,300		2,850,987
Wing Tai Holdings Ltd.(c)		4,280,800		6,272,694
Yanlord Land Group Ltd.		3,314,100		2,792,303
Yoma Strategic Holdings Ltd.(b)(c)		6,684,900		1,542,782
				193,402,127
Spain — 2.1%
Acciona SA(c)		103,755		11,774,087
Acerinox SA		678,309		6,616,483
Aedas Homes SAU(b)(d)		43,656		989,363
Almirall SA		291,055		4,306,005
Applus Services SA		596,957		6,939,637
Atresmedia Corp. de Medios de Comunicacion SA		479,514		1,625,014
Befesa SA(d)		110,748		4,289,447
Bolsas y Mercados Espanoles SHMSF SA		343,025		13,304,914
Cia. de Distribucion Integral Logista Holdings SA		186,633		4,190,310
Cie. Automotive SA		329,010		7,222,903
Construcciones y Auxiliar de Ferrocarriles SA		111,870		4,965,173
Corp Financiera Alba SA		65,653		3,332,255
Distribuidora Internacional de Alimentacion SA(b)(c)		9,011,362		1,019,611
Ebro Foods SA		374,208		7,742,400
eDreams ODIGEO SA(b)		71,849		351,934
Ence Energia y Celulosa SA(c)		597,778		2,421,945

S c h e d u l e  o f  I n v e s t m e n t s 75

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Euskaltel SA(d)		466,094	$	4,390,467
Faes Farma SA		1,581,610		8,623,484
Fluidra SA(b)		67,974		836,150
Fomento de Construcciones y Contratas SA		289,492		3,599,545
Gestamp Automocion SA(d)		549,821		2,243,486
Global Dominion Access SA(b)(d)		320,402		1,173,505
Grupo Catalana Occidente SA		212,116		6,969,737
Grupo Empresarial San Jose SA(b)		75,720		541,238
Indra Sistemas SA(b)(c)		605,088		6,946,988
Inmobiliaria Colonial Socimi SA		1,129,945		15,139,162
Lar Espana Real Estate Socimi SA		453,116		3,354,317
Let’s GOWEX SA(a)(b)(c)		51,450		1
Liberbank SA		8,749,707		2,895,353
Masmovil Ibercom SA(b)		342,079		7,164,839
Mediaset Espana Comunicacion SA		667,307		3,661,313
Melia Hotels International SA		409,374		3,289,096
Merlin Properties Socimi SA		1,449,258		20,557,671
Metrovacesa SA(d)		82,401		829,157
Miquel y Costas & Miquel SA		121,012		2,019,629
Neinor Homes SA(b)(d)		378,317		4,133,815
Obrascon Huarte Lain SA(b)(c)		598,910		702,871
Pharma Mar SA(b)		687,883		3,154,447
Promotora de Informaciones SA, Class A(b)		254,688		386,676
Prosegur Cash SA(d)		2,043,922		3,488,215
Prosegur Cia. de Seguridad SA		1,180,354		4,651,492
Sacyr SA		1,747,032		5,014,399
Sacyr SA, New(b)		37,329		107,144
Solaria Energia y Medio Ambiente SA(b)(c)		337,018		3,155,935
Talgo SA(b)(d)		513,302		3,395,983
Tecnicas Reunidas SA(b)		155,745		3,797,126
Tubacex SA		1,046,926		2,958,519
Unicaja Banco SA(d)		3,411,027		3,407,761
Viscofan SA		182,957		9,748,364
Zardoya Otis SA		890,706		6,717,083
				230,146,449
Sweden — 6.1%
AAK AB		834,642		15,677,707
AcadeMedia AB(d)		274,468		1,651,595
AF POYRY AB(c)		422,132		10,738,720
Alimak Group AB(d)		199,660		2,742,602
Ambea AB(d)		211,033		1,701,199
Arjo AB, Class B		1,066,573		5,107,874
Atrium Ljungberg AB, Class B		200,378		4,843,840
Attendo AB(d)		270,337		1,487,903
Avanza Bank Holding AB		533,963		5,229,582
Axfood AB		511,925		10,611,716
Beijer Ref AB		311,822		9,381,851
Betsson AB		544,613		2,334,706
Bilia AB, Class A		400,888		4,404,563
BillerudKorsnas AB		775,858		9,973,265
BioArctic AB(c)(d)		160,302		1,503,458
BioGaia AB, Class B		85,243		3,692,317
Biotage AB		277,593		3,461,759
Bonava AB, Class B		422,449		3,778,030
Boozt AB(b)(c)(d)		105,742		509,585
Bravida Holding AB(d)		811,853		7,403,721
Bufab AB		46,404		635,496
Bure Equity AB		243,090		5,422,372
Camurus AB(b)		69,555		723,069
Castellum AB		1,137,063		27,911,492

Security	Shares		Value
Sweden (continued)
Catena AB		91,888	$	3,975,380
Cellavision AB		86,480		2,992,232
Clas Ohlson AB, Class B		226,281		2,399,290
Climeon AB(b)(c)		67,728		472,195
Cloetta AB, Class B		1,170,138		4,127,621
Collector AB(b)(c)		198,522		624,073
Dios Fastigheter AB		224,846		2,071,486
Dometic Group AB(d)		1,329,963		12,128,643
Dustin Group AB(d)		367,242		2,838,523
Elekta AB, Class B		1,662,292		19,039,703
Eltel AB(b)(c)(d)		706,606		1,359,161
Embracer Group AB(b)(c)		685,070		5,735,777
Evolution Gaming Group AB(d)		530,047		16,387,565
Fabege AB		1,225,713		21,026,974
Fastighets AB Balder, Class B(b)		445,804		21,155,530
Fingerprint Cards AB, Class B(b)(c)		1,373,619		2,435,522
Fortnox AB(b)		105,549		1,850,651
Getinge AB, Class B		999,453		17,062,555
Granges AB		386,525		3,573,050
Hansa Biopharma AB(b)(c)		150,164		1,119,377
Hexpol AB		1,127,934		10,175,062
Hoist Finance AB(b)(d)		415,803		2,076,718
Holmen AB, Class B		473,469		14,019,396
Hufvudstaden AB, Class A		458,080		9,067,833
Humana AB		52,648		337,562
Indutrade AB		405,254		14,614,732
Intrum AB(c)		316,483		8,770,171
Investment AB Oresund.		185,703		2,574,004
Inwido AB		346,258		2,608,076
JM AB(c)		279,074		8,529,742
John Mattson Fastighetsforetagen AB(b)		80,077		1,171,415
Kambi Group PLC(b)		114,190		1,542,492
Karo Pharma AB(b)(c)		167,843		752,961
Kindred Group PLC		998,165		5,077,478
Klovern AB, Class B		1,283,596		3,220,093
Kungsleden AB		933,279		9,934,423
LeoVegas AB(c)(d)		448,988		1,378,828
Lifco AB, Class B		206,443		12,176,274
Lindab International AB		353,252		4,002,129
Loomis AB, Class B		334,249		12,116,489
Mekonomen AB(b)(c)		242,693		2,024,404
Modern Times Group MTG AB, Class B(b)		292,116		2,910,053
Munters Group AB(b)(d)		381,169		1,985,204
Mycronic AB(c)		331,903		6,463,373
NCC AB, Class B		410,008		7,656,823
NetEnt AB		830,369		2,127,903
New Wave Group AB, Class B		339,050		2,036,696
Nibe Industrier AB, Class B		1,446,972		25,085,362
Nobia AB		578,832		4,269,784
Nobina AB(d)		291,783		2,212,897
Nolato AB, Class B		95,340		5,529,308
Nordic Entertainment Group AB, Class B		302,347		9,178,332
Nyfosa AB(b)		688,282		6,733,826
Oncopeptides AB(b)(c)(d)		129,666		1,864,546
Pandox AB		388,434		8,664,420
Paradox Interactive AB(c)		131,029		2,066,307
Peab AB, Class B		841,543		8,451,532
PowerCell Sweden AB(b)(c)		173,552		3,489,532
Ratos AB, Class B		1,017,904		3,580,060
RaySearch Laboratories AB(b)(c)		162,325		1,583,059

76 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Recipharm AB, Class B		223,601	$	3,284,890
Resurs Holding AB(d)		330,609		1,829,923
Saab AB, Class B		384,285		12,487,025
Sagax AB, Class D		213,332		810,067
Samhallsbyggnadsbolaget i Norden AB		3,835,706		9,451,325
Samhallsbyggnadsbolaget i Norden AB, New		377,444		1,394,076
SAS AB(b)(c)		991,937		1,424,308
Scandi Standard AB		160,374		1,232,923
Scandic Hotels Group AB(d)		330,196		3,504,542
SkiStar AB		292,566		3,217,463
SSAB AB, Class A		677,699		2,086,818
SSAB AB, Class B		2,710,482		7,814,818
Stillfront Group AB(b)		68,790		3,318,655
Storytel AB(b)		37,819		674,873
Svenska Cellulosa AB SCA, Class B		2,624,600		26,282,352
Sweco AB, Class B		315,234		12,166,335
Swedish Orphan Biovitrum AB(b)		793,988		14,180,931
Thule Group AB(d)		480,076		11,346,123
Tobii AB(b)(c)		521,344		2,102,977
Trelleborg AB, Class B		993,216		16,312,045
Troax Group AB(c)		75,736		1,026,194
Vitrolife AB		302,418		6,344,137
Wallenstam AB, Class B		752,631		9,846,479
Wihlborgs Fastigheter AB		554,395		10,617,806
Xvivo Perfusion AB(b)		20,127		364,174
				678,484,288
Switzerland — 4.9%
Allreal Holding AG, Registered		69,798		14,474,156
ALSO Holding AG, Registered		12,535		2,045,735
APG SGA SA		1,477		427,273
Arbonia AG, Registered		214,193		2,576,224
Aryzta AG(b)(c)		4,355,927		4,390,026
Ascom Holding AG, Registered		231,665		2,298,755
Autoneum Holding AG(c)		19,339		2,233,775
Bachem Holding AG, Class B, Registered		9,870		1,768,403
Banque Cantonale Vaudoise, Registered		12,130		10,149,733
Basilea Pharmaceutica AG, Registered(b)(c)		56,327		3,226,779
Belimo Holding AG		2,141		15,006,646
Bell Food Group AG, Registered		2,468		643,581
BKW AG		95,358		8,868,902
Bobst Group SA, Registered(c)		46,395		2,438,930
Bossard Holding AG, Class A, Registered		28,525		4,143,660
Bucher Industries AG, Registered		32,164		10,778,583
Burckhardt Compression Holding AG		16,216		4,438,824
Burkhalter Holding AG		10,349		825,173
Cembra Money Bank AG		116,253		13,608,755
Coltene Holding AG, Registered		10,179		891,830
Comet Holding AG, Registered		37,761		4,831,466
Conzzeta AG, Registered		4,479		5,089,931
Daetwyler Holding AG, Bearer		35,246		6,358,862
DKSH Holding AG		158,749		8,203,691
dormakaba Holding AG		14,386		9,039,262
EFG International AG		442,445		2,743,347
Emmi AG, Registered		10,427		10,108,606
Feintool International Holding AG, Registered		758		40,476
Flughafen Zurich AG, Registered		88,500		15,388,512
Forbo Holding AG, Registered		5,067		8,710,753
Galenica AG(d)		207,422		14,151,452
GAM Holding AG(b)		726,374		2,242,876
Georg Fischer AG, Registered		19,091		18,775,274

Security	Shares		Value
Switzerland (continued)
Gurit Holding AG, Bearer		1,042	$	1,577,396
Helvetia Holding AG, Registered		147,102		21,170,364
Huber & Suhner AG, Registered		75,649		5,647,496
Idorsia Ltd.(b)(c)		387,145		12,427,818
Implenia AG, Registered		67,115		2,739,019
Inficon Holding AG, Registered		9,276		7,146,112
Interroll Holding AG, Registered		2,066		4,040,102
Intershop Holding AG(c)		7,446		4,802,128
Kardex AG, Registered		34,275		5,849,619
Komax Holding AG, Registered(c)		18,240		3,693,579
Kudelski SA, Bearer(c)		291,749		1,585,116
Landis+Gyr Group AG		106,585		9,780,468
LEM Holding SA, Registered		926		1,401,794
Leonteq AG(b)(c)		71,230		2,658,800
Logitech International SA, Registered		740,058		33,271,725
Medacta Group SA(b)(d)		33,318		2,729,143
Medartis Holding AG(b)(d)		2,016		89,674
Meyer Burger Technology AG(b)(c)		3,228,501		1,364,443
Mobilezone Holding AG, Registered		309,932		3,522,064
Mobimo Holding AG, Registered		33,239		10,718,367
Molecular Partners AG(b)		69,177		1,628,200
OC Oerlikon Corp. AG, Registered		896,370		9,563,635
Orascom Development Holding AG(b)		14,585		213,531
Orior AG		14,261		1,308,620
PSP Swiss Property AG, Registered		176,781		26,724,734
Rieter Holding AG, Registered		23,002		3,033,703
Schweiter Technologies AG, Bearer		4,395		5,441,060
Sensirion Holding AG(b)(c)(d)		41,303		1,689,464
SFS Group AG		68,801		6,423,900
Siegfried Holding AG, Registered(c)		19,124		8,853,612
SIG Combibloc Group AG.		709,603		11,212,971
St. Galler Kantonalbank AG, Class A, Registered		12,337		5,871,412
Stadler Rail AG(b)(c)		199,257		9,503,678
Sulzer AG, Registered		78,332		8,657,982
Sunrise Communications Group AG(d)		152,086		12,568,048
Swissquote Group Holding SA, Registered		61,578		3,722,326
Tecan Group AG, Registered		58,375		16,511,691
TX Group AG.		3,668		345,711
u-blox Holding AG(c)		32,577		2,928,535
Valiant Holding AG, Registered		79,415		8,168,353
Valora Holding AG, Registered		17,920		4,775,198
VAT Group AG(d)		123,982		18,775,023
Vetropack Holding AG, Bearer		604		1,809,902
Vontobel Holding AG, Registered		124,139		8,662,507
VZ Holding AG		12,772		4,522,410
Ypsomed Holding AG, Registered(c)		19,858		2,886,714
Zehnder Group AG, Registered		66,634		3,164,329
Zur Rose Group AG(b)(c)		15,165		1,874,299
				537,977,026
United Kingdom — 17.8%
888 Holdings PLC		1,499,897		2,661,264
AA PLC		2,975,281		1,874,724
AB Dynamics PLC		54,390		1,577,332
Abcam PLC		880,393		16,177,849
Advanced Medical Solutions Group PLC		1,228,686		4,567,425
AG Barr PLC		440,618		3,513,978
Aggreko PLC		1,128,312		11,467,402
Airtel Africa PLC(d)		3,318,616		3,193,459
Alfa Financial Software Holdings PLC(b)(d)		150,438		193,746
Alliance Pharma PLC		771,389		883,639

S c h e d u l e  o f  I n v e s t m e n t s 77

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Amigo Holdings PLC(d)		231,103	$	176,691
Anglo Pacific Group PLC		384,354		879,047
AO World PLC(b)(c)		1,459,223		1,481,132
Arrow Global Group PLC		850,959		2,974,840
Ascential PLC(d)		1,626,245		7,828,854
Ashmore Group PLC		1,766,139		12,653,360
ASOS PLC(b)		252,266		10,218,866
Assura PLC		8,781,395		9,005,847
Aston Martin Lagonda Global Holdings PLC(b)(c)(d)		261,876		1,721,883
Avast PLC(d)		2,591,210		14,516,870
B&M European Value Retail SA		3,954,811		18,960,530
Babcock International Group PLC		1,117,915		8,676,769
Bakkavor Group PLC(d)		226,411		405,302
Balfour Beatty PLC		2,980,718		10,443,770
Bank of Georgia Group PLC		183,508		3,659,952
Beazley PLC		2,409,065		17,196,039
Bellway PLC		555,820		29,197,383
Biffa PLC(d)		667,062		2,479,686
Big Yellow Group PLC		696,627		10,826,686
Blue Prism Group PLC(b)(c)		286,525		6,587,042
Bodycote PLC		863,311		9,747,115
boohoo Group PLC(b)		3,441,565		13,714,360
Brewin Dolphin Holdings PLC		1,417,229		6,725,491
Britvic PLC		1,182,968		14,432,144
Burford Capital Ltd.		917,116		7,622,384
Cairn Energy PLC(b)		2,620,385		5,854,856
Capita PLC(b)		7,322,196		14,039,011
Capital & Counties Properties PLC		3,223,687		10,351,698
Card Factory PLC		1,543,994		1,803,270
Centamin PLC		5,186,800		9,298,649
Central Asia Metals PLC		260,690		695,874
Cineworld Group PLC(c)		4,568,901		10,678,295
Civitas Social Housing PLC		1,067,731		1,393,409
Clinigen Healthcare Ltd.(b)		555,092		7,090,391
Close Brothers Group PLC		686,513		12,814,258
CMC Markets PLC(d)		95,706		197,818
Coats Group PLC		4,110,096		4,101,373
Computacenter PLC		288,094		6,812,995
ConvaTec Group PLC(d)		6,521,112		17,879,955
Countryside Properties PLC(d)		1,847,929		11,887,391
Craneware PLC(c)		88,413		2,214,375
Cranswick PLC		198,722		9,357,048
Crest Nicholson Holdings PLC		1,206,931		7,954,885
Custodian REIT PLC		1,672,872		2,505,085
CVS Group PLC		316,995		4,792,888
Daily Mail & General Trust PLC, Class A, NVS		723,754		7,746,909
Dart Group PLC		416,892		9,342,302
De La Rue PLC		606,167		1,118,669
Dechra Pharmaceuticals PLC		477,474		17,900,318
Derwent London PLC		455,773		24,692,886
Dialog Semiconductor PLC(b)		345,424		15,262,194
Dignity PLC		264,835		1,986,411
Diploma PLC		544,680		13,986,589
Diversified Gas & Oil PLC		3,052,514		3,629,490
Dixons Carphone PLC		4,005,296		7,159,385
Domino’s Pizza Group PLC		2,097,886		8,542,426
Drax Group PLC		1,765,327		6,329,589
DS Smith PLC		6,102,885		27,408,720
Dunelm Group PLC		476,975		7,287,197
EI Group PLC(b)		2,292,004		8,586,593

Security	Shares		Value
United Kingdom (continued)
Electrocomponents PLC		2,052,557	$	17,933,257
Elementis PLC		2,661,652		4,487,488
EMIS Group PLC		316,173		4,792,963
Empiric Student Property PLC		2,789,953		3,640,940
EnQuest PLC(b)		7,383,348		2,326,123
Equiniti Group PLC(d)		1,810,436		4,887,588
Essentra PLC		1,229,101		6,788,644
Euromoney Institutional Investor PLC		387,170		6,246,900
Ferrexpo PLC		1,322,233		2,424,469
Fevertree Drinks PLC		455,632		8,264,452
Finablr PLC(b)(d)		1,125,139		1,225,089
First Derivatives PLC		65,162		2,379,335
Firstgroup PLC(b)		5,287,981		8,629,626
Forterra PLC(d)		358,958		1,556,758
Frasers Group PLC(b)		1,040,008		6,462,606
Frontier Developments PLC(b)		71,241		1,326,008
Funding Circle Holdings PLC(b)(c)(d)		860,059		912,653
Future PLC		338,226		5,706,875
Games Workshop Group PLC		128,662		11,253,113
Gamesys Group PLC(b)		242,253		2,366,295
GB Group PLC		652,541		6,115,878
GCP Student Living PLC		1,221,878		3,245,520
Genus PLC		295,337		11,990,851
Go-Ahead Group PLC (The)		207,703		5,607,305
GoCo Group PLC		2,127,351		2,627,606
Grainger PLC		2,859,435		11,164,691
Great Portland Estates PLC		1,051,413		12,906,181
Greencore Group PLC		2,034,310		6,586,079
Greggs PLC		467,824		13,900,097
Gulf Keystone Petroleum Ltd.		1,097,449		2,684,997
Halfords Group PLC		1,032,726		2,228,513
Hammerson PLC		3,388,749		10,426,095
Hansteen Holdings PLC		1,670,632		2,567,798
Hastings Group Holdings PLC(d)		633,807		1,503,872
Hays PLC		6,538,222		13,376,202
Helical PLC		607,966		3,846,821
Hikma Pharmaceuticals PLC		646,256		15,606,715
Hill & Smith Holdings PLC		280,671		5,257,425
Hiscox Ltd.		1,311,295		22,695,856
Hochschild Mining PLC		1,354,521		3,005,047
HomeServe PLC		1,415,013		23,912,770
Hotel Chocolat Group PLC(c)		45,655		280,450
Howden Joinery Group PLC		2,861,643		25,967,955
Hunting PLC		631,762		2,550,000
Hurricane Energy PLC(b)(c)		7,173,031		1,961,069
Hyve Group PLC		4,303,508		5,576,447
Ibstock PLC(d)		1,761,857		6,758,419
IG Design Group PLC (c)		184,748		1,943,408
IG Group Holdings PLC		1,643,263		14,378,903
IMI PLC		1,141,691		16,614,952
Inchcape PLC		1,817,522		15,740,788
Indivior PLC(b)		3,370,937		1,685,446
IntegraFin Holdings PLC		651,674		4,252,233
Intermediate Capital Group PLC		1,362,277		31,282,036
International Personal Finance PLC		1,291,460		2,689,797
Intu Properties PLC(b)(c)		3,646,601		819,585
Investec PLC		3,073,390		16,983,234
iomart Group PLC(c)		731,198		3,667,508
IQE PLC(b)(c)		3,758,598		2,524,361
IWG PLC		3,012,739		17,537,675

78 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
J D Wetherspoon PLC		354,320	$	7,244,174
John Laing Group PLC(d)		2,371,354		11,097,015
John Menzies PLC		512,556		2,915,436
John Wood Group PLC		3,024,193		15,001,171
Jupiter Fund Management PLC		1,902,973		9,672,775
Just Eat PLC(b)		2,729,382		30,977,682
Just Group PLC(b)		4,366,182		4,489,292
Kainos Group PLC		438,919		4,570,807
KAZ Minerals PLC		1,069,216		6,170,532
Keller Group PLC		339,883		3,745,563
Keywords Studios PLC(c)		276,147		4,484,690
Lancashire Holdings Ltd.		895,089		8,825,702
Learning Technologies Group PLC(c)		1,419,696		2,911,967
LondonMetric Property PLC		3,184,421		9,562,372
Lookers PLC		1,918,053		1,395,665
LXI REIT PLC		2,346,972		4,207,540
Man Group PLC		6,888,628		13,975,031
Marshalls PLC		1,033,526		10,756,104
Marston’s PLC		3,159,125		4,360,085
McCarthy & Stone PLC(d)		1,974,951		3,837,384
Mediclinic International PLC		1,671,058		8,134,901
Metro Bank PLC(b)(c)		496,753		1,499,538
Mitchells & Butlers PLC(b)		1,039,805		5,482,685
Mitie Group PLC		1,762,242		3,087,251
Moneysupermarket.com Group PLC		2,502,866		10,739,153
Morgan Advanced Materials PLC		1,471,895		6,053,588
Morgan Sindall Group PLC		77,540		1,872,547
N Brown Group PLC		986,139		1,065,292
National Express Group PLC		2,190,960		12,909,916
NCC Group PLC		1,315,990		3,729,688
Network International Holdings PLC(b)(d)		1,545,345		12,385,412
NewRiver REIT PLC		1,513,786		3,751,490
Northgate PLC		688,791		2,415,186
Numis Corp. PLC		88,130		331,674
On the Beach Group PLC(d)		591,474		3,039,198
OneSavings Bank PLC		1,970,361		11,080,213
Oxford Biomedica PLC(b)		81,923		653,345
Pagegroup PLC		1,418,144		8,535,671
Paragon Banking Group PLC		1,289,159		8,632,799
Pennon Group PLC		1,877,465		27,433,990
Petrofac Ltd.		1,113,672		5,126,406
Pets at Home Group PLC		2,177,090		8,092,951
Pharos Energy PLC		350,552		210,254
Phoenix Group Holdings PLC		2,533,771		25,317,336
Photo-Me International PLC		672,862		795,609
Picton Property Income Ltd. (The)		2,476,716		3,330,104
Playtech PLC		1,357,199		6,174,047
Plus500 Ltd.		483,329		5,678,053
Pollen Street Secured Lending PLC		441,159		4,850,010
Polypipe Group PLC		971,794		6,949,529
Premier Foods PLC(b)		5,070,561		2,419,614
Premier Oil PLC(b)		3,627,738		4,798,823
Primary Health Properties PLC		4,204,679		8,724,067
Provident Financial PLC		1,108,214		6,800,248
Purplebricks Group PLC(b)		1,425,843		2,011,115
PZ Cussons PLC		1,240,279		3,145,617
QinetiQ Group PLC		2,781,284		12,920,005
Quilter PLC(d)		8,457,353		18,969,149
Rathbone Brothers PLC		225,275		5,856,004
RDI REIT PLC		1,663,154		2,893,929

Security	Shares		Value
United Kingdom (continued)
Redde PLC		1,785,229	$	2,306,224
Redrow PLC		1,064,216		11,152,657
Regional REIT Ltd.(d)		852,947		1,308,749
Renewi PLC		4,260,579		1,999,402
Renishaw PLC		165,133		8,654,893
Restaurant Group PLC (The)		2,330,684		3,966,350
Restore PLC		581,500		3,832,668
Rightmove PLC		4,261,612		36,952,958
Rotork PLC		4,020,809		16,128,606
Royal Mail PLC		3,841,449		10,036,451
RPS Group PLC		1,172,528		2,689,391
RWS Holdings PLC		654,784		4,954,404
Sabre Insurance Group PLC(d)		390,684		1,588,774
Safestore Holdings PLC		978,567		10,384,077
Sage PLC		4,913,272		2,708,546
Sanne Group PLC		394,579		3,126,006
Savills PLC		680,927		11,166,122
Scapa Group PLC		710,423		2,355,247
Schroder REIT Ltd.		4,193,466		2,918,693
Senior PLC		2,011,165		4,414,112
Serco Group PLC(b)		5,136,749		10,705,369
Serica Energy PLC(b)		302,388		460,791
Shaftesbury PLC		692,323		8,204,458
SIG PLC		1,949,853		2,377,525
Signature Aviation PLC		3,832,245		14,710,454
Sirius Minerals PLC(b)(c)		27,922,005		2,018,853
Smart Metering Systems PLC(c)		295,007		2,000,779
Softcat PLC		574,020		8,739,578
SolGold PLC(b)(c)		3,452,071		871,880
Sophos Group PLC(d)		1,940,183		14,255,784
Spectris PLC		527,244		18,390,051
Spire Healthcare Group PLC(d)		1,372,437		2,369,983
Spirent Communications PLC		2,700,989		7,886,385
SSP Group PLC		2,084,503		17,695,785
St. Mowden Properties PLC		994,854		6,465,285
Stagecoach Group PLC		1,990,786		3,582,108
Standard Life Investment Property Income Trust Ltd.		457,598		595,364
Stobart Group Ltd.		1,708,628		2,297,360
Superdry PLC		136,982		693,027
Synthomer PLC		1,524,874		6,790,082
TalkTalk Telecom Group PLC		2,863,755		4,473,379
Tate & Lyle PLC		2,075,923		21,694,833
Ted Baker PLC		142,405		419,363
Telecom Plus PLC		326,160		6,500,757
TI Fluid Systems PLC(d)		1,033,711		3,229,453
TORM PLC(b)(c)		179,981		1,564,043
TP ICAP PLC		2,535,634		13,266,278
Trainline PLC(b)(d)		1,697,848		10,563,850
Travis Perkins PLC		1,090,593		22,304,676
Tritax Big Box REIT PLC		7,241,426		13,335,274
Tullow Oil PLC		6,036,156		4,045,269
UK Commercial Property REIT Ltd.		3,606,831		4,122,174
Ultra Electronics Holdings PLC		330,577		9,839,613
UNITE Group PLC (The)		1,290,193		21,633,323
Urban & Civic PLC		686,387		3,284,408
Vectura Group PLC		2,999,112		3,700,411
Vesuvius PLC		986,394		5,656,153
Victoria PLC(b)(c)		493,996		2,865,217
Victrex PLC		393,232		11,486,826
Virgin Money UK PLC(b)		5,472,278		11,848,271

S c h e d u l e  o f  I n v e s t m e n t s 79

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Vistry Group PLC		918,546	$	16,709,422
Watkin Jones PLC		391,419		1,277,022
WH Smith PLC		508,431		16,031,518
William Hill PLC		3,566,405		8,128,438
Workspace Group PLC		598,766		9,597,810
				1,958,458,236
Total Common Stocks — 99.1% (Cost: $10,018,240,684)				10,918,980,664
Preferred Stocks
Germany — 0.1%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		34,537		2,013,208
Jungheinrich AG, Preference Shares, NVS		215,323		4,729,468
Sixt SE, Preference Shares, NVS		69,362		4,827,247
STO SE & Co. KGaA, Preference Shares, NVS		5,523		646,334
				12,216,257
Italy — 0.1%
Buzzi Unicem SpA, Preference Shares, NVS		62,807		882,563
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		282,087		2,819,732
				3,702,295
Total Preferred Stocks — 0.2% (Cost: $19,524,655)				15,918,552
Rights
Hong Kong — 0.0%
Guotai Junan International Holdings Ltd., (Expires 03/09/20)(b)		5,084,666		6
Norway — 0.0%
XXL ASA, (Expires 03/11/20)(b)		59,253		0	(e)
Total Rights — 0.0% (Cost: $0)				6
Warrants
Singapore — 0.0%
Ezion Holdings Ltd. (Expires 04/24/20)(a)(b)		2		0	(e)

Security	Shares		Value
Singapore (continued)
Ezion Holdings Ltd. (Expires 04/16/23)(a)(b)(c)		3,963,747	$	29
				29
Spain — 0.0%
Abengoa SA (Expires 03/31/25)(b)(c)		3,171,918		33,394
Total Warrants — 0.0% (Cost: $0)				33,423
Short-Term Investments
Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(f)(g)(h)		482,316,988		482,606,378
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(f)(g)		3,630,000		3,630,000
				486,236,378
Total Short-Term Investments — 4.4% (Cost: $485,956,403)				486,236,378
Total Investments in Securities — 103.7% (Cost: $10,523,721,742)				11,421,169,023
Other Assets, Less Liabilities — (3.7)%				(403,655,371	)
Net Assets — 100.0%			$	11,017,513,652

^(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(b) Non-income producing security.

^(c) All or a portion of this security is on loan.

^(d) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e) Rounds to less than $1.

^(f) Affiliate of the Fund.

^(g) Annualized 7-day yield as of period-end.

^(h) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		567,879,770		(85,562,782	)		482,316,988	$	482,606,378	$	9,056,568	(b)	$	18,612	$	39,370
BlackRock Cash Funds: Treasury, SL Agency Shares		2,818,000		812,000			3,630,000		3,630,000		55,709			—		—
								$	486,236,378	$	9,112,277		$	18,612	$	39,370

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

80 2 0 2 0   |   S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		520	03/20/20	$	20,970	$	(680,875	)
FTSE 100 Index		203	03/20/20		19,314		(872,418	)
TOPIX Index		141	03/12/20		21,842		(587,195	)
						$	(2,140,488	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	2,140,488

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	5,477,377
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,499,863	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	57,412,545

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

S c h e d u l e  o f  I n v e s t m e n t s 81

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Small-Cap ETF
January 31, 2020

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	10,885,052,179		$	31,136,099	$	2,792,386	$	10,918,980,664
Preferred Stocks		15,918,552			—		—		15,918,552
Rights		—			6		—		6
Warrants		—			33,394		29		33,423
Money Market Funds		486,236,378			—		—		486,236,378
	$	11,387,207,109		$	31,169,499	$	2,792,415	$	11,421,169,023
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(2,140,488	)	$	—	$	—	$	(2,140,488	)

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

See notes to financial statements.

82 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Statements of Assets and Liabilities (unaudited)

January 31, 2020

	iShares Adaptive Currency Hedged MSCI EAFE ETF		iShares Currency Hedged MSCI ACWI ex U.S. ETF		iShares Currency Hedged MSCI EAFE ETF		iShares Currency Hedged MSCI EAFE Small-Cap ETF
ASSETS
Investments in securities, at value:
Affiliated(a)	$	9,971,863	$	82,209,701	$	2,991,076,391	$	36,436,891
Cash		145		767		—		983
Receivables:
Securities lending income — Affiliated		354		2,575		—		—
Dividends		12		479		7,745		224
Unrealized appreciation on:
Forward foreign currency exchange contracts		48,507		1,360,802		48,139,104		626,319
Total assets		10,020,881		83,574,324		3,039,223,240		37,064,417
LIABILITIES
Bank overdraft		—		—		3,853		—
Cash received:
Collateral — forward foreign currency exchange contracts		—		900,000		500,000		440,000
Payables:
Investments purchased		26,826		945,861		36,365,291		443,232
Investment advisory fees		254		2,126		77,458		939
Unrealized depreciation on:
Forward foreign currency exchange contracts		34,832		589,507		30,065,788		338,680
Total liabilities		61,912		2,437,494		67,012,390		1,222,851
NET ASSETS	$	9,958,969	$	81,136,830	$	2,972,210,850	$	35,841,566
NET ASSETS CONSIST OF:
Paid-in capital	$	9,586,012	$	81,026,220	$	2,917,720,599	$	35,986,941
Accumulated earnings (loss)		372,957		110,610		54,490,251		(145,375	)
NET ASSETS	$	9,958,969	$	81,136,830	$	2,972,210,850	$	35,841,566
Shares outstanding		350,000		2,950,000		99,350,000		1,200,000
Net asset value	$	28.45	$	27.50	$	29.92	$	29.87
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a)     Investments, at cost — Affiliated	$	9,577,128	$	80,711,279	$	2,903,419,461	$	36,640,304

See notes to financial statements.

F i n a n c i a l   S t a t e m e n t s 83

Statements of Assets and Liabilities (unaudited) (continued) 

January 31, 2020

	iShares MSCI ACWI ex U.S. ETF			iShares MSCI EAFE ETF				iShares MSCI EAFE Small-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	3,537,598,797		$	62,889,180,494		$	10,934,932,645
Affiliated(c)		126,650,314			376,396,268			486,236,378
Cash		1,525,689			957			883
Foreign currency, at value(d)		1,929,199			111,156,127			42,734,712
Cash pledged:
Futures contracts		767,000			—			—
Foreign currency collateral pledged:
Futures contracts(e)		—			14,240,971			3,038,532
Receivables:
Investments sold		29,520,153			243			16,629,607
Securities lending income — Affiliated		86,038			598,180			1,433,008
Dividends		4,839,399			50,240,282			12,792,963
Tax reclaims		2,092,910			63,892,040			6,144,194
Foreign withholding tax claims		88,415			59,861,152			411,498
Total assets		3,705,097,914			63,565,566,714			11,504,354,420
LIABILITIES
Collateral on securities loaned, at value		35,928,766			359,401,266			482,354,353
Deferred foreign capital gain tax		—			—			2,374
Payables:
Investments purchased		3,874,185			—			—
Variation margin on futures contracts		280,864			3,041,976			765,898
Capital shares redeemed		20,606,126			—			—
Investment advisory fees		1,041,514			17,021,137			3,705,976
Professional fees		3,067			6,083,615			12,167
Foreign taxes		1,169			—			—
Total liabilities		61,735,691			385,547,994			486,840,768
NET ASSETS	$	3,643,362,223		$	63,180,018,720		$	11,017,513,652
NET ASSETS CONSIST OF:
Paid-in capital	$	3,817,749,472		$	64,871,014,295		$	10,619,642,735
Accumulated earnings (loss)		(174,387,249	)		(1,690,995,575	)		397,870,917
NET ASSETS	$	3,643,362,223		$	63,180,018,720		$	11,017,513,652
Shares outstanding		76,200,000			928,200,000			182,200,000
Net asset value	$	47.81		$	68.07		$	60.47
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a)     Securities loaned, at value	$	33,136,698		$	323,318,107		$	449,810,757
(b)     Investments, at cost — Unaffiliated	$	3,452,014,780		$	58,665,963,124		$	10,037,765,339
(c)     Investments, at cost — Affiliated	$	128,084,689		$	376,266,608		$	485,956,403
(d)     Foreign currency, at cost	$	1,755,292		$	110,842,074		$	42,619,160
(e)     Foreign currency collateral pledged, at cost	$	—		$	14,252,568		$	3,041,441

See notes to financial statements.

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Statements of Operations (unaudited) 

Six Months Ended January 31, 2020

	iShares Adaptive Currency Hedged MSCI EAFE ETF			iShares Currency Hedged MSCI ACWI ex U.S. ETF			iShares Currency Hedged MSCI EAFE ETF			iShares Currency Hedged MSCI EAFE Small-Cap ETF
INVESTMENT INCOME
Dividends — Affiliated	$	98,342		$	1,317,854		$	33,963,780		$	725,162
Securities lending income — Affiliated — net		708			8,911			—			3,870
Total investment income		99,050			1,326,765			33,963,780			729,032
EXPENSES
Investment advisory fees		16,504			145,111			5,643,873			67,987
Total expenses		16,504			145,111			5,643,873			67,987
Less:
Investment advisory fees waived		(15,201	)		(133,655	)		(5,198,304	)		(63,243	)
Total expenses after fees waived		1,303			11,456			445,569			4,744
Net investment income		97,747			1,315,309			33,518,211			724,288
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		291			(97,508	)		(2,022,392	)		(53,468	)
In-kind redemptions — Affiliated		—			—			5,859,533			383,438
Forward foreign currency exchange contracts		15,254			397,361			34,044,007			164,663
Net realized gain		15,545			299,853			37,881,148			494,633
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		346,822			2,453,825			131,940,280			1,390,478
Forward foreign currency exchange contracts		(36,061	)		(530,057	)		(53,489,408	)		(324,893	)
Net change in unrealized appreciation (depreciation)		310,761			1,923,768			78,450,872			1,065,585
Net realized and unrealized gain		326,306			2,223,621			116,332,020			1,560,218
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	424,053		$	3,538,930		$	149,850,231		$	2,284,506

See notes to financial statements.

F i n a n c i a l  S t a t e m e n t s 85

Statements of Operations (unaudited) (continued) 

Six Months Ended January 31, 2020

	iShares MSCI ACWI ex U.S. ETF			iShares MSCI EAFE ETF			iShares MSCI EAFE Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	43,858,428		$	663,865,561		$	94,517,662
Dividends — Affiliated		143,222			160,547			55,709
Non-cash dividends — Unaffiliated		7,544,114			—			5,347,488
Securities lending income — Affiliated — net		550,242			2,836,220			9,056,568
Other income — Unaffiliated		5,550			—			20,270
Foreign taxes withheld		(3,868,528	)		(44,724,287	)		(6,311,624	)
Foreign withholding tax claims		—			1,960,390			—
Other foreign taxes		(59,432	)		—			—
Total investment income		48,173,596			624,098,431			102,686,073
EXPENSES
Investment advisory fees		6,309,440			96,280,767			19,746,823
Professional fees		—			196,039			—
Total expenses		6,309,440			96,476,806			19,746,823
Less:
Investment advisory fees waived		(296,627	)		—			—
Total expenses after fees waived		6,012,813			96,476,806			19,746,823
Net investment income		42,160,783			527,621,625			82,939,250
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(57,654,528	)		(187,436,378	)		(49,652,281	)
Investments — Affiliated		(1,224	)		(354	)		18,612
In-kind redemptions — Unaffiliated		81,992,866			308,564,962			47,021,894
In-kind redemptions — Affiliated		1,094,958			—			—
Futures contracts		1,310,549			40,542,438			5,477,377
Foreign currency transactions		(163,486	)		393,102			1,059,632
Net realized gain		26,579,135			162,063,770			3,925,234
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(a)		139,457,724			2,805,606,967			671,317,510
Investments — Affiliated		3,222,868			34,344			39,370
Futures contracts		(210,403	)		(12,525,189	)		(2,499,863	)
Foreign currency translations		204,127			3,821,459			687,042
Net change in unrealized appreciation (depreciation)		142,674,316			2,796,937,581			669,544,059
Net realized and unrealized gain		169,253,451			2,959,001,351			673,469,293
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	211,414,234		$	3,486,622,976		$	756,408,543
(a)    Net of deferred foreign capital gain tax of	$	—		$	—		$	2,374

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Adaptive Currency Hedged MSCI EAFE ETF						iShares Currency Hedged MSCI ACWI ex U.S. ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	97,747		$	255,108		$	1,315,309		$	1,575,556
Net realized gain		15,545			119,868			299,853			271,529
Net change in unrealized appreciation (depreciation)		310,761			(347,655	)		1,923,768			505,684
Net increase in net assets resulting from operations		424,053			27,321			3,538,930			2,352,769
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(97,638	)		(429,575	)		(1,295,026	)		(1,572,188	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,457,060			5,688,999			8,242,504			26,861,811
NET ASSETS
Total increase in net assets		1,783,475			5,286,745			10,486,408			27,642,392
Beginning of period		8,175,494			2,888,749			70,650,422			43,008,030
End of period	$	9,958,969		$	8,175,494		$	81,136,830		$	70,650,422

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l  S t a t e m e n t s 87

Statements of Changes in Net Assets (continued)

	iShares Currency Hedged MSCI EAFE ETF						iShares Currency Hedged MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	33,518,211		$	91,609,695		$	724,288		$	594,464
Net realized gain		37,881,148			95,442,167			494,633			52,565
Net change in unrealized appreciation (depreciation)		78,450,872			(158,301,854	)		1,065,585			(1,793,610	)
Net increase (decrease) in net assets resulting from operations		149,850,231			28,750,008			2,284,506			(1,146,581	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(100,163,566	)		(126,764,597	)		(1,105,618	)		(1,329,916	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		31,441,671			(469,886,115	)		8,904,168			6,273,838
NET ASSETS
Total increase (decrease) in net assets		81,128,336			(567,900,704	)		10,083,056			3,797,341
Beginning of period		2,891,082,514			3,458,983,218			25,758,510			21,961,169
End of period	$	2,972,210,850		$	2,891,082,514		$	35,841,566		$	25,758,510

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares MSCI ACWI ex U.S. ETF						iShares MSCI EAFE ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	42,160,783		$	104,424,888		$	527,621,625		$	1,962,705,638
Net realized gain		26,579,135			140,685,094			162,063,770			2,480,456,375
Net change in unrealized appreciation (depreciation)		142,674,316			(215,018,401	)		2,796,937,581			(6,494,892,911	)
Net increase (decrease) in net assets resulting from operations		211,414,234			30,091,581			3,486,622,976			(2,051,730,898	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(67,637,980	)		(102,589,659	)		(707,531,424	)		(1,959,749,954	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(367,885,593	)		781,283,019			320,293,617			(8,678,362,908	)
NET ASSETS
Total increase (decrease) in net assets		(224,109,339	)		708,784,941			3,099,385,169			(12,689,843,760	)
Beginning of period		3,867,471,562			3,158,686,621			60,080,633,551			72,770,477,311
End of period	$	3,643,362,223		$	3,867,471,562		$	63,180,018,720		$	60,080,633,551

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l  S t a t e m e n t s 89

Statements of Changes in Net Assets (continued)

	iShares MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	82,939,250		$	235,633,532
Net realized gain		3,925,234			365,114,012
Net change in unrealized appreciation (depreciation)		669,544,059			(1,361,130,495	)
Net increase (decrease) in net assets resulting from operations		756,408,543			(760,382,951	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(218,028,825	)		(264,437,208	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,023,290,882			(697,734,019	)
NET ASSETS
Total increase (decrease) in net assets		1,561,670,600			(1,722,554,178	)
Beginning of period		9,455,843,052			11,178,397,230
End of period	$	11,017,513,652		$	9,455,843,052

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Adaptive Currency Hedged MSCI EAFE ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Period From 01/05/16 to 07/31/16		(a)
Net asset value, beginning of period	$	27.25		$	28.89		$	27.43		$	23.77		$	24.29
Net investment income(b)		0.32			0.94			0.86			0.68			0.48
Net realized and unrealized gain (loss)(c)		1.21			(1.15	)		1.46			3.66			(0.52	)
Net increase (decrease) from investment operations		1.53			(0.21	)		2.32			4.34			(0.04	)
Distributions(d)
From net investment income		(0.33	)		(0.85	)		(0.86	)		(0.68	)		(0.48	)
From net realized gain		—			(0.58	)		—			—			—
Return of capital		—			—			—			(0.00	)(e)		(0.00	)(e)
Total distributions		(0.33	)		(1.43	)		(0.86	)		(0.68	)		(0.48	)
Net asset value, end of period	$	28.45		$	27.25		$	28.89		$	27.43		$	23.77
Total Return
Based on net asset value		5.57	%(f)		(0.49	)%		8.56	%		18.42	%		0.01	%(f)(g)
Ratios to Average Net Assets
Total expenses(h)		0.38	%(i)		0.38	%		0.38	%		0.38	%		0.38	%(i)
Total expenses after fees waived(h)		0.03	%(i)		0.03	%		0.03	%		0.03	%		0.03	%(i)
Net investment income		2.25	%(i)		3.46	%		3.00	%		2.69	%		3.63	%(i)
Supplemental Data
Net assets, end of period (000)	$	9,959		$	8,175		$	2,889		$	2,743		$	2,377
Portfolio turnover rate(j)(k)		2	%(f)		8	%		8	%		7	%		4	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Rounds to less than $0.01.

^(f) Not annualized.

^(g) The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the Fund was -0.03%.

^(h) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

⁽ⁱ⁾ Annualized.

^(j) Portfolio turnover rate excludes in-kind transactions.

^(k) Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund's financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

F i n a n c i a l   H i g h l i g h t s 91

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI ACWI ex U.S. ETF
		Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Period From 06/29/15 to 07/31/15	(a)
Net asset value, beginning of period	$	26.66		$	26.88		$	25.28		$	21.88		$	24.85		$	24.34
Net investment income (loss)(b)		0.47			0.88			0.44			0.90			0.56			(0.00	)(c)
Net realized and unrealized gain (loss)(d)		0.82			(0.43	)		1.83			3.05			(2.30	)		0.51
Net increase (decrease) from investment operations		1.29			0.45			2.27			3.95			(1.74	)		0.51
Distributions(e)
From net investment income		(0.45	)		(0.67	)		(0.67	)		(0.55	)		(0.56	)		—
From net realized gain		—			—			—			—			(0.67	)		—
Return of capital		—			—			—			—			(0.00	)(c)		—
Total distributions		(0.45	)		(0.67	)		(0.67	)		(0.55	)		(1.23	)		—
Net asset value, end of period	$	27.50		$	26.66		$	26.88		$	25.28		$	21.88		$	24.85
Total Return
Based on net asset value		4.81	%(f)		1.75	%		9.05	%		18.18	%		(6.97	)%		2.10	%(f)
Ratios to Average Net Assets
Total expenses(g)		0.38	%(h)		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%(h)
Total expenses after fees waived(g)		0.03	%(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.05	%(h)
Net investment income (loss)		3.44	%(h)		3.37	%		1.66	%		3.68	%		2.56	%		(0.05	)%(h)
Supplemental Data
Net assets, end of period (000)	$	81,137		$	70,650		$	43,008		$	85,968		$	2,188		$	2,485
Portfolio turnover rate(i)(j)		4	%(f)		7	%		10	%		6	%		8	%		0	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) Rounds to less than $0.01.

^(d) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f) Not annualized.

^(g) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

^(j) Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund's financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI EAFE ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	29.40		$	29.96		$	28.09		$	24.30		$	27.86		$	24.77
Net investment income(a)		0.34			0.86			0.83			0.74			0.75			1.16
Net realized and unrealized gain (loss)(b)		1.20			(0.20	)		1.93			3.83			(3.38	)		2.63
Net increase (decrease) from investment operations		1.54			0.66			2.76			4.57			(2.63	)		3.79
Distributions(c)
From net investment income		(0.35	)		(0.91	)		(0.89	)		(0.70	)		(0.69	)		(0.63	)
From net realized gain		(0.67	)		(0.31	)		—			(0.08	)		(0.24	)		(0.07	)
Total distributions		(1.02	)		(1.22	)		(0.89	)		(0.78	)		(0.93	)		(0.70	)
Net asset value, end of period	$	29.92		$	29.40		$	29.96		$	28.09		$	24.30		$	27.86
Total Return
Based on net asset value		5.23	%(d)		2.45	%		9.94	%		18.97	%		(9.41	)%		15.42	%
Ratios to Average Net Assets
Total expenses(e)		0.38	%(f)		0.38	%		0.38	%		0.38	%		0.38	%		0.39	%
Total expenses after fees waived(e)		0.03	%(f)		0.03	%		0.03	%		0.03	%		0.03	%		0.05	%
Net investment income		2.26	%(f)		3.01	%		2.82	%		2.77	%		3.04	%		4.16	%
Supplemental Data
Net assets, end of period (000)	$	2,972,211		$	2,891,083		$	3,458,983		$	4,278,604		$	3,542,254		$	2,899,161
Portfolio turnover rate(g)(h)		4	%(d)		7	%		12	%		10	%		10	%		16	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Not annualized.

^(e) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

^(h) Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund's financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

F i n a n c i a l   H i g h l i g h t s 93

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Period From 06/29/15 to 07/31/15		(a)
Net asset value, beginning of period	$	28.62		$	31.37		$	28.48		$	23.85		$	25.17		$	24.37
Net investment income (loss)(b)		0.69			0.84			0.77			0.92			0.55			(0.00	)(c)
Net realized and unrealized gain (loss)(d)		1.49			(1.93	)		2.86			4.46			(1.16	)		0.80
Net increase (decrease) from investment operations		2.18			(1.09	)		3.63			5.38			(0.61	)		0.80
Distributions(e)
From net investment income		(0.61	)		(0.80	)		(0.74	)		(0.75	)		(0.52	)		—
From net realized gain		(0.32	)		(0.86	)		—			—			(0.19	)		—
Return of capital		—			—			—			—			(0.00	)(c)		—
Total distributions		(0.93	)		(1.66	)		(0.74	)		(0.75	)		(0.71	)		—
Net asset value, end of period	$	29.87		$	28.62		$	31.37		$	28.48		$	23.85		$	25.17
Total Return
Based on net asset value		7.58	%(f)		(3.05	)%		12.81	%		22.77	%		(2.35	)%		3.28	%(f)
Ratios to Average Net Assets
Total expenses(g)		0.43	%(h)		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%(h)
Total expenses after fees waived(g)		0.03	%(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.05	%(h)
Net investment income (loss)		4.58	%(h)		2.94	%		2.50	%		3.50	%		2.34	%		(0.05	)%(h)
Supplemental Data
Net assets, end of period (000)	$	35,842		$	25,759		$	21,961		$	9,969		$	8,348		$	2,517
Portfolio turnover rate(i)(j)		5	%(f)		10	%		10	%		13	%		9	%		0	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) Rounds to less than $0.01.

^(d) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f) Not annualized.

^(g) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

^(j) Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund's financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

94 2 0 2 0   I   S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Financial Highlights (continued) 

(For a share outstanding throughout each period)

	iShares MSCI ACWI ex U.S. ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	46.26		$	48.60		$	47.08		$	40.66		$	44.18		$	47.49
Net investment income(a)		0.50			1.32			1.33			1.12	(b)		1.06			1.15
Net realized and unrealized gain (loss)(c)		1.84			(2.49	)		1.45			6.36			(3.54	)		(3.31	)
Net increase (decrease) from investment operations		2.34			(1.17	)		2.78			7.48			(2.48	)		(2.16	)
Distributions(d)
From net investment income		(0.79	)		(1.17	)		(1.26	)		(1.06	)		(1.04	)		(1.15	)
Total distributions		(0.79	)		(1.17	)		(1.26	)		(1.06	)		(1.04	)		(1.15	)
Net asset value, end of period	$	47.81		$	46.26		$	48.60		$	47.08		$	40.66		$	44.18
Total Return
Based on net asset value		5.04	%(e)		(2.27	)%		5.92	%		18.62	%		(5.52	)%		(4.54	)%
Ratios to Average Net Assets
Total expenses		0.31	%(f)(g)		0.32	%(g)		0.31	%(g)		0.32	%		0.33	%		0.33	%
Total expenses after fees waived		0.30	%(f)(g)		0.30	%(g)		0.31	%(g)		0.32	%		0.33	%		0.33	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.32	%		N/A			0.32	%		N/A			N/A
Net investment income		2.10	%(f)		2.91	%		2.69	%		2.62	%(b)		2.67	%		2.55	%
Supplemental Data
Net assets, end of period (000)	$	3,643,362		$	3,867,472		$	3,158,687		$	2,655,487		$	1,911,104		$	2,023,411
Portfolio turnover rate(h)		10	%(e)(i)		15	%(i)		6	%(i)		7	%		11	%		6	%

^(a) Based on average shares outstanding.

^(b) Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

• Net investment income per share by $0.01.

• Ratio of net investment income to average net assets by 0.02%.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Not annualized.

^(f) Annualized.

^(g) The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(h) Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾ Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund's financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

F i n a n c i a l   H i g h l i g h t s 95

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	64.94		$	68.87		$	66.78		$	58.27		$	64.91		$	66.89
Net investment income(a)		0.58			1.95			1.93			1.72			1.73	(b)		1.83	(b)
Net realized and unrealized gain (loss)(c)		3.33			(3.87	)		2.26			8.45			(6.69	)		(2.11	)
Net increase (decrease) from investment operations		3.91			(1.92	)		4.19			10.17			(4.96	)		(0.28	)
Distributions(d)
From net investment income		(0.78	)		(2.01	)		(2.10	)		(1.66	)		(1.68	)		(1.70	)
Total distributions		(0.78	)		(2.01	)		(2.10	)		(1.66	)		(1.68	)		(1.70	)
Net asset value, end of period	$	68.07		$	64.94		$	68.87		$	66.78		$	58.27		$	64.91
Total Return
Based on net asset value		5.99	%(e)		(2.64	)%		6.32	%		17.68	%		(7.54	)%(b)		(0.41	)%(b)
Ratios to Average Net Assets
Total expenses		0.31	%(f)		0.32	%		0.31	%		0.32	%		0.33	%		0.34	%
Total expenses excluding professional fees for foreign withholding tax
claims		0.31	%(f)		0.32	%		N/A			0.32	%		0.33	%		0.33	%
Net investment income		1.72	%(f)		3.03	%		2.77	%		2.82	%		2.99	%(b)		2.84	%(b)
Supplemental Data
Net assets, end of period (000)	$	63,180,019		$	60,080,634		$	72,770,477		$	78,691,555		$	59,853,751		$	61,459,174
Portfolio turnover rate(g)		1	%(e)		4	%		4	%		2	%		3	%		2	%

^(a) Based on average shares outstanding.

^(b) Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2016 and July 31, 2015, respectively:

• Net investment income per share by $0.02 and $0.06, respectively.

• Total return by 0.03% and 0.07%, respectively.

• Ratio of net investment income to average net assets by 0.04% and 0.08%, respectively.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

96 2 0 2 0     I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	57.03		$	63.44		$	59.60		$	51.00		$	51.44		$	51.45
Net investment income(a)		0.49			1.43			1.46			1.28	(b)		1.20			1.12
Net realized and unrealized gain (loss)(c)		4.21			(6.23	)		3.90			8.83			(0.54	)		0.11
Net increase (decrease) from investment operations		4.70			(4.80	)		5.36			10.11			0.66			1.23
Distributions(d)
From net investment income		(1.26	)		(1.61	)		(1.52	)		(1.51	)		(1.10	)		(1.24	)
Total distributions		(1.26	)		(1.61	)		(1.52	)		(1.51	)		(1.10	)		(1.24	)
Net asset value, end of period	$	60.47		$	57.03		$	63.44		$	59.60		$	51.00		$	51.44
Total Return
Based on net asset value		8.19	%(e)		(7.41	)%(f)		9.01	%		20.21	%(b)		1.35	%		2.55	%
Ratios to Average Net Assets
Total expenses		0.39	%(g)		0.40	%		0.39	%		0.40	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		N/A			0.40	%		N/A			N/A
Net investment income		1.66	%(g)		2.47	%		2.28	%		2.38	%(b)		2.44	%		2.26	%
Supplemental Data
Net assets, end of period (000)	$	11,017,514		$	9,455,843		$	11,178,397		$	8,737,472		$	5,967,131		$	5,184,949
Portfolio turnover rate(h)		9	%(e)		10	%		8	%		6	%		17	%		13	%

^(a) Based on average shares outstanding.

^(b) Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

• Net investment income per share by $0.01.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.02%.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Not annualized.

^(f) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i n a n c i a l   H i g h l i g h t s 97

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

	Diversification
iShares ETF	Classification
Adaptive Currency Hedged MSCI EAFE	Diversified
Currency Hedged MSCI ACWI ex U.S	Diversified
Currency Hedged MSCI EAFE	Diversified
Currency Hedged MSCI EAFE Small-Cap	Diversified
MSCI ACWI ex U.S.	Diversified
MSCI EAFE	Diversified
MSCI EAFE Small-Cap	Diversified

Currently each currency hedged fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedules of investments for the underlying funds are included in this report and should be read in conjunction with the financial statements of the currency hedged funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign CurrencyTranslation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, each of the currency hedged funds has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2020, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

98 2020   I S h a r e s   S e m i - A n n u a l    R e p o r t   t o   S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
	●	Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
	●	Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.
	●	Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).
	●	Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.
	●	Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

● Level 1 – Unadjusted price quotations in active markets for identical assets or liabilities;

● Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

● Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

N o t e s   t o    F i n a n c i a l    S t a t e m e n t 99

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of January 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of January 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of January 31, 2020:

	Market Value of		Cash Collateral		Non-Cash Collateral
iShares ETF and Counterparty	Securities on Loan		Received(a)		Received		Net Amount
MSCI ACWI ex U.S
Barclays Capital Inc.	$	40,539	$	40,539	$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		524,370		524,370		—		—
BNP Paribas Securities Corp.		81,873		81,873		—		—
BofA Securities, Inc.		6,251,077		6,251,077		—		—
Citigroup Global Markets Inc.		1,677,863		1,677,863		—		—
Credit Suisse Securities (USA) LLC		214,565		214,565		—		—
Goldman Sachs & Co.		2,750,230		2,750,230		—		—
Jefferies LLC		271,194		271,194		—		—
JPMorgan Securities LLC		3,545,254		3,545,254		—		—
Macquarie Bank Limited		526,155		526,155		—		—
Morgan Stanley & Co. LLC		15,505,441		15,505,441		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		326,261		326,261		—		—
Nomura Securities International Inc.		104,285		104,285		—		—
RBC Capital Markets LLC		49,647		49,647		—		—
Scotia Capital (USA) Inc.		294,166		294,166		—		—
TD Prime Services LLC		382,251		382,251		—		—
UBS Securities LLC		20,709		20,709		—		—
Wells Fargo Securities LLC		570,818		570,818		—		—
	$	33,136,698	$	33,136,698	$	—	$	—

100 2020   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

	Market Value of		Cash Collateral		Non-Cash Collateral
iShares ETF and Counterparty	Securities on Loan		Received(a)		Received		Net Amount
MSCI EAFE
Barclays Capital Inc.	$	13,154,337	$	13,154,337	$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		165,876		165,876		—		—
BofA Securities, Inc.		31,044,102		31,044,102		—		—
Citadel Clearing LLC		350,982		350,982		—		—
Citigroup Global Markets Inc.		5,264,516		5,264,516		—		—
Credit Suisse AG Dublin Branch		22,685,815		22,685,815		—		—
Credit Suisse Securities (USA) LLC		2,243,603		2,243,603		—		—
Goldman Sachs & Co.		39,721,459		39,721,459		—		—
HSBC Bank PLC		595,993		595,993		—		—
Jefferies LLC		1,610,832		1,610,832		—		—
JPMorgan Securities LLC		25,241,198		25,241,198		—		—
Morgan Stanley & Co. LLC		173,968,956		173,968,956		—		—
Nomura Securities International Inc.		177,423		177,423		—		—
RBC Capital Markets LLC		13,823		13,823		—		—
SG Americas Securities LLC		101,551		101,551		—		—
State Street Bank & Trust Company		6,560		6,560		—		—
UBS Securities LLC		870,409		870,409		—		—
Wells Fargo Bank, National Association		5,506,283		5,506,283		—		—
Wells Fargo Securities LLC		594,389		594,389		—		—
	$	323,318,107	$	323,318,107	$	—	$	—
MSCI EAFE Small-Cap
Barclays Capital Inc.	$	7,896,574	$	7,896,574	$	—	$	—
BNP Paribas Securities Corp.		2,293,027		2,293,027		—		—
BofA Securities, Inc.		38,525,716		38,525,716		—		—
Citigroup Global Markets Inc.		38,593,505		38,593,505		—		—
Credit Suisse AG Dublin Branch		23,715,197		23,715,197		—		—
Credit Suisse Securities (USA) LLC		19,694,333		19,694,333		—		—
Deutsche Bank Securities Inc.		14,931,551		14,931,551		—		—
Goldman Sachs & Co.		128,186,487		128,186,487		—		—
HSBC Bank PLC		7,971,839		7,971,839		—		—
Jefferies LLC		367,105		367,105		—		—
JPMorgan Securities LLC		18,166,756		18,166,756		—		—
Macquarie Bank Limited		14,058,942		14,058,942		—		—
Morgan Stanley & Co. LLC		108,011,648		108,011,648		—		—
National Financial Services LLC		699,484		699,484		—		—
Natixis Securities Americas LLC		112,804		112,804		—		—
Nomura Securities International Inc.		3,264,052		3,264,052		—		—
Scotia Capital (USA) Inc.		1,597,008		1,597,008		—		—
SEB Securities Inc.		4,334,862		4,334,862		—		—
SG Americas Securities LLC		1,399,443		1,399,443		—		—
State Street Bank & Trust Company		459,095		459,095		—		—
UBS AG		12,069,026		12,069,026		—		—
UBS Securities LLC		3,350,191		3,350,191		—		—
Wells Fargo Securities LLC		112,112		112,112		—		—
	$	449,810,757	$	449,810,757	$	—	$	—

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

N o t e s   t o    F i n a n c i a l    S t a t e m e n t 101

Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

Forward Foreign Currency Exchange Contracts: Each currency-hedged fund uses forward foreign currency exchange contracts to hedge the currency exposure of non-U.S. dollar-denominated securities held in its portfolio or its underlying fund’s portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts (“NDFs”) are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. Except for NDFs, the forward foreign currency exchange contracts held by the Funds generally do not require collateral. Cash collateral pledged to the counterparty, if any, is presented as cash pledged as collateral for OTC derivatives on the statement of assets and liabilities. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as affiliated investments at value and as a liability for cash received as collateral on OTC derivatives. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, each Fund bears the risk of loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

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Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Adaptive Currency Hedged MSCI EAFE		0.38	%
Currency Hedged MSCI ACWI ex U.S		0.38
Currency Hedged MSCI EAFE		0.38
Currency Hedged MSCI EAFE Small-Cap		0.43

For its investment advisory services to each of the iShares MSCI ACWI ex U.S. and iShares MSCI EAFE ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

For its investment advisory services to the iShares MSCI EAFE Small-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $12 billion		0.4000	%
Over $12 billion, up to and including $18 billion		0.3800
Over $18 billion, up to and including $24 billion		0.3610
Over $24 billion, up to and including $30 billion		0.3430
Over $30 billion		0.3259
Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses are a fund’s total annual operating expenses.

For each of the iShares Adaptive Currency Hedged MSCI EAFE ETF and iShares Currency Hedged MSCI EAFE ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through November 30, 2020 so that each Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to each Fund’s investments in the iShares MSCI EAFE ETF (“EFA”), after taking into account any fee waivers by EFA, plus 0.03%.

For the iShares Currency Hedged MSCI ACWI ex U.S. ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2020 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI ACWI ex U.S. ETF (“ACWX”), after taking into account any fee waivers by ACWX, plus 0.03%.

For the iShares Currency Hedged MSCI EAFE Small-Cap ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2020 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE Small-Cap ETF (“SCZ”), taking into account any fee waivers by SCZ, plus 0.03%.

For the iShares MSCI ACWI ex U.S. ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2021 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

N o t e s   t o    F i n a n c i a l    S t a t e m e n t 103

Notes to Financial Statements (unaudited) (continued)

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended January 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

	Fees Paid
iShares ETF	to BTC
Adaptive Currency Hedged MSCI EAFE	$	128
Currency Hedged MSCI ACWI ex U.S		1,965
Currency Hedged MSCI EAFE Small-Cap		1,310
MSCI ACWI ex U.S		128,256
MSCI EAFE		683,808
MSCI EAFE Small-Cap		2,092,813

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

					Net Realized
iShares ETF	Purchases		Sales		Gain (Loss)
MSCI ACWI ex U.S	$	10,222,455	$	11,693,322	$	(3,394,252	)
MSCI EAFE		315,807,573		31,085,614		(31,457,872	)
MSCI EAFE Small-Cap		64,202,653		171,842,263		77,078,446

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Adaptive Currency Hedged MSCI EAFE	$	185,995	$	173,804
Currency Hedged MSCI ACWI ex U.S		3,644,073		3,287,007
Currency Hedged MSCI EAFE		118,414,394		173,288,589
Currency Hedged MSCI EAFE Small-Cap		1,624,362		1,942,486
MSCI ACWI ex U.S		383,556,426		404,383,188
MSCI EAFE		1,036,001,180		387,117,426
MSCI EAFE Small-Cap		1,031,760,219		908,701,325

104 2 0 2 0   I  S h a r e s   S e m i - A n n u a l  R e p o r t   t o   S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

For the six months ended January 31, 2020, in-kind transactions were as follows:

	In-kind		In-kind
iShares ETF	Purchases		Sales
Adaptive Currency Hedged MSCI EAFE	$	1,457,926	$	—
Currency Hedged MSCI ACWI ex U.S		8,232,170		—
Currency Hedged MSCI EAFE		144,945,098		113,341,876
Currency Hedged MSCI EAFE Small-Cap		13,461,494		4,513,402
MSCI ACWI ex U.S		58,801,938		426,522,724
MSCI EAFE		795,262,134		1,200,800,222
MSCI EAFE Small-Cap		974,107,863		159,330,299

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Currency Hedged MSCI ACWI ex U.S	$	952,940
MSCI ACWI ex U.S		220,257,323
MSCI EAFE		4,180,702,353
MSCI EAFE Small-Cap		174,125,095

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

			Gross Unrealized		Gross Unrealized			Net Unrealized Appreciation
iShares ETF	Tax Cost		Appreciation		Depreciation			(Depreciation)
Adaptive Currency Hedged MSCI EAFE	$	9,595,981	$	443,242	$	(53,685	)	$	389,557
Currency Hedged MSCI ACWI ex U.S		81,009,603		2,859,224		(887,831	)		1,971,393
Currency Hedged MSCI EAFE		2,922,165,739		135,796,034		(48,812,066	)		86,983,968
Currency Hedged MSCI EAFE Small-Cap		36,754,445		626,319		(656,234	)		(29,915	)
MSCI ACWI ex U.S		3,645,125,226		457,390,719		(438,727,877	)		18,662,842
MSCI EAFE		60,909,180,390		13,841,874,914		(11,492,269,698	)		2,349,605,216
MSCI EAFE Small-Cap		10,729,428,810		1,923,423,159		(1,233,823,434	)		689,599,725

9. LINE OF CREDIT

The iShares MSCI ACWI ex U.S. ETF, along with certain other iShares funds, are parties to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Fund did not borrow under the credit agreement during the six months ended January 31, 2020.

N o t e s   t o    F i n a n c i a l    S t a t e m e n t 105

Notes to Financial Statements (unaudited) (continued)

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/20				Year Ended 07/31/19
iShares ETF		Shares		Amount		Shares			Amount
Adaptive Currency Hedged MSCI EAFE
Shares sold		50,000	$	1,457,060		200,000		$	5,688,999
Currency Hedged MSCI ACWI ex U.S
Shares sold		300,000	$	8,242,504		2,050,000		$	52,987,081
Shares redeemed		—		—		(1,000,000	)		(26,125,270	)
Net increase		300,000	$	8,242,504		1,050,000		$	26,861,811

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/20						Year Ended 07/31/19
iShares ETF		Shares			Amount			Shares			Amount
Currency Hedged MSCI EAFE
Shares sold		4,750,000		$	144,414,420			17,400,000		$	505,772,686
Shares redeemed		(3,750,000	)		(112,972,749	)		(34,500,000	)		(975,658,801	)
Net increase(decrease)		1,000,000		$	31,441,671			(17,100,000	)	$	(469,886,115	)
Currency Hedged MSCI EAFE Small-Cap
Shares sold		450,000		$	13,461,466			950,000		$	27,575,631
Shares redeemed		(150,000	)		(4,557,298	)		(750,000	)		(21,301,793	)
Net increase		300,000		$	8,904,168			200,000		$	6,273,838
MSCI ACWI ex U.S.
Shares sold		3,000,000		$	143,287,966			56,800,000		$	2,476,852,813
Shares redeemed		(10,400,000	)		(511,173,559	)		(38,200,000	)		(1,695,569,794	)
Net increase(decrease)		(7,400,000	)	$	(367,885,593	)		18,600,000		$	781,283,019
MSCI EAFE
Shares sold		22,200,000		$	1,529,905,148			28,800,000		$	1,716,650,636
Shares redeemed		(19,200,000	)		(1,209,611,531	)		(160,200,000	)		(10,395,013,544	)
Net increase(decrease)		3,000,000		$	320,293,617			(131,400,000	)	$	(8,678,362,908	)
MSCI EAFE Small-Cap
Shares sold		19,400,000		$	1,191,889,787			17,000,000		$	935,513,648
Shares redeemed		(3,000,000	)		(168,598,905	)		(27,400,000	)		(1,633,247,667	)
Net increase(decrease)		16,400,000		$	1,023,290,882			(10,400,000	)	$	(697,734,019	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

12.FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI ACWI ex U.S. and iShares MSCI EAFE Small-Cap ETFs have filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations made by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Funds continue to evaluate developments in Finland for potential impact to the receivables and payables recorded. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.

The iShares MSCI EAFE ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of January 31, 2020, is $53,875,037 or $0.06 per share.

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares MSCI ACWI ex U.S., iShares MSCI EAFE and iShares MSCI EAFE Small-Cap ETFs is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

N o t e s   t o   F i n a n c i a l  S t a t e m e n t s 107

Notes to Financial Statements (unaudited) (continued)

13.LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

14.SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares Adaptive Currency Hedged MSCI EAFE 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 ex U.S. ETF, iShares MSCI EAFE ETF and iShares MSCI EAFE Small-Cap ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S t a t e m e n t   R e g a r d i n g   L i q u i d i t y   R i s k   M a n a g e m e n t   P r o g r a m 109

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes. 

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Adaptive Currency Hedged MSCI EAFE(a)	$	0.281206	$	—	$	0.044254	$	0.325460		86	%		—	%		14	%		100	%
Currency Hedged MSCI ACWI ex U.S.(a)		0.411125		—		0.043270		0.454395		90			—			10			100
Currency Hedged MSCI EAFE(a)		0.305838		0.668938		0.046780		1.021556		30			65			5			100
Currency Hedged MSCI EAFE Small-Cap(a)		0.232390		0.316020		0.386106		0.934516		25			34			41			100
MSCI ACWI ex U.S.(a)		0.719582		—		0.074291		0.793873		91			—			9			100
MSCI EAFE(a)		0.671024		—		0.104778		0.775802		86			—			14			100
MSCI EAFE Small-Cap(a)		0.453633		—		0.803742		1.257375		36			—			64			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

G e n e r a l    I n f o r m a t i o n 111

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
SDR	Swedish Depositary Receipt
Counterparty Abbreviations
BNP	BNP Paribas SA
BNY	Bank of New York
BOA	Bank of America N.A.
CITI	Citibank N.A.
CSI	Credit Suisse International
HSBC	HSBC Bank PLC
IBC	Imperial Bank of Canada
JPM	JPMorgan Chase Bank N.A.
MS	Morgan Stanley & Co. International PLC
NAB	National Australia Bank Limited
RBS	Royal Bank of Scotland PLC
SSB	State Street Bank and Trust Co.
TDB	Toronto Dominion Bank
UBS	UBS AG
WBC	Westpac Banking Corp.
Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
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
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar

Currency Abbreviations (continued)
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

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Want to know more? 

iShares.com | 1-800-474-2737

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-703-0120

 

JANUARY 31, 2020

2020 Semi-Annual Report (Unaudited)

iShares Trust

• iShares MSCI EAFE Growth ETF | EFG | Cboe BZX

• iShares MSCI EAFE Value ETF | EFV | Cboe BZX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents

	Page
Fund Summary	3
About Fund Performance	5
Shareholder Expenses	5
Schedules of Investments	6
Financial Statements
Statements of Assets and Liabilities	20
Statements of Operations	21
Statements of Changes in Net Assets	22
Financial Highlights	23
Notes to Financial Statements	25
Statement Regarding Liquidity Risk Management Program	32
Supplemental Information	33
General Information	34
Glossary of Terms Used in this Report	35

Fund Summary as of January 31, 2020 iShares^® MSCI EAFE Growth ETF

Investment Objective

The iShares MSCI EAFE Growth ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding the U.S. and Canada, that exhibit growth characteristics, as represented by the MSCI EAFE Growth 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
	6 Months		1 Year		5 Years		10 Years		1 Year		5 Years		10 Years
Fund NAV	7.55	%	19.17	%	7.04	%	7.06	%	19.17	%	40.49	%	97.86	%
Fund Market	7.45		18.46		6.98		7.09		18.46		40.12		98.39
Index	7.74		19.46		7.33		7.35		19.46		42.40		103.22

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 5 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Annualized Expense Ratio
$	1,000.00	$	1,075.50	$	2.03		$	1,000.00	$	1,023.20	$	1.98			0.39	%

^(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 5 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		(a)
Consumer Staples		19.0	%
Industrials		18.0
Health Care		17.6
Information Technology		12.4
Consumer Discretionary		12.2
Financials		7.6
Materials		5.3
Communication Services		3.2
Real Estate		2.8
Utilities		1.1
Energy		0.8

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments		(a)
Japan		24.4	%
Switzerland		13.4
France		11.9
United Kingdom		11.2
Germany		7.7
Australia		7.0
Netherlands		6.1
Denmark		3.5
Hong Kong		3.4
Sweden		3.1

^(a) Excludes money market funds.

F u n d  S u m m a r y 3

Fund Summary as of January 31, 2020 iShares^® MSCI EAFE Value ETF

Investment Objective

The iShares MSCI EAFE Value ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding the U.S. and Canada, that exhibit value characteristics, as represented by the MSCI EAFE Value 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
	6 Months		1 Year		5 Years		10 Years		1 Year		5 Years		10 Years
Fund NAV	4.28	%	4.78	%	2.68	%	3.92	%	4.78	%	14.16	%	46.88	%
Fund Market	4.16		4.01		2.57		3.95		4.01		13.51		47.25
Index	4.46		4.87		2.84		4.09		4.87		15.03		49.25

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 5 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Annualized Expense Ratio
$	1,000.00	$	1,042.80	$	2.00		$	1,000.00	$	1,023.20	$	1.98			0.39	%

^(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 5 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments		(a)
Financials		29.5	%
Industrials		12.1
Consumer Discretionary		10.3
Materials		8.6
Energy		8.4
Health Care		7.3
Communication Services		7.3
Utilities		7.0
Real Estate		4.3
Consumer Staples		3.6
Information Technology		1.6

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments		(a)
Japan		25.0	%
United Kingdom		20.9
France		10.5
Germany		9.6
Australia		7.6
Switzerland		5.7
Spain		4.0
Italy		3.7
Hong Kong		3.4
Sweden		1.8

^(a) Excludes money market funds.

4 2 0 2 0  I  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

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 iShares.com. 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 ask 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. 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 your 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your 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 under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your 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 b o u t  F u n d  P e r f o r m a n c e / S h a r e h o l d e r  E x p e n s e s 5

Schedule of Investments (unaudited)	iShares® MSCI EAFE Growth ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.0%
Alumina Ltd.		750,910	$	1,095,879
APA Group		723,891		5,490,616
Aristocrat Leisure Ltd.		348,339		8,441,676
ASX Ltd.		118,774		6,811,898
Aurizon Holdings Ltd.		1,194,676		4,326,786
BlueScope Steel Ltd.		315,374		3,008,561
Brambles Ltd.		958,606		8,105,158
Caltex Australia Ltd.		150,546		3,464,919
CIMIC Group Ltd.		58,784		1,152,648
Coca-Cola Amatil Ltd.		310,932		2,493,677
Cochlear Ltd.		34,827		5,620,530
Coles Group Ltd.		686,022		7,600,708
Computershare Ltd.		299,804		3,610,660
Crown Resorts Ltd.		221,870		1,737,811
CSL Ltd.		276,735		57,810,442
Dexus		672,946		5,730,405
Flight Centre Travel Group Ltd.		32,650		859,220
Goodman Group		999,215		9,960,283
GPT Group (The)		1,195,097		4,800,345
Incitec Pivot Ltd.		985,183		2,163,260
Insurance Australia Group Ltd.		1,399,464		6,633,046
James Hardie Industries PLC		271,342		5,776,465
Lendlease Group		346,107		4,198,427
Macquarie Group Ltd.		197,301		19,121,672
Magellan Financial Group Ltd.		78,229		3,522,956
Medibank Pvt Ltd.		1,098,267		2,279,227
Mirvac Group		2,413,561		5,493,577
Newcrest Mining Ltd.		471,476		9,320,539
Oil Search Ltd.		841,919		4,080,627
Orica Ltd.		233,491		3,568,569
Qantas Airways Ltd.		448,171		1,923,179
QBE Insurance Group Ltd.		806,578		7,424,498
Ramsay Health Care Ltd.		99,185		5,258,831
REA Group Ltd.		32,321		2,468,814
Santos Ltd.		1,086,242		6,319,233
Seek Ltd.		205,168		3,116,464
Sonic Healthcare Ltd.		271,318		5,752,342
Sydney Airport		678,992		3,813,683
Tabcorp Holdings Ltd.		1,238,883		3,889,745
Telstra Corp. Ltd.		2,553,880		6,565,227
TPG Telecom Ltd.		79,306		397,124
Transurban Group		1,653,917		17,383,266
Treasury Wine Estates Ltd.		433,009		3,777,108
Washington H Soul Pattinson & Co. Ltd.		73,437		1,059,449
Wesfarmers Ltd.		452,163		13,685,086
WiseTech Global Ltd.(a)		87,847		1,471,993
Woolworths Group Ltd.		768,388		21,522,378
Worley Ltd.		206,973		2,111,624
				316,220,631
Austria — 0.0%
Verbund AG		41,774		2,209,148
Belgium — 1.2%
Anheuser-Busch InBev SA/NV		465,213		35,273,873
Colruyt SA		16,939		847,547
Galapagos NV(b)		26,134		5,853,161
Telenet Group Holding NV		29,078		1,352,774
UCB SA		77,566		7,141,445

Security	Shares		Value
Belgium (continued)
Umicore SA(a)		120,930	$	5,570,989
				56,039,789
Denmark — 3.5%
AP Moller - Maersk A/S, Class B, NVS		2,607		3,128,392
Carlsberg A/S, Class B		65,629		9,600,042
Chr Hansen Holding A/S		64,715		4,825,302
Coloplast A/S, Class B		72,886		9,198,097
Demant A/S(b)		66,142		2,148,057
DSV Panalpina A/S		132,463		14,410,472
Genmab A/S(b)		39,872		9,209,168
H Lundbeck A/S		41,589		1,768,813
Novo Nordisk A/S, Class B		1,080,327		66,085,089
Novozymes A/S, Class B		131,005		6,836,463
Orsted A/S(c)		115,016		12,553,371
Pandora A/S		61,351		3,178,841
Tryg A/S		74,193		2,248,890
Vestas Wind Systems A/S		114,935		11,467,337
				156,658,334
Finland — 1.0%
Elisa OYJ		56,721		3,415,716
Fortum OYJ		177,120		4,290,778
Kone OYJ, Class B		208,529		13,463,413
Metso OYJ		64,565		2,297,501
Neste OYJ		256,327		10,192,132
Nokia OYJ		3,429,725		13,376,993
				47,036,533
France — 11.8%
Accor SA		106,603		4,374,630
Aeroports de Paris		18,212		3,451,215
Air Liquide SA		287,999		41,730,243
Airbus SE		356,300		52,610,046
Alstom SA		116,966		6,214,067
BioMerieux		25,790		2,556,524
Bollore SA		540,675		2,201,373
Bureau Veritas SA		180,228		4,975,242
Capgemini SE		96,640		12,032,289
Danone SA		377,008		30,248,746
Dassault Aviation SA		1,536		1,869,011
Dassault Systemes SE		80,010		13,894,135
Edenred		149,211		8,067,703
Eiffage SA		47,201		5,479,280
EssilorLuxottica SA		173,058		25,746,857
Eurazeo SE		23,444		1,680,948
Eurofins Scientific SE(a)		7,089		3,818,031
Getlink SE		269,933		4,771,280
Hermes International		19,294		14,466,801
Iliad SA(a)		15,565		2,047,473
Ingenico Group SA		37,132		4,328,948
Ipsen SA		23,138		1,717,983
JCDecaux SA		52,223		1,399,382
Kering SA		46,259		28,451,650
Legrand SA		163,691		13,133,534
L’Oreal SA		154,282		43,068,690
LVMH Moet Hennessy Louis Vuitton SE		169,724		74,351,256
Pernod Ricard SA		129,642		22,484,245
Peugeot SA		180,417		3,720,849
Remy Cointreau SA		13,893		1,465,721
Safran SA		199,828		32,320,545
Sartorius Stedim Biotech		16,965		3,047,580

6 2 0 2 0  I  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Growth ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
SCOR SE		34,047	$	1,449,998
SEB SA		13,260		1,706,059
Sodexo SA		54,280		5,690,484
STMicroelectronics NV		415,235		11,637,536
Teleperformance		35,505		8,923,820
Thales SA		65,372		7,188,019
Ubisoft Entertainment SA(b)		51,848		3,943,915
Valeo SA		147,881		4,411,697
Vivendi SA		521,411		14,307,016
Wendel SA		16,202		2,165,380
Worldline SA(b)(c)		61,627		4,353,810
				537,504,011
Germany — 7.4%
adidas AG		110,127		34,879,823
Allianz SE, Registered		90,704		21,696,852
Aroundtown SA		551,270		5,214,792
Beiersdorf AG		61,843		7,017,925
Brenntag AG		47,395		2,462,285
Carl Zeiss Meditec AG, Bearer		24,692		3,023,687
Delivery Hero SE(b)(c)		45,169		3,484,919
Deutsche Bank AG, Registered		602,304		5,529,350
Deutsche Boerse AG		115,910		18,888,792
Deutsche Post AG, Registered		603,958		21,133,350
Deutsche Wohnen SE		77,240		3,269,820
Fresenius Medical Care AG & Co. KGaA		130,702		10,095,626
GEA Group AG		93,310		2,801,273
Henkel AG & Co. KGaA		63,756		5,899,644
HOCHTIEF AG		15,168		1,758,240
Infineon Technologies AG		762,671		16,545,482
Knorr-Bremse AG		29,667		3,238,711
LANXESS AG		50,990		3,069,467
Merck KGaA		79,292		10,184,297
MTU Aero Engines AG		31,543		9,591,915
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		43,927		12,963,461
Puma SE		50,890		4,083,093
QIAGEN NV(b)		139,240		4,653,863
RWE AG		354,849		12,324,259
SAP SE		600,049		78,347,289
Siemens Healthineers AG(c)		92,023		4,332,107
Symrise AG		77,894		8,022,781
thyssenkrupp AG(a)		248,244		3,071,537
United Internet AG, Registered(d)		75,458		2,450,141
Wirecard AG(a)		71,161		10,504,237
Zalando SE(b)(c)		84,929		4,087,559
				334,626,577
Hong Kong — 3.4%
AIA Group Ltd.		7,380,600		73,902,001
ASM Pacific Technology Ltd.		187,100		2,556,544
Bank of East Asia Ltd. (The)(a)		399,800		867,060
BeiGene Ltd., ADR(a)(b)		14,379		2,190,784
Budweiser Brewing Co. APAC Ltd.(a)(b)(c)		812,500		2,469,446
Dairy Farm International Holdings Ltd.		127,600		657,140
Galaxy Entertainment Group Ltd.		1,313,000		8,708,354
Hong Kong & China Gas Co. Ltd.		3,996,310		7,699,365
Hong Kong Exchanges & Clearing Ltd.		724,300		24,140,535
Kerry Properties Ltd.		133,500		375,662
Link REIT		1,282,200		13,045,087
Melco Resorts & Entertainment Ltd., ADR		128,935		2,600,619

Security	Shares		Value
Hong Kong (continued)
NWS Holdings Ltd.		335,000	$	434,017
Techtronic Industries Co. Ltd.		841,500		6,822,036
Vitasoy International Holdings Ltd.(a)		456,000		1,659,004
WH Group Ltd.(c)		5,866,000		5,635,663
Wynn Macau Ltd.		621,600		1,309,660
				155,072,977
Ireland — 0.8%
CRH PLC(b)		489,010		18,381,960
Kerry Group PLC, Class A		96,643		12,348,606
Kingspan Group PLC		92,523		5,706,018
				36,436,584
Israel — 0.6%
Check Point Software Technologies Ltd.(a)(b)		73,836		8,440,193
CyberArk Software Ltd.(a)(b)		23,154		3,200,578
Elbit Systems Ltd.		14,900		2,290,014
Israel Discount Bank Ltd., Class A		460,681		2,101,382
Nice Ltd.(b)		38,120		6,610,437
Wix.com Ltd.(b)		29,062		4,146,857
				26,789,461
Italy — 0.7%
Davide Campari-Milano SpA		356,312		3,447,172
Ferrari NV		73,939		12,495,731
FinecoBank Banca Fineco SpA		340,859		3,994,601
Leonardo SpA		160,171		1,984,467
Moncler SpA		110,782		4,787,977
Poste Italiane SpA(c)		112,185		1,286,747
Prysmian SpA		148,901		3,313,443
Recordati SpA		64,147		2,746,119
				34,056,257
Japan — 24.3%
ABC-Mart Inc.		19,100		1,240,614
Acom Co. Ltd.		230,100		1,095,462
Advantest Corp.		122,400		6,629,035
Aeon Co. Ltd.		396,200		8,237,641
Aeon Mall Co. Ltd.		37,910		638,683
Air Water Inc.		91,300		1,281,241
Ajinomoto Co. Inc.		269,500		4,488,144
Alfresa Holdings Corp.		115,300		2,369,083
ANA Holdings Inc.		67,900		2,145,035
Asahi Group Holdings Ltd.		222,400		10,436,189
Asahi Intecc Co. Ltd.		119,800		3,365,696
Astellas Pharma Inc.		1,152,800		20,745,826
Bandai Namco Holdings Inc.		122,600		7,214,493
Benesse Holdings Inc.		41,600		1,157,208
Calbee Inc.		46,500		1,540,204
Casio Computer Co. Ltd.		41,700		788,331
Chugai Pharmaceutical Co. Ltd.		136,100		14,145,560
Coca-Cola Bottlers Japan Holdings Inc.		75,900		2,025,914
CyberAgent Inc.(a)		59,700		2,431,845
Daifuku Co. Ltd.		62,100		3,856,004
Daiichi Sankyo Co. Ltd.		346,300		23,774,676
Daikin Industries Ltd.		152,100		21,941,076
Daito Trust Construction Co. Ltd.		43,800		5,215,104
Disco Corp.		16,100		3,838,391
East Japan Railway Co.		184,200		16,485,122
Eisai Co. Ltd.		153,200		11,772,873
FamilyMart Co. Ltd.		155,400		3,452,537
FANUC Corp.		41,000		7,686,672
Fast Retailing Co. Ltd.		35,500		19,435,992

S c h e d u l e  o f  I n v e s t m e n t s 7

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Growth ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Fuji Electric Co. Ltd.		77,800	$	2,361,600
FUJIFILM Holdings Corp.		220,900		11,176,967
GMO Payment Gateway Inc.(a)		25,000		1,639,987
Hakuhodo DY Holdings Inc.		143,200		2,082,236
Hamamatsu Photonics KK		86,000		3,729,298
Hankyu Hanshin Holdings Inc.		70,200		2,895,179
Hikari Tsushin Inc.		12,800		3,189,814
Hirose Electric Co. Ltd.		7,000		888,038
Hisamitsu Pharmaceutical Co. Inc.		9,900		513,337
Hitachi Chemical Co. Ltd.		63,800		2,704,812
Hitachi High-Technologies Corp.		42,200		3,083,674
Hitachi Ltd.		383,000		14,947,548
Hoshizaki Corp.		33,300		3,103,105
Hoya Corp.		232,700		22,757,946
Hulic Co. Ltd.		186,900		2,300,361
IHI Corp.		45,000		1,091,526
ITOCHU Corp.		413,200		9,790,078
Itochu Techno-Solutions Corp.		55,800		1,670,628
Japan Airport Terminal Co. Ltd.		31,400		1,480,408
Japan Exchange Group Inc.		203,200		3,719,600
Japan Prime Realty Investment Corp.		168		776,565
Japan Real Estate Investment Corp.		282		2,058,052
JTEKT Corp.		44,200		482,842
Kakaku.com Inc.		83,500		2,215,676
Kansai Paint Co. Ltd.		108,700		2,653,690
Kao Corp.		294,300		23,845,944
Kawasaki Heavy Industries Ltd.		30,300		614,191
Keihan Holdings Co. Ltd.		59,000		2,702,726
Keikyu Corp.		135,300		2,529,112
Keio Corp.		63,011		3,650,958
Keisei Electric Railway Co. Ltd.		79,300		2,904,655
Keyence Corp.		111,348		38,391,611
Kikkoman Corp.		89,100		4,414,513
Kintetsu Group Holdings Co. Ltd.		105,200		5,600,443
Kirin Holdings Co. Ltd.		500,100		11,131,533
Kobayashi Pharmaceutical Co. Ltd.		30,200		2,477,077
Koito Manufacturing Co. Ltd.		64,000		2,843,198
Konami Holdings Corp.		57,200		2,237,653
Kose Corp.		20,400		2,772,450
Kubota Corp.		417,700		6,707,633
Kurita Water Industries Ltd.		60,500		1,805,762
Kyocera Corp.		196,800		13,207,761
Kyowa Kirin Co. Ltd.		52,100		1,243,074
Lawson Inc.		30,700		1,795,802
LINE Corp.(a)(b)		36,900		1,824,828
Lion Corp.		133,100		2,569,038
M3 Inc.		270,500		8,036,260
Makita Corp.		68,700		2,697,038
Marui Group Co. Ltd.		37,900		889,235
McDonald’s Holdings Co. Japan Ltd.		40,800		1,949,938
MEIJI Holdings Co. Ltd.		70,200		5,000,175
Mercari Inc.(a)(b)		43,100		764,693
MINEBEA MITSUMI Inc.		222,600		4,489,584
MISUMI Group Inc.		174,100		4,451,087
Mitsubishi Corp.		290,100		7,555,956
Mitsubishi Estate Co. Ltd.		720,000		14,295,705
Mitsubishi Materials Corp.		23,900		613,680
Mitsui Fudosan Co. Ltd.		547,400		14,704,573
Mitsui OSK Lines Ltd.		24,500		607,838
MonotaRO Co. Ltd.		76,800		1,893,339

Security	Shares		Value
Japan (continued)
Murata Manufacturing Co. Ltd.		350,700	$	20,475,431
Nabtesco Corp.		69,100		2,059,261
Nagoya Railroad Co. Ltd.		114,500		3,396,388
NEC Corp.		150,700		6,840,836
Nexon Co. Ltd.(b)		302,400		4,143,230
NGK Insulators Ltd.		56,000		959,469
NH Foods Ltd.		17,700		787,955
Nidec Corp.		136,300		17,656,059
Nintendo Co. Ltd.		68,300		25,691,664
Nippon Building Fund Inc.		411		3,329,409
Nippon Express Co. Ltd.		48,000		2,555,335
Nippon Paint Holdings Co. Ltd.		89,800		4,374,627
Nippon Prologis REIT Inc.		612		1,761,720
Nippon Shinyaku Co. Ltd.		28,000		2,526,549
Nissan Chemical Corp.		76,600		3,240,402
Nisshin Seifun Group Inc.		60,300		1,044,825
Nissin Foods Holdings Co. Ltd.		38,800		2,956,941
Nitori Holdings Co. Ltd.		48,400		7,584,758
Nomura Research Institute Ltd.		208,270		4,650,214
NTT Data Corp.		387,200		5,555,160
Obic Co. Ltd.		39,000		5,401,024
Odakyu Electric Railway Co. Ltd.		180,800		4,063,559
Olympus Corp.		714,900		11,770,439
Omron Corp.		76,700		4,536,117
Ono Pharmaceutical Co. Ltd.		233,300		5,466,304
Oracle Corp. Japan		23,500		2,068,460
Oriental Land Co. Ltd.		121,900		16,038,142
Orix JREIT Inc.		563		1,191,086
Otsuka Corp.		64,000		2,539,097
Otsuka Holdings Co. Ltd.		119,800		5,430,432
Pan Pacific International Holdings Corp.		271,900		4,432,784
Park24 Co. Ltd.		71,300		1,812,349
PeptiDream Inc.(b)		57,600		2,784,740
Persol Holdings Co. Ltd.		104,000		1,904,692
Pigeon Corp.		70,900		2,560,995
Pola Orbis Holdings Inc.		53,700		1,187,608
Rakuten Inc.(b)		528,100		4,170,813
Recruit Holdings Co. Ltd.		828,300		32,892,035
Renesas Electronics Corp.(b)		470,000		3,083,176
Rinnai Corp.		10,200		741,579
Rohm Co. Ltd.		37,200		2,762,928
Ryohin Keikaku Co. Ltd.		146,400		2,488,064
Santen Pharmaceutical Co. Ltd.		220,700		4,186,550
Secom Co. Ltd.		83,700		7,500,836
Sega Sammy Holdings Inc.		106,600		1,474,313
Seibu Holdings Inc.		122,300		1,930,667
Sekisui Chemical Co. Ltd.		222,900		3,790,236
Seven & i Holdings Co. Ltd.		459,400		17,874,150
Seven Bank Ltd.		233,900		707,840
SG Holdings Co. Ltd.		88,300		1,894,150
Sharp Corp.		130,600		1,833,955
Shimadzu Corp.		136,200		3,920,690
Shimano Inc.		44,800		6,968,935
Shimizu Corp.		126,900		1,326,546
Shin-Etsu Chemical Co. Ltd.		221,800		26,020,086
Shionogi & Co. Ltd.		165,200		10,006,348
Shiseido Co. Ltd.		243,800		15,941,418
SMC Corp.		34,800		15,485,575
Softbank Corp.		1,027,900		14,187,742
Sohgo Security Services Co. Ltd.		42,100		2,217,936

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Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Growth ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sompo Holdings Inc.		134,000	$	5,109,766
Sony Corp.		504,700		35,939,241
Sony Financial Holdings Inc.		34,700		815,755
Square Enix Holdings Co. Ltd.		56,400		2,799,576
Stanley Electric Co. Ltd.		77,600		2,044,800
Sumitomo Dainippon Pharma Co. Ltd.		97,600		1,713,639
Sumitomo Realty & Development Co. Ltd.		204,400		7,637,773
Sundrug Co. Ltd.		42,700		1,469,493
Suntory Beverage & Food Ltd.		85,300		3,655,658
Suzuken Co. Ltd.		28,800		1,125,322
Suzuki Motor Corp.		225,900		10,487,879
Sysmex Corp.		102,600		7,475,501
Taisei Corp.		43,400		1,765,872
Taiyo Nippon Sanso Corp.		79,700		1,777,321
TDK Corp.		79,500		8,706,601
Terumo Corp.		393,000		14,445,837
THK Co. Ltd.		25,800		670,322
Tobu Railway Co. Ltd.		117,100		4,181,178
Toho Co. Ltd.		69,500		2,593,786
Toho Gas Co. Ltd.		15,900		622,738
Tokio Marine Holdings Inc.		390,100		21,541,251
Tokyo Electron Ltd.		95,800		21,655,211
Tokyu Corp.		306,700		5,467,033
Toshiba Corp.		151,800		4,901,970
TOTO Ltd.		30,400		1,269,179
Toyo Suisan Kaisha Ltd.		25,200		1,069,521
Trend Micro Inc.(b)		50,300		2,673,137
Tsuruha Holdings Inc.		22,600		2,800,369
Unicharm Corp.		247,500		8,613,461
USS Co. Ltd.		134,500		2,481,893
Welcia Holdings Co. Ltd.		28,900		1,607,852
Yakult Honsha Co. Ltd.		73,400		3,758,546
Yamaha Corp.		88,100		4,600,692
Yamato Holdings Co. Ltd.		66,200		1,084,144
Yamazaki Baking Co. Ltd.		45,500		876,542
Yaskawa Electric Corp.		147,200		5,262,721
Yokogawa Electric Corp.		140,000		2,500,715
ZOZO Inc.		63,400		1,066,367
				1,102,419,972
Netherlands — 6.1%
Adyen NV(b)(c)		6,363		5,859,778
Akzo Nobel NV		139,729		13,208,510
Altice Europe NV(b)		206,991		1,334,118
ASML Holding NV		259,885		73,225,174
EXOR NV		33,266		2,456,709
Heineken Holding NV		70,685		6,963,816
Heineken NV		158,055		17,221,396
Koninklijke DSM NV		110,511		13,508,255
Koninklijke KPN NV		2,191,757		6,152,418
Koninklijke Philips NV		552,715		25,358,282
Koninklijke Vopak NV		28,038		1,503,250
NXP Semiconductors NV		170,192		21,590,557
Prosus NV(b)		297,530		21,507,819
Unilever NV		895,975		52,326,869
Wolters Kluwer NV		170,191		12,810,100
				275,027,051
New Zealand — 0.3%
a2 Milk Co. Ltd.(b)		451,042		4,378,377
Auckland International Airport Ltd.		208,087		1,164,839

Security	Shares		Value
New Zealand (continued)
Fisher & Paykel Healthcare Corp. Ltd.		352,143	$	5,309,821
Ryman Healthcare Ltd.		245,394		2,618,723
				13,471,760
Norway — 0.5%
Aker BP ASA		66,277		1,878,057
Gjensidige Forsikring ASA		79,758		1,739,174
Mowi ASA		173,958		4,155,607
Norsk Hydro ASA		536,310		1,687,860
Orkla ASA		460,799		4,449,121
Schibsted ASA, Class B		60,643		1,723,672
Telenor ASA		154,871		2,804,977
Yara International ASA		108,630		3,952,624
				22,391,092
Portugal — 0.2%
EDP - Energias de Portugal SA		549,624		2,755,539
Galp Energia SGPS SA		307,516		4,648,366
Jeronimo Martins SGPS SA		154,424		2,660,258
				10,064,163
Singapore — 1.2%
Ascendas REIT		620,200		1,431,336
CapitaLand Commercial Trust		579,400		874,470
CapitaLand Ltd.		1,575,700		4,179,086
CapitaLand Mall Trust		1,029,700		1,901,124
City Developments Ltd.		278,900		2,165,976
ComfortDelGro Corp. Ltd.		1,328,900		2,112,765
DBS Group Holdings Ltd.		385,400		7,163,600
Genting Singapore Ltd.		3,709,800		2,337,481
Jardine Cycle & Carriage Ltd.		60,600		1,297,335
Mapletree Commercial Trust.		799,900		1,377,218
SATS Ltd.		398,300		1,330,682
Sembcorp Industries Ltd.(a)		211,000		327,731
Singapore Airlines Ltd.(a)		331,300		2,075,328
Singapore Exchange Ltd.		433,200		2,761,257
Singapore Technologies Engineering Ltd.		981,500		2,955,502
United Overseas Bank Ltd.		767,400		14,427,052
UOL Group Ltd.		287,800		1,682,646
Venture Corp. Ltd.		165,900		1,984,868
Wilmar International Ltd.		1,154,700		3,307,845
				55,693,302
Spain — 1.7%
Aena SME SA(c)		40,883		7,572,990
Amadeus IT Group SA		263,310		20,665,291
Cellnex Telecom SA(c)		153,687		7,650,593
Ferrovial SA		301,567		9,578,075
Grifols SA		183,008		6,145,128
Industria de Diseno Textil SA		666,003		22,415,024
Siemens Gamesa Renewable Energy SA		146,264		2,334,904
				76,362,005
Sweden — 3.1%
Alfa Laval AB		193,009		4,825,901
Assa Abloy AB, Class B		614,931		14,628,986
Atlas Copco AB, Class A		409,447		14,528,059
Atlas Copco AB, Class B		239,407		7,451,469
Electrolux AB, Series B		138,377		3,283,325
Epiroc AB, Class A		404,319		4,685,556
Epiroc AB, Class B		228,266		2,583,746
Essity AB, Class B		368,830		11,709,314
Hennes & Mauritz AB, Class B		172,509		3,788,033
Hexagon AB, Class B		159,351		8,682,870

S c h e d u l e  o f  I n v e s t m e n t s 9

Schedule of Investments (unaudited) (continued)	iShares®  MSCI EAFE Growth ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Husqvarna AB, Class B		256,372	$	1,934,231
ICA Gruppen AB		55,533		2,441,720
Investor AB, Class B		97,806		5,359,789
L E Lundbergforetagen AB, Class B		23,313		1,012,468
Lundin Petroleum AB		114,023		3,473,220
Sandvik AB		687,481		12,563,977
Securitas AB, Class B		192,109		3,024,546
Swedish Match AB		103,055		5,831,335
Tele2 AB, Class B		306,379		4,621,758
Telefonaktiebolaget LM Ericsson, Class B		1,884,983		14,816,008
Volvo AB, Class B		586,098		10,051,407
				141,297,718
Switzerland — 13.4%
Alcon Inc.(b)		253,047		14,939,599
Barry Callebaut AG, Registered		1,852		4,101,687
Chocoladefabriken Lindt & Spruengli AG, Participation
Certificates, NVS		652		5,465,727
Chocoladefabriken Lindt & Spruengli AG, Registered		62		5,779,252
Cie. Financiere Richemont SA, Registered		318,706		23,343,244
Coca-Cola HBC AG		120,291		4,417,695
Credit Suisse Group AG, Registered		548,859		6,951,436
EMS-Chemie Holding AG, Registered		3,264		2,138,885
Geberit AG, Registered		22,542		11,901,484
Givaudan SA, Registered		5,630		18,563,326
Julius Baer Group Ltd.		137,312		6,876,634
Kuehne + Nagel International AG, Registered		16,565		2,679,392
LafargeHolcim Ltd., Registered		103,903		5,289,686
Lonza Group AG, Registered		45,391		18,646,808
Nestle SA, Registered		1,816,994		200,416,633
Novartis AG, Registered		655,812		61,994,277
Partners Group Holding AG		11,466		10,519,070
Roche Holding AG, NVS		428,949		144,235,741
Schindler Holding AG, Participation Certificates, NVS		24,980		6,459,653
Schindler Holding AG, Registered		12,345		3,072,010
SGS SA, Registered		3,249		9,402,207
Sika AG, Registered		77,723		13,982,001
Sonova Holding AG, Registered		33,610		8,426,459
Straumann Holding AG, Registered		6,331		6,039,214
Temenos AG, Registered		40,083		6,479,278
Vifor Pharma AG		27,342		5,046,271
				607,167,669
United Kingdom — 11.2%
Ashtead Group PLC		282,974		9,157,554
Associated British Foods PLC		218,568		7,565,937
AstraZeneca PLC		800,968		78,385,289
Auto Trader Group PLC(c)		568,350		4,210,499
AVEVA Group PLC		39,633		2,569,372
Berkeley Group Holdings PLC		73,254		5,059,925
Bunzl PLC		202,893		5,255,464
Burberry Group PLC		252,445		6,499,059
Coca-Cola European Partners PLC		141,918		7,466,306
Compass Group PLC		968,571		23,964,986
Croda International PLC		78,843		5,179,915
DCC PLC		60,338		4,877,244
Diageo PLC		1,444,240		57,304,312
Evraz PLC		109,120		507,187
Experian PLC		555,850		19,321,871
Ferguson PLC		139,380		12,497,367
G4S PLC		618,763		1,593,787

Security	Shares			Value
United Kingdom (continued)
Halma PLC		229,225		$	6,366,606
Hargreaves Lansdown PLC		174,602			3,970,267
InterContinental Hotels Group PLC		106,097			6,553,005
Intertek Group PLC		99,018			7,518,273
JD Sports Fashion PLC		268,694			2,910,754
London Stock Exchange Group PLC		192,009			19,833,413
Melrose Industries PLC		2,980,646			9,162,635
Mondi PLC		104,263			2,124,815
Next PLC		81,739			7,426,018
NMC Health PLC(a)		57,634			981,573
Ocado Group PLC(b)		281,939			4,547,163
Reckitt Benckiser Group PLC		433,074			35,856,867
RELX PLC		1,186,895			31,494,703
Rentokil Initial PLC		1,134,606			6,984,630
Rolls-Royce Holdings PLC		1,049,264			9,267,039
RSA Insurance Group PLC		411,359			2,984,564
Sage Group PLC (The)		667,825			6,500,336
Segro PLC		661,646			7,942,089
Smith & Nephew PLC		532,054			12,810,227
Smiths Group PLC		157,983			3,518,439
Spirax-Sarco Engineering PLC		44,278			5,206,361
St. James's Place PLC		326,397			4,922,136
Unilever PLC		677,612			40,494,510
Vodafone Group PLC		8,158,248			16,056,029
					506,848,526
United States — 0.0%
International Flavors & Fragrances Inc.		0	(e)		12
Total Common Stocks — 99.4%
(Cost: $3,664,806,751)					4,513,393,572
Preferred Stocks
Germany — 0.3%
Fuchs Petrolub SE, Preference Shares, NVS		21,320			945,073
Henkel AG & Co. KGaA, Preference Shares, NVS		54,653			5,568,481
Sartorius AG, Preference Shares, NVS		21,820			5,092,504
					11,606,058
Total Preferred Stocks — 0.3%
(Cost: $10,325,434)					11,606,058
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(f)(g)(h)		40,578,979			40,603,326
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(f)(g)		2,487,000			2,487,000
					43,090,326
Total Short-Term Investments — 0.9%
(Cost: $43,079,005)					43,090,326
Total Investments in Securities — 100.6%
(Cost: $3,718,211,190)					4,568,089,956
Other Assets, Less Liabilities — (0.6)%					(28,450,032	)
Net Assets — 100.0%				$	4,539,639,924

^(a) All or a portion of this security is on loan.

^(b) Non-income producing security.

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Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Growth ETF
January 31, 2020

(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(d)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(e)	Rounds to less than 1.
(f)	Affiliate of the Fund.
(g)	Annualized 7-day yield as of period-end.
(h)	All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)		(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		23,018,246		17,560,733		40,578,979	$	40,603,326	$	252,902	(b)	$	(3,118	)	$	5,101
BlackRock Cash Funds: Treasury, SL Agency Shares		1,176,000		1,311,000		2,487,000		2,487,000		13,807			—			—
							$	43,090,326	$	266,709		$	(3,118	)	$	5,101

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		177	03/20/20	$	7,138	$	(188,778	)
FTSE 100 Index		28	03/20/20		2,664		(92,115	)
TOPIX Index		24	03/12/20		3,718		(90,735	)
						$	(371,628	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	371,628

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,719,610
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(635,393	)

S c h e d u l e  o f  I n v e s t m e n t s 11

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Growth ETF
January 31, 2020

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	15,592,946

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	4,513,393,572		$	—	$	—	$	4,513,393,572
Preferred Stocks		11,606,058			—		—		11,606,058
Money Market Funds		43,090,326			—		—		43,090,326
	$	4,568,089,956		$	—	$	—	$	4,568,089,956
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(371,628	)	$	—	$	—	$	(371,628	)

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

See notes to financial statements.

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Schedule of Investments (unaudited)	iShares®  MSCI EAFE Value ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.5%
AGL Energy Ltd.		521,104	$	6,959,617
Alumina Ltd.		1,018,379		1,486,223
AMP Ltd.		2,749,439		3,359,116
AusNet Services		1,609,854		1,907,558
Australia & New Zealand Banking Group Ltd.		2,280,550		39,312,878
Bendigo & Adelaide Bank Ltd.		402,041		2,801,812
BHP Group Ltd.		2,368,013		62,459,473
BHP Group PLC		1,696,636		37,121,530
Boral Ltd.		933,537		3,112,282
Challenger Ltd.		454,543		2,723,429
Commonwealth Bank of Australia		1,421,383		81,128,689
Fortescue Metals Group Ltd.		1,119,707		8,537,803
Harvey Norman Holdings Ltd.		470,893		1,333,462
Medibank Pvt Ltd.		700,247		1,453,219
National Australia Bank Ltd.		2,312,011		40,025,469
Origin Energy Ltd.		1,391,723		7,639,847
Rio Tinto Ltd.		296,838		19,627,390
Scentre Group		4,289,165		11,083,529
South32 Ltd.		4,011,533		7,089,772
Stockland		1,925,480		6,341,940
Suncorp Group Ltd.		991,960		8,539,907
TPG Telecom Ltd.		196,100		981,968
Vicinity Centres		2,640,749		4,490,336
Wesfarmers Ltd.		323,773		9,799,257
Westpac Banking Corp.		2,797,093		47,037,535
Woodside Petroleum Ltd.		758,230		17,628,841
				433,982,882
Austria — 0.4%
ANDRITZ AG		57,798		2,277,680
Erste Group Bank AG		240,152		8,825,086
OMV AG		118,815		5,923,870
Raiffeisen Bank International AG		121,499		2,773,692
voestalpine AG		97,433		2,366,818
				22,167,146
Belgium — 0.7%
Ageas		142,278		7,847,361
Colruyt SA		20,233		1,012,363
Groupe Bruxelles Lambert SA		65,313		6,566,303
KBC Group NV		200,943		14,755,113
Proximus SADP		122,815		3,500,585
Solvay SA		61,243		6,348,514
				40,030,239
Denmark — 0.3%
AP Moller - Maersk A/S, Class A		2,672		3,011,441
AP Moller - Maersk A/S, Class B, NVS		2,243		2,691,593
Danske Bank A/S		520,665		8,717,192
ISS A/S		127,157		3,086,834
				17,507,060
Finland — 1.3%
Elisa OYJ		40,425		2,434,377
Fortum OYJ		124,371		3,012,919
Nokian Renkaat OYJ		101,184		2,725,932
Nordea Bank Abp		2,598,590		20,522,031
Orion OYJ, Class B		84,650		4,002,836
Sampo OYJ, Class A		355,769		16,113,541
Stora Enso OYJ, Class R		490,106		6,387,275
UPM-Kymmene OYJ		435,232		13,760,710

Security	Shares		Value
Finland (continued)
Wartsila OYJ Abp		352,072	$	4,321,091
				73,280,712
France — 10.4%
Amundi SA(a)		49,976		4,056,835
Arkema SA		52,898		4,866,763
Atos SE		77,776		6,476,420
AXA SA		1,559,082		41,604,823
BNP Paribas SA		903,399		48,100,107
Bouygues SA		182,145		7,212,212
Carrefour SA		492,912		8,360,283
Casino Guichard Perrachon SA(b)		44,046		1,789,440
Cie. de Saint-Gobain		400,224		15,184,192
Cie. Generale des Etablissements Michelin SCA		134,736		15,678,019
CNP Assurances		145,706		2,627,140
Covivio		39,846		4,733,668
Credit Agricole SA		932,779		12,642,223
Electricite de France SA		497,841		6,154,297
Engie SA		1,467,627		25,307,167
Eutelsat Communications SA		136,857		2,054,302
Faurecia SE		60,759		2,906,772
Gecina SA		37,354		7,053,829
ICADE		23,816		2,660,404
Klepierre SA		159,806		5,442,192
Natixis SA		766,200		3,246,121
Orange SA		1,603,971		22,761,157
Peugeot SA		235,507		4,857,004
Publicis Groupe SA		175,455		7,783,404
Renault SA		155,644		6,079,224
Sanofi		906,372		87,336,203
Schneider Electric SE		438,270		43,964,742
SCOR SE		79,039		3,366,124
SES SA		292,536		3,600,113
Societe Generale SA		649,339		21,030,241
Suez		281,102		4,619,802
TOTAL SA		1,934,206		94,624,258
Unibail-Rodamco-Westfield		100,473		13,650,799
Unibail-Rodamco-Westfield, New		9,776		1,328,220
Veolia Environnement SA		413,544		12,227,165
Vinci SA		413,896		45,959,701
				601,345,366
Germany — 8.8%
Allianz SE, Registered		220,910		52,842,781
BASF SE		739,749		50,064,576
Bayer AG, Registered		749,166		60,648,005
Bayerische Motoren Werke AG		264,603		18,866,618
Brenntag AG		61,245		3,181,826
Commerzbank AG		814,969		4,696,374
Continental AG		88,096		10,049,827
Covestro AG(a)		142,819		6,038,079
Daimler AG, Registered		729,339		33,789,044
Delivery Hero SE(a)(c)		33,302		2,569,346
Deutsche Bank AG, Registered		809,277		7,429,431
Deutsche Lufthansa AG, Registered		193,494		2,965,568
Deutsche Telekom AG, Registered		2,677,318		43,336,067
Deutsche Wohnen SE		187,462		7,935,876
E.ON SE		1,799,277		20,418,142
Evonik Industries AG		154,666		4,245,600
Fraport AG Frankfurt Airport Services Worldwide		31,379		2,341,696
Fresenius SE & Co. KGaA		334,312		17,088,604

S c h e d u l e  o f  I n v e s t m e n t s 13

Schedule of Investments (unaudited) (continued)	iShares3 MSCI EAFE Value ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Hannover Rueck SE		48,381	$	9,409,579
HeidelbergCement AG		120,732		8,198,972
KION Group AG		51,058		3,208,227
METRO AG		148,676		2,075,187
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		58,272		17,196,867
Siemens AG, Registered		613,254		75,871,463
Telefonica Deutschland Holding AG		724,577		2,194,535
TUI AG		362,642		3,721,023
Uniper SE		158,826		5,211,686
Volkswagen AG		27,248		5,000,497
Vonovia SE		413,398		23,611,905
				504,207,401
Hong Kong — 3.4%
Bank of East Asia Ltd. (The)(b)		584,000		1,266,540
BeiGene Ltd., ADR(c)		10,857		1,654,172
BOC Hong Kong Holdings Ltd.		2,922,500		9,766,884
CK Asset Holdings Ltd.		2,027,000		13,104,534
CK Hutchison Holdings Ltd.		2,122,000		18,938,377
CK Infrastructure Holdings Ltd.		547,000		3,839,264
CLP Holdings Ltd.		1,311,000		13,701,097
Dairy Farm International Holdings Ltd.		126,500		651,475
Hang Lung Properties Ltd.		1,604,088		3,379,680
Hang Seng Bank Ltd.(b)		614,600		12,521,696
Henderson Land Development Co. Ltd.		1,254,794		5,688,257
HK Electric Investments & HK Electric Investments Ltd.		2,198,500		2,197,113
HKT Trust & HKT Ltd.		2,802,000		4,200,348
Hong Kong & China Gas Co. Ltd.		2,799,000		5,392,605
Hongkong Land Holdings Ltd.		935,000		4,983,550
Jardine Matheson Holdings Ltd.		184,000		10,287,440
Jardine Strategic Holdings Ltd.		182,400		5,623,392
Kerry Properties Ltd.		386,000		1,086,183
MTR Corp. Ltd.		1,306,000		7,383,662
New World Development Co. Ltd.		5,060,000		6,392,690
NWS Holdings Ltd.		1,044,000		1,352,579
PCCW Ltd.		3,571,000		2,110,895
Power Assets Holdings Ltd.		1,177,500		8,537,554
Sands China Ltd.		1,904,400		9,319,785
Sino Land Co. Ltd.		2,694,000		3,698,443
SJM Holdings Ltd.		1,537,000		1,735,952
Sun Hung Kai Properties Ltd.		1,284,000		18,073,794
Swire Pacific Ltd., Class A		370,000		3,280,725
Swire Properties Ltd.		868,400		2,717,629
Wharf Real Estate Investment Co. Ltd.		1,043,419		5,442,243
Wheelock & Co. Ltd.		558,000		3,424,217
Wynn Macau Ltd.		492,800		1,038,289
Yue Yuen Industrial Holdings Ltd.		532,500		1,484,710
				194,275,774
Ireland — 0.3%
AIB Group PLC		694,628		2,043,014
Bank of Ireland Group PLC		827,012		4,045,409
Flutter Entertainment PLC		64,274		7,300,917
Irish Bank Resolution Corp. Ltd.(c)(d)		246,432		3
Smurfit Kappa Group PLC		168,004		5,823,775
				19,213,118
Israel — 0.6%
Azrieli Group Ltd.		35,620		2,633,966
Bank Hapoalim BM		915,303		7,896,378
Bank Leumi Le-Israel BM		1,185,890		8,573,196

Security	Shares		Value
Israel (continued)
Israel Chemicals Ltd.		572,191	$	2,424,193
Israel Discount Bank Ltd., Class A		354,877		1,618,761
Mizrahi Tefahot Bank Ltd.		100,173		2,739,583
Teva Pharmaceutical Industries Ltd., ADR(b)(c)		882,830		9,181,432
				35,067,509
Italy — 3.6%
Assicurazioni Generali SpA		889,966		17,353,254
Atlantia SpA		402,794		9,896,165
CNH Industrial NV		800,979		7,655,052
Enel SpA		6,561,110		57,113,891
Eni SpA		2,059,783		28,893,809
Intesa Sanpaolo SpA		11,974,625		29,798,419
Leonardo SpA		48,282		598,198
Mediobanca Banca di Credito Finanziario SpA		505,793		5,051,406
Pirelli & C SpA(a).		287,383		1,392,385
Poste Italiane SpA(a)		273,631		3,138,513
Snam SpA		1,656,845		8,881,293
Telecom Italia SpA/Milano(c)		7,292,996		3,934,366
Tenaris SA		370,900		3,834,102
Terna Rete Elettrica Nazionale SpA		1,171,594		8,174,479
UniCredit SpA		1,623,748		21,740,809
				207,456,141
Japan — 24.9%
AEON Financial Service Co. Ltd.		109,400		1,747,210
Aeon Mall Co. Ltd.		30,600		515,529
AGC Inc.		156,000		5,404,622
Aisin Seiki Co. Ltd.		135,400		4,615,980
Alps Alpine Co. Ltd.		155,500		2,872,270
Amada Holdings Co. Ltd.		276,900		2,971,211
Aozora Bank Ltd.		106,600		2,913,219
Asahi Kasei Corp.		1,010,700		10,611,954
Bank of Kyoto Ltd. (The)		45,900		1,884,532
Bridgestone Corp.		451,100		16,236,021
Brother Industries Ltd.		174,400		3,480,437
Canon Inc.		813,100		21,654,409
Casio Computer Co. Ltd.		93,300		1,763,821
Central Japan Railway Co		115,400		22,982,046
Chiba Bank Ltd. (The)		445,900		2,480,765
Chubu Electric Power Co. Inc.		498,500		6,843,825
Chugoku Electric Power Co. Inc. (The)		211,400		2,802,803
Concordia Financial Group Ltd.		843,900		3,262,390
Credit Saison Co. Ltd.		140,800		2,307,153
Dai Nippon Printing Co. Ltd.		194,800		5,472,768
Daicel Corp.		195,700		1,894,075
Dai-ichi Life Holdings Inc.		879,900		13,443,875
Daiwa House Industry Co. Ltd.		464,200		14,823,049
Daiwa House REIT Investment Corp.		1,590		4,246,944
Daiwa Securities Group Inc.		1,238,500		6,388,756
Denso Corp.		349,900		14,662,968
Dentsu Group Inc.		185,000		6,247,174
Electric Power Development Co. Ltd.		130,520		2,985,275
FANUC Corp.		101,200		18,972,958
Fujitsu Ltd.		155,500		16,664,045
Fukuoka Financial Group Inc.		147,000		2,610,832
Hankyu Hanshin Holdings Inc.		93,000		3,835,494
Hino Motors Ltd.		245,500		2,346,616
Hirose Electric Co. Ltd.		16,790		2,130,023
Hisamitsu Pharmaceutical Co. Inc.		29,000		1,503,714
Hitachi Construction Machinery Co. Ltd.		88,000		2,431,702

14 2 0 2 0  I  S h a r e s  S e m i - A n n u a l  R e p o r t  t o  S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares®  MSCI EAFE Value ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hitachi Ltd.		270,500	$	10,556,950
Hitachi Metals Ltd.		172,700		2,711,956
Honda Motor Co. Ltd.		1,302,300		34,015,881
Idemitsu Kosan Co. Ltd.		161,483		4,119,578
IHI Corp.		51,300		1,244,339
Iida Group Holdings Co. Ltd.		109,800		1,884,283
Inpex Corp.		820,200		7,798,276
Isetan Mitsukoshi Holdings Ltd.		257,700		2,047,144
Isuzu Motors Ltd.		425,200		4,287,896
ITOCHU Corp.		549,000		13,007,630
J Front Retailing Co. Ltd.		196,400		2,410,038
Japan Airlines Co. Ltd.		98,200		2,804,161
Japan Exchange Group Inc.		154,300		2,824,479
Japan Post Bank Co. Ltd.		298,000		2,793,449
Japan Post Holdings Co. Ltd.		1,277,100		11,739,399
Japan Post Insurance Co. Ltd.		198,600		3,395,357
Japan Prime Realty Investment Corp.		397		1,835,097
Japan Real Estate Investment Corp.		716		5,225,409
Japan Retail Fund Investment Corp.		1,865		3,986,903
Japan Tobacco Inc.		950,900		20,319,088
JFE Holdings Inc.		381,100		4,623,763
JGC Holdings Corp.		185,400		2,731,778
JSR Corp.		162,800		2,983,077
JTEKT Corp.		145,100		1,585,075
JXTG Holdings Inc.		2,563,350		11,087,314
Kajima Corp.		346,000		4,488,407
Kamigumi Co. Ltd.		87,900		1,900,168
Kansai Electric Power Co. Inc. (The)		573,600		6,498,877
Kawasaki Heavy Industries Ltd.		60,700		1,230,409
KDDI Corp.		1,433,600		43,265,264
Komatsu Ltd.		737,000		16,775,190
Konica Minolta Inc.		353,800		2,219,717
Kubota Corp.		293,000		4,705,139
Kuraray Co. Ltd.		265,400		3,268,986
Kyowa Kirin Co. Ltd.		124,400		2,968,108
Kyushu Electric Power Co. Inc.		271,100		2,251,142
Kyushu Railway Co.		128,400		4,247,027
LIXIL Group Corp.		220,400		3,733,491
Makita Corp.		93,300		3,662,790
Marubeni Corp.		1,261,000		9,251,716
Marui Group Co. Ltd.		106,000		2,487,042
Maruichi Steel Tube Ltd.		50,400		1,422,928
Mazda Motor Corp.		447,800		3,858,885
Mebuki Financial Group Inc.		721,220		1,630,289
Medipal Holdings Corp.		142,500		3,071,274
Mitsubishi Chemical Holdings Corp.		1,020,200		7,530,193
Mitsubishi Corp.		713,900		18,594,268
Mitsubishi Electric Corp.		1,471,100		20,970,148
Mitsubishi Gas Chemical Co. Inc.		115,800		1,805,619
Mitsubishi Heavy Industries Ltd.		266,000		9,875,758
Mitsubishi Materials Corp.		56,600		1,453,317
Mitsubishi Motors Corp.		535,100		2,038,993
Mitsubishi UFJ Financial Group Inc.		9,845,900		51,643,624
Mitsubishi UFJ Lease & Finance Co. Ltd.		333,000		2,132,232
Mitsui & Co. Ltd.		1,331,200		24,079,140
Mitsui Chemicals Inc.		164,500		3,726,046
Mitsui OSK Lines Ltd.		65,500		1,625,036
Mizuho Financial Group Inc.		19,241,600		28,848,641
MS&AD Insurance Group Holdings Inc.		389,208		13,132,202
NGK Insulators Ltd.		142,800		2,446,645

Security	Shares		Value
Japan (continued)
NGK Spark Plug Co. Ltd.		134,300	$	2,412,530
NH Foods Ltd.		44,600		1,985,468
Nikon Corp.		262,900		3,247,895
Nippon Building Fund Inc.		539		4,366,305
Nippon Prologis REIT Inc.		758		2,181,999
Nippon Steel Corp.		652,600		9,245,443
Nippon Telegraph & Telephone Corp.		1,024,600		26,341,725
Nippon Yusen KK		116,300		1,903,549
Nissan Motor Co. Ltd.		1,859,500		10,285,282
Nisshin Seifun Group Inc.		79,130		1,371,095
Nitto Denko Corp.		127,300		7,270,259
Nomura Holdings Inc.		2,656,800		13,881,495
Nomura Real Estate Holdings Inc.		106,600		2,660,451
Nomura Real Estate Master Fund Inc.		3,202		5,636,773
NSK Ltd.		280,300		2,407,707
NTT DOCOMO Inc.		1,052,800		30,179,911
Obayashi Corp.		483,300		5,408,893
Oji Holdings Corp.		650,900		3,399,081
Omron Corp.		62,200		3,678,572
ORIX Corp.		1,052,400		18,040,865
Orix JREIT Inc.		1,321		2,794,716
Osaka Gas Co. Ltd.		309,700		5,306,204
Otsuka Holdings Co. Ltd.		161,300		7,311,592
Panasonic Corp.		1,781,900		18,117,395
Resona Holdings Inc.		1,672,400		7,034,619
Ricoh Co. Ltd.		526,900		6,120,470
Rinnai Corp.		9,500		690,686
Rohm Co. Ltd.		31,100		2,309,868
Sankyo Co. Ltd.		38,500		1,310,744
SBI Holdings Inc.		201,800		4,799,930
Secom Co. Ltd.		62,200		5,574,098
Seiko Epson Corp.		219,400		3,279,310
Sekisui House Ltd.		499,100		10,872,123
Seven Bank Ltd.		122,000		369,202
Shimamura Co. Ltd.		19,200		1,463,228
Shimizu Corp.		286,700		2,997,012
Shinsei Bank Ltd.		168,700		2,630,465
Shizuoka Bank Ltd. (The)		363,100		2,603,024
Showa Denko KK		102,800		2,537,159
SoftBank Group Corp.		1,245,000		51,966,416
Sompo Holdings Inc.		93,300		3,557,770
Sony Corp.		351,500		25,030,004
Sony Financial Holdings Inc.		82,800		1,946,528
Subaru Corp.		505,200		12,864,806
SUMCO Corp.		212,900		3,417,872
Sumitomo Chemical Co. Ltd.		1,207,200		5,257,170
Sumitomo Corp.		969,400		14,650,341
Sumitomo Electric Industries Ltd.		612,000		8,356,876
Sumitomo Heavy Industries Ltd.		82,000		2,218,241
Sumitomo Metal Mining Co. Ltd.		168,100		4,907,214
Sumitomo Mitsui Financial Group Inc.		1,060,900		38,017,582
Sumitomo Mitsui Trust Holdings Inc.		280,605		10,570,745
Sumitomo Rubber Industries Ltd.		140,800		1,578,373
Suzuken Co. Ltd.		25,860		1,010,445
T&D Holdings Inc.		449,400		4,938,279
Taiheiyo Cement Corp.		106,600		2,934,856
Taisei Corp.		93,300		3,796,217
Taisho Pharmaceutical Holdings Co. Ltd.		20,500		1,479,079
Takeda Pharmaceutical Co. Ltd.		1,192,069		46,490,526
Teijin Ltd.		142,700		2,600,291

S c h e d u l e  o f  I n v e s t m e n t s 15

Schedule of Investments (unaudited) (continued)	iShares®  MSCI EAFE Value ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
THK Co. Ltd.		64,100	$	1,665,411
Toho Gas Co. Ltd.		37,000		1,449,140
Tohoku Electric Power Co. Inc.		324,500		3,077,788
Tokyo Century Corp.		31,100		1,624,081
Tokyo Electric Power Co. Holdings Inc.(c)		1,218,700		4,891,217
Tokyo Gas Co. Ltd.		297,300		6,605,143
Tokyu Fudosan Holdings Corp.		489,600		3,505,371
Toppan Printing Co. Ltd.		234,000		4,741,099
Toray Industries Inc.		1,126,100		7,534,693
Toshiba Corp.		210,100		6,784,610
Tosoh Corp.		227,200		3,297,371
TOTO Ltd.		70,500		2,943,327
Toyo Seikan Group Holdings Ltd.		121,400		2,101,272
Toyo Suisan Kaisha Ltd.		38,100		1,617,013
Toyoda Gosei Co. Ltd.		52,100		1,211,829
Toyota Industries Corp.		124,100		6,869,954
Toyota Motor Corp.		1,832,616		129,383,011
Toyota Tsusho Corp.		174,400		6,170,817
Trend Micro Inc.(c)		38,400		2,040,725
United Urban Investment Corp.		2,379		4,264,794
West Japan Railway Co		129,200		11,055,043
Yamada Denki Co. Ltd.		495,600		2,519,496
Yamaha Motor Co. Ltd.		227,300		4,324,331
Yamato Holdings Co. Ltd.		155,500		2,546,593
Yamazaki Baking Co. Ltd.		29,000		558,675
Yokohama Rubber Co. Ltd. (The)		88,200		1,537,204
Z Holdings Corp.		2,120,800		8,570,470
				1,437,374,748
Malta — 0.0%
BGP Holdings PLC(c)(d)		2,256,851		25
Netherlands — 1.8%
ABN AMRO Bank NV, CVA(a)		339,182		5,908,858
Aegon NV		1,452,621		5,906,338
AerCap Holdings NV(b)(c)		99,136		5,612,089
Altice Europe NV(c)		267,764		1,725,817
ArcelorMittal SA		540,139		7,994,664
EXOR NV		45,644		3,370,831
ING Groep NV		3,123,904		34,013,277
Koninklijke Ahold Delhaize NV		949,497		23,359,568
Koninklijke Vopak NV		18,592		996,805
NN Group NV		243,226		8,463,654
Randstad NV		97,038		5,587,650
				102,939,551
New Zealand — 0.3%
Auckland International Airport Ltd.		549,598		3,076,565
Fletcher Building Ltd.		701,995		2,521,343
Mercury NZ Ltd.		412,527		1,398,906
Meridian Energy Ltd.		1,067,070		3,691,013
Spark New Zealand Ltd.		1,548,893		4,671,025
				15,358,852
Norway — 0.7%
DNB ASA		757,294		13,296,886
Equinor ASA		796,337		14,440,293
Gjensidige Forsikring ASA		58,693		1,279,838
Mowi ASA		124,491		2,973,911
Norsk Hydro ASA		379,370		1,193,943
Telenor ASA		381,392		6,907,656
				40,092,527

Security	Shares		Value
Portugal — 0.1%
EDP - Energias de Portugal SA		1,363,557	$	6,836,190
Singapore — 1.3%
Ascendas REIT		1,522,932		3,514,716
CapitaLand Commercial Trust		1,475,949		2,227,603
CapitaLand Mall Trust		853,800		1,576,362
DBS Group Holdings Ltd.		935,500		17,388,552
Keppel Corp. Ltd.		1,222,800		5,984,544
Mapletree Commercial Trust		508,600		875,676
Oversea-Chinese Banking Corp. Ltd.		2,588,100		20,535,660
Sembcorp Industries Ltd.		462,900		718,989
Singapore Press Holdings Ltd.		744,200		1,101,388
Singapore Telecommunications Ltd.		6,647,800		16,072,782
Suntec REIT		1,658,600		2,235,932
Yangzijiang Shipbuilding Holdings Ltd.		1,948,100		1,355,920
				73,588,124
Spain — 4.0%
ACS Actividades de Construccion y Servicios SA		212,715		7,078,997
Banco Bilbao Vizcaya Argentaria SA		5,364,174		27,752,267
Banco de Sabadell SA		4,624,813		4,171,928
Banco Santander SA		13,343,419		52,553,638
Bankia SA		957,070		1,741,016
Bankinter SA		552,683		3,585,478
CaixaBank SA		2,890,172		8,455,628
Enagas SA		177,237		4,776,791
Endesa SA		253,164		6,949,382
Iberdrola SA		4,858,572		53,142,751
Iberdrola SA, New(c)		89,780		982,005
Mapfre SA		842,917		2,159,687
Naturgy Energy Group SA		239,961		6,329,011
Red Electrica Corp. SA		334,704		6,689,525
Repsol SA		1,202,900		16,616,519
Telefonica SA		3,773,736		25,548,175
				228,532,798
Sweden — 1.8%
Boliden AB		217,062		5,163,827
Hennes & Mauritz AB, Class B		420,922		9,242,803
Industrivarden AB, Class C		138,428		3,264,429
Investor AB, Class B		241,573		13,238,250
Kinnevik AB, Class B		197,540		4,771,136
L E Lundbergforetagen AB, Class B		22,099		959,744
Millicom International Cellular SA, SDR		78,534		3,710,518
Skandinaviska Enskilda Banken AB, Class A		1,310,317		12,947,310
Skanska AB, Class B		279,279		6,461,405
SKF AB, Class B		291,503		5,343,962
Svenska Handelsbanken AB, Class A		1,232,582		12,107,594
Swedbank AB, Class A		729,767		11,224,389
Telia Co. AB		2,249,153		9,625,576
Volvo AB, Class B		409,287		7,019,151
				105,080,094
Switzerland — 5.7%
ABB Ltd., Registered		1,488,466		34,740,391
Adecco Group AG, Registered		127,320		7,485,141
Baloise Holding AG, Registered		39,822		7,196,822
Clariant AG, Registered		154,541		3,481,960
Credit Suisse Group AG, Registered		1,327,762		16,816,437
Dufry AG, Registered		31,080		2,698,573
EMS-Chemie Holding AG, Registered		2,165		1,418,715
Kuehne + Nagel International AG, Registered		20,446		3,307,145

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Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Value ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
LafargeHolcim Ltd., Registered		253,231	$	12,891,951
Novartis AG, Registered		863,752		81,650,962
Pargesa Holding SA, Bearer		33,060		2,651,450
Swatch Group AG (The), Bearer		21,477		5,404,601
Swatch Group AG (The), Registered		50,246		2,449,652
Swiss Life Holding AG, Registered		26,761		13,468,598
Swiss Prime Site AG, Registered		61,616		7,525,911
Swiss Re AG		236,124		26,686,211
Swisscom AG, Registered		20,888		11,470,045
UBS Group AG, Registered		3,111,923		38,719,556
Zurich Insurance Group AG		120,378		50,013,442
				330,077,563
United Kingdom — 20.8%
3i Group PLC		791,325		11,521,315
Admiral Group PLC		158,529		4,720,700
Anglo American PLC		834,028		21,830,005
Antofagasta PLC		320,156		3,469,929
Aviva PLC		3,164,212		16,617,525
BAE Systems PLC		2,595,894		21,605,930
Barclays PLC		13,869,854		30,715,855
Barratt Developments PLC		817,824		8,654,633
BP PLC		16,345,351		98,402,629
British American Tobacco PLC		1,841,778		81,514,476
British Land Co. PLC (The)		709,774		5,188,973
BT Group PLC		6,773,210		14,367,659
Carnival PLC		124,211		5,105,257
Centrica PLC		4,649,128		5,199,404
Direct Line Insurance Group PLC		1,143,518		5,091,949
easyJet PLC		129,868		2,384,705
Evraz PLC		278,503		1,294,475
Fiat Chrysler Automobiles NV		870,529		11,318,100
G4S PLC		338,130		870,943
GlaxoSmithKline PLC		4,010,339		94,309,919
Glencore PLC		8,724,871		25,590,011
GVC Holdings PLC		471,189		5,448,478
HSBC Holdings PLC		16,187,760		117,747,011
Imperial Brands PLC		771,343		19,835,435
Informa PLC		1,037,310		10,594,479
ITV PLC		2,968,081		5,297,560
J Sainsbury PLC		1,450,940		3,871,162
Johnson Matthey PLC		148,504		5,099,497
Kingfisher PLC		1,686,917		4,536,337
Land Securities Group PLC		566,087		6,999,507
Legal & General Group PLC		4,802,859		19,341,604
Lloyds Banking Group PLC		56,416,718		42,233,894
M&G PLC(c)		2,074,588		6,568,804
Marks & Spencer Group PLC		1,557,738		3,614,003
Meggitt PLC		659,409		5,872,539
Micro Focus International PLC		275,290		3,720,321
Mondi PLC		239,348		4,877,763
National Grid PLC		2,806,722		37,212,810
Pearson PLC		648,394		4,858,190
Persimmon PLC		257,851		10,377,125
Prudential PLC		2,087,384		37,201,502
Rio Tinto PLC		909,361		48,955,726
Royal Bank of Scotland Group PLC		3,919,224		11,278,082
Royal Dutch Shell PLC, Class A		3,425,071		90,045,763
Royal Dutch Shell PLC, Class B		3,008,698		79,321,338
RSA Insurance Group PLC		221,415		1,606,449
Schroders PLC		103,730		4,393,357

Security	Shares		Value
United Kingdom (continued)
Severn Trent PLC		195,047	$	6,630,894
Smiths Group PLC		123,231		2,744,477
SSE PLC		825,556		16,416,225
Standard Chartered PLC		2,154,737		17,922,767
Standard Life Aberdeen PLC		1,940,944		7,714,038
Taylor Wimpey PLC		2,695,884		7,644,042
Tesco PLC		7,785,002		25,337,354
United Utilities Group PLC		558,938		7,467,390
Vodafone Group PLC		10,751,931		21,160,587
Weir Group PLC (The)		185,536		3,296,853
Whitbread PLC		102,634		6,047,560
Wm Morrison Supermarkets PLC		1,977,010		4,741,790
WPP PLC		1,019,619		12,701,387
				1,200,508,492
Total Common Stocks — 98.7%
(Cost: $5,978,744,360)				5,688,922,312
Preferred Stocks
Germany — 0.8%
Bayerische Motoren Werke AG, Preference Shares, NVS		47,071		2,629,070
Fuchs Petrolub SE, Preference Shares, NVS		27,621		1,224,384
Henkel AG & Co. KGaA, Preference Shares, NVS		71,917		7,327,474
Porsche Automobil Holding SE, Preference
Shares, NVS		125,045		8,472,469
Volkswagen AG, Preference Shares, NVS		148,112		26,652,689
				46,306,086
Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		4,891,130		2,574,667
Total Preferred Stocks — 0.9%
(Cost: $50,105,656)				48,880,753
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(e)(f)(g)		5,239,162		5,242,305
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(e)(f)		2,045,000		2,045,000
				7,287,305
Total Short-Term Investments — 0.1%
(Cost: $7,285,792)				7,287,305
Total Investments in Securities — 99.7%
(Cost: $6,036,135,808)				5,745,090,370
Other Assets, Less Liabilities — 0.3%				19,451,052
Net Assets — 100.0%			$	5,764,541,422

^(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b)	All or a portion of this security is on loan.
(c)	Non-income producing security.

^(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e) Affiliate of the Fund.

^(f) Annualized 7-day yield as of period-end.

S c h e d u l e  o f  I n v e s t m e n t s 17

Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Value ETF
January 31, 2020

^(g) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)		(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		31,234,058		(25,994,896	)		5,239,162	$	5,242,305	$	193,228	(b)	$	4,795		$	(2,948	)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,872,000		173,000			2,045,000		2,045,000		23,231			—			—
								$	7,287,305	$	216,459		$	4,795		$	(2,948	)

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		193	03/20/20	$	7,783	$	(241,561	)
FTSE 100 Index		101	03/20/20		9,609		(376,256	)
TOPIX Index		51	03/12/20		7,901		(231,843	)
						$	(849,660	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	849,660

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	4,142,640
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,460,098	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments  

Futures contracts:
Average notional value of contracts — long	$	34,194,464

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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Schedule of Investments (unaudited) (continued)	iShares® MSCI EAFE Value ETF
January 31, 2020

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	5,687,940,279		$	982,005	$	28	$	5,688,922,312
Preferred Stocks		48,880,753			—		—		48,880,753
Money Market Funds		7,287,305			—		—		7,287,305
	$	5,744,108,337		$	982,005	$	28	$	5,745,090,370
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(849,660	)	$	—	$	—	$	(849,660	)

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

See notes to financial statements.

S c h e d u l e  o f  I n v e s t m e n t s 19

Statements of Assets and Liabilities (unaudited)

January 31, 2020

	iShares MSCI EAFE Growth ETF		iShares MSCI EAFE Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	4,524,999,630	$	5,737,803,065
Affiliated(c)		43,090,326		7,287,305
Cash		580		282
Foreign currency, at value(d)		6,161,943		14,022,558
Foreign currency collateral pledged:
Futures contracts(e)		743,678		1,237,900
Receivables:
Securities lending income — Affiliated		56,966		11,827
Capital shares sold		50,883		—
Dividends		2,748,962		5,727,198
Tax reclaims		4,065,365		5,621,791
Foreign withholding tax claims		43,212		327,960
Total assets		4,581,961,545		5,772,039,886
LIABILITIES
Collateral on securities loaned, at value		40,583,101		5,233,421
Payables:
Investments purchased		50,883		—
Variation margin on futures contracts		161,181		314,958
Investment advisory fees		1,523,069		1,940,129
Professional fees		3,387		9,956
Total liabilities		42,321,621		7,498,464
NET ASSETS	$	4,539,639,924	$	5,764,541,422
NET ASSETS CONSIST OF:
Paid-in capital	$	4,019,130,272	$	6,374,837,404
Accumulated earnings (loss)		520,509,652		(610,295,982	)
NET ASSETS	$	4,539,639,924	$	5,764,541,422
Shares outstanding		52,800,000		119,600,000
Net asset value	$	85.98	$	48.20
Shares authorized		Unlimited		Unlimited
Par value.		None		None

(a)	Securities loaned, at value	$	38,484,177	$	3,939,927
(b)	Investments, at cost — Unaffiliated.	$	3,675,132,185	$	6,028,850,016
(c)	Investments, at cost — Affiliated	$	43,079,005	$	7,285,792
(d)	Foreign currency, at cost	$	6,155,027	$	13,963,104
(e)	Foreign currency collateral pledged, at cost	$	744,319	$	1,239,180

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended January 31, 2020

		iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	26,248,253		$	86,953,538
Dividends — Affiliated		13,807			23,231
Securities lending income — Affiliated — net		252,902			193,228
Other income — Unaffiliated		7,816			17,528
Foreign taxes withheld		(1,891,941	)		(5,236,866	)
Total investment income		24,630,837			81,950,659
EXPENSES
Investment advisory fees		8,365,206			10,713,222
Total expenses		8,365,206			10,713,222
Net investment income		16,265,631			71,237,437
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(12,258,375	)		(192,608,309	)
Investments — Affiliated		(3,118	)		4,795
In-kind redemptions — Unaffiliated		—			72,926,857
Futures contracts		1,719,610			4,142,640
Foreign currency transactions		(26,217	)		37,631
Net realized loss		(10,568,100	)		(115,496,386	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		307,621,191			254,985,114
Investments — Affiliated		5,101			(2,948	)
Futures contracts		(635,393	)		(1,460,098	)
Foreign currency translations		199,203			637,829
Net change in unrealized appreciation (depreciation)		307,190,102			254,159,897
Net realized and unrealized gain		296,622,002			138,663,511
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	312,887,633		$	209,900,948

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s 21

Statements of Changes in Net Assets

	iShares MSCI EAFE Growth ETF						iShares MSCI EAFE Value ETF
	Six Months Ended 01/31/20			Year Ended			Six Months Ended 01/31/20			Year Ended
	(unaudited)			07/31/19			(unaudited)			07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	16,265,631		$	68,546,708		$	71,237,437		$	240,190,995
Net realized gain (loss)		(10,568,100	)		17,987,277			(115,496,386	)		6,170,198
Net change in unrealized appreciation (depreciation)		307,190,102			3,172,514			254,159,897			(629,698,211	)
Net increase (decrease) in net assets resulting from operations		312,887,633			89,706,499			209,900,948			(383,337,018	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(25,817,375	)		(67,808,258	)		(107,550,078	)		(243,308,208	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		296,876,210			417,418,842			238,531,984			488,532,364
NET ASSETS
Total increase (decrease) in net assets		583,946,468			439,317,083			340,882,854			(138,112,862	)
Beginning of period		3,955,693,456			3,516,376,373			5,423,658,568			5,561,771,430
End of period	$	4,539,639,924		$	3,955,693,456		$	5,764,541,422		$	5,423,658,568

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

		iShares MSCI EAFE Growth ETF
		Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	80.40		$	80.65		$	75.38		$	68.12		$	71.43		$	70.68
Net investment income(a)		0.32			1.42			1.41			1.24	(b)		1.32			1.40
Net realized and unrealized gain (loss)(c)		5.75			(0.29	)		5.19			7.30			(3.36	)		0.72
Net increase (decrease) from investment operations		6.07			1.13			6.60			8.54			(2.04	)		2.12
Distributions(d)
From net investment income		(0.49	)		(1.38	)		(1.33	)		(1.28	)		(1.27	)		(1.37	)
Total distributions		(0.49	)		(1.38	)		(1.33	)		(1.28	)		(1.27	)		(1.37	)
Net asset value, end of period	$	85.98		$	80.40		$	80.65		$	75.38		$	68.12		$	71.43
Total Return
Based on net asset value		7.55	%(e)		1.52	%		8.79	%		12.66	%(b)		(2.78	)%		3.06	%
Ratios to Average Net Assets
Total expenses		0.39	%(f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		N/A			0.40	%		N/A			N/A
Net investment income		0.77	%(f)		1.86	%		1.77	%		1.80	%(b)		2.01	%		2.01	%
Supplemental Data
Net assets, end of period (000)	$	4,539,640		$	3,955,693		$	3,516,376		$	3,045,417		$	2,370,601		$	2,028,615
Portfolio turnover rate(g)		12	%(e)		22	%		22	%		30	%		26	%		25	%

^(a) Based on average shares outstanding.

^(b) Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

●  Net investment income per share by $0.01.

● Total return by 0.02%.

● Ratio of net investment income to average net assets by 0.01%.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s  23

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI EAFE Value ETF
		Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	47.08		$	52.87		$	53.18		$	44.86		$	53.12		$	57.41
Net investment income(a)		0.62			2.03			2.05			1.81	(b)		1.71			1.83
Net realized and unrealized gain (loss)(c)		1.43			(5.81	)		(0.15	)		8.17			(8.42	)		(4.25	)
Net increase (decrease) from investment operations		2.05			(3.78	)		1.90			9.98			(6.71	)		(2.42	)
Distributions(d)
From net investment income		(0.93	)		(2.01	)		(2.21	)		(1.66	)		(1.55	)		(1.87	)
Total distributions		(0.93	)		(2.01	)		(2.21	)		(1.66	)		(1.55	)		(1.87	)
Net asset value, end of period	$	48.20		$	47.08		$	52.87		$	53.18		$	44.86		$	53.12
Total Return
Based on net asset value		4.28	%(e)		(7.05	)%		3.63	%		22.49	%(b)		(12.59	)%		(4.16	)%
Ratios to Average Net Assets
Total expenses		0.39	%(f)		0.39	%		0.38	%		0.40	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.39	%		N/A			0.40	%		N/A			N/A
Net investment income		2.58	%(f)		4.17	%		3.75	%		3.70	%(b)		3.72	%		3.40	%
Supplemental Data
Net assets, end of period (000)	$	5,764,541		$	5,423,659		$	5,561,771		$	5,296,875		$	2,907,203		$	2,953,420
Portfolio turnover rate(g)		11	%(e)		21	%		22	%		28	%		26	%		25	%

^(a) Based on average shares outstanding.

^(b) Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

● Net investment income per share by $0.01.

● Total return by 0.02%.

● Ratio of net investment income to average net assets by 0.02%.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements. 

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
MSCI EAFE Growth	Diversified
MSCI EAFE Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign CurrencyTranslation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2020, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the

N o t e s t o  F i n a n c i a l S t a t e m e n t s 25

Notes to Financial Statements (unaudited) (continued)

Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

● Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

● Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

● Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

● Level 1 – Unadjusted price quotations in active markets for identical assets or liabilities;

● Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

● Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of January 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds' investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of January 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value

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Notes to Financial Statements (unaudited) (continued)

of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of January 31, 2020:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
MSCI EAFE Growth
BofA Securities, Inc.	$	9,441,211	$	9,441,211	$	—	$	—
Citigroup Global Markets Inc.		840,228		840,228		—		—
Credit Suisse AG Dublin Branch		475,511		475,511		—		—
Goldman Sachs & Co		3,765,065		3,765,065		—		—
JPMorgan Securities LLC		8,141,550		8,141,550		—		—
Morgan Stanley & Co. LLC		13,581,286		13,581,286		—		—
UBS Securities LLC		138,230		138,230		—		—
Wells Fargo Securities LLC		2,101,096		2,101,096		—		—
	$	38,484,177	$	38,484,177	$	—	$	—
MSCI EAFE Value
Barclays Capital Inc.	$	568,732	$	568,732	$	—	$	—
Citadel Clearing LLC		158,508		158,508		—		—
Goldman Sachs & Co		1,350,740		1,350,740		—		—
JPMorgan Securities LLC		23,888		23,888		—		—
Morgan Stanley & Co. LLC		1,838,059		1,838,059		—		—
	$	3,939,927	$	3,939,927	$	—	$	—

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

N o t e s t o  F i n a n c i a l S t a t e m e n t s 27

Notes to Financial Statements (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares MSCI EAFE Growth ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Average Daily Net Assets	Investment Advisory Fee
First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion		0.3258

For its investment advisory services to the iShares MSCI EAFE Value ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion		0.3096

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended January 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI EAFE Growth	$	62,397
MSCI EAFE Value		44,994

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

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Notes to Financial Statements (unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

					Net Realized
iShares ETF	Purchases		Sales		Gain (Loss)
MSCI EAFE Growth	$	238,151,443	$	264,123,744	$	(6,614,399	)
MSCI EAFE Value		342,579,169		123,824,333		(38,798,576	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
MSCI EAFE Growth	$	526,339,658	$	518,988,528
MSCI EAFE Value		991,514,433		626,445,102

For the six months ended January 31, 2020, in-kind transactions were as follows:

	In-kind		In-kind
iShares ETF	Purchases		Sales
MSCI EAFE Growth	$	286,771,905	$	—
MSCI EAFE Value		366,600,671		515,123,923

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

As of July 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI EAFE Growth	$	295,665,291
MSCI EAFE Value		64,860,212

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI EAFE Growth	$	3,742,316,158	$	924,148,150	$	(98,745,980	)	$	825,402,170
MSCI EAFE Value		6,170,272,149		367,253,811		(793,285,250	)		(426,031,439	)

N o t e s t o F i n a n c i a l S t a t e m e n t s 29

Notes to Financial Statements (unaudited) (continued)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/20				Year Ended 07/31/19
iShares ETF	Shares		Amount		Shares			Amount
MSCI EAFE Growth
Shares sold		3,600,000	$	296,876,210		11,600,000		$	860,040,359
Shares redeemed		—		—		(6,000,000	)		(442,621,517	)
Net increase		3,600,000	$	296,876,210		5,600,000		$	417,418,842

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/20						Year Ended 07/31/19
iShares ETF	Shares			Amount			Shares			Amount
MSCI EAFE Value
Shares sold		15,600,000		$	771,388,777			24,800,000		$	1,197,377,985
Shares redeemed		(11,200,000	)		(532,856,793	)		(14,800,000	)		(708,845,621	)
Net increase		4,400,000		$	238,531,984			10,000,000		$	488,532,364

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The Funds have filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations made by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Funds continue to evaluate developments in Finland for potential impact to the receivables and payables recorded. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each Fund is able to pass through to its shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

12. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N o t e s t o F i n a n c i a l S t a t e m e n t s 31

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares MSCI EAFE Growth ETF and iShares MSCI EAFE Value ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
	Net Investment			Net Realized	Return of		Total Per		Net Investment			Net Realized		Return of			Total Per
iShares ETF	Income			Capital Gains	Capital		Share		Income			Capital Gains		Capital			Share
MSCI EAFE Value(a)	$	0.827504	$	—	$	0.102860	$	0.930364		89	%	—	%		11	%		100	%

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share.

S u p p l e m e n t a l I n f o r m a t i o n 33

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

● Go to icsdelivery.com.

● If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
NVS	Non-Voting Shares
SDR	Swedish Depositary Receipt

G l o s s a r y o f T e r m s U s e d i n t h i s R e p o r t 35

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-702-0120

   

JANUARY 31, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares China Large-Cap ETF  |  FXI  |  NYSE Arca

· iShares MSCI China A ETF  |  CNYA  |  Cboe BZX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents

	Page
Fund Summary		3
About Fund Performance		5
Shareholder Expenses		5
Schedules of Investments		6
Financial Statements
Statements of Assets and Liabilities		15
Statements of Operations		16
Statements of Changes in Net Assets		17
Financial Highlights		18
Notes to Financial Statements		20
Statement Regarding Liquidity Risk Management Program		27
General Information		28

Fund Summary  as of January 31, 2020 iShares^® China Large-Cap ETF

Investment Objective

The iShares China Large-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization Chinese equities that trade on the Hong Kong Stock Exchange, as represented by the FTSE China 50 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.85	)%		(3.30	)%		1.74	%		2.86	%		(3.30	)%		9.00	%		32.55	%
Fund Market		(1.46	)		(5.20	)		1.89			2.89			(5.20	)		9.83			32.98
Index		(1.49	)		(2.61	)		2.47			3.65			(2.61	)		12.97			43.13

Index performance beginning on February 10, 2012 reflects net returns where dividends are reinvested into the Index net of withholding tax. Performance before this date reflects dividends being reinvested at gross.

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 5 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	981.50	$	3.69		$	1,000.00	$	1,021.40	$	3.76		0.74	%

^(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 5 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	45.4	%
Communication Services	18.4
Consumer Discretionary	9.0
Real Estate	9.0
Energy	9.0
Industrials	3.0
Information Technology	2.4
Utilities	2.0
Materials	1.4
Health Care	0.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Tencent Holdings Ltd.	9.9	%
China Construction Bank Corp., Class H	8.7
Ping An Insurance Group Co. of China Ltd., Class H	8.1
Industrial & Commercial Bank of China Ltd., Class H	6.7
Meituan Dianping, Class B	5.2
China Mobile Ltd.	5.0
Bank of China Ltd., Class H	4.0
CNOOC Ltd.	3.9
China Merchants Bank Co. Ltd., Class H	3.3
China Life Insurance Co. Ltd., Class H	3.2

FUND SUMMARY 3

Fund Summary  as of January 31, 2020 iShares^® MSCI China A ETF

Investment Objective

The iShares MSCI China A ETF (the “Fund”) seeks to track the investment results of an index composed of domestic Chinese equities that trade on the Shanghai or Shenzhen Stock Exchange, as represented by the MSCI China A Inclusion 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV(a)		(4.79	)%		11.02	%		5.32	%		11.02	%		20.75	%
Fund Market		(3.09	)		10.37			5.48			10.37			21.41
Index(b)		4.75			22.40			6.25			22.40			24.63

The inception date of the Fund was 6/13/16. The first day of secondary market trading was 6/15/16.

Index performance through April 25, 2018 reflects the performance of the MSCI China A International Index. Index performance beginning on April 26, 2018 reflects the performance of the MSCI China A Inclusion Index.

^(a)  For financial reporting purposes, the market values of certain investments were adjusted as of the report date due to the Shanghai and Shenzhen Stock Exchange closures from January 24, 2020 to February 2, 2020. Accordingly, the net asset value (“NAV”) per share presented herein is different than the information previously published as of January 31, 2020. The previously reported six-month total return for January 31, 2020 was 4.46%.

^(b) The Shanghai and Shenzhen Stock exchanges were closed from January 24, 2020 to February 2, 2020. The total return presented for the Index is for the respective periods ended January 23, 2020.

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 5 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	952.10	$	1.18		$	1,000.00	$	1,023.90	$	1.22		0.24	%

^(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 5 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	25.9	%
Consumer Staples	13.5
Information Technology	12.8
Industrials	12.8
Health Care	9.5
Materials	7.8
Consumer Discretionary	6.0
Real Estate	4.2
Utilities	2.7
Communication Services	2.6
Energy	2.2

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Kweichow Moutai Co. Ltd., Class A	4.8	%
Ping An Insurance Group Co. of China Ltd., Class A	3.2
China Merchants Bank Co. Ltd., Class A	2.7
Wuliangye Yibin Co. Ltd., Class A	1.7
China Yangtze Power Co. Ltd., Class A	1.4
Industrial Bank Co. Ltd., Class A	1.4
Jiangsu Hengrui Medicine Co. Ltd., Class A	1.4
Hangzhou Hikvision Digital Technology Co. Ltd., Class A	1.2
Shanghai Pudong Development Bank Co. Ltd., Class A	1.2
Industrial & Commercial Bank of China Ltd., Class A	1.1

4 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 iShares.com. 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 ask 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 your 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your 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 under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your 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.

ABOUT FUND PERFORMANCE/SHAREHOLDER EXPENSES 5

Schedule of Investments  (unaudited) January 31, 2020 iShares^® China Large-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.2%
Air China Ltd., Class H		13,284,000	$	11,017,394
Banks — 28.5%
Agricultural Bank of China Ltd., Class H		239,632,000		93,199,995
Bank of China Ltd., Class H		446,618,000		174,278,167
Bank of Communications Co. Ltd., Class H		56,712,200		36,518,307
China CITIC Bank Corp. Ltd., Class H		72,597,000		38,145,470
China Construction Bank Corp., Class H		499,960,320		383,103,955
China Everbright Bank Co. Ltd., Class H		24,156,000		9,737,187
China Merchants Bank Co. Ltd., Class H		29,494,438		143,960,540
China Minsheng Banking Corp. Ltd., Class H		49,683,100		34,935,379
Industrial & Commercial Bank of China Ltd., Class H		434,940,995		292,391,659
Postal Savings Bank of China Co. Ltd., Class H(a)		73,037,000		45,619,319
				1,251,889,978
Capital Markets — 1.6%
CITIC Securities Co. Ltd., Class H		17,755,500		34,665,402
CSC Financial Co. Ltd., Class H(a)		7,029,500		5,567,545
Guotai Junan Securities Co. Ltd., Class H(a)		5,882,600		9,454,706
Huatai Securities Co. Ltd., Class H(a)		13,398,600		21,293,091
				70,980,744
Construction & Engineering — 1.3%
China Communications Construction Co. Ltd., Class H		34,511,000		24,533,570
China Railway Construction Corp. Ltd., Class H		14,712,500		14,456,899
China Railway Group Ltd., Class H		29,804,000		16,466,298
				55,456,767
Construction Materials — 1.3%
Anhui Conch Cement Co. Ltd., Class H		9,220,500		59,491,693
Diversified Telecommunication Services — 3.6%
China Telecom Corp. Ltd., Class H		108,202,000		42,361,663
China Tower Corp. Ltd., Class H(a)		363,768,000		76,361,813
China Unicom Hong Kong Ltd.		46,086,000		38,816,011
				157,539,487
Gas Utilities — 1.5%
China Gas Holdings Ltd.		16,167,000		64,127,497
Hotels, Restaurants & Leisure — 0.2%
Haidilao International Holding Ltd.(a)(b)		2,765,000		10,682,687
Independent Power and Renewable Electricity Producers — 0.5%
CGN Power Co. Ltd., Class H(a)		87,027,000		21,518,866
Industrial Conglomerates — 1.0%
CITIC Ltd.		38,251,000		43,399,311
Insurance — 15.2%
China Life Insurance Co. Ltd., Class H		58,002,000		140,730,426
China Pacific Insurance Group Co. Ltd., Class H(b)		20,116,400		67,746,379
New China Life Insurance Co. Ltd., Class H		6,801,400		25,751,930
People’s Insurance Co. Group of China Ltd. (The), Class H		63,930,000		23,052,969
PICC Property & Casualty Co. Ltd., Class H		52,421,550		56,641,657
Ping An Insurance Group Co. of China Ltd., Class H		31,071,500		354,935,936
				668,859,297
Interactive Media & Services — 9.9%
Tencent Holdings Ltd.		9,015,300		433,065,062
Internet & Direct Marketing Retail — 5.2%
Meituan Dianping, Class B(c)		17,975,700		229,878,944

Security	Shares		Value
Life Sciences Tools & Services — 0.4%
WuXi AppTec Co. Ltd., Class H(a)		1,328,900	$	16,207,141
Machinery — 0.5%
CRRC Corp. Ltd., Class H		31,364,450		20,802,189
Oil, Gas & Consumable Fuels — 9.0%
China Petroleum & Chemical Corp., Class H		198,892,600		105,787,124
China Shenhua Energy Co. Ltd., Class H		26,490,000		46,874,087
CNOOC Ltd.		112,097,000		171,215,395
PetroChina Co. Ltd., Class H		162,212,000		72,071,939
				395,948,545
Real Estate Management & Development — 9.0%
China Evergrande Group(b)		16,743,000		37,432,353
China Overseas Land & Investment Ltd.		29,878,000		97,157,658
China Resources Land Ltd.		21,433,333		90,261,303
China Vanke Co. Ltd., Class H		12,300,600		43,721,949
Country Garden Holdings Co. Ltd.(b)		57,330,000		73,536,916
Longfor Group Holdings Ltd.(a)		12,671,500		54,015,718
				396,125,897
Technology Hardware, Storage & Peripherals — 2.4%
Xiaomi Corp., Class B(a)(b)(c)		71,159,600		105,572,331
Textiles, Apparel & Luxury Goods — 3.6%
ANTA Sports Products Ltd.		9,307,000		81,684,510
Shenzhou International Group Holdings Ltd.		5,596,100		74,807,812
				156,492,322
Wireless Telecommunication Services — 5.0%
China Mobile Ltd.		26,416,000		218,406,831
Total Common Stocks — 99.9% (Cost: $4,555,942,151)				4,387,462,983
Short-Term Investments
Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,     1.78%(d)(e)(f)		85,182,413		85,233,522
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.50%(d)(e)		2,903,000		2,903,000
				88,136,522
Total Short-Term Investments — 2.0% (Cost: $88,097,135)				88,136,522
Total Investments in Securities — 101.9% (Cost: $4,644,039,286)				4,475,599,505
Other Assets, Less Liabilities — (1.9)%				(83,295,515	)
Net Assets — 100.0%			$	4,392,303,990

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  All or a portion of this security is on loan.

^(c)  Non-income producing security.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period-end.

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

6 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® China Large-Cap ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	250,043,383	(164,860,970	)	85,182,413	$	85,233,522	$	880,822	(b)	$	18,223		$	(8,187	)
BlackRock Cash Funds: Treasury, SL Agency Shares	2,911,000	(8,000	)	2,903,000		2,903,000		28,178			—			—
					$	88,136,522	$	909,000		$	18,223		$	(8,187	)

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Hang Seng China Enterprises Index		57		03/30/20	$	3,772	$	(309,968	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	309,968

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,691,037	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	859,016

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	20,934,903

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

SCHEDULE OF INVESTMENTS 7

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® China Large-Cap ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	4,387,462,983		$	—	$	—	$	4,387,462,983
Money Market Funds		88,136,522			—		—		88,136,522
	$	4,475,599,505		$	—	$	—	$	4,475,599,505
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(309,968	)	$	—	$	—	$	(309,968	)

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

See notes to financial statements.

8 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
AECC Aero-Engine Control Co. Ltd., Class A		78,898	$	130,806
AECC Aviation Power Co. Ltd., Class A		177,398		492,209
AVIC Aircraft Co. Ltd., Class A		192,700		412,213
AVIC Electromechanical Systems Co. Ltd., Class A		251,299		221,414
AVIC Shenyang Aircraft Co. Ltd., Class A(a)		75,700		282,140
AVICOPTER PLC, Class A		39,499		225,562
China Aerospace Times Electronics Co. Ltd., Class A(a)		197,097		155,644
China Avionics Systems Co. Ltd., Class A		114,700		211,619
China Spacesat Co. Ltd., Class A		98,500		374,291
				2,505,898
Air Freight & Logistics — 0.5%
SF Holding Co. Ltd., Class A		118,200		639,375
Sinotrans Ltd., Class A		334,900		176,948
Yunda Holding Co. Ltd., Class A		114,700		437,160
				1,253,483
Airlines — 0.7%
Air China Ltd., Class A		290,200		307,903
China Eastern Airlines Corp. Ltd., Class A(a)		660,700		433,057
China Southern Airlines Co. Ltd., Class A		621,726		514,051
Juneyao Airlines Co. Ltd., Class A(a)		114,700		194,585
Spring Airlines Co. Ltd., Class A		59,104		297,512
				1,747,108
Auto Components — 0.9%
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		19,797		250,615
Fuyao Glass Industry Group Co. Ltd., Class A		134,200		424,094
Huayu Automotive Systems Co. Ltd., Class A		236,400		811,203
Ningbo Joyson Electronic Corp., Class A(a)		95,200		265,910
Shandong Linglong Tyre Co. Ltd., Class A		75,700		214,578
Wanxiang Qianchao Co. Ltd., Class A		192,700		146,118
Weifu High-Technology Group Co. Ltd., Class A		56,200		132,097
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		157,600		146,959
				2,391,574
Automobiles — 1.3%
BAIC BluePark New Energy Technology Co. Ltd., Class A(a)		251,297		209,211
BYD Co. Ltd., Class A		137,973		1,060,982
Chongqing Changan Automobile Co. Ltd., Class A		295,500		375,135
Guangzhou Automobile Group Co. Ltd., Class A		173,260		243,951
SAIC Motor Corp. Ltd., Class A		571,347		1,664,403
				3,553,682
Banks — 13.8%
Agricultural Bank of China Ltd., Class A		5,378,100		2,534,376
Bank of Beijing Co. Ltd., Class A		1,536,600		1,097,133
Bank of Chengdu Co. Ltd., Class A		251,277		283,112
Bank of China Ltd., Class A		2,541,300		1,237,481
Bank of Communications Co. Ltd., Class A		2,822,900		2,035,706
Bank of Guiyang Co. Ltd., Class A		231,780		267,433
Bank of Hangzhou Co. Ltd., Class A		368,296		437,045
Bank of Jiangsu Co. Ltd., Class A		816,700		735,902
Bank of Nanjing Co. Ltd., Class A		602,280		651,922
Bank of Ningbo Co. Ltd., Class A		413,710		1,433,227
Bank of Shanghai Co. Ltd., Class A		1,024,382		1,177,568
China CITIC Bank Corp. Ltd., Class A		387,700		295,088
China Construction Bank Corp., Class A		680,200		623,591
China Everbright Bank Co. Ltd., Class A		2,822,900		1,483,446
China Merchants Bank Co. Ltd., Class A		1,497,263		7,226,751
China Minsheng Banking Corp. Ltd., Class A		2,541,380		2,021,404

Security	Shares		Value
Banks (continued)
Huaxia Bank Co. Ltd., Class A		914,260	$	889,089
Industrial & Commercial Bank of China Ltd., Class A		3,900,600		2,952,131
Industrial Bank Co. Ltd., Class A		1,516,900		3,641,271
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		192,700		206,657
Ping An Bank Co. Ltd., Class A		1,241,136		2,479,507
Shanghai Pudong Development Bank Co. Ltd., Class A		2,127,620		3,105,083
				36,814,923
Beverages — 8.6%
Anhui Gujing Distillery Co. Ltd., Class A		22,399		412,233
Anhui Kouzi Distillery Co. Ltd., Class A		39,400		258,248
Beijing Shunxin Agriculture Co. Ltd., Class A		59,100		398,006
Beijing Yanjing Brewery Co. Ltd., Class A		197,000		159,788
Chongqing Brewery Co. Ltd., Class A		39,495		243,192
Jiangsu King’s Luck Brewery JSC Ltd., Class A		95,200		377,521
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		105,600		1,454,285
Kweichow Moutai Co. Ltd., Class A		90,592		12,742,492
Luzhou Laojiao Co. Ltd., Class A		98,500		1,046,355
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		59,166		697,119
Sichuan Swellfun Co. Ltd., Class A		39,400		260,217
Tsingtao Brewery Co. Ltd., Class A		59,100		367,117
Wuliangye Yibin Co. Ltd., Class A		275,814		4,471,914
				22,888,487
Biotechnology — 1.3%
Beijing SL Pharmaceutical Co. Ltd., Class A		98,595		203,869
Beijing Tiantan Biological Products Corp. Ltd., Class A		75,699		365,264
BGI Genomics Co. Ltd., Class A		36,700		458,305
Chongqing Zhifei Biological Products Co. Ltd., Class A		98,500		787,966
Hualan Biological Engineering Inc., Class A		95,200		517,137
Jinyu Bio-Technology Co. Ltd., Class A		75,700		196,093
Shenzhen Kangtai Biological Products Co. Ltd., Class A		41,798		540,172
Walvax Biotechnology Co. Ltd., Class A		114,798		418,189
				3,486,995
Building Products — 0.2%
Beijing New Building Materials PLC, Class A		114,700		379,669
Zhejiang Weixing New Building Materials Co. Ltd., Class A		114,796		182,944
				562,613
Capital Markets — 7.0%
Anxin Trust Co. Ltd., Class A(a)		387,740		183,272
Caitong Securities Co. Ltd., Class A		275,847		383,668
Changjiang Securities Co. Ltd., Class A		387,700		342,700
China Merchants Securities Co. Ltd., Class A		413,734		997,291
CITIC Securities Co. Ltd., Class A		709,200		2,178,399
CSC Financial Co. Ltd., Class A		197,099		858,727
Dongxing Securities Co. Ltd., Class A		192,739		303,855
East Money Information Co. Ltd., Class A		492,500		954,365
Everbright Securities Co. Ltd., Class A		295,500		470,923
First Capital Securities Co. Ltd., Class A		251,200		248,589
Founder Securities Co. Ltd., Class A		582,700		602,437
GF Securities Co. Ltd., Class A		426,700		812,234
Guosen Securities Co. Ltd., Class A		290,200		458,747
Guotai Junan Securities Co. Ltd., Class A		551,645		1,245,431
Guoyuan Securities Co. Ltd., Class A		256,100		285,986
Haitong Securities Co. Ltd., Class A		591,000		1,105,572
Hithink RoyalFlush Information Network Co. Ltd., Class A		39,400		552,223
Huaan Securities Co. Ltd., Class A		251,200		224,913
Huatai Securities Co. Ltd., Class A		531,900		1,295,038
Huaxi Securities Co. Ltd., Class A		192,700		262,518
Industrial Securities Co. Ltd., Class A		465,760		407,045

SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Nanjing Securities Co. Ltd., Class A		256,100	$	419,470
Northeast Securities Co. Ltd., Class A		173,200		192,175
Orient Securities Co. Ltd., Class A		426,723		564,268
Pacific Securities Co. Ltd. (The), Class A(a)		465,797		210,855
SDIC Capital Co. Ltd., Class A		251,204		450,552
Sealand Securities Co. Ltd., Class A		394,000		235,743
Shanxi Securities Co. Ltd., Class A		192,700		196,200
Shenwan Hongyuan Group Co. Ltd., Class A		1,615,400		1,001,148
Sinolink Securities Co. Ltd., Class A		212,288		241,002
SooChow Securities Co. Ltd., Class A		212,200		249,387
Southwest Securities Co. Ltd., Class A		407,200		265,156
Western Securities Co. Ltd., Class A		251,220		298,832
Zheshang Securities Co. Ltd., Class A		216,700		294,285
				18,793,006
Chemicals — 2.7%
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A		173,296		138,086
Hengli Petrochemical Co. Ltd., Class A		433,415		950,656
Hengyi Petrochemical Co. Ltd., Class A		192,700		339,842
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A(a)		602,200		226,165
Jiangsu Yangnong Chemical Co. Ltd., Class A		19,700		163,360
Lomon Billions Group Co. Ltd., Class A		157,600		327,902
Luxi Chemical Group Co. Ltd., Class A		95,200		118,137
Rongsheng Petro Chemical Co. Ltd., Class A		309,750		457,804
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		114,700		268,455
Shandong Sinocera Functional Material Co. Ltd., Class A		75,700		238,900
Sichuan Hebang Biotechnology Co. Ltd., Class A(a)		557,300		105,049
Sinopec Shanghai Petrochemical Co. Ltd., Class A		426,731		212,671
Tianqi Lithium Corp., Class A		125,600		497,536
Tongkun Group Co. Ltd., Class A		134,297		244,323
Transfar Zhilian Co. Ltd., Class A		231,794		211,510
Wanhua Chemical Group Co. Ltd., Class A		236,400		1,577,170
Weihai Guangwei Composites Co. Ltd., Class A		39,495		238,060
Xinjiang Zhongtai Chemical Co. Ltd., Class A		153,796		122,768
Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Class A		95,296		122,066
Zhejiang Juhua Co. Ltd., Class A		192,700		172,535
Zhejiang Longsheng Group Co. Ltd., Class A		231,700		398,034
				7,131,029
Commercial Services & Supplies — 0.3%
Beijing Originwater Technology Co. Ltd., Class A		212,200		233,630
Shanghai M&G Stationery Inc., Class A		78,800		507,381
Tus Environmental Science And Technology Development Co. Ltd., Class A		95,200		107,533
				848,544
Communications Equipment — 1.2%
Fiberhome Telecommunication Technologies Co. Ltd., Class A		98,599		329,470
Guangzhou Haige Communications Group Inc. Co., Class A		153,700		235,506
Hengtong Optic-Electric Co. Ltd., Class A		134,200		285,923
Hubei Kaile Science & Technology Co. Ltd., Class A		78,800		129,630
Hytera Communications Corp. Ltd., Class A		114,700		121,206
Shenzhen Sunway Communication Co. Ltd., Class A(a)		78,800		445,605
Yealink Network Technology Corp. Ltd., Class A		39,498		423,024
ZTE Corp., Class A(a)		251,200		1,264,466
				3,234,830

Security	Shares		Value
Construction & Engineering — 2.5%
China Communications Construction Co. Ltd., Class A		192,700	$	208,033
China Gezhouba Group Co. Ltd., Class A		329,213		266,086
China National Chemical Engineering Co. Ltd., Class A		368,210		333,885
China Railway Construction Corp. Ltd., Class A		827,475		1,002,026
China Railway Group Ltd., Class A		1,323,700		945,122
China Railway Hi-Tech Industry Co. Ltd., Class A		153,794		204,684
China State Construction Engineering Corp. Ltd., Class A		3,017,900		2,124,614
Metallurgical Corp. of China Ltd., Class A		1,284,700		443,962
Power Construction Corp. of China Ltd., Class A		914,200		477,805
Shanghai Construction Group Co. Ltd., Class A		641,200		279,268
Shanghai Tunnel Engineering Co. Ltd., Class A		212,200		158,783
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		192,750		214,968
				6,659,236
Construction Materials — 1.2%
Anhui Conch Cement Co. Ltd., Class A		295,500		1,823,350
BBMG Corp., Class A		582,700		254,621
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		118,299		413,037
China Jushi Co. Ltd., Class A		251,200		322,842
Huaxin Cement Co. Ltd., Class A		95,200		261,831
Tangshan Jidong Cement Co. Ltd., Class A		95,297		187,388
				3,263,069
Containers & Packaging — 0.2%
Yunnan Energy New Material Co. Ltd., Class A		59,100		460,374
Distributors — 0.2%
Liaoning Cheng Da Co. Ltd., Class A(a)		114,700		240,774
Wuchan Zhongda Group Co. Ltd., Class A		368,299		239,298
				480,072
Diversified Financial Services — 0.3%
Avic Capital Co. Ltd., Class A		641,201		374,495
Bohai Leasing Co. Ltd., Class A(a)		446,200		198,161
Shanghai AJ Group Co. Ltd., Class A		118,200		138,070
				710,726
Electrical Equipment — 2.7%
Contemporary Amperex Technology Co. Ltd., Class A		157,600		2,848,269
Dongfang Electric Corp. Ltd., Class A		192,700		219,865
Eve Energy Co. Ltd., Class A(a)		78,898		611,441
Fangda Carbon New Material Co. Ltd., Class A(a)		192,792		278,060
Guoxuan High-Tech Co. Ltd., Class A		78,800		252,734
Hongfa Technology Co. Ltd., Class A		56,200		248,706
Jiangsu Zhongtian Technology Co. Ltd., Class A		212,200		225,145
NARI Technology Co. Ltd., Class A		334,910		781,941
Shanghai Electric Group Co. Ltd., Class A		563,200		351,457
Sunwoda Electronic Co. Ltd., Class A		114,799		358,522
TBEA Co. Ltd., Class A		251,200		205,184
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		251,251		379,955
Zhejiang Chint Electrics Co. Ltd., Class A		153,700		526,541
				7,287,820
Electronic Equipment, Instruments & Components — 6.2%
Accelink Technologies Co. Ltd., Class A		56,200		213,475
AVIC Jonhon Optronic Technology Co. Ltd., Class A		78,800		378,426
BOE Technology Group Co. Ltd., Class A		2,413,403		1,464,695
Chaozhou Three-Circle Group Co. Ltd., Class A		137,900		411,368
Foxconn Industrial Internet Co. Ltd., Class A		290,200		745,930
GoerTek Inc., Class A		231,704		703,106
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		689,552		3,190,365
Holitech Technology Co. Ltd., Class A		212,200		166,359

10 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Lens Technology Co. Ltd., Class A		231,700	$	615,745
Leyard Optoelectronic Co. Ltd., Class A		173,200		168,184
Lingyi iTech Guangdong Co., Class A(a)		407,200		678,008
Luxshare Precision Industry Co. Ltd., Class A		394,094		2,287,082
NAURA Technology Group Co. Ltd., Class A		39,400		600,047
OFILM Group Co. Ltd., Class A(a)		192,700		443,858
Shengyi Technology Co. Ltd., Class A		177,300		554,221
Shennan Circuits Co. Ltd., Class A		19,700		449,374
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		114,700		423,074
Tianma Microelectronics Co. Ltd., Class A		153,700		326,811
Tunghsu Optoelectronic Technology Co. Ltd., Class A		486,400		191,009
Unisplendour Corp. Ltd., Class A		114,768		487,569
Universal Scientific Industrial Shanghai Co. Ltd., Class A		118,200		300,277
Westone Information Industry Inc., Class A		56,200		185,787
Wuhan Guide Infrared Co. Ltd., Class A		59,196		263,148
WUS Printed Circuit Kunshan Co. Ltd., Class A		137,900		424,759
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		59,100		334,119
Zhejiang Dahua Technology Co. Ltd., Class A		212,200		548,772
				16,555,568
Energy Equipment & Services — 0.2%
Offshore Oil Engineering Co. Ltd., Class A		309,768		286,200
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		75,700		359,755
				645,955
Entertainment — 1.3%
Beijing Enlight Media Co. Ltd., Class A		212,200		288,174
China Film Co. Ltd., Class A		114,700		203,593
G-Bits Network Technology Xiamen Co. Ltd., Class A		4,300		206,354
Giant Network Group Co. Ltd., Class A		95,200		221,456
Mango Excellent Media Co. Ltd., Class A(a)		118,280		709,227
Perfect World Co. Ltd., Class A		98,568		633,398
Wanda Film Holding Co. Ltd., Class A(a)		153,798		341,734
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		157,600		681,010
Youzu Interactive Co. Ltd., Class A(a)		78,800		284,129
				3,569,075
Food & Staples Retailing — 0.4%
Laobaixing Pharmacy Chain JSC, Class A		19,700		213,800
Yifeng Pharmacy Chain Co. Ltd., Class A		19,799		226,184
Yonghui Superstores Co. Ltd., Class A		699,775		707,489
				1,147,473
Food Products — 4.3%
Angel Yeast Co. Ltd., Class A		56,296		202,343
Beijing Dabeinong Technology Group Co. Ltd., Class A		309,700		233,067
Chongqing Fuling Zhacai Group Co. Ltd., Class A		56,200		170,138
Foshan Haitian Flavouring & Food Co. Ltd., Class A		157,627		2,171,907
Fujian Sunner Development Co. Ltd., Class A		75,700		203,876
Guangdong Haid Group Co. Ltd., Class A		118,299		517,773
Heilongjiang Agriculture Co. Ltd., Class A		118,200		150,223
Henan Shuanghui Investment & Development Co. Ltd., Class A		197,000		740,705
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		433,400		1,714,340
Jiangxi Zhengbang Technology Co. Ltd., Class A		173,200		308,173
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		56,200		273,424
Juewei Food Co. Ltd., Class A		36,700		180,072
Muyuan Foodstuff Co. Ltd., Class A		121,100		1,271,214
New Hope Liuhe Co. Ltd., Class A		315,200		735,023
Tech-Bank Food Co. Ltd., Class A(a)		75,700		96,857

Security	Shares		Value
Food Products (continued)
Toly Bread Co. Ltd., Class A		36,799	$	181,294
Tongwei Co. Ltd., Class A		270,793		471,378
Wens Foodstuffs Group Co. Ltd., Class A		394,099		1,655,117
Yuan Longping High-Tech Agriculture Co. Ltd., Class A		98,500		227,444
				11,504,368
Health Care Equipment & Supplies — 1.0%
Autobio Diagnostics Co. Ltd., Class A		19,700		319,294
Jafron Biomedical Co. Ltd., Class A		39,400		409,033
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		95,200		365,014
Lepu Medical Technology Beijing Co. Ltd., Class A		118,200		484,764
Ovctek China Inc., Class A		39,400		264,212
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		27,397		734,259
				2,576,576
Health Care Providers & Services — 1.4%
Aier Eye Hospital Group Co. Ltd., Class A		216,760		1,129,797
China National Accord Medicines Corp. Ltd., Class A		39,498		275,247
China National Medicines Corp. Ltd., Class A		56,200		216,685
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		39,497		280,598
Huadong Medicine Co. Ltd., Class A		137,925		389,581
Jointown Pharmaceutical Group Co. Ltd., Class A		134,200		344,948
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		270,740		489,843
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		134,209		372,952
Topchoice Medical Corp., Class A(a)		19,700		259,514
				3,759,165
Health Care Technology — 0.1%
Winning Health Technology Group Co. Ltd., Class A		114,799		235,408
Hotels, Restaurants & Leisure — 0.5%
BTG Hotels Group Co. Ltd., Class A		75,700		167,338
Shanghai Jinjiang International Hotels Co. Ltd., Class A		59,100		197,906
Shenzhen Overseas Chinese Town Co. Ltd., Class A		582,756		530,096
Songcheng Performance Development Co. Ltd., Class A		118,296		409,647
				1,304,987
Household Durables — 1.8%
Gree Electric Appliances Inc. of Zhuhai, Class A		216,710		1,794,879
Haier Smart Home Co. Ltd., Class A		433,400		1,034,174
Hangzhou Robam Appliances Co. Ltd., Class A		75,700		319,326
NavInfo Co. Ltd., Class A		134,200		271,742
Oppein Home Group Inc., Class A		20,845		302,727
Suofeiya Home Collection Co. Ltd., Class A		56,200		142,210
TCL Corp., Class A		953,200		619,332
Zhejiang Supor Co. Ltd., Class A		39,498		358,499
				4,842,889
Independent Power and Renewable Electricity Producers — 2.6%
China National Nuclear Power Co. Ltd., Class A		914,208		571,804
China Yangtze Power Co. Ltd., Class A		1,595,799		3,737,234
GD Power Development Co. Ltd., Class A		1,382,200		394,756
Huadian Power International Corp. Ltd., Class A		485,200		221,717
Huaneng Power International Inc., Class A		329,200		228,938
Hubei Energy Group Co. Ltd., Class A		368,200		181,923
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		377,600		123,480
SDIC Power Holdings Co. Ltd., Class A		485,200		510,642
Shanghai Electric Power Co. Ltd., Class A		173,200		165,958
Shenergy Co. Ltd., Class A		348,731		248,496
Shenzhen Energy Group Co. Ltd., Class A		231,732		176,046

SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Sichuan Chuantou Energy Co. Ltd., Class A		309,700	$	367,954
				6,928,948
Insurance — 4.8%
China Life Insurance Co. Ltd., Class A		197,000		816,660
China Pacific Insurance Group Co. Ltd., Class A		453,100		2,094,426
Hubei Biocause Pharmaceutical Co. Ltd., Class A		348,700		290,301
New China Life Insurance Co. Ltd., Class A		157,600		972,003
Ping An Insurance Group Co. of China Ltd., Class A		777,723		8,497,114
				12,670,504
Internet & Direct Marketing Retail — 0.1%
Visual China Group Co. Ltd., Class A		59,100		142,627
IT Services — 0.4%
Beijing Sinnet Technology Co. Ltd., Class A		114,799		312,784
China TransInfo Technology Co. Ltd., Class A		95,200		277,873
DHC Software Co. Ltd., Class A		231,700		414,577
Wangsu Science & Technology Co. Ltd., Class A		173,293		182,627
				1,187,861
Life Sciences Tools & Services — 0.7%
Hangzhou Tigermed Consulting Co. Ltd., Class A		61,200		577,847
WuXi AppTec Co. Ltd., Class A		98,500		1,223,584
				1,801,431
Machinery — 3.2%
China International Marine Containers Group Co. Ltd., Class A		114,718		135,149
China Shipbuilding Industry Co. Ltd., Class A		1,635,700		1,060,444
CRRC Corp. Ltd., Class A		1,773,000		1,539,362
Hefei Meiya Optoelectronic Technology Inc., Class A		56,138		266,148
Inner Mongolia First Machinery Group Co. Ltd., Class A		118,200		161,194
Jiangsu Hengli Hydraulic Co. Ltd., Class A		59,100		383,490
Sany Heavy Industry Co. Ltd., Class A		610,700		1,258,411
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		59,100		122,879
Shenzhen Inovance Technology Co. Ltd., Class A		114,796		431,624
Siasun Robot & Automation Co. Ltd., Class A(a)		114,700		223,084
Tian Di Science & Technology Co. Ltd., Class A		329,200		131,157
Weichai Power Co. Ltd., Class A		426,700		742,161
XCMG Construction Machinery Co. Ltd., Class A		563,200		375,585
Zhejiang Dingli Machinery Co. Ltd., Class A		19,799		177,667
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		192,700		515,129
Zhengzhou Yutong Bus Co. Ltd., Class A		153,700		311,667
Zhongji Innolight Co. Ltd., Class A		39,499		271,363
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		443,900		359,415
				8,465,929
Marine — 0.2%
COSCO SHIPPING Development Co. Ltd., Class A		602,200		188,327
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		465,700		284,629
				472,956
Media — 0.7%
China South Publishing & Media Group Co. Ltd., Class A		134,282		211,889
Chinese Universe Publishing and Media Group Co. Ltd., Class A		95,246		175,863
CITIC Guoan Information Industry Co. Ltd., Class A(a)		270,700		119,834
Focus Media Information Technology Co. Ltd., Class A		1,050,760		793,757
NanJi E-Commerce Co. Ltd., Class A(a)		173,200		228,285
Oriental Pearl Group Co. Ltd., Class A		251,299		343,065
			1,872,693

Security	Shares		Value
Metals & Mining — 3.6%
Aluminum Corp. of China Ltd., Class A(a)		933,700	$	395,997
Angang Steel Co. Ltd., Class A		407,200		158,744
Baoshan Iron & Steel Co. Ltd., Class A		1,323,770		924,378
China Molybdenum Co. Ltd., Class A		1,265,200		670,288
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		251,200		327,506
Ganfeng Lithium Co. Ltd., Class A		78,800		439,191
GEM Co. Ltd., Class A		268,396		198,917
Guangdong HEC Technology Holding Co. Ltd., Class A		212,200		284,840
Hesteel Co. Ltd., Class A		847,100		262,496
Hunan Valin Steel Co. Ltd., Class A(a)		290,200		165,348
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		3,251,900		524,740
Jiangxi Copper Co. Ltd., Class A		153,700		298,937
Jinduicheng Molybdenum Co. Ltd., Class A		192,798		180,607
Maanshan Iron & Steel Co. Ltd., Class A		446,200		163,116
Nanjing Iron & Steel Co. Ltd., Class A		329,200		136,798
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		602,200		202,946
Sansteel Minguang Co. Ltd. Fujian, Class A		173,200		188,218
Shandong Gold Mining Co. Ltd., Class A		197,020		871,887
Shandong Nanshan Aluminum Co. Ltd., Class A		777,700		224,332
Shanxi Taigang Stainless Steel Co. Ltd., Class A		433,400		214,757
Shenghe Resources Holding Co. Ltd., Class A		114,700		119,404
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		251,200		130,930
Tongling Nonferrous Metals Group Co. Ltd., Class A		777,700		221,001
Xiamen Tungsten Co. Ltd., Class A		95,298		153,096
Xinxing Ductile Iron Pipes Co. Ltd., Class A		315,200		155,737
Xinyu Iron & Steel Co. Ltd., Class A		231,700		140,288
Yintai Gold Co. Ltd., Class A		134,200		216,742
Yunnan Tin Co. Ltd., Class A(a)		114,700		155,602
Zhejiang Huayou Cobalt Co. Ltd., Class A		78,800		478,012
Zhongjin Gold Corp. Ltd., Class A		231,700		248,151
Zijin Mining Group Co. Ltd., Class A		1,382,200		761,880
				9,614,886
Oil, Gas & Consumable Fuels — 1.9%
China Merchants Energy Shipping Co. Ltd., Class A		472,899		383,570
China Petroleum & Chemical Corp., Class A		1,808,943		1,162,427
China Shenhua Energy Co. Ltd., Class A		334,999		744,357
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		197,000		154,161
Guanghui Energy Co. Ltd., Class A		485,200		203,010
PetroChina Co. Ltd., Class A		1,148,200		842,770
Shaanxi Coal Industry Co. Ltd., Class A		582,700		629,065
Shandong Xinchao Energy Corp. Ltd., Class A(a)		446,200		117,240
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		212,200		182,722
Shanxi Meijin Energy Co. Ltd., Class A(a)		290,200		290,498
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		212,200		152,117
Yanzhou Coal Mining Co. Ltd., Class A		173,200		215,424
				5,077,361
Paper & Forest Products — 0.1%
Shandong Sun Paper Industry JSC Ltd., Class A		192,700		230,047
Shanying International Holding Co. Ltd., Class A(a)		286,600		123,598
				353,645
Personal Products — 0.2%
By-Health Co. Ltd., Class A		114,700		251,420
Shanghai Jahwa United Co. Ltd., Class A		56,200		206,332
				457,752

12 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 5.1%
Asymchem Laboratories Tianjin Co. Ltd., Class A		17,200	$	338,950
Beijing Tongrentang Co. Ltd., Class A		95,299		367,435
Betta Pharmaceuticals Co. Ltd., Class A		36,700		345,681
Changchun High & New Technology Industry Group Inc., Class A		12,270		791,975
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		56,200		280,165
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		78,895		160,656
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		75,700		425,264
Dong-E-E-Jiao Co. Ltd., Class A		56,200		246,780
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		95,200		512,243
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A		88,700		118,304
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		56,200		199,029
Jiangsu Hengrui Medicine Co. Ltd., Class A		315,260		3,627,642
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		78,800		165,526
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		134,200		185,505
Livzon Pharmaceutical Group Inc., Class A		39,400		202,548
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		39,400		251,890
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		75,744		202,913
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		134,263		459,954
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		75,700		221,820
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		56,200		134,024
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		98,500		251,075
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		118,200		405,770
Tasly Pharmaceutical Group Co. Ltd., Class A		114,722		270,144
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		153,700		241,432
Yifan Pharmaceutical Co. Ltd., Class A		95,200		219,144
Yunnan Baiyao Group Co. Ltd., Class A		98,500		1,096,851
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		39,499		693,776
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		197,000		168,790
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A(a)		95,295		226,575
Zhejiang NHU Co. Ltd., Class A		153,798		465,822
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		39,400		245,083
				13,522,766
Professional Services — 0.1%
Centre Testing International Group Co. Ltd., Class A		114,700		238,808
Real Estate Management & Development — 4.2%
Beijing Capital Development Co. Ltd., Class A		173,200		165,464
China Enterprise Co. Ltd., Class A		268,395		157,140
China Fortune Land Development Co. Ltd., Class A		216,700		735,248
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		571,352		1,331,534
China Vanke Co. Ltd., Class A		709,200		2,642,233
Financial Street Holdings Co. Ltd., Class A		212,266		204,603
Gemdale Corp., Class A		329,200		560,826
Grandjoy Holdings Group Co. Ltd., Class A		231,799		189,006
Greenland Holdings Corp. Ltd., Class A		582,700		485,944
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		250,200		298,691
Jinke Properties Group Co. Ltd., Class A		387,700		355,988
Oceanwide Holdings Co. Ltd., Class A		251,290		147,484
Poly Developments and Holdings Group Co. Ltd., Class A		847,100		1,681,426
RiseSun Real Estate Development Co. Ltd., Class A		309,737		360,478
Seazen Holdings Co. Ltd., Class A		177,300		774,744

Security	Shares		Value
Real Estate Management & Development (continued)
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		114,700	$	213,748
Sichuan Languang Development Co. Ltd., Class A		212,200		187,267
Tahoe Group Co. Ltd., Class A		173,297		124,971
Xinhu Zhongbao Co. Ltd., Class A		602,200		271,742
Yango Group Co. Ltd., Class A		295,500		272,173
				11,160,710
Road & Rail — 0.5%
Daqin Railway Co. Ltd., Class A		1,083,548		1,090,852
Guangshen Railway Co. Ltd., Class A		407,200		150,022
				1,240,874
Semiconductors & Semiconductor Equipment — 2.2%
GCL System Integration Technology Co. Ltd., Class A(a)		354,600		273,439
Gigadevice Semiconductor Beijing Inc., Class A		21,799		792,855
Hangzhou Silan Microelectronics Co. Ltd., Class A		95,200		207,453
LONGi Green Energy Technology Co. Ltd., Class A		256,124		956,424
Sanan Optoelectronics Co. Ltd., Class A		290,296		841,522
Shenzhen Goodix Technology Co. Ltd., Class A		24,500		1,064,449
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		192,799		388,472
Unigroup Guoxin Microelectronics Co. Ltd., Class A		39,400		282,779
Visionox Technology Inc., Class A(a)		95,298		189,839
Will Semiconductor Ltd., Class A		39,400		939,596
				5,936,828
Software — 2.0%
360 Security Technology Inc., Class A		95,200		300,576
Aisino Corp., Class A		134,200		394,965
Beijing Shiji Information Technology Co. Ltd., Class A		78,872		380,687
China National Software & Service Co. Ltd., Class A		39,400		366,105
Glodon Co. Ltd., Class A		75,699		389,154
Hundsun Technologies Inc., Class A		59,181		674,563
Iflytek Co. Ltd., Class A		157,650		712,968
Newland Digital Technology Co. Ltd., Class A		78,800		189,044
Sangfor Technologies Inc., Class A		21,300		428,871
Shanghai 2345 Network Holding Group Co. Ltd., Class A		407,238		165,156
Shanghai Baosight Software Co. Ltd., Class A		56,200		271,739
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A(a)		56,200		148,309
Venustech Group Inc., Class A		56,299		284,598
Yonyou Network Technology Co. Ltd., Class A		177,315		741,893
				5,448,628
Specialty Retail — 1.1%
China Grand Automotive Services Group Co. Ltd., Class A		582,700		276,256
China International Travel Service Corp. Ltd., Class A		137,940		1,453,700
HLA Corp. Ltd., Class A		212,232		203,055
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		231,700		225,983
Suning.com Co. Ltd., Class A		660,700		849,132
				3,008,126
Technology Hardware, Storage & Peripherals — 0.7%
China Greatwall Technology Group Co. Ltd., Class A		212,200		386,656
Dawning Information Industry Co. Ltd., Class A		78,899		422,391
GRG Banking Equipment Co. Ltd., Class A		173,200		225,565
Inspur Electronic Information Industry Co. Ltd., Class A		95,200		417,625
Ninestar Corp., Class A		75,710		379,480
				1,831,717
Textiles, Apparel & Luxury Goods — 0.1%
Zhejiang Semir Garment Co. Ltd., Class A		134,200		160,976
Trading Companies & Distributors — 0.2%
China Meheco Co. Ltd., Class A		78,898		165,056

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		59,100	$	128,618
Sinochem International Corp., Class A		192,700		130,984
Xiamen C & D Inc., Class A		192,700		212,160
				636,818
Transportation Infrastructure — 0.8%
Dalian Port PDA Co. Ltd., Class A		502,700		126,343
Guangzhou Baiyun International Airport Co. Ltd., Class A		153,798		303,300
Ningbo Zhoushan Port Co. Ltd., Class A		621,700		292,082
Shanghai International Airport Co. Ltd., Class A		75,722		671,278
Shanghai International Port Group Co. Ltd., Class A		602,200		402,453
Shenzhen Airport Co. Ltd., Class A		134,200		155,801
TangShan Port Group Co. Ltd., Class A		359,399		113,935
				2,065,192

Security	Shares		Value
Water Utilities — 0.0%
Chengdu Xingrong Environment Co. Ltd., Class A		197,899	$	114,170
Wireless Telecommunication Services — 0.6%
China United Network Communications Ltd., Class A		2,198,900		1,598,275
Total Common Stocks — 99.8% (Cost: $262,326,272)				266,225,414
Total Investments in Securities — 99.8% (Cost: $262,326,272)				266,225,414
Other Assets, Less Liabilities — 0.2%				447,249
Net Assets — 100.0%			$	266,672,663

^(a) Non-income producing security.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	—	$	266,225,414	$	—	$	266,225,414

See notes to financial statements.

14 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) 

January 31, 2020

	iShares China Large-Cap ETF			iShares MSCI China A ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	4,387,462,983		$	266,225,414
Affiliated(c)		88,136,522			—
Cash		289			412,874
Foreign currency, at value(d)		1,257,806			76,392
Foreign currency collateral pledged:
Futures contracts(e)		324,924			—
Restricted foreign currency at value(f)		—			16,162	(g)
Receivables:
Securities lending income — Affiliated		35,651			—
Dividends		3,326,728			1,100
Total assets		4,480,544,903			266,731,942
LIABILITIES
Collateral on securities loaned, at value		85,160,714			—
Payables:
Variation margin on futures contracts		132,512			—
Investment advisory fees		2,947,687			59,279
Total liabilities		88,240,913			59,279
NET ASSETS	$	4,392,303,990		$	266,672,663
NET ASSETS CONSIST OF:
Paid-in capital	$	6,562,678,217		$	272,711,203
Accumulated loss		(2,170,374,227	)		(6,038,540	)
NET ASSETS	$	4,392,303,990		$	266,672,663
Shares outstanding		109,500,000			9,850,000
Net asset value	$	40.11		$	27.07
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	74,462,106		$	—
(b) Investments, at cost — Unaffiliated	$	4,555,942,151		$	262,326,272
(c)  Investments, at cost — Affiliated	$	88,097,135		$	—
(d) Foreign currency, at cost	$	1,255,990		$	76,496
(e) Foreign currency collateral pledged, at cost	$	324,853		$	—
(f)  Restricted foreign currency, at cost	$	—		$	16,575
(g) Represents foreign investor minimum settlement reserve funds required by the China Securities Depository and Clearing Corporation Limited.

See notes to financial statements.

FINANCIAL STATEMENTS 15

Statements of Operations  (unaudited) 

Six Months Ended January 31, 2020

	iShares China Large-Cap ETF			iShares MSCI China AETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	28,413,179		$	469,178
Dividends — Affiliated		28,178			—
Interest — Unaffiliated		549			445
Securities lending income — Affiliated — net		880,822			—
Foreign taxes withheld		(1,830,571	)		(46,933	)
Total investment income		27,492,157			422,690
EXPENSES
Investment advisory fees		16,745,755			673,467
Total expenses		16,745,755			673,467
Less:
Investment advisory fees waived		—			(424,802	)
Total expenses after fees waived		16,745,755			248,665
Net investment income		10,746,402			174,025
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(61,508,643	)		(4,288,282	)
Investments — Affiliated		18,223			—
In-kind redemptions — Unaffiliated		73,016,563			—
Futures contracts		(2,691,037	)		—
Foreign currency transactions		(113,799	)		(268	)
Net realized gain (loss)		8,721,307			(4,288,550	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(141,527,040	)		(11,484,351	)
Investments — Affiliated		(8,187	)		—
Futures contracts		859,016			—
Foreign currency translations		108,727			(5,557	)
Net change in unrealized appreciation (depreciation)		(140,567,484	)		(11,489,908	)
Net realized and unrealized loss		(131,846,177	)		(15,778,458	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(121,099,775	)	$	(15,604,433	)

See notes to financial statements.

16 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

	iShares China Large-Cap ETF						iShares MSCI China A ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,746,402		$	140,866,254			$	174,025		$	2,575,292
Net realized gain (loss)		8,721,307			(23,979,508	)			(4,288,550	)		(5,077,648	)
Net change in unrealized appreciation (depreciation)		(140,567,484	)		(99,418,256	)			(11,489,908	)		16,757,164
Net increase (decrease) in net assets resulting from operations		(121,099,775	)		17,468,490				(15,604,433	)		14,254,808
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(84,191,294	)		(116,078,962	)			(2,193,886	)		(2,535,985	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(441,815,758	)		1,041,951,100				142,481,991			116,741,379
NET ASSETS
Total increase (decrease) in net assets		(647,106,827	)		943,340,628				124,683,672			128,460,202
Beginning of period		5,039,410,817			4,096,070,189				141,988,991			13,528,789
End of period	$	4,392,303,990		$	5,039,410,817			$	266,672,663		$	141,988,991

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 17

Financial Highlights

(For a share outstanding throughout each period)

	iShares China Large-Cap ETF
	Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period		$	41.63		$	43.14		$	42.57		$	35.11		$	40.66		$	41.05
Net investment income(a)			0.10			1.07			1.27			0.86			0.65			1.10
Net realized and unrealized gain (loss)(b)			(0.83	)		(1.73	)		0.80			7.47			(5.18	)		(0.73	)
Net increase (decrease) from investment operations			(0.73	)		(0.66	)		2.07			8.33			(4.53	)		0.37
Distributions(c)
From net investment income			(0.79	)		(0.85	)		(1.50	)		(0.87	)		(1.02	)		(0.76	)
Total distributions			(0.79	)		(0.85	)		(1.50	)		(0.87	)		(1.02	)		(0.76	)
Net asset value, end of period		$	40.11		$	41.63		$	43.14		$	42.57		$	35.11		$	40.66
Total Return
Based on net asset value			(1.85	)%(d)		(1.44	)%		4.73	%		24.23	%		(11.13	)%		0.82	%
Ratios to Average Net Assets
Total expenses			0.74	%(e)		0.74	%		0.74	%		0.74	%		0.74	%		0.73	%
Net investment income			0.47	%(e)		2.55	%		2.75	%		2.26	%		1.87	%		2.53	%
Supplemental Data
Net assets, end of period (000)		$	4,392,304		$	5,039,411		$	4,096,070		$	3,346,303		$	3,586,773		$	6,593,654
Portfolio turnover rate(f)			8	%(d)		14	%		18	%		15	%		15	%		36	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

18 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI China A ETF
	Six Months Ended															Period From
		01/31/20 (unaudited)				Year Ended 07/31/19					Year Ended 07/31/18			Year Ended 07/31/17				06/13/16 to 07/31/16	(a)
Net asset value, beginning of period			$	28.68			$	27.06		$	29.19		$	25.68			$	24.13
Net investment income(b)				0.02				0.84			0.56			0.30				0.28
Net realized and unrealized gain (loss)(c)				(1.37	)			1.67			(2.38	)		3.66				1.27
Net increase (decrease) from investment operations				(1.35	)			2.51			(1.82	)		3.96				1.55
Distributions(d)
From net investment income				(0.26	)			(0.19	)		(0.31	)		(0.45	)			—
From net realized gain				—				(0.70	)		—			—				—
Total distributions				(0.26	)			(0.89	)		(0.31	)		(0.45	)			—
Net asset value, end of period			$	27.07	(e)		$	28.68		$	27.06		$	29.19			$	25.68
Total Return
Based on net asset value				(4.79	)%(e)(f)			9.97	%		(6.33	)%(g)		15.65	%			6.47	%(f)(h)
Ratios to Average Net Assets
Total expenses				0.65	%(i)			0.65	%		0.65	%		0.65	%			0.65	%(i)
Total expenses after fees waived				0.24	%(i)			0.24	%		0.55	%		0.65	%			0.65	%(i)
Net investment income				0.17	%(i)			3.10	%		1.81	%		1.13	%			8.42	%(i)
Supplemental Data
Net assets, end of period (000)			$	266,673			$	141,989		$	13,529		$	10,217			$	8,989
Portfolio turnover rate(j)				28	%(f)(k)			44	%(k)		154	%		13	%			1	%(f)
(a) Commencement of operations. (b) Based on average shares outstanding. (c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) For financial reporting purposes, the market value of certain investments were adjusted as of the report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on NAV presented herein are different than the information previously published as of January 31, 2020. (f)  Not annualized. (g) Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -6.54%. (h) The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the Fund was 6.42%. (i)  Annualized. (j)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(k)  Portfolio turnover rate excluding cash creations was as follows:				26	%			22	%		—			—				—

See notes to financial statements.

FINANCIAL HIGHLIGHTS 19

Notes to Financial Statements  (unaudited) 

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
China Large-Cap	Non-diversified
MSCI China A	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2020, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

20 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of January 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of January 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value

NOTES TO FINANCIAL STATEMENTS 21

Notes to Financial Statements  (unaudited) (continued)

of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of January 31, 2020:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
China Large-Cap
Citigroup Global Markets Inc.	$	9,932,264	$	9,932,264		$	—	$	—
Credit Suisse Securities (USA) LLC		19,325,817		19,325,817			—		—
Goldman Sachs & Co.		2,759,340		2,759,340			—		—
HSBC Bank PLC		30,437,377		30,437,377			—		—
Morgan Stanley & Co. LLC		12,007,308		12,007,308			—		—
	$	74,462,106	$	74,462,106		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares China Large-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Average Daily Net Assets	Investment Advisory Fee
First $6 billion		0.74%
Over $6 billion, up to and including $9 billion		0.67
Over $9 billion, up to and including $12 billion		0.60
Over $12 billion		0.54

22 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

For its investment advisory services to the iShares MSCI China A ETF, BFA is entitled to an annual investment advisory fee of 0.65%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: For the six months ended January 31, 2020, BFA voluntarily waived its investment advisory fee for the iShares MSCI China A ETF in the amount of $424,802.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended January 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
China Large-Cap	$	219,069

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized     Gain (Loss)
China Large-Cap	$	3,851,120	$	26,397,682	$	(3,752,139)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
China Large-Cap	$	428,371,667	$	337,043,390
MSCI China A		196,574,849		56,251,902

NOTES TO FINANCIAL STATEMENTS 23

Notes to Financial Statements  (unaudited) (continued)

For the six months ended January 31, 2020, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
China Large-Cap	$	—	$	561,216,827

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
China Large-Cap	$	1,894,027,145
MSCI China A		2,380,091

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
China Large-Cap	$	4,759,727,967	$	502,345,417	$	(786,783,847	)	$	(284,438,430	)
MSCI China A		265,552,097		18,832,840		(18,159,523	)		673,317

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

24 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The iShares MSCI China A ETF invests in A-shares (i.e., equity securities of companies based in the People’s Republic of China (“China” or “PRC”) that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, “Stock Connect”). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund’s ability to invest in A-shares on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity markets.

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.

From time to time and in recent months, China has experienced outbreaks of infectious illnesses and the country may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect a Fund’s investments.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/20						Year Ended 07/31/19
iShares ETF	Shares			Amount			Shares			Amount
China Large-Cap
Shares sold		2,850,000		$	124,086,483			48,750,000		$	1,996,333,663
Shares redeemed		(14,400,000	)		(565,902,241	)		(22,650,000	)		(954,382,563	)
Net increase(decrease)		(11,550,000	)	$	(441,815,758	)		26,100,000		$	1,041,951,100
MSCI China A
Shares sold		5,000,000		$	145,252,706			5,100,000		$	135,402,218
Shares redeemed		(100,000	)		(2,770,715	)		(650,000	)		(18,660,839	)
Net increase		4,900,000		$	142,481,991			4,450,000		$	116,741,379

NOTES TO FINANCIAL STATEMENTS 25

Notes to Financial Statements  (unaudited) (continued)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

26 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares China Large-Cap ETF and iShares MSCI China A ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM 27

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

28 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited or MSCI Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-708-0120

JANUARY 31, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Core Aggressive Allocation ETF  |  AOA  |  NYSE Arca

· iShares Core Conservative Allocation ETF  |  AOK  |  NYSE Arca

· iShares Core Growth Allocation ETF  |  AOR | NYSE Arca

· iShares Core Moderate Allocation ETF  |  AOM  |  NYSE Arca

· iShares Morningstar Multi-Asset Income ETF  |  IYLD  |  Cboe BZX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents

	Page
Fund Summary		3
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		19
Statements of Operations		21
Statements of Changes in Net Assets		23
Financial Highlights		26
Notes to Financial Statements		31
Statement Regarding Liquidity Risk Management Program		38
Supplemental Information		39
General Information		40

2

Fund Summary  as of January 31, 2020 iShares^® Core Aggressive Allocation ETF

Investment Objective

The iShares Core Aggressive Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent an aggressive target risk allocation strategy, as represented by the S&P Target Risk Aggressive 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		6.55	%		13.91	%		7.57	%		9.75	%		13.91	%		44.03	%		153.51	%
Fund Market		6.40			13.81			7.55			9.75			13.81			43.92			153.45
Index		6.67			14.12			7.71			9.88			14.12			44.97			156.67

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 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)(b)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)(b)		Annualized Expense Ratio (a)
$	1,000.00	$	1,065.50	$	0.99	$	1,000.00	$	1,024.20	$	0.97		0.19	%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

	Percentage of
Asset Class		Total Investments	(a)
Domestic Equity		41.8	%
International Equity		38.6
Domestic Fixed Income		16.7
International Fixed Income		2.9

^(a)  Excludes money market funds.

FIVE LARGEST HOLDINGS
	Percent of
Security		Total Investments	(a)
iShares Core S&P 500 ETF		37.8	%
iShares Core MSCI International Developed Markets ETF		30.3
iShares Core Total USD Bond Market ETF		16.7
iShares Core MSCI Emerging Markets ETF		8.3
iShares Core International Aggregate Bond ETF		2.9

FUND SUMMARY 3

Fund Summary  as of January 31, 2020 iShares^® Core Conservative Allocation ETF

Investment Objective

The iShares Core Conservative Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent a conservative target risk allocation strategy, as represented by the S&P Target Risk Conservative 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.86	%		11.18	%		4.80	%		5.33	%		11.18	%		26.39	%		68.08	%
Fund Market		4.72			11.19			4.78			5.32			11.19			26.32			67.87
Index		5.11			11.37			4.93			5.43			11.37			27.19			69.64

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 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)(b)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)(b)		Annualized Expense Ratio (a)
$	1,000.00	$	1,048.60	$	0.98	$	1,000.00	$	1,024.20	$	0.97		0.19	%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percentage of Total Investments (a)
Domestic Fixed Income		59.2	%
Domestic Equity		15.8
International Equity		14.6
International Fixed Income		10.4

^(a)  Excludes money market funds.

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments (a)
iShares Core Total USD Bond Market ETF		59.2	%
iShares Core S&P 500 ETF		14.3
iShares Core MSCI International Developed Markets ETF		11.5
iShares Core International Aggregate Bond ETF		10.4
iShares Core MSCI Emerging Markets ETF		3.1

4 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares^® Core Growth Allocation ETF

Investment Objective

The iShares Core Growth Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent a growth allocation target risk strategy, as represented by the S&P Target Risk Growth 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.

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year		5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.87	%		12.79%		6.49	%		7.96	%		12.79	%		36.92	%		115.04	%
Fund Market		5.75			12.75		6.48			7.95			12.75			36.87			114.92
Index		6.05			13.03		6.63			8.08			13.03			37.82			117.53

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 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)(b)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)(b)		Annualized Expense  Ratio (a)
$	1,000.00	$	1,058.70	$	0.98	$	1,000.00	$	1,024.20	$	0.97		0.19	%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percentage of Total Investments (a)
Domestic Fixed Income		33.6	%
Domestic Equity		31.5
International Equity		29.0
International Fixed Income		5.9

^(a)  Excludes money market funds.

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments (a)
iShares Core Total USD Bond Market ETF		33.6	%
iShares Core S&P 500 ETF		28.4
iShares Core MSCI International Developed Markets ETF		22.8
iShares Core MSCI Emerging Markets ETF		6.3
iShares Core International Aggregate Bond ETF		5.9

FUND SUMMARY 5

Fund Summary  as of January 31, 2020 iShares^® Core Moderate Allocation ETF

Investment Objective

The iShares Core Moderate Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent a moderate target risk allocation strategy, as represented by the S&P Target Risk Moderate 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.

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year		5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.17	%		11.70%		5.36	%		6.18	%		11.70	%		29.86	%		82.18	%
Fund Market		5.06			11.79		5.36			6.17			11.79			29.86			82.06
Index		5.42			11.93		5.50			6.29			11.93			30.72			84.12

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 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)(b)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)(b)		Annualized Expense Ratio (a)
$	1,000.00	$	1,051.70	$	0.98	$	1,000.00	$	1,024.20	$	0.97		0.19	%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percentage of Total Investments (a)
Domestic Fixed Income		50.6	%
Domestic Equity		21.1
International Equity		19.4
International Fixed Income		8.9

^(a)  Excludes money market funds.

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments (a)
iShares Core Total USD Bond Market ETF		50.6	%
iShares Core S&P 500 ETF		19.0
iShares Core MSCI International Developed Markets ETF		15.3
iShares Core International Aggregate Bond ETF		8.9
iShares Core MSCI Emerging Markets ETF		4.2

6 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares^® Morningstar Multi-Asset Income ETF

Investment Objective

The iShares Morningstar Multi-Asset Income ETF (the “Fund”) seeks to track the investment results of an index composed of underlying equity, fixed income and other income funds that collectively seek to deliver high current income while providing an opportunity for capital appreciation, as represented by the Morningstar^® Multi-Asset High Income IndexSM (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.

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year		5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		5.55	%		10.21%		4.83	%		5.76	%		10.21	%		26.62	%		55.10	%
Fund Market		5.55			10.25		4.82			5.77			10.25			26.57			55.14
Index		5.66			10.40		4.89			5.78			10.40			26.93			55.18

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.

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 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)(b)		Beginning Account Value (08/01/19)		Ending  Account Value (01/31/20)		Expenses Paid During the Period (a)(b)		Annualized Expense Ratio (a)
$	1,000.00	$	1,055.50	$	1.14	$	1,000.00	$	1,024.00	$	1.12		0.22	%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percentage of Total Investments (a)
International Fixed Income		23.1	%
Non-Investment Grade Bonds		19.8
Investment Grade Bonds		16.9
International Equity		16.6
Domestic Real Estate		15.6
Domestic Equity		8.0

^(a)  Excludes money market funds.

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments (a)
iShares iBoxx $ High Yield Corporate Bond ETF		19.8	%
iShares Mortgage Real Estate ETF		15.6
iShares Long-Term Corporate Bond ETF		15.3
iShares J.P. Morgan USD Emerging Markets Bond ETF		15.1
iShares International Select Dividend ETF		8.6

FUND SUMMARY 7

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 iShares.com. 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 ask 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 your 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your 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 under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your 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.

8 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  January 31, 2020 iShares^® Core Aggressive Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Domestic Equity — 41.7%
iShares Core S&P 500 ETF(a)		1,211,688	$	391,666,029
iShares Core S&P Mid-Cap ETF(a)		144,684		29,003,355
iShares Core S&P Small-Cap ETF(a)		154,941		12,469,652
				433,139,036
Domestic Fixed Income — 16.7%
iShares Core Total USD Bond Market ETF(a)(b)		3,268,790		173,540,061
International Equity — 38.5%
iShares Core MSCI Emerging Markets ETF(a)		1,706,429		86,328,243
iShares Core MSCI International Developed Markets ETF(a)		5,527,029		313,714,166
				400,042,409
International Fixed Income — 3.0%
iShares Core International Aggregate Bond ETF(a)		545,524		30,483,881
Total Investment Companies — 99.9% (Cost: $929,472,663)				1,037,205,387

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(a)(c)(d)		1,862,119	$	1,863,236
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(a)(c)		1,241,000		1,241,000
				3,104,236
Total Short-Term Investments — 0.3% (Cost: $3,104,035)				3,104,236
Total Investments in Securities — 100.2% (Cost: $932,576,698)				1,040,309,623
Other Assets, Less Liabilities — (0.2)%				(1,999,282	)
Net Assets — 100.0%			$	1,038,310,341

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

^(c)  Annualized 7-day yield as of period-end.

^(d)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased			Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		9,002,134		—			(7,140,015	) (b)		1,862,119	$	1,863,236	$	44,943	(c)	$	(1,980	)	$	166
BlackRock Cash Funds: Treasury, SL Agency Shares		1,064,000		177,000	(b)		—			1,241,000		1,241,000		16,425			—			—
iShares Core International Aggregate Bond ETF		538,028		44,323			(36,827	)		545,524		30,483,881		278,858			52,570			353,324
iShares Core MSCI Emerging Markets ETF		1,507,855		225,715			(27,141	)		1,706,429		86,328,243		2,038,402			103,105			381,572
iShares Core MSCI International Developed Markets ETF		4,950,463		665,045			(88,479	)		5,527,029		313,714,166		4,236,537			277,262			14,495,632
iShares Core S&P 500 ETF		1,245,748		100,782			(134,842	)		1,211,688		391,666,029		4,304,162			9,930,478			19,215,547
iShares Core S&P Mid-Cap ETF		132,232		14,792			(2,340	)		144,684		29,003,355		244,438			137,242			461,325
iShares Core S&P Small-Cap ETF		142,979		14,479			(2,517	)		154,941		12,469,652		104,206			58,194			126,494
iShares Core Total USD Bond Market ETF		3,215,410		265,205			(211,825	)		3,268,790		173,540,061		2,464,028			213,334			4,386,339
											$	1,040,309,623	$	13,731,999		$	10,770,205		$	39,420,399

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

^(c)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini		6		03/20/20	$	967	$	4,331

SCHEDULES OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core Aggressive Allocation ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	4,331

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	119,335
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,331

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	575,383

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	1,037,205,387	$	—	$	—	$	1,037,205,387
Money Market Funds		3,104,236		—		—		3,104,236
	$	1,040,309,623	$	—	$	—	$	1,040,309,623
Derivative financial instruments(a)
Assets
Futures Contracts	$	4,331	$	—	$	—	$	4,331

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

See notes to financial statements.

10 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  January 31, 2020 iShares^® Core Conservative Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Domestic Equity — 15.8%
iShares Core S&P 500 ETF(a)		279,244	$	90,262,830
iShares Core S&P Mid-Cap ETF(a)		33,336		6,682,535
iShares Core S&P Small-Cap ETF(a)		35,704		2,873,458
				99,818,823
Domestic Fixed Income — 59.1%
iShares Core Total USD Bond Market ETF(a)(b)		7,031,008		373,276,215
International Equity — 14.6%
iShares Core MSCI Emerging Markets ETF(a)		393,269		19,895,478
iShares Core MSCI International Developed Markets ETF(a).		1,273,747		72,297,880
				92,193,358
International Fixed Income — 10.4%
iShares Core International Aggregate Bond ETF(a)		1,173,388		65,568,921
Total Investment Companies — 99.9% (Cost: $596,919,653)				630,857,317

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(a)(c)(d)		1,635,382	$	1,636,363
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(a)(c)		620,000		620,000
				2,256,363
Total Short-Term Investments — 0.4% (Cost: $2,256,200)				2,256,363
Total Investments in Securities — 100.3% (Cost: $599,175,853)				633,113,680
Other Assets, Less Liabilities — (0.3)%				(1,739,935	)
Net Assets — 100.0%			$	631,373,745

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

^(c)  Annualized 7-day yield as of period-end.

^(d)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased			Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		5,584,540		—			(3,949,158	)(b)		1,635,382	$	1,636,363	$	54,058	(c)	$	(1,019	)	$	163
BlackRock Cash Funds: Treasury, SL Agency Shares		503,000		117,000	(b)		—			620,000		620,000		6,439			—			—
iShares Core International Aggregate Bond ETF		1,028,641		252,492			(107,745	)		1,173,388		65,568,921		562,404			344,235			514,687
iShares Core MSCI Emerging Markets ETF		308,938		111,579			(27,248	)		393,269		19,895,478		464,192			128,995			(18,059	)
iShares Core MSCI International Developed Markets ETF		1,014,391		348,081			(88,725	)		1,273,747		72,297,880		964,744			339,608			2,912,294
iShares Core S&P 500 ETF		255,259		61,522			(37,537	)		279,244		90,262,830		960,715			3,338,107			3,261,822
iShares Core S&P Mid-Cap ETF		27,109		8,561			(2,334	)		33,336		6,682,535		54,472			110,222			32,856
iShares Core S&P Small-Cap ETF		29,339		8,885			(2,520	)		35,704		2,873,458		23,313			52,896			(9,336	)
iShares Core Total USD Bond Market ETF		6,147,871		1,510,806			(627,669	)		7,031,008		373,276,215		5,036,464			1,334,426			8,179,440
											$	633,113,680	$	8,126,801		$	5,647,470		$	14,873,867

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

^(c)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

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 the Notes to Financial Statements.

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core Conservative Allocation ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	630,857,317	$	—	$	—	$	630,857,317
Money Market Funds		2,256,363		—		—		2,256,363
	$	633,113,680	$	—	$	—	$	633,113,680

See notes to financial statements.

12 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  January 31, 2020 iShares^® Core Growth Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Domestic Equity — 31.4%
iShares Core S&P 500 ETF(a)		1,293,492	$	418,108,354
iShares Core S&P Mid-Cap ETF(a)		154,451		30,961,247
iShares Core S&P Small-Cap ETF(a)		165,414		13,312,519
				462,382,120
Domestic Fixed Income — 33.6%
iShares Core Total USD Bond Market ETF(a)(b)		9,305,250		494,015,722
International Equity — 29.0%
iShares Core MSCI Emerging Markets ETF(a)		1,821,644		92,156,970
iShares Core MSCI International Developed Markets ETF(a)		5,900,163		334,893,252
				427,050,222
International Fixed Income — 5.9%
iShares Core International Aggregate Bond ETF(a)(b)		1,552,944		86,778,511
Total Investment Companies — 99.9% (Cost: $1,348,503,445)				1,470,226,575

Security	Shares		Value
Short-Term Investments
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.78%(a)(c)(d)		31,113,909	$	31,132,578
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.50%(a)(c)		1,758,000		1,758,000
				32,890,578
Total Short-Term Investments — 2.2% (Cost: $ 32,888,977)				32,890,578
Total Investments in Securities — 102.1% (Cost: $ 1,381,392,422)				1,503,117,153
Other Assets, Less Liabilities — (2.1)%				(31,378,747	)
Net Assets — 100.0%			$	1,471,738,406

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

^(c)  Annualized 7-day yield as of period-end.

^(d)  All or a portion of this security was purchased with cash collateral received from loaned securities.    

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased			Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		11,252,891		19,861,018	(b)		—			31,113,909	$	31,132,578	$	149,821	(c)	$	(6,488	)	$	1,532
BlackRock Cash Funds: Treasury, SL Agency Shares		1,663,000		95,000	(b)		—			1,758,000		1,758,000		29,298			—			—
iShares Core International Aggregate Bond ETF		1,473,411		182,308			(102,775	)		1,552,944		86,778,511		769,452			178,633			976,051
iShares Core MSCI Emerging Markets ETF		1,548,502		324,166			(51,024	)		1,821,644		92,156,970		2,173,957			237,530			166,223
iShares Core MSCI International Developed Markets ETF		5,083,998		982,371			(166,206	)		5,900,163		334,893,252		4,518,240			658,450			14,505,057
iShares Core S&P 500 ETF		1,279,345		154,392			(140,245	)		1,293,492		418,108,354		4,540,453			10,917,523			19,618,036
iShares Core S&P Mid-Cap ETF		135,794		23,045			(4,388	)		154,451		30,961,247		257,620			229,818			394,919
iShares Core S&P Small-Cap ETF		146,788		23,346			(4,720	)		165,414		13,312,519		110,023			102,831			85,076
iShares Core Total USD Bond Market ETF		8,805,654		1,091,300			(591,704	)		9,305,250		494,015,722		6,842,564			1,097,598			11,788,906
											$	1,503,117,153	$	19,391,428		$	13,415,895		$	47,535,800

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

^(c)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

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 the Notes to Financial Statements.

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core Growth Allocation ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	1,470,226,575	$	—	$	—	$	1,470,226,575
Money Market Funds		32,890,578		—		—		32,890,578
	$	1,503,117,153	$	—	$	—	$	1,503,117,153

See notes to financial statements.

14 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  January 31, 2020 iShares^® Core Moderate Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Domestic Equity — 21.0%
iShares Core S&P 500 ETF(a)		720,002	$	232,733,447
iShares Core S&P Mid-Cap ETF(a)		85,984		17,236,353
iShares Core S&P Small-Cap ETF(a)		92,080		7,410,598
				257,380,398
Domestic Fixed Income — 50.6%
iShares Core Total USD Bond Market ETF(a)(b)		11,655,080		618,768,197
International Equity — 19.4%
iShares Core MSCI Emerging Markets ETF(a)		1,014,236		51,310,199
iShares Core MSCI International Developed Markets ETF(a)		3,284,995		186,456,316
				237,766,515
International Fixed Income — 8.9%
iShares Core International Aggregate Bond ETF(a)		1,945,087		108,691,462
Total Investment Companies — 99.9% (Cost: $1,147,404,296)				1,222,606,572

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,		11,413,206	$	11,420,054
1.78%(a)(c)(d)
BlackRock Cash Funds: Treasury, SL Agency Shares,		1,314,000		1,314,000
1.50%(a)(c)
				12,734,054
Total Short-Term Investments — 1.0% (Cost: $12,732,991)				12,734,054
Total Investments in Securities — 100.9% (Cost: $1,160,137,287)				1,235,340,626
Other Assets, Less Liabilities — (0.9)%				(11,623,961	)
Net Assets — 100.0%			$	1,223,716,665

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

^(c)  Annualized 7-day yield as of period-end.

^(d)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased			Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		6,632,134		4,781,072	(b)		—			11,413,206	$	11,420,054	$	35,184	(c)	$	(10,406	)	$	(158	)
BlackRock Cash Funds: Treasury, SL Agency Shares		1,300,000		14,000	(b)		—			1,314,000		1,314,000		27,685			—			—
iShares Core International Aggregate Bond ETF		1,852,126		267,407			(174,446	)		1,945,087		108,691,462		981,301			457,798			967,344
iShares Core MSCI Emerging Markets ETF		865,109		212,955			(63,828	)		1,014,236		51,310,199		1,248,332			336,952			16,292
iShares Core MSCI International Developed Markets ETF		2,840,257		652,023			(207,285	)		3,284,995		186,456,316		2,594,446			1,010,342			7,725,849
iShares Core S&P 500 ETF		714,738		101,128			(95,864	)		720,002		232,733,447		2,573,387			7,529,052			10,022,329
iShares Core S&P Mid-Cap ETF		75,870		15,549			(5,435	)		85,984		17,236,353		145,866			310,647			68,011
iShares Core S&P Small-Cap ETF		82,019		15,894			(5,833	)		92,080		7,410,598		62,433			80,980			38,574
iShares Core Total USD Bond Market ETF		11,068,790		1,600,140			(1,013,850	)		11,655,080		618,768,197		8,755,593			2,290,372			13,851,655
											$	1,235,340,626	$	16,424,227		$	12,005,737		$	32,689,896

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

^(c)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

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 the Notes to Financial Statements.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core Moderate Allocation ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	1,222,606,572	$	—	$	—	$	1,222,606,572
Money Market Funds		12, 734,054		—		—		12,734,054
	$	1,235,340,626	$	—	$	—	$	1,235,340,626

See notes to financial statements.

16 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  January 31, 2020 iShares^® Morningstar Multi-Asset Income ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Domestic Equity — 8.0%
iShares Core High Dividend ETF(a)		32,892	$	3,092,506
iShares Preferred and Income Securities ETF(a)(b)		554,777		21,170,290
iShares Select Dividend ETF(a)		94,749		9,831,156
				34,093,952
Domestic Real Estate — 15.6%
iShares Mortgage Real Estate ETF(a)		1,432,444		66,049,993
International Equity — 16.6%
iShares Emerging Markets Dividend ETF(a)(b)		884,428		34,023,945
iShares International Select Dividend ETF(a)(b)		1,099,082		36,324,660
				70,348,605
International Fixed Income — 23.1%
iShares J.P. Morgan EM Local Currency Bond ETF(a)(b) .		778,687		33,911,819
iShares J.P. Morgan USD Emerging Markets Bond ETF(a)(b)		553,049		64,142,623
				98,054,442
Investment Grade Bonds — 16.9%
iShares Intermediate-Term Corporate Bond ETF(a)(b)		112,253		6,650,990
iShares Long-Term Corporate Bond ETF(a)(b)		935,422		64,777,974
				71,428,964
Non-Investment Grade Bonds — 19.8%
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b)		956,075		83,685,245
Total Investment Companies — 100.0% (Cost: $416,117,578)				423,661,201

Security	Shares		Value
Short-Term Investments
Money Market Funds — 30.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,		129,836,547	$	129,914,449
1.78%(a)(c)(d)
BlackRock Cash Funds: Treasury, SL Agency Shares,		115,000		115,000
1.50%(a)(c)
				130,029,449
Total Short-Term Investments — 30.7% (Cost: $129,999,182)				130,029,449
Total Investments in Securities — 130.7% (Cost: $546,116,760)				553,690,650
Other Assets, Less Liabilities — (30.7)%				(129,922,848	)
Net Assets — 100.0%			$	423,767,802

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

^(c)  Annualized 7-day yield as of period-end.

^(d)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased			Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares .		79,643,936		50,192,611	(b)		—			129,836,547	$	129,914,449	$	247,928	(c)	$	1,602		$	7,753
BlackRock Cash Funds: Treasury, SL Agency Shares		59,000		56,000	(b)		—			115,000		115,000		3,464			—			—
iShares Core High Dividend ETF		84,893		33,819			(85,820	)		32,892		3,092,506		24,922			23,117			(213,544	)
iShares Emerging Markets Dividend ETF		—		1,143,695			(259,267	)		884,428		34,023,945		1,128,587			132,944			246,488
iShares Floating Rate Bond ETF		—		335,575			(335,575	)		—		—		128,323			(6,447	)		—
iShares iBoxx $ High Yield Corporate Bond ETF		778,257		234,394			(56,576	)		956,075		83,685,245		1,797,889			(21,616	)		548,412
iShares Intermediate-Term Corporate Bond ETF		726,016		122,920			(736,683	)		112,253		6,650,990		138,228			3,257,860			(2,122,975	)
iShares International Select Dividend ETF		1,648,268		344,254			(893,440	)		1,099,082		36,324,660		648,909			(3,388,432	)		5,884,025
iShares J.P. Morgan EM Local Currency Bond ETF		774,389		184,884			(180,586	)		778,687		33,911,819		1,482,417			(609,170	)		(1,630,408	)
iShares J.P. Morgan USD Emerging Markets Bond ETF		457,724		143,045			(47,720	)		553,049		64,142,623		1,223,402			82,509			1,280,059
iShares Long-Term Corporate Bond ETF		162,685		822,009			(49,272	)		935,422		64,777,974		678,060			214,148			2,354,056
iShares Mortgage Real Estate ETF		1,175,821		381,571			(124,948	)		1,432,444		66,049,993		1,743,523			204,235			5,007,310
iShares Preferred and Income Securities ETF		456,832		135,361			(37,416	)		554,777		21,170,290		482,592			25,191			430,336
iShares Select Dividend ETF		92,898		35,486			(33,635	)		94,749		9,831,156		183,449			114,352			279,796
											$	553,690,650	$	9,911,693		$	30,293		$	12,071,308

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

^(c)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Morningstar Multi-Asset Income ETF

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	423,661,201	$	—	$	—	$	423,661,201
Money Market Funds		130,029,449		—		—		130,029,449
	$	553,690,650	$	—	$	—	$	553,690,650

See notes to financial statements.

18 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

January 31, 2020

	iShares Core Aggressive Allocation ETF		iShares Core Conservative Allocation ETF		iShares Core Growth Allocation ETF		iShares Core Moderate Allocation ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Affiliated(b)	$	1,040,309,623	$	633,113,680	$	1,503,117,153	$	1,235,340,626
Cash		5,784		150		586		276
Cash pledged:
Futures contracts		44,000		—		—		—
Receivables:
Securities lending income — Affiliated		5,370		7,938		6,373		3,131
Capital shares sold		—		4,851		—		2,017
Dividends		1,665		826		2,375		1,786
Total assets		1,040,366,442		633,127,445		1,503,126,487		1,235,347,836
LIABILITIES
Collateral on securities loaned, at value		1,863,000		1,638,348		31,140,290		11,426,400
Payables:
Variation margin on futures contracts		19,719		—		—		—
Capital shares redeemed		—		14,453		4,794		6,012
Investment advisory fees		173,382		100,899		242,997		198,759
Total liabilities		2,056,101		1,753,700		31,388,081		11,631,171
NET ASSETS	$	1,038,310,341	$	631,373,745	$	1,471,738,406	$	1,223,716,665
NET ASSETS CONSIST OF:
Paid-in capital	$	922,574,925	$	592,980,464	$	1,339,912,663	$	1,138,851,701
Accumulated earnings		115,735,416		38,393,281		131,825,743		84,864,964
NET ASSETS	$	1,038,310,341	$	631,373,745	$	1,471,738,406	$	1,223,716,665
Shares outstanding		18,100,000		17,300,000		30,900,000		30,400,000
Net asset value	$	57.37	$	36.50	$	47.63	$	40.25
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	1,831,605	$	1,608,627	$	30,600,684	$	11,233,844
(b) Investments, at cost — Affiliated	$	932,576,698	$	599,175,853	$	1,381,392,422	$	1,160,137,287

See notes to financial statements.

FINANCIAL STATEMENTS 19

Statements of Assets and Liabilities  (unaudited) (continued)

January 31, 2020

	iShares Morningstar Multi-Asset Income ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Affiliated(b)	$	553,690,650
Cash		196
Receivables:
Investments sold		127,958
Securities lending income — Affiliated		47,073
Dividends		112
Total assets		553,865,989
LIABILITIES
Collateral on securities loaned, at value		129,881,644
Payables:
Capital shares redeemed		137,917
Investment advisory fees		78,626
Total liabilities		130,098,187
NET ASSETS	$	423,767,802
NET ASSETS CONSIST OF:
Paid-in capital	$	426,506,516
Accumulated loss		(2,738,714	)
NET ASSETS	$	423,767,802
Shares outstanding		16,500,000
Net asset value	$	25.68
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	126,544,400
(b) Investments, at cost — Affiliated	$	546,116,760

See notes to financial statements.

20 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended January 31, 2020

	iShares Core Aggressive Allocation ETF			iShares Core Conservative Allocation ETF			iShares Core Growth Allocation ETF			iShares Core Moderate Allocation ETF
INVESTMENT INCOME
Dividends — Affiliated	$	13,687,056		$	8,072,743		$	19,241,607		$	16,389,043
Securities lending income — Affiliated — net		44,943			54,058			149,821			35,184
Total investment income		13,731,999			8,126,801			19,391,428			16,424,227
EXPENSES
Investment advisory fees		1,246,688			738,379			1,742,985			1,479,376
Total expenses		1,246,688			738,379			1,742,985			1,479,376
Less:
Investment advisory fees waived		(284,997	)		(182,302	)		(410,957	)		(359,431	)
Total expenses after fees waived		961,691			556,077			1,332,028			1,119,945
Net investment income		12,770,308			7,570,724			18,059,400			15,304,282
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		32,230			(37,871	)		125,325			27,078
In-kind redemptions — Affiliated		10,734,778			5,678,631			13,281,629			11,967,047
Capital gain distributions from underlying funds — Affiliated		3,197			6,710			8,941			11,612
Futures contracts		119,335			—			—			—
Net realized gain		10,889,540			5,647,470			13,415,895			12,005,737
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		39,420,399			14,873,867			47,535,800			32,689,896
Futures contracts		4,331			—			—			—
Net change in unrealized appreciation (depreciation)		39,424,730			14,873,867			47,535,800			32,689,896
Net realized and unrealized gain		50,314,270			20,521,337			60,951,695			44,695,633
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	63,084,578		$	28,092,061		$	79,011,095		$	59,999,915

See notes to financial statements.

FINANCIAL STATEMENTS 21

Statements of Operations  (unaudited) (continued)

Six Months Ended January 31, 2020

	iShares Morningstar Multi-Asset Income ETF
INVESTMENT INCOME
Dividends — Affiliated	$	9,663,765
Securities lending income — Affiliated — net		247,928
Total investment income		9,911,693
EXPENSES
Investment advisory fees		480,774
Total expenses		480,774
Less:
Investment advisory fees waived		(64,402	)
Total expenses after fees waived		416,372
Net investment income		9,495,321
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(917,158	)
In-kind redemptions — Affiliated		947,451
Net realized gain		30,293
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		12,071,308
Net change in unrealized appreciation (depreciation)		12,071,308
Net realized and unrealized gain		12,101,601
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,596,922

See notes to financial statements.

22 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Core Aggressive Allocation ETF						iShares Core Conservative Allocation ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	12,770,308		$	22,314,072		$	7,570,724		$	14,134,679
Net realized gain		10,889,540			29,319,269			5,647,470			8,063,442
Net change in unrealized appreciation (depreciation)		39,424,730			(16,970,485	)		14,873,867			9,666,276
Net increase in net assets resulting from operations		63,084,578			34,662,856			28,092,061			31,864,397
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,960,519	)		(22,465,318	)		(7,750,299	)		(14,216,890	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		39,290,408			39,456,615			81,967,718			39,695,501
NET ASSETS
Total increase in net assets		89,414,467			51,654,153			102,309,480			57,343,008
Beginning of period		948,895,874			897,241,721			529,064,265			471,721,257
End of period	$	1,038,310,341		$	948,895,874		$	631,373,745		$	529,064,265

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 23

Statements of Changes in Net Assets  (continued)

	iShares Core Growth Allocation ETF						iShares Core Moderate Allocation ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	18,059,400		$	31,881,589		$	15,304,282		$	28,530,502
Net realized gain		13,415,895			29,512,162			12,005,737			23,903,940
Net change in unrealized appreciation (depreciation)		47,535,800			2,954,345			32,689,896			12,654,083
Net increase in net assets resulting from operations		79,011,095			64,348,096			59,999,915			65,088,525
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(18,228,479	)		(32,096,022	)		(15,615,608	)		(28,700,097	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		100,696,851			159,280,104			72,376,141			161,333,527
NET ASSETS
Total increase in net assets		161,479,467			191,532,178			116,760,448			197,721,955
Beginning of period		1,310,258,939			1,118,726,761			1,106,956,217			909,234,262
End of period	$	1,471,738,406		$	1,310,258,939		$	1,223,716,665		$	1,106,956,217

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

24 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Morningstar Multi-Asset Income ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,495,321		$	15,958,377
Net realized gain		30,293			2,134,926
Net change in unrealized appreciation (depreciation)		12,071,308			(516,009	)
Net increase in net assets resulting from operations		21,596,922			17,577,294
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(9,916,916	)		(16,652,386	)
Return of capital		—			(67,126	)
Decrease in net assets resulting from distributions to shareholders		(9,916,916	)		(16,719,512	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		70,194,514			16,417,034
NET ASSETS
Total increase in net assets		81,874,520			17,274,816
Beginning of period		341,893,282			324,618,466
End of period	$	423,767,802		$	341,893,282

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 25

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core Aggressive Allocation ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	54.53		$	54.21		$	52.49		$	47.02		$	47.33		$	45.81
Net investment income(a)		0.72			1.29			1.06			1.09			1.05			1.05
Net realized and unrealized gain (loss)(b)		2.84			0.28			3.51			5.40			(0.38	)		1.47
Net increase from investment operations		3.56			1.57			4.57			6.49			0.67			2.52
Distributions(c)
From net investment income		(0.72	)		(1.25	)		(1.05	)		(1.02	)		(0.98	)		(1.00	)
From net realized gain		—			—			(1.80	)		—			—			—
Total distributions		(0.72	)		(1.25	)		(2.85	)		(1.02	)		(0.98	)		(1.00	)
Net asset value, end of period	$	57.37		$	54.53		$	54.21		$	52.49		$	47.02		$	47.33
Total Return
Based on net asset value		6.55	%(d)		2.99	%		8.84	%		13.99	%		1.53	%		5.54	%
Ratios to Average Net Assets
Total expenses(e)		0.25	%(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived(e)		0.19	%(f)		0.19	%		0.18	%		0.16	%		0.11	%		0.11	%
Net investment income		2.56	%(f)		2.44	%		1.97	%		2.23	%		2.33	%		2.24	%
Supplemental Data
Net assets, end of period (000)	$	1,038,310		$	948,896		$	897,242		$	692,880		$	444,366		$	376,267
Portfolio turnover rate(g)(h)		2	%(d)		4	%		40	%		1	%		6	%		58	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(^c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

^(h)  Portfolio turnover rate excludes the portfolio activity of the underlying funds in which the Fund is invested. See each underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

26 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core Conservative Allocation ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	35.27		$	34.18		$	34.19		$	33.34		$	32.51		$	32.54
Net investment income(a)		0.46			0.98			0.70			0.74			0.65			0.66
Net realized and unrealized gain (loss)(b)		1.24			1.08			0.33			0.84			0.83			(0.03	)
Net increase from investment operations		1.70			2.06			1.03			1.58			1.48			0.63
Distributions(c)
From net investment income		(0.47	)		(0.97	)		(0.72	)		(0.73	)		(0.65	)		(0.66	)
From net realized gain		—			—			(0.32	)		—			—			—
Total distributions		(0.47	)		(0.97	)		(1.04	)		(0.73	)		(0.65	)		(0.66	)
Net asset value, end of period	$	36.50		$	35.27		$	34.18		$	34.19		$	33.34		$	32.51
Total Return
Based on net asset value		4.86	%(d)		6.17	%		3.05	%		4.84	%		4.65	%		1.93	%
Ratios to Average Net Assets
Total expenses(e)		0.25	%(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived(e)		0.19	%(f)		0.19	%		0.18	%		0.14	%		0.11	%		0.11	%
Net investment income		2.56	%(f)		2.87	%		2.04	%		2.22	%		2.04	%		2.02	%
Supplemental Data
Net assets, end of period (000)	$	631,374		$	529,064		$	471,721		$	398,334		$	288,375		$	243,851
Portfolio turnover rate(g)(h)		1	%(d)		3	%		41	%		2	%		12	%		83	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

^(h)  Portfolio turnover rate excludes the portfolio activity of the underlying funds in which the Fund is invested. See each underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 27

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core Growth Allocation ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	45.57		$	44.84		$	44.08		$	40.81		$	40.53		$	39.50
Net investment income(a)		0.61			1.16			0.88			0.94			0.90			0.91
Net realized and unrealized gain(b)		2.05			0.69			1.96			3.22			0.19			0.98
Net increase from investment operations		2.66			1.85			2.84			4.16			1.09			1.89
Distributions(c)
From net investment income		(0.60	)		(1.12	)		(0.90	)		(0.89	)		(0.81	)		(0.86	)
From net realized gain		—			—			(1.18	)		—			—			—
Total distributions		(0.60	)		(1.12	)		(2.08	)		(0.89	)		(0.81	)		(0.86	)
Net asset value, end of period	$	47.63		$	45.57		$	44.84		$	44.08		$	40.81		$	40.53
Total Return
Based on net asset value		5.87	%(d)		4.24	%		6.53	%		10.33	%		2.80	%		4.82	%
Ratios to Average Net Assets
Total expenses(e)		0.25	%(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived(e)		0.19	%(f)		0.19	%		0.18	%		0.15	%		0.11	%		0.11	%
Net investment income		2.59	%(f)		2.63	%		1.96	%		2.26	%		2.31	%		2.25	%
Supplemental Data
Net assets, end of period (000)	$	1,471,738		$	1,310,259		$	1,118,727		$	1,029,196		$	763,086		$	455,946
Portfolio turnover rate(g)(h)		2	%(d)		4	%		44	%		2	%		11	%		75	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

^(h)  Portfolio turnover rate excludes the portfolio activity of the underlying funds in which the Fund is invested. See each underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

28 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core Moderate Allocation ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	38.77		$	37.73		$	37.48		$	35.89		$	35.19		$	34.99
Net investment income(a)		0.51			1.05			0.77			0.81			0.73			0.74
Net realized and unrealized gain(b)		1.48			0.99			0.80			1.54			0.66			0.17
Net increase from investment operations		1.99			2.04			1.57			2.35			1.39			0.91
Distributions(c)
From net investment income		(0.51	)		(1.00	)		(0.77	)		(0.76	)		(0.69	)		(0.71	)
From net realized gain		—			—			(0.55	)		—			—			—
Total distributions		(0.51	)		(1.00	)		(1.32	)		(0.76	)		(0.69	)		(0.71	)
Net asset value, end of period	$	40.25		$	38.77		$	37.73		$	37.48		$	35.89		$	35.19
Total Return
Based on net asset value		5.17	%(d)		5.52	%		4.24	%		6.66	%		4.03	%		2.62	%
Ratios to Average Net Assets
Total expenses(e)		0.25	%(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived(e)		0.19	%(f)		0.19	%		0.18	%		0.15	%		0.11	%		0.11	%
Net investment income		2.59	%(f)		2.80	%		2.03	%		2.24	%		2.13	%		2.10	%
Supplemental Data
Net assets, end of period (000)	$	1,223,717		$	1,106,956		$	909,234		$	736,575		$	531,165		$	360,717
Portfolio turnover rate(g)(h)		2	%(d)		4	%		40	%		2	%		12	%		83	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

^(h)  Portfolio turnover rate excludes the portfolio activity of the underlying funds in which the Fund is invested. See each underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 29

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Multi-Asset Income ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	24.96		$	24.87		$	25.63		$	25.10		$	24.64		$	26.28
Net investment income(a)		0.62			1.25			1.17			1.12			1.04			1.23
Net realized and unrealized gain (loss)(b)		0.74			0.16			(0.71	)		0.58			0.65			(1.38	)
Net increase (decrease) from investment operations		1.36			1.41			0.46			1.70			1.69			(0.15	)
Distributions(c)
From net investment income		(0.64	)		(1.31	)		(1.22	)		(1.15	)		(1.04	)		(1.24	)
From net realized gain		—			—			—			—			(0.06	)		(0.25	)
Return of capital		—			(0.01	)		—			(0.02	)		(0.13	)		—
Total distributions		(0.64	)		(1.32	)		(1.22	)		(1.17	)		(1.23	)		(1.49	)
Net asset value, end of period	$	25.68		$	24.96		$	24.87		$	25.63		$	25.10		$	24.64
Total Return
Based on net asset value		5.55	%(d)		5.92	%		1.85	%		7.01	%		7.26	%		(0.67	)%
Ratios to Average Net Assets
Total expenses(e)		0.25	%(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived(e)		0.22	%(f)		0.23	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income		4.94	%(f)		5.14	%		4.65	%		4.48	%		4.35	%		4.77	%
Supplemental Data
Net assets, end of period (000)	$	423,768		$	341,893		$	324,618		$	329,325		$	238,477		$	257,464
Portfolio turnover rate(g)(h)		31	%(d)		50	%		64	%		51	%		35	%		47	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

^(h)  Portfolio turnover rate excludes the portfolio activity of the underlying funds in which the Fund is invested. See each underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

30 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) 

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
Core Aggressive Allocation	Diversified
Core Conservative Allocation	Diversified
Core Growth Allocation	Diversified
Core Moderate Allocation	Diversified
Morningstar Multi-Asset Income	Diversified

Each Fund is a fund of funds and seeks to achieve its investment objective by investing primarily in other iShares funds (each, an “underlying fund,” collectively, the “underlying funds”). The financial statements and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued

NOTES TO FINANCIAL STATEMENTS 31

Notes to Financial Statements  (unaudited) (continued)

Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of January 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of January 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of January 31, 2020:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
Core Aggressive Allocation
BofA Securities, Inc	$	1,831,605	$	1,831,605	$	—	$	—

32 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
Core Conservative Allocation
BofA Securities, Inc.	$	1,608,627	$	1,608,627	$	—	$	—
Core Growth Allocation
BofA Securities, Inc.	$	30,310,108	$	30,310,108	$	—	$	—
JPMorgan Securities LLC		284,988		284,988		—		—
UBS Securities LLC		5,588		5,588		—		—
	$	30,600,684	$	30,600,684	$	—	$	—
Core Moderate Allocation
BofA Securities, Inc.	$	8,897,884	$	8,897,884	$	—	$	—
Citigroup Global Markets Inc.		5,309		5,309		—		—
JPMorgan Securities LLC		2,245,707		2,245,707		—		—
UBS Securities LLC		5,309		5,309		—		—
Virtu Americas LLC		79,635		79,635		—		—
	$	11,233,844	$	11,233,844	$	—	$	—
Morningstar Multi-Asset Income
Barclays Bank PLC	$	2,761,220	$	2,761,220	$	—	$	—
Barclays Capital Inc.		1,334,909		1,334,909		—		—
BofA Securities, Inc.		51,347,748		51,347,748		—		—
Credit Suisse AG Dublin Branch		11,850		11,850		—		—
Deutsche Bank Securities Inc.		112,370		112,370		—		—
Jefferies LLC		4,720,392		4,720,392		—		—
JPMorgan Securities LLC		11,303,025		11,303,025		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		505,665		505,665		—		—
National Financial Services LLC		3,323,736		3,323,736		—		—
Nomura Securities International Inc.		1,295,444		1,295,444		—		—
RBC Capital Markets LLC		859,125		859,125		—		—
UBS Securities LLC		6,925		6,925		—		—
Virtu Americas LLC		91,455		91,455		—		—
Wells Fargo Bank, National Association		1,507,740		1,507,740		—		—
Wells Fargo Securities LLC		47,362,796		47,362,796		—		—
	$	126,544,400	$	126,544,400	$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases

NOTES TO FINANCIAL STATEMENTS 33

Notes to Financial Statements  (unaudited) (continued)

due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses are a fund’s total annual operating expenses.

For each of the iShares Core Aggressive Allocation, iShares Core Conservative Allocation, iShares Core Growth Allocation and iShares Core Moderate Allocation ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through November 30, 2021, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

For the iShares Morningstar Multi-Asset Income ETF, BFAhas contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2021 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.60% of average daily net assets.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2019, each Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended January 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Core Aggressive Allocation	$	11,149
Core Conservative Allocation		13,044
Core Growth Allocation		36,782
Core Moderate Allocation		10,302
Morningstar Multi-Asset Income		77,702

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.

34 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Core Aggressive Allocation	$	19,221,059	$	19,558,044
Core Conservative Allocation		7,041,067		8,206,140
Core Growth Allocation		25,257,578		27,314,360
Core Moderate Allocation		17,748,316		19,542,850
Morningstar Multi-Asset Income		116,912,162		116,305,678

For the six months ended January 31, 2020, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core Aggressive Allocation	$	81,097,046	$	41,717,033
Core Conservative Allocation		132,233,481		49,362,255
Core Growth Allocation		168,133,530		65,605,664
Core Moderate Allocation		163,568,838		89,674,763
Morningstar Multi-Asset Income		89,962,488		20,119,245

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Core Aggressive Allocation	$	1,011,138
Core Conservative Allocation		295,466
Core Growth Allocation		1,085,386
Core Moderate Allocation		895,034
Morningstar Multi-Asset Income		8,945,449

As of January 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core Aggressive Allocation	$	934,266,729	$	108,133,060	$	(2,085,835	)	$	106,047,225
Core Conservative Allocation		599,892,829		33,937,827		(716,976	)		33,220,851
Core Growth Allocation		1,383,452,840		121,724,731		(2,060,418	)		119,664,313
Core Moderate Allocation		1,161,275,039		75,203,339		(1,137,752	)		74,065,587
Morningstar Multi-Asset Income		547,092,613		11,103,037		(4,505,000	)		6,598,037

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

NOTES TO FINANCIAL STATEMENTS 35

Notes to Financial Statements  (unaudited) (continued)

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/20						Year Ended 07/31/19
iShares ETF	Shares			Amount			Shares			Amount
Core Aggressive Allocation
Shares sold		1,450,000		$	81,249,324			5,800,000		$	292,933,042
Shares redeemed		(750,000	)		(41,958,916	)		(4,950,000	)		(253,476,427	)
Net increase		700,000		$	39,290,408			850,000		$	39,456,615
Core Conservative Allocation
Shares sold		3,700,000		$	132,407,249			6,000,000		$	200,289,034
Shares redeemed		(1,400,000	)		(50,439,531	)		(4,800,000	)		(160,593,533	)
Net increase		2,300,000		$	81,967,718			1,200,000		$	39,695,501
Core Growth Allocation
Shares sold		3,600,000		$	168,519,404			11,400,000		$	487,932,915
Shares redeemed		(1,450,000	)		(67,822,553	)		(7,600,000	)		(328,652,811	)
Net increase		2,150,000		$	100,696,851			3,800,000		$	159,280,104
Core Moderate Allocation
Shares sold		4,150,000		$	163,993,242			15,050,000		$	550,284,776
Shares redeemed		(2,300,000	)		(91,617,101	)		(10,600,000	)		(388,951,249	)
Net increase		1,850,000		$	72,376,141			4,450,000		$	161,333,527
Morningstar Multi-Asset Income
Shares sold		3,600,000		$	90,455,790			2,900,000		$	71,121,752
Shares redeemed		(800,000	)		(20,261,276	)		(2,250,000	)		(54,704,718	)
Net increase		2,800,000		$	70,194,514			650,000		$	16,417,034

36 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

NOTES TO FINANCIAL STATEMENTS 37

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares Core Aggressive Allocation ETF, iShares Core Conservative Allocation ETF, iShares Core Growth Allocation ETF, iShares Core Moderate Allocation ETF and iShares Morningstar Multi-Asset Income ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

38 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core Aggressive Allocation(a)	$	0.670146	$	—	$	0.052923	$	0.723069		93	%		—	%		7	%		100	%
Core Conservative Allocation(a)		0.459500		—		0.013129		0.472629		97			—			3			100
Core Growth Allocation(a)		0.567845		—		0.033302		0.601147		94			—			6			100
Core Moderate Allocation(a)		0.493447		—		0.018987		0.512434		96			—			4			100
Morningstar Multi-Asset Income(a)		0.614525		—		0.028191		0.642716		96			—			4			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

SUPPLEMENTAL INFORMATION 39

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

40 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

^©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-704-0120

  JANUARY 31, 2020

2020 Semi-Annual Report
(Unaudited)

iShares Trust

● iShares Edge MSCI Min Vol EAFE ETF | EFAV | Cboe BZX

● iShares Edge MSCI Min Vol Europe ETF | EUMV | NYSE Arca

● iShares Edge MSCI Min Vol Japan ETF | JPMV | NYSE Arca

● iShares Edge MSCI Min Vol USA ETF | USMV | Cboe BZX

● iShares Edge MSCI Min Vol USA Small-Cap ETF | SMMV | Cboe BZX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents

	Page
Fund Summary	3
About Fund Performance	8
Shareholder Expenses	8
Schedules of Investments	9
Financial Statements
Statements of Assets and Liabilities	33
Statements of Operations	35
Statements of Changes in Net Assets	37
Financial Highlights	40
Notes to Financial Statements	45
Statement Regarding Liquidity Risk Management Program	53
Supplemental Information	54
General Information	55
Glossary of Terms Used in this Report	56

Fund Summary as of January 31, 2020 iShares^® Edge MSCI Min Vol EAFE ETF

Investment Objective

The iShares Edge MSCI Min Vol EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the U.S. and Canada, as represented by the MSCI EAFE Minimum Volatility (USD) 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.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	6.41	%		12.06	%	6.48	%	8.23	%		12.06	%	36.85	%	92.59	%
Fund Market	6.35			11.31		6.38		8.15			11.31		36.25		91.41
Index	6.51			12.04		6.52		8.30			12.04		37.17		93.66

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Annualized Expense Ratio
$	1,000.00	$	1,064.10	$	1.04		$	1,000.00	$	1,024.10	$	1.02			0.20	%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments(a)
Financials	17.5	%
Consumer Staples	16.2
Industrials	15.5
Communication Services	10.2
Health Care	10.1
Utilities	8.9
Real Estate	8.7
Consumer Discretionary	7.8
Materials	2.3
Information Technology	2.0
Energy	0.8

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments(a)
Japan	28.9	%
Switzerland	13.8
United Kingdom	11.9
Hong Kong	8.3
Australia	6.6
France	6.4
Germany	4.2
Singapore	3.7
Denmark	2.5
Belgium	2.5

F u n d   S u m m a r y 3

Fund Summary as of January 31, 2020 iShares^® Edge MSCI Min Vol Europe ETF

Investment Objective

The iShares Edge MSCI MinVol Europe ETF (the “Fund”) seeks to track the investment results of an index composed of European developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader European developed equity markets, as represented by the MSCI Europe Minimum Volatility (USD) 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
	6 Months		1 Year		5 Years		Since Inception		1 Year		5 Years		Since Inception
Fund NAV	9.27	%	17.31	%	5.86	%	4.29	%	17.31	%	32.94	%	26.89	%
Fund Market	9.91		17.58		5.82		4.31		17.58		32.67		26.99
Index	9.43		17.41		5.89		4.36		17.41		33.11		27.33

The inception date of the Fund was 6/3/14. The first day of secondary market trading was 6/5/14.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Annualized Expense Ratio
$	1,000.00	$	1,092.70	$	1.32		$	1,000.00	$	1,023.90	$	1.27			0.25	%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments(a)
Financials	18.6	%
Consumer Staples	18.4
Health Care	14.4
Industrials	10.8
Utilities	9.9
Communication Services	9.0
Real Estate	6.8
Consumer Discretionary	4.8
Materials	3.5
Energy	2.8
Information Technology	1.0

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments(a)
United Kingdom	21.6	%
Switzerland	20.3
France	13.0
Germany	11.6
Netherlands	5.6
Denmark	5.5
Spain	5.0
Belgium	4.4
Finland.	3.2
Norway	2.9

4 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Fund Summary as of January 31, 2020 iShares^® Edge MSCI Min Vol Japan ETF

Investment Objective

The iShares Edge MSCI Min Vol Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities that, in the aggregate, have lower volatility characteristics relative to the broader Japanese equity markets, as represented by the MSCI Japan Minimum Volatility (USD) 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
	6 Months		1 Year		5 Years		Since Inception		1 Year		5 Years		Since Inception
Fund NAV	7.81	%	6.66	%	7.35	%	7.36	%	6.66	%	42.56	%	49.55	%
Fund Market	6.91		5.08		7.26		7.09		5.08		41.99		47.41
Index	7.97		6.89		7.60		7.57		6.89		44.22		51.08

The inception date of the Fund was 6/3/14. The first day of secondary market trading was 6/5/14.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Annualized Expense Ratio
$	1,000.00	$	1,078.10	$	1.57		$	1,000.00	$	1,023.60	$	1.53			0.30	%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments(a)
Industrials	22.4	%
Consumer Discretionary	18.2
Consumer Staples	13.2
Financials	10.4
Real Estate	9.6
Communication Services	7.7
Information Technology	7.0
Health Care	5.4
Utilities	5.3
Materials	0.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments(a)
Japan Real Estate Investment Corp.		1.7	%
NTT DOCOMO Inc.		1.6
Nippon Building Fund Inc.		1.6
Nippon Telegraph & Telephone Corp.		1.5
West Japan Railway Co.		1.5
KDDI Corp.		1.5
Secom Co. Ltd.		1.5
Japan Post Holdings Co. Ltd.		1.5
Oriental Land Co. Ltd.		1.5
Toyota Motor Corp.		1.5

F u n d   S u m m a r y 5

Fund Summary as of January 31, 2020 iShares^® Edge MSCI Min Vol USA ETF

Investment Objective

The iShares Edge MSCI Min Vol USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market, as represented by the MSCI USA Minimum Volatility (USD) 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.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	8.13	%		23.60	%	13.05	%	14.78	%		23.60	%	84.69	%	213.53	%
Fund Market	8.11			23.54		13.04		14.78			23.54		84.57		213.47
Index	8.21			23.81		13.24		14.97			23.81		86.18		217.67

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Annualized Expense Ratio
$	1,000.00	$	1,081.30	$	0.78		$	1,000.00	$	1,024.40	$	0.76			0.15	%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments(a)
Information Technology	18.0	%
Financials	16.0
Consumer Staples	12.1
Health Care	10.9
Utilities	8.9
Consumer Discretionary	8.2
Real Estate	8.1
Industrials	7.1
Communication Services	5.6
Materials	3.0
Energy	2.1

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments(a)
Newmont Corp.	1.7	%
NextEra Energy Inc.	1.6
Coca-Cola Co. (The)	1.6
Visa Inc., Class A	1.6
McDonald's Corp.	1.6
PepsiCo Inc.	1.5
Waste Management Inc.	1.5
Republic Services Inc.	1.5
Verizon Communications Inc.	1.4
Yum! Brands Inc.	1.4

6 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Fund Summary as of January 31, 2020 iShares^® Edge MSCI Min Vol USA Small-Cap ETF

Investment Objective

The iShares Edge MSCI Min Vol USA Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that, in the aggregate, have lower volatility characteristics relative to the small-capitalization U.S. equity market, as represented by the MSCI USA Small Cap Minimum Volatility (USD) 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.

Performance

			Average Annual Total Returns				Cumulative Total Returns
	6 Months		1 Year		Since Inception			1 Year		Since Inception
Fund NAV	4.63	%	15.62	%	12.44	%		15.62	%	49.04	%
Fund Market	4.56		15.46		12.46			15.46		49.12
Index	4.73		15.88		12.71			15.88		50.17

The inception date of the Fund was 9/7/16. The first day of secondary market trading was 9/9/16.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period		(a)	Annualized Expense Ratio
$	1,000.00	$	1,046.30	$	1.03		$	1,000.00	$	1,024.10	$	1.02			0.20	%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments(a)
Financials		20.1	%
Real Estate		15.9
Information Technology		10.3
Industrials		9.9
Consumer Discretionary		9.7
Utilities		8.4
Health Care		8.2
Consumer Staples		7.9
Materials		5.5
Communication Services		3.8
Energy		0.3

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments(a)
Royal Gold Inc.	1.5	%
Blackstone Mortgage Trust Inc., Class A	1.3
IDACORP Inc.	1.2
Flowers Foods Inc.	1.2
Life Storage Inc.	1.2
Equity Commonwealth	1.2
Portland General Electric Co.	1.1
Hanover Insurance Group Inc. (The)	1.1
Apartment Investment & Management Co., Class A	1.1
CubeSmart	1.1

F u n d   S u m m a r y 7

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 iShares.com. 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 ask 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 your 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your 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 under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your 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.

8 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares® Edge MSCI Min Vol EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.6%
Aurizon Holdings Ltd.		12,042,215	$	43,613,572
AusNet Services		12,135,467		14,379,632
Australia & New Zealand Banking Group Ltd.		856,086		14,757,495
Brambles Ltd.		1,489,239		12,591,740
Caltex Australia Ltd.		629,014		14,477,187
Coca-Cola Amatil Ltd.		2,136,900		17,137,956
Cochlear Ltd.		52,671		8,500,270
Commonwealth Bank of Australia		1,158,425		66,119,759
Crown Resorts Ltd.		2,902,360		22,732,916
CSL Ltd.		172,676		36,072,329
Dexus		1,130,025		9,622,616
GPT Group (The)		2,943,016		11,821,209
Harvey Norman Holdings Ltd.		2,223,810		6,297,324
Insurance Australia Group Ltd.		3,804,363		18,031,557
Medibank Pvt Ltd.		7,617,174		15,807,878
National Australia Bank Ltd.		852,422		14,757,106
Newcrest Mining Ltd.		2,174,137		42,980,193
Ramsay Health Care Ltd.		287,012		15,217,498
Scentre Group		5,794,961		14,974,621
Sonic Healthcare Ltd.		2,981,120		63,204,141
Suncorp Group Ltd.		1,269,749		10,931,427
Sydney Airport		5,480,509		30,782,286
Telstra Corp. Ltd.		12,362,243		31,779,460
Transurban Group		6,041,262		63,495,849
Vicinity Centres		3,559,829		6,053,142
Wesfarmers Ltd.		3,461,920		104,777,865
Westpac Banking Corp.		1,575,796		26,499,498
Woolworths Group Ltd.		4,426,094		123,973,916
				861,390,442
Belgium — 2.5%
Ageas		567,399		31,294,963
Colruyt SA		992,405		49,655,223
Groupe Bruxelles Lambert SA		1,109,364		111,530,937
Proximus SADP		2,529,552		72,099,593
UCB SA		628,515		57,866,921
				322,447,637
Denmark — 2.5%
Carlsberg A/S, Class B		402,030		58,807,921
Chr Hansen Holding A/S		83,125		6,197,995
Coloplast A/S, Class B		521,020		65,751,892
DSV Panalpina A/S		57,937		6,302,888
H Lundbeck A/S		230,569		9,806,282
Novo Nordisk A/S, Class B		1,253,127		76,655,503
Orsted A/S(a)		393,369		42,934,088
Tryg A/S		2,145,105		65,021,015
				331,477,584
Finland — 1.5%
Elisa OYJ		1,475,491		88,853,479
Neste OYJ		188,873		7,510,011
Nokia OYJ		3,101,290		12,095,995
Sampo OYJ, Class A		2,042,272		92,498,877
				200,958,362
France — 6.3%
Aeroports de Paris		292,366		55,404,012
Air Liquide SA		467,388		67,723,204
Alstom SA		617,265		32,793,511
Covivio		137,891		16,381,322

Security	Shares		Value
France (continued)
Danone SA		738,047	$	59,216,240
EssilorLuxottica SA		323,094		48,068,595
Eurazeo SE		93,998		6,739,709
Getlink SE		1,604,786		28,365,867
Hermes International		148,383		111,258,802
L'Oreal SA		181,823		50,756,916
Orange SA		6,307,877		89,511,954
Pernod Ricard SA		278,679		48,332,229
Sanofi		1,058,528		101,997,652
SCOR SE		366,283		15,599,310
Sodexo SA		412,795		43,275,670
Thales SA		318,627		35,034,832
TOTAL SA		458,684		22,439,509
				832,899,334
Germany — 4.2%
adidas AG		46,909		14,857,189
Beiersdorf AG		568,797		64,546,915
Deutsche Boerse AG		240,743		39,231,683
Deutsche Telekom AG, Registered		7,520,218		121,725,051
Fraport AG Frankfurt Airport Services Worldwide		82,014		6,120,394
Hannover Rueck SE		445,255		86,597,263
Henkel AG & Co. KGaA		283,476		26,231,372
Merck KGaA		382,887		49,178,162
METRO AG		369,816		5,161,811
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		338,468		99,886,552
Siemens Healthineers AG(a)		335,566		15,797,221
Symrise AG		87,351		8,996,815
Telefonica Deutschland Holding AG		2,092,406		6,337,294
				544,667,722
Hong Kong — 8.3%
BOC Hong Kong Holdings Ltd.		3,743,000		12,508,963
CK Infrastructure Holdings Ltd.		7,923,500		55,613,176
CLP Holdings Ltd.		14,126,000		147,629,062
Dairy Farm International Holdings Ltd.		5,984,200		30,818,630
Hang Seng Bank Ltd.(b)		3,200,600		65,208,170
HK Electric Investments & HK Electric Investments Ltd.		47,212,500		47,182,707
HKT Trust & HKT Ltd.		67,179,349		100,705,434
Hong Kong & China Gas Co. Ltd.		67,395,201		129,844,841
Jardine Matheson Holdings Ltd.		1,072,700		59,974,657
Jardine Strategic Holdings Ltd.(b)		1,867,400		57,571,942
Link REIT		4,303,100		43,779,688
MTR Corp. Ltd.		19,006,248		107,454,608
PCCW Ltd.		75,612,000		44,695,885
Power Assets Holdings Ltd.		22,271,000		161,477,585
Yue Yuen Industrial Holdings Ltd.		9,241,500		25,767,038
				1,090,232,386
Ireland — 1.2%
Flutter Entertainment PLC		82,002		9,314,650
Kerry Group PLC, Class A		948,112		121,145,473
Kingspan Group PLC		347,651		21,440,104
				151,900,227
Israel — 1.8%
Azrieli Group Ltd.		82,622		6,109,589
Bank Hapoalim BM		6,237,804		53,813,937
Bank Leumi Le-Israel BM		9,195,570		66,477,855
Check Point Software Technologies Ltd.(c)		184,800		21,124,488
Elbit Systems Ltd.		50,467		7,756,386
Mizrahi Tefahot Bank Ltd.		2,025,641		55,398,281

S c h e d u l e   o f   I n v e s t m e n t 9

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
Nice Ltd.(c)		121,773	$	21,116,807
				231,797,343
Italy — 1.2%
Assicurazioni Generali SpA		2,251,673		43,904,883
Davide Campari-Milano SpA		701,474		6,786,472
Enel SpA		1,945,596		16,936,244
Recordati SpA		297,338		12,728,973
Snam SpA		10,061,007		53,930,665
Terna Rete Elettrica Nazionale SpA		2,363,860		16,493,192
				150,780,429
Japan — 28.8%
ABC-Mart Inc.		589,500		38,290,169
Ajinomoto Co. Inc.		1,458,200		24,284,274
ANA Holdings Inc.		2,047,900		64,695,388
Asahi Group Holdings Ltd.		778,700		36,540,741
Astellas Pharma Inc.		380,000		6,838,492
Bandai Namco Holdings Inc.		194,500		11,445,504
Bridgestone Corp.		737,700		26,551,347
Calbee Inc.		193,400		6,405,923
Canon Inc.		3,580,100		95,344,915
Central Japan Railway Co.		234,100		46,621,290
Chugai Pharmaceutical Co. Ltd.		281,700		29,278,503
Chugoku Electric Power Co. Inc. (The)		4,866,800		64,525,457
Daiwa House REIT Investment Corp.		31,479		84,081,473
East Japan Railway Co.		736,300		65,895,742
Fast Retailing Co. Ltd.		13,400		7,336,403
FUJIFILM Holdings Corp.		473,800		23,973,052
Hankyu Hanshin Holdings Inc.		486,000		20,043,548
Hikari Tsushin Inc.		96,300		23,998,367
Japan Airlines Co. Ltd.		2,044,300		58,376,238
Japan Post Bank Co. Ltd.		7,196,100		67,456,176
Japan Post Holdings Co. Ltd.		11,845,100		108,882,900
Japan Prime Realty Investment Corp.		13,970		64,575,080
Japan Real Estate Investment Corp.		21,144		154,310,135
Japan Retail Fund Investment Corp.		46,618		99,657,615
Japan Tobacco Inc.		2,631,000		56,219,920
Kamigumi Co. Ltd.		483,200		10,445,519
Kao Corp.		262,100		21,236,907
KDDI Corp.		1,970,700		59,474,648
Keihan Holdings Co. Ltd.		717,000		32,844,997
Keio Corp.		620,600		35,958,555
Keisei Electric Railway Co. Ltd.		308,500		11,299,949
Kintetsu Group Holdings Co. Ltd.		1,766,000		94,015,039
Kirin Holdings Co. Ltd.		452,300		10,067,572
Kyowa Kirin Co. Ltd.		350,200		8,355,558
Kyushu Electric Power Co. Inc.		1,443,400		11,985,607
Kyushu Railway Co.		2,418,800		80,005,517
Lawson Inc.		896,800		52,458,477
Maruichi Steel Tube Ltd.		226,200		6,386,234
McDonald's Holdings Co. Japan Ltd.		1,193,400		57,035,678
MEIJI Holdings Co. Ltd.		550,300		39,196,531
Mitsubishi Heavy Industries Ltd.		159,100		5,906,891
Mizuho Financial Group Inc.		58,078,800		87,076,671
MS&AD Insurance Group Holdings Inc.		317,000		10,695,844
Nagoya Railroad Co. Ltd.		2,302,200		68,289,643
NEC Corp.		1,257,800		57,096,240
NH Foods Ltd.		179,400		7,986,391
Nippon Building Fund Inc.		18,109		146,696,517
Nippon Prologis REIT Inc.		31,491		90,650,847

Security	Shares		Value
Japan (continued)
Nippon Telegraph & Telephone Corp.		3,476,000	$	89,365,447
Nissin Foods Holdings Co. Ltd.		193,700		14,761,840
Nitori Holdings Co. Ltd.		268,600		42,092,273
Nomura Real Estate Master Fund Inc.		50,259		88,475,501
NTT DOCOMO Inc.		5,610,700		160,838,169
Odakyu Electric Railway Co. Ltd.		1,124,100		25,264,636
Olympus Corp.		416,300		6,854,153
Oracle Corp. Japan		110,600		9,734,963
Oriental Land Co. Ltd.		706,500		92,952,807
Orix JREIT Inc.		42,965		90,897,029
Osaka Gas Co. Ltd.		411,100		7,043,527
Pan Pacific International Holdings Corp.		1,293,200		21,083,032
Sankyo Co. Ltd.		798,400		27,181,769
Secom Co. Ltd.		927,000		83,073,774
Seibu Holdings Inc.		979,400		15,461,119
Sekisui House Ltd.		1,663,500		36,236,781
Seven & i Holdings Co. Ltd.		1,081,500		42,078,567
Seven Bank Ltd.		2,138,100		6,470,423
SG Holdings Co. Ltd.		253,800		5,444,342
Shimamura Co. Ltd.		356,600		27,176,417
Shimano Inc.(b)		88,700		13,797,869
Shionogi & Co. Ltd.		459,600		27,838,483
Softbank Corp.		2,067,600		28,538,355
Sohgo Security Services Co. Ltd.		157,100		8,276,431
Suntory Beverage & Food Ltd.		1,540,100		66,003,271
Takeda Pharmaceutical Co. Ltd.		448,100		17,475,838
Tobu Railway Co. Ltd.		1,301,900		46,485,704
Toho Co. Ltd.		359,200		13,405,582
Tokio Marine Holdings Inc.		382,900		21,143,668
Tokyo Gas Co. Ltd.		1,069,100		23,752,298
Tokyu Corp.		407,100		7,256,698
Toyo Suisan Kaisha Ltd.		1,346,700		57,155,695
United Urban Investment Corp.		52,264		93,692,810
USS Co. Ltd.		377,700		6,969,599
West Japan Railway Co.		1,181,200		101,069,786
Yamada Denki Co. Ltd.		11,292,400		57,407,505
Yamazaki Baking Co. Ltd.		452,800		8,723,037
				3,782,273,682
Netherlands — 1.8%
Heineken Holding NV		114,395		11,270,081
Heineken NV(b)		255,037		27,788,384
Koninklijke Ahold Delhaize NV		2,727,771		67,108,746
Koninklijke KPN NV		5,132,536		14,407,394
Koninklijke Vopak NV		298,083		15,981,639
Unilever NV		1,001,709		58,501,962
Wolters Kluwer NV		578,565		43,547,986
				238,606,192
New Zealand — 0.8%
Auckland International Airport Ltd.		6,122,138		34,270,791
Fisher & Paykel Healthcare Corp. Ltd.		827,086		12,471,293
Meridian Energy Ltd.		5,356,470		18,528,117
Ryman Healthcare Ltd.		883,073		9,423,716
Spark New Zealand Ltd.		10,124,121		30,531,500
				105,225,417
Norway — 1.2%
Gjensidige Forsikring ASA		1,093,973		23,854,778
Mowi ASA		975,361		23,299,973
Orkla ASA		5,613,621		54,200,815

10 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol EAFE ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Telenor ASA		2,801,706	$	50,743,650
				152,099,216
Singapore — 3.7%
Ascendas REIT		4,869,436		11,237,983
CapitaLand Mall Trust		13,517,200		24,956,659
ComfortDelGro Corp. Ltd.		5,191,300		8,253,441
DBS Group Holdings Ltd.		1,764,700		32,801,259
Oversea-Chinese Banking Corp. Ltd.(b)		6,208,299		49,260,662
SATS Ltd.		12,090,700		40,393,869
Singapore Airlines Ltd.(b)		9,464,700		59,288,728
Singapore Exchange Ltd.		6,156,700		39,243,381
Singapore Technologies Engineering Ltd.		21,594,900		65,026,771
Singapore Telecommunications Ltd.		36,207,100		87,540,062
United Overseas Bank Ltd.		2,216,800		41,675,645
Wilmar International Ltd.		8,737,900		25,031,276
				484,709,736
Spain — 1.2%
Aena SME SA(a)		162,427		30,087,274
Endesa SA		2,433,873		66,810,106
Iberdrola SA		2,165,706		23,688,354
Iberdrola SA, New(c)		39,934		436,792
Red Electrica Corp. SA		1,859,900		37,172,689
				158,195,215
Sweden — 0.5%
ICA Gruppen AB		772,125		33,949,420
Telia Co. AB		8,263,873		35,366,442
				69,315,862
Switzerland — 13.7%
Alcon Inc.(c)		107,535		6,348,740
Baloise Holding AG, Registered		413,583		74,744,691
Barry Callebaut AG, Registered		19,771		43,787,502
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		9,349		78,372,819
Chocoladefabriken Lindt & Spruengli AG, Registered		409		38,124,423
Geberit AG, Registered		66,207		34,955,264
Givaudan SA, Registered		44,474		146,640,386
Kuehne + Nagel International AG, Registered		310,037		50,148,553
Nestle SA, Registered		1,825,652		201,371,621
Novartis AG, Registered		1,574,013		148,792,333
Partners Group Holding AG		44,695		41,003,822
Roche Holding AG, NVS		642,823		216,151,691
SGS SA, Registered		2,448		7,084,212
Sonova Holding AG, Registered		114,070		28,598,814
Swiss Life Holding AG, Registered		188,655		94,948,558
Swiss Prime Site AG, Registered		589,138		71,958,584
Swiss Re AG		1,328,387		150,131,352
Swisscom AG, Registered		342,579		188,117,412
Zurich Insurance Group AG		429,918		178,618,013
				1,799,898,790
United Kingdom — 11.8%
Admiral Group PLC		2,155,150		64,176,373
Associated British Foods PLC		286,898		9,931,245
AstraZeneca PLC		740,394		72,457,324
BAE Systems PLC		5,120,795		42,620,977
Berkeley Group Holdings PLC		320,399		22,131,145
BP PLC		2,159,568		13,001,077
British American Tobacco PLC		302,997		13,410,216

Security	Shares		Value
United Kingdom (continued)
Bunzl PLC		682,169	$	17,669,976
Coca-Cola European Partners PLC		806,728		42,441,960
Compass Group PLC		4,230,633		104,676,951
Croda International PLC		295,340		19,403,574
Diageo PLC		3,188,976		126,531,653
Direct Line Insurance Group PLC		17,088,079		76,091,181
Experian PLC		908,284		31,572,810
GlaxoSmithKline PLC		5,694,007		133,904,226
Halma PLC		324,430		9,010,875
HSBC Holdings PLC		8,559,580		62,260,928
Imperial Brands PLC		828,779		21,312,428
National Grid PLC		10,220,395		135,506,694
Reckitt Benckiser Group PLC		289,482		23,968,000
RELX PLC		3,590,206		95,267,459
Rentokil Initial PLC		1,104,113		6,796,915
Royal Dutch Shell PLC, Class A		1,117,841		29,388,251
RSA Insurance Group PLC		6,695,019		48,574,873
Sage Group PLC (The)		1,168,841		11,377,021
Severn Trent PLC		723,473		24,595,469
Smith & Nephew PLC		3,591,705		86,477,231
SSE PLC		2,274,309		45,224,755
Tesco PLC		4,306,763		14,016,949
Unilever PLC		1,324,434		79,148,990
United Utilities Group PLC		1,628,162		21,752,181
Vodafone Group PLC		8,704,601		17,131,292
Whitbread PLC		228,758		13,479,235
Wm Morrison Supermarkets PLC		7,982,494		19,145,737
				1,554,455,971
Total Common Stocks — 99.6% (Cost: $11,606,581,387)				13,063,331,547
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(d)(e)(f)		45,005,861		45,032,865
BlackRock Cash Funds: Treasury, SL Agency Shares,1.50%(d)(e)		2,345,000		2,345,000
				47,377,865
Total Short-Term Investments — 0.3% (Cost: $47,368,287)				47,377,865
Total Investments in Securities — 99.9% (Cost: $11,653,949,674)				13,110,709,412
Other Assets, Less Liabilities — 0.1%				9,611,361
Net Assets — 100.0%			$	13,120,320,773

^(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b) All or a portion of this security is on loan.

^(c) Non-income producing security.

^(d) Affiliate of the Fund.

^(e) Annualized 7-day yield as of period-end.

^(f) All or a portion of this security was purchased with cash collateral received from loaned securities.

S c h e d u l e   o f   I n v e s t m e n t 11

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol EAFE ETF
January 31, 2020

Affiliates 

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: 

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		45,116,433		(110,572	)		45,005,861	$	45,032,865	$	160,252	(b)	$	2,650	$	(1,323	)
BlackRock Cash Funds: Treasury, SL Agency Shares		2,645,000		(300,000	)		2,345,000		2,345,000		51,168			—		—
								$	47,377,865	$	211,420		$	2,650	$	(1,323	)

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		118	03/19/20	$	13,733	$	277,806
Euro STOXX 50 Index		341	03/20/20		13,752		(463,490	)
FTSE 100 Index		92	03/20/20		8,753		(366,982	)
TOPIX Index		103	03/12/20		15,956		(505,037	)
						$	(1,057,703	)

Derivative Financial Instruments Categorized by Risk Exposure 

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	277,806
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,335,509

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: 

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	7,445,288
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,363,638	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments 

Futures contracts:
Average notional value of contracts — long	$	66,008,254

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

12 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol EAFE ETF
January 31, 2020

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 the Notes to Financial Statements. 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	13,062,894,755		$	436,792	$	—	$	13,063,331,547
Money Market Funds		47,377,865			—		—		47,377,865
	$	13,110,272,620		$	436,792	$	—	$	13,110,709,412
Derivative financial instruments(a)
Assets
Futures Contracts	$	277,806		$	—	$	—	$	277,806
Liabilities
Futures Contracts		(1,335,509	)		—		—		(1,335,509	)
	$	(1,057,703	)	$	—	$	—	$	(1,057,703	)

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

See notes to financial statements.

S c h e d u l e   o f   I n v e s t m e n t 13

Schedule of Investments (unaudited)	iShares® Edge MSCI Min Vol Europe ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.1%
Verbund AG		275	$	14,543
Belgium — 4.4%
Ageas		3,439		189,678
Colruyt SA		3,314		165,817
Groupe Bruxelles Lambert SA		3,683		370,274
Proximus SADP		8,703		248,061
Telenet Group Holding NV		495		23,029
UCB SA		2,705		249,047
				1,245,906
Denmark — 5.5%
Carlsberg A/S, Class B		1,708		249,842
Chr Hansen Holding A/S		648		48,316
Coloplast A/S, Class B		2,482		313,225
DSV Panalpina A/S		708		77,022
H Lundbeck A/S		1,180		50,186
ISS A/S		1,159		28,136
Novo Nordisk A/S, Class B		6,624		405,199
Orsted A/S(a)		1,604		175,068
Tryg A/S		7,257		219,969
				1,566,963
Finland — 3.2%
Elisa OYJ		5,048		303,989
Fortum OYJ		2,302		55,766
Kone OYJ, Class B		1,142		73,732
Neste OYJ		1,031		40,995
Nokia OYJ		9,104		35,508
Orion OYJ, Class B		306		14,470
Sampo OYJ, Class A		8,512		385,527
				909,987
France — 12.9%
Aeroports de Paris		927		175,669
Air Liquide SA		1,769		256,323
Alstom SA		1,505		79,956
BioMerieux		284		28,153
Covivio		2,891		343,448
Danone SA		2,362		189,512
Dassault Systemes SE		180		31,258
EssilorLuxottica SA		1,098		163,356
Gecina SA		1,022		192,992
Getlink SE		9,046		159,895
Hermes International		486		364,407
ICADE		698		77,971
Klepierre SA		871		29,662
L'Oreal SA		664		185,359
Orange SA.		22,500		319,286
Pernod Ricard SA		1,181		204,825
Sanofi		4,127		397,670
SCOR SE		853		36,328
Sodexo SA		1,210		126,851
Suez		987		16,221
Thales SA		1,040		114,354
TOTAL SA		2,572		125,826
Unibail-Rodamco-Westfield		88		11,956
Vinci SA		294		32,646
Vivendi SA		477		13,088
				3,677,012

Security	Shares		Value
Germany — 11.6%
adidas AG		324	$	102,619
Allianz SE, Registered		996		238,248
Aroundtown SA		14,495		137,117
Beiersdorf AG		2,107		239,102
Carl Zeiss Meditec AG, Bearer		134		16,409
Deutsche Boerse AG		1,166		190,012
Deutsche Telekom AG, Registered		24,316		393,588
Deutsche Wohnen SE		1,617		68,453
E.ON SE		7,817		88,707
Fraport AG Frankfurt Airport Services Worldwide		848		63,283
Fresenius SE & Co. KGaA		267		13,648
Hannover Rueck SE		1,879		365,445
Henkel AG & Co. KGaA		1,284		118,815
Merck KGaA		2,196		282,055
METRO AG		824		11,501
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		1,444		426,144
QIAGEN NV(b)		720		24,065
SAP SE		730		95,315
Siemens Healthineers AG(a)		2,448		115,243
Symrise AG		412		42,434
Telefonica Deutschland Holding AG		16,435		49,777
Uniper SE		1,380		45,283
Vonovia SE		2,978		170,093
				3,297,356
Ireland — 1.3%
Flutter Entertainment PLC		132		14,994
Kerry Group PLC, Class A		2,509		320,588
Kingspan Group PLC		798		49,214
				384,796
Italy — 2.9%
Assicurazioni Generali SpA		8,932		174,163
Davide Campari-Milano SpA		2,793		27,021
Enel SpA		22,207		193,310
Eni SpA		3,166		44,411
Recordati SpA		1,443		61,775
Snam SpA		28,564		153,114
Terna Rete Elettrica Nazionale SpA		23,694		165,318
				819,112
Netherlands — 5.6%
Akzo Nobel NV		832		78,649
Heineken Holding NV		1,789		176,250
Heineken NV		2,677		291,681
Koninklijke Ahold Delhaize NV		8,268		203,410
Koninklijke KPN NV		34,536		96,945
Koninklijke Vopak NV		1,605		86,052
NN Group NV		940		32,710
Prosus NV(b)		369		26,674
Unilever NV		5,601		327,110
Wolters Kluwer NV		3,732		280,904
				1,600,385
Norway — 2.9%
Equinor ASA		1,139		20,654
Gjensidige Forsikring ASA		8,734		190,451
Mowi ASA		4,862		116,146
Orkla ASA		21,539		207,964
Telenor ASA		16,437		297,702
				832,917

14 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol Europe ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Portugal — 0.1%
EDP - Energias de Portugal SA		5,149	$	25,814
Spain — 4.9%
Aena SME SA(a)		1,230		227,840
Enagas SA		381		10,268
Endesa SA		14,129		387,843
Ferrovial SA		1,637		51,993
Iberdrola SA		28,444		311,119
Iberdrola SA, New(b)		526		5,756
Industria de Diseno Textil SA		4,074		137,115
Naturgy Energy Group SA		2,344		61,823
Red Electrica Corp. SA		10,714		214,134
				1,407,891
Sweden — 2.5%
Assa Abloy AB, Class B		3,794		90,258
Essity AB, Class B		589		18,699
Hennes & Mauritz AB, Class B		1,988		43,653
ICA Gruppen AB		3,126		137,447
Investor AB, Class B		1,672		91,626
Millicom International Cellular SA, SDR		321		15,166
Svenska Handelsbanken AB, Class A		3,140		30,844
Tele2 AB, Class B		2,327		35,103
Telefonaktiebolaget LM Ericsson, Class B		2,723		21,403
Telia Co. AB		51,765		221,536
				705,735
Switzerland — 20.2%
Alcon Inc.(b)		1,830		108,041
Baloise Holding AG, Registered		1,233		222,834
Barry Callebaut AG, Registered		57		126,240
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		30		251,490
Chocoladefabriken Lindt & Spruengli AG, Registered		1		93,214
Coca-Cola HBC AG		407		14,947
Geberit AG, Registered		373		196,933
Givaudan SA, Registered		141		464,907
Kuehne + Nagel International AG, Registered		1,221		197,497
Nestle SA, Registered		3,863		426,094
Novartis AG, Registered		4,533		428,507
Pargesa Holding SA, Bearer		364		29,193
Partners Group Holding AG		193		177,061
Roche Holding AG, NVS		1,360		457,305
Schindler Holding AG, Registered		177		44,046
SGS SA, Registered		107		309,645
Sonova Holding AG, Registered		475		119,089
Swiss Life Holding AG, Registered		651		327,643
Swiss Prime Site AG, Registered		3,763		459,621
Swiss Re AG		3,784		427,659
Swisscom AG, Registered		788		432,707
Zurich Insurance Group AG		1,035		430,011
				5,744,684
United Kingdom — 21.4%
Admiral Group PLC		7,000		208,447
Associated British Foods PLC		466		16,131
AstraZeneca PLC		2,581		252,585
BAE Systems PLC		17,940		149,317
BP PLC		33,319		200,588

Security	Shares		Value
United Kingdom (continued)
British American Tobacco PLC		1,264	$	55,943
BT Group PLC		10,347		21,949
Bunzl PLC		2,657		68,823
Coca-Cola European Partners PLC		3,568		187,712
Compass Group PLC		13,252		327,889
Croda International PLC		1,681		110,440
Diageo PLC		9,741		386,502
Direct Line Insurance Group PLC		44,142		196,559
Experian PLC		4,919		170,989
GlaxoSmithKline PLC		18,323		430,896
Halma PLC		1,221		33,913
HSBC Holdings PLC		33,146		241,098
Imperial Brands PLC		2,779		71,463
Land Securities Group PLC		4,900		60,587
Meggitt PLC		3,003		26,744
National Grid PLC		34,264		454,288
Next PLC		262		23,803
Reckitt Benckiser Group PLC		1,128		93,394
RELX PLC		12,917		342,757
Rentokil Initial PLC		7,129		43,886
Royal Dutch Shell PLC, Class A		10,366		272,524
RSA Insurance Group PLC		9,649		70,007
Sage Group PLC (The)		5,894		57,370
Segro PLC		31,132		373,694
Severn Trent PLC		4,187		142,343
Smith & Nephew PLC		13,395		322,511
SSE PLC		7,862		156,336
Unilever PLC		5,111		305,437
United Utilities Group PLC		9,305		124,314
Vodafone Group PLC		38,163		75,108
Whitbread PLC		547		32,231
				6,108,578
Total Common Stocks — 99.5% (Cost: $26,044,903)				28,341,679
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(c)(d)		6,000		6,000
Total Short-Term Investments — 0.0% (Cost: $6,000)				6,000
Total Investments in Securities — 99.5% (Cost: $26,050,903)				28,347,679
Other Assets, Less Liabilities — 0.5%				137,249
Net Assets — 100.0%			$	28,484,928

^(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b) Non-income producing security.

^(c) Affiliate of the Fund.

^(d) Annualized 7-day yield as of period-end.

S c h e d u l e   o f   I n v e s t m e n t 15

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol Europe ETF
January 31, 2020

Affiliates 

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: 

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		70,627		(70,627	)		—	$	—	$	98	(b)	$	9	$	(14	)
BlackRock Cash Funds: Treasury, SL Agency Shares		5,000		1,000			6,000		6,000		51			—		—
								$	6,000	$	149		$	9	$	(14	)

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts 

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		3	03/20/20	$	121	$	(3,272	)

Derivative Financial Instruments Categorized by Risk Exposure 

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	3,272

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: 

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	5,692
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,272	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments 

Futures contracts:
Average notional value of contracts — long	$	40,327

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. 

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 the Notes to Financial Statements. 

16 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol Europe ETF
January 31, 2020

Fair Value Measurements (continued) 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	28,335,923		$	5,756	$	—	$	28,341,679
Money Market Funds		6,000			—		—		6,000
	$	28,341,923		$	5,756	$	—	$	28,347,679
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(3,272	)	$	—	$	—	$	(3,272	)

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

See notes to financial statements.

S c h e d u l e   o f   I n v e s t m e n t 17

Schedule of Investments (unaudited)	iShares® Edge MSCI Min Vol Europe ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.3%
SG Holdings Co. Ltd.		3,500	$	75,080
Yamato Holdings Co. Ltd.		1,500		24,565
				99,645
Airlines — 2.8%
ANA Holdings Inc.		15,000		473,866
Japan Airlines Co. Ltd.		16,500		471,168
				945,034
Auto Components — 1.5%
Bridgestone Corp.		12,500		449,901
Denso Corp.		500		20,953
Sumitomo Rubber Industries Ltd.		2,500		28,025
				498,879
Automobiles — 3.8%
Honda Motor Co. Ltd.		8,000		208,959
Nissan Motor Co. Ltd.		64,500		356,763
Subaru Corp.		3,500		89,127
Suzuki Motor Corp.		3,000		139,281
Toyota Motor Corp.		7,000		494,201
				1,288,331
Banks — 5.7%
Aozora Bank Ltd.		5,500		150,307
Japan Post Bank Co. Ltd.		51,500		482,760
Mitsubishi UFJ Financial Group Inc.		37,500		196,695
Mizuho Financial Group Inc.		321,000		481,270
Resona Holdings Inc.		3,500		14,722
Seven Bank Ltd.		34,000		102,892
Sumitomo Mitsui Financial Group Inc.		11,500		412,105
Sumitomo Mitsui Trust Holdings Inc.		2,000		75,343
				1,916,094
Beverages — 2.6%
Asahi Group Holdings Ltd.		7,500		351,940
Coca-Cola Bottlers Japan Holdings Inc.		1,000		26,692
Kirin Holdings Co. Ltd.		7,500		166,939
Suntory Beverage & Food Ltd.		7,500		321,424
				866,995
Building Products — 0.4%
Daikin Industries Ltd.		1,000		144,254
Chemicals — 0.8%
Shin-Etsu Chemical Co. Ltd.		500		58,657
Teijin Ltd.		7,500		136,665
Toray Industries Inc.		9,000		60,219
				255,541
Commercial Services & Supplies — 2.2%
Dai Nippon Printing Co. Ltd.		1,500		42,141
Park24 Co. Ltd.		4,000		101,675
Secom Co. Ltd.		5,600		501,848
Sohgo Security Services Co. Ltd.		1,500		79,024
				724,688
Construction & Engineering — 0.1%
Taisei Corp.		1,000		40,688
Diversified Financial Services — 0.1%
ORIX Corp.		1,500		25,714
Diversified Telecommunication Services — 1.5%
Nippon Telegraph & Telephone Corp.		20,000		514,186

Security	Shares		Value
Electric Utilities — 3.2%
Chubu Electric Power Co. Inc.		15,000	$	205,932
Chugoku Electric Power Co. Inc. (The)		37,000		490,557
Kansai Electric Power Co. Inc. (The)		3,500		39,655
Kyushu Electric Power Co. Inc.		23,500		195,138
Tohoku Electric Power Co. Inc.		12,500		118,559
Tokyo Electric Power Co. Holdings Inc.(a)		7,500		30,101
				1,079,942
Electronic Equipment, Instruments & Components — 0.9%
Hamamatsu Photonics KK		100		4,336
Hirose Electric Co. Ltd.		320		40,596
Hitachi High-Technologies Corp.		500		36,537
Keyence Corp.		300		103,437
Kyocera Corp.		2,000		134,225
				319,131
Entertainment — 1.1%
Konami Holdings Corp.		2,000		78,239
Nintendo Co. Ltd.		200		75,232
Toho Co. Ltd.		5,500		205,264
				358,735
Equity Real Estate Investment Trusts (REITs) — 9.6%
Daiwa House REIT Investment Corp.		80		213,683
Japan Prime Realty Investment Corp.		60		277,345
Japan Real Estate Investment Corp.		80		583,844
Japan Retail Fund Investment Corp.		145		309,974
Nippon Building Fund Inc.		65		526,549
Nippon Prologis REIT Inc.		105		302,256
Nomura Real Estate Master Fund Inc.		170		299,266
Orix JREIT Inc.		170		359,653
United Urban Investment Corp.		195		349,573
				3,222,143
Food & Staples Retailing — 2.9%
Aeon Co. Ltd.		1,500		31,188
FamilyMart Co. Ltd.		2,000		44,434
Lawson Inc.		7,000		409,466
Seven & i Holdings Co. Ltd.		11,000		427,984
Sundrug Co. Ltd..		500		17,207
Tsuruha Holdings Inc.		500		61,955
				992,234
Food Products — 4.1%
Ajinomoto Co. Inc.		13,000		216,497
Calbee Inc.		4,000		132,491
MEIJI Holdings Co. Ltd.		3,100		220,805
NH Foods Ltd.		4,000		178,069
Nisshin Seifun Group Inc.		3,000		51,981
Nissin Foods Holdings Co. Ltd.		2,000		152,419
Toyo Suisan Kaisha Ltd.		7,500		318,310
Yamazaki Baking Co. Ltd.		5,500		105,956
				1,376,528
Gas Utilities — 2.0%
Osaka Gas Co. Ltd.		14,500		248,434
Toho Gas Co. Ltd.		2,500		97,915
Tokyo Gas Co. Ltd.		15,000		333,256
				679,605
Health Care Equipment & Supplies — 1.2%
Hoya Corp.		2,000		195,599
Olympus Corp.		6,500		107,019
Terumo Corp.		2,500		91,895
				394,513

18 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol Japan ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services — 0.5%
Medipal Holdings Corp.		3,000	$	64,659
Suzuken Co. Ltd.		2,500		97,684
				162,343
Hotels, Restaurants & Leisure — 2.9%
McDonald's Holdings Co. Japan Ltd.		10,000		477,926
Oriental Land Co. Ltd.		3,800		499,958
				977,884
Household Durables — 2.6%
Casio Computer Co. Ltd.		6,000		113,429
Nikon Corp.		1,000		12,354
Rinnai Corp.		1,500		109,055
Sekisui House Ltd.		20,500		446,561
Sony Corp.		2,500		178,023
				859,422
Household Products — 1.0%
Lion Corp.		5,000		96,508
Unicharm Corp.		7,000		243,613
				340,121
Industrial Conglomerates — 1.2%
Keihan Holdings Co. Ltd.		6,000		274,854
Toshiba Corp.		4,000		129,169
				404,023
Insurance — 4.6%
Japan Post Holdings Co. Ltd.		54,500		500,977
Japan Post Insurance Co. Ltd.		5,000		85,482
MS&AD Insurance Group Holdings Inc.		10,500		354,279
Sompo Holdings Inc.		2,500		95,331
Sony Financial Holdings Inc.		3,500		82,281
Tokio Marine Holdings Inc.		7,500		414,149
				1,532,499
Interactive Media & Services — 0.4%
Kakaku.com Inc.		500		13,268
Z Holdings Corp.		31,500		127,296
				140,564
Internet & Direct Marketing Retail — 0.1%
Rakuten Inc.(a)		5,000		39,489
IT Services — 2.6%
Fujitsu Ltd.		2,000		214,329
Itochu Techno-Solutions Corp.		2,000		59,879
NEC Corp.		8,300		376,768
Nomura Research Institute Ltd.		1,000		22,328
NTT Data Corp.		10,000		143,470
Obic Co. Ltd.		300		41,546
				858,320
Leisure Products — 2.1%
Bandai Namco Holdings Inc.		3,000		176,537
Sankyo Co. Ltd.		8,500		289,385
Sega Sammy Holdings Inc.		2,500		34,576
Shimano Inc.		1,100		171,112
Yamaha Corp.		500		26,111
				697,721
Machinery — 1.2%
FANUC Corp.		500		93,740
Hoshizaki Corp.		1,000		93,186
Mitsubishi Heavy Industries Ltd.		6,000		222,762
				409,688

Security	Shares		Value
Media — 0.2%
Dentsu Group Inc.		2,500	$	84,421
Multiline Retail — 0.4%
Pan Pacific International Holdings Corp.		8,000		130,424
Ryohin Keikaku Co. Ltd.		500		8,497
				138,921
Personal Products — 1.1%
Kao Corp.		4,000		324,104
Shiseido Co. Ltd.		800		52,310
				376,414
Pharmaceuticals — 3.7%
Astellas Pharma Inc.		15,000		269,941
Chugai Pharmaceutical Co. Ltd.		2,800		291,018
Daiichi Sankyo Co. Ltd.		1,000		68,653
Kyowa Kirin Co. Ltd.		2,500		59,649
Ono Pharmaceutical Co. Ltd.		1,500		35,146
Otsuka Holdings Co. Ltd.		1,000		45,329
Santen Pharmaceutical Co. Ltd.		1,000		18,969
Shionogi & Co. Ltd.		4,500		272,570
Takeda Pharmaceutical Co. Ltd.		5,000		194,999
				1,256,274
Road & Rail — 10.7%
Central Japan Railway Co.		1,800		358,472
East Japan Railway Co.		5,200		465,378
Hankyu Hanshin Holdings Inc.		3,000		123,726
Keio Corp.		3,000		173,825
Keisei Electric Railway Co. Ltd.		3,000		109,886
Kintetsu Group Holdings Co. Ltd.		8,500		452,507
Kyushu Railway Co.		10,500		347,304
Nagoya Railroad Co. Ltd.		14,500		430,110
Odakyu Electric Railway Co. Ltd.		6,500		146,090
Seibu Holdings Inc.		6,000		94,718
Tobu Railway Co. Ltd.		7,000		249,942
Tokyu Corp.		7,500		133,690
West Japan Railway Co.		6,000		513,392
				3,599,040
Semiconductors & Semiconductor Equipment — 0.3%
Tokyo Electron Ltd.		400		90,418
Software — 0.3%
Oracle Corp. Japan		1,000		88,019
Trend Micro Inc.(a)		500		26,572
				114,591
Specialty Retail — 4.8%
ABC-Mart Inc.		5,500		357,245
Fast Retailing Co. Ltd.		300		164,248
Hikari Tsushin Inc.		700		174,443
Nitori Holdings Co. Ltd.		1,800		282,078
Shimamura Co. Ltd.		2,000		152,420
USS Co. Ltd.		500		9,226
Yamada Denki Co. Ltd.		92,500		470,245
				1,609,905
Technology Hardware, Storage & Peripherals — 2.9%
Canon Inc.		18,500		492,690
FUJIFILM Holdings Corp.		7,000		354,182
Ricoh Co. Ltd.		8,000		92,928
Seiko Epson Corp.		2,500		37,367
				977,167

S c h e d u l e   o f   I n v e s t m e n t s 19

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol Japan ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco — 1.4%
Japan Tobacco Inc.		22,500	$	480,786
Trading Companies & Distributors — 3.1%
ITOCHU Corp.		13,500		319,860
Mitsubishi Corp.		12,000		312,552
Mitsui & Co. Ltd.		11,000		198,971
Sumitomo Corp.		13,500		204,023
				1,035,406
Transportation Infrastructure — 0.3%
Kamigumi Co. Ltd.		4,500		97,278
Wireless Telecommunication Services — 4.4%
KDDI Corp.		17,000		513,051
NTT DOCOMO Inc.		18,500		530,327
Softbank Corp.		29,500		407,178
SoftBank Group Corp.		500		20,870
				1,471,426
Total Common Stocks — 99.6% (Cost: $32,414,847)				33,497,001

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(b)(c)		10,000	$	10,000
Total Short-Term Investments — 0.0% (Cost: $10,000)				10,000
Total Investments in Securities — 99.6% (Cost: $32,424,847)				33,507,001
Other Assets, Less Liabilities — 0.4%				123,493
Net Assets — 100.0%			$	33,630,494

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

^(c) Annualized 7-day yield as of period-end.

Affiliates 

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: 

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		—			—	$	—	$	17	(b)	$	20	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,000		(8,000	)		10,000		10,000		186			—		—
								$	10,000	$	203		$	20	$	—

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		8	03/12/20	$	124	$	(3,429	)

Derivative Financial Instruments Categorized by Risk Exposure 

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	3,429

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

20 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol Japan ETF
January 31, 2020

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: 

		Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	11,660
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,429	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	154,493

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. 

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 the Notes to Financial Statements. 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	33,497,001		$	—	$	—	$	33,497,001
Money Market Funds		10,000			—		—		10,000
	$	33,507,001		$	—	$	—	$	33,507,001
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(3,429	)	$	—	$	—	$	(3,429	)

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

See notes to financial statements.

S c h e d u l e   o f   I n v e s t m e n t s 21

Schedule of Investments (unaudited)	iShares® Edge MSCI Min Vol USA ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.8%
L3Harris Technologies Inc.		1,010,659	$	223,689,156
Lockheed Martin Corp.		690,768		295,731,596
Northrop Grumman Corp.		103,587		38,800,583
Raytheon Co.		146,827		32,439,957
United Technologies Corp.		642,854		96,556,671
				687,217,963
Air Freight & Logistics — 0.1%
CH Robinson Worldwide Inc.		511,983		36,975,412
Banks — 0.7%
M&T Bank Corp.		257,051		43,318,235
Truist Financial Corp.		358,167		18,470,672
U.S. Bancorp		3,104,261		165,208,770
Wells Fargo & Co.		585,880		27,501,207
				254,498,884
Beverages — 3.2%
Brown-Forman Corp., Class B, NVS		510,844		34,553,488
Coca-Cola Co. (The)		10,342,591		604,007,314
PepsiCo Inc.		4,082,575		579,807,302
				1,218,368,104
Biotechnology — 0.2%
Amgen Inc.		324,937		70,202,639
Capital Markets — 1.8%
Cboe Global Markets Inc.		1,129,628		139,192,762
CME Group Inc.		1,322,782		287,189,200
Intercontinental Exchange Inc.		2,252,448		224,659,164
MarketAxess Holdings Inc.		68,040		24,098,407
				675,139,533
Chemicals — 1.0%
Air Products & Chemicals Inc.		459,159		109,605,845
Ecolab Inc.		1,259,326		246,966,422
Linde PLC		106,535		21,640,454
				378,212,721
Commercial Services & Supplies — 4.1%
Republic Services Inc.		6,004,256		570,704,533
Waste Connections Inc.(a)		4,388,650		422,670,881
Waste Management Inc.		4,740,507		576,919,702
				1,570,295,116
Communications Equipment — 1.7%
Cisco Systems Inc.		5,538,182		254,590,227
Juniper Networks Inc.		1,580,181		36,249,352
Motorola Solutions Inc.		1,978,330		350,164,410
				641,003,989
Containers & Packaging — 0.3%
Amcor PLC(b)		7,053,823		74,699,986
Ball Corp.		425,442		30,708,403
				105,408,389
Distributors — 0.1%
Genuine Parts Co.		618,828		57,903,736
Diversified Financial Services — 0.6%
Berkshire Hathaway Inc., Class B(b)		1,014,045		227,582,119
Diversified Telecommunication Services — 2.7%
AT&T Inc.		10,604,897		398,956,225
Verizon Communications Inc.		9,173,089		545,248,410

Security	Shares		Value
Diversified Telecommunication Services (continued)
Zayo Group Holdings Inc.(b)		2,022,546	$	70,283,474
				1,014,488,109
Electric Utilities — 6.1%
Alliant Energy Corp.		781,920		46,414,771
American Electric Power Co. Inc.		1,976,966		206,039,397
Duke Energy Corp.		4,122,791		402,508,085
Evergy Inc.		1,531,513		110,513,978
Eversource Energy		1,176,504		108,756,030
NextEra Energy Inc.		2,252,310		604,069,542
Southern Co. (The)		6,400,127		450,568,941
Xcel Energy Inc.		5,832,601		403,557,663
				2,332,428,407
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		2,077,254		206,624,455
FLIR Systems Inc.		983,690		50,699,383
TE Connectivity Ltd.		318,375		29,347,807
				286,671,645
Entertainment — 0.7%
Walt Disney Co. (The)		1,971,058		272,617,032
Equity Real Estate Investment Trusts (REITs) — 8.1%
American Tower Corp.		1,249,955		289,664,572
AvalonBay Communities Inc.		1,550,582		335,995,614
Camden Property Trust		1,473,633		165,680,558
Crown Castle International Corp.		1,433,715		214,827,856
Equinix Inc.		40,213		23,714,812
Equity Residential		3,489,708		289,924,941
Essex Property Trust Inc.		450,685		139,604,186
Extra Space Storage Inc.		1,120,853		124,056,010
Healthpeak Properties Inc.		5,703,443		205,266,914
Invitation Homes Inc.		1,971,554		62,044,804
Mid-America Apartment Communities Inc.		703,573		96,537,251
National Retail Properties Inc.		1,491,594		83,529,264
Public Storage		1,520,448		340,215,444
Realty Income Corp.		3,101,338		243,175,913
SBA Communications Corp.		178,806		44,622,825
UDR Inc.		2,956,861		141,663,210
Ventas Inc.		990,355		57,301,940
Welltower Inc.		1,895,951		160,985,199
WP Carey Inc.		1,046,439		88,026,449
				3,106,837,762
Food & Staples Retailing — 1.0%
Costco Wholesale Corp.		81,379		24,862,912
Sysco Corp.		1,730,103		142,110,660
Walmart Inc.		2,041,344		233,713,475
				400,687,047
Food Products — 4.8%
Bunge Ltd.		352,060		18,458,506
Campbell Soup Co.		1,525,785		73,832,736
General Mills Inc.		1,290,944		67,413,096
Hershey Co. (The)		2,992,981		464,420,862
Hormel Foods Corp.		6,926,455		327,344,263
JM Smucker Co. (The)		836,938		86,715,146
Kellogg Co.		2,735,177		186,566,423
Lamb Weston Holdings Inc.		2,316,901		211,556,230
McCormick & Co. Inc./MD, NVS		1,031,075		168,446,723
Mondelez International Inc., Class A		3,379,525		193,917,144
Tyson Foods Inc., Class A		281,839		23,288,357
				1,821,959,486

22 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol USA ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies — 4.1%
Abbott Laboratories		1,076,551	$	93,810,654
Baxter International Inc.		2,739,856		244,449,952
Becton Dickinson and Co.		361,930		99,595,898
Cooper Companies Inc. (The)(a)		327,346		113,553,054
Danaher Corp.		1,799,852		289,542,191
Dentsply Sirona Inc.		595,876		33,369,056
Medtronic PLC		3,889,200		448,969,248
Stryker Corp.		1,045,276		220,239,653
Zimmer Biomet Holdings Inc.		146,284		21,635,404
				1,565,165,110
Health Care Providers & Services — 1.6%
Anthem Inc.		570,247		151,275,124
Henry Schein Inc.(a)(b)		270,076		18,619,039
Humana Inc.		361,898		121,684,584
Quest Diagnostics Inc.		210,911		23,341,520
UnitedHealth Group Inc.		798,950		217,673,928
Universal Health Services Inc., Class B		458,238		62,829,012
				595,423,207
Health Care Technology — 0.0%
Cerner Corp.		289,189		20,772,446
Hotels, Restaurants & Leisure — 3.7%
Darden Restaurants Inc.		725,549		84,475,670
McDonald's Corp.		2,805,831		600,363,659
Starbucks Corp.		2,735,660		232,066,038
Yum! Brands Inc.		4,882,788		516,452,487
				1,433,357,854
Household Durables — 0.6%
DR Horton Inc.		528,914		31,311,709
Garmin Ltd.		964,144		93,473,761
NVR Inc.(b)		24,623		93,985,252
				218,770,722
Household Products — 2.6%
Church & Dwight Co. Inc.		1,742,606		129,336,217
Clorox Co. (The)		998,192		157,025,584
Colgate-Palmolive Co.		1,788,975		131,990,575
Kimberly-Clark Corp.		882,483		126,406,865
Procter & Gamble Co. (The)		3,522,664		438,994,388
				983,753,629
Industrial Conglomerates — 0.3%
Honeywell International Inc.		731,772		126,757,546
Insurance — 11.2%
Aflac Inc.		4,855,007		250,372,711
Alleghany Corp.(b)		115,981		92,513,404
Allstate Corp. (The)		2,349,640		278,526,326
American Financial Group Inc./OH		1,216,918		132,388,509
American International Group Inc.		788,248		39,617,344
Aon PLC		1,417,782		312,266,486
Arch Capital Group Ltd.(b)		5,228,812		230,904,338
Arthur J Gallagher & Co.		2,193,378		224,974,781
Brown & Brown Inc.		3,805,698		170,875,840
Chubb Ltd.		2,424,244		368,460,846
Cincinnati Financial Corp.		730,005		76,614,025
Erie Indemnity Co., Class A, NVS		159,140		26,496,810
Everest Re Group Ltd.		1,089,463		301,312,782
Fidelity National Financial Inc.		2,665,414		129,938,933
Hartford Financial Services Group Inc. (The)		3,951,851		234,265,727
Loews Corp.		367,032		18,883,796

Security	Shares			Value
Insurance (continued)
Markel Corp.(a)(b)		144,410	$		169,388,598
Marsh & McLennan Companies Inc.		2,462,111			275,411,736
Progressive Corp. (The)		1,971,005			159,040,393
RenaissanceRe Holdings Ltd.		1,114,752			211,178,619
Travelers Companies Inc. (The)		1,502,117			197,708,640
Willis Towers Watson PLC		459,204			97,025,213
WR Berkley Corp.		3,918,803			288,149,585
					4,286,315,442
Interactive Media & Services — 0.1%
Alphabet Inc., Class C, NVS(b)		32,562			46,701,397
Internet & Direct Marketing Retail — 0.1%
eBay Inc.		577,979			19,396,975
Expedia Group Inc.		192,288			20,853,634
					40,250,609
IT Services — 11.4%
Accenture PLC, Class A		2,196,957			450,837,546
Automatic Data Processing Inc.		1,293,977			221,774,718
Black Knight Inc.(b)		3,991,357			267,101,610
Booz Allen Hamilton Holding Corp.		1,185,318			92,502,217
Broadridge Financial Solutions Inc.		975,537			116,235,234
Cognizant Technology Solutions Corp., Class A		2,393,287			146,899,956
Fidelity National Information Services Inc.		2,781,404			399,576,499
Fiserv Inc.(a)(b)		2,778,648			329,575,439
FleetCor Technologies Inc.(a)(b)		333,727			105,200,762
International Business Machines Corp.		993,385			142,779,226
Jack Henry & Associates Inc.		2,015,485			301,395,627
Mastercard Inc., Class A(a)		1,057,990			334,261,361
Paychex Inc.		4,796,063			411,358,324
VeriSign Inc.(b)		654,546			136,237,204
Visa Inc., Class A(a)		3,028,266			602,534,086
Western Union Co. (The)		11,071,798			297,831,366
					4,356,101,175
Machinery — 0.2%
WABCO Holdings Inc.(b)		714,721			96,951,904
Media — 1.3%
Charter Communications Inc., Class A(a)(b)		232,222			120,165,596
Comcast Corp., Class A		4,505,455			194,590,602
Fox Corp., Class B(b)		767,109			27,869,070
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		656,358			31,879,308
Omnicom Group Inc.		1,002,655			75,509,948
Sirius XM Holdings Inc.(a)		6,942,163			49,081,092
					499,095,616
Metals & Mining — 1.7%
Newmont Corp.		14,500,026			653,371,172
Mortgage Real Estate Investment — 1.7%
AGNC Investment Corp.		14,649,704			272,337,998
Annaly Capital Management Inc.		38,943,295			380,086,559
					652,424,557
Multi-Utilities — 2.7%
CMS Energy Corp.		1,392,309			95,387,089
Consolidated Edison Inc.		4,653,681			437,446,014
Dominion Energy Inc.		1,937,323			166,125,447
DTE Energy Co.		173,795			23,046,955
Sempra Energy.		157,226			25,256,785
WEC Energy Group Inc.		2,720,640			271,764,730
					1,019,027,020

S c h e d u l e   o f   I n v e s t m e n t s 23

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol USA ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Multiline Retail — 0.9%
Dollar General Corp.		1,197,142	$	183,653,554
Dollar Tree Inc.(a)(b)		1,124,552		97,914,743
Target Corp.		602,373		66,706,786
				348,275,083
Oil, Gas & Consumable Fuels — 2.1%
Cabot Oil & Gas Corp.		1,470,944		20,725,601
Cheniere Energy Inc.(a)(b)		978,976		57,994,538
Chevron Corp.		2,822,495		302,402,114
Exxon Mobil Corp.		4,289,575		266,468,399
Kinder Morgan Inc./DE		6,137,798		128,095,844
Occidental Petroleum Corp.		526,304		20,904,795
ONEOK Inc.		258,674		19,366,923
				815,958,214
Pharmaceuticals — 5.0%
Bristol-Myers Squibb Co.		2,042,814		128,595,141
Eli Lilly & Co.		2,817,047		393,372,443
Johnson & Johnson		3,292,650		490,176,806
Merck & Co. Inc.		4,999,183		427,130,196
Pfizer Inc.		8,842,156		329,281,889
Zoetis Inc.		950,083		127,510,639
				1,896,067,114
Professional Services — 0.3%
Verisk Analytics Inc.		734,850		119,391,080
Road & Rail — 0.2%
AMERCO		161,327		59,895,875
Semiconductors & Semiconductor Equipment — 0.4%
Broadcom Inc.		253,946		77,494,162
Intel Corp.		805,612		51,502,775
Texas Instruments Inc.		169,482		20,448,003
				149,444,940
Software — 3.6%
CDK Global Inc.		682,917		36,658,985
Citrix Systems Inc.		3,221,471		390,506,715
Intuit Inc.(a)		244,817		68,641,790
Microsoft Corp.		2,633,095		448,231,762
Oracle Corp.		4,440,118		232,884,189
Palo Alto Networks Inc.(b)		252,950		59,387,601
Tyler Technologies Inc.(a)(b)		393,886		127,493,020
				1,363,804,062
Specialty Retail — 2.4%
Advance Auto Parts Inc.		118,268		15,581,809
AutoZone Inc.(b)		154,014		162,940,651
Burlington Stores Inc.(a)(b)		159,915		34,776,715
Home Depot Inc. (The)		1,169,801		266,831,608

Security	Shares		Value
Specialty Retail (continued)
O'Reilly Automotive Inc.(b)		274,768	$	111,583,285
Ross Stores Inc.		855,995		96,034,079
TJX Companies Inc. (The)		3,873,787		228,708,385
				916,456,532
Technology Hardware, Storage & Peripherals — 0.2%
Apple Inc.		188,047		58,202,427
Dell Technologies Inc., Class C(a)(b)		331,964		16,189,884
				74,392,311
Textiles, Apparel & Luxury Goods — 0.3%
NIKE Inc., Class B		1,215,572		117,059,584
Tobacco — 0.5%
Altria Group Inc.		2,763,989		131,372,397
Philip Morris International Inc.		781,545		64,633,772
				196,006,169
Water Utilities — 0.1%
American Water Works Co. Inc.		186,072		25,343,006
Wireless Telecommunication Services — 0.8%
T-Mobile U.S. Inc.(a)(b)		3,688,979		292,130,247
Total Common Stocks — 99.8%
(Cost: $32,106,210,640)				38,126,961,716
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(c)(d)(e)		92,564,363		92,619,901
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(c)(d)		51,132,000		51,132,000
				143,751,901
Total Short-Term Investments — 0.4%
(Cost: $143,721,413)				143,751,901
Total Investments in Securities — 100.2%
(Cost: $32,249,932,053)				38,270,713,617
Other Assets, Less Liabilities — (0.2)%.				(57,512,331	)
Net Assets — 100.0%			$	38,213,201,286

^(a) All or a portion of this security is on loan.

^(b) Non-income producing security.

^(c) Affiliate of the Fund.

^(d) Annualized 7-day yield as of period-end.

^(e) All or a portion of this security was purchased with cash collateral received from loaned securities.

24 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol USA ETF
January 31, 2020

Affiliates 

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: 

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)		(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		87,585,915		4,978,448			92,564,363	$	92,619,901	$	626,209	(b)	$	(30,874	)	$	10,894
BlackRock Cash Funds: Treasury, SL Agency Shares		60,188,000		(9,056,000	)		51,132,000		51,132,000		653,893			—			—
								$	143,751,901	$	1,280,102		$	(30,874	)	$	10,894

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts 

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate		570	03/20/20	$	21,204	$	616,526
S&P 500 E-Mini		342	03/20/20		55,130		375,428
						$	991,954

Derivative Financial Instruments Categorized by Risk Exposure 

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	991,954

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows: 

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	9,558,295
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	220,793

Average Quarterly Balances of Outstanding Derivative Financial Instruments 

Futures contracts:
Average notional value of contracts — long	$	79,314,508

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. 

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 the Notes to Financial Statements.

S c h e d u l e   o f   I n v e s t m e n t 25

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol USA ETF
January 31, 2020

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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.	$	38,126,961,716	$	—	$	—	$	38,126,961,716
Money Market Funds		143,751,901		—		—		143,751,901
	$	38,270,713,617	$	—	$	—	$	38,270,713,617
Derivative financial instruments(a)
Assets
Futures Contracts	$	991,954	$	—	$	—	$	991,954

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

See notes to financial statements. 

26 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares® Edge MSCI Min Vol USA Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.7%
Aerojet Rocketdyne Holdings Inc.(a)		6,513	$	339,132
Curtiss-Wright Corp.		6,222		904,865
Hexcel Corp.		19,267		1,429,997
National Presto Industries Inc.		8,072		695,726
Park Aerospace Corp.		30,663		474,356
Parsons Corp.(a)		7,573		309,736
				4,153,812
Air Freight & Logistics — 0.2%
Air Transport Services Group Inc.(a)		14,474		303,520
Forward Air Corp.		9,937		650,376
				953,896
Auto Components — 0.1%
Gentex Corp.		12,724		378,793
Banks — 1.0%
Atlantic Capital Bancshares Inc.(a)(b)		34,022		641,995
Carter Bank & Trust(a)(b)		38,990		771,612
CBTX Inc.		9,743		287,906
Century Bancorp. Inc./MA, Class A, NVS		4,861		418,046
First Bancshares Inc. (The)		20,688		712,081
Harborone Bancorp Inc.(a)		43,773		477,563
HomeTrust Bancshares Inc.		28,122		745,796
Independent Bank Corp./MI		16,106		344,346
Nicolet Bankshares Inc.(a)		14,681		1,037,213
				5,436,558
Beverages — 0.3%
Boston Beer Co. Inc. (The), Class A, NVS(a)		1,904		678,547
Coca-Cola Consolidated Inc.		1,043		282,455
National Beverage Corp.(a)(b)		6,709		287,883
Primo Water Corp.(a)		28,468		429,013
				1,677,898
Biotechnology — 0.6%
Aimmune Therapeutics Inc.(a)		10,708		332,483
BioSpecifics Technologies Corp.(a)(b)		9,136		539,755
PDL BioPharma Inc.(a)		150,578		495,402
United Therapeutics Corp.(a).		16,168		1,579,129
Vanda Pharmaceuticals Inc.(a)		33,383		425,633
				3,372,402
Building Products — 0.8%
Armstrong World Industries Inc.		2,934		294,368
CSW Industrials Inc.		24,147		1,832,274
Gibraltar Industries Inc.(a)		8,797		479,613
Masonite International Corp.(a)		13,203		991,677
Simpson Manufacturing Co. Inc.		9,886		817,276
				4,415,208
Capital Markets — 0.5%
Diamond Hill Investment Group Inc.		5,369		755,794
Federated Investors Inc., Class B		13,184		477,656
Morningstar Inc.		2,414		378,733
Tradeweb Markets Inc., Class A(b)		6,729		310,745
Virtu Financial Inc., Class A		39,667		662,042
				2,584,970
Chemicals — 1.6%
Ashland Global Holdings Inc.		10,213		755,558
NewMarket Corp.		7,230		3,178,452
Valvoline Inc.		107,360		2,263,149

Security	Shares		Value
Chemicals (continued)
WR Grace & Co.		37,409	$	2,519,870
				8,717,029
Commercial Services & Supplies — 2.8%
Advanced Disposal Services Inc.(a)(b)		122,679		4,042,273
Brady Corp., Class A, NVS		22,999		1,273,455
Casella Waste Systems Inc., Class A(a)		6,823		349,269
Ennis Inc.		42,865		894,164
Healthcare Services Group Inc.		16,485		422,016
Heritage-Crystal Clean Inc.(a)(b)		24,836		704,101
KAR Auction Services Inc.		54,780		1,151,476
Kimball International Inc., Class B, NVS		58,633		1,101,128
McGrath RentCorp.		6,286		486,033
SP Plus Corp.(a)		20,397		852,798
Stericycle Inc.(a)(b)		7,289		456,874
U.S. Ecology Inc.		12,860		694,569
UniFirst Corp./MA		5,805		1,183,814
Viad Corp.		28,152		1,829,880
				15,441,850
Communications Equipment — 1.2%
Acacia Communications Inc.(a)		9,380		642,999
ADTRAN Inc.		31,186		282,233
Ciena Corp.(a)		21,219		862,977
EchoStar Corp., Class A(a)(b)		26,338		1,051,018
InterDigital Inc.		16,433		907,923
NetScout Systems Inc.(a)		29,068		747,338
ViaSat Inc.(a).		19,930		1,268,544
Viavi Solutions Inc.(a)		54,565		769,367
				6,532,399
Construction & Engineering — 0.4%
Argan Inc.		23,057		970,930
EMCOR Group Inc.		8,474		696,309
IES Holdings Inc.(a)		14,252		356,442
				2,023,681
Construction Materials — 0.1%
U.S. Lime & Minerals Inc.		3,782		339,435
Consumer Finance — 0.1%
EZCORP Inc., Class A, NVS(a)		55,686		346,367
FirstCash Inc.		3,570		310,483
				656,850
Containers & Packaging — 1.5%
AptarGroup Inc.		41,051		4,741,801
Berry Global Group Inc.(a)		14,252		605,995
Silgan Holdings Inc.		45,414		1,401,476
Sonoco Products Co.		27,210		1,554,779
				8,304,051
Distributors — 0.3%
Pool Corp.		9,087		1,992,779
Diversified Consumer Services — 3.1%
Bright Horizons Family Solutions Inc.(a)		33,348		5,460,068
Graham Holdings Co., Class B		7,055		3,874,747
Grand Canyon Education Inc.(a)		22,633		1,771,711
H&R Block Inc.		64,183		1,489,046
K12 Inc.(a)		14,520		234,353
Laureate Education Inc., Class A(a)		61,535		1,282,389
Perdoceo Education Corp.(a)		60,558		1,076,721
Service Corp. International		19,338		927,257

S c h e d u l e   o f   I n v e s t m e n t 27

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol USA Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services (continued)
ServiceMaster Global Holdings Inc.(a)		30,789	$	1,109,944
				17,226,236
Diversified Financial Services — 0.3%
Cannae Holdings Inc.(a)		39,072		1,588,668
Diversified Telecommunication Services — 0.5%
ATN International Inc.		5,257		304,223
Cogent Communications Holdings Inc.		6,824		484,026
GCI Liberty Inc., Class A(a)		30,619		2,240,698
				3,028,947
Electric Utilities — 4.9%
ALLETE Inc.		43,714		3,649,245
El Paso Electric Co.		33,351		2,270,870
Hawaiian Electric Industries Inc.		72,484		3,545,192
IDACORP Inc.		60,372		6,773,135
MGE Energy Inc.		10,590		846,459
PNM Resources Inc.		74,680		4,049,896
Portland General Electric Co.		100,871		6,203,566
				27,338,363
Electronic Equipment, Instruments & Components — 1.2%
Badger Meter Inc.		13,004		768,016
Daktronics Inc.		43,188		254,809
Dolby Laboratories Inc., Class A		32,834		2,276,710
ePlus Inc.(a)		5,972		476,088
MTS Systems Corp.		7,604		385,447
National Instruments Corp.		18,919		844,355
OSI Systems Inc.(a)		19,576		1,694,107
				6,699,532
Entertainment — 1.7%
Cinemark Holdings Inc.		57,897		1,824,335
IMAX Corp.(a)		60,379		998,669
Liberty Media Corp.-Liberty Braves, Class A(a)		14,557		425,792
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		58,301		1,699,474
Madison Square Garden Co. (The), Class A(a)(b)		12,046		3,567,905
Marcus Corp. (The)		14,768		430,487
Zynga Inc., Class A(a)		95,910		577,378
				9,524,040
Equity Real Estate Investment Trusts (REITs) — 15.8%
Agree Realty Corp.		59,890		4,547,448
American Assets Trust Inc.		33,986		1,548,402
American Campus Communities Inc.		68,551		3,144,434
American Homes 4 Rent, Class A		201,781		5,514,675
Americold Realty Trust		85,179		2,936,120
Apartment Investment & Management Co., Class A		114,108		6,014,633
Cousins Properties Inc.		22,656		927,310
CubeSmart		189,738		6,009,003
Douglas Emmett Inc.		37,230		1,545,045
Easterly Government Properties Inc.		115,750		2,802,308
EastGroup Properties Inc.		8,941		1,216,602
Equity Commonwealth		197,630		6,480,288
First Industrial Realty Trust Inc.		7,996		341,429
Four Corners Property Trust Inc.		110,678		3,352,437
Gaming and Leisure Properties Inc.		71,475		3,377,551
Healthcare Realty Trust Inc.		137,434		4,955,870
Healthcare Trust of America Inc., Class A		139,227		4,459,441
JBG SMITH Properties		28,673		1,162,690
Jernigan Capital Inc.		36,674		733,113
Life Storage Inc.		57,358		6,491,778
LTC Properties Inc.		11,634		537,025

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
MGM Growth Properties LLC, Class A		17,679	$	564,667
Monmouth Real Estate Investment Corp.		20,704		302,900
National Health Investors Inc.		49,750		4,197,905
National Storage Affiliates Trust.		60,523		2,066,861
Paramount Group Inc.		26,881		377,947
Physicians Realty Trust		84,287		1,630,953
PS Business Parks Inc.		6,242		1,045,910
Retail Value Inc.		8,174		268,679
Rexford Industrial Realty Inc.		32,770		1,579,186
STORE Capital Corp.		148,021		5,809,824
Terreno Realty Corp.		37,458		2,144,845
				88,087,279
Food & Staples Retailing — 1.9%
Casey's General Stores Inc.		15,997		2,573,277
Performance Food Group Co.(a)		32,614		1,689,079
Sprouts Farmers Market Inc.(a)		191,868		2,998,897
U.S. Foods Holding Corp.(a)		53,374		2,144,034
Village Super Market Inc., Class A		12,956		288,401
Weis Markets Inc.		26,457		970,707
				10,664,395
Food Products — 4.6%
B&G Foods Inc.(b)		24,957		400,809
Cal-Maine Foods Inc.		45,854		1,636,529
Flowers Foods Inc.		308,559		6,643,275
Hostess Brands Inc.(a)		196,454		2,636,413
J&J Snack Foods Corp.		24,468		4,057,773
John B Sanfilippo & Son Inc.		8,833		744,622
Lancaster Colony Corp.		31,212		4,826,936
Landec Corp.(a)(b)		26,349		295,109
Post Holdings Inc.(a)		12,602		1,317,791
Sanderson Farms Inc.		4,870		670,550
Seaboard Corp.		341		1,314,763
Tootsie Roll Industries Inc.		28,960		987,826
				25,532,396
Gas Utilities — 1.4%
New Jersey Resources Corp.		8,895		367,541
Northwest Natural Holding Co.		39,494		2,898,070
ONE Gas Inc.		32,498		3,071,061
Spire Inc.		19,187		1,617,848
				7,954,520
Health Care Equipment & Supplies — 3.1%
AngioDynamics Inc.(a)		46,546		640,938
Atrion Corp.		2,424		1,743,317
CONMED Corp.		16,506		1,678,330
Globus Medical Inc., Class A(a)		40,237		2,103,590
Hill-Rom Holdings Inc.		17,288		1,840,999
ICU Medical Inc.(a)		12,189		2,224,127
Integra LifeSciences Holdings Corp.(a)		13,804		759,772
LivaNova PLC(a)		4,749		322,790
Masimo Corp.(a)		2,907		495,934
Meridian Bioscience Inc.		70,439		693,120
Mesa Laboratories Inc.		1,956		513,333
Natus Medical Inc.(a)		25,797		807,188
NuVasive Inc.(a)		15,752		1,214,794
Orthofix Medical Inc.(a)		14,300		618,618
Wright Medical Group NV(a)(b)		55,073		1,659,900
				17,316,750
Health Care Providers & Services — 3.2%
Addus HomeCare Corp.(a)		11,993		1,131,420

28 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol USA Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Apollo Medical Holdings Inc.(a)		26,774	$	479,790
Chemed Corp.		7,322		3,419,667
CorVel Corp.(a)		7,559		692,178
Encompass Health Corp.		15,546		1,197,508
Hanger Inc.(a)		33,366		815,131
LHC Group Inc.(a)		14,190		2,068,193
Magellan Health Inc.(a)		7,080		518,327
MEDNAX Inc.(a)		15,363		354,424
National HealthCare Corp.		18,730		1,571,822
National Research Corp.		17,694		1,197,353
Premier Inc., Class A(a)		69,011		2,399,513
Providence Service Corp. (The)(a)(b)		19,091		1,238,051
Tivity Health Inc.(a)		23,889		517,077
Triple-S Management Corp., Class B(a)		15,399		271,330
				17,871,784
Health Care Technology — 0.5%
Computer Programs & Systems Inc.		22,576		586,976
HealthStream Inc.(a)		42,404		1,083,422
Inovalon Holdings Inc., Class A(a)		42,790		866,925
Vocera Communications Inc.(a)(b)		22,223		489,573
				3,026,896
Hotels, Restaurants & Leisure — 3.7%
Bloomin' Brands Inc.		29,837		619,714
Carrols Restaurant Group Inc.(a)(b)		58,449		265,358
Cheesecake Factory Inc. (The)		12,084		464,026
Choice Hotels International Inc.		13,839		1,386,668
Chuy's Holdings Inc.(a)		13,102		321,654
Cracker Barrel Old Country Store Inc.		21,137		3,232,481
Del Taco Restaurants Inc.(a)(b)		52,698		397,343
Denny's Corp.(a)		96,760		1,980,677
Dunkin' Brands Group Inc.		37,630		2,938,527
El Pollo Loco Holdings Inc.(a)		36,677		505,409
Jack in the Box Inc.		29,021		2,372,467
Lindblad Expeditions Holdings Inc.(a)(b)		44,897		740,352
Papa John's International Inc.		8,798		569,934
Playa Hotels & Resorts NV(a)(b)		92,128		646,739
Ruth's Hospitality Group Inc.		46,968		962,844
Texas Roadhouse Inc.		14,620		913,750
Twin River Worldwide Holdings Inc.		11,875		316,469
Wendy's Co. (The)		58,284		1,263,014
Wingstop Inc.(b)		5,060		469,416
				20,366,842
Household Durables — 0.7%
Helen of Troy Ltd.(a)		11,208		2,118,872
Taylor Morrison Home Corp., Class A(a)		12,574		325,415
Toll Brothers Inc.		33,910		1,504,248
				3,948,535
Household Products — 0.5%
WD-40 Co.		13,957		2,607,447
Industrial Conglomerates — 0.2%
Carlisle Companies Inc.		8,145		1,272,493
Insurance — 7.4%
Ambac Financial Group Inc.(a)		60,838		1,303,758
American National Insurance Co.		2,508		276,281
AMERISAFE Inc.		19,829		1,356,700
Argo Group International Holdings Ltd.		31,473		2,064,629
Assured Guaranty Ltd.		33,422		1,532,064
Axis Capital Holdings Ltd.		77,973		5,009,765

Security	Shares			Value
Insurance (continued)
Citizens Inc./TX(a)		42,828	$		259,538
Crawford & Co., Class A, NVS		28,813			251,826
Donegal Group Inc., Class A		21,414			298,725
Employers Holdings Inc.		463			19,747
Enstar Group Ltd.(a)		9,745			1,903,101
First American Financial Corp.		5,235			324,465
Global Indemnity Ltd.		11,051			348,438
Greenlight Capital Re Ltd., Class A(a)		48,269			449,384
Hanover Insurance Group Inc. (The)		43,669			6,051,650
HCI Group Inc.		10,904			482,720
Heritage Insurance Holdings Inc.		30,050			362,403
Independence Holding Co.		8,761			354,733
James River Group Holdings Ltd.		24,151			1,037,044
National General Holdings Corp.		18,361			399,719
National Western Life Group Inc., Class A		3,931			1,045,646
Old Republic International Corp.		92,702			2,090,430
ProAssurance Corp.		1,613			48,987
Safety Insurance Group Inc.		21,469			1,976,866
Selective Insurance Group Inc.		32,675			2,164,719
State Auto Financial Corp.		28,601			861,176
Stewart Information Services Corp.		18,918			789,827
United Fire Group Inc.		35,012			1,549,631
United Insurance Holdings Corp.		35,421			359,169
Universal Insurance Holdings Inc.		19,197			467,255
White Mountains Insurance Group Ltd.(b)		5,159			5,763,738
					41,204,134
IT Services — 3.8%
CACI International Inc., Class A(a)(b)		8,060			2,155,566
Cass Information Systems Inc.		11,289			609,832
CoreLogic Inc.		18,221			847,277
CSG Systems International Inc.		22,710			1,131,412
Euronet Worldwide Inc.(a)		11,298			1,781,017
EVERTEC Inc.		40,427			1,357,134
Evo Payments Inc., Class A(a)		48,926			1,355,739
ExlService Holdings Inc.(a)		36,494			2,668,076
Hackett Group Inc. (The)		41,855			646,869
International Money Express Inc.(a)(b)		38,048			402,548
MAXIMUS Inc.		62,435			4,479,711
NIC Inc.		44,615			880,254
Perficient Inc.(a)		7,515			373,496
Sykes Enterprises Inc.(a)(b)		42,176			1,416,692
Tucows Inc., Class A(a)(b)		9,199			554,240
Verra Mobility Corp.(a)		34,239			545,427
					21,205,290
Leisure Products — 0.3%
American Outdoor Brands Corp.(a)(b)		34,431			324,340
Sturm Ruger & Co. Inc.		28,546			1,413,598
					1,737,938
Life Sciences Tools & Services — 0.1%
Pacific Biosciences of California Inc.(a)		147,800			690,226
Machinery — 1.4%
Alamo Group Inc.		6,817			849,125
Douglas Dynamics Inc.		5,813			304,776
ESCO Technologies Inc.		14,436			1,385,279
Graco Inc.		14,849			789,224
Toro Co. (The)		29,442			2,355,949
TriMas Corp.(a)		67,211			1,930,972

S c h e d u l e   o f   I n v e s t m e n t 29

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol USA Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Woodward Inc.		3,585	$	416,971
				8,032,296
Media — 1.4%
AMC Networks Inc., Class A(a)		40,202		1,470,991
Boston Omaha Corp., Class A(a)(b)		14,858		299,834
Cable One Inc.		2,175		3,706,265
Emerald Expositions Events Inc.		30,053		313,453
Hemisphere Media Group Inc.(a)(b)		29,708		399,276
Loral Space & Communications Inc.(a)		19,491		627,026
MSG Networks Inc., Class A(a)		32,439		493,397
New York Times Co. (The), Class A(b)		9,269		296,701
				7,606,943
Metals & Mining — 2.4%
Coeur Mining Inc.(a)		361,705		2,181,081
Hecla Mining Co.		733,997		2,224,011
McEwen Mining Inc.(a)		480,443		552,509
Royal Gold Inc.		72,699		8,383,649
				13,341,250
Mortgage Real Estate Investment — 8.9%
AG Mortgage Investment Trust Inc.		53,782		852,445
Anworth Mortgage Asset Corp.		163,503		585,341
Apollo Commercial Real Estate Finance Inc.		181,622		3,320,050
Arbor Realty Trust Inc.		19,239		284,160
Ares Commercial Real Estate Corp.		42,841		700,022
ARMOUR Residential REIT Inc.		96,361		1,855,913
Blackstone Mortgage Trust Inc., Class A		192,144		7,339,901
Capstead Mortgage Corp.		123,720		1,016,978
Chimera Investment Corp.		137,472		2,914,406
Dynex Capital Inc.		40,637		724,151
Ellington Financial Inc.		59,117		1,080,068
Exantas Capital Corp.		52,680		636,374
Granite Point Mortgage Trust Inc.		89,445		1,635,949
Invesco Mortgage Capital Inc.		154,761		2,706,770
KKR Real Estate Finance Trust Inc.		42,429		893,130
Ladder Capital Corp.		23,232		426,307
MFA Financial Inc.		315,317		2,459,473
New York Mortgage Trust Inc.		420,833		2,672,289
PennyMac Mortgage Investment Trust(c)		124,478		2,894,113
Ready Capital Corp.		51,127		834,393
Redwood Trust Inc.		179,028		3,156,264
Starwood Property Trust Inc.		207,064		5,313,262
TPG RE Finance Trust Inc.		71,434		1,462,254
Two Harbors Investment Corp.		218,014		3,326,894
Western Asset Mortgage Capital Corp.		28,360		300,900
				49,391,807
Multi-Utilities — 1.8%
Avista Corp.		79,762		4,055,898
Black Hills Corp.		11,394		946,044
NorthWestern Corp.		44,689		3,439,712
Unitil Corp.		21,761		1,342,436
				9,784,090
Oil, Gas & Consumable Fuels — 0.3%
Arch Coal Inc., Class A.		6,925		356,845
Par Pacific Holdings Inc.(a)		38,325		771,099
Rattler Midstream LP.		24,938		376,315
				1,504,259
Personal Products — 0.4%
Herbalife Nutrition Ltd.(a)		13,728		533,333

Security	Shares		Value
Personal Products (continued)
Inter Parfums Inc.		15,289	$	1,056,623
USANA Health Sciences Inc.(a)		10,041		619,529
				2,209,485
Pharmaceuticals — 0.6%
Amphastar Pharmaceuticals Inc.(a)		16,882		319,239
Innoviva Inc.(a)		100,467		1,386,947
Pacira BioSciences Inc.(a)		14,484		625,998
Phibro Animal Health Corp., Class A		33,344		790,920
SIGA Technologies Inc.(a)		75,214		387,352
				3,510,456
Professional Services — 2.3%
CBIZ Inc.(a)		84,675		2,286,225
Exponent Inc.		45,467		3,308,634
FTI Consulting Inc.(a)(b)		12,589		1,511,435
Huron Consulting Group Inc.(a)		18,700		1,211,947
ICF International Inc.		30,021		2,629,540
Kelly Services Inc., Class A, NVS		34,154		606,575
Mistras Group Inc.(a)		31,233		345,749
Resources Connection Inc.		19,235		292,853
Upwork Inc.(a)		40,350		370,413
				12,563,371
Road & Rail — 1.0%
Heartland Express Inc.		73,617		1,375,902
Landstar System Inc.		24,124		2,671,733
Werner Enterprises Inc.		40,630		1,497,622
				5,545,257
Semiconductors & Semiconductor Equipment — 0.7%
Cypress Semiconductor Corp.		12,339		287,869
Mellanox Technologies Ltd.(a)		28,433		3,437,550
				3,725,419
Software — 3.4%
Agilysys Inc.(a)		32,968		1,071,460
Avaya Holdings Corp.(a)(b)		36,491		465,990
ChannelAdvisor Corp.(a).		44,521		416,716
CommVault Systems Inc.(a)		39,929		1,797,604
Instructure Inc.(a)		22,065		1,077,655
j2 Global Inc.		21,711		2,081,216
LogMeIn Inc.		24,536		2,109,360
MicroStrategy Inc., Class A(a)		13,239		2,012,725
Model N Inc.(a)		40,091		1,250,438
Nuance Communications Inc.(a)(b)		34,461		652,002
Progress Software Corp.		15,867		716,078
QAD Inc., Class A		17,458		898,214
Rosetta Stone Inc.(a)		19,165		328,680
SPS Commerce Inc.(a)		22,717		1,291,007
Teradata Corp.(a)(b)		15,663		381,237
Varonis Systems Inc.(a)(b)		5,063		423,571
Verint Systems Inc.(a)(b)		38,178		2,214,324
				19,188,277
Specialty Retail — 0.9%
America's Car-Mart Inc./TX(a)		10,348		1,136,003
AutoNation Inc.(a)		7,633		323,945
Hibbett Sports Inc.(a)		11,981		296,889
Monro Inc.(b)		4,045		253,622
Murphy USA Inc.(a)(b)		12,188		1,245,248
Rent-A-Center Inc./TX		29,250		852,053
Urban Outfitters Inc.(a)(b)		14,042		359,475

30 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol USA Small-Cap ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Winmark Corp.		4,351	$	865,718
				5,332,953
Textiles, Apparel & Luxury Goods — 0.5%
Columbia Sportswear Co.		25,180		2,364,906
Deckers Outdoor Corp.(a)		1,751		334,283
				2,699,189
Thrifts & Mortgage Finance — 1.9%
Columbia Financial Inc.(a)(b)		94,603		1,586,492
Flagstar Bancorp. Inc.		41,513		1,462,918
Kearny Financial Corp./MD		135,864		1,677,920
Meridian Bancorp. Inc.		81,594		1,467,876
Northfield Bancorp. Inc.		30,142		478,956
Northwest Bancshares Inc.		104,369		1,641,203
Provident Financial Services Inc.		43,489		991,984
TFS Financial Corp.		31,620		645,997
Waterstone Financial Inc.		40,752		712,753
				10,666,099
Tobacco — 0.2%
Turning Point Brands Inc.		10,965		250,441
Universal Corp./VA		12,594		669,371
				919,812
Trading Companies & Distributors — 0.1%
Watsco Inc.		4,295		746,986
Water Utilities — 0.3%
American States Water Co.		11,586		1,026,056
SJW Group		7,456		546,898
				1,572,954

Security	Shares		Value
Wireless Telecommunication Services — 0.2%
Telephone & Data Systems Inc.		15,196	$	344,645
U.S. Cellular Corp.(a)		18,930		606,139
				950,784
Total Common Stocks — 99.8%
(Cost: $536,015,359)				555,166,009
Short-Term Investments
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(c)(d)(e)		8,353,501		8,358,513
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(c)(d)		403,000		403,000
				8,761,513
Total Short-Term Investments — 1.6% (Cost: $8,760,030)				8,761,513
Total Investments in Securities — 101.4% (Cost: $544,775,389)				563,927,522
Other Assets, Less Liabilities — (1.4)%.				(7,957,750	)
Net Assets — 100.0%			$	555,969,772

^(a) Non-income producing security.

^(b) All or a portion of this security is on loan.

^(c) Affiliate of the Fund.

^(d) Annualized 7-day yield as of period-end.

^(e) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates  

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased			Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		4,690,266		3,663,235	(b)		—			8,353,501	$	8,358,513	$	15,588	(c)	$	349	$	890
BlackRock Cash Funds: Treasury, SL Agency Shares		275,000		128,000	(b)		—			403,000		403,000		5,781			—		—
PennyMac Mortgage Investment Trust		36,621		92,185			(4,328	)		124,478		2,894,113		78,913			14,225		89,752
											$	11,655,626	$	100,282		$	14,574	$	90,642

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Net of purchases and sales.

^(c) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

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 the Notes to Financial Statements. 

S c h e d u l e   o f   I n v e s t m e n t 31

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Min Vol USA Small-Cap ETF
January 31, 2020

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	555,166,009	$	—	$	—	$	555,166,009
Money Market Funds		8,761,513		—		—		8,761,513
	$	563,927,522	$	—	$	—	$	563,927,522

See notes to financial statements.

32 2 0 2 0   I  S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Statements of Assets and Liabilities (unaudited)

January 31, 2020

	iShares Edge MSCI Min Vol EAFE ETF		iShares Edge MSCI Min Vol Europe ETF			iShares Edge MSCI Min Vol Japan ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	13,063,331,547	$	28,341,679		$	33,497,001
Affiliated(c)		47,377,865		6,000			10,000
Cash		218		35			882
Foreign currency, at value(d)		20,122,028		47,690			42,224
Foreign currency collateral pledged:
Futures contracts(e)		2,457,685		8,866			3,580
Receivables:
Securities lending income — Affiliated		11,932		4			17
Capital shares sold		1,682,599		—			—
Dividends		18,499,521		15,220			86,909
Tax reclaims		16,063,846		72,816			—
Foreign withholding tax claims		161,542		—			—
Total assets		13,169,708,783		28,492,310			33,640,613
LIABILITIES
Collateral on securities loaned, at value		44,979,357		—			—
Payables:
Investments purchased		1,682,599		—			—
Variation margin on futures contracts		502,141		1,349			1,538
Investment advisory fees		2,221,482		6,033			8,581
Professional fees		2,431		—			—
Total liabilities		49,388,010		7,382			10,119
NET ASSETS	$	13,120,320,773	$	28,484,928		$	33,630,494
NET ASSETS CONSIST OF:
Paid-in capital	$	12,161,759,810	$	29,996,961		$	34,251,626
Accumulated earnings (loss)		958,560,963		(1,512,033	)		(621,132	)
NET ASSETS	$	13,120,320,773	$	28,484,928		$	33,630,494
Shares outstanding		175,500,000		1,050,000			500,000
Net asset value	$	74.76	$	27.13		$	67.26
Shares authorized		Unlimited		Unlimited			Unlimited
Par value		None		None			None
(a)      Securities loaned, at value	$	42,864,186	$	—		$	—
(b)      Investments, at cost — Unaffiliated	$	11,606,581,387	$	26,044,903		$	32,414,847
(c)      Investments, at cost — Affiliated	$	47,368,287	$	6,000		$	10,000
(d)      Foreign currency, at cost	$	20,046,763	$	47,805		$	41,635
(e)     Foreign currency collateral pledged, at cost	$	2,471,449	$	8,870		$	3,540

See notes to financial statements.

F i n a n c i a l   S t a t e m e n t s 33

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2020

	iShares Edge MSCI Min Vol USA ETF		iShares Edge MSCI Min Vol USA Small-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	38,126,961,716	$	552,271,896
Affiliated(c)		143,751,901		11,655,626
Cash		362,886		36
Cash pledged:
Futures contracts		3,029,000		—
Receivables:
Securities lending income — Affiliated		34,695		3,176
Capital shares sold		454,370		279,540
Dividends		37,468,002		203,543
Total assets		38,312,062,570		564,413,817
LIABILITIES
Collateral on securities loaned, at value		92,560,513		8,356,745
Payables:
Variation margin on futures contracts		1,391,390		—
Capital shares redeemed		98,080		—
Investment advisory fees		4,811,301		87,300
Total liabilities		98,861,284		8,444,045
NET ASSETS	$	38,213,201,286	$	555,969,772
NET ASSETS CONSIST OF:
Paid-in capital	$	31,663,561,298	$	529,648,652
Accumulated earnings		6,549,639,988		26,321,120
NET ASSETS	$	38,213,201,286	$	555,969,772
Shares outstanding		569,100,000		15,750,000
Net asset value	$	67.15	$	35.30
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a)   Securities loaned, at value	$	90,964,757	$	8,028,813
(b)   Investments, at cost — Unaffiliated	$	32,106,210,640	$	533,268,609
(c)   Investments, at cost — Affiliated	$	143,721,413	$	11,506,780

See notes to financial statements.

34 2 0 2 0   I  S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Statements of Operations (unaudited)

Six Months Ended January 31, 2020

	iShares Edge MSCI Min Vol EAFE ETF			iShares Edge MSCI Min Vol Europe ETF			iShares Edge MSCI Min Vol Japan ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	138,047,490		$	212,008		$	420,883
Dividends — Affiliated		51,168			51			186
Securities lending income — Affiliated — net		160,252			98			17
Other income — Unaffiliated		1,767			—			—
Foreign taxes withheld		(9,772,997	)		(20,316	)		(41,980	)
Total investment income		128,487,680			191,841			379,106
EXPENSES
Investment advisory fees		19,446,920			32,103			51,234
Total expenses		19,446,920			32,103			51,234
Less:
Investment advisory fees waived		(7,061,836	)		—			—
Total expenses after fees waived		12,385,084			32,103			51,234
Net investment income		116,102,596			159,738			327,872
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(13,872,301	)		(225,403	)		16,431
Investments — Affiliated		2,650			9			20
In-kind redemptions — Unaffiliated		—			155,384			—
Futures contracts		7,445,288			5,692			11,660
Foreign currency transactions		(996,560	)		835			(3,529	)
Net realized gain (loss)		(7,420,923	)		(63,483	)		24,582
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		659,634,903			2,134,234			2,178,966
Investments — Affiliated		(1,323	)		(14	)		—
Futures contracts		(2,363,638	)		(3,272	)		(3,429	)
Foreign currency translations		1,109,024			2,504			2,220
Net change in unrealized appreciation (depreciation)		658,378,966			2,133,452			2,177,757
Net realized and unrealized gain		650,958,043			2,069,969			2,202,339
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	767,060,639		$	2,229,707		$	2,530,211

See notes to financial statements.

F i n a n c i a l   S t a t e m e n t s 35

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2020

	iShares Edge MSCI Min Vol USA ETF			iShares Edge MSCI Min Vol USA Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	403,067,536		$	4,837,032
Dividends — Affiliated		653,893			84,694
Securities lending income — Affiliated — net		626,209			15,588
Foreign taxes withheld		(99,513	)		—
Total investment income		404,248,125			4,937,314
EXPENSES
Investment advisory fees		26,787,594			387,454
Total expenses		26,787,594			387,454
Net investment income		377,460,531			4,549,860
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(155,553,899	)		(3,995,338	)
Investments — Affiliated		(30,874	)		349
In-kind redemptions — Unaffiliated		1,266,958,837			13,387,916
In-kind redemptions — Affiliated		—			14,225
Futures contracts		9,558,295			—
Foreign currency transactions		(172	)		—
Net realized gain		1,120,932,187			9,407,152
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,329,029,287			4,690,286
Investments — Affiliated		10,894			90,642
Futures contracts		220,793			—
Net change in unrealized appreciation (depreciation)		1,329,260,974			4,780,928
Net realized and unrealized gain		2,450,193,161			14,188,080
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,827,653,692		$	18,737,940

See notes to financial statements.

36 2 0 2 0   I  S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Statements of Changes in Net Assets

	iShares Edge MSCI Min Vol EAFE ETF						iShares Edge MSCI Min Vol Europe ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	116,102,596		$	305,573,518		$	159,738		$	793,305
Net realized gain (loss)		(7,420,923	)		(25,027,586	)		(63,483	)		119,400
Net change in unrealized appreciation (depreciation)		658,378,966			25,841,210			2,133,452			(300,337	)
Net increase in net assets resulting from operations		767,060,639			306,387,142			2,229,707			612,368
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(297,099,294	)		(320,472,614	)		(204,668	)		(785,655	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,354,823,881			2,457,305,582			1,427,039			(4,049,005	)
NET ASSETS
Total increase (decrease) in net assets.		1,824,785,226			2,443,220,110			3,452,078			(4,222,292	)
Beginning of period		11,295,535,547			8,852,315,437			25,032,850			29,255,142
End of period	$	13,120,320,773		$	11,295,535,547		$	28,484,928		$	25,032,850

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l   S t a t e m e n t s 37

Statements of Changes in Net Assets (continued)

	iShares Edge MSCI Min Vol Japan ETF						iShares Edge MSCI Min Vol USA ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	327,872		$	570,395		$	377,460,531		$	461,356,076
Net realized gain		24,582			1,348,098			1,120,932,187			662,384,235
Net change in unrealized appreciation (depreciation)		2,177,757			(2,441,829	)		1,329,260,974			2,663,024,113
Net increase (decrease) in net assets resulting from operations		2,530,211			(523,336	)		2,827,653,692			3,786,764,424
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,189,663	)		(502,547	)		(372,367,609	)		(437,461,169	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			(550,547	)		5,111,519,764			12,105,470,460
NET ASSETS
Total increase (decrease) in net assets		1,340,548			(1,576,430	)		7,566,805,847			15,454,773,715
Beginning of period		32,289,946			33,866,376			30,646,395,439			15,191,621,724
End of period	$	33,630,494		$	32,289,946		$	38,213,201,286		$	30,646,395,439

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

38 2 0 2 0   I  S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Statements of Changes in Net Assets (continued)

	iShares Edge MSCI Min Vol USA Small-Cap ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,549,860		$	1,775,497
Net realized gain		9,407,152			1,292,305
Net change in unrealized appreciation (depreciation)		4,780,928			11,738,731
Net increase in net assets resulting from operations		18,737,940			14,806,533
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,400,539	)		(1,471,528	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		330,197,238			158,681,957
NET ASSETS
Total increase in net assets		344,534,639			172,016,962
Beginning of period		211,435,133			39,418,171
End of period	$	555,969,772		$	211,435,133

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l   S t a t e m e n t s 39

Financial Highlights

(For a share outstanding throughout each period)

		iShares Edge MSCI Min Vol EAFE ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	71.90		$	72.92		$	70.34		$	67.93		$	67.51		$	64.98
Net investment income(a)		0.70			2.15			2.15			2.04			2.09			2.13
Net realized and unrealized gain (loss)(b)		3.89			(1.01	)		2.28			3.18			0.00	(c)		2.17
Net increase from investment operations		4.59			1.14			4.43			5.22			2.09			4.30
Distributions(d)
From net investment income		(1.73	)		(2.16	)		(1.85	)		(2.81	)		(1.67	)		(1.77	)
Total distributions		(1.73	)		(2.16	)		(1.85	)		(2.81	)		(1.67	)		(1.77	)
Net asset value, end of period	$	74.76		$	71.90		$	72.92		$	70.34		$	67.93		$	67.51
Total Return
Based on net asset value		6.41	%(e)		1.68	%		6.36	%		8.09	%		3.19	%		6.80	%
Ratios to Average Net Assets
Total expenses		0.31	%(f)		0.32	%		0.31	%		0.32	%		0.32	%		0.33	%
Total expenses after fees waived		0.20	%(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.32	%		N/A			0.32	%		N/A			N/A
Net investment income		1.87	%(f)		3.04	%		2.96	%		3.09	%		3.19	%		3.26	%
Supplemental Data
Net assets, end of period (000)	$	13,120,321		$	11,295,536		$	8,852,315		$	7,238,327		$	7,947,758		$	3,017,737
Portfolio turnover rate(g)		11	%(e)		22	%		23	%		28	%		22	%		23	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Rounds to less than $0.01.

(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e)	Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol Europe ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	25.03		$	25.44		$	24.90		$	23.31		$	24.69		$	24.72
Net investment income(a)		0.16			0.76			0.74			0.72			0.81			0.90
Net realized and unrealized gain (loss)(b)		2.16			(0.35	)		0.56			1.61			(1.55	)		(0.26	)
Net increase (decrease) from investment operations		2.32			0.41			1.30			2.33			(0.74	)		0.64
Distributions(c)
From net investment income		(0.22	)		(0.82	)		(0.76	)		(0.74	)		(0.64	)		(0.67	)
Total distributions		(0.22	)		(0.82	)		(0.76	)		(0.74	)		(0.64	)		(0.67	)
Net asset value, end of period	$	27.13		$	25.03		$	25.44		$	24.90		$	23.31		$	24.69
Total Return
Based on net asset value		9.27	%(d)		1.69	%		5.35	%		10.29	%		(2.98	)%		2.70	%
Ratios to Average Net Assets
Total expenses		0.25	%(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		1.24	%(e)		3.09	%		2.94	%		3.15	%		3.46	%		3.71	%
Supplemental Data
Net assets, end of period (000)	$	28,485		$	25,033		$	29,255		$	36,110		$	36,129		$	16,048
Portfolio turnover rate(f)		12	%(d)		23	%		26	%		36	%		32	%		25	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Not annualized.

^(e) Annualized.

^(f) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i n a n c i a l   H i g h l i g h t s 41

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol Japan ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	64.58		$	67.73		$	63.27		$	61.08		$	58.29		$	53.00
Net investment income(a)		0.66			1.29			1.06			0.99			0.95			0.77
Net realized and unrealized gain (loss)(b)		4.40			(3.46	)		4.34			3.18			2.59			5.22
Net increase (decrease) from investment operations		5.06			(2.17	)		5.40			4.17			3.54			5.99
Distributions(c)
From net investment income		(2.38	)		(0.98	)		(0.94	)		(1.98	)		(0.75	)		(0.70	)
Total distributions		(2.38	)		(0.98	)		(0.94	)		(1.98	)		(0.75	)		(0.70	)
Net asset value, end of period	$	67.26		$	64.58		$	67.73		$	63.27		$	61.08		$	58.29
Total Return
Based on net asset value		7.81	%(d)		(3.19	)%		8.52	%		7.14	%		6.13	%		11.48	%
Ratios to Average Net Assets
Total expenses		0.30	%(e)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income		1.92	%(e)		1.98	%		1.56	%		1.65	%		1.66	%		1.42	%
Supplemental Data
Net assets, end of period (000)	$	33,630		$	32,290		$	33,866		$	31,633		$	48,863		$	17,488
Portfolio turnover rate(f)		11	%(d)		23	%		23	%		24	%		24	%		18	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Not annualized.

^(e) Annualized.

^(f) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol USA ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	62.75		$	54.90		$	49.89		$	46.91		$	41.91		$	36.66
Net investment income(a)		0.68			1.23			1.02			0.98			0.96			0.84
Net realized and unrealized gain(b)		4.39			7.77			4.98			3.02			4.95			5.18
Net increase from investment operations		5.07			9.00			6.00			4.00			5.91			6.02
Distributions(c)
From net investment income		(0.67	)		(1.15	)		(0.99	)		(1.02	)		(0.91	)		(0.77	)
Total distributions		(0.67	)		(1.15	)		(0.99	)		(1.02	)		(0.91	)		(0.77	)
Net asset value, end of period	$	67.15		$	62.75		$	54.90		$	49.89		$	46.91		$	41.91
Total Return
Based on net asset value		8.13	%(d)		16.61	%		12.16	%		8.70	%		14.35	%		16.52	%
Ratios to Average Net Assets
Total expenses		0.15	%(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		2.11	%(e)		2.12	%		1.95	%		2.10	%		2.23	%		2.06	%
Supplemental Data
Net assets, end of period (000)	$	38,213,201		$	30,646,395		$	15,191,622		$	13,530,002		$	15,325,270		$	5,293,847
Portfolio turnover rate(f)		10	%(d)		21	%		22	%		23	%		28	%		23	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Not annualized.

^(e) Annualized.

^(f) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i n a n c i a l   H i g h l i g h t s 43

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol USA Small-Cap ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Period From 09/07/16(a) to 07/31/17
Net asset value, beginning of period	$	34.10		$	31.53		$	27.82		$	25.11
Net investment income(b)		0.41			0.60			0.52			0.49
Net realized and unrealized gain(c)		1.16			2.48			3.66			2.63
Net increase from investment operations		1.57			3.08			4.18			3.12
Distributions(d)
From net investment income		(0.37	)		(0.51	)		(0.47	)		(0.41	)
Total distributions		(0.37	)		(0.51	)		(0.47	)		(0.41	)
Net asset value, end of period	$	35.30		$	34.10		$	31.53		$	27.82
Total Return
Based on net asset value		4.63	%(e)		9.91	%		15.19	%		12.51	%(e)
Ratios to Average Net Assets
Total expenses		0.20	%(f)		0.20	%		0.20	%		0.20	%(f)
Net investment income		2.35	%(f)		1.85	%		1.76	%		2.04	%(f)
Supplemental Data
Net assets, end of period (000)	$	555,970		$	211,435		$	39,418		$	8,347
Portfolio turnover rate(g)		22	%(e)		48	%		47	%		47	%(e)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
Edge MSCI Min Vol EAFE	Diversified
Edge MSCI Min Vol Europe	Diversified
Edge MSCI Min Vol Japan	Diversified
Edge MSCI Min Vol USA	Diversified
Edge MSCI Min Vol USA Small-Cap(a)	Diversified

^(a) The Fund's classification changed from non-diversified to diversified during the reporting period.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2020, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

N o t e s   t o   F i n a n c i a l   S t a t e m e n t s 45

Notes to Financial Statements (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of January 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds' investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral

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Notes to Financial Statements (unaudited) (continued)

received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of January 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of January 31, 2020:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
Edge MSCI Min Vol EAFE
BofA Securities, Inc.	$	4,192,060	$	4,192,060	$	—	$	—
JPMorgan Securities LLC		819,710		819,710		—		—
Morgan Stanley & Co. LLC		37,852,416		37,852,416		—		—
	$	42,864,186	$	42,864,186	$	—	$	—
Edge MSCI Min Vol USA
Barclays Capital Inc.	$	935,636	$	935,636	$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		126,092		126,092		—		—
BNP Paribas Securities Corp.		4,270,063		4,270,063		—		—
BofA Securities, Inc.		122,830		122,830		—		—
Citigroup Global Markets Inc.		33,517,934		32,615,787		—		(902,147	)(b)
Credit Suisse AG Dublin Branch		15,537		15,537		—		—
Credit Suisse Securities (USA) LLC		57,786		57,786		—		—
Goldman Sachs & Co.		330,056		330,056		—		—
JPMorgan Securities LLC		1,659,930		1,659,930		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		29,309,051		29,309,051		—		—
RBC Capital Markets LLC		258,944		258,944		—		—
SG Americas Securities LLC		6,583,433		6,494,875		—		(88,558	)(b)
UBS Securities LLC		11,855,396		11,855,396		—		—
Virtu Americas LLC		238,933		238,933		—		—
Wells Fargo Bank, National Association		1,683,136		1,683,136		—		—
	$	90,964,757	$	89,974,052	$	—	$	(990,705	)
Edge MSCI Min Vol USA Small-Cap
Barclays Bank PLC	$	113,632	$	113,632	$	—	$	—
BNP Paribas Securities Corp.		33,464		33,464		—		—
Citigroup Global Markets Inc.		1,015,432		1,015,432		—		—
Credit Suisse AG Dublin Branch		207,976		207,976		—		—
Credit Suisse Securities (USA) LLC		149,565		149,565		—		—
HSBC Bank PLC		935,089		935,089		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		398,697		398,697		—		—
Nomura Securities International Inc.		280,920		280,920		—		—
Scotia Capital (USA) Inc.		26,561		26,561		—		—
UBS AG		435,324		435,324		—		—
Wells Fargo Bank, National Association		1,157,062		1,157,062		—		—
Wells Fargo Securities LLC		3,275,091		3,275,091		—		—
	$	8,028,813	$	8,028,813	$	—	$	—

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's statement of assets and liabilities.

^(b) Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the

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Notes to Financial Statements (unaudited) (continued)

value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Edge MSCI Min Vol Europe		0.25	%
Edge MSCI Min Vol Japan		0.30
Edge MSCI Min Vol USA		0.15
Edge MSCI Min Vol USA Small-Cap		0.20

For its investment advisory services to the iShares Edge MSCI Min Vol EAFE ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and any other fund expenses is a fund’s total annual operating expenses.

For the iShares Edge MSCI Min Vol EAFE ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2021 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.20% of average daily net assets.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money

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Notes to Financial Statements (unaudited) (continued)

market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each of iShares Edge MSCI Min Vol USA ETF and iShares Edge MSCI Min Vol USA Small-Cap ETF (the “Group 1 Funds”), retains 75% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Edge MSCI Min Vol EAFE ETF, iShares Edge MSCI Min Vol Europe ETF and iShares Edge MSCI Min Vol Japan ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) Each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2020, each Group 1 Fund retained 73.5% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, (2) Each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended January 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Edge MSCI Min Vol EAFE	$	44,889
Edge MSCI Min Vol Europe		33
Edge MSCI Min Vol Japan		6
Edge MSCI Min Vol USA		244,530
Edge MSCI Min Vol USA Small-Cap		6,671

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Edge MSCI Min Vol EAFE	$	116,013,294	$	58,846,436	$	571,995
Edge MSCI Min Vol USA		460,285,066		607,893,669		(21,253,517	)
Edge MSCI Min Vol USA Small-Cap		8,902,930		20,034,879		(637,902	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

N o t e s   t o   F i n a n c i a l   S t a t e m e n t s 49

Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Min Vol EAFE	$	1,507,190,573	$	1,364,177,039
Edge MSCI Min Vol Europe		3,078,829		3,024,150
Edge MSCI Min Vol Japan		3,741,343		4,596,362
Edge MSCI Min Vol USA		3,618,054,921		3,539,219,692
Edge MSCI Min Vol USA Small-Cap		92,057,827		86,683,157

For the six months ended January 31, 2020, in-kind transactions were as follows:

	In-kind		In-kind
iShares ETF	Purchases		Sales
Edge MSCI Min Vol EAFE	$	1,091,208,020	$	—
Edge MSCI Min Vol Europe		2,626,734		1,244,468
Edge MSCI Min Vol USA		9,226,225,881		4,181,763,088
Edge MSCI Min Vol USA Small-Cap		400,981,941		76,499,929

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

As of July 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Edge MSCI Min Vol EAFE	$	239,223,408
Edge MSCI Min Vol Europe		3,564,079
Edge MSCI Min Vol Japan		990,523
Edge MSCI Min Vol USA		449,123,287
Edge MSCI Min Vol USA Small-Cap		1,098,832

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Edge MSCI Min Vol EAFE	$	11,839,306,345	$	1,815,345,983	$	(545,000,619	)	$	1,270,345,364
Edge MSCI Min Vol Europe		26,216,922		3,186,134		(1,058,649	)		2,127,485
Edge MSCI Min Vol Japan		32,785,486		3,136,468		(2,418,382	)		718,086
Edge MSCI Min Vol USA		32,445,154,273		6,242,198,139		(415,646,841	)		5,826,551,298
Edge MSCI Min Vol USA Small-Cap		546,391,338		30,238,452		(12,702,268	)		17,536,184

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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Notes to Financial Statements (unaudited) (continued)

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/20						Year Ended 07/31/19
iShares ETF	Shares			Amount			Shares			Amount
Edge MSCI Min Vol EAFE
Shares sold		18,400,000		$	1,354,823,881			38,600,000		$	2,664,156,485
Shares redeemed		—			—			(2,900,000	)		(206,850,903	)
Net increase		18,400,000		$	1,354,823,881			35,700,000		$	2,457,305,582
Edge MSCI Min Vol Europe
Shares sold		100,000		$	2,704,829			400,000		$	9,642,774
Shares redeemed		(50,000	)		(1,277,790	)		(550,000	)		(13,691,779	)
Net increase(decrease)		50,000		$	1,427,039			(150,000	)	$	(4,049,005	)
Edge MSCI Min Vol Japan
Shares sold		—		$	—			300,000		$	19,449,566
Shares redeemed		—			—			(300,000	)		(20,000,113	)
Net decrease		—		$	—			—		$	(550,547	)

N o t e s   t o   F i n a n c i a l   S t a t e m e n t s 51

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/20						Year Ended 07/31/19
iShares ETF	Shares			Amount			Shares			Amount
Edge MSCI Min Vol USA
Shares sold		145,800,000		$	9,315,139,572			272,700,000		$	15,644,380,246
Shares redeemed		(65,100,000	)	$	(4,203,619,808	)		(61,000,000	)		(3,538,909,786	)
Net increase		80,700,000			5,111,519,764			211,700,000		$	12,105,470,460
Edge MSCI Min Vol USA Small-Cap
Shares sold		11,750,000		$	406,927,562			5,500,000		$	176,428,169
Shares redeemed		(2,200,000	)		(76,730,324	)		(550,000	)		(17,746,212	)
Net increase		9,550,000		$	330,197,238			4,950,000		$	158,681,957

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The iShares Edge MSCI Min Vol EAFE ETF has filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations made by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Fund continues to evaluate developments in Finland for potential impact to the receivables and payables recorded. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the Fund is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

12. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares Edge MSCI Min Vol EAFE ETF, iShares Edge MSCI Min Vol Europe ETF, iShares Edge MSCI Min Vol Japan ETF, iShares Edge MSCI Min Vol USA ETF and iShares Edge MSCI Min Vol USA Small-Cap ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S t a t e m e n t  R e g a r d i n g  L i q u i d i t y  R i s k    M a n a g e m e n t  P r o g r a m 53

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
	Net Investment		Net Realized			Return of		Total Per	Net Investment			Net Realized			Return of		Total Per
iShares ETF	Income		Capital Gains			Capital		Share	Income			Capital Gains			Capital		Share
Edge MSCI Min Vol EAFE(a)	$	1.242277	$	—	$	0.492103	$	1.734380		72	%		—	%	28	%	100	%
Edge MSCI Min Vol Europe(a)		0.166573		—		0.048867		0.215440		77			—		23		100
Edge MSCI Min Vol Japan(a)		1.504889		—		0.874437		2.379326		63			—		37		100
Edge MSCI Min Vol USA(a)		0.582845		—		0.087750		0.670595		87			—		13		100
Edge MSCI Min Vol USA Small-Cap(a)		0.268380		—		0.103855		0.372235		72			—		28		100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share.

54 2 0 2 0   I   S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds' Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

G e n e r a l  I n f o r m a t i o n 55

Glossary of Terms Used in this Report

Portfolio Abbreviations – Equity

NVS	Non-Voting Shares
SDR	Swedish Depositary Receipt

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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-709-0120

 

JANUARY 31, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Core MSCI EAFE ETF  |  IEFA  |  Cboe BZX

· iShares Core MSCI Europe ETF  |  IEUR  |  NYSE Arca

· iShares Core MSCI International Developed Markets ETF  |  IDEV  |  NYSE Arca

· iShares Core MSCI Pacific ETF  |  IPAC  |  NYSE Arca

· iShares Core MSCI Total International Stock ETF  |  IXUS  |  NASDAQ

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents

	Page
Fund Summary		3
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		113
Statements of Operations		115
Statements of Changes in Net Assets		117
Financial Highlights		120
Notes to Financial Statements		125
Statement Regarding Liquidity Risk Management Program		135
Supplemental Information		136
General Information		137
Glossary of Terms Used in this Report		138

Fund Summary  as of January 31, 2020 iShares^® Core MSCI EAFE ETF

Investment Objective

The iShares Core MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE IMI (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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.49	%		12.34	%		5.71	%		6.73	%		12.34	%		32.03	%		60.81	%
Fund Market		6.47			11.69			5.62			6.62			11.69			31.45			59.59
Index		6.47			12.12			5.52			6.57			12.12			30.84			59.00

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.    

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 8 for more information.

Expense Example    

Actual				Hypothetical 5% Return
Beginning Account Value (08/01/19)	Ending Account Value (01/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)	Ending Account Value (01/31/20)	Expenses Paid During the Period	(a)	Annualized     Expense     Ratio
$      1,000.00	$        1,064.90	$       0.36			$      1,000.00	$      1,024.80	$       0.36		0.07%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR    

Sector	Percent of Total Investments	(a)
Financials	17.2	%
Industrials	16.0
Health Care	11.8
Consumer Discretionary	11.5
Consumer Staples	10.7
Information Technology	7.6
Materials	7.1
Communication Services	5.1
Real Estate	5.1
Energy	4.2
Utilities	3.7

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	25.5	%
United Kingdom	16.3
France	10.0
Switzerland	9.0
Germany	8.2
Australia	7.3
Netherlands	3.9
Hong Kong	3.2
Sweden	3.0
Spain	2.7

^(a)  Excludes money market funds.

FUND SUMMARY 3

Fund Summary  as of January 31, 2020 iShares^® Core MSCI Europe ETF

Investment Objective

The iShares Core MSCI Europe ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization European equities, as represented by the MSCI Europe IMI (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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.86	%		13.66	%		5.19	%		2.26	%		13.66	%		28.79	%		13.48	%
Fund Market		7.38			13.47			5.08			2.20			13.47			28.10			13.07
Index		6.88			13.36			4.97			2.03			13.36			27.45			12.02

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.

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 8 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (08/01/19)	Ending Account Value (01/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)	Ending Account Value (01/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$        1,068.60	$            0.47			$    1,000.00	$    1,024.70	$            0.46		0.09%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR    

Sector	Percent of Total Investments	(a)
Financials	17.2	%
Industrials	15.0
Health Care	13.6
Consumer Staples	12.9
Consumer Discretionary	9.9
Materials	7.0
Information Technology	6.5
Energy	5.8
Utilities	4.6
Communication Services	4.5
Real Estate	3.0

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	26.3	%
France	16.2
Switzerland	14.6
Germany	13.3
Netherlands	6.2
Sweden	4.9
Spain	4.4
Italy	3.8
Denmark	3.1
Finland	1.9

^(a)  Excludes money market funds.

4 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares^® Core MSCI International Developed Markets ETF

Investment Objective

The iShares Core MSCI International Developed Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the United States, as represented by the MSCI World ex USA IMI (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.

Performance    

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		6.52	%		12.53	%		6.99	%		12.53	%		21.38	%
Fund Market		6.64			12.10			6.75			12.10			20.59
Index		6.39			12.14			6.64			12.14			20.18

The inception date of the Fund was 3/21/17. The first day of secondary market trading was 3/23/17.    

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 8 for more information.

Expense Example    

Actual				Hypothetical 5% Return
Beginning Account Value (08/01/19)	Ending Account Value (01/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)	Ending Account Value (01/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$        1,065.20	$            0.26			$        1,000.00	$        1,024.90	$            0.25		0.05%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	18.8	%
Industrials	15.4
Health Care	10.9
Consumer Discretionary	10.8
Consumer Staples	10.1
Materials	7.6
Information Technology	7.4
Energy	5.5
Communication Services	4.9
Real Estate	4.8
Utilities	3.8

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	23.1	%
United Kingdom	14.7
Canada	9.3
France	9.2
Switzerland	8.2
Germany	7.5
Australia	6.6
Netherlands	3.5
Hong Kong	2.9
Sweden	2.7

^(a)  Excludes money market funds.

FUND SUMMARY 5

Fund Summary as of January 31, 2020 iShares^® Core MSCI Pacific ETF

Investment Objective

The iShares Core MSCI Pacific ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization Pacific region equities, as represented by the MSCI Pacific IMI (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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		5.87	%		10.13	%		6.61	%		5.42	%		10.13	%		37.71	%		34.74	%
Fund Market		4.53			8.05			6.39			5.09			8.05			36.29			32.34
Index		5.75			10.10			6.54			5.37			10.10			37.28			34.29

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.    

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 8 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (08/01/19)	Ending Account Value (01/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)	Ending Account Value (01/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$        1,058.70	$            0.47			$        1,000.00	$        1,024.70	$0.46		0.09%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	18.1	%
Financials	17.0
Consumer Discretionary	14.2
Health Care	9.1
Information Technology	8.7
Real Estate	8.4
Materials	7.2
Consumer Staples	6.9
Communication Services	6.5
Utilities	2.3
Energy	1.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	68.1	%
Australia	18.8
Hong Kong	8.6
Singapore	3.5
New Zealand	1.0

^(a)  Excludes money market funds.

6 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares^® Core MSCI Total International Stock ETF

Investment Objective

The iShares Core MSCI Total International Stock ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA IMI (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.

Performance    

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		5.54	%		10.04	%		5.33	%		5.56	%		10.04	%		29.66	%		48.39	%
Fund Market		5.49			9.05			5.24			5.46			9.05			29.08			47.30
Index		5.58			9.94			5.16			5.44			9.94			28.60			47.11

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

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 8 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (08/01/19)	Ending Account Value (01/31/20)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/19)	Ending Account Value (01/31/20)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$        1,055.40	$            0.46			$        1,000.00	$        1,024.70	$            0.46		0.09%

^(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 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	19.8	%
Industrials	13.0
Consumer Discretionary	11.7
Information Technology	9.6
Consumer Staples	9.2
Health Care	8.9
Materials	7.6
Communication Services	6.4
Energy	5.8
Real Estate	4.4
Utilities	3.6

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	17.1	%
United Kingdom	10.9
China	8.2
Canada	6.9
France	6.7
Switzerland	6.0
Germany	5.5
Australia	4.9
Taiwan	3.3
South Korea	3.1

^(a) Excludes money market funds.

FUND SUMMARY 7

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 iShares.com. 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 ask 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 your 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your 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 under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your 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.

8 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.3%
Abacus Property Group		2,204,910	$	5,594,330
Adelaide Brighton Ltd.		2,353,814		5,735,767
Afterpay Ltd.(a)		801,102		20,674,271
AGL Energy Ltd.		2,908,729		38,847,598
ALS Ltd.		2,252,840		14,553,776
Altium Ltd.		577,238		15,391,581
Alumina Ltd.		11,149,041		16,270,917
AMA Group Ltd.		2,780,933		1,694,142
AMP Ltd.		14,537,441		17,761,059
Ansell Ltd.		632,706		13,571,019
APA Group		5,249,646		39,817,862
Appen Ltd.		551,549		9,360,091
ARB Corp. Ltd.		419,550		5,224,138
Ardent Leisure Group Ltd.(a)		2,630,671		2,491,960
Aristocrat Leisure Ltd.		2,571,613		62,320,682
ASX Ltd.		903,517		51,818,294
Atlas Arteria Ltd.		3,700,708		20,141,573
Aurizon Holdings Ltd.		8,469,724		30,674,997
AusNet Services		8,050,020		9,538,679
Austal Ltd.		1,743,331		4,586,595
Australia & New Zealand Banking Group Ltd.		12,429,904		214,270,814
Australian Agricultural Co. Ltd.(a)(b)		2,509,678		1,873,315
Australian Pharmaceutical Industries Ltd.		2,553,745		2,248,129
Bank of Queensland Ltd.		1,707,552		8,744,871
Bapcor Ltd.		1,807,564		7,647,664
Beach Energy Ltd.		8,441,441		15,088,493
Bega Cheese Ltd.(b)		1,316,783		3,861,058
Bendigo & Adelaide Bank Ltd.		2,135,884		14,884,917
BHP Group Ltd.		12,848,979		338,908,805
BHP Group PLC		9,187,392		201,015,452
Bingo Industries Ltd.(b)		2,985,075		5,595,402
Blackmores Ltd.(b)		71,516		4,276,317
BlueScope Steel Ltd.		2,301,222		21,952,874
Boral Ltd.		5,075,713		16,921,716
Brambles Ltd.		7,056,427		59,663,155
Bravura Solutions Ltd.		1,626,448		6,021,204
BWP Trust		2,738,807		7,535,659
Caltex Australia Ltd.		1,103,353		25,394,424
carsales.com Ltd.		1,095,494		12,643,441
Challenger Ltd.		2,393,581		14,341,322
Charter Hall Group		2,357,056		20,292,188
Charter Hall Retail REIT		1,784,522		5,626,792
CIMIC Group Ltd.		472,218		9,259,338
Cleanaway Waste Management Ltd.		9,579,512		13,082,525
Coca-Cola Amatil Ltd.		2,236,605		17,937,591
Cochlear Ltd.		259,010		41,800,138
Coles Group Ltd.		5,063,549		56,101,055
Commonwealth Bank of Australia		7,721,911		440,745,748
Computershare Ltd.		2,207,502		26,585,833
Corporate Travel Management Ltd.		452,075		5,390,045
Costa Group Holdings Ltd.		1,696,076		3,133,808
Cromwell Property Group		10,596,737		8,690,130
Crown Resorts Ltd.		1,659,693		12,999,649
CSL Ltd.		2,006,231		419,105,283
CSR Ltd.		2,693,970		8,764,901
Dexus		4,867,911		41,452,216
Domain Holdings Australia Ltd.		1,809,428		4,590,907
Domino’s Pizza Enterprises Ltd.		288,773		10,611,281

Security	Shares		Value
Australia (continued)
Downer EDI Ltd.		2,802,791	$	13,903,589
Elders Ltd.		735,925		3,655,573
EML Payments Ltd.(a)		1,570,377		5,529,778
Evolution Mining Ltd.		7,054,563		17,521,127
FlexiGroup Ltd./Australia		1,979,658		2,783,091
Flight Centre Travel Group Ltd.		271,047		7,132,892
Fortescue Metals Group Ltd.		6,242,216		47,597,104
G8 Education Ltd.		2,372,933		3,042,091
Galaxy Resources Ltd.(a)(b)		2,541,969		1,744,264
Genworth Mortgage Insurance Australia Ltd.		1,346,293		3,298,669
Goodman Group		7,472,258		74,484,270
GPT Group (The)		8,092,050		32,503,327
GrainCorp Ltd., Class A(a)		1,084,866		6,100,612
GUD Holdings Ltd.		519,954		4,183,959
GWA Group Ltd.		1,340,901		3,213,644
Harvey Norman Holdings Ltd.		3,060,713		8,667,243
Healius Ltd.		2,912,469		5,771,265
HT&E Ltd.		1,419,661		1,615,666
IDP Education Ltd.		689,308		8,200,093
IGO Ltd.		2,716,194		11,091,969
Iluka Resources Ltd.		1,858,249		12,091,723
Incitec Pivot Ltd.		7,256,831		15,934,516
Insurance Australia Group Ltd.		10,086,964		47,809,229
InvoCare Ltd.(b)		616,478		5,534,321
IOOF Holdings Ltd.		1,665,228		8,817,962
IPH Ltd.		1,179,942		7,235,593
IRESS Ltd.		983,469		9,217,364
James Hardie Industries PLC		2,001,251		42,603,639
JB Hi-Fi Ltd.		563,037		14,948,846
Jupiter Mines Ltd.		6,812,421		1,322,566
Lendlease Group		2,511,168		30,461,548
Link Administration Holdings Ltd.		2,629,800		11,989,135
Lynas Corp. Ltd.(a)		3,206,612		4,701,198
Macquarie Group Ltd.		1,425,670		138,170,585
Magellan Financial Group Ltd.		590,449		26,590,214
Mayne Pharma Group Ltd.(a)(b)		9,863,678		3,004,473
McMillan Shakespeare Ltd.		415,364		3,584,262
Medibank Pvt Ltd.		12,238,989		25,399,505
Megaport Ltd.(a)		580,711		4,326,864
Metcash Ltd.(b)		4,604,597		8,076,272
Mineral Resources Ltd.		921,725		10,526,849
Mirvac Group		17,122,523		38,973,076
Monadelphous Group Ltd.		547,979		6,434,451
Mount Gibson Iron Ltd.		3,114,982		1,887,218
National Australia Bank Ltd.		12,547,401		217,220,250
New Hope Corp. Ltd.		1,846,529		2,317,797
Newcrest Mining Ltd.		3,512,898		69,445,962
NEXTDC Ltd.(a)(b)		2,056,072		10,447,157
NIB Holdings Ltd.		2,295,837		8,314,887
Nine Entertainment Co. Holdings Ltd.		8,268,596		10,378,894
Northern Star Resources Ltd.		3,208,333		27,062,505
Nufarm Ltd./Australia(a)		1,416,736		5,244,838
Oil Search Ltd.		6,206,602		30,082,261
oOh!media Ltd.		1,532,334		3,487,790
Orica Ltd.		1,729,850		26,438,230
Origin Energy Ltd.		8,015,815		44,002,723
Orocobre Ltd.(a)(b)		1,374,291		2,879,659
Orora Ltd.		5,382,399		11,602,452
OZ Minerals Ltd.		1,713,704		11,655,946
Pact Group Holdings Ltd.(a)(b)		1,192,219		2,202,841

SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Pendal Group Ltd.		1,489,845	$	8,846,729
Perpetual Ltd.		253,071		7,234,163
Pilbara Minerals Ltd.(a)(b)		9,245,422		1,825,857
Platinum Asset Management Ltd.(b)		1,539,903		4,886,408
PolyNovo Ltd.(a)(b)		3,101,513		5,813,660
Premier Investments Ltd.		515,391		6,862,615
Qantas Airways Ltd.		3,186,287		13,672,909
QBE Insurance Group Ltd.		5,909,577		54,397,270
Qube Holdings Ltd.		6,532,635		15,044,053
Ramsay Health Care Ltd.		737,945		39,126,156
REA Group Ltd.		238,902		18,248,343
Regis Resources Ltd.		2,920,044		8,796,703
Reliance Worldwide Corp. Ltd.		3,846,678		11,588,210
Resolute Mining Ltd.(a)(b)		5,534,709		4,260,991
Rio Tinto Ltd.		1,622,826		107,303,780
Sandfire Resources Ltd.		894,667		3,342,055
Santos Ltd.		8,263,667		48,074,037
Saracen Mineral Holdings Ltd.(a)(b)		4,927,791		13,030,689
Scentre Group		22,764,569		58,825,381
Seek Ltd.		1,548,124		23,515,718
Seven Group Holdings Ltd.		769,291		10,433,934
Seven West Media Ltd.(a)(b)		4,855,330		812,600
Shopping Centres Australasia Property Group		4,816,784		9,319,080
Sims Ltd.(b)		865,223		6,215,067
Sonic Healthcare Ltd.		2,144,437		45,465,227
South32 Ltd.		22,460,395		39,695,322
Southern Cross Media Group Ltd.		4,883,211		2,876,777
Spark Infrastructure Group		7,726,558		11,379,594
St. Barbara Ltd.		3,943,330		7,206,822
Star Entertainment Grp Ltd. (The)		3,674,284		10,281,749
Steadfast Group Ltd.		4,401,554		11,344,485
Stockland		10,445,491		34,404,240
Suncorp Group Ltd.		5,474,487		47,130,539
Super Retail Group Ltd.		750,712		4,714,050
Sydney Airport		4,873,384		27,372,257
Tabcorp Holdings Ltd.		9,247,782		29,035,442
Technology One Ltd.		1,620,830		9,244,748
Telstra Corp. Ltd.		18,166,797		46,701,153
TPG Telecom Ltd.		1,761,114		8,818,751
Transurban Group		12,123,555		127,422,949
Treasury Wine Estates Ltd.		3,233,229		28,203,233
Vicinity Centres		13,949,388		23,719,574
Virtus Health Ltd.		857,766		2,480,679
Viva Energy Group Ltd.(c)		5,318,732		6,124,273
Vocus Group Ltd.(a)		3,231,933		7,334,661
Washington H Soul Pattinson & Co. Ltd.		618,735		8,926,269
Webjet Ltd.(b)		668,764		5,260,521
Wesfarmers Ltd.		4,911,748		148,658,106
Western Areas Ltd.		1,895,771		3,261,647
Westpac Banking Corp.		15,188,769		255,423,131
Whitehaven Coal Ltd.		4,095,965		6,882,528
WiseTech Global Ltd.(b)		658,805		11,039,153
Woodside Petroleum Ltd.		4,095,374		95,217,410
Woolworths Group Ltd.		5,680,975		159,122,856
Worley Ltd.		1,537,550		15,686,723
				5,461,504,895
Austria — 0.3%
ams AG(a)		352,572		14,428,967
ANDRITZ AG		298,141		11,749,021
AT&S Austria Technologie & Systemtechnik AG		50,867		1,121,216

Security	Shares		Value
Austria (continued)
BAWAG Group AG(c)		200,621	$	8,697,481
CA Immobilien Anlagen AG		356,203		15,691,084
DO & CO AG		32,169		3,208,472
Erste Group Bank AG		1,355,726		49,820,110
EVN AG		156,966		3,096,306
IMMOFINANZ AG		439,751		12,207,671
Lenzing AG		68,515		5,421,283
Oesterreichische Post AG(b)		172,715		6,565,116
OMV AG		659,838		32,898,156
Raiffeisen Bank International AG		641,701		14,649,344
S IMMO AG		294,635		7,901,653
S&T AG(b)		310,070		8,370,575
Schoeller-Bleckmann Oilfield Equipment AG		76,056		3,506,268
Semperit AG Holding(a)(b)		57,448		777,973
Telekom Austria AG		746,999		6,001,727
UNIQA Insurance Group AG		661,699		6,262,339
Verbund AG		305,427		16,151,992
Vienna Insurance Group AG Wiener Versicherung Gruppe		201,516		5,449,010
voestalpine AG		432,884		10,515,510
Wienerberger AG		531,483		15,089,913
				259,581,187
Belgium — 1.1%
Ackermans & van Haaren NV		91,655		14,677,167
Aedifica SA		122,405		16,549,209
Ageas		793,241		43,751,307
AGFA-Gevaert NV(a)		965,360		4,741,408
Anheuser-Busch InBev SA/NV		3,333,085		252,724,705
Barco NV		55,346		13,769,584
Befimmo SA		110,104		6,771,959
Bekaert SA		203,979		5,185,577
Cie. d’Entreprises CFE		37,334		4,075,294
Cofinimmo SA		81,661		13,013,431
Colruyt SA		243,390		12,178,077
D’ieteren SA/NV		146,117		9,424,145
Elia System Operator SA/NV		181,246		17,474,547
Euronav NV		913,932		9,095,121
Fagron		340,716		7,891,454
Galapagos NV(a)		198,942		44,556,496
Gimv NV		131,328		8,091,897
Groupe Bruxelles Lambert SA		327,603		32,935,871
Ion Beam Applications(a)(b)		107,429		1,235,769
KBC Ancora		233,917		11,660,025
KBC Group NV		1,082,987		79,523,029
Kinepolis Group NV		80,624		4,967,723
Melexis NV		106,773		7,620,186
Ontex Group NV		359,060		6,513,793
Orange Belgium SA		183,112		3,721,640
Proximus SADP		614,068		17,502,725
Sofina SA		67,740		15,501,848
Solvay SA		321,057		33,281,106
Telenet Group Holding NV		209,353		9,739,572
Tessenderlo Group SA(a)		154,588		5,199,394
UCB SA		563,029		51,837,672
Umicore SA(b)		875,915		40,351,551
Warehouses De Pauw CVA		639,006		18,263,101
				823,826,383
Denmark — 1.9%
ALK-Abello A/S(a)		32,997		8,807,877

10 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Denmark (continued)
Alm Brand A/S		456,851	$	4,044,578
Ambu A/S, Series B(b)		722,824		13,238,044
AP Moller - Maersk A/S, Class A		16,441		18,529,603
AP Moller - Maersk A/S, Class B, NVS		28,498		34,197,516
Bavarian Nordic A/S(a)(b)		178,570		6,220,364
Carlsberg A/S, Class B		470,881		68,879,269
Chr Hansen Holding A/S		461,563		34,415,220
Coloplast A/S, Class B		515,824		65,096,165
D/S Norden A/S		164,128		2,213,654
Danske Bank A/S		2,781,959		46,576,727
Demant A/S(a)		454,036		14,745,473
Dfds A/S		177,736		7,480,181
DSV Panalpina A/S		956,843		104,093,666
FLSmidth & Co. A/S		205,458		7,053,397
Genmab A/S(a)		290,759		67,156,108
GN Store Nord A/S		591,511		29,376,650
H Lundbeck A/S		307,940		13,096,931
ISS A/S		646,099		15,684,549
Jyske Bank A/S, Registered(a)		320,256		12,195,977
Maersk Drilling A/S(a)		96,320		5,370,672
Matas A/S		234,901		2,215,472
Netcompany Group A/S(a)(c)		155,413		7,047,728
Nilfisk Holding A/S(a)		124,993		2,698,804
NNIT A/S(c)		66,962		1,058,546
Novo Nordisk A/S, Class B		7,725,800		472,597,819
Novozymes A/S, Class B		916,375		47,820,796
Orsted A/S(c)		839,677		91,646,181
Pandora A/S		434,140		22,494,534
Per Aarsleff Holding A/S		120,373		3,668,303
Ringkjoebing Landbobank A/S		154,938		11,511,183
Rockwool International A/S, Class B		40,258		9,396,827
Royal Unibrew A/S		222,167		21,157,977
Scandinavian Tobacco Group A/S(c)		351,576		4,606,277
Schouw & Co. A/S		65,749		5,386,985
SimCorp A/S		193,348		21,461,288
Spar Nord Bank A/S		468,818		4,539,853
Sydbank A/S		331,908		7,225,503
Topdanmark A/S		193,874		9,154,127
Tryg A/S		494,839		14,999,235
Vestas Wind Systems A/S		832,323		83,042,837
Zealand Pharma A/S(a)		143,793		5,215,771
				1,427,418,667
Finland — 1.2%
Adapteo OYJ(a)		210,319		2,447,374
Cargotec OYJ, Class B		206,243		7,642,998
Caverion OYJ		456,479		3,718,145
Citycon OYJ(b)		384,143		4,063,377
Cramo OYJ(b)		202,009		3,069,209
Elisa OYJ		653,877		39,376,212
Finnair OYJ		280,079		1,635,722
Fortum OYJ		1,970,448		47,734,610
Huhtamaki OYJ		446,832		19,901,257
Kemira OYJ		539,256		8,151,313
Kesko OYJ, Class B		273,666		18,512,011
Kone OYJ, Class B		1,458,820		94,186,884
Konecranes OYJ		314,459		9,513,601
Metsa Board OYJ		1,155,481		7,010,761
Metso OYJ		453,004		16,119,835
Neste OYJ		1,884,528		74,933,025
Nokia OYJ		24,714,143		96,392,837

Security	Shares		Value
Finland (continued)
Nokian Renkaat OYJ		502,564	$	13,539,249
Nordea Bank Abp		14,115,718		111,477,069
Oriola OYJ, Class B		633,925		1,506,896
Orion OYJ, Class B		456,269		21,575,548
Outokumpu OYJ(b)		1,720,006		5,928,005
Outotec OYJ(a)		880,276		5,078,568
Sampo OYJ, Class A		1,864,571		84,450,418
Sanoma OYJ		378,175		4,538,784
Stora Enso OYJ, Class R		2,561,654		33,384,589
TietoEVRY OYJ		327,724		10,706,659
UPM-Kymmene OYJ		2,367,133		74,841,532
Uponor OYJ		308,979		4,191,106
Valmet OYJ		584,263		12,684,141
Wartsila OYJ Abp		1,822,896		22,372,982
YIT OYJ(b)		868,263		6,191,817
				866,876,534
France — 10.0%
ABC arbitrage		416,118		3,061,983
Accor SA		807,118		33,121,423
Aeroports de Paris		133,924		25,378,898
Air France-KLM(a)		858,411		7,983,236
Air Liquide SA		2,046,509		296,533,385
Airbus SE		2,559,853		377,979,190
Albioma SA		236,895		7,902,066
ALD SA(c)		522,866		7,648,611
Alstom SA		846,535		44,973,966
Alten SA		149,131		18,443,798
Amundi SA(c)		264,495		21,470,558
APERAM SA		259,030		7,449,132
Arkema SA		294,400		27,085,620
Atos SE		432,022		35,974,544
AXA SA		8,362,367		223,153,625
BioMerieux		189,535		18,788,322
BNP Paribas SA		4,875,614		259,594,659
Boiron SA		38,916		1,479,247
Bollore SA		4,082,476		16,621,914
Bonduelle SCA		93,238		2,221,517
Bouygues SA		972,460		38,505,521
Bureau Veritas SA		1,253,259		34,596,550
Capgemini SE		704,325		87,692,897
Carmila SA		219,126		4,298,188
Carrefour SA		2,612,011		44,302,331
Casino Guichard Perrachon SA(b)		244,111		9,917,405
Cellectis SA(a)		196,359		3,055,175
CGG SA(a)		3,164,625		8,928,919
Cie. de Saint-Gobain		2,139,154		81,157,867
Cie. Generale des Etablissements Michelin SCA		748,487		87,094,715
Cie. Plastic Omnium SA		318,894		8,022,144
CNP Assurances		717,325		12,933,670
Coface SA(a)		539,889		6,659,136
Constellium SE(a)(b)		616,764		7,006,439
Covivio		180,019		21,386,089
Credit Agricole SA		4,989,061		67,618,185
Danone SA		2,681,435		215,141,444
Dassault Aviation SA		11,550		14,054,085
Dassault Systemes SE		581,468		100,974,812
Derichebourg SA		632,858		2,304,582
Edenred		1,108,445		59,932,612
Eiffage SA		331,378		38,467,675
Electricite de France SA		2,635,409		32,578,857

SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Elior Group SA(b)(c)		503,523	$	7,069,915
Elis SA		872,110		17,019,581
Engie SA		7,939,465		136,904,925
Eramet		51,953		2,195,309
EssilorLuxottica SA		1,248,434		185,736,869
Etablissements Maurel et Prom SA		200,109		562,164
Eurazeo SE		198,742		14,249,912
Eurofins Scientific SE(b)		53,229		28,668,358
Europcar Mobility Group(b)(c)		630,122		2,569,749
Eutelsat Communications SA		752,301		11,292,468
Faurecia SE		348,857		16,689,669
FFP		29,734		3,163,318
Fnac Darty SA(a)		94,017		4,590,596
Gaztransport Et Technigaz SA		120,405		12,209,106
Gecina SA		203,975		38,518,092
Genfit(a)(b)		272,329		4,680,841
Getlink SE		2,020,719		35,717,812
Guerbet		31,270		1,207,672
Hermes International		138,447		103,808,707
ICADE		126,597		14,141,718
Iliad SA(b)		117,304		15,430,563
Imerys SA		187,224		8,108,384
Ingenico Group SA		275,983		32,174,834
Innate Pharma SA(a)(b)		301,555		2,117,051
Ipsen SA		170,284		12,643,488
IPSOS		199,836		6,488,728
JCDecaux SA		337,101		9,033,053
Kering SA		332,141		204,283,698
Klepierre SA		887,172		30,212,637
Korian SA		275,154		12,562,940
Lagardere SCA		265,290		5,042,005
Legrand SA		1,147,320		92,053,726
LISI		95,147		2,894,381
L’Oreal SA		1,097,457		306,361,311
LVMH Moet Hennessy Louis Vuitton SE		1,216,918		533,097,160
Maisons du Monde SA(c)		239,042		3,178,877
Mercialys SA		303,381		3,826,034
Mersen SA		110,411		3,621,782
Metropole Television SA		203,055		3,379,884
Natixis SA		4,305,768		18,242,030
Nexans SA		162,196		7,914,201
Nexity SA		211,164		10,202,923
Orange SA		8,597,048		121,996,444
Orpea		206,367		26,894,645
Pernod Ricard SA		927,670		160,888,904
Peugeot SA		2,612,364		53,876,367
Publicis Groupe SA		934,331		41,448,096
Quadient		178,740		4,302,291
Remy Cointreau SA		102,849		10,850,638
Renault SA		843,041		32,927,932
Rexel SA		1,125,174		13,485,419
Rubis SCA		409,120		25,321,657
Safran SA		1,436,418		232,328,868
Sanofi		4,923,799		474,447,477
Sartorius Stedim Biotech		125,326		22,513,470
Schneider Electric SE		2,382,730		239,021,858
SCOR SE		724,503		30,855,232
SEB SA		100,207		12,892,838
SES SA		1,589,855		19,565,652
Societe BIC SA		121,795		8,226,619

Security	Shares		Value
France (continued)
Societe Generale SA		3,527,476	$	114,244,901
Sodexo SA		391,850		41,079,886
SOITEC(a)		113,267		10,725,899
Solocal Group(a)(b)		3,189,141		1,547,983
Solutions 30 SE(a)(b)		409,104		4,746,775
Sopra Steria Group		80,873		12,959,555
SPIE SA		569,008		11,060,282
STMicroelectronics NV		3,139,420		87,986,591
Suez		1,478,930		24,305,637
Tarkett SA		167,675		2,320,860
Technicolor SA, Registered(a)(b)		2,185,002		1,514,598
Teleperformance		269,040		67,620,464
Television Francaise 1		322,159		2,433,069
Thales SA		481,080		52,897,453
TOTAL SA		10,396,465		508,610,658
Trigano SA		50,916		4,838,454
Ubisoft Entertainment SA(a)		380,141		28,916,134
Unibail-Rodamco-Westfield		601,382		81,706,975
Valeo SA		1,068,932		31,889,182
Vallourec SA(a)(b)		1,448,670		3,676,404
Veolia Environnement SA		2,385,056		70,518,432
Vicat SA		82,584		3,445,713
Vinci SA		2,202,086		244,523,293
Virbac SA(a)		24,748		6,061,088
Vivendi SA		3,915,943		107,449,708
Wendel SA		115,724		15,466,391
Worldline SA(a)(c)		462,878		32,701,296
				7,494,453,551
Germany — 7.7%
Aareal Bank AG		237,038		7,780,747
adidas AG		795,175		251,850,711
ADO Properties SA(c)		167,183		5,157,979
ADVA Optical Networking SE(a)		341,808		2,829,574
AIXTRON SE(a)(b)		583,000		6,184,285
Allianz SE, Registered		1,841,759		440,558,001
alstria office REIT AG		651,595		12,932,770
Aroundtown SA		4,371,077		41,348,628
AURELIUS Equity Opportunities SE & Co. KGaA(b)		141,465		5,176,596
Aurubis AG		166,985		9,124,954
BASF SE		3,969,885		268,673,038
Bayer AG, Registered		4,092,496		331,304,033
Bayerische Motoren Werke AG		1,420,873		101,310,523
BayWa AG		69,532		2,049,673
Bechtle AG		135,320		19,599,989
Beiersdorf AG		435,994		49,476,470
Bertrandt AG		33,156		1,918,010
Bilfinger SE		153,807		5,447,549
Borussia Dortmund GmbH & Co. KGaA		380,684		3,720,930
Brenntag AG		666,172		34,609,252
CANCOM SE		190,787		11,406,659
Carl Zeiss Meditec AG, Bearer		176,712		21,639,467
CECONOMY AG(a)		922,219		4,788,086
Cewe Stiftung & Co. KGaA		40,706		4,646,371
Commerzbank AG		4,603,609		26,528,947
CompuGroup Medical SE		134,048		8,838,846
Continental AG		482,752		55,071,447
Covestro AG(c)		765,372		32,358,274
CTS Eventim AG & Co. KGaA		280,638		17,493,924
Daimler AG, Registered		3,935,510		182,325,531
Delivery Hero SE(a)(c)		523,635		40,399,959

12 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Deutsche Bank AG, Registered		8,621,402	$	79,147,322
Deutsche Beteiligungs AG		93,748		3,953,074
Deutsche Boerse AG		832,897		135,729,599
Deutsche EuroShop AG		260,624		7,116,613
Deutsche Lufthansa AG, Registered		978,863		15,002,455
Deutsche Pfandbriefbank AG(c)		689,789		11,145,307
Deutsche Post AG, Registered		4,280,005		149,763,463
Deutsche Telekom AG, Registered		14,406,345		233,186,469
Deutsche Wohnen SE		1,572,739		66,579,152
Deutz AG		704,181		3,692,728
DIC Asset AG		297,260		5,567,259
Duerr AG		257,831		7,748,954
E.ON SE		9,780,355		110,987,179
Evonik Industries AG		832,365		22,848,519
Evotec SE(a)(b)		593,343		15,984,867
Fraport AG Frankfurt Airport Services Worldwide		157,289		11,737,881
Freenet AG		561,678		12,473,932
Fresenius Medical Care AG & Co. KGaA		953,654		73,661,719
Fresenius SE & Co. KGaA		1,840,354		94,071,049
GEA Group AG		659,890		19,810,653
Gerresheimer AG		143,206		11,339,181
Grand City Properties SA		558,271		14,303,790
GRENKE AG(b)		124,530		12,413,476
Hamborner REIT AG		469,712		5,262,608
Hamburger Hafen und Logistik AG		153,868		3,799,109
Hannover Rueck SE		255,026		49,599,788
HeidelbergCement AG		645,748		43,853,076
Heidelberger Druckmaschinen AG(a)(b)		1,383,253		1,367,366
HelloFresh SE(a)		637,202		15,182,169
Henkel AG & Co. KGaA		458,214		42,400,704
HOCHTIEF AG		100,151		11,609,278
HUGO BOSS AG		263,026		12,475,578
Hypoport AG(a)		21,383		7,571,078
Indus Holding AG		96,972		3,960,063
Infineon Technologies AG		5,481,436		118,914,974
Isra Vision AG(b)		94,565		3,556,809
Jenoptik AG		285,425		7,882,397
K+S AG, Registered(b)		831,447		8,108,406
KION Group AG		282,513		17,751,691
Kloeckner & Co. SE		357,497		2,280,006
Knorr-Bremse AG		195,408		21,332,458
Koenig & Bauer AG(b)		85,560		2,275,623
Krones AG(b)		78,009		5,926,120
KWS Saat SE & Co. KGaA		49,356		3,046,586
LANXESS AG		367,481		22,121,414
LEG Immobilien AG		280,185		34,574,296
Merck KGaA		571,977		73,464,959
METRO AG		779,379		10,878,402
MLP SE		474,102		2,952,748
MorphoSys AG(a)		145,867		18,298,762
MTU Aero Engines AG		235,418		71,588,294
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		619,663		182,871,055
Nemetschek SE		274,854		18,747,716
New Work SE		19,595		6,405,979
Nordex SE(a)(b)		338,613		4,424,209
Norma Group SE		166,585		6,084,730
OSRAM Licht AG		418,663		20,994,300
PATRIZIA AG		264,176		6,311,904
Pfeiffer Vacuum Technology AG(b)		36,076		6,000,913

Security	Shares		Value
Germany (continued)
ProSiebenSat.1 Media SE		1,006,747	$	13,371,392
Puma SE		382,497		30,689,149
QIAGEN NV(a)		999,010		33,390,230
Rational AG		15,509		11,678,619
Rheinmetall AG		195,356		20,939,258
RHOEN-KLINIKUM AG		170,634		2,987,727
Rocket Internet SE(a)(c)		423,724		9,917,340
RWE AG		2,582,618		89,696,894
SAF-Holland SA		295,547		2,056,859
Salzgitter AG(b)		225,668		3,801,297
SAP SE		4,300,605		561,522,048
Scout24 AG(c)		496,307		34,182,968
SGL Carbon SE(a)(b)		350,596		1,566,555
Siemens AG, Registered		3,329,451		411,917,929
Siemens Healthineers AG(c)		647,325		30,473,696
Siltronic AG		110,286		11,938,349
Sixt SE		64,690		6,534,496
SMA Solar Technology AG(a)		71,330		2,624,391
Software AG		237,130		7,923,044
Stabilus SA		122,627		7,485,112
STRATEC SE		33,124		2,345,643
Stroeer SE & Co. KGaA		155,538		12,393,205
Suedzucker AG		348,822		5,906,707
Symrise AG		571,223		58,833,758
TAG Immobilien AG		622,887		16,428,748
Takkt AG		167,444		2,200,759
Telefonica Deutschland Holding AG		3,644,456		11,038,005
thyssenkrupp AG(b)		1,804,061		22,321,747
TLG Immobilien AG		444,908		15,210,505
TUI AG		1,909,483		19,592,960
Uniper SE		889,899		29,200,976
United Internet AG, Registered		534,930		17,369,320
Varta AG(a)(b)		69,855		5,953,085
Volkswagen AG		145,713		26,740,952
Vonovia SE		2,275,001		129,940,414
Vossloh AG		57,052		2,513,195
Wacker Chemie AG		68,591		4,949,938
Wacker Neuson SE(b)		190,664		3,070,100
Wirecard AG(b)		517,970		76,458,728
Zalando SE(a)(c)		617,755		29,732,015
zooplus AG(a)(b)		32,656		2,938,578
				5,788,528,123
Hong Kong — 3.1%
AIA Group Ltd.		53,120,400		531,894,950
ASM Pacific Technology Ltd.		1,395,300		19,065,452
Bank of East Asia Ltd. (The)(b)		5,762,400		12,497,111
BeiGene Ltd., ADR(a)(b)		173,210		26,390,276
BOC Hong Kong Holdings Ltd.		16,669,500		55,708,834
Brightoil Petroleum Holdings Ltd.(a)(b)(d)		6,240,000		586,640
Budweiser Brewing Co. APAC Ltd.(a)(b)(c)		5,311,300		16,142,729
Cafe de Coral Holdings Ltd.		1,522,000		3,426,259
Champion REIT		9,894,000		5,963,235
Chow Sang Sang Holdings International Ltd.		373,000		439,536
CITIC Telecom International Holdings Ltd.		10,469,000		3,640,266
CK Asset Holdings Ltd.		11,408,516		73,755,941
CK Hutchison Holdings Ltd.		11,705,516		104,469,119
CK Infrastructure Holdings Ltd.		2,978,500		20,905,388
CLP Holdings Ltd.		7,099,500		74,195,988
Dah Sing Banking Group Ltd.		2,624,400		3,356,166
Dah Sing Financial Holdings Ltd.		768,400		2,780,724

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Dairy Farm International Holdings Ltd.		1,569,100	$	8,080,865
Far East Consortium International Ltd.		5,892,000		2,549,565
First Pacific Co. Ltd.		12,306,250		3,882,898
Galaxy Entertainment Group Ltd.		9,734,000		64,559,878
Giordano International Ltd.		7,354,000		1,884,694
Guotai Junan International Holdings Ltd.(b)		20,913,000		3,582,054
Haitong International Securities Group Ltd.(b)		15,639,000		4,551,783
Hang Lung Group Ltd.		4,216,000		10,500,771
Hang Lung Properties Ltd.		9,283,000		19,558,511
Hang Seng Bank Ltd.(b)		3,401,400		69,299,216
Health and Happiness H&H International Holdings Ltd.(b)		1,044,500		4,432,288
Henderson Land Development Co. Ltd.		6,507,570		29,500,247
HK Electric Investments & HK Electric Investments Ltd.(b)		12,378,500		12,370,689
HKBN Ltd.		3,962,500		6,889,174
HKT Trust & HKT Ltd.		17,292,200		25,921,932
Hong Kong & China Gas Co. Ltd.		45,480,521		87,623,613
Hong Kong Exchanges & Clearing Ltd.		5,066,500		168,863,759
Hongkong Land Holdings Ltd.		5,375,900		28,653,547
Hsin Chong Group Holdings Ltd.(a)(d)		7,490,000		135,044
Hutchison Telecommunications Hong Kong Holdings Ltd.		10,778,000		1,971,018
Hysan Development Co. Ltd.		2,357,000		8,893,881
Jardine Matheson Holdings Ltd.		981,900		54,898,029
Jardine Strategic Holdings Ltd.		1,004,000		30,953,320
Johnson Electric Holdings Ltd.		1,590,250		3,543,037
Kerry Logistics Network Ltd.		2,690,500		4,310,399
Kerry Properties Ltd.		3,023,500		8,507,962
Langham Hospitality Investments and Langham Hospitality Investments Ltd.		3,199,000		832,204
Lifestyle International Holdings Ltd.		2,758,000		2,766,915
Link REIT		9,272,700		94,340,339
Luk Fook Holdings International Ltd.		1,367,000		3,732,231
Macau Legend Development Ltd.(a)		10,719,750		1,366,734
Man Wah Holdings Ltd.		8,558,800		5,996,197
Melco International Development Ltd.		3,980,000		8,682,816
Melco Resorts & Entertainment Ltd., ADR		1,002,026		20,210,864
Minth Group Ltd.		3,104,000		9,633,917
MTR Corp. Ltd.		6,727,500		38,034,907
New World Development Co. Ltd.		27,603,000		34,873,009
NewOcean Energy Holdings Ltd.(a)(b)		2,540,000		359,824
NWS Holdings Ltd.		7,040,166		9,121,054
Pacific Basin Shipping Ltd.		22,803,000		4,140,714
Pacific Textiles Holdings Ltd.		3,952,000		2,560,054
PCCW Ltd.		21,222,000		12,544,782
Power Assets Holdings Ltd.		6,095,500		44,195,888
Prosperity REIT		7,594,000		2,904,632
Regina Miracle International Holdings Ltd.(c)		956,000		574,962
Sa Sa International Holdings Ltd.(b)		7,318,000		1,300,576
Sands China Ltd.		11,017,200		53,916,161
Shangri-La Asia Ltd.		6,902,000		6,390,988
Shun Tak Holdings Ltd.		8,108,000		3,508,465
Sino Land Co. Ltd.		14,504,000		19,911,736
SITC International Holdings Co. Ltd.		6,557,000		7,768,857
SJM Holdings Ltd.		9,690,000		10,944,288
SmarTone Telecommunications Holdings Ltd.		1,674,000		1,233,149
Sun Hung Kai Properties Ltd.		6,836,000		96,224,652
Sunlight REIT		1,795,000		1,141,972
Swire Pacific Ltd., Class A		2,277,000		20,189,758

Security	Shares		Value
Hong Kong (continued)
Swire Properties Ltd.		5,411,200	$	16,934,173
Techtronic Industries Co. Ltd.		6,239,000		50,579,537
Television Broadcasts Ltd.		1,379,600		2,117,842
Texwinca Holdings Ltd.		1,624,000		345,091
Town Health International Medical Group Ltd.(b)(d)		4,701,000		2,543
United Laboratories International Holdings Ltd. (The)(b)		4,198,000		2,773,473
Value Partners Group Ltd.(b)		7,292,000		3,972,383
Vitasoy International Holdings Ltd.(b)		2,958,000		10,761,697
VTech Holdings Ltd.		809,600		7,366,256
WH Group Ltd.(c)		42,961,000		41,274,074
Wharf Real Estate Investment Co. Ltd.(b)		5,383,000		28,076,537
Wheelock & Co. Ltd.		3,824,000		23,466,316
Wynn Macau Ltd.		7,269,200		15,315,601
Xinyi Glass Holdings Ltd.		9,712,000		12,257,415
Yue Yuen Industrial Holdings Ltd.		3,339,000		9,309,759
				2,365,092,130
Ireland — 0.6%
AIB Group PLC		3,428,012		10,082,343
Bank of Ireland Group PLC		4,042,041		19,772,031
C&C Group PLC		1,539,319		7,264,289
Cairn Homes PLC(a)		3,078,952		4,183,229
CRH PLC(a)		3,541,577		133,128,418
Dalata Hotel Group PLC		856,152		4,331,217
Flutter Entertainment PLC		353,035		40,101,431
Glanbia PLC		842,356		9,829,746
Grafton Group PLC		1,085,501		13,164,352
Hibernia REIT PLC		3,139,406		4,773,312
Kerry Group PLC, Class A		665,427		85,025,259
Kingspan Group PLC		667,298		41,153,164
Origin Enterprises PLC		517,792		2,140,338
Smurfit Kappa Group PLC		994,637		34,478,598
UDG Healthcare PLC		1,274,458		12,608,333
				422,036,060
Israel — 0.8%
Airport City Ltd.(a)		440,765		7,781,394
Alony Hetz Properties & Investments Ltd.		795,190		13,192,252
Azrieli Group Ltd.		201,906		14,930,195
Bank Hapoalim BM		5,417,888		46,740,468
Bank Leumi Le-Israel BM		6,923,148		50,049,756
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		9,227,296		7,165,741
Caesarstone Ltd.		164,230		2,148,128
Cellcom Israel Ltd.(a)		308,792		1,123,792
Check Point Software Technologies Ltd.(a)(b)		583,896		66,745,152
Clal Insurance Enterprises Holdings Ltd.(a)		222,492		2,832,403
CyberArk Software Ltd.(a)(b)		186,624		25,797,035
Delek Automotive Systems Ltd.		217,169		1,300,451
Delek Group Ltd.		32,878		4,260,806
Elbit Systems Ltd.		116,772		17,946,950
Enlight Renewable Energy Ltd.(a)		2,769,975		4,257,237
First International Bank of Israel Ltd.		398,873		11,201,224
Gazit-Globe Ltd.		564,397		6,563,041
Harel Insurance Investments & Financial Services Ltd.		886,972		6,072,702
Israel Chemicals Ltd.		3,221,512		13,648,535
Israel Corp. Ltd. (The)(a)		23,505		4,093,071
Israel Discount Bank Ltd., Class A		6,135,625		27,987,467
Ituran Location and Control Ltd.		136,735		3,484,008
Kornit Digital Ltd.(a)(b)		275,750		11,520,835

14 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
Melisron Ltd.		109,531	$	7,213,238
Migdal Insurance & Financial Holdings Ltd.		2,331,070		1,892,733
Mizrahi Tefahot Bank Ltd.(b)		716,138		19,585,314
Nice Ltd.(a)		306,538		53,157,135
Oil Refineries Ltd.		11,442,161		5,053,404
Partner Communications Co. Ltd.(a)		625,175		2,791,891
Paz Oil Co. Ltd.		55,312		6,733,453
Radware Ltd.(a)(b)		273,972		6,980,807
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		57,774		3,340,671
Shikun & Binui Ltd.		1,368,033		6,744,062
Shufersal Ltd.		1,047,868		6,566,552
Strauss Group Ltd.		309,399		9,115,672
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		4,802,958		49,950,763
Tower Semiconductor Ltd.(a)		508,031		11,629,566
Wix.com Ltd.(a)(b)		238,305		34,003,740
				575,601,644
Italy — 2.3%
A2A SpA		6,639,839		13,263,284
ACEA SpA		324,206		7,562,953
Amplifon SpA		535,165		15,230,037
Anima Holding SpA(c)		1,892,292		8,983,713
Assicurazioni Generali SpA		4,659,045		90,845,708
ASTM SpA		442,189		12,907,494
Atlantia SpA		2,181,714		53,602,093
Autogrill SpA		611,859		5,946,606
Azimut Holding SpA		523,866		12,882,370
Banca Generali SpA		337,798		10,751,269
Banca IFIS SpA		136,019		2,161,558
Banca Mediolanum SpA		1,232,976		11,136,032
Banca Popolare di Sondrio SCPA		2,446,912		5,271,483
Banco BPM SpA(a)		6,789,396		13,919,419
BPER Banca		2,101,534		9,665,020
Brunello Cucinelli SpA		164,979		6,000,473
Buzzi Unicem SpA		477,484		11,165,020
Cerved Group SpA		996,505		9,778,816
CIR-Compagnie Industriali Riunite SpA(b)		1,896,753		2,341,608
CNH Industrial NV		4,436,839		42,403,398
Credito Emiliano SpA		445,795		2,349,113
Credito Valtellinese SpA(a)(b)		33,490,605		2,345,623
Danieli & C Officine Meccaniche SpA		84,273		1,382,192
Davide Campari-Milano SpA		2,591,117		25,067,990
De’ Longhi SpA		323,509		6,101,887
DiaSorin SpA		105,798		13,014,236
Enav SpA(c)		1,172,272		7,567,328
Enel SpA		35,487,832		308,918,486
Eni SpA		10,891,591		152,782,867
ERG SpA		306,861		7,256,954
Ferrari NV		532,996		90,076,610
FinecoBank Banca Fineco SpA		2,436,254		28,550,991
Freni Brembo SpA(b)		813,785		9,306,955
Geox SpA		657,664		781,299
Hera SpA		3,644,653		16,568,000
IMA Industria Macchine Automatiche SpA(b)		93,385		6,100,693
Infrastrutture Wireless Italiane SpA(c)		1,210,905		12,580,549
Interpump Group SpA		361,675		10,204,580
Intesa Sanpaolo SpA		64,611,395		160,783,107
Iren SpA		3,186,204		10,614,042
Italgas SpA		2,313,814		15,374,759
Juventus Football Club SpA(a)(b)		2,584,874		3,259,867

Security	Shares		Value
Italy (continued)
Leonardo SpA		1,326,259	$	16,431,923
Maire Tecnimont SpA(b)		993,209		2,564,571
MARR SpA		208,105		4,451,005
Mediaset SpA(a)(b)		1,919,143		5,076,659
Mediobanca Banca di Credito Finanziario SpA		2,839,915		28,362,517
Moncler SpA		843,810		36,469,307
Piaggio & C SpA		1,296,597		3,543,368
Pirelli & C SpA(c)		1,871,888		9,069,394
Poste Italiane SpA(c)		2,373,453		27,223,203
Prysmian SpA		1,053,177		23,435,990
Recordati SpA		480,137		20,554,557
Reply SpA		123,792		9,719,651
Saipem SpA(a)		2,603,923		10,815,484
Salini Impregilo SpA(a)(b)		1,207,762		1,958,141
Salvatore Ferragamo SpA		310,441		5,740,154
Saras SpA		2,815,471		3,781,568
Snam SpA		8,849,531		47,436,712
Societa Cattolica di Assicurazioni SC		813,297		6,435,253
Technogym SpA(c)		570,951		7,105,536
Telecom Italia SpA/Milano(a)		39,624,206		21,376,145
Tenaris SA		2,036,276		21,049,579
Terna Rete Elettrica Nazionale SpA		6,205,500		43,297,193
Tod’s SpA(b)		58,580		2,370,819
UniCredit SpA		8,760,532		117,297,175
Unione di Banche Italiane SpA		4,466,560		13,394,275
Unipol Gruppo SpA		2,285,543		11,658,659
				1,737,425,320
Japan — 25.4%
77 Bank Ltd. (The)		353,300		5,482,775
ABC-Mart Inc.		146,500		9,515,708
Acom Co. Ltd.		2,292,100		10,912,244
Activia Properties Inc.		2,473		13,165,300
Adastria Co. Ltd.		142,600		2,832,660
ADEKA Corp.		485,900		7,204,330
Advance Residence Investment Corp.		5,364		16,900,918
Advantest Corp.		908,500		49,203,257
Aeon Co. Ltd.		2,927,400		60,865,396
Aeon Delight Co. Ltd.		106,800		3,729,649
AEON Financial Service Co. Ltd.		580,300		9,267,881
Aeon Mall Co. Ltd.		510,800		8,605,626
AEON REIT Investment Corp.		8,136		11,094,716
AGC Inc.		787,200		27,272,556
Ai Holdings Corp.		170,500		2,963,713
Aica Kogyo Co. Ltd.		238,400		7,632,495
Aichi Steel Corp.		38,300		1,245,629
Aida Engineering Ltd.		343,100		2,814,189
Aiful Corp.(a)		2,556,200		7,098,918
Ain Holdings Inc.		117,900		7,266,430
Air Water Inc.		699,100		9,810,685
Aisin Seiki Co. Ltd.		696,600		23,748,092
Ajinomoto Co. Inc.		1,920,200		31,978,235
Alfresa Holdings Corp.		895,300		18,395,840
Alps Alpine Co. Ltd.		932,776		17,229,483
Amada Holdings Co. Ltd.		1,541,500		16,540,707
Amano Corp.		335,800		9,898,796
ANA Holdings Inc.		434,300		13,720,009
AnGes Inc.(a)(b)		550,500		3,001,758
Anritsu Corp.(b)		654,900		12,985,008
AOKI Holdings Inc.		123,800		1,226,749
Aoyama Trading Co. Ltd.		240,700		3,137,972

SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Aozora Bank Ltd.		523,900	$	14,317,404
Arcs Co. Ltd.		181,100		3,251,562
Ariake Japan Co. Ltd.		88,800		6,152,955
Aruhi Corp.(b)		30,000		496,563
Asahi Diamond Industrial Co. Ltd.		378,700		2,117,380
Asahi Group Holdings Ltd.		1,604,700		75,301,049
Asahi Holdings Inc.		176,000		4,460,691
Asahi Intecc Co. Ltd.		907,800		25,504,000
Asahi Kasei Corp.		5,643,600		59,255,587
Asics Corp.		730,200		10,873,671
ASKUL Corp.		121,700		4,031,028
Astellas Pharma Inc.		8,318,500		149,699,998
Atom Corp.(b)		645,500		6,080,689
Autobacs Seven Co. Ltd.		437,300		6,435,332
Avex Inc.		198,600		2,229,978
Awa Bank Ltd. (The)		156,100		3,506,975
Azbil Corp.		582,800		16,039,972
Bandai Namco Holdings Inc.		914,800		53,832,121
Bando Chemical Industries Ltd.		57,300		437,211
Bank of Iwate Ltd. (The)		23,700		586,459
Bank of Kyoto Ltd. (The)		258,900		10,629,746
Bank of Nagoya Ltd. (The)		23,200		688,176
Bank of Okinawa Ltd. (The)		44,800		1,459,095
Bank of Saga Ltd. (The)		16,700		240,519
Bank of the Ryukyus Ltd.		174,200		1,710,096
Benefit One Inc.		336,200		5,986,677
Benesse Holdings Inc.		362,900		10,094,972
Bic Camera Inc.		561,800		6,188,949
BML Inc.		121,100		3,497,191
Bridgestone Corp.		2,450,000		88,180,560
Broadleaf Co. Ltd.		652,200		3,676,655
Brother Industries Ltd.		1,052,100		20,996,377
Calbee Inc.		399,100		13,219,255
Canon Electronics Inc.		94,000		1,813,480
Canon Inc.		4,285,700		114,136,394
Canon Marketing Japan Inc.		256,500		6,231,162
Capcom Co. Ltd.		433,600		12,441,722
Casio Computer Co. Ltd.		842,900		15,934,881
Cawachi Ltd.		96,800		1,912,154
Central Glass Co. Ltd.		178,700		3,973,493
Central Japan Railway Co.		624,700		124,409,738
Chiba Bank Ltd. (The)		2,901,400		16,141,940
Chiyoda Co. Ltd.		61,600		839,445
Chofu Seisakusho Co. Ltd.		23,500		508,442
Chubu Electric Power Co. Inc.		2,882,300		39,570,627
Chugai Pharmaceutical Co. Ltd.		1,019,800		105,992,960
Chugoku Bank Ltd. (The)		954,300		9,253,765
Chugoku Electric Power Co. Inc. (The)		1,187,100		15,738,919
Citizen Watch Co. Ltd.		1,508,900		7,462,014
CKD Corp.		348,200		5,769,869
Coca-Cola Bottlers Japan Holdings Inc.		568,450		15,173,002
cocokara fine Inc.		91,100		5,673,525
COLOPL Inc.(b)		342,600		3,587,683
Colowide Co. Ltd.		326,100		6,715,461
Comforia Residential REIT Inc.		3,834		12,628,482
COMSYS Holdings Corp.		524,100		15,425,373
Concordia Financial Group Ltd.		5,068,900		19,595,600
Cosel Co. Ltd.		120,200		1,266,489
Cosmo Energy Holdings Co. Ltd.		320,000		6,321,170
Cosmos Pharmaceutical Corp.		48,700		10,792,767

Security	Shares		Value
Japan (continued)
Create SD Holdings Co. Ltd.		148,100	$	3,752,204
Credit Saison Co. Ltd.		717,200		11,752,062
CyberAgent Inc.(b)		456,900		18,611,556
Dai Nippon Printing Co. Ltd.		1,170,700		32,889,989
Daibiru Corp.		196,400		2,464,400
Daicel Corp.		1,206,900		11,680,935
Daido Steel Co. Ltd.		113,300		4,437,501
Daifuku Co. Ltd.		470,600		29,221,184
Daihen Corp.		102,900		3,299,142
Dai-ichi Life Holdings Inc.		4,810,900		73,505,101
Daiichi Sankyo Co. Ltd.		2,498,000		171,496,222
Daiichikosho Co. Ltd.		183,300		9,047,885
Daikin Industries Ltd.		1,088,000		156,948,655
Daikyonishikawa Corp.		184,500		1,290,317
Daio Paper Corp.(b)		381,100		5,105,478
Daiseki Co. Ltd.		197,700		5,444,799
Daishi Hokuetsu Financial Group Inc.		161,700		4,084,833
Daito Trust Construction Co. Ltd.		336,600		40,077,714
Daiwa House Industry Co. Ltd.		2,461,200		78,592,178
Daiwa House REIT Investment Corp.		8,449		22,567,565
Daiwa Office Investment Corp.		1,501		12,048,438
Daiwa Securities Group Inc.		7,046,500		36,349,109
Daiwabo Holdings Co. Ltd.		83,200		4,720,948
DCM Holdings Co. Ltd.		636,700		6,138,778
DeNA Co. Ltd.		536,600		8,886,811
Denka Co. Ltd.		400,000		11,108,548
Denso Corp.		1,859,600		77,928,710
Dentsu Group Inc.		966,900		32,650,773
Descente Ltd.		141,800		2,353,630
DIC Corp.		388,100		10,462,963
Digital Garage Inc.		194,300		7,287,258
Dip Corp.		177,100		5,743,475
Disco Corp.		114,500		27,297,873
DMG Mori Co. Ltd.		626,500		8,976,837
Doshisha Co. Ltd.		73,200		1,143,402
Doutor Nichires Holdings Co. Ltd.		195,000		3,726,023
Dowa Holdings Co. Ltd.		215,900		7,918,093
DTS Corp.		222,700		5,247,735
Duskin Co. Ltd.		230,700		6,460,068
Earth Corp.		70,900		3,833,316
East Japan Railway Co.		1,297,000		116,076,025
Ebara Corp.		442,300		12,548,531
EDION Corp.		464,500		4,877,068
Eisai Co. Ltd.		1,113,800		85,591,551
Eizo Corp.		96,800		3,224,136
Electric Power Development Co. Ltd.		625,700		14,311,116
en-japan Inc.		154,900		6,309,762
Enplas Corp.		53,400		1,465,254
EPS Holdings Inc.		155,400		1,892,587
Euglena Co. Ltd.(a)		611,700		4,797,204
Exedy Corp.		147,000		3,120,792
Ezaki Glico Co. Ltd.		205,500		8,882,848
FamilyMart Co. Ltd.		1,127,700		25,054,220
Fancl Corp.		401,100		10,702,415
FANUC Corp.		830,200		155,645,744
Fast Retailing Co. Ltd.		246,700		135,066,458
FCC Co. Ltd.		196,200		4,065,740
Financial Products Group Co. Ltd.		454,500		4,314,993
Foster Electric Co. Ltd.		128,800		1,965,541
FP Corp.		108,800		6,695,539

16 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
France Bed Holdings Co. Ltd.		77,500	$	683,582
Frontier Real Estate Investment Corp.		1,986		8,309,738
Fuji Co. Ltd./Ehime		68,400		1,164,349
Fuji Corp./Aichi		368,900		5,959,717
Fuji Electric Co. Ltd.		523,700		15,896,785
Fuji Kyuko Co. Ltd.		105,700		3,754,625
Fuji Oil Holdings Inc.		228,800		6,012,109
Fuji Seal International Inc.		207,800		4,421,154
Fuji Soft Inc.		133,300		5,448,346
FUJIFILM Holdings Corp.		1,590,200		80,459,997
Fujikura Ltd.		1,268,500		4,810,200
Fujimi Inc.		106,700		2,968,128
Fujitec Co. Ltd.		327,800		5,456,024
Fujitsu General Ltd.		344,000		7,842,635
Fujitsu Ltd.		896,300		96,051,340
Fujiya Co. Ltd.		65,300		1,317,025
Fukuoka Financial Group Inc.		734,980		13,053,804
Fukuoka REIT Corp.		4,156		7,197,317
Fukuyama Transporting Co. Ltd.		118,500		4,028,902
Furukawa Co. Ltd.		158,800		1,954,507
Furukawa Electric Co. Ltd.		347,300		8,337,635
Futaba Corp.		151,500		1,812,940
Fuyo General Lease Co. Ltd.		79,900		5,086,589
Geo Holdings Corp.		177,800		2,045,639
Global One Real Estate Investment Corp.		5,692		7,609,640
Glory Ltd.		237,600		6,927,305
GLP J-REIT		15,507		20,788,551
GMO internet Inc.		365,600		7,157,847
GMO Payment Gateway Inc.(b)		169,400		11,112,552
Goldcrest Co. Ltd.		71,500		1,241,528
Goldwin Inc.		89,600		5,555,307
Gree Inc.		751,400		3,209,837
GS Yuasa Corp.		371,100		7,484,657
GungHo Online Entertainment Inc.(a)		194,030		3,591,126
Gunma Bank Ltd. (The)		2,220,400		7,334,070
Gunze Ltd.		75,700		3,076,611
H2O Retailing Corp.		495,200		4,582,605
Hachijuni Bank Ltd. (The)		2,127,100		8,301,548
Hakuhodo DY Holdings Inc.		1,048,700		15,248,892
Hamamatsu Photonics KK		635,300		27,549,107
Hankyu Hanshin Holdings Inc.		1,013,200		41,786,262
Hankyu Hanshin REIT Inc.		3,588		5,773,375
Hanwa Co. Ltd.		172,400		4,267,650
Harmonic Drive Systems Inc.(b)		180,100		8,291,729
Haseko Corp.		1,243,800		16,525,091
Hazama Ando Corp.		1,032,500		8,630,761
Heiwa Corp.		323,600		6,768,475
Heiwa Real Estate Co. Ltd.		175,400		5,235,217
Heiwa Real Estate REIT Inc.		4,789		6,446,603
Heiwado Co. Ltd.		167,900		2,975,835
Hibiya Engineering Ltd.		30,000		534,207
Hikari Tsushin Inc.		85,500		21,306,961
Hino Motors Ltd.		1,078,000		10,304,083
Hirata Corp.		48,700		2,884,661
Hirose Electric Co. Ltd.		119,445		15,153,100
Hiroshima Bank Ltd. (The)		1,523,600		7,014,591
HIS Co. Ltd.(b)		160,500		3,739,101
Hisamitsu Pharmaceutical Co. Inc.		239,100		12,397,859
Hitachi Capital Corp.		334,300		9,253,125
Hitachi Chemical Co. Ltd.		469,800		19,917,249

Security	Shares		Value
Japan (continued)
Hitachi Construction Machinery Co. Ltd.		472,800	$	13,064,871
Hitachi High-Technologies Corp.		329,100		24,048,272
Hitachi Ltd.		4,226,500		164,949,901
Hitachi Metals Ltd.		948,300		14,891,420
Hitachi Transport System Ltd.		190,600		5,557,005
Hitachi Zosen Corp.		1,046,900		3,998,861
Hogy Medical Co. Ltd.		124,700		4,343,244
Hokkaido Electric Power Co. Inc.		927,900		4,408,991
Hokkoku Bank Ltd. (The)		76,300		2,280,869
Hokuetsu Corp.		801,400		3,778,340
Hokuhoku Financial Group Inc.		699,100		6,850,064
Hokuriku Electric Power Co.(a)		804,300		6,062,768
Hokuto Corp.		111,600		1,992,397
Honda Motor Co. Ltd.		7,030,300		183,630,385
Horiba Ltd.		157,500		10,055,820
Hoshino Resorts REIT Inc.		1,618		8,329,972
Hoshizaki Corp.		217,700		20,286,663
Hosiden Corp.		339,400		3,817,213
House Foods Group Inc.		320,900		10,318,185
Hoya Corp.		1,697,800		166,044,010
Hulic Co. Ltd.		1,326,100		16,321,607
Hulic Reit Inc.		6,492		12,033,425
Hyakugo Bank Ltd. (The)		1,078,100		3,302,387
Hyakujushi Bank Ltd. (The)		56,100		1,027,435
Ibiden Co. Ltd.		526,900		12,464,562
Ichibanya Co. Ltd.		83,000		4,380,311
Ichigo Inc.		1,551,800		5,956,071
Ichigo Office REIT Investment		7,842		8,487,029
Idec Corp./Japan		150,100		2,778,065
Idemitsu Kosan Co. Ltd.		926,728		23,641,675
IHI Corp.		626,700		15,201,313
Iida Group Holdings Co. Ltd.		646,900		11,101,481
Iino Kaiun Kaisha Ltd.		598,000		1,980,735
Inaba Denki Sangyo Co. Ltd.		224,400		5,720,507
Inabata & Co. Ltd.		135,800		1,856,858
Industrial & Infrastructure Fund Investment Corp.		8,481		13,051,906
Infomart Corp.(b)		1,004,800		8,121,094
Inpex Corp.		4,526,700		43,038,837
Internet Initiative Japan Inc.		123,400		3,483,914
Invesco Office J-Reit Inc.		59,068		12,589,111
Invincible Investment Corp.		30,296		15,345,762
Iriso Electronics Co. Ltd.(b)		103,900		4,030,996
Iseki & Co. Ltd.		72,400		970,588
Isetan Mitsukoshi Holdings Ltd.		1,485,000		11,796,697
Ishihara Sangyo Kaisha Ltd.		178,100		1,542,980
Istyle Inc.(a)		330,800		1,446,687
Isuzu Motors Ltd.		2,385,600		24,057,395
Ito En Ltd.		228,500		11,279,005
ITOCHU Corp.		5,925,900		140,404,218
Itochu Enex Co. Ltd.		169,500		1,463,782
Itochu Techno-Solutions Corp.		462,400		13,844,056
Itoham Yonekyu Holdings Inc.		777,100		4,961,509
Iwatani Corp.		162,900		5,493,375
Iyo Bank Ltd. (The)		1,391,900		7,332,886
Izumi Co. Ltd.		153,900		4,927,186
J Front Retailing Co. Ltd.		1,046,300		12,839,221
J Trust Co. Ltd.(b)		393,500		1,517,581
Jaccs Co. Ltd.		130,100		3,128,114
Jafco Co. Ltd.		150,500		6,394,358
Japan Airlines Co. Ltd.		437,200		12,484,514

SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Japan Airport Terminal Co. Ltd.		232,500	$	10,961,618
Japan Aviation Electronics Industry Ltd.		228,800		4,167,101
Japan Excellent Inc.		6,641		12,021,628
Japan Exchange Group Inc.		2,254,500		41,268,884
Japan Hotel REIT Investment Corp.		21,019		14,176,214
Japan Lifeline Co. Ltd.		342,600		4,172,459
Japan Logistics Fund Inc.		4,485		12,140,970
Japan Petroleum Exploration Co. Ltd.		168,400		4,221,459
Japan Post Bank Co. Ltd.		1,547,200		14,503,439
Japan Post Holdings Co. Ltd.		6,834,300		62,822,467
Japan Post Insurance Co. Ltd.		989,300		16,913,530
Japan Prime Realty Investment Corp.		3,754		17,352,530
Japan Real Estate Investment Corp.		5,919		43,197,204
Japan Rental Housing Investments Inc.		9,825		9,762,905
Japan Retail Fund Investment Corp.		11,761		25,142,074
Japan Securities Finance Co. Ltd.		740,800		3,458,456
Japan Steel Works Ltd. (The)		359,500		6,630,442
Japan Tobacco Inc.		5,240,500		111,980,422
JCR Pharmaceuticals Co. Ltd.		52,800		4,623,075
JFE Holdings Inc.		2,173,100		26,365,516
JGC Holdings Corp.		938,200		13,823,918
JINS Holdings Inc.		68,800		4,900,457
J-Oil Mills Inc.		28,800		1,094,764
Joyful Honda Co. Ltd.		226,100		2,607,603
JSP Corp.		56,100		997,414
JSR Corp.		794,100		14,550,746
JTEKT Corp.		949,700		10,374,543
Juroku Bank Ltd. (The)		115,300		2,428,656
Justsystems Corp.		150,200		8,328,662
JVCKenwood Corp.		1,156,700		2,689,380
JXTG Holdings Inc.		14,424,550		62,390,820
Kadokawa Dwango(a)		338,900		5,762,723
Kagome Co. Ltd.		457,100		11,416,429
Kajima Corp.		1,988,800		25,799,260
Kakaku.com Inc.		630,200		16,722,380
Kaken Pharmaceutical Co. Ltd.		174,000		9,343,359
Kamigumi Co. Ltd.		523,200		11,310,215
Kanamoto Co. Ltd.		149,400		3,756,193
Kandenko Co. Ltd.		519,500		4,989,616
Kaneka Corp.		220,300		6,941,223
Kanematsu Corp.		451,000		5,917,073
Kansai Electric Power Co. Inc. (The)		3,122,200		35,374,467
Kansai Mirai Financial Group Inc.		343,957		2,034,197
Kansai Paint Co. Ltd.		767,700		18,741,839
Kanto Denka Kogyo Co. Ltd.		365,700		3,482,054
Kao Corp.		2,147,500		174,003,275
Kappa Create Co. Ltd.		128,100		1,752,755
Kato Sangyo Co. Ltd.		95,100		3,022,738
Kawasaki Heavy Industries Ltd.		611,200		12,389,227
Kawasaki Kisen Kaisha Ltd.(a)		429,000		5,873,839
KDDI Corp.		7,738,100		233,531,624
Keihan Holdings Co. Ltd.		445,100		20,389,551
Keihin Corp.		215,200		5,124,613
Keikyu Corp.		992,800		18,558,037
Keio Corp.		475,400		27,545,435
Keisei Electric Railway Co. Ltd.		623,400		22,834,322
Keiyo Bank Ltd. (The)		484,300		2,618,442
Kenedix Inc.		1,279,700		6,529,262
Kenedix Office Investment Corp.		1,766		14,175,578
Kenedix Residential Next Investment Corp.		5,120		10,165,835

Security	Shares		Value
Japan (continued)
Kenedix Retail REIT Corp.		3,553	$	8,801,776
Kewpie Corp.		468,700		9,881,252
KEY Coffee Inc.		69,800		1,459,305
Keyence Corp.		795,300		274,211,016
KH Neochem Co. Ltd.		158,600		3,498,755
Kikkoman Corp.		637,500		31,585,321
Kinden Corp.		673,700		11,710,576
Kintetsu Group Holdings Co. Ltd.		765,200		40,736,301
Kintetsu World Express Inc.		175,500		2,877,368
Kirin Holdings Co. Ltd.		3,628,700		80,769,837
Kisoji Co. Ltd.		117,200		3,207,226
Kissei Pharmaceutical Co. Ltd.		138,600		3,996,171
Kitz Corp.		372,900		2,635,433
Kiyo Bank Ltd. (The)		263,700		3,851,429
Koa Corp.		159,000		1,735,452
Kobayashi Pharmaceutical Co. Ltd.		197,400		16,191,226
Kobe Bussan Co. Ltd.		283,200		10,974,212
Kobe Steel Ltd.		1,572,700		7,356,727
Koei Tecmo Holdings Co. Ltd.		253,820		6,770,251
Kohnan Shoji Co. Ltd.		157,400		3,478,092
Koito Manufacturing Co. Ltd.		474,000		21,057,434
Kokuyo Co. Ltd.		471,900		7,092,541
Komatsu Ltd.		4,096,900		93,251,394
KOMEDA Holdings Co. Ltd.		217,700		4,386,740
Komeri Co. Ltd.		131,900		2,881,757
Komori Corp.		246,800		2,297,561
Konami Holdings Corp.		420,100		16,434,230
Konica Minolta Inc.		2,070,800		12,992,056
Konishi Co. Ltd.		78,700		1,126,205
Kose Corp.		143,400		19,488,693
Kotobuki Spirits Co. Ltd.		110,400		7,384,786
K’s Holdings Corp.		855,600		10,522,810
Kubota Corp.		4,613,600		74,087,473
Kumagai Gumi Co. Ltd.		171,100		4,972,690
Kumiai Chemical Industry Co. Ltd.		485,327		3,806,135
Kurabo Industries Ltd.		64,000		1,388,236
Kuraray Co. Ltd.		1,377,200		16,963,251
Kureha Corp.		90,800		5,194,077
Kurita Water Industries Ltd.		463,600		13,837,210
Kusuri no Aoki Holdings Co. Ltd.		78,800		4,812,991
KYB Corp.(a)(b)		103,700		2,848,318
Kyocera Corp.		1,377,200		92,427,484
Kyoei Steel Ltd.		78,300		1,400,781
Kyokuto Kaihatsu Kogyo Co. Ltd.		119,300		1,577,311
KYORIN Holdings Inc.		271,100		4,955,013
Kyoritsu Maintenance Co. Ltd.		145,400		5,916,077
Kyowa Exeo Corp.		474,100		12,050,980
Kyowa Kirin Co. Ltd.		1,107,100		26,414,731
Kyudenko Corp.		193,600		5,698,058
Kyushu Electric Power Co. Inc.		1,582,300		13,138,995
Kyushu Financial Group Inc.		2,087,200		8,896,862
Kyushu Railway Co.		693,900		22,951,806
LaSalle Logiport REIT		7,623		12,308,207
Lasertec Corp.		363,900		18,499,691
Lawson Inc.		195,700		11,447,507
Leopalace21 Corp.(a)(b)		1,262,500		3,669,212
Lifull Co. Ltd.		426,900		2,225,386
LINE Corp.(a)(b)		277,600		13,728,247
Lintec Corp.		233,900		5,185,789
Lion Corp.		990,700		19,122,059

18 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
LIXIL Group Corp.		1,137,600	$	19,270,504
M3 Inc.		1,973,500		58,630,530
Mabuchi Motor Co. Ltd.		218,700		8,182,207
Macnica Fuji Electronics Holdings Inc.		236,000		3,623,232
Maeda Corp.		692,800		6,762,766
Maeda Road Construction Co. Ltd.		394,400		13,536,633
Makino Milling Machine Co. Ltd.		125,600		4,867,094
Makita Corp.		985,800		38,700,734
Mandom Corp.		215,800		4,977,626
Mani Inc.		407,600		10,428,332
Mars Group Holdings Corp.		12,600		229,017
Marubeni Corp.		6,863,400		50,355,452
Marudai Food Co. Ltd.		53,500		1,049,910
Maruha Nichiro Corp.		200,400		4,860,927
Marui Group Co. Ltd.		896,000		21,022,540
Maruichi Steel Tube Ltd.		234,400		6,617,742
Maruwa Co. Ltd./Aichi		50,500		3,788,024
Matsui Securities Co. Ltd.		690,900		5,717,925
Matsumotokiyoshi Holdings Co. Ltd.		370,400		15,053,854
Matsuya Co. Ltd.		146,600		999,561
Maxell Holdings Ltd.		318,500		4,243,336
Mazda Motor Corp.		2,463,600		21,229,897
McDonald’s Holdings Co. Japan Ltd.		327,600		15,656,853
MCUBS MidCity Investment Corp.		10,974		12,909,397
Mebuki Financial Group Inc.		5,185,810		11,722,318
Medipal Holdings Corp.		762,300		16,429,698
Megachips Corp.		92,600		1,484,026
Megmilk Snow Brand Co. Ltd.		228,600		5,424,729
Meidensha Corp.		189,100		3,608,053
MEIJI Holdings Co. Ltd.		521,700		37,159,422
Meitec Corp.		140,700		8,178,346
Melco Holdings Inc.		30,300		742,229
Menicon Co. Ltd.		143,100		6,495,844
Mercari Inc.(a)(b)		405,000		7,185,635
Micronics Japan Co. Ltd.		185,400		2,201,502
Milbon Co. Ltd.		128,000		7,286,617
MINEBEA MITSUMI Inc.		1,688,259		34,050,230
Miraca Holdings Inc.		242,100		6,466,573
Mirait Holdings Corp.		460,000		6,985,838
MISUMI Group Inc.(b)		1,257,500		32,149,583
Mitsubishi Chemical Holdings Corp.		5,722,800		42,240,531
Mitsubishi Corp.		5,859,600		152,619,374
Mitsubishi Electric Corp.		8,023,400		114,371,481
Mitsubishi Estate Co. Ltd.		5,190,900		103,066,077
Mitsubishi Gas Chemical Co. Inc.		775,200		12,087,355
Mitsubishi Heavy Industries Ltd.		1,369,300		50,837,876
Mitsubishi Logistics Corp.		340,900		8,781,592
Mitsubishi Materials Corp.		462,900		11,885,876
Mitsubishi Motors Corp.		2,923,300		11,139,207
Mitsubishi Pencil Co. Ltd.		164,700		2,454,126
Mitsubishi Shokuhin Co. Ltd.		27,500		805,577
Mitsubishi UFJ Financial Group Inc.		53,604,100		281,163,730
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,923,760		12,318,028
Mitsui & Co. Ltd.		7,154,400		129,410,907
Mitsui Chemicals Inc.		758,100		17,171,523
Mitsui E&S Holdings Co. Ltd.(a)		410,800		3,528,669
Mitsui Fudosan Co. Ltd.		3,908,700		104,997,740
Mitsui Fudosan Logistics Park Inc.		2,027		9,818,471
Mitsui Mining & Smelting Co. Ltd.		272,000		6,610,214
Mitsui OSK Lines Ltd.		507,500		12,590,926

Security	Shares		Value
Japan (continued)
Mitsui Sugar Co. Ltd.		104,300	$	2,068,967
Mitsui-Soko Holdings Co. Ltd.		105,400		1,759,179
Miura Co. Ltd.		424,400		15,075,333
Mixi Inc.		228,700		4,068,216
Miyazaki Bank Ltd. (The)		26,700		610,441
Mizuho Financial Group Inc.		104,899,700		157,274,542
Mizuho Leasing Co. Ltd.		137,300		4,174,042
Mochida Pharmaceutical Co. Ltd.		143,800		5,472,851
Modec Inc.		106,200		2,410,407
Monex Group Inc.		960,600		2,339,792
MonotaRO Co. Ltd.		583,100		14,375,081
Mori Hills REIT Investment Corp.		7,574		12,697,290
Mori Trust Sogo REIT Inc.		5,041		9,250,864
Morinaga & Co. Ltd./Japan		192,600		9,364,783
Morinaga Milk Industry Co. Ltd.		184,700		7,148,743
Morita Holdings Corp.		79,800		1,283,309
MOS Food Services Inc.		138,200		3,857,130
MS&AD Insurance Group Holdings Inc.		2,082,300		70,258,533
Murata Manufacturing Co. Ltd.		2,501,300		146,037,057
Musashi Seimitsu Industry Co. Ltd.		250,900		3,004,735
Musashino Bank Ltd. (The)		93,500		1,503,626
Nabtesco Corp.		510,200		15,204,558
Nachi-Fujikoshi Corp.		97,200		3,703,797
Nagaileben Co. Ltd.		40,900		896,604
Nagase & Co. Ltd.		524,600		7,395,754
Nagoya Railroad Co. Ltd.		807,000		23,937,860
Nakanishi Inc.		329,800		5,939,656
Nankai Electric Railway Co. Ltd.		470,000		12,293,675
Nanto Bank Ltd. (The)		134,400		3,243,903
NEC Corp.		1,058,400		48,044,729
NEC Networks & System Integration Corp.		155,700		5,911,385
NET One Systems Co. Ltd.		439,800		7,397,291
Nexon Co. Ltd.(a)		2,207,700		30,248,046
NGK Insulators Ltd.		1,153,300		19,759,912
NGK Spark Plug Co. Ltd.		680,600		12,226,122
NH Foods Ltd.		399,300		17,775,730
NHK Spring Co. Ltd.		997,700		8,192,582
Nichias Corp.		323,700		7,923,385
Nichicon Corp.		349,100		3,237,030
Nichiha Corp.		126,800		3,123,643
NichiiGakkan Co. Ltd.		197,500		2,760,645
Nichi-Iko Pharmaceutical Co. Ltd.		356,400		4,258,320
Nichirei Corp.		480,900		11,775,694
Nidec Corp.		996,800		129,123,698
Nifco Inc./Japan		418,800		11,205,610
Nihon Kohden Corp.		386,300		11,494,372
Nihon M&A Center Inc.		619,400		18,173,105
Nihon Parkerizing Co. Ltd.		481,000		5,147,945
Nihon Unisys Ltd.		360,600		11,178,816
Nikkiso Co. Ltd.		265,000		3,391,198
Nikkon Holdings Co. Ltd.		238,800		5,646,947
Nikon Corp.		1,333,900		16,479,145
Nintendo Co. Ltd.		498,900		187,665,756
Nippo Corp.		245,500		6,145,145
Nippon Accommodations Fund Inc.		1,765		11,708,585
Nippon Building Fund Inc.		6,110		49,495,594
Nippon Chemi-Con Corp.		88,900		1,394,381
Nippon Denko Co. Ltd.(a)		796,400		1,190,357
Nippon Electric Glass Co. Ltd.		395,000		7,850,072
Nippon Express Co. Ltd.		344,100		18,318,559

SCHEDULE OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nippon Flour Mills Co. Ltd.		269,800	$	4,129,706
Nippon Gas Co. Ltd.		159,100		5,108,345
Nippon Kayaku Co. Ltd.		750,200		8,963,500
Nippon Light Metal Holdings Co. Ltd.		3,029,100		5,924,890
Nippon Paint Holdings Co. Ltd.		665,000		32,395,627
Nippon Paper Industries Co. Ltd.		488,800		8,086,160
Nippon Prologis REIT Inc.		9,322		26,834,562
NIPPON REIT Investment Corp.		2,525		11,834,663
Nippon Road Co. Ltd. (The)		25,500		1,750,427
Nippon Seiki Co. Ltd.		104,200		1,554,564
Nippon Sharyo Ltd.(a)		20,800		575,725
Nippon Sheet Glass Co. Ltd.		550,500		3,057,628
Nippon Shinyaku Co. Ltd.		189,800		17,126,392
Nippon Shokubai Co. Ltd.		117,400		7,040,642
Nippon Signal Co. Ltd.		261,300		3,355,903
Nippon Soda Co. Ltd.		112,000		3,100,060
Nippon Steel Corp.		3,407,708		48,277,304
Nippon Steel Trading Corp.		65,672		3,020,482
Nippon Suisan Kaisha Ltd.		1,492,800		8,291,420
Nippon Telegraph & Telephone Corp.		5,615,900		144,380,729
Nippon Thompson Co. Ltd.		425,300		1,832,496
Nippon Yusen KK		658,000		10,769,867
Nipro Corp.		688,200		7,943,333
Nishimatsu Construction Co. Ltd.		252,300		5,707,797
Nishimatsuya Chain Co. Ltd.		364,100		3,154,402
Nishi-Nippon Financial Holdings Inc.		782,700		5,293,344
Nishi-Nippon Railroad Co. Ltd.		333,300		7,841,629
Nissan Chemical Corp.		557,400		23,579,637
Nissan Motor Co. Ltd.		9,895,400		54,733,518
Nissan Shatai Co. Ltd.		240,000		2,322,831
Nissha Co. Ltd.		228,500		2,120,875
Nisshin Oillio Group Ltd. (The)		134,800		4,576,869
Nisshin Seifun Group Inc.		940,200		16,290,959
Nisshinbo Holdings Inc.		766,300		6,773,220
Nissin Electric Co. Ltd.		323,900		3,956,669
Nissin Foods Holdings Co. Ltd.		247,800		18,884,790
Nissin Kogyo Co. Ltd.		213,200		4,396,383
Nitori Holdings Co. Ltd.		373,100		58,468,455
Nitta Corp.		103,400		2,962,190
Nitto Boseki Co. Ltd.(b)		116,300		4,946,653
Nitto Denko Corp.		699,100		39,926,457
Nitto Kogyo Corp.		98,100		2,084,461
Noevir Holdings Co. Ltd.		89,900		4,172,136
NOF Corp.		354,500		11,856,461
NOK Corp.		462,200		6,328,411
Nomura Co. Ltd.		438,300		5,083,204
Nomura Holdings Inc.		14,731,300		76,969,462
Nomura Real Estate Holdings Inc.		517,000		12,902,939
Nomura Real Estate Master Fund Inc.		18,184		32,010,954
Nomura Research Institute Ltd.		1,529,940		34,160,214
Noritake Co. Ltd./Nagoya		58,200		2,360,004
Noritz Corp.		94,200		1,187,223
North Pacific Bank Ltd.		1,819,400		3,726,593
NS Solutions Corp.		167,500		5,030,332
NSD Co. Ltd.		451,900		7,379,831
NSK Ltd.		1,569,600		13,482,471
NTN Corp.		2,210,400		6,057,008
NTT Data Corp.		2,789,200		40,016,663
NTT DOCOMO Inc.		5,811,900		166,605,834
Obara Group Inc.		58,500		1,905,291

Security	Shares		Value
Japan (continued)
Obayashi Corp.		2,891,000	$	32,354,874
OBIC Business Consultants Co. Ltd.		119,500		4,680,329
Obic Co. Ltd.		323,800		44,842,349
Odakyu Electric Railway Co. Ltd.		1,278,400		28,732,596
Ogaki Kyoritsu Bank Ltd. (The)		179,400		3,770,570
Ohsho Food Service Corp.		67,100		4,055,035
Oiles Corp.		87,400		1,243,445
Oita Bank Ltd. (The)		29,800		702,761
Oji Holdings Corp.		3,779,700		19,738,065
Okabe Co. Ltd.		171,000		1,364,718
Okamoto Industries Inc.		40,100		1,422,563
Okamura Corp.		343,600		3,373,072
Okasan Securities Group Inc.		832,200		2,979,135
Oki Electric Industry Co. Ltd.		516,200		6,553,409
Okinawa Electric Power Co. Inc. (The)		194,987		3,635,823
OKUMA Corp.		129,100		6,086,645
Okumura Corp.		186,200		4,997,516
Olympus Corp.		5,181,000		85,302,344
Omron Corp.		832,100		49,211,247
Ono Pharmaceutical Co. Ltd.		1,710,900		40,087,010
Onward Holdings Co. Ltd.		611,000		3,557,144
Open House Co. Ltd.		360,500		9,768,773
Oracle Corp. Japan		158,300		13,933,496
Orient Corp.		4,731,900		7,421,903
Oriental Land Co. Ltd.		902,800		118,779,610
ORIX Corp.		5,761,500		98,767,053
Orix JREIT Inc.		12,421		26,277,947
Osaka Gas Co. Ltd.		1,673,000		28,664,123
OSAKA Titanium Technologies Co. Ltd.(b)		109,600		1,418,728
OSG Corp.		410,900		7,093,176
Otsuka Corp.		470,500		18,666,328
Otsuka Holdings Co. Ltd.		1,731,800		78,501,023
Outsourcing Inc.		587,600		5,470,207
Oyo Corp.		56,300		726,184
Pacific Metals Co. Ltd.		92,500		1,789,662
Pack Corp. (The)		47,200		1,691,858
PAL GROUP Holdings Co. Ltd.		64,800		1,928,127
PALTAC Corp.		145,300		6,984,481
Pan Pacific International Holdings Corp.		2,069,400		33,737,416
Panasonic Corp.		9,769,000		99,325,903
Paramount Bed Holdings Co. Ltd.		94,900		4,014,545
Park24 Co. Ltd.		504,800		12,831,333
Penta-Ocean Construction Co. Ltd.		1,424,700		8,596,704
Pepper Food Service Co. Ltd.(b)		92,600		828,731
PeptiDream Inc.(a)		443,600		21,446,363
Persol Holdings Co. Ltd.		783,300		14,345,624
Pigeon Corp.		525,200		18,970,872
Pilot Corp.		137,100		5,489,819
Piolax Inc.		106,600		1,931,655
Plenus Co. Ltd.		107,200		1,971,210
Pola Orbis Holdings Inc.		420,800		9,306,247
Premier Investment Corp.		7,371		10,908,414
Press Kogyo Co. Ltd.		613,600		2,072,036
Prima Meat Packers Ltd.		163,000		3,660,488
Raito Kogyo Co. Ltd.		210,900		3,014,108
Raiznext Corp.		157,800		1,872,314
Rakuten Inc.(a)		3,933,400		31,065,096
Recruit Holdings Co. Ltd.		5,957,600		236,578,036
Relia Inc.		241,300		3,268,242
Relo Group Inc.		478,200		13,024,371

20 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Renesas Electronics Corp.(a)		3,482,800	$	22,846,988
Rengo Co. Ltd.		836,700		5,975,050
Resona Holdings Inc.		9,381,400		39,460,998
Resorttrust Inc.		443,000		7,062,822
Ricoh Co. Ltd.		3,034,600		35,249,909
Ricoh Leasing Co. Ltd.		65,300		2,473,188
Riken Corp.		27,100		895,124
Ringer Hut Co. Ltd.(b)		157,900		3,594,033
Rinnai Corp.		146,100		10,622,023
Riso Kagaku Corp.		51,700		899,628
Rohm Co. Ltd.		431,400		32,041,057
Rohto Pharmaceutical Co. Ltd.		465,900		13,196,595
Round One Corp.		376,300		3,551,736
Royal Holdings Co. Ltd.		145,400		3,216,951
Ryobi Ltd.		105,200		1,747,105
Ryohin Keikaku Co. Ltd.		1,038,800		17,654,377
Ryosan Co. Ltd.		89,700		2,118,670
Ryoyo Electro Corp.		131,100		2,255,861
Saizeriya Co. Ltd.		156,400		3,464,653
Sakai Chemical Industry Co. Ltd.		72,000		1,499,322
Sakata Seed Corp.		183,700		5,957,517
San-A Co. Ltd.		94,400		3,915,007
SanBio Co. Ltd.(a)(b)		139,200		2,941,071
Sangetsu Corp.		249,200		4,469,666
San-in Godo Bank Ltd. (The)		731,400		4,102,885
Sanken Electric Co. Ltd.		129,500		3,384,910
Sankyo Co. Ltd.		208,000		7,081,423
Sankyo Tateyama Inc.		131,100		1,743,000
Sankyu Inc.		205,600		10,300,392
Sanrio Co. Ltd.		253,700		5,086,406
Santen Pharmaceutical Co. Ltd.		1,678,400		31,838,265
Sanwa Holdings Corp.		947,900		10,197,457
Sanyo Special Steel Co. Ltd.		102,500		1,420,446
Sapporo Holdings Ltd.		338,200		8,315,754
Sato Holdings Corp.		156,100		4,515,140
Sawai Pharmaceutical Co. Ltd.		186,000		12,235,826
SBI Holdings Inc.		1,076,000		25,593,283
SCREEN Holdings Co. Ltd.		164,500		8,924,298
SCSK Corp.		205,800		11,221,830
Secom Co. Ltd.		946,000		84,776,473
Sega Sammy Holdings Inc.		765,500		10,587,115
Seibu Holdings Inc.		940,100		14,840,717
Seikagaku Corp.		158,600		1,720,843
Seiko Epson Corp.		1,221,800		18,261,900
Seiko Holdings Corp.		137,800		3,428,949
Seino Holdings Co. Ltd.		691,500		8,983,088
Seiren Co. Ltd.		218,300		2,851,989
Sekisui Chemical Co. Ltd.		1,655,100		28,143,648
Sekisui House Ltd.		2,780,700		60,573,259
Sekisui House Reit Inc.		18,100		15,530,747
Senko Group Holdings Co. Ltd.		628,000		5,110,449
Senshu Ikeda Holdings Inc.		1,572,800		2,916,758
Seria Co. Ltd.		194,200		5,411,118
Seven & i Holdings Co. Ltd.		3,293,900		128,157,737
Seven Bank Ltd.		3,048,500		9,225,520
SG Holdings Co. Ltd.		621,500		13,331,988
Sharp Corp.		965,899		13,563,669
Shiga Bank Ltd. (The)		213,600		5,242,201
Shikoku Chemicals Corp.		84,300		949,673
Shikoku Electric Power Co. Inc.		716,600		6,148,803

Security	Shares		Value
Japan (continued)
Shima Seiki Manufacturing Ltd.		148,600	$	2,942,248
Shimachu Co. Ltd.		206,000		5,967,985
Shimadzu Corp.		999,700		28,777,635
Shimamura Co. Ltd.		96,400		7,346,625
Shimano Inc.		348,700		54,242,580
Shimizu Corp.		2,590,000		27,074,503
Shin-Etsu Chemical Co. Ltd.		1,602,300		187,971,071
Shinko Electric Industries Co. Ltd.		449,800		5,473,877
Shinmaywa Industries Ltd.		407,700		5,375,313
Shinsei Bank Ltd.		734,400		11,451,179
Shionogi & Co. Ltd.		1,213,100		73,478,816
Ship Healthcare Holdings Inc.		224,200		10,218,646
Shiseido Co. Ltd.		1,757,700		114,931,217
Shizuoka Bank Ltd. (The)		2,155,500		15,452,540
Shizuoka Gas Co. Ltd.		154,500		1,270,097
SHO-BOND Holdings Co. Ltd.		194,900		8,109,969
Shochiku Co. Ltd.(b)		46,600		6,397,638
Showa Corp.		335,700		7,074,215
Showa Denko KK		597,000		14,734,281
Showa Sangyo Co. Ltd.		41,000		1,140,518
Siix Corp.(b)		165,600		1,977,085
Sintokogio Ltd.		189,400		1,656,606
SKY Perfect JSAT Holdings Inc.		1,046,300		4,566,129
Skylark Holdings Co. Ltd.		895,600		16,567,588
SMC Corp.		242,200		107,776,039
SMS Co. Ltd.		373,500		9,449,066
Softbank Corp.		7,378,700		101,845,599
SoftBank Group Corp.		6,897,000		287,881,423
Sohgo Security Services Co. Ltd.		340,200		17,922,609
Sojitz Corp.		5,704,400		18,262,922
Sompo Holdings Inc.		1,452,600		55,391,390
Sony Corp.		5,587,300		397,866,692
Sony Financial Holdings Inc.		711,500		16,726,503
Sosei Group Corp.(a)(b)		355,100		6,329,780
Sotetsu Holdings Inc.		389,100		10,550,952
Square Enix Holdings Co. Ltd.		406,900		20,197,647
St. Marc Holdings Co. Ltd.		60,000		1,267,150
Stanley Electric Co. Ltd.		614,800		16,200,293
Star Micronics Co. Ltd.		206,100		2,702,109
Starts Corp. Inc.		130,400		3,190,670
Subaru Corp.		2,729,200		69,498,473
Sugi Holdings Co. Ltd.		178,000		9,016,192
SUMCO Corp.		1,065,900		17,111,833
Sumitomo Bakelite Co. Ltd.		178,400		6,608,627
Sumitomo Chemical Co. Ltd.		6,575,200		28,633,984
Sumitomo Corp.		5,126,400		77,474,219
Sumitomo Dainippon Pharma Co. Ltd.		684,300		12,014,789
Sumitomo Electric Industries Ltd.		3,356,000		45,826,267
Sumitomo Forestry Co. Ltd.		650,900		9,218,356
Sumitomo Heavy Industries Ltd.		489,400		13,239,109
Sumitomo Metal Mining Co. Ltd.		1,013,700		29,592,165
Sumitomo Mitsui Construction Co. Ltd.		967,840		5,545,312
Sumitomo Mitsui Financial Group Inc.		5,778,100		207,059,468
Sumitomo Mitsui Trust Holdings Inc.		1,478,500		55,696,965
Sumitomo Osaka Cement Co. Ltd.		168,500		6,995,894
Sumitomo Realty & Development Co. Ltd.		1,502,100		56,128,662
Sumitomo Riko Co. Ltd.		101,600		813,662
Sumitomo Rubber Industries Ltd.		769,700		8,628,366
Sumitomo Warehouse Co. Ltd. (The)		366,900		4,861,082
Sundrug Co. Ltd.		369,400		12,712,663

SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Suntory Beverage & Food Ltd.		611,900	$	26,223,882
Suruga Bank Ltd.(a)(b)		923,800		3,699,121
Sushiro Global Holdings Ltd.		114,800		9,712,746
Suzuken Co. Ltd.		353,500		13,812,543
Suzuki Motor Corp.		1,620,100		75,216,526
Sysmex Corp.		730,800		53,246,553
Systena Corp.		389,600		6,664,376
T&D Holdings Inc.		2,463,700		27,072,627
Tachi-S Co. Ltd.		143,600		1,713,104
Tadano Ltd.		525,400		4,556,682
Taiheiyo Cement Corp.		529,400		14,575,168
Taikisha Ltd.		117,900		4,128,159
Taisei Corp.		934,900		38,039,480
Taisho Pharmaceutical Holdings Co. Ltd.		139,500		10,064,954
Taiyo Holdings Co. Ltd.		101,500		4,378,027
Taiyo Nippon Sanso Corp.		594,100		13,248,509
Taiyo Yuden Co. Ltd.(b)		534,800		16,036,352
Takara Bio Inc.		245,900		4,678,192
Takara Holdings Inc.		725,700		6,521,491
Takara Leben Co. Ltd.		615,700		2,783,531
Takasago Thermal Engineering Co. Ltd.		216,300		3,827,683
Takashimaya Co. Ltd.		699,800		7,599,434
Takeda Pharmaceutical Co. Ltd.		6,590,080		257,012,208
Takeuchi Manufacturing Co. Ltd.		248,200		4,325,781
Takuma Co. Ltd.		420,500		4,667,265
Tamron Co. Ltd.		96,000		2,080,583
TDK Corp.		575,700		63,048,937
TechnoPro Holdings Inc.		170,900		11,636,684
Teijin Ltd.		773,200		14,089,311
Tekken Corp.		62,200		1,598,830
Terumo Corp.		2,852,500		104,851,778
T-Gaia Corp.		114,000		2,839,876
THK Co. Ltd.		566,900		14,728,887
TIS Inc.		356,900		21,700,152
Toa Corp./Tokyo		95,900		1,398,883
Toagosei Co. Ltd.		566,200		6,503,843
Tobu Railway Co. Ltd.		834,100		29,782,415
TOC Co. Ltd.		130,800		1,069,233
Tocalo Co. Ltd.		382,000		3,905,116
Toda Corp.		1,177,600		7,746,725
Toei Co. Ltd.		37,300		5,193,126
Toho Bank Ltd. (The)		610,400		1,436,103
Toho Co. Ltd.		518,700		19,358,228
Toho Gas Co. Ltd.		363,600		14,240,734
Toho Holdings Co. Ltd.		323,700		6,767,580
Toho Titanium Co. Ltd.(b)		175,100		1,376,438
Toho Zinc Co. Ltd.		91,000		1,601,956
Tohoku Electric Power Co. Inc.		1,791,100		16,988,059
Tokai Carbon Co. Ltd.(b)		1,040,700		9,697,901
Tokai Corp./Gifu		47,400		1,168,108
TOKAI Holdings Corp.		588,000		5,690,935
Tokai Rika Co. Ltd.		244,300		4,271,334
Tokai Tokyo Financial Holdings Inc.		1,552,600		4,741,529
Token Corp.		50,010		3,497,493
Tokio Marine Holdings Inc.		2,812,500		155,305,739
Tokuyama Corp.		337,600		8,836,750
Tokyo Broadcasting System Holdings Inc.		194,700		3,440,056
Tokyo Century Corp.		179,000		9,347,603
Tokyo Dome Corp.		508,700		4,820,177
Tokyo Electric Power Co. Holdings Inc.(a)		6,723,500		26,984,569

Security	Shares		Value
Japan (continued)
Tokyo Electron Ltd.		684,200	$	154,660,700
Tokyo Gas Co. Ltd.		1,690,800		37,564,667
Tokyo Kiraboshi Financial Group Inc.		98,100		1,154,011
Tokyo Ohka Kogyo Co. Ltd.		172,300		7,368,275
Tokyo Seimitsu Co. Ltd.		179,000		6,473,959
Tokyo Steel Manufacturing Co. Ltd.		593,300		4,521,528
Tokyo Tatemono Co. Ltd.		913,800		15,007,280
Tokyotokeiba Co. Ltd.		79,800		2,345,002
Tokyu Construction Co. Ltd.		487,700		3,473,769
Tokyu Corp.		2,188,700		39,014,332
Tokyu Fudosan Holdings Corp.		2,503,100		17,921,351
Tokyu REIT Inc.		4,797		9,382,885
TOMONY Holdings Inc.		694,300		2,357,359
Tomy Co. Ltd.		468,400		5,168,671
Topcon Corp.		535,600		7,634,839
Toppan Forms Co. Ltd.		197,900		2,278,721
Toppan Printing Co. Ltd.		1,281,700		25,968,660
Topre Corp.		161,500		2,519,689
Topy Industries Ltd.		58,700		971,067
Toray Industries Inc.		6,104,200		40,842,975
Toridoll Holdings Corp.		136,800		3,168,040
Torii Pharmaceutical Co. Ltd.		45,100		1,554,168
Toshiba Corp.		2,253,200		72,760,991
Toshiba Machine Co. Ltd.(b)		142,400		4,467,039
Toshiba TEC Corp.		167,000		6,663,976
Tosoh Corp.		1,175,200		17,055,770
Totetsu Kogyo Co. Ltd.		107,200		3,189,740
TOTO Ltd.		621,100		25,930,502
Towa Bank Ltd. (The)		129,900		969,591
Toyo Ink SC Holdings Co. Ltd.		180,100		4,117,616
Toyo Seikan Group Holdings Ltd.		701,800		12,147,223
Toyo Suisan Kaisha Ltd.		420,500		17,846,565
Toyo Tanso Co. Ltd.		89,900		1,713,645
Toyo Tire Corp.		535,400		6,831,741
Toyobo Co. Ltd.		461,400		6,453,683
Toyoda Gosei Co. Ltd.		334,700		7,785,014
Toyota Boshoku Corp.		343,400		5,075,673
Toyota Industries Corp.		643,600		35,628,546
Toyota Motor Corp.		9,946,525		702,226,409
Toyota Tsusho Corp.		944,300		33,412,285
TPR Co. Ltd.		88,100		1,481,813
Transcosmos Inc.		102,900		2,701,974
Trend Micro Inc.(a)		554,800		29,484,228
Trusco Nakayama Corp.		208,400		4,924,228
TS Tech Co. Ltd.		205,100		5,809,448
TSI Holdings Co. Ltd.		342,000		1,634,507
Tsubaki Nakashima Co. Ltd.		213,600		2,556,066
Tsubakimoto Chain Co.		112,300		3,543,535
Tsumura & Co.		341,700		9,457,951
Tsuruha Holdings Inc.		147,200		18,239,572
TV Asahi Holdings Corp.		114,700		2,230,822
UACJ Corp.		127,800		2,664,834
Ube Industries Ltd.		493,800		10,178,062
Ulvac Inc.		202,800		7,540,564
Unicharm Corp.		1,776,700		61,832,471
Unipres Corp.		183,700		2,398,261
United Arrows Ltd.		111,000		2,977,137
United Super Markets Holdings Inc.		325,200		2,934,406
United Urban Investment Corp.		14,398		25,811,057
Universal Entertainment Corp.		124,800		3,719,186

22 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Unizo Holdings Co. Ltd.		139,700	$	7,153,527
Ushio Inc.		570,900		8,538,348
USS Co. Ltd.		1,001,000		18,471,191
UT Group Co. Ltd.(b)		145,700		3,762,645
V Technology Co. Ltd.		55,600		2,549,541
Valor Holdings Co. Ltd.		184,900		3,287,376
Vital KSK Holdings Inc.		100,800		969,079
VT Holdings Co. Ltd.		447,900		1,863,753
Wacoal Holdings Corp.		241,200		6,551,578
Wacom Co. Ltd.		785,800		2,929,033
WATAMI Co. Ltd.		121,800		1,441,799
Welcia Holdings Co. Ltd.		203,700		11,332,851
West Japan Railway Co.		705,000		60,323,569
Xebio Holdings Co. Ltd.		145,800		1,573,889
Yakult Honsha Co. Ltd.		531,100		27,195,691
Yamada Denki Co. Ltd.		2,541,800		12,921,823
Yamagata Bank Ltd. (The)		37,000		478,609
Yamaguchi Financial Group Inc.		1,001,900		6,165,681
Yamaha Corp.		629,300		32,862,832
Yamaha Motor Co. Ltd.		1,223,000		23,267,297
YA-MAN Ltd.(b)		212,100		1,293,519
Yamanashi Chuo Bank Ltd. (The)		42,000		388,670
Yamato Holdings Co. Ltd.		1,327,300		21,736,933
Yamato Kogyo Co. Ltd.		181,300		4,481,272
Yamazaki Baking Co. Ltd.		578,200		11,138,825
Yamazen Corp.		346,400		3,288,699
Yaoko Co. Ltd.		77,800		4,034,101
Yaskawa Electric Corp.		1,076,500		38,487,221
Yellow Hat Ltd.		125,100		2,024,500
Yodogawa Steel Works Ltd.		52,300		956,392
Yokogawa Electric Corp.		1,010,900		18,056,949
Yokohama Reito Co. Ltd.		252,700		2,231,249
Yokohama Rubber Co. Ltd. (The)		575,400		10,028,423
Yondoshi Holdings Inc.		80,800		1,781,723
Yonex Co. Ltd.		196,400		1,279,314
Yoshinoya Holdings Co. Ltd.		396,500		9,035,891
Yuasa Trading Co. Ltd.		48,500		1,588,550
Z Holdings Corp.		12,332,700		49,838,286
Zenkoku Hosho Co. Ltd.		237,400		10,327,453
Zenrin Co. Ltd.		167,200		2,295,462
Zensho Holdings Co. Ltd.		434,000		9,301,859
Zeon Corp.		731,300		7,988,736
ZOZO Inc.		488,000		8,207,999
				19,015,814,201
Netherlands — 3.8%
Aalberts NV		444,626		19,472,873
ABN AMRO Bank NV, CVA(c)		1,830,193		31,883,623
Accell Group NV		130,974		4,049,557
Adyen NV(a)(c)		46,482		42,805,943
Aegon NV		7,913,652		32,176,804
AerCap Holdings NV(a)(b)		556,149		31,483,595
Akzo Nobel NV		968,933		91,592,733
Altice Europe NV(a)		2,979,041		19,200,791
AMG Advanced Metallurgical Group NV(b)		160,876		3,672,626
Arcadis NV(b)		405,805		9,246,103
ArcelorMittal SA		2,966,150		43,902,349
Argenx SE(a)(b)		197,128		28,421,294
ASM International NV		207,344		25,287,143
ASML Holding NV		1,865,186		525,534,641
ASR Nederland NV		649,379		24,208,756

Security	Shares		Value
Netherlands (continued)
Basic-Fit NV(a)(c)		100,992	$	3,743,703
BE Semiconductor Industries NV		359,991		15,323,367
Boskalis Westminster(b)		395,786		9,285,377
Brunel International NV(b)		186,280		1,711,351
Corbion NV		299,977		10,385,256
COSMO Pharmaceuticals NV(a)(b)		46,485		3,957,093
Eurocommercial Properties NV		219,759		5,494,194
Euronext NV(c)		262,130		22,760,090
EXOR NV		470,577		34,752,330
Flow Traders(c)		166,083		3,872,480
Fugro NV, CVA(a)(b)		466,144		4,907,518
Heineken Holding NV		536,367		52,842,341
Heineken NV(b)		1,124,319		122,503,828
IMCD NV		232,031		20,069,528
ING Groep NV		16,963,413		184,698,783
Intertrust NV(c)		403,350		7,178,701
InterXion Holding NV(a)		365,316		31,793,451
Koninklijke Ahold Delhaize NV		5,184,173		127,541,259
Koninklijke BAM Groep NV		1,496,715		4,133,381
Koninklijke DSM NV		804,360		98,320,531
Koninklijke KPN NV		15,516,498		43,555,915
Koninklijke Philips NV		3,955,507		181,476,643
Koninklijke Vopak NV		289,903		15,543,070
NN Group NV		1,348,736		46,932,624
NSI NV		107,098		5,839,353
NXP Semiconductors NV(b)		1,235,337		156,714,852
OCI NV(a)		412,736		7,135,348
Pharming Group NV(a)(b)		3,780,343		5,538,356
PostNL NV		2,387,226		4,411,412
Prosus NV(a)		2,148,833		155,334,628
Randstad NV		525,946		30,285,067
Rhi Magnesita NV		130,153		5,479,873
SBM Offshore NV		702,861		12,100,378
Signify NV(c)		447,573		14,939,535
SRH NV(a)(b)(d)		3,991		0	(e)
Takeaway.com NV(a)(b)(c)		165,599		15,617,284
TKH Group NV		214,092		11,350,366
TomTom NV		391,430		4,261,049
Unilever NV		6,386,784		373,001,934
Vastned Retail NV		116,815		3,145,742
Wereldhave NV(b)		197,166		3,627,090
Wolters Kluwer NV		1,218,255		91,696,787
				2,886,200,699
New Zealand — 0.4%
a2 Milk Co. Ltd.(a)		3,285,552		31,893,671
Air New Zealand Ltd.		2,659,571		4,853,618
Argosy Property Ltd.		3,124,330		2,891,331
Auckland International Airport Ltd.		4,266,382		23,882,553
Chorus Ltd.		1,857,728		7,850,552
Contact Energy Ltd.		3,109,449		14,971,361
Fisher & Paykel Healthcare Corp. Ltd.		2,542,539		38,337,911
Fletcher Building Ltd.		3,774,300		13,556,086
Genesis Energy Ltd.		2,332,128		4,754,095
Goodman Property Trust		3,520,614		5,285,807
Infratil Ltd.		3,097,150		10,863,416
Kiwi Property Group Ltd.		5,158,968		5,224,949
Mercury NZ Ltd.		3,455,930		11,719,285
Meridian Energy Ltd.		5,633,987		19,488,053
Metlifecare Ltd.		829,655		3,688,580
Precinct Properties New Zealand Ltd.		4,320,977		5,257,081

SCHEDULE OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
New Zealand (continued)
Ryman Healthcare Ltd.		2,006,443	$	21,411,761
Sky Network Television Ltd.		1,859,667		830,403
SKYCITY Entertainment Group Ltd.		3,030,870		7,139,595
Spark New Zealand Ltd.		7,872,670		23,741,758
Summerset Group Holdings Ltd.		1,278,474		7,380,090
Z Energy Ltd.		1,917,353		5,521,626
				270,543,582
Norway — 0.8%
Adevinta ASA(a)		578,651		7,043,399
Aker ASA, Class A		118,102		6,553,535
Aker BP ASA		450,545		12,766,859
Aker Solutions ASA(a)		1,198,101		2,419,520
Atea ASA		484,913		6,291,696
Austevoll Seafood ASA		509,720		4,979,527
Bakkafrost P/F		213,151		15,169,244
Borr Drilling Ltd.(a)(b)		460,639		2,409,687
Borregaard ASA		566,551		5,408,719
BW LPG Ltd.(c)		516,770		4,182,239
BW Offshore Ltd.(a)(b)		531,425		2,931,606
DNB ASA		4,173,138		73,273,708
DNO ASA		4,114,568		4,117,335
Elkem ASA(c)		1,645,785		4,145,797
Entra ASA(c)		630,483		10,779,592
Equinor ASA		4,340,210		78,702,738
Frontline Ltd./Bermuda		458,460		4,182,830
Gjensidige Forsikring ASA		869,623		18,962,683
Golden Ocean Group Ltd.		471,482		2,155,422
Grieg Seafood ASA		304,414		4,669,676
Hoegh LNG Holdings Ltd.		301,396		904,077
Kongsberg Gruppen ASA		436,292		6,768,400
Leroy Seafood Group ASA		1,477,392		9,590,915
Mowi ASA		1,911,860		45,671,589
NEL ASA(a)(b)		6,359,945		6,330,415
Nordic Semiconductor ASA(a)		970,990		6,183,375
Norsk Hydro ASA		5,508,236		17,335,365
Norwegian Air Shuttle ASA(a)		2		8
Norwegian Finans Holding ASA(a)		685,320		7,007,248
Orkla ASA		3,500,637		33,799,463
PGS ASA(a)(b)		1,807,385		3,484,262
Protector Forsikring ASA(a)(b)		461,577		2,072,084
Salmar ASA		242,098		11,863,532
Schibsted ASA, Class B		428,077		12,167,347
SpareBank 1 SMN		967,418		10,663,029
SpareBank 1 SR-Bank ASA		865,256		9,199,059
Stolt-Nielsen Ltd.		125,967		1,626,209
Storebrand ASA		1,980,370		15,232,293
Subsea 7 SA		931,673		10,024,445
Telenor ASA		3,227,960		58,463,833
TGS NOPEC Geophysical Co. ASA		444,697		11,341,998
Tomra Systems ASA		511,183		15,084,052
Veidekke ASA		340,347		4,283,045
Wallenius Wilhelmsen ASA		517,388		1,380,779
Yara International ASA		781,958		28,452,420
				600,075,054
Portugal — 0.2%
Altri SGPS SA		581,180		3,593,876
Banco Comercial Portugues SA, Class R		43,141,341		9,165,032
CTT-Correios de Portugal SA		802,783		2,604,879
EDP - Energias de Portugal SA		11,293,147		56,618,169

Security	Shares		Value
Portugal (continued)
Galp Energia SGPS SA		2,200,187	$	33,257,699
Jeronimo Martins SGPS SA		1,030,111		17,745,694
Navigator Co. SA (The)		1,495,638		5,370,191
NOS SGPS SA		1,318,682		6,842,105
REN - Redes Energeticas Nacionais SGPS SA		2,514,321		7,606,793
Sonae SGPS SA		5,920,655		5,508,187
				148,312,625
Singapore — 1.3%
Accordia Golf Trust		6,235,600		3,015,236
Ascendas REIT		14,194,580		32,759,123
Ascott Residence Trust		8,355,963		7,713,762
Cache Logistics Trust(b)		8,596,298		4,408,681
CapitaLand Commercial Trust		11,141,555		16,815,593
CapitaLand Ltd.		11,742,000		31,142,238
CapitaLand Mall Trust		9,835,400		18,158,992
CapitaLand Retail China Trust		5,055,438		5,741,028
CDL Hospitality Trusts		5,357,100		6,122,849
Chip Eng Seng Corp. Ltd.(b)		6,289,500		2,695,698
City Developments Ltd.		1,773,000		13,769,360
ComfortDelGro Corp. Ltd.		9,374,600		14,904,302
COSCO Shipping International Singapore Co. Ltd.(a)(b)		6,540,300		1,317,739
DBS Group Holdings Ltd.		7,865,400		146,197,669
ESR-REIT(b)		13,741,274		5,486,845
First REIT		3,048,600		2,255,906
First Resources Ltd.(b)		2,494,700		3,107,180
Frasers Centrepoint Trust		4,034,159		8,512,256
Frasers Commercial Trust(b)		5,219,300		6,233,027
Frasers Logistics & Industrial Trust(b)		10,100,100		9,027,857
Genting Singapore Ltd.		26,316,200		16,581,385
Golden Agri-Resources Ltd.(b)		32,927,400		5,066,125
Hutchison Port Holdings Trust, Class U(b)		23,502,500		3,760,400
Jardine Cycle & Carriage Ltd.		459,032		9,827,031
Kenon Holdings Ltd./Singapore		106,753		2,207,839
Keppel Corp. Ltd.		6,401,500		31,329,782
Keppel DC REIT(b)		5,181,700		8,579,854
Keppel REIT(b)		12,098,380		10,725,357
Lippo Malls Indonesia Retail Trust(b)		13,931,300		2,194,468
Mapletree Commercial Trust		9,710,856		16,719,548
Mapletree Industrial Trust		6,618,300		13,480,016
Mapletree Logistics Trust		10,894,680		14,686,945
Mapletree North Asia Commercial Trust		12,912,800		11,258,138
NetLink NBN Trust		22,210,000		16,434,977
OUE Commercial Real Estate Investment Trust		9,124,340		3,643,318
Oversea-Chinese Banking Corp. Ltd.		13,976,400		110,897,804
Parkway Life REIT		2,293,700		6,016,152
Raffles Medical Group Ltd.		5,747,000		4,378,987
Sabana Shari’ah Compliant Industrial REIT		7,183,680		2,447,367
SATS Ltd.		2,992,900		9,998,992
Sembcorp Industries Ltd.(b)		4,981,300		7,737,091
Sembcorp Marine Ltd.(a)(b)		4,718,300		4,009,985
Singapore Airlines Ltd.(b)		2,257,200		14,139,541
Singapore Exchange Ltd.		3,062,400		19,520,023
Singapore Post Ltd.(b)		7,948,300		5,211,905
Singapore Press Holdings Ltd.(b)		3,223,600		4,770,805
Singapore Technologies Engineering Ltd.		6,955,700		20,945,071
Singapore Telecommunications Ltd.		35,419,700		85,636,318
Soilbuild Business Space REIT(b)		7,227,986		2,674,286
Starhill Global REIT		8,702,000		4,686,036
StarHub Ltd.		3,325,100		3,508,055

24 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
Suntec REIT		10,191,400	$	13,738,864
United Overseas Bank Ltd.		5,148,400		96,789,467
UOL Group Ltd.		2,378,700		13,907,265
Venture Corp. Ltd.		1,221,800		14,617,916
Wilmar International Ltd.		8,387,400		24,027,206
Wing Tai Holdings Ltd.(b)		2,170,500		3,180,453
Yangzijiang Shipbuilding Holdings Ltd.		12,231,900		8,513,668
Yanlord Land Group Ltd.		5,081,200		4,281,178
				991,514,959
Spain — 2.7%
Acciona SA(b)		115,438		13,099,870
Acerinox SA		750,228		7,318,008
ACS Actividades de Construccion y Servicios SA		1,165,989		38,803,243
Aena SME SA(c)		281,839		52,206,636
Almirall SA		348,814		5,160,519
Amadeus IT Group SA		1,905,228		149,527,515
Applus Services SA		748,570		8,702,142
Atresmedia Corp. de Medios de Comunicacion SA		625,220		2,118,793
Banco Bilbao Vizcaya Argentaria SA		28,841,020		149,212,847
Banco de Sabadell SA		25,365,750		22,881,809
Banco Santander SA		72,765,893		286,591,646
Bankia SA		5,232,313		9,518,157
Bankinter SA		2,987,558		19,381,496
Bolsas y Mercados Espanoles SHMSF SA		328,425		12,738,623
CaixaBank SA		15,918,480		46,571,879
Cellnex Telecom SA(c)		1,217,202		60,592,747
Cia. de Distribucion Integral Logista Holdings SA		272,459		6,117,287
Cie. Automotive SA		391,932		8,604,258
Construcciones y Auxiliar de Ferrocarriles SA		130,545		5,794,034
Corp Financiera Alba SA		91,738		4,656,215
Distribuidora Internacional de Alimentacion SA(a)(b)		26,519,527		3,000,611
Ebro Foods SA		366,986		7,592,977
Enagas SA		771,314		20,788,015
Ence Energia y Celulosa SA(b)		868,377		3,518,299
Endesa SA		1,355,645		37,212,618
Euskaltel SA(c)		553,292		5,211,846
Faes Farma SA		1,627,079		8,871,396
Ferrovial SA		2,217,401		70,426,915
Fluidra SA(a)		188,029		2,312,949
Gestamp Automocion SA(c)		954,017		3,892,765
Global Dominion Access SA(a)(c)		328,521		1,203,242
Grifols SA		1,328,681		44,615,071
Grupo Catalana Occidente SA		219,307		7,206,019
Iberdrola SA		26,417,340		288,951,184
Iberdrola SA, New(a)		471,694		5,159,354
Indra Sistemas SA(a)		793,928		9,115,051
Industria de Diseno Textil SA		4,756,888		160,098,019
Inmobiliaria Colonial Socimi SA		1,211,815		16,236,068
Lar Espana Real Estate Socimi SA		575,804		4,262,549
Liberbank SA		9,680,392		3,203,325
Mapfre SA		5,118,450		13,114,283
Masmovil Ibercom SA(a)		385,981		8,084,366
Mediaset Espana Comunicacion SA		793,752		4,355,079
Melia Hotels International SA		594,277		4,774,690
Merlin Properties Socimi SA		1,494,525		21,199,782
Naturgy Energy Group SA		1,302,921		34,364,757
Neinor Homes SA(a)(c)		421,878		4,609,799
Prosegur Cia. de Seguridad SA		1,456,969		5,741,565
Red Electrica Corp. SA		1,672,728		33,431,796
Repsol SA		6,590,576		91,040,345

Security	Shares		Value
Spain (continued)
Sacyr SA		2,395,127	$	6,874,586
Sacyr SA, New(a)		50,216		144,133
Siemens Gamesa Renewable Energy SA		1,053,114		16,811,516
Tecnicas Reunidas SA(a)		180,346		4,396,909
Telefonica SA		20,282,824		137,314,622
Tubacex SA		941,428		2,660,391
Unicaja Banco SA(c)		4,762,036		4,757,476
Viscofan SA		185,748		9,897,075
Zardoya Otis SA		953,236		7,188,641
				2,023,237,808
Sweden — 3.0%
AAK AB		844,041		15,854,256
AF POYRY AB		495,813		12,613,109
Alfa Laval AB		1,357,883		33,951,830
Arjo AB, Class B		1,222,417		5,854,219
Assa Abloy AB, Class B		4,354,754		103,598,024
Atlas Copco AB, Class A		2,939,558		104,301,830
Atlas Copco AB, Class B		1,705,929		53,096,513
Atrium Ljungberg AB, Class B		204,624		4,946,480
Attendo AB(c)		595,185		3,275,829
Avanza Bank Holding AB		629,586		6,166,104
Axfood AB		601,152		12,461,306
Beijer Ref AB		336,505		10,124,494
Betsson AB		604,464		2,591,281
Bilia AB, Class A		472,474		5,191,079
BillerudKorsnas AB		838,739		10,781,568
BioGaia AB, Class B		87,881		3,806,583
Biotage AB		209,537		2,613,058
Boliden AB		1,183,467		28,154,252
Bonava AB, Class B		444,828		3,978,169
Bravida Holding AB(c)		1,206,167		10,999,681
Castellum AB		1,155,804		28,371,528
Catena AB		113,331		4,903,075
Cloetta AB, Class B		1,251,147		4,413,377
Dometic Group AB(c)		1,359,423		12,397,305
Electrolux AB, Series B		1,030,227		24,444,597
Elekta AB, Class B		1,640,837		18,793,960
Embracer Group AB(a)(b)		880,362		7,370,868
Epiroc AB, Class A		2,929,163		33,945,367
Epiroc AB, Class B		1,742,826		19,727,069
Essity AB, Class B		2,666,317		84,648,058
Evolution Gaming Group AB(c)		522,671		16,159,520
Fabege AB		1,159,458		19,890,377
Fastighets AB Balder, Class B(a)		502,361		23,839,430
Getinge AB, Class B		1,023,489		17,472,895
Granges AB		409,143		3,782,131
Hansa Biopharma AB(a)(b)		215,499		1,606,408
Hennes & Mauritz AB, Class B		3,518,598		77,263,026
Hexagon AB, Class B		1,144,118		62,341,798
Hexpol AB		1,267,892		11,437,619
Hoist Finance AB(a)(b)(c)		443,891		2,217,003
Holmen AB, Class B		494,151		14,631,789
Hufvudstaden AB, Class A		591,304		11,705,042
Husqvarna AB, Class B		1,840,415		13,885,241
ICA Gruppen AB		369,741		16,257,073
Industrivarden AB, Class C		698,542		16,473,116
Indutrade AB		437,479		15,776,867
Intrum AB(b)		371,063		10,282,657
Investor AB, Class B		1,956,297		107,205,478
Inwido AB		352,567		2,655,596

SCHEDULE OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
JM AB		380,296	$	11,623,537
Kambi Group PLC(a)		120,130		1,622,730
Kindred Group PLC		1,126,512		5,730,355
Kinnevik AB, Class B		1,098,873		26,540,816
Klovern AB, Class B		2,729,100		6,846,357
Kungsleden AB		1,088,754		11,589,399
L E Lundbergforetagen AB, Class B		329,697		14,318,516
Lifco AB, Class B		213,770		12,608,430
Lindab International AB		424,113		4,804,941
Loomis AB, Class B		322,795		11,701,283
Lundin Petroleum AB		846,376		25,781,203
Mekonomen AB(a)(b)		235,018		1,960,383
Millicom International Cellular SA, SDR		442,145		20,890,149
Modern Times Group MTG AB, Class B(a)		332,044		3,307,814
Mycronic AB(b)		390,298		7,600,539
NCC AB, Class B		468,247		8,744,426
NetEnt AB		913,123		2,339,969
Nibe Industrier AB, Class B		1,562,406		27,086,578
Nobia AB		803,616		5,927,915
Nobina AB(c)		473,402		3,590,304
Nolato AB, Class B		109,778		6,366,649
Nordic Entertainment Group AB, Class B		348,717		10,585,984
Nyfosa AB(a)		984,037		9,627,353
Pandox AB		413,139		9,215,490
Peab AB, Class B		928,289		9,322,714
Ratos AB, Class B		1,132,011		3,981,385
Recipharm AB, Class B		228,248		3,353,158
Saab AB, Class B(b)		376,105		12,221,222
Samhallsbyggnadsbolaget i Norden AB		4,869,272		11,998,071
Sandvik AB		4,944,603		90,364,503
Scandic Hotels Group AB(c)		402,568		4,272,663
Securitas AB, Class B		1,352,745		21,297,490
Skandinaviska Enskilda Banken AB, Class A		6,995,171		69,119,647
Skanska AB, Class B		1,507,158		34,869,638
SKF AB, Class B		1,626,114		29,810,642
SSAB AB, Class A		995,275		3,064,720
SSAB AB, Class B		2,593,807		7,478,422
Svenska Cellulosa AB SCA, Class B		2,568,809		25,723,669
Svenska Handelsbanken AB, Class A		6,535,545		64,198,347
Sweco AB, Class B		358,341		13,830,033
Swedbank AB, Class A		3,928,538		60,423,997
Swedish Match AB		760,263		43,019,244
Swedish Orphan Biovitrum AB(a)		780,369		13,937,691
Tele2 AB, Class B		2,260,980		34,107,110
Telefonaktiebolaget LM Ericsson, Class B		13,526,865		106,321,455
Telia Co. AB		11,522,644		49,312,825
Thule Group AB(c)		512,085		12,102,625
Trelleborg AB, Class B		1,018,855		16,733,126
Vitrolife AB		364,335		7,643,035
Volvo AB, Class B		6,458,473		110,760,904
Wallenstam AB, Class B		920,556		12,043,399
Wihlborgs Fastigheter AB		801,306		15,346,660
				2,255,327,450
Switzerland — 9.0%
ABB Ltd., Registered		8,001,516		186,753,202
Adecco Group AG, Registered		709,702		41,723,369
Alcon Inc.(a)		1,839,955		108,628,791
Allreal Holding AG, Registered		57,588		11,942,143
Arbonia AG, Registered(b)		294,345		3,540,258
Aryzta AG(a)(b)		4,759,202		4,796,458

Security	Shares		Value
Switzerland (continued)
Ascom Holding AG, Registered		256,154	$	2,541,753
Autoneum Holding AG(b)		19,030		2,198,084
Baloise Holding AG, Registered		219,900		39,741,376
Banque Cantonale Vaudoise, Registered		13,667		11,435,812
Barry Callebaut AG, Registered		13,608		30,138,097
Basilea Pharmaceutica AG, Registered(a)(b)		80,055		4,586,074
Belimo Holding AG		2,057		14,417,876
BKW AG		110,677		10,293,667
Bobst Group SA, Registered(b)		51,730		2,719,385
Bossard Holding AG, Class A, Registered		36,284		5,270,764
Bucher Industries AG, Registered		36,754		12,316,753
Burckhardt Compression Holding AG		17,648		4,830,807
Cembra Money Bank AG		140,602		16,459,086
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		4,804		40,272,010
Chocoladefabriken Lindt & Spruengli AG, Registered		427		39,802,271
Cie. Financiere Richemont SA, Registered		2,296,060		168,172,200
Clariant AG, Registered		852,069		19,197,946
Coca-Cola HBC AG		848,562		31,163,493
Comet Holding AG, Registered		36,115		4,620,863
Conzzeta AG, Registered		6,985		7,937,747
Credit Suisse Group AG, Registered		11,222,497		142,135,726
Daetwyler Holding AG, Bearer		41,311		7,453,071
DKSH Holding AG		164,102		8,480,319
dormakaba Holding AG		14,941		9,387,989
Dufry AG, Registered		165,288		14,351,410
EFG International AG		527,912		3,273,279
Emmi AG, Registered		11,181		10,839,582
EMS-Chemie Holding AG, Registered		37,003		24,247,909
Flughafen Zurich AG, Registered		83,415		14,504,324
Forbo Holding AG, Registered		5,691		9,783,481
Galenica AG(c)		239,082		16,311,468
Geberit AG, Registered		162,780		85,942,844
Georg Fischer AG, Registered		18,023		17,724,937
Givaudan SA, Registered		40,636		133,985,671
Helvetia Holding AG, Registered		153,791		22,133,020
Huber & Suhner AG, Registered		94,468		7,052,409
Idorsia Ltd.(a)		476,548		15,297,762
Implenia AG, Registered		90,391		3,688,931
Inficon Holding AG, Registered		12,055		9,287,019
Interroll Holding AG, Registered		2,696		5,272,078
Intershop Holding AG(b)		8,187		5,280,019
Julius Baer Group Ltd		1,006,666		50,414,192
Komax Holding AG, Registered(b)		23,022		4,661,928
Kuehne + Nagel International AG, Registered		232,111		37,544,005
LafargeHolcim Ltd., Registered		2,145,494		109,226,767
Landis+Gyr Group AG		132,717		12,178,397
Leonteq AG(a)(b)		71,444		2,666,788
Logitech International SA, Registered		780,820		35,104,314
Lonza Group AG, Registered		332,679		136,665,892
Mobilezone Holding AG, Registered		389,177		4,422,604
Mobimo Holding AG, Registered		39,879		12,859,525
Nestle SA, Registered		13,007,369		1,434,728,513
Novartis AG, Registered		9,381,507		886,839,124
OC Oerlikon Corp. AG, Registered		1,014,649		10,825,588
Pargesa Holding SA, Bearer		166,368		13,342,905
Partners Group Holding AG		83,322		76,440,775
PSP Swiss Property AG, Registered		185,127		27,986,434
Rieter Holding AG, Registered		23,539		3,104,527
Roche Holding AG, NVS		3,069,127		1,032,005,688

26 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Schindler Holding AG, Participation Certificates, NVS		180,296	$	46,623,280
Schindler Holding AG, Registered		95,431		23,747,670
Schweiter Technologies AG, Bearer		5,322		6,588,696
SFS Group AG		87,923		8,209,307
SGS SA, Registered		23,351		67,574,930
Siegfried Holding AG, Registered(b)		24,877		11,517,010
SIG Combibloc Group AG		780,961		12,340,552
Sika AG, Registered		570,896		102,701,494
Sonova Holding AG, Registered		252,784		63,376,195
St. Galler Kantonalbank AG, Class A, Registered		13,747		6,542,457
Stadler Rail AG(a)(b)		215,296		10,268,667
Straumann Holding AG, Registered		47,648		45,451,978
Sulzer AG, Registered		104,590		11,560,261
Sunrise Communications Group AG(c)		154,912		12,801,583
Swatch Group AG (The), Bearer		127,256		32,023,465
Swatch Group AG (The), Registered		238,920		11,648,109
Swiss Life Holding AG, Registered		158,802		79,923,781
Swiss Prime Site AG, Registered		350,520		42,813,268
Swiss Re AG		1,277,454		144,375,018
Swisscom AG, Registered		107,466		59,011,865
Swissquote Group Holding SA, Registered		68,969		4,169,104
Tecan Group AG, Registered		58,975		16,681,404
Temenos AG, Registered		301,521		48,739,825
u-blox Holding AG(b)		41,976		3,773,466
UBS Group AG, Registered		16,651,491		207,183,257
Valiant Holding AG, Registered		88,115		9,063,205
Valora Holding AG, Registered		19,282		5,138,135
VAT Group AG(c)		123,150		18,649,031
Vifor Pharma AG		210,434		38,837,941
Vontobel Holding AG, Registered		151,397		10,564,589
VZ Holding AG		12,686		4,491,958
Ypsomed Holding AG, Registered(b)		22,094		3,211,757
Zehnder Group AG, Registered		75,913		3,604,972
Zurich Insurance Group AG		649,739		269,947,034
				6,726,106,763
United Kingdom — 16.2%
3i Group PLC		4,265,675		62,106,195
888 Holdings PLC		1,788,047		3,172,528
AA PLC		2,664,868		1,679,133
Abcam PLC		863,762		15,872,243
Admiral Group PLC		862,340		25,678,887
Advanced Medical Solutions Group PLC(b)		1,581,711		5,879,734
AG Barr PLC		487,997		3,891,831
Aggreko PLC		1,114,647		11,328,520
Anglo American PLC		4,615,266		120,800,835
Antofagasta PLC		1,623,455		17,595,401
AO World PLC(a)(b)		1,490,297		1,512,673
Ascential PLC(c)		1,938,817		9,333,597
Ashmore Group PLC		1,748,095		12,524,085
Ashtead Group PLC		2,094,964		67,796,847
ASOS PLC(a)		271,857		11,012,464
Associated British Foods PLC		1,529,457		52,943,595
Assura PLC		11,674,178		11,972,569
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)		328,084		2,157,213
AstraZeneca PLC		5,750,663		562,778,267
Auto Trader Group PLC(c)		4,143,130		30,693,493
Avast PLC(c)		2,473,181		13,855,630
AVEVA Group PLC		330,342		21,415,773
Aviva PLC		17,070,803		89,650,913
B&M European Value Retail SA		3,915,885		18,773,907

Security	Shares		Value
United Kingdom (continued)
Babcock International Group PLC		1,141,605	$	8,860,640
BAE Systems PLC		13,882,758		115,547,823
Balfour Beatty PLC		3,153,129		11,047,860
Bank of Georgia Group PLC		185,337		3,696,430
Barclays PLC		74,194,570		164,309,563
Barratt Developments PLC		4,517,377		47,805,200
Beazley PLC		2,400,171		17,132,553
Bellway PLC		552,263		29,010,533
Berkeley Group Holdings PLC		561,102		38,757,392
Big Yellow Group PLC		730,128		11,347,345
Blue Prism Group PLC(a)(b)		342,270		7,868,587
Bodycote PLC		903,252		10,198,064
boohoo Group PLC(a)		3,620,875		14,428,896
BP PLC		88,732,371		534,188,500
Brewin Dolphin Holdings PLC		1,696,837		8,052,376
British American Tobacco PLC		10,061,430		445,304,586
British Land Co. PLC (The)		3,837,958		28,058,311
Britvic PLC		1,213,345		14,802,742
BT Group PLC		36,456,118		77,332,470
Bunzl PLC		1,433,105		37,121,200
Burberry Group PLC		1,810,766		46,617,181
Burford Capital Ltd.		939,282		7,806,611
Cairn Energy PLC(a)		3,261,189		7,286,637
Capita PLC(a)		7,330,101		14,054,167
Capital & Counties Properties PLC		3,478,656		11,170,438
Card Factory PLC		1,606,786		1,876,606
Carnival PLC		720,581		29,616,952
Centamin PLC		5,737,274		10,285,513
Centrica PLC		25,082,479		28,051,272
Cineworld Group PLC(b)		4,381,257		10,239,739
Clinigen Healthcare Ltd.(a)		672,403		8,588,847
Close Brothers Group PLC		637,366		11,896,894
Coats Group PLC		6,950,416		6,935,665
Coca-Cola European Partners PLC		1,031,493		54,266,847
Compass Group PLC		6,878,707		170,197,243
Computacenter PLC		385,743		9,122,249
ConvaTec Group PLC(c)		6,239,182		17,106,944
Countryside Properties PLC(c)		2,346,710		15,095,958
Cranswick PLC		244,855		11,529,271
Crest Nicholson Holdings PLC		1,646,236		10,850,345
Croda International PLC		536,314		35,235,351
Custodian REIT PLC		1,721,809		2,578,367
CVS Group PLC		371,342		5,614,601
Daily Mail & General Trust PLC, Class A, NVS		747,712		8,003,350
Dart Group PLC		515,193		11,545,169
DCC PLC		437,539		35,367,173
De La Rue PLC		581,226		1,072,641
Dechra Pharmaceuticals PLC		467,160		17,513,650
Derwent London PLC		436,396		23,643,078
Diageo PLC		10,374,701		411,645,642
Dialog Semiconductor PLC(a)		344,710		15,230,647
Dignity PLC		229,925		1,724,566
Diploma PLC		587,488		15,085,836
Direct Line Insurance Group PLC		5,706,157		25,408,838
Diversified Gas & Oil PLC		3,348,187		3,981,050
Dixons Carphone PLC		4,650,173		8,312,090
Domino’s Pizza Group PLC		2,189,434		8,915,202
Drax Group PLC		2,028,239		7,272,261
DS Smith PLC		6,158,317		27,657,671
Dunelm Group PLC		526,815		8,048,649

SCHEDULE OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
easyJet PLC		713,636	$	13,104,164
EI Group PLC(a)		2,523,216		9,452,788
Electrocomponents PLC		1,988,600		17,374,462
Elementis PLC		3,044,148		5,132,367
EnQuest PLC(a)		9,765,997		3,076,776
Equiniti Group PLC(c)		1,893,839		5,112,749
Essentra PLC		1,437,297		7,938,565
Euromoney Institutional Investor PLC		529,003		8,535,343
Evraz PLC		2,185,962		10,160,296
Experian PLC		3,946,846		137,196,094
Ferguson PLC		1,017,061		91,193,748
Ferrexpo PLC		1,431,216		2,624,302
Fevertree Drinks PLC		474,640		8,609,228
Fiat Chrysler Automobiles NV		4,733,094		61,536,873
Firstgroup PLC(a)		5,611,388		9,157,404
Frasers Group PLC(a)		1,149,792		7,144,804
Future PLC		413,508		6,977,106
G4S PLC		6,788,078		17,484,484
Games Workshop Group PLC		157,003		13,731,890
GB Group PLC		946,519		8,871,159
Genus PLC		317,646		12,896,609
GlaxoSmithKline PLC		21,763,508		511,805,780
Glencore PLC		48,778,854		143,068,178
Go-Ahead Group PLC (The)		232,421		6,274,610
GoCo Group PLC		2,627,775		3,245,706
Grainger PLC		3,144,388		12,277,293
Great Portland Estates PLC		1,174,241		14,413,905
Greencore Group PLC		2,495,083		8,077,832
Greggs PLC		505,263		15,012,494
Gulf Keystone Petroleum Ltd.		1,361,025		3,329,856
GVC Holdings PLC		2,577,262		29,801,535
Halfords Group PLC		1,117,260		2,410,929
Halma PLC		1,670,316		46,392,162
Hammerson PLC		3,367,725		10,361,411
Hansteen Holdings PLC		2,342,625		3,600,665
Hargreaves Lansdown PLC		1,248,724		28,394,681
Hastings Group Holdings PLC(c)		1,564,185		3,711,437
Hays PLC		6,208,066		12,700,753
Helical PLC		606,535		3,837,766
Hikma Pharmaceuticals PLC		674,537		16,289,685
Hill & Smith Holdings PLC		373,220		6,991,018
Hiscox Ltd.		1,243,945		21,530,164
Hochschild Mining PLC		1,390,707		3,085,327
HomeServe PLC		1,332,750		22,522,581
Howden Joinery Group PLC		2,680,066		24,320,236
HSBC Holdings PLC		88,035,048		640,351,953
Hunting PLC		872,284		3,520,826
Hurricane Energy PLC(a)(b)		8,310,132		2,271,947
Hyve Group PLC		4,672,315		6,054,344
Ibstock PLC(c)		2,177,516		8,352,871
IG Group Holdings PLC		1,621,114		14,185,095
IMI PLC		1,162,894		16,923,518
Imperial Brands PLC		4,150,218		106,724,737
Inchcape PLC		1,877,797		16,262,805
Informa PLC		5,495,440		56,127,218
IntegraFin Holdings PLC		1,189,981		7,764,735
InterContinental Hotels Group PLC		757,736		46,801,018
Intermediate Capital Group PLC		1,305,885		29,987,104
International Personal Finance PLC		1,290,257		2,687,291
Intertek Group PLC		702,462		53,336,775

Security	Shares		Value
United Kingdom (continued)
Investec PLC		2,948,613	$	16,293,729
IQE PLC(a)(b)		3,923,683		2,635,236
ITV PLC		15,552,088		27,758,041
IWG PLC		3,006,110		17,499,086
J D Wetherspoon PLC		456,925		9,341,963
J Sainsbury PLC		7,568,158		20,192,130
JD Sports Fashion PLC		1,978,478		21,432,794
John Laing Group PLC(c)		2,471,646		11,566,343
John Menzies PLC		467,911		2,661,494
John Wood Group PLC		2,995,978		14,861,214
Johnson Matthey PLC		839,305		28,820,995
Jupiter Fund Management PLC		2,178,343		11,072,475
Just Eat PLC(a)		2,747,956		31,188,491
Just Group PLC(a)		4,888,087		5,025,913
KAZ Minerals PLC		1,219,658		7,038,746
Keller Group PLC		397,660		4,382,275
Keywords Studios PLC(b)		300,063		4,873,092
Kingfisher PLC		9,198,865		24,736,933
Lancashire Holdings Ltd.		933,392		9,203,375
Land Securities Group PLC		2,935,573		36,297,537
Learning Technologies Group PLC(b)		2,636,741		5,408,272
Legal & General Group PLC		25,719,258		103,574,080
Lloyds Banking Group PLC		309,895,465		231,989,605
London Stock Exchange Group PLC		1,388,264		143,399,595
LondonMetric Property PLC		3,693,729		11,091,753
Lookers PLC		1,671,571		1,216,313
LXI REIT PLC		2,617,188		4,691,970
M&G PLC(a)		11,321,007		35,845,901
Man Group PLC		7,004,026		14,209,140
Marks & Spencer Group PLC		8,194,264		19,010,960
Marshalls PLC		1,124,154		11,699,287
Marston’s PLC		3,592,383		4,958,048
McCarthy & Stone PLC(c)		2,400,492		4,664,222
Mediclinic International PLC		1,699,310		8,272,435
Meggitt PLC		3,423,245		30,486,605
Melrose Industries PLC		21,689,936		66,675,803
Micro Focus International PLC		1,547,766		20,916,804
Mitchells & Butlers PLC(a)		1,057,255		5,574,696
Mitie Group PLC		1,787,490		3,131,483
Mondi PLC		2,115,867		43,120,054
Moneysupermarket.com Group PLC		2,456,687		10,541,011
Morgan Advanced Materials PLC		1,658,098		6,819,401
National Express Group PLC		1,908,761		11,247,099
National Grid PLC		14,928,209		197,925,055
Network International Holdings PLC(a)(c)		1,525,071		12,222,923
NewRiver REIT PLC		1,614,686		4,001,542
Next PLC		610,948		55,504,853
NMC Health PLC(b)		538,031		9,163,286
Northgate PLC		786,602		2,758,152
Ocado Group PLC(a)(b)		2,062,990		33,272,278
On the Beach Group PLC(c)		622,093		3,196,529
OneSavings Bank PLC		1,701,609		9,568,901
Oxford Biomedica PLC(a)		90,756		723,789
Pagegroup PLC		1,567,690		9,435,774
Paragon Banking Group PLC		1,401,892		9,387,711
Pearson PLC		3,359,011		25,167,897
Pennon Group PLC		1,831,282		26,759,153
Persimmon PLC		1,390,774		55,971,224
Petrofac Ltd.		1,279,212		5,888,412
Pets at Home Group PLC		2,446,041		9,092,730

28 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Pharos Energy PLC		1,058,673	$	634,972
Phoenix Group Holdings PLC		2,450,753		24,487,823
Playtech PLC		1,557,017		7,083,041
Plus500 Ltd.		518,378		6,089,802
Pollen Street Secured Lending PLC		434,219		4,773,713
Polypipe Group PLC		1,123,245		8,032,591
Premier Foods PLC(a)		4,412,230		2,105,466
Premier Oil PLC(a)		4,689,236		6,202,987
Primary Health Properties PLC		5,799,729		12,033,553
Provident Financial PLC		1,151,417		7,065,351
Prudential PLC		11,321,007		201,763,771
PZ Cussons PLC		1,307,544		3,316,216
QinetiQ Group PLC		2,819,646		13,098,209
Quilter PLC(c)		8,533,419		19,139,759
Rathbone Brothers PLC		255,364		6,638,165
RDI REIT PLC		1,593,033		2,771,916
Reckitt Benckiser Group PLC		3,081,537		255,139,451
Redde PLC		1,592,374		2,057,087
Redrow PLC		1,186,659		12,435,822
RELX PLC		8,467,859		224,697,805
Renewi PLC		4,253,229		1,995,952
Renishaw PLC		178,606		9,361,035
Rentokil Initial PLC		8,214,483		50,568,323
Restaurant Group PLC (The)		2,433,943		4,142,076
Rightmove PLC		4,137,467		35,876,482
Rio Tinto PLC		4,954,412		266,722,276
Rolls-Royce Holdings PLC		7,514,502		66,367,651
Rotork PLC		3,852,582		15,453,800
Royal Bank of Scotland Group PLC		20,969,007		60,341,074
Royal Dutch Shell PLC, Class A		18,825,815		494,934,228
Royal Dutch Shell PLC, Class B		16,296,552		429,642,425
Royal Mail PLC		3,908,966		10,212,851
RPS Group PLC		1,246,116		2,858,177
RSA Insurance Group PLC		4,235,716		30,731,708
RWS Holdings PLC		829,564		6,276,871
Safestore Holdings PLC		1,154,009		12,245,782
Sage Group PLC (The)		4,745,797		46,193,650
Sanne Group PLC		707,887		5,608,153
Savills PLC		791,058		12,972,096
Schroders PLC		555,418		23,524,051
Segro PLC		4,545,713		54,564,615
Senior PLC		2,252,924		4,944,726
Serco Group PLC(a)		5,867,448		12,228,201
Severn Trent PLC		1,024,608		34,832,971
Shaftesbury PLC		1,009,945		11,968,476
SIG PLC		2,688,870		3,278,634
Signature Aviation PLC		3,674,914		14,106,523
Smart Metering Systems PLC(b)		503,736		3,416,409
Smith & Nephew PLC		3,838,833		92,427,314
Smiths Group PLC		1,676,612		37,339,819
Softcat PLC		723,898		11,021,502
Sophos Group PLC(c)		1,662,151		12,212,902
Spectris PLC(b)		520,652		18,160,124
Spirax-Sarco Engineering PLC		335,360		39,432,794
Spirent Communications PLC		2,967,692		8,665,108
SSE PLC		4,430,321		88,097,168
SSP Group PLC		1,962,986		16,664,201
St. James’s Place PLC		2,348,033		35,408,837
St. Modwen Properties PLC		1,093,501		7,106,366
Stagecoach Group PLC		2,109,743		3,796,152

Security	Shares		Value
United Kingdom (continued)
Standard Chartered PLC		12,341,450	$	102,654,262
Standard Life Aberdeen PLC		10,852,591		43,132,258
Stobart Group Ltd.		1,873,500		2,519,041
Synthomer PLC		1,574,446		7,010,821
TalkTalk Telecom Group PLC		3,264,014		5,098,610
Tate & Lyle PLC		2,010,996		21,016,301
Taylor Wimpey PLC		14,437,995		40,938,199
Telecom Plus PLC		371,462		7,403,680
Tesco PLC		42,815,049		139,347,433
TORM PLC(a)		142,781		1,240,773
TP ICAP PLC		2,716,565		14,212,898
Trainline PLC(a)(c)		1,715,509		10,673,735
Travis Perkins PLC		1,095,323		22,401,414
Tritax Big Box REIT PLC		7,505,010		13,820,671
Tullow Oil PLC		6,142,110		4,116,277
Ultra Electronics Holdings PLC		347,233		10,335,378
Unilever PLC		4,852,692		289,999,857
UNITE Group PLC (The)		1,120,188		18,782,762
United Utilities Group PLC		2,947,011		39,371,952
Urban & Civic PLC		719,931		3,444,918
Vectura Group PLC		3,396,488		4,190,708
Vesuvius PLC		1,069,300		6,131,550
Victoria PLC(a)(b)		505,131		2,929,801
Victrex PLC		394,594		11,526,612
Virgin Money UK PLC(a)		6,050,079		13,099,293
Vistry Group PLC		1,022,463		18,599,794
Vodafone Group PLC		116,852,835		229,974,931
Weir Group PLC (The)		1,161,888		20,645,984
WH Smith PLC		491,723		15,504,692
Whitbread PLC		593,325		34,960,820
William Hill PLC		3,960,398		9,026,414
Wm Morrison Supermarkets PLC		9,544,059		22,891,097
Workspace Group PLC		643,717		10,318,344
WPP PLC		5,504,878		68,574,231
				12,134,499,189
United States — 0.0%
Coronado Global Resources Inc.(c)		1,200,796		1,631,862
International Flavors & Fragrances Inc.		0		13
				1,631,875
Total Common Stocks — 99.1% (Cost: $70,579,605,225)				74,275,608,699
Preferred Stocks
Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		236,457		13,206,902
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		50,433		2,939,807
Fuchs Petrolub SE, Preference Shares, NVS		307,577		13,634,276
Henkel AG & Co. KGaA, Preference Shares, NVS		780,137		79,486,544
Jungheinrich AG, Preference Shares, NVS		243,075		5,339,028
Porsche Automobil Holding SE, Preference Shares, NVS		729,828		49,449,761
Sartorius AG, Preference Shares, NVS		160,259		37,402,362
Sixt SE, Preference Shares, NVS		67,255		4,680,610
STO SE & Co. KGaA, Preference Shares, NVS		7,929		927,898
Volkswagen AG, Preference Shares, NVS		813,638		146,413,796
				353,480,984

SCHEDULE OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy — 0.0%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		129,053	$	1,290,009
Telecom Italia SpA/Milano, Preference Shares, NVS		26,135,635		13,757,671
				15,047,680
Total Preferred Stocks — 0.5% (Cost: $383,753,985)				368,528,664
Rights
Hong Kong — 0.0%
Guotai Junan International Holdings Ltd., (Expires 03/09/20)(a)		6,914,999		9
Total Rights — 0.0% (Cost: $0)				9
Warrants
Spain — 0.0%
Abengoa SA (Expires 03/31/25)(a)(b)		1,476,448		15,544
Total Warrants — 0.0% (Cost: $0)				15,544
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional,
SL Agency Shares, 1.78%(f)(g)(h)		768,881,112		769,342,441

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury,
SL Agency Shares, 1.50%(f)(g)		15,193,000	$	15,193,000
				784,535,441
Total Short-Term Investments — 1.0% (Cost: $784,172,502)				784,535,441
Total Investments in Securities — 100.6% (Cost: $71,747,531,712)				75,428,688,357
Other Assets, Less Liabilities — (0.6)%				(471,000,128	)
Net Assets — 100.0%			$	74,957,688,229

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Rounds to less than $1.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period-end.

^(h)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	820,947,946	(52,066,834	)	768,881,112	$	769,342,441	$	9,374,866	(b)	$	3,573		$	79,296
BlackRock Cash Funds: Treasury, SL Agency Shares	5,916,000	9,277,000		15,193,000		15,193,000		176,759			—			—
					$	784,535,441	$	9,551,625		$	3,573		$	79,296

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		255		03/19/20	$	29,678	$	684,481
Euro STOXX 50 Index		2,546		03/20/20		102,674		(3,076,979	)
FTSE 100 Index		624		03/20/20		59,368		(2,399,870	)
TOPIX Index		487		03/12/20		75,441		(2,016,264	)
							$	(6,808,632	)

30 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI EAFE ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	684,481
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	7,493,113

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	42,488,390
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(11,848,585	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	329,426,176

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	74,238,392,494		$	36,491,978	$	724,227	$	74,275,608,699
Preferred Stocks		368,528,664			—		—		368,528,664
Rights		—			9		—		9
Warrants		—			15,544		—		15,544
Money Market Funds		784,535,441			—		—		784,535,441
	$	75,391,456,599		$	36,507,531	$	724,227	$	75,428,688,357
Derivative financial instruments(a)
Assets
Futures Contracts	$	684,481		$	—	$	—	$	684,481
Liabilities
Futures Contracts		(7,493,113	)		—		—		(7,493,113	)
	$	(6,808,632	)	$	—	$	—	$	(6,808,632	)

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 31

Schedule of Investments  (unaudited)  January 31, 2020 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.4%
BHP Group PLC		830,896	$	18,179,581
Austria — 0.6%
ams AG(a)		32,037		1,311,110
ANDRITZ AG		30,563		1,204,415
BAWAG Group AG(b)		31,666		1,372,810
CA Immobilien Anlagen AG		32,383		1,426,502
Erste Group Bank AG		124,586		4,578,276
IMMOFINANZ AG		43,552		1,209,022
Lenzing AG		6,650		526,185
Oesterreichische Post AG		21,050		800,137
OMV AG		62,933		3,137,709
Raiffeisen Bank International AG		63,233		1,443,541
S&T AG		24,825		670,170
Schoeller-Bleckmann Oilfield Equipment AG		6,626		305,466
Telekom Austria AG		87,338		701,713
UNIQA Insurance Group AG		76,918		727,954
Verbund AG		28,476		1,505,905
voestalpine AG		47,996		1,165,907
Wienerberger AG		55,661		1,580,332
				23,667,154
Belgium — 1.8%
Ackermans & van Haaren NV		8,891		1,423,760
Aedifica SA		13,066		1,766,529
Ageas		72,914		4,021,581
AGFA-Gevaert NV(a)		106,131		521,267
Anheuser-Busch InBev SA/NV		301,857		22,887,721
Barco NV		4,024		1,001,135
Befimmo SA		13,495		830,011
Bekaert SA		23,000		584,708
bpost SA		41,556		414,287
Cofinimmo SA		10,600		1,689,207
Colruyt SA		21,615		1,081,512
D’ieteren SA/NV		9,568		617,110
Econocom Group SA/NV		87,615		249,534
Elia System Operator SA/NV		16,905		1,629,869
Euronav NV		78,540		781,602
Fagron		38,764		897,828
Galapagos NV(a)		17,636		3,949,887
Groupe Bruxelles Lambert SA		29,375		2,953,243
Intervest Offices & Warehouses NV		20,810		618,052
KBC Ancora		22,979		1,145,431
KBC Group NV		98,254		7,214,727
Melexis NV		8,915		636,246
Ontex Group NV		33,418		606,244
Proximus SADP		56,603		1,613,350
Sofina SA		5,869		1,343,082
Solvay SA		29,316		3,038,927
Telenet Group Holding NV		19,998		930,352
UCB SA		51,923		4,780,513
Umicore SA		78,719		3,626,418
Warehouses De Pauw CVA		53,307		1,523,540
				74,377,673
Denmark — 3.1%
ALK-Abello A/S(a)		3,024		807,195
Ambu A/S, Series B(c)		69,571		1,274,147
AP Moller — Maersk A/S, Class A		1,780		2,006,125
AP Moller — Maersk A/S, Class B, NVS		2,259		2,710,793

Security	Shares		Value
Denmark (continued)
Carlsberg A/S, Class B		41,827	$	6,118,347
Chr Hansen Holding A/S		41,489		3,093,517
Coloplast A/S, Class B		46,343		5,848,413
Danske Bank A/S		264,244		4,424,084
Demant A/S(a)		44,548		1,446,760
Dfds A/S		17,418		733,052
DSV Panalpina A/S		88,013		9,574,816
FLSmidth & Co. A/S		17,546		602,356
Genmab A/S(a)		26,436		6,105,878
GN Store Nord A/S		53,815		2,672,654
H Lundbeck A/S		31,243		1,328,789
ISS A/S		60,746		1,474,656
Jyske Bank A/S, Registered(a)		33,898		1,290,902
Maersk Drilling A/S(a)		11,123		620,203
Netcompany Group A/S(a)(b)		17,057		773,507
Novo Nordisk A/S, Class B		702,344		42,963,349
Novozymes A/S, Class B		83,084		4,335,717
Orsted A/S(b)		75,114		8,198,285
Pandora A/S		39,760		2,060,125
Per Aarsleff Holding A/S		16,350		498,258
Ringkjoebing Landbobank A/S		16,918		1,256,930
Rockwool International A/S, Class B		3,921		915,221
Royal Unibrew A/S		21,350		2,033,258
SimCorp A/S		18,346		2,036,374
Spar Nord Bank A/S		70,159		679,393
Sydbank A/S		35,868		780,832
Topdanmark A/S		19,419		916,905
Tryg A/S		48,893		1,482,013
Vestas Wind Systems A/S		75,327		7,515,553
Zealand Pharma A/S(a)		9,817		356,090
				128,934,497
Finland — 1.8%
Cargotec OYJ, Class B		18,666		691,729
Caverion OYJ		66,187		539,111
Citycon OYJ(c)		37,115		392,594
Elisa OYJ		54,903		3,306,237
Fortum OYJ		175,372		4,248,432
Huhtamaki OYJ		41,764		1,860,109
Kemira OYJ		59,904		905,500
Kesko OYJ, Class B		27,214		1,840,879
Kone OYJ, Class B		132,386		8,547,336
Konecranes OYJ		31,222		944,586
Metsa Board OYJ		98,016		594,702
Metso OYJ		43,091		1,533,363
Neste OYJ		168,329		6,693,135
Nokia OYJ		2,248,685		8,770,570
Nokian Renkaat OYJ		47,508		1,279,882
Nordea Bank Abp		1,266,301		10,000,449
Orion OYJ, Class B		45,289		2,141,577
Outokumpu OYJ(c)		152,619		526,002
Outotec OYJ(a)		69,111		398,721
Sampo OYJ, Class A		168,421		7,628,148
Stora Enso OYJ, Class R		233,833		3,047,413
TietoEVRY OYJ		34,468		1,126,061
UPM-Kymmene OYJ		214,038		6,767,229
Uponor OYJ		40,123		544,243
Valmet OYJ		54,975		1,193,488
Wartsila OYJ Abp		170,222		2,089,189

32 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
YIT OYJ		83,970	$	598,813
				78,209,498
France — 16.1%
ABC arbitrage		77,210		568,146
Accor SA		74,714		3,066,013
Aeroports de Paris		11,810		2,238,021
Air France-KLM(a)		78,904		733,808
Air Liquide SA		185,299		26,849,303
Airbus SE		231,634		34,202,289
ALD SA(b)		53,020		775,589
Alstom SA		75,202		3,995,266
Alten SA		14,810		1,831,629
Amundi SA(b)		25,227		2,047,819
APERAM SA		24,140		694,213
Arkema SA		27,416		2,522,348
Atos SE		40,275		3,353,706
AXA SA		756,238		20,180,560
BioMerieux		16,778		1,663,178
BNP Paribas SA		439,635		23,407,698
Boiron SA		9,754		370,762
Bollore SA		403,850		1,644,286
Bouygues SA		88,589		3,507,770
Bureau Veritas SA		113,282		3,127,180
Capgemini SE		63,926		7,959,190
Carrefour SA		237,079		4,021,098
Casino Guichard Perrachon SA(c)		22,206		902,155
CGG SA(a)		266,968		753,244
Cie. de Saint-Gobain		196,035		7,437,418
Cie. Generale des Etablissements Michelin SCA		67,238		7,823,883
Cie. Plastic Omnium SA		29,870		751,414
CNP Assurances		70,942		1,279,114
Coface SA(a)		49,662		612,544
Constellium SE(a)		48,114		546,575
Covivio		17,526		2,082,072
Credit Agricole SA		453,255		6,143,096
Danone SA		243,733		19,555,600
Dassault Aviation SA		1,136		1,382,289
Dassault Systemes SE		53,128		9,225,942
DBV Technologies SA(a)		17,487		339,716
Edenred		97,617		5,278,062
Eiffage SA		30,560		3,547,526
Electricite de France SA		252,346		3,119,495
Elior Group SA(b)		52,373		735,364
Elis SA		88,338		1,723,952
Engie SA		715,748		12,342,069
EssilorLuxottica SA		113,237		16,846,935
Eurazeo SE		19,591		1,404,686
Eurofins Scientific SE(c)		4,841		2,607,291
Eutelsat Communications SA		71,739		1,076,843
Faurecia SE		31,382		1,501,346
Fnac Darty SA(a)		9,493		463,518
Gaztransport Et Technigaz SA		11,448		1,160,831
Gecina SA		17,015		3,213,067
Getlink SE		178,988		3,163,755
Hermes International		12,332		9,246,636
ICADE		13,583		1,517,311
Iliad SA(c)		5,865		771,502
Imerys SA		18,441		798,651
Ingenico Group SA		24,959		2,909,787
Innate Pharma SA(a)(c)		32,119		225,490

Security	Shares		Value
France (continued)
Ipsen SA		16,588	$	1,231,649
IPSOS		23,881		775,422
JCDecaux SA		39,179		1,049,852
Kering SA		30,087		18,505,043
Klepierre SA		74,771		2,546,326
Korian SA		26,692		1,218,699
Lagardere SCA		30,413		578,018
Legrand SA		105,868		8,494,181
L’Oreal SA		99,362		27,737,463
LVMH Moet Hennessy Louis Vuitton SE		109,698		48,055,573
Maisons du Monde SA(b)		31,526		419,245
Mercialys SA		28,884		364,265
Metropole Television SA		19,306		321,352
Natixis SA		401,806		1,702,311
Nexans SA		14,373		701,317
Nexity SA		20,390		985,194
Orange SA		781,710		11,092,859
Orpea		18,991		2,474,990
Pernod Ricard SA		83,856		14,543,426
Peugeot SA		233,727		4,820,294
Publicis Groupe SA		86,939		3,856,723
Quadient		21,039		506,411
Remy Cointreau SA		10,663		1,124,954
Renault SA		76,811		3,000,124
Rexel SA		110,377		1,322,889
Rubis SCA		37,553		2,324,267
Safran SA		130,281		21,071,887
Sanofi		448,332		43,200,380
Sartorius Stedim Biotech		12,485		2,242,796
Schneider Electric SE		214,405		21,507,884
SCOR SE		63,250		2,693,700
SEB SA		9,478		1,219,459
SES SA		147,600		1,816,449
Societe BIC SA		11,595		783,182
Societe Generale SA		315,992		10,234,081
Sodexo SA		35,554		3,727,330
SOITEC(a)		10,874		1,029,721
Sopra Steria Group		7,909		1,267,384
SPIE SA		50,018		972,241
STMicroelectronics NV		286,577		8,031,717
Suez		139,270		2,288,848
Teleperformance		23,781		5,977,112
Thales SA		42,779		4,703,792
TOTAL SA		944,787		46,220,397
Ubisoft Entertainment SA(a)		34,076		2,592,054
Unibail-Rodamco-Westfield		53,997		7,336,321
Valeo SA		98,507		2,938,735
Vallourec SA(a)		143,071		363,082
Veolia Environnement SA		211,160		6,243,322
Vicat SA		13,228		551,922
Vinci SA		199,582		22,161,917
Vivendi SA		362,548		9,947,968
Wendel SA		11,379		1,520,791
Worldline SA(a)(b)		42,383		2,994,264
				676,640,634
Germany — 12.4%
Aareal Bank AG		25,645		841,794
adidas AG		71,814		22,745,191
ADO Properties SA(b)		15,987		493,236
AIXTRON SE(a)		52,161		553,308

SCHEDULE OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Allianz SE, Registered		166,594	$	39,850,121
alstria office REIT AG		77,731		1,542,794
Aroundtown SA		359,733		3,402,929
AURELIUS Equity Opportunities SE & Co. KGaA		15,975		584,570
Aurubis AG		19,509		1,066,076
BASF SE		359,507		24,330,639
Bayer AG, Registered		370,965		30,031,111
Bayerische Motoren Werke AG		128,966		9,195,483
Bechtle AG		12,459		1,804,584
Beiersdorf AG		40,232		4,565,515
Bilfinger SE(c)		17,344		614,291
Brenntag AG		61,446		3,192,269
CANCOM SE		17,275		1,032,827
Carl Zeiss Meditec AG, Bearer		16,809		2,058,365
CECONOMY AG(a)		97,014		503,689
Commerzbank AG		407,437		2,347,913
CompuGroup Medical SE		11,528		760,132
Continental AG		44,854		5,116,861
Covestro AG(b)		71,197		3,010,055
CTS Eventim AG & Co. KGaA		27,633		1,722,538
Daimler AG, Registered		356,847		16,532,119
Delivery Hero SE(a)(b)		47,540		3,667,849
Deutsche Bank AG, Registered		782,130		7,180,212
Deutsche Boerse AG		74,762		12,183,279
Deutsche EuroShop AG		34,076		930,481
Deutsche Lufthansa AG, Registered		98,751		1,513,498
Deutsche Pfandbriefbank AG(b)		73,846		1,193,171
Deutsche Post AG, Registered		390,382		13,660,022
Deutsche Telekom AG, Registered		1,299,458		21,033,511
Deutsche Wohnen SE		140,841		5,962,257
Duerr AG		26,563		798,335
E.ON SE		891,003		10,111,076
Evonik Industries AG		73,563		2,019,313
Evotec SE(a)(c)		54,531		1,469,084
Fraport AG Frankfurt Airport Services Worldwide		16,357		1,220,661
Freenet AG		63,786		1,416,581
Fresenius Medical Care AG & Co. KGaA		86,454		6,677,842
Fresenius SE & Co. KGaA		167,836		8,579,061
GEA Group AG		60,802		1,825,346
Gerresheimer AG		15,109		1,196,344
Grand City Properties SA		53,333		1,366,476
GRENKE AG(c)		13,145		1,310,328
Hannover Rueck SE		22,885		4,450,884
HeidelbergCement AG		58,874		3,998,163
HelloFresh SE(a)		61,318		1,460,981
Henkel AG & Co. KGaA		42,004		3,886,828
HOCHTIEF AG		11,559		1,339,893
HUGO BOSS AG		27,313		1,295,482
Indus Holding AG		15,202		620,807
Infineon Technologies AG		499,919		10,845,307
Jenoptik AG		25,831		713,358
K+S AG, Registered(c)		87,676		855,031
KION Group AG		27,309		1,715,960
Knorr-Bremse AG		17,570		1,918,096
Krones AG		7,993		607,205
LANXESS AG		34,681		2,087,707
LEG Immobilien AG		23,616		2,914,169
Leoni AG(a)(c)		23,293		273,621
Merck KGaA		52,955		6,801,562
METRO AG		79,359		1,107,676

Security	Shares		Value
Germany (continued)
MorphoSys AG(a)		14,278	$	1,791,150
MTU Aero Engines AG		21,356		6,494,149
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		55,999		16,526,073
Nemetschek SE		24,697		1,684,576
Nordex SE(a)(c)		29,858		390,115
Norma Group SE		18,738		684,429
OSRAM Licht AG		40,311		2,021,438
Pfeiffer Vacuum Technology AG		3,188		530,295
ProSiebenSat.1 Media SE		98,020		1,301,880
Puma SE		34,052		2,732,118
QIAGEN NV(a)		95,471		3,190,958
Rational AG		1,503		1,131,792
Rheinmetall AG		18,153		1,945,732
RHOEN-KLINIKUM AG		18,436		322,806
RIB Software SE(c)		21,512		454,621
Rocket Internet SE(a)(b)		42,529		995,399
RWE AG		230,903		8,019,491
Salzgitter AG(c)		27,420		461,880
SAP SE		389,652		50,876,142
Scout24 AG(b)		44,521		3,066,368
Siemens AG, Registered		301,760		37,333,589
Siemens Healthineers AG(b)		58,752		2,765,829
Siltronic AG		9,885		1,070,041
Sixt SE		10,772		1,088,106
Software AG		25,663		857,458
Stabilus SA		13,626		831,727
Stroeer SE & Co. KGaA		14,819		1,180,772
Suedzucker AG		32,883		556,818
Symrise AG		52,113		5,367,437
TAG Immobilien AG		61,674		1,626,662
Telefonica Deutschland Holding AG		406,880		1,232,322
thyssenkrupp AG(c)		159,739		1,976,460
TLG Immobilien AG		39,420		1,347,690
TUI AG		172,398		1,768,954
Uniper SE		83,087		2,726,401
United Internet AG, Registered(d)		51,717		1,679,265
Varta AG(a)(c)		5,787		493,172
Volkswagen AG		13,975		2,564,663
Vonovia SE		201,655		11,517,856
Vossloh AG		8,788		387,120
Wacker Chemie AG		6,592		475,718
Wirecard AG(c)		47,161		6,961,542
Zalando SE(a)(b)		55,793		2,685,269
				523,222,150
Ireland — 0.9%
AIB Group PLC		324,096		953,219
Bank of Ireland Group PLC		414,691		2,028,501
C&C Group PLC		179,765		848,339
Cairn Homes PLC(a)		351,356		477,371
CRH PLC(a)		324,628		12,202,816
Dalata Hotel Group PLC		104,074		526,504
Flutter Entertainment PLC		31,759		3,607,521
Glanbia PLC		84,040		980,692
Grafton Group PLC		114,816		1,392,425
Kerry Group PLC, Class A		62,195		7,946,996
Kingspan Group PLC		63,198		3,897,506
Smurfit Kappa Group PLC		91,414		3,168,821

34 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ireland (continued)
UDG Healthcare PLC		123,302	$	1,219,838
				39,250,549
Italy — 3.8%
A2A SpA		752,215		1,502,573
Amplifon SpA		54,166		1,541,487
Anima Holding SpA(b)		194,119		921,586
Ascopiave SpA		95,870		469,595
Assicurazioni Generali SpA		416,337		8,118,065
Atlantia SpA		200,107		4,916,389
Autogrill SpA		63,207		614,303
Azimut Holding SpA		50,831		1,249,983
Banca Generali SpA		33,256		1,058,456
Banca Mediolanum SpA		110,447		997,539
Banca Monte dei Paschi di Siena SpA(a)(c)		118,635		222,844
Banca Popolare di Sondrio SCPA		388,753		837,507
Banco BPM SpA(a)		619,789		1,270,673
BPER Banca		201,711		927,675
Buzzi Unicem SpA		41,772		976,756
Cerved Group SpA		101,736		998,347
CNH Industrial NV		403,061		3,852,102
Credito Emiliano SpA		99,793		525,858
Davide Campari-Milano SpA		237,961		2,302,175
De’ Longhi SpA		31,338		591,084
DiaSorin SpA		10,815		1,330,356
Enav SpA(b)		113,587		733,234
Enel SpA		3,173,913		27,628,636
Eni SpA		996,669		13,980,873
ERG SpA		33,033		781,197
Ferrari NV		48,706		8,231,340
FinecoBank Banca Fineco SpA		204,670		2,398,572
Freni Brembo SpA(c)		72,537		829,578
Hera SpA		371,847		1,690,356
IMA Industria Macchine Automatiche SpA(c)		9,233		603,177
Immobiliare Grande Distribuzione SIIQ SpA		61,703		410,276
Infrastrutture Wireless Italiane SpA(b)		114,038		1,184,784
Interpump Group SpA		38,771		1,093,915
Intesa Sanpaolo SpA		5,825,558		14,496,689
Iren SpA		362,636		1,208,031
Italgas SpA		252,835		1,680,030
Juventus Football Club SpA(a)		238,269		300,489
Leonardo SpA		126,090		1,562,215
Mediaset SpA(a)(c)		163,484		432,460
Mediobanca Banca di Credito Finanziario SpA		253,898		2,535,705
Moncler SpA		73,958		3,196,451
Pirelli & C SpA(b)		194,853		944,073
Poste Italiane SpA(b)		213,431		2,448,026
Prysmian SpA		97,056		2,159,754
Recordati SpA		44,963		1,924,856
Saipem SpA(a)		251,828		1,045,976
Salvatore Ferragamo SpA		29,800		551,011
Sara’s SpA		314,570		422,511
Snam SpA		799,789		4,287,161
Societa Cattolica di Assicurazioni SC		100,492		795,148
Tamburi Investment Partners SpA		117,699		886,952
Technogym SpA(b)		65,071		809,814
Telecom Italia SpA/Milano(a)		3,750,975		2,023,545
Tenaris SA		194,602		2,011,658
Terna Rete Elettrica Nazionale SpA		573,396		4,000,715
Tod’s SpA(c)		6,157		249,183
UniCredit SpA		799,266		10,701,592

Security	Shares		Value
Italy (continued)
Unione di Banche Italiane SpA		468,332	$	1,404,429
Unipol Gruppo SpA		236,335		1,205,556
				158,075,321
Netherlands — 6.2%
Aalberts NV		43,556		1,907,582
ABN AMRO Bank NV, CVA(b)		161,533		2,814,052
Adyen NV(a)(b)		4,079		3,756,410
Aegon NV		724,740		2,946,783
AerCap Holdings NV(a)		50,159		2,839,501
Akzo Nobel NV		87,428		8,264,523
Altice Europe NV(a)		260,138		1,676,666
AMG Advanced Metallurgical Group NV(c)		13,509		308,396
Arcadis NV		34,345		782,537
ArcelorMittal SA		271,303		4,015,589
Argenx SE(a)(c)		16,763		2,416,837
ASM International NV		18,445		2,249,505
ASML Holding NV		168,430		47,456,822
ASR Nederland NV		57,118		2,129,351
BE Semiconductor Industries NV		34,111		1,451,968
Boskalis Westminster(c)		41,486		973,286
Corbion NV		33,290		1,152,506
Eurocommercial Properties NV		23,659		591,499
Euronext NV(b)		24,478		2,125,363
EXOR NV		43,220		3,191,817
Flow Traders(b)		17,891		417,156
Heineken Holding NV		52,097		5,132,544
Heineken NV		101,382		11,046,405
IMCD NV		21,773		1,883,256
ING Groep NV		1,535,276		16,716,189
Intertrust NV(b)		40,897		727,872
InterXion Holding NV(a)		31,505		2,741,880
Koninklijke Ahold Delhaize NV		467,049		11,490,361
Koninklijke BAM Groep NV		156,015		430,856
Koninklijke DSM NV		71,572		8,748,567
Koninklijke KPN NV		1,371,621		3,850,238
Koninklijke Philips NV		363,934		16,697,106
Koninklijke Vopak NV		28,976		1,553,540
NN Group NV		120,090		4,178,830
NSI NV		15,878		865,723
NXP Semiconductors NV		113,234		14,364,865
OCI NV(a)		37,634		650,614
Pharming Group NV(a)		253,302		371,098
PostNL NV		215,746		398,682
Prosus NV(a)		194,234		14,040,768
Randstad NV		46,064		2,652,461
Rhi Magnesita NV		12,147		511,429
SBM Offshore NV		73,477		1,264,972
Signify NV(b)		53,479		1,785,075
Takeaway.com NV(a)(b)		17,016		1,604,742
TKH Group NV		20,266		1,074,428
TomTom NV		32,488		353,660
Unilever NV		573,519		33,494,744
Wereldhave NV		22,450		412,993
Wolters Kluwer NV		110,016		8,280,790
				260,792,837
Norway — 1.3%
Adevinta ASA(a)		51,451		626,267
Aker ASA, Class A		12,243		679,370
Aker BP ASA		54,394		1,541,334

SCHEDULE OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Aker Solutions ASA(a)		118,784	$	239,880
Austevoll Seafood ASA		55,811		545,226
Bakkafrost P/F		19,001		1,352,238
Borr Drilling Ltd.(a)(c)		42,611		222,906
Borregaard ASA		66,524		635,088
BW Offshore Ltd.(a)(c)		34,106		188,146
DNB ASA		384,009		6,742,591
DNO ASA		428,839		429,127
Entra ASA(b)		63,906		1,092,624
Equinor ASA		404,166		7,328,901
Frontline Ltd./Bermuda		35,857		327,147
Gjensidige Forsikring ASA		88,045		1,919,877
Kongsberg Gruppen ASA		49,183		762,999
Leroy Seafood Group ASA		144,489		937,992
Mowi ASA		172,517		4,121,183
NEL ASA(a)		580,060		577,367
Norsk Hydro ASA		580,624		1,827,323
Norwegian Air Shuttle ASA(a)(c)		47,022		182,522
Norwegian Finans Holding ASA(a)		71,758		733,710
Orkla ASA		323,241		3,120,967
Salmar ASA		25,283		1,238,943
Schibsted ASA, Class B		43,269		1,229,846
SpareBank 1 SMN		105,248		1,160,059
SpareBank 1 SR-Bank ASA		106,003		1,126,982
Storebrand ASA		208,775		1,605,822
Subsea 7 SA		107,279		1,154,281
Telenor ASA		298,535		5,406,975
TGS NOPEC Geophysical Co. ASA		53,142		1,355,387
Tomra Systems ASA		49,131		1,449,764
Yara International ASA		71,729		2,609,940
				54,472,784
Portugal — 0.3%
Banco Comercial Portugues SA, Class R		4,454,592		946,342
EDP - Energias de Portugal SA		1,000,298		5,014,992
Galp Energia SGPS SA		201,811		3,050,545
Jeronimo Martins SGPS SA		93,304		1,607,345
Navigator Co. SA (The)		119,524		429,159
NOS SGPS SA		141,542		734,404
REN - Redes Energeticas Nacionais SGPS SA		361,128		1,092,552
Sonae SGPS SA		582,342		541,773
				13,417,112
Spain — 4.4%
Acciona SA(c)		10,506		1,192,218
Acerinox SA		72,493		707,124
ACS Actividades de Construccion y Servicios SA		104,659		3,482,973
Aena SME SA(b)		25,821		4,782,970
Amadeus IT Group SA		174,417		13,688,724
Applus Services SA		70,417		818,599
Banco Bilbao Vizcaya Argentaria SA		2,625,854		13,585,205
Banco de Sabadell SA		2,277,397		2,054,383
Banco Santander SA		6,661,186		26,235,372
Bankia SA		566,219		1,030,015
Bankinter SA		274,623		1,781,590
Bolsas y Mercados Espanoles SHMSF SA		30,538		1,184,478
CaixaBank SA		1,422,978		4,163,134
Cellnex Telecom SA(b)		105,473		5,250,483
Cia. de Distribucion Integral Logista Holdings SA		29,028		651,741
Cie. Automotive SA		38,929		854,626
Corp Financiera Alba SA		12,250		621,756

Security	Shares		Value
Spain (continued)
Ebro Foods SA		44,124	$	912,930
Enagas SA		72,259		1,947,483
Ence Energia y Celulosa SA(c)		65,801		266,598
Endesa SA		118,419		3,250,616
Euskaltel SA(b)		58,906		554,877
Faes Farma SA		180,132		982,142
Ferrovial SA		194,907		6,190,445
Global Dominion Access SA(a)(b)		121,417		444,702
Grifols SA		120,711		4,053,290
Grupo Catalana Occidente SA		24,624		809,099
Iberdrola SA		2,370,431		25,927,623
Iberdrola SA, New(a)		42,340		463,116
Indra Sistemas SA(a)		76,541		878,764
Industria de Diseno Textil SA		429,501		14,455,303
Inmobiliaria Colonial Socimi SA		122,927		1,646,993
Lar Espana Real Estate Socimi SA		58,737		434,817
Liberbank SA		1,057,820		350,042
Mapfre SA		446,581		1,144,212
Masmovil Ibercom SA(a)		36,990		774,755
Mediaset Espana Comunicacion SA		85,478		468,992
Melia Hotels International SA		76,889		617,761
Merlin Properties Socimi SA		140,540		1,993,555
Miquel y Costas & Miquel SA		18,952		316,299
Naturgy Energy Group SA		116,464		3,071,757
Neinor Homes SA(a)(b)		38,483		420,498
Prosegur Cia. de Seguridad SA		132,503		522,163
Red Electrica Corp. SA		152,023		3,038,391
Repsol SA		608,924		8,411,503
Sacyr SA		244,885		702,878
Sacyr SA, New(a)		5,158		14,805
Siemens Gamesa Renewable Energy SA		100,589		1,605,765
Tecnicas Reunidas SA(a)		18,930		461,521
Telefonica SA		1,841,991		12,470,270
Viscofan SA		18,957		1,010,072
Zardoya Otis SA		94,247		710,745
				183,410,173
Sweden — 4.9%
AAK AB		89,146		1,674,496
AF POYRY AB		48,554		1,235,177
Alfa Laval AB		127,647		3,191,622
Arjo AB, Class B		130,395		624,469
Assa Abloy AB, Class B		396,906		9,442,250
Atlas Copco AB, Class A		271,975		9,650,257
Atlas Copco AB, Class B		149,649		4,657,779
Axfood AB		59,012		1,223,262
Beijer Ref AB		30,753		925,272
BillerudKorsnas AB		90,852		1,167,857
Boliden AB		114,687		2,728,362
Bonava AB, Class B		46,308		414,140
Bravida Holding AB(b)		120,344		1,097,481
Castellum AB		107,535		2,639,662
Dometic Group AB(b)		133,631		1,218,653
Electrolux AB, Series B		92,795		2,201,783
Elekta AB, Class B		150,923		1,728,655
Embracer Group AB(a)		78,162		654,415
Epiroc AB, Class A		272,948		3,163,129
Epiroc AB, Class B		156,678		1,773,440
Essity AB, Class B		244,842		7,773,044
Evolution Gaming Group AB(b)		48,405		1,496,547
Fabege AB		108,832		1,867,001

36 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Fastighets AB Balder, Class B(a)		42,685	$	2,025,607
Getinge AB, Class B		97,427		1,663,263
Hennes & Mauritz AB, Class B		321,580		7,061,405
Hexagon AB, Class B		109,033		5,941,095
Hexpol AB		132,109		1,191,752
Holmen AB, Class B		46,510		1,377,159
Hufvudstaden AB, Class A		64,221		1,271,274
Husqvarna AB, Class B		189,276		1,428,016
ICA Gruppen AB		40,153		1,765,480
Industrivarden AB, Class C		69,626		1,641,930
Indutrade AB		45,292		1,633,372
Intrum AB		35,645		987,771
Investor AB, Class B		177,681		9,736,955
JM AB		35,370		1,081,064
Kindred Group PLC		113,750		578,625
Kinnevik AB, Class B		100,228		2,420,783
Kungsleden AB		115,814		1,232,799
L E Lundbergforetagen AB, Class B(c)		31,317		1,360,076
Lifco AB, Class B		25,257		1,489,690
Loomis AB, Class B		33,931		1,229,995
Lundin Petroleum AB		78,706		2,397,440
Millicom International Cellular SA, SDR		44,064		2,081,904
Mycronic AB		34,266		667,285
NCC AB, Class B		43,953		820,814
Nibe Industrier AB, Class B		149,995		2,600,381
Nobia AB		106,563		786,067
Nordic Entertainment Group AB, Class B		36,567		1,110,063
Nyfosa AB(a)		125,458		1,227,422
Pandox AB		51,981		1,159,490
Peab AB, Class B		90,911		913,010
Saab AB, Class B		41,044		1,333,691
Samhallsbyggnadsbolaget i Norden AB		390,571		962,382
Sandvik AB		454,580		8,307,623
SAS AB(a)		132,875		190,793
Securitas AB, Class B		124,358		1,957,881
Skandinaviska Enskilda Banken AB, Class A		639,684		6,320,751
Skanska AB, Class B		137,556		3,182,498
SKF AB, Class B		149,722		2,744,770
SSAB AB, Class A		129,067		397,432
SSAB AB, Class B		304,480		877,872
Svenska Cellulosa AB SCA, Class B		252,666		2,530,160
Svenska Handelsbanken AB, Class A		599,314		5,887,033
Sweco AB, Class B		37,080		1,431,088
Swedbank AB, Class A		370,309		5,695,643
Swedish Match AB		69,105		3,910,285
Swedish Orphan Biovitrum AB(a)		76,439		1,365,230
Tele2 AB, Class B		207,991		3,137,565
Telefonaktiebolaget LM Ericsson, Class B		1,230,994		9,675,640
Telia Co. AB		1,075,193		4,601,444
Thule Group AB(b)		58,788		1,389,396
Trelleborg AB, Class B		104,787		1,720,965
Vitrolife AB		27,039		567,225
Volvo AB, Class B		589,126		10,103,337
Wallenstam AB, Class B		91,598		1,198,353
Wihlborgs Fastigheter AB		76,679		1,468,561
				204,388,358
Switzerland — 14.5%
ABB Ltd., Registered		728,618		17,005,745
Adecco Group AG, Registered		63,418		3,728,343
Alcon Inc.(a)		168,234		9,932,339

Security	Shares		Value
Switzerland (continued)
Allreal Holding AG, Registered		7,444	$	1,543,678
Arbonia AG, Registered		36,863		443,373
Aryzta AG(a)		518,177		522,233
Baloise Holding AG, Registered		20,766		3,752,931
Banque Cantonale Vaudoise, Registered		1,784		1,492,755
Barry Callebaut AG, Registered		1,170		2,591,239
Belimo Holding AG		166		1,163,523
BKW AG		10,955		1,018,885
Bucher Industries AG, Registered		3,559		1,192,668
Burckhardt Compression Holding AG		2,340		640,531
Cembra Money Bank AG		14,983		1,753,933
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		370		3,101,716
Chocoladefabriken Lindt & Spruengli AG, Registered		46		4,287,832
Cie. Financiere Richemont SA, Registered		207,501		15,198,165
Clariant AG, Registered		84,114		1,895,171
Coca-Cola HBC AG		79,973		2,937,013
Credit Suisse Group AG, Registered		1,027,348		13,011,619
Daetwyler Holding AG, Bearer		4,857		876,269
DKSH Holding AG		14,846		767,199
dormakaba Holding AG		1,405		882,814
Dufry AG, Registered		19,405		1,684,872
Emmi AG, Registered		1,077		1,044,113
EMS-Chemie Holding AG, Registered		3,227		2,114,639
Flughafen Zurich AG, Registered		8,321		1,446,868
Forbo Holding AG, Registered		524		900,816
Galenica AG(b)		27,037		1,844,611
Geberit AG, Registered		14,631		7,724,719
Georg Fischer AG, Registered		1,738		1,709,257
Givaudan SA, Registered		3,618		11,929,328
Helvetia Holding AG, Registered		15,624		2,248,547
Huber & Suhner AG, Registered		8,178		610,520
Idorsia Ltd.(a)		42,010		1,348,571
Implenia AG, Registered		7,923		323,344
Interroll Holding AG, Registered		304		594,478
Julius Baer Group Ltd		90,476		4,531,070
Kuehne + Nagel International AG, Registered		21,796		3,525,508
LafargeHolcim Ltd., Registered		190,915		9,719,453
Landis+Gyr Group AG		13,164		1,207,957
Leonteq AG(a)(c)		12,348		460,913
Logitech International SA, Registered		75,571		3,397,541
Lonza Group AG, Registered		30,170		12,393,959
Meyer Burger Technology AG(a)(c)		600,448		253,764
Mobimo Holding AG, Registered		4,591		1,480,430
Nestle SA, Registered		1,187,007		130,928,306
Novartis AG, Registered		851,810		80,522,078
OC Oerlikon Corp. AG, Registered		103,728		1,106,704
Pargesa Holding SA, Bearer		18,407		1,476,263
Partners Group Holding AG		7,394		6,783,360
PSP Swiss Property AG, Registered		16,533		2,499,364
Roche Holding AG, NVS		278,548		93,662,830
Schindler Holding AG, Participation Certificates, NVS		15,552		4,021,638
Schindler Holding AG, Registered		9,154		2,277,941
SFS Group AG		9,217		860,585
SGS SA, Registered		2,065		5,975,857
Siegfried Holding AG, Registered(c)		2,392		1,107,396
SIG Combibloc Group AG		78,843		1,245,858
Sika AG, Registered		51,244		9,218,554
Sonova Holding AG, Registered		22,906		5,742,828
Stadler Rail AG(a)(c)		18,002		858,616

SCHEDULE OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Straumann Holding AG, Registered		4,372	$	4,170,501
Sulzer AG, Registered		10,447		1,154,700
Sunrise Communications Group AG(b)		17,209		1,422,113
Swatch Group AG (The), Bearer		11,192		2,816,422
Swatch Group AG (The), Registered		26,693		1,301,369
Swiss Life Holding AG, Registered		14,302		7,198,083
Swiss Prime Site AG, Registered		30,170		3,685,029
Swiss Re AG		119,662		13,523,934
Swisscom AG, Registered		9,822		5,393,469
Tecan Group AG, Registered		6,628		1,874,766
Temenos AG, Registered		26,350		4,259,386
UBS Group AG, Registered		1,527,564		19,006,447
Valiant Holding AG, Registered		9,619		989,377
VAT Group AG(b)		11,473		1,737,396
Vifor Pharma AG		19,405		3,581,409
Vontobel Holding AG, Registered		15,197		1,060,457
Zurich Insurance Group AG		58,686		24,382,270
				608,080,558
United Kingdom — 26.2%
3i Group PLC		377,799		5,500,573
Abcam PLC		86,491		1,589,334
Admiral Group PLC		73,407		2,185,924
Aggreko PLC		111,468		1,132,886
Anglo American PLC		418,123		10,944,030
Antofagasta PLC		158,046		1,712,941
AO World PLC(a)(c)		267,670		271,689
Ascential PLC(b)		180,623		869,531
Ashmore Group PLC		171,888		1,231,478
Ashtead Group PLC		193,096		6,248,938
ASOS PLC(a)		24,756		1,002,823
Associated British Foods PLC		140,731		4,871,536
Assura PLC		1,274,873		1,307,459
AstraZeneca PLC		520,153		50,903,836
Auto Trader Group PLC(b)		385,448		2,855,509
Avast PLC(b)		240,645		1,348,178
AVEVA Group PLC		28,019		1,816,446
Aviva PLC		1,533,933		8,055,772
B&M European Value Retail SA		374,145		1,793,761
Babcock International Group PLC		114,631		889,716
BAE Systems PLC		1,251,015		10,412,345
Balfour Beatty PLC		300,421		1,052,608
Bank of Georgia Group PLC		22,716		453,056
Barclays PLC		6,774,873		15,003,476
Barratt Developments PLC		398,575		4,217,925
Beazley PLC		215,284		1,536,709
Bellway PLC		48,268		2,535,532
Berkeley Group Holdings PLC		49,970		3,451,613
Big Yellow Group PLC		74,576		1,159,029
Blue Prism Group PLC(a)(c)		40,018		919,990
Bodycote PLC		84,113		949,668
boohoo Group PLC(a)		318,879		1,270,707
BP PLC		8,035,070		48,372,899
Brewin Dolphin Holdings PLC		138,821		658,778
British American Tobacco PLC		909,987		40,274,731
British Land Co. PLC (The)		346,084		2,530,130
Britvic PLC		120,704		1,472,582
BT Group PLC		3,342,573		7,090,427
Bunzl PLC		130,124		3,370,555
Burberry Group PLC		167,410		4,309,879
Burford Capital Ltd		81,516		677,500

Security	Shares		Value
United Kingdom (continued)
Cairn Energy PLC(a)		271,899	$	607,517
Capita PLC(a)		704,464		1,350,685
Capital & Counties Properties PLC		296,189		951,103
Card Factory PLC		169,787		198,299
Carnival PLC		65,901		2,708,629
Centamin PLC		588,558		1,055,139
Centrica PLC		2,368,025		2,648,307
Cineworld Group PLC(c)		463,209		1,082,598
Clinigen Healthcare Ltd.(a)		72,057		920,410
Close Brothers Group PLC		61,674		1,151,189
Coats Group PLC		776,871		775,222
Coca-Cola European Partners PLC		97,653		5,137,524
Compass Group PLC		625,888		15,486,110
ConvaTec Group PLC(b)		624,413		1,712,051
Countryside Properties PLC(b)		216,672		1,393,812
Cranswick PLC		24,735		1,164,675
Crest Nicholson Holdings PLC		155,379		1,024,103
Croda International PLC		50,862		3,341,588
Daily Mail & General Trust PLC, Class A, NVS		75,145		804,336
Dart Group PLC		38,482		862,359
DCC PLC		42,344		3,422,752
De La Rue PLC		59,979		110,690
Dechra Pharmaceuticals PLC		46,014		1,725,047
Derwent London PLC		38,598		2,091,164
Diageo PLC		939,469		37,276,093
Dialog Semiconductor PLC(a)		31,275		1,381,853
Diploma PLC		59,179		1,519,631
Direct Line Insurance Group PLC		511,048		2,275,636
Dixons Carphone PLC		423,596		757,169
Domino’s Pizza Group PLC		219,751		894,809
Drax Group PLC		218,577		783,709
DS Smith PLC		555,852		2,496,392
Dunelm Group PLC		56,200		858,620
easyJet PLC		63,161		1,159,796
EI Group PLC(a)		198,768		744,650
Electrocomponents PLC		194,469		1,699,082
Elementis PLC		292,562		493,253
EnQuest PLC(a)		967,891		304,934
Equiniti Group PLC(b)		164,344		443,675
Essentra PLC		177,691		981,434
Euromoney Institutional Investor PLC		48,792		787,248
Evraz PLC		211,766		984,283
Experian PLC		354,331		12,316,880
Ferguson PLC		90,878		8,148,484
Ferrexpo PLC		134,103		245,893
Fevertree Drinks PLC		44,582		808,648
Fiat Chrysler Automobiles NV		434,377		5,647,511
Firstgroup PLC(a)		569,675		929,671
Frasers Group PLC(a)		168,899		1,049,538
Future PLC		36,143		609,840
G4S PLC		628,067		1,617,752
Games Workshop Group PLC		13,602		1,189,666
GB Group PLC		90,839		851,380
Genus PLC		33,867		1,375,020
GlaxoSmithKline PLC		1,968,250		46,286,735
Glencore PLC		4,427,024		12,984,443
Go-Ahead Group PLC (The)		21,091		569,388
GoCo Group PLC		192,056		237,219
Grainger PLC		329,178		1,285,279
Great Portland Estates PLC		105,998		1,301,134

38 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Greencore Group PLC		253,795	$	821,661
Greggs PLC		43,703		1,298,514
GVC Holdings PLC		240,658		2,782,790
Halma PLC		161,788		4,493,578
Hammerson PLC		344,922		1,061,215
Hansteen Holdings PLC		290,289		446,180
Hargreaves Lansdown PLC		113,983		2,591,854
Hays PLC		638,353		1,305,973
Helical PLC		92,231		583,579
Hikma Pharmaceuticals PLC		62,944		1,520,062
Hiscox Ltd		116,026		2,008,175
HomeServe PLC		124,172		2,098,423
Howden Joinery Group PLC		235,002		2,132,524
HSBC Holdings PLC		7,971,687		57,984,694
Hunting PLC		82,024		331,076
Hyve Group PLC		581,929		754,058
IG Group Holdings PLC		162,078		1,418,217
IMI PLC		110,031		1,601,274
Imperial Brands PLC		380,675		9,789,230
Inchcape PLC		179,822		1,557,362
Indivior PLC(a)		566,693		283,343
Informa PLC		502,156		5,128,728
InterContinental Hotels Group PLC		70,036		4,325,723
Intermediate Capital Group PLC		124,555		2,860,163
Intertek Group PLC		63,917		4,853,112
Intu Properties PLC(a)(c)		599,379		134,712
Investec PLC		272,001		1,503,049
ITV PLC		1,451,169		2,590,109
IWG PLC		273,441		1,591,747
J D Wetherspoon PLC		33,223		679,254
J Sainsbury PLC		706,994		1,886,287
JD Sports Fashion PLC		180,569		1,956,099
John Laing Group PLC(b)		250,111		1,170,422
John Menzies PLC		88,269		502,077
John Wood Group PLC		290,758		1,442,273
Johnson Matthey PLC		76,957		2,642,636
Jupiter Fund Management PLC		195,963		996,076
Just Eat PLC(a)		244,177		2,771,337
KAZ Minerals PLC		126,706		731,231
Keller Group PLC		35,390		390,003
Keywords Studios PLC(c)		28,059		455,685
Kingfisher PLC		837,164		2,251,242
Lancashire Holdings Ltd		97,699		963,326
Land Securities Group PLC		270,057		3,339,179
Legal & General Group PLC		2,301,963		9,270,240
Lloyds Banking Group PLC		27,902,162		20,887,726
London Stock Exchange Group PLC		124,363		12,845,974
LondonMetric Property PLC		344,775		1,035,311
M&G PLC(a)		1,014,090		3,210,931
Man Group PLC		679,540		1,378,590
Marks & Spencer Group PLC		777,576		1,804,002
Marshalls PLC		94,588		984,395
Marston’s PLC		300,860		415,234
McCarthy & Stone PLC(b)		216,664		420,984
Mediclinic International PLC		156,072		759,776
Meggitt PLC		314,554		2,801,343
Melrose Industries PLC		2,002,405		6,155,480
Micro Focus International PLC		136,305		1,842,052
Mitchells & Butlers PLC(a)		111,867		589,852
Mitie Group PLC		175,394		307,271

Security	Shares		Value
United Kingdom (continued)
Mondi PLC		191,968	$	3,912,188
Moneysupermarket.com Group PLC		239,574		1,027,950
Morgan Advanced Materials PLC		146,019		600,545
N Brown Group PLC		83,600		90,310
National Express Group PLC		220,885		1,301,533
National Grid PLC		1,336,722		17,722,875
Network International Holdings PLC(a)(b)		141,635		1,135,156
NewRiver REIT PLC		215,583		534,261
Next PLC		55,657		5,056,459
NMC Health PLC(c)		47,881		815,468
Northgate PLC		81,530		285,878
Ocado Group PLC(a)		189,350		3,053,871
OneSavings Bank PLC		175,396		986,329
Pagegroup PLC		141,364		850,856
Paragon Banking Group PLC		124,123		831,184
Pearson PLC		310,442		2,326,034
Pennon Group PLC		171,320		2,503,371
Persimmon PLC		129,881		5,227,016
Petrofac Ltd		108,304		498,540
Pets at Home Group PLC		244,233		907,893
Pharos Energy PLC		171,948		103,131
Phoenix Group Holdings PLC		247,543		2,473,439
Playtech PLC		139,398		634,137
Plus500 Ltd		42,887		503,828
Premier Foods PLC(a)		960,139		458,167
Premier Oil PLC(a)		314,757		416,365
Primary Health Properties PLC		558,499		1,158,800
Provident Financial PLC		119,470		733,095
Prudential PLC		1,020,598		18,189,168
Purplebricks Group PLC(a)		172,888		243,854
QinetiQ Group PLC		277,188		1,287,632
Quilter PLC(b)		820,205		1,839,653
Rathbone Brothers PLC		25,534		663,754
Reckitt Benckiser Group PLC		280,470		23,221,841
Redrow PLC		102,233		1,071,370
RELX PLC		767,877		20,375,903
Renishaw PLC		17,041		893,147
Rentokil Initial PLC		761,635		4,688,622
Restaurant Group PLC (The)		230,249		391,837
Rightmove PLC		375,879		3,259,293
Rio Tinto PLC		451,368		24,299,534
Rolls-Royce Holdings PLC		691,703		6,109,081
Rotork PLC		364,205		1,460,930
Royal Bank of Scotland Group PLC		1,894,291		5,451,071
Royal Dutch Shell PLC, Class A		1,728,023		45,430,051
Royal Dutch Shell PLC, Class B		1,478,972		38,991,629
Royal Mail PLC		375,818		981,890
RPS Group PLC		151,055		346,470
RSA Insurance Group PLC		393,471		2,854,780
RWS Holdings PLC		87,402		661,325
Safestore Holdings PLC		111,540		1,183,608
Saga PLC		488,168		269,113
Sage Group PLC (The)		430,359		4,188,939
Sanne Group PLC		69,202		548,245
Savills PLC		72,060		1,181,670
Schroders PLC		51,881		2,197,356
Segro PLC		427,828		5,135,447
Senior PLC		256,456		562,871
Serco Group PLC(a)		580,802		1,210,435
Severn Trent PLC		90,000		3,059,675

SCHEDULE OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Shaftesbury PLC		69,998	$	829,520
Signature Aviation PLC		364,536		1,399,308
Smith & Nephew PLC		345,772		8,325,128
Smiths Group PLC		155,964		3,473,474
Softcat PLC		44,994		685,043
Sophos Group PLC(b)		171,131		1,257,411
Spectris PLC		52,786		1,841,154
Spirax-Sarco Engineering PLC		30,269		3,559,134
Spire Healthcare Group PLC(b)		221,952		383,276
Spirent Communications PLC		241,388		704,808
SSE PLC		407,611		8,105,366
SSP Group PLC		181,582		1,541,488
St. James’s Place PLC		211,643		3,191,621
St. Modwen Properties PLC		119,251		774,980
Stagecoach Group PLC		229,295		412,580
Standard Chartered PLC		1,113,047		9,258,152
Standard Life Aberdeen PLC		987,814		3,925,942
Synthomer PLC		155,944		694,400
TalkTalk Telecom Group PLC		317,164		495,432
Tate & Lyle PLC		191,726		2,003,669
Taylor Wimpey PLC		1,285,300		3,644,403
Ted Baker PLC		37,960		111,787
Telecom Plus PLC		33,082		659,364
Tesco PLC		3,868,417		12,590,292
TP ICAP PLC		249,755		1,306,703
Trainline PLC(a)(b)		150,966		939,296
Travis Perkins PLC		100,078		2,046,783
Tritax Big Box REIT PLC		790,274		1,455,310
Tullow Oil PLC		609,098		408,201
Ultra Electronics Holdings PLC		32,965		981,202
Unilever PLC		441,650		26,393,276
UNITE Group PLC (The)		110,819		1,858,159
United Utilities Group PLC		265,830		3,551,478
Vectura Group PLC		486,631		600,423
Vesuvius PLC		101,703		583,182
Victoria PLC(a)(c)		60,045		348,266
Victrex PLC		37,210		1,086,953
Virgin Money UK PLC(a)		543,796		1,177,397
Vistry Group PLC		101,181		1,840,600
Vodafone Group PLC		10,570,965		20,804,433
Weir Group PLC (The)		110,691		1,966,906
WH Smith PLC		55,499		1,749,959
Whitbread PLC		52,817		3,112,166
William Hill PLC		379,701		865,403
Wm Morrison Supermarkets PLC		917,200		2,199,873
Workspace Group PLC		61,365		983,639
WPP PLC		502,132		6,255,055
				1,100,793,237
Total Common Stocks — 98.7% (Cost: $4,049,455,092)				4,145,912,116

Security	Shares		Value
Preferred Stocks
Germany — 0.8%
Bayerische Motoren Werke AG, Preference Shares, NVS		21,279	$	1,188,502
Fuchs Petrolub SE, Preference Shares, NVS		33,972		1,505,911
Henkel AG & Co. KGaA, Preference Shares, NVS		71,584		7,293,546
Jungheinrich AG, Preference Shares, NVS		27,382		601,433
Porsche Automobil Holding SE, Preference Shares, NVS		65,071		4,408,909
Sartorius AG, Preference Shares, NVS		15,110		3,526,477
Volkswagen AG, Preference Shares, NVS		73,479		13,222,513
				31,747,291
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		2,269,229		1,194,511
Total Preferred Stocks — 0.8% (Cost: $34,851,770)				32,941,802
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional,
SL Agency Shares, 1.78%(e)(f)(g)		33,553,152		33,573,284
BlackRock Cash Funds: Treasury,
SL Agency Shares, 1.50%(e)(f)		498,000		498,000
				34,071,284
Total Short-Term Investments — 0.8% (Cost: $34,057,365)				34,071,284
Total Investments in Securities — 100.3% (Cost: $4,118,364,227)				4,212,925,202
Other Assets, Less Liabilities — (0.3)%				(12,549,881	)
Net Assets — 100.0%			$	4,200,375,321

^(a)  Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c) All or a portion of this security is on loan.

^(d) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)  Affiliate of the Fund.

^(f) Annualized 7-day yield as of period-end.

^(g) All or a portion of this security was purchased with cash collateral received from loaned securities.

40 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Europe ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	39,687,757	(6,134,605	)	33,553,152	$	33,573,284	$	421,340	(b)	$	5,759		$	(15	)
BlackRock Cash Funds: Treasury, SL Agency Shares	259,000	239,000		498,000		498,000		9,944			—			—
					$	34,071,284	$	431,284		$	5,759		$	(15	)

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		290		03/20/20	$	11,695	$	(339,485	)
FTSE 100 Index		72		03/20/20		6,850		(268,334	)
							$	(607,819	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	607,819

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,804,523
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(881,728	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,649,983

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

SCHEDULE OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Europe ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	4,142,662,858	$	3,249,258	$	—	$	4,145,912,116
Preferred Stocks		32,941,802		—		—		32,941,802
Money Market Funds		34,071,284		—		—		34,071,284
	$	4,209,675,944	$	3,249,258	$	—	$	4,212,925,202
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(607,819)	$	—	$	—	$	(607,819)

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

See notes to financial statements.

42 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.6%
Abacus Property Group		54,240	$	137,619
Adelaide Brighton Ltd.		56,345		137,301
Afterpay Ltd.(a)		19,946		514,752
AGL Energy Ltd.		70,297		938,853
ALS Ltd.		60,441		390,460
Altium Ltd.		14,614		389,670
Alumina Ltd.		323,881		472,672
AMP Ltd.		371,777		454,217
Ansell Ltd.		12,752		273,520
APA Group		127,505		967,108
Appen Ltd.		11,724		198,963
ARB Corp. Ltd.		9,719		121,019
Aristocrat Leisure Ltd.		64,156		1,554,762
ASX Ltd.		21,391		1,226,812
Atlas Arteria Ltd.		104,623		569,424
Aurizon Holdings Ltd.		203,582		737,318
AusNet Services		292,801		346,948
Australia & New Zealand Banking Group Ltd.		298,623		5,147,763
Bank of Queensland Ltd.		52,679		269,785
Bapcor Ltd.		39,830		168,518
Beach Energy Ltd.		231,970		414,630
Bega Cheese Ltd.(b)		52,328		153,436
Bendigo & Adelaide Bank Ltd.		52,945		368,972
BHP Group Ltd.		301,158		7,943,440
BHP Group PLC		217,859		4,766,644
BlueScope Steel Ltd.		62,208		593,443
Boral Ltd.		132,882		443,010
Brambles Ltd.		164,482		1,390,720
Breville Group Ltd.		10,507		131,323
BWP Trust		54,865		150,958
Caltex Australia Ltd.		27,413		630,929
carsales.com Ltd.		16,957		195,706
Challenger Ltd.		62,713		375,750
Charter Hall Group		39,276		338,132
Charter Hall Long Wale REIT		82,147		312,362
Charter Hall Retail REIT		37,979		119,752
Cleanaway Waste Management Ltd.		266,505		363,960
Coca-Cola Amatil Ltd.		53,002		425,077
Cochlear Ltd.		6,127		988,801
Coles Group Ltd.		124,023		1,374,100
Commonwealth Bank of Australia		180,867		10,323,398
Computershare Ltd.		51,520		620,476
Corporate Travel Management Ltd.		10,390		123,879
Credit Corp. Group Ltd.		7,108		168,639
Cromwell Property Group		246,470		202,124
Crown Resorts Ltd.		41,028		321,354
CSL Ltd.		47,281		9,877,086
CSR Ltd.		56,209		182,877
Dexus		121,039		1,030,696
Domino’s Pizza Enterprises Ltd.		6,896		253,401
Downer EDI Ltd.		74,299		368,569
Evolution Mining Ltd.		158,405		393,424
Flight Centre Travel Group Ltd.		5,991		157,660
Fortescue Metals Group Ltd.		155,766		1,187,721
GDI Property Group		347,065		358,969
Goodman Group		174,647		1,740,900
GPT Group (The)		183,134		735,594
GrainCorp Ltd., Class A(a)		25,421		142,952

Security	Shares		Value
Australia (continued)
Growthpoint Properties Australia Ltd.		42,554	$	124,492
Harvey Norman Holdings Ltd.		61,214		173,344
Healius Ltd.		65,815		130,417
IDP Education Ltd.		16,002		190,362
IGO Ltd.		60,719		247,955
Iluka Resources Ltd.		39,977		260,132
Incitec Pivot Ltd.		219,562		482,113
Insurance Australia Group Ltd.		246,011		1,166,019
InvoCare Ltd.		14,565		130,755
IOOF Holdings Ltd.		41,192		218,126
IPH Ltd.		24,949		152,991
IRESS Ltd.		22,325		209,237
James Hardie Industries PLC		49,978		1,063,957
JB Hi-Fi Ltd.		13,983		371,254
Lendlease Group		65,097		789,655
Link Administration Holdings Ltd.		52,962		241,451
Lynas Corp. Ltd.(a)		65,691		96,309
Macquarie Group Ltd.		34,580		3,351,364
Magellan Financial Group Ltd.		14,284		643,264
Medibank Pvt Ltd.		312,020		647,533
Metcash Ltd.		109,153		191,450
Mineral Resources Ltd.		32,902		375,768
Mirvac Group		402,365		915,835
Monadelphous Group Ltd.		13,653		160,316
National Australia Bank Ltd.		298,434		5,166,481
New South Resources Ltd.(a)		101,652		146,309
Newcrest Mining Ltd.		81,098		1,603,214
NEXTDC Ltd.(a)(b)		71,696		364,296
NIB Holdings Ltd.		67,022		242,735
Nine Entertainment Co. Holdings Ltd.		184,316		231,357
Northern Star Resources Ltd.		70,967		598,611
Oil Search Ltd.		168,622		817,280
Orica Ltd.		46,481		710,394
Origin Energy Ltd.		205,913		1,130,357
Orora Ltd.		94,319		203,317
OZ Minerals Ltd.		57,143		388,664
Pendal Group Ltd.		33,972		201,726
Perpetual Ltd.		5,391		154,105
Premier Investments Ltd.		12,627		168,133
QBE Insurance Group Ltd.		144,757		1,332,479
Qube Holdings Ltd.		152,187		350,473
Ramsay Health Care Ltd.		17,830		945,354
REA Group Ltd.		6,025		460,215
Regis Resources Ltd.		44,766		134,859
Reliance Worldwide Corp. Ltd.		111,117		334,743
Rio Tinto Ltd.		39,253		2,595,469
Santos Ltd.		183,419		1,067,044
Saracen Mineral Holdings Ltd.(a)		87,830		232,251
Scentre Group		514,481		1,329,458
Seek Ltd.		37,474		569,223
Seven Group Holdings Ltd.		16,862		228,700
Shopping Centres Australasia Property Group		78,189		151,273
Silver Lake Resources Ltd.(a)		122,664		133,441
Sims Ltd.		24,483		175,866
Sonic Healthcare Ltd.		49,324		1,045,742
South32 Ltd.		570,417		1,008,125
Southern Cross Media Group Ltd.		203,199		119,708
Spark Infrastructure Group		176,928		260,578
St. Barbara Ltd.		65,569		119,834
Star Entertainment Grp Ltd. (The)		74,859		209,478

SCHEDULE OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Steadfast Group Ltd.		130,712	$	336,895
Stockland		271,492		894,211
Suncorp Group Ltd.		129,236		1,112,609
Sydney Airport		123,969		696,295
Tabcorp Holdings Ltd.		225,940		709,388
Technology One Ltd.		29,475		168,117
Telstra Corp. Ltd.		439,332		1,129,385
TPG Telecom Ltd.		39,573		198,161
Transurban Group		292,440		3,073,650
Treasury Wine Estates Ltd.		81,696		712,629
Vicinity Centres		272,054		462,601
Viva Energy Group Ltd.(c)		172,118		198,186
Viva Energy REIT		78,103		144,832
Vocus Group Ltd.(a)		71,258		161,715
Washington H Soul Pattinson & Co. Ltd.		19,631		283,209
Webjet Ltd.		14,376		113,082
Wesfarmers Ltd.		114,987		3,480,176
Westpac Banking Corp.		361,319		6,076,149
Whitehaven Coal Ltd.		101,281		170,184
WiseTech Global Ltd.		17,147		287,321
Woodside Petroleum Ltd.		99,818		2,320,768
Woolworths Group Ltd.		130,008		3,641,495
Worley Ltd.		41,851		426,981
				128,751,778
Austria — 0.3%
ams AG(a)		9,064		370,943
ANDRITZ AG		6,554		258,277
BAWAG Group AG(c)		5,353		232,068
CA Immobilien Anlagen AG		3,667		161,535
Erste Group Bank AG		33,086		1,215,842
IMMOFINANZ AG		7,841		217,669
Lenzing AG		1,472		116,473
Oesterreichische Post AG		6,833		259,731
OMV AG		15,125		754,101
Raiffeisen Bank International AG		16,433		375,148
S IMMO AG		8,882		238,201
S&T AG		7,167		193,479
Schoeller-Bleckmann Oilfield Equipment AG		2,383		109,859
Telekom Austria AG		17,791		142,941
UNIQA Insurance Group AG		18,835		178,255
Verbund AG		7,076		374,202
Vienna Insurance Group AG Wiener Versicherung Gruppe		11,845		320,290
Wienerberger AG		13,606		386,303
				5,905,317
Belgium — 1.0%
Ackermans & van Haaren NV		2,275		364,307
Aedifica SA		1,311		177,248
Ageas		18,599		1,025,830
Anheuser-Busch InBev SA/NV		78,605		5,960,072
Barco NV		1,007		250,532
Befimmo SA		2,546		156,592
Bekaert SA		4,883		124,136
bpost SA		10,636		106,034
Cie. d’Entreprises CFE		1,745		190,480
Colruyt SA		6,828		341,641
D’ieteren SA/NV		4,585		295,720
Elia System Operator SA/NV		4,111		396,356
Euronav NV		20,179		200,814

Security	Shares		Value
Belgium (continued)
Fagron		13,219	$	306,170
Galapagos NV(a)		4,529		1,014,348
Gimv NV		3,851		237,283
Groupe Bruxelles Lambert SA		6,416		645,038
KBC Ancora		8,190		408,246
KBC Group NV		25,503		1,872,669
Kinepolis Group NV		2,593		159,770
Melexis NV		2,492		177,849
Montea CVA		2,742		271,051
Ontex Group NV		9,350		169,621
Proximus SADP		14,706		419,164
Retail Estates NV		1,618		148,466
Sofina SA		674		154,240
Solvay SA		7,540		781,604
Telenet Group Holding NV		3,701		172,179
UCB SA		13,560		1,248,459
Umicore SA(b)		22,137		1,019,805
Warehouses De Pauw CVA		6,981		199,520
				18,995,244
Canada — 9.3%
Agnico Eagle Mines Ltd.		25,709		1,590,107
Air Canada(a)		14,321		480,020
Alacer Gold Corp.(a)		33,857		159,231
Alamos Gold Inc., Class A		56,872		359,065
Algonquin Power & Utilities Corp.		30,987		474,686
Alimentation Couche-Tard Inc., Class B		92,889		3,106,484
Allied Properties REIT		10,687		446,211
AltaGas Ltd.		33,735		543,566
Altus Group Ltd.		9,038		296,244
Aphria Inc.(a)(b)		29,861		139,760
ARC Resources Ltd.		75,834		402,521
Aritzia Inc.(a)		9,773		184,959
Atco Ltd., Class I, NVS		6,191		241,639
ATS Automation Tooling Systems Inc.(a)		12,285		188,843
Aurora Cannabis Inc.(a)(b)		73,341		138,636
B2Gold Corp.		125,518		543,812
Badger Daylighting Ltd.(b)		4,339		113,285
Bank of Montreal		64,707		4,938,095
Bank of Nova Scotia (The)		124,495		6,803,900
Barrick Gold Corp.		186,753		3,460,978
Bausch Health Companies Inc.(a)		32,985		905,588
BCE Inc.		10,495		494,853
BlackBerry Ltd.(a)		56,537		344,553
Boardwalk REIT		4,333		154,704
Bombardier Inc., Class B(a)		279,656		260,086
Boralex Inc., Class A		13,237		276,240
Brookfield Asset Management Inc., Class A		93,780		5,742,168
BRP Inc.		4,410		225,277
CAE Inc.		30,037		891,424
Cameco Corp.		50,672		408,809
Canada Goose Holdings Inc.(a)(b)		5,911		177,167
Canadian Apartment Properties REIT		4,714		201,741
Canadian Imperial Bank of Commerce		46,510		3,795,213
Canadian National Railway Co.		74,297		6,947,420
Canadian Natural Resources Ltd.		126,826		3,569,214
Canadian Pacific Railway Ltd.		14,563		3,871,024
Canadian Tire Corp. Ltd., Class A, NVS		6,861		736,291
Canadian Utilities Ltd., Class A, NVS		7,888		241,552
Canadian Western Bank		14,645		362,319
Canfor Corp.(a)		7,311		65,727

44 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Canopy Growth Corp.(a)(b)		24,391	$	549,584
Capital Power Corp.		8,131		222,618
CCL Industries Inc., Class B, NVS		18,908		797,895
Cenovus Energy Inc.		121,896		1,061,768
Centerra Gold Inc.(a)		22,095		177,087
CGI Inc.(a)		24,895		1,907,384
CI Financial Corp.		31,154		546,264
Cineplex Inc.		7,247		185,045
Cogeco Communications Inc.		1,808		142,037
Colliers International Group Inc.		4,184		339,453
Cominar REIT		12,903		142,147
Constellation Software Inc.		2,084		2,191,938
Cott Corp.		32,433		496,592
Crescent Point Energy Corp.		65,659		216,456
Crombie REIT		14,396		174,161
Cronos Group Inc.(a)(b)		17,344		124,977
Descartes Systems Group Inc. (The)(a)		10,422		467,534
Detour Gold Corp.(a)		16,741		299,997
DIRTT Environmental Solutions(a)		23,793		61,707
Dollarama Inc.		33,682		1,148,328
Dream Industrial REIT(b)		20,438		216,040
Dream Office REIT		9,072		223,276
Eldorado Gold Corp.(a)		15,489		112,664
Element Fleet Management Corp.		47,276		454,333
Emera Inc.		23,223		1,035,294
Empire Co. Ltd., Class A, NVS		18,779		435,912
Enbridge Inc.		208,913		8,499,950
Endeavour Mining Corp.(a)		11,505		235,746
Enerplus Corp.		50,797		259,257
Enghouse Systems Ltd.		5,006		198,416
ERO Copper Corp.(a)		7,412		101,887
Fairfax Financial Holdings Ltd.		2,783		1,246,085
Finning International Inc.		20,979		363,093
First Capital Real Estate Investment Trust		9,545		156,395
First Majestic Silver Corp.(a)		18,224		183,818
First Quantum Minerals Ltd.		73,637		576,825
FirstService Corp.		4,056		399,328
Fortis Inc.		41,238		1,799,748
Franco-Nevada Corp.		20,747		2,359,813
Genworth MI Canada Inc.		6,237		275,408
George Weston Ltd.		7,660		617,700
Gibson Energy Inc.		20,966		421,048
Gildan Activewear Inc.		22,152		614,203
Granite REIT		9,057		489,710
Great Canadian Gaming Corp.(a)		6,444		194,165
Great-West Lifeco Inc.		25,938		672,499
H&R Real Estate Investment Trust		9,822		158,854
HEXO Corp.(a)(b)		68,272		85,692
Home Capital Group Inc.(a)		7,585		180,943
Hudbay Minerals Inc.		34,355		105,464
Hudson’s Bay Co.		11,370		93,966
Husky Energy Inc.		52,292		340,429
Hydro One Ltd.(c)		29,235		594,625
iA Financial Corp. Inc.		11,590		638,236
IAMGOLD Corp.(a)		48,551		145,005
IGM Financial Inc.		4,024		116,441
Imperial Oil Ltd.		30,366		720,491
Innergex Renewable Energy Inc.		18,959		269,501
Intact Financial Corp.		14,143		1,533,161
Inter Pipeline Ltd.		45,807		763,710

Security	Shares		Value
Canada (continued)
InterRent REIT		14,542	$	184,943
Ivanhoe Mines Ltd., Class A(a)		59,632		154,203
Keyera Corp.		25,391		662,925
Killam Apartment REIT		12,475		190,160
Kinaxis Inc.(a)		3,247		269,767
Kinross Gold Corp.(a)		139,042		705,434
Kirkland Lake Gold Ltd.		22,684		930,824
Knight Therapeutics Inc.(a)		32,998		195,860
Labrador Iron Ore Royalty Corp.		6,479		103,317
Laurentian Bank of Canada		8,103		263,146
Linamar Corp.		11,325		373,347
Loblaw Companies Ltd.		18,781		983,249
Lundin Mining Corp.		82,566		433,260
MAG Silver Corp.(a)		10,325		112,575
Magna International Inc.		31,379		1,591,786
Manulife Financial Corp.		209,487		4,083,456
Maple Leaf Foods Inc.		11,496		225,304
MEG Energy Corp.(a)		24,208		123,735
Methanex Corp.		10,395		337,265
Metro Inc.		27,626		1,126,931
Morneau Shepell Inc.		18,328		480,044
MTY Food Group Inc.		2,689		117,498
National Bank of Canada		33,692		1,870,631
NFI Group Inc.		9,535		220,757
Norbord Inc.		6,206		182,396
North West Co. Inc. (The)		6,631		138,180
Northland Power Inc.		18,538		417,562
Northview Apartment Real Estate Investment Trust		8,267		191,962
NorthWest Healthcare Properties REIT		26,224		241,708
Novagold Resources Inc.(a)		26,319		240,195
Nutrien Ltd.		60,373		2,578,708
OceanaGold Corp.		53,961		113,018
Onex Corp.		8,923		572,805
Open Text Corp.		28,036		1,262,579
Osisko Gold Royalties Ltd.		12,144		121,206
Pan American Silver Corp.		24,306		559,063
Parex Resources Inc.(a)		23,292		368,960
Parkland Fuel Corp.		17,750		618,039
Pason Systems Inc.		13,144		131,187
Pembina Pipeline Corp.		56,657		2,171,091
Power Corp. of Canada		33,762		842,933
Power Financial Corp.		27,036		702,194
PrairieSky Royalty Ltd.		30,838		338,331
Premium Brands Holdings Corp.		3,929		289,502
Pretium Resources Inc.(a)		16,804		183,090
Quebecor Inc., Class B		15,682		389,397
Restaurant Brands International Inc.		26,840		1,638,548
Richelieu Hardware Ltd.		6,653		146,939
RioCan REIT		6,225		127,837
Ritchie Bros Auctioneers Inc.		11,908		503,043
Rogers Communications Inc., Class B, NVS		36,468		1,827,054
Royal Bank of Canada		145,020		11,467,386
Russel Metals Inc.		17,977		291,971
Sandstorm Gold Ltd.(a)		21,724		149,147
Saputo Inc.		25,038		769,759
SEMAFO Inc.(a)		34,126		71,991
Seven Generations Energy Ltd., Class A(a)		31,970		160,509
Shaw Communications Inc., Class B, NVS		48,939		956,911
ShawCor Ltd.		20,164		160,391
Shopify Inc., Class A(a)		10,621		4,949,560

SCHEDULE OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Sienna Senior Living Inc.		24,631	$	350,501
SmartCentres Real Estate Investment Trust		13,808		327,934
SNC-Lavalin Group Inc.		15,764		362,826
Spin Master Corp.(a)(c)		3,317		79,404
SSR Mining Inc.(a)		12,256		224,631
Stantec Inc.		13,055		388,427
Stars Group Inc. (The)(a)		24,529		585,706
Stella-Jones Inc.		5,977		169,293
Summit Industrial Income REIT		21,886		213,639
Sun Life Financial Inc.		62,488		2,939,778
Suncor Energy Inc.		162,673		4,975,330
Superior Plus Corp.		21,932		191,535
TC Energy Corp.		95,720		5,252,278
Teck Resources Ltd., Class B		56,242		727,185
TELUS Corp.		16,513		662,368
TFI International Inc.		8,606		275,772
Thomson Reuters Corp.		20,322		1,634,764
TMX Group Ltd.		5,342		494,596
Torex Gold Resources Inc.(a)		8,722		120,092
Toromont Industries Ltd.		9,230		475,615
Toronto-Dominion Bank (The)		184,659		10,212,059
TransAlta Corp.		28,293		211,361
TransAlta Renewables Inc.		16,385		205,037
Transcontinental Inc., Class A		10,712		126,028
Tricon Capital Group Inc.		20,741		170,940
Wajax Corp.		12,344		139,162
West Fraser Timber Co. Ltd.		6,385		255,970
Wheaton Precious Metals Corp.		48,737		1,435,706
Winpak Ltd.		3,355		122,678
WSP Global Inc.		12,282		873,405
Yamana Gold Inc.		116,247		473,760
				179,718,864
Denmark — 1.7%
ALK-Abello A/S(a)		712		190,054
Ambu A/S, Series B(b)		14,813		271,290
AP Moller - Maersk A/S, Class B, NVS		677		812,398
Carlsberg A/S, Class B		12,046		1,762,058
Chr Hansen Holding A/S		11,106		828,089
Coloplast A/S, Class B		12,339		1,557,162
Danske Bank A/S		65,927		1,103,778
Demant A/S(a)		12,018		390,302
Dfds A/S		4,641		195,321
DSV Panalpina A/S		23,699		2,578,182
FLSmidth & Co. A/S		8,239		282,846
Genmab A/S(a)		7,034		1,624,631
GN Store Nord A/S		14,189		704,679
H Lundbeck A/S		9,221		392,176
ISS A/S		20,020		486,001
Jyske Bank A/S, Registered(a)		6,814		259,490
Maersk Drilling A/S(a)		4,346		242,327
Netcompany Group A/S(a)(c)		3,449		156,407
Novo Nordisk A/S, Class B		184,185		11,266,850
Novozymes A/S, Class B		21,564		1,125,312
Orsted A/S(c)		19,334		2,110,201
Pandora A/S		11,003		570,110
Ringkjoebing Landbobank A/S		3,582		266,126
Rockwool International A/S, Class B		998		232,948
Royal Unibrew A/S		5,066		482,458
Schouw & Co. A/S		2,197		180,006
SimCorp A/S		5,264		584,295

Security	Shares		Value
Denmark (continued)
Topdanmark A/S		5,547	$	261,912
Tryg A/S		4,436		134,461
Vestas Wind Systems A/S		19,816		1,977,089
				33,028,959
Finland — 1.1%
Cargotec OYJ, Class B		5,004		185,439
Citycon OYJ		11,845		125,294
Elisa OYJ		14,000		843,074
Fortum OYJ		43,042		1,042,704
Huhtamaki OYJ		11,004		490,102
Kemira OYJ		11,139		168,375
Kesko OYJ, Class B		6,839		462,621
Kone OYJ, Class B		34,131		2,203,625
Konecranes OYJ		7,388		223,516
Metsa Board OYJ		34,418		208,828
Metso OYJ		11,251		400,359
Neste OYJ		44,879		1,784,489
Nokia OYJ		595,778		2,323,719
Nokian Renkaat OYJ		14,721		396,589
Nordea Bank Abp		338,039		2,669,620
Orion OYJ, Class B		11,142		526,871
Outokumpu OYJ		52,196		179,894
Sampo OYJ, Class A		42,353		1,918,258
Stora Enso OYJ, Class R		75,749		987,194
TietoEVRY OYJ		6,798		222,089
UPM-Kymmene OYJ		56,551		1,787,970
Uponor OYJ		15,709		213,083
Valmet OYJ		10,672		231,685
Wartsila OYJ Abp		45,663		560,437
YIT OYJ		22,118		157,729
				20,313,564
France — 9.1%
ABC arbitrage		3,643		26,807
Accor SA		20,016		821,390
Aeroports de Paris		3,142		595,416
Air France-KLM(a)		16,212		150,772
Air Liquide SA		47,519		6,885,369
Airbus SE		61,087		9,019,899
ALD SA(c)		17,672		258,510
Alstom SA		18,543		985,136
Alten SA		2,741		338,994
Amundi SA(c)		6,358		516,115
APERAM SA		7,298		209,874
Arkema SA		7,852		722,406
Atos SE		11,101		924,382
AXA SA		200,302		5,345,151
BioMerieux		5,550		550,163
BNP Paribas SA		117,051		6,232,203
Bollore SA		105,817		430,837
Bouygues SA		24,175		957,233
Bureau Veritas SA		32,124		886,792
Capgemini SE		17,293		2,153,087
Carrefour SA		64,996		1,102,397
Casino Guichard Perrachon SA		7,126		289,505
CGG SA(a)		73,931		208,595
Cie. de Saint-Gobain		54,209		2,056,648
Cie. Generale des Etablissements Michelin SCA		17,682		2,057,496
Cie. Plastic Omnium SA		7,551		189,954
CNP Assurances		18,843		339,747

46 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Coface SA(a)		12,509	$	154,289
Constellium SE(a)		16,693		189,632
Covivio		4,927		585,323
Credit Agricole SA		120,904		1,638,647
Danone SA		63,281		5,077,269
Dassault Aviation SA		300		365,041
Dassault Systemes SE		13,603		2,362,229
Edenred		27,531		1,488,576
Eiffage SA		8,984		1,042,898
Electricite de France SA		68,161		842,605
Elior Group SA(c)		12,350		173,405
Elis SA		22,710		443,195
Engie SA		187,868		3,239,520
EssilorLuxottica SA		29,991		4,461,937
Eurazeo SE		3,585		257,046
Eurofins Scientific SE(b)		1,322		712,010
Eutelsat Communications SA		21,285		319,500
Faurecia SE		8,675		415,021
Fnac Darty SA(a)		3,807		185,886
Gaztransport Et Technigaz SA		2,367		240,015
Gecina SA		4,540		857,321
Getlink SE		47,743		843,895
Hermes International		3,293		2,469,119
ICADE		1,859		207,663
Iliad SA(b)		2,727		358,719
Imerys SA		5,194		224,944
Ingenico Group SA		6,687		779,588
Ipsen SA		4,311		320,089
IPSOS		5,626		182,678
JCDecaux SA		13,748		368,395
Kering SA		7,967		4,900,112
Klepierre SA		22,129		753,603
Korian SA		5,568		254,223
Lagardere SCA		14,092		267,827
Legrand SA		27,607		2,215,012
L’Oreal SA		25,868		7,221,198
LVMH Moet Hennessy Louis Vuitton SE		28,981		12,695,752
Maisons du Monde SA(c)		11,738		156,097
Nexans SA		4,645		226,648
Nexity SA		4,296		207,572
Orange SA		210,287		2,984,079
Orpea		5,255		684,854
Pernod Ricard SA		21,940		3,805,127
Peugeot SA		62,670		1,292,481
Publicis Groupe SA		22,230		986,151
Remy Cointreau SA		2,608		275,146
Renault SA		21,288		831,478
Rexel SA		24,325		291,540
Rubis SCA		10,237		633,598
Safran SA		34,340		5,554,214
Sanofi		116,156		11,192,561
Sartorius Stedim Biotech		2,866		514,846
Schneider Electric SE		58,064		5,824,649
SCOR SE		18,152		773,060
SEB SA		2,611		335,937
SES SA		42,019		517,110
Societe BIC SA		2,770		187,099
Societe Generale SA		84,958		2,751,548
Sodexo SA		9,528		998,875
SOITEC(a)		3,234		306,246

Security	Shares		Value
France (continued)
Sopra Steria Group		1,732	$	277,546
SPIE SA		17,862		347,199
STMicroelectronics NV		70,662		1,980,400
Suez		39,852		654,952
Teleperformance		6,061		1,523,371
Thales SA		11,152		1,226,225
TOTAL SA		244,688		11,970,504
Ubisoft Entertainment SA(a)		9,502		722,787
Unibail-Rodamco-Westfield		12,347		1,677,529
Unibail-Rodamco-Westfield, New		1,874		254,612
Valeo SA		25,750		768,193
Vallourec SA(a)		38,970		98,897
Veolia Environnement SA		56,223		1,662,333
Vinci SA		51,989		5,772,945
Vivendi SA		89,890		2,466,495
Wendel SA		2,850		380,900
Worldline SA(a)(c)		11,532		814,710
				177,299,574
Germany — 7.1%
Aareal Bank AG		4,608		151,257
adidas AG		18,807		5,956,621
ADO Properties SA(c)		5,717		176,382
AIXTRON SE(a)		12,684		134,548
Allianz SE, Registered		43,137		10,318,587
Amadeus Fire AG		1,786		302,825
Aroundtown SA		89,899		850,408
AURELIUS Equity Opportunities SE & Co. KGaA		3,915		143,261
Aurubis AG		7,868		429,950
BASF SE		93,130		6,302,832
Bayer AG, Registered		97,825		7,919,328
Bayerische Motoren Werke AG		38,501		2,745,183
Bechtle AG		2,409		348,924
Beiersdorf AG		9,882		1,121,406
Brenntag AG		16,989		882,620
CANCOM SE		4,746		283,751
Carl Zeiss Meditec AG, Bearer		4,410		540,031
CECONOMY AG(a)		23,433		121,662
Commerzbank AG		116,773		672,921
CompuGroup Medical SE		2,453		161,746
Continental AG		12,723		1,451,416
Covestro AG(c)		19,895		841,118
CTS Eventim AG & Co. KGaA		6,474		403,565
Daimler AG, Registered		95,347		4,417,265
Delivery Hero SE(a)(c)		13,381		1,032,383
Deutsche Bank AG, Registered		214,856		1,972,449
Deutsche Boerse AG		19,378		3,157,855
Deutsche EuroShop AG		9,021		246,328
Deutsche Lufthansa AG, Registered		24,816		380,340
Deutsche Pfandbriefbank AG(c)		27,466		443,783
Deutsche Post AG, Registered		102,963		3,602,822
Deutsche Telekom AG, Registered		344,605		5,577,905
Deutsche Wohnen SE		38,784		1,641,853
Duerr AG		6,149		184,804
E.ON SE		230,523		2,615,968
Encavis AG		22,280		267,647
Evonik Industries AG		22,311		612,440
Evotec SE(a)(b)		15,570		419,461
Fraport AG Frankfurt Airport Services Worldwide		3,982		297,161
Freenet AG		18,104		402,060
Fresenius Medical Care AG & Co. KGaA		23,968		1,851,326

SCHEDULE OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Fresenius SE & Co. KGaA		45,792	$	2,340,692
GEA Group AG		15,224		457,042
Gerresheimer AG		4,126		326,700
Grand City Properties SA		7,079		181,375
GRENKE AG		3,321		331,046
Hamborner REIT AG		39,085		437,905
Hannover Rueck SE		5,119		995,590
HeidelbergCement AG		16,081		1,092,069
HelloFresh SE(a)		14,521		345,982
Henkel AG & Co. KGaA		11,619		1,075,161
HOCHTIEF AG		1,985		230,097
HUGO BOSS AG		6,859		325,329
Hypoport AG(a)		475		168,183
Infineon Technologies AG		134,328		2,914,129
Jenoptik AG		8,589		237,197
K+S AG, Registered		29,453		287,230
KION Group AG		7,435		467,178
Knorr-Bremse AG		3,848		420,081
Krones AG(b)		2,172		165,001
LANXESS AG		9,907		596,376
LEG Immobilien AG		5,983		738,291
Merck KGaA		14,214		1,825,652
METRO AG		19,773		275,987
MorphoSys AG(a)		3,844		482,223
MTU Aero Engines AG		5,711		1,736,659
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		14,183		4,185,598
Nemetschek SE		7,114		485,244
Norma Group SE		4,702		171,747
OSRAM Licht AG		10,727		537,917
PATRIZIA AG		6,412		153,201
Pfeiffer Vacuum Technology AG		897		149,208
ProSiebenSat.1 Media SE		26,308		349,417
Puma SE		9,159		734,860
QIAGEN NV(a)		25,345		847,114
Rational AG		217		163,406
Rheinmetall AG		5,029		539,034
RIB Software SE(b)		5,975		126,272
Rocket Internet SE(a)(c)		15,396		360,346
RWE AG		60,882		2,114,492
SAP SE		101,623		13,268,727
Scout24 AG(c)		11,974		824,705
Siemens AG, Registered		79,615		9,849,926
Siemens Healthineers AG(c)		16,655		784,056
Sixt SE		1,272		128,488
Software AG		8,276		276,520
Stroeer SE & Co. KGaA		4,239		337,762
Suedzucker AG		7,226		122,360
Symrise AG		14,034		1,445,448
TAG Immobilien AG		5,387		142,083
Telefonica Deutschland Holding AG		112,115		339,564
thyssenkrupp AG		46,295		572,811
TLG Immobilien AG		10,326		353,025
TUI AG		45,890		470,871
Uniper SE		23,155		759,804
United Internet AG, Registered(d)		13,429		436,043
Varta AG(a)(b)		1,621		138,143
Volkswagen AG		3,558		652,957
Vonovia SE		54,137		3,092,123
Wirecard AG		12,313		1,817,550

Security	Shares		Value
Germany (continued)
Zalando SE(a)(c)		14,377	$	691,953
				137,260,142
Hong Kong — 2.9%
AIA Group Ltd.		1,258,600		12,602,371
ASM Pacific Technology Ltd.		35,800		489,173
Bank of East Asia Ltd. (The)(b)		162,400		352,202
BeiGene Ltd., ADR(a)(b)		3,809		580,339
BOC Hong Kong Holdings Ltd.		377,500		1,261,591
Budweiser Brewing Co. APAC Ltd.(a)(b)(c)		125,800		382,346
Cafe de Coral Holdings Ltd.		40,000		90,046
Champion REIT		169,000		101,858
CK Asset Holdings Ltd.		268,500		1,735,850
CK Hutchison Holdings Ltd.		270,000		2,409,690
CK Infrastructure Holdings Ltd.		61,500		431,654
CLP Holdings Ltd.		158,000		1,651,238
Dah Sing Financial Holdings Ltd.		90,800		328,591
Dairy Farm International Holdings Ltd.		40,400		208,060
Galaxy Entertainment Group Ltd.		233,000		1,545,352
Haitong International Securities Group Ltd.(b)		943,000		274,463
Hang Lung Group Ltd.		234,000		582,823
Hang Lung Properties Ltd.		232,000		488,805
Hang Seng Bank Ltd.		80,700		1,644,160
Health and Happiness H&H International Holdings Ltd.(b)		27,000		114,573
Henderson Land Development Co. Ltd.		124,572		564,712
HK Electric Investments & HK Electric Investments Ltd.		200,000		199,874
HKBN Ltd.		167,000		290,345
HKT Trust & HKT Ltd.		479,000		718,047
Hong Kong & China Gas Co. Ltd.		1,063,193		2,048,367
Hong Kong Exchanges & Clearing Ltd.		123,000		4,099,525
Hongkong Land Holdings Ltd.		129,500		690,235
Hysan Development Co. Ltd.		63,000		237,724
Jardine Matheson Holdings Ltd.		22,700		1,269,157
Jardine Strategic Holdings Ltd.		25,000		770,750
Kerry Properties Ltd.		68,500		192,755
Li & Fung Ltd.		1,752,000		155,685
Link REIT		236,100		2,402,079
Luk Fook Holdings International Ltd.		50,000		136,512
Man Wah Holdings Ltd.		134,800		94,439
Melco International Development Ltd.		91,000		198,527
Melco Resorts & Entertainment Ltd., ADR		26,362		531,722
Minth Group Ltd.		84,000		260,712
MTR Corp. Ltd.		141,000		797,164
New World Development Co. Ltd.		618,000		780,767
NWS Holdings Ltd.		281,000		364,056
Pacific Basin Shipping Ltd.		663,000		120,392
PCCW Ltd.		781,000		461,666
Power Assets Holdings Ltd.		131,500		953,451
Sands China Ltd.		249,600		1,221,497
Sino Land Co. Ltd.		284,000		389,888
SITC International Holdings Co. Ltd.		250,000		296,205
SJM Holdings Ltd.		325,000		367,068
Sun Hung Kai Properties Ltd.		165,500		2,329,605
Swire Pacific Ltd., Class A		47,000		416,741
Swire Properties Ltd.		118,600		371,155
Techtronic Industries Co. Ltd.		151,000		1,224,156
Vitasoy International Holdings Ltd.(b)		66,000		240,119
VTech Holdings Ltd.		29,800		271,139
WH Group Ltd.(c)		1,078,500		1,036,151
Wharf Real Estate Investment Co. Ltd.		109,000		568,520

48 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Wheelock & Co. Ltd.		68,000	$	417,288
Wynn Macau Ltd.		181,600		382,616
Xinyi Glass Holdings Ltd.(b)		254,000		320,571
Yue Yuen Industrial Holdings Ltd.		92,500		257,907
				55,724,474
Ireland — 0.5%
AIB Group PLC		83,741		246,296
Bank of Ireland Group PLC		97,406		476,471
CRH PLC(a)		87,121		3,274,891
Flutter Entertainment PLC		8,072		916,903
Grafton Group PLC		27,571		334,366
Kerry Group PLC, Class A		16,593		2,120,178
Kingspan Group PLC		15,923		981,993
Smurfit Kappa Group PLC		28,567		990,261
UDG Healthcare PLC		32,243		318,983
				9,660,342
Israel — 0.7%
Airport City Ltd.(a)		9,891		174,619
Alony Hetz Properties & Investments Ltd.		23,731		393,699
Amot Investments Ltd.		25,913		189,062
Azrieli Group Ltd.		4,848		358,491
Bank Hapoalim BM		116,504		1,005,087
Bank Leumi Le-Israel BM		158,439		1,145,409
Bayside Land Corp.		267		214,393
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		294,712		228,868
Check Point Software Technologies Ltd.(a)		12,274		1,403,041
CyberArk Software Ltd.(a)(b)		4,498		621,759
Elbit Systems Ltd.		2,902		446,015
First International Bank of Israel Ltd.		11,761		330,275
Gazit-Globe Ltd.		16,089		187,089
Harel Insurance Investments & Financial Services Ltd.		21,484		147,091
Industrial Buildings Corp. Ltd.(a)		92,592		262,918
Israel Chemicals Ltd.		70,083		296,920
Israel Discount Bank Ltd., Class A		114,990		524,523
Kornit Digital Ltd.(a)(b)		9,639		402,717
Mehadrin Ltd.(a)		0		2
Melisron Ltd.		2,051		135,070
Mizrahi Tefahot Bank Ltd.		15,798		432,052
Nice Ltd.(a)		7,292		1,264,515
Nova Measuring Instruments Ltd.(a)		5,441		211,111
Paz Oil Co. Ltd.		1,270		154,604
Phoenix Holdings Ltd. (The)		41,312		227,258
Radware Ltd.(a)		5,928		151,045
REIT 1 Ltd.		29,535		181,401
Shufersal Ltd.		25,808		161,728
Strauss Group Ltd.		5,960		175,597
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		118,576		1,233,190
Tower Semiconductor Ltd.(a)		10,419		238,506
Wix.com Ltd.(a)		5,504		785,366
				13,683,421
Italy — 2.1%
A2A SpA		96,841		193,443
ACEA SpA		6,241		145,588
Amplifon SpA		13,142		374,003
Anima Holding SpA(c)		46,508		220,798
Ascopiave SpA		48,700		238,545
Assicurazioni Generali SpA		106,315		2,073,013
ASTM SpA		7,445		217,320
Atlantia SpA		52,684		1,294,383

Security	Shares		Value
Italy (continued)
Autogrill SpA		21,398	$	207,965
Azimut Holding SpA		11,175		274,804
Banca Farmafactoring SpA(c)		67,934		417,829
Banca Generali SpA		7,173		228,299
Banca Popolare di Sondrio SCPA		196,696		423,750
Banco BPM SpA(a)		183,455		376,114
BPER Banca		69,286		318,648
Brunello Cucinelli SpA		3,426		124,607
Buzzi Unicem SpA		12,572		293,971
Cerved Group SpA		20,000		196,262
CNH Industrial NV		110,888		1,059,770
Davide Campari-Milano SpA		59,990		580,379
De’ Longhi SpA		6,743		127,184
DiaSorin SpA		1,508		185,499
Enav SpA(c)		23,141		149,381
Enel SpA		834,610		7,265,207
Eni SpA		266,121		3,733,039
ERG SpA		5,256		124,299
Ferrari NV		12,487		2,110,310
FinecoBank Banca Fineco SpA		53,582		627,939
Freni Brembo SpA		35,992		411,627
Hera SpA		84,318		383,296
IMA Industria Macchine Automatiche SpA		3,334		217,805
Infrastrutture Wireless Italiane SpA(c)		25,465		264,565
Interpump Group SpA		7,376		208,112
Intesa Sanpaolo SpA		1,551,254		3,860,239
Iren SpA		56,779		189,145
Italgas SpA		25,135		167,016
Leonardo SpA		28,245		349,946
Mediaset SpA(a)(b)		46,617		123,315
Mediobanca Banca di Credito Finanziario SpA		67,630		675,428
Moncler SpA		19,558		845,293
Pirelli & C SpA(c)		44,243		214,360
Poste Italiane SpA(c)		54,154		621,139
Prysmian SpA		27,186		604,961
Recordati SpA		11,076		474,161
Reply SpA		4,066		319,246
Saipem SpA(a)		78,514		326,111
Salvatore Ferragamo SpA		6,340		117,229
Snam SpA		192,636		1,032,599
Societa Cattolica di Assicurazioni SC		33,609		265,933
Tamburi Investment Partners SpA		27,374		206,284
Technogym SpA(c)		23,069		287,096
Telecom Italia SpA/Milano(a)		1,017,247		548,776
Tenaris SA		59,767		617,829
Terna Rete Elettrica Nazionale SpA		149,257		1,041,400
UniCredit SpA		210,639		2,820,304
Unione di Banche Italiane SpA		95,548		286,528
Unipol Gruppo SpA		77,029		392,928
				41,455,020
Japan — 23.0%
ABC-Mart Inc.		4,600		298,787
Acom Co. Ltd.		59,200		281,840
Activia Properties Inc.		57		303,446
ADEKA Corp.		16,800		249,090
Advance Residence Investment Corp.		115		362,343
Advantest Corp.		22,800		1,234,820
Aeon Co. Ltd.		72,000		1,496,997
AEON Financial Service Co. Ltd.		15,900		253,936
Aeon Mall Co. Ltd.		18,000		303,252

SCHEDULE OF INVESTMENTS 49

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
AEON REIT Investment Corp.		233	$	317,732
AGC Inc.		16,200		561,249
Aica Kogyo Co. Ltd.		7,800		249,721
Ain Holdings Inc.		4,400		271,181
Air Water Inc.		15,900		223,130
Aisin Seiki Co. Ltd.		15,100		514,781
Ajinomoto Co. Inc.		41,200		686,128
Alfresa Holdings Corp.		17,700		363,684
Alps Alpine Co. Ltd.		23,800		439,614
Amada Holdings Co. Ltd.		34,600		371,267
Amano Corp.		8,700		256,461
ANA Holdings Inc.		11,300		356,979
AnGes Inc.(a)(b)		30,700		167,400
Anritsu Corp.		11,800		233,964
Aoyama Trading Co. Ltd.		13,500		175,998
Aozora Bank Ltd.		12,000		327,942
Arcs Co. Ltd.		12,000		215,454
Ariake Japan Co. Ltd.		3,400		235,586
As One Corp.		2,500		228,353
Asahi Group Holdings Ltd.		35,900		1,684,619
Asahi Holdings Inc.		5,600		141,931
Asahi Intecc Co. Ltd.		16,900		474,794
Asahi Kasei Corp.		132,300		1,389,098
Asics Corp.		14,900		221,881
Astellas Pharma Inc.		196,800		3,541,619
Autobacs Seven Co. Ltd.		14,000		206,025
Azbil Corp.		10,400		286,231
Bandai Namco Holdings Inc.		19,500		1,147,493
Bank of Kyoto Ltd. (The)		8,700		357,199
BayCurrent Consulting Inc.		2,800		198,921
Benefit One Inc.		12,800		227,928
Benesse Holdings Inc.		11,500		319,901
Bic Camera Inc.		22,400		246,765
Bridgestone Corp.		57,500		2,069,544
Brother Industries Ltd.		27,400		546,812
Calbee Inc.		7,500		248,420
Canon Inc.		103,600		2,759,066
Canon Marketing Japan Inc.		10,600		257,506
Capcom Co. Ltd.		13,400		384,500
Casio Computer Co. Ltd.		17,500		330,835
Central Japan Railway Co.		14,200		2,827,947
Chiba Bank Ltd. (The)		75,700		421,157
Chubu Electric Power Co. Inc.		70,600		969,256
Chugai Pharmaceutical Co. Ltd.		23,700		2,463,261
Chugoku Bank Ltd. (The)		32,900		319,028
Chugoku Electric Power Co. Inc. (The)		31,800		421,614
Citizen Watch Co. Ltd.		39,900		197,319
Coca-Cola Bottlers Japan Holdings Inc.		14,500		387,032
cocokara fine Inc.		3,800		236,656
COLOPL Inc.		14,500		151,843
Colowide Co. Ltd.		12,700		261,534
Comforia Residential REIT Inc.		88		289,856
COMSYS Holdings Corp.		11,400		335,526
Concordia Financial Group Ltd.		126,400		488,643
Cosmo Energy Holdings Co. Ltd.		11,800		233,093
Cosmos Pharmaceutical Corp.		1,600		354,588
Create Restaurants Holdings Inc.		6,800		143,359
Credit Saison Co. Ltd.		20,200		330,998
CyberAgent Inc.(b)		9,100		370,683
CYBERDYNE Inc.(a)(b)		31,700		155,012

Security	Shares		Value
Japan (continued)
Dai Nippon Printing Co. Ltd.		27,600	$	775,402
Daicel Corp.		35,600		344,553
Daido Steel Co. Ltd.		6,400		250,662
Daifuku Co. Ltd.		8,800		546,422
Daiichi Jitsugyo Co. Ltd.		4,300		138,857
Dai-ichi Life Holdings Inc.		113,300		1,731,096
Daiichi Sankyo Co. Ltd.		57,900		3,975,033
Daiichikosho Co. Ltd.		6,000		296,166
Daikin Industries Ltd.		25,400		3,664,059
Daio Paper Corp.		11,000		147,364
Daiseki Co. Ltd.		8,800		242,358
Daishi Hokuetsu Financial Group Inc.		6,800		171,780
Daito Trust Construction Co. Ltd.		6,300		750,118
Daiwa House Industry Co. Ltd.		56,800		1,813,764
Daiwa House REIT Investment Corp.		164		438,050
Daiwa Office Investment Corp.		35		280,943
Daiwa Securities Group Inc.		177,800		917,175
Daiwabo Holdings Co. Ltd.		3,300		187,249
DCM Holdings Co. Ltd.		18,300		176,440
DeNA Co. Ltd.		18,700		309,697
Denka Co. Ltd.		11,800		327,702
Denso Corp.		43,700		1,831,300
Dentsu Group Inc.		22,700		766,545
DIC Corp.		12,300		331,601
Digital Garage Inc.		5,400		202,528
Dip Corp.		6,100		197,827
Disco Corp.		2,400		572,182
DMG Mori Co. Ltd.		20,700		296,601
Dowa Holdings Co. Ltd.		8,600		315,403
Duskin Co. Ltd.		7,500		210,015
Earth Corp.		4,000		216,266
East Japan Railway Co.		30,500		2,729,621
Ebara Corp.		11,700		331,942
EDION Corp.		14,400		151,194
Eisai Co. Ltd.		26,000		1,998,007
Electric Power Development Co. Ltd.		15,500		354,519
en-japan Inc.		5,900		240,333
Ezaki Glico Co. Ltd.		6,300		272,321
FamilyMart Co. Ltd.		26,300		584,310
Fancl Corp.		12,000		320,192
FANUC Corp.		18,900		3,543,369
Fast Retailing Co. Ltd.		5,600		3,065,959
FP Corp.		3,900		240,006
Frontier Real Estate Investment Corp.		65		271,970
Fuji Corp./Aichi		12,200		197,096
Fuji Electric Co. Ltd.		11,200		339,973
Fuji Kyuko Co. Ltd.		5,900		209,577
Fuji Oil Holdings Inc.		8,500		223,352
Fuji Seal International Inc.		9,400		199,994
Fuji Soft Inc.		5,700		232,975
FUJIFILM Holdings Corp.		36,000		1,821,507
Fujikura Ltd.		49,500		187,706
Fujitec Co. Ltd.		12,100		201,397
Fujitsu General Ltd.		12,000		273,580
Fujitsu Ltd.		18,500		1,982,539
Fujiya Co. Ltd.		7,200		145,216
Fukuoka Financial Group Inc.		18,000		319,694
Fukuoka REIT Corp.		108		187,033
Fukuyama Transporting Co. Ltd.		5,300		180,196
Funai Soken Holdings Inc.		5,800		149,248

50 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Furukawa Electric Co. Ltd.		10,800	$	259,276
Fuyo General Lease Co. Ltd.		3,900		248,282
Global One Real Estate Investment Corp.		139		185,829
Glory Ltd.		9,100		265,313
GLP J-REIT		312		418,265
GMO internet Inc.		12,400		242,772
GMO Payment Gateway Inc.(b)		3,600		236,158
GNI Group Ltd.(a)		9,500		161,803
Goldwin Inc.		3,500		217,004
GS Yuasa Corp.		10,900		219,840
GungHo Online Entertainment Inc.(a)		8,200		151,766
Gunma Bank Ltd. (The)		77,400		255,655
H2O Retailing Corp.		22,400		207,291
Hachijuni Bank Ltd. (The)		60,600		236,507
Hakuhodo DY Holdings Inc.		24,400		354,794
Hamamatsu Photonics KK		12,400		537,713
Hankyu Hanshin Holdings Inc.		23,600		973,308
Hankyu Hanshin REIT Inc.		107		172,171
Hanwa Co. Ltd.		5,800		143,575
Harmonic Drive Systems Inc.		6,300		290,049
Haseko Corp.		31,600		419,837
Hazama Ando Corp.		34,600		289,225
Heiwa Corp.		12,400		259,361
Heiwa Real Estate Co. Ltd.		5,000		149,237
Heiwa Real Estate REIT Inc.		187		251,726
Heiwado Co. Ltd.		9,000		159,515
Hikari Tsushin Inc.		1,900		473,488
Hino Motors Ltd.		35,700		341,239
Hirose Electric Co. Ltd.		2,705		343,163
Hiroshima Bank Ltd. (The)		62,600		288,208
Hisamitsu Pharmaceutical Co. Inc.		7,600		394,077
Hitachi Capital Corp.		9,200		254,648
Hitachi Chemical Co. Ltd.		9,100		385,796
Hitachi Construction Machinery Co. Ltd.		9,500		262,513
Hitachi High-Technologies Corp.		6,000		438,437
Hitachi Ltd.		102,300		3,992,517
Hitachi Metals Ltd.		18,800		295,222
Hitachi Transport System Ltd.		7,900		230,327
Hokkaido Electric Power Co. Inc.		45,800		217,622
Hokuhoku Financial Group Inc.		21,100		206,746
Hokuriku Electric Power Co.(a)		34,700		261,567
Honda Motor Co. Ltd.		167,300		4,369,851
Horiba Ltd.		5,400		344,771
Hoshino Resorts REIT Inc.		49		252,267
Hoshizaki Corp.		4,900		456,613
House Foods Group Inc.		8,600		276,523
Hoya Corp.		38,600		3,775,061
Hulic Co. Ltd.		23,300		286,776
Hulic Reit Inc.		180		333,644
Ibiden Co. Ltd.		10,900		257,855
Ichibanya Co. Ltd.		4,100		216,377
Ichigo Inc.		57,000		218,776
Ichigo Office REIT Investment		251		271,646
Idemitsu Kosan Co. Ltd.		18,500		471,952
IHI Corp.		17,300		419,631
Iida Group Holdings Co. Ltd.		13,500		231,674
Inaba Denki Sangyo Co. Ltd.		10,600		270,220
Industrial & Infrastructure Fund Investment Corp.		90		138,506
Infomart Corp.(b)		32,200		260,250
Inpex Corp.		111,600		1,061,067

Security	Shares		Value
Japan (continued)
Invesco Office J-Reit Inc.		1,564	$	333,334
Invincible Investment Corp.		544		275,551
Iriso Electronics Co. Ltd.		5,500		213,383
Isetan Mitsukoshi Holdings Ltd.		50,000		397,195
Isuzu Motors Ltd.		57,700		581,871
Ito En Ltd.		5,400		266,550
ITOCHU Corp.		136,100		3,224,660
Itochu Techno-Solutions Corp.		6,500		194,607
Itoham Yonekyu Holdings Inc.		29,900		190,901
Iwatani Corp.		6,800		229,312
Iyo Bank Ltd. (The)		41,400		218,106
Izumi Co. Ltd.		6,400		204,899
J Front Retailing Co. Ltd.		27,800		341,136
Jafco Co. Ltd.		6,400		271,920
Japan Airlines Co. Ltd.		9,500		271,278
Japan Airport Terminal Co. Ltd.		8,000		377,174
Japan Aviation Electronics Industry Ltd.		7,400		134,775
Japan Display Inc.(a)		151,300		97,716
Japan Excellent Inc.		207		374,714
Japan Exchange Group Inc.		52,800		966,510
Japan Hotel REIT Investment Corp.		476		321,037
Japan Lifeline Co. Ltd.		14,100		171,721
Japan Logistics Fund Inc.		124		335,670
Japan Post Bank Co. Ltd.		37,500		351,525
Japan Post Holdings Co. Ltd.		159,000		1,461,565
Japan Post Insurance Co. Ltd.		23,200		396,638
Japan Prime Realty Investment Corp.		75		346,681
Japan Real Estate Investment Corp.		122		890,363
Japan Rental Housing Investments Inc.		306		304,066
Japan Retail Fund Investment Corp.		257		549,402
Japan Steel Works Ltd. (The)		12,100		223,166
Japan Tobacco Inc.		120,300		2,570,603
JCR Pharmaceuticals Co. Ltd.		2,900		253,919
Jeol Ltd.		8,700		288,167
JFE Holdings Inc.		57,600		698,842
JGC Holdings Corp.		25,600		377,203
JINS Holdings Inc.		2,100		149,578
JSR Corp.		16,700		306,004
JTEKT Corp.		31,500		344,107
Justsystems Corp.		5,100		282,797
JXTG Holdings Inc.		345,500		1,494,399
Kagome Co. Ltd.		12,300		307,202
Kajima Corp.		46,200		599,319
Kakaku.com Inc.		10,600		281,271
Kaken Pharmaceutical Co. Ltd.		5,500		295,336
Kamigumi Co. Ltd.		13,700		296,158
Kaneka Corp.		7,100		223,707
Kanematsu Corp.		14,400		188,927
Kansai Electric Power Co. Inc. (The)		71,300		807,828
Kansai Paint Co. Ltd.		15,500		378,401
Kao Corp.		48,900		3,962,170
Katitas Co. Ltd.		5,900		242,783
Kawasaki Heavy Industries Ltd.		12,700		257,433
Kawasaki Kisen Kaisha Ltd.(a)		13,900		190,318
KDDI Corp.		180,700		5,453,427
Keihan Holdings Co. Ltd.		9,500		435,185
Keihin Corp.		8,300		197,650
Keikyu Corp.		25,300		472,923
Keio Corp.		9,200		533,063
Keisei Electric Railway Co. Ltd.		12,300		450,533

SCHEDULE OF INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kenedix Inc.		38,300	$	195,414
Kenedix Office Investment Corp.		42		337,132
Kenedix Residential Next Investment Corp.		153		303,784
Kenedix Retail REIT Corp.		73		180,841
Kewpie Corp.		16,900		356,290
Keyence Corp.		17,900		6,171,730
Kikkoman Corp.		12,700		629,229
Kinden Corp.		18,300		318,099
Kintetsu Group Holdings Co. Ltd.		14,900		793,219
Kirin Holdings Co. Ltd.		86,100		1,916,467
Kissei Pharmaceutical Co. Ltd.		9,400		271,025
KLab Inc.(a)(b)		20,700		150,879
Kobayashi Pharmaceutical Co. Ltd.		4,500		369,101
Kobe Bussan Co. Ltd.		8,000		310,006
Kobe Steel Ltd.		62,000		290,022
Koei Tecmo Holdings Co. Ltd.		10,900		290,740
Koito Manufacturing Co. Ltd.		10,600		470,905
Kokuyo Co. Ltd.		18,400		276,547
Komatsu Ltd.		96,300		2,191,928
KOMEDA Holdings Co. Ltd.		12,500		251,880
Konami Holdings Corp.		8,700		340,342
Konica Minolta Inc.		58,100		364,515
Kose Corp.		3,000		407,713
Kotobuki Spirits Co. Ltd.		3,500		234,119
K’s Holdings Corp.		26,700		328,377
Kubota Corp.		103,500		1,662,054
Kumagai Gumi Co. Ltd.		5,300		154,034
Kuraray Co. Ltd.		37,200		458,200
Kureha Corp.		4,200		240,255
Kurita Water Industries Ltd.		10,600		316,381
Kusuri no Aoki Holdings Co. Ltd.		3,700		225,991
Kyocera Corp.		32,100		2,154,315
KYORIN Holdings Inc.		11,100		202,880
Kyoritsu Maintenance Co. Ltd.		6,200		252,267
Kyowa Exeo Corp.		10,600		269,438
Kyowa Kirin Co. Ltd.		24,000		572,625
Kyudenko Corp.		8,100		238,400
Kyushu Electric Power Co. Inc.		48,100		399,410
Kyushu Financial Group Inc.		59,600		254,050
Kyushu Railway Co.		13,400		443,226
LaSalle Logiport REIT		193		311,621
Lasertec Corp.		7,600		386,363
Lawson Inc.		4,400		257,379
Leopalace21 Corp.(a)(b)		64,100		186,294
LINE Corp.(a)(b)		6,100		301,665
Lintec Corp.		13,300		294,874
Lion Corp.		23,400		451,657
LIXIL Group Corp.		27,700		469,227
M3 Inc.		47,000		1,396,319
Mabuchi Motor Co. Ltd.		8,400		314,269
Maeda Corp.		28,100		274,298
Maeda Road Construction Co. Ltd.		10,900		374,111
Makino Milling Machine Co. Ltd.		5,600		217,004
Makita Corp.		24,500		961,826
Mandom Corp.		7,200		166,075
Mani Inc.		11,400		291,666
Marubeni Corp.		174,100		1,277,338
Maruha Nichiro Corp.		9,700		235,284
Marui Group Co. Ltd.		17,300		405,904
Maruichi Steel Tube Ltd.		9,800		276,680

Security	Shares		Value
Japan (continued)
Matsui Securities Co. Ltd.		26,200	$	216,833
Matsumotokiyoshi Holdings Co. Ltd.		7,500		304,816
Mazda Motor Corp.		53,100		457,585
McDonald’s Holdings Co. Japan Ltd.		5,800		277,197
MCUBS MidCity Investment Corp.		273		321,147
Mebuki Financial Group Inc.		186,600		421,802
Medipal Holdings Corp.		16,800		362,087
Megmilk Snow Brand Co. Ltd.		10,600		251,540
MEIJI Holdings Co. Ltd.		9,700		690,907
Meitec Corp.		4,700		273,193
Menicon Co. Ltd.		4,600		208,811
Mercari Inc.(a)(b)		11,900		211,133
Milbon Co. Ltd.		4,900		278,941
MINEBEA MITSUMI Inc.		36,700		740,197
Miraca Holdings Inc.		9,700		259,090
Mirai Corp.		311		175,607
Mirait Holdings Corp.		11,700		177,683
MISUMI Group Inc.		29,600		756,762
Mitsubishi Chemical Holdings Corp.		143,700		1,060,663
Mitsubishi Corp.		135,800		3,537,052
Mitsubishi Electric Corp.		196,100		2,795,355
Mitsubishi Estate Co. Ltd.		122,900		2,440,197
Mitsubishi Estate Logistics REIT Investment Corp.		43		157,702
Mitsubishi Gas Chemical Co. Inc.		24,400		380,459
Mitsubishi Heavy Industries Ltd.		30,100		1,117,520
Mitsubishi Logistics Corp.		9,700		249,872
Mitsubishi Materials Corp.		9,800		251,634
Mitsubishi Motors Corp.		111,500		424,870
Mitsubishi UFJ Financial Group Inc.		1,272,400		6,673,981
Mitsubishi UFJ Lease & Finance Co. Ltd.		54,700		350,250
Mitsui & Co. Ltd.		167,500		3,029,790
Mitsui Chemicals Inc.		13,700		310,315
Mitsui Fudosan Co. Ltd.		93,000		2,498,219
Mitsui Fudosan Logistics Park Inc.		59		285,787
Mitsui Mining & Smelting Co. Ltd.		11,700		284,336
Mitsui OSK Lines Ltd.		11,400		282,831
Miura Co. Ltd.		7,400		262,859
Mixi Inc.		10,600		188,557
Mizuho Financial Group Inc.		2,515,600		3,771,601
Mochida Pharmaceutical Co. Ltd.		6,000		228,353
MonotaRO Co. Ltd.		10,800		266,251
Mori Hills REIT Investment Corp.		151		253,141
Mori Trust Hotel Reit Inc.		306		417,844
Mori Trust Sogo REIT Inc.		151		277,104
Morinaga & Co. Ltd./Japan		5,500		267,426
Morinaga Milk Industry Co. Ltd.		7,100		274,803
MS&AD Insurance Group Holdings Inc.		47,600		1,606,064
Murata Manufacturing Co. Ltd.		59,300		3,462,199
Nabtesco Corp.		10,700		318,873
Nagase & Co. Ltd.		18,200		256,582
Nagoya Railroad Co. Ltd.		17,800		527,997
Nakanishi Inc.		12,000		216,118
Nankai Electric Railway Co. Ltd.		11,100		290,340
NEC Corp.		24,400		1,107,607
NET One Systems Co. Ltd.		12,400		208,564
Nexon Co. Ltd.(a)		54,500		746,713
NGK Insulators Ltd.		26,800		459,174
NGK Spark Plug Co. Ltd.		15,500		278,438
NH Foods Ltd.		7,000		311,621
NHK Spring Co. Ltd.		31,100		255,377

52 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nichias Corp.		9,100	$	222,746
Nichirei Corp.		9,600		235,073
Nidec Corp.		23,700		3,070,056
Nifco Inc./Japan		13,900		371,915
Nihon Kohden Corp.		11,700		348,134
Nihon M&A Center Inc.		12,800		375,550
Nihon Parkerizing Co. Ltd.		16,400		175,522
Nihon Unisys Ltd.		11,700		362,707
Nikkon Holdings Co. Ltd.		9,200		217,554
Nikon Corp.		37,200		459,573
Nintendo Co. Ltd.		10,900		4,100,134
Nippo Corp.		9,200		230,286
Nippon Accommodations Fund Inc.		39		258,717
Nippon Building Fund Inc.		119		963,989
Nippon Electric Glass Co. Ltd.		11,400		226,559
Nippon Express Co. Ltd.		7,600		404,595
Nippon Flour Mills Co. Ltd.		15,000		229,598
Nippon Gas Co. Ltd.		7,300		234,387
Nippon Kayaku Co. Ltd.		22,600		270,028
Nippon Light Metal Holdings Co. Ltd.		126,700		247,824
Nippon Paint Holdings Co. Ltd.		15,500		755,086
Nippon Paper Industries Co. Ltd.		15,500		256,415
Nippon Prologis REIT Inc.		181		521,032
NIPPON REIT Investment Corp.		74		346,838
Nippon Shinyaku Co. Ltd.		4,200		378,982
Nippon Shokubai Co. Ltd.		4,200		251,880
Nippon Steel Corp.		82,400		1,167,368
Nippon Suisan Kaisha Ltd.		47,700		264,939
Nippon Telegraph & Telephone Corp.		133,800		3,439,901
Nippon Yusen KK		15,300		250,424
Nipro Corp.		25,500		294,326
Nishimatsu Construction Co. Ltd.		12,700		287,313
Nishi-Nippon Financial Holdings Inc.		30,400		205,593
Nishi-Nippon Railroad Co. Ltd.		11,200		263,505
Nissan Chemical Corp.		10,500		444,180
Nissan Motor Co. Ltd.		238,300		1,318,087
Nisshin Oillio Group Ltd. (The)		5,500		186,742
Nisshin Seifun Group Inc.		17,200		298,026
Nisshinbo Holdings Inc.		20,400		180,313
Nissin Foods Holdings Co. Ltd.		5,400		411,533
Nitori Holdings Co. Ltd.		7,900		1,238,008
Nitto Boseki Co. Ltd.		4,400		187,148
Nitto Denko Corp.		13,900		793,846
Noevir Holdings Co. Ltd.		3,700		171,712
NOF Corp.		10,600		354,523
NOK Corp.		18,500		253,301
Nomura Co. Ltd.		17,500		202,957
Nomura Holdings Inc.		340,900		1,781,166
Nomura Real Estate Holdings Inc.		10,300		257,060
Nomura Real Estate Master Fund Inc.		348		612,616
Nomura Research Institute Ltd.		32,600		727,887
NS Solutions Corp.		6,700		201,213
NSD Co. Ltd.		17,800		290,686
NSK Ltd.		48,700		418,321
NTN Corp.		97,600		267,447
NTT Data Corp.		60,000		860,820
NTT DOCOMO Inc.		135,500		3,884,287
Obayashi Corp.		60,600		678,210
OBIC Business Consultants Co. Ltd.		3,200		125,331
Obic Co. Ltd.		5,600		775,532

Security	Shares		Value
Japan (continued)
Odakyu Electric Railway Co. Ltd.		29,800	$	669,768
Ogaki Kyoritsu Bank Ltd. (The)		8,700		182,854
Oji Holdings Corp.		98,200		512,813
Oki Electric Industry Co. Ltd.		12,800		162,502
Okinawa Electric Power Co. Inc. (The)		12,000		223,758
OKUMA Corp.		4,800		226,304
Okumura Corp.		7,700		206,664
Olympus Corp.		126,100		2,076,168
Omron Corp.		17,200		1,017,226
Ono Pharmaceutical Co. Ltd.		38,300		897,383
Open House Co. Ltd.		10,900		295,367
Oracle Corp. Japan		3,500		308,068
Organo Corp.		2,200		140,665
Oriental Land Co. Ltd.		19,200		2,526,106
ORIX Corp.		135,100		2,315,964
Orix JREIT Inc.		274		579,676
Osaka Gas Co. Ltd.		36,000		616,801
OSG Corp.		15,300		264,117
OSJB Holdings Corp.		90,100		226,112
Otsuka Corp.		9,200		364,995
Otsuka Holdings Co. Ltd.		38,800		1,758,771
Outsourcing Inc.		23,400		217,840
PALTAC Corp.		5,800		278,802
Pan Pacific International Holdings Corp.		46,000		749,938
Panasonic Corp.		235,900		2,398,503
Park24 Co. Ltd.		10,700		271,980
Penta-Ocean Construction Co. Ltd.		50,900		307,133
PeptiDream Inc.(a)		8,900		430,281
Persol Holdings Co. Ltd.		15,600		285,704
Pigeon Corp.		10,700		386,497
Pilot Corp.		6,200		248,263
Pola Orbis Holdings Inc.		15,800		349,427
Premier Investment Corp.		213		315,221
Rakuten Inc.(a)		88,200		696,583
Recruit Holdings Co. Ltd.		141,000		5,599,151
Relo Group Inc.		10,200		277,810
Renesas Electronics Corp.(a)		84,100		551,692
Rengo Co. Ltd.		31,800		227,090
Resona Holdings Inc.		243,300		1,023,393
Resorttrust Inc.		16,300		259,874
Ricoh Co. Ltd.		78,500		911,856
Rinnai Corp.		5,000		363,519
Rock Field Co. Ltd.		8,300		110,733
Rohm Co. Ltd.		8,300		616,460
Rohto Pharmaceutical Co. Ltd.		9,500		269,087
Roland DG Corp.		8,300		152,851
Round One Corp.		17,100		161,400
Ryohin Keikaku Co. Ltd.		25,000		424,874
Sakata Seed Corp.		6,300		204,313
San-A Co. Ltd.		4,900		203,215
SanBio Co. Ltd.(a)		9,000		190,155
Sangetsu Corp.		12,100		217,026
Sankyo Co. Ltd.		7,100		241,722
Sankyu Inc.		3,800		190,377
Sanrio Co. Ltd.		11,200		224,548
Santen Pharmaceutical Co. Ltd.		36,600		694,281
Sanwa Holdings Corp.		27,400		294,768
Sapporo Holdings Ltd.		11,400		280,306
Sawai Pharmaceutical Co. Ltd.		5,300		348,655
SBI Holdings Inc.		25,600		608,911

SCHEDULE OF INVESTMENTS 53

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
SCREEN Holdings Co. Ltd.		4,100	$	222,429
SCSK Corp.		4,800		261,734
Secom Co. Ltd.		19,800		1,774,391
Sega Sammy Holdings Inc.		23,500		325,013
Seibu Holdings Inc.		18,200		287,311
Seiko Epson Corp.		27,600		412,529
Seino Holdings Co. Ltd.		25,300		328,665
Sekisui Chemical Co. Ltd.		35,300		600,248
Sekisui House Ltd.		65,800		1,433,351
Sekisui House Reit Inc.		362		310,615
Seria Co. Ltd.		9,200		256,345
Seven & i Holdings Co. Ltd.		76,600		2,980,322
Seven Bank Ltd.		78,500		237,561
SG Holdings Co. Ltd.		10,900		233,819
Sharp Corp.		19,300		271,021
Shiga Bank Ltd. (The)		9,600		235,605
Shikoku Electric Power Co. Inc.		26,500		227,384
Shimachu Co. Ltd.		6,600		191,207
Shimadzu Corp.		23,500		676,477
Shimamura Co. Ltd.		4,100		312,460
Shimano Inc.		7,300		1,135,563
Shimizu Corp.		54,300		567,624
Shin-Etsu Chemical Co. Ltd.		36,800		4,317,129
Shinsei Bank Ltd.		23,300		363,307
Shionogi & Co. Ltd.		26,900		1,629,363
Ship Healthcare Holdings Inc.		6,700		305,374
Shiseido Co. Ltd.		41,400		2,707,033
Shizuoka Bank Ltd. (The)		50,200		359,878
SHO-BOND Holdings Co. Ltd.		6,600		274,632
Shochiku Co. Ltd.		1,500		205,933
Showa Corp.		9,600		202,301
Showa Denko KK		15,400		380,080
Skylark Holdings Co. Ltd.		14,000		258,984
SMC Corp.		5,600		2,491,932
SMS Co. Ltd.		11,600		293,465
Softbank Corp.		172,100		2,375,436
SoftBank Group Corp.		161,000		6,720,155
Sohgo Security Services Co. Ltd.		6,100		321,364
Sojitz Corp.		129,600		414,921
Sompo Holdings Inc.		33,700		1,285,068
Sony Corp.		129,700		9,235,822
Sony Financial Holdings Inc.		13,600		319,720
Sosei Group Corp.(a)		12,100		215,687
Sotetsu Holdings Inc.		10,600		287,433
Square Enix Holdings Co. Ltd.		10,200		506,306
Stanley Electric Co. Ltd.		12,600		332,016
Subaru Corp.		62,100		1,581,363
Sugi Holdings Co. Ltd.		5,900		298,851
SUMCO Corp.		27,900		447,903
Sumitomo Bakelite Co. Ltd.		5,500		203,741
Sumitomo Chemical Co. Ltd.		153,300		667,598
Sumitomo Corp.		122,500		1,851,317
Sumitomo Dainippon Pharma Co. Ltd.		14,300		251,076
Sumitomo Electric Industries Ltd.		74,900		1,022,761
Sumitomo Forestry Co. Ltd.		22,400		317,239
Sumitomo Heavy Industries Ltd.		10,100		273,222
Sumitomo Metal Mining Co. Ltd.		24,700		721,048
Sumitomo Mitsui Construction Co. Ltd.		33,000		189,076
Sumitomo Mitsui Financial Group Inc.		134,800		4,830,587
Sumitomo Mitsui Trust Holdings Inc.		33,700		1,269,522

Security	Shares		Value
Japan (continued)
Sumitomo Osaka Cement Co. Ltd.		6,400	$	265,719
Sumitomo Realty & Development Co. Ltd.		32,100		1,199,474
Sumitomo Rubber Industries Ltd.		29,000		325,091
Sundrug Co. Ltd.		9,800		337,261
Suntory Beverage & Food Ltd.		11,700		501,421
Sushiro Global Holdings Ltd.		3,600		304,581
Suzuken Co. Ltd.		6,700		261,794
Suzuki Motor Corp.		35,600		1,652,804
Sysmex Corp.		17,100		1,245,917
Systena Corp.		13,000		222,374
T&D Holdings Inc.		61,500		675,799
Taiheiyo Cement Corp.		10,800		297,340
Taisei Corp.		19,900		809,697
Taisho Pharmaceutical Holdings Co. Ltd.		3,800		274,171
Taiyo Nippon Sanso Corp.		10,200		227,461
Taiyo Yuden Co. Ltd.(b)		10,900		326,844
Takara Bio Inc.		11,500		218,785
Takara Holdings Inc.		24,500		220,169
Takasago Thermal Engineering Co. Ltd.		11,600		205,276
Takashimaya Co. Ltd.		25,700		279,088
Takeda Pharmaceutical Co. Ltd.		153,954		6,004,185
Takeuchi Manufacturing Co. Ltd.		13,800		240,515
TDK Corp.		12,400		1,358,011
TechnoPro Holdings Inc.		3,400		231,508
Teijin Ltd.		12,100		220,487
Terumo Corp.		70,700		2,598,780
THK Co. Ltd.		11,700		303,983
TIS Inc.		6,500		395,212
Toagosei Co. Ltd.		23,600		271,089
Tobu Railway Co. Ltd.		18,500		660,562
Toda Corp.		36,900		242,743
Toei Co. Ltd.		1,700		236,684
Toho Co. Ltd.		9,600		358,278
Toho Gas Co. Ltd.		7,400		289,828
Toho Holdings Co. Ltd.		7,600		158,893
Tohoku Electric Power Co. Inc.		53,200		504,586
Tokai Carbon Co. Ltd.		33,300		310,310
TOKAI Holdings Corp.		24,300		235,187
Tokai Rika Co. Ltd.		10,500		183,582
Tokai Tokyo Financial Holdings Inc.		57,000		174,074
Tokio Marine Holdings Inc.		63,500		3,506,458
Tokuyama Corp.		8,200		214,637
Tokyo Century Corp.		6,500		339,438
Tokyo Electric Power Co. Holdings Inc.(a)		171,400		687,909
Tokyo Electron Ltd.		15,100		3,413,295
Tokyo Gas Co. Ltd.		38,200		848,693
Tokyo Ohka Kogyo Co. Ltd.		6,400		273,691
Tokyo Seimitsu Co. Ltd.		6,700		242,321
Tokyo Tatemono Co. Ltd.		17,500		287,401
Tokyu Corp.		51,500		918,005
Tokyu Fudosan Holdings Corp.		60,300		431,728
Tokyu REIT Inc.		152		297,311
Tomy Co. Ltd.		17,000		187,591
Topcon Corp.		16,000		228,076
Toppan Printing Co. Ltd.		29,000		587,572
Toray Industries Inc.		147,300		985,579
Toshiba Corp.		53,200		1,717,950
Toshiba TEC Corp.		6,000		239,424
Tosoh Corp.		26,500		384,597
TOTO Ltd.		12,400		517,692

54 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Toyo Seikan Group Holdings Ltd.		16,600	$	287,324
Toyo Suisan Kaisha Ltd.		7,500		318,310
Toyo Tire Corp.		15,300		195,229
Toyobo Co. Ltd.		12,100		169,245
Toyoda Gosei Co. Ltd.		11,700		272,138
Toyota Boshoku Corp.		10,000		147,806
Toyota Industries Corp.		13,800		763,943
Toyota Motor Corp.		235,200		16,605,161
Toyota Tsusho Corp.		18,400		651,049
Trend Micro Inc.(a)		11,400		605,840
Trusco Nakayama Corp.		9,900		233,924
TS Tech Co. Ltd.		7,700		218,102
Tsubakimoto Chain Co.		4,800		151,460
Tsumura & Co.		9,300		257,416
Tsuruha Holdings Inc.		3,400		421,294
Ube Industries Ltd.		14,400		296,809
Ulvac Inc.		6,600		245,403
Unicharm Corp.		38,500		1,339,872
United Urban Investment Corp.		288		516,293
Unizo Holdings Co. Ltd.		4,800		245,790
Ushio Inc.		18,100		270,703
USS Co. Ltd.		25,000		461,318
Wacoal Holdings Corp.		10,200		277,057
Welcia Holdings Co. Ltd.		4,100		228,104
West Japan Railway Co.		16,000		1,369,046
Yakult Honsha Co. Ltd.		12,000		614,476
Yamada Denki Co. Ltd.		79,000		401,615
Yamaguchi Financial Group Inc.		38,600		237,544
Yamaha Corp.		14,400		751,986
Yamaha Motor Co. Ltd.		29,000		551,718
Yamato Holdings Co. Ltd.		34,900		571,550
Yamato Kogyo Co. Ltd.		9,300		229,872
Yamazaki Baking Co. Ltd.		16,700		321,720
Yaoko Co. Ltd.		2,800		145,186
Yaskawa Electric Corp.		25,000		893,804
Yokogawa Electric Corp.		23,600		421,549
Yokohama Rubber Co. Ltd. (The)		15,400		268,401
Yoshinoya Holdings Co. Ltd.		11,800		268,912
Z Holdings Corp.		288,500		1,165,872
Zenkoku Hosho Co. Ltd.		7,600		330,618
Zensho Holdings Co. Ltd.		12,600		270,054
Zeon Corp.		23,100		252,345
ZOZO Inc.		17,800		299,390
				446,896,365
Netherlands — 3.5%
Aalberts NV		12,117		530,677
ABN AMRO Bank NV, CVA(c)		42,707		743,995
Adyen NV(a)(c)		1,105		1,017,610
Aegon NV		207,742		844,676
AerCap Holdings NV(a)		13,655		773,010
Akzo Nobel NV		22,883		2,163,118
Altice Europe NV(a)		72,012		464,138
Arcadis NV		8,956		204,059
ArcelorMittal SA		77,756		1,150,876
Argenx SE(a)(b)		4,708		678,785
ASM International NV		5,764		702,963
ASML Holding NV		44,493		12,536,344
ASR Nederland NV		14,811		552,152
Basic-Fit NV(a)(c)		5,172		191,722
BE Semiconductor Industries NV		7,161		304,815

Security	Shares		Value
Netherlands (continued)
Boskalis Westminster		11,720	$	274,958
Corbion NV		6,013		208,171
Eurocommercial Properties NV		6,600		165,007
Euronext NV(c)		6,475		562,208
EXOR NV		11,064		817,081
Heineken Holding NV		13,465		1,326,558
Heineken NV		26,415		2,878,132
IMCD NV		6,097		527,360
ING Groep NV		403,443		4,392,715
Intertrust NV(c)		8,769		156,068
InterXion Holding NV(a)		8,294		721,827
Koninklijke Ahold Delhaize NV		127,193		3,129,208
Koninklijke BAM Groep NV		33,202		91,692
Koninklijke DSM NV		18,854		2,304,609
Koninklijke KPN NV		380,098		1,066,962
Koninklijke Philips NV		93,876		4,306,983
Koninklijke Vopak NV		7,556		405,113
NN Group NV		31,702		1,103,150
NSI NV		3,323		181,181
NXP Semiconductors NV		30,038		3,810,621
OCI NV(a)		8,865		153,257
PostNL NV		54,504		100,719
Prosus NV(a)		52,758		3,813,765
Randstad NV		12,879		741,600
Rhi Magnesita NV		4,023		169,382
SBM Offshore NV		21,400		368,420
Signify NV(c)		14,800		494,009
Takeaway.com NV(a)(c)		4,221		398,073
TKH Group NV		4,089		216,784
Unilever NV		150,555		8,792,736
Wolters Kluwer NV		28,466		2,142,606
				68,679,895
New Zealand — 0.3%
a2 Milk Co. Ltd.(a)		84,661		821,825
Auckland International Airport Ltd.		121,046		677,597
Chorus Ltd.		52,352		221,234
Contact Energy Ltd.		95,812		461,315
Fisher & Paykel Healthcare Corp. Ltd.		67,012		1,010,447
Fletcher Building Ltd.		104,109		373,926
Infratil Ltd.		115,533		405,238
Mercury NZ Ltd.		62,900		213,298
Meridian Energy Ltd.		172,272		595,891
Ryman Healthcare Ltd.		62,458		666,521
SKYCITY Entertainment Group Ltd.		65,121		153,401
Spark New Zealand Ltd.		209,306		631,208
Z Energy Ltd.		41,797		120,368
				6,352,269
Norway — 0.7%
Adevinta ASA(a)		13,489		164,189
Aker ASA, Class A		3,264		181,121
Aker BP ASA		14,450		409,462
Aker Solutions ASA(a)		83,400		168,423
Atea ASA		11,406		147,992
Austevoll Seafood ASA		12,065		117,865
Bakkafrost P/F		3,711		264,099
Borregaard ASA		12,716		121,396
DNB ASA		94,690		1,662,607
DNO ASA		107,679		107,751
Entra ASA(c)		12,557		214,692

SCHEDULE OF INVESTMENTS 55

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Equinor ASA		103,985	$	1,885,601
Gjensidige Forsikring ASA		19,825		432,297
Kongsberg Gruppen ASA		12,211		189,435
Leroy Seafood Group ASA		30,382		197,233
Mowi ASA		38,545		920,785
NEL ASA(a)		93,906		93,470
Nordic Semiconductor ASA(a)		29,109		185,369
Norsk Hydro ASA		127,464		401,151
Norwegian Finans Holding ASA(a)		22,005		224,996
Orkla ASA		81,614		788,002
Salmar ASA		4,868		238,547
Scatec Solar ASA(c)		11,464		195,631
Schibsted ASA, Class B		12,915		367,087
SpareBank 1 SMN		37,430		412,559
SpareBank 1 SR-Bank ASA		35,846		381,100
Storebrand ASA		55,135		424,079
Subsea 7 SA		36,360		391,220
Telenor ASA		73,267		1,326,990
TGS NOPEC Geophysical Co. ASA		15,910		405,785
Tomra Systems ASA		13,440		396,589
Veidekke ASA		14,020		176,433
Yara International ASA		20,212		735,436
				14,329,392
Portugal — 0.2%
Banco Comercial Portugues SA, Class R(b)		1,008,194		214,183
EDP - Energias de Portugal SA		263,387		1,320,490
Galp Energia SGPS SA		57,622		871,006
Jeronimo Martins SGPS SA		26,933		463,974
Navigator Co. SA (The)		44,590		160,103
NOS SGPS SA		27,048		140,341
REN - Redes Energeticas Nacionais SGPS SA		55,903		169,128
Sonae SGPS SA		186,200		173,228
				3,512,453
Singapore — 1.2%
Ascendas REIT		297,160		685,804
Ascott Residence Trust		616,353		568,983
CapitaLand Commercial Trust		137,942		208,192
CapitaLand Ltd.		223,800		593,564
CapitaLand Mall Trust		165,200		305,007
CapitaLand Retail China Trust		205,000		232,801
CDL Hospitality Trusts		110,800		126,638
City Developments Ltd.		33,900		263,272
ComfortDelGro Corp. Ltd.		227,600		361,852
DBS Group Holdings Ltd.		181,600		3,375,480
ESR-REIT		562,451		224,585
Frasers Centrepoint Trust		61,800		130,401
Frasers Commercial Trust		146,300		174,715
Frasers Logistics & Industrial Trust		589,000		526,471
Genting Singapore Ltd.		787,000		495,875
Golden Agri-Resources Ltd.		757,800		116,593
Jardine Cycle & Carriage Ltd.		11,300		241,912
Keppel Corp. Ltd.		141,600		693,009
Keppel DC REIT(b)		183,650		304,088
Keppel Infrastructure Trust		948,800		364,950
Keppel REIT		243,900		216,220
Manulife US Real Estate Investment Trust		414,916		439,811
Mapletree North Asia Commercial Trust		390,500		340,461
NetLink NBN Trust		937,000		693,362
OUE Commercial Real Estate Investment Trust(b)		827,648		330,477

Security	Shares		Value
Singapore (continued)
Oversea-Chinese Banking Corp. Ltd.		320,500	$	2,543,054
Parkway Life REIT		71,500		187,538
SATS Ltd.		44,500		148,670
Sembcorp Industries Ltd.		202,700		314,839
Silverlake Axis Ltd.		1,044,700		287,027
Singapore Airlines Ltd.		50,600		316,968
Singapore Exchange Ltd.		60,000		382,446
Singapore Post Ltd.		251,700		165,046
Singapore Press Holdings Ltd.		43,500		64,378
Singapore Technologies Engineering Ltd.		126,800		381,821
Singapore Telecommunications Ltd.		840,200		2,031,402
Soilbuild Business Space REIT		560,028		207,205
Starhill Global REIT		246,600		132,794
Suntec REIT		79,200		106,768
United Overseas Bank Ltd.		109,700		2,062,350
UOL Group Ltd.		35,200		205,800
Venture Corp. Ltd.		34,900		417,552
Wilmar International Ltd.		191,200		547,727
Wing Tai Holdings Ltd.(b)		156,500		229,321
Yangzijiang Shipbuilding Holdings Ltd.		278,500		193,842
				22,941,071
Spain — 2.5%
Acciona SA		2,040		231,499
Acerinox SA		27,840		271,562
ACS Actividades de Construccion y Servicios SA		30,190		1,004,701
Aena SME SA(c)		7,262		1,345,181
Almirall SA		7,600		112,438
Amadeus IT Group SA		45,950		3,606,282
Applus Services SA		15,955		185,477
Banco Bilbao Vizcaya Argentaria SA		697,175		3,606,928
Banco de Sabadell SA		632,750		570,788
Banco Santander SA		1,727,294		6,803,023
Bankia SA		171,061		311,179
Bankinter SA		70,648		458,322
Bolsas y Mercados Espanoles SHMSF SA		8,210		318,441
CaixaBank SA		397,782		1,163,770
Cellnex Telecom SA(c)		26,996		1,343,870
Cia. de Distribucion Integral Logista Holdings SA		10,661		239,362
Cie. Automotive SA		8,685		190,666
Ebro Foods SA		8,125		168,107
Enagas SA		15,190		409,392
Endesa SA		23,429		643,129
Faes Farma SA		36,890		201,137
Ferrovial SA		53,681		1,704,963
Gestamp Automocion SA(c)		35,334		144,177
Grifols SA		30,653		1,029,281
Grupo Catalana Occidente SA		9,310		305,909
Iberdrola SA		611,597		6,689,609
Iberdrola SA, New(a)		10,073		110,181
Indra Sistemas SA(a)		23,333		267,885
Industria de Diseno Textil SA		112,900		3,799,767
Inmobiliaria Colonial Socimi SA		28,779		385,585
Mapfre SA		131,961		338,105
Masmovil Ibercom SA(a)		8,368		175,268
Mediaset Espana Comunicacion SA		22,567		123,818
Melia Hotels International SA		24,329		195,470
Merlin Properties Socimi SA		32,614		462,628
Naturgy Energy Group SA		30,898		814,940
Neinor Homes SA(a)(c)		9,956		108,788
Prosegur Cia. de Seguridad SA		45,234		178,256

56 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Red Electrica Corp. SA		31,482	$	629,212
Repsol SA		159,254		2,199,890
Sacyr SA		61,882		177,616
Sacyr SA, New(a)		1,345		3,861
Siemens Gamesa Renewable Energy SA		28,093		448,466
Tecnicas Reunidas SA(a)		5,462		133,166
Telefonica SA		499,579		3,382,148
Viscofan SA		6,590		351,130
Zardoya Otis SA		22,943		173,020
				47,518,393
Sweden — 2.7%
AAK AB		17,071		320,657
AF POYRY AB		12,273		312,216
Alfa Laval AB		35,140		878,623
Arjo AB, Class B		38,040		182,176
Assa Abloy AB, Class B		105,801		2,516,968
Atlas Copco AB, Class A		72,532		2,573,591
Atlas Copco AB, Class B		41,404		1,288,687
Axfood AB		15,010		311,143
BillerudKorsnas AB		20,820		267,631
Boliden AB		30,932		735,861
Bonava AB, Class B		10,758		96,211
Bravida Holding AB(c)		27,180		247,869
Castellum AB		22,662		556,284
Dios Fastigheter AB		13,578		125,093
Dometic Group AB(c)		38,269		348,995
Electrolux AB, Series B		23,963		568,579
Elekta AB, Class B		40,562		464,593
Embracer Group AB(a)		31,466		263,450
Epiroc AB, Class A		72,286		837,705
Epiroc AB, Class B		45,203		511,653
Essity AB, Class B		63,160		2,005,152
Evolution Gaming Group AB(c)		10,710		331,123
Fabege AB		27,288		468,123
Fastighets AB Balder, Class B(a)		6,293		298,633
Getinge AB, Class B		26,162		446,635
Granges AB		13,344		123,352
Hennes & Mauritz AB, Class B		83,583		1,835,355
Hexagon AB, Class B		30,051		1,637,448
Hexpol AB		42,812		386,206
Holmen AB, Class B		6,581		194,863
Hufvudstaden AB, Class A		11,780		233,189
Husqvarna AB, Class B		46,542		351,142
ICA Gruppen AB		9,644		424,035
Industrivarden AB, Class C		17,211		405,872
Indutrade AB		7,225		260,556
Intrum AB		8,860		245,523
Investor AB, Class B		49,821		2,730,201
JM AB		8,015		244,974
Kinnevik AB, Class B		29,696		717,240
Klovern AB, Class B		86,780		217,701
Kungsleden AB		24,490		260,687
L E Lundbergforetagen AB, Class B		4,342		188,570
Lifco AB, Class B		5,938		350,231
Loomis AB, Class B		6,961		252,335
Lundin Petroleum AB		21,849		665,536
Millicom International Cellular SA, SDR		10,638		502,617
Modern Times Group MTG AB, Class B(a)		12,801		127,523
NCC AB, Class B		14,003		261,503
Nibe Industrier AB, Class B		43,187		748,709

Security	Shares		Value
Sweden (continued)
Nolato AB, Class B		2,393	$	138,784
Nordic Entertainment Group AB, Class B		9,203		279,375
Nyfosa AB(a)		41,842		409,362
Pandox AB		19,259		429,592
Peab AB, Class B		21,180		212,709
Resurs Holding AB(c)		28,632		158,478
Saab AB, Class B		12,248		397,989
Samhallsbyggnadsbolaget i Norden AB		119,157		293,607
Sandvik AB		124,447		2,274,316
Securitas AB, Class B		33,659		529,924
Skandinaviska Enskilda Banken AB, Class A		166,817		1,648,327
Skanska AB, Class B		41,366		957,045
SKF AB, Class B		46,536		853,119
SSAB AB, Class B		72,727		209,685
Svenska Cellulosa AB SCA, Class B		77,334		774,411
Svenska Handelsbanken AB, Class A		161,770		1,589,059
Sweco AB, Class B		8,717		336,429
Swedbank AB, Class A		93,451		1,437,350
Swedish Match AB		18,434		1,043,082
Swedish Orphan Biovitrum AB(a)		20,645		368,728
Tele2 AB, Class B		55,099		831,174
Telefonaktiebolaget LM Ericsson, Class B		332,788		2,615,721
Telia Co. AB		278,482		1,191,804
Thule Group AB(c)		15,338		362,499
Vitrolife AB		8,238		172,817
Volvo AB, Class B		154,387		2,647,691
Wallenstam AB, Class B		17,604		230,309
Wihlborgs Fastigheter AB		25,163		481,923
				53,198,328
Switzerland — 8.1%
ABB Ltd., Registered		191,496		4,469,464
Adecco Group AG, Registered		18,349		1,078,737
Alcon Inc.(a)		44,479		2,625,988
Allreal Holding AG, Registered		1,007		208,824
ALSO Holding AG, Registered		945		154,226
Baloise Holding AG, Registered		5,617		1,015,131
Barry Callebaut AG, Registered		314		695,426
BKW AG		2,354		218,937
Bossard Holding AG, Class A, Registered		946		137,420
Bucher Industries AG, Registered		793		265,745
Burckhardt Compression Holding AG		552		151,100
Cembra Money Bank AG		2,339		273,807
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		113		947,281
Chocoladefabriken Lindt & Spruengli AG, Registered		8		745,710
Cie. Financiere Richemont SA, Registered		55,044		4,031,633
Clariant AG, Registered		25,609		576,996
Coca-Cola HBC AG		20,068		736,998
Conzzeta AG, Registered		178		202,279
Credit Suisse Group AG, Registered		280,034		3,546,700
Daetwyler Holding AG, Bearer		1,033		186,367
DKSH Holding AG		4,878		252,081
dormakaba Holding AG		279		175,306
Dufry AG, Registered		5,547		481,628
Emmi AG, Registered		222		215,221
EMS-Chemie Holding AG, Registered		723		473,779
Flughafen Zurich AG, Registered		1,975		343,416
Forbo Holding AG, Registered		108		185,664
Galenica AG(c)		4,553		310,630
Geberit AG, Registered		3,867		2,041,657

SCHEDULE OF INVESTMENTS 57

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Georg Fischer AG, Registered		482	$	474,029
Givaudan SA, Registered		952		3,138,950
Gurit Holding AG, Bearer		125		189,227
Helvetia Holding AG, Registered		3,161		454,919
Huber & Suhner AG, Registered		2,197		164,015
Idorsia Ltd.(a)		13,692		439,530
Inficon Holding AG, Registered		220		169,485
Interroll Holding AG, Registered		75		146,664
Intershop Holding AG		996		642,347
Julius Baer Group Ltd.		25,692		1,286,664
Kardex AG, Registered		1,384		236,203
Kuehne + Nagel International AG, Registered		5,983		967,752
LafargeHolcim Ltd., Registered		52,066		2,650,672
Landis+Gyr Group AG		2,520		231,241
Logitech International SA, Registered		19,817		890,938
Lonza Group AG, Registered		8,081		3,319,708
Mobilezone Holding AG, Registered		24,578		279,304
Mobimo Holding AG, Registered		810		261,195
Nestle SA, Registered		303,882		33,518,552
Novartis AG, Registered		221,236		20,913,563
OC Oerlikon Corp. AG, Registered		34,860		371,932
Pargesa Holding SA, Bearer		4,348		348,715
Partners Group Holding AG		1,994		1,829,324
PSP Swiss Property AG, Registered		3,148		475,896
Roche Holding AG, NVS		72,053		24,228,097
Schindler Holding AG, Participation Certificates, NVS		4,406		1,139,361
Schindler Holding AG, Registered		2,209		549,702
Schweiter Technologies AG, Bearer		142		175,798
SFS Group AG		2,405		224,553
SGS SA, Registered		486		1,406,424
Siegfried Holding AG, Registered(b)		552		255,553
SIG Combibloc Group AG		16,293		257,458
Sika AG, Registered		13,613		2,448,914
Sonova Holding AG, Registered		6,349		1,591,776
St. Galler Kantonalbank AG, Class A, Registered		1,047		498,287
Straumann Holding AG, Registered		1,165		1,111,307
Sulzer AG, Registered		3,178		351,262
Sunrise Communications Group AG(c)		3,932		324,932
Swatch Group AG (The), Bearer		2,998		754,435
Swiss Life Holding AG, Registered		3,721		1,872,750
Swiss Prime Site AG, Registered		7,377		901,043
Swiss Re AG		29,579		3,342,953
Swisscom AG, Registered		2,301		1,263,528
Tecan Group AG, Registered		1,296		366,581
Temenos AG, Registered		7,415		1,198,609
UBS Group AG, Registered		407,043		5,064,561
Valiant Holding AG, Registered		3,977		409,060
Valora Holding AG, Registered		816		217,442
VAT Group AG(c)		3,396		514,268
Vifor Pharma AG		5,192		958,241
Vontobel Holding AG, Registered		3,516		245,349
Zur Rose Group AG(a)(b)		1,485		183,537
Zurich Insurance Group AG		15,045		6,250,745
				158,255,502
United Kingdom — 14.7%
3i Group PLC		111,587		1,624,654
Abcam PLC		26,341		484,035
Admiral Group PLC		19,376		576,981
Aggreko PLC		37,317		379,265
Anglo American PLC		110,804		2,900,205

Security	Shares		Value
United Kingdom (continued)
Antofagasta PLC		44,819	$	485,759
Ascential PLC(c)		45,211		217,649
Ashmore Group PLC		45,476		325,809
Ashtead Group PLC		50,730		1,641,715
ASOS PLC(a)		6,877		278,576
Associated British Foods PLC		37,336		1,292,421
Assura PLC		244,629		250,882
AstraZeneca PLC		135,538		13,264,182
Auto Trader Group PLC(c)		97,524		722,486
Avast PLC(c)		65,398		366,383
AVEVA Group PLC		8,279		536,720
Aviva PLC		423,060		2,221,789
B&M European Value Retail SA		98,978		474,530
Babcock International Group PLC		47,331		367,363
BAE Systems PLC		329,678		2,743,949
Balfour Beatty PLC		105,202		368,604
Barclays PLC		1,774,806		3,930,444
Barratt Developments PLC		109,796		1,161,918
Beazley PLC		61,326		437,748
Bellway PLC		14,155		743,566
Berkeley Group Holdings PLC		13,715		947,346
Bodycote PLC		24,556		277,247
boohoo Group PLC(a)		97,183		387,266
BP PLC		2,090,590		12,585,814
British American Tobacco PLC		236,412		10,463,259
British Land Co. PLC (The)		94,140		688,233
Britvic PLC		31,447		383,652
BT Group PLC		854,707		1,813,046
Bunzl PLC		34,171		885,119
Burberry Group PLC		43,768		1,126,783
Burford Capital Ltd.		25,770		214,181
Cairn Energy PLC(a)		92,073		205,723
Capita PLC(a)		185,412		355,495
Capital & Counties Properties PLC		107,792		346,135
Carnival PLC		16,178		664,940
Centamin PLC		131,911		236,484
Centrica PLC		595,911		666,444
Cineworld Group PLC		150,325		351,335
Clinigen Healthcare Ltd.(a)		18,781		239,896
Close Brothers Group PLC		17,124		319,632
Coats Group PLC		195,345		194,930
Coca-Cola European Partners PLC		25,463		1,339,608
Compass Group PLC		163,130		4,036,264
Computacenter PLC		15,711		371,542
ConvaTec Group PLC(c)		163,370		447,937
Countryside Properties PLC(c)		66,654		428,773
Cranswick PLC		9,412		443,175
Crest Nicholson Holdings PLC		50,300		331,527
Croda International PLC		13,238		869,725
Daily Mail & General Trust PLC, Class A, NVS		27,095		290,019
DCC PLC		10,542		852,131
Dechra Pharmaceuticals PLC		12,173		456,361
Derwent London PLC		10,216		553,483
Diageo PLC		241,695		9,589,934
Dialog Semiconductor PLC(a)		8,844		390,763
Diploma PLC		12,545		322,137
Direct Line Insurance Group PLC		120,352		535,913
Dixons Carphone PLC		175,163		313,100
Domino’s Pizza Group PLC		75,059		305,634
Drax Group PLC		81,320		291,573

58 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
DS Smith PLC		169,512	$	761,297
Dunelm Group PLC		13,120		200,447
easyJet PLC		17,573		322,685
EI Group PLC(a)		50,849		190,497
Electrocomponents PLC		56,627		494,752
Elementis PLC		87,709		147,875
Essentra PLC		43,995		242,996
Euromoney Institutional Investor PLC		21,650		349,318
Evraz PLC		48,174		223,911
Experian PLC		92,422		3,212,676
Ferguson PLC		23,654		2,120,912
Fevertree Drinks PLC		13,002		235,836
Fiat Chrysler Automobiles NV		119,243		1,550,327
Firstgroup PLC(a)		139,949		228,387
Future PLC		11,025		186,024
G4S PLC		196,393		505,862
Games Workshop Group PLC		3,734		326,585
GB Group PLC		24,831		232,726
Genus PLC		8,573		348,069
GlaxoSmithKline PLC		507,587		11,936,769
Glencore PLC		1,156,684		3,392,549
Go-Ahead Group PLC (The)		5,937		160,280
Grainger PLC		80,934		316,008
Great Portland Estates PLC		29,057		356,677
Greencore Group PLC		131,374		425,323
Greggs PLC		10,218		303,600
GVC Holdings PLC		64,057		740,707
Halma PLC		43,407		1,205,607
Hammerson PLC		74,514		229,256
Hargreaves Lansdown PLC		30,116		684,806
Hays PLC		199,897		408,959
Hikma Pharmaceuticals PLC		16,035		387,236
Hiscox Ltd.		29,383		508,560
HomeServe PLC		33,233		561,615
Howden Joinery Group PLC		75,725		687,166
HSBC Holdings PLC		2,062,530		15,002,492
Ibstock PLC(c)		59,068		226,583
IG Group Holdings PLC		45,510		398,222
IMI PLC		32,280		469,769
Imperial Brands PLC		99,283		2,553,107
Inchcape PLC		53,355		462,085
Informa PLC		135,844		1,387,431
IntegraFin Holdings PLC		30,543		199,296
InterContinental Hotels Group PLC		19,522		1,205,762
Intermediate Capital Group PLC		34,149		784,165
Intertek Group PLC		16,873		1,281,139
Investec PLC		84,772		468,441
ITV PLC		399,243		712,586
IWG PLC		80,466		468,406
J D Wetherspoon PLC		7,566		154,689
J Sainsbury PLC		202,737		540,910
JD Sports Fashion PLC		44,834		485,685
John Wood Group PLC		75,610		375,055
Johnson Matthey PLC		21,431		735,922
Jupiter Fund Management PLC		71,505		363,459
Just Eat PLC(a)		59,986		680,823
Kainos Group PLC		24,521		255,356
KAZ Minerals PLC		33,947		195,911
Keywords Studios PLC(b)		15,068		244,708
Kingfisher PLC		263,797		709,384

Security	Shares		Value
United Kingdom (continued)
Lancashire Holdings Ltd.		23,636	$	233,054
Land Securities Group PLC		67,812		838,476
Legal & General Group PLC		610,116		2,456,999
Lloyds Banking Group PLC		7,242,401		5,421,705
London Stock Exchange Group PLC		33,189		3,428,231
M&G PLC(a)		269,713		853,997
Man Group PLC		186,188		377,722
Marks & Spencer Group PLC		203,239		471,521
Marshalls PLC		26,678		277,643
Mediclinic International PLC		56,435		274,732
Meggitt PLC		86,644		771,631
Melrose Industries PLC		532,203		1,636,015
Micro Focus International PLC		31,921		431,386
Mondi PLC		51,559		1,050,740
Moneysupermarket.com Group PLC		60,308		258,766
National Express Group PLC		41,442		244,191
National Grid PLC		335,787		4,452,018
Next PLC		14,554		1,322,236
NMC Health PLC(b)		12,073		205,617
Ocado Group PLC(a)		49,355		796,006
Pagegroup PLC		54,277		326,688
Paragon Banking Group PLC		31,254		209,291
Pearson PLC		81,388		609,812
Pennon Group PLC		47,238		690,253
Persimmon PLC		34,403		1,384,537
Petrofac Ltd.		35,709		164,374
Pets at Home Group PLC		60,286		224,103
Phoenix Group Holdings PLC		55,758		557,132
Playtech PLC		38,393		174,654
Plus500 Ltd.		14,849		174,443
Primary Health Properties PLC		115,195		239,012
Provident Financial PLC		50,316		308,750
Prudential PLC		269,713		4,806,844
QinetiQ Group PLC		58,582		272,133
Quilter PLC(c)		231,588		519,433
Rathbone Brothers PLC		6,005		156,099
Reckitt Benckiser Group PLC		73,266		6,066,144
Redrow PLC		29,336		307,432
RELX PLC		200,444		5,318,856
Renishaw PLC		6,857		359,387
Rentokil Initial PLC		209,459		1,289,429
Rightmove PLC		98,522		854,296
Rio Tinto PLC		116,744		6,284,949
Rolls-Royce Holdings PLC		181,214		1,600,472
Rotork PLC		108,900		436,829
Royal Bank of Scotland Group PLC		497,885		1,432,730
Royal Dutch Shell PLC, Class A		440,702		11,586,139
Royal Dutch Shell PLC, Class B		383,669		10,115,052
Royal Mail PLC		114,251		298,500
RSA Insurance Group PLC		102,890		746,505
RWS Holdings PLC		23,244		175,875
Safestore Holdings PLC		19,376		205,609
Sage Group PLC (The)		117,722		1,145,858
Savills PLC		19,772		324,229
Schroders PLC		13,799		584,440
Segro PLC		117,149		1,406,202
Senior PLC		64,766		142,149
Serco Group PLC(a)		142,477		296,933
Severn Trent PLC		24,709		840,017
Shaftesbury PLC		40,415		478,943

SCHEDULE OF INVESTMENTS 59

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Signature Aviation PLC		107,833	$	413,928
Smith & Nephew PLC		93,646		2,254,708
Smiths Group PLC		41,130		916,006
Softcat PLC		19,693		299,830
Sophos Group PLC(c)		40,283		295,985
Spectris PLC(b)		13,504		471,014
Spirax-Sarco Engineering PLC		8,049		946,429
SSE PLC		102,231		2,032,869
SSP Group PLC		46,900		398,144
St. James’s Place PLC		57,305		864,172
Standard Chartered PLC		279,869		2,327,907
Standard Life Aberdeen PLC		264,234		1,050,165
Synthomer PLC		46,608		207,540
Tate & Lyle PLC		51,680		540,092
Taylor Wimpey PLC		362,849		1,028,840
Tesco PLC		1,034,323		3,366,346
TP ICAP PLC		64,598		337,973
Travis Perkins PLC		27,869		569,973
Tritax Big Box REIT PLC		116,296		214,162
Tullow Oil PLC		175,835		117,840
Ultra Electronics Holdings PLC		7,995		237,971
Unilever PLC		114,547		6,845,399
UNITE Group PLC (The)		30,647		513,874
United Utilities Group PLC		79,086		1,056,586
Vesuvius PLC		49,655		284,730
Victrex PLC		9,252		270,263
Virgin Money UK PLC(a)		126,980		274,930
Vistry Group PLC		18,630		338,901
Vodafone Group PLC		2,761,171		5,434,187
Weir Group PLC (The)		36,389		646,609
WH Smith PLC		13,339		420,597
Whitbread PLC		13,646		804,071
William Hill PLC		163,926		373,615
Wm Morrison Supermarkets PLC		265,337		636,402
Workspace Group PLC		16,043		257,158
WPP PLC		137,118		1,708,078
				285,542,391
United States — 0.0%
Ovintiv Inc.		26,814		418,060
Total Common Stocks — 99.3% (Cost: $1,840,700,309)				1,929,440,818

Security	Shares		Value
Preferred Stocks
Germany — 0.4%
Fuchs Petrolub SE, Preference Shares, NVS		8,812	$	390,619
Henkel AG & Co. KGaA, Preference Shares, NVS		18,721		1,907,444
Jungheinrich AG, Preference Shares, NVS		9,578		210,376
Porsche Automobil Holding SE, Preference Shares, NVS		15,863		1,074,803
Sartorius AG, Preference Shares, NVS		4,115		960,387
Volkswagen AG, Preference Shares, NVS		19,865		3,574,698
				8,118,327
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		698,812		367,851
Total Preferred Stocks — 0.4% (Cost: $8,581,822)				8,486,178
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.78%(e)(f)(g)		12,287,685		12,295,058
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.50%(e)(f)		20,000		20,000
				12,315,058
Total Short-Term Investments — 0.6% (Cost: $12,310,124)				12,315,058
Total Investments in Securities — 100.3% (Cost: $1,861,592,255)				1,950,242,054
Other Assets, Less Liabilities — (0.3)%				(6,496,115	)
Net Assets — 100.0%			$	1,943,745,939

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period-end.

^(g)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	11,891,919	395,766		12,287,685	$	12,295,058	$	257,586	(b)	$	(628)		$	1,324
BlackRock Cash Funds: Treasury, SL Agency Shares	154,000	(134,000	)	20,000		20,000		7,932			—			—
					$	12,315,058	$	265,518		$	(628)		$	1,324

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

60 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets  ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		2		03/19/20	$	233	$	4,247
Euro STOXX 50 Index		28		03/20/20		1,129		(35,289	)
FTSE 100 Index		7		03/20/20		666		(30,278	)
TOPIX Index		12		03/12/20		1,859		(13,886	)
							$	(75,206	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	4,247
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	79,453

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(589,517	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(120,995	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	6,045,903

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

SCHEDULE OF INVESTMENTS 61

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI International Developed Markets  ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	1,928,645,953		$	794,865	$	—	$	1,929,440,818
Preferred Stocks		8,486,178			—		—		8,486,178
Money Market Funds		12,315,058			—		—		12,315,058
	$	1,949,447,189		$	794,865	$	—	$	1,950,242,054
Derivative financial instruments(a)
Assets
Futures Contracts	$	4,247		$	—	$	—	$	4,247
Liabilities
Futures Contracts		(79,453	)		—		—		(79,453	)
	$	(75,206	)	$	—	$	—	$	(75,206	)

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

See notes to financial statements.

62 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 18.8%
Abacus Property Group		101,113	$	256,545
Accent Group Ltd.		191,434		217,224
Adelaide Brighton Ltd.		93,968		228,981
Afterpay Ltd.(a)		36,839		950,715
AGL Energy Ltd.		106,714		1,425,221
ALS Ltd.		93,813		606,050
Altium Ltd.		31,756		846,748
Alumina Ltd.		508,338		741,869
AMP Ltd.		538,514		657,927
Ansell Ltd.		28,120		603,151
AP Eagers Ltd.		34,768		207,617
APA Group		192,473		1,459,882
Appen Ltd.		30,294		514,106
ARB Corp. Ltd.		18,466		229,934
Aristocrat Leisure Ltd.		100,290		2,430,436
ASX Ltd.		33,228		1,905,684
Atlas Arteria Ltd.		224,128		1,219,845
Aurizon Holdings Ltd.		345,528		1,251,407
AusNet Services		231,511		274,323
Australia & New Zealand Banking Group Ltd.		462,922		7,980,003
Australian Agricultural Co. Ltd.(a)		233,419		174,232
Australian Pharmaceutical Industries Ltd.		181,901		160,132
Bank of Queensland Ltd.		54,283		277,999
Bapcor Ltd.		133,367		564,265
Beach Energy Ltd.		459,228		820,838
Bendigo & Adelaide Bank Ltd.		71,920		501,209
BHP Group Ltd.		493,680		13,021,463
Blackmores Ltd.(b)		3,846		229,973
BlueScope Steel Ltd.		103,509		987,441
Boral Ltd.		219,938		733,243
Brambles Ltd.		259,932		2,197,764
Breville Group Ltd.		25,497		318,678
Brickworks Ltd.		23,764		316,744
BWP Trust		129,715		356,903
Caltex Australia Ltd.		43,254		995,520
carsales.com Ltd.		56,945		657,220
Cedar Woods Properties Ltd.		55,579		297,287
Challenger Ltd.		101,915		610,631
Charter Hall Group		121,654		1,047,334
Charter Hall Retail REIT		92,800		292,608
CIMIC Group Ltd.		21,246		416,596
Cleanaway Waste Management Ltd.		456,520		623,459
Coca-Cola Amatil Ltd.		94,955		761,540
Cochlear Ltd.		9,914		1,599,964
Coles Group Ltd.		191,718		2,124,119
Commonwealth Bank of Australia		290,691		16,591,854
Computershare Ltd.		81,066		976,310
Corporate Travel Management Ltd.		21,401		255,162
Costa Group Holdings Ltd.		80,361		148,482
Credit Corp. Group Ltd.		21,444		508,765
Cromwell Property Group		459,956		377,199
Crown Resorts Ltd.		63,300		495,801
CSL Ltd.		78,039		16,302,488
CSR Ltd.		110,198		358,532
Dexus		167,633		1,427,462
Domino’s Pizza Enterprises Ltd.		12,646		464,691
Downer EDI Ltd.		100,316		497,630
Evolution Mining Ltd.		284,804		707,356

Security	Shares		Value
Australia (continued)
Flight Centre Travel Group Ltd.		9,565	$	251,713
Fortescue Metals Group Ltd.		265,640		2,025,514
Galaxy Resources Ltd.(a)(b)		234,503		160,913
GDI Property Group		478,134		494,534
Genworth Mortgage Insurance Australia Ltd.		86,083		210,919
Goodman Group		293,445		2,925,091
GPT Group (The)		287,397		1,154,387
GrainCorp Ltd., Class A(a)		44,440		249,903
Growthpoint Properties Australia Ltd.		33,302		97,425
GUD Holdings Ltd.		22,111		177,923
GWA Group Ltd.		82,697		198,194
Harvey Norman Holdings Ltd.		120,119		340,150
IGO Ltd.		119,121		486,448
Iluka Resources Ltd.		80,826		525,939
Incitec Pivot Ltd.		293,628		644,747
Insurance Australia Group Ltd.		371,653		1,761,525
InvoCare Ltd.		31,851		285,937
IPH Ltd.		77,471		475,065
IRESS Ltd.		51,427		481,989
James Hardie Industries PLC		81,741		1,740,144
JB Hi-Fi Ltd.		24,516		650,909
Lendlease Group		99,779		1,210,362
Link Administration Holdings Ltd.		103,037		469,741
Lynas Corp. Ltd.(a)		143,055		209,732
Macquarie Group Ltd.		51,065		4,949,028
Magellan Financial Group Ltd.		25,927		1,167,594
Mayne Pharma Group Ltd.(a)		539,498		164,331
McMillan Shakespeare Ltd.		17,724		152,944
Medibank Pvt Ltd.		491,280		1,019,551
Mesoblast Ltd.(a)(b)		137,445		276,038
Metcash Ltd.		175,479		307,783
Mineral Resources Ltd.		35,375		404,011
Mirvac Group		612,704		1,394,594
Monadelphous Group Ltd.		32,680		383,733
National Australia Bank Ltd.		451,890		7,823,107
nearmap Ltd.(a)		177,089		200,946
Newcrest Mining Ltd.		134,525		2,659,405
NEXTDC Ltd.(a)		140,582		714,315
Nine Entertainment Co. Holdings Ltd.		312,477		392,227
Northern Star Resources Ltd.		126,724		1,068,925
NRW Holdings Ltd.		191,488		401,240
Nufarm Ltd./Australia(a)		61,453		227,503
Oil Search Ltd.		239,182		1,159,271
Orica Ltd.		65,683		1,003,869
Origin Energy Ltd.		303,448		1,665,774
Orora Ltd.		246,756		531,914
OZ Minerals Ltd.		48,355		328,892
Pact Group Holdings Ltd.(a)		80,431		148,611
Pendal Group Ltd.		43,657		259,236
Perenti Global Ltd.		243,661		250,387
Pilbara Minerals Ltd.(a)(b)		594,781		117,462
Platinum Asset Management Ltd.		61,362		194,713
Premier Investments Ltd.		31,303		416,811
QBE Insurance Group Ltd.		222,481		2,047,923
Qube Holdings Ltd.		263,611		607,072
Ramsay Health Care Ltd.		26,862		1,424,235
REA Group Ltd.		11,716		894,918
Regis Resources Ltd.		112,441		338,731
Reliance Worldwide Corp. Ltd.		158,576		477,714
Rio Tinto Ltd.		61,397		4,059,665

SCHEDULE OF INVESTMENTS 63

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Sandfire Resources Ltd.		45,172	$	168,741
Santos Ltd.		343,272		1,996,991
Saracen Mineral Holdings Ltd.(a)		201,196		532,028
Scentre Group		721,699		1,864,925
Seek Ltd.		60,029		911,829
Select Harvests Ltd.		69,057		394,806
SG Fleet Group Ltd.		76,409		112,534
Shopping Centres Australasia Property Group		114,583		221,685
Sims Ltd.		35,424		254,458
Sonic Healthcare Ltd.		76,366		1,619,072
South32 Ltd.		890,079		1,573,079
Southern Cross Media Group Ltd.		329,901		194,350
Spark Infrastructure Group		290,299		427,549
St. Barbara Ltd.		178,206		325,689
Star Entertainment Grp Ltd. (The)		141,759		396,684
Steadfast Group Ltd.		192,916		497,218
Stockland		389,544		1,283,038
Suncorp Group Ltd.		200,056		1,722,307
Super Retail Group Ltd.		34,429		216,195
Sydney Airport		181,030		1,016,788
Tabcorp Holdings Ltd.		358,037		1,124,136
Tassal Group Ltd.		128,534		370,863
Technology One Ltd.		90,016		513,425
Telstra Corp. Ltd.		609,909		1,567,885
TPG Telecom Ltd.		73,189		366,493
Transurban Group		439,007		4,614,122
Treasury Wine Estates Ltd.		133,955		1,168,480
Vicinity Centres		356,137		605,576
Vocus Group Ltd.(a)		157,454		357,332
Wesfarmers Ltd.		181,059		5,479,900
Western Areas Ltd.		129,710		223,164
Westpac Banking Corp.		565,978		9,517,814
Whitehaven Coal Ltd.		144,296		242,463
WiseTech Global Ltd.(b)		28,798		482,549
Woodside Petroleum Ltd.		151,521		3,522,862
Woolworths Group Ltd.		210,231		5,888,524
Worley Ltd.		75,672		772,037
				202,617,830
Hong Kong — 8.5%
AIA Group Ltd.		2,057,000		20,596,756
ASM Pacific Technology Ltd.		74,800		1,022,071
Bank of East Asia Ltd. (The)		224,400		486,664
BeiGene Ltd., ADR(a)		6,732		1,025,688
BOC Hong Kong Holdings Ltd.		654,500		2,187,314
Brightoil Petroleum Holdings Ltd.(a)(b)(c)		804,000		75,586
Budweiser Brewing Co. APAC Ltd.(a)(d)		203,900		619,717
Champion REIT		374,000		225,414
CITIC Telecom International Holdings Ltd.		935,000		325,117
CK Asset Holdings Ltd.		467,572		3,022,848
CK Hutchison Holdings Ltd.		467,572		4,172,976
CK Infrastructure Holdings Ltd.		96,500		677,311
CLP Holdings Ltd.		280,500		2,931,470
Dah Sing Banking Group Ltd.		224,400		286,970
Galaxy Entertainment Group Ltd.		374,000		2,480,521
Giordano International Ltd.		380,000		97,387
Haitong International Securities Group Ltd.		1,122,000		326,562
Hang Lung Properties Ltd.		375,000		790,094
Hang Seng Bank Ltd.		130,900		2,666,922
Henderson Land Development Co. Ltd.		175,970		797,711
HKBN Ltd.		280,500		487,675

Security	Shares		Value
Hong Kong (continued)
HKT Trust & HKT Ltd.		561,720	$	842,048
Hong Kong & China Gas Co. Ltd.		1,664,187		3,206,253
Hong Kong Exchanges & Clearing Ltd.		203,600		6,785,880
Hongkong Land Holdings Ltd.		205,700		1,096,381
Hsin Chong Group Holdings Ltd.(a)(c)		1,002,000		18,066
Hutchison Telecommunications Hong Kong Holdings Ltd.		380,000		69,492
Hysan Development Co. Ltd.		128,000		482,994
Jardine Matheson Holdings Ltd.		37,400		2,091,034
Jardine Strategic Holdings Ltd.		37,900		1,168,457
Kerry Logistics Network Ltd.		187,500		300,390
Kerry Properties Ltd.		95,000		267,325
Langham Hospitality Investments and Langham Hospitality Investments Ltd.		374,500		97,424
Link REIT		374,000		3,805,072
Macau Legend Development Ltd.(a)		2,015,000		256,906
Man Wah Holdings Ltd.		673,200		471,636
Melco International Development Ltd.		187,000		407,961
Melco Resorts & Entertainment Ltd., ADR		49,655		1,001,541
Minth Group Ltd.		82,000		254,504
MTR Corp. Ltd.		280,500		1,585,848
New World Development Co. Ltd.		935,000		1,181,258
NWS Holdings Ltd.		375,000		485,840
Pacific Basin Shipping Ltd.		1,240,000		225,167
Pacific Textiles Holdings Ltd.		190,000		123,080
PCCW Ltd.		748,000		442,159
Power Assets Holdings Ltd.		280,500		2,033,787
Sands China Ltd.		448,800		2,196,345
Shangri-La Asia Ltd.		230,000		212,971
Shun Tak Holdings Ltd.		750,000		324,537
Sino Land Co. Ltd.		374,000		513,444
SITC International Holdings Co. Ltd.		375,000		444,307
SJM Holdings Ltd.		561,000		633,617
SmarTone Telecommunications Holdings Ltd.		95,000		69,982
Sun Hung Kai & Co. Ltd.		377,000		168,960
Sun Hung Kai Properties Ltd.		280,500		3,948,364
SUNeVision Holdings Ltd.		561,000		374,968
Sunlight REIT		562,000		357,542
Swire Pacific Ltd., Class A		93,500		829,048
Swire Properties Ltd.		187,000		585,210
Techtronic Industries Co. Ltd.		280,500		2,274,012
Television Broadcasts Ltd.		48,900		75,067
Town Health International Medical Group Ltd.(b)(c)		632,000		342
Value Partners Group Ltd.		583,000		317,595
VTech Holdings Ltd.		37,500		341,199
WH Group Ltd.(d)		1,683,000		1,616,915
Wharf Real Estate Investment Co. Ltd.		187,000		975,351
Wheelock & Co. Ltd.		66,000		405,015
Wynn Macau Ltd.		299,200		630,390
Xinyi Glass Holdings Ltd.		380,000		479,594
Yue Yuen Industrial Holdings Ltd.		187,000		521,391
				92,299,443
Japan — 67.9%
Acom Co. Ltd.		149,600		712,217
ADEKA Corp.		37,700		558,969
Advance Residence Investment Corp.		190		598,653
Advantest Corp.		37,500		2,030,954
Aeon Co. Ltd.		112,200		2,332,820
AEON Financial Service Co. Ltd.		19,000		303,446
Aeon Mall Co. Ltd.		37,500		631,776
AEON REIT Investment Corp.		375		511,372

64 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
AGC Inc.		37,400	$	1,295,724
Aica Kogyo Co. Ltd.		18,700		598,690
Aida Engineering Ltd.		56,100		460,146
Aiful Corp.(a)		205,700		571,257
Aisin Seiki Co. Ltd.		18,700		637,510
Ajinomoto Co. Inc.		56,100		934,267
Alfresa Holdings Corp.		37,500		770,517
Alps Alpine Co. Ltd.		48,924		903,685
Amada Holdings Co. Ltd.		74,800		802,624
Amano Corp.		18,800		554,191
ANA Holdings Inc.		18,700		590,753
Anritsu Corp.		37,500		743,530
AOKI Holdings Inc.		19,000		188,273
Aozora Bank Ltd.		18,700		511,043
Asahi Group Holdings Ltd.		56,100		2,632,510
Asahi Intecc Co. Ltd.		37,400		1,050,727
Asahi Kasei Corp.		205,700		2,159,769
Astellas Pharma Inc.		336,600		6,057,465
Autobacs Seven Co. Ltd.		37,700		554,795
Azbil Corp.		37,400		1,029,332
Bandai Namco Holdings Inc.		37,400		2,200,832
Bank of Saga Ltd. (The)		19,000		273,645
Bank of the Ryukyus Ltd.		37,700		370,095
Benesse Holdings Inc.		18,700		520,187
Bic Camera Inc.		37,500		413,111
Bridgestone Corp.		93,500		3,365,258
Brother Industries Ltd.		56,100		1,119,567
Calbee Inc.		18,700		619,394
Canon Inc.		168,300		4,482,151
Canon Marketing Japan Inc.		19,000		461,568
Capcom Co. Ltd.		18,700		536,578
Casio Computer Co. Ltd.		37,500		708,931
Cawachi Ltd.		19,000		375,319
Central Japan Railway Co.		27,800		5,536,403
Chiba Bank Ltd. (The)		187,000		1,040,375
Chubu Electric Power Co. Inc.		112,200		1,540,376
Chugai Pharmaceutical Co. Ltd.		37,400		3,887,171
Chugoku Bank Ltd. (The)		74,800		725,329
Chugoku Electric Power Co. Inc. (The)		56,100		743,790
Citizen Watch Co. Ltd.		74,800		369,911
CKD Corp.		37,400		619,739
Coca-Cola Bottlers Japan Holdings Inc.		37,425		998,944
Colowide Co. Ltd.		19,400		399,509
COMSYS Holdings Corp.		19,000		559,210
Concordia Financial Group Ltd.		224,400		867,496
Corona Corp.		37,500		354,985
Cosmo Energy Holdings Co. Ltd.		18,700		369,393
CyberAgent Inc.		18,700		761,734
Dai Nippon Printing Co. Ltd.		56,100		1,576,090
Daibiru Corp.		37,700		473,054
Daifuku Co. Ltd.		18,700		1,161,148
Dai-ichi Life Holdings Inc.		187,000		2,857,148
Daiichi Sankyo Co. Ltd.		94,100		6,460,286
Daikin Industries Ltd.		37,500		5,409,535
Daikyonishikawa Corp.		19,000		132,878
Daio Paper Corp.		37,700		505,055
Daiseki Co. Ltd.		30,400		837,238
Daito Trust Construction Co. Ltd.		18,700		2,226,540
Daiwa House Industry Co. Ltd.		93,500		2,985,685
Daiwa House REIT Investment Corp.		377		1,006,980

Security	Shares		Value
Japan (continued)
Daiwa Securities Group Inc.		336,600	$	1,736,339
DCM Holdings Co. Ltd.		37,500		361,558
DeNA Co. Ltd.		19,000		314,665
Denso Corp.		74,800		3,134,581
Dentsu Group Inc.		37,400		1,262,942
DIC Corp.		18,700		504,142
Disco Corp.		4,200		1,001,319
DMG Mori Co. Ltd.		37,700		540,186
Duskin Co. Ltd.		37,700		1,055,677
East Japan Railway Co.		56,100		5,020,713
EDION Corp.		37,500		393,735
Eiken Chemical Co. Ltd.		18,700		378,710
Eisai Co. Ltd.		37,400		2,874,056
Electric Power Development Co. Ltd.		19,000		434,571
EPS Holdings Inc.		19,000		231,397
FamilyMart Co. Ltd.		40,900		908,679
Fancl Corp.		19,300		514,975
FANUC Corp.		37,400		7,011,745
Fast Retailing Co. Ltd.		9,400		5,146,432
FCC Co. Ltd.		19,000		393,726
Financial Products Group Co. Ltd.		37,700		357,921
Fuji Corp./Aichi		37,500		605,826
Fuji Electric Co. Ltd.		37,400		1,135,268
Fuji Oil Holdings Inc.		19,000		499,257
FUJIFILM Holdings Corp.		56,100		2,838,515
Fujitec Co. Ltd.		37,700		627,493
Fujitsu Ltd.		37,400		4,007,944
Fukuoka Financial Group Inc.		39,932		709,223
Fukuoka REIT Corp.		564		976,729
Furukawa Electric Co. Ltd.		18,700		448,931
Glory Ltd.		18,700		545,205
GLP J-REIT		748		1,002,762
GMO internet Inc.		19,000		371,989
Godo Steel Ltd.		19,000		502,062
Hachijuni Bank Ltd. (The)		130,900		510,871
Hakuhodo DY Holdings Inc.		56,100		815,736
Hamamatsu Photonics KK		37,400		1,621,811
Hankyu Hanshin Holdings Inc.		37,400		1,542,446
Haseko Corp.		56,100		745,343
Hazama Ando Corp.		56,100		468,945
Heiwa Real Estate REIT Inc.		375		504,798
Heiwado Co. Ltd.		19,000		336,753
Hino Motors Ltd.		56,100		536,233
Hisamitsu Pharmaceutical Co. Inc.		18,700		969,636
Hitachi Chemical Co. Ltd.		19,000		805,508
Hitachi Construction Machinery Co. Ltd.		18,700		516,737
Hitachi High-Technologies Corp.		18,700		1,366,462
Hitachi Ltd.		168,900		6,591,752
Hitachi Transport System Ltd.		19,000		553,951
Hokkaido Electric Power Co. Inc.		37,500		178,184
Hokuetsu Corp.		37,400		176,329
Hokuhoku Financial Group Inc.		37,500		367,440
Hokuriku Electric Power Co.(a)		37,500		282,673
Honda Motor Co. Ltd.		261,800		6,838,177
House Foods Group Inc.		18,700		601,278
Hoya Corp.		74,800		7,315,403
Hulic Co. Ltd.		56,100		690,477
Hulic Reit Inc.		377		698,799
Ibiden Co. Ltd.		19,000		449,472
Ichigo Inc.		107,600		412,987

SCHEDULE OF INVESTMENTS 65

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Ichigo Office REIT Investment		749	$	810,608
Ichiyoshi Securities Co. Ltd.		75,100		426,134
Idemitsu Kosan Co. Ltd.		33,747		860,917
IHI Corp.		37,400		907,179
Iida Group Holdings Co. Ltd.		37,500		643,539
Iino Kaiun Kaisha Ltd.		93,500		309,697
Infomart Corp.		74,800		604,556
Inpex Corp.		187,000		1,777,954
Invesco Office J-Reit Inc.		4,886		1,041,349
Invincible Investment Corp.		1,683		852,486
Isetan Mitsukoshi Holdings Ltd.		74,800		594,204
Isuzu Motors Ltd.		93,500		942,893
Ito En Ltd.		18,700		923,052
ITOCHU Corp.		243,100		5,759,845
Itochu-Shokuhin Co. Ltd.		18,700		866,116
Itoham Yonekyu Holdings Inc.		74,800		477,572
J Front Retailing Co. Ltd.		56,100		688,407
JAC Recruitment Co. Ltd.		19,000		296,785
Japan Airlines Co. Ltd.		18,700		533,990
Japan Excellent Inc.		375		678,830
Japan Exchange Group Inc.		93,500		1,711,528
Japan Hotel REIT Investment Corp.		1,122		756,730
Japan Logistics Fund Inc.		190		514,333
Japan Post Bank Co. Ltd.		74,800		701,175
Japan Post Holdings Co. Ltd.		261,800		2,406,526
Japan Prime Realty Investment Corp.		187		864,391
Japan Real Estate Investment Corp.		187		1,364,737
Japan Rental Housing Investments Inc.		375		372,630
Japan Retail Fund Investment Corp.		561		1,199,278
Japan Securities Finance Co. Ltd.		56,200		262,372
Japan Tobacco Inc.		187,000		3,995,867
JFE Holdings Inc.		74,800		907,524
JGC Holdings Corp.		37,400		551,071
JSP Corp.		18,700		332,471
JSR Corp.		37,500		687,134
JTEKT Corp.		37,500		409,651
JXTG Holdings Inc.		542,300		2,345,622
Kadokawa Dwango(a)		37,700		641,058
Kagome Co. Ltd.		37,400		934,094
Kajima Corp.		93,500		1,212,908
Kakaku.com Inc.		37,500		995,064
Kamei Corp.		37,500		390,275
Kansai Electric Power Co. Inc. (The)		130,900		1,483,095
Kansai Paint Co. Ltd.		37,400		913,045
Kao Corp.		83,400		6,757,566
KDDI Corp.		299,800		9,047,800
Keikyu Corp.		37,400		699,104
Keio Corp.		18,700		1,083,508
Keiyo Co. Ltd.		94,400		470,323
Kenedix Inc.		74,800		381,643
Kewpie Corp.		19,000		400,563
KEY Coffee Inc.		56,400		1,179,152
Keyence Corp.		30,800		10,619,514
Kikkoman Corp.		25,300		1,253,504
Kintetsu Group Holdings Co. Ltd.		37,400		1,991,032
Kirin Holdings Co. Ltd.		130,900		2,913,653
Kitz Corp.		37,500		265,027
Kiyo Bank Ltd. (The)		37,500		547,700
Kobe Steel Ltd.		56,100		262,423
Koei Tecmo Holdings Co. Ltd.		56,120		1,496,913

Security	Shares		Value
Japan (continued)
Kohnan Shoji Co. Ltd.		19,000	$	419,846
Koito Manufacturing Co. Ltd.		18,700		830,747
Kokuyo Co. Ltd.		37,500		563,616
Komatsu Ltd.		168,300		3,830,752
Komori Corp.		37,700		350,965
Konami Holdings Corp.		18,700		731,540
Konica Minolta Inc.		74,800		469,290
Konishi Co. Ltd.		37,500		536,629
Kose Corp.		3,100		421,304
Kubota Corp.		187,000		3,002,939
Kuraray Co. Ltd.		56,100		690,995
Kurita Water Industries Ltd.		18,700		558,145
Kyocera Corp.		56,100		3,765,017
KYORIN Holdings Inc.		19,000		347,271
Kyowa Exeo Corp.		19,000		482,954
Kyowa Kirin Co. Ltd.		37,500		894,727
Kyushu Electric Power Co. Inc.		74,800		621,119
Kyushu Financial Group Inc.		78,100		332,908
Kyushu Railway Co.		18,700		618,531
Lawson Inc.		18,700		1,093,860
Leopalace21 Corp.(a)(b)		74,800		217,392
Lifull Co. Ltd.		19,000		99,045
Lintec Corp.		37,700		835,845
Lion Corp.		37,500		723,809
LIXIL Group Corp.		56,100		950,312
M3 Inc.		93,500		2,777,783
Makita Corp.		37,400		1,468,257
Mani Inc.		30,400		777,776
Marubeni Corp.		317,900		2,332,371
Maruha Nichiro Corp.		18,700		453,590
Marui Group Co. Ltd.		37,400		877,503
Marusan Securities Co. Ltd.		56,200		272,224
Matsuda Sangyo Co. Ltd.		19,000		273,119
Matsui Securities Co. Ltd.		37,700		312,007
Matsumotokiyoshi Holdings Co. Ltd.		13,000		528,348
Mazda Motor Corp.		74,800		644,584
McDonald’s Holdings Co. Japan Ltd.		18,700		893,721
Mebuki Financial Group Inc.		336,690		761,074
Medipal Holdings Corp.		37,500		808,230
Megmilk Snow Brand Co. Ltd.		19,000		450,874
MEIJI Holdings Co. Ltd.		18,700		1,331,956
MINEBEA MITSUMI Inc.		74,800		1,508,629
Ministop Co. Ltd.		37,700		537,056
Mirait Holdings Corp.		37,700		572,535
MISUMI Group Inc.		56,100		1,434,268
Mitsubishi Chemical Holdings Corp.		243,100		1,794,344
Mitsubishi Corp.		224,400		5,844,731
Mitsubishi Electric Corp.		317,900		4,531,582
Mitsubishi Estate Co. Ltd.		205,700		4,084,204
Mitsubishi Heavy Industries Ltd.		56,100		2,082,820
Mitsubishi Materials Corp.		18,700		480,160
Mitsubishi Motors Corp.		112,200		427,537
Mitsubishi UFJ Financial Group Inc.		2,057,000		10,789,357
Mitsubishi UFJ Lease & Finance Co. Ltd.		74,800		478,952
Mitsui & Co. Ltd.		299,200		5,412,018
Mitsui Chemicals Inc.		37,400		847,138
Mitsui Fudosan Co. Ltd.		168,300		4,520,971
Mitsui Mining & Smelting Co. Ltd.		18,700		454,452
Mitsui OSK Lines Ltd.		18,700		463,942
Mizuho Financial Group Inc.		3,945,700		5,915,729

66 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Monex Group Inc.		74,800	$	182,195
MonotaRO Co. Ltd.		37,400		922,017
Mori Hills REIT Investment Corp.		562		942,154
Mori Trust Sogo REIT Inc.		377		691,842
MOS Food Services Inc.		18,700		521,913
MS&AD Insurance Group Holdings Inc.		74,800		2,523,814
Murata Manufacturing Co. Ltd.		93,800		5,476,463
Nabtesco Corp.		18,700		557,282
Nagase & Co. Ltd.		19,000		267,860
Nagoya Railroad Co. Ltd.		37,400		1,109,388
NEC Corp.		54,900		2,492,116
NET One Systems Co. Ltd.		18,700		314,528
Neturen Co. Ltd.		37,500		295,820
Nexon Co. Ltd.(a)		93,700		1,283,799
NGK Insulators Ltd.		37,500		642,501
NGK Spark Plug Co. Ltd.		37,500		673,640
NHK Spring Co. Ltd.		37,500		307,930
Nichicon Corp.		37,500		347,719
NichiiGakkan Co. Ltd.		19,000		265,581
Nichi-Iko Pharmaceutical Co. Ltd.		37,700		450,445
Nidec Corp.		37,500		4,857,683
Nihon M&A Center Inc.		37,400		1,097,311
Nihon Parkerizing Co. Ltd.		37,500		401,347
Nihon Unisys Ltd.		19,400		601,412
Nikkiso Co. Ltd.		19,000		243,143
Nikkon Holdings Co. Ltd.		37,700		891,499
Nikon Corp.		56,100		693,065
Nintendo Co. Ltd.		19,400		7,297,486
Nippon Building Fund Inc.		187		1,514,841
Nippon Express Co. Ltd.		18,700		995,516
Nippon Light Metal Holdings Co. Ltd.		181,600		355,208
Nippon Paint Holdings Co. Ltd.		37,400		1,821,950
Nippon Paper Industries Co. Ltd.		19,000		314,315
Nippon Parking Development Co. Ltd.		444,000		589,897
Nippon Prologis REIT Inc.		375		1,079,485
Nippon Sheet Glass Co. Ltd.		37,500		208,285
Nippon Signal Co. Ltd.		37,500		481,616
Nippon Steel Corp.		130,928		1,854,869
Nippon Suisan Kaisha Ltd.		74,800		415,460
Nippon Telegraph & Telephone Corp.		224,400		5,769,162
Nippon Yusen KK		37,500		613,784
Nipro Corp.		19,000		219,302
Nishimatsuya Chain Co. Ltd.		56,200		486,892
Nishi-Nippon Financial Holdings Inc.		74,800		505,867
Nissan Chemical Corp.		18,700		791,064
Nissan Motor Co. Ltd.		355,300		1,965,238
Nisshin Seifun Group Inc.		56,500		978,982
Nisshinbo Holdings Inc.		37,500		331,457
Nissin Electric Co. Ltd.		19,000		232,099
Nissin Foods Holdings Co. Ltd.		18,700		1,425,123
Nitori Holdings Co. Ltd.		18,700		2,930,475
Nitto Denko Corp.		37,400		2,135,960
Nitto Kohki Co. Ltd.		19,000		416,515
Nomura Holdings Inc.		598,400		3,126,576
Nomura Real Estate Holdings Inc.		19,000		474,189
Nomura Real Estate Master Fund Inc.		748		1,316,773
Nomura Research Institute Ltd.		64,110		1,431,436
North Pacific Bank Ltd.		182,600		374,011
NSD Co. Ltd.		75,000		1,224,800
NSK Ltd.		74,800		642,513

Security	Shares		Value
Japan (continued)
NTT Data Corp.		112,200	$	1,609,734
NTT DOCOMO Inc.		225,000		6,449,924
Obayashi Corp.		149,600		1,674,261
Obic Co. Ltd.		18,700		2,589,722
Odakyu Electric Railway Co. Ltd.		56,100		1,260,872
Oji Holdings Corp.		187,000		976,537
Okabe Co. Ltd.		56,400		450,118
Olympus Corp.		205,700		3,386,738
Omron Corp.		37,400		2,211,874
Ono Pharmaceutical Co. Ltd.		74,800		1,752,591
Orient Corp.		218,600		342,870
Oriental Land Co. Ltd.		37,400		4,920,644
ORIX Corp.		224,400		3,846,798
Orix JREIT Inc.		561		1,186,855
Osaka Gas Co. Ltd.		74,800		1,281,576
OSG Corp.		19,000		327,988
OSJB Holdings Corp.		144,600		362,884
Otsuka Holdings Co. Ltd.		74,800		3,390,620
Outsourcing Inc.		37,400		348,172
PALTAC Corp.		18,700		898,897
Pan Pacific International Holdings Corp.		74,800		1,219,464
Panasonic Corp.		392,700		3,992,761
Park24 Co. Ltd.		19,000		482,954
Penta-Ocean Construction Co. Ltd.		74,800		451,347
PeptiDream Inc.(a)		18,700		904,073
Persol Holdings Co. Ltd.		37,500		686,788
Pigeon Corp.		37,400		1,350,934
Proto Corp.		38,000		483,130
Raiznext Corp.		18,800		223,064
Rakuten Inc.(a)		168,300		1,329,195
Recruit Holdings Co. Ltd.		224,400		8,910,990
Relia Inc.		19,000		257,342
Renesas Electronics Corp.(a)		187,000		1,226,710
Resona Holdings Inc.		374,000		1,573,157
Ricoh Co. Ltd.		130,900		1,520,534
Ringer Hut Co. Ltd.		37,700		858,107
Rohm Co. Ltd.		18,700		1,388,891
Rohto Pharmaceutical Co. Ltd.		18,800		532,509
Round One Corp.		18,800		177,445
Royal Holdings Co. Ltd.		37,700		834,106
Ryohin Keikaku Co. Ltd.		38,600		656,006
Saizeriya Co. Ltd.		18,700		414,252
Sakata Seed Corp.		18,700		606,454
San ju San Financial Group Inc.		19,000		278,027
Sanrio Co. Ltd.		18,700		374,914
Santen Pharmaceutical Co. Ltd.		74,800		1,418,912
Sanwa Holdings Corp.		56,100		603,521
SBI Holdings Inc.		56,200		1,336,750
Secom Co. Ltd.		37,400		3,351,628
Sega Sammy Holdings Inc.		37,500		518,637
Seibu Holdings Inc.		37,500		591,987
Seikagaku Corp.		37,700		409,053
Seiko Epson Corp.		56,100		838,511
Seino Holdings Co. Ltd.		37,500		487,152
Sekisui Chemical Co. Ltd.		74,800		1,271,914
Sekisui House Ltd.		112,200		2,444,104
Sekisui House Reit Inc.		935		802,279
Sekisui Plastics Co. Ltd.		37,400		269,152
Senshu Ikeda Holdings Inc.		126,300		234,223
Seven & i Holdings Co. Ltd.		130,900		5,093,005

SCHEDULE OF INVESTMENTS 67

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Seven Bank Ltd.		126,100	$	381,610
Shikoku Electric Power Co. Inc.		37,500		321,770
Shimachu Co. Ltd.		19,000		550,445
Shimadzu Corp.		37,400		1,076,607
Shimano Inc.		18,700		2,908,908
Shimizu Corp.		131,500		1,374,632
Shin-Etsu Chemical Co. Ltd.		56,100		6,581,275
Shin-Etsu Polymer Co. Ltd.		74,800		653,555
Shinko Electric Industries Co. Ltd.		37,500		456,359
Shinsei Bank Ltd.		37,500		584,721
Shionogi & Co. Ltd.		56,100		3,398,039
Shiseido Co. Ltd.		74,800		4,890,968
Shizuoka Bank Ltd. (The)		131,500		942,709
Showa Corp.		19,000		400,388
Showa Denko KK		18,700		461,526
SKY Perfect JSAT Holdings Inc.		37,400		163,216
SMC Corp.		8,600		3,826,895
Sodick Co. Ltd.		37,700		302,268
Softbank Corp.		299,200		4,129,752
SoftBank Group Corp.		266,300		11,115,387
Sohgo Security Services Co. Ltd.		18,700		985,164
Sojitz Corp.		273,000		874,023
Sompo Holdings Inc.		56,100		2,139,238
Sony Corp.		224,400		15,979,326
Sony Financial Holdings Inc.		37,500		881,580
Square Enix Holdings Co. Ltd.		18,700		928,228
Stanley Electric Co. Ltd.		37,400		985,509
Star Micronics Co. Ltd.		19,000		249,103
Subaru Corp.		112,200		2,857,148
SUMCO Corp.		56,100		900,623
Sumitomo Chemical Co. Ltd.		337,200		1,468,454
Sumitomo Corp.		205,700		3,108,701
Sumitomo Dainippon Pharma Co. Ltd.		37,400		656,661
Sumitomo Electric Industries Ltd.		130,900		1,787,443
Sumitomo Forestry Co. Ltd.		37,500		531,093
Sumitomo Heavy Industries Ltd.		18,700		505,867
Sumitomo Metal Mining Co. Ltd.		37,400		1,091,789
Sumitomo Mitsui Construction Co. Ltd.		62,400		357,525
Sumitomo Mitsui Financial Group Inc.		224,400		8,041,423
Sumitomo Mitsui Trust Holdings Inc.		56,100		2,113,358
Sumitomo Realty & Development Co. Ltd.		56,100		2,096,277
Sumitomo Rubber Industries Ltd.		37,500		420,376
Suntory Beverage & Food Ltd.		18,700		801,416
Suzuken Co. Ltd.		18,700		730,678
Suzuki Motor Corp.		56,100		2,604,560
Sysmex Corp.		37,400		2,724,988
T&D Holdings Inc.		93,500		1,027,435
Taiheiyo Cement Corp.		18,700		514,839
Taisei Corp.		37,400		1,521,742
Taiyo Nippon Sanso Corp.		37,500		836,255
Taiyo Yuden Co. Ltd.		18,800		563,731
Takara Bio Inc.		19,000		361,471
Takara Holdings Inc.		37,400		336,094
Takasago Thermal Engineering Co. Ltd.		19,000		336,227
Takeda Pharmaceutical Co. Ltd.		261,800		10,210,164
Takeuchi Manufacturing Co. Ltd.		37,700		657,059
Tatsuta Electric Wire and Cable Co. Ltd.		56,200		302,298
TDK Corp.		18,700		2,047,968
Teijin Ltd.		37,500		683,328
Terumo Corp.		112,200		4,124,231

Security	Shares		Value
Japan (continued)
THK Co. Ltd.		37,400	$	971,706
TIS Inc.		18,700		1,136,993
Tobu Railway Co. Ltd.		37,400		1,335,406
Tocalo Co. Ltd.		74,800		764,667
Toho Co. Ltd.		37,400		1,395,793
Toho Holdings Co. Ltd.		19,000		397,232
Tohoku Electric Power Co. Inc.		75,400		715,147
Tokai Rika Co. Ltd.		19,000		332,195
Tokai Tokyo Financial Holdings Inc.		149,600		456,868
Tokio Marine Holdings Inc.		112,200		6,195,664
Tokyo Broadcasting System Holdings Inc.		19,000		335,701
Tokyo Electric Power Co. Holdings Inc.(a)		261,800		1,050,727
Tokyo Electron Ltd.		26,700		6,035,429
Tokyo Gas Co. Ltd.		74,800		1,661,839
Tokyo Seimitsu Co. Ltd.		18,700		676,330
Tokyo Steel Manufacturing Co. Ltd.		37,500		285,787
Tokyo Tatemono Co. Ltd.		56,100		921,327
Tokyu Construction Co. Ltd.		37,500		267,103
Tokyu Corp.		93,500		1,666,670
Tokyu Fudosan Holdings Corp.		93,500		669,428
Tokyu REIT Inc.		377		737,408
TOMONY Holdings Inc.		112,200		380,953
Topcon Corp.		37,400		533,127
Toppan Forms Co. Ltd.		56,400		649,418
Toppan Printing Co. Ltd.		56,700		1,148,805
Topre Corp.		19,000		296,434
Toray Industries Inc.		243,100		1,626,573
Toshiba Corp.		93,500		3,019,329
Tosoh Corp.		74,800		1,085,578
TOTO Ltd.		18,700		780,712
Towa Bank Ltd. (The)		56,100		418,738
Toyo Construction Co. Ltd.		74,800		361,629
Toyo Seikan Group Holdings Ltd.		37,500		649,075
Toyo Suisan Kaisha Ltd.		18,700		793,652
Toyo Tire Corp.		37,700		481,055
Toyobo Co. Ltd.		19,000		265,756
Toyoda Gosei Co. Ltd.		19,000		441,934
Toyota Boshoku Corp.		19,000		280,832
Toyota Industries Corp.		37,400		2,070,397
Toyota Motor Corp.		374,000		26,404,466
Toyota Tsusho Corp.		37,400		1,323,329
Trend Micro Inc.(a)		18,700		993,791
TS Tech Co. Ltd.		18,700		529,677
TSI Holdings Co. Ltd.		74,900		357,967
Tsukui Corp.		37,500		199,290
Tsumura & Co.		18,700		517,599
Tsuruha Holdings Inc.		6,300		780,634
Ube Industries Ltd.		19,000		391,622
Unicharm Corp.		74,800		2,603,179
United Super Markets Holdings Inc.		37,400		337,475
United Urban Investment Corp.		561		1,005,695
Ushio Inc.		37,500		560,848
USS Co. Ltd.		56,100		1,035,199
VT Holdings Co. Ltd.		74,900		311,666
Wacom Co. Ltd.		56,100		209,110
Wakita & Co. Ltd.		37,700		356,182
West Japan Railway Co.		37,400		3,200,144
Yakult Honsha Co. Ltd.		18,700		957,559
Yamada Denki Co. Ltd.		112,200		570,394
Yamaha Corp.		19,300		1,007,870

68 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Yamaha Motor Co. Ltd.		56,100	$	1,067,290
Yamato Holdings Co. Ltd.		56,100		918,739
Yaskawa Electric Corp.		56,100		2,005,697
Yokogawa Electric Corp.		56,100		1,002,072
Yokohama Rubber Co. Ltd. (The)		19,000		331,144
Yoshinoya Holdings Co. Ltd.		18,800		428,436
Z Holdings Corp.		542,300		2,191,515
Zensho Holdings Co. Ltd.		19,400		415,797
ZOZO Inc.		18,700		314,528
				732,714,668
New Zealand — 1.0%
a2 Milk Co. Ltd.(a)		142,200		1,380,371
Air New Zealand Ltd.		101,478		185,194
Argosy Property Ltd.		161,983		149,903
Auckland International Airport Ltd.		163,264		913,927
Chorus Ltd.		102,571		433,454
Contact Energy Ltd.		109,906		529,175
Fisher & Paykel Healthcare Corp. Ltd.		116,970		1,763,743
Fletcher Building Ltd.		139,819		502,185
Goodman Property Trust		184,290		276,691
Infratil Ltd.		119,433		418,917
Kiwi Property Group Ltd.		146,286		148,157
Mercury NZ Ltd.		123,997		420,482
Meridian Energy Ltd.		226,304		782,789
Metlifecare Ltd.		70,222		312,201
New Zealand Refining Co. Ltd. (The)		56,550		59,652
Precinct Properties New Zealand Ltd.		168,181		204,616
Ryman Healthcare Ltd.		93,376		996,462
SKYCITY Entertainment Group Ltd.		77,685		182,997
Spark New Zealand Ltd.		278,637		840,291
Summerset Group Holdings Ltd.		83,631		482,766
Z Energy Ltd.		60,223		173,431
				11,157,404
Singapore — 3.5%
Ascendas REIT		433,267		999,920
Ascott Residence Trust		727,130		671,246
Cache Logistics Trust		218,500		112,060
CapitaLand Commercial Trust		451,876		682,002
CapitaLand Ltd.		355,600		943,126
CapitaLand Mall Trust		355,600		656,540
CapitaLand Retail China Trust		258,075		293,074
CDL Hospitality Trusts		329,600		376,713
City Developments Ltd.		93,500		726,134
ComfortDelGro Corp. Ltd.		411,700		654,545
COSCO Shipping International Singapore Co. Ltd.(a)		916,300		184,616
DBS Group Holdings Ltd.		301,900		5,611,549
ESR-REIT		528,982		211,221
Far East Hospitality Trust		355,600		177,162
First REIT		311,100		230,208
First Resources Ltd.		18,700		23,291
Frasers Centrepoint Trust		187,301		395,213
Frasers Commercial Trust		181,600		216,872
Genting Singapore Ltd.		1,084,600		683,388
Jardine Cycle & Carriage Ltd.		18,700		400,333
Keppel Corp. Ltd.		243,100		1,189,763
Keppel REIT		205,700		182,355
Lippo Malls Indonesia Retail Trust		1,683,000		265,107
Mapletree Commercial Trust		300,495		517,374
Mapletree Industrial Trust		199,700		406,745

Security	Shares		Value
Singapore (continued)
Mapletree Logistics Trust		392,720	$	529,420
Mapletree North Asia Commercial Trust		355,600		310,033
OUE Commercial Real Estate Investment Trust		681,130		271,973
Oversea-Chinese Banking Corp. Ltd.		518,375		4,113,123
Raffles Medical Group Ltd.		236,200		179,975
Sabana Shari’ah Compliant Industrial REIT		528,680		180,113
SATS Ltd.		174,100		581,651
Sembcorp Industries Ltd.		200,300		311,111
Sembcorp Marine Ltd.(a)		237,100		201,506
Silverlake Axis Ltd.		1,346,400		369,917
Singapore Airlines Ltd.		74,800		468,562
Singapore Exchange Ltd.		128,100		816,521
Singapore Press Holdings Ltd.		223,300		330,476
Singapore Technologies Engineering Ltd.		365,300		1,099,995
Singapore Telecommunications Ltd.		1,252,900		3,029,211
Soilbuild Business Space REIT		644,748		238,551
Starhill Global REIT		355,600		191,491
Suntec REIT		299,500		403,751
United Overseas Bank Ltd.		203,700		3,829,542
UOL Group Ltd.		93,500		546,655
Venture Corp. Ltd.		56,100		671,194
Wilmar International Ltd.		299,200		857,112
Wing Tai Holdings Ltd.		144,600		211,884
Yangzijiang Shipbuilding Holdings Ltd.		476,100		331,376
Yanlord Land Group Ltd.		219,000		184,519
Yoma Strategic Holdings Ltd.(a)		888,333		205,015
				37,275,234
Total Common Stocks — 99.7% (Cost: $967,639,641)				1,076,064,579
Warrants
Singapore — 0.0%
Ezion Holdings Ltd. (Expires 04/16/23)(a)(b)(c)		341,183		2
Total Warrants — 0.0% (Cost: $0)				2
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional,
SL Agency Shares, 1.78%(e)(f)(g)		1,364,535		1,365,354
BlackRock Cash Funds: Treasury,
SL Agency Shares, 1.50%(e)(f)		99,000		99,000
				1,464,354
Total Short-Term Investments — 0.1% (Cost: $1,463,543)				1,464,354
Total Investments in Securities — 99.8% (Cost: $969,103,184)				1,077,528,935
Other Assets, Less Liabilities — 0.2%				1,969,482
Net Assets — 100.0%			$	1,079,498,417

^(a) Non-income producing security.

^(b) All or a portion of this security is on loan.

^(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

SCHEDULE OF INVESTMENTS 69

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Pacific ETF

^(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period-end.

^(g)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		3,121,304		(1,756,769	)		1,364,535	$	1,365,354	$	76,929	(b)	$	(574	)	$	51
BlackRock Cash Funds: Treasury, SL Agency Shares		77,000		22,000			99,000		99,000		3,065			—			—
								$	1,464,354	$	79,994		$	(574	)	$	51

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		7		03/19/20	$	815	$	18,930
TOPIX Index		15		03/12/20		2,323		(70,756	)
							$	(51,826	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	18,930
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	70,756

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	883,151
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(110,466	)

70 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Pacific ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,491,627

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	1,075,970,585		$	—	$	93,994	$	1,076,064,579
Warrants		—			—		2		2
Money Market Funds		1,464,354			—		—		1,464,354
	$	1,077,434,939		$	—	$	93,996	$	1,077,528,935
Derivative financial instruments(a)
Assets
Futures Contracts	$	18,930		$	—	$	—	$	18,930
Liabilities
Futures Contracts		(70,756	)		—		—		(70,756	)
	$	(51,826	)	$	—	$	—	$	(51,826	)

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

See notes to financial statements.

SCHEDULE OF INVESTMENTS 71

Consolidated Schedule of Investments  (unaudited) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.1%
Arcos Dorados Holdings Inc., Class A		74,786	$	573,609
Banco BBVA Argentina SA, ADR(a)(b)		52,626		246,290
Banco Macro SA, ADR		32,258		989,353
Central Puerto SA, ADR		73,018		273,087
Cresud SACIF y A, ADR(a)(b)		28,283		158,950
Globant SA(a)		24,867		3,051,181
Grupo Financiero Galicia SA, ADR		73,156		1,049,788
Grupo Supervielle SA, ADR		51,473		148,757
Loma Negra Cia Industrial Argentina SA, ADR(a)(b)		61,663		425,475
Pampa Energia SA, ADR(a)(b)		45,241		595,824
Telecom Argentina SA, ADR		66,513		750,267
Transportadora de Gas del Sur SA, Class B		66,111		409,227
YPF SA, ADR		126,542		1,188,229
				9,860,037
Australia — 4.9%
Abacus Property Group		310,224		787,105
Adelaide Brighton Ltd.		374,946		913,667
Afterpay Ltd.(a)		125,717		3,244,415
AGL Energy Ltd.		470,199		6,279,754
ALS Ltd.		346,449		2,238,127
Altium Ltd.		85,206		2,271,949
Alumina Ltd.		2,006,568		2,928,386
AMP Ltd.		2,314,187		2,827,348
Ansell Ltd.		94,133		2,019,075
AP Eagers Ltd.		106,708		637,206
APA Group		841,886		6,385,593
Appen Ltd.		83,629		1,419,230
ARB Corp. Ltd.		94,103		1,171,749
Ardent Leisure Group Ltd.(a)		472,809		447,878
Aristocrat Leisure Ltd.		416,487		10,093,180
ASX Ltd.		144,122		8,265,651
Atlas Arteria Ltd.		566,932		3,085,599
Aurizon Holdings Ltd.		1,419,810		5,142,159
AusNet Services		1,114,616		1,320,738
Austal Ltd.		204,646		538,411
Australia & New Zealand Banking Group Ltd.		2,011,794		34,679,973
Avita Medical Ltd.(a)		1,556,394		703,301
Bank of Queensland Ltd.		270,579		1,385,714
Bapcor Ltd.		317,366		1,342,751
Beach Energy Ltd.		1,327,841		2,373,424
Bega Cheese Ltd.(b)		229,078		671,700
Bendigo & Adelaide Bank Ltd.		338,452		2,358,663
BHP Group Ltd.		2,088,121		55,076,952
BHP Group PLC		1,493,537		32,677,828
Bingo Industries Ltd.(b)		373,561		700,225
Blackmores Ltd.(b)		9,721		581,270
BlueScope Steel Ltd.		380,232		3,627,284
Boral Ltd.		846,786		2,823,066
Brambles Ltd.		1,135,241		9,598,634
Bravura Solutions Ltd.		204,503		757,082
Breville Group Ltd.		67,296		841,108
Brickworks Ltd.		57,743		769,642
BWP Trust		682,822		1,878,743
BWX Ltd.		68,998		192,615
Caltex Australia Ltd.		180,678		4,158,428
carsales.com Ltd.		170,993		1,973,484
Castile Resources Pty Ltd.(a)		48,225		6,457
Challenger Ltd.		380,947		2,282,473

Security	Shares		Value
Australia (continued)
Charter Hall Group		343,878	$	2,960,488
Charter Hall Long Wale REIT		301,374		1,145,967
Charter Hall Retail REIT		393,071		1,239,396
CIMIC Group Ltd.		67,234		1,318,337
Cleanaway Waste Management Ltd.		1,518,140		2,073,290
Clinuvel Pharmaceuticals Ltd.(b)		28,586		530,092
Coca-Cola Amatil Ltd.		352,869		2,830,012
Cochlear Ltd.		41,019		6,619,821
Coles Group Ltd.		815,639		9,036,786
Collins Foods Ltd.		100,786		576,204
Commonwealth Bank of Australia		1,250,923		71,399,294
Computershare Ltd.		354,072		4,264,231
Cooper Energy Ltd.(a)		1,586,207		599,966
Corporate Travel Management Ltd.		63,322		754,982
Costa Group Holdings Ltd.		294,735		544,576
Credit Corp. Group Ltd.		37,086		879,877
Cromwell Property Group		1,662,623		1,363,477
Crown Resorts Ltd.		261,168		2,045,615
CSL Ltd.		323,006		67,476,537
CSR Ltd.		443,576		1,443,186
Dexus		770,059		6,557,361
Domain Holdings Australia Ltd.		306,522		777,712
Domino’s Pizza Enterprises Ltd.		43,663		1,604,445
Downer EDI Ltd.		420,037		2,083,645
Elders Ltd.		87,269		433,493
Emeco Holdings Ltd.(a)(b)		213,921		327,949
EML Payments Ltd.(a)		204,039		718,484
Evolution Mining Ltd.		1,116,467		2,772,923
FlexiGroup Ltd./Australia		280,920		394,930
Flight Centre Travel Group Ltd.		39,526		1,040,169
Fortescue Metals Group Ltd.		1,008,764		7,691,859
G8 Education Ltd.		342,383		438,934
Galaxy Resources Ltd.(a)(b)		370,713		254,378
Goodman Group		1,169,881		11,661,499
GPT Group (The)		1,305,025		5,241,892
GrainCorp Ltd., Class A(a)		178,518		1,003,874
Growthpoint Properties Australia Ltd.		210,395		615,510
GUD Holdings Ltd.		117,672		946,881
GWA Group Ltd.		260,728		624,869
Harvey Norman Holdings Ltd.		481,482		1,363,448
Healius Ltd.		463,622		918,700
HUB24 Ltd.(b)		44,184		324,186
IDP Education Ltd.		107,899		1,283,580
IGO Ltd.		412,300		1,683,686
Iluka Resources Ltd.		318,968		2,075,541
IMF Bentham Ltd.(a)		159,889		505,218
Incitec Pivot Ltd.		1,122,174		2,464,064
Inghams Group Ltd.		192,375		455,900
Insurance Australia Group Ltd.		1,649,173		7,816,593
InvoCare Ltd.(b)		118,516		1,063,956
IOOF Holdings Ltd.		244,960		1,297,148
IPH Ltd.		150,947		925,631
IRESS Ltd.		138,631		1,299,291
James Hardie Industries PLC		322,369		6,862,754
JB Hi-Fi Ltd.		85,558		2,271,597
Jumbo Interactive Ltd.		38,085		342,666
Kogan.com Ltd.(b)		42,736		147,626
Lendlease Group		405,737		4,921,764
Link Administration Holdings Ltd.		401,896		1,832,225
Lynas Corp. Ltd.(a)		527,716		773,682

72 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Macquarie Group Ltd.		229,072	$	22,200,798
Magellan Financial Group Ltd.		91,181		4,106,235
Mayne Pharma Group Ltd.(a)		1,055,245		321,427
McMillan Shakespeare Ltd.		66,822		576,621
Medibank Pvt Ltd.		1,960,972		4,069,594
Megaport Ltd.(a)		76,602		570,760
Mesoblast Ltd.(a)(b)		285,951		574,290
Metcash Ltd.		698,261		1,224,721
Mineral Resources Ltd.		135,783		1,550,752
Mirvac Group		2,776,580		6,319,855
Monadelphous Group Ltd.		87,325		1,025,383
Myer Holdings Ltd.(a)(b)		782,632		230,530
Nanosonics Ltd.(a)		199,389		926,358
National Australia Bank Ltd.		2,031,455		35,168,491
nearmap Ltd.(a)(b)		304,816		345,880
Netwealth Group Ltd.		73,607		399,630
New Hope Corp. Ltd.		254,472		319,418
New South Resources Ltd.(a)		542,584		780,950
Newcrest Mining Ltd.		553,220		10,936,525
NEXTDC Ltd.(a)(b)		285,479		1,450,554
NIB Holdings Ltd.		337,716		1,223,114
Nine Entertainment Co. Holdings Ltd.		1,182,423		1,484,199
Northern Star Resources Ltd.		512,489		4,322,879
NRW Holdings Ltd.		306,449		642,126
Nufarm Ltd./Australia(a)		223,669		828,035
Oil Search Ltd.		960,577		4,655,740
oOh!media Ltd.		194,278		442,202
Orica Ltd.		275,276		4,207,191
Origin Energy Ltd.		1,292,845		7,097,057
Orocobre Ltd.(a)(b)		175,042		366,779
Orora Ltd.		838,907		1,808,372
OZ Minerals Ltd.		249,372		1,696,131
Pact Group Holdings Ltd.(a)		172,265		318,291
Pendal Group Ltd.		219,661		1,304,351
Perenti Global Ltd.		507,965		521,988
Perpetual Ltd.		40,283		1,151,510
Perseus Mining Ltd.(a)		941,480		727,966
Pilbara Minerals Ltd.(a)(b)		1,236,652		244,224
Platinum Asset Management Ltd.		240,458		763,019
PolyNovo Ltd.(a)(b)		443,442		831,214
Premier Investments Ltd.		80,996		1,078,491
Pro Medicus Ltd.		34,024		546,657
Qantas Airways Ltd.		362,713		1,556,464
QBE Insurance Group Ltd.		950,281		8,747,274
Qube Holdings Ltd.		1,012,594		2,331,910
Ramelius Resources Ltd.		502,536		442,396
Ramsay Health Care Ltd.		107,273		5,687,660
REA Group Ltd.		38,865		2,968,673
Regis Resources Ltd.		371,700		1,119,755
Reliance Worldwide Corp. Ltd.		586,442		1,766,671
Resolute Mining Ltd.(a)		561,458		432,248
Rio Tinto Ltd.		263,634		17,431,890
Sandfire Resources Ltd.		217,562		812,709
Santos Ltd.		1,292,800		7,520,888
Saracen Mineral Holdings Ltd.(a)		690,790		1,826,674
Scentre Group		3,790,657		9,795,347
Seek Ltd.		237,580		3,608,796
Seven Group Holdings Ltd.		106,219		1,440,654
Seven West Media Ltd.(a)		975,765		163,306
Shopping Centres Australasia Property Group		689,834		1,334,629

Security	Shares		Value
Australia (continued)
Sigma Healthcare Ltd.		933,244	$	374,856
Silver Lake Resources Ltd.(a)		637,548		693,560
Sims Ltd.(b)		137,792		989,787
SmartGroup Corp. Ltd.		94,707		427,961
Sonic Healthcare Ltd.		329,708		6,990,296
South32 Ltd.		3,609,827		6,379,819
Southern Cross Media Group Ltd.		1,007,113		593,306
Spark Infrastructure Group		1,143,360		1,683,929
St. Barbara Ltd.		548,138		1,001,776
Star Entertainment Grp Ltd. (The)		605,845		1,695,336
Steadfast Group Ltd.		607,656		1,566,161
Stockland		1,717,130		5,655,699
Suncorp Group Ltd.		867,195		7,465,790
Super Retail Group Ltd.		127,331		799,567
Sydney Airport		773,778		4,346,066
Tabcorp Holdings Ltd.		1,486,826		4,668,217
Technology One Ltd.		199,356		1,137,069
Telstra Corp. Ltd.		2,882,906		7,411,050
TPG Telecom Ltd.		274,921		1,376,663
Transurban Group		1,935,134		20,338,958
Treasury Wine Estates Ltd.		525,946		4,587,791
Vicinity Centres		2,227,237		3,787,199
Virtus Health Ltd.		241,259		697,727
Viva Energy Group Ltd.(c)		815,390		938,884
Viva Energy REIT		440,837		817,478
Vocus Group Ltd.(a)		467,614		1,061,219
Washington H Soul Pattinson & Co. Ltd.		93,642		1,350,940
Webjet Ltd.(b)		103,302		812,577
Wesfarmers Ltd.		802,070		24,275,310
Western Areas Ltd.		270,338		465,113
Westgold Resources Ltd.(a)		251,023		368,024
Westpac Banking Corp.		2,477,054		41,655,574
Whitehaven Coal Ltd.		694,660		1,167,250
WiseTech Global Ltd.(b)		99,263		1,663,283
Woodside Petroleum Ltd.		661,511		15,380,125
Woolworths Group Ltd.		900,364		25,218,997
Worley Ltd.		250,607		2,556,797
Zip Co. Ltd.(a)(b)		167,193		452,186
				889,600,826
Austria — 0.2%
ams AG(a)		58,314		2,386,493
ANDRITZ AG		49,005		1,931,169
AT&S Austria Technologie & Systemtechnik AG		21,503		473,971
CA Immobilien Anlagen AG		52,259		2,302,059
DO & CO AG		5,840		582,470
Erste Group Bank AG		224,227		8,239,876
EVN AG		23,331		460,226
FACC AG(b)		25,289		335,743
IMMOFINANZ AG		65,937		1,830,439
Lenzing AG		10,626		840,788
Oesterreichische Post AG(b)		29,473		1,120,306
OMV AG		108,442		5,406,694
Raiffeisen Bank International AG		96,432		2,201,439
S IMMO AG		75,014		2,011,759
S&T AG(b)		45,891		1,238,862
Schoeller-Bleckmann Oilfield Equipment AG		11,133		513,244
Semperit AG Holding(a)(b)		22,522		304,998
Telekom Austria AG		130,579		1,049,131
UNIQA Insurance Group AG		131,031		1,240,081
Verbund AG		49,372		2,610,955

SCHEDULE OF INVESTMENTS 73

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Austria (continued)
Vienna Insurance Group AG Wiener
Versicherung Gruppe		40,319	$	1,090,229
voestalpine AG		76,880		1,867,550
Wienerberger AG		82,463		2,341,297
				42,379,779
Belgium — 0.8%
Ackermans & van Haaren NV		13,313		2,131,876
Aedifica SA		15,321		2,071,406
Ageas		125,719		6,934,047
AGFA-Gevaert NV(a)		207,880		1,021,012
Anheuser-Busch InBev SA/NV		540,642		40,993,131
Barco NV		7,863		1,956,243
Befimmo SA		30,723		1,889,622
Bekaert SA		31,511		801,076
bpost SA		67,164		669,583
Cie. d’Entreprises CFE		9,435		1,029,903
Cofinimmo SA		11,469		1,827,691
Colruyt SA		37,351		1,868,866
D’ieteren SA/NV		24,366		1,571,540
Econocom Group SA/NV		97,201		276,836
Elia System Operator SA/NV		29,030		2,798,882
Euronav NV		136,607		1,359,463
Fagron		54,617		1,265,005
Galapagos NV(a)		31,606		7,078,710
Gimv NV		37,339		2,300,677
Groupe Bruxelles Lambert SA		50,418		5,068,820
KBC Ancora		34,090		1,699,279
KBC Group NV		173,860		12,766,426
Kinepolis Group NV		24,897		1,534,052
Melexis NV		16,185		1,155,093
Mithra Pharmaceuticals SA(a)(b)		11,306		306,216
Montea CVA		9,508		939,880
Ontex Group NV		54,566		989,895
Orange Belgium SA		31,905		648,450
Proximus SADP		101,557		2,894,670
Sofina SA		9,443		2,160,968
Solvay SA		51,770		5,366,533
Telenet Group Holding NV		31,787		1,478,803
Tessenderlo Group SA(a)		33,381		1,122,732
UCB SA		89,863		8,273,621
Umicore SA(b)		140,841		6,488,247
Warehouses De Pauw CVA		123,670		3,534,548
				136,273,802
Brazil — 1.4%
Aliansce Sonae Shopping Centers SA(a)		107,853		1,327,325
Ambev SA		3,383,400		14,132,964
Arezzo Industria e Comercio SA		45,000		634,997
Atacadao SA		249,700		1,320,008
B2W Cia. Digital(a)		147,071		2,450,466
B3 SA - Brasil, Bolsa, Balcao		1,512,139		17,056,128
Banco Bradesco SA		845,933		6,206,049
Banco BTG Pactual SA		156,000		2,737,963
Banco do Brasil SA		610,600		6,935,827
Banco Inter SA		53,400		589,203
Banco Santander Brasil SA		247,300		2,434,660
BB Seguridade Participacoes SA		488,900		3,979,159
BK Brasil Operacao e Assessoria a Restaurantes SA		141,400		541,345
BR Malls Participacoes SA		560,408		2,413,036

Security	Shares		Value
Brazil (continued)
BRF SA(a)		401,347	$	2,869,280
CCR SA		859,200		3,667,421
Centrais Eletricas Brasileiras SA		157,900		1,449,210
Centrais Eletricas Brasileiras SA, New(a)		31,547		289,539
Cia. de Locacao das Americas		392,800		2,170,247
Cia. de Saneamento Basico do Estado de Sao Paulo		237,800		3,394,559
Cia. de Saneamento de Minas Gerais-COPASA		52,600		829,635
Cia. de Saneamento do Parana		51,600		1,224,417
Cia. Hering		115,800		672,592
Cia. Siderurgica Nacional SA		452,400		1,365,696
Cielo SA		933,772		1,544,906
Cogna Educacao		1,038,808		2,824,770
Cosan SA		106,900		1,993,782
CVC Brasil Operadora e Agencia de Viagens SA		113,500		969,461
Cyrela Brazil Realty SA Empreendimentos e Participacoes		208,200		1,549,350
Duratex SA		291,619		1,071,414
EcoRodovias Infraestrutura e Logistica SA(a)		165,500		686,670
EDP - Energias do Brasil SA		269,500		1,409,542
Embraer SA		491,500		2,086,424
Energisa SA		127,100		1,640,931
Eneva SA(a)		128,600		1,316,019
Engie Brasil Energia SA		132,275		1,611,166
Equatorial Energia SA		586,740		3,273,359
Ez Tec Empreendimentos e Participacoes SA		78,048		1,015,498
Fleury SA		149,400		1,083,812
Grendene SA		342,000		917,976
Guararapes Confeccoes SA		99,600		676,392
Hapvida Participacoes e Investimentos SA(c)		146,800		2,063,599
Hypera SA		249,000		2,072,645
Iguatemi Empresa de Shopping Centers SA		86,300		1,076,415
Iochpe Maxion SA		90,345		459,204
IRB Brasil Resseguros S/A		495,500		5,198,213
JBS SA		778,300		5,023,229
Klabin SA		487,100		2,365,255
Light SA		183,400		982,826
Linx SA		118,900		949,364
Localiza Rent a Car SA		436,858		5,482,639
LOG Commercial Properties e Participacoes SA		46,892		346,759
Lojas Americanas SA(a)		4,840		31,204
Lojas Renner SA		618,974		8,321,548
M. Dias Branco SA		94,800		911,562
Magazine Luiza SA		523,900		6,841,074
Marfrig Global Foods SA(a)		333,800		856,909
Movida Participacoes SA		136,600		672,891
MRV Engenharia e Participacoes SA		235,300		1,149,175
Multiplan Empreendimentos Imobiliarios SA		176,582		1,433,069
Natura & Co. Holding SA		460,354		5,125,757
Notre Dame Intermedica Participacoes SA		341,600		5,612,528
Odontoprev SA		206,600		853,813
Petro Rio SA(a)		75,500		846,830
Petrobras Distribuidora SA		499,700		3,367,779
Petroleo Brasileiro SA		2,175,200		15,448,972
Porto Seguro SA		68,000		1,052,323
Qualicorp Consultoria e Corretora de Seguros SA		165,400		1,604,747
Raia Drogasil SA		160,600		4,668,515
Rumo SA(a)		796,900		4,326,468
Santos Brasil Participacoes SA		254,800		448,393
Sao Martinho SA		140,400		823,689

74 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
SLC Agricola SA		84,500	$	450,456
Smiles Fidelidade SA		54,400		489,864
Sul America SA		197,252		2,908,062
Suzano SA		390,100		3,621,428
TIM Participacoes SA		548,800		2,151,150
TOTVS SA		103,900		1,815,044
Transmissora Alianca de Energia Eletrica SA		215,800		1,563,486
Trisul SA		82,600		315,072
Ultrapar Participacoes SA		497,300		2,939,636
Vale SA		2,277,919		26,797,166
Via Varejo SA(a)		677,500		2,219,622
WEG SA		592,168		5,461,263
YDUQS Part		185,200		2,284,419
				249,797,260
Canada — 6.8%
Aecon Group Inc.		63,634		828,053
Ag Growth International Inc.		16,553		569,352
AGF Management Ltd., Class B, NVS		203,962		1,090,327
Agnico Eagle Mines Ltd.		169,141		10,461,407
Aimia Inc.(a)		81,447		205,072
Air Canada(a)		80,631		2,702,637
Alacer Gold Corp.(a)		266,534		1,253,519
Alamos Gold Inc., Class A		297,441		1,877,912
Alaris Royalty Corp.		55,944		924,257
Algonquin Power & Utilities Corp.		363,127		5,562,703
Alimentation Couche-Tard Inc., Class B		629,877		21,064,958
Allied Properties REIT		48,962		2,044,294
AltaGas Canada Inc.		15,618		395,011
AltaGas Ltd.		197,966		3,189,789
Altus Group Ltd.		30,901		1,012,860
Aphria Inc.(a)(b)		181,015		847,214
ARC Resources Ltd.		176,473		936,706
Aritzia Inc.(a)		63,727		1,206,069
Atco Ltd., Class I, NVS		48,798		1,904,618
ATS Automation Tooling Systems Inc.(a)		91,621		1,408,381
Aurinia Pharmaceuticals Inc.(a)		59,435		1,092,035
Aurora Cannabis Inc.(a)(b)		511,044		966,020
B2Gold Corp.		739,713		3,204,836
Badger Daylighting Ltd.		38,494		1,005,027
Ballard Power Systems Inc.(a)(b)		138,706		1,366,556
Bank of Montreal		446,253		34,055,662
Bank of Nova Scotia (The)		856,490		46,808,890
Barrick Gold Corp.		1,261,172		23,372,520
Barrick Gold Corp., New		20,556		384,595
Bausch Health Companies Inc.(a)		225,917		6,202,447
Baytex Energy Corp.(a)		273,261		297,528
BCE Inc.		91,526		4,315,573
Birchcliff Energy Ltd.		216,686		286,719
BlackBerry Ltd.(a)		373,525		2,276,369
Boardwalk REIT		25,874		923,799
Bombardier Inc., Class B(a)		1,551,286		1,442,729
Boralex Inc., Class A		62,618		1,306,761
Brookfield Asset Management Inc., Class A		634,611		38,857,358
BRP Inc.		28,931		1,477,886
CAE Inc.		193,481		5,742,036
Cameco Corp.		285,744		2,305,311
Canada Goose Holdings Inc.(a)(b)		43,995		1,318,636
Canadian Apartment Properties REIT		54,780		2,344,371
Canadian Imperial Bank of Commerce		312,244		25,479,092
Canadian National Railway Co.		507,746		47,478,695

Security	Shares		Value
Canada (continued)
Canadian Natural Resources Ltd.		840,384	$	23,650,594
Canadian Pacific Railway Ltd.		98,410		26,158,584
Canadian Tire Corp. Ltd., Class A, NVS		41,415		4,444,468
Canadian Utilities Ltd., Class A, NVS		89,242		2,732,828
Canadian Western Bank		60,448		1,495,489
Canfor Corp.(a)		44,346		398,680
Canopy Growth Corp.(a)(b)		152,179		3,428,932
Capital Power Corp.		66,132		1,810,623
Cascades Inc.		52,355		447,722
CCL Industries Inc., Class B, NVS		109,728		4,630,388
Celestica Inc.(a)		101,619		920,491
Cenovus Energy Inc.		760,658		6,625,670
Centerra Gold Inc.(a)		173,604		1,391,405
CES Energy Solutions Corp.		210,883		310,931
CGI Inc.(a)		178,228		13,655,320
Charlottes Web Holdings Inc.(a)(b)		39,401		285,702
CI Financial Corp.		152,716		2,677,770
Cineplex Inc.		54,619		1,394,642
Cogeco Communications Inc.		13,223		1,038,804
Colliers International Group Inc.		27,313		2,215,935
Cominar REIT		51,626		568,743
Constellation Software Inc.		14,521		15,273,099
Corus Entertainment Inc., Class B, NVS		148,229		562,632
Cott Corp.		98,164		1,503,021
Crescent Point Energy Corp.		394,650		1,301,028
Cronos Group Inc.(a)(b)		138,383		997,157
Descartes Systems Group Inc. (The)(a)		66,460		2,981,416
Detour Gold Corp.(a)		130,862		2,345,038
Dollarama Inc.		218,269		7,441,495
Dream Unlimited Corp., Class A		162,451		1,435,902
ECN Capital Corp.		257,947		1,092,211
Eldorado Gold Corp.(a)		109,925		799,575
Element Fleet Management Corp.		308,151		2,961,400
Emera Inc.		182,295		8,126,810
Empire Co. Ltd., Class A, NVS		124,051		2,879,563
Enbridge Inc.		1,444,371		58,766,477
Endeavour Mining Corp.(a)(b)		64,700		1,325,750
Enerflex Ltd.		77,509		593,090
Enerplus Corp.		208,696		1,065,138
Enghouse Systems Ltd.		32,310		1,280,625
Equitable Group Inc.		9,888		787,646
ERO Copper Corp.(a)		51,017		701,288
Extendicare Inc.(b)		146,639		912,509
Fairfax Financial Holdings Ltd.		19,869		8,896,318
Finning International Inc.		113,744		1,968,621
First Capital Real Estate Investment Trust		146,128		2,394,309
First Majestic Silver Corp.(a)		141,156		1,423,781
First Quantum Minerals Ltd.		496,213		3,887,011
FirstService Corp.		28,887		2,844,033
Fortis Inc.		311,062		13,575,667
Fortuna Silver Mines Inc.(a)(b)		147,189		577,605
Franco-Nevada Corp.		134,986		15,353,630
Freehold Royalties Ltd.		143,722		767,213
Genworth MI Canada Inc.		39,527		1,745,399
George Weston Ltd.		56,082		4,522,434
Gibson Energy Inc.		98,731		1,982,757
Gildan Activewear Inc.		148,448		4,115,979
Granite REIT		25,458		1,376,509
Great Canadian Gaming Corp.(a)		41,339		1,245,593
Great-West Lifeco Inc.		186,814		4,843,561

SCHEDULE OF INVESTMENTS 75

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
H&R Real Estate Investment Trust		77,870	$	1,259,415
HEXO Corp.(a)(b)		180,150		226,115
Home Capital Group Inc.(a)		44,365		1,058,346
Hudbay Minerals Inc.		222,642		683,472
Hudson’s Bay Co.		78,528		648,982
Husky Energy Inc.		261,524		1,702,561
Hydro One Ltd.(c)		213,444		4,341,343
iA Financial Corp. Inc.		74,031		4,076,729
IAMGOLD Corp.(a)		352,594		1,053,076
IGM Financial Inc.		35,868		1,037,895
Imperial Oil Ltd.		191,497		4,543,629
Innergex Renewable Energy Inc.		169,731		2,412,720
Intact Financial Corp.		101,045		10,953,704
Inter Pipeline Ltd.		301,866		5,032,812
Interfor Corp.(a)		65,304		691,777
InterRent REIT		68,730		874,098
Intertape Polymer Group Inc.		48,806		597,090
Ivanhoe Mines Ltd., Class A(a)		487,092		1,259,578
Jamieson Wellness Inc.		29,330		589,017
Just Energy Group Inc.		89,072		123,922
Kelt Exploration Ltd.(a)		154,591		444,177
Keyera Corp.		157,984		4,124,750
Killam Apartment REIT		46,205		704,316
Kinaxis Inc.(a)		21,046		1,748,542
Kinross Gold Corp.(a)		897,354		4,552,754
Kirkland Lake Gold Ltd.		148,859		6,108,335
Labrador Iron Ore Royalty Corp.		59,829		954,061
Largo Resources Ltd.(a)		256,937		205,930
Laurentian Bank of Canada		31,199		1,013,192
Lightspeed POS Inc.(a)		17,576		571,448
Linamar Corp.		39,739		1,310,060
Lithium Americas Corp.(a)(b)		65,778		247,187
Loblaw Companies Ltd.		128,177		6,710,503
Lucara Diamond Corp.		306,403		192,291
Lundin Mining Corp.		491,139		2,577,222
MAG Silver Corp.(a)		55,698		607,285
Magna International Inc.		211,922		10,750,329
Major Drilling Group International Inc.(a)		108,625		450,910
Manulife Financial Corp.		1,392,075		27,135,226
Maple Leaf Foods Inc.		62,759		1,229,982
Martinrea International Inc.		98,399		959,772
MediPharm Labs Corp.(a)(b)		99,910		212,277
MEG Energy Corp.(a)		199,637		1,020,412
Methanex Corp.		52,338		1,698,101
Metro Inc.		187,357		7,642,743
Morguard REIT		89,329		850,366
Morneau Shepell Inc.		110,764		2,901,111
MTY Food Group Inc.		19,426		848,836
Mullen Group Ltd.		75,293		514,079
National Bank of Canada		234,411		13,014,857
New Gold Inc.(a)		474,382		437,599
NexGen Energy Ltd.(a)		256,041		265,227
NFI Group Inc.		49,824		1,153,537
Norbord Inc.		38,399		1,128,554
North West Co. Inc. (The)		60,840		1,267,816
Northland Power Inc.		114,280		2,574,119
Northview Apartment Real Estate Investment Trust		66,443		1,542,826
Novagold Resources Inc.(a)		229,220		2,091,933
Nutrien Ltd.		414,313		17,696,527
NuVista Energy Ltd.(a)		230,434		371,120

Security	Shares		Value
Canada (continued)
OceanaGold Corp.		434,403	$	909,830
Onex Corp.		58,870		3,779,111
Open Text Corp.		193,869		8,730,738
Organigram Holdings Inc.(a)		121,455		314,072
Osisko Gold Royalties Ltd.		88,538		883,673
Osisko Mining Inc.(a)		125,890		378,846
Pan American Silver Corp.		150,413		3,459,653
Parex Resources Inc.(a)		119,931		1,899,780
Parkland Fuel Corp.		109,809		3,823,451
Pason Systems Inc.		89,359		891,867
Pembina Pipeline Corp.		395,044		15,138,051
Poseidon Concepts Corp.(a)		293		0	(d)
Power Corp. of Canada		217,451		5,429,082
Power Financial Corp.		181,818		4,722,278
PrairieSky Royalty Ltd.		158,149		1,735,089
Premier Gold Mines Ltd.(a)(b)		207,752		249,764
Premium Brands Holdings Corp.		22,016		1,622,214
Pretium Resources Inc.(a)		135,462		1,475,942
Quebecor Inc., Class B		128,798		3,198,160
Real Matters Inc.(a)		57,470		604,010
Restaurant Brands International Inc.		184,239		11,247,557
Richelieu Hardware Ltd.		40,518		894,885
RioCan REIT		106,016		2,177,154
Ritchie Bros Auctioneers Inc.		79,302		3,350,046
Rogers Communications Inc., Class B, NVS		249,944		12,522,241
Royal Bank of Canada		1,002,738		79,291,021
Russel Metals Inc.		73,631		1,195,867
Sandstorm Gold Ltd.(a)		132,906		912,469
Saputo Inc.		167,064		5,136,155
Seabridge Gold Inc.(a)		41,782		583,820
Secure Energy Services Inc.		142,573		490,497
SEMAFO Inc.(a)		306,905		647,435
Seven Generations Energy Ltd., Class A(a)		169,521		851,098
Shaw Communications Inc., Class B, NVS		328,278		6,418,864
ShawCor Ltd.		70,872		563,739
Shopify Inc., Class A(a)		71,980		33,543,861
Sierra Wireless Inc.(a)		30,180		291,406
Silvercorp Metals Inc.		113,679		592,226
SilverCrest Metals Inc.(a)		49,218		326,371
Sleep Country Canada Holdings Inc.(c)		28,272		430,317
SmartCentres Real Estate Investment Trust		62,479		1,483,850
SNC-Lavalin Group Inc.		124,507		2,865,671
Spin Master Corp.(a)(c)		24,998		598,417
SSR Mining Inc.(a)		90,104		1,651,447
Stantec Inc.		76,569		2,278,167
Stars Group Inc. (The)(a)		165,030		3,940,605
Stella-Jones Inc.		40,178		1,138,005
Sun Life Financial Inc.		429,847		20,222,359
Suncor Energy Inc.		1,114,310		34,081,010
Superior Plus Corp.		167,189		1,460,083
Surge Energy Inc.(b)		471,344		356,390
TC Energy Corp.		670,337		36,782,243
Teck Resources Ltd., Class B		358,965		4,641,262
TELUS Corp.		129,664		5,201,070
TFI International Inc.		62,430		2,000,517
Theratechnologies Inc.(a)(b)		58,328		157,006
Thomson Reuters Corp.		143,849		11,571,657
TMX Group Ltd.		35,092		3,249,038
TORC Oil & Gas Ltd.		208,637		605,774
Torex Gold Resources Inc.(a)		69,282		953,934

76 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Toromont Industries Ltd.		59,452	$	3,063,517
Toronto-Dominion Bank (The)		1,274,526		70,484,164
Total Energy Services Inc.		123,252		503,241
Tourmaline Oil Corp.		195,391		1,972,303
TransAlta Corp.		201,229		1,503,265
TransAlta Renewables Inc.		85,371		1,068,307
Transat AT Inc.(a)		20,657		252,404
Transcontinental Inc., Class A		70,303		827,125
Turquoise Hill Resources Ltd.(a)		785,986		511,094
Uni-Select Inc.		30,566		280,573
Vermilion Energy Inc.		120,243		1,736,525
Village Farms International Inc.(a)(b)		34,338		186,418
Wajax Corp.		36,415		410,531
Wesdome Gold Mines Ltd.(a)		90,657		618,295
West Fraser Timber Co. Ltd.		38,761		1,553,898
Westshore Terminals Investment Corp.(b)		60,008		729,597
Wheaton Precious Metals Corp.		319,230		9,403,955
Whitecap Resources Inc.		365,165		1,330,835
Winpak Ltd.		25,274		924,162
WSP Global Inc.		79,224		5,633,826
Yamana Gold Inc.		688,096		2,804,308
				1,235,479,682
Chile — 0.2%
AES Gener SA		1,968,692		366,086
Aguas Andinas SA, Class A		2,193,257		821,716
Banco de Chile		28,294,195		2,784,420
Banco de Credito e Inversiones SA		37,144		1,549,942
Banco Santander Chile		44,920,250		2,220,950
CAP SA		68,300		406,012
Cencosud SA		1,056,276		1,305,942
Cia. Cervecerias Unidas SA		128,787		1,136,306
Colbun SA		6,312,704		918,444
Empresa Nacional de Telecomunicaciones SA(a)		97,315		638,043
Empresas CMPC SA		798,496		1,829,869
Empresas COPEC SA		285,740		2,547,889
Enel Americas SA		28,853,347		5,682,495
Enel Chile SA		21,132,442		2,003,100
Engie Energia Chile SA		527,167		737,422
Inversiones Aguas Metropolitanas SA		543,099		508,688
Itau CorpBanca		89,356,225		434,096
Latam Airlines Group SA		176,087		1,461,940
Parque Arauco SA		518,666		1,185,359
SACI Falabella		518,843		2,034,590
SONDA SA		543,668		420,243
Vina Concha y Toro SA		468,020		840,377
				31,833,929
China — 8.2%
21Vianet Group Inc., ADR(a)(b)		57,967		535,615
3SBio Inc.(a)(c)		939,500		1,207,512
51job Inc., ADR(a)(b)		20,716		1,494,659
58.com Inc., ADR(a)		71,092		3,954,137
AAC Technologies Holdings Inc.(b)		530,000		3,805,265
Agile Group Holdings Ltd.		988,250		1,315,987
Agricultural Bank of China Ltd., Class A		5,032,400		2,529,566
Agricultural Bank of China Ltd., Class H		19,747,000		7,680,194
Aier Eye Hospital Group Co. Ltd., Class A		288,494		1,647,878
Air China Ltd., Class H		1,346,000		1,116,336
Ajisen China Holdings Ltd.		787,000		222,978
AK Medical Holdings Ltd.(c)		316,000		453,353

Security	Shares		Value
China (continued)
Alibaba Group Holding Ltd., ADR(a)		1,204,272	$	248,790,552
Alibaba Health Information Technology Ltd.(a)		2,646,000		3,734,776
Alibaba Pictures Group Ltd.(a)		11,000,000		1,572,461
A-Living Services Co. Ltd., Class H(c)		323,500		1,085,291
Aluminum Corp. of China Ltd., Class H(a)		3,206,000		949,632
Angang Steel Co. Ltd., Class A		2,497,033		1,080,426
Anhui Conch Cement Co. Ltd., Class A		398,187		2,729,333
Anhui Conch Cement Co. Ltd., Class H		803,500		5,184,272
ANTA Sports Products Ltd.		765,000		6,714,156
Anxin-China Holdings Ltd.(a)(e)		1,004,000		1
Asia Cement China Holdings Corp.		403,500		513,410
Autohome Inc., ADR(a)(b)		44,371		3,393,494
AviChina Industry & Technology Co. Ltd., Class H		1,987,000		834,218
BAIC Motor Corp. Ltd., Class H(c)		1,248,000		621,999
Baidu Inc., ADR(a)(b)		198,830		24,567,435
Bank of Beijing Co. Ltd., Class A		3,427,593		2,652,875
Bank of China Ltd., Class A		4,355,000		2,245,038
Bank of China Ltd., Class H		55,388,000		21,613,368
Bank of Communications Co. Ltd., Class A		3,108,500		2,428,099
Bank of Communications Co. Ltd., Class H		5,661,000		3,645,250
Bank of Ningbo Co. Ltd., Class A		584,194		2,246,579
Bank of Shanghai Co. Ltd., Class A		1,664,196		2,117,437
Baoshan Iron & Steel Co. Ltd., Class A		2,204,584		1,709,444
Baozun Inc., ADR(a)(b)		34,142		1,028,016
BBMG Corp., Class H		2,594,000		701,542
Beijing Capital International Airport Co. Ltd., Class H		1,254,000		1,014,195
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		28,800		206,777
Beijing Enterprises Holdings Ltd.		299,000		1,315,001
Beijing Enterprises Water Group Ltd.		3,934,000		1,768,170
BEST Inc., ADR(a)(b)		147,918		785,445
Bitauto Holdings Ltd., ADR(a)(b)		20,361		307,451
BOE Technology Group Co. Ltd., Class A		2,841,300		1,915,082
Bosideng International Holdings Ltd.		3,062,000		1,017,394
Brilliance China Automotive Holdings Ltd.(b)		2,152,000		1,931,698
BYD Co. Ltd., Class H(b)		529,000		2,800,023
BYD Electronic International Co. Ltd.		558,000		1,095,174
Camsing International Holding Ltd.(a)(e)		264,000		33,149
CAR Inc.(a)(b)		696,000		463,408
CGN Power Co. Ltd., Class H(c)		8,845,000		2,187,073
Changyou.com Ltd., ADR		20,601		219,813
China Agri-Industries Holdings Ltd.		2,585,100		1,388,281
China Aoyuan Group Ltd.		926,000		1,254,558
China BlueChemical Ltd., Class H		1,770,000		378,395
China Cinda Asset Management Co. Ltd., Class H		7,112,000		1,437,989
China CITIC Bank Corp. Ltd., Class H		6,239,000		3,278,229
China Coal Energy Co. Ltd., Class H		1,619,000		554,616
China Communications Construction Co. Ltd., Class H		3,169,000		2,252,815
China Communications Services Corp. Ltd., Class H		1,734,000		1,176,857
China Conch Venture Holdings Ltd.		1,226,500		5,473,119
China Construction Bank Corp., Class H		69,286,000		53,091,695
China Dili Group(a)(b)		2,060,400		631,528
China Ding Yi Feng Holdings Ltd.		248,000		22,676
China East Education Holdings Ltd.(a)(c)		447,000		837,020
China Eastern Airlines Corp. Ltd., Class A(a)		1,769,693		1,288,832
China Education Group Holdings Ltd.		599,000		738,249
China Everbright Bank Co. Ltd., Class A		3,260,900		1,871,939

SCHEDULE OF INVESTMENTS 77

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Everbright Bank Co. Ltd., Class H		3,108,000	$	1,252,822
China Everbright International Ltd.		2,446,629		1,751,891
China Everbright Ltd.(b)		864,000		1,337,465
China Evergrande Group		1,303,000		2,913,119
China First Capital Group Ltd.(a)		3,710,000		119,448
China Fortune Land Development Co. Ltd., Class A		420,093		1,583,717
China Galaxy Securities Co. Ltd., Class H		2,531,500		1,271,472
China Gas Holdings Ltd.		1,324,800		5,254,909
China Hongqiao Group Ltd.		1,686,000		833,783
China Huarong Asset Management Co. Ltd., Class H(c)		8,155,000		1,081,746
China International Capital Corp. Ltd., Class H(b)(c)		855,200		1,500,061
China International Travel Service Corp. Ltd., Class A		132,492		1,551,429
China Jinmao Holdings Group Ltd.		3,772,000		2,555,180
China Lesso Group Holdings Ltd.		910,000		1,181,316
China Life Insurance Co. Ltd., Class A		238,900		1,100,547
China Life Insurance Co. Ltd., Class H		5,158,000		12,514,871
China Literature Ltd.(a)(b)(c)		250,400		1,049,662
China Longyuan Power Group Corp. Ltd., Class H		2,139,000		1,272,673
China Lumena New Materials Corp.(a)(b)(e)		152,000		0	(d)
China Medical System Holdings Ltd.		997,000		1,340,478
China Mengniu Dairy Co. Ltd.(b)		1,960,000		7,269,636
China Merchants Bank Co. Ltd., Class A		1,046,893		5,502,960
China Merchants Bank Co. Ltd., Class H		2,655,177		12,959,756
China Merchants Port Holdings Co. Ltd.		980,000		1,519,556
China Merchants Securities Co. Ltd., Class A		1,151,958		3,084,368
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		870,988		2,254,957
China Metal Recycling Holdings Ltd.(a)(e)		3,000		0	(d)
China Minsheng Banking Corp. Ltd., Class A		4,337,999		3,766,355
China Minsheng Banking Corp. Ltd., Class H		3,693,500		2,597,137
China Mobile Ltd.		4,357,000		36,023,568
China Molybdenum Co. Ltd., Class H		3,333,000		1,244,794
China National Building Material Co. Ltd., Class H		2,718,000		2,628,776
China Oilfield Services Ltd., Class H		1,150,000		1,685,405
China Oriental Group Co. Ltd.		1,062,000		367,909
China Overseas Grand Oceans Group Ltd.		1,236,000		821,358
China Overseas Land & Investment Ltd.		2,656,000		8,636,814
China Overseas Property Holdings Ltd.(b)		945,000		579,299
China Pacific Insurance Group Co. Ltd., Class A		395,888		2,032,920
China Pacific Insurance Group Co. Ltd., Class H		1,833,400		6,174,376
China Petroleum & Chemical Corp., Class A		3,053,898		2,154,318
China Petroleum & Chemical Corp., Class H		17,338,200		9,221,853
China Power International Development Ltd.		6,088,000		1,183,902
China Railway Construction Corp. Ltd., Class A		1,468,100		1,974,853
China Railway Construction Corp. Ltd., Class H		1,097,500		1,078,433
China Railway Group Ltd., Class A		4,365,085		3,465,738
China Railway Group Ltd., Class H		1,764,000		974,586
China Railway Signal & Communication Corp. Ltd., Class H(c)		1,122,000		544,751
China Reinsurance Group Corp., Class H		4,273,000		610,829
China Renewable Energy Investment Ltd.(a)(e)		4,386		0	(d)
China Resources Beer Holdings Co. Ltd.		1,048,000		4,892,529
China Resources Cement Holdings Ltd.		1,608,000		1,820,284
China Resources Gas Group Ltd.		630,000		3,334,621
China Resources Land Ltd.		1,938,666		8,164,223
China Resources Medical Holdings Co. Ltd.		950,500		509,225
China Resources Pharmaceutical Group Ltd.(c)		1,207,500		1,015,464
China Resources Power Holdings Co. Ltd.		1,284,000		1,732,968

Security	Shares		Value
China (continued)
China SCE Group Holdings Ltd.		1,806,000	$	958,251
China Shenhua Energy Co. Ltd., Class H		2,495,500		4,415,790
China Shineway Pharmaceutical Group Ltd.		347,000		302,093
China Shipbuilding Industry Co. Ltd., Class A		2,414,500		1,737,745
China Southern Airlines Co. Ltd., Class H(b)		1,330,000		745,084
China State Construction Engineering Corp. Ltd., Class A		2,746,280		2,145,164
China State Construction International Holdings Ltd.		1,440,000		1,151,644
China Taiping Insurance Holdings Co. Ltd.		1,189,168		2,508,541
China Telecom Corp. Ltd., Class H		10,386,000		4,066,175
China Tower Corp. Ltd., Class H(c)		30,830,000		6,471,803
China Traditional Chinese Medicine Holdings Co. Ltd.		1,950,000		909,091
China Travel International Investment Hong Kong Ltd.		2,944,000		473,928
China Unicom Hong Kong Ltd.		4,514,000		3,801,924
China United Network Communications Ltd., Class A		2,707,387		2,184,374
China Vanke Co. Ltd., Class A		580,900		2,403,964
China Vanke Co. Ltd., Class H		1,008,500		3,584,669
China Water Affairs Group Ltd.(b)		852,000		667,125
China Yangtze Power Co. Ltd., Class A		1,160,900		2,843,068
China Youzan Ltd.(a)		10,516,000		771,951
China Yuhua Education Corp Ltd.(c)		1,044,000		730,070
China ZhengTong Auto Services Holdings Ltd.		1,163,500		313,168
Chinasoft International Ltd.		1,800,000		1,068,655
Chongqing Rural Commercial Bank Co. Ltd., Class H		1,763,000		812,830
CIFI Holdings Group Co. Ltd.		2,260,000		1,577,509
CITIC Ltd.		4,094,000		4,645,023
CITIC Resources Holdings Ltd.		4,378,000		250,900
CITIC Securities Co. Ltd., Class A		704,899		2,405,764
CITIC Securities Co. Ltd., Class H		1,325,500		2,587,874
CNOOC Ltd.		12,709,000		19,411,549
COFCO Meat Holdings Ltd.(a)(b)		1,225,000		261,884
Contemporary Amperex Technology Co. Ltd., Class A		134,499		2,507,788
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		1,020,000		449,252
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		2,262,500		815,851
COSCO SHIPPING Ports Ltd.		1,346,000		956,860
Country Garden Holdings Co. Ltd.		5,344,866		6,855,834
Country Garden Services Holdings Co. Ltd.(b)		897,000		2,934,204
CRRC Corp. Ltd., Class A		2,284,782		2,205,564
CRRC Corp. Ltd., Class H		2,790,000		1,850,442
CSPC Pharmaceutical Group Ltd.		3,310,000		7,374,596
Cstone Pharmaceuticals(a)		204,500		284,961
Dali Foods Group Co. Ltd.(c)		1,682,500		1,189,574
Daqin Railway Co. Ltd., Class A		1,817,500		1,998,451
Daqo New Energy Corp., ADR(a)(b)		9,927		502,108
Digital China Holdings Ltd.		865,000		441,139
Dongfeng Motor Group Co. Ltd., Class H		1,830,000		1,381,061
Dongyue Group Ltd.(b)		1,358,000		624,356
East Money Information Co. Ltd., Class A		697,000		1,500,937
ENN Energy Holdings Ltd.		564,800		6,626,393
Fanhua Inc., ADR		44,202		1,043,609
Far East Horizon Ltd.		1,476,000		1,311,594
FIH Mobile Ltd.(a)(b)		2,733,000		429,402
Focus Media Information Technology Co. Ltd., Class A		1,477,500		1,240,604

78 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Foshan Haitian Flavouring & Food Co. Ltd., Class A		128,896	$	1,973,345
Fosun International Ltd.		1,922,000		2,579,201
Fu Shou Yuan International Group Ltd.		851,000		718,948
Fuyao Glass Industry Group Co. Ltd., Class H(c)		393,600		1,135,448
GCL New Energy Holdings Ltd.(a)		12,380,000		223,210
GCL-Poly Energy Holdings Ltd.(a)		12,851,000		496,503
GDS Holdings Ltd., ADR(a)		44,908		2,322,193
Geely Automobile Holdings Ltd.(b)		3,622,000		5,849,384
Genertec Universal Medical Group Co. Ltd.(c)		930,500		637,518
Genscript Biotech Corp.(a)		680,000		1,579,827
GF Securities Co. Ltd., Class H		1,094,200		1,210,470
GOME Retail Holdings Ltd.(a)(b)		13,156,000		1,219,889
Great Wall Motor Co. Ltd., Class H		2,306,000		1,544,283
Gree Electric Appliances Inc. of Zhuhai, Class A		233,300		2,130,177
Greentown Service Group Co. Ltd.		956,000		1,014,493
Guangdong Investment Ltd.		2,098,000		4,279,813
Guangzhou Automobile Group Co. Ltd., Class H		2,081,600		2,112,456
Guangzhou R&F Properties Co. Ltd., Class H		834,000		1,271,692
Guotai Junan Securities Co. Ltd., Class A		938,726		2,355,260
Haidilao International Holding Ltd.(b)(c)		288,000		1,112,699
Haier Smart Home Co. Ltd., Class A		487,900		1,293,811
Haitian International Holdings Ltd.		578,000		1,262,461
Haitong Securities Co. Ltd., Class A		1,412,429		2,934,661
Haitong Securities Co. Ltd., Class H		1,576,000		1,544,561
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		506,846		2,605,594
Hansoh Pharmaceutical Group Co. Ltd.(a)(c)		364,000		1,312,573
Harbin Electric Co. Ltd., Class H(a)		728,000		191,261
Henan Shuanghui Investment & Development Co. Ltd., Class A		298,700		1,248,067
Hengan International Group Co. Ltd.		510,500		3,747,440
HengTen Networks Group Ltd.(a)		26,632,000		349,839
Hua Hong Semiconductor Ltd.(b)(c)		394,000		960,023
Huadian Power International Corp. Ltd., Class H		1,456,000		481,902
Huaneng Power International Inc., Class H		2,612,000		1,241,263
Huaneng Renewables Corp. Ltd., Class H		3,628,000		1,490,466
Huatai Securities Co. Ltd., Class A		721,200		1,950,581
Huatai Securities Co. Ltd., Class H(c)		967,800		1,538,030
Huaxia Bank Co. Ltd., Class A		2,920,574		3,086,229
Huazhu Group Ltd., ADR(b)		100,030		3,451,035
Hutchison China MediTech Ltd., ADR(a)(b)		46,917		1,151,812
HUYA Inc., ADR(a)(b)		45,125		806,835
IGG Inc.		982,000		691,772
Industrial & Commercial Bank of China Ltd., Class A		3,381,400		2,761,982
Industrial & Commercial Bank of China Ltd., Class H		45,636,000		30,679,071
Industrial Bank Co. Ltd., Class A		1,128,498		2,995,770
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		393,700		1,722,592
Inner Mongolia Yitai Coal Co. Ltd., Class B		1,161,477		918,728
Innovent Biologics Inc.(a)(c)		555,000		2,144,265
iQIYI Inc., ADR(a)(b)		98,922		2,200,025
JD.com Inc., ADR(a)		534,248		20,135,807
Jiangsu Expressway Co. Ltd., Class H		898,000		1,116,009
Jiangsu Hengrui Medicine Co. Ltd., Class A		258,397		3,246,752
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		117,200		1,793,447
Jiangxi Copper Co. Ltd., Class H		941,000		1,117,338
Jiayuan International Group Ltd.		1,008,000		363,482

Security	Shares		Value
China (continued)
JinkoSolar Holding Co. Ltd., ADR(a)(b)		29,686	$	555,128
JOYY Inc.(a)(b)		43,975		2,661,807
K Wah International Holdings Ltd.		1,155,000		566,723
Kaisa Group Holdings Ltd.		2,164,000		911,316
Kingboard Holdings Ltd.		588,000		1,567,515
Kingdee International Software Group Co. Ltd.(b)		1,676,000		1,817,399
Kingsoft Corp. Ltd.(a)(b)		588,000		1,806,050
Kunlun Energy Co. Ltd.		2,180,000		1,706,963
Kweichow Moutai Co. Ltd., Class A		58,130		8,739,256
KWG Group Holdings Ltd.		1,034,500		1,356,258
Lee & Man Paper Manufacturing Ltd.		1,259,000		880,420
Legend Holdings Corp., Class H(c)		335,200		626,808
Lenovo Group Ltd.		5,136,000		3,393,177
Li Ning Co. Ltd.		1,422,500		4,222,672
Logan Property Holdings Co. Ltd.		960,000		1,468,763
Longfor Group Holdings Ltd.(c)		1,262,500		5,381,750
Lonking Holdings Ltd.		2,154,000		571,448
Luxshare Precision Industry Co. Ltd., Class A		342,400		2,207,597
Luye Pharma Group Ltd.(b)(c)		1,038,000		673,740
Luzhou Laojiao Co. Ltd., Class A		134,500		1,587,426
Meitu Inc.(a)(b)(c)		1,818,000		353,537
Meituan Dianping, Class B(a)		722,000		9,233,165
MMG Ltd.(a)		2,030,000		462,736
Momo Inc., ADR		115,245		3,526,497
Muyuan Foodstuff Co. Ltd., Class A		128,200		1,495,313
NARI Technology Co. Ltd., Class A		486,100		1,261,272
NetDragon Websoft Holdings Ltd.		170,000		414,223
NetEase Inc., ADR		51,468		16,508,876
New China Life Insurance Co. Ltd., Class A		284,700		1,951,041
New China Life Insurance Co. Ltd., Class H		509,200		1,927,968
New Hope Liuhe Co. Ltd., Class A		390,000		1,010,253
New Oriental Education & Technology Group Inc., ADR(a)		104,755		12,732,970
Nexteer Automotive Group Ltd.		716,000		531,129
NIO Inc., ADR(a)(b)		502,854		1,900,788
Noah Holdings Ltd.(a)(b)		30,376		1,030,658
NOVA Group Holdings Ltd.(b)		1,445,000		290,306
PAX Global Technology Ltd.		1,439,000		669,009
People’s Insurance Co. Group of China Ltd. (The), Class H		5,807,000		2,093,987
PetroChina Co. Ltd., Class A		683,200		550,244
PetroChina Co. Ltd., Class H		14,940,000		6,637,948
Phoenix Media Investment Holdings Ltd.		3,212,000		206,828
PICC Property & Casualty Co. Ltd., Class H		4,770,520		5,154,563
Pinduoduo Inc., ADR(a)		139,425		4,910,548
Ping An Bank Co. Ltd., Class A		975,700		2,165,188
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		232,100		2,004,186
Ping An Insurance Group Co. of China Ltd., Class A		561,800		6,697,990
Ping An Insurance Group Co. of China Ltd., Class H		3,882,500		44,350,571
Poly Developments and Holdings Group Co. Ltd., Class A		885,000		1,937,375
Poly Property Group Co. Ltd.		2,520,000		989,839
Postal Savings Bank of China Co. Ltd., Class H(c)		5,420,000		3,385,362
Pou Sheng International Holdings Ltd.		2,014,000		601,744
Q Technology Group Co. Ltd.(a)(b)		322,000		462,790
Qudian Inc., ADR(a)(b)		120,128		345,969
Redco Properties Group Ltd.(c)		716,000		316,280
Ronshine China Holdings Ltd.		506,000		540,870
SAIC Motor Corp. Ltd., Class A		845,044		2,728,401

SCHEDULE OF INVESTMENTS 79

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Sany Heavy Equipment International Holdings Co. Ltd.		1,419,000	$	692,605
Sany Heavy Industry Co. Ltd., Class A		975,600		2,233,231
Seaspan Corp.		78,138		943,126
Seazen Group Ltd(b)		1,386,000		1,406,545
Semiconductor Manufacturing International Corp.(a)(b)		2,282,800		4,204,052
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,440,000		1,722,830
Shanghai Electric Group Co. Ltd., Class H		2,768,000		823,459
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		424,000		1,141,238
Shanghai Industrial Holdings Ltd.		624,000		1,105,776
Shanghai Industrial Urban Development Group Ltd.		1,651,000		191,361
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		906,396		857,451
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		648,200		1,212,104
Shanghai Pudong Development Bank Co. Ltd., Class A		1,707,740		2,767,871
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		93,100		1,218,856
Shenwan Hongyuan Group Co. Ltd., Class A		4,547,400		3,129,958
Shenzhen International Holdings Ltd.		742,500		1,491,713
Shenzhen Investment Ltd.		7,554,000		2,626,666
Shenzhou International Group Holdings Ltd.		539,600		7,213,291
Shimao Property Holdings Ltd.		797,000		2,601,959
Shougang Fushan Resources Group Ltd.		4,368,000		866,298
Shui On Land Ltd.		5,597,500		1,124,561
Sihuan Pharmaceutical Holdings Group Ltd.(b)		3,657,000		419,159
SINA Corp.(a)		53,225		2,061,936
Sino Biopharmaceutical Ltd.		4,968,000		6,666,739
Sinofert Holdings Ltd.		4,186,000		409,710
Sino-Ocean Group Holding Ltd.		2,499,000		907,569
Sinopec Engineering Group Co. Ltd., Class H		1,025,500		557,330
Sinopec Kantons Holdings Ltd.		1,406,000		550,457
Sinopec Shanghai Petrochemical Co. Ltd., Class H		2,337,000		598,930
Sinopharm Group Co. Ltd., Class H		832,000		2,732,295
Sinotrans Ltd., Class H		2,219,000		685,856
Sinotruk Hong Kong Ltd.		547,000		951,010
Skyfame Realty Holdings Ltd.		3,598,000		468,001
Skyworth Group Ltd.(a)(b)		1,984,000		536,568
SOHO China Ltd.		2,428,500		932,006
SooChow Securities Co. Ltd., Class A		768,570		1,003,132
Sun Art Retail Group Ltd.		1,758,500		2,099,357
Sunac China Holdings Ltd.		1,736,000		8,495,666
Suncity Group Holdings Ltd.(a)		1,350,000		271,220
Suning.com Co. Ltd., Class A		1,569,551		2,241,319
Sunny Optical Technology Group Co. Ltd.		510,800		8,334,732
TAL Education Group, ADR(a)		279,812		13,962,619
Tencent Holdings Ltd.		4,075,100		195,754,266
Tencent Music Entertainment Group, ADR(a)		85,157		1,080,642
Tianli Education International Holdings Ltd.(b)		667,000		298,071
Tianneng Power International Ltd.(b)		724,000		487,646
Tingyi Cayman Islands Holding Corp.		1,336,000		2,264,261
Tong Ren Tang Technologies Co. Ltd., Class H		665,000		616,621
Towngas China Co. Ltd.		956,000		594,661
TravelSky Technology Ltd., Class H		643,000		1,402,777
Trip.com Group Ltd., ADR(a)		341,804		10,982,163
Tsingtao Brewery Co. Ltd., Class H		290,000		1,617,149

Security	Shares		Value
China (continued)
Uni-President China Holdings Ltd.		968,000	$	992,322
Vipshop Holdings Ltd., ADR(a)		320,836		4,084,242
Wanhua Chemical Group Co. Ltd., Class A		249,287		1,847,902
Want Want China Holdings Ltd.		3,667,000		3,046,034
Weibo Corp., ADR(a)(b)		44,139		1,881,204
Weichai Power Co. Ltd., Class H		1,484,000		2,637,407
Wens Foodstuffs Group Co. Ltd., Class A		358,054		1,670,932
West China Cement Ltd.		3,298,000		535,162
Wharf Holdings Ltd. (The)		803,000		1,997,960
Wise Talent Information Technology Co. Ltd.(a)		130,800		291,082
Wuliangye Yibin Co. Ltd., Class A		206,900		3,727,438
WuXi AppTec Co. Ltd., Class A		120,092		1,642,716
WuXi AppTec Co. Ltd., Class H(c)		95,580		1,165,685
Wuxi Biologics Cayman Inc.(a)(c)		403,000		5,161,477
Xiaomi Corp., Class B(a)(c)		5,804,200		8,611,107
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		537,100		902,734
Xinyi Solar Holdings Ltd.		2,395,600		1,696,841
Xtep International Holdings Ltd.		968,000		442,556
Yadea Group Holdings Ltd.(c)		1,412,000		365,506
Yanzhou Coal Mining Co. Ltd., Class H		1,326,000		987,042
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(c)		145,800		844,956
Yihai International Holding Ltd.		355,000		2,018,474
Yuexiu Property Co. Ltd.		7,130,080		1,441,645
Yuexiu REIT		1,720,000		1,131,914
Yuexiu Transport Infrastructure Ltd.		1,204,000		1,052,835
Yum China Holdings Inc.		266,564		11,480,911
Yunnan Baiyao Group Co. Ltd., Class A		116,996		1,446,829
Yuzhou Properties Co. Ltd.		1,533,000		714,685
Zai Lab Ltd., ADR(a)		33,866		1,726,827
Zhaojin Mining Industry Co. Ltd., Class H		942,000		1,068,786
Zhejiang Expressway Co. Ltd., Class H		1,242,000		1,020,484
Zhenro Properties Group Ltd.		1,300,000		805,290
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		272,600		891,710
Zhongsheng Group Holdings Ltd.(b)		424,000		1,572,615
Zhuzhou CRRC Times Electric Co. Ltd., Class H		397,100		1,344,992
Zijin Mining Group Co. Ltd., Class H		4,456,000		1,956,878
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		977,200		726,145
ZTE Corp., Class A(a)		143,600		803,223
ZTE Corp., Class H(a)		531,640		1,735,640
ZTO Express Cayman Inc., ADR		241,762		5,251,071
				1,481,553,546
Colombia — 0.1%
Bancolombia SA		152,252		1,886,564
Cementos Argos SA		242,160		459,567
Corp. Financiera Colombiana SA(a)		113,752		1,079,383
Ecopetrol SA		3,667,818		3,405,399
Grupo Argos SA		222,218		1,134,106
Grupo de Inversiones Suramericana SA		173,628		1,622,194
Interconexion Electrica SA ESP		312,136		1,713,305
				11,300,518
Czech Republic — 0.0%
CEZ AS		141,311		3,096,818
Komercni Banka AS		55,381		1,909,459
				5,006,277

80 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Denmark — 1.3%
ALK-Abello A/S(a)		4,861	$	1,297,545
Alm Brand A/S		61,583		545,205
Ambu A/S, Series B(b)		120,269		2,202,647
AP Moller - Maersk A/S, Class A		2,621		2,953,962
AP Moller - Maersk A/S, Class B, NVS		4,462		5,354,387
Bavarian Nordic A/S(a)(b)		28,564		995,008
Carlsberg A/S, Class B		77,406		11,322,752
Chr Hansen Holding A/S		76,195		5,681,278
Coloplast A/S, Class B		86,383		10,901,397
D/S Norden A/S		31,302		422,181
Danske Bank A/S		452,119		7,569,566
Demant A/S(a)		78,771		2,558,202
Dfds A/S		30,956		1,302,811
DSV Panalpina A/S		153,805		16,732,240
FLSmidth & Co. A/S		32,219		1,106,082
Genmab A/S(a)		47,216		10,905,399
GN Store Nord A/S		93,222		4,629,753
H Lundbeck A/S		49,299		2,096,725
ISS A/S		114,001		2,767,462
Jyske Bank A/S, Registered(a)		45,873		1,746,934
Maersk Drilling A/S(a)		15,370		857,010
Matas A/S		35,975		339,299
Netcompany Group A/S(a)(c)		22,135		1,003,786
Nilfisk Holding A/S(a)		25,596		552,660
NKT A/S(a)		17,833		385,308
Novo Nordisk A/S, Class B		1,260,170		77,086,333
Novozymes A/S, Class B		152,588		7,962,766
Orsted A/S(c)		137,047		14,957,935
Pandora A/S		72,010		3,731,127
Per Aarsleff Holding A/S		17,880		544,884
Ringkjoebing Landbobank A/S		20,232		1,503,145
Rockwool International A/S, Class B		6,454		1,506,461
Royal Unibrew A/S		39,022		3,716,243
Scandinavian Tobacco Group A/S(c)		55,026		720,939
Schouw & Co. A/S		12,240		1,002,855
SimCorp A/S		31,227		3,466,142
Spar Nord Bank A/S		70,695		684,583
Sydbank A/S		49,118		1,069,279
Topdanmark A/S		30,308		1,431,049
Tryg A/S		82,995		2,515,690
Vestas Wind Systems A/S		135,206		13,489,823
Zealand Pharma A/S(a)		22,826		827,962
				232,446,815
Egypt — 0.0%
Commercial International Bank Egypt SAE		798,492		4,299,728
Eastern Co. SAE		267,081		253,727
Egyptian Financial Group-Hermes Holding Co.		1,171,993		1,195,729
EISewedy Electric Co.		1,172,455		837,044
Heliopolis Housing		135,359		182,649
				6,768,877
Finland — 0.8%
Adapteo OYJ(a)		35,999		418,902
Cargotec OYJ, Class B		34,398		1,274,729
Caverion OYJ		82,583		672,661
Citycon OYJ(b)		61,346		648,904
Cramo OYJ(b)		34,232		520,101
Elisa OYJ		100,876		6,074,712
Finnair OYJ		31,703		185,152
Fortum OYJ		313,066		7,584,104

Security	Shares		Value
Finland (continued)
Huhtamaki OYJ		76,816	$	3,421,275
Kemira OYJ		99,623		1,505,886
Kesko OYJ, Class B		45,841		3,100,894
Kone OYJ, Class B		238,784		15,416,790
Konecranes OYJ		46,835		1,416,940
Metsa Board OYJ		173,850		1,054,817
Metso OYJ		72,617		2,584,026
Neste OYJ		304,816		12,120,162
Nokia OYJ		4,036,267		15,742,696
Nokian Renkaat OYJ		87,972		2,369,996
Nordea Bank Abp		2,305,119		18,204,381
Orion OYJ, Class B		73,351		3,468,542
Outokumpu OYJ(b)		262,147		903,490
Outotec OYJ(a)		124,716		719,523
Sampo OYJ, Class A		308,412		13,968,641
Sanoma OYJ		56,163		674,058
Stora Enso OYJ, Class R		407,231		5,307,211
TietoEVRY OYJ		51,471		1,681,544
Tokmanni Group Corp.		35,800		518,930
UPM-Kymmene OYJ		376,982		11,919,022
Uponor OYJ		70,294		953,494
Valmet OYJ		93,962		2,039,881
Wartsila OYJ Abp		312,186		3,831,558
YIT OYJ(b)		139,067		991,724
				141,294,746
France — 6.7%
ABC arbitrage		247,852		1,823,806
Accor SA		125,170		5,136,558
Aeroports de Paris		20,391		3,864,140
Air France-KLM(a)		134,124		1,247,355
Air Liquide SA		336,094		48,699,073
Airbus SE		416,306		61,470,328
Akka Technologies		9,366		652,865
AKWEL		26,168		542,868
Albioma SA		23,158		772,477
ALD SA(b)(c)		82,287		1,203,714
Alstom SA		132,776		7,054,006
Alten SA		21,979		2,718,256
Amundi SA(c)		41,424		3,362,621
APERAM SA		40,206		1,156,236
Arkema SA		49,226		4,528,929
Atos SE		69,665		5,801,016
AXA SA		1,352,402		36,089,472
Beneteau SA(b)		37,438		402,234
BioMerieux		27,567		2,732,676
BNP Paribas SA		786,604		41,881,535
Boiron SA		13,918		529,041
Bollore SA		604,634		2,461,784
Bonduelle SCA		22,130		527,276
Bouygues SA		155,655		6,163,315
Bureau Veritas SA		190,803		5,267,168
Capgemini SE		114,056		14,200,690
Carrefour SA		423,784		7,187,802
Casino Guichard Perrachon SA(b)		37,652		1,529,674
Cellectis SA(a)		43,865		682,501
CGG SA(a)		498,856		1,407,511
Chargeurs SA(b)		28,151		531,596
Cie. de Saint-Gobain		347,611		13,188,096
Cie. Generale des Etablissements Michelin SCA		123,301		14,347,431
Cie. Plastic Omnium SA		49,728		1,250,965

SCHEDULE OF INVESTMENTS 81

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
CNP Assurances		115,368	$	2,080,133
Coface SA(a)		92,367		1,139,279
Constellium SE(a)		88,955		1,010,529
Covivio		30,641		3,640,122
Credit Agricole SA		799,207		10,831,883
Danone SA		438,021		35,144,044
Dassault Aviation SA		1,752		2,131,840
Dassault Systemes SE		93,958		16,316,274
DBV Technologies SA(a)		24,333		472,711
Derichebourg SA		90,328		328,934
Edenred		173,257		9,367,848
Eiffage SA		53,639		6,226,628
Electricite de France SA		422,939		5,228,361
Elior Group SA(c)		74,000		1,039,026
Elis SA		125,799		2,455,019
Engie SA		1,288,569		22,219,563
Eramet		7,657		323,552
EssilorLuxottica SA		202,631		30,146,606
Etablissements Maurel et Prom SA		102,240		287,222
Eurazeo SE		27,710		1,986,822
Eurofins Scientific SE(b)		8,376		4,511,191
Europcar Mobility Group(b)(c)		106,556		434,554
Eutelsat Communications SA		121,928		1,830,209
Faurecia SE		54,086		2,587,529
FIGEAC-AERO(a)		24,309		218,477
Fnac Darty SA(a)		14,338		700,086
Gaztransport Et Technigaz SA		17,868		1,811,821
Gecina SA		30,617		5,781,632
Genfit(a)(b)		37,360		642,151
Getlink SE		319,846		5,653,532
Guerbet		9,353		361,220
Hermes International		22,349		16,757,465
ICADE		18,803		2,100,419
ID Logistics Group(a)		3,371		659,732
Iliad SA(b)		18,469		2,429,475
Imerys SA		26,250		1,136,847
Ingenico Group SA		43,242		5,041,268
Innate Pharma SA(a)(b)		41,549		291,693
Interparfums SA		14,112		566,911
Ipsen SA		27,015		2,005,848
IPSOS		34,935		1,134,349
Jacquet Metal Service SA		37,126		580,940
JCDecaux SA		50,589		1,355,597
Kaufman & Broad SA		15,702		665,761
Kering SA		53,664		33,006,104
Klepierre SA		133,586		4,549,270
Korian SA		37,857		1,728,469
Lagardere SCA		36,122		686,522
Legrand SA		193,263		15,506,205
LISI		15,130		460,256
LNA Sante SA		9,188		466,851
L’Oreal SA		178,454		49,816,441
LVMH Moet Hennessy Louis Vuitton SE		196,988		86,294,839
Maisons du Monde SA(c)		39,780		529,010
Mercialys SA		35,848		452,091
Mersen SA		20,971		687,906
Metropole Television SA		25,136		418,393
Natixis SA		631,879		2,677,050
Nexans SA		22,246		1,085,473
Nexity SA		30,710		1,483,831

Security	Shares		Value
France (continued)
Oeneo SA		51,841	$	790,515
Orange SA		1,397,294		19,828,306
Orpea		32,052		4,177,156
Pernod Ricard SA		150,861		26,164,327
Peugeot SA		423,242		8,728,776
Publicis Groupe SA		153,256		6,798,629
Quadient		35,604		856,992
Remy Cointreau SA		13,961		1,472,895
Renault SA		137,562		5,372,968
Rexel SA		171,154		2,051,312
Rubis SCA		61,131		3,783,580
Safran SA		234,027		37,851,954
Sanofi		800,751		77,158,773
Sartorius Stedim Biotech		19,750		3,547,875
Schneider Electric SE		395,560		39,680,319
SCOR SE		108,105		4,603,990
SEB SA		15,840		2,038,007
SES SA		260,385		3,204,445
Societe BIC SA		16,906		1,141,913
Societe Generale SA		564,391		18,279,017
Sodexo SA		61,170		6,412,802
SOITEC(a)		16,378		1,550,926
Solocal Group(a)(b)		484,713		235,276
Solutions 30 SE(a)(b)		71,800		833,085
Sopra Steria Group		12,713		2,037,204
SPIE SA		83,331		1,619,774
STMicroelectronics NV		499,155		13,989,510
Suez		241,934		3,976,091
Tarkett SA		26,708		369,677
Technicolor SA, Registered(a)(b)		303,032		210,056
Teleperformance		42,142		10,591,962
Television Francaise 1		52,874		399,325
Thales SA		75,945		8,350,580
TOTAL SA		1,690,702		82,711,677
Trigano SA		6,568		624,145
Ubisoft Entertainment SA(a)		60,481		4,600,600
Unibail-Rodamco-Westfield		82,472		11,205,087
Unibail-Rodamco-Westfield, New		14,724		2,000,481
Valeo SA		174,454		5,204,443
Vallourec SA(a)		269,477		683,873
Veolia Environnement SA		375,246		11,094,817
Vicat SA		16,639		694,241
Vinci SA		358,167		39,771,460
Virbac SA(a)		4,103		1,004,875
Vivendi SA		607,050		16,656,868
Wendel SA		18,009		2,406,884
Worldline SA(a)(c)		69,112		4,882,608
				1,213,548,905
Germany — 5.2%
Aareal Bank AG		44,376		1,456,637
adidas AG		128,860		40,813,007
ADLER Real Estate AG(a)		39,448		530,716
ADO Properties SA(c)		26,317		811,940
ADVA Optical Networking SE(a)		42,606		352,703
AIXTRON SE(a)		89,758		952,125
Allianz SE, Registered		302,441		72,345,406
alstria office REIT AG		98,365		1,952,335
Amadeus Fire AG		5,651		958,153
Aroundtown SA		692,030		6,546,325
AURELIUS Equity Opportunities SE & Co. KGaA		21,515		787,293

82 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Aurubis AG		23,873	$	1,304,548
BASF SE		648,780		43,907,996
Bayer AG, Registered		664,726		53,812,247
Bayerische Motoren Werke AG		231,197		16,484,717
BayWa AG(b)		21,973		647,723
Bechtle AG		20,394		2,953,903
Beiersdorf AG		70,545		8,005,426
Bertrandt AG		7,635		441,670
Bilfinger SE		26,257		929,972
Borussia Dortmund GmbH & Co. KGaA		50,181		490,485
Brenntag AG		113,374		5,890,054
CANCOM SE		27,066		1,618,206
Carl Zeiss Meditec AG, Bearer		28,608		3,503,225
CECONOMY AG(a)		136,220		707,243
Commerzbank AG		715,891		4,125,423
CompuGroup Medical SE		20,171		1,330,034
Continental AG		79,430		9,061,226
Corestate Capital Holding SA		13,118		574,953
Covestro AG(c)		127,262		5,380,362
CTS Eventim AG & Co. KGaA		43,259		2,696,604
Daimler AG, Registered		644,068		29,838,583
Delivery Hero SE(a)(c)		82,794		6,387,797
Deutsche Bank AG, Registered		1,382,209		12,689,136
Deutsche Beteiligungs AG		9,980		420,827
Deutsche Boerse AG		134,925		21,987,492
Deutsche EuroShop AG		51,764		1,413,471
Deutsche Lufthansa AG, Registered		161,839		2,480,411
Deutsche Pfandbriefbank AG(c)		93,681		1,513,656
Deutsche Post AG, Registered		695,052		24,320,858
Deutsche Telekom AG, Registered		2,349,554		38,030,757
Deutsche Wohnen SE		255,225		10,804,503
Deutz AG		109,462		574,019
Duerr AG		37,699		1,133,020
E.ON SE		1,578,261		17,910,059
Eckert & Ziegler Strahlen- und Medizintechnik AG		2,957		566,257
Evonik Industries AG		130,325		3,577,437
Evotec SE(a)(b)		91,343		2,460,812
Fraport AG Frankfurt Airport Services Worldwide		25,413		1,896,476
Freenet AG		89,164		1,980,184
Fresenius Medical Care AG & Co. KGaA		150,990		11,662,703
Fresenius SE & Co. KGaA		295,821		15,121,108
GEA Group AG		109,339		3,282,482
Gerresheimer AG		21,532		1,704,923
Grand City Properties SA		87,162		2,233,229
GRENKE AG(b)		19,858		1,979,497
Hamborner REIT AG		190,706		2,136,652
Hamburger Hafen und Logistik AG		37,423		924,000
Hannover Rueck SE		41,027		7,979,306
HeidelbergCement AG		102,981		6,993,492
Heidelberger Druckmaschinen AG(a)		287,433		284,132
HelloFresh SE(a)		98,482		2,346,462
Henkel AG & Co. KGaA		74,801		6,921,690
HOCHTIEF AG		15,990		1,853,525
HUGO BOSS AG		45,446		2,155,548
Hypoport AG(a)		2,548		902,170
Indus Holding AG		25,362		1,035,712
Infineon Technologies AG		891,622		19,342,962
Isra Vision AG		12,596		473,765
Jenoptik AG		42,754		1,180,709
K+S AG, Registered(b)		138,892		1,354,497

Security	Shares		Value
Germany (continued)
KION Group AG		46,832	$	2,942,687
Kloeckner & Co. SE		72,006		459,232
Knorr-Bremse AG		33,235		3,628,225
Koenig & Bauer AG(b)		10,326		274,639
Krones AG(b)		11,958		908,415
KWS Saat SE & Co. KGaA		13,031		804,361
LANXESS AG		60,706		3,654,346
LEG Immobilien AG		46,258		5,708,149
Merck KGaA		91,507		11,753,196
METRO AG		123,190		1,719,459
MorphoSys AG(a)		22,574		2,831,869
MTU Aero Engines AG		38,111		11,589,179
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		100,281		29,594,299
Nemetschek SE		44,515		3,036,356
New Work SE		2,099		686,203
Nordex SE(a)(b)		55,930		730,763
Norma Group SE		22,856		834,845
OSRAM Licht AG		69,039		3,462,034
PATRIZIA AG		51,008		1,218,724
Pfeiffer Vacuum Technology AG		5,425		902,399
ProSiebenSat.1 Media SE		164,171		2,180,483
Puma SE		60,200		4,830,069
QIAGEN NV(a)		161,371		5,393,554
Rational AG		2,160		1,626,528
Rheinmetall AG		31,122		3,335,815
RHOEN-KLINIKUM AG		34,201		598,845
RIB Software SE(b)		32,299		682,587
Rocket Internet SE(a)(c)		61,558		1,440,777
RWE AG		413,658		14,366,754
SAF-Holland SA		42,565		296,231
Salzgitter AG		33,026		556,311
SAP SE		698,930		91,257,999
Scout24 AG(c)		79,170		5,452,806
SGL Carbon SE(a)(b)		54,668		244,271
Siemens AG, Registered		542,576		67,127,218
Siemens Healthineers AG(c)		101,730		4,789,077
Siltronic AG		16,508		1,786,974
Sixt SE		15,796		1,595,593
Software AG		41,475		1,385,773
Stabilus SA		19,731		1,204,374
Stroeer SE & Co. KGaA		24,229		1,930,557
Suedzucker AG		51,703		875,502
Symrise AG		94,336		9,716,243
TAG Immobilien AG		84,907		2,239,436
Takkt AG		24,781		325,703
Telefonica Deutschland Holding AG		555,761		1,683,240
thyssenkrupp AG(b)		287,597		3,558,454
TLG Immobilien AG		65,335		2,233,671
TUI AG		313,552		3,217,317
Uniper SE		135,814		4,456,575
United Internet AG, Registered(f)		87,769		2,849,883
Varta AG(a)(b)		10,639		906,662
Volkswagen AG		24,428		4,482,977
Vonovia SE		367,708		21,002,246
Vossloh AG		14,417		635,083
Wacker Neuson SE		27,668		445,514
Washtec AG		8,314		468,971
Wirecard AG		84,715		12,504,974
Zalando SE(a)(c)		97,764		4,705,297

SCHEDULE OF INVESTMENTS 83

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
zooplus AG(a)(b)		5,328	$	479,445
				938,836,145
Greece — 0.1%
Alpha Bank AE(a)		962,260		1,934,407
Eurobank Ergasias SA(a)		1,791,857		1,655,111
FF Group(a)(e)		16,274		180
Hellenic Telecommunications Organization SA		155,639		2,328,469
Jumbo SA		81,083		1,650,658
Motor Oil Hellas Corinth Refineries SA		45,002		957,528
Mytilineos SA		92,704		953,377
National Bank of Greece SA(a)		394,801		1,261,804
OPAP SA		167,204		2,084,575
Piraeus Bank SA(a)		212,505		758,775
Public Power Corp. SA(a)		77,482		359,777
Terna Energy SA(a)		86,037		776,118
Titan Cement International SA(a)		30,169		625,871
				15,346,650
Hong Kong — 2.2%
Agritrade Resources Ltd.(b)		3,065,000		80,524
AIA Group Ltd.		8,615,200		86,264,060
ASM Pacific Technology Ltd.		213,500		2,917,275
Ausnutria Dairy Corp. Ltd.(b)		458,000		560,932
Bank of East Asia Ltd. (The)(b)		891,000		1,932,342
BeiGene Ltd., ADR(a)		27,682		4,217,629
BOC Hong Kong Holdings Ltd.		2,663,000		8,899,645
Brightoil Petroleum Holdings Ltd.(a)(b)(e)		1,325,000		124,567
Budweiser Brewing Co. APAC Ltd.(a)(b)(c)		849,200		2,580,989
Cafe de Coral Holdings Ltd.		312,000		702,361
Champion REIT		1,331,000		802,210
Chow Sang Sang Holdings International Ltd.		392,000		461,925
CK Asset Holdings Ltd.		1,856,888		12,004,762
CK Hutchison Holdings Ltd.		1,919,888		17,134,572
CK Infrastructure Holdings Ltd.		473,500		3,323,385
CLP Holdings Ltd.		1,175,000		12,279,778
Comba Telecom Systems Holdings Ltd.		1,870,000		686,358
Dah Sing Banking Group Ltd.		506,800		648,112
Dah Sing Financial Holdings Ltd.		213,200		771,539
Dairy Farm International Holdings Ltd.		262,000		1,349,300
Ever Sunshine Lifestyle Services Group Ltd.		650,000		521,513
First Pacific Co. Ltd.		2,155,000		679,951
Galaxy Entertainment Group Ltd.		1,540,000		10,213,911
Giordano International Ltd.		1,628,000		417,226
Glory Sun Financial Group Ltd.(b)		14,424,000		678,020
Guotai Junan International Holdings Ltd.		2,878,000		492,954
Haier Electronics Group Co. Ltd.		899,000		2,726,558
Haitong International Securities Group Ltd.(b)		3,221,000		937,483
Hang Lung Group Ltd.		587,000		1,462,038
Hang Lung Properties Ltd.		1,526,000		3,215,155
Hang Seng Bank Ltd.		541,100		11,024,227
Health and Happiness H&H International Holdings Ltd.(b)		165,500		702,292
Henderson Land Development Co. Ltd.		999,941		4,532,953
HK Electric Investments & HK Electric Investments Ltd.		1,949,000		1,947,770
HKBN Ltd.		622,500		1,082,274
HKT Trust & HKT Ltd.		2,593,600		3,887,945
Hong Kong & China Gas Co. Ltd.		7,316,131		14,095,393
Hong Kong Exchanges & Clearing Ltd.		843,700		28,120,074
Hongkong Land Holdings Ltd.		928,900		4,951,037

Security	Shares		Value
Hong Kong (continued)
Huishan Dairy(a)(e)		262,905	$	508
Hutchison Telecommunications Hong Kong Holdings Ltd.		2,204,000		403,055
Hysan Development Co. Ltd.		448,000		1,690,479
Jardine Matheson Holdings Ltd.		157,300		8,794,643
Jardine Strategic Holdings Ltd.		159,200		4,908,136
Johnson Electric Holdings Ltd.		380,750		848,301
Kerry Logistics Network Ltd.		573,500		918,794
Kerry Properties Ltd.		436,000		1,226,880
Kingboard Laminates Holdings Ltd.		1,123,000		1,165,679
Leyou Technologies Holdings Ltd.(a)		1,425,000		458,795
Lifestyle International Holdings Ltd.		513,000		514,658
Link REIT		1,520,100		15,465,479
Luk Fook Holdings International Ltd.		361,000		985,615
Man Wah Holdings Ltd.(b)		1,516,800		1,062,653
Mandarin Oriental International Ltd.		470,800		795,652
Melco International Development Ltd.		536,000		1,169,344
Melco Resorts & Entertainment Ltd., ADR		167,128		3,370,972
Microport Scientific Corp.		576,000		632,755
Minth Group Ltd.		516,000		1,601,514
MTR Corp. Ltd.		1,099,000		6,213,358
New World Development Co. Ltd.		4,349,666		5,495,270
NewOcean Energy Holdings Ltd.(a)(b)		1,074,000		152,146
Nine Dragons Paper Holdings Ltd.		1,263,000		1,206,900
Nissin Foods Co. Ltd.(b)		422,000		343,474
NWS Holdings Ltd.		1,102,000		1,427,722
Pacific Basin Shipping Ltd.		3,899,000		708,005
Pacific Textiles Holdings Ltd.		1,066,000		690,541
PCCW Ltd.		3,101,000		1,833,068
Power Assets Holdings Ltd.		1,032,000		7,482,595
Sa Sa International Holdings Ltd.(b)		1,380,000		245,257
Sands China Ltd.		1,700,000		8,319,489
Shangri-La Asia Ltd.		1,078,000		998,187
Shun Tak Holdings Ltd.		1,670,000		722,636
Sino Land Co. Ltd.		2,140,000		2,937,887
SITC International Holdings Co. Ltd.		1,088,000		1,289,083
SJM Holdings Ltd.		1,391,000		1,571,053
SmarTone Telecommunications Holdings Ltd.		550,500		405,525
SSY Group Ltd.		1,298,000		1,198,555
Sun Hung Kai Properties Ltd.		1,106,000		15,568,237
Swire Pacific Ltd., Class A		321,000		2,846,250
Swire Properties Ltd.		889,000		2,782,096
Techtronic Industries Co. Ltd.		975,000		7,904,319
Television Broadcasts Ltd.		228,200		350,313
Texwinca Holdings Ltd.		1,288,000		273,693
Town Health International Medical Group Ltd.(b)(e)		1,647,000		891
Value Partners Group Ltd.		1,197,000		652,077
Vitasoy International Holdings Ltd.(b)		520,000		1,891,847
VTech Holdings Ltd.		143,500		1,305,654
WH Group Ltd.(c)		6,816,000		6,548,360
Wharf Real Estate Investment Co. Ltd.		883,000		4,605,533
Wheelock & Co. Ltd.		559,000		3,430,353
Wynn Macau Ltd.		1,063,600		2,240,917
Xinyi Glass Holdings Ltd.(b)		1,286,000		1,623,047
Yue Yuen Industrial Holdings Ltd.		527,000		1,469,375
				392,178,664
Hungary — 0.1%
Magyar Telekom Telecommunications PLC		266,311		396,799
MOL Hungarian Oil & Gas PLC		277,080		2,346,122
OTP Bank Nyrt		158,152		7,328,837

84 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hungary (continued)
Richter Gedeon Nyrt		100,192	$	2,150,486
				12,222,244
India — 2.5%
Aarti Industries Ltd.		37,966		524,126
Aarti Surfactants Ltd.(a)		1,559		10,507
Aavas Financiers Ltd.(a)		17,596		491,712
Adani Enterprises Ltd.		98,525		316,807
Adani Ports & Special Economic Zone Ltd.		523,048		2,707,689
Adani Power Ltd.(a)		615,287		526,410
Adani Transmission Ltd.(a)		196,585		914,913
Aditya Birla Fashion and Retail Ltd.(a)		172,717		565,537
AIA Engineering Ltd.		44,157		1,099,137
Ambuja Cements Ltd.		533,952		1,530,227
Apollo Hospitals Enterprise Ltd.		69,684		1,621,264
Apollo Tyres Ltd.		260,507		607,847
Ashok Leyland Ltd.		989,777		1,136,702
Asian Paints Ltd.		211,620		5,325,235
Astral Poly Technik Ltd.		90,312		1,548,305
AU Small Finance Bank Ltd.(c)		109,608		1,634,885
Aurobindo Pharma Ltd.		191,670		1,293,066
Avenue Supermarts Ltd.(a)(c)		98,035		2,931,742
Axis Bank Ltd.		1,448,470		14,803,898
Bajaj Auto Ltd.		62,824		2,799,754
Bajaj Finance Ltd.		130,800		8,002,799
Bajaj Finserv Ltd.		30,048		3,975,688
Balkrishna Industries Ltd.		85,995		1,289,307
Balrampur Chini Mills Ltd.		131,304		305,822
Bandhan Bank Ltd.(c)		261,369		1,649,547
Bata India Ltd.		36,194		913,936
Berger Paints India Ltd.		164,338		1,290,039
Bharat Forge Ltd.		219,188		1,507,124
Bharat Petroleum Corp. Ltd.		465,403		2,980,288
Bharti Airtel Ltd.(a)		1,462,303		10,173,567
Bharti Infratel Ltd.		327,057		1,138,048
Birlasoft Ltd.(a)		292,063		324,776
Bosch Ltd.		6,763		1,316,035
Britannia Industries Ltd.		46,936		2,105,288
Century Textiles & Industries Ltd.		39,236		354,214
CESC Ltd.		53,194		529,461
Cipla Ltd.		244,240		1,529,634
City Union Bank Ltd.		252,175		817,230
Coal India Ltd.		891,021		2,268,837
Colgate-Palmolive India Ltd.		38,002		707,530
Container Corp. of India Ltd.		173,825		1,381,197
Crompton Greaves Consumer Electricals Ltd.		390,657		1,557,263
Dabur India Ltd.		387,746		2,693,831
DCB Bank Ltd.		337,351		843,171
Dish TV India Ltd.(a)		671,242		122,288
Divi’s Laboratories Ltd.		60,189		1,646,736
DLF Ltd.		376,946		1,375,827
Dr Lal PathLabs Ltd.(c)		16,453		408,388
Dr. Reddy’s Laboratories Ltd.		84,017		3,667,042
Edelweiss Financial Services Ltd.		381,017		509,126
Eicher Motors Ltd.		10,093		2,869,774
Escorts Ltd.		51,970		585,302
Exide Industries Ltd.		198,665		548,881
FDC Ltd./India(a)		253,663		833,427
Federal Bank Ltd.		1,133,715		1,451,352
Finolex Cables Ltd.		149,787		834,080
Fortis Healthcare Ltd.(a)		390,511		839,770

Security	Shares		Value
India (continued)
GAIL India Ltd.		1,164,632	$	1,965,875
Gillette India Ltd.		11,525		1,008,933
Glenmark Pharmaceuticals Ltd.		126,883		551,576
GMR Infrastructure Ltd.(a)		2,306,935		738,724
Godrej Consumer Products Ltd.		266,484		2,512,006
Godrej Industries Ltd.		86,133		500,147
Godrej Properties Ltd.(a)		38,691		585,753
Graphite India Ltd.		52,593		219,931
Grasim Industries Ltd.		251,918		2,749,801
Havells India Ltd.		209,901		1,773,161
HCL Technologies Ltd.		789,001		6,539,119
HDFC Asset Management Co. Ltd.(c)		27,866		1,239,565
HDFC Life Insurance Co. Ltd.(c)		367,409		3,085,190
HEG Ltd.		11,635		174,980
Hero MotoCorp Ltd.		75,783		2,657,012
Hexaware Technologies Ltd.		93,737		478,291
Hindalco Industries Ltd.		904,463		2,400,029
Hindustan Petroleum Corp. Ltd.		432,559		1,409,079
Hindustan Unilever Ltd.		471,327		13,436,527
Housing Development Finance Corp. Ltd.		1,180,027		39,919,913
ICICI Bank Ltd.		3,381,951		24,912,904
ICICI Lombard General Insurance Co. Ltd.(c)		113,726		2,101,200
ICICI Prudential Life Insurance Co. Ltd.(c)		179,782		1,287,315
IDFC First Bank Ltd.(a)		1,971,615		1,124,545
IIFL Wealth Management Ltd.		13,478		252,901
Indiabulls Housing Finance Ltd.		210,420		903,517
Indiabulls Real Estate Ltd.(a)		196,526		293,312
Indiabulls Ventures Ltd.		148,270		366,636
Indian Hotels Co. Ltd. (The)		399,072		795,823
Indian Oil Corp. Ltd.		1,368,256		2,175,365
Indraprastha Gas Ltd.		158,107		1,124,469
Info Edge India Ltd.		58,693		2,342,250
Infosys Ltd.		2,448,711		26,627,577
InterGlobe Aviation Ltd.(c)		73,172		1,413,297
ITC Ltd.		2,515,635		8,289,970
Jammu & Kashmir Bank Ltd. (The)(a)		420,244		160,777
Jindal Steel & Power Ltd.(a)		312,242		769,693
JSW Steel Ltd.		663,578		2,331,346
Jubilant Foodworks Ltd.		67,383		1,784,966
Jubilant Life Sciences Ltd.		60,515		494,034
Kajaria Ceramics Ltd.		51,712		420,646
Karur Vysya Bank Ltd. (The)		666,771		448,049
KPIT Technologies Ltd.(a)		192,148		267,794
Larsen & Toubro Ltd.		344,540		6,611,479
LIC Housing Finance Ltd.		243,422		1,493,127
Lupin Ltd.		156,917		1,579,450
Mahanagar Gas Ltd.		32,935		541,651
Mahindra & Mahindra Financial Services Ltd.		247,308		1,280,079
Mahindra & Mahindra Ltd.		604,246		4,802,552
Manappuram Finance Ltd.		304,854		803,388
Marico Ltd.		370,713		1,638,291
Maruti Suzuki India Ltd.		78,245		7,580,798
Max Financial Services Ltd.(a)		126,388		896,933
Mindtree Ltd.		60,791		756,421
Motherson Sumi Systems Ltd.		773,812		1,449,864
Motilal Oswal Financial Services Ltd.		59,414		659,605
Mphasis Ltd.		73,351		955,827
Natco Pharma Ltd.		103,466		919,061
National Aluminium Co. Ltd.		619,322		369,298
NBCC India Ltd.		381,442		180,144

SCHEDULE OF INVESTMENTS 85

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
NCC Ltd./India		519,341	$	398,471
Nestle India Ltd.		19,239		4,141,127
NIIT Technologies Ltd.		13,017		354,341
NTPC Ltd.		1,735,012		2,743,876
Oil & Natural Gas Corp. Ltd.		1,836,101		2,803,394
Page Industries Ltd.		4,552		1,558,920
Persistent Systems Ltd.		41,365		406,331
Petronet LNG Ltd.		471,321		1,760,250
Pfizer Ltd.		11,295		656,379
PI Industries Ltd.		44,196		964,251
Pidilite Industries Ltd.		103,145		2,185,620
Piramal Enterprises Ltd.		65,149		1,410,805
PNB Housing Finance Ltd.(c)		43,115		263,466
Power Finance Corp. Ltd.(a)		624,803		1,021,382
Power Grid Corp. of India Ltd.		1,415,088		3,705,416
Procter & Gamble Health Ltd.(a)		3,918		242,929
PVR Ltd.		25,309		694,053
Radico Khaitan Ltd.		47,143		261,852
Rajesh Exports Ltd.		62,231		628,088
Raymond Ltd.		37,297		336,291
RBL Bank Ltd.(c)		264,453		1,179,629
REC Ltd.		672,477		1,354,237
Reliance Industries Ltd.		2,046,343		40,482,361
Sadbhav Engineering Ltd.		165,719		300,980
SBI Life Insurance Co. Ltd.(c)		224,866		3,132,667
Shree Cement Ltd.		6,854		2,209,849
Shriram Transport Finance Co. Ltd.		133,269		1,906,004
Siemens Ltd.		47,614		1,001,057
SRF Ltd.		19,219		1,019,173
State Bank of India(a)		1,328,898		5,930,527
Sterlite Technologies Ltd.		151,492		265,057
Strides Pharma Science Ltd.		73,793		480,147
Sun Pharmaceutical Industries Ltd.		613,466		3,733,711
Symphony Ltd.		28,552		486,473
Tata Chemicals Ltd.		56,894		598,939
Tata Consultancy Services Ltd.		648,870		18,905,275
Tata Elxsi Ltd.		33,826		449,955
Tata Global Beverages Ltd.		349,915		1,880,074
Tata Motors Ltd.(a)		1,209,696		2,993,831
Tata Power Co. Ltd. (The)		1,072,989		873,639
Tata Steel Ltd.		285,544		1,755,501
Tech Mahindra Ltd.		347,706		3,881,619
Titan Co. Ltd.		232,736		3,873,905
Torrent Power Ltd.		96,376		418,418
Tube Investments of India Ltd.		38,244		274,111
UltraTech Cement Ltd.		78,653		4,867,596
United Spirits Ltd.(a)		206,727		1,793,280
UPL Ltd.		402,888		2,972,928
Varun Beverages Ltd.		42,058		452,128
Vedanta Ltd.		1,439,565		2,781,992
VIP Industries Ltd.		48,519		315,187
Vodafone Idea Ltd.(a)		5,645,835		419,338
Voltas Ltd.		68,618		667,549
Wipro Ltd.		865,868		2,873,385
Yes Bank Ltd.		1,410,073		775,607
Zee Entertainment Enterprises Ltd.		490,755		1,851,056
				450,582,781
Indonesia — 0.5%
Adaro Energy Tbk PT		11,207,200		1,005,406
AKR Corporindo Tbk PT		1,384,500		335,606

Security	Shares		Value
Indonesia (continued)
Alfa Energi Investama Tbk PT(a)		1,355,500	$	17,967
Aneka Tambang Tbk		6,371,900		335,977
Astra International Tbk PT		14,581,500		6,780,851
Bank Central Asia Tbk PT		6,916,500		16,411,175
Bank Mandiri Persero Tbk PT		12,929,700		7,148,974
Bank Negara Indonesia Persero Tbk PT		5,397,600		2,846,043
Bank Rakyat Indonesia Persero Tbk PT		39,778,300		12,992,400
Bank Tabungan Negara Persero Tbk PT		4,703,893		644,180
Barito Pacific Tbk PT		20,590,800		1,967,850
Bukit Asam Tbk PT		2,346,600		379,787
Bumi Resources Tbk PT(a)		48,703,900		189,038
Bumi Serpong Damai Tbk PT(a)		8,142,000		664,836
Charoen Pokphand Indonesia Tbk PT		5,476,200		2,666,915
Ciputra Development Tbk PT		10,208,096		669,077
Gudang Garam Tbk PT		323,900		1,322,997
Hanjaya Mandala Sampoerna Tbk PT		6,719,100		1,018,567
Hanson International Tbk PT(a)(e)		63,791,600		233,583
Indah Kiat Pulp & Paper Corp. Tbk PT		2,039,900		1,008,372
Indocement Tunggal Prakarsa Tbk PT		1,366,600		1,648,827
Indofood CBP Sukses Makmur Tbk PT		1,810,700		1,508,364
Indofood Sukses Makmur Tbk PT		3,112,000		1,783,332
Japfa Comfeed Indonesia Tbk PT		3,518,500		386,507
Jasa Marga Persero Tbk PT		2,393,938		806,453
Kalbe Farma Tbk PT		15,582,300		1,631,834
Kresna Graha Investama Tbk PT(a)		14,139,400		497,028
Matahari Department Store Tbk PT		2,065,600		444,736
Medco Energi Internasional Tbk PT(a)		4,921,200		254,079
Media Nusantara Citra Tbk PT		4,648,900		541,322
Mitra Adiperkasa Tbk PT		14,439,700		1,015,168
Pabrik Kertas Tjiwi Kimia Tbk PT		1,208,600		805,438
Pakuwon Jati Tbk PT		13,450,300		512,205
Perusahaan Gas Negara Tbk PT		8,391,100		1,047,735
Pool Advista Indonesia Tbk PT(a)(e)		2,701,700		30,865
PP Persero Tbk PT		2,694,800		272,342
Sawit Sumbermas Sarana Tbk PT		12,323,800		722,010
Semen Indonesia Persero Tbk PT		2,207,800		1,932,128
Summarecon Agung Tbk PT		9,775,400		604,922
Surya Citra Media Tbk PT		6,164,600		650,093
Telekomunikasi Indonesia Persero Tbk PT		35,453,800		9,866,308
Tower Bersama Infrastructure Tbk PT		9,108,500		773,772
Trada Alam Minera Tbk PT(a)(e)		39,223,500		143,623
Unilever Indonesia Tbk PT		5,435,100		3,164,339
United Tractors Tbk PT		1,209,500		1,700,652
Waskita Karya Persero Tbk PT		4,464,300		402,130
Wijaya Karya Persero Tbk PT		2,221,800		307,521
XL Axiata Tbk PT(a)		2,366,600		502,610
				92,595,944
Ireland — 0.4%
AIB Group PLC		521,272		1,533,146
Bank of Ireland Group PLC		700,653		3,427,311
C&C Group PLC		283,528		1,338,013
CRH PLC(a)		574,565		21,597,986
Dalata Hotel Group PLC		144,841		732,741
Flutter Entertainment PLC		55,943		6,354,595
Glanbia PLC		146,306		1,707,296
Grafton Group PLC		180,903		2,193,891
Hibernia REIT PLC		1,124,303		1,709,447
Kerry Group PLC, Class A		111,267		14,217,195
Kingspan Group PLC		111,836		6,897,076
Origin Enterprises PLC		99,889		412,900

86 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ireland (continued)
Smurfit Kappa Group PLC		162,697	$	5,639,811
UDG Healthcare PLC		189,402		1,873,772
				69,635,180
Israel — 0.5%
Airport City Ltd.(a)		64,871		1,145,253
Alony Hetz Properties & Investments Ltd.		82,357		1,366,308
Amot Investments Ltd.		161,485		1,178,200
Azrieli Group Ltd.		35,155		2,599,581
Bank Hapoalim BM		809,507		6,983,669
Bank Leumi Le-Israel BM		1,134,970		8,205,078
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		1,542,771		1,198,086
Caesarstone Ltd.		28,394		371,393
Check Point Software Technologies Ltd.(a)(b)		87,465		9,998,124
Clal Insurance Enterprises Holdings Ltd.(a)		30,591		389,434
CyberArk Software Ltd.(a)(b)		29,555		4,085,388
Delek Group Ltd.		4,878		632,162
Elbit Systems Ltd.		18,340		2,818,716
Fattal Holdings 1998 Ltd.		3,542		531,539
First International Bank of Israel Ltd.		108,871		3,057,335
Gazit-Globe Ltd.		142,684		1,659,188
Harel Insurance Investments & Financial Services Ltd.		100,325		686,881
Israel Chemicals Ltd.		523,571		2,218,206
Israel Corp. Ltd. (The)(a)		4,221		735,029
Israel Discount Bank Ltd., Class A		898,198		4,097,103
Ituran Location and Control Ltd.		17,295		440,677
Kornit Digital Ltd.(a)(b)		42,686		1,783,421
Mehadrin Ltd.(a)		1		31
Melisron Ltd.		14,701		968,144
Mizrahi Tefahot Bank Ltd.		101,244		2,768,873
Nice Ltd.(a)		47,612		8,256,456
Nova Measuring Instruments Ltd.(a)		25,933		1,006,201
Oil Refineries Ltd.		2,421,416		1,069,413
Paz Oil Co. Ltd.		9,873		1,201,898
Phoenix Holdings Ltd. (The)		118,825		653,659
Radware Ltd.(a)(b)		39,921		1,017,187
REIT 1 Ltd.		159,086		977,089
Shapir Engineering and Industry Ltd.		111,138		792,818
Shikun & Binui Ltd.		165,405		815,405
Shufersal Ltd.		152,005		952,552
Strauss Group Ltd.		71,044		2,093,135
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		780,207		8,114,153
Tower Semiconductor Ltd.(a)		78,958		1,807,474
UroGen Pharma Ltd.(a)(b)		15,940		468,795
Wix.com Ltd.(a)(b)		35,869		5,118,148
				94,262,202
Italy — 1.6%
A2A SpA		1,183,987		2,365,051
ACEA SpA		43,746		1,020,490
Amplifon SpA		89,787		2,555,211
Anima Holding SpA(c)		275,895		1,309,820
Assicurazioni Generali SpA		751,138		14,646,277
ASTM SpA		56,643		1,653,409
Atlantia SpA		359,186		8,824,769
Autogrill SpA		124,409		1,209,121
Azimut Holding SpA		81,188		1,996,491
Banca Generali SpA		46,937		1,493,888
Banca IFIS SpA		21,890		347,867
Banca Mediolanum SpA		162,841		1,470,752

Security	Shares		Value
Italy (continued)
Banca Monte dei Paschi di Siena SpA(a)(b)		182,859	$	343,482
Banca Popolare di Sondrio SCPA		461,465		994,153
Banco BPM SpA(a)		1,094,249		2,243,397
Bio On SpA(a)(b)(e)		8,950		9,918
BPER Banca		323,504		1,487,805
Brunello Cucinelli SpA		24,408		887,747
Buzzi Unicem SpA		72,598		1,697,561
Cerved Group SpA		148,293		1,455,216
CIR-Compagnie Industriali Riunite SpA(b)		479,993		592,568
CNH Industrial NV		729,005		6,967,187
Credito Emiliano SpA		156,805		826,283
Credito Valtellinese SpA(a)		5,762,134		403,570
Danieli & C Officine Meccaniche SpA		40,694		667,437
Datalogic SpA(b)		18,501		320,664
Davide Campari-Milano SpA		416,943		4,033,752
De’ Longhi SpA		52,078		982,273
DiaSorin SpA		18,398		2,263,142
Enav SpA(c)		189,332		1,222,188
Enel SpA		5,717,253		49,768,189
Eni SpA		1,794,364		25,170,618
ERG SpA		64,584		1,527,347
Falck Renewables SpA		103,155		672,180
Ferrari NV		86,494		14,617,532
Fincantieri SpA(a)(b)		344,462		313,212
FinecoBank Banca Fineco SpA		392,954		4,605,113
Freni Brembo SpA(b)		139,825		1,599,126
Hera SpA		630,981		2,868,337
IMA Industria Macchine Automatiche SpA(b)		15,146		989,464
Infrastrutture Wireless Italiane SpA(c)		176,372		1,832,395
Interpump Group SpA		63,458		1,790,453
Intesa Sanpaolo SpA		10,480,589		26,080,565
Iren SpA		518,691		1,727,889
Italgas SpA		371,767		2,470,306
Juventus Football Club SpA(a)(b)		385,222		485,816
Leonardo SpA		116,988		1,449,444
Maire Tecnimont SpA(b)		109,482		282,694
MARR SpA		34,752		743,285
Mediaset SpA(a)(b)		319,564		845,334
Mediobanca Banca di Credito Finanziario SpA		429,791		4,292,366
Moncler SpA		136,350		5,893,021
Piaggio & C SpA		297,146		812,047
Pirelli & C SpA(c)		296,593		1,437,008
Poste Italiane SpA(c)		381,173		4,372,006
Prysmian SpA		175,429		3,903,762
Recordati SpA		75,620		3,237,275
Reply SpA		19,907		1,563,018
Saipem SpA(a)		423,009		1,756,982
Salvatore Ferragamo SpA		54,676		1,010,977
Saras SpA		466,636		626,757
Snam SpA		1,480,528		7,936,170
Societa Cattolica di Assicurazioni SC		151,428		1,198,182
Tamburi Investment Partners SpA		115,162		867,833
Technogym SpA(c)		105,432		1,312,111
Telecom Italia SpA/Milano(a)		6,302,960		3,400,270
Tenaris SA		318,626		3,293,730
Terna Rete Elettrica Nazionale SpA		1,036,214		7,229,902
Tod’s SpA(b)		9,588		388,040
UniCredit SpA		1,422,594		19,047,503
Unione di Banche Italiane SpA		692,136		2,075,570

SCHEDULE OF INVESTMENTS 87

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Unipol Gruppo SpA		352,259	$	1,796,889
				283,582,207
Japan — 17.0%
77 Bank Ltd. (The)		61,800		959,059
ABC-Mart Inc.		23,200		1,506,924
Acom Co. Ltd.		401,100		1,909,559
Activia Properties Inc.		500		2,661,807
Adastria Co. Ltd.		25,000		496,609
ADEKA Corp.		81,700		1,211,348
Advance Residence Investment Corp.		926		2,917,645
Advantest Corp.		142,500		7,717,627
Aeon Co. Ltd.		468,500		9,740,875
Aeon Delight Co. Ltd.		23,300		813,678
AEON Financial Service Co. Ltd.		85,900		1,371,896
Aeon Mall Co. Ltd.		74,500		1,255,128
AGC Inc.		124,900		4,327,162
Ai Holdings Corp.		44,500		773,520
Aica Kogyo Co. Ltd.		44,400		1,421,488
Aichi Bank Ltd. (The)		14,800		463,588
Aiful Corp.(a)		431,100		1,197,224
Ain Holdings Inc.		21,200		1,306,601
Air Water Inc.		118,000		1,655,930
Aisin Seiki Co. Ltd.		107,500		3,664,829
Ajinomoto Co. Inc.		317,300		5,284,186
Akatsuki Inc.(b)		5,400		251,105
Alfresa Holdings Corp.		133,000		2,732,767
Alps Alpine Co. Ltd.		150,500		2,779,914
Amada Holdings Co. Ltd.		225,300		2,417,529
Amano Corp.		48,800		1,438,539
ANA Holdings Inc.		67,500		2,132,398
AnGes Inc.(a)(b)		92,100		502,201
Anicom Holdings Inc.		15,900		577,995
Anritsu Corp.(b)		99,500		1,972,833
Aoyama Trading Co. Ltd.		58,400		761,353
Aozora Bank Ltd.		77,900		2,128,891
Arcs Co. Ltd.		45,900		824,112
Ariake Japan Co. Ltd.		15,200		1,053,208
Aruhi Corp.		26,700		441,941
As One Corp.		14,700		1,342,713
Asahi Diamond Industrial Co. Ltd.		74,700		417,661
Asahi Group Holdings Ltd.		253,300		11,886,182
Asahi Holdings Inc.		32,900		833,845
Asahi Intecc Co. Ltd.		139,800		3,927,582
Asahi Kasei Corp.		905,300		9,505,295
Asics Corp.		117,200		1,745,267
ASKUL Corp.		18,300		606,145
Astellas Pharma Inc.		1,346,500		24,231,658
Atom Corp.(b)		92,800		874,187
Autobacs Seven Co. Ltd.		77,500		1,140,495
Avex Inc.		65,500		735,466
Awa Bank Ltd. (The)		31,600		709,932
Azbil Corp.		83,500		2,298,109
Bandai Namco Holdings Inc.		139,800		8,226,640
Bank of Kyoto Ltd. (The)		40,400		1,658,717
Bank of Nagoya Ltd. (The)		33,500		993,703
BayCurrent Consulting Inc.		11,000		781,473
Benefit One Inc.		59,800		1,064,852
Benesse Holdings Inc.		51,200		1,424,256
Bic Camera Inc.		108,700		1,197,470
BML Inc.		27,500		794,160

Security	Shares		Value
Japan (continued)
Bridgestone Corp.		399,900	$	14,393,227
Broadleaf Co. Ltd.		147,500		831,503
Brother Industries Ltd.		171,900		3,430,546
Calbee Inc.		56,900		1,884,680
Canon Electronics Inc.		36,900		711,887
Canon Inc.		703,100		18,724,899
Canon Marketing Japan Inc.		47,200		1,146,631
Capcom Co. Ltd.		61,400		1,761,812
Casio Computer Co. Ltd.		139,100		2,629,662
Central Glass Co. Ltd.		32,600		724,879
Central Japan Railway Co.		100,600		20,034,608
Central Security Patrols Co. Ltd.		7,300		404,788
Chiba Bank Ltd. (The)		379,600		2,111,905
Chiyoda Co. Ltd.		52,900		720,887
Chubu Electric Power Co. Inc.		471,400		6,471,774
Chugai Pharmaceutical Co. Ltd.		161,300		16,764,723
Chugoku Bank Ltd. (The)		158,800		1,539,870
Chugoku Electric Power Co. Inc. (The)		178,700		2,369,257
Citizen Watch Co. Ltd.		231,700		1,145,834
Coca-Cola Bottlers Japan Holdings Inc.		85,375		2,278,820
cocokara fine Inc.		16,700		1,040,042
COLOPL Inc.		46,700		489,039
Colowide Co. Ltd.		53,400		1,099,680
Comforia Residential REIT Inc.		465		1,531,623
COMSYS Holdings Corp.		80,500		2,369,285
Concordia Financial Group Ltd.		773,400		2,989,847
COOKPAD Inc.(a)(b)		144,100		440,071
Cosmo Energy Holdings Co. Ltd.		45,600		900,767
Cosmos Pharmaceutical Corp.		7,700		1,706,454
Create SD Holdings Co. Ltd.		33,200		841,142
Credit Saison Co. Ltd.		113,500		1,859,815
CyberAgent Inc.(b)		70,000		2,851,409
CYBERDYNE Inc.(a)(b)		98,000		479,218
Dai Nippon Printing Co. Ltd.		170,900		4,801,315
Daicel Corp.		179,000		1,732,445
Daido Steel Co. Ltd.		23,500		920,400
Daifuku Co. Ltd.		73,500		4,563,870
Daiho Corp.		18,600		470,556
Dai-ichi Life Holdings Inc.		759,200		11,599,716
Daiichi Sankyo Co. Ltd.		405,100		27,811,497
Daiichikosho Co. Ltd.		32,700		1,614,107
Daikin Industries Ltd.		173,700		25,056,968
Daio Paper Corp.(b)		71,200		953,844
Daiseki Co. Ltd.		43,000		1,184,251
Daishi Hokuetsu Financial Group Inc.		43,300		1,093,836
Daito Trust Construction Co. Ltd.		48,900		5,822,342
Daiwa House Industry Co. Ltd.		398,500		12,725,087
Daiwa House REIT Investment Corp.		1,348		3,600,554
Daiwa Office Investment Corp.		240		1,926,466
Daiwa Securities Group Inc.		1,044,600		5,388,530
Daiwabo Holdings Co. Ltd.		17,200		975,965
DCM Holdings Co. Ltd.		133,100		1,283,291
Demae-Can Co. Ltd.(b)		21,100		200,127
DeNA Co. Ltd.		77,600		1,285,159
Denka Co. Ltd.		54,100		1,502,431
Denso Corp.		303,700		12,726,903
Dentsu Group Inc.		149,000		5,031,508
DIC Corp.		51,700		1,393,804
Digital Arts Inc.		9,600		453,494
Digital Garage Inc.		29,000		1,087,651

88 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Dip Corp.		28,900	$	937,247
Disco Corp.		19,500		4,648,983
DMG Mori Co. Ltd.		90,400		1,295,301
Doutor Nichires Holdings Co. Ltd.		44,900		857,941
Dowa Holdings Co. Ltd.		37,600		1,378,973
Duskin Co. Ltd.		50,900		1,425,303
DyDo Group Holdings Inc.		15,600		592,997
Earth Corp.		19,700		1,065,110
East Japan Railway Co.		211,000		18,883,609
Ebara Corp.		66,300		1,881,003
EDION Corp.		96,200		1,010,062
Eisai Co. Ltd.		178,600		13,724,772
Eizo Corp.		20,200		672,805
Electric Power Development Co. Ltd.		97,200		2,223,175
en-japan Inc.		26,100		1,063,168
eRex Co. Ltd.		24,000		369,129
Euglena Co. Ltd.(a)		66,700		523,089
Exedy Corp.		33,500		711,201
Ezaki Glico Co. Ltd.		33,600		1,452,378
FamilyMart Co. Ltd.		180,600		4,012,408
Fancl Corp.		60,400		1,611,633
FANUC Corp.		138,200		25,909,711
Fast Retailing Co. Ltd.		41,200		22,556,701
FCC Co. Ltd.		41,200		853,764
Financial Products Group Co. Ltd.		66,900		635,144
FP Corp.		20,700		1,273,876
Frontier Real Estate Investment Corp.		341		1,426,798
Fuji Co. Ltd./Ehime		36,300		617,922
Fuji Corp./Aichi		55,600		898,239
Fuji Electric Co. Ltd.		87,400		2,653,005
Fuji Oil Holdings Inc.		37,800		993,259
Fuji Seal International Inc.		39,800		846,785
Fuji Soft Inc.		23,400		956,424
FUJIFILM Holdings Corp.		258,600		13,084,490
Fujikura Ltd.		212,100		804,291
Fujitsu General Ltd.		51,900		1,183,235
Fujitsu Ltd.		138,100		14,799,386
Fukuoka Financial Group Inc.		120,600		2,141,948
Fukuoka REIT Corp.		930		1,610,564
Fukuyama Transporting Co. Ltd.		27,600		938,377
Funai Soken Holdings Inc.		34,200		880,046
Furukawa Electric Co. Ltd.		47,300		1,135,532
Fuyo General Lease Co. Ltd.		14,700		935,831
Giken Ltd.		15,300		683,937
Global One Real Estate Investment Corp.		1,134		1,516,046
Glory Ltd.		43,200		1,259,510
GLP J-REIT		2,441		3,272,384
GMO internet Inc.		50,100		980,876
GMO Payment Gateway Inc.(b)		29,100		1,908,945
GNI Group Ltd.(a)		34,300		584,193
Goldwin Inc.		16,100		998,219
Gree Inc.		145,800		622,830
GS Yuasa Corp.		61,200		1,234,333
GungHo Online Entertainment Inc.(a)		32,710		605,400
Gunma Bank Ltd. (The)		401,100		1,324,849
Gunosy Inc.(a)		13,100		147,456
Gunze Ltd.		15,700		638,082
H2O Retailing Corp.		71,300		659,814
Hachijuni Bank Ltd. (The)		377,900		1,474,851
Hakuhodo DY Holdings Inc.		151,100		2,197,108

Security	Shares		Value
Japan (continued)
Hamamatsu Photonics KK		102,200	$	4,431,794
Hankyu Hanshin Holdings Inc.		166,500		6,866,771
Hankyu Hanshin REIT Inc.		762		1,226,118
Hanwa Co. Ltd.		29,600		732,729
Harmonic Drive Systems Inc.		28,900		1,330,544
Haseko Corp.		193,100		2,565,521
Hazama Ando Corp.		177,200		1,481,231
Heiwa Corp.		52,200		1,091,825
Heiwa Real Estate Co. Ltd.		38,300		1,143,152
Heiwa Real Estate REIT Inc.		1,660		2,234,571
Hikari Tsushin Inc.		15,900		3,962,347
Hino Motors Ltd.		168,800		1,613,478
Hirata Corp.		7,400		438,326
Hirose Electric Co. Ltd.		22,905		2,905,787
Hiroshima Bank Ltd. (The)		249,700		1,149,608
HIS Co. Ltd.(b)		27,700		645,315
Hisamitsu Pharmaceutical Co. Inc.		41,000		2,125,940
Hitachi Capital Corp.		60,300		1,669,050
Hitachi Chemical Co. Ltd.		78,400		3,323,781
Hitachi Construction Machinery Co. Ltd.		68,600		1,895,622
Hitachi High-Technologies Corp.		50,700		3,704,793
Hitachi Ltd.		691,500		26,987,544
Hitachi Metals Ltd.		140,500		2,206,311
Hitachi Transport System Ltd.		37,800		1,102,071
Hitachi Zosen Corp.		187,500		716,197
Hogy Medical Co. Ltd.		21,900		762,767
Hokkaido Electric Power Co. Inc.		169,600		805,868
Hokkoku Bank Ltd. (The)		23,500		702,496
Hokuetsu Corp.		123,300		581,319
Hokuhoku Financial Group Inc.		127,100		1,245,377
Hokuriku Electric Power Co.(a)		141,000		1,062,850
Hokuto Corp.		46,500		830,166
Honda Motor Co. Ltd.		1,141,400		29,813,197
Horiba Ltd.		26,000		1,660,008
Hoshino Resorts REIT Inc.		317		1,632,016
Hoshizaki Corp.		38,800		3,615,629
House Foods Group Inc.		44,000		1,414,771
Hoya Corp.		271,900		26,591,687
Hulic Co. Ltd.		201,200		2,476,365
Hulic Reit Inc.		879		1,629,295
Hyakugo Bank Ltd. (The)		418,700		1,282,543
Hyakujushi Bank Ltd. (The)		27,900		510,970
Ibiden Co. Ltd.		83,700		1,980,042
Ichigo Inc.		227,600		873,567
Ichigo Office REIT Investment		1,304		1,411,258
Idemitsu Kosan Co. Ltd.		139,055		3,547,420
IHI Corp.		100,400		2,435,315
Iida Group Holdings Co. Ltd.		91,900		1,577,100
Inaba Denki Sangyo Co. Ltd.		72,500		1,848,203
Industrial & Infrastructure Fund Investment Corp.		1,206		1,855,984
Infocom Corp.		23,400		660,645
Infomart Corp.(b)		156,500		1,264,880
Inpex Corp.		720,700		6,852,252
Insource Co. Ltd.		12,100		364,502
Internet Initiative Japan Inc.		20,600		581,593
Invesco Office J-Reit Inc.		8,466		1,804,351
Invincible Investment Corp.		4,649		2,354,847
IR Japan Holdings Ltd.		7,800		387,175
Iriso Electronics Co. Ltd.		21,400		830,253
Isetan Mitsukoshi Holdings Ltd.		222,900		1,770,696

SCHEDULE OF INVESTMENTS 89

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Ishihara Sangyo Kaisha Ltd.		36,200	$	313,621
Istyle Inc.(a)		47,400		207,294
Isuzu Motors Ltd.		390,800		3,940,992
Ito En Ltd.		38,300		1,890,529
ITOCHU Corp.		963,100		22,819,032
Itochu Techno-Solutions Corp.		62,900		1,883,199
Itoham Yonekyu Holdings Inc.		136,100		868,951
Iwatani Corp.		36,000		1,214,006
Iyo Bank Ltd. (The)		322,500		1,699,013
Izumi Co. Ltd.		28,000		896,434
J Front Retailing Co. Ltd.		157,900		1,937,602
Jaccs Co. Ltd.		38,200		918,478
Jafco Co. Ltd.		30,700		1,304,364
Japan Airlines Co. Ltd.		81,900		2,338,705
Japan Airport Terminal Co. Ltd.		38,600		1,819,864
Japan Aviation Electronics Industry Ltd.		42,500		774,046
Japan Display Inc.(a)(b)		537,800		347,336
Japan Elevator Service Holdings Co. Ltd.		19,500		442,229
Japan Excellent Inc.		930		1,683,499
Japan Exchange Group Inc.		370,000		6,772,893
Japan Hotel REIT Investment Corp.		3,553		2,396,312
Japan Investment Adviser Co. Ltd.(b)		16,200		259,176
Japan Lifeline Co. Ltd.		50,200		611,376
Japan Logistics Fund Inc.		667		1,805,580
Japan Material Co. Ltd.		55,600		840,784
Japan Petroleum Exploration Co. Ltd.		28,100		704,412
Japan Post Bank Co. Ltd.		288,100		2,700,647
Japan Post Holdings Co. Ltd.		1,082,800		9,953,348
Japan Post Insurance Co. Ltd.		163,900		2,802,110
Japan Prime Realty Investment Corp.		569		2,630,152
Japan Real Estate Investment Corp.		919		6,706,915
Japan Rental Housing Investments Inc.		1,840		1,828,371
Japan Retail Fund Investment Corp.		1,872		4,001,867
Japan Securities Finance Co. Ltd.		181,400		846,874
Japan Steel Works Ltd. (The)		50,400		929,553
Japan Tobacco Inc.		835,300		17,848,916
JCR Pharmaceuticals Co. Ltd.		12,700		1,111,990
Jeol Ltd.		34,000		1,126,171
JFE Holdings Inc.		338,300		4,104,484
JGC Holdings Corp.		150,000		2,210,177
JINS Holdings Inc.		13,500		961,572
JSR Corp.		128,000		2,345,417
JTEKT Corp.		128,800		1,407,014
Juroku Bank Ltd. (The)		32,600		686,680
Justsystems Corp.		26,900		1,491,618
JVCKenwood Corp.		218,700		508,487
JXTG Holdings Inc.		2,301,900		9,956,458
Kadokawa Dwango(a)		42,718		726,385
Kagome Co. Ltd.		67,200		1,678,372
Kajima Corp.		311,800		4,044,755
Kakaku.com Inc.		93,800		2,488,986
Kaken Pharmaceutical Co. Ltd.		33,500		1,798,865
Kamakura Shinsho Ltd.		17,700		261,781
Kamigumi Co. Ltd.		83,900		1,813,698
Kanamoto Co. Ltd.		25,700		646,146
Kandenko Co. Ltd.		93,700		899,956
Kaneka Corp.		37,900		1,194,155
Kanematsu Corp.		84,300		1,106,007
Kansai Electric Power Co. Inc. (The)		503,000		5,698,980
Kansai Paint Co. Ltd.		127,700		3,117,537

Security	Shares		Value
Japan (continued)
Kao Corp.		343,500	$	27,832,421
Katitas Co. Ltd.		19,800		814,762
Kawasaki Heavy Industries Ltd.		92,700		1,879,060
Kawasaki Kisen Kaisha Ltd.(a)		64,600		884,499
KDDI Corp.		1,256,800		37,929,536
Keihan Holdings Co. Ltd.		74,700		3,421,926
Keihin Corp.		34,000		809,651
Keikyu Corp.		170,000		3,177,746
Keio Corp.		74,900		4,339,826
Keisei Electric Railway Co. Ltd.		97,700		3,578,623
Keiyo Bank Ltd. (The)		154,400		834,787
Kenedix Inc.		211,500		1,079,112
Kenedix Office Investment Corp.		330		2,648,891
Kenedix Residential Next Investment Corp.		795		1,578,484
Kenedix Retail REIT Corp.		479		1,186,617
Kewpie Corp.		67,500		1,423,052
Keyence Corp.		128,600		44,339,918
KH Neochem Co. Ltd.		28,700		633,129
Kikkoman Corp.		102,500		5,078,424
Kinden Corp.		88,900		1,545,302
Kintetsu Group Holdings Co. Ltd.		128,000		6,814,227
Kirin Holdings Co. Ltd.		578,600		12,878,835
Kisoji Co. Ltd.		54,200		1,483,205
Kissei Pharmaceutical Co. Ltd.		48,500		1,398,372
Kitanotatsujin Corp.(b)		67,300		386,221
Kiyo Bank Ltd. (The)		71,400		1,042,821
KLab Inc.(a)(b)		38,400		279,891
Kobayashi Pharmaceutical Co. Ltd.		35,400		2,903,594
Kobe Bussan Co. Ltd.		47,800		1,852,286
Kobe Steel Ltd.		230,800		1,079,629
Koei Tecmo Holdings Co. Ltd.		49,200		1,312,333
Koito Manufacturing Co. Ltd.		73,000		3,243,023
Kokuyo Co. Ltd.		77,700		1,167,812
Komatsu Ltd.		647,700		14,742,593
KOMEDA Holdings Co. Ltd.		68,000		1,370,227
Komeri Co. Ltd.		30,100		657,626
Konami Holdings Corp.		63,900		2,499,756
Konica Minolta Inc.		320,400		2,010,167
Kose Corp.		23,700		3,220,935
Koshidaka Holdings Co. Ltd.		36,800		527,630
Kotobuki Spirits Co. Ltd.		17,400		1,163,906
Krosaki Harima Corp.		5,800		350,510
K’s Holdings Corp.		140,100		1,723,055
Kubota Corp.		736,400		11,825,476
Kumagai Gumi Co. Ltd.		33,700		979,425
Kumiai Chemical Industry Co. Ltd.		75,700		593,671
Kura Sushi Inc.		14,400		732,057
Kuraray Co. Ltd.		215,700		2,656,821
Kureha Corp.		17,100		978,180
Kurita Water Industries Ltd.		65,400		1,952,014
Kusuri no Aoki Holdings Co. Ltd.		12,700		775,698
KYB Corp.(a)		18,000		494,404
Kyocera Corp.		224,800		15,086,914
KYORIN Holdings Inc.		69,800		1,275,765
Kyoritsu Maintenance Co. Ltd.		26,200		1,066,033
Kyowa Exeo Corp.		70,300		1,786,931
Kyowa Kirin Co. Ltd.		177,100		4,225,498
Kyudenko Corp.		34,600		1,018,351
Kyushu Electric Power Co. Inc.		255,700		2,123,264
Kyushu Financial Group Inc.		406,200		1,731,461

90 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kyushu Railway Co.		114,400	$	3,783,955
LaSalle Logiport REIT		1,042		1,682,428
Lasertec Corp.		57,400		2,918,061
Lawson Inc.		34,200		2,000,535
Leopalace21 Corp.(a)(b)		196,600		571,380
Lifull Co. Ltd.		52,700		274,720
LINE Corp.(a)		43,400		2,146,275
Lintec Corp.		61,600		1,365,731
Lion Corp.		157,800		3,045,787
LIXIL Group Corp.		184,100		3,118,583
M&A Capital Partners Co. Ltd.(a)		12,400		395,848
M3 Inc.		321,400		9,548,443
Mabuchi Motor Co. Ltd.		36,300		1,358,089
Macnica Fuji Electronics Holdings Inc.		44,400		681,659
Maeda Corp.		114,500		1,117,692
Maeda Road Construction Co. Ltd.		75,800		2,601,615
Makino Milling Machine Co. Ltd.		22,700		879,642
Makita Corp.		155,600		6,108,576
Mandom Corp.		40,600		936,476
Mani Inc.		56,000		1,432,744
Marubeni Corp.		1,098,100		8,056,550
Maruha Nichiro Corp.		40,400		979,947
Marui Group Co. Ltd.		140,600		3,298,849
Maruichi Steel Tube Ltd.		48,000		1,355,169
Maruwa Co. Ltd./Aichi		9,500		712,599
Matsui Securities Co. Ltd.		109,800		908,711
Matsumotokiyoshi Holdings Co. Ltd.		55,000		2,235,319
Maxell Holdings Ltd.		46,100		614,185
Mazda Motor Corp.		411,400		3,545,210
McDonald’s Holdings Co. Japan Ltd.		48,500		2,317,941
MCJ Co. Ltd.		86,500		604,147
MCUBS MidCity Investment Corp.		1,883		2,215,090
Mebuki Financial Group Inc.		817,850		1,848,718
Medipal Holdings Corp.		126,000		2,715,653
Megachips Corp.		18,400		294,882
Megmilk Snow Brand Co. Ltd.		42,200		1,001,415
Meidensha Corp.		44,600		850,974
MEIJI Holdings Co. Ltd.		81,600		5,812,170
Meiko Electronics Co. Ltd.		21,700		360,182
Meitec Corp.		25,500		1,482,216
Menicon Co. Ltd.		26,700		1,212,013
Mercari Inc.(a)(b)		58,100		1,030,828
Milbon Co. Ltd.		21,600		1,229,617
MINEBEA MITSUMI Inc.		251,672		5,075,933
Miraca Holdings Inc.		40,900		1,092,453
Mirai Corp.		1,929		1,089,217
Mirait Holdings Corp.		83,300		1,265,044
MISUMI Group Inc.		195,500		4,998,205
Mitsubishi Chemical Holdings Corp.		890,900		6,575,818
Mitsubishi Corp.		948,700		24,709,878
Mitsubishi Electric Corp.		1,292,000		18,417,124
Mitsubishi Estate Co. Ltd.		831,000		16,499,626
Mitsubishi Estate Logistics REIT Investment Corp.		368		1,349,633
Mitsubishi Gas Chemical Co. Inc.		109,800		1,712,063
Mitsubishi Heavy Industries Ltd.		222,000		8,242,174
Mitsubishi Logistics Corp.		51,200		1,318,913
Mitsubishi Materials Corp.		69,200		1,776,847
Mitsubishi Motors Corp.		474,800		1,809,221
Mitsubishi Pencil Co. Ltd.		36,200		539,401
Mitsubishi UFJ Financial Group Inc.		8,678,300		45,519,339

Security	Shares		Value
Japan (continued)
Mitsubishi UFJ Lease & Finance Co. Ltd.		261,610	$	1,675,115
Mitsui & Co. Ltd.		1,152,400		20,844,953
Mitsui Chemicals Inc.		119,700		2,711,293
Mitsui E&S Holdings Co. Ltd.(a)		65,700		564,347
Mitsui Fudosan Co. Ltd.		626,600		16,832,088
Mitsui Mining & Smelting Co. Ltd.		43,500		1,057,148
Mitsui OSK Lines Ltd.		78,000		1,935,157
Miura Co. Ltd.		64,600		2,294,690
Mixi Inc.		36,600		651,057
Mizuho Financial Group Inc.		16,833,500		25,238,213
Mizuho Leasing Co. Ltd.		32,800		997,149
Mochida Pharmaceutical Co. Ltd.		27,500		1,046,616
Monex Group Inc.		154,400		376,082
Money Forward Inc.(a)		13,400		631,766
MonotaRO Co. Ltd.		88,800		2,189,174
Mori Hills REIT Investment Corp.		1,302		2,182,713
Mori Trust Sogo REIT Inc.		908		1,666,293
Morinaga & Co. Ltd./Japan		30,900		1,502,450
Morinaga Milk Industry Co. Ltd.		33,200		1,284,993
MOS Food Services Inc.		42,900		1,197,329
MS&AD Insurance Group Holdings Inc.		329,000		11,100,734
Murata Manufacturing Co. Ltd.		407,600		23,797,507
Musashi Seimitsu Industry Co. Ltd.		45,100		540,110
Musashino Bank Ltd. (The)		41,200		662,560
Nabtesco Corp.		76,300		2,273,829
Nachi-Fujikoshi Corp.		17,000		647,783
Nagase & Co. Ltd.		90,500		1,275,859
Nagoya Railroad Co. Ltd.		138,800		4,117,193
Nakanishi Inc.		53,700		967,130
Nankai Electric Railway Co. Ltd.		76,900		2,011,455
Nanto Bank Ltd. (The)		29,300		707,190
NEC Corp.		178,400		8,098,242
NEC Networks & System Integration Corp.		32,600		1,237,708
NET One Systems Co. Ltd.		59,100		994,043
Nexon Co. Ltd.(a)		351,900		4,821,437
Nextage Co. Ltd.(b)		32,300		310,230
NGK Insulators Ltd.		174,100		2,982,919
NGK Spark Plug Co. Ltd.		110,500		1,984,993
NH Foods Ltd.		57,200		2,546,386
NHK Spring Co. Ltd.		163,100		1,339,290
Nichias Corp.		52,000		1,272,833
Nichiha Corp.		24,400		601,079
NichiiGakkan Co. Ltd.		38,800		542,344
Nichi-Iko Pharmaceutical Co. Ltd.		56,700		677,460
Nichirei Corp.		72,100		1,765,497
Nidec Corp.		155,900		20,195,009
Nifco Inc./Japan		60,000		1,605,388
Nihon Kohden Corp.		58,800		1,749,596
Nihon M&A Center Inc.		102,800		3,016,137
Nihon Parkerizing Co. Ltd.		109,900		1,176,214
Nihon Unisys Ltd.		50,000		1,550,030
Nikkon Holdings Co. Ltd.		72,000		1,702,597
Nikon Corp.		222,400		2,747,554
Nintendo Co. Ltd.		78,900		29,678,950
Nippo Corp.		44,100		1,103,873
Nippon Accommodations Fund Inc.		300		1,990,128
Nippon Building Fund Inc.		1,000		8,100,752
Nippon Carbon Co. Ltd.(b)		11,700		409,665
Nippon Electric Glass Co. Ltd.		61,300		1,218,252
Nippon Express Co. Ltd.		54,600		2,906,694

SCHEDULE OF INVESTMENTS 91

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nippon Flour Mills Co. Ltd.		87,500	$	1,339,323
Nippon Gas Co. Ltd.		29,200		937,547
Nippon Kayaku Co. Ltd.		122,400		1,462,453
Nippon Light Metal Holdings Co. Ltd.		543,100		1,062,298
Nippon Paint Holdings Co. Ltd.		105,100		5,119,970
Nippon Paper Industries Co. Ltd.		76,600		1,267,185
Nippon Prologis REIT Inc.		1,442		4,150,980
NIPPON REIT Investment Corp.		329		1,542,022
Nippon Sheet Glass Co. Ltd.		97,300		540,431
Nippon Shinyaku Co. Ltd.		35,200		3,176,233
Nippon Shokubai Co. Ltd.		21,100		1,265,397
Nippon Soda Co. Ltd.		32,500		899,571
Nippon Steel Corp.		547,917		7,762,389
Nippon Steel Trading Corp.		19,900		915,270
Nippon Suisan Kaisha Ltd.		225,000		1,249,712
Nippon Telegraph & Telephone Corp.		915,800		23,544,556
Nippon Yusen KK		100,200		1,640,031
Nipro Corp.		117,600		1,357,361
Nishimatsu Construction Co. Ltd.		49,700		1,124,366
Nishimatsuya Chain Co. Ltd.		83,400		722,541
Nishi-Nippon Financial Holdings Inc.		154,000		1,041,491
Nishi-Nippon Railroad Co. Ltd.		60,900		1,432,809
Nishio Rent All Co. Ltd.		22,600		617,624
Nissan Chemical Corp.		90,300		3,819,952
Nissan Motor Co. Ltd.		1,578,800		8,732,672
Nissan Shatai Co. Ltd.		62,300		602,968
Nissha Co. Ltd.		41,300		383,335
Nisshin Oillio Group Ltd. (The)		32,800		1,113,660
Nisshin Seifun Group Inc.		139,700		2,420,599
Nisshinbo Holdings Inc.		117,900		1,042,102
Nissin Foods Holdings Co. Ltd.		45,600		3,475,167
Nissin Kogyo Co. Ltd.		37,400		771,223
Nitori Holdings Co. Ltd.		57,300		8,979,476
Nitto Boseki Co. Ltd.		24,500		1,042,072
Nitto Denko Corp.		111,400		6,362,190
Nitto Kogyo Corp.		44,900		954,050
Noevir Holdings Co. Ltd.		16,200		751,820
NOF Corp.		49,700		1,662,246
Nojima Corp.		35,300		710,983
NOK Corp.		62,400		854,377
Nomura Co. Ltd.		65,600		760,799
Nomura Holdings Inc.		2,341,500		12,234,086
Nomura Real Estate Holdings Inc.		82,700		2,063,971
Nomura Real Estate Master Fund Inc.		3,046		5,362,152
Nomura Research Institute Ltd.		236,420		5,278,742
Noritz Corp.		39,700		500,348
North Pacific Bank Ltd.		457,000		936,052
NS Solutions Corp.		25,600		768,815
NSD Co. Ltd.		70,900		1,157,845
NSK Ltd.		235,900		2,026,322
NTN Corp.		345,400		946,476
NTT Data Corp.		443,600		6,364,331
NTT DOCOMO Inc.		940,900		26,972,148
Obayashi Corp.		441,400		4,939,966
Obic Co. Ltd.		46,400		6,425,834
Odakyu Electric Railway Co. Ltd.		214,900		4,829,971
Ogaki Kyoritsu Bank Ltd. (The)		42,600		895,353
Ohsho Food Service Corp.		13,500		815,842
Oiles Corp.		44,700		635,950
Oisix ra daichi Inc.(a)		19,200		185,472

Security	Shares		Value
Japan (continued)
Oita Bank Ltd. (The)		27,500	$	648,521
Oji Holdings Corp.		608,300		3,176,619
Okamoto Industries Inc.		11,200		397,324
Okamura Corp.		56,900		558,579
Okasan Securities Group Inc.		175,000		626,470
Oki Electric Industry Co. Ltd.		88,400		1,122,281
Okinawa Electric Power Co. Inc. (The)		41,950		782,220
OKUMA Corp.		21,200		999,511
Okumura Corp.		33,200		891,072
Olympus Corp.		834,100		13,733,002
Omron Corp.		136,200		8,055,008
One REIT Inc.		306		1,065,784
Ono Pharmaceutical Co. Ltd.		273,200		6,401,175
Open House Co. Ltd.		49,400		1,338,634
Optex Group Co. Ltd.		35,100		474,434
Optorun Co. Ltd.		19,800		537,633
Oracle Corp. Japan		27,200		2,394,132
Orient Corp.		619,600		971,832
Oriental Land Co. Ltd.		141,500		18,616,875
ORIX Corp.		918,000		15,736,901
Orix JREIT Inc.		1,915		4,051,386
Osaka Gas Co. Ltd.		268,000		4,591,742
OSG Corp.		66,600		1,149,685
Otsuka Corp.		72,300		2,868,386
Otsuka Holdings Co. Ltd.		277,400		12,574,306
Outsourcing Inc.		86,900		808,987
Pacific Metals Co. Ltd.		18,800		363,737
PALTAC Corp.		25,600		1,230,576
Pan Pacific International Holdings Corp.		316,500		5,159,898
Panasonic Corp.		1,548,900		15,748,377
Paramount Bed Holdings Co. Ltd.		22,100		934,894
Park24 Co. Ltd.		79,800		2,028,408
Penta-Ocean Construction Co. Ltd.		225,300		1,359,470
Pepper Food Service Co. Ltd.(b)		22,000		196,891
PeptiDream Inc.(a)		69,400		3,355,224
Persol Holdings Co. Ltd.		123,700		2,265,484
Pigeon Corp.		83,800		3,026,959
Pilot Corp.		28,500		1,141,210
PKSHA Technology Inc.(a)		10,900		330,867
Pola Orbis Holdings Inc.		60,300		1,333,571
Premier Investment Corp.		1,103		1,632,340
Press Kogyo Co. Ltd.		132,200		446,420
Prestige International Inc.		62,500		578,378
Raito Kogyo Co. Ltd.		43,800		625,974
Raksul Inc.(a)		16,100		512,479
Rakus Co. Ltd.		30,800		495,880
Rakuten Inc.(a)		619,300		4,891,090
Recruit Holdings Co. Ltd.		966,200		38,368,084
Relia Inc.		55,400		750,355
Relo Group Inc.		74,600		2,031,824
Renesas Electronics Corp.(a)		557,200		3,655,203
Rengo Co. Ltd.		146,800		1,048,330
Resona Holdings Inc.		1,451,700		6,106,288
Resorttrust Inc.		69,100		1,101,673
Ricoh Co. Ltd.		471,100		5,472,297
Ricoh Leasing Co. Ltd.		19,000		719,611
Rinnai Corp.		24,200		1,759,432
Riso Kyoiku Co. Ltd.		102,600		342,678
Rohm Co. Ltd.		65,300		4,849,979
Rohto Pharmaceutical Co. Ltd.		69,100		1,957,254

92 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Rorze Corp.		9,800	$	373,880
Round One Corp.		55,900		527,616
Royal Holdings Co. Ltd.		43,800		969,068
RPA Holdings Inc.(a)(b)		13,400		129,444
Ryobi Ltd.		24,500		406,883
Ryohin Keikaku Co. Ltd.		167,800		2,851,756
Ryosan Co. Ltd.		23,700		559,782
Saizeriya Co. Ltd.		29,500		653,499
Sakai Moving Service Co. Ltd.		13,800		777,949
Sakata Seed Corp.		33,800		1,096,157
SAMTY Co. Ltd.		29,500		508,156
SanBio Co. Ltd.(a)		22,200		469,050
Sangetsu Corp.		83,700		1,501,248
San-in Godo Bank Ltd. (The)		147,000		824,616
Sanken Electric Co. Ltd.		18,300		478,331
Sankyo Co. Ltd.		38,200		1,300,531
Sankyo Tateyama Inc.		43,000		571,694
Sankyu Inc.		38,500		1,928,819
Sanrio Co. Ltd.		50,900		1,020,489
Santen Pharmaceutical Co. Ltd.		267,400		5,072,421
Sanwa Holdings Corp.		126,900		1,365,183
Sapporo Holdings Ltd.		54,700		1,344,979
Sato Holdings Corp.		34,300		992,116
Sawai Pharmaceutical Co. Ltd.		27,400		1,802,482
SBI Holdings Inc.		167,400		3,981,706
SCREEN Holdings Co. Ltd.		27,100		1,470,203
SCSK Corp.		34,000		1,853,947
Secom Co. Ltd.		147,800		13,245,204
Sega Sammy Holdings Inc.		113,200		1,565,593
Seibu Holdings Inc.		144,400		2,279,544
Seiko Epson Corp.		195,600		2,923,578
Seiko Holdings Corp.		27,300		679,320
Seino Holdings Co. Ltd.		99,800		1,296,475
Seiren Co. Ltd.		51,200		668,904
Sekisui Chemical Co. Ltd.		249,100		4,235,746
Sekisui House Ltd.		442,500		9,639,180
Sekisui House Reit Inc.		3,337		2,863,321
Senshu Ikeda Holdings Inc.		392,800		728,448
Seria Co. Ltd.		34,700		966,868
Seven & i Holdings Co. Ltd.		530,600		20,644,371
Seven Bank Ltd.		466,600		1,412,048
SG Holdings Co. Ltd.		103,100		2,211,630
Sharp Corp.		148,700		2,088,125
SHIFT Inc.(a)		7,600		528,708
Shiga Bank Ltd. (The)		57,800		1,418,536
Shikoku Electric Power Co. Inc.		127,500		1,094,017
Shima Seiki Manufacturing Ltd.		23,100		457,375
Shimachu Co. Ltd.		45,300		1,312,377
Shimadzu Corp.		157,800		4,542,474
Shimamura Co. Ltd.		15,000		1,143,147
Shimano Inc.		51,700		8,042,275
Shimizu Corp.		411,200		4,298,469
Shin-Etsu Chemical Co. Ltd.		256,900		30,137,782
Shinko Electric Industries Co. Ltd.		75,800		922,454
Shinmaywa Industries Ltd.		54,500		718,554
Shinsei Bank Ltd.		124,300		1,938,156
Shionogi & Co. Ltd.		196,300		11,890,109
Ship Healthcare Holdings Inc.		32,200		1,467,620
Shiseido Co. Ltd.		282,600		18,478,444
Shizuoka Bank Ltd. (The)		325,300		2,332,039

Security	Shares		Value
Japan (continued)
SHO-BOND Holdings Co. Ltd.		38,200	$	1,589,537
Shochiku Co. Ltd.		9,100		1,249,324
Shoei Foods Corp.		12,500		424,990
Showa Corp.		47,500		1,000,969
Showa Denko KK		93,300		2,302,694
SKY Perfect JSAT Holdings Inc.		229,700		1,002,427
Skylark Holdings Co. Ltd.		139,700		2,584,292
SMC Corp.		40,500		18,022,005
SMS Co. Ltd.		54,100		1,368,660
Softbank Corp.		1,182,600		16,323,012
SoftBank Group Corp.		1,114,400		46,515,160
Sohgo Security Services Co. Ltd.		47,200		2,486,617
Sojitz Corp.		948,600		3,036,990
Sompo Holdings Inc.		235,500		8,980,223
Sony Corp.		904,100		64,380,161
Sony Financial Holdings Inc.		99,900		2,348,528
Sosei Group Corp.(a)(b)		51,600		919,788
Sotetsu Holdings Inc.		62,800		1,702,904
Sourcenext Corp.(b)		89,900		413,066
Square Enix Holdings Co. Ltd.		64,000		3,176,823
Stanley Electric Co. Ltd.		91,300		2,405,802
Star Micronics Co. Ltd.		42,600		558,515
Subaru Corp.		436,000		11,102,643
Sugi Holdings Co. Ltd.		28,300		1,433,473
SUMCO Corp.		180,700		2,900,936
Sumitomo Bakelite Co. Ltd.		31,000		1,148,360
Sumitomo Chemical Co. Ltd.		1,051,600		4,579,556
Sumitomo Corp.		833,300		12,593,490
Sumitomo Dainippon Pharma Co. Ltd.		111,600		1,959,448
Sumitomo Electric Industries Ltd.		536,500		7,325,921
Sumitomo Forestry Co. Ltd.		90,700		1,284,537
Sumitomo Heavy Industries Ltd.		72,700		1,966,660
Sumitomo Metal Mining Co. Ltd.		161,300		4,708,707
Sumitomo Mitsui Construction Co. Ltd.		169,280		969,902
Sumitomo Mitsui Financial Group Inc.		945,800		33,892,948
Sumitomo Mitsui Trust Holdings Inc.		226,300		8,525,007
Sumitomo Osaka Cement Co. Ltd.		33,000		1,370,116
Sumitomo Realty & Development Co. Ltd.		225,800		8,437,422
Sumitomo Rubber Industries Ltd.		111,600		1,251,040
Sumitomo Warehouse Co. Ltd. (The)		92,100		1,220,239
Sundrug Co. Ltd.		50,000		1,720,718
Suntory Beverage & Food Ltd.		93,400		4,002,796
Suruga Bank Ltd.(a)(b)		130,500		522,554
Sushiro Global Holdings Ltd.		19,300		1,632,892
Suzuken Co. Ltd.		51,800		2,024,016
Suzuki Motor Corp.		259,100		12,029,259
Sysmex Corp.		118,200		8,612,127
Systena Corp.		58,300		997,262
T&D Holdings Inc.		394,300		4,332,807
T. Hasegawa Co. Ltd.		36,600		763,506
Tadano Ltd.		85,800		744,125
Taiheiyo Cement Corp.		80,700		2,221,791
Taikisha Ltd.		26,400		924,371
Taisei Corp.		144,100		5,863,182
Taisho Pharmaceutical Holdings Co. Ltd.		25,300		1,825,400
Taiyo Holdings Co. Ltd.		29,600		1,276,745
Taiyo Nippon Sanso Corp.		90,300		2,013,702
Taiyo Yuden Co. Ltd.(b)		83,800		2,512,802
Takara Bio Inc.		41,300		785,723
Takara Holdings Inc.		125,000		1,123,310

SCHEDULE OF INVESTMENTS 93

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Takasago Thermal Engineering Co. Ltd.		67,500	$	1,194,492
Takashimaya Co. Ltd.		117,400		1,274,898
Takeda Pharmaceutical Co. Ltd.		1,063,383		41,471,790
Takeuchi Manufacturing Co. Ltd.		53,400		930,688
Takuma Co. Ltd.		65,800		730,335
Tamron Co. Ltd.		31,500		682,691
TDK Corp.		92,400		10,119,371
TechnoPro Holdings Inc.		27,800		1,892,919
Teijin Ltd.		107,400		1,957,051
Terumo Corp.		460,100		16,912,289
THK Co. Ltd.		79,500		2,065,526
TIS Inc.		51,500		3,131,291
TKP Corp.(a)		11,100		396,849
Toagosei Co. Ltd.		112,000		1,286,525
Tobu Railway Co. Ltd.		145,600		5,198,801
Toda Corp.		217,800		1,432,776
Toei Co. Ltd.		7,100		988,504
Toho Bank Ltd. (The)		324,600		763,694
Toho Co. Ltd.		80,400		3,000,581
Toho Gas Co. Ltd.		56,000		2,193,292
Toho Holdings Co. Ltd.		51,700		1,080,889
Toho Titanium Co. Ltd.		30,400		238,970
Toho Zinc Co. Ltd.		20,200		355,599
Tohoku Electric Power Co. Inc.		311,100		2,950,692
Tokai Carbon Co. Ltd.		146,000		1,360,520
Tokai Rika Co. Ltd.		62,000		1,084,006
Tokai Tokyo Financial Holdings Inc.		322,500		984,892
Tokio Marine Holdings Inc.		447,600		24,716,391
Tokuyama Corp.		46,400		1,214,530
Tokyo Century Corp.		29,600		1,545,749
Tokyo Dome Corp.		104,800		993,030
Tokyo Electric Power Co. Holdings Inc.(a)		1,112,600		4,465,387
Tokyo Electron Ltd.		111,600		25,226,738
Tokyo Gas Co. Ltd.		272,500		6,054,159
Tokyo Ohka Kogyo Co. Ltd.		28,800		1,231,610
Tokyo Seimitsu Co. Ltd.		36,600		1,323,726
Tokyo Steel Manufacturing Co. Ltd.		103,400		788,009
Tokyo Tatemono Co. Ltd.		129,500		2,126,770
Tokyotokeiba Co. Ltd.		17,700		520,132
Tokyu Construction Co. Ltd.		98,100		698,742
Tokyu Corp.		359,800		6,413,559
Tokyu Fudosan Holdings Corp.		435,300		3,116,601
Tokyu REIT Inc.		878		1,717,359
TOMONY Holdings Inc.		209,800		712,335
Tomy Co. Ltd.		69,100		762,500
Topcon Corp.		89,300		1,272,948
Toppan Forms Co. Ltd.		97,500		1,122,665
Toppan Printing Co. Ltd.		191,200		3,873,924
Toray Industries Inc.		986,200		6,598,627
Toridoll Holdings Corp.		21,900		507,164
Toshiba Corp.		351,600		11,353,970
Toshiba Machine Co. Ltd.(b)		26,800		840,707
Toshiba TEC Corp.		30,300		1,209,093
Tosho Co. Ltd.		17,200		338,811
Tosoh Corp.		178,000		2,583,328
Totetsu Kogyo Co. Ltd.		25,900		770,656
TOTO Ltd.		97,700		4,078,909
Towa Pharmaceutical Co. Ltd.		25,700		596,825
Toyo Ink SC Holdings Co. Ltd.		49,000		1,120,284
Toyo Seikan Group Holdings Ltd.		106,400		1,841,642

Security	Shares		Value
Japan (continued)
Toyo Suisan Kaisha Ltd.		57,700	$	2,448,863
Toyo Tire Corp.		86,700		1,106,298
Toyobo Co. Ltd.		66,400		928,748
Toyoda Gosei Co. Ltd.		53,900		1,253,697
Toyota Boshoku Corp.		61,900		914,922
Toyota Industries Corp.		103,100		5,707,432
Toyota Motor Corp.		1,624,700		114,704,105
Toyota Tsusho Corp.		148,400		5,250,856
Trend Micro Inc.(a)		87,300		4,639,461
Tri Chemical Laboratories Inc.(b)		5,400		529,612
Trusco Nakayama Corp.		41,000		968,778
TS Tech Co. Ltd.		42,300		1,198,146
TSI Holdings Co. Ltd.		105,900		506,124
Tsubaki Nakashima Co. Ltd.		38,400		459,517
Tsubakimoto Chain Co.		27,600		870,895
Tsumura & Co.		59,600		1,649,675
Tsuruha Holdings Inc.		27,100		3,357,965
UACJ Corp.		26,500		552,567
Ube Industries Ltd.		61,800		1,273,804
Ulvac Inc.		32,300		1,200,987
Unicharm Corp.		284,700		9,908,091
Unipres Corp.		39,800		519,601
United Arrows Ltd.		23,200		622,248
United Urban Investment Corp.		2,113		3,787,940
Universal Entertainment Corp.		22,800		679,467
Unizo Holdings Co. Ltd.		19,700		1,008,765
Ushio Inc.		100,800		1,507,559
USS Co. Ltd.		166,900		3,079,762
UT Group Co. Ltd.(b)		23,000		593,966
UUUM Inc.(a)		8,800		258,191
V Technology Co. Ltd.		9,500		435,623
Valor Holdings Co. Ltd.		34,200		608,049
Vector Inc.(a)		40,900		475,472
Vision Inc.(a)(b)		25,400		337,464
Wacom Co. Ltd.		136,900		510,288
WATAMI Co. Ltd.		43,200		511,377
Welcia Holdings Co. Ltd.		34,100		1,897,154
West Japan Railway Co.		114,300		9,780,119
World Co. Ltd.		20,400		453,982
Xebio Holdings Co. Ltd.		55,800		602,353
Yakult Honsha Co. Ltd.		84,400		4,321,816
Yamada Denki Co. Ltd.		418,600		2,128,049
Yamagata Bank Ltd. (The)		39,600		512,241
Yamaguchi Financial Group Inc.		162,000		996,946
Yamaha Corp.		100,300		5,237,791
Yamaha Motor Co. Ltd.		199,500		3,795,442
YA-MAN Ltd.(b)		43,800		267,120
Yamanashi Chuo Bank Ltd. (The)		52,700		487,688
Yamato Holdings Co. Ltd.		215,300		3,525,926
Yamato Kogyo Co. Ltd.		39,400		973,867
Yamazaki Baking Co. Ltd.		85,300		1,643,275
Yaoko Co. Ltd.		21,200		1,099,267
Yaskawa Electric Corp.		168,300		6,017,092
Yokogawa Electric Corp.		160,800		2,872,250
Yokohama Rubber Co. Ltd. (The)		81,000		1,411,717
Yoshinoya Holdings Co. Ltd.		55,400		1,262,518
Z Holdings Corp.		1,915,000		7,738,801
Zenkoku Hosho Co. Ltd.		38,400		1,670,489
Zenrin Co. Ltd.		25,700		352,831
Zensho Holdings Co. Ltd.		60,900		1,305,261

94 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Zeon Corp.		102,000	$	1,114,250
Zojirushi Corp.(b)		48,200		977,919
ZOZO Inc.		80,200		1,348,938
				3,082,121,267
Liechtenstein — 0.0%
Liechtensteinische Landesbank AG		7,602		509,979
Malaysia — 0.5%
AirAsia Group Bhd		1,238,800		432,280
Alliance Bank Malaysia Bhd		1,033,800		618,060
AMMB Holdings Bhd		1,211,700		1,094,019
Axiata Group Bhd		1,903,400		1,997,223
Berjaya Corp. Bhd(a)		7,868,696		460,831
British American Tobacco Malaysia Bhd		105,000		301,830
Bursa Malaysia Bhd(b)		830,800		1,125,168
Cahya Mata Sarawak Bhd		488,600		257,534
Carlsberg Brewery Malaysia Bhd		166,800		1,330,981
CIMB Group Holdings Bhd		3,239,900		3,897,684
Dialog Group Bhd		3,026,078		2,414,660
DiGi.Com Bhd		2,184,000		2,254,348
FGV Holdings Bhd(a)		1,421,500		419,721
Fraser & Neave Holdings Bhd		132,600		1,063,259
Gamuda Bhd		1,556,800		1,466,386
Genting Bhd		1,408,200		1,889,971
Genting Malaysia Bhd		2,032,600		1,497,914
Genting Plantations Bhd		484,800		1,242,167
HAP Seng Consolidated Bhd		289,600		687,606
Hartalega Holdings Bhd		1,086,200		1,569,132
Hibiscus Petroleum Bhd(a)		1,813,500		376,153
Hong Leong Bank Bhd		436,600		1,704,636
Hong Leong Financial Group Bhd		189,000		744,378
IHH Healthcare Bhd		1,714,500		2,384,736
IJM Corp. Bhd		2,269,500		1,174,070
Inari Amertron Bhd(b)		2,152,400		924,408
IOI Corp. Bhd		1,444,300		1,600,079
Kossan Rubber Industries		413,300		494,185
KPJ Healthcare Bhd		4,251,500		1,016,708
Kuala Lumpur Kepong Bhd		314,300		1,748,668
Malayan Banking Bhd		2,536,100		5,217,014
Malaysia Airports Holdings Bhd		451,100		741,926
Malaysian Resources Corp. Bhd		1,688,700		276,093
Maxis Bhd(b)		1,558,800		2,019,821
MISC Bhd		780,200		1,464,065
My EG Services Bhd		1,856,000		471,020
Nestle Malaysia Bhd		42,700		1,503,565
Pavilion REIT(b)		1,306,400		545,130
Pentamaster Corp. Bhd(a)		353,700		422,921
Petronas Chemicals Group Bhd		1,762,500		2,662,244
Petronas Dagangan Bhd		167,200		904,137
Petronas Gas Bhd		489,800		1,912,348
PPB Group Bhd		620,980		2,821,534
Press Metal Aluminium Holdings Bhd(b)		1,371,100		1,632,740
Public Bank Bhd		2,184,460		9,914,826
QL Resources Bhd		526,700		1,066,767
RHB Bank Bhd(b)		970,598		1,347,658
RHB Capital Bhd(a)(e)		87,100		0	(d)
Sapura Energy Bhd		5,125,000		306,399
Serba Dinamik Holdings Bhd		1,055,670		579,614
Sime Darby Bhd		1,931,900		1,027,707
Sime Darby Plantation Bhd		1,816,900		2,247,848

Security	Shares		Value
Malaysia (continued)
Sime Darby Property Bhd		3,673,500	$	699,202
SP Setia Bhd Group		1,146,300		366,436
Sunway REIT(b)		2,351,400		1,044,302
Supermax Corp. Bhd		765,092		332,324
Telekom Malaysia Bhd		824,900		776,992
Tenaga Nasional Bhd		2,220,200		6,750,535
Top Glove Corp. Bhd		1,121,400		1,600,827
UMW Holdings Bhd		363,200		347,424
Velesto Energy Bhd(a)		5,396,176		454,290
VS Industry Bhd		1,171,400		385,893
WCT Holdings Bhd(a)		1,515,722		282,950
Westports Holdings Bhd		551,400		531,486
Yinson Holdings BHD		364,000		550,708
YTL Corp. Bhd		3,312,530		723,454
				92,120,995
Mexico — 0.6%
Alfa SAB de CV, Class A		2,124,100		1,587,629
Alsea SAB de CV(a)		466,900		1,129,366
America Movil SAB de CV, Series L, NVS		23,962,900		19,874,083
Arca Continental SAB de CV		321,200		1,816,874
Bolsa Mexicana de Valores SAB de CV		484,500		1,114,570
Cemex SAB de CV, CPO, NVS		11,343,112		4,556,912
Coca-Cola Femsa SAB de CV		364,700		2,215,806
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)		680,400		886,556
Corp. Inmobiliaria Vesta SAB de CV		646,400		1,182,914
El Puerto de Liverpool SAB de CV, Series C1, NVS(b)		162,860		859,496
Fibra Uno Administracion SA de CV		2,574,600		4,220,232
Fomento Economico Mexicano SAB de CV		1,381,200		12,438,685
Genomma Lab Internacional SAB de CV, Class B(a)(b)		561,500		664,255
Gentera SAB de CV		847,300		953,089
Gruma SAB de CV, Series B		153,635		1,630,717
Grupo Aeroportuario del Centro Norte SAB de CV		244,600		1,860,165
Grupo Aeroportuario del Pacifico SAB de CV, Series B		247,900		3,060,290
Grupo Aeroportuario del Sureste SAB de CV, Class B		159,250		3,056,290
Grupo Bimbo SAB de CV, Series A		1,145,900		2,047,937
Grupo Carso SAB de CV, Series A1		356,700		1,284,595
Grupo Cementos de Chihuahua SAB de CV		133,400		690,481
Grupo Comercial Chedraui SA de CV		331,400		435,665
Grupo Financiero Banorte SAB de CV, Class O		1,868,100		11,463,565
Grupo Financiero Inbursa SAB de CV, Class O		1,599,400		1,816,847
Grupo Herdez SAB de CV(b)		334,900		663,675
Grupo Mexico SAB de CV, Series B		2,492,500		6,648,248
Grupo Televisa SAB, CPO		1,655,300		3,660,070
Industrias Penoles SAB de CV		111,295		1,161,132
Infraestructura Energetica Nova SAB de CV		422,200		1,980,890
Kimberly-Clark de Mexico SAB de CV, Class A		1,180,500		2,431,763
Macquarie Mexico Real Estate Management SA de CV(c)		743,300		1,005,840
Megacable Holdings SAB de CV, CPO		241,600		897,922
Orbia Advance Corp. SAB de CV		774,778		1,810,600
Promotora y Operadora de Infraestructura SAB de CV		200,810		2,163,925
Regional SAB de CV		188,500		1,078,210
Telesites SAB de CV(a)(b)		1,222,155		897,978

SCHEDULE OF INVESTMENTS 95

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mexico (continued)
Wal-Mart de Mexico SAB de CV		3,742,900	$	10,851,996
				116,099,268
Netherlands — 2.6%
Aalberts NV		75,170		3,292,151
ABN AMRO Bank NV, CVA(c)		297,726		5,186,657
Accell Group NV		16,393		506,852
Adyen NV(a)(c)		7,428		6,840,552
Aegon NV		1,278,005		5,196,351
AerCap Holdings NV(a)		86,589		4,901,803
Akzo Nobel NV		162,094		15,322,662
Altice Europe NV(a)		473,468		3,051,640
AMG Advanced Metallurgical Group NV(b)		27,660		631,448
Arcadis NV(b)		60,733		1,383,777
ArcelorMittal SA		472,205		6,989,164
Argenx SE(a)		29,604		4,268,212
ASM International NV		33,910		4,135,577
ASML Holding NV		303,324		85,464,543
ASR Nederland NV		96,634		3,602,502
Basic-Fit NV(a)(c)		27,596		1,022,964
BE Semiconductor Industries NV		59,963		2,552,383
Boskalis Westminster		56,508		1,325,712
Brunel International NV		38,650		355,077
Corbion NV		43,390		1,502,169
COSMO Pharmaceuticals NV(a)(b)		8,334		709,442
Eurocommercial Properties NV		42,479		1,062,017
Euronext NV(c)		43,206		3,751,469
EXOR NV		75,224		5,555,327
Flow Traders(c)		25,106		585,385
Fugro NV, CVA(a)(b)		73,352		772,243
Heineken Holding NV		83,971		8,272,739
Heineken NV		181,716		19,799,457
IMCD NV		40,020		3,461,531
ING Groep NV		2,718,238		29,596,358
Intertrust NV(c)		63,272		1,126,096
InterXion Holding NV(a)		54,685		4,759,236
Koninklijke Ahold Delhaize NV		836,517		20,580,029
Koninklijke BAM Groep NV		243,296		671,895
Koninklijke DSM NV		131,190		16,035,942
Koninklijke KPN NV		2,500,866		7,020,109
Koninklijke Philips NV		642,491		29,477,159
Koninklijke Volkerwessels NV		23,528		571,015
Koninklijke Vopak NV		49,608		2,659,719
NN Group NV		214,531		7,465,140
NSI NV		42,100		2,295,437
NXP Semiconductors NV		200,099		25,384,559
OCI NV(a)		71,905		1,243,088
Pharming Group NV(a)		491,398		719,918
PostNL NV		388,640		718,177
Prosus NV(a)		347,904		25,149,250
Randstad NV		82,127		4,729,044
Rhi Magnesita NV		21,555		907,537
SBM Offshore NV		122,821		2,114,473
Shop Apotheke Europe NV(a)(c)		8,062		407,851
Signify NV(c)		79,580		2,656,300
Takeaway.com NV(a)(c)		26,384		2,488,218
TKH Group NV		30,921		1,639,317
TomTom NV		64,475		701,865
Unilever NV		1,045,137		61,038,251
Vastned Retail NV		29,419		792,232
Wereldhave NV		26,939		495,573

Security	Shares		Value
Netherlands (continued)
Wolters Kluwer NV		195,924	$	14,746,996
				469,692,590
New Zealand — 0.2%
a2 Milk Co. Ltd.(a)		536,725		5,210,123
Air New Zealand Ltd.		517,803		944,971
Auckland International Airport Ltd.		733,783		4,107,605
Chorus Ltd.		362,716		1,532,797
Contact Energy Ltd.		533,136		2,566,941
Fisher & Paykel Healthcare Corp. Ltd.		428,678		6,463,861
Fletcher Building Ltd.		615,924		2,212,203
Infratil Ltd.		595,817		2,089,859
Kiwi Property Group Ltd.		913,059		924,737
Mercury NZ Ltd.		539,402		1,829,147
Meridian Energy Ltd.		1,009,774		3,492,825
Precinct Properties New Zealand Ltd.		1,052,922		1,281,029
Restaurant Brands New Zealand Ltd.(a)		5,652		48,830
Ryman Healthcare Ltd.		329,836		3,519,846
SKYCITY Entertainment Group Ltd.		528,561		1,245,092
Spark New Zealand Ltd.		1,300,595		3,922,229
Summerset Group Holdings Ltd.		204,378		1,179,788
Synlait Milk Ltd.(a)		68,118		387,045
Z Energy Ltd.		315,443		908,418
				43,867,346
Norway — 0.5%
Adevinta ASA(a)		80,877		984,443
Aker ASA, Class A		17,598		976,521
Aker BP ASA		75,446		2,137,874
Aker Solutions ASA(a)		176,712		356,863
Atea ASA		93,731		1,216,150
Austevoll Seafood ASA		89,871		877,963
Bakkafrost P/F		33,446		2,380,240
Borr Drilling Ltd.(a)		71,632		374,720
Borregaard ASA		126,760		1,210,146
BW LPG Ltd.(c)		62,797		508,218
BW Offshore Ltd.(a)(b)		81,003		446,853
DNB ASA		657,374		11,542,449
DNO ASA		633,905		634,331
Elkem ASA(c)		234,111		589,735
Equinor ASA		704,830		12,780,960
Europris ASA(c)		114,950		417,760
Flex LNG Ltd.(b)		37,924		309,800
Frontline Ltd./Bermuda		61,774		563,605
Gjensidige Forsikring ASA		144,211		3,144,613
Golden Ocean Group Ltd.		71,923		328,802
Grieg Seafood ASA		39,568		606,969
Kongsberg Gruppen ASA		75,539		1,171,872
Leroy Seafood Group ASA		207,930		1,349,837
Mowi ASA		311,527		7,441,933
NEL ASA(a)(b)		907,742		903,527
Nordic Semiconductor ASA(a)		125,927		801,918
Norsk Hydro ASA		931,573		2,931,820
Northern Drilling Ltd.(a)(b)		112,102		181,206
Norway Royal Salmon ASA		11,743		299,887
Norwegian Air Shuttle ASA(a)		68,878		267,358
Norwegian Finans Holding ASA(a)		104,304		1,066,486
Ocean Yield ASA		84,552		423,778
Orkla ASA		549,159		5,302,258
PGS ASA(a)		273,168		526,611
Protector Forsikring ASA(a)(b)		50,522		226,800

96 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Salmar ASA		39,588	$	1,939,931
Sbanken ASA(c)		48,447		368,432
Scatec Solar ASA(c)		59,196		1,010,168
Schibsted ASA, Class B		69,855		1,985,507
SpareBank 1 SMN		190,544		2,100,205
SpareBank 1 SR-Bank ASA		109,671		1,165,979
Storebrand ASA		302,521		2,326,883
Subsea 7 SA		147,773		1,589,981
Telenor ASA		513,273		9,296,245
TGS NOPEC Geophysical Co. ASA		79,528		2,028,362
Tomra Systems ASA(b)		83,064		2,451,063
Veidekke ASA		102,207		1,286,208
Wallenius Wilhelmsen ASA		97,190		259,376
XXL ASA(a)(b)(c)		97,520		125,367
Yara International ASA		126,742		4,611,650
				97,829,663
Pakistan — 0.0%
Engro Corp. Ltd./Pakistan		539,012		1,190,456
Hub Power Co. Ltd. (The)(a)		568,340		357,892
Lucky Cement Ltd.		223,000		687,808
MCB Bank Ltd.		376,800		513,643
Oil & Gas Development Co. Ltd.		781,100		697,084
United Bank Ltd./Pakistan		538,100		591,419
				4,038,302
Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR		133,367		1,724,435
Credicorp Ltd.		49,417		10,208,564
Southern Copper Corp.		59,437		2,239,586
				14,172,585
Philippines — 0.2%
Aboitiz Equity Ventures Inc.		1,598,050		1,549,948
Aboitiz Power Corp.		1,062,600		676,276
Alliance Global Group Inc.		3,269,600		694,702
Ayala Corp.		211,865		3,028,131
Ayala Land Inc.		5,439,130		4,451,462
Bank of the Philippine Islands		669,015		1,085,850
BDO Unibank Inc.		1,631,920		4,751,606
Bloomberry Resorts Corp.		4,295,600		760,582
DoubleDragon Properties Corp.(a)		1,108,200		346,653
Globe Telecom Inc.		24,620		915,440
GT Capital Holdings Inc.		75,568		1,003,510
International Container Terminal Services Inc.		817,100		2,089,770
JG Summit Holdings Inc.		2,174,502		2,998,871
Jollibee Foods Corp.		371,490		1,397,381
Manila Electric Co.		129,810		653,775
Manila Water Co. Inc.(e)		1,692,600		404,919
Megaworld Corp.		8,590,500		684,468
Metro Pacific Investments Corp.		13,064,300		825,032
Metropolitan Bank & Trust Co.		1,346,337		1,519,033
PLDT Inc.		65,040		1,274,441
SM Investments Corp.		195,555		3,735,666
SM Prime Holdings Inc.		7,538,400		5,769,108
Universal Robina Corp.		661,170		1,886,084
				42,502,708
Poland — 0.2%
Alior Bank SA(a)		71,352		488,930
Asseco Poland SA		59,273		977,964
Bank Millennium SA(a)		519,959		796,235
Bank Polska Kasa Opieki SA		114,166		2,913,198

Security	Shares		Value
Poland (continued)
CCC SA		25,339	$	633,320
CD Projekt SA		50,910		3,695,912
Cyfrowy Polsat SA		204,511		1,434,074
Dino Polska SA(a)(c)		36,930		1,547,100
Enea SA(a)		179,458		331,717
Eurocash SA(b)		64,855		325,199
Grupa Azoty SA(a)		39,727		254,813
Grupa Lotos SA		67,010		1,329,161
Jastrzebska Spolka Weglowa SA		49,656		240,666
KGHM Polska Miedz SA(a)		101,088		2,376,732
KRUK SA		12,652		533,289
LPP SA		949		2,070,995
mBank SA(a)		11,046		1,057,058
Orange Polska SA(a)		473,762		855,567
PGE Polska Grupa Energetyczna SA(a)		587,176		1,038,432
PLAY Communications SA(c)		86,316		792,631
Polski Koncern Naftowy ORLEN SA		217,547		4,243,315
Polskie Gornictwo Naftowe i Gazownictwo SA		1,223,290		1,134,688
Powszechna Kasa Oszczednosci Bank Polski SA		611,305		5,391,342
Powszechny Zaklad Ubezpieczen SA		437,135		4,532,559
Santander Bank Polska SA		22,411		1,654,703
Tauron Polska Energia SA(a)(b)		789,209		302,341
				40,951,941
Portugal — 0.1%
Altri SGPS SA		68,217		421,837
Banco Comercial Portugues SA, Class R		5,936,719		1,261,208
CTT-Correios de Portugal SA		148,243		481,021
EDP - Energias de Portugal SA		1,783,159		8,939,864
Galp Energia SGPS SA		368,910		5,576,389
Jeronimo Martins SGPS SA		184,298		3,174,897
Navigator Co. SA (The)		171,262		614,928
NOS SGPS SA		226,017		1,172,710
REN - Redes Energeticas Nacionais SGPS SA		294,593		891,258
Sonae SGPS SA		1,240,188		1,153,789
				23,687,901
Qatar — 0.2%
Barwa Real Estate Co.		1,752,872		1,693,735
Commercial Bank PSQC (The)		1,791,632		2,347,372
Doha Bank QPSC		1,108,283		828,883
Industries Qatar QSC		1,388,962		3,776,084
Masraf Al Rayan QSC		3,010,498		3,385,537
Mesaieed Petrochemical Holding Co.		2,970,085		1,775,436
Ooredoo QPSC		622,877		1,178,223
Qatar Aluminum Manufacturing Co.		2,678,352		569,504
Qatar Electricity & Water Co. QSC		492,373		2,157,055
Qatar Fuel QSC		159,780		960,355
Qatar Gas Transport Co. Ltd.		2,365,119		1,536,462
Qatar Insurance Co. SAQ		1,323,696		1,145,353
Qatar Islamic Bank SAQ		878,101		4,002,699
Qatar National Bank QPSC		3,280,964		18,305,193
Qatar Navigation QSC		359,324		593,381
United Development Co. QSC		1,404,772		582,829
Vodafone Qatar QSC		2,109,930		708,378
				45,546,479
Russia — 0.9%
Aeroflot PJSC		303,910		510,707
Alrosa PJSC		1,712,030		2,148,365
Gazprom PJSC		2,092,420		7,422,030
Gazprom PJSC, ADR		2,801,702		19,695,965

SCHEDULE OF INVESTMENTS 97

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
Inter RAO UES PJSC		29,073,000	$	2,631,574
LSR Group PJSC, GDR(f)		1,357,103		3,765,961
LUKOIL PJSC		275,953		28,283,420
M.Video PJSC		11,710		95,239
Magnit PJSC, GDR(f)		241,206		3,280,402
Magnitogorsk Iron & Steel Works PJSC		389,900		273,980
Mechel PJSC, ADR(a)		426,746		1,284,505
MMC Norilsk Nickel PJSC		46,442		15,114,598
Mobile TeleSystems PJSC, ADR		361,218		3,680,811
Moscow Exchange MICEX-RTS PJSC		695,700		1,196,741
Novatek PJSC, GDR(f)		64,716		11,648,880
Novolipetsk Steel PJSC		491,630		1,061,548
PhosAgro PJSC, GDR(f)		212,380		2,695,102
Polyus PJSC		11,979		1,464,685
Rosneft Oil Co. PJSC		584,500		4,394,407
Rostelecom PJSC(a)		211,970		291,863
Sberbank of Russia PJSC		6,722,945		26,529,373
Sberbank of Russia PJSC, New, ADR		197,055		3,152,880
Severstal PJSC		80,579		1,149,088
Sistema PJSFC, GDR(f)		828,382		4,754,913
Surgutneftegas PJSC		4,731,600		3,408,889
Tatneft PJSC		1,085,110		12,920,543
TMK PJSC, GDR(f)		381,598		1,324,145
Unipro PJSC		5,896,000		271,408
VTB Bank PJSC		1,650,400,000		1,198,201
X5 Retail Group NV, GDR(f)		86,849		3,173,029
				168,823,252
Saudi Arabia — 0.7%
Abdullah Al Othaim Markets Co.		40,211		954,904
Advanced Petrochemical Co.		91,132		1,170,726
Al Rajhi Bank		878,140		15,540,644
Aldrees Petroleum and Transport Services Co.		42,950		748,649
Alinma Bank		517,530		3,572,502
Almarai Co. JSC		161,025		2,038,563
Arab National Bank		302,670		2,141,761
Arriyadh Development Co.		146,076		612,024
Bank AlBilad		285,170		2,071,131
Bank Al-Jazira		334,849		1,342,252
Banque Saudi Fransi		388,666		3,843,153
Bupa Arabia for Cooperative Insurance Co.		26,429		724,121
City Cement Co.		160,279		856,929
Co. for Cooperative Insurance (The)(a)		50,449		1,008,442
Dar Al Arkan Real Estate Development Co.(a)		412,761		1,081,407
Emaar Economic City(a)		336,815		899,490
Etihad Etisalat Co.(a)		276,427		1,941,325
Jarir Marketing Co.		39,324		1,687,410
Leejam Sports Co. JSC		27,459		578,893
Mobile Telecommunications Co.(a)		256,198		883,583
Mouwasat Medical Services Co.		43,704		937,679
National Commercial Bank		860,079		10,762,449
National Gas & Industrialization Co.		86,408		728,895
National Industrialization Co.(a)		305,613		1,044,232
Rabigh Refining & Petrochemical Co.(a)		189,635		1,010,847
Riyad Bank		867,066		5,444,583
Sahara International Petrochemical Co.		294,060		1,354,306
Samba Financial Group		715,155		5,775,372
Saudi Airlines Catering Co.		36,521		1,000,629
Saudi Arabian Fertilizer Co.		113,163		2,262,053
Saudi Arabian Mining Co.(a)		294,826		3,371,011
Saudi Arabian Oil Co.(a)(c)		711,795		6,478,624

Security	Shares		Value
Saudi Arabia (continued)
Saudi Basic Industries Corp.		537,451	$	12,533,839
Saudi British Bank (The)		437,794		3,728,017
Saudi Cement Co.		61,169		1,098,825
Saudi Chemical Co. Holding		90,852		608,989
Saudi Electricity Co.		611,485		3,233,439
Saudi Industrial Investment Group		183,531		1,154,406
Saudi Kayan Petrochemical Co.(a)		540,935		1,434,516
Saudi Public Transport Co.(a)		132,519		679,548
Saudi Research & Marketing Group(a)		27,902		565,923
Saudi Telecom Co.		288,751		7,026,377
Saudia Dairy & Foodstuff Co.		17,978		697,654
Savola Group (The)(a)		185,842		1,770,749
Southern Province Cement Co.		53,343		989,518
United Electronics Co.		31,621		694,448
United International Transportation Co.		62,904		628,705
Yamama Cement Co.(a)		114,866		863,332
Yanbu Cement Co.		45,681		496,136
Yanbu National Petrochemical Co.		149,940		2,106,034
				124,179,044
Singapore — 0.9%
Ascendas REIT		1,860,374		4,293,485
Ascott Residence Trust(b)		1,295,872		1,196,277
Best World International Ltd.(b)(e)		171,200		138,626
BOC Aviation Ltd.(c)		154,100		1,424,922
Cache Logistics Trust		3,306,462		1,695,746
CapitaLand Commercial Trust		1,667,157		2,516,187
CapitaLand Ltd.		1,790,000		4,747,454
CapitaLand Mall Trust		1,601,600		2,957,017
CapitaLand Retail China Trust(b)		1,325,473		1,505,226
CDL Hospitality Trusts		1,564,900		1,788,588
City Developments Ltd.		257,000		1,995,897
ComfortDelGro Corp. Ltd.		1,558,900		2,478,433
DBS Group Holdings Ltd.		1,242,200		23,089,321
ESR-REIT		5,402,762		2,157,305
First REIT		1,449,800		1,072,824
First Resources Ltd.		762,700		949,952
Frasers Centrepoint Trust		690,622		1,457,243
Frasers Commercial Trust		1,488,300		1,777,368
Frasers Hospitality Trust		817,600		413,323
Frasers Logistics & Industrial Trust(b)		1,785,300		1,595,770
Genting Singapore Ltd.		4,488,600		2,828,190
Golden Agri-Resources Ltd.		4,859,700		747,701
Hutchison Port Holdings Trust, Class U(b)		4,513,600		722,176
Jardine Cycle & Carriage Ltd.		79,322		1,698,138
Kenon Holdings Ltd./Singapore		23,974		495,824
Keppel Corp. Ltd.		966,400		4,729,689
Keppel DC REIT(b)		1,082,463		1,792,341
Keppel Infrastructure Trust		5,693,535		2,189,982
Keppel REIT(b)		1,216,960		1,078,849
Lippo Malls Indonesia Retail Trust(b)		3,474,600		547,321
Manulife US Real Estate Investment Trust		1,486,618		1,575,815
Mapletree Commercial Trust		1,274,793		2,194,859
Mapletree Industrial Trust		751,500		1,530,640
Mapletree Logistics Trust		1,635,190		2,204,374
NetLink NBN Trust(b)		3,302,400		2,443,713
OUE Commercial Real Estate Investment Trust		2,691,180		1,074,579
Oversea-Chinese Banking Corp. Ltd.		2,186,550		17,349,503
Parkway Life REIT		758,800		1,990,259
Raffles Medical Group Ltd.		914,600		696,889
Sabana Shari’ah Compliant Industrial REIT		3,934,288		1,340,350

98 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
SATS Ltd.		430,300	$	1,437,591
Sembcorp Industries Ltd.		631,400		980,708
Sembcorp Marine Ltd.(a)(b)		715,100		607,748
Sheng Siong Group Ltd.		777,900		701,016
SIA Engineering Co. Ltd.		225,900		433,627
Singapore Airlines Ltd.(b)		317,500		1,988,882
Singapore Exchange Ltd.		417,400		2,660,547
Singapore Post Ltd.(b)		1,392,600		913,164
Singapore Technologies Engineering Ltd.		1,137,000		3,423,745
Singapore Telecommunications Ltd.		5,669,600		13,707,729
SPH REIT(b)		324,300		251,856
Starhill Global REIT		2,198,800		1,184,056
StarHub Ltd.		542,600		572,455
Suntec REIT		1,104,700		1,489,228
United Overseas Bank Ltd.		823,400		15,479,848
UOL Group Ltd.		243,800		1,425,397
Venture Corp. Ltd.		181,100		2,166,725
Wilmar International Ltd.		1,276,600		3,657,049
Wing Tai Holdings Ltd.(b)		724,400		1,061,470
Yangzijiang Shipbuilding Holdings Ltd.		1,869,600		1,301,282
Yanlord Land Group Ltd.		748,800		630,903
Yoma Strategic Holdings Ltd.(a)(b)		1,252,900		289,152
				164,846,334
South Africa — 1.2%
Absa Group Ltd.		501,690		4,596,971
Adcock Ingram Holdings Ltd.		107,388		364,057
AECI Ltd.		120,501		833,895
African Rainbow Minerals Ltd.		125,298		1,410,986
Anglo American Platinum Ltd.		40,811		3,263,628
AngloGold Ashanti Ltd.		302,684		6,130,161
Aspen Pharmacare Holdings Ltd.(a)		284,777		2,203,108
AVI Ltd.		255,298		1,317,382
Barloworld Ltd.		157,367		979,905
Bid Corp. Ltd.		248,723		5,509,398
Bidvest Group Ltd. (The)		192,006		2,649,771
Capitec Bank Holdings Ltd.		31,870		2,860,215
Clicks Group Ltd.		197,351		3,214,034
Coronation Fund Managers Ltd.		176,749		494,914
Dis-Chem Pharmacies Ltd.(c)		284,089		487,513
Discovery Ltd.		285,470		2,226,360
Emira Property Fund Ltd.		899,386		768,101
Exxaro Resources Ltd.		189,779		1,540,677
FirstRand Ltd.		2,385,888		9,193,928
Foschini Group Ltd. (The)		171,297		1,573,701
Gold Fields Ltd.		596,079		3,886,167
Growthpoint Properties Ltd.		2,056,415		2,891,416
Harmony Gold Mining Co. Ltd.(a)		379,979		1,287,665
Hyprop Investments Ltd.		170,662		612,925
Impala Platinum Holdings Ltd.(a)		565,860		5,338,124
Imperial Logistics Ltd.		107,522		364,440
Investec Ltd.		220,183		1,233,800
JSE Ltd.		103,423		758,461
Kumba Iron Ore Ltd.		51,034		1,189,268
Liberty Holdings Ltd.		96,551		679,742
Life Healthcare Group Holdings Ltd.		964,661		1,610,394
Massmart Holdings Ltd.		91,307		324,881
Momentum Metropolitan Holdings		729,899		972,745
Motus Holdings Ltd.		148,970		804,465
Mr. Price Group Ltd.		188,790		2,141,202
MTN Group Ltd.(b)		1,215,459		6,546,680

Security	Shares		Value
South Africa (continued)
MultiChoice Group Ltd.(a)		330,046	$	2,349,346
Murray & Roberts Holdings Ltd.		411,793		294,854
Nampak Ltd.(a)		497,821		162,627
Naspers Ltd., Class N		314,219		51,548,717
Nedbank Group Ltd.		261,383		3,410,465
NEPI Rockcastle PLC		268,022		2,206,788
Netcare Ltd.		878,154		1,173,838
Northam Platinum Ltd.(a)		277,600		2,326,180
Oceana Group Ltd.		81,738		344,128
Old Mutual Ltd.		3,393,307		3,913,745
Pick n Pay Stores Ltd.		278,909		1,207,716
Pioneer Foods Group Ltd.		87,366		634,298
PPC Ltd.(a)		1,238,816		189,958
PSG Group Ltd.		117,040		1,671,777
Rand Merchant Investment Holdings Ltd.		612,694		1,107,788
Redefine Properties Ltd.		3,858,325		1,849,485
Reinet Investments SCA		108,264		2,328,475
Remgro Ltd.		383,331		4,664,016
Resilient REIT Ltd.		229,633		996,640
Reunert Ltd.		193,517		792,027
RMB Holdings Ltd.		592,040		2,910,171
Sanlam Ltd.		1,424,964		7,022,457
Sappi Ltd.(a)		425,617		1,081,955
Sasol Ltd.		411,705		6,564,718
Shoprite Holdings Ltd.		340,133		2,654,486
Sibanye Gold Ltd.(a)(b)		1,642,808		4,280,205
SPAR Group Ltd. (The)		143,822		1,838,298
Standard Bank Group Ltd.		917,168		9,629,362
Steinhoff International Holdings NV(a)(b)		2,985,459		179,134
Sun International Ltd./South Africa(a)		206,532		482,062
Super Group Ltd./South Africa(a)		366,693		608,242
Telkom SA SOC Ltd.		222,963		479,535
Tiger Brands Ltd.		121,051		1,589,856
Truworths International Ltd.		344,400		1,012,570
Vodacom Group Ltd.		458,566		3,584,577
Vukile Property Fund Ltd.		594,175		709,072
Wilson Bayly Holmes-Ovcon Ltd.		62,512		540,872
Woolworths Holdings Ltd.		697,040		2,062,378
				212,663,898
South Korea — 2.9%
ABLBio Inc.(a)(b)		21,672		320,939
Aekyung Industrial Co. Ltd.		6,394		162,552
AfreecaTV Co. Ltd.(b)		5,582		252,908
Alteogen Inc.(a)(b)		6,953		372,196
Amicogen Inc.(a)		15,737		311,611
Amorepacific Corp.(b)		22,942		3,618,824
AMOREPACIFIC Group		21,517		1,303,459
Asiana Airlines Inc.(a)		138,974		531,712
BGF retail Co. Ltd.		6,497		899,446
BH Co. Ltd.(a)		25,292		449,881
Binggrae Co. Ltd.		15,686		696,220
BNK Financial Group Inc.		179,883		1,018,761
Bukwang Pharmaceutical Co. Ltd.		38,193		440,621
Cafe24 Corp.(a)		5,818		240,657
Celltrion Healthcare Co. Ltd.(a)		38,394		1,842,629
Celltrion Inc.(a)		67,971		9,409,922
Celltrion Pharm Inc.(a)		15,092		531,199
Chabiotech Co. Ltd.(a)		34,755		390,751
Cheil Worldwide Inc.		60,758		1,078,182
CJ CGV Co. Ltd.		22,119		487,162

SCHEDULE OF INVESTMENTS 99

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
CJ CheilJedang Corp.		5,951	$	1,185,856
CJ Corp.		10,311		716,324
CJ ENM Co. Ltd.		8,312		963,811
CJ Logistics Corp.(a)		6,366		779,826
CMG Pharmaceutical Co. Ltd.(a)(b)		84,653		254,275
Com2uSCorp		9,770		834,489
Cosmax Inc.		7,603		436,334
CrystalGenomics Inc.(a)		42,671		447,529
Daea TI Co. Ltd.(b)		62,970		248,319
Daelim Industrial Co. Ltd.		20,374		1,384,649
Daesang Corp.		24,640		433,115
Daewoo Engineering & Construction Co. Ltd.(a)		142,515		520,150
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		30,523		632,561
Daewoong Pharmaceutical Co. Ltd.		3,833		379,489
DB HiTek Co. Ltd.		32,601		748,112
DB Insurance Co. Ltd.		35,606		1,269,669
Dentium Co. Ltd.		6,911		282,099
DGB Financial Group Inc.		118,338		645,381
Dong-A Socio Holdings Co. Ltd.		8,275		651,947
Dong-A ST Co. Ltd.		8,969		708,128
Dongjin Semichem Co. Ltd.		30,120		442,254
Dongkuk Steel Mill Co. Ltd.(a)		67,081		276,913
Dongsung Pharmaceutical Co. Ltd.(a)		20,277		240,735
Dongwon Industries Co. Ltd.		1,577		267,277
Doosan Bobcat Inc.(b)		39,001		1,007,871
Doosan Infracore Co. Ltd.(a)(b)		124,786		515,121
DoubleUGames Co. Ltd.		7,358		291,702
Douzone Bizon Co. Ltd.		14,318		1,083,596
Ecopro Co. Ltd.		22,423		385,679
E-MART Inc.		15,203		1,415,894
Enzychem Lifesciences Corp.(a)		6,405		312,767
Eo Technics Co. Ltd.		11,447		1,008,462
F&F Co. Ltd.		5,407		460,469
Feelux Co. Ltd.(a)(b)		53,559		280,411
Fila Holdings Corp.		36,409		1,350,235
GemVax & Kael Co. Ltd.(a)		47,845		1,290,613
Genexine Co. Ltd.(a)		13,903		592,585
Grand Korea Leisure Co. Ltd.		42,926		659,098
Green Cross Cell Corp.		5,700		179,821
Green Cross Corp./South Korea		7,109		736,638
Green Cross Holdings Corp.		38,220		655,786
GS Engineering & Construction Corp.		42,526		999,059
GS Holdings Corp.		32,530		1,247,322
GS Retail Co. Ltd.		22,776		757,703
G-treeBNT Co. Ltd.(a)(b)		20,745		464,733
Halla Holdings Corp.		14,867		521,408
Hana Financial Group Inc.		200,851		5,594,876
Hana Tour Service Inc.(b)		13,384		504,209
Hanall Biopharma Co. Ltd.(a)		25,013		534,112
Handsome Co. Ltd.		20,184		464,019
Hanjin Kal Corp.(b)		27,182		935,069
Hanjin Transportation Co. Ltd.		7,329		203,541
Hankook Tire & Technology Co. Ltd.		56,136		1,351,767
Hanmi Pharm Co. Ltd.		4,733		1,115,890
Hanon Systems(b)		143,666		1,265,674
Hanssem Co. Ltd.		8,143		487,138
Hanwha Aerospace Co. Ltd.(a)		30,387		828,609
Hanwha Corp.		37,564		685,503
Hanwha Life Insurance Co. Ltd.		312,804		538,028

Security	Shares		Value
South Korea (continued)
Hanwha Solutions Corp.(a)		81,075	$	1,146,213
HDC Hyundai Development Co-Engineering & Construction, Class E(b)		24,702		433,168
Helixmith Co. Ltd.(a)(b)		14,240		922,371
HLB Inc.(a)(b)		23,940		1,862,011
HLB Life Science Co. Ltd.(a)(b)		38,530		722,528
Hotel Shilla Co. Ltd.		22,652		1,661,102
Huchems Fine Chemical Corp.		25,150		411,482
Hugel Inc.(a)		2,192		804,264
Hyosung Advanced Materials Corp.(a)		3,501		292,570
Hyosung Chemical Corp.		3,084		305,334
Hyosung Corp.		7,093		423,729
Hyosung Heavy Industries Corp.(a)		8,582		162,373
Hyosung TNC Co. Ltd.		2,710		377,447
Hyundai Bioscience Co. Ltd.(a)(b)		29,546		292,522
Hyundai Construction Equipment Co. Ltd.		10,558		236,522
Hyundai Department Store Co. Ltd.		12,063		789,457
Hyundai Elevator Co. Ltd.(a)(b)		12,786		652,254
Hyundai Engineering & Construction Co. Ltd.		56,330		1,805,434
Hyundai Glovis Co. Ltd.		12,848		1,584,642
Hyundai Greenfood Co. Ltd.		91,953		794,660
Hyundai Heavy Industries Holdings Co. Ltd.		6,521		1,496,408
Hyundai Home Shopping Network Corp.		9,453		595,646
Hyundai Livart Furniture Co. Ltd.		25,536		238,894
Hyundai Marine & Fire Insurance Co. Ltd.		47,887		883,932
Hyundai Merchant Marine Co. Ltd.(a)		251,780		734,099
Hyundai Mipo Dockyard Co. Ltd.		19,638		682,968
Hyundai Mobis Co. Ltd.		48,485		9,336,164
Hyundai Motor Co.		107,504		11,274,909
Hyundai Rotem Co. Ltd.(a)		34,901		417,283
Hyundai Steel Co.		57,868		1,374,052
Hyundai Wia Corp.		14,072		505,924
Iljin Materials Co. Ltd.(a)		18,441		742,684
Industrial Bank of Korea(a)		155,143		1,399,326
Inscobee Inc.(a)(b)		82,521		196,289
iNtRON Biotechnology Inc.(a)		32,770		323,067
JB Financial Group Co. Ltd.		216,211		926,994
JW Pharmaceutical Corp.		23,630		580,911
JYP Entertainment Corp.		23,616		489,420
Kakao Corp.(a)		36,347		4,848,910
Kangwon Land Inc.		80,991		1,872,133
KB Financial Group Inc.(a)		284,178		10,479,190
KCC Corp.		4,110		694,857
KCC Glass Corp.(a)		3,862		110,496
KEPCO Plant Service & Engineering Co. Ltd.		17,866		562,880
Kia Motors Corp.		191,857		6,583,841
KIWOOM Securities Co. Ltd.		12,938		769,647
KMW Co. Ltd.(a)		20,387		847,570
Koh Young Technology Inc.		9,406		726,058
Kolmar Korea Co. Ltd.		16,060		569,312
Kolmar Korea Holdings Co. Ltd.		20,564		367,507
Kolon Industries Inc.		13,064		463,107
Komipharm International Co. Ltd.(a)(b)		50,102		563,298
Korea Aerospace Industries Ltd.		51,918		1,311,182
Korea Electric Power Corp.(a)		179,064		3,808,594
Korea Gas Corp.		21,048		573,948
Korea Investment Holdings Co. Ltd.		29,322		1,636,039
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		28,622		2,737,683
Korea Zinc Co. Ltd.		5,864		1,869,631

100 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Korean Air Lines Co. Ltd.		34,713	$	688,814
Korean Reinsurance Co.		100,176		725,359
KT Skylife Co. Ltd.		44,754		325,559
KT&G Corp.(a)		85,257		6,802,820
Kuk-Il Paper Manufacturing Co. Ltd.(a)(b)		65,030		283,178
Kumho Petrochemical Co. Ltd.		13,355		732,825
Kumho Tire Co. Inc.(a)		96,013		307,731
L&F Co. Ltd.		14,222		274,452
LegoChem Biosciences Inc.(a)		7,651		270,900
LF Corp.		41,892		528,988
LG Chem Ltd.		33,073		9,365,388
LG Corp.		67,707		3,993,625
LG Display Co. Ltd.(a)		163,933		2,118,193
LG Electronics Inc.		74,526		4,120,706
LG Hausys Ltd.		8,560		350,846
LG Household & Health Care Ltd.		6,719		7,091,918
LG Innotek Co. Ltd.		10,958		1,397,505
LG International Corp.		34,375		348,985
LG Uplus Corp.		75,565		840,069
LIG Nex1 Co. Ltd.		8,962		209,415
Lotte Chemical Corp.		11,952		1,900,326
Lotte Chilsung Beverage Co. Ltd.		3,810		396,392
Lotte Confectionery Co. Ltd.		3,312		382,095
Lotte Corp.		26,498		784,813
LOTTE Fine Chemical Co. Ltd.		17,148		561,840
Lotte Food Co. Ltd.		659		199,052
Lotte Shopping Co. Ltd.		7,953		770,711
LS Corp.		16,466		550,548
LS Industrial Systems Co. Ltd.		14,932		660,248
Mando Corp.		29,958		843,303
Medipost Co. Ltd.(a)		20,173		550,934
Medy-Tox Inc.		3,315		903,674
Meritz Fire & Marine Insurance Co. Ltd.		58,770		774,165
Meritz Securities Co. Ltd.		243,466		747,649
Mezzion Pharma Co. Ltd.(a)		5,333		738,749
Mirae Asset Daewoo Co. Ltd.		273,260		1,579,697
Namyang Dairy Products Co. Ltd.		1,026		353,808
Naturecell Co. Ltd.(a)		42,696		211,716
NAVER Corp.		100,743		15,172,520
NCSoft Corp.		11,661		6,222,592
NEPES Corp.(b)		15,437		306,966
Netmarble Corp.(a)(c)		18,681		1,404,386
Nexen Tire Corp.		40,745		277,251
NH Investment & Securities Co. Ltd.		123,332		1,143,448
NHN Corp.(a)		11,128		704,924
NongShim Co. Ltd.		3,684		714,019
OCI Co. Ltd.		13,568		635,226
Orion Corp.		17,395		1,495,983
Oscotec Inc.(a)		19,877		319,373
Osstem Implant Co. Ltd.(a)		11,417		407,117
Pan Ocean Co. Ltd.(a)		193,385		645,779
Paradise Co. Ltd.		42,551		606,928
Pearl Abyss Corp.(a)		5,190		790,791
Pharmicell Co. Ltd.(a)		44,863		294,356
Poongsan Corp.		19,658		338,945
POSCO		55,791		10,345,103
POSCO Chemical Co. Ltd.		18,723		901,708
Posco International Corp.		40,792		576,704
RFHIC Corp.(b)		9,697		231,472
S-1 Corp.		12,682		969,359

Security	Shares		Value
South Korea (continued)
Sam Chun Dang Pharm Co. Ltd.		13,391	$	324,705
Samsung Biologics Co. Ltd.(a)(c)		12,045		4,896,424
Samsung C&T Corp.		60,178		5,478,301
Samsung Card Co. Ltd.		16,661		530,507
Samsung Electro-Mechanics Co. Ltd.		41,380		4,339,892
Samsung Electronics Co. Ltd.		3,391,332		160,482,548
Samsung Engineering Co. Ltd.(a)		108,576		1,571,453
Samsung Fire & Marine Insurance Co. Ltd.		22,178		3,926,298
Samsung Heavy Industries Co. Ltd.(a)		298,862		1,667,519
Samsung Life Insurance Co. Ltd.		48,453		2,825,426
Samsung SDI Co. Ltd.		39,530		9,154,071
Samsung SDS Co. Ltd.		25,502		4,151,016
Samsung Securities Co. Ltd.		44,855		1,326,626
Samwha Capacitor Co. Ltd.(b)		8,284		378,804
Sangsangin Co. Ltd.(a)		41,053		277,280
Seah Besteel Corp.		19,398		209,954
Seegene Inc.(a)		32,436		819,166
Seojin System Co. Ltd.		14,654		333,814
Seoul Semiconductor Co. Ltd.		43,363		523,914
SFA Engineering Corp.		23,360		799,671
Shinhan Financial Group Co. Ltd.(a)		325,374		10,687,915
Shinsegae Inc.		6,030		1,350,850
Shinsegae International Inc.		2,286		393,195
SillaJen Inc.(a)(b)		50,883		555,002
SK Chemicals Co. Ltd.		13,423		652,089
SK Discovery Co. Ltd.		18,281		357,383
SK Holdings Co. Ltd.		24,627		4,866,098
SK Hynix Inc.		390,234		30,613,650
SK Innovation Co. Ltd.		40,023		4,365,474
SK Materials Co. Ltd.		3,447		452,042
SK Networks Co. Ltd.		113,361		473,190
SK Telecom Co. Ltd.		13,216		2,544,844
SKC Co. Ltd.		21,815		953,611
SKCKOLONPI Inc.		13,850		452,622
SM Entertainment Co. Ltd.(a)		21,307		587,268
S-Oil Corp.		31,507		2,014,375
Soulbrain Co. Ltd.		7,730		634,952
STCUBE(a)		19,687		162,702
Sungwoo Hitech Co. Ltd.		150,573		458,598
Telcon RF Pharmaceutical Inc.(a)		71,769		293,555
Tongyang Life Insurance Co. Ltd.		73,994		223,190
Webzen Inc.(a)		16,727		205,605
Whanin Pharmaceutical Co. Ltd.		69,580		878,616
Woongjin Coway Co. Ltd.		36,556		2,692,970
Woori Financial Group Inc.		300,333		2,557,688
YG Entertainment Inc.		15,381		407,803
Youngone Corp.(a)		19,164		496,847
Youngone Holdings Co. Ltd.		14,939		519,547
Yuhan Corp.		7,126		1,303,409
Yungjin Pharmaceutical Co. Ltd.(a)		169,835		795,133
Yuyang DNU Co. Ltd.(a)		54,900		187,476
				534,456,252
Spain — 1.8%
Acciona SA(b)		14,373		1,631,044
Acerinox SA		121,206		1,182,289
ACS Actividades de Construccion y Servicios SA		186,185		6,196,098
Aena SME SA(c)		48,389		8,963,369
Almirall SA		54,109		800,514
Amadeus IT Group SA		309,087		24,257,995
Applus Services SA		123,477		1,435,423

SCHEDULE OF INVESTMENTS 101

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Atresmedia Corp. de Medios de Comunicacion SA		87,206	$	295,530
Banco Bilbao Vizcaya Argentaria SA		4,620,871		23,906,690
Banco de Sabadell SA		4,102,057		3,700,363
Banco Santander SA		11,321,914		44,591,852
Banco Santander SA, New(a)		391,403		1,636,535
Bankia SA		795,116		1,446,404
Bankinter SA		474,941		3,081,134
Befesa SA(c)		18,385		712,080
Bolsas y Mercados Espanoles SHMSF SA		52,079		2,019,989
CaixaBank SA		2,524,291		7,385,188
Cellnex Telecom SA(c)		190,471		9,481,714
Cia. de Distribucion Integral Logista Holdings SA		38,958		874,690
Cie. Automotive SA		57,706		1,266,846
Construcciones y Auxiliar de Ferrocarriles SA		23,574		1,046,295
Corp Financiera Alba SA		37,655		1,911,201
Distribuidora Internacional de Alimentacion SA(a)(b)		3,013,620		340,983
Ebro Foods SA		57,915		1,198,267
Enagas SA		80,017		2,156,573
Ence Energia y Celulosa SA(b)		107,826		436,866
Endesa SA		212,815		5,841,797
Euskaltel SA(c)		110,255		1,038,569
Faes Farma SA		358,920		1,956,956
Ferrovial SA		360,771		11,458,455
Fluidra SA(a)		39,838		490,048
Fomento de Construcciones y Contratas SA		86,367		1,073,888
Gestamp Automocion SA(c)		153,055		624,525
Global Dominion Access SA(a)(c)		171,700		628,869
Grifols SA		211,891		7,114,975
Grupo Catalana Occidente SA		46,455		1,526,425
Iberdrola SA		4,317,131		47,220,504
Iberdrola SA, New(a)		78,611		859,839
Indra Sistemas SA(a)		117,649		1,350,723
Industria de Diseno Textil SA		772,336		25,993,772
Inmobiliaria Colonial Socimi SA		185,704		2,488,088
Lar Espana Real Estate Socimi SA		67,340		498,503
Liberbank SA		1,785,518		590,843
Mapfre SA		516,530		1,323,432
Masmovil Ibercom SA(a)		60,235		1,261,621
Mediaset Espana Comunicacion SA		121,930		668,993
Melia Hotels International SA		86,203		692,594
Merlin Properties Socimi SA		272,021		3,858,608
Naturgy Energy Group SA		202,311		5,335,986
Neinor Homes SA(a)(c)		57,545		628,786
Prosegur Cia. de Seguridad SA		224,195		883,499
Red Electrica Corp. SA		291,862		5,833,268
Repsol SA		1,084,073		14,975,076
Sacyr SA		312,138		895,911
Sacyr SA, New(a)		6,786		19,476
Siemens Gamesa Renewable Energy SA		174,556		2,786,546
Solaria Energia y Medio Ambiente SA(a)		50,190		469,994
Talgo SA(a)(c)		125,150		827,987
Tecnicas Reunidas SA(a)		28,202		687,576
Telefonica SA		3,309,685		22,406,552
Unicaja Banco SA(c)		620,649		620,055
Viscofan SA		27,782		1,480,288
Zardoya Otis SA		187,990		1,417,689
				329,786,648
Sweden — 2.0%
AAK AB		120,874		2,270,467
AF POYRY AB		78,029		1,984,999

Security	Shares		Value
Sweden (continued)
Alfa Laval AB		219,659	$	5,492,244
Alimak Group AB(c)		25,811		354,549
Arjo AB, Class B		216,249		1,035,628
Assa Abloy AB, Class B		717,097		17,059,478
Atlas Copco AB, Class A		477,252		16,933,926
Atlas Copco AB, Class B		277,204		8,627,889
Attendo AB(c)		84,529		465,238
Avanza Bank Holding AB		94,540		925,916
Axfood AB		71,013		1,472,032
Beijer Ref AB		44,957		1,352,630
Betsson AB		103,784		444,912
Bilia AB, Class A		69,042		758,566
BillerudKorsnas AB		124,210		1,596,657
BioGaia AB, Class B		12,592		545,425
Biotage AB		41,957		523,230
Boliden AB		198,246		4,716,201
Bonava AB, Class B		85,482		764,479
Bravida Holding AB(c)		149,687		1,365,076
Bure Equity AB		35,988		802,749
Castellum AB		190,263		4,670,387
Cellavision AB		14,132		488,971
Clas Ohlson AB, Class B		45,010		477,248
Cloetta AB, Class B		169,948		599,486
Dios Fastigheter AB		93,596		862,291
Dometic Group AB(c)		211,981		1,933,168
Dustin Group AB(c)		63,817		493,261
Electrolux AB, Series B		157,639		3,740,362
Elekta AB, Class B		258,103		2,956,282
Embracer Group AB(a)(b)		133,099		1,114,377
Epiroc AB, Class A		475,159		5,506,504
Epiroc AB, Class B		284,191		3,216,762
Essity AB, Class B		432,989		13,746,182
Evolution Gaming Group AB(c)		84,069		2,599,178
Fabege AB		186,113		3,192,748
Fastighets AB Balder, Class B(a)		70,311		3,336,593
Fingerprint Cards AB, Class B(a)(b)		264,187		468,422
Getinge AB, Class B		159,662		2,725,733
Granges AB		58,006		536,209
Hansa Biopharma AB(a)(b)		27,036		201,536
Hennes & Mauritz AB, Class B		573,717		12,597,947
Hexagon AB, Class B		189,198		10,309,202
Hexpol AB		191,164		1,724,485
Hoist Finance AB(a)(c)		73,572		367,454
Holmen AB, Class B		70,056		2,074,355
Hufvudstaden AB, Class A		74,256		1,469,920
Husqvarna AB, Class B		292,329		2,205,513
ICA Gruppen AB		63,579		2,795,493
Industrivarden AB, Class C		108,706		2,563,520
Indutrade AB		72,065		2,598,890
Intrum AB(b)		52,846		1,464,434
Investor AB, Class B		315,932		17,313,139
JM AB		57,033		1,743,182
Kambi Group PLC(a)		16,562		223,721
Karo Pharma AB(a)(b)		83,896		376,366
Kindred Group PLC		183,825		935,083
Kinnevik AB, Class B		174,283		4,209,415
Klovern AB, Class B		418,855		1,050,761
Kungsleden AB		192,306		2,047,029
L E Lundbergforetagen AB, Class B		36,952		1,604,800
LeoVegas AB(b)(c)		79,396		243,823

102 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Lifco AB, Class B		34,699	$	2,046,592
Lindab International AB		87,590		992,341
Loomis AB, Class B		47,328		1,715,635
Lundin Petroleum AB		131,864		4,016,669
Mekonomen AB(a)(b)		49,129		409,805
Millicom International Cellular SA, SDR		68,509		3,236,864
Modern Times Group MTG AB, Class B(a)		42,782		426,193
Mycronic AB(b)		60,007		1,168,557
NCC AB, Class B		81,262		1,517,553
NetEnt AB		156,462		400,949
Nibe Industrier AB, Class B		229,046		3,970,845
Nobia AB		144,562		1,066,369
Nobina AB(c)		74,358		563,935
Nolato AB, Class B		17,367		1,007,211
Nordic Entertainment Group AB, Class B		50,957		1,546,899
Nyfosa AB(a)		175,461		1,716,628
Oncopeptides AB(a)(b)(c)		19,557		281,222
Pandox AB		59,817		1,334,280
Paradox Interactive AB(b)		27,023		426,149
Peab AB, Class B		145,600		1,462,246
PowerCell Sweden AB(a)		31,648		636,332
Ratos AB, Class B		151,324		532,220
Recipharm AB, Class B		35,470		521,085
Resurs Holding AB(c)		181,450		1,004,327
Saab AB, Class B(b)		67,733		2,200,928
Samhallsbyggnadsbolaget i Norden AB		794,444		1,957,540
Sandvik AB		803,520		14,684,634
SAS AB(a)(b)		166,074		238,463
Scandic Hotels Group AB(c)		42,247		448,389
Securitas AB, Class B		206,631		3,253,179
Skandinaviska Enskilda Banken AB, Class A		1,171,687		11,577,500
Skanska AB, Class B		239,118		5,532,239
SKF AB, Class B		260,698		4,779,231
SSAB AB, Class A		142,952		440,188
SSAB AB, Class B		442,395		1,275,506
Stillfront Group AB(a)		16,917		816,131
Svenska Cellulosa AB SCA, Class B		429,024		4,296,182
Svenska Handelsbanken AB, Class A		1,068,098		10,491,876
Sweco AB, Class B		45,704		1,763,928
Swedbank AB, Class A		651,378		10,018,705
Swedish Match AB		121,591		6,880,189
Swedish Orphan Biovitrum AB(a)		130,847		2,336,978
Tele2 AB, Class B		348,615		5,258,892
Telefonaktiebolaget LM Ericsson, Class B		2,213,733		17,399,990
Telia Co. AB		1,877,361		8,034,439
Thule Group AB(c)		84,582		1,999,012
Trelleborg AB, Class B		178,975		2,939,389
Vitrolife AB		53,945		1,131,660
Volvo AB, Class B		1,039,338		17,824,340
Wallenstam AB, Class B		151,588		1,983,187
Wihlborgs Fastigheter AB		123,466		2,364,628
				366,204,752
Switzerland — 6.0%
ABB Ltd., Registered		1,310,399		30,584,355
Adecco Group AG, Registered		111,649		6,563,843
Alcon Inc.(a)		299,931		17,707,575
Allreal Holding AG, Registered		9,505		1,971,072
ALSO Holding AG, Registered		6,609		1,078,601
Aryzta AG(a)(b)		800,706		806,974
Ascom Holding AG, Registered		59,435		589,759

Security	Shares		Value
Switzerland (continued)
Autoneum Holding AG(b)		2,866	$	331,041
Bachem Holding AG, Class B, Registered		3,527		631,931
Baloise Holding AG, Registered		37,200		6,722,961
Banque Cantonale Vaudoise, Registered		1,528		1,278,548
Barry Callebaut AG, Registered		1,970		4,363,026
Basilea Pharmaceutica AG, Registered(a)(b)		13,723		786,143
Belimo Holding AG		295		2,067,707
Bell Food Group AG, Registered		1,763		459,738
BKW AG		21,827		2,030,050
Bobst Group SA, Registered(b)		5,610		294,911
Bossard Holding AG, Class A, Registered		4,553		661,388
Bucher Industries AG, Registered		5,239		1,755,658
Burckhardt Compression Holding AG		3,741		1,024,028
Cembra Money Bank AG		19,583		2,292,416
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		749		6,278,879
Chocoladefabriken Lindt & Spruengli AG, Registered		72		6,711,390
Cie. Financiere Richemont SA, Registered		372,352		27,272,482
Clariant AG, Registered		135,223		3,046,706
Coca-Cola HBC AG		146,258		5,371,334
Comet Holding AG, Registered(b)		5,674		725,980
Conzzeta AG, Registered		1,065		1,210,265
Credit Suisse Group AG, Registered		1,829,677		23,173,316
Daetwyler Holding AG, Bearer		5,651		1,019,518
DKSH Holding AG		24,677		1,275,236
dormakaba Holding AG		2,107		1,323,907
Dufry AG, Registered		29,613		2,571,199
EFG International AG		130,733		810,600
Emmi AG, Registered		1,546		1,498,792
EMS-Chemie Holding AG, Registered		5,924		3,881,972
Flughafen Zurich AG, Registered		14,682		2,552,928
Forbo Holding AG, Registered		761		1,308,246
Galenica AG(c)		34,537		2,356,301
GAM Holding AG(a)		141,235		436,101
Geberit AG, Registered		26,631		14,060,351
Georg Fischer AG, Registered		3,027		2,976,940
Givaudan SA, Registered		6,575		21,679,195
Helvetia Holding AG, Registered		24,388		3,509,829
Huber & Suhner AG, Registered		16,229		1,211,559
Idorsia Ltd.(a)		70,062		2,249,074
Implenia AG, Registered		13,677		558,170
Inficon Holding AG, Registered		1,489		1,147,107
Interroll Holding AG, Registered		504		985,581
Julius Baer Group Ltd.		160,538		8,039,800
Kardex AG, Registered		5,059		863,405
Komax Holding AG, Registered(b)		4,018		813,640
Kudelski SA, Bearer(b)		69,448		377,321
Kuehne + Nagel International AG, Registered		38,076		6,158,801
LafargeHolcim Ltd., Registered		350,330		17,835,246
Landis+Gyr Group AG		22,546		2,068,869
LEM Holding SA, Registered		421		637,317
Leonteq AG(a)(b)		12,277		458,263
Logitech International SA, Registered		127,254		5,721,119
Lonza Group AG, Registered		53,674		22,049,499
Meyer Burger Technology AG(a)(b)		524,672		221,739
Mobilezone Holding AG, Registered		111,285		1,264,642
Mobimo Holding AG, Registered		8,317		2,681,930
Nestle SA, Registered		2,106,261		232,323,133
Novartis AG, Registered		1,523,399		144,007,763

SCHEDULE OF INVESTMENTS 103

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
OC Oerlikon Corp. AG, Registered		145,902	$	1,556,671
Pargesa Holding SA, Bearer		22,482		1,803,082
Partners Group Holding AG		13,596		12,473,162
PSP Swiss Property AG, Registered		31,606		4,778,013
Roche Holding AG, NVS		498,184		167,516,275
Schindler Holding AG, Participation Certificates, NVS		28,344		7,329,559
Schindler Holding AG, Registered		18,044		4,490,186
Schweiter Technologies AG, Bearer		893		1,105,544
Sensirion Holding AG(a)(c)		8,683		355,171
SFS Group AG		13,066		1,219,963
SGS SA, Registered		3,696		10,695,771
Siegfried Holding AG, Registered		3,887		1,799,518
SIG Combibloc Group AG		117,589		1,858,112
Sika AG, Registered		92,186		16,583,826
Sonova Holding AG, Registered		39,956		10,017,482
St. Galler Kantonalbank AG, Class A, Registered		3,364		1,600,991
Straumann Holding AG, Registered		7,603		7,252,590
Sulzer AG, Registered		15,625		1,727,021
Sunrise Communications Group AG(c)		22,617		1,869,019
Swatch Group AG (The), Bearer		20,337		5,117,725
Swatch Group AG (The), Registered		37,879		1,846,722
Swiss Life Holding AG, Registered		25,242		12,704,098
Swiss Prime Site AG, Registered		54,829		6,696,932
Swiss Re AG		208,057		23,514,141
Swisscom AG, Registered		17,778		9,762,278
Swissquote Group Holding SA, Registered		9,877		597,054
Tecan Group AG, Registered		8,372		2,368,066
Temenos AG, Registered		48,927		7,908,880
UBS Group AG, Registered		2,695,434		33,537,465
Valiant Holding AG, Registered		14,384		1,479,489
Valora Holding AG, Registered		3,033		808,213
VAT Group AG(c)		20,469		3,099,692
Vifor Pharma AG		33,340		6,153,269
Vontobel Holding AG, Registered		25,391		1,771,802
Zur Rose Group AG(a)(b)		7,332		906,189
Zurich Insurance Group AG		106,432		44,219,299
				1,089,250,440
Taiwan — 3.3%
Accton Technology Corp.		356,000		1,920,884
Acer Inc.		2,081,148		1,164,269
Advanced Ceramic X Corp.		45,000		455,824
Advanced Wireless Semiconductor Co.		104,000		313,973
Advantech Co. Ltd.		216,608		2,086,561
Airtac International Group		92,496		1,436,017
AmTRAN Technology Co. Ltd.(a)		1,279,000		436,085
ASE Technology Holding Co. Ltd.		2,356,958		5,820,420
Asia Cement Corp.		1,314,329		1,964,380
Asia Optical Co. Inc.		203,000		581,267
ASMedia Technology Inc.		28,000		739,647
Asustek Computer Inc.		457,000		3,388,659
AU Optronics Corp.		5,568,000		1,861,591
AURAS Technology Co. Ltd.		52,000		282,300
BES Engineering Corp.		3,921,000		955,297
Bizlink Holding Inc.		84,000		622,861
Brighton-Best International Taiwan Inc.		448,000		414,499
Capital Securities Corp.		3,420,450		1,154,907
Career Technology MFG. Co. Ltd.		397,620		395,527
Catcher Technology Co. Ltd.		463,000		3,739,680
Cathay Financial Holding Co. Ltd.		5,316,020		7,153,372

Security	Shares		Value
Taiwan (continued)
Center Laboratories Inc.		238,939	$	415,250
Century Iron & Steel Industrial Co. Ltd.		108,000		245,251
Chailease Holding Co. Ltd.		817,696		3,437,631
Chang Hwa Commercial Bank Ltd.		3,713,689		2,636,917
Cheng Loong Corp.		1,112,000		725,161
Cheng Shin Rubber Industry Co. Ltd.		1,193,500		1,554,643
Cheng Uei Precision Industry Co. Ltd.		333,000		438,724
Chicony Electronics Co. Ltd.		437,137		1,243,009
Chilisin Electronics Corp.		179,000		699,196
China Airlines Ltd.		2,489,000		660,789
China Bills Finance Corp.		3,212,000		1,616,154
China Development Financial Holding Corp.		12,109,000		3,723,811
China Life Insurance Co. Ltd.(a)		1,733,759		1,417,586
China Man-Made Fiber Corp.		3,421,130		851,630
China Petrochemical Development Corp.		3,409,652		914,237
China Steel Chemical Corp.		222,000		881,856
China Steel Corp.		8,366,575		6,397,692
Chin-Poon Industrial Co. Ltd.		455,000		459,383
Chipbond Technology Corp.		491,000		984,958
ChipMOS Technologies Inc.		412,000		409,150
Chlitina Holding Ltd.		44,000		297,130
Chroma ATE Inc.		260,000		1,295,309
Chunghwa Precision Test Tech Co. Ltd.		15,000		437,949
Chunghwa Telecom Co. Ltd.		2,676,000		9,566,950
CMC Magnetics Corp.(a)		881,604		239,305
Compal Electronics Inc.		3,075,000		1,867,862
Compeq Manufacturing Co. Ltd.		849,000		1,149,462
Concraft Holding Co. Ltd.		58,000		258,234
Coretronic Corp.		433,000		524,605
CTBC Financial Holding Co. Ltd.		12,424,980		9,069,178
CTCI Corp.		656,000		818,670
Cub Elecparts Inc.		54,328		389,355
Darfon Electronics Corp.		244,000		310,967
Delta Electronics Inc.		1,343,000		6,357,344
E Ink Holdings Inc.		756,000		744,513
E.Sun Financial Holding Co. Ltd.		7,250,922		6,744,709
Eclat Textile Co. Ltd.		125,365		1,618,470
Egis Technology Inc.		55,000		364,130
Elan Microelectronics Corp.		304,000		868,456
Elite Material Co. Ltd.		229,000		875,550
eMemory Technology Inc.		60,000		644,510
Ennoconn Corp.		56,123		422,655
Epistar Corp.		917,000		1,039,665
Eternal Materials Co. Ltd.		1,257,635		1,121,959
Eva Airways Corp.		3,184,332		1,286,003
Evergreen Marine Corp. Taiwan Ltd.(a)		2,029,477		789,379
Everlight Electronics Co. Ltd.		636,000		795,816
Far Eastern Department Stores Ltd.		999,702		814,084
Far Eastern International Bank		3,132,204		1,233,845
Far Eastern New Century Corp.		1,922,071		1,794,247
Far EasTone Telecommunications Co. Ltd.		1,124,000		2,552,431
Faraday Technology Corp.		238,400		390,244
Feng Hsin Steel Co. Ltd.		468,000		821,080
Feng TAY Enterprise Co. Ltd.		222,890		1,350,222
Firich Enterprises Co. Ltd.		380,061		400,707
First Financial Holding Co. Ltd.		6,817,115		5,325,695
FLEXium Interconnect Inc.		333,987		1,171,923
Formosa Chemicals & Fibre Corp.		2,377,660		6,682,225
Formosa Petrochemical Corp.		827,000		2,461,098
Formosa Plastics Corp.		3,184,040		9,844,395

104 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Foxconn Technology Co. Ltd.		650,287	$	1,302,339
Fubon Financial Holding Co. Ltd.		4,304,000		6,418,458
Fulgent Sun International Holding Co. Ltd.		104,000		450,991
General Interface Solution Holding Ltd.		202,000		675,362
Genius Electronic Optical Co. Ltd.		58,281		1,034,083
Giant Manufacturing Co. Ltd.		199,000		1,185,739
Gigabyte Technology Co. Ltd.		399,000		676,249
Global Unichip Corp.		70,000		552,650
Globalwafers Co. Ltd.		161,000		2,131,815
Goldsun Building Materials Co. Ltd.		1,161,000		564,954
Gourmet Master Co. Ltd.		87,000		296,633
Grand Pacific Petrochemical(a)		980,000		553,113
Grape King Bio Ltd.		106,000		673,707
Great Wall Enterprise Co. Ltd.		694,338		949,259
HannStar Display Corp.		2,516,000		624,648
Highwealth Construction Corp.		865,670		1,296,685
Hiwin Technologies Corp.		156,672		1,586,998
Holy Stone Enterprise Co. Ltd.		131,000		430,610
Hon Hai Precision Industry Co. Ltd.		8,797,769		24,230,341
Hota Industrial Manufacturing Co. Ltd.		175,000		695,157
Hotai Motor Co. Ltd.		219,000		4,509,186
HTC Corp.		609,000		690,465
Hua Nan Financial Holdings Co. Ltd.		4,865,654		3,487,087
Huaku Development Co. Ltd.		438,000		1,299,110
IBF Financial Holdings Co. Ltd.		3,438,283		1,337,344
Innolux Corp.		6,368,414		1,855,144
International CSRC Investment Holdings Co.		867,921		876,282
International Games System Co. Ltd.		51,000		820,484
Inventec Corp.		1,585,000		1,204,136
ITEQ Corp.		153,000		673,607
Jentech Precision Industrial Co. Ltd.		64,000		442,782
Kenda Rubber Industrial Co. Ltd.		745,322		713,026
King Yuan Electronics Co. Ltd.		1,067,000		1,153,218
King’s Town Bank Co. Ltd.		931,000		1,057,079
Kinsus Interconnect Technology Corp.		268,000		416,962
LandMark Optoelectronics Corp.		64,000		551,889
Largan Precision Co. Ltd.		71,000		11,293,158
Lite-On Technology Corp.		1,352,074		2,112,546
Lotes Co. Ltd.		69,000		719,488
Machvision Inc.		35,000		447,797
Macronix International		1,463,525		1,840,973
Makalot Industrial Co. Ltd.		153,797		773,847
MediaTek Inc.		1,057,970		13,588,413
Mega Financial Holding Co. Ltd.		7,699,941		8,041,747
Merida Industry Co. Ltd.		153,350		840,128
Merry Electronics Co. Ltd.		156,000		764,276
Micro-Star International Co. Ltd.		474,000		1,456,096
Mitac Holdings Corp.		1,430,749		1,373,489
Nan Kang Rubber Tire Co. Ltd.		395,000		635,473
Nan Ya Plastics Corp.		3,601,300		8,309,133
Nanya Technology Corp.		862,000		2,228,548
Nien Made Enterprise Co. Ltd.		121,000		991,344
Novatek Microelectronics Corp.		404,000		2,915,423
OBI Pharma Inc.(a)		161,877		659,104
Oriental Union Chemical Corp.		588,000		384,422
Parade Technologies Ltd.		64,000		1,349,532
PChome Online Inc.(a)		85,341		251,427
Pegatron Corp.		1,268,000		2,669,562
PharmaEssentia Corp.(a)		159,000		547,387
Phison Electronics Corp.		127,000		1,343,192

Security	Shares		Value
Taiwan (continued)
Pixart Imaging Inc.		122,000	$	652,223
Pou Chen Corp.		1,441,000		1,674,306
Powertech Technology Inc.		543,000		1,941,276
President Chain Store Corp.		379,000		3,744,960
Primax Electronics Ltd.		314,000		550,895
Prince Housing & Development Corp.		1,556,521		559,047
Qisda Corp.		1,807,000		1,208,296
Quanta Computer Inc.		1,756,000		3,603,959
Radiant Opto-Electronics Corp.		333,060		1,157,645
Radium Life Tech Co. Ltd.		1,338,939		454,306
Realtek Semiconductor Corp.		349,020		2,859,494
RichWave Technology Corp.		45,000		226,423
Ruentex Development Co. Ltd.		559,983		786,894
Ruentex Industries Ltd.		374,769		844,840
Sercomm Corp.		183,000		450,094
Shanghai Commercial & Savings Bank Ltd. (The)		2,201,320		3,643,484
Shin Kong Financial Holding Co. Ltd.		7,923,476		2,583,543
Shin Zu Shing Co. Ltd.		169,000		830,762
Shinkong Synthetic Fibers Corp.		3,214,000		1,234,149
Silergy Corp.		57,000		2,084,975
Simplo Technology Co. Ltd.		134,200		1,426,005
Sino-American Silicon Products Inc.		395,000		1,284,021
SinoPac Financial Holdings Co. Ltd.		7,578,968		3,236,409
Sitronix Technology Corp.		119,000		608,610
St. Shine Optical Co. Ltd.		39,000		531,894
Standard Foods Corp.		537,422		1,231,077
Synnex Technology International Corp.		1,488,600		1,847,876
TA Chen Stainless Pipe		684,000		683,796
Taichung Commercial Bank Co. Ltd.		6,615,199		2,660,620
TaiDoc Technology Corp.		52,000		249,594
TaiMed Biologics Inc.(a)		152,000		465,424
Tainan Spinning Co. Ltd.		2,012,816		679,623
Taishin Financial Holding Co. Ltd.		6,764,305		3,168,424
Taiwan Business Bank		4,601,584		1,881,213
Taiwan Cement Corp.		3,441,898		4,791,016
Taiwan Cooperative Financial Holding Co. Ltd.		6,374,432		4,389,029
Taiwan Fertilizer Co. Ltd.		714,000		1,129,769
Taiwan High Speed Rail Corp.		1,299,000		1,554,466
Taiwan Hon Chuan Enterprise Co. Ltd.		411,696		823,147
Taiwan Mobile Co. Ltd.		1,034,000		3,662,418
Taiwan Secom Co. Ltd.		266,105		782,221
Taiwan Semiconductor Co. Ltd.		320,000		476,679
Taiwan Semiconductor Manufacturing Co. Ltd.		17,465,000		185,004,469
Taiwan Surface Mounting Technology Corp.		207,000		683,856
Taiwan Union Technology Corp.		194,000		812,374
Tatung Co. Ltd.(a)		1,388,000		900,553
TCI Co. Ltd.		68,896		513,145
Teco Electric and Machinery Co. Ltd.		1,575,000		1,410,300
Tong Hsing Electronic Industries Ltd.		155,000		777,335
Transcend Information Inc.		494,000		1,324,572
Tripod Technology Corp.		337,000		1,255,007
TSRC Corp.		867,100		660,177
TTY Biopharm Co. Ltd.		265,965		688,486
Tung Ho Steel Enterprise Corp.		1,120,000		836,042
TXC Corp.		998,000		1,442,044
Unimicron Technology Corp.		960,000		1,228,243
Uni-President Enterprises Corp.		3,393,292		8,154,954
Unitech Printed Circuit Board Corp.		466,000		460,462
United Integrated Services Co. Ltd.		137,000		852,594
United Microelectronics Corp.		8,158,000		4,023,774

SCHEDULE OF INVESTMENTS 105

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
USI Corp.		1,439,258	$	597,924
Vanguard International Semiconductor Corp.		596,000		1,483,637
Visual Photonics Epitaxy Co. Ltd.		142,000		474,759
Voltronic Power Technology Corp.		51,750		1,252,251
Wafer Works Corp.		596,000		641,200
Walsin Lihwa Corp.		2,402,000		1,176,788
Walsin Technology Corp.		236,000		1,644,477
Win Semiconductors Corp.		245,953		2,295,963
Winbond Electronics Corp.		2,549,502		1,430,503
Wistron Corp.		2,022,227		1,824,148
Wistron NeWeb Corp.		290,860		680,718
Wiwynn Corp.		60,000		1,394,286
WPG Holdings Ltd.		941,360		1,184,140
Yageo Corp.		180,068		2,303,826
YFY Inc.		1,700,000		737,198
Yuanta Financial Holding Co. Ltd.		7,039,238		4,590,453
Yulon Motor Co. Ltd.		964,000		571,207
Zhen Ding Technology Holding Ltd.		401,050		1,586,463
				589,848,706
Thailand — 0.7%
Advanced Info Service PCL, NVDR		912,300		5,970,780
Airports of Thailand PCL, NVDR		3,224,400		7,292,916
Amata Corp. PCL, NVDR		802,800		419,815
B Grimm Power PCL, NVDR		598,400		1,190,273
Bangchak Corp. PCL, NVDR		1,296,100		1,039,541
Bangkok Bank PCL, Foreign		334,200		1,549,307
Bangkok Chain Hospital PCL, NVDR		1,221,900		607,618
Bangkok Dusit Medical Services PCL, NVDR		7,109,100		5,679,069
Bangkok Expressway & Metro PCL, NVDR		6,769,100		2,388,839
Banpu PCL, NVDR		5,164,400		1,673,418
Beauty Community PCL, NVDR		2,807,400		203,552
Berli Jucker PCL, NVDR		986,800		1,298,004
BTS Group Holdings PCL, NVDR		7,696,200		3,086,381
Bumrungrad Hospital PCL, NVDR		292,700		1,253,624
Central Pattana PCL, NVDR		1,755,000		3,420,476
CH Karnchang PCL, NVDR		1,163,800		743,010
Charoen Pokphand Foods PCL, NVDR		2,839,600		2,733,012
CK Power PCL, NVDR		3,104,600		398,409
CP ALL PCL, NVDR		4,275,400		9,704,349
Electricity Generating PCL, NVDR		225,400		2,198,319
Energy Absolute PCL, NVDR		1,263,700		1,753,450
Esso Thailand PCL, NVDR(b)		1,458,600		315,866
Global Power Synergy PCL, NVDR		456,300		1,229,682
Gulf Energy Development PCL, NVDR		381,100		2,353,601
Hana Microelectronics PCL, NVDR		676,200		764,711
Home Product Center PCL, NVDR		1,801,400		843,774
Indorama Ventures PCL, NVDR		1,278,000		1,158,277
Intouch Holdings PCL, NVDR		1,697,800		3,036,649
IRPC PCL, NVDR		13,359,600		1,234,381
Jasmine International PCL, NVDR		4,574,300		741,104
Kasikornbank PCL, Foreign		827,700		3,744,167
Kasikornbank PCL, NVDR		638,600		2,878,515
KCE Electronics PCL, NVDR(b)		796,600		477,909
Kiatnakin Bank PCL, NVDR		657,300		1,439,228
Krung Thai Bank PCL, NVDR		2,473,800		1,277,773
Land & Houses PCL, NVDR		5,765,200		1,720,127
MBK PCL, NVDR		814,900		520,260
Minor International PCL, NVDR		2,129,900		2,101,201
Muangthai Capital PCL, NVDR		485,100		1,011,598
Osotspa PCL, NVDR		561,500		797,125

Security	Shares		Value
Thailand (continued)
PTT Exploration & Production PCL, NVDR		1,034,161	$	4,130,672
PTT Global Chemical PCL, NVDR		1,705,100		2,680,459
PTT PCL, NVDR		8,592,300		11,922,264
Robinson PCL, NVDR		420,300		724,771
Siam Cement PCL (The), NVDR		560,200		6,434,123
Siam Commercial Bank PCL (The), NVDR		617,900		1,942,708
Siam Global House PCL, NVDR		1,565,645		713,255
Sino-Thai Engineering & Construction PCL, NVDR		814,900		394,770
Sri Trang Agro-Industry PCL, NVDR		914,300		381,325
Srisawad Corp PCL, NVDR		658,310		1,583,999
Thai Airways International PCL, NVDR(a)(b)		1,232,300		227,325
Thai Oil PCL, NVDR		802,400		1,338,620
Thai Union Group PCL, NVDR		2,277,100		1,117,730
Thanachart Capital PCL, NVDR		721,100		1,202,990
TMB Bank PCL, NVDR		13,622,904		616,243
Total Access Communication PCL, NVDR		392,400		560,212
TPI Polene PCL, NVDR		8,138,300		409,918
True Corp. PCL, NVDR(b)		8,735,045		1,053,698
TTW PCL, NVDR		3,925,800		1,750,678
WHA Corp. PCL, NVDR		11,248,000		1,147,534
				122,583,404
Turkey — 0.2%
Akbank T.A.S.(a)		2,023,596		2,792,799
Anadolu Efes Biracilik Ve Malt Sanayii AS		174,650		723,112
Arcelik AS(a)		166,792		582,448
Aselsan Elektronik Sanayi Ve Ticaret AS		328,232		1,286,604
BIM Birlesik Magazalar AS		303,585		2,474,332
Coca-Cola Icecek AS		78,213		605,056
Eregli Demir ve Celik Fabrikalari TAS		1,099,366		1,713,799
Ford Otomotiv Sanayi AS		81,581		1,022,318
Haci Omer Sabanci Holding AS		769,231		1,253,133
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(b)		1,136,800		535,635
KOC Holding AS		493,744		1,611,990
Koza Altin Isletmeleri AS(a)		43,010		575,982
Koza Anadolu Metal Madencilik Isletmeleri AS(a)		172,219		304,728
Pegasus Hava Tasimaciligi AS(a)		33,095		379,334
Petkim Petrokimya Holding AS(a)(b)		924,360		622,418
Soda Sanayii AS(b)		441,570		490,633
Sok Marketler Ticaret AS(a)		149,419		269,628
TAV Havalimanlari Holding AS		181,760		827,259
Tekfen Holding AS		190,169		611,655
Tupras Turkiye Petrol Rafinerileri AS		89,690		1,687,401
Turk Hava Yollari AO(a)		429,400		981,486
Turkcell Iletisim Hizmetleri AS		747,953		1,762,095
Turkiye Garanti Bankasi AS(a)		1,641,644		3,264,087
Turkiye Is Bankasi AS, Class C(a)		1,152,106		1,395,617
Ulker Biskuvi Sanayi AS(a)		224,868		876,929
				28,650,478
United Arab Emirates — 0.2%
Abu Dhabi Commercial Bank PJSC		2,067,344		4,305,794
Aldar Properties PJSC		3,214,918		1,951,883
DP World PLC		133,559		1,869,826
Dubai Investments PJSC		1,914,405		682,785
Dubai Islamic Bank PJSC		1,528,755		2,376,583
Emaar Malls PJSC		2,012,252		997,087
Emaar Properties PJSC		2,632,605		2,895,651
Emirates Telecommunications Group Co. PJSC		1,306,054		5,788,881
First Abu Dhabi Bank PJSC		1,995,417		8,409,762
				29,278,252

106 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom — 10.9%
3i Group PLC		712,011	$	10,366,541
Abcam PLC		143,167		2,630,796
Admiral Group PLC		147,185		4,382,897
AG Barr PLC		62,734		500,311
Aggreko PLC		171,525		1,743,264
Anglo American PLC		737,280		19,297,705
Antofagasta PLC		308,468		3,343,251
Arrow Global Group PLC(b)		174,263		609,200
Ascential PLC(c)		319,272		1,536,997
Ashmore Group PLC		282,537		2,024,214
Ashtead Group PLC		338,835		10,965,317
ASOS PLC(a)		43,024		1,742,829
Associated British Foods PLC		248,547		8,603,689
AstraZeneca PLC		930,613		91,072,763
Auto Trader Group PLC(c)		671,992		4,978,309
Avast PLC(c)		407,470		2,282,790
AVEVA Group PLC		51,546		3,341,681
Aviva PLC		2,759,185		14,490,440
B&M European Value Retail SA		652,723		3,129,346
Babcock International Group PLC		187,349		1,454,121
BAE Systems PLC		2,283,351		19,004,598
Balfour Beatty PLC		524,727		1,838,526
Bank of Georgia Group PLC		31,349		625,236
Barclays PLC		12,101,743		26,800,238
Barratt Developments PLC		724,231		7,664,184
Beazley PLC		389,148		2,777,760
Bellway PLC		91,287		4,795,332
Berkeley Group Holdings PLC		90,506		6,251,584
Big Yellow Group PLC		138,463		2,151,934
Blue Prism Group PLC(a)(b)		51,617		1,186,645
Bodycote PLC		145,242		1,639,838
boohoo Group PLC(a)		560,431		2,233,273
BP PLC		14,398,647		86,683,040
Brewin Dolphin Holdings PLC		354,722		1,683,341
British American Tobacco PLC		1,626,689		71,994,942
British Land Co. PLC (The)		629,462		4,601,833
Britvic PLC		185,028		2,257,331
BT Group PLC		5,942,398		12,605,300
Bunzl PLC		234,930		6,085,307
Burberry Group PLC		294,008		7,569,075
Burford Capital Ltd.		146,540		1,217,931
Cairn Energy PLC(a)		517,803		1,156,953
Capita PLC(a)		1,194,693		2,290,612
Capital & Counties Properties PLC		541,439		1,738,634
Card Factory PLC		366,963		428,585
Carnival PLC		113,163		4,651,168
Centamin PLC		1,135,851		2,036,300
Centrica PLC		4,020,819		4,496,728
Cineworld Group PLC(b)		735,712		1,719,484
Clinigen Healthcare Ltd.(a)		110,539		1,411,955
Close Brothers Group PLC		106,286		1,983,904
Coats Group PLC		1,241,926		1,239,290
Coca-Cola European Partners PLC		165,660		8,715,373
Compass Group PLC		1,126,982		27,884,489
Computacenter PLC		61,240		1,448,235
ConvaTec Group PLC(c)		1,057,559		2,899,675
Countryside Properties PLC(c)		413,525		2,660,131

Security	Shares		Value
United Kingdom (continued)
Craneware PLC(b)		13,944	$	349,239
Cranswick PLC		35,941		1,692,322
Crest Nicholson Holdings PLC		269,741		1,777,863
Croda International PLC		91,918		6,038,931
CVS Group PLC		61,311		927,008
Daily Mail & General Trust PLC, Class A, NVS		119,390		1,277,925
Dart Group PLC		72,007		1,613,634
DCC PLC		70,205		5,674,814
De La Rue PLC		135,911		250,821
Dechra Pharmaceuticals PLC		72,826		2,730,219
Derwent London PLC		71,921		3,896,539
Diageo PLC		1,672,561		66,363,594
Dialog Semiconductor PLC(a)		55,412		2,448,321
Diploma PLC		94,753		2,433,119
Direct Line Insurance Group PLC		914,744		4,073,246
Diversified Gas & Oil PLC		583,068		693,278
Dixons Carphone PLC		747,579		1,336,282
Domino’s Pizza Group PLC		361,884		1,473,563
Drax Group PLC		306,708		1,099,703
DS Smith PLC		1,029,009		4,621,391
Dunelm Group PLC		92,655		1,415,578
easyJet PLC		109,964		2,019,217
EI Group PLC(a)		355,769		1,332,826
Electrocomponents PLC		321,866		2,812,154
Elementis PLC		567,891		957,452
Equiniti Group PLC(c)		292,505		789,668
Essentra PLC		241,051		1,331,387
Euromoney Institutional Investor PLC		80,292		1,295,493
Evraz PLC		362,505		1,684,914
Experian PLC		636,948		22,140,914
Ferguson PLC		164,049		14,709,288
Ferrexpo PLC		251,294		460,777
Fevertree Drinks PLC		77,286		1,401,847
Fiat Chrysler Automobiles NV		773,197		10,052,647
First Derivatives PLC		15,665		571,994
Firstgroup PLC(a)		879,216		1,434,821
Frasers Group PLC(a)		217,554		1,351,880
Future PLC		67,180		1,133,526
G4S PLC		1,079,933		2,781,652
Games Workshop Group PLC		24,255		2,121,405
Gamesys Group PLC(a)		77,459		756,609
GB Group PLC		151,785		1,422,590
Genus PLC		53,457		2,170,385
GlaxoSmithKline PLC		3,523,295		82,856,254
Glencore PLC		7,597,378		22,283,078
Go-Ahead Group PLC (The)		46,216		1,247,682
GoCo Group PLC		575,455		710,775
Grainger PLC		550,351		2,148,851
Great Portland Estates PLC		206,430		2,533,945
Greencore Group PLC		353,157		1,143,346
Greggs PLC		73,547		2,185,246
Gulf Keystone Petroleum Ltd.		242,371		592,980
GVC Holdings PLC		419,922		4,855,665
Halfords Group PLC		240,483		518,937
Halma PLC		286,183		7,948,585
Hammerson PLC		555,968		1,710,535
Hansteen Holdings PLC		396,085		608,791
Hargreaves Lansdown PLC		203,582		4,629,242
Hastings Group Holdings PLC(c)		289,192		686,183
Hays PLC		1,030,891		2,109,045

SCHEDULE OF INVESTMENTS 107

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Helical PLC		212,187	$	1,342,584
Hikma Pharmaceuticals PLC		101,621		2,454,089
Hill & Smith Holdings PLC		71,223		1,334,123
Hiscox Ltd.		214,657		3,715,277
Hochschild Mining PLC		264,375		586,524
HomeServe PLC		226,504		3,827,766
Howden Joinery Group PLC		448,088		4,066,171
HSBC Holdings PLC		14,206,447		103,335,277
Hunting PLC		141,222		570,019
Hurricane Energy PLC(a)(b)		1,290,471		352,808
Hyve Group PLC		1,337,792		1,733,499
Ibstock PLC(c)		353,963		1,357,789
IG Group Holdings PLC		255,450		2,235,242
IMI PLC		188,536		2,743,752
Imperial Brands PLC		677,282		17,416,614
Inchcape PLC		297,462		2,576,192
Indivior PLC(a)		517,071		258,532
Informa PLC		909,065		9,284,660
IntegraFin Holdings PLC		197,864		1,291,081
InterContinental Hotels Group PLC		125,250		7,735,976
Intermediate Capital Group PLC		213,887		4,911,498
International Personal Finance PLC		226,616		471,986
Intertek Group PLC		113,262		8,599,796
Intu Properties PLC(a)(b)		628,461		141,249
Investec PLC		481,213		2,659,133
IQE PLC(a)(b)		634,043		425,838
ITV PLC		2,601,128		4,642,606
IWG PLC		478,359		2,784,610
J D Wetherspoon PLC		46,734		955,490
J Sainsbury PLC		1,246,785		3,326,469
JD Sports Fashion PLC		318,855		3,454,147
John Wood Group PLC		486,636		2,413,903
Johnson Matthey PLC		138,149		4,743,915
Jupiter Fund Management PLC		343,188		1,744,418
Just Eat PLC(a)		435,765		4,945,804
Just Group PLC(a)		694,405		713,985
KAZ Minerals PLC		190,575		1,099,824
Keller Group PLC		76,064		838,237
Keywords Studios PLC(b)		52,836		858,069
Kingfisher PLC		1,485,105		3,993,639
Lancashire Holdings Ltd.		162,514		1,602,411
Land Securities Group PLC		478,586		5,917,582
Learning Technologies Group PLC(b)		441,134		904,819
Legal & General Group PLC		4,234,464		17,052,619
Lloyds Banking Group PLC		49,623,362		37,148,347
London Stock Exchange Group PLC		225,748		23,318,455
LondonMetric Property PLC		565,870		1,699,229
Lookers PLC		448,845		326,601
M&G PLC(a)		1,824,530		5,777,041
Man Group PLC		1,014,127		2,057,370
Marks & Spencer Group PLC		1,393,487		3,232,935
Marshalls PLC		161,768		1,683,551
Marston’s PLC		645,212		890,493
McCarthy & Stone PLC(c)		424,359		824,541
Mediclinic International PLC		312,655		1,522,040
Meggitt PLC		562,483		5,009,340
Melrose Industries PLC		3,520,298		10,821,549
Metro Bank PLC(a)(b)		106,311		320,919
Micro Focus International PLC		245,987		3,324,315
Mitchells & Butlers PLC(a)		182,509		962,334

Security	Shares		Value
United Kingdom (continued)
Mitie Group PLC		362,860	$	635,690
Mondi PLC		339,582		6,920,470
Moneysupermarket.com Group PLC		390,191		1,674,209
Morgan Advanced Materials PLC		299,968		1,233,704
National Express Group PLC		345,139		2,033,682
National Grid PLC		2,420,970		32,098,333
NCC Group PLC		277,030		785,139
Network International Holdings PLC(a)(c)		202,979		1,626,807
Next PLC		96,130		8,733,446
NMC Health PLC(b)		83,252		1,417,877
Northgate PLC		198,722		696,801
Ocado Group PLC(a)		329,548		5,315,010
On the Beach Group PLC(c)		136,712		702,473
OneSavings Bank PLC		229,503		1,290,597
Oxford Biomedica PLC(a)		39,768		317,154
Pagegroup PLC		256,541		1,544,095
Paragon Banking Group PLC		264,632		1,772,097
Pearson PLC		551,491		4,132,130
Pennon Group PLC		298,602		4,363,247
Persimmon PLC		230,550		9,278,406
Petrofac Ltd.		204,825		942,841
Pets at Home Group PLC		385,900		1,434,516
Pharos Energy PLC		418,072		250,752
Phoenix Group Holdings PLC		406,835		4,065,079
Playtech PLC		231,461		1,052,941
Plus500 Ltd.		81,111		952,876
Polymetal International PLC		121,781		2,062,099
Polypipe Group PLC		224,262		1,603,751
Premier Foods PLC(a)		1,450,568		692,194
Premier Oil PLC(a)		801,059		1,059,652
Provident Financial PLC		182,891		1,122,260
Prudential PLC		1,830,213		32,618,183
QinetiQ Group PLC		450,255		2,091,587
Quilter PLC(c)		1,362,179		3,055,256
Rathbone Brothers PLC		46,789		1,216,276
Reckitt Benckiser Group PLC		502,782		41,628,422
Redrow PLC		179,948		1,885,800
RELX PLC		1,378,839		36,588,008
Renishaw PLC		29,698		1,556,521
Rentokil Initial PLC		1,335,187		8,219,406
Restaurant Group PLC (The)		439,530		747,991
Restore PLC		85,184		561,448
Rightmove PLC		631,571		5,476,429
Rio Tinto PLC		798,550		42,990,182
Rolls-Royce Holdings PLC		1,227,558		10,841,722
Rotork PLC		637,620		2,557,675
Royal Bank of Scotland Group PLC		3,389,553		9,753,884
Royal Dutch Shell PLC, Class A		3,038,630		79,886,156
Royal Dutch Shell PLC, Class B		2,638,940		69,573,035
Royal Mail PLC		651,511		1,702,185
RPS Group PLC		255,447		585,911
RSA Insurance Group PLC		689,247		5,000,745
RWS Holdings PLC		140,373		1,062,128
Sabre Insurance Group PLC(c)		194,687		791,724
Safestore Holdings PLC		136,020		1,443,378
Saga PLC		717,470		395,521
Sage Group PLC (The)		771,879		7,513,155
Sanne Group PLC		115,279		913,285
Savills PLC		132,586		2,174,200
Scapa Group PLC		139,414		462,196

108 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Schroders PLC		85,076	$	3,603,290
Segro PLC		775,276		9,306,051
Senior PLC		406,346		891,850
Serco Group PLC(a)		883,334		1,840,934
Severn Trent PLC		168,050		5,713,093
Shaftesbury PLC		124,120		1,470,899
SIG PLC		565,587		689,640
Signature Aviation PLC		624,381		2,396,749
Sirius Minerals PLC(a)(b)		5,740,184		415,034
Smart Metering Systems PLC(b)		78,676		533,592
Smith & Nephew PLC		626,578		15,086,075
Smiths Group PLC		279,626		6,227,549
Softcat PLC		103,241		1,571,866
SolGold PLC(a)(b)		763,327		192,791
Sophos Group PLC(c)		305,364		2,243,707
Spectris PLC		87,051		3,036,303
Spirax-Sarco Engineering PLC		55,852		6,567,272
Spire Healthcare Group PLC(c)		257,222		444,182
Spirent Communications PLC		430,126		1,255,888
SSE PLC		723,148		14,379,836
SSP Group PLC		326,363		2,770,564
St. James’s Place PLC		374,908		5,653,692
St. Modwen Properties PLC		285,384		1,854,633
Stagecoach Group PLC		384,838		692,456
Standard Chartered PLC		1,931,598		16,066,732
Standard Life Aberdeen PLC		1,673,940		6,652,864
Stobart Group Ltd.		465,689		626,149
Synthomer PLC		372,405		1,658,275
TalkTalk Telecom Group PLC		551,928		862,149
Tate & Lyle PLC		342,476		3,579,111
Taylor Wimpey PLC		2,383,009		6,756,901
Ted Baker PLC		28,841		84,933
Telecom Plus PLC		47,851		953,727
Tesco PLC		6,956,225		22,639,986
TP ICAP PLC		401,675		2,101,538
Trainline PLC(a)(c)		244,332		1,520,211
Travis Perkins PLC		181,314		3,708,212
Tullow Oil PLC		1,017,244		681,730
Ultra Electronics Holdings PLC		56,263		1,674,666
Unilever PLC		787,088		47,036,863
UNITE Group PLC (The)		223,101		3,740,848
United Utilities Group PLC		476,186		6,361,826
Vectura Group PLC		646,120		797,206
Vesuvius PLC		203,490		1,166,847
Victoria PLC(a)(b)		102,817		596,347
Victrex PLC		64,923		1,896,487
Virgin Money UK PLC(a)		936,509		2,027,677
Vistry Group PLC		165,381		3,008,473
Vodafone Group PLC		18,937,791		37,270,959
Weir Group PLC (The)		195,808		3,479,379
WH Smith PLC		83,753		2,640,845
Whitbread PLC		94,737		5,582,241
William Hill PLC		647,568		1,475,917
Wm Morrison Supermarkets PLC		1,701,568		4,081,152
Workspace Group PLC		119,112		1,909,284
WPP PLC		895,571		11,156,122
				1,966,690,623

Security	Shares		Value
United States — 0.0%
Ovintiv Inc.		185,445	$	2,891,290
Total Common Stocks — 98.5% (Cost: $16,420,428,815)				17,839,681,413
Preferred Stocks
Brazil — 0.6%
Alpargatas SA, Preference Shares, NVS		164,500		1,379,671
Azul SA, Preference Shares, NVS		194,000		2,690,327
Banco Bradesco SA, Preference Shares, NVS		2,902,636		22,340,771
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		157,100		738,581
Bradespar SA, Preference Shares, NVS		157,300		1,362,353
Braskem SA, Class A, Preference Shares, NVS		145,000		1,070,555
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		179,800		1,719,634
Cia. Brasileira de Distribuicao, Preference Shares, NVS		101,200		2,014,882
Cia. Energetica de Minas Gerais, Preference Shares, NVS		657,456		2,300,115
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		152,500		1,135,207
Cia. Paranaense de Energia, Preference Shares, NVS		80,900		1,389,967
Gerdau SA, Preference Shares, NVS		795,400		3,732,000
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS		81,200		650,816
Itau Unibanco Holding SA, Preference Shares, NVS		3,459,590		26,570,817
Itausa-Investimentos Itau SA, Preference Shares, NVS		3,275,849		9,858,403
Lojas Americanas SA, Preference Shares, NVS		519,120		3,346,810
Marcopolo SA, Preference Shares, NVS		452,200		512,174
Metalurgica Gerdau SA, Preference Shares, NVS		672,100		1,498,886
Petroleo Brasileiro SA, Preference Shares, NVS		2,989,300		19,901,851
Randon SA Implemetos e Participacoes, Preference Shares, NVS		237,025		754,353
Telefonica Brasil SA, Preference Shares, NVS		306,600		4,261,154
				109,229,327
Chile — 0.0%
Embotelladora Andina SA, Class B, Preference Shares		277,597		724,522
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		83,993		2,339,156
				3,063,678
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		328,090		4,281,871
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		2,535,017		1,073,203
				5,355,074
Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		39,589		2,211,176
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		7,360		429,024
Fuchs Petrolub SE, Preference Shares, NVS		50,144		2,222,784
Henkel AG & Co. KGaA, Preference Shares, NVS		127,470		12,987,654
Jungheinrich AG, Preference Shares, NVS		38,130		837,507
Porsche Automobil Holding SE, Preference Shares, NVS		116,157		7,870,260

SCHEDULE OF INVESTMENTS 109

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Sartorius AG, Preference Shares, NVS		25,790	$	6,019,050
Volkswagen AG, Preference Shares, NVS		132,074		23,766,658
				56,344,113
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		4,381,022		2,306,148
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS		5,614,000		3,171,481
Transneft PJSC, Preference Shares, NVS		315		812,990
				3,984,471
South Korea — 0.2%
Amorepacific Corp., Preference Shares, NVS		6,288		441,059
Hyundai Motor Co.
Preference Shares, NVS		15,539		954,361
Series 2, Preference Shares, NVS		26,389		1,777,939
LG Chem Ltd., Preference Shares, NVS		5,024		756,646
LG Household & Health Care Ltd., Preference Shares, NVS		1,413		903,390
Samsung Electronics Co. Ltd., Preference Shares, NVS		586,749		23,384,300
				28,217,695
Total Preferred Stocks — 1.1% (Cost: $194,951,467)				208,500,506
Rights
China — 0.0%
Legend Holdings Corp. Class H, (Expires 02/28/20)(a)		14,607		0	(d)
Hong Kong — 0.0%
Guotai Junan International Holdings Ltd., (Expires 03/09/20)(a)		959,333		1
Norway — 0.0%
XXL ASA, (Expires 03/11/20)(a)		10,727		0	(d)
South Korea — 0.0%
Hyundai Development Co., (Expires 06/03/20)(a)		12,353		28,503
Total Rights — 0.0% (Cost: $0)				28,504

Security	Shares		Value
Warrants
Thailand — 0.0%
BTS Group Holdings PCL (Expires 02/16/21)(a)		754,320	$	0	(d)
Total Warrants — 0.0% (Cost: $0)				0	(d)
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(g)(h)(i)		213,925,655		214,054,010
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(g)(h)		24,226,000		24,226,000
				238,280,010
Total Short-Term Investments — 1.3% (Cost: $238,168,930)				238,280,010
Total Investments in Securities — 100.9% (Cost: $16,853,549,212)				18,286,490,433
Other Assets, Less Liabilities — (0.9)%				(168,276,691	)
Net Assets — 100.0%			$	18,118,213,742

^(a) Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Rounds to less than $1.

^(e)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(f)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(g)  Affiliate of the Fund.

^(h)  Annualized 7-day yield as of period-end.

⁽ⁱ⁾  All or a portion of this security was purchased with cash collateral received from loaned securities.

110 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Shares Purchased	Shares Sold		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss	)(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	270,876,663	—	(56,951,008	)(b)	213,925,655	$	214,054,010	$	4,253,695	(c)	$	5,141		$	14,032
BlackRock Cash Funds: Treasury, SL Agency Shares	25,128,000	—	(902,000	)(b)	24,226,000		24,226,000		279,269			—			—
iShares MSCI Russia ETF	789,665	68,416	(858,081	)	—		—		—			7,387,871			(5,237,731	)
						$	238,280,010	$	4,532,964		$	7,393,012		$	(5,223,699	)

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

^(c)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE E-Mini		417		03/20/20	$	41,210	$	(1,140,802	)
MSCI Emerging Markets E-Mini		276		03/20/20		14,491		(880,548	)
							$	(2,021,350	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	2,021,350

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	6,175,834
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,730,253	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	65,198,623

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

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 the Notes to Consolidated Financial Statements.

SCHEDULE OF INVESTMENTS 111

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Core MSCI Total International Stock  ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	17,665,223,879		$	173,336,704		$	1,120,830	$	17,839,681,413
Preferred Stocks		208,500,506			—			—		208,500,506
Rights		—			28,504			—		28,504
Warrants		—			0	(a)		—		0	(a)
Money Market Funds		238,280,010			—			—		238,280,010
	$	18,112,004,395		$	173,365,208		$	1,120,830	$	18,286,490,433
Derivative financial instruments(b)
Liabilities
Futures Contracts	$	(2,021,350	)	$	—		$	—	$	(2,021,350	)

^(a)  Rounds to less than $1.

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

See notes to financial statements.

112 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

January 31, 2020

	iShares Core MSCI EAFE ETF		iShares Core MSCI Europe ETF		iShares Core MSCI International Developed Markets ETF		iShares Core MSCI Pacific ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	74,644,152,916	$	4,178,853,918	$	1,937,926,996	$	1,076,064,581
Affiliated(c)		784,535,441		34,071,284		12,315,058		1,464,354
Cash		317		765		834		954
Foreign currency, at value(d)		137,189,579		12,377,879		2,624,990		1,937,338
Foreign currency collateral pledged:
Futures contracts(e)		13,611,488		1,158,542		176,926		103,245
Receivables:
Investments sold		16,426,648		1,546,423		378,503		—
Securities lending income — Affiliated		1,547,324		90,135		43,651		6,953
Capital shares sold		73,388,533		—		585,105		—
Dividends		62,143,557		2,216,265		1,623,800		1,399,619
Tax reclaims		73,706,184		4,061,688		1,069,097		—
Foreign withholding tax claims		757,147		103,890		—		—
Total assets		75,807,459,134		4,234,480,789		1,956,744,960		1,080,977,044
LIABILITIES
Collateral on securities loaned, at value		769,019,387		33,557,043		12,290,998		1,363,888
Payables:
Investments purchased		73,360,151		—		585,105		—
Variation margin on futures contracts		2,975,739		223,675		45,545		30,846
Capital shares redeemed		—		3		—		—
Investment advisory fees		4,404,058		323,343		77,373		83,893
Professional fees		11,570		1,404		—		—
Total liabilities		849,770,905		34,105,468		12,999,021		1,478,627
NET ASSETS	$	74,957,688,229	$	4,200,375,321	$	1,943,745,939	$	1,079,498,417
NET ASSETS CONSIST OF:
Paid-in capital	$	72,358,368,093	$	4,146,531,167	$	1,878,860,396	$	996,268,392
Accumulated earnings		2,599,320,136		53,844,154		64,885,543		83,230,025
NET ASSETS	$	74,957,688,229	$	4,200,375,321	$	1,943,745,939	$	1,079,498,417
Shares outstanding		1,173,400,000		86,700,000		34,050,000		18,700,000
Net asset value	$	63.88	$	48.45	$	57.09	$	57.73
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a)  Securities loaned, at value	$	720,426,775	$	31,633,655	$	11,664,144	$	1,280,643
(b)  Investments, at cost — Unaffiliated	$	70,963,359,210	$	4,084,306,862	$	1,849,282,131	$	967,639,641
(c)  Investments, at cost — Affiliated	$	784,172,502	$	34,057,365	$	12,310,124	$	1,463,543
(d)  Foreign currency, at cost	$	137,454,300	$	12,373,910	$	2,624,443	$	1,926,525
(e)  Foreign currency collateral pledged, at cost	$	13,631,954	$	1,158,747	$	177,134	$	103,803

See notes to financial statements.

FINANCIAL STATEMENTS 113

Statements of Assets and Liabilities  (unaudited) (continued)

January 31, 2020

	iShares Core MSCI Total International Stock ETF (Consolidated)
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	18,048,210,423
Affiliated(c)		238,280,010
Cash		20,142
Foreign currency, at value(d)		17,522,354
Cash pledged:
Futures contracts		2,621,000
Receivables:
Investments sold		3,449,226
Securities lending income — Affiliated		732,658
Dividends		21,470,688
Tax reclaims		6,751,161
Foreign withholding tax claims		97,982
Total assets		18,339,155,644
LIABILITIES
Collateral on securities loaned, at value		213,963,596
Deferred foreign capital gain tax		3,316,669
Payables:
Investments purchased		1,280,446
Variation margin on futures contracts		957,688
Investment advisory fees		1,413,945
Professional fees		1,740
Foreign taxes		7,818
Total liabilities		220,941,902
NET ASSETS	$	18,118,213,742
NET ASSETS CONSIST OF:
Paid-in capital	$	17,144,859,522
Accumulated earnings		973,354,220
NET ASSETS	$	18,118,213,742
Shares outstanding		300,900,000
Net asset value	$	60.21
Shares authorized		Unlimited
Par value		None
(a)  Securities loaned, at value	$	200,715,791
(b)  Investments, at cost — Unaffiliated	$	16,615,380,282
(c)  Investments, at cost — Affiliated	$	238,168,930
(d)  Foreign currency, at cost	$	17,588,073

See notes to financial statements.

114 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended January 31, 2020

	iShares Core MSCI EAFE ETF			iShares Core MSCI Europe ETF			iShares Core MSCI International Developed Markets ETF			iShares Core MSCI Pacific ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	730,265,039		$	29,387,663		$	19,648,846		$	14,772,932
Dividends — Affiliated		176,759			9,944			7,932			3,065
Non-cash dividends — Unaffiliated		—			1,980,067			—			—
Securities lending income — Affiliated — net		9,374,866			421,340			257,586			76,929
Other income — Unaffiliated		7,812			680			—			—
Foreign taxes withheld		(46,170,884	)		(2,448,197	)		(1,376,490	)		(963,154	)
Total investment income		693,653,592			29,351,497			18,537,874			13,889,772
EXPENSES
Investment advisory fees		24,068,460			1,613,680			424,162			483,202
Total expenses		24,068,460			1,613,680			424,162			483,202
Net investment income		669,585,132			27,737,817			18,113,712			13,406,570
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(203,591,666	)		(11,379,865	)		(34,237,403	)		(2,800,378	)
Investments — Affiliated		3,573			5,759			(628	)		(574	)
In-kind redemptions — Unaffiliated		—			4,273,943			33,522,097			5,403,069
Futures contracts		42,488,390			1,804,523			(589,517	)		883,151
Foreign currency transactions		(830,458	)		202,715			713			(126,836	)
Net realized gain (loss)		(161,930,161	)		(5,092,925	)		(1,304,738	)		3,358,432
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		3,715,107,317			203,218,734			93,889,236			44,685,706
Investments — Affiliated		79,296			(15	)		1,324			51
Futures contracts		(11,848,585	)		(881,728	)		(120,995	)		(110,466	)
Foreign currency translations		4,646,857			281,418			62,141			54,471
Net change in unrealized appreciation (depreciation)		3,707,984,885			202,618,409			93,831,706			44,629,762
Net realized and unrealized gain		3,546,054,724			197,525,484			92,526,968			47,988,194
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,215,639,856		$	225,263,301		$	110,640,680		$	61,394,764

See notes to financial statements.

FINANCIAL STATEMENTS 115

Statements of Operations  (unaudited) (continued)

Six Months Ended January 31, 2020

	iShares Core MSCI Total International Stock ETF (Consolidated)
INVESTMENT INCOME
Dividends — Unaffiliated	$	180,525,822
Dividends — Affiliated		279,269
Non-cash dividends — Unaffiliated		29,222,725
Interest — Unaffiliated		2,194
Securities lending income — Affiliated — net		4,253,695
Other income — Unaffiliated		1,542
Foreign taxes withheld		(15,535,334	)
Other foreign taxes		(140,985	)
Total investment income		198,608,928
EXPENSES
Investment advisory fees		7,671,657
Commitment fees		12,242
Mauritius income taxes		122,749
Total expenses		7,806,648
Less:
Investment advisory fees waived		(46,105	)
Total expenses after fees waived		7,760,543
Net investment income		190,848,385
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(87,423,854	)
Investments — Affiliated		7,393,012
Futures contracts		6,175,834
Foreign currency transactions		(495,800	)
Payment by affiliate		3,531
Net realized loss		(74,347,277	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		834,178,378
Investments — Affiliated		(5,223,699	)
Futures contracts		(2,730,253	)
Foreign currency translations		92,094
Net change in unrealized appreciation (depreciation)		826,316,520
Net realized and unrealized gain		751,969,243
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	942,817,628
(a)  Net of foreign capital gain tax of	$	13,019
(b)  Net of deferred foreign capital gain tax of	$	2,562,576

See notes to financial statements.

116 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Core MSCI EAFE ETF						iShares Core MSCI Europe ETF
	Six Months Ended						Six Months Ended
	01/31/20			Year Ended			01/31/20			Year Ended
	(unaudited)			07/31/19			(unaudited)			07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	669,585,132		$	1,947,373,956		$	27,737,817		$	108,532,924
Net realized gain (loss)		(161,930,161	)		35,513,681			(5,092,925	)		52,279,646
Net change in unrealized appreciation (depreciation)		3,707,984,885			(3,767,852,556	)		202,618,409			(190,829,030	)
Net increase (decrease) in net assets resulting from operations		4,215,639,856			(1,784,964,919	)		225,263,301			(30,016,460	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(982,064,911	)		(1,961,739,992	)		(32,530,485	)		(107,720,690	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		6,874,618,682			9,821,305,728			790,109,868			832,458,453
NET ASSETS
Total increase in net assets		10,108,193,627			6,074,600,817			982,842,684			694,721,303
Beginning of period		64,849,494,602			58,774,893,785			3,217,532,637			2,522,811,334
End of period	$	74,957,688,229		$	64,849,494,602		$	4,200,375,321		$	3,217,532,637

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

See notes to financial statements.    

FINANCIAL STATEMENTS 117

Statements of Changes in Net Assets  (continued)

	iShares Core MSCI International Developed Markets ETF						iShares Core MSCI Pacific ETF
	Six Months Ended						Six Months Ended
	01/31/20			Year Ended			01/31/20			Year Ended
	(unaudited)			07/31/19			(unaudited)			07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	18,113,712		$	39,998,787		$	13,406,570		$	27,887,376
Net realized gain (loss)		(1,304,738	)		(5,599,501	)		3,358,432			(9,901,438	)
Net change in unrealized appreciation (depreciation)		93,831,706			(7,489,243	)		44,629,762			(21,651,959	)
Net increase (decrease) in net assets resulting from operations		110,640,680			26,910,043			61,394,764			(3,666,021	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(25,897,905	)		(39,944,969	)		(21,498,137	)		(28,064,838	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		433,350,396			534,573,727			5,393,443			174,993,035
NET ASSETS
Total increase in net assets		518,093,171			521,538,801			45,290,070			143,262,176
Beginning of period		1,425,652,768			904,113,967			1,034,208,347			890,946,171
End of period	$	1,943,745,939		$	1,425,652,768		$	1,079,498,417		$	1,034,208,347

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

See notes to financial statements.    

118 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Core MSCI Total International Stock ETF (Consolidated)
	Six Months Ended
	01/31/20			Year Ended
	(unaudited)			07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	190,848,385		$	398,472,824
Net realized loss		(74,347,277	)		(215,745,872	)
Net change in unrealized appreciation (depreciation)		826,316,520			(285,186,567	)
Net increase (decrease) in net assets resulting from operations		942,817,628			(102,459,615	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(284,640,138	)		(387,735,451	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,002,484,282			5,356,390,012
NET ASSETS
Total increase in net assets		2,660,661,772			4,866,194,946
Beginning of period		15,457,551,970			10,591,357,024
End of period	$	18,118,213,742		$	15,457,551,970

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

See notes to financial statements.    

FINANCIAL STATEMENTS 119

Financial Highlights  

(For a share outstanding throughout each period)

	iShares Core MSCI EAFE ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	60.80		$	64.89		$	62.42		$	54.16		$	59.33		$	60.82
Net investment income(a)		0.61			2.00			2.05			1.76			1.72			1.83
Net realized and unrealized gain (loss)(b)		3.35			(4.14	)		2.30			8.06			(5.46	)		(1.77	)
Net increase (decrease) from investment operations		3.96			(2.14	)		4.35			9.82			(3.74	)		0.06
Distributions(c)
From net investment income		(0.88	)		(1.95	)		(1.88	)		(1.56	)		(1.43	)		(1.55	)
Total distributions		(0.88	)		(1.95	)		(1.88	)		(1.56	)		(1.43	)		(1.55	)
Net asset value, end of period	$	63.88		$	60.80		$	64.89		$	62.42		$	54.16		$	59.33
Total Return
Based on net asset value		6.49	%(d)		(3.13	)%		7.02	%		18.36	%		(6.24	)%		0.16	%
Ratios to Average Net Assets
Total expenses		0.07	%(e)		0.08	%		0.08	%		0.09	%		0.12	%		0.12	%
Total expenses after fees waived		0.07	%(e)		0.08	%		0.08	%		0.09	%		0.12	%		0.12	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.08	%		N/A			0.09	%		N/A			N/A
Net investment income		1.95	%(e)		3.31	%		3.14	%		3.07	%(f)		3.22	%		3.12	%
Supplemental Data
Net assets, end of period (000)	$	74,957,688		$	64,849,495		$	58,774,894		$	33,131,929		$	11,959,585		$	6,389,447
Portfolio turnover rate(g)		1	%(d)		3	%		2	%		2	%		2	%		5	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

• Ratio of net investment income to average net assets by 0.01%.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

120 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core MSCI Europe ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	45.70		$	49.27		$	48.02		$	40.87		$	46.46		$	47.67
Net investment income(a)		0.37			1.64			1.54			1.58			1.45			1.69
Net realized and unrealized gain (loss)(b)		2.78			(3.65	)		1.47			6.71			(5.81	)		(1.72	)
Net increase (decrease) from investment operations		3.15			(2.01	)		3.01			8.29			(4.36	)		(0.03	)
Distributions(c)
From net investment income		(0.40	)		(1.56	)		(1.76	)		(1.14	)		(1.23	)		(1.18	)
Total distributions		(0.40	)		(1.56	)		(1.76	)		(1.14	)		(1.23	)		(1.18	)
Net asset value, end of period	$	48.45		$	45.70		$	49.27		$	48.02		$	40.87		$	46.46
Total Return
Based on net asset value		6.86	%(d)		(3.96	)%		6.36	%		20.54	%		(9.39	)%		(0.03	)%
Ratios to Average Net Assets
Total expenses		0.09	%(e)		0.10	%		0.10	%		0.11	%		0.12	%		0.14	%
Total expenses after fees waived		0.09	%(e)		0.10	%		0.10	%		0.11	%		0.11	%		0.05	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.10	%		N/A			0.11	%		N/A			N/A
Net investment income		1.55	%(e)		3.62	%		3.09	%		3.60	%(f)		3.51	%		3.68	%
Supplemental Data
Net assets, end of period (000)	$	4,200,375		$	3,217,533		$	2,522,811		$	2,890,840		$	960,411		$	696,968
Portfolio turnover rate(g)		1	%(d)		4	%		3	%		4	%		3	%		1	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017: • Ratio of net investment income to average net assets by 0.01%.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 121

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core MSCI International Developed Markets ETF
		Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Period From 03/21/17 to 07/31/17	(a)
Net asset value, beginning of period	$	54.31		$	57.40		$	54.82		$	50.87
Net investment income(b)		0.60			1.76			1.79			0.75
Net realized and unrealized gain (loss)(c)		2.95			(3.27	)		2.06			3.88
Net increase (decrease) from investment operations		3.55			(1.51	)		3.85			4.63
Distributions(d)
From net investment income		(0.77	)		(1.58	)		(1.27	)		(0.68	)
Total distributions		(0.77	)		(1.58	)		(1.27	)		(0.68	)
Net asset value, end of period	$	57.09		$	54.31		$	57.40		$	54.82
Total Return
Based on net asset value		6.52	%(e)		(2.48	)%		7.07	%		9.14	%(e)
Ratios to Average Net Assets
Total expenses		0.05	%(f)		0.05	%		0.07	%		0.07	%(f)
Total expenses after fees waived		0.05	%(f)		0.05	%		0.03	%		0.00	%(f)
Net investment income		2.14	%(f)		3.28	%		3.08	%		3.90	%(f)
Supplemental Data
Net assets, end of period (000)	$	1,943,746		$	1,425,653		$	904,114		$	65,788
Portfolio turnover rate(g)		14	%(e)		5	%		6	%		2	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

122 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core MSCI Pacific ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	55.60		$	58.23		$	55.49		$	49.58		$	51.18		$	51.98
Net investment income(a)		0.72			1.64			1.59			1.28			1.18			1.29
Net realized and unrealized gain (loss)(b)		2.56			(2.67	)		3.01			6.07			(1.66	)		(1.03	)
Net increase (decrease) from investment operations		3.28			(1.03	)		4.60			7.35			(0.48	)		0.26
Distributions(c)
From net investment income		(1.15	)		(1.60	)		(1.86	)		(1.44	)		(1.12	)		(1.06	)
Total distributions		(1.15	)		(1.60	)		(1.86	)		(1.44	)		(1.12	)		(1.06	)
Net asset value, end of period	$	57.73		$	55.60		$	58.23		$	55.49		$	49.58		$	51.18
Total Return
Based on net asset value		5.87	%(d)		(1.61	)%		8.28	%		15.09	%		(0.79	)%		0.58	%
Ratios to Average Net Assets
Total expenses		0.09	%(e)		0.10	%		0.10	%		0.11	%		0.13	%		0.14	%
Total expenses after fees waived		0.09	%(e)		0.10	%		0.10	%		0.11	%		0.11	%		0.05	%
Net investment income		2.50	%(e)		2.97	%		2.71	%		2.48	%		2.52	%		2.53	%
Supplemental Data
Net assets, end of period (000)	$	1,079,498		$	1,034,208		$	890,946		$	1,082,055		$	778,376		$	563,034
Portfolio turnover rate(f)		2	%(d)		5	%		5	%		3	%		6	%		4	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 123

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core MSCI Total International Stock ETF (Consolidated)
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17			Year Ended 07/31/16			Year Ended 07/31/15
Net asset value, beginning of period	$	57.96		$	61.36		$	59.26		$	50.96		$	54.71		$	58.79
Net investment income(a)		0.67			1.77			1.79			1.58			1.46			1.59
Net realized and unrealized gain (loss)(b)		2.56			(3.55	)		1.98			8.01			(3.88	)		(4.25	)
Net increase (decrease) from investment operations		3.23			(1.78	)		3.77			9.59			(2.42	)		(2.66	)
Distributions(c)
From net investment income		(0.98	)		(1.62	)		(1.67	)		(1.29	)		(1.33	)		(1.42	)
Total distributions		(0.98	)		(1.62	)		(1.67	)		(1.29	)		(1.33	)		(1.42	)
Net asset value, end of period	$	60.21		$	57.96		$	61.36		$	59.26		$	50.96		$	54.71
Total Return
Based on net asset value		5.54	%(d)(e)		(2.73	)%		6.39	%		19.08	%		(4.31	)%		(4.52	)%
Ratios to Average Net Assets
Total expenses(f)		0.09	%(g)		0.10	%		0.11	%		0.12	%		0.14	%		0.15	%
Total expenses after fees waived(f)		0.09	%(g)		0.10	%		0.11	%		0.12	%		0.14	%		0.14	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.10	%		N/A			0.12	%		N/A			N/A
Net investment income		2.24	%(g)		3.09	%		2.87	%		2.93	%		2.95	%		2.86	%
Supplemental Data
Net assets, end of period (000)	$	18,118,214		$	15,457,552		$	10,591,357		$	6,892,430		$	2,542,666		$	1,695,867
Portfolio turnover rate(h)(i)		3	%(d)		6	%		2	%		3	%		7	%		4	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Not annualized.

^(e)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

124 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):    

iShares ETF	Diversification Classification
Core MSCI EAFE	Diversified
Core MSCI Europe	Diversified
Core MSCI International Developed Markets(a)	Diversified
Core MSCI Pacific	Diversified
Core MSCI Total International Stock	Diversified

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

Basis of Consolidation: The accompanying consolidated financial statements for the iShares Core MSCI Total International Stock ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. Intercompany accounts and transactions, if any, have been eliminated.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2020, if any, are disclosed in the statement of assets and liabilities.

The iShares Core MSCI Total International Stock ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities and the same covers the period of any exists.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the

NOTES TO FINANCIAL STATEMENTS 125

Notes to Financial Statements  (unaudited) (continued)

Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VAbLUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

126 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of January 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of January 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of January 31, 2020:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core MSCI EAFE
Barclays Capital Inc.	$	16,653,803	$	16,653,803		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		5,256,581		5,256,581			—		—
BNP Paribas Securities Corp.		743,126		743,126			—		—
BofA Securities, Inc.		37,994,591		37,994,591			—		—
Citigroup Global Markets Inc.		28,260,739		28,260,739			—		—
Credit Suisse AG Dublin Branch		77,294,461		77,294,461			—		—
Credit Suisse Securities (USA) LLC		13,736,159		13,736,159			—		—
Deutsche Bank Securities Inc.		4,572,836		4,572,836			—		—
Goldman Sachs & Co.		175,107,012		175,107,012			—		—
HSBC Bank PLC		536,366		536,366			—		—
Jefferies LLC		1,298,116		1,298,116			—		—
JPMorgan Securities LLC		34,535,045		34,535,045			—		—
Macquarie Bank Limited		19,857,359		19,857,359			—		—
Morgan Stanley & Co. LLC		279,058,012		279,058,012			—		—
Nomura Securities International Inc.		8,816,679		8,816,679			—		—
RBC Capital Markets LLC		7,937		7,937			—		—
Scotia Capital (USA) Inc.		950,034		950,034			—		—
SEB Securities Inc.		3,054,006		3,054,006			—		—
SG Americas Securities LLC		3,899,396		3,899,396			—		—
State Street Bank & Trust Company		3,099,244		3,099,244			—		—
UBS AG		1,872,420		1,872,420			—		—
UBS Securities LLC		2,160,899		2,160,899			—		—
Wells Fargo Bank, National Association		429,560		429,560			—		—
Wells Fargo Securities LLC		1,232,394		1,232,394			—		—
	$	720,426,775	$	720,426,775		$	—	$	—

NOTES TO FINANCIAL STATEMENTS 127

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core MSCI Europe
BofA Securities, Inc.	$	2,465,644	$	2,465,644		$	—	$	—
Citigroup Global Markets Inc.		1,646,278		1,646,278			—		—
Credit Suisse AG Dublin Branch		1,950,928		1,950,928			—		—
Credit Suisse Securities (USA) LLC		90,101		90,101			—		—
Deutsche Bank Securities Inc.		1,899,324		1,899,324			—		—
Goldman Sachs & Co		7,093,807		7,093,807			—		—
JPMorgan Securities LLC		3,642,018		3,642,018			—		—
Morgan Stanley & Co. LLC		12,316,951		12,316,951			—		—
Scotia Capital (USA) Inc.		213,193		213,193			—		—
SEB Securities Inc.		71,129		71,129			—		—
UBS AG		244,282		244,282			—		—
	$	31,633,655	$	31,633,655		$	—	$	—
Core MSCI International Developed Markets
BofA Securities, Inc.	$	1,129,463	$	1,129,463		$	—	$	—
Citigroup Global Markets Inc.		1,149,774		1,149,774			—		—
Credit Suisse AG Dublin Branch		658,471		658,471			—		—
Credit Suisse Securities (USA) LLC		646,895		646,895			—		—
HSBC Bank PLC		108,797		108,797			—		—
JPMorgan Securities LLC		1,821,799		1,821,799			—		—
Macquarie Bank Limited		232,130		232,130			—		—
Morgan Stanley & Co. LLC		5,074,257		5,074,257			—		—
Scotia Capital (USA) Inc.		117,519		117,519			—		—
SG Americas Securities LLC		79,859		79,859			—		—
UBS AG		357,910		357,910			—		—
Wells Fargo Bank, National Association		60,944		60,944			—		—
Wells Fargo Securities LLC		226,326		226,326			—		—
	$	11,664,144	$	11,664,144		$	—	$	—
Core MSCI Pacific
BofA Securities, Inc.	$	203,715	$	203,715		$	—	$	—
Citigroup Global Markets Inc.		156,650		156,650			—		—
Credit Suisse Securities (USA) LLC		165,349		165,349			—		—
JPMorgan Securities LLC		586,188		586,188			—		—
Macquarie Bank Limited		118,718		118,718			—		—
Nomura Securities International Inc.		325		325			—		—
UBS AG		49,698		49,698			—		—
	$	1,280,643	$	1,280,643		$	—	$	—

128 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core MSCI Total International Stock
Barclays Bank PLC	$	223,691	$	223,691		$	—	$	—
Barclays Capital Inc.		4,044,572		4,044,572			—		—
BNP Paribas Prime Brokerage International Ltd.		794,577		794,577			—		—
BofA Securities, Inc.		9,093,684		9,093,684			—		—
Citigroup Global Markets Inc.		23,798,482		23,798,482			—		—
Credit Suisse AG Dublin Branch		11,026,580		11,026,580			—		—
Credit Suisse Securities (USA) LLC		7,906,372		7,906,372			—		—
Deutsche Bank Securities Inc.		1,508,071		1,508,071			—		—
Goldman Sachs & Co.		38,655,215		38,655,215			—		—
HSBC Bank PLC		2,705,138		2,705,138			—		—
JPMorgan Securities LLC		10,504,486		10,504,486			—		—
JPMorgan Securities PLC		357,491		357,491			—		—
Macquarie Bank Limited		4,494,834		4,494,834			—		—
Morgan Stanley & Co. International PLC		674,778		674,778			—		—
Morgan Stanley & Co. LLC		74,916,577		74,916,577			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		1,234,032		1,234,032			—		—
National Financial Services LLC		246,265		246,265			—		—
Nomura Securities International Inc.		119,342		119,342			—		—
RBC Capital Markets LLC		1,848		1,848			—		—
SEB Securities Inc.		696,303		696,303			—		—
SG Americas Securities LLC		1,884,818		1,884,818			—		—
State Street Bank & Trust Company		168,126		168,126			—		—
TD Prime Services LLC		8,081		8,081			—		—
UBS AG		1,653,638		1,653,638			—		—
UBS Securities LLC		566,699		566,699			—		—
Wells Fargo Bank, National Association		24,454		24,454			—		—
Wells Fargo Securities LLC		3,407,637		3,407,637			—		—
	$	200,715,791	$	200,715,791		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

NOTES TO FINANCIAL STATEMENTS 129

Notes to Financial Statements  (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Core MSCI EAFE		0.07	%
Core MSCI Europe		0.09
Core MSCI International Developed Markets		0.05
Core MSCI Pacific		0.09
Core MSCI Total International Stock		0.09

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee, acquired fund fees and expenses, and any other fund expenses is a fund’s total annual operating expenses.

For the iShares Core MSCI Total International Stock ETF, BFA contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2021 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended January 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Core MSCI EAFE	$	2,212,162
Core MSCI Europe		99,618
Core MSCI International Developed Markets		59,428
Core MSCI Pacific		17,444
Core MSCI Total International Stock		981,802

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

130 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core MSCI EAFE	$	181,850,324	$	14,812,945	$	(4,568,717	)
Core MSCI Total International Stock		6,059,764		52,153,997		(15,807,779	)

During the six months ended January 31, 2020, the iShares Core MSCI Total International Stock ETF received a reimbursement of $3,531 from an affiliate, which is included in payment by affiliate in the statement of operations, related to operating events.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Core MSCI EAFE	$	1,293,582,098	$	437,598,382
Core MSCI Europe		76,018,509		34,049,903
Core MSCI International Developed Markets		273,588,889		229,451,279
Core MSCI Pacific		19,014,441		24,926,182
Core MSCI Total International Stock		1,250,751,314		427,071,100

For the six months ended January 31, 2020, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core MSCI EAFE	$	5,888,872,359	$	—
Core MSCI Europe		777,525,627		26,739,348
Core MSCI International Developed Markets		541,612,316		158,661,335
Core MSCI Pacific		26,316,147		21,129,506
Core MSCI Total International Stock		1,117,267,135		—

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Core MSCI EAFE	$	364,668,507
Core MSCI Europe		26,637,158
Core MSCI International Developed Markets		15,024,927
Core MSCI Pacific		14,215,965
Core MSCI Total International Stock		188,435,824

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

NOTES TO FINANCIAL STATEMENTS 131

Notes to Financial Statements  (unaudited) (continued)

As of January 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core MSCI EAFE	$	72,180,184,298	$	10,154,593,915	$	(6,912,898,488	)	$	3,241,695,427
Core MSCI Europe		4,128,202,806		482,389,981		(398,275,404	)		84,114,577
Core MSCI International Developed Markets		1,869,194,190		185,871,969		(104,899,311	)		80,972,658
Core MSCI Pacific		979,963,745		185,473,601		(87,960,237	)		97,513,364
Core MSCI Total International Stock		17,031,983,638		2,654,367,584		(1,401,882,139	)		1,252,485,445

9. LINE OF CREDIT

The iShares Core MSCI Total International Stock ETF, along with certain other iShares funds, is a party to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Fund did not borrow under the credit agreement during the six months ended January 31, 2020.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

132 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/20						Year Ended 07/31/19
iShares ETF	Shares			Amount			Shares			Amount
Core MSCI EAFE
Shares sold		106,800,000		$	6,874,618,682			183,600,000		$	11,156,266,257
Shares redeemed		—			—			(22,800,000	)		(1,334,960,529	)
Net increase		106,800,000		$	6,874,618,682			160,800,000		$	9,821,305,728
Core MSCI Europe
Shares sold		16,900,000		$	817,564,619			28,600,000		$	1,255,161,020
Shares redeemed		(600,000	)		(27,454,751	)		(9,400,000	)		(422,702,567	)
Net increase		16,300,000		$	790,109,868			19,200,000		$	832,458,453
Core MSCI International Developed Markets
Shares sold		10,650,000		$	598,523,107			12,750,000		$	652,992,504
Shares redeemed		(2,850,000	)		(165,172,711	)		(2,250,000	)		(118,418,777	)
Net increase		7,800,000		$	433,350,396			10,500,000		$	534,573,727
Core MSCI Pacific
Shares sold		500,000		$	27,675,975			3,300,000		$	174,993,035
Shares redeemed		(400,000	)		(22,282,532	)		—			—
Net increase		100,000		$	5,393,443			3,300,000		$	174,993,035
Core MSCI Total International Stock
Shares sold		34,200,000		$	2,002,484,282			94,100,000		$	5,356,390,012

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares Core MSCI EAFE, iShares Core MSCI Europe and iShares Core MSCI Total International Stock ETFs have filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded receivables for all recoverable taxes withheld by Finland based upon recent favorable determinations made by the Finnish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Funds continue to evaluate developments in Finland for potential impact to the receivables and payables recorded. Finnish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities.

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares Core MSCI EAFE, iShares Core MSCI Europe and iShares Core MSCI Total International Stock

NOTES TO FINANCIAL STATEMENTS 133

Notes to Financial Statements  (unaudited) (continued)

ETFs is able to pass through to its shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

13. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

14. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

134 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares Core MSCI EAFE ETF, iShares Core MSCI Europe ETF, iShares Core MSCI International Developed Markets ETF, iShares Core MSCI Pacific ETF and iShares Core MSCI Total International Stock ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM 135

Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core MSCI EAFE(a)	$	0.723884	$	—	$	0.156418	$	0.880302		82	%		—	%		18	%		100	%
Core MSCI Europe(a)		0.355860		—		0.039888		0.395748		90			—			10			100
Core MSCI International Developed Markets(a)		0.660440		—		0.110331		0.770771		86			—			14			100
Core MSCI Pacific(a)		0.974837		—		0.174796		1.149633		85			—			15			100
Core MSCI Total International Stock(a)		0.820107		—		0.157366		0.977473		84			—			16			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

136 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

GENERAL INFORMATION 137

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
SDR	Swedish Depositary Receipt

138 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-710-0120

JANUARY 31, 2020

2020 Semi-Annual Report (Unaudited)

iShares Trust

• iShares Edge MSCI Intl Momentum Factor ETF | IMTM | NYSE Arca

• iShares Edge MSCI Intl Quality Factor ETF | IQLT | NYSE Arca

• iShares Edge MSCI Intl Size Factor ETF | ISZE | NYSE Arca

• iShares Edge MSCI Intl Value Factor ETF | IVLU | NYSE Arca

• iShares Edge MSCI USA Momentum Factor ETF | MTUM | Cboe BZX

• iShares Edge MSCI USA Quality Factor ETF | QUAL | Cboe BZX

• iShares Edge MSCI USA Size Factor ETF | SIZE | NYSE Arca

• iShares Edge MSCI USA Value Factor ETF | VLUE | Cboe BZX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents

	Page
Fund Summary	3
About Fund Performance	11
Shareholder Expenses.	11
Schedules of Investments	12
Financial Statements
Statements of Assets and Liabilities	59
Statements of Operations	61
Statements of Changes in Net Assets	63
Financial Highlights	67
Notes to Financial Statements	75
Statement Regarding Liquidity Risk Management Program	84
Supplemental Information	85
General Information	86
Glossary of Terms Used in this Report	87

Fund Summary as of January 31, 2020 iShares^® Edge MSCI Intl Momentum Factor ETF

Investment Objective

The iShares Edge MSCI Intl Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, as represented by the MSCI World ex USA Momentum 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	8.01	%	18.16	%	6.22	%	6.48	%	18.16	%	35.24	%	37.30	%
Fund Market	8.12		17.76		6.14		6.38		17.76		34.70		36.65
Index	8.19		18.41		6.51		6.78		18.41		37.08		39.24

The inception date of the Fund was 1/13/15. The first day of secondary market trading was 1/15/15.

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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

(08/01/19)

(01/31/20)

the Period

(a)

(08/01/19)

(01/31/20)

the Period

(a)

Ratio

$

1,000.00

$

1,080.10

$

1.57

$

1,000.00

$

1,023.60

$

1.53

0.30

%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments	(a)
Health Care	20.3	%
Industrials	14.4
Consumer Staples	12.2
Financials	11.7
Consumer Discretionary	10.5
Information Technology	9.5
Utilities	6.9
Materials	6.3
Real Estate	3.8
Communication Services.	3.2
Energy	1.2

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region	Total Investments	(a)
Japan	15.9	%
Switzerland	14.5
France	14.4
United Kingdom	10.0
Canada	8.6
Australia	8.0
Germany	6.9
Netherlands	4.7
Denmark	3.2
Italy	3.1

^(a) Excludes money market funds.

F u n d   S u m m a r y 3

Fund Summary as of January 31, 2020 iShares^® Edge MSCI Intl Quality Factor ETF

Investment Objective

The iShares Edge MSCI Intl Quality Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher quality characteristics as identified through three fundamental variables: return on equity, earnings variability and debt-to-equity, as represented by the MSCI World ex USA Sector Neutral Quality 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.

Performance

	Average Annual Total Returns								Cumulative Total Returns
							Since							Since
	6 Months		1 Year		5 Years		Inception			1 Year		5 Years		Inception
Fund NAV	7.67	%	18.12	%	6.77	%	7.03	%		18.12	%	38.74	%	40.96	%
Fund Market	7.71		17.27		6.65		6.91			17.27		37.96		40.16
Index	7.84		18.39		7.04		7.29			18.39		40.51		42.66

The inception date of the Fund was 1/13/15. The first day of secondary market trading was 1/15/15.

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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

(08/01/19)

(01/31/20)

the Period

(a)

(08/01/19)

(01/31/20)

the Period

(a)

Ratio

$

1,000.00

$

1,076.70

$

1.57

$

1,000.00

$

1,023.60

$

1.53

0.30

%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments	(a)
Financials	20.3	%
Industrials	14.8
Health Care	11.5
Consumer Discretionary	11.0
Consumer Staples	10.6
Materials	7.2
Information Technology	7.0
Energy	5.6
Communication Services.	5.0
Utilities	3.8
Real Estate	3.2

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region	Total Investments	(a)
United Kingdom	19.2	%
Japan	13.2
Switzerland	12.3
France	8.7
Canada	7.5
Australia	6.6
Hong Kong	6.2
Germany	5.5
Netherlands	4.4
Denmark	4.2

^(a) Excludes money market funds.

4 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Fund Summary as of January 31, 2020 iShares^® Edge MSCI Intl Size Factor ETF

Investment Objective

The iShares Edge MSCI Intl Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI World ex USA Low Size 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.

Performance

			Average Annual Total Returns				Cumulative Total Returns
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	6.28	%	9.76	%	4.93	%	9.76	%	24.98	%
Fund Market	6.10		8.77		4.69		8.77		23.62
Index	5.98		9.09		4.89		9.09		24.69

The inception date of the Fund was 6/16/15. The first day of secondary market trading was 6/18/15.

Index performance through December 2, 2018 reflects the performance of the MSCI World ex USA Risk Weighted Index. Index performance beginning on December 3, 2018 reflects the performance of the MSCI World ex USA Low Size Index.

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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

(08/01/19)

(01/31/20)

the Period

(a)

(08/01/19)

(01/31/20)

the Period

(a)

Ratio

$

1,000.00

$

1,062.80

$

1.56

$

1,000.00

$

1,023.60

$

1.53

0.30

%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments	(a)
Industrials	18.1	%
Financials	16.2
Consumer Discretionary	11.8
Materials	9.4
Consumer Staples	8.4
Health Care	7.6
Information Technology	7.3
Real Estate	6.6
Communication Services.	5.9
Utilities	5.2
Energy	3.5

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region	Total Investments	(a)
Japan	32.2	%
United Kingdom	9.8
Canada	9.0
France	7.6
Australia	7.1
Germany	5.6
Hong Kong	4.2
Switzerland	3.8
Sweden	2.9
Singapore	2.4

^(a) Excludes money market funds.

F u n d   S u m m a r y 5

Fund Summary as of January 31, 2020 iShares^® Edge MSCI Intl Value Factor ETF

Investment Objective

The iShares Edge MSCI Intl Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI World ex USA Enhanced Value 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.

Performance

			Average Annual Total Returns				Cumulative Total Returns
					Since				Since
	6 Months		1 Year		Inception		1 Year		Inception
Fund NAV	5.45	%	3.13	%	1.79	%	3.13	%	8.56	%
Fund Market	4.87		2.32		1.59		2.32		7.58
Index	5.58		3.11		1.82		3.11		8.68

The inception date of the Fund was 6/16/15. The first day of secondary market trading was 6/18/15.

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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

(08/01/19)

(01/31/20)

the Period

(a)

(08/01/19)

(01/31/20)

the Period

(a)

Ratio

$

1,000.00

$

1,054.50

$

1.55

$

1,000.00

$

1,023.60

$

1.53

0.30

%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments	(a)
Financials	20.3	%
Industrials	14.3
Health Care	11.5
Consumer Staples	11.5
Consumer Discretionary	10.3
Information Technology	7.5
Materials	7.1
Energy	5.7
Communication Services.	4.8
Utilities	4.0
Real Estate	3.0

TEN LARGEST GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region	Total Investments	(a)
Japan	40.6	%
United Kingdom	17.5
France	10.4
Germany	7.6
Netherlands	3.7
Switzerland	3.6
Spain	3.1
Italy	3.1
Hong Kong	3.0
Canada	2.4

^(a) Excludes money market funds.

6 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Fund Summary as of January 31, 2020 iShares^® Edge MSCI USA Momentum Factor ETF

Investment Objective

The iShares Edge MSCI USA Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks exhibiting relatively higher price momentum, as represented by the MSCI USA Momentum 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	8.67	%	24.00	%	15.54	%	16.06	%	24.00	%	105.86	%	175.20	%
Fund Market	8.67		24.01		15.52		16.06		24.01		105.70		175.15
Index	8.77		24.52		15.79		16.32		24.52		108.16		179.07

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

(08/01/19)

(01/31/20)

the Period

(a)

(08/01/19)

(01/31/20)

the Period

(a)

Ratio

$

1,000.00

$

1,086.70

$

0.79

$

1,000.00

$

1,024.40

$

0.76

0.15

%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments	(a)
Information Technology	26.6	%
Utilities	12.7
Real Estate	11.5
Health Care	10.4
Consumer Staples	8.3
Communication Services	7.0
Industrials	7.0
Financials	6.8
Consumer Discretionary	5.8
Materials	3.9

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments	(a)
Microsoft Corp	5.4	%
Visa Inc., Class A	5.2
Mastercard Inc., Class A	4.9
Procter & Gamble Co. (The)	4.8
AT&T Inc	4.5
NextEra Energy Inc.	3.7
Medtronic PLC	2.9
Costco Wholesale Corp.	2.5
American Tower Corp.	2.0
Southern Co. (The)	1.9

^(a) Excludes money market funds.

F u n d   S u m m a r y 7

Fund Summary as of January 31, 2020 iShares^® Edge MSCI USA Quality Factor ETF

Investment Objective

The iShares Edge MSCI USA Quality Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with quality characteristics as identified through three fundamental variables: return on equity, earnings variability and debt-to-equity, as represented by the MSCI USA Sector Neutral Quality 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	9.14	%	22.92	%	12.47	%	13.14	%	22.92	%	79.94	%	124.44	%
Fund Market	9.13		22.87		12.46		13.14		22.87		79.87		124.39
Index	9.23		23.15		12.65		13.34		23.15		81.38		126.78

The inception date of the Fund was 7/16/13. The first day of secondary market trading was 7/18/13.

Index performance through August 31, 2015 reflects the performance of the MSCI USA Quality Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Sector Neutral Quality Index.

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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

(08/01/19)

(01/31/20)

the Period

(a)

(08/01/19)

(01/31/20)

the Period

(a)

Ratio

$

1,000.00

$

1,091.40

$

0.79

$

1,000.00

$

1,024.40

$

0.76

0.15

%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments	(a)
Information Technology	24.1	%
Health Care	13.7
Financials	13.2
Communication Services.	10.5
Consumer Discretionary	9.8
Industrials	8.8
Consumer Staples	7.2
Energy	3.7
Utilities	3.4
Real Estate	3.2
Materials	2.4

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments	(a)
Johnson & Johnson.	4.1	%
PepsiCo Inc	3.8
Apple Inc	3.8
Microsoft Corp	3.7
Facebook Inc., Class A.	3.5
Mastercard Inc., Class A	3.3
Visa Inc., Class A	2.9
NIKE Inc., Class B	2.6
3M Co	2.5
Merck & Co. Inc	2.3

^(a) Excludes money market funds.

8 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Fund Summary as of January 31, 2020 iShares^® Edge MSCI USA Size Factor ETF

Investment Objective

The iShares Edge MSCI USA Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI USA Low Size 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	5.38	%	15.74	%	10.41	%	11.96	%	15.74	%	64.05	%	115.47	%
Fund Market	5.35		15.75		10.40		11.95		15.75		63.99		115.42
Index	5.46		15.93		10.56		12.13		15.93		65.20		117.56

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

Index performance through December 2, 2018 reflects the performance of the MSCI USA Risk Weighted Index. Index performance beginning on December 3, 2018 reflects the performance of the MSCI USA Low Size Index.

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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

(08/01/19)

(01/31/20)

the Period

(a)

(08/01/19)

(01/31/20)

the Period

(a)

Ratio

$

1,000.00

$

1,053.80

$

0.77

$

1,000.00

$

1,024.40

$

0.76

0.15

%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments	(a)
Information Technology	16.2	%
Financials	14.3
Industrials	13.3
Health Care	12.1
Consumer Discretionary	11.4
Real Estate	6.7
Communication Services.	6.0
Consumer Staples	5.5
Utilities	5.4
Materials	4.9
Energy	4.2

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments	(a)
ViacomCBS Inc., Class B	0.3	%
Centene Corp	0.3
Truist Financial Corp.	0.3
Tesla Inc	0.3
Bristol-Myers Squibb Co.	0.2
Grubhub Inc	0.2
Paycom Software Inc.	0.2
Uber Technologies Inc.	0.2
Splunk Inc	0.2
Western Digital Corp.	0.2

^(a) Excludes money market funds.

F u n d   S u m m a r y 9

Fund Summary as of January 31, 2020 iShares^® Edge MSCI USA Value Factor ETF

Investment Objective

The iShares Edge MSCI USA Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI USA Enhanced Value 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.

Performance

			Average Annual Total Returns						Cumulative Total Returns
							Since						Since
	6 Months		1 Year		5 Years		Inception		1 Year		5 Years		Inception
Fund NAV	6.14	%	11.52	%	9.08	%	10.76	%	11.52	%	54.45	%	100.33	%
Fund Market	6.10		11.48		9.07		10.76		11.48		54.39		100.27
Index	6.23		11.68		9.26		10.95		11.68		55.70		102.44

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

Index performance through August 31, 2015 reflects the performance of the MSCI USA Value Weighted Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Enhanced Value Index.

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 11 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

(08/01/19)

(01/31/20)

the Period

(a)

(08/01/19)

(01/31/20)

the Period

(a)

Ratio

$

1,000.00

$

1,061.40

$

0.78

$

1,000.00

$

1,024.40

$

0.76

0.15

%

^(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 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR
	Percent of
Sector	Total Investments	(a)
Information Technology	24.8	%
Financials	13.4
Health Care	12.8
Communication Services.	10.3
Consumer Discretionary	9.8
Industrials	8.9
Consumer Staples	6.7
Energy	3.9
Utilities	3.5
Real Estate	3.4
Materials	2.5

TEN LARGEST HOLDINGS
	Percent of
Security	Total Investments	(a)
Intel Corp	9.1	%
AT&T Inc	8.2
International Business Machines Corp.	3.8
Micron Technology Inc.	3.5
Bank of America Corp.	3.2
Citigroup Inc	2.8
Pfizer Inc	2.4
General Motors Co.	2.2
CVS Health Corp	1.8
Walgreens Boots Alliance Inc.	1.7

^(a) Excludes money market funds.

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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 iShares.com. 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 ask 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 your 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your 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 under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your 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 b o u t   F u n d   P e r f o r m a n c e / S h a r e h o l d e r   E x p e n s e s 11

Schedule of Investments (unaudited)	iShares® Edge MSCI Intl Momentum Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.9%
APA Group		37,812	$	286,799
Aristocrat Leisure Ltd.		17,733		429,743
ASX Ltd.		9,663		554,190
Aurizon Holdings Ltd.		89,838		325,368
Brambles Ltd.		27,876		235,696
Coles Group Ltd.		44,919		497,675
CSL Ltd.		20,653		4,314,449
Fortescue Metals Group Ltd.		78,384		597,681
Goodman Group		56,925		567,435
GPT Group (The)		37,536		150,771
Harvey Norman Holdings Ltd.		13,593		38,492
James Hardie Industries PLC		18,147		386,322
Lendlease Group		19,113		231,849
Macquarie Group Ltd.		5,812		563,277
Magellan Financial Group Ltd.		5,244		236,158
Medibank Pvt Ltd.		87,975		182,574
Mirvac Group		169,188		385,094
National Australia Bank Ltd.		77,625		1,343,842
Newcrest Mining Ltd.		29,463		582,450
Orica Ltd.		14,904		227,786
REA Group Ltd.		2,898		221,361
Santos Ltd.		46,023		267,740
Seek Ltd.		12,903		195,994
Sonic Healthcare Ltd.		15,387		326,227
Stockland		111,504		367,260
Sydney Airport		37,812		212,378
Transurban Group		94,392		992,094
Wesfarmers Ltd.		32,430		981,521
Woolworths Group Ltd.		57,201		1,602,187
				17,304,413
Austria — 0.1%
Verbund AG		2,208		116,766
Belgium — 0.4%
Ageas		5,244		289,234
Galapagos NV(a)		2,346		525,427
Proximus SADP		4,140		118,002
				932,663
Canada — 8.5%
Agnico Eagle Mines Ltd.		12,834		793,786
Air Canada(a)		6,900		231,278
Algonquin Power & Utilities Corp.		25,806		395,319
Alimentation Couche-Tard Inc., Class B		18,285		611,505
Atco Ltd., Class I, NVS		1,863		72,714
Barrick Gold Corp.		67,275		1,246,766
BCE Inc.		4,002		188,700
Brookfield Asset Management Inc., Class A		36,780		2,252,047
CAE Inc.		8,908		264,367
Canadian Apartment Properties REIT		1,863		79,729
Canadian Utilities Ltd., Class A, NVS		3,864		118,326
CGI Inc.(a)		7,935		607,957
Constellation Software Inc.		690		725,738
Emera Inc.		9,591		427,572
Empire Co. Ltd., Class A, NVS		5,589		129,736
Fortis Inc.		17,112		746,818
Franco-Nevada Corp.		10,005		1,137,993
Hydro One Ltd.(b)		13,593		276,475
iA Financial Corp. Inc.		4,554		250,779

Security	Shares		Value
Canada (continued)
Intact Financial Corp.		7,452	$	807,828
Kinross Gold Corp.(a)		64,101		325,219
Kirkland Lake Gold Ltd.		11,247		461,514
Loblaw Companies Ltd.		6,072		317,890
Metro Inc.		10,902		444,719
Open Text Corp.		6,003		270,340
Restaurant Brands International Inc.		4,416		269,591
Shopify Inc., Class A(a)		4,491		2,092,880
TC Energy Corp.		28,980		1,590,169
Thomson Reuters Corp.		8,006		644,027
Wheaton Precious Metals Corp.		19,527		575,231
WSP Global Inc.		3,243		230,618
				18,587,631
Denmark — 3.2%
Carlsberg A/S, Class B		4,347		635,868
Coloplast A/S, Class B		3,726		470,215
DSV Panalpina A/S		5,526		601,166
Genmab A/S(a)		2,829		653,409
Novo Nordisk A/S, Class B		56,373		3,448,414
Orsted A/S(b)		7,728		843,469
Vestas Wind Systems A/S		3,381		337,331
				6,989,872
Finland — 1.1%
Elisa OYJ		7,107		427,981
Fortum OYJ		13,455		325,951
Kone OYJ, Class B		13,317		859,795
Metso OYJ		2,346		83,481
Neste OYJ		11,040		438,975
Orion OYJ, Class B		3,864		182,716
				2,318,899
France — 14.4%
Air Liquide SA		15,262		2,211,421
Airbus SE		15,948		2,354,827
Alstom SA		5,313		282,264
Bouygues SA		6,279		248,623
Casino Guichard Perrachon SA		1,725		70,081
Cie. Generale des Etablissements Michelin SCA		2,898		337,214
Danone SA		15,663		1,256,700
Dassault Systemes SE		2,691		467,305
Edenred		8,694		470,077
Engie SA		57,615		993,490
EssilorLuxottica SA		10,626		1,580,892
Gecina SA		1,449		273,625
Getlink SE		14,283		252,463
Hermes International		966		724,315
ICADE		621		69,370
Ingenico Group SA		2,415		281,547
Kering SA		1,519		934,263
Legrand SA		8,073		647,727
L'Oreal SA		9,108		2,542,550
LVMH Moet Hennessy Louis Vuitton SE		9,936		4,352,679
Pernod Ricard SA		6,486		1,124,889
Safran SA		9,730		1,573,748
Sanofi		21,804		2,100,990
Sartorius Stedim Biotech		759		136,346
Schneider Electric SE		17,664		1,771,951
STMicroelectronics NV		22,839		640,095
Teleperformance		2,277		572,301
Veolia Environnement SA		19,113		565,110

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Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Momentum Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Vinci SA		18,285	$	2,030,397
Vivendi SA		14,490		397,592
				31,264,852
Germany — 6.8%
adidas AG		6,486		2,054,269
Allianz SE, Registered		9,798		2,343,731
Beiersdorf AG		2,898		328,864
Carl Zeiss Meditec AG, Bearer		1,242		152,091
Deutsche Boerse AG		7,113		1,159,140
Hannover Rueck SE		2,691		523,370
Merck KGaA		3,657		469,707
MTU Aero Engines AG		1,725		524,556
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		5,934		1,751,205
Puma SE		3,174		254,662
RWE AG		22,149		769,257
SAP SE		25,323		3,306,377
Symrise AG		2,691		277,163
Vonovia SE		13,593		776,386
				14,690,778
Hong Kong — 1.4%
AIA Group Ltd.		248,800		2,491,236
ASM Pacific Technology Ltd.		6,900		94,282
Techtronic Industries Co. Ltd.		34,500		279,692
WH Group Ltd.(b)		207,500		199,352
				3,064,562
Ireland — 0.5%
Flutter Entertainment PLC		2,208		250,808
Kerry Group PLC, Class A		4,761		608,339
Kingspan Group PLC		3,519		217,022
				1,076,169
Israel — 0.6%
Azrieli Group Ltd.		2,346		173,478
Bank Leumi Le-Israel BM		31,562		228,172
Elbit Systems Ltd.		759		116,652
Israel Discount Bank Ltd., Class A		49,191		224,383
Mizrahi Tefahot Bank Ltd.		5,520		150,964
Nice Ltd.(a)		2,691		466,650
				1,360,299
Italy — 3.1%
Assicurazioni Generali SpA		28,497		555,657
Enel SpA		467,958		4,073,534
Ferrari NV		4,071		688,001
Mediobanca Banca di Credito Finanziario SpA		18,699		186,749
Poste Italiane SpA(b)		27,945		320,526
Prysmian SpA		7,245		161,220
Recordati SpA		3,243		138,832
Snam SpA		50,370		270,001
Terna Rete Elettrica Nazionale SpA		50,370		351,443
				6,745,963
Japan — 15.8%
Advantest Corp.		13,800		747,391
Air Water Inc.		6,900		96,830
Asahi Intecc Co. Ltd.		6,900		193,851
Astellas Pharma Inc.		55,200		993,381
Bandai Namco Holdings Inc.		13,800		812,072
Chugai Pharmaceutical Co. Ltd.		8,200		852,267
Daiichi Sankyo Co. Ltd.		22,100		1,517,240

Security	Shares		Value
Japan (continued)
Daiwa House REIT Investment Corp.		69	$	184,301
Fast Retailing Co. Ltd.		1,100		602,242
Fujitsu Ltd.		6,900		739,433
Hitachi Chemical Co. Ltd.		6,900		292,527
Hoya Corp.		20,700		2,024,450
Hulic Co. Ltd.		6,900		84,925
Itochu Techno-Solutions Corp.		6,900		206,583
Japan Prime Realty Investment Corp.		69		318,946
Japan Real Estate Investment Corp.		69		503,566
Japan Retail Fund Investment Corp.		138		295,009
JSR Corp.		6,900		126,433
Kansai Paint Co. Ltd.		6,900		168,450
Kao Corp.		6,900		559,079
KDDI Corp.		48,300		1,457,668
Keihan Holdings Co. Ltd.		6,000		274,854
Keikyu Corp.		6,900		128,979
Keisei Electric Railway Co. Ltd.		6,900		252,738
Kintetsu Group Holdings Co. Ltd.		6,900		367,329
LIXIL Group Corp.		6,900		116,883
M3 Inc.		13,800		409,983
MonotaRO Co. Ltd.		6,900		170,105
Nagoya Railroad Co. Ltd.		9,700		287,729
NEC Corp.		5,600		254,205
Nippon Building Fund Inc.		69		558,952
Nippon Paint Holdings Co. Ltd.		6,900		336,135
Nippon Prologis REIT Inc.		138		397,251
Nippon Telegraph & Telephone Corp.		41,400		1,064,364
Nitori Holdings Co. Ltd.		2,600		407,446
Nomura Real Estate Master Fund Inc.		276		485,868
Nomura Research Institute Ltd.		13,800		308,124
NTT DOCOMO Inc.		48,300		1,384,584
Obic Co. Ltd.		2,600		360,068
Odakyu Electric Railway Co. Ltd.		6,900		155,081
Olympus Corp.		41,400		681,628
Omron Corp.		6,900		408,073
Oriental Land Co. Ltd.		13,800		1,815,639
Orix JREIT Inc.		138		291,954
Recruit Holdings Co. Ltd.		27,600		1,096,004
Secom Co. Ltd.		6,900		618,348
Sekisui House Ltd.		34,500		751,529
Shin-Etsu Chemical Co. Ltd.		10,900		1,278,715
Shiseido Co. Ltd.		8,400		549,253
Sony Corp.		34,500		2,456,714
Taiyo Nippon Sanso Corp.		6,900		153,871
Terumo Corp.		13,800		507,258
Tobu Railway Co. Ltd.		6,900		246,372
Tokio Marine Holdings Inc.		13,800		762,033
Tokyo Electron Ltd.		5,200		1,175,439
Toppan Printing Co. Ltd.		6,900		139,802
Unicharm Corp.		6,900		240,133
United Urban Investment Corp.		138		247,390
West Japan Railway Co.		6,900		590,401
				34,507,878
Netherlands — 4.7%
AerCap Holdings NV(a)		3,519		199,211
Altice Europe NV(a)		28,773		185,450
ASML Holding NV		19,113		5,385,277
EXOR NV		3,657		270,071
Koninklijke Ahold Delhaize NV		22,356		550,003
Koninklijke DSM NV		5,747		702,481

S c h e d u l e   o f   I n v e s t m e n t s 13

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Momentum Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Koninklijke Philips NV		20,631	$	946,540
Koninklijke Vopak NV		2,622		140,578
NXP Semiconductors NV		9,522		1,207,961
Wolters Kluwer NV		9,264		697,292
				10,284,864
New Zealand — 0.5%
Auckland International Airport Ltd.		36,501		204,327
Fisher & Paykel Healthcare Corp. Ltd.		21,479		323,873
Mercury NZ Ltd.		39,261		133,136
Meridian Energy Ltd.		62,928		217,669
Ryman Healthcare Ltd.		8,631		92,106
Spark New Zealand Ltd.		56,925		171,670
				1,142,781
Norway — 0.3%
Gjensidige Forsikring ASA		6,210		135,413
Orkla ASA		36,225		349,761
Schibsted ASA, Class B		2,760		78,448
				563,622
Portugal — 0.1%
Jeronimo Martins SGPS SA		7,383		127,187
Singapore — 0.5%
Ascendas REIT		111,384		257,059
CapitaLand Mall Trust		89,700		165,612
City Developments Ltd.		20,700		160,759
Mapletree Commercial Trust		97,200		167,353
Singapore Exchange Ltd.		15,400		98,161
Singapore Technologies Engineering Ltd.		34,500		103,887
Wilmar International Ltd.		48,300		138,364
				1,091,195
Spain — 2.7%
Cellnex Telecom SA(b)		16,440		818,389
Endesa SA		10,764		295,473
Ferrovial SA		28,367		900,965
Grifols SA		8,763		294,248
Iberdrola SA		325,408		3,559,292
Iberdrola SA, New(a)		6,026		65,913
				5,934,280
Sweden — 2.6%
Assa Abloy AB, Class B		32,775		779,705
Atlas Copco AB, Class A		25,875		918,101
Atlas Copco AB, Class B		12,006		373,683
Electrolux AB, Series B		6,210		147,347
Epiroc AB, Class A		20,562		238,288
Epiroc AB, Class B		13,800		156,202
Essity AB, Class B		22,425		711,931
Hennes & Mauritz AB, Class B		22,563		495,449
ICA Gruppen AB		4,209		185,065
Investor AB, Class B		14,490		794,055
L E Lundbergforetagen AB, Class B		2,553		110,875
Lundin Petroleum AB		3,174		96,682
Skanska AB, Class B		15,525		359,187
Tele2 AB, Class B		14,579		219,926
				5,586,496
Switzerland — 14.4%
Baloise Holding AG, Registered		1,518		274,340
Geberit AG, Registered		1,518		801,457
Givaudan SA, Registered		276		910,032
Lonza Group AG, Registered		1,794		736,983

Security	Shares		Value
Switzerland (continued)
Nestle SA, Registered		98,187	$	10,830,145
Novartis AG, Registered		44,988		4,252,741
Roche Holding AG, NVS		22,563		7,586,895
Sika AG, Registered		4,017		722,639
Sonova Holding AG, Registered		1,863		467,078
Straumann Holding AG, Registered		276		263,280
Swiss Life Holding AG, Registered		1,104		555,634
Swiss Prime Site AG, Registered		4,278		522,524
Swiss Re AG		7,383		834,410
Zurich Insurance Group AG		6,486		2,694,738
				31,452,896
United Kingdom — 10.0%
3i Group PLC		26,191		381,328
Ashtead Group PLC		10,703		346,369
AstraZeneca PLC		50,508		4,942,874
Auto Trader Group PLC(b)		22,770		168,687
AVEVA Group PLC		2,622		169,982
Berkeley Group Holdings PLC		3,726		257,369
Coca-Cola European Partners PLC		4,968		261,366
Compass Group PLC		63,342		1,567,247
Diageo PLC		43,332		1,719,320
Experian PLC		33,810		1,175,268
Ferguson PLC		8,211		736,231
GlaxoSmithKline PLC		138,690		3,261,530
Halma PLC		13,869		385,204
JD Sports Fashion PLC		19,803		214,525
London Stock Exchange Group PLC		19,359		1,999,672
Meggitt PLC		19,596		174,517
Next PLC		3,450		313,434
Ocado Group PLC(a)		9,530		153,702
RELX PLC		49,680		1,318,277
Rentokil Initial PLC		77,556		477,434
Sage Group PLC (The)		26,979		262,603
Segro PLC		53,504		642,237
Smith & Nephew PLC		29,739		716,024
Spirax-Sarco Engineering PLC		1,518		178,492
				21,823,692
Total Common Stocks — 99.6%
(Cost: $188,464,580)				216,967,758
Preferred Stocks
Germany — 0.1%
Sartorius AG, Preference Shares, NVS		897		209,348
Total Preferred Stocks — 0.1%
(Cost: $136,092)				209,348

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Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Momentum Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(c)(d)
		54,000	$	54,000
Total Short-Term Investments — 0.0%
(Cost: $54,000)				54,000
Total Investments in Securities — 99.7%
(Cost: $188,654,672)				217,231,106
Other Assets, Less Liabilities — 0.3%				758,096
Net Assets — 100.0%			$	217,989,202

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c) Affiliate of the Fund.

^(d) Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)		(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		447,485		(447,485	)		—	$	—	$	21,404	(b)	$	4		$	(113	)
BlackRock Cash Funds: Treasury, SL Agency Shares		34,000		20,000			54,000		54,000		578			—			—
								$	54,000	$	21,982		$	4		$	(113	)

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		11	03/20/20	$	444	$	(12,194	)
FTSE 100 Index		2	03/20/20		190		(6,272	)
TOPIX Index		9	03/12/20		139		(4,106	)
						$	(22,572	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	22,572

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

S c h e d u l e   o f   I n v e s t m e n t s 15

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Momentum Factor ETF
January 31, 2020

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	23,552
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(22,572	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	257,768

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	216,901,845		$	65,913	$	—	$	216,967,758
Preferred Stocks		209,348			—		—		209,348
Money Market Funds		54,000			—		—		54,000
	$	217,165,193		$	65,913	$	—	$	217,231,106
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(22,572	)	$	—	$	—	$	(22,572	)

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

See notes to financial statements.

16 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares® Edge MSCI Intl Quality Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.6%
Aristocrat Leisure Ltd.		104,911	$	2,542,422
ASX Ltd.		51,543		2,956,082
BlueScope Steel Ltd.		108,453		1,034,605
Coca-Cola Amatil Ltd.		53,866		432,006
Cochlear Ltd.		12,527		2,021,661
Coles Group Ltd.		341,817		3,787,125
Computershare Ltd.		102,391		1,233,136
CSL Ltd.		82,774		17,291,638
Dexus		255,747		2,177,788
Flight Centre Travel Group Ltd.		11,730		308,688
Fortescue Metals Group Ltd.		363,559		2,772,149
Goodman Group		481,802		4,802,654
GPT Group (The)		458,117		1,840,118
Insurance Australia Group Ltd.		567,876		2,691,564
James Hardie Industries PLC		94,941		2,021,152
Lendlease Group		109,725		1,331,012
Magellan Financial Group Ltd.		51,531		2,320,641
Medibank Pvt Ltd.		926,235		1,922,210
Mirvac Group		889,405		2,024,401
Qantas Airways Ltd.		147,122		631,326
REA Group Ltd.		18,318		1,399,206
Rio Tinto Ltd.		137,344		9,081,399
Telstra Corp. Ltd.		936,787		2,408,186
Washington H Soul Pattinson & Co. Ltd.		18,093		261,021
Wesfarmers Ltd.		216,214		6,543,895
Woodside Petroleum Ltd.		141,971		3,300,825
				79,136,910
Austria — 0.1%
OMV AG		21,659		1,079,873
Verbund AG		11,682		617,783
				1,697,656
Belgium — 0.1%
Colruyt SA		8,711		435,857
Proximus SADP		37,468		1,067,947
				1,503,804
Canada — 7.4%
Alimentation Couche-Tard Inc., Class B		112,046		3,747,151
Canadian Apartment Properties REIT		22,956		982,428
Canadian Imperial Bank of Commerce		84,640		6,906,619
Canadian National Railway Co.		150,448		14,068,205
Canadian Pacific Railway Ltd.		31,030		8,248,154
CCL Industries Inc., Class B, NVS		30,510		1,287,485
CGI Inc.(a)		54,883		4,204,978
CI Financial Corp.		79,807		1,399,361
Constellation Software Inc.		6,763		7,113,282
Gildan Activewear Inc.		29,035		805,046
Great-West Lifeco Inc.		67,799		1,757,837
iA Financial Corp. Inc.		25,861		1,424,110
Intact Financial Corp.		31,768		3,443,785
Inter Pipeline Ltd.		69,251		1,154,576
Keyera Corp.		41,317		1,078,731
Kirkland Lake Gold Ltd.		65,432		2,684,961
Magna International Inc.		57,792		2,931,659
Manulife Financial Corp.		430,674		8,394,976
Parkland Fuel Corp.		24,573		855,610
Pembina Pipeline Corp.		85,531		3,277,540
Power Financial Corp.		53,807		1,397,505
Sun Life Financial Inc.		132,818		6,248,487

Security	Shares		Value
Canada (continued)
TC Energy Corp.		112,621	$	6,179,657
				89,592,143
Denmark — 4.2%
Chr Hansen Holding A/S		34,380		2,563,454
Coloplast A/S, Class B		25,514		3,219,826
Demant A/S(a)		12,461		404,689
DSV Panalpina A/S		48,129		5,235,889
Novo Nordisk A/S, Class B		397,517		24,316,662
Novozymes A/S, Class B		78,270		4,084,500
Orsted A/S(b)		45,108		4,923,293
Pandora A/S		23,317		1,208,147
Tryg A/S		28,744		871,269
Vestas Wind Systems A/S		34,024		3,394,655
				50,222,384
Finland — 1.9%
Elisa OYJ		47,329		2,850,133
Fortum OYJ		83,081		2,012,659
Kone OYJ, Class B.		105,803		6,831,038
Nokian Renkaat OYJ		23,256		626,525
Orion OYJ, Class B		19,284		911,881
Sampo OYJ, Class A		113,465		5,139,073
UPM-Kymmene OYJ		125,195		3,958,284
Wartsila OYJ Abp		75,328		924,524
				23,254,117
France — 8.7%
Airbus SE		108,243		15,982,793
Amundi SA(b)		12,140		985,473
Arkema SA		12,932		1,189,780
AXA SA		404,239		10,787,304
Faurecia SE		10,929		522,854
Hermes International		8,008		6,004,465
Ipsen SA		6,436		477,869
Kering SA		14,313		8,803,227
Legrand SA		42,980		3,448,444
L'Oreal SA		31,872		8,897,249
LVMH Moet Hennessy Louis Vuitton SE		51,664		22,632,529
Sartorius Stedim Biotech		4,014		721,072
SCOR SE		27,455		1,169,257
Thales SA		21,146		2,325,122
TOTAL SA		412,732		20,191,468
				104,138,906
Germany — 5.2%
adidas AG		44,973		14,244,012
Allianz SE, Registered		104,221		24,930,187
Aroundtown SA		256,728		2,428,543
Beiersdorf AG		12,072		1,369,927
Continental AG		16,146		1,841,905
Covestro AG(b)		40,664		1,719,186
Evonik Industries AG		36,193		993,502
Hannover Rueck SE		15,312		2,978,018
Henkel AG & Co. KGaA		11,465		1,060,911
HOCHTIEF AG		4,730		548,291
Knorr-Bremse AG		12,659		1,381,968
MTU Aero Engines AG		10,311		3,135,473
Siemens Healthineers AG(b)		20,334		957,250
TUI AG		72,905		748,069
Uniper SE		31,861		1,045,481
Wirecard AG(c)		23,061		3,404,087
				62,786,810

S c h e d u l e   o f   I n v e s t m e n t s 17

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Quality Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong — 6.2%
AIA Group Ltd.		2,769,800	$	27,734,028
CK Infrastructure Holdings Ltd.		121,500		852,780
CLP Holdings Ltd.		309,000		3,229,320
Dairy Farm International Holdings Ltd.		79,200		407,880
Galaxy Entertainment Group Ltd.		345,000		2,288,181
Hang Seng Bank Ltd.		209,000		4,258,110
Henderson Land Development Co. Ltd.		300,631		1,362,827
Hong Kong & China Gas Co. Ltd.		2,243,987		4,323,307
Hong Kong Exchanges & Clearing Ltd.		368,300		12,275,244
Kerry Properties Ltd.		144,500		406,615
Link REIT		471,500		4,797,035
Power Assets Holdings Ltd.		291,500		2,113,543
Sands China Ltd.		534,000		2,613,298
Sino Land Co. Ltd.		616,000		845,672
Sun Hung Kai Properties Ltd.		335,000		4,715,515
Techtronic Industries Co. Ltd.		266,000		2,156,461
Vitasoy International Holdings Ltd.		128,000		465,685
				74,845,501
Ireland — 0.3%
Kerry Group PLC, Class A		20,169		2,577,104
Kingspan Group PLC		25,878		1,595,931
				4,173,035
Israel — 0.6%
Bank Leumi Le-Israel BM		304,998		2,204,933
Check Point Software Technologies Ltd.(a)(c)		34,138		3,902,315
Israel Chemicals Ltd.		125,506		531,729
				6,638,977
Italy — 1.3%
Assicurazioni Generali SpA		219,908		4,287,938
Ferrari NV		26,907		4,547,298
FinecoBank Banca Fineco SpA		126,758		1,485,505
Moncler SpA		56,611		2,446,717
Recordati SpA		17,610		753,880
Snam SpA		310,359		1,663,637
				15,184,975
Japan — 13.2%
ABC-Mart Inc.		4,400		285,796
Advantest Corp.		53,600		2,902,911
Asahi Kasei Corp.		237,300		2,491,557
Astellas Pharma Inc.		242,400		4,362,238
Bandai Namco Holdings Inc.		34,700		2,041,949
Calbee Inc.		8,700		288,167
Daicel Corp.		41,800		404,560
Daifuku Co. Ltd.		16,400		1,018,333
Dai-ichi Life Holdings Inc.		230,400		3,520,251
Daito Trust Construction Co. Ltd.		36,800		4,381,640
Daiwa House Industry Co. Ltd.		164,900		5,265,663
Disco Corp.		4,200		1,001,319
GMO Payment Gateway Inc.		7,800		511,676
Hakuhodo DY Holdings Inc.		51,100		743,033
Hoshizaki Corp.		8,100		754,809
Hoya Corp.		56,700		5,545,232
Inpex Corp.		116,800		1,110,508
Japan Airlines Co. Ltd.		18,300		522,568
Japan Exchange Group Inc.		144,400		2,643,259
Japan Tobacco Inc.		137,700		2,942,411
Kakaku.com Inc.		63,800		1,692,935
Kao Corp.		74,500		6,036,435
KDDI Corp.		447,700		13,511,341

Security	Shares		Value
Japan (continued)
Koito Manufacturing Co. Ltd.		16,200	$	719,684
Kose Corp.		4,300		584,389
M3 Inc.		47,700		1,417,115
MISUMI Group Inc.		41,200		1,053,330
MonotaRO Co. Ltd.		33,300		820,940
MS&AD Insurance Group Holdings Inc.		108,900		3,674,377
Nabtesco Corp.		15,900		473,839
Nexon Co. Ltd.(a)		121,200		1,660,580
Nissan Chemical Corp.		31,600		1,336,772
Nitori Holdings Co. Ltd.		12,300		1,927,531
Nitto Denko Corp.		29,200		1,667,648
NTT DOCOMO Inc.		351,600		10,079,081
Obic Co. Ltd.		13,300		1,841,888
Oracle Corp. Japan		12,600		1,109,046
Otsuka Corp.		21,700		860,913
Pigeon Corp.		18,600		671,855
Recruit Holdings Co. Ltd.		258,200		10,253,197
Ryohin Keikaku Co. Ltd.		42,400		720,587
Seven Bank Ltd.		132,900		402,189
Shin-Etsu Chemical Co. Ltd.		83,300		9,772,196
Shionogi & Co. Ltd.		40,500		2,453,130
Softbank Corp.		439,000		6,059,362
Sompo Holdings Inc.		68,300		2,604,455
Sony Financial Holdings Inc.		34,500		811,053
Sundrug Co. Ltd.		8,000		275,315
Sysmex Corp.		19,500		1,420,782
T&D Holdings Inc.		125,400		1,377,971
Taisei Corp.		32,900		1,338,645
Toho Co. Ltd.		24,300		906,892
Tokio Marine Holdings Inc.		170,900		9,437,067
Tokyo Electron Ltd.		49,700		11,234,488
Tosoh Corp.		48,400		702,433
Trend Micro Inc.(a)		28,300		1,503,972
Tsuruha Holdings Inc.		4,100		508,032
Unicharm Corp.		45,000		1,566,084
USS Co. Ltd.		39,600		730,728
ZOZO Inc.		27,000		454,131
				158,410,288
Netherlands — 4.4%
Adyen NV(a)(b)		2,601		2,395,299
ASML Holding NV		90,249		25,428,550
Koninklijke Vopak NV		10,527		564,402
Prosus NV(a)		89,993		6,505,405
Randstad NV		21,816		1,256,211
Unilever NV		214,867		12,548,695
Wolters Kluwer NV		52,243		3,932,276
				52,630,838
New Zealand — 0.4%
Fisher & Paykel Healthcare Corp. Ltd.		97,424		1,469,017
Mercury NZ Ltd.		142,619		483,631
Meridian Energy Ltd.		202,764		701,364
Spark New Zealand Ltd.		564,638		1,702,789
				4,356,801
Norway — 0.3%
Equinor ASA		149,515		2,711,215
Gjensidige Forsikring ASA		69,549		1,516,560
				4,227,775
Portugal — 0.2%
Galp Energia SGPS SA		108,213		1,635,732

18 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Quality Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Portugal (continued)
Jeronimo Martins SGPS SA		39,513	$	680,689
				2,316,421
Singapore — 1.2%
ComfortDelGro Corp. Ltd.		364,900		580,140
Mapletree Commercial Trust		480,100		826,606
Oversea-Chinese Banking Corp. Ltd.(c)		626,600		4,971,850
SATS Ltd.		122,600		409,595
Singapore Exchange Ltd.		287,300		1,831,277
Singapore Technologies Engineering Ltd.		401,400		1,208,700
Singapore Telecommunications Ltd.		1,632,200		3,946,267
Venture Corp. Ltd.		48,600		581,462
				14,355,897
Spain — 3.2%
Aena SME SA(b)		12,298		2,278,028
Amadeus IT Group SA		115,670		9,078,099
Enagas SA		20,441		550,914
Endesa SA		77,818		2,136,113
Iberdrola SA		970,572		10,616,055
Iberdrola SA, New(a)		17,168		187,780
Industria de Diseno Textil SA		290,890		9,790,206
Mapfre SA		215,751		552,788
Naturgy Energy Group SA		53,160		1,402,104
Red Electrica Corp. SA		73,581		1,470,619
				38,062,706
Sweden — 2.6%
Alfa Laval AB		53,763		1,344,263
Assa Abloy AB, Class B		168,855		4,016,999
Atlas Copco AB, Class A		193,830		6,877,505
Atlas Copco AB, Class B		114,265		3,556,463
Boliden AB		67,682		1,610,130
Epiroc AB, Class A		177,297		2,054,652
Epiroc AB, Class B		104,379		1,181,467
Hennes & Mauritz AB, Class B		172,253		3,782,412
L E Lundbergforetagen AB, Class B		14,476		628,683
Sandvik AB		177,578		3,245,306
Skanska AB, Class B		67,034		1,550,900
SKF AB, Class B		73,521		1,347,820
				31,196,600
Switzerland — 12.3%
Adecco Group AG, Registered		31,694		1,863,290
Baloise Holding AG, Registered		11,256		2,034,238
Coca-Cola HBC AG		31,388		1,152,726
EMS-Chemie Holding AG, Registered		3,127		2,049,110
Geberit AG, Registered		10,702		5,650,328
Givaudan SA, Registered		2,172		7,161,553
Kuehne + Nagel International AG, Registered		17,333		2,803,617
Nestle SA, Registered		385,743		42,547,919
Partners Group Holding AG		7,525		6,903,541
Roche Holding AG, NVS		136,272		45,821,981
Schindler Holding AG, Participation Certificates, NVS		10,182		2,632,994
Schindler Holding AG, Registered		4,981		1,239,504
SGS SA, Registered		1,212		3,507,379
Sonova Holding AG, Registered		7,475		1,874,078
Swiss Life Holding AG, Registered		6,380		3,211,003
Swisscom AG, Registered		6,376		3,501,197
Zurich Insurance Group AG		34,079		14,158,801
				148,113,259
United Kingdom — 19.1%
3i Group PLC		255,541		3,720,555

Security	Shares		Value
United Kingdom (continued)
Admiral Group PLC		69,733	$	2,076,519
Ashtead Group PLC		90,445		2,926,965
Associated British Foods PLC		37,377		1,293,840
AstraZeneca PLC		203,314		19,896,958
BAE Systems PLC		710,338		5,912,226
Barratt Developments PLC		174,677		1,848,522
Berkeley Group Holdings PLC		23,770		1,641,882
BT Group PLC		2,117,725		4,492,220
Bunzl PLC		68,871		1,783,940
Burberry Group PLC		92,475		2,380,718
Centrica PLC		1,228,595		1,374,013
Compass Group PLC		335,377		8,298,106
Croda International PLC		43,053		2,828,544
Diageo PLC		435,207		17,268,070
Direct Line Insurance Group PLC		371,350		1,653,577
Experian PLC		176,858		6,147,751
Ferguson PLC		54,499		4,886,598
Halma PLC		91,235		2,534,005
Hargreaves Lansdown PLC		120,728		2,745,229
Imperial Brands PLC		143,815		3,698,268
Intertek Group PLC		41,369		3,141,080
ITV PLC		1,355,658		2,419,637
JD Sports Fashion PLC		107,779		1,167,567
Johnson Matthey PLC		45,633		1,566,997
Legal & General Group PLC		1,597,688		6,434,053
London Stock Exchange Group PLC		85,810		8,863,674
M&G PLC(a)		1,119,058		3,543,293
Mondi PLC		147,165		2,999,131
National Grid PLC		484,391		6,422,278
Next PLC		22,566		2,050,129
Pearson PLC		192,995		1,446,044
Persimmon PLC		91,976		3,701,543
Prudential PLC		595,734		10,617,213
RELX PLC		313,193		8,310,693
Rentokil Initial PLC		353,377		2,175,387
Rio Tinto PLC		318,379		17,140,030
Royal Dutch Shell PLC, Class A		495,567		13,028,550
Royal Dutch Shell PLC, Class B		432,674		11,407,021
Sage Group PLC (The)		283,527		2,759,736
Schroders PLC		25,659		1,086,756
Smith & Nephew PLC		111,854		2,693,101
Smiths Group PLC		62,897		1,400,779
Spirax-Sarco Engineering PLC		15,419		1,813,020
St. James’s Place PLC		159,736		2,408,853
Taylor Wimpey PLC		710,736		2,015,256
Unilever PLC		165,584		9,895,402
				229,915,729
Total Common Stocks — 99.5%
(Cost: $1,076,518,023)		.		1,196,761,532

Preferred Stocks

Germany — 0.3%
Fuchs Petrolub SE, Preference Shares, NVS	19,895	881,906
Henkel AG & Co. KGaA, Preference Shares, NVS	19,646	2,001,690
		2,883,596
Total Preferred Stocks — 0.3%
(Cost: $2,938,637)	. .	2,883,596

S c h e d u l e   o f   I n v e s t m e n t s 19

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Quality Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,1.78%(d)(e)(f)		4,688,016	$	4,690,829
BlackRock Cash Funds: Treasury, SL Agency Shares,1.50%(d)(e)		352,000		352,000
				5,042,829
Total Short-Term Investments — 0.4%
(Cost: $5,042,231)				5,042,829
Total Investments in Securities — 100.2%
(Cost: $1,084,498,891)				1,204,687,957
Other Assets, Less Liabilities — (0.2)%				(2,346,779	)
Net Assets — 100.0%			$	1,202,341,178

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c) All or a portion of this security is on loan.

^(d) Affiliate of the Fund.

^(e) Annualized 7-day yield as of period-end.

^(f) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)		(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		4,688,016		4,688,016	$	4,690,829	$	58,879	(b)	$	(1,137	)	$	598
BlackRock Cash Funds: Treasury, SL Agency Shares		252,000		100,000		352,000		352,000		4,110			—			—
							$	5,042,829	$	62,989		$	(1,137	)	$	598

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		3	03/19/20	$	349	$	2,517
Euro STOXX 50 Index		31	03/20/20		1,250		(37,139	)
FTSE 100 Index		6	03/20/20		571		(22,222	)
TOPIX Index		3	03/12/20		465		(11,958	)
						$	(68,802	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,517

20 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Quality Factor ETF
January 31, 2020

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	71,319

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	580,373
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(68,802	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,331,789

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	1,196,573,752		$	187,780	$	—	$	1,196,761,532
Preferred Stocks		2,883,596			—		—		2,883,596
Money Market Funds		5,042,829			—		—		5,042,829
	$	1,204,500,177		$	187,780	$	—	$	1,204,687,957
Derivative financial instruments(a)
Assets
Futures Contracts	$	2,517		$	—	$	—	$	2,517
Liabilities
Futures Contracts		(71,319	)		—		—		(71,319	)
	$	(68,802	)	$	—	$	—	$	(68,802	)

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

See notes to financial statements.

S c h e d u l e  o f  I n v e s t m e n t s 21

Schedule of Investments (unaudited)	iShares® Edge MSCI Intl Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.1%
AGL Energy Ltd.		1,446	$	19,312
Alumina Ltd.		8,349		12,185
AMP Ltd.		11,526		14,082
APA Group		2,706		20,525
Aristocrat Leisure Ltd.		879		21,302
ASX Ltd.		480		27,529
Aurizon Holdings Ltd.		4,953		17,938
AusNet Services		11,661		13,817
Australia & New Zealand Banking Group Ltd.		819		14,118
Bendigo & Adelaide Bank Ltd.		1,950		13,590
BHP Group Ltd.		573		15,114
BHP Group PLC		387		8,467
BlueScope Steel Ltd.		1,701		16,227
Boral Ltd.		4,788		15,963
Brambles Ltd.		2,064		17,451
Caltex Australia Ltd.		753		17,331
Challenger Ltd.		2,985		17,885
CIMIC Group Ltd.		702		13,765
Coca-Cola Amatil Ltd.		2,289		18,358
Cochlear Ltd.		138		22,271
Coles Group Ltd.		849		9,406
Commonwealth Bank of Australia		426		24,315
Computershare Ltd.		1,482		17,848
Crown Resorts Ltd.		1,413		11,067
CSL Ltd.		84		17,548
Dexus		1,956		16,656
Flight Centre Travel Group Ltd.		561		14,763
Fortescue Metals Group Ltd.		2,856		21,777
Goodman Group		2,172		21,651
GPT Group (The)		1,218		4,892
Harvey Norman Holdings Ltd.		5,235		14,824
Incitec Pivot Ltd.		6,102		13,399
Insurance Australia Group Ltd.		4,551		21,570
James Hardie Industries PLC		918		19,543
Lendlease Group		1,434		17,395
Macquarie Group Ltd.		261		25,295
Magellan Financial Group Ltd.		438		19,725
Medibank Pvt Ltd.		6,300		13,074
Mirvac Group		9,696		22,069
National Australia Bank Ltd.		870		15,061
Newcrest Mining Ltd.		927		18,326
Oil Search Ltd.		2,622		12,708
Orica Ltd.		795		12,150
Origin Energy Ltd.		2,250		12,351
Qantas Airways Ltd.		2,181		9,359
QBE Insurance Group Ltd.		1,884		17,342
Ramsay Health Care Ltd.		414		21,950
REA Group Ltd.		315		24,061
Rio Tinto Ltd.		183		12,100
Santos Ltd.		3,882		22,584
Scentre Group		3,000		7,752
Seek Ltd.		1,053		15,995
Sonic Healthcare Ltd.		1,293		27,414
South32 Ltd.		8,394		14,835
Stockland		6,444		21,225
Suncorp Group Ltd.		2,265		19,500
Sydney Airport		1,047		5,881
Tabcorp Holdings Ltd.		5,358		16,823

Security	Shares		Value
Australia (continued)
Telstra Corp. Ltd.		8,199	$	21,077
TPG Telecom Ltd.		3,408		17,066
Transurban Group		1,101		11,572
Treasury Wine Estates Ltd.		1,158		10,101
Vicinity Centres		2,535		4,311
Washington H Soul Pattinson & Co. Ltd.		1,104		15,927
Wesfarmers Ltd.		849		25,696
Westpac Banking Corp.		759		12,764
WiseTech Global Ltd.(a)		813		13,623
Woodside Petroleum Ltd.		597		13,880
Woolworths Group Ltd.		987		27,646
Worley Ltd.		1,839		18,762
				1,163,889
Austria — 0.5%
ANDRITZ AG		360		14,187
Erste Group Bank AG		378		13,891
OMV AG		243		12,115
Raiffeisen Bank International AG		588		13,423
Verbund AG		261		13,803
voestalpine AG		585		14,211
				81,630
Belgium — 1.0%
Ageas		429		23,662
Colruyt SA		291		14,560
Galapagos NV(b)		75		16,798
Groupe Bruxelles Lambert SA		222		22,319
KBC Group NV		207		15,200
Proximus SADP		588		16,760
Solvay SA		99		10,262
Telenet Group Holding NV		378		17,585
UCB SA		159		14,639
Umicore SA		372		17,137
				168,922
Canada — 8.9%
Agnico Eagle Mines Ltd.		147		9,092
Air Canada(b)		477		15,988
Algonquin Power & Utilities Corp.		156		2,390
Alimentation Couche-Tard Inc., Class B		798		26,688
AltaGas Ltd.		1,335		21,511
Atco Ltd., Class I, NVS		225		8,782
Aurora Cannabis Inc.(a)(b)		5,397		10,202
Bank of Montreal		192		14,652
Bank of Nova Scotia (The)		258		14,100
Barrick Gold Corp.		1,218		22,572
Bausch Health Companies Inc.(b)		654		17,955
BCE Inc.		213		10,043
BlackBerry Ltd.(b)		3,264		19,892
Bombardier Inc., Class B(b)		12,021		11,180
Brookfield Asset Management Inc., Class A		354		21,675
CAE Inc.		738		21,902
Cameco Corp.		1,719		13,868
Canadian Apartment Properties REIT		51		2,183
Canadian Imperial Bank of Commerce		348		28,397
Canadian National Railway Co.		267		24,967
Canadian Natural Resources Ltd.		429		12,073
Canadian Pacific Railway Ltd.		84		22,328
Canadian Tire Corp. Ltd., Class A, NVS		168		18,029
Canadian Utilities Ltd., Class A, NVS		111		3,399
Canopy Growth Corp.(a)(b)		1,134		25,552

22 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
CCL Industries Inc., Class B, NVS		288	$	12,153
Cenovus Energy Inc.		2,208		19,233
CGI Inc.(b)		375		28,731
CI Financial Corp.		1,635		28,669
Constellation Software Inc.		21		22,088
Cronos Group Inc.(a)(b)		2,613		18,829
Dollarama Inc.		486		16,569
Emera Inc.		381		16,985
Empire Co. Ltd., Class A, NVS		564		13,092
Enbridge Inc.		585		23,802
Fairfax Financial Holdings Ltd.		27		12,089
First Capital Real Estate Investment Trust		144		2,359
First Quantum Minerals Ltd.		2,217		17,367
Fortis Inc.		465		20,294
Franco-Nevada Corp.		213		24,227
George Weston Ltd.		84		6,774
Gildan Activewear Inc.		573		15,887
Great-West Lifeco Inc.		171		4,434
H&R Real Estate Investment Trust		120		1,941
Husky Energy Inc.		2,478		16,132
Hydro One Ltd.(c)		111		2,258
iA Financial Corp. Inc.		441		24,285
IGM Financial Inc.		729		21,095
Imperial Oil Ltd.		603		14,307
Intact Financial Corp.		249		26,993
Inter Pipeline Ltd.		861		14,355
Keyera Corp.		801		20,913
Kinross Gold Corp.(b)		4,791		24,307
Kirkland Lake Gold Ltd.		222		9,110
Loblaw Companies Ltd.		69		3,612
Lundin Mining Corp.		3,801		19,946
Magna International Inc.		303		15,371
Manulife Financial Corp.		867		16,900
Methanex Corp.		471		15,282
Metro Inc.		330		13,461
National Bank of Canada		570		31,647
Nutrien Ltd.		255		10,892
Onex Corp.		321		20,606
Open Text Corp.		510		22,967
Parkland Fuel Corp.		243		8,461
Pembina Pipeline Corp.		696		26,671
Power Corp. of Canada		264		6,591
Power Financial Corp.		789		20,492
PrairieSky Royalty Ltd.		1,842		20,209
Quebecor Inc., Class B		243		6,034
Restaurant Brands International Inc.		258		15,751
RioCan REIT		816		16,757
Rogers Communications Inc., Class B, NVS		561		28,106
Royal Bank of Canada		327		25,857
Saputo Inc.		363		11,160
Shaw Communications Inc., Class B, NVS		291		5,690
Shopify Inc., Class A(b)		48		22,369
SmartCentres Real Estate Investment Trust		279		6,626
Stars Group Inc. (The)(b)		798		19,055
Sun Life Financial Inc.		534		25,122
Suncor Energy Inc.		525		16,057
TC Energy Corp.		435		23,869
Teck Resources Ltd., Class B		1,068		13,809
TELUS Corp.		510		20,457
Thomson Reuters Corp.		258		20,754

Security	Shares		Value
Canada (continued)
Toronto-Dominion Bank (The)		513	$	28,370
West Fraser Timber Co. Ltd.		384		15,394
Wheaton Precious Metals Corp.		528		15,554
WSP Global Inc.		69		4,907
				1,473,504
Denmark — 1.7%
AP Moller - Maersk A/S, Class B, NVS		12		14,400
Carlsberg A/S, Class B		105		15,359
Chr Hansen Holding A/S		195		14,540
Coloplast A/S, Class B		177		22,337
Danske Bank A/S		1,332		22,301
Demant A/S(b)		558		18,122
DSV Panalpina A/S		156		16,971
Genmab A/S(b)		78		18,015
H Lundbeck A/S		459		19,522
ISS A/S		735		17,843
Novo Nordisk A/S, Class B		228		13,947
Novozymes A/S, Class B		303		15,812
Orsted A/S(c)		240		26,195
Pandora A/S		444		23,005
Tryg A/S		612		18,550
Vestas Wind Systems A/S		93		9,279
				286,198
Finland — 1.3%
Elisa OYJ		459		27,641
Fortum OYJ		588		14,244
Kone OYJ, Class B		336		21,693
Metso OYJ		408		14,518
Neste OYJ		468		18,609
Nokia OYJ		4,830		18,839
Nokian Renkaat OYJ		498		13,416
Nordea Bank Abp		1,774		14,010
Orion OYJ, Class B		408		19,293
Sampo OYJ, Class A		144		6,522
Stora Enso OYJ, Class R		993		12,941
UPM-Kymmene OYJ		393		12,426
Wartsila OYJ Abp		1,752		21,503
				215,655
France — 7.6%
Accor SA		309		12,680
Aeroports de Paris		120		22,740
Air Liquide SA		180		26,082
Airbus SE		117		17,276
Alstom SA		435		23,110
Amundi SA(c)		189		15,342
Arkema SA		96		8,832
Atos SE		171		14,239
AXA SA		468		12,489
BioMerieux		198		19,627
BNP Paribas SA		51		2,715
Bollore SA		3,183		12,960
Bouygues SA		396		15,680
Bureau Veritas SA		96		2,650
Capgemini SE		162		20,170
Carrefour SA		807		13,688
Casino Guichard Perrachon SA		369		14,991
Cie. de Saint-Gobain		270		10,244
Cie. Generale des Etablissements Michelin SCA		135		15,709
CNP Assurances		675		12,171

S c h e d u l e  o f  I n v e s t m e n t s 23

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Covivio		237	$	28,155
Credit Agricole SA		684		9,270
Danone SA		309		24,792
Dassault Aviation SA		9		10,951
Dassault Systemes SE		93		16,150
Edenred		348		18,816
Eiffage SA		171		19,850
Electricite de France SA		1,518		18,766
Engie SA		858		14,795
EssilorLuxottica SA		117		17,407
Eurazeo SE		294		21,080
Eurofins Scientific SE		27		14,542
Eutelsat Communications SA		888		13,329
Faurecia SE		378		18,084
Gecina SA		72		13,596
Getlink SE		1,140		20,150
Hermes International		39		29,243
ICADE		270		30,161
Iliad SA(a)		126		16,575
Ingenico Group SA		168		19,586
Ipsen SA		144		10,692
JCDecaux SA		450		12,058
Kering SA		33		20,297
Klepierre SA		426		14,507
Legrand SA		303		24,311
L’Oreal SA		51		14,237
Natixis SA		3,051		12,926
Orange SA		636		9,025
Pernod Ricard SA		111		19,251
Peugeot SA		588		12,127
Publicis Groupe SA		360		15,970
Remy Cointreau SA		48		5,064
Renault SA		324		12,655
Safran SA		141		22,806
Sanofi		120		11,563
Sartorius Stedim Biotech		63		11,317
Schneider Electric SE		192		19,260
SCOR SE		402		17,120
SEB SA		117		15,054
SES SA		930		11,445
Societe Generale SA		417		13,505
Sodexo SA		162		16,983
STMicroelectronics NV		702		19,675
Suez		1,119		18,390
Teleperformance		102		25,637
Thales SA		183		20,122
TOTAL SA		219		10,714
Ubisoft Entertainment SA(b)		285		21,679
Unibail-Rodamco-Westfield		144		19,565
Unibail-Rodamco-Westfield, New		24		3,261
Valeo SA		483		14,409
Veolia Environnement SA		801		23,683
Vinci SA		243		26,983
Vivendi SA		582		15,970
Wendel SA		156		20,849
Worldline SA(b)(c)		264		18,651
				1,250,454
Germany — 5.3%
adidas AG		60		19,003
Allianz SE, Registered		102		24,399

Security	Shares		Value
Germany (continued)
Aroundtown SA		1,830	$	17,311
BASF SE		150		10,152
Bayer AG, Registered		171		13,843
Bayerische Motoren Werke AG		165		11,765
Beiersdorf AG		183		20,767
Brenntag AG		342		17,768
Carl Zeiss Meditec AG, Bearer		156		19,103
Commerzbank AG		3,168		18,256
Continental AG		90		10,267
Covestro AG(c)		324		13,698
Daimler AG, Registered		171		7,922
Delivery Hero SE(b)(c)		351		27,081
Deutsche Bank AG, Registered		1,965		18,039
Deutsche Boerse AG		135		22,000
Deutsche Lufthansa AG, Registered		762		11,679
Deutsche Post AG, Registered		459		16,061
Deutsche Telekom AG, Registered		831		13,451
Deutsche Wohnen SE		456		19,304
E.ON SE		1,107		12,562
Evonik Industries AG		474		13,011
Fraport AG Frankfurt Airport Services Worldwide		264		19,701
Fresenius Medical Care AG & Co. KGaA		231		17,843
Fresenius SE & Co. KGaA		240		12,268
GEA Group AG		498		14,950
Hannover Rueck SE		159		30,924
HeidelbergCement AG		159		10,798
HOCHTIEF AG		111		12,867
Infineon Technologies AG		885		19,199
KION Group AG		261		16,400
Knorr-Bremse AG		96		10,480
LANXESS AG		288		17,337
Merck KGaA		57		7,321
METRO AG		939		13,106
MTU Aero Engines AG		84		25,544
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		102		30,102
Puma SE		210		16,849
QIAGEN NV(b)		435		14,539
RWE AG		444		15,421
SAP SE		117		15,276
Siemens AG, Registered		117		14,475
Siemens Healthineers AG(c)		315		14,829
Symrise AG		273		28,118
Telefonica Deutschland Holding AG		4,197		12,711
thyssenkrupp AG		1,047		12,955
TUI AG		1,434		14,714
Uniper SE		525		17,227
United Internet AG, Registered(d)		489		15,878
Vonovia SE		387		22,104
Wirecard AG(a)		114		16,828
Zalando SE(b)(c)		441		21,225
				869,431
Hong Kong — 4.1%
AIA Group Ltd.		1,800		18,023
ASM Pacific Technology Ltd.		1,500		20,496
Bank of East Asia Ltd. (The)		9,600		20,820
BeiGene Ltd., ADR(b)		81		12,341
BOC Hong Kong Holdings Ltd.		4,500		15,039
Budweiser Brewing Co. APAC Ltd.(b)(c)		3,900		11,853
CK Asset Holdings Ltd.		3,000		19,395

24 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
CK Hutchison Holdings Ltd.		1,500	$	13,387
CK Infrastructure Holdings Ltd.		1,500		10,528
CLP Holdings Ltd.		1,500		15,676
Dairy Farm International Holdings Ltd.		3,000		15,450
Galaxy Entertainment Group Ltd.		3,000		19,897
Hang Lung Properties Ltd.		6,000		12,642
Hang Seng Bank Ltd.		900		18,336
Henderson Land Development Co. Ltd.		3,464		15,703
HK Electric Investments & HK Electric Investments Ltd.		22,500		22,486
HKT Trust & HKT Ltd.		18,000		26,983
Hong Kong & China Gas Co. Ltd.		6,415		12,359
Hong Kong Exchanges & Clearing Ltd.		100		3,333
Hongkong Land Holdings Ltd.		3,300		17,589
Jardine Matheson Holdings Ltd.		300		16,773
Jardine Strategic Holdings Ltd.		300		9,249
Kerry Properties Ltd.		4,500		12,663
Link REIT		1,500		15,261
Melco Resorts & Entertainment Ltd., ADR		999		20,150
MTR Corp. Ltd.		1,500		8,481
New World Development Co. Ltd.		15,000		18,951
NWS Holdings Ltd.		12,000		15,547
PCCW Ltd.		6,000		3,547
Power Assets Holdings Ltd.		1,500		10,876
Sands China Ltd.		2,400		11,745
Sino Land Co. Ltd.		12,000		16,474
SJM Holdings Ltd.		18,000		20,330
Sun Hung Kai Properties Ltd.		1,500		21,114
Swire Pacific Ltd., Class A		1,500		13,300
Swire Properties Ltd.		6,600		20,655
Techtronic Industries Co. Ltd.		3,000		24,321
Vitasoy International Holdings Ltd.		6,000		21,829
WH Group Ltd.(c)		15,000		14,411
Wharf Real Estate Investment Co. Ltd.		3,000		15,647
Wheelock & Co. Ltd.		3,000		18,410
Wynn Macau Ltd.		7,200		15,170
Yue Yuen Industrial Holdings Ltd.		6,000		16,729
				683,969
Ireland — 0.7%
AIB Group PLC		5,454		16,041
Bank of Ireland Group PLC		3,960		19,371
CRH PLC(b)		456		17,141
Flutter Entertainment PLC		156		17,720
Kerry Group PLC, Class A		195		24,916
Kingspan Group PLC		108		6,661
Smurfit Kappa Group PLC		444		15,391
				117,241
Israel — 1.3%
Azrieli Group Ltd.		198		14,641
Bank Hapoalim BM		3,141		27,098
Bank Leumi Le-Israel BM		3,663		26,481
Check Point Software Technologies Ltd.(a)(b)		147		16,804
CyberArk Software Ltd.(a)(b)		129		17,832
Elbit Systems Ltd.		105		16,138
Israel Chemicals Ltd.		3,084		13,066
Israel Discount Bank Ltd., Class A		435		1,984
Mizrahi Tefahot Bank Ltd.		903		24,696
Nice Ltd.(b)		105		18,208
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		1,731		18,002

Security	Shares		Value
Israel (continued)
Wix.com Ltd.(a)(b)		105	$	14,982
				209,932
Italy — 2.1%
Assicurazioni Generali SpA		801		15,619
Atlantia SpA		753		18,500
CNH Industrial NV		1,518		14,508
Davide Campari-Milano SpA		1,824		17,646
Enel SpA		3,771		32,826
Eni SpA		858		12,036
Ferrari NV		48		8,112
FinecoBank Banca Fineco SpA		778		9,118
Intesa Sanpaolo SpA		9,444		23,501
Leonardo SpA		703		8,710
Mediobanca Banca di Credito Finanziario SpA		1,563		15,610
Moncler SpA		177		7,650
Pirelli & C SpA(c)		2,280		11,047
Poste Italiane SpA(c)		1,089		12,491
Prysmian SpA		912		20,294
Recordati SpA		471		20,163
Snam SpA		3,450		18,493
Telecom Italia SpA/Milano(b)		19,425		10,479
Tenaris SA		1,455		15,041
Terna Rete Elettrica Nazionale SpA		4,812		33,574
UniCredit SpA		1,743		23,338
				348,756
Japan — 32.1%
ABC-Mart Inc.		300		19,486
Acom Co. Ltd.		4,800		22,852
Advantest Corp.		300		16,248
Aeon Co. Ltd.		900		18,712
AEON Financial Service Co. Ltd.		1,200		19,165
Aeon Mall Co. Ltd.		1,200		20,217
AGC Inc.		300		10,394
Air Water Inc.		600		8,420
Aisin Seiki Co. Ltd.		600		20,455
Ajinomoto Co. Inc.		900		14,988
Alfresa Holdings Corp.		600		12,328
Alps Alpine Co. Ltd.		900		16,624
Amada Holdings Co. Ltd.		1,800		19,314
ANA Holdings Inc.		600		18,955
Aozora Bank Ltd.		600		16,397
Asahi Group Holdings Ltd.		300		14,078
Asahi Intecc Co. Ltd.		600		16,857
Asahi Kasei Corp.		1,500		15,749
Astellas Pharma Inc.		1,200		21,595
Bandai Namco Holdings Inc.		300		17,654
Bank of Kyoto Ltd. (The)		300		12,317
Benesse Holdings Inc.		900		25,036
Bridgestone Corp.		300		10,798
Brother Industries Ltd.		1,200		23,948
Calbee Inc.		300		9,937
Canon Inc.		900		23,969
Casio Computer Co. Ltd.		900		17,014
Chiba Bank Ltd. (The).		3,300		18,360
Chubu Electric Power Co. Inc.		1,500		20,593
Chugai Pharmaceutical Co. Ltd.		300		31,181
Chugoku Electric Power Co. Inc. (The)		1,500		19,887
Coca-Cola Bottlers Japan Holdings Inc.		600		16,015
Concordia Financial Group Ltd.		5,700		22,035

S c h e d u l e  o f  I n v e s t m e n t s 25

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Credit Saison Co. Ltd.		900	$	14,747
CyberAgent Inc.		600		24,441
Dai Nippon Printing Co. Ltd.		300		8,428
Daicel Corp.		1,800		17,421
Daifuku Co. Ltd.		300		18,628
Dai-ichi Life Holdings Inc.		1,200		18,335
Daiichi Sankyo Co. Ltd.		300		20,596
Daiwa House Industry Co. Ltd.		600		19,159
Daiwa House REIT Investment Corp.		3		8,013
Daiwa Securities Group Inc.		2,400		12,380
Denso Corp.		300		12,572
Dentsu Group Inc.		300		10,131
East Japan Railway Co.		300		26,849
Eisai Co. Ltd.		300		23,054
Electric Power Development Co. Ltd.		600		13,723
FamilyMart Co. Ltd.		600		13,330
Fuji Electric Co. Ltd.		600		18,213
FUJIFILM Holdings Corp.		300		15,179
Fujitsu Ltd.		300		32,149
Fukuoka Financial Group Inc.		1,200		21,313
GMO Payment Gateway Inc.		300		19,680
Hakuhodo DY Holdings Inc.		1,200		17,449
Hamamatsu Photonics KK		600		26,018
Hankyu Hanshin Holdings Inc.		300		12,373
Hino Motors Ltd.		1,800		17,205
Hisamitsu Pharmaceutical Co. Inc.		300		15,556
Hitachi Chemical Co. Ltd.		600		25,437
Hitachi Construction Machinery Co. Ltd.		600		16,580
Hitachi High-Technologies Corp.		300		21,922
Hitachi Ltd.		600		23,417
Hitachi Metals Ltd.		1,500		23,555
Honda Motor Co. Ltd.		600		15,672
Hoshizaki Corp.		300		27,956
Hoya Corp.		300		29,340
Hulic Co. Ltd.		1,200		14,770
Idemitsu Kosan Co. Ltd.		664		16,939
IHI Corp.		900		21,831
Iida Group Holdings Co. Ltd.		900		15,445
Inpex Corp.		1,500		14,262
Isetan Mitsukoshi Holdings Ltd.		2,100		16,682
Isuzu Motors Ltd.		1,800		18,152
ITOCHU Corp.		900		21,324
Itochu Techno-Solutions Corp.		600		17,964
J Front Retailing Co. Ltd.		1,200		14,725
Japan Airlines Co. Ltd.		600		17,133
Japan Airport Terminal Co. Ltd.		300		14,144
Japan Exchange Group Inc.		300		5,492
Japan Post Bank Co. Ltd.		900		8,437
Japan Post Holdings Co. Ltd.		900		8,273
Japan Post Insurance Co. Ltd.		600		10,258
Japan Prime Realty Investment Corp.		6		27,734
Japan Real Estate Investment Corp.		3		21,894
Japan Retail Fund Investment Corp.		12		25,653
Japan Tobacco Inc.		600		12,821
JFE Holdings Inc.		1,500		18,199
JGC Holdings Corp.		1,200		17,681
JSR Corp.		900		16,491
JTEKT Corp.		2,100		22,940
JXTG Holdings Inc.		3,050		13,192
Kajima Corp.		1,500		19,458

Security	Shares		Value
Japan (continued)
Kakaku.com Inc.		900	$	23,882
Kamigumi Co. Ltd.		900		19,456
Kansai Electric Power Co. Inc. (The)		1,500		16,995
Kansai Paint Co. Ltd.		600		14,648
Kao Corp.		300		24,308
Kawasaki Heavy Industries Ltd.		900		18,243
KDDI Corp.		600		18,108
Keihan Holdings Co. Ltd.		300		13,743
Keikyu Corp.		300		5,608
Keio Corp.		300		17,382
Keisei Electric Railway Co. Ltd.		600		21,977
Kikkoman Corp.		300		14,864
Kintetsu Group Holdings Co. Ltd.		300		15,971
Kirin Holdings Co. Ltd.		900		20,033
Kobayashi Pharmaceutical Co. Ltd.		300		24,607
Koito Manufacturing Co. Ltd.		300		13,327
Komatsu Ltd.		600		13,657
Konami Holdings Corp.		300		11,736
Konica Minolta Inc.		2,400		15,057
Kubota Corp.		900		14,453
Kuraray Co. Ltd.		1,200		14,781
Kurita Water Industries Ltd.		900		26,863
Kyocera Corp.		300		20,134
Kyowa Kirin Co. Ltd.		900		21,473
Kyushu Electric Power Co. Inc.		2,700		22,420
Kyushu Railway Co.		300		9,923
Lawson Inc.		300		17,549
LINE Corp.(b)		300		14,836
Lion Corp.		600		11,581
LIXIL Group Corp.		900		15,246
M3 Inc.		600		17,825
Makita Corp.		300		11,777
Marubeni Corp.		2,400		17,608
Marui Group Co. Ltd.		900		21,116
Maruichi Steel Tube Ltd.		600		16,940
Mazda Motor Corp.		2,700		23,267
McDonald’s Holdings Co. Japan Ltd.		300		14,338
Mebuki Financial Group Inc.		9,970		22,537
Medipal Holdings Corp.		600		12,932
MEIJI Holdings Co. Ltd.		300		21,368
Mercari Inc.(b)		900		15,968
MINEBEA MITSUMI Inc.		900		18,152
MISUMI Group Inc.		900		23,010
Mitsubishi Chemical Holdings Corp.		1,800		13,286
Mitsubishi Corp.		600		15,628
Mitsubishi Electric Corp.		1,200		17,106
Mitsubishi Estate Co. Ltd.		900		17,870
Mitsubishi Gas Chemical Co. Inc.		1,800		28,067
Mitsubishi Heavy Industries Ltd.		300		11,138
Mitsubishi Materials Corp.		600		15,406
Mitsubishi Motors Corp.		4,500		17,147
Mitsubishi UFJ Financial Group Inc.		1,800		9,441
Mitsubishi UFJ Lease & Finance Co. Ltd.		2,400		15,367
Mitsui & Co. Ltd.		1,200		21,706
Mitsui Chemicals Inc.		600		13,590
Mitsui Fudosan Co. Ltd.		300		8,059
Mitsui OSK Lines Ltd.		900		22,329
Mizuho Financial Group Inc.		7,200		10,795
MonotaRO Co. Ltd.		600		14,792
MS&AD Insurance Group Holdings Inc.		600		20,244

26 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Murata Manufacturing Co. Ltd.		300	$	17,515
Nabtesco Corp.		600		17,881
Nagoya Railroad Co. Ltd.		600		17,798
NEC Corp.		300		13,618
Nexon Co. Ltd.(b)		1,200		16,441
NGK Insulators Ltd.		1,200		20,560
NGK Spark Plug Co. Ltd.		900		16,167
NH Foods Ltd.		300		13,355
Nikon Corp.		1,500		18,531
Nippon Building Fund Inc.		3		24,302
Nippon Express Co. Ltd.		300		15,971
Nippon Paint Holdings Co. Ltd.		300		14,615
Nippon Prologis REIT Inc.		9		25,908
Nippon Shinyaku Co. Ltd.		300		27,070
Nippon Steel Corp.		1,200		17,001
Nippon Telegraph & Telephone Corp.		600		15,426
Nippon Yusen KK.		1,200		19,641
Nissan Chemical Corp.		300		12,691
Nissan Motor Co. Ltd.		1,200		6,637
Nisshin Seifun Group Inc.		1,200		20,793
Nissin Foods Holdings Co. Ltd.		300		22,863
Nitto Denko Corp.		300		17,133
Nomura Holdings Inc.		3,000		15,675
Nomura Real Estate Holdings Inc.		600		14,974
Nomura Real Estate Master Fund Inc.		12		21,125
Nomura Research Institute Ltd.		660		14,736
NSK Ltd.		2,400		20,615
NTT Data Corp.		1,500		21,521
NTT DOCOMO Inc.		600		17,200
Obayashi Corp.		1,800		20,145
Odakyu Electric Railway Co. Ltd.		900		20,228
Oji Holdings Corp.		3,000		15,666
Olympus Corp.		600		9,879
Omron Corp.		300		17,742
Ono Pharmaceutical Co. Ltd.		900		21,087
Oracle Corp. Japan		300		26,406
ORIX Corp		600		10,286
Orix JREIT Inc.		3		6,347
Osaka Gas Co. Ltd.		1,200		20,560
Otsuka Corp.		300		11,902
Otsuka Holdings Co. Ltd.		300		13,599
Pan Pacific International Holdings Corp.		1,200		19,564
Panasonic Corp.		2,400		24,402
Park24 Co. Ltd.		600		15,251
PeptiDream Inc.(b)		300		14,504
Persol Holdings Co. Ltd.		900		16,483
Pigeon Corp.		300		10,836
Pola Orbis Holdings Inc.		600		13,269
Rakuten Inc.(b)		1,800		14,216
Recruit Holdings Co. Ltd.		600		23,826
Renesas Electronics Corp.(b)		2,700		17,712
Resona Holdings Inc.		3,000		12,619
Ricoh Co. Ltd.		1,500		17,424
Rinnai Corp.		300		21,811
Rohm Co. Ltd.		300		22,282
Ryohin Keikaku Co. Ltd.		600		10,197
Sankyo Co. Ltd.		600		20,427
Santen Pharmaceutical Co. Ltd.		900		17,072
SBI Holdings Inc.		900		21,407
Secom Co. Ltd.		300		26,885

Security	Shares		Value
Japan (continued)
Sega Sammy Holdings Inc.		1,200	$	16,596
Seibu Holdings Inc.		900		14,208
Seiko Epson Corp.		1,200		17,936
Sekisui Chemical Co. Ltd.		1,200		20,405
Sekisui House Ltd.		900		19,605
Seven & i Holdings Co. Ltd.		600		23,345
Seven Bank Ltd.		4,200		12,710
SG Holdings Co. Ltd.		300		6,435
Sharp Corp.		1,200		16,851
Shimadzu Corp.		600		17,272
Shimamura Co. Ltd.		300		22,863
Shimizu Corp.		2,100		21,952
Shin-Etsu Chemical Co. Ltd.		300		35,194
Shinsei Bank Ltd.		1,200		18,711
Shionogi & Co. Ltd.		300		18,171
Shiseido Co. Ltd.		300		19,616
Shizuoka Bank Ltd. (The)		1,800		12,904
Showa Denko KK		600		14,808
Softbank Corp.		1,200		16,563
SoftBank Group Corp.		300		12,522
Sohgo Security Services Co. Ltd		300		15,805
Sompo Holdings Inc.		300		11,440
Sony Corp		300		21,363
Sony Financial Holdings Inc.		600		14,105
Square Enix Holdings Co. Ltd.		300		14,891
Stanley Electric Co. Ltd.		600		15,810
Subaru Corp.		600		15,279
SUMCO Corp.		1,200		19,265
Sumitomo Chemical Co. Ltd.		3,600		15,677
Sumitomo Corp.		900		13,602
Sumitomo Dainippon Pharma Co. Ltd.		900		15,802
Sumitomo Electric Industries Ltd.		900		12,290
Sumitomo Heavy Industries Ltd.		600		16,231
Sumitomo Metal Mining Co. Ltd.		600		17,515
Sumitomo Mitsui Financial Group Inc.		300		10,751
Sumitomo Mitsui Trust Holdings Inc.		300		11,301
Sumitomo Realty & Development Co. Ltd.		300		11,210
Sumitomo Rubber Industries Ltd.		1,800		20,178
Sundrug Co. Ltd.		600		20,649
Suntory Beverage & Food Ltd.		600		25,714
Suzuken Co. Ltd.		300		11,722
Suzuki Motor Corp.		300		13,928
Sysmex Corp.		300		21,858
T&D Holdings Inc.		1,800		19,779
Taiheiyo Cement Corp.		600		16,519
Taisei Corp.		300		12,206
Taisho Pharmaceutical Holdings Co. Ltd.		300		21,645
Taiyo Nippon Sanso Corp.		600		13,380
Takeda Pharmaceutical Co. Ltd.		351		13,689
TDK Corp.		300		32,855
Teijin Ltd.		900		16,400
Terumo Corp.		600		22,055
THK Co. Ltd.		600		15,589
Tobu Railway Co. Ltd.		300		10,712
Toho Co. Ltd.		600		22,392
Toho Gas Co. Ltd.		600		23,500
Tohoku Electric Power Co. Inc.		1,200		11,382
Tokio Marine Holdings Inc.		300		16,566
Tokyo Century Corp.		300		15,666
Tokyo Electric Power Co. Holdings Inc.(b)		3,000		12,040

S c h e d u l e  o f  I n v e s t m e n t s 27

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tokyo Gas Co. Ltd.		600	$	13,330
Tokyu Corp.		900		16,043
Tokyu Fudosan Holdings Corp.		3,000		21,479
Toppan Printing Co. Ltd.		600		12,157
Toray Industries Inc.		2,400		16,058
Toshiba Corp.		300		9,688
Tosoh Corp.		1,200		17,416
TOTO Ltd.		600		25,050
Toyo Seikan Group Holdings Ltd.		1,200		20,770
Toyo Suisan Kaisha Ltd.		600		25,465
Toyoda Gosei Co. Ltd.		900		20,934
Toyota Industries Corp.		300		16,607
Toyota Tsusho Corp.		600		21,230
Trend Micro Inc.(b)		300		15,943
Tsuruha Holdings Inc.		200		24,782
Unicharm Corp.		600		20,881
United Urban Investment Corp.		12		21,512
USS Co. Ltd.		900		16,607
Welcia Holdings Co. Ltd.		300		16,690
West Japan Railway Co.		300		25,670
Yakult Honsha Co. Ltd.		300		15,362
Yamada Denki Co. Ltd.		2,700		13,726
Yamaha Corp.		300		15,666
Yamaha Motor Co. Ltd.		900		17,122
Yamato Holdings Co. Ltd.		600		9,826
Yamazaki Baking Co. Ltd.		900		17,338
Yaskawa Electric Corp.		600		21,451
Yokogawa Electric Corp.		900		16,076
Yokohama Rubber Co. Ltd. (The)		600		10,457
Z Holdings Corp.		2,100		8,486
ZOZO Inc.		900		15,138
				5,298,148
Netherlands — 2.3%
ABN AMRO Bank NV, CVA(c)		945		16,463
Adyen NV(b)(c)		21		19,339
Aegon NV		3,276		13,320
AerCap Holdings NV(b)		249		14,096
Akzo Nobel NV		15		1,418
Altice Europe NV(b)		2,760		17,789
ArcelorMittal SA		1,029		15,230
ASML Holding NV		108		30,430
EXOR NV		162		11,964
Heineken Holding NV		261		25,714
Heineken NV		183		19,939
ING Groep NV		1,059		11,531
Koninklijke Ahold Delhaize NV		864		21,256
Koninklijke DSM NV		162		19,802
Koninklijke KPN NV		4,710		13,221
Koninklijke Philips NV		486		22,297
Koninklijke Vopak NV		237		12,707
NN Group NV		309		10,752
NXP Semiconductors NV		144		18,268
Prosus NV(b)		135		9,759
Randstad NV		204		11,747
Unilever NV		339		19,798
Wolters Kluwer NV		234		17,613
				374,453
New Zealand — 0.9%
a2 Milk Co. Ltd.(b)		1,899		18,434

Security	Shares		Value
New Zealand (continued)
Auckland International Airport Ltd.		1,407	$	7,876
Fisher & Paykel Healthcare Corp. Ltd.		1,437		21,668
Fletcher Building Ltd.		4,641		16,669
Mercury NZ Ltd.		3,642		12,350
Meridian Energy Ltd.		7,074		24,469
Ryman Healthcare Ltd.		2,673		28,525
Spark New Zealand Ltd.		7,827		23,604
				153,595
Norway — 0.9%
Aker BP ASA		561		15,897
DNB ASA		957		16,804
Equinor ASA		657		11,914
Gjensidige Forsikring ASA		1,017		22,176
Mowi ASA		894		21,356
Norsk Hydro ASA		4,500		14,162
Orkla ASA		1,287		12,426
Schibsted ASA, Class B		534		15,178
Telenor ASA		540		9,780
Yara International ASA		378		13,754
				153,447
Portugal — 0.3%
EDP - Energias de Portugal SA		3,705		18,575
Galp Energia SGPS SA		912		13,785
Jeronimo Martins SGPS SA		981		16,900
				49,260
Singapore — 2.4%
Ascendas REIT		1,200		2,769
CapitaLand Commercial Trust		12,927		19,510
CapitaLand Ltd.		9,900		26,257
CapitaLand Mall Trust.		9,000		16,617
City Developments Ltd.		2,700		20,969
ComfortDelGro Corp. Ltd.		11,400		18,124
DBS Group Holdings Ltd.		900		16,729
Genting Singapore Ltd.		21,600		13,610
Jardine Cycle & Carriage Ltd.		611		13,080
Keppel Corp. Ltd.		3,000		14,682
Mapletree Commercial Trust.		1,800		3,099
Oversea-Chinese Banking Corp. Ltd.		2,700		21,424
SATS Ltd.		3,900		13,030
Sembcorp Industries Ltd.		16,200		25,162
Singapore Airlines Ltd.		3,300		20,672
Singapore Exchange Ltd.		1,200		7,649
Singapore Press Holdings Ltd.		6,800		10,064
Singapore Technologies Engineering Ltd.		4,500		13,550
Singapore Telecommunications Ltd.		1,500		3,627
Suntec REIT.		8,700		11,728
United Overseas Bank Ltd.		700		13,160
UOL Group Ltd.		4,800		28,064
Venture Corp. Ltd.		1,500		17,946
Wilmar International Ltd.		8,100		23,204
Yangzijiang Shipbuilding Holdings Ltd.		24,900		17,331
				392,057
Spain — 2.2%
ACS Actividades de Construccion y Servicios SA		339		11,282
Aena SME SA(c)		99		18,338
Amadeus IT Group SA		285		22,368
Banco Bilbao Vizcaya Argentaria SA		2,595		13,426
Banco de Sabadell SA		16,438		14,828
Banco Santander SA		4,248		16,731

28 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Bankia SA		11,592	$	21,087
Bankinter SA		2,538		16,465
CaixaBank SA		6,174		18,063
Cellnex Telecom SA(c)		171		8,512
Enagas SA		362		9,756
Endesa SA		66		1,812
Ferrovial SA		862		27,378
Grifols SA		573		19,240
Iberdrola SA		2,994		32,748
Iberdrola SA, New(b)		55		606
Industria de Diseno Textil SA		885		29,786
Mapfre SA		3,312		8,486
Naturgy Energy Group SA		765		20,177
Red Electrica Corp. SA		443		8,854
Repsol SA		664		9,172
Siemens Gamesa Renewable Energy SA		1,083		17,289
Telefonica SA		2,094		14,176
				360,580
Sweden — 3.0%
Alfa Laval AB		858		21,453
Assa Abloy AB, Class B		861		20,483
Atlas Copco AB, Class B		303		9,431
Boliden AB		753		17,914
Electrolux AB, Series B		582		13,809
Epiroc AB, Class A		1,218		14,115
Essity AB, Class B		51		1,619
Hennes & Mauritz AB, Class B		927		20,356
Hexagon AB, Class B		363		19,780
Husqvarna AB, Class B		2,316		17,473
ICA Gruppen AB		357		15,697
Industrivarden AB, Class C		948		22,356
Investor AB, Class B		510		27,948
Kinnevik AB, Class B		453		10,941
L E Lundbergforetagen AB, Class B		546		23,712
Lundin Petroleum AB		525		15,992
Millicom International Cellular SA, SDR		558		26,364
Sandvik AB		783		14,310
Securitas AB, Class B		999		15,728
Skandinaviska Enskilda Banken AB, Class A		1,656		16,363
Skanska AB, Class B		756		17,491
SKF AB, Class B		654		11,989
Svenska Handelsbanken AB, Class A		1,392		13,674
Swedbank AB, Class A		1,260		19,380
Swedish Match AB		402		22,747
Tele2 AB, Class B		1,458		21,994
Telefonaktiebolaget LM Ericsson, Class B		1,383		10,870
Telia Co. AB		1,845		7,896
Volvo AB, Class B		831		14,251
				486,136
Switzerland — 3.8%
ABB Ltd., Registered		966		22,546
Adecco Group AG, Registered		333		19,577
Alcon Inc.(b)		240		14,169
Baloise Holding AG, Registered		12		2,169
Barry Callebaut AG, Registered		9		19,933
Chocoladefabriken Lindt & Spruengli AG, Participation
Certificates, NVS		3		25,149
Cie. Financiere Richemont SA, Registered		240		17,579
Clariant AG, Registered		1,005		22,644

Security	Shares		Value
Switzerland (continued)
Coca-Cola HBC AG		414	$	15,204
Credit Suisse Group AG, Registered		429		5,433
Dufry AG, Registered		120		10,419
EMS-Chemie Holding AG, Registered		30		19,659
Geberit AG, Registered		39		20,591
Givaudan SA, Registered		9		29,675
Julius Baer Group Ltd.		417		20,883
Kuehne + Nagel International AG, Registered		9		1,456
LafargeHolcim Ltd., Registered		306		15,578
Lonza Group AG, Registered		54		22,183
Nestle SA, Registered		216		23,825
Novartis AG, Registered		75		7,090
Pargesa Holding SA, Bearer		219		17,564
Partners Group Holding AG		21		19,266
Roche Holding AG, NVS		12		4,035
SGS SA, Registered		9		26,045
Sika AG, Registered		132		23,746
Sonova Holding AG, Registered		75		18,803
Straumann Holding AG, Registered		21		20,032
Swatch Group AG (The), Bearer		39		9,814
Swatch Group AG (The), Registered		93		4,534
Swiss Life Holding AG, Registered		33		16,609
Swiss Prime Site AG, Registered		231		28,215
Swiss Re AG		111		12,545
Swisscom AG, Registered		27		14,826
Temenos AG, Registered		108		17,458
UBS Group AG, Registered		1,125		13,998
Vifor Pharma AG		120		22,147
Zurich Insurance Group AG		48		19,943
				625,342
United Kingdom — 9.8%
3i Group PLC		1,392		20,267
Admiral Group PLC		279		8,308
Anglo American PLC		900		23,557
Antofagasta PLC		1,479		16,030
Ashtead Group PLC		420		13,592
Associated British Foods PLC		465		16,096
AstraZeneca PLC		210		20,551
Auto Trader Group PLC(c)		1,872		13,868
AVEVA Group PLC		156		10,113
Aviva PLC		2,514		13,203
BAE Systems PLC		2,559		21,299
Barclays PLC		4,080		9,035
Barratt Developments PLC		1,614		17,080
Berkeley Group Holdings PLC		291		20,100
BP PLC		2,163		13,022
British American Tobacco PLC		441		19,518
British Land Co. PLC (The)		2,424		17,721
BT Group PLC		6,186		13,122
Bunzl PLC		774		20,049
Burberry Group PLC		513		13,207
Carnival PLC		396		16,276
Centrica PLC		20,778		23,237
Coca-Cola European Partners PLC		249		13,100
Compass Group PLC		894		22,120
Croda International PLC		405		26,608
DCC PLC		258		20,855
Diageo PLC		459		18,212
Direct Line Insurance Group PLC		3,864		17,206
easyJet PLC		1,158		21,264

S c h e d u l e  o f  I n v e s t m e n t s 29

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Evraz PLC		3,690	$	17,151
Experian PLC		792		27,531
Ferguson PLC		249		22,326
Fiat Chrysler Automobiles NV		1,095		14,237
G4S PLC		5,526		14,234
GlaxoSmithKline PLC		594		13,969
Glencore PLC		5,826		17,088
GVC Holdings PLC		1,749		20,224
Halma PLC		279		7,749
Hargreaves Lansdown PLC		687		15,622
HSBC Holdings PLC		2,184		15,886
Imperial Brands PLC		732		18,824
Informa PLC		2,184		22,306
InterContinental Hotels Group PLC		288		17,788
Intertek Group PLC		342		25,968
ITV PLC		10,998		19,630
J Sainsbury PLC		6,330		16,889
JD Sports Fashion PLC		1,311		14,202
Johnson Matthey PLC		282		9,684
Kingfisher PLC		6,396		17,200
Land Securities Group PLC		1,866		23,073
Legal & General Group PLC		5,034		20,272
Lloyds Banking Group PLC		18,336		13,726
London Stock Exchange Group PLC		195		20,142
M&G PLC(b)		4,134		13,090
Marks & Spencer Group PLC		7,782		18,055
Meggitt PLC		1,764		15,710
Melrose Industries PLC		6,675		20,519
Micro Focus International PLC		1,257		16,987
Mondi PLC		660		13,450
National Grid PLC		636		8,432
Next PLC		138		12,537
NMC Health PLC		561		9,555
Ocado Group PLC(b)		1,017		16,402
Pearson PLC		1,953		14,633
Persimmon PLC		450		18,110
Prudential PLC		780		13,901
Reckitt Benckiser Group PLC		165		13,661
RELX PLC		1,071		28,419
Rentokil Initial PLC		801		4,931
Rio Tinto PLC		225		12,113
Rolls-Royce Holdings PLC		1,254		11,075
Royal Bank of Scotland Group PLC		4,776		13,744
Royal Dutch Shell PLC, Class A		381		10,017
Royal Dutch Shell PLC, Class B		426		11,231
RSA Insurance Group PLC		2,049		14,866
Sage Group PLC (The)		2,220		21,609
Schroders PLC		456		19,313
Segro PLC		2,823		33,886
Severn Trent PLC		561		19,072
Smith & Nephew PLC		885		21,308
Smiths Group PLC		960		21,380
Spirax-Sarco Engineering PLC		81		9,524
SSE PLC		1,326		26,368
St. James's Place PLC		1,074		16,196
Standard Chartered PLC		1,917		15,945
Standard Life Aberdeen PLC		5,070		20,150

Security	Shares		Value
United Kingdom (continued)
Taylor Wimpey PLC		5,928	$	16,809
Tesco PLC		3,249		10,574
Unilever PLC		249		14,880
United Utilities Group PLC		1,500		20,040
Vodafone Group PLC		9,174		18,055
Weir Group PLC (The)		1,158		20,577
Whitbread PLC		303		17,854
Wm Morrison Supermarkets PLC		5,769		13,837
WPP PLC		1,299		16,182
				1,609,334
United States — 0.1%
Ovintiv Inc.		862		13,439
Total Common Stocks — 99.4%
(Cost: $15,992,036)				16,385,372
Preferred Stocks
Germany — 0.3%
Fuchs Petrolub SE, Preference Shares, NVS.		444		19,682
Porsche Automobil Holding SE, Preference Shares, NVS		189		12,806
Sartorius AG, Preference Shares, NVS.		39		9,102
Volkswagen AG, Preference Shares, NVS.		66		11,877
				53,467
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		12,261		6,454
Total Preferred Stocks — 0.3%
(Cost: $63,222)				59,921
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.78%(e)(f)(g)		172,973		173,077
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.50%(e)(f)		4,000		4,000
				177,077
Total Short-Term Investments — 1.1%
(Cost: $177,046)				177,077
Total Investments in Securities — 100.8%
(Cost: $16,232,304)				16,622,370
Other Assets, Less Liabilities — (0.8)%				(134,428	)
Net Assets — 100.0%			$	16,487,942

^(a) All or a portion of this security is on loan.

^(b) Non-income producing security.

^(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(e) Affiliate of the Fund.

^(f) Annualized 7-day yield as of period-end.

^(g) All or a portion of this security was purchased with cash collateral received from loaned securities.

30 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Size Factor ETF
January 31, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)		(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		64,611		108,362		172,973	$	173,077	$	3,187	(b)	$	10		$	10
BlackRock Cash Funds: Treasury, SL Agency Shares		1,000		3,000		4,000		4,000		20			—			—
							$	177,077	$	3,207		$	10		$	10

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		1	03/20/20	$	40	$	(922	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	922

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts.	$	1,586
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts.	$	(922	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	13,443

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

S c h e d u l e  o f  I n v e s t m e n t s 31

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Size Factor ETF
January 31, 2020

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	16,384,766		$	606	$	—	$	16,385,372
Preferred Stocks		59,921			—		—		59,921
Money Market Funds		177,077			—		—		177,077
	$	16,621,764		$	606	$	—	$	16,622,370
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(922	)	$	—	$	—	$	(922	)

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

See notes to financial statements.

32 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares® Edge MSCI Intl Value Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.9%
BlueScope Steel Ltd.		47,968	$	457,598
Fortescue Metals Group Ltd.		172,442		1,314,876
Harvey Norman Holdings Ltd.		18,144		51,380
Origin Energy Ltd.		56,300		309,058
Qantas Airways Ltd.		34,161		146,591
Santos Ltd.		40,959		238,280
Sonic Healthcare Ltd.		24,557		520,644
South32 Ltd.		475,736		840,791
				3,879,218
Austria — 0.2%
OMV AG		6,154		306,826
Raiffeisen Bank International AG		13,228		301,981
voestalpine AG		10,368		251,857
				860,664
Belgium — 0.3%
Solvay SA		4,783		495,811
UCB SA		9,442		869,318
				1,365,129
Canada — 2.4%
Air Canada(a)		6,519		218,508
AltaGas Ltd.		15,073		242,868
Bausch Health Companies Inc.(a)		58,121		1,595,685
Canadian Natural Resources Ltd.		32,661		919,165
Cenovus Energy Inc.		30,148		262,602
Empire Co. Ltd., Class A, NVS		16,903		392,365
First Quantum Minerals Ltd.		64,851		508,001
George Weston Ltd.		7,643		616,329
Husky Energy Inc.		22,891		149,024
Loblaw Companies Ltd.		17,598		921,315
Lundin Mining Corp.		29,028		152,323
Magna International Inc.		19,566		992,539
Metro Inc.		16,112		657,247
Open Text Corp.		17,555		790,576
Power Corp. of Canada		16,003		399,546
Stars Group Inc. (The)(a)		7,680		183,384
Teck Resources Ltd., Class B		87,466		1,130,898
				10,132,375
Denmark — 0.8%
AP Moller - Maersk A/S, Class A		177		199,485
AP Moller - Maersk A/S, Class B, NVS		665		797,998
Carlsberg A/S, Class B		6,281		918,769
Danske Bank A/S		61,711		1,033,192
H Lundbeck A/S		4,084		173,696
Pandora A/S		3,913		202,748
				3,325,888
Finland — 0.5%
Nokia OYJ		493,521		1,924,885
France — 10.4%
Atos SE		13,166		1,096,335
AXA SA		107,354		2,864,791
BNP Paribas SA		97,384		5,185,063
Bouygues SA		12,444		492,733
Carrefour SA		75,409		1,279,012
Casino Guichard Perrachon SA(b)		10,114		410,898
Cie. de Saint-Gobain		50,178		1,903,715
Cie. Generale des Etablissements Michelin SCA		8,050		936,706

Security	Shares		Value
France (continued)
CNP Assurances		8,795	$	158,577
Credit Agricole SA		93,136		1,262,299
Electricite de France SA		68,086		841,677
Engie SA		171,420		2,955,897
Eutelsat Communications SA		8,170		122,636
Faurecia SE		4,542		217,294
Iliad SA(b)		708		93,133
Orange SA		88,736		1,259,209
Peugeot SA		71,801		1,480,796
Publicis Groupe SA		12,597		558,819
Renault SA		23,774		928,577
Sanofi		113,233		10,910,907
Societe Generale SA		110,134		3,566,927
TOTAL SA		91,167		4,460,026
Valeo SA		9,751		290,899
				43,276,926
Germany — 6.5%
Bayer AG, Registered		114,919		9,303,156
Bayerische Motoren Werke AG		22,862		1,630,097
Commerzbank AG		136,715		787,839
Continental AG		3,186		363,453
Covestro AG(c)		14,933		631,335
Daimler AG, Registered		56,140		2,600,871
Deutsche Bank AG, Registered		294,488		2,703,497
Deutsche Lufthansa AG, Registered		49,330		756,052
Fresenius Medical Care AG & Co. KGaA		15,345		1,185,272
Fresenius SE & Co. KGaA		32,445		1,658,450
HeidelbergCement AG		14,245		967,385
Merck KGaA		9,152		1,175,487
METRO AG		22,733		317,302
RWE AG		43,726		1,518,648
TUI AG		14,759		151,440
Uniper SE		17,407		571,190
United Internet AG, Registered		4,248		137,934
Volkswagen AG		2,756		505,776
				26,965,184
Hong Kong — 3.0%
Bank of East Asia Ltd. (The)		68,000		147,474
CK Asset Holdings Ltd.		354,000		2,288,607
CK Hutchison Holdings Ltd.		471,500		4,208,032
Hang Lung Properties Ltd.		177,000		372,924
Jardine Matheson Holdings Ltd.		18,900		1,056,699
Jardine Strategic Holdings Ltd.		17,700		545,691
Kerry Properties Ltd.		177,000		498,068
NWS Holdings Ltd.		177,000		229,317
Sino Land Co. Ltd.		354,000		485,987
Swire Pacific Ltd., Class A		26,000		230,537
WH Group Ltd.(c)		1,194,500		1,147,596
Wharf Real Estate Investment Co. Ltd.		209,058		1,090,400
Yue Yuen Industrial Holdings Ltd.		20,000		55,764
				12,357,096
Ireland — 0.1%
AIB Group PLC		30,621		90,061
Bank of Ireland Group PLC		84,342		412,567
				502,628
Israel — 0.8%
Bank Hapoalim BM		62,538		539,519
Bank Leumi Le-Israel BM		69,076		499,373

S c h e d u l e  o f  I n v e s t m e n t s 33

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Value Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
Teva Pharmaceutical Industries Ltd., ADR(a)		216,054	$	2,246,962
				3,285,854
Italy — 3.0%
Enel SpA		517,229		4,502,433
Eni SpA		115,163		1,615,460
Intesa Sanpaolo SpA		758,898		1,888,490
Leonardo SpA		35,462		439,363
Mediobanca Banca di Credito Finanziario SpA		31,512		314,714
Telecom Italia SpA/Milano(a)		1,132,401		610,899
UniCredit SpA		235,991		3,159,748
				12,531,107
Japan — 40.4%
Aeon Mall Co. Ltd.		17,700		298,198
AGC Inc.		19,300		668,649
Aisin Seiki Co. Ltd.		17,700		603,418
Ajinomoto Co. Inc.		35,400		589,537
Alfresa Holdings Corp.		18,000		369,848
Alps Alpine Co. Ltd.		17,700		326,940
Amada Holdings Co. Ltd.		31,200		334,784
ANA Holdings Inc.		17,700		559,162
Asahi Group Holdings Ltd.		35,400		1,661,156
Asahi Kasei Corp.		83,500		876,717
Astellas Pharma Inc.		106,600		1,918,377
Bridgestone Corp.		18,000		647,857
Brother Industries Ltd.		35,400		706,465
Canon Inc.		106,200		2,828,309
Central Japan Railway Co.		11,100		2,210,578
Chiba Bank Ltd. (The)		66,100		367,747
Chubu Electric Power Co. Inc.		88,500		1,215,002
Coca-Cola Bottlers Japan Holdings Inc.		4,500		120,113
Concordia Financial Group Ltd.		100,600		388,904
Credit Saison Co. Ltd.		17,700		290,033
Dai Nippon Printing Co. Ltd.		17,700		497,269
Daicel Corp.		13,600		131,627
Dai-ichi Life Holdings Inc.		53,100		811,308
Daito Trust Construction Co. Ltd.		5,500		654,865
Daiwa House Industry Co. Ltd.		106,200		3,391,228
Daiwa House REIT Investment Corp.		178		475,444
Daiwa Securities Group Inc.		106,800		550,924
Denso Corp.		17,700		741,739
East Japan Railway Co.		20,000		1,789,916
Electric Power Development Co. Ltd.		17,700		404,837
Fuji Electric Co. Ltd.		2,500		75,887
FUJIFILM Holdings Corp.		53,100		2,686,722
Fujitsu Ltd.		21,400		2,293,315
Fukuoka Financial Group Inc.		17,800		316,142
Hankyu Hanshin Holdings Inc.		17,700		729,981
Hino Motors Ltd.		31,100		297,270
Hitachi High-Technologies Corp.		1,800		131,531
Hitachi Ltd.		152,800		5,963,408
Hitachi Metals Ltd.		13,700		215,135
Honda Motor Co. Ltd.		141,600		3,698,571
Hulic Co. Ltd.		35,500		436,933
Idemitsu Kosan Co. Ltd.		17,700		451,543
IHI Corp.		3,600		87,322
Iida Group Holdings Co. Ltd.		17,700		303,751
Inpex Corp.		65,800		625,611
Isuzu Motors Ltd.		31,200		314,634
ITOCHU Corp.		206,200		4,885,562

Security	Shares		Value
Japan (continued)
J Front Retailing Co. Ltd.		17,700	$	217,198
Japan Airlines Co. Ltd.		17,700		505,434
Japan Post Bank Co. Ltd.		31,100		291,531
Japan Post Holdings Co. Ltd.		153,200		1,408,250
Japan Post Insurance Co. Ltd.		17,700		302,607
Japan Tobacco Inc.		123,900		2,647,529
JFE Holdings Inc.		88,500		1,073,742
JSR Corp.		17,800		326,160
JTEKT Corp.		35,400		386,710
JXTG Holdings Inc.		259,000		1,120,258
Kajima Corp.		53,100		688,828
Kamigumi Co. Ltd.		17,700		382,628
Kansai Electric Power Co. Inc. (The)		101,700		1,152,259
Kawasaki Heavy Industries Ltd.		17,700		358,785
KDDI Corp.		88,500		2,670,882
Komatsu Ltd.		53,300		1,213,185
Konica Minolta Inc.		66,900		419,726
Kuraray Co. Ltd.		35,400		436,029
Kyocera Corp.		35,400		2,375,786
Kyushu Electric Power Co. Inc.		48,800		405,222
Kyushu Railway Co.		17,800		588,762
LIXIL Group Corp.		17,700		299,831
Marubeni Corp.		327,100		2,399,870
Mazda Motor Corp.		48,600		418,807
Mebuki Financial Group Inc.		125,800		284,366
Medipal Holdings Corp.		18,000		387,950
MINEBEA MITSUMI Inc.		17,700		356,989
Mitsubishi Chemical Holdings Corp.		171,000		1,262,167
Mitsubishi Corp.		222,700		5,800,453
Mitsubishi Electric Corp.		118,500		1,689,187
Mitsubishi Estate Co. Ltd.		88,800		1,763,137
Mitsubishi Gas Chemical Co. Inc.		17,700		275,988
Mitsubishi Heavy Industries Ltd.		35,400		1,314,293
Mitsubishi Materials Corp.		17,700		454,483
Mitsubishi Motors Corp.		31,400		119,649
Mitsubishi UFJ Financial Group Inc.		1,332,200		6,987,643
Mitsubishi UFJ Lease & Finance Co. Ltd.		31,200		199,777
Mitsui & Co. Ltd.		274,600		4,967,046
Mitsui Chemicals Inc.		17,700		400,918
Mitsui OSK Lines Ltd.		17,700		439,132
Mizuho Financial Group Inc.		2,343,800		3,514,024
NEC Corp.		22,700		1,030,438
Nexon Co. Ltd.(a)		17,700		242,510
NGK Insulators Ltd.		17,700		303,261
NGK Spark Plug Co. Ltd.		17,700		317,958
NH Foods Ltd.		17,700		787,955
Nikon Corp.		17,700		218,668
Nippon Building Fund Inc.		30		243,023
Nippon Express Co. Ltd.		3,800		202,297
Nippon Steel Corp.		118,300		1,675,967
Nippon Telegraph & Telephone Corp.		70,800		1,820,217
Nippon Yusen KK		17,700		289,706
Nissan Motor Co. Ltd.		187,300		1,035,995
Nomura Holdings Inc.		256,900		1,342,275
NSK Ltd.		31,000		266,282
NTT DOCOMO Inc.		53,100		1,522,182
Obayashi Corp.		83,600		935,617
Oji Holdings Corp.		83,500		436,047
ORIX Corp.		118,000		2,022,826
Osaka Gas Co. Ltd.		35,400		606,521

34 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Value Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Otsuka Holdings Co. Ltd.		35,400	$	1,604,652
Renesas Electronics Corp.(a)		53,300		349,645
Resona Holdings Inc.		222,100		934,220
Ricoh Co. Ltd.		101,900		1,183,670
Rohm Co. Ltd.		9,400		698,159
Sega Sammy Holdings Inc.		100		1,383
Seiko Epson Corp.		35,400		529,114
Sekisui Chemical Co. Ltd.		17,800		302,675
Sekisui House Ltd.		35,500		773,313
Seven & i Holdings Co. Ltd.		90,500		3,521,138
Shimizu Corp.		70,800		740,106
Shinsei Bank Ltd.		17,700		275,988
Shizuoka Bank Ltd. (The)		31,000		222,236
Showa Denko KK		17,700		436,845
SoftBank Group Corp.		74,100		3,092,941
Sompo Holdings Inc.		17,700		674,947
Subaru Corp.		35,400		901,453
SUMCO Corp.		17,700		284,154
Sumitomo Chemical Co. Ltd.		188,900		822,630
Sumitomo Corp.		204,700		3,093,589
Sumitomo Dainippon Pharma Co. Ltd.		17,700		310,773
Sumitomo Electric Industries Ltd.		53,100		725,082
Sumitomo Heavy Industries Ltd.		17,800		481,521
Sumitomo Metal Mining Co. Ltd.		17,700		516,702
Sumitomo Mitsui Financial Group Inc.		141,600		5,074,267
Sumitomo Mitsui Trust Holdings Inc.		35,400		1,333,563
Sumitomo Rubber Industries Ltd.		13,700		153,578
Suzuken Co. Ltd.		17,700		691,604
Suzuki Motor Corp.		17,700		821,759
Taiheiyo Cement Corp.		17,700		487,307
Taisei Corp.		17,700		720,183
TDK Corp.		17,700		1,938,451
Teijin Ltd.		17,700		322,531
THK Co. Ltd.		17,700		459,872
Tohoku Electric Power Co. Inc.		49,000		464,751
Tokyo Electric Power Co. Holdings Inc.(a)		344,500		1,382,641
Toppan Printing Co. Ltd.		35,400		717,243
Tosoh Corp.		35,400		513,763
Toyo Seikan Group Holdings Ltd.		17,700		306,363
Toyota Motor Corp.		141,600		9,996,985
Toyota Tsusho Corp.		17,700		626,281
West Japan Railway Co.		17,700		1,514,507
Yamada Denki Co. Ltd.		31,000		157,596
Yamaha Motor Co. Ltd		17,700		336,738
				168,048,154
Netherlands — 3.7%
ABN AMRO Bank NV, CVA(c)		14,514		252,847
Aegon NV		223,442		908,512
AerCap Holdings NV(a)		19,605		1,109,839
ArcelorMittal SA		128,895		1,907,791
EXOR NV		6,113		451,448
ING Groep NV		259,325		2,823,548
Koninklijke Ahold Delhaize NV		167,736		4,126,649
NN Group NV		31,203		1,085,786
NXP Semiconductors NV		21,614		2,741,952
				15,408,372
Norway — 0.4%
Equinor ASA		33,049		599,291
Mowi ASA		29,120		695,635

Security	Shares		Value
Norway (continued)
Norsk Hydro ASA		86,628	$	272,633
				1,567,559
Singapore — 0.6%
ComfortDelGro Corp. Ltd.		102,100		162,325
Keppel Corp. Ltd.		117,700		576,039
Sembcorp Industries Ltd.		99,900		155,167
Singapore Airlines Ltd.		66,200		414,690
Venture Corp. Ltd.		13,600		162,714
Wilmar International Ltd.		294,700		844,221
Yangzijiang Shipbuilding Holdings Ltd.		418,700		291,424
				2,606,580
Spain — 3.1%
ACS Actividades de Construccion y Servicios SA		9,204		306,302
Banco Bilbao Vizcaya Argentaria SA		528,544		2,734,492
Banco de Sabadell SA		643,473		580,461
Banco Santander SA		1,323,476		5,212,568
Bankia SA		121,970		221,877
CaixaBank SA		274,590		803,354
Mapfre SA		54,022		138,413
Repsol SA		94,442		1,304,595
Telefonica SA		245,922		1,664,891
				12,966,953
Sweden — 0.3%
Boliden AB		18,065		429,760
ICA Gruppen AB		5,256		231,100
Telia Co. AB		88,187		377,409
				1,038,269
Switzerland — 3.6%
Credit Suisse Group AG, Registered		166,172		2,104,610
Novartis AG, Registered		133,567		12,626,163
				14,730,773
United Kingdom — 17.4%
3i Group PLC		50,744		738,808
Anglo American PLC		99,166		2,595,589
Associated British Foods PLC		13,098		453,400
Aviva PLC		249,777		1,311,756
Barclays PLC		2,047,410		4,534,146
Barratt Developments PLC		58,823		622,495
Berkeley Group Holdings PLC		5,376		371,340
BP PLC		564,308		3,397,259
British American Tobacco PLC		362,607		16,048,470
British Land Co. PLC (The)		49,206		359,732
BT Group PLC		488,294		1,035,793
Carnival PLC		5,310		218,249
Centrica PLC		277,005		309,792
Coca-Cola European Partners PLC		10,977		577,500
easyJet PLC		13,285		243,946
Evraz PLC		31,329		145,616
Fiat Chrysler Automobiles NV		125,729		1,634,654
Glencore PLC		931,456		2,731,957
Imperial Brands PLC		135,426		3,482,541
J Sainsbury PLC		391,549		1,044,667
Kingfisher PLC		140,369		377,470
Lloyds Banking Group PLC		4,859,141		3,637,582
M&G PLC(a)		181,248		573,889
Marks & Spencer Group PLC		95,138		220,723
Meggitt PLC		45,218		402,701
Melrose Industries PLC		257,239		790,764
Micro Focus International PLC		52,761		713,022

S c h e d u l e  o f  I n v e s t m e n t s 35

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Value Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Pearson PLC		34,647	$	259,598
Persimmon PLC		14,373		578,437
Rio Tinto PLC		70,225		3,780,584
Royal Bank of Scotland Group PLC		413,403		1,189,622
Royal Dutch Shell PLC, Class A		152,442		4,007,729
Royal Dutch Shell PLC, Class B		134,395		3,543,191
Standard Chartered PLC		203,822		1,695,360
Taylor Wimpey PLC		179,022		507,608
Tesco PLC		945,018		3,075,690
Vodafone Group PLC		1,670,455		3,287,578
Wm Morrison Supermarkets PLC		353,147		847,011
WPP PLC		74,224		924,608
				72,270,877
United States — 0.1%
Ovintiv Inc.		21,788		339,699
Total Common Stocks — 98.5%
(Cost: $418,302,230)				409,384,190
Preferred Stocks
Germany — 1.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		4,496		251,117
Porsche Automobil Holding SE, Preference Shares, NVS		18,958		1,284,506
Volkswagen AG, Preference Shares, NVS		16,470		2,963,769
				4,499,392
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		530,482		279,243
Total Preferred Stocks — 1.1%
(Cost: $4,745,397)				4,778,635

Security	Shares	Value
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(d)(e)(f)	30,948	$	30,966
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(d)(e)	116,000		116,000
			146,966
Total Short-Term Investments — 0.0%
(Cost: $146,960)			146,966
Total Investments in Securities — 99.6%
(Cost: $423,194,587)			414,309,791
Other Assets, Less Liabilities — 0.4%			1,455,409
Net Assets — 100.0%		$	415,765,200

^(a) Non-income producing security.

^(b) All or a portion of this security is on loan.

^(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d) Affiliate of the Fund.

^(e) Annualized 7-day yield as of period-end.

^(f) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares  Held at  07/31/19		Net Activity		Shares  Held at  01/31/20		Value at  01/31/20		Income			Net Realized  Gain (Loss)(a)		Change in  Unrealized  Appreciation  (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		616,641	(585,693	)	30,948	$	30,966	$	38,523	(b)	$	342	$	(56	)
BlackRock Cash Funds: Treasury, SL Agency Shares		76,000	40,000		116,000		116,000		1,843			—		—
						$	146,966	$	40,366		$	342	$	(56)

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of  Contracts		Expiration  Date	Notional  Amount  (000)		Value/  Unrealized  Appreciation  (Depreciation)
Long Contracts
Euro STOXX 50 Index		12	03/20/20	$	484	$	(15,468	)
FTSE 100 Index		4	03/20/20		380		(15,529	)
TOPIX Index		4	03/12/20		620		(20,126	)
						$	(51,123	)

36 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI Intl Value Factor ETF
January 31, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity  Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	51,123

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	297,344
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(51,123	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments        

Futures contracts:
Average notional value of contracts — long	$	1,509,687

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	409,384,190		$	—	$	—	$	409,384,190
Preferred Stocks		4,778,635			—		—		4,778,635
Money Market Funds		146,966			—		—		146,966
	$	414,309,791		$	—	$	—	$	414,309,791
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(51,123	)	$	—	$	—	$	(51,123	)

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

See notes to financial statements.

S c h e d u l e  o f  I n v e s t m e n t s 37

Schedule of Investments (unaudited)	iShares® Edge MSCI USA Momentum Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.3%
HEICO Corp.		77,424	$	9,479,020
HEICO Corp., Class A		105,393		10,133,537
L3Harris Technologies Inc.		445,147		98,524,385
Northrop Grumman Corp.		307,454		115,163,045
Teledyne Technologies Inc.(a)		90,112		32,896,287
TransDigm Group Inc.		94,689		60,911,540
				327,107,814
Beverages — 0.5%
Brown-Forman Corp., Class B, NVS		674,852		45,646,989
Biotechnology — 0.3%
Seattle Genetics Inc.(a)(b)		278,462		30,182,496
Building Products — 0.3%
Masco Corp.		576,113		27,376,890
Capital Markets — 3.1%
MarketAxess Holdings Inc.		90,720		32,131,209
Moody’s Corp.		330,792		84,944,078
MSCI Inc.		145,031		41,449,860
S&P Global Inc.		519,891		152,707,583
				311,232,730
Chemicals — 2.6%
Air Products & Chemicals Inc.		352,050		84,037,855
Ecolab Inc.		341,116		66,896,259
Sherwin-Williams Co. (The)		186,482		103,868,609
				254,802,723
Commercial Services & Supplies — 2.0%
Cintas Corp.		200,505		55,934,880
Copart Inc.(a)		477,184		48,415,089
Republic Services Inc.		298,850		28,405,692
Waste Management Inc.		576,968		70,217,006
				202,972,667
Communications Equipment — 0.5%
Motorola Solutions Inc.		280,522		49,652,394
Construction Materials — 0.3%
Martin Marietta Materials Inc.		114,401		30,178,984
Containers & Packaging — 1.0%
Avery Dennison Corp.		153,466		20,140,878
Ball Corp.		737,062		53,201,135
Crown Holdings Inc.(a)		341,653		25,292,572
				98,634,585
Diversified Telecommunication Services — 4.5%
AT&T Inc.		11,948,896		449,517,468
Electric Utilities — 9.5%
Alliant Energy Corp.		441,652		26,216,463
American Electric Power Co. Inc.		907,902		94,621,546
Entergy Corp.		628,350		82,640,592
Eversource Energy		744,325		68,805,403
FirstEnergy Corp.		1,026,456		52,133,700
NextEra Energy Inc.		1,369,205		367,220,781
Southern Co. (The)		2,633,649		185,408,890
Xcel Energy Inc.		1,005,716		69,585,490
				946,632,865
Electrical Equipment — 0.3%
AMETEK Inc.		330,791		32,136,346

Security	Shares		Value
Electronic Equipment, Instruments & Components — 0.7%
CDW Corp./DE		272,691	$	35,572,541
Keysight Technologies Inc.(a)(b)		420,646		39,115,871
				74,688,412
Entertainment — 0.5%
Live Nation Entertainment Inc.(a)(b)		194,877		13,282,816
Roku Inc.(a)(b)		293,249		35,468,467
				48,751,283
Equity Real Estate Investment Trusts (REITs) — 11.4%
Alexandria Real Estate Equities Inc.		203,729		33,248,573
American Tower Corp.		836,868		193,935,790
Camden Property Trust		177,440		19,949,579
Equinix Inc.		206,210		121,608,223
Equity LifeStyle Properties Inc.		508,518		36,994,685
Equity Residential		847,829		70,437,633
Essex Property Trust Inc.		135,978		42,120,545
Healthpeak Properties Inc.		1,101,529		39,644,029
Invitation Homes Inc.		1,144,550		36,018,989
Liberty Property Trust		372,256		23,321,838
Medical Properties Trust Inc.		1,032,166		22,862,477
Mid-America Apartment Communities Inc.		319,257		43,805,253
National Retail Properties Inc.		258,852		14,495,712
Omega Healthcare Investors Inc.		436,164		18,297,080
Prologis Inc.		1,185,855		110,142,212
Realty Income Corp.		661,192		51,844,065
SBA Communications Corp.		228,479		57,019,219
Sun Communities Inc.		311,240		50,473,791
UDR Inc.		534,581		25,611,776
VEREIT Inc.		2,063,838		20,143,059
Welltower Inc.		878,064		74,556,414
WP Carey Inc.		402,134		33,827,512
				1,140,358,454
Food & Staples Retailing — 2.5%
Costco Wholesale Corp.		817,883		249,879,614
Food Products — 0.5%
Hershey Co. (The)		324,348		50,329,079
Health Care Equipment & Supplies — 6.9%
Danaher Corp.(b)		941,431		151,448,005
Edwards Lifesciences Corp.(a)		490,444		107,829,018
Insulet Corp.(a)		154,430		29,965,597
Medtronic PLC		2,519,417		290,841,498
ResMed Inc.		341,806		54,336,900
Steris PLC		119,143		17,953,659
Teleflex Inc.		86,197		32,023,047
				684,397,724
Hotels, Restaurants & Leisure — 2.4%
Aramark		545,828		24,092,848
Chipotle Mexican Grill Inc.(a)(b)		40,588		35,180,055
Starbucks Corp.		2,076,923		176,185,378
				235,458,281
Household Durables — 1.3%
DR Horton Inc.		688,788		40,776,250
Garmin Ltd.		224,771		21,791,548
Leggett & Platt Inc.		299,030		14,230,838
NVR Inc.(a)		6,853		26,157,695
PulteGroup Inc.		594,507		26,544,738
				129,501,069

38 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Momentum Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products — 4.8%
Procter & Gamble Co. (The)		3,862,303	$	481,320,200
Insurance — 3.7%
Aflac Inc.		954,481		49,222,585
Alleghany Corp.(a)		27,058		21,583,084
Aon PLC		319,602		70,392,340
Arch Capital Group Ltd.(a)(b)		1,087,960		48,044,314
Arthur J Gallagher & Co.		270,876		27,783,751
Assurant Inc.		133,451		17,423,363
Brown & Brown Inc.		525,833		23,609,902
Cincinnati Financial Corp.		347,782		36,499,721
Fidelity National Financial Inc.		522,987		25,495,616
RenaissanceRe Holdings Ltd.		110,675		20,966,272
WR Berkley Corp.		331,150		24,349,460
				365,370,408
Interactive Media & Services — 0.4%
Snap Inc., Class A, NVS(a)(b)		2,366,416		43,494,726
IT Services — 15.1%
Booz Allen Hamilton Holding Corp.		263,760		20,583,831
Fidelity National Information Services Inc.		1,099,742		157,988,936
Fiserv Inc.(a)		1,286,966		152,647,037
Global Payments Inc.		591,794		115,666,137
Mastercard Inc., Class A		1,537,083		485,626,003
Okta Inc.(a)(b)		209,364		26,809,060
Visa Inc., Class A		2,589,192		515,171,532
Western Union Co. (The)		1,076,793		28,965,732
				1,503,458,268
Life Sciences Tools & Services — 1.8%
Thermo Fisher Scientific Inc.		558,672		174,970,484
Media — 1.6%
Altice USA Inc., Class A(a)		369,579		10,111,682
Charter Communications Inc., Class A(a)(b)		289,046		149,569,743
				159,681,425
Multi-Utilities — 2.3%
Ameren Corp.		336,452		27,605,887
CMS Energy Corp.		615,767		42,186,197
Sempra Energy		506,782		81,409,460
WEC Energy Group Inc.		829,499		82,858,655
				234,060,199
Multiline Retail — 0.8%
Dollar General Corp.		530,951		81,453,193
Pharmaceuticals — 1.5%
Zoetis Inc.		1,081,926		145,205,288
Professional Services — 1.1%
CoStar Group Inc.(a)(b)		62,377		40,731,557
IHS Markit Ltd.(a)		848,468		66,910,187
				107,641,744

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 3.6%
Advanced Micro Devices Inc.(a)(b)		1,478,336	$	69,481,792
Applied Materials Inc.		1,753,289		101,673,229
KLA Corp.		437,565		72,522,023
Lam Research Corp.		327,232		97,583,855
Teradyne Inc.		341,442		22,531,757
				363,792,656
Software — 6.5%
DocuSign Inc.(a)(b)		190,681		14,970,365
Microsoft Corp.		3,143,364		535,094,854
Paycom Software Inc.(a)(b)		70,805		22,527,319
RingCentral Inc., Class A(a)(b)		171,184		35,192,007
Synopsys Inc.(a)		291,591		43,012,588
				650,797,133
Specialty Retail — 0.9%
AutoZone Inc.(a)		46,469		49,162,343
O’Reilly Automotive Inc.(a)		108,387		44,015,961
				93,178,304
Textiles, Apparel & Luxury Goods — 0.4%
Lululemon Athletica Inc.(a)		148,674		35,591,069
Water Utilities — 0.8%
American Water Works Co. Inc.		394,551		53,737,846
Essential Utilities Inc.		467,355		24,274,419
				78,012,265
Total Common Stocks — 99.7%
(Cost: $8,844,447,669)				9,937,466,229
Short-Term Investments
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(c)(d)(e)		149,458,810		149,548,485
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(c)(d)		17,489,000		17,489,000
				167,037,485
Total Short-Term Investments — 1.7%
(Cost: $167,007,551)				167,037,485
Total Investments in Securities — 101.4%
(Cost: $9,011,455,220)				10,104,503,714
Other Assets, Less Liabilities — (1.4)%				(138,767,809	)
Net Assets — 100.0%			$	9,965,735,905

(a)	Non-income producing security.
(b)	All or a portion of this security is on loan.
(c)	Affiliate of the Fund.
(d)	Annualized 7-day yield as of period-end.
(e)	All or a portion of this security was purchased with cash collateral received from loaned securities.

S c h e d u l e  o f    I n   v e s t m e n t s 39

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Momentum Factor ETF
January 31, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

																Change in
	Shares					Shares										Unrealized
	Held at					Held at		Value at					Net Realized			Appreciation
Affiliated Issuer	07/31/19		Net Activity			01/31/20		01/31/20		Income			Gain (Loss)		(a)	(Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		133,656,711		15,802,099			149,458,810	$	149,548,485	$	507,295	(b)	$	(4,184	)	$	20,258
BlackRock Cash Funds: Treasury, SL Agency Shares		18,524,000		(1,035,000	)		17,489,000		17,489,000		159,869			—			—
								$	167,037,485	$	667,164		$	(4,184	)	$	20,258

(a)	Includes realized capital gain distributions from an affiliated fund, if any.
(b)	Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

							Value/
					Notional		Unrealized
	Number of		Expiration		Amount		Appreciation
Description		Contracts		Date		(000)		(Depreciation)
Long Contracts
S&P 500 E-Mini		164		03/20/20		$ 26,437	$	148,702

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity
	Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	148,702

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity
	Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,875,688
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	121,318

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,385,127

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

40 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Momentum Factor ETF
January 31, 2020

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	9,937,466,229	$	—	$	—	$	9,937,466,229
Money Market Funds		167,037,485		—		—		167,037,485
	$	10,104,503,714	$	—	$	—	$	10,104,503,714
Derivative financial instruments(a)
Assets
Futures Contracts	$	148,702	$	—	$	—	$	148,702

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

See notes to financial statements.

S c h e d u l e    o f   I n v e s t m e n t s 41

Schedule of Investments (unaudited)	iShares® Edge MSCI USA Quality Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.3%
Huntington Ingalls Industries Inc.		187,733	$	48,998,313
Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		602,904		43,541,727
Expeditors International of Washington Inc.		857,345		62,620,479
				106,162,206
Banks — 0.2%
East West Bancorp. Inc.		804,216		36,865,261
Beverages — 4.3%
Monster Beverage Corp.(a)		1,192,430		79,415,838
PepsiCo Inc.		4,597,547		652,943,625
				732,359,463
Biotechnology — 2.4%
Amgen Inc.		1,187,792		256,622,462
Biogen Inc.(a)		406,854		109,382,698
Regeneron Pharmaceuticals Inc.(a)		135,875		45,917,597
				411,922,757
Building Products — 0.5%
Allegion PLC		449,841		58,173,438
AO Smith Corp.		620,909		26,506,605
				84,680,043
Capital Markets — 8.2%
Ameriprise Financial Inc.		755,473		124,962,789
BlackRock Inc.(b)		633,224		333,930,676
Charles Schwab Corp. (The)		6,511,473		296,597,595
Eaton Vance Corp., NVS		665,595		30,450,971
FactSet Research Systems Inc.		314,553		89,996,759
Franklin Resources Inc.		1,711,461		43,299,963
MarketAxess Holdings Inc.		285,831		101,235,624
SEI Investments Co.		973,969		63,561,217
T Rowe Price Group Inc.		1,797,912		240,075,189
TD Ameritrade Holding Corp.		1,658,451		78,743,254
				1,402,854,037
Chemicals — 1.5%
Air Products & Chemicals Inc.		611,049		145,863,507
Celanese Corp.		359,053		37,161,985
LyondellBasell Industries NV, Class A		865,444		67,383,470
				250,408,962
Commercial Services & Supplies — 0.8%
Copart Inc.(a)		1,014,948		102,976,624
Rollins Inc.		747,624		28,372,331
				131,348,955
Communications Equipment — 1.7%
Cisco Systems Inc.		5,941,535		273,132,364
F5 Networks Inc.(a)		93,771		11,451,315
				284,583,679
Containers & Packaging — 0.8%
Amcor PLC(a)		6,433,499		68,130,754
Avery Dennison Corp.		262,656		34,470,974
Packaging Corp. of America		268,859		25,743,249
				128,344,977
Electric Utilities — 2.0%
OGE Energy Corp.		3,340,969		153,183,429
Pinnacle West Capital Corp.		1,839,200		179,671,448
				332,854,877

Security	Shares		Value
Electrical Equipment — 0.9%
Rockwell Automation Inc .		781,820	$	149,843,621
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity Ltd.		462,474		42,630,853
Energy Equipment & Services — 0.1%
Baker Hughes Co.		655,272		14,193,192
Entertainment — 3.0%
Activision Blizzard Inc.		1,093,228		63,931,973
Electronic Arts Inc.(a)		454,687		49,069,821
Take-Two Interactive Software Inc.(a)		173,998		21,687,111
Walt Disney Co. (The)		2,679,284		370,571,770
				505,260,675
Equity Real Estate Investment Trusts (REITs) — 2.7%
AvalonBay Communities Inc.		297,581		64,482,827
Host Hotels & Resorts Inc.		1,595,880		26,076,679
National Retail Properties Inc.		330,253		18,494,168
Prologis Inc.		1,429,816		132,801,310
Public Storage.		577,390		129,196,787
Simon Property Group Inc.		718,381		95,652,430
				466,704,201
Food Products — 0.5%
Lamb Weston Holdings Inc.		909,965		83,088,904
Gas Utilities — 1.5%
Atmos Energy Corp.		2,118,230		247,896,457
Health Care Equipment & Supplies — 1.5%
ABIOMED Inc.(a)(c)		78,759		14,672,014
Align Technology Inc.(a)		161,429		41,503,396
Edwards Lifesciences Corp.(a)		389,312		85,594,136
IDEXX Laboratories Inc.(a)		324,467		87,933,802
Varian Medical Systems Inc.(a)		148,612		20,890,389
				250,593,737
Hotels, Restaurants & Leisure — 0.2%
Darden Restaurants Inc.		337,646		39,312,124
Household Durables — 0.2%
NVR Inc.(a)		11,108		42,398,903
Industrial Conglomerates — 2.5%
3M Co.		2,718,858		431,374,010
Insurance — 4.7%
Aflac Inc.		4,046,391		208,672,384
Erie Indemnity Co., Class A, NVS		188,558		31,394,907
Marsh & McLennan Companies Inc.		2,607,589		291,684,905
Progressive Corp. (The)		3,328,682		268,591,351
				800,343,547
Interactive Media & Services — 7.1%
Alphabet Inc., Class A(a)		211,634		303,224,963
Alphabet Inc., Class C, NVS(a)		220,894		316,812,802
Facebook Inc., Class A(a)		2,934,484		592,501,664
				1,212,539,429
Internet & Direct Marketing Retail — 2.0%
Booking Holdings Inc.(a)		187,183		342,647,841
IT Services — 9.8%
Accenture PLC, Class A		1,023,404		210,012,735
Automatic Data Processing Inc.		735,278		126,019,296
Broadridge Financial Solutions Inc.		150,535		17,936,245

42 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Quality Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
International Business Machines Corp.		1,094,598	$	157,326,571
Jack Henry & Associates Inc.		98,699		14,759,448
Mastercard Inc., Class A		1,798,187		568,119,201
Paychex Inc.		550,668		47,230,794
Visa Inc., Class A		2,508,706		499,157,233
Western Union Co. (The)		922,522		24,815,842
				1,665,377,365
Life Sciences Tools & Services — 0.9%
Illumina Inc.(a)		228,459		66,269,102
Mettler-Toledo International Inc.(a)		63,131		47,801,531
Waters Corp.(a)(c)		210,331		47,069,974
				161,140,607
Machinery — 2.4%
Cummins Inc.		685,290		109,625,841
Illinois Tool Works Inc.		1,698,649		297,229,602
				406,855,443
Media — 0.4%
Fox Corp., Class A, NVS		495,519		18,373,844
Fox Corp., Class B(a)		241,799		8,784,558
Interpublic Group of Companies Inc. (The)		530,973		12,053,087
Omnicom Group Inc.		401,190		30,213,619
				69,425,108
Metals & Mining — 0.2%
Nucor Corp.		759,672		36,076,823
Oil, Gas & Consumable Fuels — 3.6%
Concho Resources Inc.		215,168		16,305,431
Diamondback Energy Inc.		191,180		14,223,792
Exxon Mobil Corp.		5,579,547		346,601,460
HollyFrontier Corp.		153,012		6,873,299
Kinder Morgan Inc./DE		2,140,198		44,665,932
Occidental Petroleum Corp.		969,110		38,493,049
ONEOK Inc.		534,464		40,015,320
Phillips 66		619,779		56,629,207
Valero Energy Corp.		610,715		51,489,382
				615,296,872
Personal Products — 0.9%
Estee Lauder Companies Inc. (The), Class A		820,271		160,084,088
Pharmaceuticals — 8.8%
Bristol-Myers Squibb Co.		1,522,056		95,813,425
Eli Lilly & Co.		2,292,046		320,061,303
Johnson & Johnson		4,725,180		703,437,547
Merck & Co. Inc.		4,537,758		387,706,044
				1,507,018,319
Professional Services — 0.2%
Robert Half International Inc.		660,584		38,426,171
Real Estate Management & Development — 0.5%
CBRE Group Inc., Class A(a)(c)		919,689		56,147,014
Jones Lang LaSalle Inc.		145,761		24,753,133
				80,900,147
Semiconductors & Semiconductor Equipment — 2.9%
Applied Materials Inc.		1,400,620		81,221,954
KLA Corp.		222,555		36,886,266
Lam Research Corp.		199,950		59,627,089
Maxim Integrated Products Inc.		458,332		27,554,920
Skyworks Solutions Inc.		237,384		26,859,999

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments Inc.		1,843,577	$	222,427,565
Xilinx Inc.		369,537		31,218,486
				485,796,279
Software — 5.6%
Cadence Design Systems Inc.(a)		374,060		26,973,466
Intuit Inc.		450,369		126,274,460
Microsoft Corp.		3,694,291		628,879,157
Oracle Corp.		2,811,115		147,442,982
Paycom Software Inc.(a)(c)		65,318		20,781,575
				950,351,640
Specialty Retail — 3.7%
Best Buy Co. Inc.		772,878		65,455,038
Gap Inc. (The)		587,319		10,225,224
Ross Stores Inc.		1,504,263		168,763,266
TJX Companies Inc. (The)		5,055,915		298,501,221
Tractor Supply Co.		380,014		35,322,301
Ulta Salon Cosmetics & Fragrance Inc.(a)		200,545		53,728,011
				631,995,061
Technology Hardware, Storage & Peripherals — 3.9%
Apple Inc.		2,082,650		644,601,002
NetApp Inc.		374,291		19,987,139
				664,588,141
Textiles, Apparel & Luxury Goods — 3.6%
Lululemon Athletica Inc.(a)(c)		356,032		85,230,501
NIKE Inc., Class B		4,618,671		444,778,017
VF Corp.		923,155		76,594,170
				606,602,688
Tobacco — 1.4%
Altria Group Inc.		5,122,224		243,459,307
Trading Companies & Distributors — 0.6%
Fastenal Co.		2,698,488		94,123,262
Total Common Stocks — 99.8%
(Cost: $15,220,955,276)				16,997,728,345
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(b)(d)(e)		27,613,031		27,629,599
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(b)(d)		23,639,000		23,639,000
				51,268,599
Total Short-Term Investments — 0.3%
(Cost: $51,263,181)				51,268,599
Total Investments in Securities — 100.1%
(Cost: $15,272,218,457)				17,048,996,944
Other Assets, Less Liabilities — (0.1)%..				(18,058,860	)
Net Assets — 100.0%			$	17,030,938,084

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

^(c) All or a portion of this security is on loan.

^(d) Annualized 7-day yield as of period-end.

^(e) All or a portion of this security was purchased with cash collateral received from loaned securities.

S c h e d u l e   o f   I n v e s t m e n t s 43

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Quality Factor ETF
January 31, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased		Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		72,392,551		—		(44,779,520	)(b)		27,613,031	$	27,629,599	$	87,617	(c)	$	(11,755	)	$	3,433
BlackRock Cash Funds: Treasury, SL Agency Shares		25,762,000		—		(2,123,000	)(b)		23,639,000		23,639,000		230,132			—			—
BlackRock Inc.		477,287		290,665		(134,728	)		633,224		333,930,676		3,573,148			2,349,644			36,926,804
										$	385,199,275	$	3,890,897		$	2,337,889		$	36,930,237

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Net of purchases and sales.

^(c) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini		178	03/20/20	$	28,694	$	(165,360	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	165,360

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	5,043,309
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(769,248	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	19,505,533

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

44 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Quality Factor ETF
January 31, 2020

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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	$	16,997,728,345		$	—	$	—	$	16,997,728,345
Money Market Funds		51,268,599			—		—		51,268,599
	$	17,048,996,944		$	—	$	—	$	17,048,996,944
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(165,360	)	$	—	$	—	$	(165,360	)

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

See notes to financial statements.

S c h e d u l e   o f   I n v e s t m e n t s 45

Schedule of Investments (unaudited)	iShares® Edge MSCI USA Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.1%
Arconic Inc.		65,046	$	1,948,128
Boeing Co. (The)		4,804		1,528,969
General Dynamics Corp.		10,049		1,762,997
HEICO Corp.		6,467		791,755
HEICO Corp., Class A		11,474		1,103,225
Huntington Ingalls Industries Inc.		7,758		2,024,838
L3Harris Technologies Inc.		9,341		2,067,443
Lockheed Martin Corp.		4,628		1,981,339
Northrop Grumman Corp.		5,216		1,953,757
Raytheon Co.		8,570		1,893,456
Spirit AeroSystems Holdings Inc., Class A		22,390		1,462,515
Teledyne Technologies Inc.(a)		5,751		2,099,460
Textron Inc.		42,701		1,961,257
TransDigm Group Inc.		3,422		2,201,304
United Technologies Corp.		12,107		1,818,471
				26,598,914
Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		26,560		1,918,163
Expeditors International of Washington Inc.		25,873		1,889,764
FedEx Corp.		11,927		1,725,121
United Parcel Service Inc., Class B		14,650		1,516,568
XPO Logistics Inc.(a)(b)		23,818		2,117,897
				9,167,513
Airlines — 0.6%
American Airlines Group Inc.		68,222		1,831,078
Delta Air Lines Inc.		33,325		1,857,536
Southwest Airlines Co.		32,995		1,814,065
United Airlines Holdings Inc.(a)		20,847		1,559,356
				7,062,035
Auto Components — 0.6%
Aptiv PLC		20,771		1,761,173
Autoliv Inc.		24,332		1,864,561
BorgWarner Inc.		44,987		1,542,604
Lear Corp.		16,458		2,027,297
				7,195,635
Automobiles — 0.7%
Ford Motor Co.		215,041		1,896,662
General Motors Co.		50,366		1,681,721
Harley-Davidson Inc.		54,251		1,811,983
Tesla Inc.(a)(b)		5,288		3,440,214
				8,830,580
Banks — 3.1%
Bank of America Corp.		53,178		1,745,834
Citigroup Inc.		24,072		1,791,198
Citizens Financial Group Inc.		51,985		1,938,001
Comerica Inc.		28,538		1,745,384
East West Bancorp. Inc.		45,103		2,067,522
Fifth Third Bancorp.		64,809		1,843,816
First Republic Bank/CA		17,814		1,975,216
Huntington Bancshares Inc./OH		133,433		1,810,686
JPMorgan Chase & Co.		13,397		1,773,227
KeyCorp.		102,932		1,925,858
M&T Bank Corp.		11,841		1,995,445
People's United Financial Inc.		122,624		1,890,862
PNC Financial Services Group Inc. (The)		12,359		1,835,929
Regions Financial Corp.		118,920		1,851,584
Signature Bank/New York NY		16,157		2,292,517

Security	Shares		Value
Banks (continued)
SVB Financial Group(a)		8,473	$	2,036,316
Truist Financial Corp.		69,278		3,572,667
U.S. Bancorp.		31,082		1,654,184
Wells Fargo & Co.		32,663		1,533,201
Zions Bancorp. N.A.		40,513		1,842,936
				39,122,383
Beverages — 1.0%
Brown-Forman Corp., Class B, NVS		29,326		1,983,611
Coca-Cola Co. (The)		33,273		1,943,143
Constellation Brands Inc., Class A		10,333		1,945,704
Molson Coors Beverage Co., Class B		38,663		2,148,889
Monster Beverage Corp.(a)		32,066		2,135,596
PepsiCo Inc.		13,277		1,885,599
				12,042,542
Biotechnology — 2.4%
AbbVie Inc.		20,489		1,660,019
Alexion Pharmaceuticals Inc.(a)		18,128		1,801,742
Alnylam Pharmaceuticals Inc.(a)		21,994		2,524,691
Amgen Inc.		8,208		1,773,338
Biogen Inc.(a)		6,785		1,824,147
BioMarin Pharmaceutical Inc.(a)		26,025		2,173,088
Exact Sciences Corp.(a)		25,001		2,332,093
Gilead Sciences Inc.		28,562		1,805,119
Incyte Corp.(a)		22,641		1,654,378
Ionis Pharmaceuticals Inc.(a)		34,671		2,022,013
Neurocrine Biosciences Inc.(a)(b)		18,123		1,813,750
Regeneron Pharmaceuticals Inc.(a)		5,594		1,890,436
Sarepta Therapeutics Inc.(a)(b)		20,713		2,401,880
Seattle Genetics Inc.(a)		17,052		1,848,266
Vertex Pharmaceuticals Inc.(a)		9,026		2,049,353
				29,574,313
Building Products — 1.1%
Allegion PLC		16,898		2,185,249
AO Smith Corp.		39,144		1,671,057
Fortune Brands Home & Security Inc.		31,643		2,174,191
Johnson Controls International PLC		44,801		1,767,400
Lennox International Inc.		7,807		1,818,875
Masco Corp.		42,567		2,022,784
Owens Corning		31,062		1,878,940
				13,518,496
Capital Markets — 4.4%
Ameriprise Financial Inc.		12,128		2,006,092
Bank of New York Mellon Corp. (The)		38,615		1,729,180
BlackRock Inc.(c)		3,765		1,985,473
Blackstone Group Inc. (The), Class A		35,922		2,193,757
Cboe Global Markets Inc.		16,773		2,066,769
Charles Schwab Corp. (The)		42,661		1,943,209
CME Group Inc.		8,936		1,940,095
E*TRADE Financial Corp.		45,379		1,934,053
Eaton Vance Corp., NVS		42,692		1,953,159
FactSet Research Systems Inc.		7,665		2,193,033
Franklin Resources Inc.		72,179		1,826,129
Goldman Sachs Group Inc. (The)		8,374		1,990,919
Intercontinental Exchange Inc.		20,054		2,000,186
Invesco Ltd.		116,329		2,012,492
KKR & Co. Inc., Class A, NVS		65,818		2,099,594
MarketAxess Holdings Inc.		5,156		1,826,152
Moody’s Corp.		8,602		2,208,908
Morgan Stanley		37,721		1,971,299

46 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
MSCI Inc.		7,718	$	2,205,804
Nasdaq Inc.		18,935		2,205,170
Northern Trust Corp.		18,217		1,781,805
Raymond James Financial Inc.		22,168		2,026,820
S&P Global Inc.		7,140		2,097,232
SEI Investments Co.		31,728		2,070,569
State Street Corp.		26,395		1,996,254
T Rowe Price Group Inc.		15,797		2,109,373
TD Ameritrade Holding Corp.		47,846		2,271,728
				54,645,254
Chemicals — 2.8%
Air Products & Chemicals Inc.		7,824		1,867,667
Albemarle Corp.		30,848		2,476,478
Axalta Coating Systems Ltd.(a)		69,296		1,996,418
Celanese Corp.		15,465		1,600,628
CF Industries Holdings Inc.		42,990		1,731,637
Corteva Inc.(a)		73,447		2,124,087
Dow Inc.(a)		34,796		1,603,052
DuPont de Nemours Inc.		26,411		1,351,715
Eastman Chemical Co.		24,944		1,777,759
Ecolab Inc.		9,702		1,902,659
FMC Corp.		20,283		1,938,852
International Flavors & Fragrances Inc.		14,670		1,923,384
Linde PLC		8,692		1,765,606
LyondellBasell Industries NV, Class A		19,869		1,547,000
Mosaic Co. (The)		99,548		1,975,032
PPG Industries Inc.		14,617		1,751,701
RPM International Inc.		26,770		1,910,575
Sherwin-Williams Co. (The)		3,120		1,737,809
Westlake Chemical Corp.		27,672		1,693,526
				34,675,585
Commercial Services & Supplies — 1.0%
Cintas Corp.		7,414		2,068,283
Copart Inc.(a)		22,504		2,283,256
Republic Services Inc.		21,885		2,080,169
Rollins Inc.		52,658		1,998,371
Waste Connections Inc.		21,386		2,059,686
Waste Management Inc.		16,698		2,032,147
				12,521,912
Communications Equipment — 0.8%
Arista Networks Inc.(a)		10,286		2,297,275
Cisco Systems Inc.		39,206		1,802,300
F5 Networks Inc.(a)		13,914		1,699,178
Juniper Networks Inc.		79,712		1,828,593
Motorola Solutions Inc.		11,848		2,097,096
				9,724,442
Construction & Engineering — 0.2%
Jacobs Engineering Group Inc.		20,828		1,927,215
Construction Materials — 0.3%
Martin Marietta Materials Inc.		7,478		1,972,696
Vulcan Materials Co.		13,712		1,942,031
				3,914,727
Consumer Finance — 0.7%
Ally Financial Inc.		64,084		2,052,610
American Express Co.		14,941		1,940,388
Capital One Financial Corp.		19,316		1,927,737
Discover Financial Services		22,535		1,693,055

Security	Shares		Value
Consumer Finance (continued)
Synchrony Financial		52,201	$	1,691,834
				9,305,624
Containers & Packaging — 1.2%
Amcor PLC(a)		196,335		2,079,188
Avery Dennison Corp.		14,989		1,967,156
Ball Corp.		29,312		2,115,740
Crown Holdings Inc.(a)		26,913		1,992,369
International Paper Co.		42,628		1,735,812
Packaging Corp. of America		17,648		1,689,796
Sealed Air Corp.		53,165		1,887,358
Westrock Co.		49,279		1,921,881
				15,389,300
Distributors — 0.3%
Genuine Parts Co.		18,871		1,765,760
LKQ Corp.(a)		56,295		1,840,002
				3,605,762
Diversified Financial Services — 0.7%
Berkshire Hathaway Inc., Class B(a)		7,735		1,735,966
Equitable Holdings Inc.		84,603		2,032,164
Jefferies Financial Group Inc.		106,411		2,302,734
Voya Financial Inc.		34,952		2,087,683
				8,158,547
Diversified Telecommunication Services — 0.6%
AT&T Inc.		44,564		1,676,498
CenturyLink Inc.		130,731		1,785,785
Verizon Communications Inc.		29,476		1,752,053
Zayo Group Holdings Inc.(a)		58,821		2,044,030
				7,258,366
Electric Utilities — 2.6%
Alliant Energy Corp.		37,258		2,211,635
American Electric Power Co. Inc.		20,933		2,181,637
Duke Energy Corp.		20,882		2,038,710
Edison International		27,441		2,100,609
Entergy Corp.		16,405		2,157,586
Evergy Inc.		30,394		2,193,231
Eversource Energy		23,718		2,192,492
Exelon Corp.		41,787		1,988,643
FirstEnergy Corp.		41,035		2,084,168
NextEra Energy Inc.		7,907		2,120,657
OGE Energy Corp.		46,126		2,114,877
Pinnacle West Capital Corp.		22,966		2,243,548
PPL Corp.		57,162		2,068,693
Southern Co. (The)		29,701		2,090,950
Xcel Energy Inc.		30,964		2,142,399
				31,929,835
Electrical Equipment — 0.9%
Acuity Brands Inc.		16,139		1,902,304
AMETEK Inc.		19,927		1,935,908
Eaton Corp. PLC.		20,762		1,961,386
Emerson Electric Co.		25,815		1,849,129
Rockwell Automation Inc.		9,734		1,865,618
Sensata Technologies Holding PLC(a)(b)		38,584		1,823,866
				11,338,211
Electronic Equipment, Instruments & Components — 1.9%
Amphenol Corp., Class A		18,837		1,873,716
Arrow Electronics Inc.(a)		25,424		1,930,699
CDW Corp./DE		14,536		1,896,221
Cognex Corp.		39,497		2,013,162

S c h e d u l e  o f  I n v e s t m e n t s 47

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Corning Inc.		66,216	$	1,767,305
Flex Ltd.(a)(b)		170,645		2,243,982
FLIR Systems Inc.		37,909		1,953,830
IPG Photonics Corp.(a)(b)		14,471		1,847,513
Keysight Technologies Inc.(a)		18,088		1,682,003
TE Connectivity Ltd.		20,400		1,880,472
Trimble Inc.(a)		50,789		2,159,548
Zebra Technologies Corp., Class A(a)		8,263		1,975,022
				23,223,473
Energy Equipment & Services — 0.7%
Baker Hughes Co.		89,573		1,940,151
Halliburton Co.		95,560		2,084,164
National Oilwell Varco Inc.(b)		90,344		1,861,990
Schlumberger Ltd.		53,790		1,802,503
TechnipFMC PLC		102,014		1,684,251
				9,373,059
Entertainment — 1.3%
Activision Blizzard Inc.		35,735		2,089,783
Electronic Arts Inc.(a)		19,507		2,105,195
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		46,478		2,174,706
Live Nation Entertainment Inc.(a)		30,285		2,064,226
Netflix Inc.(a)		6,202		2,140,248
Roku Inc.(a)(b)		13,121		1,586,985
Take-Two Interactive Software Inc.(a)		16,020		1,996,733
Walt Disney Co. (The)		11,843		1,638,005
				15,795,881
Equity Real Estate Investment Trusts (REITs) — 6.3%
Alexandria Real Estate Equities Inc.		12,357		2,016,662
American Tower Corp.		8,620		1,997,599
AvalonBay Communities Inc.		8,966		1,942,842
Boston Properties Inc.		13,981		2,004,176
Camden Property Trust		17,826		2,004,177
Crown Castle International Corp.		13,931		2,087,421
Digital Realty Trust Inc.		16,388		2,015,560
Duke Realty Corp.		56,540		2,052,967
Equinix Inc.		3,455		2,037,517
Equity LifeStyle Properties Inc.		28,833		2,097,601
Equity Residential		22,176		1,842,382
Essex Property Trust Inc.		6,159		1,907,812
Extra Space Storage Inc.		18,313		2,026,883
Federal Realty Investment Trust		15,133		1,891,928
Healthpeak Properties Inc.		57,374		2,064,890
Host Hotels & Resorts Inc.		115,918		1,894,100
Invitation Homes Inc.		65,348		2,056,502
Iron Mountain Inc.		60,008		1,896,853
Kimco Realty Corp.		93,242		1,776,260
Liberty Property Trust		33,202		2,080,105
Medical Properties Trust Inc.		100,007		2,215,155
Mid-America Apartment Communities Inc.		14,381		1,973,217
National Retail Properties Inc.		35,604		1,993,824
Omega Healthcare Investors Inc.		47,946		2,011,335
Prologis Inc.		20,883		1,939,613
Public Storage		8,842		1,978,486
Realty Income Corp.		24,861		1,949,351
Regency Centers Corp.		30,114		1,868,273
SBA Communications Corp.		8,169		2,038,656
Simon Property Group Inc.		12,106		1,611,914
SL Green Realty Corp.		23,593		2,171,500

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Sun Communities Inc.		12,386	$	2,008,638
UDR Inc.		40,911		1,960,046
Ventas Inc.		32,765		1,895,783
VEREIT Inc.		210,931		2,058,686
VICI Properties Inc.		80,630		2,160,884
Vornado Realty Trust.		30,127		1,981,453
Welltower Inc.		22,581		1,917,353
Weyerhaeuser Co.		65,932		1,908,731
WP Carey Inc.		23,373		1,966,137
				79,303,272
Food & Staples Retailing — 0.7%
Costco Wholesale Corp.		5,880		1,796,458
Kroger Co. (The)		71,705		1,925,996
Sysco Corp.		23,091		1,896,695
Walgreens Boots Alliance Inc.		30,011		1,526,059
Walmart Inc.		14,379		1,646,252
				8,791,460
Food Products — 2.4%
Archer-Daniels-Midland Co.		44,844		2,007,218
Bunge Ltd.		36,287		1,902,527
Campbell Soup Co.		41,585		2,012,298
Conagra Brands Inc.		68,950		2,269,834
General Mills Inc.		36,055		1,882,792
Hershey Co. (The)		13,055		2,025,744
Hormel Foods Corp.		45,753		2,162,287
Ingredion Inc.		24,551		2,160,488
JM Smucker Co. (The)		18,927		1,961,027
Kellogg Co.		30,136		2,055,577
Kraft Heinz Co. (The)		60,472		1,765,782
Lamb Weston Holdings Inc.		24,333		2,221,846
McCormick & Co. Inc./MD, NVS		11,835		1,933,484
Mondelez International Inc., Class A		34,551		1,982,536
Tyson Foods Inc., Class A		21,002		1,735,395
				30,078,835
Gas Utilities — 0.3%
Atmos Energy Corp.		18,054		2,112,859
UGI Corp.		47,096		1,958,723
				4,071,582
Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		21,212		1,848,414
ABIOMED Inc.(a)		8,980		1,672,884
Align Technology Inc.(a)		7,418		1,907,168
Baxter International Inc.		23,274		2,076,506
Becton Dickinson and Co.		7,390		2,033,580
Boston Scientific Corp.(a)		44,583		1,866,690
Cooper Companies Inc. (The)		6,553		2,273,170
Danaher Corp.		12,857		2,068,306
Dentsply Sirona Inc.		35,217		1,972,152
DexCom Inc.(a)		9,529		2,294,107
Edwards Lifesciences Corp.(a)		7,703		1,693,582
Hologic Inc.(a)		42,243		2,260,845
IDEXX Laboratories Inc.(a)		7,482		2,027,697
Insulet Corp.(a)(b)		11,233		2,179,651
Intuitive Surgical Inc.(a)		3,329		1,863,508
Medtronic PLC		16,284		1,879,825
ResMed Inc.		13,242		2,105,081
Steris PLC		13,466		2,029,192
Stryker Corp.		9,014		1,899,250
Teleflex Inc.		5,691		2,114,263

48 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Varian Medical Systems Inc.(a)		15,834	$	2,225,785
West Pharmaceutical Services Inc.		13,351		2,082,088
Zimmer Biomet Holdings Inc.		13,108		1,938,673
				46,312,417
Health Care Providers & Services — 2.5%
AmerisourceBergen Corp.		22,642		1,937,250
Anthem Inc.		6,535		1,733,605
Cardinal Health Inc.		35,772		1,831,884
Centene Corp.(a)		57,060		3,583,939
Cigna Corp.(a)		9,659		1,858,198
CVS Health Corp.		24,855		1,685,666
DaVita Inc.(a)		28,897		2,308,003
HCA Healthcare Inc.		13,928		1,933,206
Henry Schein Inc.(a)(b)		29,244		2,016,081
Humana Inc.		5,855		1,968,685
Laboratory Corp. of America Holdings(a)		11,519		2,020,433
McKesson Corp.		13,155		1,876,035
Quest Diagnostics Inc.		19,091		2,112,801
UnitedHealth Group Inc.		6,881		1,874,729
Universal Health Services Inc., Class B(b)		13,920		1,908,571
				30,649,086
Health Care Technology — 0.3%
Cerner Corp.		28,726		2,063,388
Veeva Systems Inc., Class A(a)		12,947		1,898,160
				3,961,548
Hotels, Restaurants & Leisure — 2.6%
Aramark		45,766		2,020,111
Carnival Corp.		43,258		1,883,021
Chipotle Mexican Grill Inc.(a)		2,579		2,235,374
Darden Restaurants Inc.		17,415		2,027,628
Domino's Pizza Inc.		7,110		2,003,242
Hilton Worldwide Holdings Inc.(b)		19,357		2,086,685
Las Vegas Sands Corp.		29,833		1,948,393
Marriott International Inc./MD, Class A		13,904		1,947,394
McDonald's Corp.		9,181		1,964,459
MGM Resorts International		62,979		1,956,128
Norwegian Cruise Line Holdings Ltd.(a)		37,751		2,032,891
Royal Caribbean Cruises Ltd.		16,684		1,953,363
Starbucks Corp.		21,455		1,820,028
Vail Resorts Inc.		8,336		1,954,875
Wynn Resorts Ltd.		16,575		2,091,102
Yum! Brands Inc.		19,353		2,046,967
				31,971,661
Household Durables — 1.4%
DR Horton Inc.		35,781		2,118,235
Garmin Ltd.		20,024		1,941,327
Leggett & Platt Inc.		37,926		1,804,899
Lennar Corp., Class A		32,536		2,159,089
Mohawk Industries Inc.(a)(b)		13,913		1,832,064
Newell Brands Inc.		100,276		1,958,390
NVR Inc.(a)		538		2,053,530
PulteGroup Inc.		50,334		2,247,413
Whirlpool Corp.		13,366		1,953,708
				18,068,655
Household Products — 0.8%
Church & Dwight Co. Inc.		28,513		2,116,235
Clorox Co. (The)		13,232		2,081,526
Colgate-Palmolive Co.		27,706		2,044,149
Kimberly-Clark Corp.		14,123		2,022,978

Security	Shares		Value
Household Products (continued)
Procter & Gamble Co. (The)	14,411	$	1,795,899
			10,060,787
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp./VA	107,579		2,136,519
NRG Energy Inc.	50,760		1,872,536
Vistra Energy Corp.	74,865		1,685,960
			5,695,015
Industrial Conglomerates — 0.6%
3M Co.	10,571		1,677,195
General Electric Co.	160,801		2,001,972
Honeywell International Inc.	9,991		1,730,641
Roper Technologies Inc.	5,392		2,057,911
			7,467,719
Insurance — 5.0%
Aflac Inc.	34,732		1,791,129
Alleghany Corp.(a)	2,527		2,015,687
Allstate Corp. (The)	17,064		2,022,767
American Financial Group Inc./OH	18,364		1,997,820
American International Group Inc.	34,435		1,730,703
Aon PLC	9,436		2,078,279
Arch Capital Group Ltd.(a)	48,158		2,126,657
Arthur J Gallagher & Co.	21,186		2,173,048
Assurant Inc.	15,228		1,988,168
Athene Holding Ltd., Class A(a)	45,648		1,988,427
Brown & Brown Inc.	52,434		2,354,287
Chubb Ltd.	12,124		1,842,727
Cincinnati Financial Corp.	18,091		1,898,650
Erie Indemnity Co., Class A, NVS	10,802		1,798,533
Everest Re Group Ltd.	7,392		2,044,405
Fidelity National Financial Inc.	41,231		2,010,011
Globe Life Inc.	19,898		2,074,565
Hartford Financial Services Group Inc. (The)	31,315		1,856,353
Lincoln National Corp.	33,620		1,831,618
Loews Corp.	38,950		2,003,978
Markel Corp.(a)	1,729		2,028,065
Marsh & McLennan Companies Inc.	17,700		1,979,922
MetLife Inc.	37,857		1,881,871
Principal Financial Group Inc.	35,744		1,892,645
Progressive Corp. (The)	25,604		2,065,987
Prudential Financial Inc.	20,281		1,846,788
Reinsurance Group of America Inc.	12,016		1,730,905
RenaissanceRe Holdings Ltd.	10,872		2,059,592
Travelers Companies Inc. (The)	14,047		1,848,866
Unum Group	68,260		1,821,859
Willis Towers Watson PLC	10,091		2,132,127
WR Berkley Corp.	28,860		2,122,076
			63,038,515
Interactive Media & Services — 1.5%
Alphabet Inc., Class A(a)	646		925,576
Alphabet Inc., Class C, NVS(a)	676		969,540
Facebook Inc., Class A(a)	8,770		1,770,751
IAC/InterActiveCorp.(a)	8,832		2,151,387
Match Group Inc.(a)(b)	27,924		2,184,215
Pinterest Inc., Class A(a)(b)	101,263		2,230,824
Snap Inc., Class A, NVS(a)	134,267		2,467,827
TripAdvisor Inc.	75,055		2,050,503
Twitter Inc.(a)	66,630		2,164,142
Zillow Group Inc., Class C, NVS(a)(b)	51,687		2,388,456
			19,303,221

S c h e d u l e  o f  I n v e s t m e n t s 49

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail — 1.2%
Amazon.com Inc.(a)		950	$	1,908,284
Booking Holdings Inc.(a)		979		1,792,108
eBay Inc.		54,267		1,821,201
Expedia Group Inc.		20,552		2,228,864
Grubhub Inc.(a)		54,341		2,942,565
MercadoLibre Inc.(a)(b)		3,568		2,365,584
Wayfair Inc., Class A(a)		24,237		2,271,007
				15,329,613
IT Services — 4.9%
Accenture PLC, Class A		9,202		1,888,342
Akamai Technologies Inc.(a)		23,014		2,148,357
Alliance Data Systems Corp.		19,283		1,982,100
Automatic Data Processing Inc.		10,778		1,847,241
Black Knight Inc.(a)		33,680		2,253,866
Booz Allen Hamilton Holding Corp.		27,178		2,120,971
Broadridge Financial Solutions Inc.		16,479		1,963,473
Cognizant Technology Solutions Corp., Class A		29,988		1,840,663
DXC Technology Co.		55,852		1,780,562
EPAM Systems Inc.(a)		9,567		2,182,615
Fidelity National Information Services Inc.		13,423		1,928,348
Fiserv Inc.(a)(b)		15,996		1,897,286
FleetCor Technologies Inc.(a)		6,558		2,067,278
Gartner Inc.(a)(b)		12,336		1,983,382
Global Payments Inc.		10,461		2,044,603
GoDaddy Inc., Class A(a)		29,095		1,955,475
International Business Machines Corp.		13,411		1,927,563
Jack Henry & Associates Inc.		13,369		1,999,200
Leidos Holdings Inc.		21,877		2,197,982
Mastercard Inc., Class A		6,230		1,968,306
MongoDB Inc.(a)(b)		15,283		2,505,037
Okta Inc.(a)(b)		17,008		2,177,874
Paychex Inc.		22,482		1,928,281
PayPal Holdings Inc.(a)		17,281		1,968,133
Sabre Corp.		90,914		1,958,288
Square Inc., Class A(a)		30,280		2,261,613
Twilio Inc., Class A(a)(b)		20,058		2,494,012
VeriSign Inc.(a)		10,254		2,134,268
Visa Inc., Class A		9,591		1,908,321
Western Union Co. (The)		74,719		2,009,941
				61,323,381
Leisure Products — 0.3%
Hasbro Inc.		20,655		2,104,125
Polaris Inc.		20,115		1,847,361
				3,951,486
Life Sciences Tools & Services — 1.3%
Agilent Technologies Inc.		25,066		2,069,449
Bio-Rad Laboratories Inc., Class A(a)		5,615		2,026,566
Illumina Inc.(a)		6,261		1,816,128
IQVIA Holdings Inc.(a)		13,137		2,039,519
Mettler-Toledo International Inc.(a)		2,738		2,073,159
PerkinElmer Inc.		22,651		2,094,765
Thermo Fisher Scientific Inc.		5,996		1,877,887
Waters Corp.(a)		9,217		2,062,672
				16,060,145
Machinery — 2.8%
Caterpillar Inc.		12,768		1,677,077
Cummins Inc.		10,566		1,690,243
Deere & Co.		10,599		1,680,789
Dover Corp.		18,018		2,051,349

Security	Shares		Value
Machinery (continued)
Flowserve Corp.		41,673	$	1,945,296
Fortive Corp.		27,033		2,025,583
IDEX Corp.		12,213		2,001,100
Illinois Tool Works Inc.		10,704		1,872,986
Ingersoll-Rand PLC		14,909		1,986,326
Middleby Corp. (The)(a)		17,082		1,915,917
PACCAR Inc.		24,043		1,784,231
Parker-Hannifin Corp.		9,830		1,923,633
Pentair PLC		47,069		2,020,672
Snap-on Inc.		12,155		1,940,303
Stanley Black & Decker Inc.		12,353		1,968,203
WABCO Holdings Inc.(a)		15,030		2,038,820
Westinghouse Air Brake Technologies Corp.(b)		25,006		1,846,943
Xylem Inc./NY		25,646		2,094,252
				34,463,723
Media — 2.3%
Altice USA Inc., Class A(a)		72,803		1,991,890
Charter Communications Inc., Class A(a)		3,781		1,956,516
Comcast Corp., Class A		38,781		1,674,951
Discovery Inc., Class A(a)(b)		20,390		596,611
Discovery Inc., Class C, NVS(a)		48,061		1,334,654
DISH Network Corp., Class A(a)(b)		54,465		2,002,133
Fox Corp., Class A, NVS		38,052		1,410,968
Fox Corp., Class B(a)		18,679		678,608
Interpublic Group of Companies Inc. (The)		90,094		2,045,134
Liberty Broadband Corp., Class C, NVS(a)		16,162		2,148,415
Liberty Global PLC, Class A(a)(b)		24,871		510,353
Liberty Global PLC, Class C, NVS(a)		63,539		1,237,740
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		14,447		701,691
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		26,856		1,316,481
News Corp., Class A, NVS		156,373		2,129,800
Omnicom Group Inc.		24,754		1,864,224
Sirius XM Holdings Inc.(b)		271,551		1,919,866
ViacomCBS Inc., Class B, NVS.		105,313		3,594,333
				29,114,368
Metals & Mining — 0.6%
Freeport-McMoRan Inc.		180,541		2,004,005
Newmont Corp.		50,506		2,275,800
Nucor Corp.		35,772		1,698,812
Steel Dynamics Inc.		64,679		1,932,609
				7,911,226
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		115,442		2,146,067
Annaly Capital Management Inc.		215,474		2,103,026
				4,249,093
Multi-Utilities — 1.6%
Ameren Corp.		25,372		2,081,773
CenterPoint Energy Inc.		73,213		1,938,680
CMS Energy Corp.		32,115		2,200,199
Consolidated Edison Inc.		21,845		2,053,430
Dominion Energy Inc.		22,586		1,936,749
DTE Energy Co.		15,547		2,061,688
NiSource Inc.		75,488		2,212,553
Public Service Enterprise Group Inc.		31,353		1,856,098
Sempra Energy		12,922		2,075,790
WEC Energy Group Inc.		21,715		2,169,111
				20,586,071
Multiline Retail — 0.7%
Dollar General Corp.		11,759		1,803,948

50 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Multiline Retail (continued)
Dollar Tree Inc.(a)		17,601	$	1,532,519
Kohl's Corp.		34,596		1,478,979
Nordstrom Inc.		53,939		1,988,192
Target Corp.		16,653		1,844,153
				8,647,791
Oil, Gas & Consumable Fuels — 3.5%
Apache Corp.		85,539		2,347,190
Cabot Oil & Gas Corp.		113,052		1,592,903
Cheniere Energy Inc.(a)		31,846		1,886,557
Chevron Corp.		14,406		1,543,459
Concho Resources Inc.		27,386		2,075,311
ConocoPhillips		32,131		1,909,545
Continental Resources Inc./OK		64,511		1,755,989
Devon Energy Corp.		91,776		1,993,375
Diamondback Energy Inc.		25,865		1,924,356
EOG Resources Inc.		25,922		1,889,973
Exxon Mobil Corp.		25,327		1,573,313
Hess Corp.		28,473		1,610,718
HollyFrontier Corp.		37,112		1,667,071
Kinder Morgan Inc./DE		92,215		1,924,527
Marathon Oil Corp.		167,930		1,909,364
Marathon Petroleum Corp.		29,246		1,593,907
Noble Energy Inc.		92,731		1,833,292
Occidental Petroleum Corp.		50,101		1,990,012
ONEOK Inc.		27,134		2,031,523
Phillips 66		15,498		1,416,052
Pioneer Natural Resources Co.		14,481		1,954,935
Targa Resources Corp.		52,739		1,924,973
Valero Energy Corp.		18,670		1,574,068
Williams Companies Inc. (The)		87,065		1,801,375
				43,723,788
Personal Products — 0.3%
Coty Inc., Class A		163,118		1,673,591
Estee Lauder Companies Inc. (The), Class A		9,646		1,882,513
				3,556,104
Pharmaceuticals — 1.9%
Allergan PLC		10,103		1,885,624
Bristol-Myers Squibb Co.		47,489		2,989,433
Elanco Animal Health Inc.(a)		78,898		2,437,948
Eli Lilly & Co.		16,166		2,257,420
Jazz Pharmaceuticals PLC(a)(b)		15,051		2,157,561
Johnson & Johnson		13,206		1,965,977
Merck & Co. Inc.		20,849		1,781,339
Mylan NV(a)		116,032		2,485,405
Perrigo Co. PLC		42,136		2,403,437
Pfizer Inc.		47,991		1,787,185
Zoetis Inc.		16,009		2,148,568
				24,299,897
Professional Services — 1.3%
CoStar Group Inc.(a)		3,407		2,224,737
Equifax Inc.		14,187		2,126,631
IHS Markit Ltd.(a)		26,600		2,097,676
ManpowerGroup Inc.		21,916		2,005,095
Nielsen Holdings PLC		98,410		2,007,564
Robert Half International Inc.		35,033		2,037,870
TransUnion		22,935		2,103,139
Verisk Analytics Inc.		13,629		2,214,304
				16,817,016

Security	Shares		Value
Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A(a)		35,015	$	2,137,666
Jones Lang LaSalle Inc.(b)		12,355		2,098,126
				4,235,792
Road & Rail — 1.5%
AMERCO		5,397		2,003,744
CSX Corp.		25,668		1,959,495
JB Hunt Transport Services Inc.		16,978		1,832,436
Kansas City Southern		12,721		2,145,906
Knight-Swift Transportation Holdings Inc.(b)		53,614		1,988,007
Norfolk Southern Corp.		9,733		2,026,508
Old Dominion Freight Line Inc.		10,023		1,966,813
Uber Technologies Inc.(a)		71,941		2,610,739
Union Pacific Corp.		10,279		1,844,258
				18,377,906
Semiconductors & Semiconductor Equipment — 3.0%
Advanced Micro Devices Inc.(a)		48,845		2,295,715
Analog Devices Inc.		16,546		1,815,924
Applied Materials Inc.		32,556		1,887,922
Broadcom Inc.		5,825		1,777,557
Intel Corp.		30,132		1,926,339
KLA Corp.		10,797		1,789,495
Lam Research Corp.		6,833		2,037,669
Marvell Technology Group Ltd.		72,153		1,734,558
Maxim Integrated Products Inc.		33,814		2,032,898
Microchip Technology Inc.		20,594		2,007,503
Micron Technology Inc.(a)		39,637		2,104,328
NVIDIA Corp.		8,522		2,014,856
ON Semiconductor Corp.(a)(b)		93,343		2,160,890
Qorvo Inc.(a)		19,006		2,011,975
QUALCOMM Inc.		20,008		1,706,883
Skyworks Solutions Inc.		19,634		2,221,587
Teradyne Inc.		30,247		1,996,000
Texas Instruments Inc.		15,396		1,857,527
Xilinx Inc.		20,640		1,743,667
				37,123,293
Software — 4.4%
Adobe Inc.(a)		6,093		2,139,496
ANSYS Inc.(a)		8,456		2,319,734
Autodesk Inc.(a)		11,914		2,345,271
Cadence Design Systems Inc.(a)		28,788		2,075,903
CDK Global Inc.		39,398		2,114,885
Citrix Systems Inc.		17,639		2,138,200
DocuSign Inc.(a)(b)		29,134		2,287,310
Dropbox Inc., Class A(a)		106,777		1,817,345
Fortinet Inc.(a)		19,382		2,235,908
Guidewire Software Inc.(a)(b)		17,017		1,914,412
Intuit Inc.		6,937		1,944,996
Microsoft Corp.		11,202		1,906,916
NortonLifeLock Inc.		79,635		2,263,227
Oracle Corp.		31,485		1,651,388
Palo Alto Networks Inc.(a)		7,841		1,840,910
Paycom Software Inc.(a)(b)		8,549		2,719,950
PTC Inc.(a)(b)		27,245		2,264,604
RingCentral Inc., Class A(a)		11,568		2,378,149
salesforce.com Inc.(a)		10,932		1,993,013
ServiceNow Inc.(a)		7,342		2,483,285
Splunk Inc.(a)		16,580		2,574,211
SS&C Technologies Holdings Inc.		33,609		2,117,703
Synopsys Inc.(a)		13,996		2,064,550

S c h e d u l e  o f  I n v e s t m e n t s 51

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Size Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Tyler Technologies Inc.(a)		7,036	$	2,277,412
VMware Inc., Class A(a)(b)		11,046		1,635,471
Workday Inc., Class A(a)		11,429		2,110,136
				55,614,385
Specialty Retail — 2.1%
Advance Auto Parts Inc.		12,625		1,663,344
AutoZone Inc.(a)		1,639		1,733,996
Best Buy Co. Inc.		25,601		2,168,149
Burlington Stores Inc.(a)		9,687		2,106,632
CarMax Inc.(a)		20,145		1,954,871
Gap Inc. (The)		118,576		2,064,408
Home Depot Inc. (The)		7,398		1,687,484
Lowe's Companies Inc.		15,970		1,856,353
O'Reilly Automotive Inc.(a)		4,282		1,738,920
Ross Stores Inc.		16,718		1,875,592
Tiffany & Co.		15,895		2,130,248
TJX Companies Inc. (The)		31,075		1,834,668
Tractor Supply Co.		20,236		1,880,936
Ulta Salon Cosmetics & Fragrance Inc.(a)		8,078		2,164,177
				26,859,778
Technology Hardware, Storage & Peripherals — 1.2%
Apple Inc.		6,272		1,941,247
Dell Technologies Inc., Class C(a)		34,220		1,668,909
Hewlett Packard Enterprise Co.		113,411		1,579,815
HP Inc.		94,390		2,012,395
NetApp Inc.		31,596		1,687,227
Seagate Technology PLC		33,487		1,908,424
Western Digital Corp.		38,908		2,548,474
Xerox Holdings Corp.(a)		52,155		1,855,153
				15,201,644
Textiles, Apparel & Luxury Goods — 1.4%
Capri Holdings Ltd.(a)		56,905		1,704,874
Hanesbrands Inc.		133,572		1,837,951
Lululemon Athletica Inc.(a)		8,951		2,142,780
NIKE Inc., Class B		19,647		1,892,006
PVH Corp.		20,554		1,791,692
Ralph Lauren Corp.		17,962		2,038,687
Tapestry Inc.		77,356		1,993,464
Under Armour Inc., Class A(a)(b)		60,973		1,230,435
Under Armour Inc., Class C, NVS(a)(b)		62,336		1,119,555
VF Corp.		21,983		1,823,929
				17,575,373
Tobacco — 0.3%
Altria Group Inc.		39,109		1,858,851

Security	Shares		Value
Tobacco (continued)
Philip Morris International Inc.		21,440	$	1,773,088
				3,631,939
Trading Companies & Distributors — 0.6%
Fastenal Co.		53,444		1,864,127
HD Supply Holdings Inc.(a)		50,160		2,043,518
United Rentals Inc.(a)		13,050		1,770,755
WW Grainger Inc.		6,026		1,823,889
				7,502,289
Water Utilities — 0.4%
American Water Works Co. Inc.		16,394		2,232,863
Essential Utilities Inc.		46,122		2,395,576
				4,628,439
Wireless Telecommunication Services — 0.3%
Sprint Corp.(a)(b)		325,663		1,423,147
T-Mobile U.S. Inc.(a)		23,937		1,895,571
				3,318,718
Total Common Stocks — 99.8%
(Cost: $1,249,106,095)				1,248,776,635
Short-Term Investments
Money Market Funds — 3.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(c)(d)(e)		44,809,901		44,836,787
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(c)(d)		1,385,000		1,385,000
				46,221,787
Total Short-Term Investments — 3.7%
(Cost: $46,210,783)				46,221,787
Total Investments in Securities — 103.5%
(Cost: $1,295,316,878)				1,294,998,422
Other Assets, Less Liabilities — (3.5)%				(43,950,935	)
Net Assets — 100.0%			$	1,251,047,487

^(a) Non-income producing security.

^(b) All or a portion of this security is on loan.

^(c) Affiliate of the Fund.

^(d) Annualized 7-day yield as of period-end.

^(e) All or a portion of this security was purchased with cash collateral received from loaned securities.

52 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Size Factor ETF
January 31, 2020

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows: 

Affiliated Issuer	Shares Held at 07/31/19	Shares Purchased		Shares Sold		Shares Held at 01/31/20	Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	11,579,033	33,230,868	(b)	—		44,809,901	$	44,836,787	$	69,206	(c)	$	(133	)	$	7,940
BlackRock Cash Funds: Treasury, SL Agency Shares	605,000	780,000	(b)	—		1,385,000		1,385,000		13,530			—			—
BlackRock Inc.	1,213	4,123		(1,571	)	3,765		1,985,473		19,275			95,988			133,161
							$	48,207,260	$	102,011		$	95,855		$	141,101

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Net of purchases and sales.

^(c) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate		13	03/20/20	$	484	$	(626	)
S&P 500 E-Mini		7	03/20/20		1,128		(6,310	)
S&P MidCap 400 E-Mini		2	03/20/20		401		(7,802	)
						$	(14,738	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

		Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	14,738

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss)

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	243,939
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(28,465	)
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts:
Average notional value of contracts — long	$	944,485

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

S c h e d u l e  o f  I n v e s t m e n t s 53

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Size Factor ETF
January 31, 2020

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2020. 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.	$	1,248,776,635		$	—	$	—	$	1,248,776,635
Money Market Funds		46,221,787			—		—		46,221,787
	$	1,294,998,422		$	—	$	—	$	1,294,998,422
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(14,738	)	$	—	$	—	$	(14,738	)

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

See notes to financial statements.

54 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited)	iShares® Edge MSCI USA Value Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.3%
Spirit AeroSystems Holdings Inc., Class A(a)		96,912	$	6,330,292
Textron Inc.		156,141		7,171,556
				13,501,848
Air Freight & Logistics — 1.1%
FedEx Corp.		358,036		51,786,327
Airlines — 1.7%
American Airlines Group Inc.		304,173		8,164,003
Delta Air Lines Inc.		528,438		29,455,134
Southwest Airlines Co.		367,515		20,205,975
United Airlines Holdings Inc.(b)		235,315		17,601,562
				75,426,674
Auto Components — 0.5%
BorgWarner Inc.		275,720		9,454,439
Lear Corp.		122,074		15,037,075
				24,491,514
Automobiles — 3.7%
Ford Motor Co.		7,952,042		70,137,011
General Motors Co.		2,922,898		97,595,564
				167,732,575
Banks — 6.4%
Bank of America Corp.		4,447,111		145,998,654
Citigroup Inc.		1,685,215		125,396,848
Citizens Financial Group Inc.		348,899		13,006,955
Regions Financial Corp.		482,081		7,506,001
				291,908,458
Beverages — 0.5%
Molson Coors Beverage Co., Class B		439,681		24,437,470
Biotechnology — 2.3%
Biogen Inc.(a)(b)		126,337		33,965,702
Gilead Sciences Inc.		1,083,809		68,496,729
				102,462,431
Building Products — 1.1%
Johnson Controls International PLC		875,777		34,549,403
Owens Corning		246,766		14,926,875
				49,476,278
Capital Markets — 2.3%
Goldman Sachs Group Inc. (The)		246,315		58,561,391
Invesco Ltd.		324,225		5,609,092
Morgan Stanley		746,164		38,994,531
				103,165,014
Chemicals — 1.4%
Albemarle Corp.		38,605		3,099,209
Corteva Inc.(b)		292,868		8,469,743
Dow Inc.(b)		269,570		12,419,090
Eastman Chemical Co.		112,038		7,984,948
LyondellBasell Industries NV, Class A		260,355		20,271,240
Mosaic Co. (The)		392,546		7,788,113
Westlake Chemical Corp.		31,182		1,908,338
				61,940,681
Communications Equipment — 0.3%
Juniper Networks Inc.		524,100		12,022,854
Consumer Finance — 1.1%
Ally Financial Inc.		347,296		11,123,891

Security	Shares		Value
Consumer Finance (continued)
Capital One Financial Corp.		382,226	$	38,146,155
				49,270,046
Containers & Packaging — 0.5%
International Paper Co.		263,896		10,745,845
Westrock Co.		312,004		12,168,156
				22,914,001
Diversified Financial Services — 0.4%
Equitable Holdings Inc.		385,790		9,266,676
Jefferies Financial Group Inc.		221,560		4,794,558
Voya Financial Inc.		94,801		5,662,464
				19,723,698
Diversified Telecommunication Services — 8.6%
AT&T Inc.		9,793,275		368,423,006
CenturyLink Inc.		1,583,058		21,624,572
				390,047,578
Electric Utilities — 3.0%
Duke Energy Corp.		358,726		35,022,419
Edison International		258,955		19,823,005
Evergy Inc.		106,085		7,655,094
Exelon Corp.		1,183,336		56,314,960
PPL Corp.		429,110		15,529,491
				134,344,969
Electrical Equipment — 1.2%
Acuity Brands Inc.(a)		25,754		3,035,624
Eaton Corp. PLC		523,334		49,439,363
				52,474,987
Electronic Equipment, Instruments & Components — 0.8%
Arrow Electronics Inc.(b)		135,485		10,288,731
Corning Inc.		1,010,366		26,966,668
				37,255,399
Energy Equipment & Services — 0.9%
Baker Hughes Co.		1,890,232		40,942,425
Equity Real Estate Investment Trusts (REITs) — 1.7%
Host Hotels & Resorts Inc.		4,166,536		68,081,198
Kimco Realty Corp.		537,213		10,233,908
				78,315,106
Food & Staples Retailing — 2.5%
Kroger Co. (The)		1,389,116		37,311,656
Walgreens Boots Alliance Inc.		1,535,262		78,068,073
				115,379,729
Food Products — 2.5%
Conagra Brands Inc.		247,064		8,133,347
Ingredion Inc.		99,974		8,797,712
JM Smucker Co. (The)		181,749		18,831,014
Kraft Heinz Co. (The)		1,232,848		35,999,161
Tyson Foods Inc., Class A		525,511		43,422,974
				115,184,208
Gas Utilities — 0.1%
UGI Corp.		72,793		3,027,461
Health Care Providers & Services — 5.8%
AmerisourceBergen Corp.		90,918		7,778,944
Anthem Inc.		154,306		40,934,296
Cardinal Health Inc.		287,829		14,739,723
Centene Corp.(b)		291,973		18,338,824
Cigna Corp.(b)		293,928		56,545,869
CVS Health Corp.		1,195,870		81,103,903

S c h e d u l e  o f  I n v e s t m e n t s 55

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Value Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
DaVita Inc.(b)		80,169	$	6,403,098
McKesson Corp.		187,355		26,718,696
Universal Health Services Inc., Class B		61,843		8,479,294
				261,042,647
Hotels, Restaurants & Leisure — 1.3%
Carnival Corp.		593,880		25,851,596
Norwegian Cruise Line Holdings Ltd.(b)		259,131		13,954,204
Royal Caribbean Cruises Ltd.		150,721		17,646,415
				57,452,215
Household Durables — 1.9%
DR Horton Inc.		257,747		15,258,622
Lennar Corp., Class A		384,301		25,502,214
Mohawk Industries Inc.(a)(b)		66,189		8,715,768
Newell Brands Inc.		513,580		10,030,217
PulteGroup Inc.		319,949		14,285,723
Whirlpool Corp.		76,411		11,168,996
				84,961,540
Independent Power and Renewable Electricity Producers — 0.4%
AES Corp./VA		420,389		8,348,926
Vistra Energy Corp.		362,123		8,155,010
				16,503,936
Insurance — 2.7%
American International Group Inc.		655,612		32,951,059
Athene Holding Ltd., Class A(a)(b)		157,077		6,842,274
Lincoln National Corp.		200,622		10,929,887
Loews Corp.		155,756		8,013,646
MetLife Inc.		597,035		29,678,610
Prudential Financial Inc.		298,907		27,218,471
Unum Group		219,127		5,848,500
				121,482,447
IT Services — 4.4%
Alliance Data Systems Corp.		90,446		9,296,944
DXC Technology Co.		601,375		19,171,835
International Business Machines Corp.		1,183,764		170,142,400
				198,611,179
Machinery — 2.1%
Cummins Inc.		250,745		40,111,678
PACCAR Inc.		554,711		41,165,103
Westinghouse Air Brake Technologies Corp.		167,644		12,382,186
				93,658,967
Media — 1.5%
Discovery Inc., Class A(a)(b)		230,270		6,737,700
Discovery Inc., Class C, NVS(b)		531,206		14,751,591
DISH Network Corp., Class A(a)(b)		193,528		7,114,089
Liberty Media Corp.-Liberty SiriusXM, Class A(b)		73,325		3,561,395
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(b)		137,568		6,743,583
News Corp., Class A, NVS		579,162		7,888,187
ViacomCBS Inc., Class B, NVS		606,629		20,704,248
				67,500,793
Metals & Mining — 0.6%
Freeport-McMoRan Inc.		975,831		10,831,724
Nucor Corp.		235,613		11,189,261
Steel Dynamics Inc.		224,188		6,698,738
				28,719,723
Mortgage Real Estate Investment — 0.4%
AGNC Investment Corp.		389,303		7,237,143

Security	Shares		Value
Mortgage Real Estate Investment (continued)
Annaly Capital Management Inc.		980,091	$	9,565,688
				16,802,831
Multi-Utilities — 0.1%
CenterPoint Energy Inc.		215,793		5,714,199
Multiline Retail — 1.5%
Kohl’s Corp.		265,870		11,365,942
Nordstrom Inc.		122,467		4,514,134
Target Corp.		488,565		54,103,688
				69,983,764
Oil, Gas & Consumable Fuels — 3.0%
Concho Resources Inc.		241,364		18,290,564
Devon Energy Corp.		817,254		17,750,757
HollyFrontier Corp.		321,023		14,420,353
Marathon Oil Corp.		1,738,029		19,761,390
Marathon Petroleum Corp.		1,200,044		65,402,398
				135,625,462
Personal Products — 0.1%
Coty Inc., Class A		513,676		5,270,316
Pharmaceuticals — 4.8%
Allergan PLC		402,858		75,189,417
Jazz Pharmaceuticals PLC(a)(b)		51,986		7,452,193
Mylan NV(b).		744,301		15,942,927
Perrigo Co. PLC		112,018		6,389,507
Pfizer Inc.		2,957,173		110,125,123
				215,099,167
Professional Services — 0.3%
ManpowerGroup Inc.		114,378		10,464,443
Nielsen Holdings PLC		204,166		4,164,987
				14,629,430
Real Estate Management & Development — 1.6%
CBRE Group Inc., Class A(a)(b)		666,835		40,710,277
Jones Lang LaSalle Inc.		198,484		33,706,553
				74,416,830
Road & Rail — 0.4%
AMERCO		12,614		4,683,200
Knight-Swift Transportation Holdings Inc.(a)		324,097		12,017,517
				16,700,717
Semiconductors & Semiconductor Equipment — 15.4%
Applied Materials Inc.		720,307		41,770,603
Intel Corp.		6,437,648		411,558,837
Lam Research Corp.		172,483		51,436,155
Micron Technology Inc.(b)		2,955,064		156,884,348
ON Semiconductor Corp.(a)(b)		634,704		14,693,398
Qorvo Inc.(b)		171,198		18,123,020
				694,466,361
Software — 0.2%
NortonLifeLock Inc.		336,883		9,574,215
Specialty Retail — 0.4%
Best Buy Co. Inc.		119,780		10,144,168
Gap Inc. (The)		354,271		6,167,858
				16,312,026
Technology Hardware, Storage & Peripherals — 3.7%
Dell Technologies Inc., Class C(b)		89,950		4,386,862
Hewlett Packard Enterprise Co.		3,259,924		45,410,741
HP Inc.		1,985,202		42,324,507
Seagate Technology PLC		362,735		20,672,268

56 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Value Factor ETF
January 31, 2020	(Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp.		603,487	$	39,528,398
Xerox Holdings Corp.(b)		412,620		14,676,893
				166,999,669
Textiles, Apparel & Luxury Goods — 0.4%
Capri Holdings Ltd.(a)(b)		210,887		6,318,174
PVH Corp.		53,676		4,678,937
Ralph Lauren Corp.		49,776		5,649,576
Tapestry Inc.		145,874		3,759,173
				20,405,860
Tobacco — 0.9%
Altria Group Inc.		863,565		41,045,244
Trading Companies & Distributors — 0.7%
United Rentals Inc.(b)		234,415		31,807,771
Wireless Telecommunication Services — 0.1%
Sprint Corp.(a)(b)		962,053		4,204,172
Total Common Stocks — 99.6%
(Cost: $4,384,658,857)				4,506,223,212
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(c)(d)(e)		24,578,229		24,592,976

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(c)(d)		5,995,000	$	5,995,000
				30,587,976
Total Short-Term Investments — 0.7%
(Cost: $30,579,692)				30,587,976
Total Investments in Securities — 100.3%
(Cost: $4,415,238,549)				4,536,811,188
Other Assets, Less Liabilities — (0.3)%				(14,626,871	)
Net Assets — 100.0%			$	4,522,184,317

^(a) All or a portion of this security is on loan.

^(b) Non-income producing security.

^(c) Affiliate of the Fund.

^(d) Annualized 7-day yield as of period-end.

^(e) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19	Net Activity		Shares Held at 01/31/20	Value at 01/31/20		Income			Net Realized Gain (Loss)		(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	38,724,850	(14,146,621	)	24,578,229	$	24,592,976	$	87,540	(b)	$	291		$	2,627
BlackRock Cash Funds: Treasury, SL Agency Shares	9,764,000	(3,769,000	)	5,995,000		5,995,000		64,628			—			—
					$	30,587,976	$	152,168		$	291		$	2,627

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini	77	03/20/20	$	6,216	$	(186,314	)
S&P 500 E-Mini	58	03/20/20		9,350		(61,764	)
					$	(248,078	)

S c h e d u l e  o f  I n v e s t m e n t s 57

Schedule of Investments (unaudited) (continued)	iShares® Edge MSCI USA Value Factor ETF
January 31, 2020

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	248,078

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,435,696
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(273,149	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	7,038,610

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	4,506,223,212		$	—	$	—	$	4,506,223,212
Money Market Funds		30,587,976			—		—		30,587,976
	$	4,536,811,188		$	—	$	—	$	4,536,811,188
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(248,078	)	$	—	$	—	$	(248,078	)

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

See notes to financial statements.

58 2 0 2 0   I S h a r e s   S e m i - A n n u a l   R e p o r t   t o   S h a r e h o l d e r s

Statements of Assets and Liabilities (unaudited)

January 31, 2020

	iShares Edge MSCI Intl Momentum Factor ETF		iShares Edge MSCI Intl Quality Factor ETF		iShares Edge MSCI Intl Size Factor ETF		iShares Edge MSCI Intl Value Factor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	217,177,106	$	1,199,645,128	$	16,445,293	$	414,162,825
Affiliated(c)		54,000		5,042,829		177,077		146,966
Cash		706		759		557		424
Foreign currency, at value(d)		488,118		1,168,897		22,061		837,203
Foreign currency collateral pledged:
Futures contracts		45,397		146,268		3,325		71,816
Receivables:
Securities lending income — Affiliated		99		8,106		1,203		2,764
Capital shares sold		—		49,416		—		—
Dividends		111,617		623,077		15,820		602,350
Tax reclaims		177,012		678,623		383		97,029
Total assets		218,054,055		1,207,363,103		16,665,719		415,921,377
LIABILITIES
Collateral on securities loaned, at value		—		4,691,368		173,040		30,608
Payables:
Variation margin on futures contracts		9,282		28,140		448		18,595
Investment advisory fees		55,571		302,417		4,289		106,974
Total liabilities		64,853		5,021,925		177,777		156,177
NET ASSETS	$	217,989,202	$	1,202,341,178	$	16,487,942	$	415,765,200
NET ASSETS CONSIST OF:
Paid-in capital	$	209,313,211	$	1,083,558,896	$	16,358,721	$	431,838,397
Accumulated earnings (loss)		8,675,991		118,782,282		129,221		(16,073,197	)
NET ASSETS	$	217,989,202	$	1,202,341,178	$	16,487,942	$	415,765,200
Shares outstanding		6,900,000		37,800,000		600,000		17,700,000
Net asset value	$	31.59	$	31.81	$	27.48	$	23.49
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	—	$	4,441,373	$	164,150	$	29,157
(b) Investments, at cost — Unaffiliated	$	188,600,672	$	1,079,456,660	$	16,055,258	$	423,047,627
(c) Investments, at cost — Affiliated	$	54,000	$	5,042,231	$	177,046	$	146,960
(d) Foreign currency, at cost	$	488,900	$	1,171,051	$	22,154	$	833,033

See notes to financial statements.

F i n a n c i a l   S t a t e m e n t s 59

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2020

	iShares Edge MSCI USA Momentum Factor ETF		iShares Edge MSCI USA Quality Factor ETF		iShares Edge MSCI USA Size Factor ETF		iShares Edge MSCI USA Value Factor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	9,937,466,229	$	16,663,797,669	$	1,246,791,162	$	4,506,223,212
Affiliated(c)		167,037,485		385,199,275		48,207,260		30,587,976
Cash		142,850		180,645		957,012		4,097,681
Cash pledged:
Futures contracts		1,203,000		1,187,000		88,000		645,000
Receivables:
Securities lending income — Affiliated		39,012		12,311		22,240		12,870
Capital shares sold		20,177		40,469		—		—
Dividends		11,164,156		10,880,067		51,322		6,197,594
Total assets		10,117,072,909		17,061,297,436		1,296,116,996		4,547,764,333
LIABILITIES
Collateral on securities loaned, at value		149,518,221		27,607,863		44,826,226		24,585,511
Payables:
Variation margin on futures contracts		538,761		584,709		37,405		306,418
Capital shares redeemed		40,355		—		19,107		88,771
Investment advisory fees		1,239,667		2,166,780		186,771		599,316
Total liabilities		151,337,004		30,359,352		45,069,509		25,580,016
NET ASSETS	$	9,965,735,905	$	17,030,938,084	$	1,251,047,487	$	4,522,184,317
NET ASSETS CONSIST OF:
Paid-in capital	$	8,752,978,264	$	15,272,588,141	$	1,203,411,060	$	4,564,526,100
Accumulated earnings (loss)		1,212,757,641		1,758,349,943		47,636,427		(42,341,783	)
NET ASSETS	$	9,965,735,905	$	17,030,938,084	$	1,251,047,487	$	4,522,184,317
Shares outstanding		76,500,000		169,700,000		13,000,000		52,350,000
Net asset value	$	130.27	$	100.36	$	96.23	$	86.38
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	146,962,353	$	26,710,491	$	43,118,774	$	23,243,466
(b) Investments, at cost — Unaffiliated	$	8,844,447,669	$	14,938,348,271	$	1,247,253,388	$	4,384,658,857
(c) Investments, at cost — Affiliated	$	167,007,551	$	333,870,186	$	48,063,490	$	30,579,692

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended January 31, 2020

	iShares Edge MSCI Intl Momentum Factor ETF			iShares Edge MSCI Intl Quality Factor ETF			iShares Edge MSCI Intl Size Factor ETF			iShares Edge MSCI Intl Value Factor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,318,700		$	9,759,365		$	85,978		$	4,904,915
Dividends — Affiliated		578			4,110			20			1,843
Non-cash dividends — Unaffiliated		70,745			—			—			—
Securities lending income — Affiliated — net		21,404			58,879			3,187			38,523
Foreign taxes withheld		(121,793	)		(695,030	)		(8,828	)		(366,521	)
Total investment income		1,289,634			9,127,324			80,357			4,578,760
EXPENSES
Investment advisory fees		294,776			1,475,241			15,148			541,335
Total expenses		294,776			1,475,241			15,148			541,335
Net investment income		994,858			7,652,083			65,209			4,037,425
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(168,631	)		(5,181,207	)		(58,857	)		(1,460,769	)
Investments — Affiliated		4			(1,137	)		10			342
In-kind redemptions — Unaffiliated		—			14,943,132			—			3,310,745
Futures contracts		23,552			580,373			1,586			297,344
Foreign currency transactions		5,159			40,219			(298	)		(3,800	)
Net realized gain (loss)		(139,916	)		10,381,380			(57,559	)		2,143,862
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		15,490,900			57,146,379			456,799			10,923,027
Investments — Affiliated		(113	)		598			10			(56	)
Futures contracts		(22,572	)		(68,802	)		(922	)		(51,123	)
Foreign currency translations		5,042			33,702			23			24,609
Net change in unrealized appreciation (depreciation)		15,473,257			57,111,877			455,910			10,896,457
Net realized and unrealized gain		15,333,341			67,493,257			398,351			13,040,319
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,328,199		$	75,145,340		$	463,560		$	17,077,744

See notes to financial statements.

F i n a n c i a l   S t a t e m e n t s 61

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2020

	iShares Edge MSCI USA Momentum Factor ETF			iShares Edge MSCI USA Quality Factor ETF			iShares Edge MSCI USA Size Factor ETF			iShares Edge MSCI USA Value Factor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	75,009,161		$	133,332,440		$	8,280,864		$	61,955,837
Dividends — Affiliated		159,869			3,803,280			32,805			64,628
Interest — Unaffiliated		8,847			—			537			4,811
Securities lending income — Affiliated — net		507,295			87,617			69,206			87,540
Foreign taxes withheld		(24,555	)		—			(335	)		—
Total investment income		75,660,617			137,223,337			8,383,077			62,112,816
EXPENSES
Investment advisory fees		7,329,195			10,367,951			634,722			2,987,207
Total expenses		7,329,195			10,367,951			634,722			2,987,207
Net investment income		68,331,422			126,855,386			7,748,355			59,125,609
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		18,217,777			(43,472,516	)		(6,525,796	)		(22,671,573	)
Investments — Affiliated		(4,184	)		(137,727	)		(3,726	)		291
In-kind redemptions — Unaffiliated		704,641,520			451,838,175			62,729,877			32,934,659
In-kind redemptions — Affiliated		—			2,475,616			99,581			—
Futures contracts		1,875,688			5,043,309			243,939			1,435,696
Foreign currency transactions		(29	)		—			—			—
Net realized gain		724,730,772			415,746,857			56,543,875			11,699,073
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(28,671,777	)		697,351,531			(5,245,680	)		147,061,383
Investments — Affiliated		20,258			36,930,237			141,101			2,627
Futures contracts		121,318			(769,248	)		(28,465	)		(273,149	)
Net change in unrealized appreciation (depreciation)		(28,530,201	)		733,512,520			(5,133,044	)		146,790,861
Net realized and unrealized gain		696,200,571			1,149,259,377			51,410,831			158,489,934
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	764,531,993		$	1,276,114,763		$	59,159,186		$	217,615,543

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Edge MSCI Intl Momentum Factor ETF						iShares Edge MSCI Intl Quality Factor ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	994,858		$	3,469,230		$	7,652,083		$	14,279,321
Net realized gain (loss)		(139,916	)		(12,685,257	)		10,381,380			(6,672,473	)
Net change in unrealized appreciation (depreciation)		15,473,257			8,224,343			57,111,877			59,258,311
Net increase (decrease) in net assets resulting from operations		16,328,199			(991,684	)		75,145,340			66,865,159
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,413,334	)		(3,408,561	)		(9,008,917	)		(13,555,098	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		38,185,899			28,267,760			313,964,573			674,146,312
NET ASSETS
Total increase in net assets		53,100,764			23,867,515			380,100,996			727,456,373
Beginning of period		164,888,438			141,020,923			822,240,182			94,783,809
End of period	$	217,989,202		$	164,888,438		$	1,202,341,178		$	822,240,182

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l   S t a t e m e n t s 63

Statements of Changes in Net Assets (continued)

	iShares Edge MSCI Intl Size Factor ETF						iShares Edge MSCI Intl Value Factor ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	65,209		$	144,589		$	4,037,425		$	10,461,165
Net realized gain (loss)		(57,559	)		(70,605	)		2,143,862			(131,653	)
Net change in unrealized appreciation (depreciation)		455,910			(243,889	)		10,896,457			(33,177,597	)
Net increase (decrease) in net assets resulting from operations		463,560			(169,905	)		17,077,744			(22,848,085	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(100,609	)		(145,264	)		(5,973,086	)		(10,389,052	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		10,923,272			—			90,438,954			113,825,627
NET ASSETS
Total increase (decrease) in net assets		11,286,223			(315,169	)		101,543,612			80,588,490
Beginning of period		5,201,719			5,516,888			314,221,588			233,633,098
End of period	$	16,487,942		$	5,201,719		$	415,765,200		$	314,221,588

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Edge MSCI USA Momentum Factor ETF						iShares Edge MSCI USA Quality Factor ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	68,331,422		$	136,492,627		$	126,855,386		$	160,086,322
Net realized gain		724,730,772			197,763,554			415,746,857			396,211,661
Net change in unrealized appreciation (depreciation)		(28,530,201	)		331,579,024			733,512,520			476,716,426
Net increase in net assets resulting from operations		764,531,993			665,835,205			1,276,114,763			1,033,014,409
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(75,049,934	)		(130,221,328	)		(115,006,243	)		(157,546,743	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(899,915,998	)		443,841,000			4,956,049,826			4,256,879,450
NET ASSETS
Total increase (decrease) in net assets		(210,433,939	)		979,454,877			6,117,158,346			5,132,347,116
Beginning of period		10,176,169,844			9,196,714,967			10,913,779,738			5,781,432,622
End of period	$	9,965,735,905		$	10,176,169,844		$	17,030,938,084		$	10,913,779,738

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l   S t a t e m e n t s 65

Statements of Changes in Net Assets (continued)

	iShares Edge MSCI USA Size Factor ETF						iShares Edge MSCI USA Value Factor ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,748,355		$	5,247,759		$	59,125,609		$	97,233,319
Net realized gain		56,543,875			23,430,645			11,699,073			230,254,598
Net change in unrealized appreciation (depreciation)		(5,133,044	)		4,083,456			146,790,861			(357,800,160	)
Net increase (decrease) in net assets resulting from operations		59,159,186			32,761,860			217,615,543			(30,312,243	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,747,100	)		(5,564,099	)		(54,730,525	)		(95,508,358	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		821,468,338			142,106,922			874,041,560			(175,783,874	)
NET ASSETS
Total increase (decrease) in net assets		873,880,424			169,304,683			1,036,926,578			(301,604,475	)
Beginning of period		377,167,063			207,862,380			3,485,257,739			3,786,862,214
End of period	$	1,251,047,487		$	377,167,063		$	4,522,184,317		$	3,485,257,739

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

		iShares Edge MSCI Intl Momentum Factor ETF
		Six Months Ended															Period From
		01/31/20			Year Ended			Year Ended			Year Ended			Year Ended			01/13/15	(a)
		(unaudited)			07/31/19			07/31/18			07/31/17			07/31/16			to 07/31/15
Net asset value, beginning of period	$	29.44		$	30.00		$	28.78		$	26.38		$	27.48		$	25.57
Net investment income(b)		0.15			0.69			0.67			0.73			0.55			0.31
Net realized and unrealized gain (loss)(c)		2.20			(0.57	)		1.17			2.36			(1.22	)		1.90
Net increase (decrease) from investment operations		2.35			0.12			1.84			3.09			(0.67	)		2.21
Distributions(d)
From net investment income		(0.20	)		(0.68	)		(0.59	)		(0.69	)		(0.43	)		(0.30	)
From net realized gain		—			—			(0.03	)		—			—			—
Total distributions		(0.20	)		(0.68	)		(0.62	)		(0.69	)		(0.43	)		(0.30	)
Net asset value, end of period	$	31.59		$	29.44		$	30.00		$	28.78		$	26.38		$	27.48
Total Return
Based on net asset value		8.01	%(e)		0.55	%		6.41	%		12.01	%		(2.26	)%(f)		8.63	%(e)
Ratios to Average Net Assets
Total expenses		0.30	%(g)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%(g)
Net investment income		1.01	%(g)		2.44	%		2.19	%		2.75	%		2.20	%		2.07	%(g)
Supplemental Data
Net assets, end of period (000)	$	217,989		$	164,888		$	141,021		$	34,539		$	15,826		$	5,496
Portfolio turnover rate(h)		38	%(e)		105	%		131	%		105	%		171	%		55	%(e)

(a)	Commencement of operations.
(b)	Based on average shares outstanding.
(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e)	Not annualized.
(f)	The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the Fund was -2.37%.
(g)	Annualized.
(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i n a n c i a l   S t a t e m e n t s 67

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Edge MSCI Intl Quality Factor ETF
		Six Months Ended															Period From
		01/31/20			Year Ended			Year Ended			Year Ended			Year Ended			01/13/15	(a)
		(unaudited)			07/31/19			07/31/18			07/31/17			07/31/16			to 07/31/15
Net asset value, beginning of period	$	29.79		$	29.62		$	28.07		$	25.46		$	26.96		$	25.67
Net investment income(b)		0.24			0.96			0.99			0.76			0.84			0.57
Net realized and unrealized gain (loss)(c)		2.05			(0.12	)		1.23			2.61			(1.70	)		1.27
Net increase (decrease) from investment operations		2.29			0.84			2.22			3.37			(0.86	)		1.84
Distributions(d)
From net investment income		(0.27	)		(0.67	)		(0.67	)		(0.76	)		(0.64	)		(0.55	)
Total distributions		(0.27	)		(0.67	)		(0.67	)		(0.76	)		(0.64	)		(0.55	)
Net asset value, end of period	$	31.81		$	29.79		$	29.62		$	28.07		$	25.46		$	26.96
Total Return
Based on net asset value		7.67	%(e)		2.99	%		7.97	%		13.46	%		(3.14	)%		7.12	%(e)
Ratios to Average Net Assets
Total expenses		0.30	%(f)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%(f)
Net investment income		1.56	%(f)		3.31	%		3.36	%		2.95	%		3.40	%		3.86	%(f)
Supplemental Data
Net assets, end of period (000)	$	1,202,341		$	822,240		$	94,784		$	19,648		$	15,277		$	5,393
Portfolio turnover rate(g)		9	%(e)		29	%		21	%		31	%		30	%		16	%(e)

(a)	Commencement of operations.
(b)	Based on average shares outstanding.
(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e)	Not annualized.
(f)	Annualized.
(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Edge MSCI Intl Size Factor ETF
		Six Months Ended															Period From
		01/31/20			Year Ended			Year Ended			Year Ended			Year Ended			06/16/15	(a)
		(unaudited)			07/31/19			07/31/18			07/31/17			07/31/16			to 07/31/15
Net asset value, beginning of period	$	26.01		$	27.58		$	26.81		$	24.16		$	24.91		$	25.00
Net investment income(b)		0.18			0.72			0.76			0.74			0.64			0.05
Net realized and unrealized gain (loss)(c)		1.46			(1.56	)		0.81			2.84			(0.74	)		(0.14	)
Net increase (decrease) from investment operations		1.64			(0.84	)		1.57			3.58			(0.10	)		(0.09	)
Distributions(d)
From net investment income		(0.17	)		(0.73	)		(0.80	)		(0.93	)		(0.65	)		—
Total distributions		(0.17	)		(0.73	)		(0.80	)		(0.93	)		(0.65	)		—
Net asset value, end of period	$	27.48		$	26.01		$	27.58		$	26.81		$	24.16		$	24.91
Total Return
Based on net asset value		6.28	%(e)		(2.93	)%		5.89	%		15.14	%		(0.28	)%		(0.36	)%(e)
Ratios to Average Net Assets
Total expenses.		0.30	%(f)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%(f)
Net investment income		1.29	%(f)		2.78	%		2.73	%		2.95	%		2.76	%		1.48	%(f)
Supplemental Data
Net assets, end of period (000)	$	16,488		$	5,202		$	5,517		$	5,361		$	4,833		$	4,982
Portfolio turnover rate(g)		14	%(e)		26	%		13	%		23	%		19	%		0	%(e)(h)

(a)	Commencement of operations.
(b)	Based on average shares outstanding.
(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e)	Not annualized.
(f)	Annualized.
(g)	Portfolio turnover rate excludes in-kind transactions.
(h)	Rounds to less than 1%.

See notes to financial statements.

F i N A N C I A L    H i g h l i g h t s 69

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Edge MSCI Intl Value Factor ETF
		Six Months Ended															Period From
		01/31/20			Year Ended			Year Ended			Year Ended			Year Ended			06/16/15	(a)
		(unaudited)			07/31/19			07/31/18			07/31/17			07/31/16			to 07/31/15
Net asset value, beginning of period	$	22.61		$	25.67		$	24.84		$	20.96		$	24.76		$	24.60
Net investment income(b)		0.26			0.86			0.73			0.63			0.81			0.02
Net realized and unrealized gain (loss)(c)		0.99			(3.14	)		0.88			3.75			(4.04	)		0.14
Net increase (decrease) from investment operations		1.25			(2.28	)		1.61			4.38			(3.23	)		0.16
Distributions(d)
From net investment income		(0.37	)		(0.78	)		(0.78	)		(0.50	)		(0.57	)		—
Total distributions		(0.37	)		(0.78	)		(0.78	)		(0.50	)		(0.57	)		—
Net asset value, end of period	$	23.49		$	22.61		$	25.67		$	24.84		$	20.96		$	24.76
Total Return
Based on net asset value		5.45	%(e)		(8.80	)%		6.50	%		21.11	%		(12.97	)%		0.65	%(e)
Ratios to Average Net Assets
Total expenses		0.30	%(f)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%(f)
Net investment income		2.24	%(f)		3.63	%		2.81	%		2.73	%		3.91	%		0.72	%(f)
Supplemental Data
Net assets, end of period (000)	$	415,765		$	314,222		$	233,633		$	101,828		$	37,732		$	2,476
Portfolio turnover rate(g)		8	%(e)		20	%		16	%		14	%		19	%		1	%(e)

(a)	Commencement of operations.
(b)	Based on average shares outstanding.
(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e)	Not annualized.
(f)	Annualized.
(g)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued) 

(For a share outstanding throughout each period)

		iShares Edge MSCI USA Momentum Factor ETF
		Six Months Ended
		01/31/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			07/31/19			07/31/18			07/31/17			07/31/16			07/31/15
Net asset value, beginning of period	$	120.79		$	111.68		$	91.95		$	78.43		$	74.14		$	62.56
Net investment income(a)		0.86			1.67			1.32			1.17			0.89			0.91
Net realized and unrealized gain(b)		9.55			9.03			19.60			13.51			4.18			11.52
Net increase from investment operations		10.41			10.70			20.92			14.68			5.07			12.43
Distributions(c)
From net investment income		(0.93	)		(1.59	)		(1.19	)		(1.16	)		(0.78	)		(0.85	)
Total distributions		(0.93	)		(1.59	)		(1.19	)		(1.16	)		(0.78	)		(0.85	)
Net asset value, end of period	$	130.27		$	120.79		$	111.68		$	91.95		$	78.43		$	74.14
Total Return
Based on net asset value		8.67	%(d)		9.71	%		22.86	%		18.94	%		6.93	%		19.97	%
Ratios to Average Net Assets
Total expenses		0.15	%(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		1.40	%(e)		1.49	%		1.24	%		1.44	%		1.22	%		1.31	%
Supplemental Data
Net assets, end of period (000)	$	9,965,736		$	10,176,170		$	9,196,715		$	3,438,822		$	1,639,269		$	800,714
Portfolio turnover rate(f)		48	%(d)		138	%		104	%		114	%		129	%		106	%

(a)	Based on average shares outstanding.
(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)	Not annualized.
(e)	Annualized.
(f)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i N A N C I A L    H i g h l i g h t s 71

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Edge MSCI USA Quality Factor ETF
		Six Months Ended
		01/31/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			07/31/19			07/31/18			07/31/17			07/31/16			07/31/15
Net asset value, beginning of period	$	92.73		$	86.55		$	75.09		$	68.00		$	64.95		$	57.68
Net investment income(a)		0.89			1.61			1.55			1.46			1.28			0.98
Net realized and unrealized gain(b)		7.55			6.16			11.38			7.03			2.99			7.23
Net increase from investment operations		8.44			7.77			12.93			8.49			4.27			8.21
Distributions(c)
From net investment income		(0.81	)		(1.59	)		(1.47	)		(1.40	)		(1.22	)		(0.94	)
Total distributions		(0.81	)		(1.59	)		(1.47	)		(1.40	)		(1.22	)		(0.94	)
Net asset value, end of period	$	100.36		$	92.73		$	86.55		$	75.09		$	68.00		$	64.95
Total Return
Based on net asset value		9.14	%(d)		9.13	%		17.36	%		12.62	%		6.70	%		14.30	%
Ratios to Average Net Assets
Total expenses		0.15	%(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		1.84	%(e)		1.85	%		1.88	%		2.06	%		1.99	%		1.56	%
Supplemental Data
Net assets, end of period (000)	$	17,030,938		$	10,913,780		$	5,781,433		$	3,465,557		$	2,679,180		$	1,120,387
Portfolio turnover rate(f)		16	%(d)		41	%		41	%		44	%		50	%		26	%

(a)	Based on average shares outstanding.
(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)	Not annualized.
(e)	Annualized.
(f)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Edge MSCI USA Size Factor ETF
		Six Months Ended
		01/31/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			07/31/19			07/31/18			07/31/17			07/31/16			07/31/15
Net asset value, beginning of period	$	91.99		$	86.61		$	78.73		$	70.36		$	66.84		$	60.30
Net investment income(a)		0.87			1.52			1.45			1.37			1.26			1.21
Net realized and unrealized gain(b)		4.06			5.49			8.02			8.33			3.56			6.53
Net increase from investment operations		4.93			7.01			9.47			9.70			4.82			7.74
Distributions(c)
From net investment income		(0.69	)		(1.63	)		(1.59	)		(1.33	)		(1.30	)		(1.20	)
Total distributions		(0.69	)		(1.63	)		(1.59	)		(1.33	)		(1.30	)		(1.20	)
Net asset value, end of period	$	96.23		$	91.99		$	86.61		$	78.73		$	70.36		$	66.84
Total Return
Based on net asset value		5.38	%(d)		8.26	%		12.16	%		13.93	%		7.39	%		12.89	%
Ratios to Average Net Assets
Total expenses		0.15	%(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		1.83	%(e)		1.74	%		1.75	%		1.86	%		1.94	%		1.85	%
Supplemental Data
Net assets, end of period (000)	$	1,251,047		$	377,167		$	207,862		$	181,087		$	193,498		$	237,271
Portfolio turnover rate(f)		16	%(d)		30	%		17	%		19	%		23	%		22	%

(a)	Based on average shares outstanding.
(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)	Not annualized.
(e)	Annualized.
(f)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F i N A N C I A L    H i g h l i g h t s 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Edge MSCI USA Value Factor ETF
		Six Months Ended
		01/31/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)			07/31/19			07/31/18			07/31/17			07/31/16			07/31/15
Net asset value, beginning of period	$	82.49		$	85.39		$	75.00		$	64.38		$	65.95		$	62.40
Net investment income(a)		1.27			2.23			1.84			1.68			1.62			1.34
Net realized and unrealized gain (loss)(b)		3.77			(2.92	)		10.40			10.50			(1.59	)		3.37
Net increase (decrease) from investment operations		5.04			(0.69	)		12.24			12.18			0.03			4.71
Distributions(c)
From net investment income		(1.15	)		(2.21	)		(1.85	)		(1.56	)		(1.60	)		(1.16	)
Total distributions		(1.15	)		(2.21	)		(1.85	)		(1.56	)		(1.60	)		(1.16	)
Net asset value, end of period	$	86.38		$	82.49		$	85.39		$	75.00		$	64.38		$	65.95
Total Return
Based on net asset value		6.14	%(d)		(0.68	)%		16.47	%		19.10	%		0.18	%		7.56	%
Ratios to Average Net Assets
Total expenses		0.15	%(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		2.97	%(e)		2.74	%		2.24	%		2.35	%		2.64	%		2.04	%
Supplemental Data
Net assets, end of period (000)	$	4,522,184		$	3,485,258		$	3,786,862		$	2,373,707		$	675,959		$	685,913
Portfolio turnover rate(f)		13	%(d)		35	%		18	%		26	%		81	%		15	%

(a)	Based on average shares outstanding.
(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)	Not annualized.
(e)	Annualized.
(f)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1.       ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification Classification
Edge MSCI Intl Momentum Factor	Diversified
Edge MSCI Intl Quality Factor	Diversified
Edge MSCI Intl Size Factor	Diversified
Edge MSCI Intl Value Factor	Diversified
Edge MSCI USA Momentum Factor	Diversified
Edge MSCI USA Quality Factor	Diversified
Edge MSCI USA Size Factor	Diversified
Edge MSCI USA Value Factor	Diversified

2.       SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2020, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

Notes to Financial Statements 75

Notes to Financial Statements (unaudited) (continued)

3.       INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities: 

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.       SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of January 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds' investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral

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Notes to Financial Statements (unaudited) (continued)

received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of January 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of January 31, 2020:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
Edge MSCI Intl Quality Factor
JPMorgan Securities LLC	$	4,441,373	$	4,441,373	$	—	$	—
Edge MSCI Intl Size Factor
BofA Securities, Inc.	$	14,126	$	14,126	$	—	$	—
Citigroup Global Markets Inc.		37,497		37,497		—		—
Credit Suisse AG Dublin Branch		33,439		33,439		—		—
Credit Suisse Securities (USA) LLC		1,149		1,149		—		—
JPMorgan Securities LLC		47,548		47,548		—		—
Scotia Capital (USA) Inc.		12,996		12,996		—		—
UBS AG		17,395		17,395		—		—
	$	164,150	$	164,150	$	—	$	—
Edge MSCI Intl Value Factor
BofA Securities, Inc.	$	2,105	$	2,105	$	—	$	—
Credit Suisse AG Dublin Branch		1,579		1,579		—		—
Goldman Sachs & Co.		25,473		25,473		—		—
	$	29,157	$	29,157	$	—	$	—
Edge MSCI USA Momentum Factor
Barclays Bank PLC	$	1,001,056	$	1,001,056	$	—	$	—
Barclays Capital Inc.		511,200		511,200		—		—
BNP Paribas Prime Brokerage International Ltd.		4,271,811		4,271,811		—		—
BofA Securities, Inc.		7,303,498		7,303,498		—		—
Citigroup Global Markets Inc.		13,971,420		13,576,950		—		(394,470	)(b)
Credit Suisse Securities (USA) LLC		362,661		362,661		—		—
Goldman Sachs & Co.		27,353,806		27,353,806		—		—
JPMorgan Securities LLC		24,660,212		24,660,212		—		—
SG Americas Securities LLC		58,724,466		57,083,458		—		(1,641,008	)(b)
UBS AG		5,570,766		5,570,766		—		—
Virtu Americas LLC		433,380		433,380		—		—
Wells Fargo Bank, National Association		2,798,077		2,798,077		—		—
	$	146,962,353	$	144,926,875	$	—	$	(2,035,478	)
Edge MSCI USA Quality Factor
Barclays Capital Inc.	$	119,695	$	119,695	$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		2,043,182		2,043,182		—		—
Citigroup Global Markets Inc.		23,159,804		23,159,804		—		—
UBS AG		1,313,294		1,313,294		—		—
Wells Fargo Securities LLC		74,516		74,516		—		—
	$	26,710,491	$	26,710,491	$	—	$	—

N o t e s t o  F i n a n c i a l  S t a t e m e n t s 77

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
Edge MSCI USA Size Factor
Barclays Bank PLC	$	1,215,000	$	1,215,000	$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		522,149		522,149		—		—
BNP Paribas Securities Corp.		2,075,665		2,075,665		—		—
BofA Securities, Inc.		5,518,191		5,518,191		—		—
Citigroup Global Markets Inc.		6,295,064		6,295,064		—		—
Credit Suisse AG Dublin Branch		2,706,435		2,706,435		—		—
Credit Suisse Securities (USA) LLC		51,758		51,758		—		—
Goldman Sachs & Co.		1,870,511		1,870,511		—		—
HSBC Bank PLC		415,132		415,132		—		—
JPMorgan Securities LLC		8,706,506		8,706,506		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		1,837,013		1,837,013		—		—
National Financial Services LLC		1,611,717		1,611,717		—		—
SG Americas Securities LLC		4,727		4,727		—		—
TD Prime Services LLC		2,544,162		2,544,162		—		—
UBS AG		2,068,817		2,025,795		—		(43,022	)(b)
Wells Fargo Bank, National Association		3,417,043		3,417,043		—		—
Wells Fargo Securities LLC		2,258,884		2,258,884		—		—
	$	43,118,774	$	43,075,752	$	—	$	(43,022	)
Edge MSCI USA Value Factor
BNP Paribas Securities Corp.	$	606,657	$	606,657	$	—	$	—
BofA Securities, Inc.		43,005		43,005		—		—
Citigroup Global Markets Inc..		1,478,744		1,478,744		—		—
Credit Suisse Securities (USA) LLC		129,303		129,303		—		—
Deutsche Bank Securities Inc.		2,404,374		2,404,374		—		—
JPMorgan Securities LLC		8,290,398		8,290,398		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		3,055,914		3,055,914		—		—
National Financial Services LLC		1,221,576		1,221,576		—		—
SG Americas Securities LLC		610,500		610,500		—		—
TD Prime Services LLC		79,314		79,314		—		—
UBS AG		4,650		4,650		—		—
Wells Fargo Bank, National Association		424,658		424,658		—		—
Wells Fargo Securities LLC		4,894,373		4,894,373		—		—
	$	23,243,466	$	23,243,466	$	—	$	—

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's statement of assets and liabilities.

^(b) Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.       DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

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Notes to Financial Statements (unaudited) (continued)

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

6.       INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Edge MSCI Intl Momentum Factor		0.30	%
Edge MSCI Intl Quality Factor		0.30
Edge MSCI Intl Size Factor		0.30
Edge MSCI Intl Value Factor		0.30
Edge MSCI USA Momentum Factor		0.15
Edge MSCI USA Quality Factor		0.15
Edge MSCI USA Size Factor		0.15
Edge MSCI USA Value Factor		0.15

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each of iShares Edge MSCI USA Momentum Factor ETF, iShares Edge MSCI USA Quality Factor ETF, iShares Edge MSCI USA Size Factor ETF and iShares Edge MSCI USA Value Factor ETF (the “Group 1 Funds”), retains 75% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Edge MSCI Intl Momentum Factor ETF, iShares Edge MSCI Intl Quality Factor ETF, iShares Edge MSCI Intl Size Factor ETF and iShares Edge MSCI Intl Value Factor ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) Each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2020, each Group 1 Fund retained 73.5% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, (2) Each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

Notes to Financial Statements 79

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended January 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Edge MSCI Intl Momentum Factor	$	4,798
Edge MSCI Intl Quality Factor		13,283
Edge MSCI Intl Size Factor		714
Edge MSCI Intl Value Factor		8,607
Edge MSCI USA Momentum Factor		202,355
Edge MSCI USA Quality Factor		37,530
Edge MSCI USA Size Factor		29,142
Edge MSCI USA Value Factor		37,495

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Edge MSCI Intl Value Factor	$	8,133,726	$	5,740,782	$	(307,920	)
Edge MSCI USA Momentum Factor		791,815,959		953,905,772		1,947,332
Edge MSCI USA Quality Factor		741,929,152		327,445,798		3,580,903
Edge MSCI USA Size Factor		41,618,586		52,351,253		(1,581,432	)
Edge MSCI USA Value Factor		124,557,639		91,745,332		(3,821,943	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.       PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Intl Momentum Factor	$	74,200,213	$	73,855,719
Edge MSCI Intl Quality Factor		148,587,111		88,844,046
Edge MSCI Intl Size Factor		1,552,504		1,427,629
Edge MSCI Intl Value Factor		29,188,606		27,521,458
Edge MSCI USA Momentum Factor		4,695,830,809		4,723,776,094
Edge MSCI USA Quality Factor		2,345,730,264		2,221,306,831
Edge MSCI USA Size Factor		134,747,930		131,382,653
Edge MSCI USA Value Factor		525,927,958		526,554,555

For the six months ended January 31, 2020, in-kind transactions were as follows:

iShares ETF		In-kind Purchases		In-kind Sales
Edge MSCI Intl Momentum Factor	$	37,181,537	$	—
Edge MSCI Intl Quality Factor		335,022,658		82,006,634
Edge MSCI Intl Size Factor		10,764,838		—
Edge MSCI Intl Value Factor		107,844,204		21,523,372
Edge MSCI USA Momentum Factor		3,433,174,635		4,323,105,705
Edge MSCI USA Quality Factor		6,699,698,284		1,852,681,840
Edge MSCI USA Size Factor		1,292,043,681		474,164,579
Edge MSCI USA Value Factor		1,144,163,007		274,023,492

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Notes to Financial Statements (unaudited) (continued)

8.       INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

As of July 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Edge MSCI Intl Momentum Factor	$	19,362,178
Edge MSCI Intl Quality Factor		7,295,653
Edge MSCI Intl Size Factor		171,235
Edge MSCI Intl Value Factor		3,258,227
Edge MSCI USA Momentum Factor		608,182,244
Edge MSCI USA Quality Factor		273,755,126
Edge MSCI USA Size Factor		6,746,267
Edge MSCI USA Value Factor		111,491,333

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Edge MSCI Intl Momentum Factor	$	189,152,439	$	29,408,976	$	(1,352,881	)	$	28,056,095
Edge MSCI Intl Quality Factor		1,090,118,185		137,701,071		(23,200,101	)		114,500,970
Edge MSCI Intl Size Factor		16,258,302		1,139,953		(776,807	)		363,146
Edge MSCI Intl Value Factor		428,440,635		23,871,860		(38,053,827	)		(14,181,967	)
Edge MSCI USA Momentum Factor		9,020,856,790		1,123,499,511		(39,703,885	)		1,083,795,626
Edge MSCI USA Quality Factor		15,452,192,415		2,040,110,472		(443,471,303	)		1,596,639,169
Edge MSCI USA Size Factor		1,298,362,430		47,941,606		(51,320,352	)		(3,378,746	)
Edge MSCI USA Value Factor		4,490,608,185		356,504,151		(310,549,226	)		45,954,925

9.       PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of

Notes to Financial Statements 81

Notes to Financial Statements (unaudited) (continued)

withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/20						Year Ended 07/31/19
iShares ETF	Shares			Amount			Shares			Amount
Edge MSCI Intl Momentum Factor
Shares sold		1,300,000		$	38,185,899			1,800,000		$	52,936,764
Shares redeemed		—			—			(900,000	)		(24,669,004	)
Net increase		1,300,000		$	38,185,899			900,000		$	28,267,760
Edge MSCI Intl Quality Factor
Shares sold		13,000,000		$	399,056,551			25,400,000		$	703,380,974
Shares redeemed		(2,800,000	)		(85,091,978	)		(1,000,000	)		(29,234,662	)
Net increase		10,200,000		$	313,964,573			24,400,000		$	674,146,312
Edge MSCI Intl Size Factor
Shares sold		400,000		$	10,923,272			—		$	—
Edge MSCI Intl Value Factor
Shares sold		4,800,000		$	112,964,881			5,800,000		$	137,136,851
Shares redeemed		(1,000,000	)		(22,525,927	)		(1,000,000	)		(23,311,224	)
Net increase		3,800,000		$	90,438,954			4,800,000		$	113,825,627
Edge MSCI USA Momentum Factor
Shares sold		28,500,000		$	3,458,056,749			42,200,000		$	4,794,933,466
Shares redeemed		(36,250,000	)		(4,357,972,747	)		(40,300,000	)		(4,351,092,466	)
Net increase(decrease)		(7,750,000	)	$	(899,915,998	)		1,900,000		$	443,841,000
Edge MSCI USA Quality Factor
Shares sold		71,150,000		$	6,820,364,146			97,550,000		$	8,341,954,278
Shares redeemed		(19,150,000	)		(1,864,314,320	)		(46,650,000	)		(4,085,074,828	)
Net increase		52,000,000		$	4,956,049,826			50,900,000		$	4,256,879,450

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/20						Year Ended 07/31/19
iShares ETF		Shares			Amount			Shares			Amount
Edge MSCI USA Size Factor
Shares sold		13,750,000		$	1,297,828,192			5,000,000		$	429,499,709
Shares redeemed		(4,850,000	)		(476,359,854	)		(3,300,000	)		(287,392,787	)
Net increase		8,900,000		$	821,468,338			1,700,000		$	142,106,922
Edge MSCI USA Value Factor
Shares sold		13,450,000		$	1,149,771,176			26,400,000		$	2,136,053,404
Shares redeemed		(3,350,000	)		(275,729,616	)		(28,500,000	)		(2,311,837,278	)
Net increase(decrease)		10,100,000		$	874,041,560			(2,100,000	)	$	(175,783,874	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

11. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N o t e s  t o  F i n a n c i a l  S t a t e m e n t s 83

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares Edge MSCI Intl Momentum Factor ETF, iShares Edge MSCI Intl Quality Factor ETF, iShares Edge MSCI Intl Size Factor ETF, iShares Edge MSCI Intl Value Factor ETF, iShares Edge MSCI USA Momentum Factor ETF, iShares Edge MSCI USA Quality Factor ETF, iShares Edge MSCI USA Size Factor ETF and iShares Edge MSCI USA Value Factor ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Edge MSCI Intl Momentum Factor(a)	$	0.192733	$	—	$	0.012098	$	0.204831		94	%		—	%		6	%		100	%
Edge MSCI Intl Size Factor(a)		0.131140		—		0.036542		0.167682		78			—			22			100
Edge MSCI Intl Value Factor(a)		0.299745		—		0.066702		0.366447		82			—			18			100
Edge MSCI USA Momentum Factor(a)		0.814572		—		0.114529		0.929101		88			—			12			100
Edge MSCI USA Quality Factor(a)		0.713757		—		0.093797		0.807554		88			—			12			100
Edge MSCI USA Size Factor(a)		0.568907		—		0.118534		0.687441		83			—			17			100
Edge MSCI USA Value Factor(a)		1.087666		—		0.064970		1.152636		94			—			6			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

S u p p l e m e n t a l  I n f o r m a t i o n 85

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

● Go to icsdelivery.com.

● If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
NVS	Non-Voting Shares
SDR	Swedish Depositary Receipt

G l o s s a r y  o f  T e r m s  U s e d  i n  t h i s  R e p o r t 87

Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-711-0120

JANUARY 31, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Edge MSCI Multifactor Global ETF  |  ACWF  |  NYSE Arca

· iShares Edge MSCI Multifactor Intl ETF  |  INTF  |  NYSE Arca

· iShares Edge MSCI Multifactor Intl Small-Cap ETF  |  ISCF  |  NYSE Arca

· iShares Edge MSCI Multifactor USA ETF  |  LRGF  |  NYSE Arca

· iShares Edge MSCI Multifactor USA Mid-Cap ETF  |  MIDF  |  NYSE Arca

· iShares Edge MSCI Multifactor USA Small-Cap ETF  |  SMLF  |  NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents

	Page
Fund Summary		3
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		47
Statements of Operations		49
Statements of Changes in Net Assets		51
Financial Highlights		54
Notes to Financial Statements		60
Statement Regarding Liquidity Risk Management Program		69
Supplemental Information		70
General Information		71
Glossary of Terms Used in this Report		72

Fund Summary  as of January 31, 2020 iShares^® Edge MSCI Multifactor Global ETF

Investment Objective

The iShares Edge MSCI Multifactor Global ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI ACWI Diversified Multiple-Factor 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		5.61	%		9.64	%		6.04	%		9.64	%		32.26	%
Fund Market		5.90			9.53			6.01			9.53			32.03
Index		5.58			9.71			6.24			9.71			33.34

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,056.10	$	1.81	$	1,000.00	$	1,023.40	$	1.78		0.35	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

	Percent of
Sector		Total Investments	(a)
Information Technology		21.3	%
Financials		15.7
Health Care		13.4
Consumer Discretionary		13.0
Industrials		9.7
Consumer Staples		6.3
Materials		5.8
Real Estate		4.9
Communication Services		4.2
Utilities		3.5
Energy		2.2

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

	Percent of
Country/Geographic Region		Total Investments	(a)
United States		55.7	%
China		7.7
Australia		5.2
United Kingdom		4.7
Switzerland		3.6
Canada		3.3
Japan		3.2
Netherlands		2.0
Brazil		1.7
France		1.7

FUND SUMMARY 3

Fund Summary  as of January 31, 2020 iShares^® Edge MSCI Multifactor Intl ETF

Investment Objective

The iShares Edge MSCI Multifactor Intl ETF (the “Fund”) seeks to track the investment results of an index composed of global developed market large- and mid-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the MSCI World ex USA Diversified Multiple-Factor 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		4.71	%		6.28	%		3.85	%		6.28	%		19.73	%
Fund Market		4.61			5.51			3.69			5.51			18.84
Index		4.93			6.53			4.00			6.53			20.49

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,047.10	$	1.54	$	1,000.00	$	1,023.60	$	1.53		0.30	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

	Percent of
Sector		Total Investments	(a)
Financials		15.5	%
Health Care		14.2
Industrials		13.0
Consumer Discretionary		10.9
Materials		10.4
Information Technology		10.0
Consumer Staples		8.9
Real Estate		6.9
Communication Services		4.9
Utilities		4.1
Energy		1.2

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

	Percent of
Country/Geographic Region		Total Investments	(a)
Japan		17.6	%
United Kingdom		14.5
Australia		13.7
Canada		13.2
Switzerland		9.2
Netherlands		8.1
France		7.5
Hong Kong		4.3
Germany		3.0
Belgium		2.3

4 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares^® Edge MSCI Multifactor Intl Small-Cap ETF

Investment Objective

The iShares Edge MSCI Multifactor Intl Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of global developed market small-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the MSCI World ex USA Small Cap Diversified Multiple-Factor 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		8.95	%		13.36	%		7.09	%		13.36	%		38.61	%
Fund Market		9.06			12.80			6.97			12.80			37.86
Index		9.29			13.82			7.36			13.82			40.17

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,089.50	$	2.10	$	1,000.00	$	1,023.10	$	2.03		0.40	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

	Percent of
Sector		Total Investments	(a)
Industrials		17.9	%
Real Estate		15.1
Information Technology		13.7
Consumer Discretionary		11.6
Health Care		9.6
Materials		9.2
Financials		9.2
Consumer Staples		4.1
Communication Services		4.0
Energy		3.0
Utilities		2.6

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

	Percent of
Country/Geographic Region		Total Investments	(a)
United Kingdom		23.3	%
Japan		23.1
Australia		11.2
Canada		8.6
Switzerland		5.4
Netherlands		5.1
Germany		3.6
Belgium		3.6
Hong Kong		3.2
Sweden		2.9

FUND SUMMARY 5

Fund Summary  as of January 31, 2020 iShares^® Edge MSCI Multifactor USA ETF

Investment Objective

The iShares Edge MSCI Multifactor USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI USA Diversified Multiple-Factor 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		7.12	%		14.55	%		8.68	%		14.55	%		48.67	%
Fund Market		7.15			14.52			8.68			14.52			48.67
Index		7.23			14.85			8.94			14.85			50.29

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period  (a)		Annualized Expense Ratio
$	1,000.00	$	1,071.20	$	1.04	$	1,000.00	$	1,024.10	$	1.02		0.20	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

	Percent of
Sector		Total Investments	(a)
Information Technology		27.0	%
Health Care		12.8
Consumer Discretionary		9.7
Industrials		9.5
Financials		8.8
Utilities		8.6
Real Estate		8.4
Communication Services		5.1
Consumer Staples		4.8
Materials		2.7
Energy		2.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

	Percent of
Security		Total Investments	(a)
Intel Corp.		3.2	%
Apple Inc.		2.8
AT&T Inc.		2.7
Walmart Inc.		2.5
Duke Energy Corp.		2.4
Intuit Inc.		2.3
Microsoft Corp.		2.2
Micron Technology Inc.		2.1
Target Corp.		2.0
Biogen Inc.		1.8

6 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares^® Edge MSCI Multifactor USA Mid-Cap ETF

Investment Objective

The iShares Edge MSCI Multifactor USA Mid-Cap ETF (the “Fund”) the seeks to track the investment results of an index composed of U.S. mid-capitalization stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI USA Mid Cap Diversified Multiple-Factor 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.

Performance

				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		3.35	%		9.98	%
Fund Market		3.35			9.94
Index		3.46			10.22

The inception date of the Fund was 6/4/19. The first day of secondary market trading was 6/6/19.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,033.50	$	1.28	$	1,000.00	$	1,023.90	$	1.27		0.25	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

	Percent of
Sector		Total Investments	(a)
Information Technology		21.2	%
Health Care		14.0
Real Estate		12.7
Industrials		12.5
Consumer Discretionary		12.0
Financials		9.3
Utilities		6.3
Materials		4.2
Consumer Staples		3.5
Communication Services		3.4
Energy		0.9

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

	Percent of
Security		Total Investments	(a)
Lululemon Athletica Inc.		1.8	%
Chipotle Mexican Grill Inc.		1.7
ResMed Inc.		1.7
Skyworks Solutions Inc.		1.7
Best Buy Co. Inc.		1.6
Synopsys Inc.		1.6
CBRE Group Inc., Class A		1.6
Cadence Design Systems Inc.		1.6
Ameren Corp.		1.6
Cooper Companies Inc. (The)		1.6

FUND SUMMARY 7

Fund Summary  as of January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF

Investment Objective

The iShares Edge MSCI Multifactor USA Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. small-capitalization stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI USA Small Cap Diversified Multiple-Factor 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		2.73	%		7.10	%		8.24	%		7.10	%		45.81	%
Fund Market		2.67			7.09			8.25			7.09			45.88
Index		2.88			7.44			8.61			7.44			48.08

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

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 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period  (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,027.30	$	1.53	$	1,000.00	$	1,023.60	$	1.53		0.30	%

^(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 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

	Percent of
Sector		Total Investments	(a)
Information Technology		20.9	%
Health Care		18.9
Financials		14.1
Real Estate		11.6
Industrials		10.6
Consumer Discretionary		10.3
Utilities		4.8
Materials		3.4
Communication Services		2.8
Consumer Staples		1.6
Energy		1.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

	Percent of
Security		Total Investments	(a)
Masimo Corp.		1.3	%
Aspen Technology Inc.		1.2
Reliance Steel & Aluminum Co.		1.1
Chemed Corp.		1.1
First American Financial Corp.		1.0
Encompass Health Corp.		1.0
CACI International Inc., Class A		1.0
Novocure Ltd.		0.9
Brixmor Property Group Inc.		0.9
Amedisys Inc.		0.8

8 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 iShares.com. 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 ask 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 your 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your 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 under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your 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.

ABOUT FUND PERFORMANCE/SHAREHOLDER EXPENSES 9

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Edge MSCI Multifactor Global ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 5.2%
AGL Energy Ltd.		12,397	$	165,568
Aurizon Holdings Ltd.		47,740		172,901
BHP Group PLC		49,819		1,090,014
BlueScope Steel Ltd.		10,857		103,572
CIMIC Group Ltd.		3,465		67,942
Coca-Cola Amatil Ltd.		11,781		94,484
Cochlear Ltd.		1,617		260,958
Coles Group Ltd.		25,872		286,646
Dexus		26,026		221,622
Flight Centre Travel Group Ltd.		1,848		48,632
Fortescue Metals Group Ltd.		32,263		246,007
GPT Group (The)		44,044		176,912
Harvey Norman Holdings Ltd.		20,750		58,759
Magellan Financial Group Ltd.		2,849		128,302
Medibank Pvt Ltd.		54,285		112,657
Mirvac Group		87,597		199,382
Newcrest Mining Ltd.		18,249		360,762
Qantas Airways Ltd.		19,327		82,936
REA Group Ltd.		2,002		152,921
Rio Tinto Ltd.		9,779		646,603
Scentre Group		102,872		265,829
Telstra Corp. Ltd.		101,717		261,483
Vicinity Centres		24,563		41,767
Woolworths Group Ltd.		29,491		826,036
				6,072,695
Belgium — 0.6%
Ageas		5,005		276,051
Colruyt SA		2,079		104,023
Proximus SADP		1,771		50,479
UCB SA		2,926		269,395
				699,948
Brazil — 1.4%
Banco BTG Pactual SA		7,700		135,143
BB Seguridade Participacoes SA		15,400		125,341
BR Malls Participacoes SA		38,500		165,775
Centrais Eletricas Brasileiras SA		7,700		70,671
Centrais Eletricas Brasileiras SA, New(a)		1,576		14,465
Cia. de Saneamento Basico do Estado de Sao Paulo		8,100		115,626
Hapvida Participacoes e Investimentos SA(b)		7,700		108,240
Hypera SA		7,700		64,094
IRB Brasil Resseguros S/A		15,400		161,559
JBS SA		23,100		149,090
Multiplan Empreendimentos Imobiliarios SA		7,700		62,490
Notre Dame Intermedica Participacoes SA		7,700		126,512
Petrobras Distribuidora SA		7,700		51,895
Sul America SA		8,350		123,103
TIM Participacoes SA		38,517		150,976
				1,624,980
Canada — 3.3%
Air Canada(a)		1,848		61,942
Atco Ltd., Class I, NVS		924		36,064
Canadian Apartment Properties REIT		2,772		118,631
CGI Inc.(a)		4,620		353,971
CI Financial Corp.		6,699		117,462
Constellation Software Inc.		539		566,917
Empire Co. Ltd., Class A, NVS		4,543		105,456
First Capital Real Estate Investment Trust		4,474		73,307
Gildan Activewear Inc.		4,235		117,423

Security	Shares		Value
Canada (continued)
H&R Real Estate Investment Trust		8,470	$	136,988
Hydro One Ltd.(b)		2,849		57,947
iA Financial Corp. Inc.		3,157		173,849
Kinross Gold Corp.(a)		26,950		136,732
Kirkland Lake Gold Ltd.		4,928		202,217
Loblaw Companies Ltd.		4,235		221,717
Magna International Inc.		7,700		390,604
Metro Inc.		6,545		266,986
Open Text Corp.		5,698		256,605
RioCan REIT		5,236		107,527
SmartCentres Real Estate Investment Trust		4,004		95,093
Teck Resources Ltd., Class B		13,398		173,230
WSP Global Inc.		1,540		109,514
				3,880,182
Chile — 0.1%
Aguas Andinas SA, Class A		197,197		73,881
Cia. Cervecerias Unidas SA		3,773		33,290
				107,171
China — 7.7%
51job Inc., ADR(a)		770		55,555
Angang Steel Co. Ltd., Class A		40,120		17,359
Anhui Conch Cement Co. Ltd., Class H		38,500		248,406
ANTA Sports Products Ltd.		29,000		254,524
Bosideng International Holdings Ltd.		154,000		51,169
BYD Electronic International Co. Ltd.		38,500		75,563
China Agri-Industries Holdings Ltd.		77,000		41,351
China Aoyuan Group Ltd.		77,000		104,321
China Conch Venture Holdings Ltd.		38,500		171,802
China Construction Bank Corp., Class H		2,156,000		1,652,075
China Everbright Bank Co. Ltd., Class H		154,000		62,077
China Hongqiao Group Ltd.		38,500		19,040
China Lesso Group Holdings Ltd.		77,000		99,957
China Longyuan Power Group Corp. Ltd., Class H		77,000		45,814
China Minsheng Banking Corp. Ltd., Class H		154,000		108,287
China Mobile Ltd.		154,000		1,273,268
China Railway Construction Corp. Ltd., Class H		115,500		113,493
China Renewable Energy Investment Ltd.(a)(c)		659		0	(d)
China Resources Gas Group Ltd.		22,000		116,447
China Resources Pharmaceutical Group Ltd.(b)		38,500		32,377
China Telecom Corp. Ltd., Class H		308,000		120,584
China Unicom Hong Kong Ltd.		154,000		129,707
CITIC Ltd.		154,000		174,727
CNOOC Ltd.		462,000		705,652
Dali Foods Group Co. Ltd.(b)		115,500		81,662
Daqin Railway Co. Ltd., Class A		92,400		101,599
Dongfeng Motor Group Co. Ltd., Class H		154,000		116,220
Guangdong Investment Ltd.		154,000		314,152
Guangzhou R&F Properties Co. Ltd., Class H		30,800		46,964
Hualan Biological Engineering Inc., Class A		7,700		39,683
Huaneng Renewables Corp. Ltd., Class H		154,000		63,267
Hundsun Technologies Inc., Class A		7,700		97,520
Inner Mongolia Yitai Coal Co. Ltd., Class B		36,600		28,951
Kaisa Group Holdings Ltd.		77,000		32,427
Kingboard Holdings Ltd.		38,500		102,635
Kingdee International Software Group Co. Ltd.		77,000		83,496
Kunlun Energy Co. Ltd.		154,000		120,584
KWG Group Holdings Ltd.		38,500		50,475
Lee & Man Paper Manufacturing Ltd.		79,000		55,245
Li Ning Co. Ltd.		77,000		228,573

10 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Global ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Luye Pharma Group Ltd.(b)(e)		115,500	$	74,968
New Hope Liuhe Co. Ltd., Class A		7,700		19,946
PICC Property & Casualty Co. Ltd., Class H		198,000		213,940
Shanghai M&G Stationery Inc., Class A		7,700		55,088
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		30,800		57,595
Shengyi Technology Co. Ltd., Class A		15,400		53,483
Shimao Property Holdings Ltd.		38,500		125,691
Shui On Land Ltd.		308,000		61,878
Sun Art Retail Group Ltd.		77,000		91,925
Towngas China Co. Ltd.		77,000		47,896
Want Want China Holdings Ltd.		231,000		191,883
Weichai Power Co. Ltd., Class A		46,299		89,454
Xinyi Solar Holdings Ltd.		154,000		109,081
Yuexiu Property Co. Ltd.		462,000		93,413
Yum China Holdings Inc.		9,163		394,650
Zhuzhou CRRC Times Electric Co. Ltd., Class H		15,400		52,160
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		92,400		68,661
				9,038,720
Denmark — 0.1%
H Lundbeck A/S		1,925		81,872
Egypt — 0.0%
Eastern Co. SAE		27,566		26,188
Finland — 0.4%
Elisa OYJ		4,466		268,941
Nokian Renkaat OYJ		1,925		51,860
Orion OYJ, Class B		2,387		112,874
				433,675
France — 1.7%
Atos SE		1,694		141,060
BioMerieux		1,232		122,126
Cie. Generale des Etablissements Michelin SCA		4,312		501,749
Eurazeo SE		924		66,251
Eutelsat Communications SA		5,544		83,219
Faurecia SE		2,233		106,829
Peugeot SA		10,857		223,910
Sartorius Stedim Biotech		770		138,322
SCOR SE		4,466		190,199
STMicroelectronics NV		14,476		405,710
				1,979,375
Germany — 0.8%
Carl Zeiss Meditec AG, Bearer		1,001		122,579
Covestro AG(b)		3,850		162,770
Deutsche Lufthansa AG, Registered		6,468		99,131
Fraport AG Frankfurt Airport Services Worldwide		1,155		86,193
Hannover Rueck SE		1,540		299,513
METRO AG		4,158		58,036
Puma SE		1,694		135,916
				964,138
Greece — 0.0%
FF Group(a)(c)		165		2
Hong Kong — 0.8%
Hang Lung Properties Ltd.		77,000		162,233
Hongkong Land Holdings Ltd.		30,800		164,164
Kerry Properties Ltd.		38,500		108,337
Sino Land Co. Ltd.		154,000		211,418
Swire Pacific Ltd., Class A		4,500		39,901

Security	Shares		Value
Hong Kong (continued)
Swire Properties Ltd.		46,200	$	144,581
Wharf Real Estate Investment Co. Ltd.		14,000		73,021
Wheelock & Co. Ltd.		4,000		24,546
				928,201
India — 1.5%
Colgate-Palmolive India Ltd.		3,003		55,911
Divi’s Laboratories Ltd.		3,003		82,160
Dr. Reddy’s Laboratories Ltd.		2,618		114,266
GAIL India Ltd.		46,610		78,677
HDFC Asset Management Co. Ltd.(b)		769		34,207
Hindustan Petroleum Corp. Ltd.		18,788		61,203
Info Edge India Ltd.		1,925		76,821
Infosys Ltd.		80,311		873,311
Oil & Natural Gas Corp. Ltd.		36,883		56,314
Petronet LNG Ltd.		15,323		57,227
REC Ltd.		21,175		42,642
Tech Mahindra Ltd.		9,856		110,028
Wipro Ltd.		21,791		72,313
				1,715,080
Indonesia — 0.2%
Adaro Energy Tbk PT		438,900		39,374
Indofood CBP Sukses Makmur Tbk PT		92,400		76,972
Indofood Sukses Makmur Tbk PT		107,800		61,775
Kalbe Farma Tbk PT		785,400		82,250
				260,371
Ireland — 0.2%
Steris PLC		1,694		255,269
Japan — 3.2%
AGC Inc.		7,700		266,767
Alfresa Holdings Corp.		7,700		158,213
Brother Industries Ltd.		8,100		161,649
Daicel Corp.		7,700		74,524
Electric Power Development Co. Ltd.		7,700		176,116
Konica Minolta Inc.		15,400		96,618
Marubeni Corp.		46,200		338,961
Medipal Holdings Corp.		8,100		174,578
Mitsubishi UFJ Lease & Finance Co. Ltd.		7,700		49,304
NEC Corp.		8,100		367,689
Nippon Telegraph & Telephone Corp.		30,800		791,846
Obayashi Corp.		7,700		86,175
Sekisui Chemical Co. Ltd.		7,700		130,932
Stanley Electric Co. Ltd.		7,700		202,899
Teijin Ltd.		7,700		140,310
Tohoku Electric Power Co. Inc.		7,700		73,032
Tokyo Electric Power Co. Holdings Inc.(a)		46,200		185,422
Toppan Printing Co. Ltd.		7,700		156,010
Tosoh Corp.		7,700		111,751
				3,742,796
Malaysia — 0.0%
AirAsia Group Bhd		84,700		29,556
Sime Darby Bhd		53,900		28,673
				58,229
Mexico — 0.1%
Fibra Uno Administracion SA de CV		53,900		88,352
Megacable Holdings SAB de CV, CPO		7,700		28,617
				116,969
Netherlands — 2.0%
AerCap Holdings NV(a)		3,388		191,795

SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Global ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Koninklijke Ahold Delhaize NV		26,103	$	642,187
Koninklijke Philips NV		21,483		985,629
Koninklijke Vopak NV		1,771		94,952
NN Group NV		7,546		262,582
Randstad NV		2,772		159,617
				2,336,762
New Zealand — 0.1%
Mercury NZ Ltd.		26,026		88,256
Philippines — 0.1%
Globe Telecom Inc.		3,080		114,523
Robinsons Land Corp.		53,900		27,040
				141,563
Poland — 0.0%
PGE Polska Grupa Energetyczna SA(a)		31,647		55,968
Qatar — 0.3%
Barwa Real Estate Co.		31,706		30,636
Mesaieed Petrochemical Holding Co.		107,800		64,440
Ooredoo QPSC		34,492		65,244
Qatar Electricity & Water Co. QSC		7,000		30,667
Qatar Fuel QSC		11,150		67,017
Qatar International Islamic Bank QSC		25,487		65,116
				323,120
Russia — 0.9%
Gazprom PJSC		166,320		589,954
Gazprom PJSC, ADR		34,881		245,214
Inter RAO UES PJSC		847,000		76,667
Magnitogorsk Iron & Steel Works PJSC		77,000		54,107
Surgutneftegas PJSC, ADR		12,461		88,411
Surgutneftegas PJSC, ADR, New		4,710		35,231
				1,089,584
Saudi Arabia — 0.3%
Advanced Petrochemical Co.		3,311		42,535
Bupa Arabia for Cooperative Insurance Co.		616		16,878
Etihad Etisalat Co.(a)		7,315		51,373
Jarir Marketing Co.		1,617		69,386
Saudi Cement Co.		2,002		35,963
Saudi Telecom Co.		4,774		116,169
				332,304
Singapore — 0.3%
BOC Aviation Ltd.(b)		7,700		71,200
ComfortDelGro Corp. Ltd.		69,300		110,177
Mapletree Commercial Trust		53,900		92,802
Singapore Exchange Ltd.		7,300		46,531
Yangzijiang Shipbuilding Holdings Ltd.		92,400		64,312
				385,022
South Africa — 0.6%
Anglo American Platinum Ltd.		1,463		116,995
AngloGold Ashanti Ltd.		10,164		205,848
Exxaro Resources Ltd.		5,775		46,883
Gold Fields Ltd.		19,019		123,995
Impala Platinum Holdings Ltd.(a)		17,787		167,796
Kumba Iron Ore Ltd.		2,849		66,392
Momentum Metropolitan Holdings		21,098		28,118
Telkom SA SOC Ltd.		6,853		14,739
				770,766
South Korea — 1.5%
Daelim Industrial Co. Ltd.		462		31,398

Security	Shares		Value
South Korea (continued)
GS Holdings Corp.		1,463	$	56,097
Hankook Tire & Technology Co. Ltd.		2,772		66,750
Kia Motors Corp.		5,775		198,177
LG Corp.		2,849		168,045
LG Uplus Corp.		2,233		24,825
SK Hynix Inc.		13,321		1,045,025
SK Telecom Co. Ltd.		462		88,962
Woongjin Coway Co. Ltd.		1,001		73,741
				1,753,020
Spain — 0.1%
Mapfre SA		43,120		110,480
Sweden — 0.2%
Boliden AB		6,468		153,871
ICA Gruppen AB		2,310		101,568
				255,439
Switzerland — 3.6%
Adecco Group AG, Registered		3,927		230,868
Baloise Holding AG, Registered		1,236		223,376
Coca-Cola HBC AG		4,851		178,153
Pargesa Holding SA, Bearer		1,155		92,632
Roche Holding AG, NVS		8,239		2,770,395
Sonova Holding AG, Registered		1,694		424,708
Swisscom AG, Registered		462		253,694
				4,173,826
Taiwan — 1.1%
Asia Cement Corp.		77,000		115,083
Compal Electronics Inc.		231,000		140,317
Formosa Taffeta Co. Ltd.		77,000		86,153
Inventec Corp.		154,000		116,995
Lite-On Technology Corp.		77,000		120,309
Novatek Microelectronics Corp.		4,000		28,866
Phison Electronics Corp.		4,000		42,305
Pou Chen Corp.		77,000		89,467
Synnex Technology International Corp.		81,000		100,549
United Microelectronics Corp.		385,000		189,894
Winbond Electronics Corp.		231,000		129,612
Wistron Corp.		154,000		138,916
				1,298,466
Thailand — 0.3%
Electricity Generating PCL, NVDR		7,700		75,098
Intouch Holdings PCL, NVDR		53,900		96,405
PTT Exploration & Production PCL, NVDR		30,800		123,022
Ratch Group PCL, NVDR		7,700		16,798
Robinson PCL, NVDR		15,400		26,556
				337,879
United Arab Emirates — 0.2%
Aldar Properties PJSC		177,716		107,897
Emaar Malls PJSC		52,668		26,098
Emaar Properties PJSC		60,291		66,315
				200,310
United Kingdom — 4.7%
3i Group PLC		25,333		368,836
Barratt Developments PLC		27,720		293,347
Berkeley Group Holdings PLC		3,566		246,317
Burberry Group PLC		10,626		273,561
Carnival PLC		4,774		196,218
Direct Line Insurance Group PLC		21,098		93,947
Fiat Chrysler Automobiles NV		26,873		349,387

12 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Global ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Hargreaves Lansdown PLC		7,238	$	164,585
J Sainsbury PLC		42,735		114,019
JD Sports Fashion PLC		1,540		16,683
Kingfisher PLC		42,042		113,056
Marks & Spencer Group PLC		33,174		76,965
Meggitt PLC		21,868		194,751
Pearson PLC		23,023		172,503
Persimmon PLC		8,713		350,652
Rio Tinto PLC		25,487		1,372,100
Segro PLC		28,259		339,208
Smith & Nephew PLC		16,555		398,594
Taylor Wimpey PLC		87,164		247,149
Wm Morrison Supermarkets PLC		59,675		143,128
				5,525,006
United States — 55.6%
Accenture PLC, Class A		8,701		1,785,532
Acuity Brands Inc.		1,463		172,444
Advance Auto Parts Inc.		1,540		202,895
Aflac Inc.		18,403		949,043
Agilent Technologies Inc.(e)		7,315		603,926
Akamai Technologies Inc.(a)		4,081		380,961
Alleghany Corp.(a)		340		271,204
Alliant Energy Corp.		5,621		333,663
Allstate Corp. (The)		7,392		876,248
Ally Financial Inc.		10,549		337,884
Ameren Corp.		6,391		524,382
ANSYS Inc.(a)		2,079		570,332
Aon PLC		5,621		1,238,025
Apple Inc.		1,617		500,478
Arch Capital Group Ltd.(a)		9,702		428,440
Archer-Daniels-Midland Co.		12,782		572,122
Arrow Electronics Inc.(a)		1,771		134,490
Assurant Inc.		1,309		170,903
Athene Holding Ltd., Class A(a)		2,772		120,748
Atmos Energy Corp.		3,566		417,329
Autoliv Inc.		462		35,403
AutoZone Inc.(a)		539		570,240
Baxter International Inc.		11,550		1,030,491
Best Buy Co. Inc.		5,929		502,127
Biogen Inc.(a)		4,389		1,179,983
Bio-Rad Laboratories Inc., Class A(a)		385		138,954
Black Knight Inc.(a)		2,618		175,197
Booz Allen Hamilton Holding Corp.		2,926		228,345
BorgWarner Inc.		5,005		171,621
Brown & Brown Inc.		5,639		253,191
Bunge Ltd.		2,079		109,002
Burlington Stores Inc.(a)		1,540		334,904
Cadence Design Systems Inc.(a)		7,315		527,485
Camden Property Trust		2,156		242,399
Cardinal Health Inc.		6,314		323,340
CDW Corp./DE		4,004		522,322
Cerner Corp.		7,161		514,375
CH Robinson Worldwide Inc		3,696		266,925
Chipotle Mexican Grill Inc.(a)		616		533,924
Cincinnati Financial Corp.		3,080		323,246
Cooper Companies Inc. (The)		1,155		400,658
Copart Inc.(a)		5,313		539,057
Cummins Inc.		3,542		566,614
Darden Restaurants Inc.		3,080		358,604
Delta Air Lines Inc.		4,235		236,059

Security	Shares		Value
United States (continued)
Discovery Inc., Class A(a)(e)		3,927	$	114,904
Discovery Inc., Class C, NVS(a)		7,315		203,138
Dollar General Corp.		6,083		933,193
Dover Corp.		3,003		341,892
Eaton Vance Corp., NVS		3,003		137,387
EPAM Systems Inc.(a)		1,309		298,635
Equitable Holdings Inc.		6,776		162,760
Erie Indemnity Co., Class A, NVS		693		115,384
Everest Re Group Ltd.		1,078		298,142
Expeditors International of Washington Inc.		4,389		320,573
F5 Networks Inc.(a)		1,232		150,452
FactSet Research Systems Inc.		770		220,305
Fastenal Co.		14,938		521,037
Fidelity National Financial Inc		7,084		345,345
Flex Ltd.(a)		13,629		179,221
FLIR Systems Inc.		3,773		194,460
Franklin Resources Inc.		5,236		132,471
Gap Inc. (The)		6,160		107,246
Garmin Ltd.		3,003		291,141
Globe Life Inc.		2,464		256,897
Hartford Financial Services Group Inc. (The)		8,547		506,666
HCA Healthcare Inc.		6,622		919,134
HD Supply Holdings Inc.(a)		2,541		103,520
Healthpeak Properties Inc.		10,164		365,802
Henry Schein Inc.(a)		3,234		222,952
Hewlett Packard Enterprise Co.		30,877		430,117
HollyFrontier Corp.		4,466		200,613
Hormel Foods Corp.		7,007		331,151
HP Inc.		31,031		661,581
Huntington Ingalls Industries Inc.		1,001		261,261
IDEX Corp.		1,771		290,178
Ingredion Inc.		1,848		162,624
Intel Corp.		50,281		3,214,464
Intuit Inc.		5,852		1,640,784
Jack Henry & Associates Inc.		1,540		230,292
Jacobs Engineering Group Inc.		3,311		306,367
Jazz Pharmaceuticals PLC(a)		1,386		198,683
JB Hunt Transport Services Inc.		1,925		207,765
JM Smucker Co. (The)		2,926		303,163
Jones Lang LaSalle Inc.		1,309		222,294
Juniper Networks Inc.		8,547		196,068
Keysight Technologies Inc.(a)		4,081		379,492
Kimco Realty Corp.		10,010		190,690
Kohl’s Corp.		4,466		190,921
Kroger Co. (The)		18,788		504,646
Laboratory Corp. of America Holdings(a)		1,925		337,645
Lear Corp.		1,078		132,788
Lennox International Inc.		1,001		233,213
Liberty Property Trust		3,157		197,786
Lincoln National Corp.		5,159		281,062
Loews Corp.		6,853		352,587
Lululemon Athletica Inc.(a)		2,618		626,723
LyondellBasell Industries NV, Class A		6,930		539,570
ManpowerGroup Inc.		1,386		126,805
MarketAxess Holdings Inc.		909		321,950
Masco Corp.		5,005		237,838
Maxim Integrated Products Inc.		6,314		379,598
Medical Properties Trust Inc.		9,394		208,077
Mettler-Toledo International Inc.(a)		616		466,423
Micron Technology Inc.(a)		26,873		1,426,688

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Global ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Microsoft Corp.		1,386	$	235,939
Motorola Solutions Inc.		4,081		722,337
MSCI Inc.		2,079		594,178
National Retail Properties Inc.		3,927		219,912
News Corp., Class A, NVS		6,853		93,338
Nordstrom Inc.		3,157		116,367
NRG Energy Inc.		7,238		267,010
NVR Inc.(a)		81		309,175
OGE Energy Corp.		5,082		233,010
Old Dominion Freight Line Inc.		1,700		333,591
Owens Corning		3,003		181,651
Paychex Inc.		8,085		693,450
Perrigo Co. PLC		2,926		166,899
Pinnacle West Capital Corp.		2,233		218,142
Progressive Corp. (The)		14,861		1,199,134
PulteGroup Inc.		5,313		237,225
PVH Corp.		1,617		140,954
Qorvo Inc.(a)		2,541		268,990
Quest Diagnostics Inc.		3,542		391,993
Ralph Lauren Corp.		1,386		157,311
Reinsurance Group of America Inc.		1,536		221,261
ResMed Inc.		3,465		550,831
Robert Half International Inc.		3,234		188,122
Rollins Inc.		6,006		227,928
Ross Stores Inc.		9,240		1,036,636
Seagate Technology PLC		5,621		320,341
SEI Investments Co.		3,465		226,126
Skyworks Solutions Inc.		4,235		479,190
Snap-on Inc.		1,078		172,081
Southwest Airlines Co.		3,850		211,673
Spirit AeroSystems Holdings Inc., Class A		2,387		155,919
Synopsys Inc.(a)		3,850		567,913
T Rowe Price Group Inc.		6,006		801,981
Target Corp.		12,089		1,338,736
TE Connectivity Ltd.		7,931		731,080
Teledyne Technologies Inc.(a)		616		224,877
Teradyne Inc.		3,850		254,061
Textron Inc.		5,544		254,636
Tractor Supply Co.		2,618		243,343
Travelers Companies Inc. (The)		5,544		729,701
TripAdvisor Inc.		2,079		56,798
Tyson Foods Inc., Class A		6,391		528,088
Ulta Salon Cosmetics & Fragrance Inc.(a)		1,309		350,694
United Airlines Holdings Inc.(a)		1,540		115,192
United Rentals Inc.(a)		1,694		229,859
Universal Health Services Inc., Class B		1,771		242,822
Unum Group		5,698		152,080
Varian Medical Systems Inc.(a)		2,233		313,893
VEREIT Inc.		22,253		217,189
Voya Financial Inc.		4,697		280,552
WABCO Holdings Inc.(a)		1,155		156,676
Walgreens Boots Alliance Inc.		16,863		857,484
Waters Corp.(a)		1,617		361,868

Security	Shares		Value
United States (continued)
West Pharmaceutical Services Inc.		1,617	$	252,171
Western Union Co. (The)		9,009		242,342
Whirlpool Corp.		1,155		168,826
WR Berkley Corp.		3,542		260,443
WW Grainger Inc.		1,309		396,195
Xerox Holdings Corp.(a)		4,774		169,811
				65,180,104
Total Common Stocks — 99.2% (Cost: $107,349,677)				116,343,736
Preferred Stocks
Brazil — 0.3%
Itausa-Investimentos Itau SA, Preference Shares, NVS		84,776		255,127
Telefonica Brasil SA, Preference Shares, NVS		7,700		107,015
				362,142
Germany — 0.2%
Porsche Automobil Holding SE, Preference Shares, NVS		3,542		239,989
Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		161,700		91,348
Total Preferred Stocks — 0.6% (Cost: $661,641)				693,479
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.78%(f)(g)(h)		827,120		827,617
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.50%(f)(g)		68,000		68,000
				895,617
Total Short-Term Investments — 0.8% (Cost: $895,481)				895,617
Total Investments in Securities — 100.6% (Cost: $108,906,799)				117,932,832
Other Assets, Less Liabilities — (0.6)%				(684,787	)
Net Assets — 100.0%			$	117,248,045

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d) Rounds to less than $1.

^(e) All or a portion of this security is on loan.

^(f) Affiliate of the Fund.

^(g) Annualized 7-day yield as of period-end.

^(h) All or a portion of this security was purchased with cash collateral received from loaned securities.

14 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Global ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		343,737		483,383		827,120	$	827,617	$	1,252	(b)	$	129	$	49
BlackRock Cash Funds: Treasury, SL Agency Shares		65,000		3,000		68,000		68,000		1,205			—		—
							$	895,617	$	2,457		$	129	$	49

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini		1		03/20/20	$	161	$	1,412

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,412

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	22,580
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,412

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	53,733

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Global ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	115,855,137	$	488,597	$	2	$	116,343,736
Preferred Stocks		693,479		—		—		693,479
Money Market Funds		895,617		—		—		895,617
	$	117,444,233	$	488,597	$	2	$	117,932,832
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,412	$	—	$	—	$	1,412

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

See notes to financial statements.

16 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Edge MSCI Multifactor Intl ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 13.7%
AGL Energy Ltd.		460,312	$	6,147,708
Aurizon Holdings Ltd.		1,396,845		5,058,986
Bendigo & Adelaide Bank Ltd.		343,477		2,393,682
BHP Group PLC		1,175,995		25,730,171
BlueScope Steel Ltd.		360,990		3,443,722
CIMIC Group Ltd.		70,285		1,378,161
Coca-Cola Amatil Ltd.		355,342		2,849,846
Cochlear Ltd.		40,552		6,544,454
Dexus		747,825		6,368,030
Flight Centre Travel Group Ltd.		39,971		1,051,880
Fortescue Metals Group Ltd.		972,431		7,414,819
GPT Group (The)		1,295,831		5,204,963
Harvey Norman Holdings Ltd.		360,682		1,021,369
Magellan Financial Group Ltd.		89,557		4,033,100
Medibank Pvt Ltd.		1,928,900		4,003,035
Mirvac Group.		2,760,574		6,283,423
Newcrest Mining Ltd.		316,095		6,248,835
Qantas Airways Ltd.		513,457		2,203,333
Rio Tinto Ltd.		260,276		17,209,854
Scentre Group		3,729,309		9,636,819
Sonic Healthcare Ltd.		295,019		6,254,838
Woolworths Group Ltd.		880,379		24,659,221
				155,140,249
Belgium — 2.3%
Ageas		125,278		6,909,724
Colruyt SA		38,862		1,944,470
Groupe Bruxelles Lambert SA		56,620		5,692,344
Proximus SADP		109,352		3,116,850
UCB SA		88,723		8,168,662
				25,832,050
Canada — 13.2%
Air Canada(a)		91,702		3,073,721
Atco Ltd., Class I, NVS		54,361		2,121,746
Canadian Apartment Properties REIT		55,165		2,360,848
CGI Inc.(a)		168,689		12,924,469
CI Financial Corp.		158,356		2,776,663
Constellation Software Inc.		14,108		14,838,708
Empire Co. Ltd., Class A, NVS		122,818		2,850,941
First Capital Real Estate Investment Trust		123,599		2,025,171
Gildan Activewear Inc.		143,189		3,970,164
H&R Real Estate Investment Trust		95,067		1,537,547
Husky Energy Inc.		247,420		1,610,741
Hydro One Ltd.(b)		240,860		4,898,971
iA Financial Corp. Inc.		74,742		4,115,882
IGM Financial Inc.		58,854		1,703,030
Intact Financial Corp.		97,658		10,586,539
Kinross Gold Corp.(a)		880,338		4,466,423
Kirkland Lake Gold Ltd.		140,200		5,753,018
Loblaw Companies Ltd.		128,547		6,729,874
Magna International Inc.		208,027		10,552,744
Metro Inc.		178,719		7,290,378
Open Text Corp.		188,827		8,503,676
Power Corp. of Canada		211,187		5,272,689
Power Financial Corp.		189,319		4,917,098
RioCan REIT		101,255		2,079,381
SmartCentres Real Estate Investment Trust		51,142		1,214,601
Teck Resources Ltd., Class B		347,972		4,499,128
Thomson Reuters Corp.		140,652		11,314,481

Security	Shares		Value
Canada (continued)
WSP Global Inc.		74,877	$	5,324,700
				149,313,332
Denmark — 0.2%
H Lundbeck A/S		49,928		2,123,477
Finland — 1.0%
Elisa OYJ		99,587		5,997,090
Nokian Renkaat OYJ		87,837		2,366,359
Orion OYJ, Class B		74,628		3,528,927
				11,892,376
France — 7.4%
Alstom SA		40,136		2,132,310
Atos SE		68,884		5,735,982
BioMerieux		29,068		2,881,468
Bouygues SA		156,574		6,199,703
Cie. Generale des Etablissements Michelin SCA		119,837		13,944,356
Eurazeo SE		27,704		1,986,392
Eutelsat Communications SA		122,627		1,840,702
Faurecia SE		53,241		2,547,103
Ipsen SA		26,463		1,964,862
Peugeot SA		412,551		8,508,290
SCOR SE		114,499		4,876,299
Societe Generale SA		568,447		18,410,379
STMicroelectronics NV		479,047		13,425,955
				84,453,801
Germany — 2.4%
Carl Zeiss Meditec AG, Bearer		28,292		3,464,529
Covestro AG(b)		122,094		5,161,870
Deutsche Lufthansa AG, Registered		171,829		2,633,522
Hannover Rueck SE		42,313		8,229,419
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		8,795		2,595,525
Puma SE		58,272		4,675,378
				26,760,243
Hong Kong — 4.3%
Hang Lung Properties Ltd.		1,411,000		2,972,860
Hongkong Land Holdings Ltd.		838,400		4,468,672
Kerry Properties Ltd.		464,500		1,307,077
Link REIT		1,302,000		13,246,532
Sino Land Co. Ltd.		2,172,000		2,981,818
Swire Pacific Ltd., Class A		353,000		3,129,989
Swire Properties Ltd.		825,800		2,584,314
Vitasoy International Holdings Ltd.(c)		538,000		1,957,334
WH Group Ltd.(b)		6,708,000		6,444,601
Wharf Real Estate Investment Co. Ltd.		852,000		4,443,843
Wheelock & Co. Ltd.		567,000		3,479,446
Yue Yuen Industrial Holdings Ltd.		504,500		1,406,641
				48,423,127
Israel — 0.3%
Israel Discount Bank Ltd., Class A		820,354		3,742,020
Italy — 0.3%
Leonardo SpA		261,711		3,242,515
Japan — 17.6%
AGC Inc.		128,900		4,465,743
Alfresa Holdings Corp.		131,400		2,699,892
Amada Holdings Co. Ltd.		231,800		2,487,276
Astellas Pharma Inc.		1,323,700		23,821,348
Brother Industries Ltd.		157,000		3,133,192

SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Intl ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Calbee Inc.		55,600	$	1,841,620
Chubu Electric Power Co. Inc.		452,500		6,212,299
Credit Saison Co. Ltd.		111,400		1,825,404
Daicel Corp.		174,300		1,686,956
Electric Power Development Co. Ltd.		101,700		2,326,100
Fujitsu Ltd.		137,300		14,713,655
Hino Motors Ltd.		202,000		1,930,821
Hitachi Ltd.		650,200		25,375,707
Japan Airlines Co. Ltd.		80,900		2,310,149
JTEKT Corp.		141,800		1,549,026
Kakaku.com Inc.		94,900		2,518,175
Kamigumi Co. Ltd.		75,900		1,640,759
Konica Minolta Inc.		318,000		1,995,110
Kurita Water Industries Ltd.		70,100		2,092,296
Marubeni Corp.		1,096,900		8,047,745
Medipal Holdings Corp.		125,100		2,696,255
Mitsubishi UFJ Lease & Finance Co. Ltd.		285,000		1,824,884
NEC Corp.		174,900		7,939,364
NH Foods Ltd.		57,000		2,537,482
Nippon Telegraph & Telephone Corp.		900,400		23,148,633
Obayashi Corp.		455,800		5,101,125
ORIX Corp.		153,800		2,636,531
Shimamura Co. Ltd.		14,700		1,120,284
Shinsei Bank Ltd.		114,300		1,782,230
Sumitomo Dainippon Pharma Co. Ltd.		112,400		1,973,494
Sumitomo Heavy Industries Ltd.		77,900		2,107,329
Sumitomo Rubber Industries Ltd.		120,300		1,348,568
Sundrug Co. Ltd.		49,800		1,713,835
Suzuken Co. Ltd.		50,300		1,965,406
Toho Gas Co. Ltd.		56,900		2,228,542
Tohoku Electric Power Co. Inc.		299,500		2,840,670
Tokyo Electric Power Co. Holdings Inc.(a)		1,070,300		4,295,617
Tokyo Gas Co. Ltd.		270,800		6,016,390
Toppan Printing Co. Ltd.		197,000		3,991,438
Tosoh Corp.		181,000		2,626,867
Toyo Suisan Kaisha Ltd.		61,200		2,597,407
Toyoda Gosei Co. Ltd.		45,200		1,051,337
Yamazaki Baking Co. Ltd.		84,600		1,629,790
Yokohama Rubber Co. Ltd. (The)		78,200		1,362,917
				199,209,668
Netherlands — 8.1%
Aegon NV		1,251,281		5,087,692
AerCap Holdings NV(a)		86,262		4,883,292
EXOR NV		76,002		5,612,783
Koninklijke Ahold Delhaize NV		830,129		20,422,871
Koninklijke Philips NV		564,859		25,915,443
Koninklijke Vopak NV		49,399		2,648,514
NN Group NV		214,800		7,474,500
Randstad NV		85,432		4,919,353
Wolters Kluwer NV		196,207		14,768,297
				91,732,745
New Zealand — 0.5%
Mercury NZ Ltd.		477,359		1,618,755
Spark New Zealand Ltd.		1,284,253		3,872,946
				5,491,701
Singapore — 1.2%
ComfortDelGro Corp. Ltd.		1,522,500		2,420,562
Mapletree Commercial Trust		1,417,300		2,440,219
Singapore Airlines Ltd.		380,300		2,382,273

Security	Shares		Value
Singapore (continued)
Singapore Exchange Ltd.		533,000	$	3,397,392
Venture Corp. Ltd.		193,900		2,319,867
Yangzijiang Shipbuilding Holdings Ltd.		1,729,000		1,203,422
				14,163,735
Spain — 1.6%
Enagas SA		59,542		1,604,742
Mapfre SA		830,949		2,129,023
Red Electrica Corp. SA		305,074		6,097,328
Repsol SA		621,570		8,586,192
				18,417,285
Sweden — 1.3%
Boliden AB		191,862		4,564,328
ICA Gruppen AB		64,418		2,832,383
Kinnevik AB, Class B		173,986		4,202,242
L E Lundbergforetagen AB, Class B		53,250		2,312,611
Millicom International Cellular SA, SDR		23,214		1,096,798
				15,008,362
Switzerland — 9.2%
Adecco Group AG, Registered		108,912		6,402,935
Baloise Holding AG, Registered		34,252		6,190,185
Coca-Cola HBC AG		139,027		5,105,775
Pargesa Holding SA, Bearer		27,187		2,180,429
Roche Holding AG, NVS		123,422		41,501,119
SGS SA, Registered		3,718		10,759,436
Sonova Holding AG, Registered		38,952		9,765,767
Swiss Life Holding AG, Registered		23,563		11,859,070
Swisscom AG, Registered		18,127		9,953,921
				103,718,637
United Kingdom — 14.5%
3i Group PLC		677,822		9,868,765
Barratt Developments PLC		713,571		7,551,374
Berkeley Group Holdings PLC		83,691		5,780,847
Burberry Group PLC		286,285		7,370,251
Carnival PLC		112,181		4,610,806
Direct Line Insurance Group PLC		963,722		4,291,339
easyJet PLC		112,597		2,067,566
Evraz PLC		360,209		1,674,242
Ferguson PLC		159,908		14,337,990
Fiat Chrysler Automobiles NV		761,480		9,900,310
Halma PLC		80,208		2,227,736
Hargreaves Lansdown PLC		204,245		4,644,318
J Sainsbury PLC		1,237,502		3,301,702
JD Sports Fashion PLC		306,954		3,325,224
Kingfisher PLC		1,476,839		3,971,410
M&G PLC(a)		1,794,066		5,680,582
Marks & Spencer Group PLC		1,366,763		3,170,935
Meggitt PLC		544,733		4,851,262
Pearson PLC		547,320		4,100,878
Persimmon PLC		221,513		8,914,715
Rio Tinto PLC		498,910		26,858,972
Smith & Nephew PLC		610,416		14,696,944
Taylor Wimpey PLC		2,298,776		6,518,062
Wm Morrison Supermarkets PLC		1,716,259		4,116,388
				163,832,618
Total Common Stocks — 99.1% (Cost: $1,115,176,265)				1,122,497,941

18 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Intl ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Germany — 0.6%
Porsche Automobil Holding SE, Preference Shares, NVS		108,144	$	7,327,336
Total Preferred Stocks — 0.6% (Cost: $8,431,413)				7,327,336
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.78%(d)(e)(f)		1,792,286		1,793,361
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.50%(d)(e)		302,000		302,000
				2,095,361
Total Short-Term Investments — 0.2% (Cost: $2,095,162)				2,095,361
Total Investments in Securities — 99.9% (Cost: $1,125,702,840)				1,131,920,638
Other Assets, Less Liabilities — 0.1%				650,565
Net Assets — 100.0%			$	1,132,571,203

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c) All or a portion of this security is on loan.

^(d) Affiliate of the Fund.

^(e) Annualized 7-day yield as of period-end.

^(f) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		2,241,970		(449,684	)		1,792,286	$	1,793,361	$	7,897	(b)	$	1,127	$	(250	)
BlackRock Cash Funds: Treasury, SL Agency Shares		860,000		(558,000	)		302,000		302,000		4,236			—		—
								$	2,095,361	$	12,133		$	1,127	$	(250	)

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		4		03/19/20	$	466	$	12,464
Euro STOXX 50 Index		23		03/20/20		927		(24,152	)
FTSE 100 Index		7		03/20/20		666		(24,482	)
TOPIX Index		4		03/12/20		620		(15,164	)
							$	(51,334	)

SCHEDULE OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Intl ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	12,464
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	63,798

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	672,033
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(51,334	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,861,181

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	1,122,497,941		$	—	$	—	$	1,122,497,941
Preferred Stocks		7,327,336			—		—		7,327,336
Money Market Funds		2,095,361			—		—		2,095,361
	$	1,131,920,638		$	—	$	—	$	1,131,920,638
Derivative financial instruments(a)
Assets
Futures Contracts	$	12,464		$	—	$	—	$	12,464
Liabilities
Futures Contracts		(63,798	)		—		—		(63,798	)
	$	(51,334	)	$	—	$	—	$	(51,334	)

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

See notes to financial statements.

20 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Edge MSCI Multifactor Intl Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 11.2%
Abacus Property Group		88,968	$	225,731
Accent Group Ltd.		66,880		75,890
Ansell Ltd.		29,716		637,384
Austal Ltd.		68,628		180,556
Australian Pharmaceutical Industries Ltd.		85,050		74,872
Aventus Group		49,364		98,810
Beach Energy Ltd.		371,491		664,015
Bravura Solutions Ltd.		53,010		196,246
BWP Trust		106,897		294,121
Castile Resources Pty Ltd.(a)		13,028		1,744
Cedar Woods Properties Ltd.		13,764		73,622
Centuria Industrial REIT		38,880		95,003
Charter Hall Group		101,163		870,925
Charter Hall Retail REIT		73,492		231,728
Charter Hall Social Infrastructure REIT		55,486		129,265
Clinuvel Pharmaceuticals Ltd.		7,980		147,979
Collins Foods Ltd.		24,097		137,765
Credit Corp. Group Ltd.		11,517		273,244
Cromwell Property Group		337,478		276,758
CSR Ltd.		107,318		349,162
Dicker Data Ltd.		10,754		48,523
Estia Health Ltd.		44,878		74,208
G8 Education Ltd.		94,126		120,669
GDI Property Group		117,885		121,928
Genworth Mortgage Insurance Australia Ltd.		45,156		110,641
Growthpoint Properties Australia Ltd.		58,140		170,088
GWA Group Ltd.		41,004		98,271
HT&E Ltd.		54,074		61,540
Infigen Energy		199,462		105,489
Ingenia Communities Group		49,372		157,989
Integrated Research Ltd.		24,065		47,687
IPH Ltd.		44,423		272,409
Jumbo Interactive Ltd.		8,892		80,005
Jupiter Mines Ltd.		304,570		59,129
Lovisa Holdings Ltd.(b)		12,616		94,339
McMillan Shakespeare Ltd.		14,288		123,294
Metcash Ltd.		194,674		341,450
Mount Gibson Iron Ltd.		92,079		55,786
Myer Holdings Ltd.(a)		162,149		47,762
Nanosonics Ltd.(a)		55,024		255,640
Navigator Global Investments Ltd.		30,476		65,695
Netwealth Group Ltd.		20,976		113,884
Northern Star Resources Ltd.		138,756		1,170,416
Pendal Group Ltd.		7,535		44,743
Perenti Global Ltd.		79,880		82,085
Perpetual Ltd.		9,804		280,252
Perseus Mining Ltd.(a)		251,902		194,774
PolyNovo Ltd.(a)		122,740		230,071
Pro Medicus Ltd.		8,930		143,476
Ramelius Resources Ltd.		143,944		126,718
Regis Healthcare Ltd.		29,298		47,269
Regis Resources Ltd.		110,020		331,438
Sandfire Resources Ltd.		37,356		139,544
Saracen Mineral Holdings Ltd.(a)		169,841		449,115
Service Stream Ltd.		72,846		128,257
Shopping Centres Australasia Property Group		197,182		381,490
Sigma Healthcare Ltd.		217,409		87,327
St. Barbara Ltd.		148,708		271,778

Security	Shares		Value
Australia (continued)
Super Retail Group Ltd.		30,058	$	188,747
Tassal Group Ltd.		41,165		118,775
Technology One Ltd.		55,670		317,526
Village Roadshow Ltd.		24,974		67,377
Virtus Health Ltd.		16,124		46,631
Viva Energy REIT		104,424		193,641
Western Areas Ltd.		57,684		99,245
Westgold Resources Ltd.(a)		72,048		105,629
Whitehaven Coal Ltd.		151,889		255,222
				13,162,792
Belgium — 3.5%
AGFA-Gevaert NV(a)		35,542		174,566
Barco NV		1,990		495,094
Befimmo SA		4,794		294,856
Bekaert SA		7,486		190,310
bpost SA		21,318		212,527
D’ieteren SA/NV		5,434		350,478
Gimv NV		4,420		272,343
Intervest Offices & Warehouses NV		4,028		119,631
Montea CVA		2,485		245,646
Orange Belgium SA		6,926		140,767
Recticel SA		7,448		63,555
Sioen Industries NV		1,218		29,290
Sofina SA		3,382		773,948
Van de Velde NV		1,275		39,633
Warehouses De Pauw CVA		26,656		761,841
				4,164,485
Canada — 8.6%
AGF Management Ltd., Class B, NVS		16,570		88,579
Alacer Gold Corp.(a)		63,618		299,198
Alaris Royalty Corp.		8,018		132,466
Allied Properties REIT		10,896		454,937
AltaGas Canada Inc.		3,952		99,954
Altus Group Ltd.		8,861		290,442
Artis REIT		13,642		121,613
Badger Daylighting Ltd.		7,828		204,379
Canaccord Genuity Group Inc.		22,423		83,415
Canfor Pulp Products Inc.		6,308		40,494
Celestica Inc.(a)		24,633		223,132
Centerra Gold Inc.(a)		47,509		380,776
China Gold International Resources Corp. Ltd.(a)		64,186		54,841
Cogeco Communications Inc.		3,534		277,632
Cogeco Inc.		1,254		87,914
Computer Modelling Group Ltd.		18,289		111,735
Corby Spirit and Wine Ltd.		2,605		30,589
Corus Entertainment Inc., Class B, NVS		43,890		166,593
Descartes Systems Group Inc. (The)(a)		17,100		767,111
Dream Industrial REIT(b)		12,564		132,808
Dream Office REIT		5,935		146,070
Dundee Precious Metals Inc.(a)		30,552		141,146
Enerplus Corp.		48,571		247,896
Enghouse Systems Ltd.		8,930		353,945
Equitable Group Inc.		2,588		206,152
ERO Copper Corp.(a)(b)		13,870		190,659
Evertz Technologies Ltd.		5,966		78,175
Exco Technologies Ltd.		4,648		26,358
Frontera Energy Corp.		14,098		100,308
Genworth MI Canada Inc.		8,752		386,463
goeasy Ltd.		2,432		123,352

SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Intl Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Granite REIT		5,396	$	291,761
Home Capital Group Inc.(a)		12,578		300,054
InterRent REIT		11,524		146,561
Killam Apartment REIT		11,514		175,511
Labrador Iron Ore Royalty Corp.		13,426		214,097
Magellan Aerospace Corp.		3,349		35,654
Major Drilling Group International Inc.(a)		16,188		67,198
Martinrea International Inc.		18,054		176,097
Minto Apartment Real Estate Investment Trust		3,344		62,301
Morguard North American REIT		2,888		41,664
Morguard REIT		5,186		49,368
Neo Performance Materials Inc.		2,587		21,321
North West Co. Inc. (The)		10,526		219,346
OceanaGold Corp.		132,400		277,304
Parex Resources Inc.(a)		31,018		491,344
Real Matters Inc.(a)		17,328		182,117
Rogers Sugar Inc.		21,821		79,031
SEMAFO Inc.(a)		72,390		152,711
Silvercorp Metals Inc.		36,405		189,657
Sprott Inc.		38,456		92,465
Teranga Gold Corp.(a)		18,696		106,447
Transat AT Inc.(a)		7,106		86,827
Transcontinental Inc., Class A		15,660		184,242
Wajax Corp.		3,952		44,554
Wesdome Gold Mines Ltd.(a)		30,172		205,778
Westshore Terminals Investment Corp.		10,108		122,896
				10,065,438
China — 0.2%
K Wah International Holdings Ltd.		266,000		130,518
O-Net Technologies Group Ltd.		76,000		39,640
TK Group Holdings Ltd.		78,000		38,172
				208,330
Denmark — 0.4%
Matas A/S		7,790		73,472
NNIT A/S(c)		2,894		45,749
Per Aarsleff Holding A/S		4,113		125,341
Scandinavian Tobacco Group A/S(c)		13,870		181,722
				426,284
Finland — 0.7%
Cramo OYJ		8,212		124,768
Rovio Entertainment OYJ(c)		10,426		52,386
Sanoma OYJ		15,808		189,725
TietoEVRY OYJ		12,160		397,264
				764,143
France — 2.5%
ABC arbitrage		7,304		53,746
AKWEL		2,090		43,358
Albioma SA		6,043		201,575
Aubay		1,579		52,496
Beneteau SA		7,904		84,921
Boiron SA		1,078		40,976
Bonduelle SCA		3,026		72,098
Cie. des Alpes		1,870		62,377
Coface SA(a)		19,114		235,757
Derichebourg SA		20,827		75,843
Gaztransport Et Technigaz SA		4,762		482,868
GL Events		1,900		44,638
Groupe Crit		535		40,850
Groupe Guillin		1,597		26,441

Security	Shares		Value
France (continued)
Guerbet		1,227	$	47,388
IPSOS		8,139		264,276
LNA Sante SA		1,150		58,433
Mersen SA		3,325		109,069
Metropole Television SA		5,092		84,757
Quadient		7,679		184,834
Societe BIC SA		5,472		369,605
Television Francaise 1		8,246		62,277
Vilmorin & Cie SA		1,411		68,332
Virbac SA(a)		912		223,360
				2,990,275
Germany — 3.4%
ADVA Optical Networking SE(a)		9,348		77,385
alstria office REIT AG		32,262		640,332
Amadeus Fire AG		1,191		201,940
bet-at-home.com AG		726		38,426
Borussia Dortmund GmbH & Co. KGaA		13,567		132,608
CANCOM SE		6,787		405,777
Cewe Stiftung & Co. KGaA		1,116		127,385
Corestate Capital Holding SA(b)		2,774		121,583
CropEnergies AG		5,890		65,926
Datagroup SE(b)		836		59,756
Dermapharm Holding SE		2,926		122,505
Deutz AG		25,695		134,745
Draegerwerk AG & Co. KGaA		646		29,459
Eckert & Ziegler Strahlen- und Medizintechnik AG		798		152,815
Elmos Semiconductor AG		2,326		72,175
ElringKlinger AG(a)		5,814		39,689
Hamburger Hafen und Logistik AG		5,557		137,206
Hornbach Baumarkt AG		1,520		33,352
Hornbach Holding AG & Co. KGaA		2,094		132,273
Kloeckner & Co. SE		14,972		95,487
Koenig & Bauer AG		3,040		80,854
Siltronic AG		4,484		485,389
STRATEC SE		1,069		75,700
Takkt AG		6,460		84,905
Varta AG(a)		2,964		252,594
VERBIO Vereinigte BioEnergie AG		5,369		76,159
Wuestenrot & Wuerttembergische AG		5,700		120,902
				3,997,327
Hong Kong — 3.2%
Bright Smart Securities & Commodities Group Ltd.		76,000		20,260
Cafe de Coral Holdings Ltd.		76,000		171,088
Champion REIT		456,000		274,837
Chow Sang Sang Holdings International Ltd.		76,000		89,557
CITIC Telecom International Holdings Ltd.		304,000		105,707
Comba Telecom Systems Holdings Ltd.		304,000		111,579
CSI Properties Ltd.		1,160,000		41,829
Dah Sing Financial Holdings Ltd.		30,400		110,013
Emperor International Holdings Ltd.		232,000		45,713
Fairwood Holdings Ltd.(b)		20,000		48,526
Far East Consortium International Ltd.		228,000		98,659
Giordano International Ltd.		304,000		77,910
Hang Lung Group Ltd.		190,000		473,232
Hysan Development Co. Ltd.		114,000		430,167
IT Ltd.		78,000		17,579
Johnson Electric Holdings Ltd.		76,000		169,326
Langham Hospitality Investments and Langham Hospitality Investments Ltd.		171,500		44,615

22 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Intl Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
NewOcean Energy Holdings Ltd.(a)(b)		166,000	$	23,516
Nissin Foods Co. Ltd.(b)		76,000		61,858
Prosperity REIT		267,000		102,125
Regal Hotels International Holdings Ltd.		78,000		38,975
Shun Tak Holdings Ltd.		304,000		131,546
SITC International Holdings Co. Ltd.		304,000		360,185
Sun Hung Kai & Co. Ltd.		110,000		49,299
Sunlight REIT		266,000		169,228
Texwinca Holdings Ltd.		152,000		32,299
United Laboratories International Holdings Ltd. (The)		152,000		100,421
VSTECS Holdings Ltd.		160,000		77,889
VTech Holdings Ltd.		34,200		311,173
				3,789,111
Ireland — 0.3%
Hibernia REIT PLC		143,222		217,762
Irish Residential Properties REIT PLC		80,222		147,400
				365,162
Israel — 0.6%
Blue Square Real Estate Ltd.		1,026		73,191
Equital Ltd.(a)		1		20
Mehadrin Ltd.(a)		0		13
Menora Mivtachim Holdings Ltd.		4,256		56,772
Naphtha Israel Petroleum Corp. Ltd.		6,878		36,041
Phoenix Holdings Ltd. (The)		15,923		87,593
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		1,102		63,721
REIT 1 Ltd.		41,801		256,737
Summit Real Estate Holdings Ltd.		8,360		125,432
				699,520
Italy — 2.5%
Ascopiave SpA		18,776		91,969
ASTM SpA		7,397		215,918
Cairo Communication SpA		14,858		39,271
DeA Capital SpA		22,090		34,958
DiaSorin SpA		5,096		626,860
doValue SpA(c)		8,778		114,788
El.En. SpA		2,204		69,464
Enav SpA(c)		58,596		378,253
Falck Renewables SpA		25,314		164,951
Gamenet Group SpA(c)		3,458		49,818
Iren SpA		126,888		422,696
La Doria SpA		2,596		25,489
RAI Way SpA(c)		20,330		132,475
Sesa SpA		1,755		98,411
Tinexta SpA		4,142		49,574
Unipol Gruppo SpA		90,782		463,083
				2,977,978
Japan — 23.0%
Adastria Co. Ltd.		4,700		93,363
Aichi Corp.		6,800		45,423
Aichi Steel Corp.		3,800		123,587
Aisan Industry Co. Ltd.		7,600		49,926
Anest Iwata Corp.		7,600		70,892
Arcland Sakamoto Co. Ltd.		8,000		89,680
Arcs Co. Ltd.		7,600		136,454
Argo Graphics Inc.		3,800		121,659
Asahi Co. Ltd.		3,800		46,174
Asahi Diamond Industrial Co. Ltd.		11,600		64,858
ASKA Pharmaceutical Co. Ltd.		3,900		44,763
Axial Retailing Inc.		3,800		129,898

Security	Shares		Value
Japan (continued)
Bando Chemical Industries Ltd.		7,700	$	58,753
Belc Co. Ltd.		3,800		205,453
BML Inc.		3,800		109,738
Broadleaf Co. Ltd.		19,400		109,364
Bunka Shutter Co. Ltd.		15,200		123,552
C.I. Takiron Corp.		6,800		43,667
Canon Electronics Inc.		3,800		73,311
Capcom Co. Ltd.		19,000		545,186
Cawachi Ltd.		4,000		79,015
Chiyoda Integre Co. Ltd.		3,800		72,084
Chori Co. Ltd.		4,000		79,605
Chubu Shiryo Co. Ltd.		3,900		61,675
Citizen Watch Co. Ltd.		64,600		319,469
CMK Corp.		11,600		56,510
Computer Engineering & Consulting Ltd.		4,000		76,394
CONEXIO Corp.		4,000		59,159
Corona Corp.		8,000		75,730
Cybozu Inc.		3,800		67,841
Daido Metal Co. Ltd.		7,700		48,522
Daiho Corp.		3,800		96,135
Daikyonishikawa Corp.		8,000		55,949
Daiwa Industries Ltd.		8,000		86,359
Daiwabo Holdings Co. Ltd.		3,800		215,620
Denki Kogyo Co. Ltd.		800		27,495
Denyo Co. Ltd.		4,000		77,096
Digital Arts Inc.		3,800		179,508
Dip Corp.		7,600		246,473
Doutor Nichires Holdings Co. Ltd.		3,800		72,610
DTS Corp.		7,600		179,087
Eagle Industry Co. Ltd.		3,800		34,675
EDION Corp.		19,000		199,493
Ehime Bank Ltd. (The)		3,800		39,653
Elan Corp.		3,800		59,743
Elecom Co. Ltd.		4,000		163,860
Elematec Corp.		3,800		43,440
EM Systems Co. Ltd.		7,600		63,950
ESPEC Corp.		3,900		80,745
Exedy Corp.		7,600		161,347
FCC Co. Ltd.		7,600		157,490
Foster Electric Co. Ltd.		3,800		57,990
France Bed Holdings Co. Ltd.		3,800		33,518
Fuji Co. Ltd./Ehime		3,800		64,686
Fuji Pharma Co. Ltd.		3,800		48,488
Fujibo Holdings Inc.		3,900		128,639
Fujimori Kogyo Co. Ltd.		4,000		125,479
Fujio Food System Co. Ltd.		3,800		61,531
Future Corp.		3,900		68,835
G-7 Holdings Inc.		3,800		87,054
Gakken Holdings Co. Ltd.		400		26,720
Gecoss Corp.		4,100		40,665
Geo Holdings Corp.		7,800		89,741
Godo Steel Ltd.		3,800		100,412
Goldcrest Co. Ltd.		3,900		67,720
G-Tekt Corp.		4,000		58,790
GungHo Online Entertainment Inc.(a)		8,680		160,650
Gurunavi Inc.		7,600		62,688
Hamakyorex Co. Ltd.		3,900		119,463
Heiwado Co. Ltd.		7,700		136,474
Hibiya Engineering Ltd.		4,000		71,228
Hisaka Works Ltd.		8,000		67,611

SCHEDULE OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Intl Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hochiki Corp.		3,800	$	53,888
Hogy Medical Co. Ltd.		3,800		132,352
Hosiden Corp.		11,400		128,215
Ichikoh Industries Ltd.		7,600		48,453
Icom Inc.		3,800		89,193
Inaba Denki Sangyo Co. Ltd.		8,600		219,235
Inabata & Co. Ltd.		11,400		155,878
Ines Corp.		4,400		64,994
Infocom Corp.		4,100		115,754
Infomart Corp.		42,600		344,306
Ishihara Sangyo Kaisha Ltd.		8,000		69,308
Itochu Enex Co. Ltd.		15,200		131,265
Japan Aviation Electronics Industry Ltd.		11,400		207,626
Japan Cash Machine Co. Ltd.		3,800		29,170
Japan Meat Co. Ltd.		3,800		79,166
Japan Medical Dynamic Marketing Inc.		3,800		81,655
Japan Pulp & Paper Co. Ltd.		1,400		52,507
Japan Wool Textile Co. Ltd. (The)		11,400		110,755
JCR Pharmaceuticals Co. Ltd.		3,900		341,477
JDC Corp.		7,600		41,932
Jeol Ltd.		7,600		251,732
J-Oil Mills Inc.		3,800		144,448
Joshin Denki Co. Ltd.		4,000		89,311
JVCKenwood Corp.		38,000		88,352
K&O Energy Group Inc.		4,000		59,602
Kaga Electronics Co. Ltd.		4,000		84,883
Kamei Corp.		4,100		42,670
Kanamoto Co. Ltd.		7,600		191,078
Kanematsu Electronics Ltd.		4,000		131,383
Kanto Denka Kogyo Co. Ltd.		11,400		108,546
Kasai Kogyo Co. Ltd.		7,900		59,914
Keihanshin Building Co. Ltd.		7,600		103,778
Keihin Corp.		7,800		185,743
Kissei Pharmaceutical Co. Ltd.		3,800		109,563
KLab Inc.(a)(b)		8,000		58,311
Koa Corp.		4,100		44,751
Koatsu Gas Kogyo Co. Ltd.		3,800		28,364
Kohnan Shoji Co. Ltd.		3,800		83,969
Kurabo Industries Ltd.		4,000		86,765
Kureha Corp.		3,800		217,373
Kyokuto Kaihatsu Kogyo Co. Ltd.		8,000		105,771
KYORIN Holdings Inc.		7,600		138,908
Makino Milling Machine Co. Ltd.		3,800		147,253
Mani Inc.		15,200		388,888
Marudai Food Co. Ltd.		3,800		74,573
Maruwa Co. Ltd./Aichi		1,400		105,015
Maruzen Showa Unyu Co. Ltd.		3,800		103,112
Marvelous Inc.		11,500		74,060
Max Co. Ltd.		3,800		72,399
Maxell Holdings Ltd.		11,400		151,881
MCJ Co. Ltd.		15,200		106,162
Meidensha Corp.		7,600		145,009
Meisei Industrial Co. Ltd.		5,300		42,396
Menicon Co. Ltd.		3,900		177,036
Micronics Japan Co. Ltd.		4,200		49,872
Mimasu Semiconductor Industry Co. Ltd.		4,000		87,134
Mirai Corp.		380		214,568
Mitsubishi Estate Logistics REIT Investment Corp.		76		278,729
Mitsubishi Research Institute Inc.		800		31,960
Mitsuboshi Belting Ltd.		3,800		66,614

Security	Shares		Value
Japan (continued)
Mitsui Sugar Co. Ltd.		4,000	$	79,347
Mitsuuroko Group Holdings Co. Ltd.		7,600		78,465
Mizuno Corp.		3,800		93,050
Mochida Pharmaceutical Co. Ltd.		3,800		144,623
MTI Ltd.		3,800		24,297
Nagaileben Co. Ltd.		3,800		83,303
Nakayama Steel Works Ltd.		3,900		17,883
NEC Networks & System Integration Corp.		3,800		144,273
Nichiden Corp.		3,800		72,154
NichiiGakkan Co. Ltd.		7,600		106,232
Nikkiso Co. Ltd.		11,400		145,885
Nippon Flour Mills Co. Ltd.		11,400		174,495
Nippon Koei Co. Ltd.		3,800		127,269
Nippon Seiki Co. Ltd.		7,600		113,385
Nippon Signal Co. Ltd.		12,000		154,117
Nippon Soda Co. Ltd.		3,800		105,181
Nishio Rent All Co. Ltd.		3,900		106,581
Nisshin Oillio Group Ltd. (The)		3,800		129,022
Nissin Corp.		3,900		61,207
Nissin Electric Co. Ltd.		11,400		139,259
Nitto Boseki Co. Ltd.		4,100		174,388
Nitto Kohki Co. Ltd.		200		4,384
Noritake Co. Ltd./Nagoya		3,800		154,090
Ohsho Food Service Corp.		3,800		229,644
Oiles Corp.		3,800		54,063
Okabe Co. Ltd.		7,600		60,654
Okinawa Electric Power Co. Inc. (The)		11,487		214,192
Okuwa Co. Ltd.		3,800		51,819
One REIT Inc.		38		132,352
Osaka Soda Co. Ltd.		4,000		108,354
Osaki Electric Co. Ltd.		11,500		67,163
OSJB Holdings Corp.		26,600		66,755
Oyo Corp.		7,700		99,318
Pack Corp. (The)		4,000		143,378
Paramount Bed Holdings Co. Ltd.		3,800		160,751
Press Kogyo Co. Ltd.		22,800		76,992
Proto Corp.		4,400		55,941
Raito Kogyo Co. Ltd.		11,400		162,925
Raiznext Corp.		8,100		96,107
Raysum Co. Ltd.		3,800		34,359
Riken Keiki Co. Ltd.		3,900		77,219
Riso Kagaku Corp.		3,800		66,124
Riso Kyoiku Co. Ltd.		22,800		76,151
Rock Field Co. Ltd.		3,800		50,697
Ryobi Ltd.		4,100		68,091
Sac’s Bar Holdings Inc.		3,800		29,976
Saizeriya Co. Ltd.		7,600		168,359
Sakai Chemical Industry Co. Ltd.		4,000		83,296
SAMTY Co. Ltd.		7,600		130,915
San ju San Financial Group Inc.		3,800		55,605
San-Ai Oil Co. Ltd.		11,400		117,066
Sanyo Chemical Industries Ltd.		3,800		181,962
SB Technology Corp.		3,800		84,951
SBS Holdings Inc.		3,800		64,265
Seikagaku Corp.		7,800		84,632
Sekisui Jushi Corp.		3,800		85,196
Sekisui Plastics Co. Ltd.		3,900		28,067
Shin-Etsu Polymer Co. Ltd.		12,000		104,848
Shinko Electric Industries Co. Ltd.		15,500		188,628
Shinnihon Corp.		7,700		65,502

24 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Intl Small-Cap  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Shizuoka Gas Co. Ltd.		11,400	$	93,716
Showa Corp.		11,600		244,447
Showa Sangyo Co. Ltd.		3,800		105,706
Sinfonia Technology Co. Ltd.		3,800		43,755
Sinko Industries Ltd.		3,900		61,783
Sintokogio Ltd.		11,400		99,711
SKY Perfect JSAT Holdings Inc.		34,200		149,251
St. Marc Holdings Co. Ltd.		3,900		82,365
Star Micronics Co. Ltd.		7,600		99,641
Sumitomo Densetsu Co. Ltd.		4,000		98,169
Sumitomo Mitsui Construction Co. Ltd.		38,040		217,953
Sun Frontier Fudousan Co. Ltd.		4,100		46,604
Taiho Kogyo Co. Ltd.		4,000		26,941
Taiyo Yuden Co. Ltd.		26,600		797,620
Takara Standard Co. Ltd.		7,600		132,948
Takasago International Corp.		3,800		83,268
Tama Home Co. Ltd.		3,800		45,333
Tamron Co. Ltd.		3,900		84,524
Tamura Corp.		15,500		93,528
Tatsuta Electric Wire and Cable Co. Ltd.		11,800		63,472
Tenma Corp.		3,800		69,244
TKC Corp.		3,800		191,429
Tocalo Co. Ltd.		15,200		155,387
Tokai Corp./Gifu		4,100		101,039
Tokai Rika Co. Ltd.		11,400		199,317
Tokyu Construction Co. Ltd.		15,200		108,266
Topre Corp.		8,000		124,814
Topy Industries Ltd.		4,000		66,172
Torii Pharmaceutical Co. Ltd.		3,800		130,950
Tosei Corp.		7,800		102,263
Toshiba TEC Corp.		7,800		311,252
Towa Pharmaceutical Co. Ltd.		7,600		176,493
Toyo Construction Co. Ltd.		22,800		110,229
TPR Co. Ltd.		4,000		67,279
TS Tech Co. Ltd.		7,600		215,270
Tsubakimoto Chain Co.		3,800		119,906
Tsurumi Manufacturing Co. Ltd.		4,000		67,316
Unipres Corp.		8,000		104,442
United Arrows Ltd.		3,800		101,920
Valqua Ltd.		3,900		83,984
Vision Inc.(a)		3,800		50,487
Vital KSK Holdings Inc.		12,000		115,367
Wakita & Co. Ltd.		11,400		107,705
Warabeya Nichiyo Holdings Co. Ltd.		4,000		66,873
World Co. Ltd.		3,800		84,565
Yahagi Construction Co. Ltd.		8,000		62,001
YAMABIKO Corp.		7,800		77,795
Yamazen Corp.		15,200		144,308
Yellow Hat Ltd.		8,000		129,464
Yodogawa Steel Works Ltd.		3,800		69,489
Yokowo Co. Ltd.		3,800		102,726
Yorozu Corp.		4,000		53,513
Yuasa Trading Co. Ltd.		4,000		131,014
Yurtec Corp.		7,700		47,244
ZERIA Pharmaceutical Co. Ltd.		3,800		68,437
				27,077,722
Netherlands — 5.1%
Arcadis NV(b)		15,656		356,716
ASM International NV		9,390		1,145,180
ASR Nederland NV		30,231		1,127,007

Security	Shares		Value
Netherlands (continued)
BE Semiconductor Industries NV		16,416	$	698,763
Cementir Holding NV		9,172		65,052
Euronext NV(c)		12,125		1,052,783
ForFarmers NV		7,991		52,248
Kendrion NV		3,041		66,727
Koninklijke Volkerwessels NV		6,954		168,771
NIBC Holding NV(c)		6,338		58,087
NSI NV		3,963		216,076
Signify NV(c)		27,520		918,590
Vastned Retail NV		2,473		66,596
				5,992,596
New Zealand — 0.4%
Air New Zealand Ltd.		121,868		222,405
Argosy Property Ltd.		187,872		173,861
Sky Network Television Ltd.		83,980		37,500
				433,766
Norway — 0.4%
BW LPG Ltd.(c)		17,100		138,391
DNO ASA		140,532		140,627
Fjordkraft Holding ASA(c)		14,982		102,721
Selvaag Bolig ASA		10,190		58,369
Stolt-Nielsen Ltd.		4,133		53,356
				493,464
Singapore — 0.9%
Bumitama Agri Ltd.		38,000		18,932
First REIT		117,800		87,170
Frasers Centrepoint Trust		158,800		335,075
Frasers Commercial Trust		136,800		163,370
Lippo Malls Indonesia Retail Trust		421,800		66,442
Sabana Shari’ah Compliant Industrial REIT		178,600		60,846
Sasseur Real Estate Investment Trust		87,400		50,907
Sheng Siong Group Ltd.		140,600		126,704
SIIC Environment Holdings Ltd.		171,000		29,442
Starhill Global REIT		326,800		175,982
				1,114,870
Spain — 1.1%
Acciona SA		4,712		534,716
eDreams ODIGEO SA(a)		13,003		63,692
Faes Farma SA		64,075		349,359
Mediaset Espana Comunicacion SA		35,036		192,232
Miquel y Costas & Miquel SA		3,952		65,957
Talgo SA(a)(c)		18,742		123,996
				1,329,952
Sweden — 2.9%
AcadeMedia AB(c)		17,632		106,100
Arjo AB, Class B		47,956		229,664
Atrium Ljungberg AB, Class B		9,766		236,079
Bilia AB, Class A		17,699		194,459
BioGaia AB, Class B		3,615		156,584
Biotage AB		12,277		153,102
Bure Equity AB		10,412		232,250
Cellavision AB		3,686		127,537
Clas Ohlson AB, Class B		8,018		85,016
Dios Fastigheter AB		19,684		181,347
Granges AB		16,573		153,201
Humana AB		5,396		34,597
Inwido AB		11,400		85,867
Kambi Group PLC(a)		4,864		65,704
Klovern AB, Class B		100,928		253,193

SCHEDULE OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Intl Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Lindab International AB		15,466	$	175,220
NetEnt AB		39,952		102,381
Nyfosa AB(a)		36,594		358,018
RaySearch Laboratories AB(a)		4,940		48,177
Scandi Standard AB		9,766		75,079
Vitrolife AB		14,258		299,105
				3,352,680
Switzerland — 5.4%
ALSO Holding AG, Registered		1,301		212,325
APG SGA SA		305		88,232
Ascom Holding AG, Registered		7,914		78,529
Bachem Holding AG, Class B, Registered		1,103		197,624
Belimo Holding AG		114		799,046
BKW AG		4,150		385,976
Burkhalter Holding AG		912		72,718
Feintool International Holding AG, Registered		352		18,796
Galenica AG(c)		10,263		700,197
Gurit Holding AG, Bearer		76		115,050
Huber & Suhner AG, Registered		3,268		243,969
Inficon Holding AG, Registered		358		275,799
Interroll Holding AG, Registered		152		297,239
Intershop Holding AG		231		148,978
Kardex AG, Registered		1,332		227,329
Landis+Gyr Group AG		4,826		442,844
LEM Holding SA, Registered		117		177,116
Orior AG		1,258		115,437
Rieter Holding AG, Registered		656		86,519
Sensirion Holding AG(a)(b)(c)		1,748		71,500
Siegfried Holding AG, Registered		843		390,274
Tecan Group AG, Registered		2,557		723,261
TX Group AG		570		53,723
Valora Holding AG, Registered		722		192,394
Vetropack Holding AG, Bearer		45		134,844
Zehnder Group AG, Registered		1,712		81,300
				6,331,019
United Kingdom — 23.2%
888 Holdings PLC		79,953		141,860
AB Dynamics PLC		2,812		81,549
Advanced Medical Solutions Group PLC		42,756		158,938
AG Barr PLC		22,116		176,378
Aggreko PLC		55,642		565,508
Airtel Africa PLC(c)		161,500		155,409
Alliance Pharma PLC		91,201		104,472
Anglo Pacific Group PLC		37,831		86,522
Ashmore Group PLC		93,442		669,458
Bakkavor Group PLC(c)		30,248		54,147
Biffa PLC(c)		55,335		205,698
Big Yellow Group PLC		33,478		520,301
Bodycote PLC		41,230		465,503
Brewin Dolphin Holdings PLC		62,213		295,233
Card Factory PLC		68,020		79,442
Centamin PLC		250,553		449,180
Central Asia Metals PLC		35,078		93,636
CMC Markets PLC(c)		27,666		57,184
Craneware PLC(b)		4,332		108,498
CVS Group PLC		14,326		216,606
Daily Mail & General Trust PLC, Class A, NVS		34,314		367,290
De La Rue PLC(b)		21,736		40,113
Dialog Semiconductor PLC(a)		16,357		722,717

Security	Shares		Value
United Kingdom (continued)
Diploma PLC		24,488	$	628,816
Drax Group PLC		83,866		300,702
Dunelm Group PLC		21,660		330,920
EMIS Group PLC		11,335		171,831
EnQuest PLC(a)		316,361		99,670
Equiniti Group PLC(c)		79,353		214,227
Euromoney Institutional Investor PLC		23,674		381,975
Ferrexpo PLC		63,349		116,158
Firstgroup PLC(a)		259,616		423,676
Forterra PLC(c)		44,431		192,692
Frontier Developments PLC(a)		4,221		78,565
Games Workshop Group PLC		6,698		585,824
Go-Ahead Group PLC (The)		9,236		249,342
Greggs PLC		21,938		651,827
Gulf Keystone Petroleum Ltd.		47,924		117,250
Halfords Group PLC		47,161		101,768
Hansteen Holdings PLC		91,357		140,418
Helical PLC		23,066		145,947
Hotel Chocolat Group PLC(b)		9,089		55,832
Howden Joinery Group PLC		130,074		1,180,355
Ibstock PLC(c)		89,494		343,296
IG Design Group PLC(b)		9,741		102,468
IG Group Holdings PLC		79,268		693,612
International Personal Finance PLC		46,855		97,588
iomart Group PLC		17,482		87,685
IWG PLC		144,932		843,674
John Laing Group PLC(c)		105,453		493,479
Jupiter Fund Management PLC		99,754		507,048
Kainos Group PLC		15,970		166,308
Keller Group PLC		15,316		168,785
LondonMetric Property PLC		153,007		459,459
Lookers PLC		68,637		49,943
Man Group PLC		332,424		674,392
Marshalls PLC		43,441		452,099
Mitchells & Butlers PLC(a)		41,939		221,136
Moneysupermarket.com Group PLC		115,032		493,573
Morgan Sindall Group PLC		8,550		206,478
NCC Group PLC		57,646		163,376
Northgate PLC		29,343		102,889
Numis Corp. PLC		16,230		61,081
Pagegroup PLC		71,679		431,429
Patisserie Holdings PLC(a)(d)		3,062		0	(e)
Pets at Home Group PLC		107,236		398,631
Photo-Me International PLC		56,512		66,821
Picton Property Income Ltd.(The)		130,741		175,790
Playtech PLC		7,448		33,882
Plus500 Ltd.		22,849		268,426
Premier Foods PLC(a)		155,618		74,259
RDI REIT PLC		62,034		107,941
Redde PLC		65,399		84,485
Redrow PLC		49,375		517,435
Royal Mail PLC		192,432		502,762
RPS Group PLC		50,286		115,339
Sabre Insurance Group PLC(c)		51,305		208,639
Safestore Holdings PLC		45,639		484,299
Savills PLC		31,279		512,926
Schroder REIT Ltd.		105,336		73,315
Serica Energy PLC(a)		37,240		56,748
Softcat PLC		25,690		391,136
Spire Healthcare Group PLC(c)		61,093		105,498

26 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Intl Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Spirent Communications PLC		131,556	$	384,119
Stagecoach Group PLC		90,326		162,527
Standard Life Investment Property Income Trust Ltd.		84,139		109,470
Tate & Lyle PLC		100,980		1,055,310
Telecom Plus PLC		13,644		271,941
UK Commercial Property REIT Ltd.		169,677		193,920
Victrex PLC		18,240		532,814
Vistry Group PLC		44,197		803,995
Watkin Jones PLC		33,110		108,023
WH Smith PLC		23,068		727,365
				27,331,051
Total Common Stocks — 99.5% (Cost: $109,756,163)				117,067,965
Preferred Stocks
Germany — 0.2%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		1,637		95,423
STO SE & Co. KGaA, Preference Shares, NVS		656		76,769
				172,192
Total Preferred Stocks — 0.2% (Cost: $186,241)				172,192
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(f)(g)(h)		1,325,904		1,326,700

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(f)(g)		47,000	$	47,000
				1,373,700
Total Short-Term Investments — 1.1% (Cost: $1,373,313)				1,373,700
Total Investments in Securities — 100.8% (Cost: $111,315,717)				118,613,857
Other Assets, Less Liabilities — (0.8)%				(984,505	)
Net Assets — 100.0%			$	117,629,352

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Rounds to less than $1.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period-end.

^(h)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		1,505,246		(179,342	)		1,325,904	$	1,326,700	$	14,948	(b)	$	103	$	(4	)
BlackRock Cash Funds: Treasury, SL Agency Shares		25,000		22,000			47,000		47,000		458			—		—
								$	1,373,700	$	15,406		$	103	$	(4	)

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		5		03/20/20	$	202	$	(6,239	)
FTSE 100 Index		2		03/20/20		190		(8,157	)
							$	(14,396	)

SCHEDULE OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor Intl Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	14,396

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	49,171
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(14,396	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	130,640

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	117,066,221		$	1,744	$	0	(a)	$	117,067,965
Preferred Stocks		172,192			—		—			172,192
Money Market Funds		1,373,700			—		—			1,373,700
	$	118,612,113		$	1,744	$	0	(a)	$	118,613,857
Derivative financial instruments(b)
Liabilities
Futures Contracts	$	(14,396	)	$	—	$	—		$	(14,396	)

^(a)  Rounds to less than $1.

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

See notes to financial statements.

28 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  January 31, 2020 iShares^® Edge MSCI Multifactor USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Huntington Ingalls Industries Inc.		13,949	$	3,640,689
Spirit AeroSystems Holdings Inc., Class A		35,440		2,314,941
Teledyne Technologies Inc.(a)		12,393		4,524,189
Textron Inc.		78,849		3,621,534
				14,101,353
Air Freight & Logistics — 0.5%
Expeditors International of Washington Inc.		58,164		4,248,298
Airlines — 0.8%
Delta Air Lines Inc.		55,669		3,102,990
Southwest Airlines Co.		46,155		2,537,602
United Airlines Holdings Inc.(a)		22,033		1,648,068
			7,288,660
Auto Components — 0.7%
Autoliv Inc.		28,406		2,176,752
BorgWarner Inc.		70,126		2,404,620
Lear Corp.		19,760		2,434,037
			7,015,409
Biotechnology — 1.8%
Biogen Inc.(a)		62,842		16,895,072
Building Products — 0.5%
Lennox International Inc.		11,940		2,781,781
Owens Corning		37,281		2,255,128
			5,036,909
Capital Markets — 2.4%
Eaton Vance Corp., NVS		38,855		1,777,616
Franklin Resources Inc.		102,959		2,604,863
MarketAxess Holdings Inc.		12,863		4,555,817
SEI Investments Co.		43,991		2,870,853
T Rowe Price Group Inc.		80,257		10,716,717
			22,525,866
Chemicals — 1.6%
Celanese Corp.		42,158		4,363,353
Eastman Chemical Co.		46,673		3,326,385
LyondellBasell Industries NV, Class A		91,374		7,114,379
			14,804,117
Commercial Services & Supplies — 0.2%
Rollins Inc.		49,843		1,891,542
Communications Equipment — 1.6%
F5 Networks Inc.(a)		20,593		2,514,817
Juniper Networks Inc.		117,820		2,702,791
Motorola Solutions Inc.		55,045		9,742,965
			14,960,573
Construction & Engineering — 0.5%
Jacobs Engineering Group Inc.		46,163		4,271,462
Consumer Finance — 0.5%
Ally Financial Inc.		133,016		4,260,502
Containers & Packaging — 0.3%
Packaging Corp. of America		32,251		3,088,033
Diversified Financial Services — 0.7%
Equitable Holdings Inc.		143,242		3,440,673
Voya Financial Inc.		47,819		2,856,229
			6,296,902

Security	Shares		Value
Diversified Telecommunication Services — 3.1%
AT&T Inc		673,037	$	25,319,652
Verizon Communications Inc.		68,147		4,050,658
			29,370,310
Electric Utilities — 5.7%
Duke Energy Corp.		231,743		22,625,069
Exelon Corp.		331,021		15,753,290
OGE Energy Corp.		68,199		3,126,924
Pinnacle West Capital Corp.		38,261		3,737,717
PPL Corp.		242,158		8,763,698
			54,006,698
Electrical Equipment — 1.6%
Acuity Brands Inc.(b)		13,698		1,614,583
Eaton Corp. PLC		142,283		13,441,475
			15,056,058
Electronic Equipment, Instruments & Components — 3.2%
Arrow Electronics Inc.(a)		28,484		2,163,075
CDW Corp./DE		49,304		6,431,707
Flex Ltd.(a)(b)		175,141		2,303,104
FLIR Systems Inc.		46,203		2,381,303
Keysight Technologies Inc.(a)		63,062		5,864,135
TE Connectivity Ltd.		114,454		10,550,370
			29,693,694
Equity Real Estate Investment Trusts (REITs) — 7.4%
AvalonBay Communities Inc.		47,581		10,310,327
Camden Property Trust		32,574		3,662,295
Duke Realty Corp.		120,667		4,381,419
Essex Property Trust Inc.		5,671		1,756,649
Healthpeak Properties Inc.		167,323		6,021,955
Host Hotels & Resorts Inc.		248,680		4,063,431
Kimco Realty Corp.		144,556		2,753,792
Liberty Property Trust		49,697		3,113,517
Medical Properties Trust Inc.		173,737		3,848,274
National Retail Properties Inc.		55,997		3,135,832
Public Storage		53,538		11,979,663
SL Green Realty Corp.		28,247		2,599,854
VEREIT Inc.		359,571		3,509,413
Vornado Realty Trust		58,809		3,867,868
WP Carey Inc.		55,785		4,692,634
			69,696,923
Food & Staples Retailing — 3.2%
Kroger Co. (The)		272,151		7,309,976
Walmart Inc.		201,910		23,116,676
			30,426,652
Food Products — 1.5%
Ingredion Inc.		22,734		2,000,592
JM Smucker Co. (The)		38,855		4,025,766
Tyson Foods Inc., Class A		100,398		8,295,887
			14,322,245
Gas Utilities — 0.7%
Atmos Energy Corp.		39,262		4,594,832
UGI Corp.		58,394		2,428,606
			7,023,438
Health Care Equipment & Supplies — 5.5%
Baxter International Inc.		165,250		14,743,605
Cooper Companies Inc. (The)		16,573		5,749,008
Edwards Lifesciences Corp.(a)		70,855		15,578,180
ResMed Inc.		48,950		7,781,581
Varian Medical Systems Inc.(a)		30,491		4,286,120

SCHEDULE OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
West Pharmaceutical Services Inc.		25,125	$	3,918,244
				52,056,738
Health Care Providers & Services — 2.3%
HCA Healthcare Inc.		92,000		12,769,600
Quest Diagnostics Inc.		45,882		5,077,761
Universal Health Services Inc., Class B		27,676		3,794,656
				21,642,017
Health Care Technology — 0.8%
Cerner Corp.		108,477		7,791,903
Hotels, Restaurants & Leisure — 1.4%
Carnival Corp.		129,424		5,633,827
Chipotle Mexican Grill Inc.(a)		8,972		7,776,570
				13,410,397
Household Durables — 1.7%
Garmin Ltd.		44,548		4,318,929
NVR Inc.(a)		1,188		4,534,560
PulteGroup Inc.		88,754		3,962,866
Whirlpool Corp.		21,753		3,179,636
				15,995,991
Independent Power and Renewable Electricity Producers — 0.3%
NRG Energy Inc.		86,194		3,179,697
Insurance — 5.2%
Alleghany Corp.(a)		4,891		3,901,355
Arch Capital Group Ltd.(a)		46,432		2,050,437
Athene Holding Ltd., Class A(a)		41,115		1,790,969
Brown & Brown Inc.		81,750		3,670,575
Erie Indemnity Co., Class A, NVS		8,767		1,459,706
Everest Re Group Ltd.		13,950		3,858,151
Fidelity National Financial Inc.		93,494		4,557,832
Globe Life Inc.		35,480		3,699,145
Hartford Financial Services Group Inc. (The)		123,192		7,302,822
Lincoln National Corp.		68,205		3,715,808
Loews Corp.(b)		92,720		4,770,444
Reinsurance Group of America Inc.		21,199		3,053,716
Unum Group		71,443		1,906,814
WR Berkley Corp.		49,926		3,671,059
				49,408,833
Interactive Media & Services — 1.0%
TripAdvisor Inc.		36,937		1,009,119
Twitter Inc.(a)		250,198		8,126,431
				9,135,550
Internet & Direct Marketing Retail — 0.8%
Amazon.com Inc.(a)		3,786		7,605,014
IT Services — 3.0%
Accenture PLC, Class A		4,525		928,575
Akamai Technologies Inc.(a)(b)		56,211		5,247,297
Black Knight Inc.(a)		50,959		3,410,176
Booz Allen Hamilton Holding Corp.		47,771		3,728,049
EPAM Systems Inc.(a)		18,688		4,263,480
Jack Henry & Associates Inc.		26,370		3,943,370
Mastercard Inc., Class A		22,517		7,114,021
				28,634,968
Life Sciences Tools & Services — 1.8%
Agilent Technologies Inc.		105,437		8,704,879
Bio-Rad Laboratories Inc., Class A(a)		7,618		2,749,489

Security	Shares		Value
Life Sciences Tools & Services (continued)
Waters Corp.(a)		22,745	$	5,090,103
				16,544,471
Machinery — 1.2%
Cummins Inc.		50,207		8,031,614
Snap-on Inc.		18,908		3,018,284
				11,049,898
Media — 1.0%
Discovery Inc., Class A(a)		54,246		1,587,238
Discovery Inc., Class C, NVS(a)		127,106		3,529,734
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		55,825		2,736,541
News Corp., Class A, NVS		132,404		1,803,342
				9,656,855
Metals & Mining — 0.8%
Nucor Corp.		102,647		4,874,706
Steel Dynamics Inc.		75,269		2,249,038
				7,123,744
Multi-Utilities — 1.8%
Ameren Corp.		83,744		6,871,195
Public Service Enterprise Group Inc.		169,777		10,050,799
				16,921,994
Multiline Retail — 2.3%
Kohl’s Corp.		55,203		2,359,928
Target Corp.		174,075		19,277,066
				21,636,994
Oil, Gas & Consumable Fuels — 2.6%
HollyFrontier Corp.		53,267		2,392,754
Phillips 66		108,610		9,923,696
Valero Energy Corp.		140,275		11,826,585
				24,143,035
Pharmaceuticals — 0.6%
Jazz Pharmaceuticals PLC(a)		19,291		2,765,365
Perrigo Co. PLC		44,320		2,528,013
				5,293,378
Professional Services — 0.4%
ManpowerGroup Inc.		20,388		1,865,298
Robert Half International Inc.		40,297		2,344,077
				4,209,375
Real Estate Management & Development — 1.0%
CBRE Group Inc., Class A(a)		108,861		6,645,964
Jones Lang LaSalle Inc.		17,647		2,996,814
				9,642,778
Road & Rail — 1.2%
AMERCO		3,002		1,114,553
Kansas City Southern		33,905		5,719,434
Old Dominion Freight Line Inc.		21,804		4,278,599
				11,112,586
Semiconductors & Semiconductor Equipment — 6.9%
Intel Corp.		470,826		30,099,906
Micron Technology Inc.(a)		376,067		19,965,397
Qorvo Inc.(a)		40,131		4,248,268
Skyworks Solutions Inc.		58,500		6,619,275
Teradyne Inc.		58,203		3,840,816
				64,773,662
Software — 6.9%
ANSYS Inc.(a)(b)		28,654		7,860,652
Cadence Design Systems Inc.(a)		95,450		6,882,899
Intuit Inc.		78,703		22,066,747

30 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Microsoft Corp.		122,229	$	20,807,043
Synopsys Inc.(a)		51,204		7,553,102
				65,170,443
Specialty Retail — 1.8%
Best Buy Co. Inc.		81,883		6,934,671
Gap Inc. (The)		77,675		1,352,322
Ross Stores Inc.		76,258		8,555,385
				16,842,378
Technology Hardware, Storage & Peripherals — 5.3%
Apple Inc.		83,556		25,861,417
Hewlett Packard Enterprise Co.		444,819		6,196,329
HP Inc.		504,890		10,764,255
Seagate Technology PLC		82,495		4,701,390
Xerox Holdings Corp.(a)		68,403		2,433,095
				49,956,486
Textiles, Apparel & Luxury Goods — 1.0%
Lululemon Athletica Inc.(a)		37,727		9,031,466
Trading Companies & Distributors — 1.1%
HD Supply Holdings Inc.(a)		58,205		2,371,272
United Rentals Inc.(a)		26,291		3,567,426
WW Grainger Inc.		15,805		4,783,699
				10,722,397
Total Common Stocks — 99.7% (Cost: $857,089,416)				938,973,764

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(c)(d)(e)		5,424,405	$	5,427,660
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(c)(d)		1,966,000		1,966,000
				7,393,660
Total Short-Term Investments — 0.8% (Cost: $7,392,772)				7,393,660
Total Investments in Securities — 100.5% (Cost: $864,482,188)				946,367,424
Other Assets, Less Liabilities — (0.5)				(4,847,590	)
Net Assets — 100.0%			$	941,519,834

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		2,241,330		3,183,075		5,424,405	$	5,427,660	$	11,088	(b)	$	2,129	$	502
BlackRock Cash Funds: Treasury, SL Agency Shares		1,949,000		17,000		1,966,000		1,966,000		14,585			—		—
							$	7,393,660	$	25,673		$	2,129	$	502

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini		10		03/20/20	$	1,612	$	13,334
S&P MidCap 400 E-Mini		4		03/20/20		803		(13,308	)
							$	26

SCHEDULE OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	13,334
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	13,308

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	231,686
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts .	$	26

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	804,933

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	938,973,764		$	—	$	—	$	938,973,764
Money Market Funds		7,393,660			—		—		7,393,660
	$	946,367,424		$	—	$	—	$	946,367,424
Derivative financial instruments(a)
Assets
Futures Contracts	$	13,334		$	—	$	—	$	13,334
Liabilities
Futures Contracts		(13,308	)		—		—		(13,308	)
	$	26		$	—	$	—	$	26

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

See notes to financial statements.

32 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Edge MSCI Multifactor USA Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
Spirit AeroSystems Holdings Inc., Class A		369	$	24,103
Air Freight & Logistics — 1.3%
Expeditors International of Washington Inc.		480		35,059
Auto Components — 0.9%
Lear Corp.		208		25,621
Building Products — 1.2%
Lennox International Inc.		39		9,086
Owens Corning		388		23,470
				32,556
Capital Markets — 3.0%
Eaton Vance Corp., NVS		403		18,438
MarketAxess Holdings Inc.		101		35,772
SEI Investments Co.		458		29,889
				84,099
Chemicals — 2.3%
Celanese Corp.		309		31,982
Eastman Chemical Co.		446		31,786
				63,768
Communications Equipment — 2.0%
F5 Networks Inc.(a)		215		26,256
Juniper Networks Inc.		1,237		28,377
				54,633
Construction & Engineering — 1.3%
Jacobs Engineering Group Inc.		392		36,272
Consumer Finance — 1.4%
Ally Financial Inc.		1,184		37,924
Containers & Packaging — 1.1%
Packaging Corp. of America		315		30,161
Diversified Financial Services — 2.4%
Equitable Holdings Inc.		1,488		35,742
Voya Financial Inc.		501		29,925
				65,667
Electric Utilities — 2.6%
OGE Energy Corp.		716		32,828
Pinnacle West Capital Corp.		401		39,174
				72,002
Electrical Equipment — 0.6%
Acuity Brands Inc.		143		16,855
Electronic Equipment, Instruments & Components — 3.9%
Arrow Electronics Inc.(a)		298		22,630
Flex Ltd.(a)		1,843		24,236
FLIR Systems Inc.		484		24,945
Keysight Technologies Inc.(a)		395		36,731
				108,542
Equity Real Estate Investment Trusts (REITs) — 9.9%
Healthpeak Properties Inc.		1,172		42,180
Host Hotels & Resorts Inc.		2,157		35,245
Kimco Realty Corp.		1,510		28,766
Medical Properties Trust Inc.		1,765		39,095
National Retail Properties Inc.		575		32,200
SL Green Realty Corp.		295		27,152
VEREIT Inc.		3,704		36,151

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Vornado Realty Trust		550	$	36,173
				276,962
Food Products — 2.1%
Ingredion Inc.		239		21,032
JM Smucker Co. (The)		349		36,160
				57,192
Gas Utilities — 0.9%
UGI Corp.		601		24,996
Health Care Equipment & Supplies — 6.0%
Cooper Companies Inc. (The)		127		44,055
ResMed Inc.		295		46,896
Varian Medical Systems Inc.(a)		268		37,673
West Pharmaceutical Services Inc.		240		37,428
				166,052
Health Care Providers & Services — 4.0%
Henry Schein Inc.(a)		514		35,435
Quest Diagnostics Inc.		368		40,727
Universal Health Services Inc., Class B		256		35,100
				111,262
Hotels, Restaurants & Leisure — 1.7%
Chipotle Mexican Grill Inc.(a)		56		48,539
Household Durables — 4.0%
NVR Inc.(a)		10		38,170
PulteGroup Inc.		895		39,962
Whirlpool Corp.		227		33,180
				111,312
Household Products — 1.4%
Church & Dwight Co. Inc.		534		39,633
Independent Power and Renewable Electricity Producers — 1.2%
NRG Energy Inc.		889		32,795
Insurance — 2.6%
Erie Indemnity Co., Class A, NVS		83		13,820
Fidelity National Financial Inc.		782		38,122
Unum Group		745		19,884
				71,826
Interactive Media & Services — 0.8%
Match Group Inc.(a)(b)		204		15,957
TripAdvisor Inc.		274		7,486
				23,443
IT Services — 5.6%
Akamai Technologies Inc.(a)		444		41,448
Booz Allen Hamilton Holding Corp.		482		37,615
EPAM Systems Inc.(a)		174		39,696
Jack Henry & Associates Inc.		244		36,488
				155,247
Life Sciences Tools & Services — 2.0%
Bio-Rad Laboratories Inc., Class A(a)		41		14,798
Waters Corp.(a)(b)		178		39,834
				54,632
Machinery — 1.1%
Snap-on Inc.		198		31,607
Media — 2.5%
Discovery Inc., Class A(a)(b)		566		16,561
Discovery Inc., Class C, NVS(a)		1,262		35,046

SCHEDULE OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
News Corp., Class A, NVS		1,381	$	18,809
				70,416
Metals & Mining — 0.8%
Steel Dynamics Inc.		784		23,426
Multi-Utilities — 1.6%
Ameren Corp.		541		44,389
Multiline Retail — 1.4%
Kohl’s Corp.		578		24,709
Nordstrom Inc.		388		14,302
				39,011
Oil, Gas & Consumable Fuels — 0.9%
HollyFrontier Corp.		558		25,065
Pharmaceuticals — 2.0%
Jazz Pharmaceuticals PLC(a)		203		29,100
Perrigo Co. PLC		463		26,410
				55,510
Professional Services — 1.6%
ManpowerGroup Inc.		215		19,670
Robert Half International Inc.		421		24,490
				44,160
Real Estate Management & Development — 2.7%
CBRE Group Inc., Class A(a)		731		44,627
Jones Lang LaSalle Inc.		185		31,417
				76,044
Road & Rail — 1.3%
Old Dominion Freight Line Inc.		189		37,087
Semiconductors & Semiconductor Equipment — 4.3%
Qorvo Inc.(a)		353		37,369
Skyworks Solutions Inc.		405		45,826
Teradyne Inc.		546		36,030
				119,225
Software — 3.2%
Cadence Design Systems Inc.(a)		616		44,420
Synopsys Inc.(a)		310		45,728
				90,148
Specialty Retail — 2.1%
Best Buy Co. Inc.		541		45,817

Security	Shares		Value
Specialty Retail (continued)
Gap Inc. (The)		807	$	14,050
				59,867
Technology Hardware, Storage & Peripherals — 2.2%
Seagate Technology PLC		653		37,215
Xerox Holdings Corp.(a)		711		25,290
				62,505
Textiles, Apparel & Luxury Goods — 1.8%
Lululemon Athletica Inc.(a)		210		50,272
Trading Companies & Distributors — 3.2%
HD Supply Holdings Inc.(a)		501		20,411
United Rentals Inc.(a)(b)		238		32,294
WW Grainger Inc.		120		36,320
				89,025
Total Common Stocks — 99.8% (Cost: $2,562,839)				2,778,910
Short-Term Investments
Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.78%(c)(d)(e)		109,664		109,729
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.50%(c)(d)		5,000		5,000
				114,729
Total Short-Term Investments — 4.1% (Cost: $114,721)				114,729
Total Investments in Securities — 103.9% (Cost: $2,677,560)				2,893,639
Other Assets, Less Liabilities — (3.9)%				(107,724	)
Net Assets — 100.0%			$	2,785,915

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		109,664		109,664	$	109,729	$	120	(b)	$	(6	)	$	8
BlackRock Cash Funds: Treasury, SL Agency Shares		1,000		4,000		5,000		5,000		22			—			—
							$	114,729	$	142		$	(6	)	$	8

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

34 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Mid-Cap ETF

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 the Notes to Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	2,778,910	$	—	$	—	$	2,778,910
Money Market Funds		114,729		—		—		114,729
	$	2,893,639	$	—	$	—	$	2,893,639

See notes to financial statements.

SCHEDULE OF INVESTMENTS 35

Schedule of Investments  (unaudited) January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
National Presto Industries Inc.		2,232	$	192,376
Park Aerospace Corp.		8,401		129,963
Vectrus Inc.(a)		5,242		292,242
				614,581
Air Freight & Logistics — 0.6%
Echo Global Logistics Inc.(a)		12,429		240,874
Forward Air Corp.		12,866		842,080
Hub Group Inc., Class A(a)		15,227		805,051
				1,888,005
Airlines — 0.2%
Hawaiian Holdings Inc.		5,450		151,946
SkyWest Inc.		5,806		320,317
				472,263
Auto Components — 0.1%
Stoneridge Inc.(a)		12,481		347,721
Banks — 2.1%
Amalgamated Bank, Class A		6,535		112,663
Arrow Financial Corp.		6,059		212,429
Bancorp. Inc. (The)(a)		23,284		275,450
Camden National Corp.		7,021		331,812
Capital City Bank Group Inc.		5,719		163,106
Central Pacific Financial Corp.		8,547		237,008
Community Trust Bancorp. Inc.		7,292		319,025
Financial Institutions Inc.		6,920		213,205
First BanCorp./Puerto Rico		89,396		828,701
First Community Bankshares Inc.		6,472		189,694
First Financial Corp./IN		5,020		209,485
Great Southern Bancorp. Inc.		5,184		295,021
Hanmi Financial Corp.		11,501		193,447
Independent Bank Corp./MI		9,199		196,675
OFG Bancorp.		20,762		409,219
Popular Inc.		43,830		2,452,727
				6,639,667
Beverages — 0.5%
Boston Beer Co. Inc. (The), Class A, NVS(a)(b)		3,979		1,418,036
Biotechnology — 1.3%
Anika Therapeutics Inc.(a)(b)		6,290		258,582
Arrowhead Pharmaceuticals Inc.(a)		38,976		1,633,484
BioSpecifics Technologies Corp.(a)(b)		2,507		148,114
Catalyst Pharmaceuticals Inc.(a)(b)		42,213		173,496
Eagle Pharmaceuticals Inc./DE(a)		5,015		269,907
Myriad Genetics Inc.(a)		33,663		930,782
PDL BioPharma Inc.(a)(b)		52,042		171,218
Veracyte Inc.(a)		20,976		550,620
				4,136,203
Building Products — 0.6%
Apogee Enterprises Inc.		11,611		369,462
Continental Building Products Inc.(a)		15,763		583,073
CSW Industrials Inc.		6,847		519,550
Quanex Building Products Corp.		15,091		267,413
				1,739,498
Capital Markets — 3.9%
Artisan Partners Asset Management Inc., Class A		24,303		811,720
BrightSphere Investment Group PLC(a)		35,174		323,952
Cohen & Steers Inc.		10,762		796,173

Security	Shares		Value
Capital Markets (continued)
Cowen Inc., Class A(a)(b)		12,213	$	196,263
Diamond Hill Investment Group Inc.		1,495		210,451
Donnelley Financial Solutions Inc.(a)		14,846		134,505
Evercore Inc., Class A		18,119		1,388,278
Federated Investors Inc., Class B		43,683		1,582,635
GAMCO Investors Inc., Class A		2,707		44,801
Houlihan Lokey Inc.		18,647		966,847
Janus Henderson Group PLC		72,580		1,834,096
Legg Mason Inc.		39,420		1,543,293
Moelis & Co., Class A		22,430		807,480
Piper Jaffray Companies		6,132		505,461
Pzena Investment Management Inc., Class A		8,146		66,716
Victory Capital Holdings Inc., Class A(b)		6,418		133,879
Waddell & Reed Financial Inc., Class A		33,207		530,648
Westwood Holdings Group Inc.		3,459		97,129
				11,974,327
Chemicals — 1.1%
AdvanSix Inc.(a)		12,635		236,527
Chase Corp.		3,398		312,514
FutureFuel Corp.		11,950		130,972
Hawkins Inc.		4,371		182,620
Innophos Holdings Inc.		8,971		286,713
Innospec Inc.		11,033		1,111,354
Stepan Co.		9,251		912,611
Tredegar Corp.		12,164		247,538
				3,420,849
Commercial Services & Supplies — 2.3%
ACCO Brands Corp.		44,490		384,394
Brady Corp., Class A, NVS		22,463		1,243,776
Ennis Inc.		11,902		248,276
Heritage-Crystal Clean Inc.(a)		7,028		199,244
Herman Miller Inc.		26,919		1,040,419
HNI Corp.		19,554		703,358
Kimball International Inc., Class B, NVS		16,717		313,945
Knoll Inc.		22,682		561,606
McGrath RentCorp.		11,051		854,463
Quad/Graphics Inc.		15,209		64,638
RR Donnelley & Sons Co.		32,238		77,371
Steelcase Inc., Class A		40,468		753,110
Viad Corp.		9,120		592,800
VSE Corp.		3,999		124,409
				7,161,809
Communications Equipment — 0.3%
ADTRAN Inc.		21,786		197,163
Extreme Networks Inc.(a)(b)		55,036		324,713
NETGEAR Inc.(a)(b)		14,178		364,658
Ribbon Communications Inc.(a)		25,048		70,635
				957,169
Construction & Engineering — 1.2%
Aegion Corp.(a)		14,074		294,147
Arcosa Inc.		19,818		867,037
Construction Partners Inc., Class A(a)		8,168		137,059
Great Lakes Dredge & Dock Corp.(a)		26,182		274,125
IES Holdings Inc.(a)		3,866		96,689
MYR Group Inc.(a)		7,586		217,870
Quanta Services Inc.(b)		35,634		1,395,071
Sterling Construction Co. Inc.(a)		12,625		166,334
Tutor Perini Corp.(a)(b)		18,095		203,750
				3,652,082

36 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction Materials — 0.0%
U.S. Lime & Minerals Inc.		1,024	$	91,904
Consumer Finance — 0.7%
Encore Capital Group Inc.(a)(b)		12,033		408,520
EZCORP Inc., Class A, NVS(a)(b)		23,893		148,614
Navient Corp.		94,533		1,359,385
World Acceptance Corp.(a)		3,082		266,501
				2,183,020
Containers & Packaging — 0.1%
Myers Industries Inc.		14,561		235,597
Diversified Consumer Services — 0.4%
American Public Education Inc.(a)		7,392		176,151
K12 Inc.(a)		17,424		281,224
Perdoceo Education Corp.(a)(b)		31,502		560,106
Regis Corp.(a)(b)		11,437		177,502
				1,194,983
Diversified Telecommunication Services — 0.3%
ATN International Inc.		5,103		295,311
Bandwidth Inc.(a)(b)		6,714		476,425
				771,736
Electric Utilities — 1.9%
El Paso Electric Co.		18,592		1,265,929
MGE Energy Inc.		15,799		1,262,814
Otter Tail Corp.		16,142		864,566
Portland General Electric Co.		40,612		2,497,638
				5,890,947
Electrical Equipment — 0.2%
Encore Wire Corp.		9,528		517,466
Electronic Equipment, Instruments & Components — 8.4%
Anixter International Inc.(a)		14,600		1,424,960
Avnet Inc.		47,087		1,718,205
AVX Corp.		23,116		468,561
Badger Meter Inc.		13,268		783,608
Belden Inc.		20,714		1,020,579
Benchmark Electronics Inc.		16,287		501,314
CTS Corp.		14,144		414,561
Daktronics Inc.		17,404		102,684
Dolby Laboratories Inc., Class A		29,307		2,032,147
ePlus Inc.(a)		6,152		490,437
Fabrinet(a)		16,800		1,059,072
Insight Enterprises Inc.(a)		16,305		1,074,010
Jabil Inc.		62,420		2,427,514
KEMET Corp.		25,126		654,281
Kimball Electronics Inc.(a)		11,587		187,478
Knowles Corp.(a)		41,527		819,328
Methode Electronics Inc.		16,899		553,442
Napco Security Technologies Inc.(a)(b)		5,474		160,936
National Instruments Corp.		56,614		2,526,683
OSI Systems Inc.(a)		7,888		682,627
PC Connection Inc.(b)		5,395		268,887
Plexus Corp.(a)		13,348		949,310
Sanmina Corp.(a)		31,719		1,009,933
ScanSource Inc.(a)		11,564		403,468
Tech Data Corp.(a)		16,547		2,381,775
TTM Technologies Inc.(a)(b)		41,240		593,444
Vishay Intertechnology Inc.		59,708		1,211,475
Vishay Precision Group Inc.(a)		4,836		167,035
				26,087,754

Security	Shares		Value
Energy Equipment & Services — 0.1%
Matrix Service Co.(a)		12,217	$	245,806
Newpark Resources Inc.(a)		40,768		203,840
				449,646
Entertainment — 0.3%
Glu Mobile Inc.(a)		51,744		305,289
IMAX Corp.(a)		25,157		416,097
Marcus Corp. (The)		9,424		274,710
				996,096
Equity Real Estate Investment Trusts (REITs) — 10.7%
American Finance Trust Inc.		48,419		627,994
Apple Hospitality REIT Inc.		96,644		1,451,593
Ashford Hospitality Trust Inc.		44,193		108,715
Brixmor Property Group Inc.		135,075		2,696,097
Cedar Realty Trust Inc.		40,541		105,407
Chatham Lodging Trust		21,387		349,677
Community Healthcare Trust Inc.		8,070		380,662
CoreCivic Inc.		54,272		865,638
CorEnergy Infrastructure Trust Inc.		6,163		281,033
DiamondRock Hospitality Co.		91,232		882,213
Equity Commonwealth		55,404		1,816,697
Essential Properties Realty Trust Inc.		21,908		604,880
Franklin Street Properties Corp.		48,868		371,397
Getty Realty Corp.		15,929		502,082
Industrial Logistics Properties Trust		29,577		677,018
Innovative Industrial Properties Inc.		5,156		461,462
Investors Real Estate Trust		5,301		390,684
iStar Inc.		28,329		412,470
Lexington Realty Trust		96,273		1,065,742
LTC Properties Inc.		18,120		836,419
One Liberty Properties Inc.		6,797		185,830
Outfront Media Inc.		65,138		1,937,204
Park Hotels & Resorts Inc.		107,717		2,363,311
Piedmont Office Realty Trust Inc., Class A		57,325		1,329,367
PS Business Parks Inc.		9,349		1,566,518
Retail Properties of America Inc., Class A		97,363		1,182,960
Retail Value Inc.		7,247		238,209
RPT Realty		36,624		510,905
Service Properties Trust		74,729		1,612,652
Spirit Realty Capital Inc.		40,947		2,161,183
Summit Hotel Properties Inc.		47,913		531,355
Sunstone Hotel Investors Inc.		102,182		1,295,668
Universal Health Realty Income Trust		5,956		734,673
Urstadt Biddle Properties Inc., Class A		13,622		308,811
Weingarten Realty Investors		54,894		1,597,415
Xenia Hotels & Resorts Inc.		51,338		959,507
				33,403,448
Food & Staples Retailing — 0.3%
Ingles Markets Inc., Class A		5,815		242,428
SpartanNash Co.		16,557		201,664
Village Super Market Inc., Class A		3,909		87,014
Weis Markets Inc.		7,351		269,708
				800,814
Food Products — 0.4%
Freshpet Inc.(a)		14,443		908,176
John B Sanfilippo & Son Inc.		3,810		321,183
				1,229,359
Gas Utilities — 1.4%
Chesapeake Utilities Corp.		7,399		711,858
National Fuel Gas Co.		35,301		1,524,650

SCHEDULE OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities (continued)
Southwest Gas Holdings Inc.		24,686	$	1,864,040
Star Group LP		21,221		196,931
				4,297,479
Health Care Equipment & Supplies — 7.1%
AngioDynamics Inc.(a)(b)		16,988		233,925
Atrion Corp.		682		490,488
Cardiovascular Systems Inc.(a)		16,074		729,599
CONMED Corp.		12,898		1,311,469
Cutera Inc.(a)(b)		5,167		145,606
Globus Medical Inc., Class A(a)		34,830		1,820,912
Haemonetics Corp.(a)		23,023		2,472,440
Heska Corp.(a)(b)		3,100		310,589
Lantheus Holdings Inc.(a)		17,694		309,822
LeMaitre Vascular Inc.		7,692		276,797
Masimo Corp.(a)(b)		22,974		3,919,364
Meridian Bioscience Inc.		19,458		191,467
Mesa Laboratories Inc.(b)		1,786		468,718
Natus Medical Inc.(a)		15,524		485,746
Novocure Ltd.(a)		34,536		2,813,302
NuVasive Inc.(a)		23,651		1,823,965
Orthofix Medical Inc.(a)		8,671		375,107
Quidel Corp.(a)(b)		16,035		1,231,488
Surmodics Inc.(a)(b)		6,145		242,051
Tandem Diabetes Care Inc.(a)(b)		24,052		1,828,914
Varex Imaging Corp.(a)		17,495		483,737
				21,965,506
Health Care Providers & Services — 6.8%
Addus HomeCare Corp.(a)		6,243		588,965
Amedisys Inc.(a)		14,592		2,575,342
AMN Healthcare Services Inc.(a)		21,268		1,433,038
Chemed Corp.		7,218		3,371,095
CorVel Corp.(a)		4,630		423,969
Cross Country Healthcare Inc.(a)		16,814		166,459
Encompass Health Corp.		38,964		3,001,397
Ensign Group Inc. (The)		23,112		1,044,662
Hanger Inc.(a)(b)		15,303		373,852
LHC Group Inc.(a)		12,995		1,894,021
Magellan Health Inc.(a)		10,285		752,965
National HealthCare Corp.		5,234		439,237
National Research Corp.		5,669		383,621
Owens & Minor Inc.(b)		28,696		179,637
Patterson Companies Inc.		39,158		861,868
Pennant Group Inc. (The)(a)		11,475		302,940
Providence Service Corp. (The)(a)		5,324		345,261
RadNet Inc.(a)		19,414		438,174
Tenet Healthcare Corp.(a)		39,293		1,243,231
Tivity Health Inc.(a)		21,796		471,774
Triple-S Management Corp., Class B(a)		11,085		195,318
U.S. Physical Therapy Inc.(b)		5,821		681,872
				21,168,698
Health Care Technology — 1.6%
Allscripts Healthcare Solutions Inc.(a)		75,951		651,660
Change Healthcare Inc.(a)(b)		22,762		353,266
Computer Programs & Systems Inc.		6,215		161,590
HealthStream Inc.(a)		11,801		301,516
HMS Holdings Corp.(a)		39,807		1,087,527
Inspire Medical Systems Inc.(a)		5,453		407,884
NextGen Healthcare Inc.(a)(b)		22,347		309,729
Omnicell Inc.(a)		18,370		1,493,114

Security	Shares		Value
Health Care Technology (continued)
Simulations Plus Inc.(b)		5,596	$	182,318
				4,948,604
Hotels, Restaurants & Leisure — 0.5%
Brinker International Inc.		17,093		729,700
Chuy’s Holdings Inc.(a)(b)		7,620		187,071
Denny’s Corp.(a)		27,085		554,430
Red Robin Gourmet Burgers Inc.(a)		5,911		194,295
				1,665,496
Household Durables — 0.8%
Ethan Allen Interiors Inc.		11,508		185,854
Hooker Furniture Corp.		5,380		132,563
La-Z-Boy Inc.		21,255		651,254
Meritage Homes Corp.(a)		16,571		1,175,878
Tupperware Brands Corp.		22,233		139,179
Universal Electronics Inc.(a)		6,321		313,079
				2,597,807
Insurance — 3.2%
American National Insurance Co.		3,679		405,279
Assured Guaranty Ltd.		44,855		2,056,153
Brighthouse Financial Inc.(a)		50,627		1,969,390
Crawford & Co., Class A, NVS		7,719		67,464
Employers Holdings Inc.		8,069		344,143
First American Financial Corp.		50,092		3,104,702
Greenlight Capital Re Ltd., Class A(a)		12,921		120,294
HCI Group Inc.		2,973		131,615
Heritage Insurance Holdings Inc.		12,243		147,651
Independence Holding Co.		2,375		96,164
National Western Life Group Inc., Class A		1,093		290,738
Safety Insurance Group Inc.		4,376		402,942
Stewart Information Services Corp.		8,697		363,100
Universal Insurance Holdings Inc.		14,786		359,891
Watford Holdings Ltd.(a)		9,303		203,270
				10,062,796
Interactive Media & Services — 0.2%
Care.com Inc.(a)		12,918		193,382
EverQuote Inc., Class A(a)		3,617		132,708
QuinStreet Inc.(a)		20,901		270,773
				596,863
Internet & Direct Marketing Retail — 0.1%
1-800-Flowers.com Inc., Class A(a)(b)		11,411		173,333
PetMed Express Inc.		9,291		234,226
				407,559
IT Services — 3.0%
CACI International Inc., Class A(a)		11,173		2,988,107
CSG Systems International Inc.		15,043		749,442
EVERTEC Inc.		27,863		935,361
Hackett Group Inc. (The)		11,564		178,722
MAXIMUS Inc.		28,997		2,080,535
NIC Inc.		30,517		602,100
Paysign Inc.(a)(b)		12,995		113,576
Perficient Inc.(a)(b)		14,962		743,611
Sykes Enterprises Inc.(a)		17,955		603,109
TTEC Holdings Inc.		7,417		294,603
				9,289,166
Leisure Products — 0.1%
Sturm Ruger & Co. Inc.		7,964		394,377

38 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services — 1.3%
Bruker Corp.		49,097	$	2,428,829
Luminex Corp.		18,476		419,128
Medpace Holdings Inc.(a)		13,011		1,113,091
				3,961,048
Machinery — 1.0%
Alamo Group Inc.		4,581		570,609
Federal Signal Corp.		27,509		884,690
Gorman-Rupp Co. (The)		8,337		307,719
Meritor Inc.(a)		33,867		742,026
Omega Flex Inc.		1,376		145,030
Park-Ohio Holdings Corp.		3,714		109,192
Wabash National Corp.		24,822		287,935
				3,047,201
Media — 1.7%
AMC Networks Inc., Class A(a)		20,067		734,251
Gannett Co. Inc.		49,334		301,431
Iheartmedia Inc., Class A(a)		26,140		462,155
John Wiley & Sons Inc., Class A		20,439		891,549
MSG Networks Inc., Class A(a)		20,052		304,991
National CineMedia Inc.		28,399		209,585
Scholastic Corp., NVS		13,601		448,153
TechTarget Inc.(a)		10,713		272,003
TEGNA Inc.		98,452		1,663,839
Tribune Publishing Co.		7,324		91,989
				5,379,946
Metals & Mining — 1.8%
Carpenter Technology Corp.		21,399		850,396
Materion Corp.		9,293		504,610
Reliance Steel & Aluminum Co.		30,141		3,460,187
Ryerson Holding Corp.(a)		7,744		79,376
Schnitzer Steel Industries Inc., Class A		12,110		194,729
Warrior Met Coal Inc.		21,152		398,927
				5,488,225
Mortgage Real Estate Investment — 1.0%
AG Mortgage Investment Trust Inc.		14,917		236,435
Anworth Mortgage Asset Corp.		44,980		161,028
Ares Commercial Real Estate Corp.		11,836		193,400
ARMOUR Residential REIT Inc.		26,954		519,134
Exantas Capital Corp.		14,518		175,377
MFA Financial Inc.		202,832		1,582,090
Western Asset Mortgage Capital Corp.		24,202		256,783
				3,124,247
Multi-Utilities — 1.2%
Avista Corp.		30,126		1,531,907
NorthWestern Corp.		22,922		1,764,306
Unitil Corp.		6,804		419,739
				3,715,952
Multiline Retail — 1.0%
Big Lots Inc.		17,726		479,666
Dillard’s Inc., Class A(b)		4,927		299,167
Macy’s Inc.		140,098		2,234,563
				3,013,396
Oil, Gas & Consumable Fuels — 0.8%
Arch Coal Inc., Class A		7,038		362,668
Berry Petroleum Corp.		29,520		202,212
Bonanza Creek Energy Inc.(a)		7,044		128,130
CONSOL Energy Inc.(a)		12,388		100,715
Diamond S Shipping Inc.(a)		10,122		112,152

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Gran Tierra Energy Inc.(a)		174,062	$	173,435
NACCO Industries Inc., Class A		1,495		70,474
Northern Oil and Gas Inc.(a)		99,893		165,822
Penn Virginia Corp.(a)		4,816		102,918
Rattler Midstream LP		19,919		300,578
Renewable Energy Group Inc.(a)(b)		17,753		466,549
REX American Resources Corp.(a)(b)		2,577		194,177
W&T Offshore Inc.(a)(b)		44,452		184,031
				2,563,861
Paper & Forest Products — 0.4%
Domtar Corp.		28,416		989,445
Schweitzer-Mauduit International Inc.		3,518		123,236
Verso Corp., Class A(a)		15,606		262,961
				1,375,642
Personal Products — 0.3%
elf Beauty Inc.(a)		10,226		160,344
Medifast Inc.		5,185		501,026
USANA Health Sciences Inc.(a)		6,087		375,568
				1,036,938
Pharmaceuticals — 0.7%
Amphastar Pharmaceuticals Inc.(a)		16,138		305,170
ANI Pharmaceuticals Inc.(a)		4,134		256,308
Corcept Therapeutics Inc.(a)(b)		46,630		590,802
Innoviva Inc.(a)(b)		32,311		446,053
Lannett Co. Inc.(a)		14,724		119,853
Phibro Animal Health Corp., Class A		8,941		212,081
SIGA Technologies Inc.(a)(b)		23,991		123,554
				2,053,821
Professional Services — 2.4%
Barrett Business Services Inc.		3,329		275,741
Exponent Inc.		23,593		1,716,863
Franklin Covey Co.(a)		4,459		141,796
FTI Consulting Inc.(a)		17,059		2,048,104
Heidrick & Struggles International Inc.		8,724		247,936
ICF International Inc.		8,495		744,077
Kelly Services Inc., Class A, NVS		14,625		259,740
Kforce Inc.		9,920		367,536
Korn Ferry		26,006		1,065,726
Resources Connection Inc.		13,793		209,998
TrueBlue Inc.(a)		18,265		400,186
				7,477,703
Real Estate Management & Development — 0.8%
Altisource Portfolio Solutions SA(a)(b)		2,921		54,331
Forestar Group Inc.(a)		7,316		148,295
Marcus & Millichap Inc.(a)		10,691		378,461
Newmark Group Inc., Class A		67,697		796,794
RE/MAX Holdings Inc., Class A		8,132		311,293
Realogy Holdings Corp.		52,103		551,771
RMR Group Inc. (The), Class A		2,746		126,508
				2,367,453
Road & Rail — 1.1%
ArcBest Corp.		11,630		259,465
Covenant Transportation Group Inc., Class A(a)		5,863		74,372
Heartland Express Inc.		20,548		384,042
Marten Transport Ltd.		18,671		387,610
Saia Inc.(a)		11,804		1,028,128
Schneider National Inc., Class B		23,580		525,127
Universal Logistics Holdings Inc.		3,832		64,761

SCHEDULE OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Werner Enterprises Inc.		20,587	$	758,837
				3,482,342
Semiconductors & Semiconductor Equipment — 5.2%
Advanced Energy Industries Inc.(a)		7,800		545,532
Alpha & Omega Semiconductor Ltd.(a)		8,642		105,346
Amkor Technology Inc.(a)		49,158		553,027
Axcelis Technologies Inc.(a)		14,625		353,194
Cabot Microelectronics Corp.		13,195		1,920,004
Cirrus Logic Inc.(a)		26,420		2,029,320
Diodes Inc.(a)(b)		19,781		1,021,491
FormFactor Inc.(a)		34,264		867,222
Kulicke & Soffa Industries Inc.		28,814		745,994
Lattice Semiconductor Corp.(a)(b)		57,433		1,068,254
Mellanox Technologies Ltd.(a)		21,127		2,554,254
NVE Corp.		2,210		162,126
Onto Innovation Inc.(a)		22,683		860,593
PDF Solutions Inc.(a)		12,564		198,009
Photronics Inc.(a)		27,179		347,348
Power Integrations Inc.		13,370		1,305,848
SMART Global Holdings Inc.(a)(b)		6,308		190,249
Synaptics Inc.(a)(b)		14,955		997,349
Xperi Corp.		22,487		361,816
				16,186,976
Software — 3.8%
Agilysys Inc.(a)		9,172		298,090
American Software Inc./GA, Class A		13,456		200,898
Aspen Technology Inc.(a)		31,277		3,721,337
CERENCE Inc.(a)		16,529		352,894
ChannelAdvisor Corp.(a)		12,127		113,509
Digital Turbine Inc.(a)		34,041		212,416
j2 Global Inc.		21,118		2,024,371
LivePerson Inc.(a)(b)		28,366		1,163,290
Manhattan Associates Inc.(a)		29,175		2,493,296
Model N Inc.(a)		11,180		348,704
Progress Software Corp.		20,384		919,930
				11,848,735
Specialty Retail — 5.7%
Aaron’s Inc.		30,695		1,822,055
Abercrombie & Fitch Co., Class A		29,937		489,769
American Eagle Outfitters Inc.		74,349		1,070,626
America’s Car-Mart Inc./TX(a)		2,880		316,166
Asbury Automotive Group Inc.(a)		8,816		850,303
Boot Barn Holdings Inc.(a)(b)		12,976		544,603
Buckle Inc. (The)		13,456		328,461
Cato Corp. (The), Class A		10,481		168,115
Chico’s FAS Inc.		53,441		207,885
Conn’s Inc.(a)		8,729		76,466
Dick’s Sporting Goods Inc.		29,941		1,324,290
Foot Locker Inc.		49,850		1,892,805
GameStop Corp., Class A(b)		36,354		139,599
Genesco Inc.(a)(b)		7,537		296,355
Group 1 Automotive Inc.		8,041		810,292
Guess? Inc.		22,851		486,498
Haverty Furniture Companies Inc.		8,101		163,073
Hibbett Sports Inc.(a)		8,220		203,692
MarineMax Inc.(a)		9,817		195,653
Michaels Companies Inc. (The)(a)		43,247		213,208
Office Depot Inc.		248,997		552,773
Party City Holdco Inc.(a)(b)		25,803		74,313

Security	Shares		Value
Specialty Retail (continued)
Rent-A-Center Inc./TX		21,021	$	612,342
RH(a)(b)		7,603		1,587,126
Sally Beauty Holdings Inc.(a)		54,938		843,298
Shoe Carnival Inc.		5,339		191,457
Sleep Number Corp.(a)		13,325		687,437
Sonic Automotive Inc., Class A		10,626		336,100
Urban Outfitters Inc.(a)(b)		29,022		742,963
Winmark Corp.		1,205		239,759
Zumiez Inc.(a)		9,385		292,530
				17,760,012
Textiles, Apparel & Luxury Goods — 1.4%
Crocs Inc.(a)		28,557		1,082,596
Deckers Outdoor Corp.(a)		13,124		2,505,503
Fossil Group Inc.(a)		20,690		139,243
Movado Group Inc.		7,477		128,754
Oxford Industries Inc.		7,652		531,049
Vera Bradley Inc.(a)		10,909		104,508
				4,491,653
Thrifts & Mortgage Finance — 3.0%
Essent Group Ltd.		42,473		2,107,085
First Defiance Financial Corp.		9,083		266,949
MGIC Investment Corp.		160,935		2,219,294
NMI Holdings Inc., Class A(a)		29,992		957,345
Radian Group Inc.		92,375		2,262,264
TrustCo Bank Corp. NY		38,190		302,847
United Community Financial Corp./OH		21,913		239,509
Walker & Dunlop Inc.		13,268		880,597
Waterstone Financial Inc.		11,391		199,229
				9,435,119
Tobacco — 0.2%
Universal Corp./VA		11,376		604,634
Trading Companies & Distributors — 0.9%
Aircastle Ltd.		25,618		822,082
CAI International Inc.(a)(b)		7,501		204,027
GMS Inc.(a)		18,973		506,958
H&E Equipment Services Inc.		14,669		397,677
Rush Enterprises Inc., Class A		12,761		548,723
Rush Enterprises Inc., Class B		1,706		75,678
Systemax Inc.		5,974		141,285
Titan Machinery Inc.(a)		8,519		104,017
				2,800,447
Water Utilities — 0.3%
Middlesex Water Co.		7,386		482,010
York Water Co. (The)		5,914		280,087
				762,097
Wireless Telecommunication Services — 0.3%
Telephone & Data Systems Inc.		45,705		1,036,589
Total Common Stocks — 99.3% (Cost: $296,030,427)				308,683,368
Short-Term Investments
Money Market Funds — 5.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.78%(c)(d)(e)		15,287,042		15,296,214

40 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.50%(c)(d)		2,177,000	$	2,177,000
				17,473,214
Total Short-Term Investments — 5.6% (Cost: $17,468,679)				17,473,214
Total Investments in Securities — 104.9% (Cost: $313,499,106)				326,156,582
Other Assets, Less Liabilities — (4.9)%				(15,236,753	)
Net Assets — 100.0%			$	310,919,829

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period-end.

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended January 31, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased			Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		10,813,414		4,473,628	(b)		—			15,287,042	$	15,296,214	$	57,079	(c)	$	(572	)	$	2,137
BlackRock Cash Funds: Treasury, SL Agency Shares		779,000		1,398,000	(b)		—			2,177,000		2,177,000		10,964			—			—
PennyMac Mortgage Investment Trust		23,314		3,657			(26,971	)		—		—		11,476			66,843			(46,435	)
											$	17,473,214	$	79,519		$	66,271		$	(44,298	)

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

^(c)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini		8		03/20/20	$	646	$	(18,225	)
S&P MidCap 400 E-Mini		1		03/20/20		201		(6,152	)
							$	(24,377	)

SCHEDULE OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF

OTC Total Return Swaps

Reference Entity(a)	Counterparty	Termination Date		Net Notional		Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Goldman Sachs & Co.		02/27/23	$	651,957	$	(29,040	)(b)	$	622,923		0.2	%
	HSBC Bank USA N.A.		02/10/23		61,335		(6,820	)(c)		55,686		0.0	%
	JPMorgan Securities PLC		02/08/23		622,681		17,681	(d)		638,017		0.2	%
				$	1,335,973	$	(18,179	)	$	1,316,626

^(a)  In regards to total return swaps with multiple financing rate benchmarks, the Fund receives the total return on a portfolio of long positions underlying the total return swap. In addition, the Fund pays a variable rate of interest, based on a specified benchmark, plus or minus a spread of 65 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

USD - 1D Overnight Bank Funding Rate (OBFR01)

USD - 1D Overnight Fed Funds Effective Rate (FEDL01)

USD - 1M US Dollar LIBOR BBA

^(b)  Amount includes $(6) of net dividends and financing fees.

^(c)  Amount includes $(1,171) of net dividends, payable for referenced securities purchased and financing fees.

^(d)  Amount includes $2,345 of net dividends, payable for referenced securities purchased and financing fees.

42 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of January 31, 2020 expiration dates 02/27/23.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Central Pacific Financial Corp.		3,011	$	83,495		13.4	%
First BanCorp./Puerto Rico		5,369		49,771		8.0
Hanmi Financial Corp.		1,499		25,213		4.0
OFG Bancorp.		1,902		37,488		6.0
Popular Inc.		88		4,924		0.8
				200,891
Capital Markets
Janus Henderson Group PLC		1,445		36,515		5.9
Electronic Equipment, Instruments & Components
National Instruments Corp.		112		4,999		0.8
Equity Real Estate Investment Trusts (REITs)
Brixmor Property Group Inc.		272		5,429		0.9
Essential Properties Realty Trust Inc.		30		828		0.1
Park Hotels & Resorts Inc.		213		4,673		0.8
				10,930
Gas Utilities
Star Group LP		45		418		0.1
Health Care Equipment & Supplies
Novocure Ltd.(a)		68		5,539		0.9
Health Care Providers & Services
Amedisys Inc.(a)		29		5,118		0.8
Magellan Health Inc.(a)		259		18,961		3.1
				24,079
Insurance
Employers Holdings Inc.		4,462		190,304		30.6
Stewart Information Services Corp.		1,140		47,595		7.6
				237,899
IT Services
CACI International Inc. Class A(a)		22		5,884		0.9
Metals & Mining
Reliance Steel & Aluminum Co.		62		7,118		1.1
Multiline Retail
Dillard’s Inc. Class A(a)		10		607		0.1
Personal Products
Medifast Inc.		164		15,847		2.5
Real Estate Management & Development
Forestar Group Inc.(a)		279		5,655		0.9
Semiconductors & Semiconductor Equipment
Photronics Inc.(a)		1,473		18,825		3.0
Software
Aspen Technology Inc.(a)		62		7,377		1.2
Manhattan Associates Inc.(a)		56		4,786		0.8
				12,163

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of January 31, 2020 expiration dates 02/27/23.

	Shares		Value		% of    Basket    Value
Specialty Retail
Chico’s FAS Inc.		105	$	408		0.1
Gamestop Corp. Class A(a)		1,966		7,549		1.2
MarineMax Inc.(a)		19		379		0.0
				8,336
Thrifts & Mortgage Finance
TrustCo Bank Corp. NY		3,374		26,756		4.3
Trading Companies & Distributors
CAI International Inc.		17		462		0.1
Total Reference Entity — Long				622,923
Net Value of Reference Entity — Goldman Sachs & Co.			$	622,923

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with HSBC Bank USA N.A. as of January 31, 2020 expiration dates 02/10/23.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Central Pacific Financial Corp.		88	$	2,440		4.4	%
First BanCorp./Puerto Rico		2,030		18,818		33.8
Hanmi Financial Corp.		94		1,581		2.8
OFG Bancorp.		484		9,540		17.1
				32,379
Insurance
Employers Holdings Inc.		301		12,838		23.1
Semiconductors & Semiconductor Equipment
Photronics Inc.(a)		633		8,090		14.5
Thrifts & Mortgage Finance
TrustCo Bank Corp. NY		300		2,379		4.3
Total Reference Entity — Long				55,686
Net Value of Reference Entity — HSBC Bank USA N.A.			$	55,686

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with JPMorgan Securities PLC as of January 31, 2020 expiration dates 02/08/23.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Central Pacific Financial Corp.		1,480	$	41,040		6.4	%
First BanCorp./Puerto Rico		1,017		9,428		1.5
Hanmi Financial Corp.		992		16,685		2.6
OFG Bancorp		185		3,646		0.6
				70,799

SCHEDULE OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with JPMorgan Securities PLC as of January 31, 2020 expiration dates 02/08/23.

	Shares		Value		% of Basket Value
Electronic Equipment, Instruments & Components
Jabil Inc.		124	$	4,822		0.8
Tech Data Corp.(a)		33		4,750		0.7
				9,572
Equity Real Estate Investment Trusts (REITs)
Essential Properties Realty Trust Inc.		12,747		351,945		55.2
Health Care Equipment & Supplies
Haemonetics Corp.(a)		48		5,155		0.8
Masimo Corp.(a)		47		8,018		1.3
				13,173
Health Care Providers & Services
Chemed Corp.		17		7,940		1.2
Encompass Health Corp.		80		6,162		1.0
				14,102
Insurance
Employers Holdings Inc.		1,671		71,268		11.2
First American Financial Corp.		101		6,260		1.0
Stewart Information Services Corp.		938		39,162		6.1
				116,690

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with JPMorgan Securities PLC as of January 31, 2020 expiration dates 02/08/23.

	Shares		Value		% of Basket Value
Life Sciences Tools & Services
Bruker Corp.		101	$	4,996		0.8
Media
Gannett Co. Inc.		99		605		0.1
Multiline Retail
Macy’s Inc.		279		4,450		0.7
Semiconductors & Semiconductor Equipment
Mellanox Technologies Ltd.(a)		40		4,836		0.7
Photronics Inc.(a)		1,191		15,221		2.4
				20,057
Specialty Retail
Gamestop Corp. Class A		2,700		10,368		1.6
Thrifts & Mortgage Finance
TrustCo Bank Corp. NY		2,681		21,260		3.3
Total Reference Entity — Long				638,017
Net Value of Reference Entity — JPMorgan Securities PLC			$	638,017

^(a)  Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps		$—		$—		$17,681		$(35,860	)

Derivative Financial Instruments Categorized by Risk Exposure

As of January 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps	$	17,681
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	24,377
Swaps — OTC
Unrealized depreciation on OTC swaps	$	35,860
	$	60,237

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

44 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	83,492
Swaps		3,022
	$	86,514
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(24,377	)
Swaps		(9,030	)
	$	(33,407	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	282,193
Total return swaps:
Average notional value	$	751,436

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	24,377
Swaps — OTC		17,681		35,860
Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	17,681	$	60,237
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(24,377	)
Total derivative assets and liabilities subject to an MNA	$	17,681	$	35,860

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Assets Subject to an MNA by Counterparty			Derivatives Available for Offset		Net Amount of Derivative Assets
Goldman Sachs & Co.		$(29,040	)		$      —		$(29,040	)
HSBC Bank USA N.A.		(6,820	)		—		(6,820	)
JPMorgan Securities PLC		17,681			—		17,681
		$(18,179	)		$      —		$(18,179	)

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 the Notes to Financial Statements.

SCHEDULE OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares^® Edge MSCI Multifactor USA Small-Cap ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2020. 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	$	308,683,368		$	—		$	—	$	308,683,368
Money Market Funds		17,473,214			—			—		17,473,214
	$	326,156,582		$	—		$	—	$	326,156,582
Derivative financial instruments(a)
Assets
Swaps	$	—		$	17,681		$	—	$	17,681
Liabilities
Futures Contracts		(24,377	)		—			—		(24,377	)
Swaps		—			(35,860	)		—		(35,860	)
	$	(24,377	)	$	(18,179	)	$	—	$	(42,556	)

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

See notes to financial statements.

46 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

January 31, 2020

	iShares Edge MSCI Multifactor Global ETF		iShares Edge MSCI Multifactor Intl ETF			iShares Edge MSCI Multifactor Intl Small-Cap ETF		iShares Edge MSCI Multifactor USA ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	117,037,215	$	1,129,825,277		$	117,240,157	$	938,973,764
Affiliated(c)		895,617		2,095,361			1,373,700		7,393,660
Cash		1,684		315			245		8,725
Foreign currency, at value(d)		82,966		1,166,607			332,221		—
Cash pledged:
Futures contracts		7,000		—			—		102,000
Foreign currency collateral pledged:
Futures contracts(e)		—		136,781			30,283		—
Receivables:
Investments sold		—		—			673,239		—
Securities lending income — Affiliated		249		2,172			1,836		1,860
Dividends		90,799		392,141			154,136		677,631
Tax reclaims		18,906		1,067,081			25,760		—
Total assets		118,134,436		1,134,685,735			119,831,577		947,157,640
LIABILITIES
Collateral on securities loaned, at value		827,269		1,792,726			1,326,284		5,426,381
Deferred foreign capital gain tax		20,052		—			13,763		—
Payables:
Investments purchased		—		—			819,537		—
Variation margin on futures contracts		3,285		28,265			5,927		47,564
Investment advisory fees		35,785		293,541			36,714		163,861
Total liabilities		886,391		2,114,532			2,202,225		5,637,806
NET ASSETS	$	117,248,045	$	1,132,571,203		$	117,629,352	$	941,519,834
NET ASSETS CONSIST OF:
Paid-in capital	$	114,535,478	$	1,210,104,496		$	115,642,629	$	917,023,978
Accumulated earnings (loss)		2,712,567		(77,533,293	)		1,986,723		24,495,856
NET ASSETS	$	117,248,045	$	1,132,571,203		$	117,629,352	$	941,519,834
Shares outstanding		3,850,000		42,800,000			3,800,000		27,650,000
Net asset value	$	30.45	$	26.46		$	30.96	$	34.05
Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited
Par value		None		None			None		None
(a) Securities loaned, at value	$	790,050	$	1,707,392		$	1,114,283	$	5,226,255
(b) Investments, at cost — Unaffiliated	$	108,011,318	$	1,123,607,678		$	109,942,404	$	857,089,416
(c) Investments, at cost — Affiliated	$	895,481	$	2,095,162		$	1,373,313	$	7,392,772
(d) Foreign currency, at cost	$	83,517	$	1,169,059		$	331,278	$	—
(e) Foreign currency collateral pledged, at cost	$	—	$	136,903		$	30,315	$	—

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Assets and Liabilities  (unaudited) (continued)

January 31, 2020

	iShares Edge MSCI Multifactor USA Mid-Cap ETF		iShares Edge MSCI Multifactor USA Small-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	2,778,910	$	308,683,368
Affiliated(c)		114,729		17,473,214
Cash		577		300
Cash pledged:
Futures contracts		—		38,000
Receivables:
Securities lending income — Affiliated		66		9,361
Dividends		1,966		123,433
Unrealized appreciation on:
OTC swaps		—		17,681
Total assets		2,896,248		326,345,357
LIABILITIES
Collateral on securities loaned, at value		109,727		15,292,011
Payables:
Variation margin on futures contracts		—		17,820
Investment advisory fees		606		79,837
Unrealized depreciation on:
OTC swaps		—		35,860
Total liabilities		110,333		15,425,528
NET ASSETS	$	2,785,915	$	310,919,829
NET ASSETS CONSIST OF:
Paid-in capital	$	2,557,397	$	313,519,899
Accumulated earnings (loss)		228,518		(2,600,070	)
NET ASSETS	$	2,785,915	$	310,919,829
Shares outstanding		100,000		7,450,000
Net asset value	$	27.86	$	41.73
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Securities loaned, at value	$	104,043	$	14,520,011
(b) Investments, at cost — Unaffiliated	$	2,562,839	$	296,030,427
(c) Investments, at cost — Affiliated	$	114,721	$	17,468,679

See notes to financial statements.

48 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended January 31, 2020

	iShares Edge MSCI Multifactor Global ETF			iShares Edge MSCI Multifactor Intl ETF			iShares Edge MSCI Multifactor Intl Small-Cap ETF			iShares Edge MSCI Multifactor USA ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,194,138		$	14,283,441		$	1,200,064		$	10,024,880
Dividends — Affiliated		1,205			4,236			458			14,585
Non-cash dividends — Unaffiliated		—			—			222,432			—
Interest — Unaffiliated		31			—			—			460
Securities lending income — Affiliated — net		1,252			7,897			14,948			11,088
Foreign taxes withheld		(42,088	)		(834,900	)		(96,172	)		—
Other foreign taxes		(1,626	)		—			—			—
Total investment income		1,152,912			13,460,674			1,341,730			10,051,013
EXPENSES
Investment advisory fees		201,991			1,711,513			180,383			953,365
Commitment fees		24			—			—			—
Interest expense		403			—			—			—
Total expenses		202,418			1,711,513			180,383			953,365
Net investment income		950,494			11,749,161			1,161,347			9,097,648
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		1,067,362			(14,122,989	)		(156,451	)		1,656,261
Investments — Affiliated		129			1,127			103			2,129
In-kind redemptions — Unaffiliated		—			17,400,086			—			16,297,472
Futures contracts		22,580			672,033			49,171			231,686
Foreign currency transactions		(781	)		9,259			3,480			—
Net realized gain (loss)		1,089,290			3,959,516			(103,697	)		18,187,548
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(a)		4,308,630			31,395,874			6,448,079			32,762,225
Investments — Affiliated		49			(250	)		(4	)		502
Futures contracts		1,412			(51,334	)		(14,396	)		26
Foreign currency translations		(966	)		51,403			2,492			—
Net change in unrealized appreciation (depreciation)		4,309,125			31,395,693			6,436,171			32,762,753
Net realized and unrealized gain		5,398,415			35,355,209			6,332,474			50,950,301
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,348,909		$	47,104,370		$	7,493,821		$	60,047,949
(a) Net of deferred foreign capital gain tax of	$	20,052		$	—		$	5,287		$	—

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Operations  (unaudited) (continued)

Six Months Ended January 31, 2020

	iShares Edge MSCI Multifactor USA Mid-Cap ETF			iShares Edge MSCI Multifactor USA Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	25,104		$	2,626,694
Dividends — Affiliated		22			22,440
Interest — Unaffiliated		—			153
Securities lending income — Affiliated — net		120			57,079
Foreign taxes withheld		—			(3,655	)
Total investment income		25,246			2,702,711
EXPENSES
Investment advisory fees		3,421			420,909
Total expenses		3,421			420,909
Net investment income		21,825			2,281,802
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		10,077			(5,733,955	)
Investments — Affiliated		(6	)		59,456
In-kind redemptions — Unaffiliated		—			3,958,161
In-kind redemptions — Affiliated		—			6,815
Futures contracts		—			83,492
Swaps		—			3,022
Net realized gain (loss)		10,071			(1,623,009	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		58,903			6,595,950
Investments — Affiliated		8			(44,298	)
Futures contracts		—			(24,377	)
Swaps		—			(9,030	)
Net change in unrealized appreciation (depreciation)		58,911			6,518,245
Net realized and unrealized gain		68,982			4,895,236
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	90,807		$	7,177,038

See notes to financial statements.

50 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Edge MSCI Multifactor Global ETF						iShares Edge MSCI Multifactor Intl ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	950,494		$	2,429,027		$	11,749,161		$	36,113,089
Net realized gain (loss)		1,089,290			585,998			3,959,516			(62,183,791	)
Net change in unrealized appreciation (depreciation)		4,309,125			1,943,267			31,395,693			(46,093,701	)
Net increase (decrease) in net assets resulting from operations		6,348,909			4,958,292			47,104,370			(72,164,403	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,637,674	)		(3,186,986	)		(17,751,254	)		(37,236,825	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			43,515,347			(167,786,648	)		398,779,311
NET ASSETS
Total increase (decrease) in net assets		4,711,235			45,286,653			(138,433,532	)		289,378,083
Beginning of period		112,536,810			67,250,157			1,271,004,735			981,626,652
End of period	$	117,248,045		$	112,536,810		$	1,132,571,203		$	1,271,004,735

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Changes in Net Assets  (continued)

	iShares Edge MSCI Multifactor Intl Small-Cap ETF						iShares Edge MSCI Multifactor USA ETF
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,161,347		$	1,823,302		$	9,097,648		$	20,625,855
Net realized gain (loss)		(103,697	)		(2,317,601	)		18,187,548			(10,297,374	)
Net change in unrealized appreciation (depreciation)		6,436,171			(1,800,222	)		32,762,753			(29,680,888	)
Net increase (decrease) in net assets resulting from operations		7,493,821			(2,294,521	)		60,047,949			(19,352,407	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,681,779	)		(1,756,150	)		(10,197,239	)		(32,975,103	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		33,853,052			37,598,330			(157,515,275	)		(15,711,902	)
NET ASSETS
Total increase (decrease) in net assets		39,665,094			33,547,659			(107,664,565	)		(68,039,412	)
Beginning of period		77,964,258			44,416,599			1,049,184,399			1,117,223,811
End of period	$	117,629,352		$	77,964,258		$	941,519,834		$	1,049,184,399

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

52 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Edge MSCI Multifactor USA Mid-Cap ETF						iShares Edge MSCI Multifactor USA Small-Cap ETF
	Six Months Ended 01/31/20 (unaudited)			Period From 06/04/19(a) to 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	21,825		$	6,945		$	2,281,802		$	2,668,093
Net realized gain (loss)		10,071			(799	)		(1,623,009	)		105,726
Net change in unrealized appreciation (depreciation)		58,911			157,168			6,518,245			(7,198,329	)
Net increase (decrease) in net assets resulting from operations		90,807			163,314			7,177,038			(4,424,510	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(25,603	)		—			(2,372,850	)		(2,587,744	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			2,557,397			48,040,849			103,954,967
NET ASSETS
Total increase in net assets		65,204			2,720,711			52,845,037			96,942,713
Beginning of period		2,720,711			—			258,074,792			161,132,079
End of period	$	2,785,915		$	2,720,711		$	310,919,829		$	258,074,792

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 53

Financial Highlights

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor Global ETF
	Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17				Year Ended 07/31/16					Period From 04/28/15 to 07/31/15	(a)
Net asset value, beginning of period		$	29.23			$	30.57			$	27.77			$	23.58			$	24.47		$	25.28
Net investment income(b)			0.25				0.66				0.62				0.61				0.43			0.15
Net realized and unrealized gain (loss)(c)			1.40				(1.36	)			2.74				4.06				(0.99	)		(0.85	)
Net increase (decrease) from investment operations			1.65				(0.70	)			3.36				4.67				(0.56	)		(0.70	)
Distributions(d)
From net investment income			(0.43	)			(0.64	)			(0.56	)			(0.48	)			(0.33	)		(0.11	)
Total distributions			(0.43	)			(0.64	)			(0.56	)			(0.48	)			(0.33	)		(0.11	)
Net asset value, end of period		$	30.45			$	29.23			$	30.57			$	27.77			$	23.58		$	24.47
Total Return
Based on net asset value			5.61	%(e)			(2.10	)%			12.14	%			19.97	%			(2.20	)%		(2.77	)%(e)
Ratios to Average Net Assets
Total expenses			0.35	%(f)			0.35	%			0.35	%			0.37	%			0.50	%		0.50	%(f)
Total expenses after fees waived			0.35	%(f)			0.35	%			0.35	%			0.36	%			0.49	%		0.49	%(f)
Net investment income			1.65	%(f)			2.30	%			2.05	%			2.38	%			1.91	%		2.37	%(f)
Supplemental Data
Net assets, end of period (000)		$	117,248			$	112,537			$	67,250			$	23,601			$	4,717		$	2,447
Portfolio turnover rate(g)			23	%(e)			43	%			46	%			31	%			43	%		21	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

54 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor Intl ETF
	Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17				Year Ended 07/31/16					Period From 04/28/15 to 07/31/15	(a)
Net asset value, beginning of period		$	25.68			$	28.29			$	27.06			$	23.32			$	24.70		$	24.92
Net investment income(b)			0.27				0.86				0.83				0.69				0.57			0.15
Net realized and unrealized gain (loss)(c)			0.95				(2.66	)			1.28				3.65				(1.71	)		(0.20	)
Net increase (decrease) from investment operations			1.22				(1.80	)			2.11				4.34				(1.14	)		(0.05	)
Distributions(d)
From net investment income			(0.44	)			(0.81	)			(0.88	)			(0.60	)			(0.24	)		(0.17	)
Total distributions			(0.44	)			(0.81	)			(0.88	)			(0.60	)			(0.24	)		(0.17	)
Net asset value, end of period		$	26.46			$	25.68			$	28.29			$	27.06			$	23.32		$	24.70
Total Return
Based on net asset value			4.71	%(e)			(6.26	)%			7.84	%			18.84	%			(4.62	)%		(0.21	)%(e)
Ratios to Average Net Assets
Total expenses			0.30	%(f)			0.30	%			0.30	%			0.34	%			0.45	%		0.45	%(f)
Total expenses after fees waived			0.30	%(f)			0.30	%			0.30	%			0.32	%			0.41	%		0.45	%(f)
Total expenses excluding professional fees for foreign withholding tax claims			N/A				0.30	%			N/A				N/A				N/A			N/A
Net investment income			2.06	%(f)			3.31	%			2.88	%			2.81	%			2.51	%		2.29	%(f)
Supplemental Data
Net assets, end of period (000)		$	1,132,571			$	1,271,005			$	981,627			$	248,937			$	114,269		$	4,940
Portfolio turnover rate(g)			20	%(e)			44	%			39	%			45	%			38	%		19	%(e)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Not annualized.

^(f) Annualized.

^(g) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 55

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor Intl Small-Cap ETF
	Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17				Year Ended 07/31/16					Period From 04/28/15 to 07/31/15	(a)
Net asset value, beginning of period		$	28.88			$	31.73			$	29.27			$	25.26			$	25.20		$	25.03
Net investment income(b)			0.39				0.77				0.65				0.69				0.51			0.13
Net realized and unrealized gain (loss)(c)			2.20				(2.97	)			2.49				3.98				0.09			0.16
Net increase (decrease) from investment operations			2.59				(2.20	)			3.14				4.67				0.60			0.29
Distributions(d)
From net investment income			(0.51	)			(0.65	)			(0.68	)			(0.66	)			(0.54	)		(0.12	)
Total distributions			(0.51	)			(0.65	)			(0.68	)			(0.66	)			(0.54	)		(0.12	)
Net asset value, end of period		$	30.96			$	28.88			$	31.73			$	29.27			$	25.26		$	25.20
Total Return
Based on net asset value			8.95	%(e)			(6.80	)%			10.75	%			18.91	%			2.48	%		1.15	%(e)
Ratios to Average Net Assets
Total expenses			0.40	%(f)			0.40	%			0.40	%			0.44	%			0.60	%		0.60	%(f)
Net investment income			2.58	%(f)			2.67	%			2.03	%			2.57	%			2.13	%		2.03	%(f)
Supplemental Data
Net assets, end of period (000)		$	117,629			$	77,964			$	44,417			$	17,563			$	5,052		$	5,040
Portfolio turnover rate(g)			23	%(e)			45	%			44	%			44	%			49	%		17	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

56 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor USA ETF
	Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17				Year Ended 07/31/16					Period From 04/28/15 to 07/31/15	(a)
Net asset value, beginning of period		$	32.13			$	33.01			$	29.24			$	25.04			$	25.15		$	25.12
Net investment income(b)			0.32				0.58				0.55				0.54				0.44			0.08
Net realized and unrealized gain (loss)(c)			1.95				(0.55	)			3.76				4.12				(0.22	)		0.03
Net increase from investment operations			2.27				0.03				4.31				4.66				0.22			0.11
Distributions(d)
From net investment income			(0.35	)			(0.91	)			(0.54	)			(0.46	)			(0.33	)		(0.08	)
Total distributions			(0.35	)			(0.91	)			(0.54	)			(0.46	)			(0.33	)		(0.08	)
Net asset value, end of period		$	34.05			$	32.13			$	33.01			$	29.24			$	25.04		$	25.15
Total Return
Based on net asset value			7.12	%(e)			0.38	%			14.87	%			18.76	%			0.92	%		0.43	%(e)
Ratios to Average Net Assets
Total expenses			0.20	%(f)			0.20	%			0.20	%			0.23	%			0.35	%		0.35	%(f)
Total expenses after fees waived			0.20	%(f)			0.20	%			0.20	%			0.21	%			0.31	%		0.35	%(f)
Net investment income			1.91	%(f)			1.84	%			1.73	%			1.94	%			1.84	%		1.23	%(f)
Supplemental Data
Net assets, end of period (000)		$	941,520			$	1,049,184			$	1,117,224			$	543,871			$	108,928		$	5,030
Portfolio turnover rate(g)			20	%(e)			45	%			46	%			49	%			45	%		18	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 57

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor USA Mid-Cap ETF
	Six Months Ended 01/31/20 (unaudited)				Period From 06/04/19(a) to 07/31/19
Net asset value, beginning of period		$	27.21		$	25.57
Net investment income(b)			0.22			0.07
Net realized and unrealized gain(c)			0.69			1.57
Net increase from investment operations			0.91			1.64
Distributions(d)
From net investment income			(0.26	)		—
Total distributions			(0.26	)		—
Net asset value, end of period		$	27.86		$	27.21
Total Return
Based on net asset value			3.35	%(e)		6.41	%(e)
Ratios to Average Net Assets
Total expenses			0.25	%(f)		0.25	%(f)
Net investment income			1.60	%(f)		1.66	%(f)
Supplemental Data
Net assets, end of period (000)		$	2,786		$	2,721
Portfolio turnover rate(g)			23	%(e)		1	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

58 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor USA Small-Cap ETF
	Six Months Ended 01/31/20 (unaudited)				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17				Year Ended 07/31/16					Period From 04/28/15 to 07/31/15	(a)
Net asset value, beginning of period		$	40.96			$	42.97			$	36.56			$	31.38			$	30.76		$	30.13
Net investment income(b)			0.34				0.53				0.43				0.33				0.33			0.06
Net realized and unrealized gain (loss)(c)			0.77				(2.04	)			6.38				5.16				0.58			0.61
Net increase (decrease) from investment operations			1.11				(1.51	)			6.81				5.49				0.91			0.67
Distributions(d)
From net investment income			(0.34	)			(0.50	)			(0.40	)			(0.31	)			(0.29	)		(0.04	)
Total distributions			(0.34	)			(0.50	)			(0.40	)			(0.31	)			(0.29	)		(0.04	)
Net asset value, end of period		$	41.73			$	40.96			$	42.97			$	36.56			$	31.38		$	30.76
Total Return
Based on net asset value			2.73	%(e)			(3.45	)%			18.73	%			17.57	%			3.03	%		2.23	%(e)
Ratios to Average Net Assets
Total expenses			0.30	%(f)			0.30	%			0.30	%			0.34	%			0.50	%		0.50	%(f)
Total expenses after fees waived			0.30	%(f)			0.30	%			0.30	%			0.32	%			0.46	%		0.50	%(f)
Net investment income			1.63	%(f)			1.31	%			1.07	%			0.94	%			1.11	%		0.75	%(f)
Supplemental Data
Net assets, end of period (000)		$	310,920			$	258,075			$	161,132			$	49,354			$	14,120		$	3,076
Portfolio turnover rate(g)			23	%(e)			45	%			46	%			90	%			49	%		17	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
Edge MSCI Multifactor Global	Diversified
Edge MSCI Multifactor Intl	Diversified
Edge MSCI Multifactor Intl Small-Cap	Diversified
Edge MSCI Multifactor USA	Diversified
Edge MSCI Multifactor USA Mid-Cap	Non-diversified
Edge MSCI Multifactor USA Small-Cap	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2020, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

60 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements  (unaudited) (continued)

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of January 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock FundAdvisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of January 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of January 31, 2020:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
Edge MSCI Multifactor Global
BofA Securities, Inc.	$	71,220	$	71,220	$	—	$	—
Citigroup Global Markets Inc.		603,926		603,926		—		—
JPMorgan Securities LLC		114,904		114,904		—		—
	$	790,050	$	790,050	$	—	$	—
Edge MSCI Multifactor Intl
Morgan Stanley & Co. LLC	$	1,707,392	$	1,707,392	$	—	$	—
Edge MSCI Multifactor Intl Small-Cap
BofA Securities, Inc.	$	584,601	$	584,601	$	—	$	—
Citigroup Global Markets Inc.		42,619		42,530		—		(89	)(b)
Credit Suisse Securities (USA) LLC		35,727		35,727		—		—
Deutsche Bank Securities Inc.		121,583		121,583		—		—
HSBC Bank PLC		54,566		54,566		—		—
JPMorgan Securities LLC		115,366		115,366		—		—
Macquarie Bank Limited		51,022		51,022		—		—
SG Americas Securities LLC		51,033		51,033		—		—
UBS AG		57,766		57,766		—		—
	$	1,114,283	$	1,114,194	$	—	$	(89	)
Edge MSCI Multifactor USA
BofA Securities, Inc.	$	3,580,920	$	3,580,920	$	—	$	—
National Financial Services LLC		126,187		126,187		—		—
SG Americas Securities LLC		1,205,919		1,205,919		—		—
Virtu Americas LLC		147,381		147,381		—		—
Wells Fargo Bank, National Association		165,848		165,848		—		—
	$	5,226,255	$	5,226,255	$	—	$	—
Edge MSCI Multifactor USA Mid-Cap
BNP Paribas Securities Corp.	$	32,294	$	32,294	$	—	$	—
BofA Securities, Inc.		15,957		15,957		—		—
Goldman Sachs & Co.		39,611		39,611		—		—
JPMorgan Securities LLC		16,181		16,181		—		—
	$	104,043	$	104,043	$	—	$	—

62 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
Edge MSCI Multifactor USA Small-Cap
Barclays Bank PLC	$	69,776	$	69,776	$	—	$	—
BofA Securities, Inc.		314,438		314,438		—		—
Citadel Clearing LLC		362,038		362,038		—		—
Citigroup Global Markets Inc.		1,238,499		1,238,499		—		—
Credit Suisse AG Dublin Branch		1,671,609		1,671,609		—		—
Goldman Sachs & Co.		4,799,801		4,799,801		—		—
JPMorgan Securities LLC		3,936,895		3,936,895		—		—
Mizuho Securities USA Inc.		10,438		10,438		—		—
National Financial Services LLC		251,688		251,688		—		—
Scotia Capital (USA) Inc.		77,980		77,980		—		—
SG Americas Securities LLC		276,801		276,801		—		—
UBS AG		116,554		116,554		—		—
Wells Fargo Bank, National Association		1,393,494		1,393,494		—		—
	$	14,520,011	$	14,520,011	$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

Swaps: Swaps are financial agreements to exchange cash flows in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Total return swaps are entered into by the iShares Edge MSCI Multifactor USA Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements  (unaudited) (continued)

adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. Except for NDFs, the forward foreign currency exchange contracts held by the Funds generally do not require collateral. Cash collateral pledged to the counterparty, if any, is presented as cash pledged as collateral for OTC derivatives on the statement of assets and liabilities. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as affiliated investments at value and as a liability for cash received as collateral on OTC derivatives. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, each Fund bears the risk of loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Edge MSCI Multifactor Global		0.35	%
Edge MSCI Multifactor Intl		0.30
Edge MSCI Multifactor Intl Small-Cap		0.40
Edge MSCI Multifactor USA		0.20
Edge MSCI Multifactor USA Mid-Cap		0.25
Edge MSCI Multifactor USA Small-Cap		0.30

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). For the iShares Edge MSCI Multifactor Global ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money

64 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each of iShares Edge MSCI Multifactor USAETF, iShares Edge MSCI Multifactor USAMid-Cap ETF and iShares Edge MSCI Multifactor USA Small-Cap ETF (the “Group 1 Funds”), retains 75% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Edge MSCI Multifactor Global ETF, iShares Edge MSCI Multifactor Intl ETF and iShares Edge MSCI Multifactor Intl Small-Cap ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) Each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2020, each Group 1 Fund retained 73.5% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, (2) Each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended January 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Edge MSCI Multifactor Global	$	405
Edge MSCI Multifactor Intl		2,262
Edge MSCI Multifactor Intl Small-Cap		3,561
Edge MSCI Multifactor USA		4,748
Edge MSCI Multifactor USA Mid-Cap		47
Edge MSCI Multifactor USA Small-Cap		23,175

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Edge MSCI Multifactor Global	$	2,634,624	$	7,246,156	$	975,407
Edge MSCI Multifactor Intl		25,601,566		58,803,174		(3,069,120	)
Edge MSCI Multifactor Intl Small-Cap		705,408		1,481,089		130,059
Edge MSCI Multifactor USA Small-Cap		4,836,550		11,675,692		1,617,357

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

NOTES TO FINANCIAL STATEMENTS 65

Notes to Financial Statements  (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Edge MSCI Multifactor Global	$	25,916,458	$	26,398,650
Edge MSCI Multifactor Intl		221,534,803		222,183,570
Edge MSCI Multifactor Intl Small-Cap		20,676,516		20,805,361
Edge MSCI Multifactor USA		192,072,997		195,374,600
Edge MSCI Multifactor USA Mid-Cap		626,561		634,170
Edge MSCI Multifactor USA Small-Cap		63,360,354		64,029,692

For the six months ended January 31, 2020, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Edge MSCI Multifactor Intl	$	69,520,436	$	240,470,036
Edge MSCI Multifactor Intl Small-Cap		33,324,985		—
Edge MSCI Multifactor USA		23,799,252		180,748,300
Edge MSCI Multifactor USA Small-Cap		68,497,549		21,697,486

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Edge MSCI Multifactor Global	$	6,536,739
Edge MSCI Multifactor Intl		69,542,725
Edge MSCI Multifactor Intl Small-Cap		4,546,200
Edge MSCI Multifactor USA		68,245,030
Edge MSCI Multifactor USA Mid-Cap		799
Edge MSCI Multifactor USA Small-Cap		11,443,259

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Edge MSCI Multifactor Global	$	109,795,011	$	14,444,233	$	(6,305,000	)	$	8,139,233
Edge MSCI Multifactor Intl		1,144,238,990		92,787,413		(105,157,099	)		(12,369,686	)
Edge MSCI Multifactor Intl Small-Cap		112,202,770		12,879,337		(6,482,646	)		6,396,691
Edge MSCI Multifactor USA		872,691,984		120,198,132		(46,522,666	)		73,675,466
Edge MSCI Multifactor USA Mid-Cap		2,677,560		280,859		(64,780	)		216,079
Edge MSCI Multifactor USA Small-Cap		315,750,631		30,865,021		(20,501,626	)		10,363,395

9. LINE OF CREDIT

The iShares Edge MSCI Multifactor Global ETF, along with certain other iShares funds, is a party to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 21, 2020. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and

66 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

For the six months ended January 31, 2020, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
Edge MSCI Multifactor Global	$	769,000	$	29,255		2.70	%

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 01/31/20						Year Ended 07/31/19
iShares ETF	Shares			Amount			Shares			Amount
Edge MSCI Multifactor Global
Shares sold		—		$	—			4,800,000		$	131,164,108
Shares redeemed		—			—			(3,150,000	)		(87,648,761	)
Net increase		—		$	—			1,650,000		$	43,515,347
Edge MSCI Multifactor Intl
Shares sold		3,200,000		$	86,174,367			20,600,000		$	538,095,630
Shares redeemed		(9,900,000	)		(253,961,015	)		(5,800,000	)		(139,316,319	)
Net increase(decrease)		(6,700,000	)	$	(167,786,648	)		14,800,000		$	398,779,311
Edge MSCI Multifactor Intl Small-Cap
Shares sold		1,100,000		$	33,853,052			1,600,000		$	46,347,250
Shares redeemed		—			—			(300,000	)		(8,748,920	)
Net increase		1,100,000		$	33,853,052			1,300,000		$	37,598,330
Edge MSCI Multifactor USA
Shares sold		700,000		$	24,007,113			13,550,000		$	430,146,722
Shares redeemed		(5,700,000	)		(181,522,388	)		(14,750,000	)		(445,858,624	)
Net decrease		(5,000,000	)	$	(157,515,275	)		(1,200,000	)	$	(15,711,902	)
Edge MSCI Multifactor USA Mid-Cap
Shares sold		—		$	—			100,000		$	2,557,397
Edge MSCI Multifactor USA Small-Cap
Shares sold		1,700,000		$	70,263,989			4,350,000		$	173,929,742
Shares redeemed		(550,000	)		(22,223,140	)		(1,800,000	)		(69,974,775	)
Net increase		1,150,000		$	48,040,849			2,550,000		$	103,954,967

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

12. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court.

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

68 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares Edge MSCI Multifactor Global ETF, iShares Edge MSCI Multifactor Intl ETF, iShares Edge MSCI Multifactor Intl Small-Cap ETF, iShares Edge MSCI Multifactor USA ETF, iShares Edge MSCI Multifactor USA Mid-Cap ETF and iShares Edge MSCI Multifactor USA Small-Cap ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s investment strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. A factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. Derivative exposure was considered in the calculation of liquidity classification.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size. The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM 69

Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Edge MSCI Multifactor Global(a)	$	0.400254	$	—	$	0.025116	$	0.425370		94	%		—	%		6	%		100	%
Edge MSCI Multifactor Intl(a)		0.431698		—		0.005525		0.437223		99			—			1			100
Edge MSCI Multifactor Intl Small-Cap(a)		0.463577		—		0.046053		0.509630		91			—			9			100
Edge MSCI Multifactor USA(a)		0.330679		—		0.023260		0.353939		93			—			7			100
Edge MSCI Multifactor USA Mid-Cap(a)		0.213065		—		0.042968		0.256033		83			—			17			100
Edge MSCI Multifactor USA Small-Cap(a)		0.342580		—		0.002155		0.344735		99			—			1			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

70 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

GENERAL INFORMATION 71

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
SDR	Swedish Depositary Receipt

72 2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-714-0120

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

Item 11. Controls and Procedures.

(a)The President (the registrant's Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant's Principal Financial Officer) have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a)(1) Not applicable to this semi-annual report.

(a)(2) Section 302 Certifications are attached.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Section 906 Certifications are attached.

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/ Armando Senra

Armando Senra, President (Principal Executive Officer)

Date: April 06, 2020

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/ Armando Senra

Armando Senra, President (Principal Executive Officer)

Date: April 06, 2020

By: /s/ Trent Walker

Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: April 06, 2020