iShares, Inc.

N-CSRS 1 d672098dncsrs.htm ISHARES, INC. iShares, Inc.

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 811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093

(Name and address of agent for service)

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

Date of fiscal year end: August 31, 2019

Date of reporting period: February 28, 2019

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.

FEBRUARY 28, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

▶ iShares MSCI Austria ETF | EWO | NYSE Arca

▶ iShares MSCI Belgium ETF | EWK | NYSE Arca

▶ iShares MSCI France ETF | EWQ | NYSE Arca

▶ iShares MSCI Netherlands ETF | EWN | NYSE Arca

▶ iShares MSCI Sweden ETF | EWD | 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		5
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		23
Statements of Operations		25
Statements of Changes in Net Assets		27
Financial Highlights		30
Notes to Financial Statements		35
Supplemental Information		43
General Information		44
Glossary of Terms Used in this Report		45


Fund Summary as of February 28, 2019		iShares^® MSCI Austria ETF

Investment Objective

The iShares MSCI Austria ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria IMI 25/50 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	(10.70	)%		(17.70	)%	2.19	%	9.87	%		(17.70	)%	11.45	%	156.25	%
Fund Market	(10.73	)		(17.47	)	2.21		9.95			(17.47	)	11.55		158.20
Index	(10.58	)		(17.65	)	2.31		10.04			(17.65	)	12.10		160.22

Index performance through February 11, 2013 reflects the performance of the MSCI Austria Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Austria IMI 25/50 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 10 for more information.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	893.00	$	2.30		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(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 (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	37.0	%
Energy	16.8
Materials	11.8
Industrials	11.2
Real Estate	10.8
Utilities	5.8
Communication Services	2.7
Information Technology	1.9
Consumer Discretionary	1.4
Consumer Staples	0.6

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Erste Group Bank AG	21.6	%
OMV AG	14.9
Raiffeisen Bank International AG	7.2
voestalpine AG	4.7
Verbund AG	4.4
ANDRITZ AG	4.4
CA Immobilien Anlagen AG	4.4
IMMOFINANZ AG	4.4
Wienerberger AG	4.2
BAWAG Group AG	3.5

^(a)

Excludes money market funds.


F U N D S U M M A R Y			5


Fund Summary as of February 28, 2019		iShares^® MSCI Belgium ETF

Investment Objective

The iShares MSCI Belgium ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium IMI 25/50 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	(8.10	)%		(16.02	)%	3.10	%	12.17	%		(16.02	)%	16.49	%	215.23	%
Fund Market	(7.78	)		(15.74	)	3.17		12.23			(15.74	)	16.91		216.90
Index	(8.11	)		(16.15	)	3.14		13.17			(16.15	)	16.71		244.46

Index performance through November 8, 2012 reflects the performance of the MSCI Belgium Investable Market Index. Index performance beginning on November 9, 2012 reflects the performance of the MSCI Belgium IMI 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	919.00	$	2.33		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Consumer Staples	26.6	%
Financials	26.5
Health Care	13.3
Materials	11.8
Real Estate	7.4
Communication Services	5.8
Information Technology	2.8
Consumer Discretionary	1.5
Energy	1.5
Utilities	1.4
Industrials	1.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Anheuser-Busch InBev SA/NV	22.5	%
KBC Group NV	10.6
UCB SA	6.1
Umicore SA	5.5
Ageas	4.7
Groupe Bruxelles Lambert SA	4.5
Solvay SA	4.4
Colruyt SA	2.8
Galapagos NV	2.6
Proximus SADP	2.6

^(a)

Excludes money market funds.


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Fund Summary as of February 28, 2019		iShares^® MSCI France ETF

Investment Objective

The iShares MSCI France ETF (the “Fund”) seeks to track the investment results of an index composed of French equities, as represented by the MSCI France 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	(5.35	)%		(5.49	)%	2.57	%	9.26	%		(5.49	)%	13.55	%	142.55	%
Fund Market	(4.98	)		(4.90	)	2.71		9.40			(4.90	)	14.30		145.56
Index	(5.21	)		(5.56	)	2.54		9.26			(5.56	)	13.34		142.53

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	946.50	$	2.36		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Industrials	22.1	%
Consumer Discretionary	17.9
Financials	11.3
Consumer Staples	10.8
Energy	9.0
Health Care	7.3
Communication Services	6.2
Materials	5.1
Information Technology	4.1
Utilities	3.4
Real Estate	2.8

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
TOTAL SA	9.0	%
LVMH Moet Hennessy Louis Vuitton SE	6.2
Sanofi	6.2
Airbus SE	4.9
L’Oreal SA	4.2
BNP Paribas SA	3.8
Air Liquide SA	3.5
AXA SA	3.2
Vinci SA	3.2
Danone SA	3.0

^(a)

Excludes money market funds.


F U N D S U M M A R Y			7


Fund Summary as of February 28, 2019		iShares^® MSCI Netherlands ETF

Investment Objective

The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands IMI 25/50 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	(4.20	)%		(5.28	)%	5.04	%	12.01	%		(5.28	)%	27.84	%	210.81	%
Fund Market	(4.15	)		(5.04	)	5.06		12.11			(5.04	)	28.02		213.67
Index	(3.97	)		(4.80	)	5.23		12.45			(4.80	)	29.03		223.19

Index performance through August 31, 2017 reflects the performance of the MSCI Netherlands Investable Market Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Netherlands IMI 25/50.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	958.00	$	2.38		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Consumer Staples	26.5	%
Information Technology	22.0
Financials	17.8
Industrials	11.4
Materials	9.2
Health Care	6.6
Communication Services	2.2
Energy	1.9
Real Estate	1.3
Consumer Discretionary	1.1

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Unilever NV	15.3	%
ASML Holding NV	13.7
ING Groep NV	9.4
Koninklijke Philips NV	6.4
Koninklijke Ahold Delhaize NV	4.5
NXP Semiconductors NV	4.4
Akzo Nobel NV	4.0
Koninklijke DSM NV	3.8
Wolters Kluwer NV	3.7
Heineken NV	3.6

^(a)

Excludes money market funds.


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Fund Summary as of February 28, 2019		iShares^® MSCI Sweden ETF

Investment Objective

The iShares MSCI Sweden ETF (the “Fund”) seeks to track the investment results of an index composed of Swedish equities, as represented by the MSCI Sweden 25/50 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	(5.00	)%		(7.15	)%	(0.07	)%	12.89	%		(7.15	)%	(0.37	)%	236.08	%
Fund Market	(5.28	)		(6.77	)	(0.05	)	12.98			(6.77	)	(0.24	)	238.71
Index	(4.81	)		(7.47	)	(0.68	)	12.53			(7.47	)	(3.35	)	225.52

Index performance through November 30, 2016 reflects the performance of the MSCI Sweden Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Sweden 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	950.00	$	2.42		$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Industrials	33.8	%
Financials	29.6
Information Technology	11.5
Consumer Staples	8.0
Consumer Discretionary	6.6
Communication Services	6.3
Materials	2.2
Energy	2.0

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Telefonaktiebolaget LM Ericsson, Class B	7.5	%
Nordea Bank Abp	7.4
Volvo AB, Class B	6.2
Assa Abloy AB, Class B	5.5
Investor AB, Class B	5.4
Atlas Copco AB, Class A	4.9
Sandvik AB	4.6
Svenska Handelsbanken AB, Class A	4.6
Swedbank AB, Class A	4.5
Essity AB, Class B	4.5

^(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 www.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.

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.


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Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Austria ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
FACC AG		43,246	$	680,555


Air Freight & Logistics — 2.8%
Oesterreichische Post AG		53,080		2,105,807


Banks — 31.9%
BAWAG Group AG^(a)		57,637		2,539,930
Erste Group Bank AG		420,706		15,928,684
Raiffeisen Bank International AG		208,359		5,319,336

				23,787,950

Chemicals — 2.8%
Lenzing AG		21,036		2,105,531


Construction & Engineering — 0.8%
Porr AG^(b)		25,969		563,622


Construction Materials — 4.1%
Wienerberger AG		136,575		3,094,809


Diversified Telecommunication Services — 2.6%
Telekom Austria AG		263,016		1,955,712


Electric Utilities — 5.7%
EVN AG		65,073		979,584
Verbund AG		67,796		3,267,076

				4,246,660

Electrical Equipment — 0.8%
Zumtobel Group AG^(b)(c)		65,494		586,184


Electronic Equipment, Instruments & Components — 1.9%
AT&S Austria Technologie & Systemtechnik AG		47,261		871,821
Kapsch TrafficCom AG		14,057		543,428

				1,415,249

Energy Equipment & Services — 1.9%
Schoeller-Bleckmann Oilfield Equipment AG		18,779		1,457,296


Food Products — 0.6%
Agrana Beteiligungs AG		22,572		447,228


Hotels, Restaurants & Leisure — 1.4%
DO & CO AG		12,146		1,029,001


Insurance — 4.6%
UNIQA Insurance Group AG		196,731		1,941,113
Vienna Insurance Group AG Wiener Versicherung Gruppe		62,157		1,500,498

				3,441,611


Security	Shares		Value

Machinery — 5.8%
ANDRITZ AG		65,152	$	3,256,880
Palfinger AG		21,888		623,097
Semperit AG Holding^(b)(c)		32,312		445,940

				4,325,917

Metals & Mining — 4.7%
voestalpine AG		112,721		3,493,836


Oil, Gas & Consumable Fuels — 14.7%
OMV AG		207,837		10,950,448


Real Estate Management & Development — 10.7%
CA Immobilien Anlagen AG		96,230		3,252,250
IMMOFINANZ AG		129,019		3,205,664
S IMMO AG		79,034		1,497,534

				7,955,448


Total Common Stocks — 98.7% (Cost: $88,374,852)				73,642,864


Short-Term Investments

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		1,168,387		1,168,855
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		40,618		40,618

				1,209,473


Total Short-Term Investments — 1.6% (Cost: $1,209,113)				1,209,473


Total Investments in Securities — 100.3% (Cost: $89,583,965)				74,852,337

Other Assets, Less Liabilities — (0.3)%				(220,129	)


Net Assets — 100.0%			$	74,632,208

^(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 S			11

Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Austria ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, 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		08/31/18	Net Activity			02/28/19		02/28/19		Income			Gain (Loss)	^(a)		(Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares		3,873,786	(2,705,399	)		1,168,387	$	1,168,855	$	36,904	^(b)	$	(418	)	$	251
BlackRock Cash Funds: Treasury, SL Agency Shares		46,016	(5,398	)		40,618		40,618		750			—			—

							$	1,209,473	$	37,654		$	(418	)	$	251

^(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 February 28, 2019. 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	$	73,642,864	$	—	$	—	$	73,642,864
Money Market Funds		1,209,473		—		—		1,209,473

	$	74,852,337	$	—	$	—	$	74,852,337

See notes to financial statements.


12		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Belgium ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.7%
bpost SA		32,936	$	300,784


Banks — 10.6%
KBC Group NV		65,864		4,883,959


Beverages — 22.4%
Anheuser-Busch InBev SA/NV		132,257		10,323,707


Biotechnology — 4.4%
Argenx SE^(a)		6,301		838,035
Galapagos NV^(a)		12,302		1,208,075

				2,046,110

Capital Markets — 1.0%
Gimv NV		7,815		447,617


Chemicals — 11.0%
Recticel SA		18,882		139,756
Solvay SA		17,972		2,014,139
Tessenderlo Group SA^(a)		11,492		394,541
Umicore SA		58,014		2,510,302

				5,058,738

Construction & Engineering — 0.8%
Cie. d’Entreprises CFE		3,559		355,416


Distributors — 0.9%
D’ieteren SA/NV		10,594		402,676


Diversified Financial Services — 10.2%
Ackermans & van Haaren NV		7,072		1,115,325
Groupe Bruxelles Lambert SA		21,665		2,086,584
KBC Ancora		12,778		618,680
Sofina SA		4,601		901,136

				4,721,725

Diversified Telecommunication Services — 2.6%
Proximus SADP		44,716		1,182,828


Electric Utilities — 1.4%
Elia System Operator SA/NV		9,340		665,780


Electronic Equipment, Instruments & Components — 1.1%
Barco NV		3,436		525,068


Entertainment — 0.8%
Kinepolis Group NV		6,606		372,352


Equity Real Estate Investment Trusts (REITs) — 7.3%
Aedifica SA		6,505		597,765
Befimmo SA		8,304		452,458
Cofinimmo SA		6,997		909,887
Intervest Offices & Warehouses NV		11,732		300,583
Montea CVA		715		47,548
Retail Estates NV		2,865		262,295
Warehouses De Pauw CVA		5,473		807,681

				3,378,217

Food & Staples Retailing — 2.8%
Colruyt SA^(b)		17,813		1,271,786


Food Products — 0.1%
Greenyard NV^(b)		13,471		51,234


Security	Shares		Value

Health Care Equipment & Supplies — 0.9%
Biocartis NV^(a)(c)		20,148	$	268,428
Ion Beam Applications^(a)(b)		10,817		143,373

				411,801

Health Care Providers & Services — 0.8%
Fagron		18,686		346,615


Health Care Technology — 0.7%
AGFA-Gevaert NV^(a)		83,079		322,593


Insurance — 4.6%
Ageas		43,431		2,142,881


IT Services — 0.6%
Econocom Group SA/NV^(b)		63,518		262,406


Media — 1.7%
Telenet Group Holding NV		17,165		775,577


Metals & Mining — 0.8%
Bekaert SA		14,548		386,977


Oil, Gas & Consumable Fuels — 1.5%
Euronav NV		59,862		475,109
Exmar NV^(a)		30,549		208,021

				683,130

Personal Products — 1.2%
Ontex Group NV		26,924		566,873


Pharmaceuticals — 6.5%
Mithra Pharmaceuticals SA^(a)(b)		5,571		160,496
UCB SA		33,547		2,814,575

				2,975,071

Semiconductors & Semiconductor Equipment — 1.1%
Melexis NV^(b)		7,456		491,580


Textiles, Apparel & Luxury Goods — 0.6%
Sioen Industries NV		5,707		155,641
Van de Velde NV		4,476		141,182

				296,823

Wireless Telecommunication Services — 0.7%
Orange Belgium SA		15,826		321,135


Total Common Stocks — 99.8% (Cost: $55,568,014)				45,971,459


Short-Term Investments

Money Market Funds — 5.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		2,365,460		2,366,407
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		24,738		24,738

				2,391,145


Total Short-Term Investments — 5.2% (Cost: $2,390,820)				2,391,145


Total Investments in Securities — 105.0% (Cost: $57,958,834)				48,362,604

Other Assets, Less Liabilities — (5.0)%				(2,287,456	)


Net Assets — 100.0%			$	46,075,148


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)

February 28, 2019

iShares^® MSCI Belgium ETF

^(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 February 28, 2019, 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		08/31/18	Net Activity		02/28/19		02/28/19		Income			Gain (Loss)	^(a)		(Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares		1,512,858	852,602		2,365,460	$	2,366,407	$	22,223	^(b)	$	205		$	(30	)
BlackRock Cash Funds: Treasury, SL Agency Shares		15,487	9,251		24,738		24,728		275			—			—

						$	2,391,145	$	22,498		$	205		$	(30	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	45,971,459	$	—	$	—	$	45,971,459
Money Market Funds		2,391,145		—		—		2,391,145

	$	48,362,604	$	—	$	—	$	48,362,604

See notes to financial statements.


14		2 0 1 9 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)

February 28, 2019

iShares^® MSCI France ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 9.0%
Airbus SE		309,572	$	40,045,114
Dassault Aviation SA		1,322		2,227,936
Safran SA		177,565		24,242,984
Thales SA		56,597		6,976,392

				73,492,426

Air Freight & Logistics — 0.3%
Bollore SA		466,373		2,075,379


Auto Components — 2.1%
Cie. Generale des Etablissements Michelin SCA		90,671		10,892,571
Faurecia SA		40,204		1,920,026
Valeo SA		127,695		4,035,027

				16,847,624

Automobiles — 1.8%
Peugeot SA		313,259		7,975,995
Renault SA		102,128		7,004,340

				14,980,335

Banks — 6.3%
BNP Paribas SA		598,276		30,694,044
Credit Agricole SA		608,780		7,786,226
Societe Generale SA		408,652		12,563,971

				51,044,241

Beverages — 2.6%
Pernod Ricard SA		112,966		19,475,256
Remy Cointreau SA		12,175		1,587,391

				21,062,647

Building Products — 1.2%
Cie. de Saint-Gobain		265,444		9,569,591


Capital Markets — 0.6%
Amundi SA^(a)		32,123		2,149,351
Natixis SA		506,042		2,784,345

				4,933,696

Chemicals — 3.9%
Air Liquide SA		227,893		28,454,382
Arkema SA		36,462		3,680,271

				32,134,653

Commercial Services & Supplies — 0.9%
Edenred		127,351		5,658,472
Societe BIC SA		13,767		1,303,500

				6,961,972

Construction & Engineering — 4.2%
Bouygues SA		116,688		4,418,017
Eiffage SA		41,840		4,086,836
Vinci SA		269,835		25,785,366

				34,290,219

Construction Materials — 0.1%
Imerys SA		18,953		1,078,658


Diversified Financial Services — 0.5%
Eurazeo SE		24,616		1,852,800
Wendel SA		14,950		1,887,914

				3,740,714

Diversified Telecommunication Services — 2.2%
Iliad SA		14,134		1,472,637
Orange SA		1,061,493		16,245,233

				17,717,870


Security	Shares		Value

Electric Utilities — 0.6%
Electricite de France SA		320,852	$	4,665,575


Electrical Equipment — 3.9%
Legrand SA		142,101		9,385,008
Schneider Electric SE		292,457		22,785,294

				32,170,302

Electronic Equipment, Instruments & Components — 0.3%
Ingenico Group SA		31,889		2,143,136


Entertainment — 2.4%
Ubisoft Entertainment SA^(b)		41,979		3,035,396
Vivendi SA		555,528		16,257,307

				19,292,703

Equity Real Estate Investment Trusts (REITs) — 2.9%
Covivio		24,213		2,453,851
Gecina SA		24,217		3,595,899
ICADE		18,074		1,540,478
Klepierre SA		108,168		3,780,117
Unibail-Rodamco-Westfield		73,465		11,878,958

				23,249,303

Food & Staples Retailing — 1.0%
Carrefour SA		314,508		6,446,348
Casino Guichard Perrachon SA^(c)		29,264		1,549,183

				7,995,531

Food Products — 3.0%
Danone SA		328,066		24,778,828


Health Care Equipment & Supplies — 0.2%
BioMerieux		22,128		1,826,795


Hotels, Restaurants & Leisure — 1.2%
Accor SA		100,709		4,256,825
Sodexo SA^(c)		47,181		5,188,763

				9,445,588

Household Durables — 0.2%
SEB SA		11,991		2,067,240


Insurance — 3.9%
AXA SA		1,031,308		26,182,155
CNP Assurances		91,059		2,106,959
SCOR SE		86,608		3,904,389

				32,193,503

IT Services — 1.9%
Atos SE		51,153		4,917,292
Capgemini SE		85,278		10,215,562

				15,132,854

Life Sciences Tools & Services — 0.5%
Eurofins Scientific SE^(c)		6,065		2,556,682
Sartorius Stedim Biotech		14,684		1,730,591

				4,287,273

Machinery — 0.4%
Alstom SA		82,589		3,594,367


Media — 1.6%
Eutelsat Communications SA		93,152		1,841,414
JCDecaux SA		39,536		1,220,033
Publicis Groupe SA		112,735		6,255,538
SES SA		193,389		3,890,048

				13,207,033


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)

February 28, 2019

iShares^® MSCI France ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining — 1.0%
ArcelorMittal		353,090	$	8,125,709


Multi-Utilities — 2.9%
Engie SA		971,472		14,657,358
Suez		199,147		2,547,748
Veolia Environnement SA		284,496		6,252,346

				23,457,452

Oil, Gas & Consumable Fuels — 9.0%
TOTAL SA		1,283,278		73,048,856


Personal Products — 4.2%
L’Oreal SA		134,087		33,880,789


Pharmaceuticals — 6.5%
Ipsen SA		20,002		2,769,597
Sanofi		599,422		50,168,319

				52,937,916

Professional Services — 1.1%
Bureau Veritas SA		140,952		3,373,755
Teleperformance		30,729		5,493,607

				8,867,362

Semiconductors & Semiconductor Equipment — 0.7%
STMicroelectronics NV		363,190		5,942,924


Software — 1.2%
Dassault Systemes SE		69,557		10,189,671


Textiles, Apparel & Luxury Goods — 12.5%
EssilorLuxottica SA		153,137		18,562,452
Hermes International		16,845		10,680,209
Kering SA		40,318		22,041,453
LVMH Moet Hennessy Louis Vuitton SE		147,743		50,806,981

				102,091,095

Trading Companies & Distributors — 0.2%
Rexel SA		161,751		2,018,678


Security	Shares		Value

Transportation Infrastructure — 0.8%
Aeroports de Paris		15,738	$	3,057,300
Getlink SE		249,588		3,688,994

				6,746,294


Total Common Stocks — 99.8% (Cost: $879,402,008)				813,286,802


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		3,592,313		3,593,750
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		472,241		472,241

				4,065,991


Total Short-Term Investments — 0.5% (Cost: $4,065,669)				4,065,991


Total Investments in Securities — 100.3% (Cost: $883,467,677)				817,352,793

Other Assets, Less Liabilities — (0.3)%				(2,754,452	)


Net Assets — 100.0%			$	814,598,341

^(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)	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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,098,170	2,494,143	3,592,313	$	3,593,750	$	53,445	^(b)	$	(2,753	)	$	322
BlackRock Cash Funds: Treasury, SL Agency Shares	47,843	424,398	472,241		472,241		3,448			—			—

				$	4,065,991	$	56,893		$	(2,753	)	$	322

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

CAC 40 Index

03/15/19

955

41,146


16		2 0 1 9 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)

February 28, 2019

iShares^® MSCI France ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)		$ 41,146

^(a)

Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities.

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts		$(194,113	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$ 36,624

Average Quarterly Balances of Outstanding Derivative Financial Instruments






Futures contracts:
Average notional value of contracts — long	$	1,269,392

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

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	813,286,802	$	—	$	—	$	813,286,802
Money Market Funds		4,065,991		—		—		4,065,991

	$	817,352,793	$	—	$	—	$	817,352,793

Derivative financial instruments^(a)
Assets
Futures Contracts	$	41,146	$	—	$	—	$	41,146

^(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			17

Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Netherlands ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.3%
PostNL NV		234,332	$	631,063


Banks — 11.5%
ABN AMRO Group NV, CVA^(a)		179,731		4,363,347
ING Groep NV		1,467,271		19,434,540
NIBC Holding NV^(a)		10,031		104,160

				23,902,047

Beverages — 6.4%
Coca-Cola European Partners PLC		83,632		3,942,412
Heineken Holding NV		19,060		1,845,894
Heineken NV		74,915		7,558,090

				13,346,396

Biotechnology — 0.2%
Pharming Group NV^(b)(c)		208,571		220,163
ProQR Therapeutics NV^(b)(c)		9,488		126,380

				346,543

Capital Markets — 0.5%
BinckBank NV		71,643		510,690
Flow Traders^(a)		19,948		579,228

				1,089,918

Chemicals — 8.8%
Akzo Nobel NV		90,963		8,258,403
Corbion NV		34,524		1,057,506
Koninklijke DSM NV		73,839		7,937,200
OCI NV^(b)		42,883		1,019,101

				18,272,210

Construction & Engineering — 1.3%
Arcadis NV		47,093		792,575
Boskalis Westminster		45,040		1,269,355
Koninklijke BAM Groep NV		108,832		443,659
Koninklijke Volkerwessels NV		11,579		240,626

				2,746,215

Diversified Financial Services — 0.0%
SNS REAAL NV^(b)(c)(d)		68,952		1


Diversified Telecommunication Services — 2.2%
Koninklijke KPN NV		1,446,825		4,468,021


Electrical Equipment — 1.3%
Kendrion NV		14,590		353,871
SIF Holding NV^(c)		3,942		43,541
Signify NV^(a)		41,867		1,113,187
TKH Group NV		22,256		1,092,280

				2,602,879

Energy Equipment & Services — 1.1%
Fugro NV, CVA^(b)(c)		44,166		500,907
SBM Offshore NV		89,492		1,690,597

				2,191,504

Equity Real Estate Investment Trusts (REITs) — 1.3%
Eurocommercial Properties NV		25,885		756,925
NSI NV		15,587		650,498
Vastned Retail NV		14,497		553,835
Wereldhave NV		22,704		663,131

				2,624,389

Food & Staples Retailing — 4.4%
Koninklijke Ahold Delhaize NV		357,636		9,234,174


Security	Shares		Value

Food Products — 0.3%
ForFarmers NV		13,071	$	122,495
Wessanen^(c)		50,051		505,244

				627,739

Health Care Equipment & Supplies — 6.4%
Koninklijke Philips NV		333,741		13,301,087


Hotels, Restaurants & Leisure — 0.2%
Basic-Fit NV^(a)(b)		11,125		361,039


Household Durables — 0.3%
TomTom NV^(b)		70,531		583,238


Insurance — 5.8%
Aegon NV		759,449		4,088,703
ASR Nederland NV		53,790		2,372,852
NN Group NV		126,770		5,528,723

				11,990,278

Internet & Direct Marketing Retail — 0.5%
Takeaway.com NV^(a)(b)		13,470		987,786


IT Services — 1.7%
Adyen NV^(a)(b)		1,691		1,270,858
InterXion Holding NV^(b)(c)		34,697		2,272,654

				3,543,512

Leisure Products — 0.2%
Accell Group NV		20,282		445,274


Machinery — 0.9%
Aalberts Industries NV		48,091		1,779,192


Metals & Mining — 0.4%
AMG Advanced Metallurgical Group NV		10,855		421,249
Constellium NV, Class A^(b)		44,922		424,962

				846,211

Oil, Gas & Consumable Fuels — 0.8%
Koninklijke Vopak NV		35,314		1,728,717


Personal Products — 15.2%
Unilever NV, CVA		584,607		31,663,655


Professional Services — 5.4%
Brunel International NV		23,826		335,878
Intertrust NV^(a)		28,671		542,278
Randstad NV		52,795		2,822,526
Wolters Kluwer NV		114,760		7,576,668

				11,277,350

Semiconductors & Semiconductor Equipment — 19.2%
ASM International NV		24,601		1,342,952
ASML Holding NV		155,143		28,463,688
BE Semiconductor Industries NV		39,585		991,660
NXP Semiconductors NV		99,401		9,077,299

				39,875,599

Software — 1.0%
Gemalto NV^(b)		37,465		2,171,466


Trading Companies & Distributors — 2.2%
AerCap Holdings NV^(b)		56,378		2,544,903
IMCD NV		26,330		2,068,757

				4,613,660


Total Common Stocks — 99.8% (Cost: $212,774,996)				207,251,163


18		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Netherlands ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(e)(f)(g)		1,499,551	$	1,500,151
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(e)(f)		261,605		261,605

				1,761,756


Total Short-Term Investments — 0.8% (Cost: $1,761,278)				1,761,756


Total Investments in Securities — 100.6% (Cost: $214,536,274)				209,012,919

Other Assets, Less Liabilities — (0.6)%				(1,295,853	)


Net Assets — 100.0%			$	207,717,066

^(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)	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 February 28, 2019, 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	08/31/18		Net Activity			02/28/19		02/28/19		Income			Gain (Loss)		(Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares		3,959,407		(2,459,856	)		1,499,551	$	1,500,151	$	11,649	^(a)	$	770	$	149
BlackRock Cash Funds: Treasury, SL Agency Shares		10,009		251,596			261,605		261,605		893			—		—

								$	1,761,756	$	12,542		$	770	$	149

^(a)

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

Euro STOXX 50 Index

03/15/19

413

4,346

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



	Equity
	Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	4,346

^(a)


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)

February 28, 2019

iShares^® MSCI Netherlands ETF

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity
	Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(19,271	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	17,309

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	454,231

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

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	207,251,162	$	—	$	1	$	207,251,163
Money Market Funds		1,761,756		—		—		1,761,756

	$	209,012,918	$	—	$	1	$	209,012,919

Derivative financial instruments^(a)
Assets
Futures Contracts	$	4,346	$	—	$	—	$	4,346

^(a)

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

See notes to financial statements.


20		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Sweden ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Banks — 20.5%
Nordea Bank Abp		1,767,520	$	16,038,597
Skandinaviska Enskilda Banken AB, Class A		925,429		9,426,028
Svenska Handelsbanken AB, Class A		868,715		9,914,646
Swedbank AB, Class A		524,673		9,645,748

				45,025,019

Building Products — 5.4%
Assa Abloy AB, Class B		574,630		11,893,254


Commercial Services & Supplies — 1.5%
Securitas AB, Class B		213,060		3,343,381


Communications Equipment — 7.4%
Telefonaktiebolaget LM Ericsson, Class B		1,777,231		16,276,892


Construction & Engineering — 1.8%
Skanska AB, Class B		218,247		3,939,024


Diversified Financial Services — 8.6%
Industrivarden AB, Class C		118,670		2,472,854
Investor AB, Class B		260,884		11,658,341
Kinnevik AB, Class B		136,494		3,460,149
L E Lundbergforetagen AB, Class B		45,073		1,390,663

				18,982,007

Diversified Telecommunication Services — 3.5%
Telia Co. AB		1,768,780		7,682,017


Electronic Equipment, Instruments & Components — 3.9%
Hexagon AB, Class B		162,005		8,526,117


Food & Staples Retailing — 1.0%
ICA Gruppen AB		59,572		2,291,057


Household Durables — 2.9%
Electrolux AB, Series B		155,348		4,067,688
Husqvarna AB, Class B		294,754		2,417,247

				6,484,935

Household Products — 4.4%
Essity AB, Class B		345,046		9,632,894


Machinery — 24.5%
Alfa Laval AB		193,939		4,244,064
Atlas Copco AB, Class A		389,273		10,553,432
Atlas Copco AB, Class B		224,892		5,647,455


Security	Shares		Value


Machinery (continued)
Epiroc AB, Class A^(a)		389,524	$	3,913,090
Epiroc AB, Class B^(a)		224,878		2,114,132
Sandvik AB		604,519		9,938,115
SKF AB, Class B		245,701		4,137,738
Volvo AB, Class B		904,616		13,328,109

				53,876,135

Metals & Mining — 2.2%
Boliden AB		175,061		4,793,425


Oil, Gas & Consumable Fuels — 1.9%
Lundin Petroleum AB		131,002		4,285,981


Specialty Retail — 3.5%
Hennes & Mauritz AB, Class B		509,190		7,710,637


Tobacco — 2.5%
Swedish Match AB		116,759		5,477,010


Wireless Telecommunication Services — 2.7%
Millicom International Cellular SA, SDR^(a)		36,278		2,185,161
Tele2 AB, Class B		281,950		3,715,777

				5,900,938


Total Common Stocks — 98.2% (Cost: $273,969,467)				216,120,723


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(b)(c)		240,207		240,207


Total Short-Term Investments — 0.1% (Cost: $240,207)				240,207


Total Investments in Securities — 98.3% (Cost: $274,209,674)				216,360,930

Other Assets, Less Liabilities — 1.7%				3,660,126


Net Assets — 100.0%			$	220,021,056

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	—	—	—	$	—	$	419	^(b)	$	94		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	16,853	223,354	240,207		240,207		1,493			—			—

				$	240,207	$	1,912		$	94		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


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) (continued)

February 28, 2019

iShares^® MSCI Sweden ETF

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

OMXS 30 Index

213

03/15/19

3,627

71,609

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	71,609

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts		$(154,074	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$ (39,280	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	3,870,566

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

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	216,120,723	$	—	$	—	$	216,120,723
Money Market Funds		240,207		—		—		240,207

	$	216,360,930	$	—	$	—	$	216,360,930


Derivative financial instruments^(a)
Assets
Futures Contracts	$	71,609	$	—	$	—	$	71,609

^(a)

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

See notes to financial statements.


22		2 0 1 9 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)

February 28, 2019


	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	73,642,864		$	45,971,459		$	813,286,802		$	207,251,163
Affiliated^(c)		1,209,473			2,391,145			4,065,991			1,761,756
Foreign currency, at value^(d)		23,543			45,797			990,908			514,372
Foreign currency pledged:
Futures contracts^(e)		—			—			59,212			61,490
Receivables:
Investments sold		1,229,740			306,853			424,106			1,396,699
Securities lending income — Affiliated		2,878			2,307			6,451			1,531
Variation margin on futures contracts		—			—			3,120			4,639
Capital shares sold		—			—			1,120,203			131,520
Dividends		55			34,165			514			172,439
Tax reclaims		914,411			31,750			—			—

Total assets		77,022,964			48,783,476			819,957,307			211,295,609


LIABILITIES
Collateral on securities loaned, at value Payables:		1,169,266			2,364,177			3,595,810			1,497,643
Investments purchased		1,193,521			326,985			1,524,481			2,018,749
Investment advisory fees		27,969			17,166			238,675			62,151

Total liabilities		2,390,756			2,708,328			5,358,966			3,578,543


NET ASSETS	$	74,632,208		$	46,075,148		$	814,598,341		$	207,717,066


NET ASSETS CONSIST OF:
Paid-in capital	$	147,256,253		$	90,102,051		$	914,483,005		$	228,870,371
Accumulated loss		(72,624,045	)		(44,026,903	)		(99,884,664	)		(21,153,305	)

NET ASSETS	$	74,632,208		$	46,075,148		$	814,598,341		$	207,717,066


Shares outstanding		3,700,000			2,560,000			27,800,000			7,000,000


Net asset value	$	20.17		$	18.00		$	29.30		$	29.67


Shares authorized		100 million			136.2 million			340.2 million			255 million


Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a) Securities loaned, at value	$	1,111,492		$	2,247,271		$	3,497,549		$	1,470,216
^(b) Investments, at cost — Unaffiliated	$	88,374,852		$	55,568,014		$	879,402,008		$	212,774,996
^(c) Investments, at cost — Affiliated	$	1,209,113		$	2,390,820		$	4,065,669		$	1,761,278
^(d) Foreign currency, at cost	$	23,474		$	45,887		$	997,059		$	512,787
^(e) Foreign currency collateral pledged, at cost	$	—		$	—		$	59,386		$	61,204

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			23

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2019


	iShares MSCI Sweden ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	216,120,723
Affiliated^(b)		240,207
Foreign currency, at value^(c)		78,196
Foreign currency pledged:
Futures contracts^(d)		313,822
Receivables:
Investments sold		444,183
Securities lending income — Affiliated		124
Dividends		512
Foreign withholding tax claims		13,500,433

Total assets		230,698,200


LIABILITIES
Payables:
Investments purchased		401,630
Variation margin on futures contracts		26,264
Investment advisory fees		85,277
Professional fees		1,390,043
IRS compliance fee for foreign withholding tax claims		8,773,930

Total liabilities		10,677,144


NET ASSETS	$	220,021,056


NET ASSETS CONSIST OF:
Paid-in capital	$	317,621,869
Accumulated loss		(97,600,813	)

NET ASSETS	$	220,021,056


Shares outstanding		7,275,000

Net asset value	$	30.24

Shares authorized		63.6 million

Par value	$	0.001


^(a) Investments, at cost — Unaffiliated	$	273,969,467
^(b) Investments, at cost — Affiliated	$	240,207
^(c) Foreign currency, at cost	$	56,579
^(d) Foreign currency collateral pledged, at cost	$	319,605

See notes to financial statements.


24		2 0 1 9 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 February 28, 2019


	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	82,378		$	538,962		$	3,572,243		$	1,626,956	^(a)
Dividends — Affiliated		750			275			3,448			893
Non-cash dividends — Unaffiliated		—			—			842,669			—
Securities lending income — Affiliated — net		36,904			22,223			53,445			11,649
Foreign taxes withheld		(9,749	)		(79,744	)		(371,879	)		(151,523	)

Total investment income		110,283			481,716			4,099,926			1,487,975


EXPENSES
Investment advisory fees		258,095			120,245			1,704,774			342,737

Total expenses		258,095			120,245			1,704,774			342,737

Net investment income (loss)		(147,812	)		361,471			2,395,152			1,145,238


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(5,807,260	)		(1,395,422	)		(3,179,723	)		(296,971	)
Investments — Affiliated		(418	)		205			(2,753	)		770
In-kind redemptions — Unaffiliated		(4,256,260	)		29,613			19,151,912			3,632,128
Futures contracts		—			—			(194,113	)		(19,271	)
Foreign currency transactions		13,718			(1,240	)		(64,430	)		7,411

Net realized gain (loss)		(10,050,220	)		(1,366,844	)		15,710,893			3,324,067

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(5,375,623	)		(3,591,551	)		(72,112,491	)		(8,273,965	)
Investments — Affiliated		251			(30	)		322			149
Futures contracts		—			—			36,624			17,309
Foreign currency translations		(32,125	)		(561	)		(3,143	)		(3,328	)

Net change in unrealized appreciation (depreciation)		(5,407,497	)		(3,592,142	)		(72,078,688	)		(8,259,835	)

Net realized and unrealized loss		(15,457,717	)		(4,958,986	)		(56,367,795	)		(4,935,768	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,605,529	)	$	(4,597,515	)	$	(53,972,643	)	$	(3,790,530	)

^(a)	Includes $407,338 related to a special distribution from IC Group A/S.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			25

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2019


	iShares MSCI Sweden ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	888,757
Dividends — Affiliated		1,493
Securities lending income — Affiliated — net		419
Foreign taxes withheld		(171,377	)
Foreign withholding tax claims		125,117

Total investment income		844,409


EXPENSES
Investment advisory fees		574,678
Professional fees		12,512

Total expenses		587,190

Net investment income		257,219


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(2,585,146	)
Investments — Affiliated		94
In-kind redemptions — Unaffiliated		(2,277,736	)
Futures contracts		(154,074	)
Foreign currency transactions		(27,703	)

Net realized loss		(5,044,565	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(8,831,981	)
Futures contracts		(39,280	)
Foreign currency translations		(106,028	)

Net change in unrealized appreciation (depreciation)		(8,977,289	)

Net realized and unrealized loss		(14,021,854	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,764,635	)

See notes to financial statements.


26		2 0 1 9 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 MSCI Austria ETF						iShares MSCI Belgium ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(147,812	)	$	5,867,613		$	361,471		$	1,698,333
Net realized gain (loss)		(10,050,220	)		42,485,534			(1,366,844	)		3,008,902
Net change in unrealized appreciation (depreciation)		(5,407,497	)		(40,419,634	)		(3,592,142	)		(5,764,176	)

Net increase (decrease) in net assets resulting from operations		(15,605,529	)		7,933,513			(4,597,515	)		(1,056,941	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,094,962	)		(6,751,155	)		(254,660	)		(2,051,350	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(55,130,740	)		(88,040,917	)		(8,975,664	)		(11,116,268	)


NET ASSETS^(a)
Total decrease in net assets		(71,831,231	)		(86,858,559	)		(13,827,839	)		(14,224,559	)
Beginning of period		146,463,439			233,321,998			59,902,987			74,127,546

End of period	$	74,632,208		$	146,463,439		$	46,075,148		$	59,902,987

^(a)	Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			27

Statements of Changes in Net Assets (continued)


	iShares MSCI France ETF						iShares MSCI Netherlands ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,395,152		$	19,854,403		$	1,145,238		$	3,801,301
Net realized gain		15,710,893			23,681,480			3,324,067			27,160,284
Net change in unrealized appreciation (depreciation)		(72,078,688	)		1,476,797			(8,259,835	)		(21,690,249	)

Net increase (decrease) in net assets resulting from operations		(53,972,643	)		45,012,680			(3,790,530	)		9,271,336


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,549,227	)		(20,500,943	)		(639,590	)		(3,982,173	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(68,097,766	)		274,505,593			82,979,613			(68,661,266	)


NET ASSETS^(a)
Total increase (decrease) in net assets		(124,619,636	)		299,017,330			78,549,493			(63,372,103	)
Beginning of period		939,217,977			640,200,647			129,167,573			192,539,676

End of period	$	814,598,341		$	939,217,977		$	207,717,066		$	129,167,573

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


28		2 0 1 9 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 MSCI Sweden ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	257,219		$	13,100,289
Net realized gain (loss)		(5,044,565	)		14,553,525
Net change in unrealized appreciation (depreciation)		(8,977,289	)		(41,179,647	)

Net decrease in net assets resulting from operations		(13,764,635	)		(13,525,833	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(138,484	)		(15,746,851	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(14,544,212	)		(182,574,268	)


NET ASSETS^(a)
Total decrease in net assets		(28,447,331	)		(211,846,952	)
Beginning of period		248,468,387			460,315,339

End of period	$	220,021,056		$	248,468,387

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			29

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Austria ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	22.88		$	22.87		$	15.58		$	15.59		$	17.55		$	17.87

Net investment income (loss)^(a)		(0.03	)		0.58			0.53			0.38			0.25			0.52
Net realized and unrealized gain (loss)^(b)		(2.43	)		0.11			7.13			(0.06	)		(1.96	)		(0.18	)

Net increase (decrease) from investment operations		(2.46	)		0.69			7.66			0.32			(1.71	)		0.34


Distributions
From net investment income		(0.25	)		(0.68	)		(0.37	)		(0.33	)		(0.25	)		(0.66	)

Total distributions		(0.25	)		(0.68	)		(0.37	)		(0.33	)		(0.25	)		(0.66	)


Net asset value, end of period	$	20.17		$	22.88		$	22.87		$	15.58		$	15.59		$	17.55


Total Return
Based on net asset value		(10.70	)%^(c)		3.03	%		49.52	%		2.11	%		(9.76	)%		1.56	%


Ratios to Average Net Assets
Total expenses		0.49	%^(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income (loss)		(0.28	)%^(d)		2.37	%		2.75	%		2.47	%		1.54	%		2.64	%


Supplemental Data
Net assets, end of period (000)	$	74,632		$	146,463		$	233,322		$	60,780		$	56,130		$	63,170

Portfolio turnover rate^(e)		10	%^(c)		19	%		18	%		15	%		18	%		30	%

^(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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


30		2 0 1 9 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 Belgium ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	19.70		$	20.59		$	18.16		$	17.00		$	17.02		$	14.36

Net investment income^(a)		0.13			0.50			0.43			0.34			0.34			0.32
Net realized and unrealized gain (loss)^(b)		(1.73	)		(0.77	)		2.51			1.05			(0.00	)^(c)		2.95

Net increase (decrease) from investment operations		(1.60	)		(0.27	)		2.94			1.39			0.34			3.27


Distributions
From net investment income		(0.10	)		(0.62	)		(0.51	)		(0.23	)		(0.36	)		(0.61	)

Total distributions		(0.10	)		(0.62	)		(0.51	)		(0.23	)		(0.36	)		(0.61	)


Net asset value, end of period	$	18.00		$	19.70		$	20.59		$	18.16		$	17.00		$	17.02


Total Return
Based on net asset value		(8.10	)%^(d)		(1.34	)%		16.44	%		8.20	%		1.95	%		23.05	%


Ratios to Average Net Assets
Total expenses		0.49	%^(e)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		1.48	%^(e)		2.40	%		2.31	%		1.92	%		2.01	%		1.90	%


Supplemental Data
Net assets, end of period (000)	$	46,075		$	59,903		$	74,128		$	132,203		$	153,659		$	164,765

Portfolio turnover rate^(f)		5	%^(d)		13	%		8	%		19	%		7	%		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)	Rounds to less than $0.01.

^(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			31

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI France ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	31.10		$	29.64		$	23.84		$	25.01		$	27.64		$	24.85

Net investment income^(a)		0.10			0.80			0.69			0.67			0.74			0.66
Net realized and unrealized gain (loss)^(b)		(1.78	)		1.40			5.69			(1.14	)		(2.69	)		2.86

Net increase (decrease) from investment operations		(1.68	)		2.20			6.38			(0.47	)		(1.95	)		3.52


Distributions
From net investment income		(0.12	)		(0.74	)		(0.58	)		(0.70	)		(0.68	)		(0.73	)

Total distributions		(0.12	)		(0.74	)		(0.58	)		(0.70	)		(0.68	)		(0.73	)


Net asset value, end of period	$	29.30		$	31.10		$	29.64		$	23.84		$	25.01		$	27.64


Total Return
Based on net asset value		(5.35	)%^(c)		7.46	%		26.93	%		(1.87	)%		(7.17	)%		14.07	%


Ratios to Average Net Assets
Total expenses		0.49	%^(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		0.69	%^(d)		2.53	%		2.57	%		2.77	%		2.85	%		2.36	%


Supplemental Data
Net assets, end of period (000)	$	814,598		$	939,218		$	640,201		$	329,054		$	350,139		$	281,923

Portfolio turnover rate^(e)		1	%^(c)		4	%		6	%		6	%		6	%		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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


32		2 0 1 9 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 Netherlands ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	31.12		$	30.56		$	24.78		$	24.48		$	24.64		$	22.52

Net investment income^(a)		0.23	^(b)		0.62			0.46			0.71			0.50			0.45
Net realized and unrealized gain (loss)^(c)		(1.55	)		0.62			5.98			0.08			(0.27	)		2.22

Net increase (decrease) from investment operations		(1.32	)		1.24			6.44			0.79			0.23			2.67


Distributions
From net investment income		(0.13	)		(0.68	)		(0.66	)		(0.49	)		(0.39	)		(0.55	)

Total distributions		(0.13	)		(0.68	)		(0.66	)		(0.49	)		(0.39	)		(0.55	)


Net asset value, end of period	$	29.67		$	31.12		$	30.56		$	24.78		$	24.48		$	24.64


Total Return
Based on net asset value		(4.20	)%^(d)		4.08	%		26.44	%		3.32	%		0.87	%		11.80	%


Ratios to Average Net Assets
Total expenses		0.49	%^(e)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		1.64	%^(b)(e)		1.95	%		1.74	%		2.97	%		2.01	%		1.78	%


Supplemental Data
Net assets, end of period (000)	$	207,717		$	129,168		$	192,540		$	184,587		$	176,282		$	165,092

Portfolio turnover rate^(f)		6	%^(d)		7	%		14	%		24	%		6	%		7	%

^(a)	Based on average shares outstanding.

^(b)	Includes a one-time special distribution from IC Group A/S. Excluding such special distribution, the net investment income would have been $0.15 per share and 1.05% of average net assets.

^(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)	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			33

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Sweden ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	31.85		$	34.68		$	28.54		$	30.26		$	34.11		$	31.97

Net investment income^(a)		0.03			1.14			0.86			1.05			1.30	^(b)		1.04
Net realized and unrealized gain (loss)^(c)		(1.62	)		(2.19	)		6.04			(1.63	)		(3.75	)		2.33

Net increase (decrease) from investment operations		(1.59	)		(1.05	)		6.90			(0.58	)		(2.45	)		3.37


Distributions
From net investment income		(0.02	)		(1.78	)		(0.76	)		(1.14	)		(1.40	)		(1.23	)

Total distributions		(0.02	)		(1.78	)		(0.76	)		(1.14	)		(1.40	)		(1.23	)


Net asset value, end of period	$	30.24		$	31.85		$	34.68		$	28.54		$	30.26		$	34.11


Total Return
Based on net asset value		(5.00	)%^(d)		(2.88	)%		24.30	%		(1.91	)%		(7.46	)%^(b)		10.49	%


Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.53	%		0.53	%		0.48	%		0.92	%		0.48	%

Total expenses excluding professional fees for foreign withholding tax claims		0.49	%^(e)		0.47	%		0.49	%		0.48	%		0.48	%		N/A

Net investment income		0.22	%^(e)		3.34	%		2.74	%		3.65	%		3.97	%^(b)		2.97	%


Supplemental Data
Net assets, end of period (000)	$	220,021		$	248,468		$	460,315		$	284,709		$	331,387		$	404,256

Portfolio turnover rate^(f)		2	%^(d)		5	%		9	%		7	%		4	%		7	%

^(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 August 31, 2015:

• Net investment income per share by $0.42.

• Total return by 1.14%.

• Ratio of net investment income to average net assets by 1.31%.

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


34		2 0 1 9 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)

1.	ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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 Austria		Non-diversified
MSCI Belgium		Non-diversified
MSCI France		Non-diversified
MSCI Netherlands		Non-diversified
MSCI Sweden		Non-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 February 28, 2019, 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.

Recent Accounting Standards: In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to 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			35

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 Directors of the Company (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.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.

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.

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


36		2 0 1 9 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)

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 February 28, 2019, 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 February 28, 2019 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 February 28, 2019:



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

MSCI Austria
Citigroup Global Markets Inc.	$	92,301	$	92,301		$	—	$	—
Deutsche Bank Securities Inc.		270,956		270,956			—		—
Goldman Sachs & Co.		403,126		403,126			—		—
Morgan Stanley & Co. LLC		329,656		329,656			—		—
Nomura Securities International Inc.		15,453		15,453			—		—

	$	1,111,492	$	1,111,492		$	—	$	—

MSCI Belgium
Credit Suisse Securities (USA) LLC	$	54,622	$	54,622		$	—	$	—
Deutsche Bank Securities Inc.		105,874		105,874			—		—
Goldman Sachs & Co.		1,332,789		1,332,789			—		—
HSBC Bank PLC		157,552		157,552			—		—
JPMorgan Securities LLC		491,580		491,580			—		—
Morgan Stanley & Co. LLC		104,854		104,854			—		—

	$	2,247,271	$	2,247,271		$	—	$	—

MSCI France
Citigroup Global Markets Inc.	$	7,918	$	7,918		$	—	$	—
Deutsche Bank Securities Inc.		42,998		42,998			—		—
Goldman Sachs & Co.		1,400,444		1,400,444			—		—
JPMorgan Securities LLC		2,046,189		2,046,189			—		—

	$	3,497,549	$	3,497,549		$	—	$	—

MSCI Netherlands
BNP Paribas Prime Brokerage International Ltd.	$	9,324	$	9,324		$	—	$	—
Credit Suisse Securities (USA) LLC		26,613		26,613			—		—
Deutsche Bank Securities Inc.		1,513		1,513			—		—
JPMorgan Securities LLC		133,092		133,092			—		—
Merrill Lynch, Pierce, Fenner & Smith		432,803		432,803			—		—
Morgan Stanley & Co. LLC		166,021		156,595			—		(9,426	)^(b)
Wells Fargo Bank, National Association		700,850		700,850			—		—

	$	1,470,216	$	1,460,790		$	—	$	(9,426	)

^(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.


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			37

Notes to Financial Statements (unaudited) (continued)

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 Company, 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 directors).

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 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 $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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. Prior to January 1, 2019, the 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.


38		2 0 1 9 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)

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 February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
MSCI Austria	$	7,376
MSCI Belgium		4,420
MSCI France		10,206
MSCI Netherlands		2,643
MSCI Sweden		104

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

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 February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
MSCI Austria	$	2,009,982	$	1,819,832
MSCI Belgium		594,813		199,743
MSCI France		503,385		2,918,539
MSCI Netherlands		792,377		2,132,162
MSCI Sweden		1,074,560		1,416,205

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 February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
MSCI Austria	$	10,298,423	$	11,825,042
MSCI Belgium		2,469,693		2,455,755
MSCI France		6,099,437		7,031,064
MSCI Netherlands		10,540,494		9,528,388
MSCI Sweden		3,836,276		4,166,187

For the six months ended February 28, 2019, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Austria	$	13,284,132	$	67,875,691
MSCI Belgium		2,645,038		11,507,482
MSCI France		202,119,405		269,691,545
MSCI Netherlands		108,079,584		25,406,356
MSCI Sweden		27,569,122		41,842,222

8.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’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 February 28, 2019, 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.


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			39

Notes to Financial Statements (unaudited) (continued)

As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


iShares ETF	Non-Expiring^(a)		Expiring 2019		Total
MSCI Austria	$	30,129,402	$	13,826,937	$	43,956,339
MSCI Belgium		13,565,323		19,023,517		32,588,840
MSCI France		30,888,080		2,858,814		33,746,894
MSCI Netherlands		16,357,876		2,329,005		18,686,881
MSCI Sweden		27,302,109		5,244,977		32,547,086

^(a)

Must be utilized prior to losses subject to expiration.

For the year ended August 31, 2018, the Funds utilized the following amounts of their capital loss carryforwards as follows:


iShares ETF	Utilized
MSCI Austria	$	4,633,980
MSCI Belgium		862,763

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 February 28, 2019, 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 Austria	$	93,304,195	$	1,164,634	$	(19,616,492	)	$	(18,451,858	)
MSCI Belgium		58,795,903		2,088,623		(12,521,922	)		(10,433,299	)
MSCI France		898,797,079		31,676,213		(113,079,353	)		(81,403,140	)
MSCI Netherlands		215,969,559		6,574,086		(13,526,380	)		(6,952,294	)
MSCI Sweden		276,184,496		2,909,534		(62,661,491	)		(59,751,957	)

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. 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.

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


40		2 0 1 9 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)

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 02/28/19						Year Ended 08/31/18

iShares ETF	Shares			Amount			Shares			Amount

MSCI Austria
Shares sold		600,000		$	13,412,881			3,800,000		$	92,602,397
Shares redeemed		(3,300,000	)		(68,543,621	)		(7,600,000	)		(180,643,314	)

Net decrease		(2,700,000	)	$	(55,130,740	)		(3,800,000	)	$	(88,040,917	)

MSCI Belgium
Shares sold		160,000		$	2,657,464			1,040,000		$	22,315,815
Shares redeemed		(640,000	)		(11,633,128	)		(1,600,000	)		(33,432,083	)

Net decrease		(480,000	)	$	(8,975,664	)		(560,000	)	$	(11,116,268	)

MSCI France
Shares sold		7,000,000		$	202,578,999			13,200,000		$	421,549,607
Shares redeemed		(9,400,000	)		(270,676,765	)		(4,600,000	)		(147,044,014	)

Net increase (decrease)		(2,400,000	)	$	(68,097,766	)		8,600,000		$	274,505,593

MSCI Netherlands
Shares sold		3,750,000		$	108,457,314			2,000,000		$	63,403,937
Shares redeemed		(900,000	)		(25,477,701	)		(4,150,000	)		(132,065,203	)

Net increase (decrease)		2,850,000		$	82,979,613			(2,150,000	)	$	(68,661,266	)

MSCI Sweden
Shares sold		975,000		$	28,073,917			3,075,000		$	107,325,279
Shares redeemed		(1,500,000	)		(42,618,129	)		(8,550,000	)		(289,899,547	)

Net decrease		(525,000	)	$	(14,544,212	)		(5,475,000	)	$	(182,574,268	)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company 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 Company’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.

11.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Sweden 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 Swedish tax authorities. Professional and other fees associated with the filing of 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 payment of associated liabilities, depends upon future determinations made by the Swedish authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of February 28, 2019, is $6,021,517 or $0.83 per share.


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			41

Notes to Financial Statements (unaudited) (continued)

The Fund, under the approval of the Board, is seeking a closing agreement with the Internal Revenue Service (“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 paying a compliance fee to the IRS, on behalf of its shareholders, 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 in the statement of assets and liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

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 U.S. Preferred Stock 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. Plaintiffs have appealed the court’s decision.

13.

REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.

Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended August 31, 2018 were classified as follows:


iShares ETF	Net Investment Income
MSCI Austria	$	6,751,155
MSCI Belgium		2,051,350
MSCI France		20,500,943
MSCI Netherlands		3,982,173
MSCI Sweden		15,746,851

Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:


iShares ETF	Undistributed (distributions in excess of) net investment income
MSCI Austria	$	761,881
MSCI Belgium		(189,289	)
MSCI France		591,126
MSCI Netherlands		639,588
MSCI Sweden		516,488

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.


42		2 0 1 9 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

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.


	Total Cumulative Distributions								% Breakdown of the Total Cumulative
	for the Fiscal Year-to-Date								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 Austria^(a)	$	0.224223	$	—	$	0.024632	$	0.248855		90	%		—	%		10	%		100	%

^(a)

The Fund estimates that it has distributed more than the amount of earned income and net realized 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			43

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 www.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 www.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 on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.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 www.iShares.com; and (3) on the SEC website at www.sec.gov.


44		2 0 1 9 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

Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity


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			45

For more information visit www.iShares.com or call 1-800-iShares (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.

FEBRUARY 28, 2019


2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

▶

iShares MSCI Eurozone ETF | EZU | Cboe BZX

▶

iShares MSCI Germany ETF | EWG | NYSE Arca

▶

iShares MSCI Italy ETF | EWI | NYSE Arca

▶

iShares MSCI Spain ETF | EWP | NYSE Arca

▶

iShares MSCI Switzerland ETF | EWL | NYSE Arca

Table of Contents


	Page


Fund Summary		5
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		26
Statements of Operations		28
Statements of Changes in Net Assets		30
Financial Highlights		33
Notes to Financial Statements		38
Supplemental Information		46
General Information		47
Glossary of Terms Used in this Report		48


Fund Summary as of February 28, 2019		iShares^® MSCI Eurozone ETF

Investment Objective

The iShares MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU 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		(6.08	)%		(9.41	)%		0.75	%		8.53	%		(9.41	)%		3.80	%		126.65	%
Fund Market		(6.04	)		(9.01	)		0.80			8.63			(9.01	)		4.04			128.73
Index		(5.91	)		(9.31	)		0.86			8.62			(9.31	)		4.37			128.66

Expense Example


		Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	939.20	$	2.36		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	18.1	%
Industrials	14.7
Consumer Discretionary	13.2
Consumer Staples	10.5
Information Technology	9.0
Health Care	7.5
Materials	7.3
Energy	6.0
Utilities	6.0
Communication Services	5.6
Real Estate	2.1

^(a)

Excludes money market funds.

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
France	34.9	%
Germany	27.4
Netherlands	11.4
Spain	9.6
Italy	7.1
Finland	3.3
Belgium	3.1
Ireland	1.7
Austria	0.8
Portugal	0.5


F U N D S U M M A R Y			5


Fund Summary as of February 28, 2019		iShares^® MSCI Germany ETF

Investment Objective

The iShares MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of German equities, as represented by the MSCI Germany 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		(10.08	)%		(14.20	)%		(0.96	)%		9.70	%		(14.20	)%		(4.72	)%		152.49	%
Fund Market		(9.76	)		(13.82	)		(0.87	)		9.75			(13.82	)		(4.27	)		153.47
Index		(9.87	)		(14.09	)		(0.80	)		9.86			(14.09	)		(3.95	)		156.03

Expense Example


		Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	899.20	$	2.31		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Consumer Discretionary	18.0	%
Financials	15.9
Industrials	13.3
Health Care	12.5
Information Technology	12.3
Materials	10.3
Communication Services	6.2
Utilities	4.1
Real Estate	4.0
Consumer Staples	3.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
SAP SE	8.9	%
Allianz SE	8.0
Siemens AG	7.0
Bayer AG	6.3
BASF SE	5.9
Deutsche Telekom AG	4.6
Daimler AG	4.6
adidas AG	3.7
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	3.0
Volkswagen AG	2.7


6		2 0 1 9 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 February 28, 2019		iShares^® MSCI Italy ETF

Investment Objective

The iShares MSCI Italy ETF (the “Fund”) seeks to track the investment results of an index composed of Italian equities, as represented by the MSCI Italy 25/50 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		1.32	%		(11.23	)%		(1.18	)%		4.22	%		(11.23	)%		(5.76	)%		51.19	%
Fund Market		1.39			(10.89	)		(1.19	)		4.35			(10.89	)		(5.83	)		53.04
Index		1.47			(11.15	)		(1.23	)		4.37			(11.15	)		(5.99	)		53.38

Index performance through February 11, 2013 reflects the performance of the MSCI Italy Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Italy 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,013.20	$	2.45		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	29.8	%
Energy	19.4
Utilities	17.8
Consumer Discretionary	12.9
Industrials	11.8
Communication Services	4.2
Consumer Staples	2.3
Health Care	1.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Enel SpA	14.5	%
Eni SpA	12.8
Intesa Sanpaolo SpA	10.5
UniCredit SpA	7.5
Assicurazioni Generali SpA	4.6
Ferrari NV	4.5
Fiat Chrysler Automobiles NV	4.4
Atlantia SpA	4.3
Snam SpA	4.1
CNH Industrial NV	4.0


F U N D S U M M A R Y			7


Fund Summary as of February 28, 2019		iShares^® MSCI Spain ETF

Investment Objective

The iShares MSCI Spain ETF (the “Fund”) seeks to track the investment results of an index composed of Spanish equities, as represented by the MSCI Spain 25/50 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		(0.44	)%		(8.67	)%		(2.54	)%		5.17	%		(8.67	)%		(12.09	)%		65.52	%
Fund Market		(0.32	)		(8.35	)		(2.52	)		5.25			(8.35	)		(11.98	)		66.85
Index		(0.25	)		(8.35	)		(2.09	)		5.29			(8.35	)		(10.01	)		67.37

Index performance through February 11, 2013 reflects the performance of the MSCI Spain Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Spain 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	995.60	$	2.42		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	38.5	%
Utilities	20.8
Industrials	13.5
Communication Services	8.5
Energy	7.0
Consumer Discretionary	4.7
Information Technology	4.3
Health Care	2.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Banco Santander SA	17.9	%
Iberdrola SA	11.3
Banco Bilbao VizcayaArgentaria SA	8.7
Telefonica SA	8.5
IndustriadeDiseno Textil SA	4.7
Repsol SA	4.5
Amadeus IT Group SA	4.3
CaixaBank SA	3.9
Ferrovial SA	3.9
ACS Actividades de Construccion y Servicios SA	3.9


8		2 0 1 9 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 February 28, 2019		iShares^® MSCI Switzerland ETF

Investment Objective

The iShares MSCI Switzerland ETF (the “Fund”) seeks to track the investment results of an index composed of Swiss equities, as represented by the MSCI Switzerland 25/50 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		(0.63	)%		1.72	%		2.63	%		11.73	%		1.72	%		13.88	%		203.16	%
Fund Market		(0.57	)		1.54			2.63			11.85			1.54			13.84			206.43
Index		(0.34	)		1.88			2.81			11.85			1.88			14.89			206.34

Index performance through February 11, 2013 reflects the performance of the MSCI Switzerland Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Switzerland 25/50 Index.

Expense Example


		Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	993.70	$	2.42		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Health Care	30.5	%
Consumer Staples	22.0
Financials	20.4
Industrials	10.1
Materials	7.8
Consumer Discretionary	6.0
Communication Services	1.3
Information Technology	1.1
Real Estate	0.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Nestle SA	19.5	%
Novartis AG	12.8
Roche Holding AG	12.6
Zurich Insurance Group AG	4.5
UBS Group AG	4.4
Cie. Financiere Richemont SA	3.7
ABB Ltd.	3.4
Credit Suisse Group AG	3.0
Swiss Re AG	2.9
LafargeHolcim Ltd.	2.3


F U N D S U M M A R Y			9

About Fund Performance

Shareholder Expenses


10		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Austria — 0.8%
ANDRITZ AG		107,163	$	5,356,966
Erste Group Bank AG		443,221		16,781,142
OMV AG		215,871		11,373,741
Raiffeisen Bank International AG		217,413		5,550,482
Verbund AG		98,921		4,766,984
voestalpine AG		166,712		5,167,310

				48,996,625

Belgium — 3.1%
Ageas		268,601		13,252,745
Anheuser-Busch InBev SA/NV		1,120,797		87,487,086
Colruyt SA		87,894		6,275,326
Groupe Bruxelles Lambert SA		118,526		11,415,392
KBC Group NV		367,412		27,244,401
Proximus SADP		222,757		5,892,371
Solvay SA		109,585		12,281,291
Telenet Group Holding NV		77,107		3,483,975
UCB SA		187,362		15,719,570
Umicore SA		306,914		13,280,360

				196,332,517

Finland — 3.3%
Elisa OYJ		207,875		8,732,135
Fortum OYJ		653,833		14,533,031
Kone OYJ, Class B		500,725		24,500,456
Metso OYJ		152,929		5,191,124
Neste OYJ		188,503		18,137,796
Nokia OYJ		8,291,576		50,191,664
Nokian Renkaat OYJ		170,650		6,043,329
Orion OYJ, Class B		151,377		5,414,238
Sampo OYJ, Class A		652,320		31,435,175
Stora Enso OYJ, Class R		810,656		10,878,668
UPM-Kymmene OYJ		787,019		23,766,666
Wartsila OYJ Abp		653,693		10,629,469

				209,453,751

France — 34.8%
Accor SA		276,027		11,667,265
Aeroports de Paris		43,421		8,435,064
Air Liquide SA		629,762		78,631,149
Airbus SE		855,760		110,698,019
Alstom SA		229,072		9,969,474
Amundi SA^(a)		89,844		6,011,466
Arkema SA		101,159		10,210,425
Atos SE		140,942		13,548,628
AXA SA		2,851,708		72,397,249
BioMerieux		61,151		5,048,369
BNP Paribas SA		1,654,526		84,884,056
Bollore SA		1,278,062		5,687,429
Bouygues SA		321,111		12,157,838
Bureau Veritas SA		391,455		9,369,666
Capgemini SE		235,271		28,183,419
Carrefour SA		867,161		17,773,861
Casino Guichard Perrachon SA^(b)		79,221		4,193,816
Cie. de Saint-Gobain		731,091		26,356,752
Cie. Generale des Etablissements Michelin SCA		250,986		30,151,678
CNP Assurances		250,307		5,791,702
Covivio		66,827		6,772,539
Credit Agricole SA		1,686,091		21,564,909
Danone SA		906,498		68,467,801
Dassault Aviation SA		3,755		6,328,215


Security	Shares		Value

France (continued)
Dassault Systemes SE		191,573	$	28,064,262
Edenred		350,507		15,573,761
Eiffage SA		116,069		11,337,357
Electricite de France SA		880,484		12,803,299
Engie SA		2,679,512		40,427,894
EssilorLuxottica SA		423,241		51,303,020
Eurazeo SE		67,987		5,117,253
Eurofins Scientific SE^(b)		16,774		7,071,029
Eutelsat Communications SA		256,993		5,080,197
Faurecia SA		112,032		5,350,324
Gecina SA		66,836		9,924,247
Getlink SE		688,077		10,170,007
Hermes International		46,445		29,447,452
ICADE		48,876		4,165,786
Iliad SA		38,703		4,032,508
Imerys SA		53,063		3,019,935
Ingenico Group SA		87,901		5,907,484
Ipsen SA		55,055		7,623,245
JCDecaux SA		110,594		3,412,797
Kering SA		111,395		60,898,548
Klepierre SA		301,472		10,535,458
Legrand SA		391,999		25,889,430
L’Oreal SA		370,627		93,649,161
LVMH Moet Hennessy Louis Vuitton SE		408,355		140,428,208
Natixis SA		1,392,727		7,663,064
Orange SA		2,933,264		44,891,070
Pernod Ricard SA		312,237		53,829,429
Peugeot SA		862,122		21,950,785
Publicis Groupe SA		309,983		17,200,609
Remy Cointreau SA		33,161		4,323,571
Renault SA		282,046		19,343,824
Rexel SA		446,021		5,566,413
Safran SA		491,533		67,109,097
Sanofi		1,656,108		138,607,116
Sartorius Stedim Biotech		40,659		4,791,887
Schneider Electric SE		808,114		62,960,075
SCOR SE		240,328		10,834,264
SEB SA		33,499		5,775,203
SES SA		535,863		10,778,962
Societe BIC SA		37,393		3,540,480
Societe Generale SA		1,126,355		34,629,689
Sodexo SA		131,408		14,451,687
STMicroelectronics NV		1,005,978		16,460,946
Suez		549,739		7,032,976
Teleperformance		84,681		15,138,929
Thales SA		155,863		19,212,349
TOTAL SA		3,548,071		201,969,120
Ubisoft Entertainment SA^(c)		115,839		8,376,027
Unibail-Rodamco-Westfield		203,600		32,921,200
Valeo SA		353,158		11,159,419
Veolia Environnement SA		789,694		17,355,043
Vinci SA		746,655		71,350,166
Vivendi SA		1,535,151		44,925,587
Wendel SA		40,748		5,145,735

				2,224,828,173

Germany — 25.6%
1&1 Drillisch AG^(b)		77,938		3,086,657
adidas AG		265,553		64,589,511
Allianz SE, Registered		625,457		139,307,931
Aroundtown SA		1,154,756		9,730,418


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)

February 28, 2019

iShares^® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Axel Springer SE		71,957	$	4,109,164
BASF SE		1,350,872		103,046,611
Bayer AG, Registered		1,371,238		109,737,264
Bayerische Motoren Werke AG		486,731		41,185,638
Beiersdorf AG		148,588		13,799,727
Brenntag AG		227,461		11,292,835
Commerzbank AG^(c)		1,468,179		12,129,027
Continental AG		161,925		26,551,309
Covestro AG^(a)		282,431		16,125,241
Daimler AG, Registered		1,337,748		80,216,683
Delivery Hero SE^(a)(c)		138,493		5,374,486
Deutsche Bank AG, Registered^(b)		2,888,935		26,846,686
Deutsche Boerse AG		280,080		35,432,818
Deutsche Lufthansa AG, Registered		350,055		8,948,746
Deutsche Post AG, Registered		1,455,866		45,290,971
Deutsche Telekom AG, Registered		4,902,464		80,861,622
Deutsche Wohnen SE		523,410		24,436,298
E.ON SE		3,238,010		35,709,794
Evonik Industries AG		240,707		6,783,807
Fraport AG Frankfurt Airport Services Worldwide		61,359		4,934,186
Fresenius Medical Care AG & Co. KGaA		318,178		24,955,876
Fresenius SE & Co. KGaA		613,583		34,536,113
GEA Group AG		238,318		5,717,826
Hannover Rueck SE		88,135		13,147,078
HeidelbergCement AG		217,211		15,987,947
Henkel AG & Co. KGaA		150,886		14,191,834
HOCHTIEF AG		30,925		4,908,875
HUGO BOSS AG		92,597		6,855,725
Infineon Technologies AG		1,677,673		36,879,638
Innogy SE^(c)		205,603		8,735,026
KION Group AG		102,798		5,866,854
LANXESS AG		128,048		6,947,767
Merck KGaA		190,764		19,719,511
METRO AG^(b)		263,971		4,438,122
MTU Aero Engines AG		76,142		16,343,504
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		219,786		51,831,008
OSRAM Licht AG		142,988		6,203,462
ProSiebenSat.1 Media SE		341,564		6,238,583
Puma SE		12,185		6,875,095
QIAGEN NV^(c)		338,516		12,959,446
RTL Group SA		56,069		3,165,475
RWE AG		762,189		18,625,242
SAP SE		1,444,917		154,989,878
Siemens AG, Registered		1,124,768		123,120,800
Siemens Healthineers AG^(a)		219,579		8,906,237
Symrise AG		180,725		15,944,738
Telefonica Deutschland Holding AG		1,097,600		3,607,032
thyssenkrupp AG^(b)		637,980		9,553,057
Uniper SE		295,142		8,606,967
United Internet AG, Registered^(d)		179,332		6,532,532
Volkswagen AG		48,729		8,622,795
Vonovia SE		723,782		35,142,650
Wirecard AG^(b)		172,038		23,605,922
Zalando SE^(a)(c)		165,422		6,103,062

				1,639,393,107

Ireland — 1.7%
AIB Group PLC		1,182,501		5,569,184
Bank of Ireland Group PLC		1,397,695		9,095,743
CRH PLC		1,204,007		38,168,736


Security	Shares		Value

Ireland (continued)
Irish Bank Resolution Corp. Ltd.^(c)(e)		446,666	$	5
Kerry Group PLC, Class A		230,466		23,750,075
Kingspan Group PLC		220,392		10,404,822
Paddy Power Betfair PLC		120,518		9,757,331
Ryanair Holdings PLC^(c)		35,326		488,743
Ryanair Holdings PLC, ADR^(c)		28,272		2,107,395
Smurfit Kappa Group PLC		329,950		9,370,313

				108,712,347

Italy — 7.0%
Assicurazioni Generali SpA		1,723,101		30,795,098
Atlantia SpA		726,204		17,679,740
CNH Industrial NV		1,490,170		16,160,870
Davide Campari-Milano SpA		848,347		8,100,021
Enel SpA		11,954,219		72,417,308
Eni SpA		3,739,406		64,577,794
Ferrari NV		180,480		23,253,759
Fiat Chrysler Automobiles NV^(c)		1,596,973		23,607,430
Intesa Sanpaolo SpA		21,897,815		54,084,133
Leonardo SpA		605,803		6,116,017
Mediobanca Banca di Credito Finanziario SpA		911,317		9,154,741
Moncler SpA		262,025		10,060,969
Pirelli & C SpA^(a)(c)		591,561		3,974,304
Poste Italiane SpA^(a)		763,162		6,891,273
Prysmian SpA		354,439		7,244,618
Recordati SpA		155,529		5,856,729
Snam SpA		3,311,592		16,384,611
Telecom Italia SpA/Milano^(c)		16,632,013		10,147,453
Tenaris SA		694,241		9,272,948
Terna Rete Elettrica Nazionale SpA		2,065,076		12,858,019
UniCredit SpA		2,953,079		40,237,742

				448,875,577

Netherlands — 11.3%
ABN AMRO Group NV, CVA^(a)		622,896		15,122,106
Adyen NV^(a)(c)		10,824		8,134,695
Aegon NV		2,610,766		14,055,780
AerCap Holdings NV^(c)		184,068		8,308,830
Akzo Nobel NV		330,024		29,962,416
ArcelorMittal		978,354		22,514,996
ASML Holding NV		602,278		110,498,399
EXOR NV		160,674		9,898,113
Heineken Holding NV		169,270		16,393,204
Heineken NV		381,392		38,478,208
ING Groep NV		5,725,590		75,837,529
Koninklijke Ahold Delhaize NV		1,744,223		45,035,899
Koninklijke DSM NV		266,682		28,666,537
Koninklijke KPN NV		4,946,801		15,276,493
Koninklijke Philips NV		1,365,127		54,406,481
Koninklijke Vopak NV^(b)		102,807		5,032,684
NN Group NV		450,791		19,660,001
NXP Semiconductors NV^(b)		506,232		46,229,106
Randstad NV		175,759		9,396,426
Unilever NV, CVA		2,268,884		122,887,958
Wolters Kluwer NV		413,680		27,311,922

				723,107,783

Portugal — 0.5%
EDP - Energias de Portugal SA		3,768,742		13,839,986
Galp Energia SGPS SA		738,640		12,136,926
Jeronimo Martins SGPS SA		370,428		5,588,937

				31,565,849


12		2 0 1 9 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)

February 28, 2019

iShares® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Spain — 9.5%
ACS Actividades de Construccion y Servicios SA		373,438	$	16,575,624
Aena SME SA^(a)		99,432		17,764,732
Amadeus IT Group SA		646,881		48,763,169
Banco Bilbao Vizcaya Argentaria SA		9,806,738		61,127,819
Banco de Sabadell SA		8,264,615		9,425,038
Banco Santander SA		23,879,715		116,816,165
Bankia SA		1,786,526		5,462,144
Bankinter SA		985,961		8,108,243
CaixaBank SA		5,282,311		18,862,947
Enagas SA		341,569		9,743,068
Endesa SA		465,867		11,750,199
Ferrovial SA		720,851		16,630,085
Grifols SA		438,273		11,408,551
Iberdrola SA		9,126,339		76,403,214
Industria de Diseno Textil SA		1,606,074		48,537,344
International Consolidated Airlines Group SA		12,147		96,214
Mapfre SA		1,541,386		4,359,860
Naturgy Energy Group SA		515,365		14,008,024
Red Electrica Corp. SA		646,498		13,987,185
Repsol SA		2,051,535		35,333,271
Siemens Gamesa Renewable Energy SA^(c)		356,907		5,468,249
Telefonica SA		6,871,171		59,377,901

				610,009,046
United Kingdom — 0.2%
Coca-Cola European Partners PLC		320,141		15,091,447


Total Common Stocks — 97.8% (Cost: $7,301,240,833)				6,256,366,222


Preferred Stocks

Germany — 1.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		82,164		6,072,057
Fuchs Petrolub SE, Preference Shares, NVS		102,476		4,585,896
Henkel AG & Co. KGaA, Preference Shares, NVS		263,311		26,337,277
Porsche Automobil Holding SE, Preference Shares, NVS		224,538		14,988,052


Security	Shares		Value


Germany (continued)
Sartorius AG, Preference Shares, NVS		52,170	$	8,281,198
Volkswagen AG, Preference Shares, NVS		272,725		46,862,313

				107,126,793
Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		8,892,677		4,851,412


Total Preferred Stocks — 1.8% (Cost: $158,210,569)				111,978,205


Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(f)(g)(h)		46,087,418		46,105,854
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(f)(g)		2,569,177		2,569,177

				48,675,031


Total Short-Term Investments — 0.7% (Cost: $48,667,236)				48,675,031


Total Investments in Securities — 100.3% (Cost: $7,508,118,638)				6,417,019,458

Other Assets, Less Liabilities — (0.3)%				(22,022,303	)


Net Assets — 100.0%			$	6,394,997,155

^(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)

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)

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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)

BlackRock Cash Funds: Institutional, SL Agency Shares	80,281,282	(34,193,864	)	46,087,418	$	46,105,854	$	392,841	^(b)	$	(1,465	)	$	(3,932	)
BlackRock Cash Funds: Treasury, SL Agency Shares	1,873,964	695,213		2,569,177		2,569,177		36,010			—			—

					$	48,675,031	$	428,851		$	(1,465	)	$	(3,932	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


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)

February 28, 2019

iShares^® MSCI Eurozone ETF

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Euro STOXX 50 Index

679

03/15/19

$25,499

1,618,025

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



		Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	.$	1,618,025

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(4,464,593	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,472,953

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	30,937,373

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

Fair Value Measurements



		Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	6,256,366,217	$	—	$	5	$	6,256,366,222
Preferred Stocks		111,978,205		—		—		111,978,205
Money Market Funds		48,675,031		—		—		48,675,031

	$	6,417,019,453	$	—	$	5	$	6,417,019,458

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,618,025	$	—	$	—	$	1,618,025

^(a)

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

See notes to financial statements.


14		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Germany ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
MTU Aero Engines AG		102,236	$	21,944,452


Air Freight & Logistics — 2.6%
Deutsche Post AG, Registered		1,944,846		60,502,796


Airlines — 0.5%
Deutsche Lufthansa AG, Registered		467,296		11,945,874


Auto Components — 1.5%
Continental AG		216,458		35,493,242


Automobiles — 7.4%
Bayerische Motoren Werke AG		650,960		55,082,177
Daimler AG, Registered		1,787,868		107,207,666
Volkswagen AG		63,818		11,292,855

				173,582,698

Banks — 0.7%
Commerzbank AG^(a)		1,974,964		16,315,716


Capital Markets — 3.5%
Deutsche Bank AG, Registered^(b)		3,863,582		35,904,017
Deutsche Boerse AG		373,553		47,258,053

				83,162,070

Chemicals — 8.5%
BASF SE		1,805,792		137,748,614
Covestro AG^(c)		378,223		21,594,433
Evonik Industries AG		321,400		9,057,964
LANXESS AG		170,639		9,258,715
Symrise AG		242,508		21,395,637

				199,055,363

Construction & Engineering — 0.3%
HOCHTIEF AG		41,324		6,559,559


Construction Materials — 0.9%
HeidelbergCement AG		292,729		21,546,495


Diversified Telecommunication Services — 5.2%
Deutsche Telekom AG, Registered		6,552,949		108,084,849
Telefonica Deutschland Holding AG		1,448,836		4,761,295
United Internet AG, Registered^(d)		242,312		8,826,707

				121,672,851

Electrical Equipment — 0.4%
OSRAM Licht AG^(b)		193,775		8,406,830


Food & Staples Retailing — 0.2%
METRO AG		350,829		5,898,458


Health Care Equipment & Supplies — 0.5%
Siemens Healthineers AG^(c)		294,910		11,961,701


Health Care Providers & Services — 3.4%
Fresenius Medical Care AG & Co. KGaA		425,189		33,349,144
Fresenius SE & Co. KGaA		820,138		46,162,262

				79,511,406

Household Products — 0.8%
Henkel AG & Co. KGaA		204,481		19,232,801


Independent Power and Renewable Electricity Producers — 0.5%
Uniper SE		394,730		11,511,164


Security	Shares		Value

Industrial Conglomerates — 7.0%
Siemens AG, Registered		1,504,043	$	164,637,487


Insurance — 11.6%
Allianz SE, Registered		834,517		185,871,829
Hannover Rueck SE		118,847		17,728,380
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		294,003		69,333,224

				272,933,433

Internet & Direct Marketing Retail — 0.6%
Delivery Hero SE^(a)(c)		181,959		7,061,267
Zalando SE^(a)(c)		220,213		8,124,516

				15,185,783

IT Services — 1.3%
Wirecard AG^(b)		231,094		31,709,198


Life Sciences Tools & Services — 0.7%
QIAGEN NV^(a)		453,826		17,373,872


Machinery — 0.7%
GEA Group AG		317,768		7,624,024
KION Group AG		139,720		7,974,054

				15,598,078

Media — 0.8%
Axel Springer SE		94,625		5,403,639
ProSiebenSat.1 Media SE		457,789		8,361,405
RTL Group SA		75,428		4,258,422

				18,023,466

Metals & Mining — 0.5%
thyssenkrupp AG		853,237		12,776,296


Multi-Utilities — 3.6%
E.ON SE		4,327,512		47,725,165
Innogy SE, New^(c)		26,034		1,204,770
Innogy SE^(a)		246,086		10,454,944
RWE AG		1,019,708		24,918,109

				84,302,988

Personal Products — 0.8%
Beiersdorf AG		198,242		18,411,214


Pharmaceuticals — 7.4%
Bayer AG, Registered		1,833,461		146,727,989
Merck KGaA		253,758		26,231,278

				172,959,267

Real Estate Management & Development — 3.9%
Aroundtown SA		1,541,762		12,991,479
Deutsche Wohnen SE		702,678		32,805,733
Vonovia SE		967,648		46,983,367

				92,780,579

Semiconductors & Semiconductor Equipment — 2.1%
Infineon Technologies AG		2,235,469		49,141,453


Software — 8.8%
SAP SE		1,932,259		207,264,907


Textiles, Apparel & Luxury Goods — 4.5%
adidas AG		354,629		86,255,149
HUGO BOSS AG		124,808		9,240,573
Puma SE		16,361		9,231,304

				104,727,026


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)

February 28, 2019

iShares^® MSCI Germany ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors — 0.6%
Brenntag AG		302,810	$	15,033,712


Transportation Infrastructure — 0.3%
Fraport AG Frankfurt Airport Services Worldwide		82,345		6,621,776


Wireless Telecommunication Services — 0.2%
1&1 Drillisch AG^(b)		103,320		4,091,886


Total Common Stocks — 93.2% (Cost: $2,755,920,016)				2,191,875,897


Preferred Stocks

Automobiles — 3.9%
Bayerische Motoren Werke AG, Preference Shares, NVS		108,836		8,043,162
Porsche Automobil Holding SE, Preference Shares, NVS		301,250		20,108,626
Volkswagen AG, Preference Shares, NVS		364,873		62,696,096

				90,847,884

Chemicals — 0.2%
Fuchs Petrolub SE, Preference Shares, NVS		135,446		6,061,335


Health Care Equipment & Supplies — 0.5%
Sartorius AG, Preference Shares, NVS		69,942		11,102,233


Household Products — 1.5%
Henkel AG & Co. KGaA, Preference Shares, NVS		350,510		35,059,222


Total Preferred Stocks — 6.1% (Cost: $191,961,699)				143,070,674


Security	Shares		Value

Short-Term Investments

Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(e)(f)(g)		43,469,307	$	43,486,695
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(e)(f)		1,270,459		1,270,459

				44,757,154


Total Short-Term Investments — 1.9% (Cost: $44,751,600)				44,757,154


Total Investments in Securities — 101.2% (Cost: $2,992,633,315)				2,379,703,725

Other Assets, Less Liabilities — (1.2)%				(29,334,274	)


Net Assets — 100.0%			$	2,350,369,451

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	62,176,709	(18,707,402	)	43,469,307	$	43,486,695	$	202,234	^(b)	$	4,731		$	3,762
BlackRock Cash Funds: Treasury, SL Agency Shares	247,268	1,023,191		1,270,459		1,270,459		10,771			—			—

					$	44,757,154	$	213,005		$	4,731		$	3,762

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

DAX Index

03/15/19

$14,758

675,529


16		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Germany ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	675,529

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(1,923,197	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,242,439

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	15,907,819

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,191,875,897	$	—	$	—	$	2,191,875,897
Preferred Stocks		143,070,674		—		—		143,070,674
Money Market Funds		44,757,154		—		—		44,757,154

	$	2,379,703,725	$	—	$	—	$	2,379,703,725

Derivative financial instruments^(a)
Assets
Futures Contracts	$	675,529	$	—	$	—	$	675,529

^(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			17

Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Italy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
Leonardo SpA		302,993	$	3,058,932


Auto Components — 1.3%
Pirelli & C SpA^(a)(b)		407,986		2,740,986


Automobiles — 8.9%
Ferrari NV		72,066		9,285,269
Fiat Chrysler Automobiles NV^(b)		616,780		9,117,619

				18,402,888

Banks — 20.5%
Intesa Sanpaolo SpA		8,739,848		21,586,039
Mediobanca Banca di Credito Finanziario SpA		511,296		5,136,284
UniCredit SpA		1,136,436		15,484,726

				42,207,049

Beverages — 2.3%
Davide Campari-Milano SpA		486,997		4,649,849


Diversified Financial Services — 2.6%
EXOR NV		86,508		5,329,213


Diversified Telecommunication Services — 2.7%
Telecom Italia SpA/Milano^(b)(c)		9,073,453		5,535,857


Electric Utilities — 17.8%
Enel SpA		4,922,746		29,821,439
Terna Rete Elettrica Nazionale SpA		1,098,264		6,838,247

				36,659,686

Electrical Equipment — 2.0%
Prysmian SpA		203,893		4,167,507


Energy Equipment &Services — 2.5%
Tenaris SA		380,304		5,079,704


Insurance — 6.6%
Assicurazioni Generali SpA		525,495		9,391,597
Poste Italiane SpA^(a)		465,859		4,206,658

				13,598,255

Machinery — 4.0%
CNH Industrial NV		756,837		8,207,885


Oil, Gas & Consumable Fuels — 16.9%
Eni SpA		1,527,710		26,382,838
Snam SpA		1,698,933		8,405,732

				34,788,570


Security	Shares		Value

Pharmaceuticals — 1.7%
Recordati SpA		95,401	$	3,592,499


Textiles, Apparel & Luxury Goods — 2.6%
Moncler SpA		141,849		5,446,574


Transportation Infrastructure — 4.3%
Atlantia SpA		364,592		8,876,145


Total Common Stocks — 98.2% (Cost: $245,010,651)				202,341,599


Preferred Stocks

Diversified Telecommunication Services — 1.6%
Telecom Italia SpA/Milano, Preference Shares, NVS		5,792,201		3,159,943


Total Preferred Stocks — 1.6% (Cost: $4,793,405)				3,159,943


Short-Term Investments

Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		5,243,343		5,245,440
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		111,259		111,259

				5,356,699


Total Short-Term Investments — 2.6% (Cost: $5,356,175)				5,356,699


Total Investments in Securities — 102.4% (Cost: $255,160,231)				210,858,241

Other Assets, Less Liabilities — (2.4)%				(4,868,308	)


Net Assets — 100.0%			$	205,989,933

^(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)	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.


18		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Italy ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	9,072,916	(3,829,573	)	5,243,343	$	5,245,440	$	8,977	^(b)	$	(427	)	$	(180	)
BlackRock Cash Funds: Treasury, SL Agency Shares	142,515	(31,256	)	111,259		111,259		2,335			—			—

					$	5,356,699	$	11,312		$	(427	)	$	(180	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

FTSE/MIB Index

03/15/19

$ 353

14,086

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



		Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	14,086

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(88,688	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	44,835

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	346,999

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

Fair Value Measurements


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)

February 28, 2019

iShares^® MSCI Italy ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	202,341,599	$	—	$	—	$	202,341,599
Preferred Stocks		3,159,943		—		—		3,159,943
Money Market Funds		5,356,699		—		—		5,356,699

	$	210,858,241	$	—	$	—	$	210,858,241

Derivative financial instruments^(a)
Assets
Futures Contracts	$	14,086	$	—	$	—	$	14,086

^(a)

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

See notes to financial statements.


20		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Spain ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.0%
International Consolidated Airlines Group SA		45,400	$	359,604


Banks — 36.9%
Banco Bilbao Vizcaya Argentaria SA		11,406,156		71,097,386
Banco de Sabadell SA		17,090,028		19,489,615
Banco Santander SA		29,870,654		146,122,986
Bankia SA		4,641,603		14,191,288
Bankinter SA		2,154,350		17,716,718
CaixaBank SA		8,949,944		31,959,937

				300,577,930

Biotechnology — 2.7%
Grifols SA		856,701		22,300,522


Construction & Engineering — 7.7%
ACS Actividades de Construccion y Servicios SA		707,187		31,389,590
Ferrovial SA		1,361,916		31,419,502

				62,809,092

Diversified Telecommunication Services — 8.5%
Telefonica SA		8,024,987		69,348,716


Electric Utilities — 17.5%
Endesa SA		981,750		24,761,912
Iberdrola SA		10,977,854		91,903,592
Red Electrica Corp. SA		1,196,960		25,896,601

				142,562,105

Electrical Equipment — 1.9%
Siemens Gamesa Renewable Energy SA^(a)		985,406		15,097,618


Gas Utilities — 3.3%
Naturgy Energy Group SA		991,358		26,945,886


Insurance — 1.6%
Mapfre SA		4,620,235		13,068,483


Security	Shares		Value

IT Services — 4.3%
Amadeus IT Group SA		468,457	$	35,313,215


Oil, Gas & Consumable Fuels — 7.0%
Enagas SA		714,531		20,381,603
Repsol SA		2,133,076		36,737,640

				57,119,243

Specialty Retail — 4.7%
Industria de Diseno Textil SA		1,260,193		38,084,435


Transportation Infrastructure — 3.8%
Aena SME SA^(b)		175,659		31,383,609


Total Common Stocks — 99.9% (Cost: $1,059,331,415)				814,970,458


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(c)(d)		1,029,847		1,029,847


Total Short-Term Investments — 0.1% (Cost: $1,029,847)				1,029,847


Total Investments in Securities — 100.0% (Cost: $1,060,361,262)				816,000,305

Other Assets, Less Liabilities — (0.0)%				(385,522	)


Net Assets — 100.0%			$	815,614,783

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	19,678,549	(19,678,549	)	—	$	—	$	23,077	^(b)	$	820		$	(7)
BlackRock Cash Funds: Treasury, SL Agency Shares	345,951	683,896		1,029,847		1,029,847		11,452			—			—

					$	1,029,847	$	34,529		$	820		$	(7)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

IBEX 35 Index

03/15/19

1,164

11,935


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) (continued)

February 28, 2019

iShares^® MSCI Spain ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



		Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	11,935

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(246,051	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	36,903

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,616,446

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

Fair Value Measurements



		Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	814,970,458	$	—	$	—	$	814,970,458
Money Market Funds		1,029,847		—		—		1,029,847

	$	816,000,305	$	—	$	—	$	816,000,305

Derivative financial instruments^(a)
Assets
Futures Contracts	$	11,935	$	—	$	—	$	11,935

^(a)

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

See notes to financial statements.


22		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Switzerland ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Building Products — 1.5%
Geberit AG, Registered		34,708	$	13,880,413


Capital Markets — 9.8%
Credit Suisse Group AG, Registered		2,140,733		26,528,156
Julius Baer Group Ltd.		235,721		10,314,272
Partners Group Holding AG		16,874		12,229,500
UBS Group AG, Registered		3,049,343		38,874,379

				87,946,307

Chemicals — 5.4%
Clariant AG, Registered		281,430		6,059,700
EMS-Chemie Holding AG, Registered		11,097		6,421,823
Givaudan SA, Registered		8,028		20,122,381
Sika AG, Registered		118,141		16,009,873

				48,613,777

Construction Materials — 2.3%
LafargeHolcim Ltd., Registered		420,437		20,848,813


Diversified Financial Services — 0.6%
Pargesa Holding SA, Bearer		66,498		5,473,636


Diversified Telecommunication Services — 1.3%
Swisscom AG, Registered		25,499		11,828,035


Electrical Equipment — 3.3%
ABB Ltd., Registered		1,516,376		30,085,497


Food Products — 21.7%
Barry Callebaut AG, Registered		3,260		5,625,316
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,236		8,052,239
Chocoladefabriken Lindt & Spruengli AG, Registered		114		8,445,292
Nestle SA, Registered		1,916,765		173,859,552

				195,982,399

Health Care Equipment & Supplies — 2.3%
Sonova Holding AG, Registered		58,177		10,900,157
Straumann Holding AG, Registered		12,044		9,418,065

				20,318,222

Insurance — 9.9%
Baloise Holding AG, Registered		54,619		8,936,857
Swiss Life Holding AG, Registered		32,552		14,214,134
Swiss Re AG		257,883		25,581,207
Zurich Insurance Group AG		121,639		40,293,987

				89,026,185

Life Sciences Tools & Services — 2.0%
Lonza Group AG, Registered		65,178		18,155,887


Machinery — 1.8%
Schindler Holding AG, Participation Certificates, NVS		43,436		9,836,540


Security	Shares		Value

Machinery (continued)
Schindler Holding AG, Registered		28,331	$	6,296,410

				16,132,950

Marine — 0.9%
Kuehne + Nagel International AG, Registered		60,395		7,896,455


Pharmaceuticals — 25.9%
Novartis AG, Registered		1,249,035		114,145,901
Roche Holding AG, NVS		402,760		112,111,371
Vifor Pharma AG		55,462		6,956,411

				233,213,683

Professional Services — 2.4%
Adecco Group AG, Registered		172,314		8,970,291
SGS SA, Registered		5,118		13,074,995

				22,045,286

Real Estate Management & Development — 0.8%
Swiss Prime Site AG, Registered		89,387		7,559,581


Software — 1.1%
Temenos AG, Registered		66,225		9,619,311


Specialty Retail — 0.6%
Dufry AG, Registered		51,883		5,270,588


Textiles, Apparel & Luxury Goods — 5.3%
Cie. Financiere Richemont SA, Registered		430,044		32,997,956
Swatch Group AG (The), Bearer		32,997		9,787,807
Swatch Group AG (The), Registered		90,487		5,186,516

				47,972,279


Total Common Stocks — 98.9% (Cost: $918,892,135)				891,869,304


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(a)(b)		435,512		435,512


Total Short-Term Investments — 0.0% (Cost: $435,512)				435,512


Total Investments in Securities — 98.9% (Cost: $919,327,647)				892,304,816

Other Assets, Less Liabilities — 1.1%				9,640,558


Net Assets — 100.0%			$	901,945,374

^(a)	Affiliate of the Fund.

^(b)	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			23

Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Switzerland ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	5,419,657	(5,419,657	)	—	$	—	$	13,124	^(b)	$	400		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	404,567	30,945		435,512		435,512		3,979			—			—

					$	435,512	$	17,103		$	400		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Euro STOXX 50 Index

264

03/15/19

$ 9,914

705,560

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



		Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	705,560

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(1,055,323	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	892,562

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	9,787,466

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

Fair Value Measurements


24		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Switzerland ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	891,869,304	$	—	$	—	$	891,869,304
Money Market Funds		435,512		—		—		435,512

	$	892,304,816	$	—	$	—	$	892,304,816

Derivative financial instruments^(a)
Assets
Futures Contracts	$	705,560	$	—	$	—	$	705,560

^(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

Statements of Assets and Liabilities (unaudited)

February 28, 2019


	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	6,368,344,427		$	2,334,946,571		$	205,501,542		$	814,970,458
Affiliated^(c)		48,675,031			44,757,154			5,356,699			1,029,847
Foreign currency, at value^(d)		17,224,120			5,699,942			273,337			946,409
Foreign currency pledged:
Futures contracts^(e)		2,300,175			1,165,118			23,912			147,234
Receivables:
Investments sold		19,733,913			5,881,254			4,545,500			17,703,136
Securities lending income — Affiliated		77,814			62,159			430			709
Variation margin on futures contracts		193,607			49,855			2,144			15,979
Capital shares sold		—			—			—			4,654,034
Dividends		1,826,337			2,049			173			840
Tax reclaims		8,765,179			9,411,556			—			151,961
Foreign withholding tax claims		3,872,489			—			—			—

Total assets		6,471,013,092			2,401,975,658			215,703,737			839,620,607


LIABILITIES
Collateral on securities loaned, at value		46,121,636			43,499,779			5,244,916			—
Payables:
Investments purchased		27,491,283			7,233,686			4,390,751			23,686,706
Investment advisory fees		2,364,293			872,742			78,137			319,118
Professional fees		38,725			—			—			—

Total liabilities		76,015,937			51,606,207			9,713,804			24,005,824


NET ASSETS	$	6,394,997,155		$	2,350,369,451		$	205,989,933		$	815,614,783


NET ASSETS CONSIST OF:
Paid-in capital	$	8,166,113,959		$	3,196,766,335		$	493,846,786		$	1,248,796,780
Accumulated loss		(1,771,116,804	)		(846,396,884	)		(287,856,853	)		(433,181,997	)

NET ASSETS	$	6,394,997,155		$	2,350,369,451		$	205,989,933		$	815,614,783


Shares outstanding		165,800,000			86,100,000			7,575,000			27,975,000

Net asset value	$	38.57		$	27.30		$	27.19		$	29.16

Shares authorized		1 billion			482.2 million			295.4 million			127.8 million

Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	44,919,261		$	42,449,091		$	5,000,011		$	—
^(b)Investments, at cost — Unaffiliated	$	7,459,451,402		$	2,947,881,715		$	249,804,056		$	1,059,331,415
^(c)Investments, at cost — Affiliated	$	48,667,236		$	44,751,600		$	5,356,175		$	1,029,847
^(d)Foreign currency, at cost	$	17,261,614		$	5,703,785		$	273,005		$	943,169
^(e)Foreign currency collateral pledged, at cost	$	2,308,840		$	1,171,405		$	23,884		$	146,770

See notes to financial statements.


26		2 0 1 9 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) (continued)

February 28, 2019


	iShares MSCI Switzerland ETF


ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	891,869,304
Affiliated^(b)		435,512
Foreign currency, at value^(c)		1,332,534
Foreign currency pledged:
Futures contracts^(d)		738,334
Receivables:
Investments sold		6,848,482
Securities lending income — Affiliated		459
Variation margin on futures contracts		64,405
Dividends		587
Tax reclaims		8,380,314

Total assets		909,669,931


LIABILITIES
Payables:
Investments purchased		7,394,739
Investment advisory fees		329,818

Total liabilities		7,724,557


NET ASSETS	$	901,945,374


NET ASSETS CONSIST OF:
Paid-in capital	$	987,594,429
Accumulated loss		(85,649,055	)

NET ASSETS	$	901,945,374


Shares outstanding		26,000,000

Net asset value	$	34.69

Shares authorized		318.625 million

Par value	$	0.001


^(a) Investments, at cost — Unaffiliated	$	918,892,135
^(b) Investments, at cost — Affiliated	$	435,512
^(c) Foreign currency, at cost	$	1,328,205
^(d) Foreign currency collateral pledged, at cost	$	747,713

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			27

Statements of Operations (unaudited)

Six Months Ended February 28, 2019


	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	48,737,059		$	8,522,889		$	3,064,722		$	12,843,081
Dividends — Affiliated		36,010			10,771			2,335			11,452
Non-cash dividends — Unaffiliated		7,685,188			—			—			6,119,459
Securities lending income — Affiliated — net		392,841			202,234			8,977			23,077
Foreign taxes withheld		(5,914,720	)		(1,265,528	)		(452,207	)		(1,927,548	)

Total investment income		50,936,378			7,470,366			2,623,827			17,069,521


EXPENSES
Investment advisory fees		18,351,230			6,353,514			634,466			2,265,084
Professional fees		13,905			—			—			—

Total expenses		18,365,135			6,353,514			634,466			2,265,084

Net investment income		32,571,243			1,116,852			1,989,361			14,804,437


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(12,820,504	)		(8,627,073	)		(2,732,793	)		(15,295,132	)
Investments — Affiliated		(1,465	)		4,731			(427	)		820
In-kind redemptions — Unaffiliated		(124,915,426	)		(19,207,640	)		(42,305,168	)		(4,786,282	)
Futures contracts		(4,464,593	)		(1,923,197	)		(88,688	)		(246,051	)
Foreign currency transactions		(830,022	)		(315,295	)		(22,055	)		(66,489	)

Net realized loss		(143,032,010	)		(30,068,474	)		(45,149,131	)		(20,393,134	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(566,523,016	)		(298,832,200	)		39,913,170			(4,825,720	)
Investments — Affiliated		(3,932	)		3,762			(180	)		(7	)
Futures contracts		2,472,953			1,242,439			44,835			36,903
Foreign currency translations		(296,021	)		(64,222	)		459			7,981

Net change in unrealized appreciation (depreciation)		(564,350,016	)		(297,650,221	)		39,958,284			(4,780,843	)

Net realized and unrealized loss		(707,382,026	)		(327,718,695	)		(5,190,847	)		(25,173,977	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(674,810,783	)	$	(326,601,843	)	$	(3,201,486	)	$	(10,369,540	)

See notes to financial statements.


28		2 0 1 9 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) (continued)

Six Months Ended February 28, 2019


	iShares MSCI Switzerland ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	993,809
Dividends — Affiliated		3,979
Securities lending income — Affiliated — net		13,124
Foreign taxes withheld		(200,428	)

Total investment income		810,484


EXPENSES
Investment advisory fees		2,301,438

Total expenses		2,301,438

Net investment loss		(1,490,954	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(12,630,872	)
Investments — Affiliated		400
In-kind redemptions — Unaffiliated		13,396,636
Futures contracts		(1,055,323	)
Foreign currency transactions		(4,422	)

Net realized loss		(293,581	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(16,164,644	)
Futures contracts		892,562
Foreign currency translations		(271,919	)

Net change in unrealized appreciation (depreciation)		(15,544,001	)

Net realized and unrealized loss		(15,837,582	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,328,536	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			29

Statements of Changes in Net Assets


	iShares MSCI Eurozone ETF						iShares MSCI Germany ETF

	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	32,571,243		$	324,772,803		$	1,116,852		$	84,698,325
Net realized gain (loss)		(143,032,010	)		847,344,521			(30,068,474	)		223,956,630
Net change in unrealized appreciation (depreciation)		(564,350,016	)		(880,284,404	)		(297,650,221	)		(168,754,739	)

Net increase (decrease) in net assets resulting from operations		(674,810,783	)		291,832,920			(326,601,843	)		139,900,216


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(36,393,997	)		(344,359,197	)		—			(97,497,098	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(2,452,032,229	)		(3,675,455,483	)		(674,256,279	)		(1,501,075,041	)


NET ASSETS^(a)
Total decrease in net assets		(3,163,237,009	)		(3,727,981,760	)		(1,000,858,122	)		(1,458,671,923	)
Beginning of period		9,558,234,164			13,286,215,924			3,351,227,573			4,809,899,496

End of period	$	6,394,997,155		$	9,558,234,164		$	2,350,369,451		$	3,351,227,573

^(a)	Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


30		2 0 1 9 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 MSCI Italy ETF						iShares MSCI Spain ETF

	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,989,361		$	18,032,993		$	14,804,437		$	32,625,317
Net realized gain (loss)		(45,149,131	)		49,680,629			(20,393,134	)		88,638,494
Net change in unrealized appreciation (depreciation)		39,958,284			(89,135,199	)		(4,780,843	)		(227,334,339	)

Net decrease in net assets resulting from operations		(3,201,486	)		(21,421,577	)		(10,369,540	)		(106,070,528	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,341,637	)		(17,400,893	)		(18,939,493	)		(31,909,333	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(194,091,885	)		(396,183,016	)		(30,518,106	)		(515,111,708	)


NET ASSETS^(a)
Total decrease in net assets		(199,635,008	)		(435,005,486	)		(59,827,139	)		(653,091,569	)
Beginning of period		405,624,941			840,630,427			875,441,922			1,528,533,491

End of period	$	205,989,933		$	405,624,941		$	815,614,783		$	875,441,922

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			31

Statements of Changes in Net Assets (continued)


	iShares MSCI Switzerland ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(1,490,954	)	$	21,969,712
Net realized gain (loss)		(293,581	)		36,757,009
Net change in unrealized appreciation (depreciation)		(15,544,001	)		(14,784,451	)

Net increase (decrease) in net assets resulting from operations		(17,328,536	)		43,942,270


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			(22,803,569	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(114,812,358	)		(246,310,096	)


NET ASSETS^(a)
Total decrease in net assets		(132,140,894	)		(225,171,395	)
Beginning of period		1,034,086,268			1,259,257,663

End of period	$	901,945,374		$	1,034,086,268

^(a)	Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


32		2 0 1 9 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

(For a share outstanding throughout each period)


	iShares MSCI Eurozone ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	41.29		$	41.71		$	34.20		$	36.04		$	39.98		$	34.64

Net investment income^(a)		0.16			1.03			0.99			0.92	^(b)		0.96			1.18
Net realized and unrealized gain (loss)^(c)		(2.69	)		(0.23	)		7.38			(1.84	)		(3.95	)		5.10

Net increase (decrease) from investment operations		(2.53	)		0.80			8.37			(0.92	)		(2.99	)		6.28


Distributions
From net investment income		(0.19	)		(1.22	)		(0.86	)		(0.92	)		(0.95	)		(0.94	)

Total distributions		(0.19	)		(1.22	)		(0.86	)		(0.92	)		(0.95	)		(0.94	)


Net asset value, end of period	$	38.57		$	41.29		$	41.71		$	34.20		$	36.04		$	39.98


Total Return
Based on net asset value		(6.08	)%^(d)		1.87	%		24.72	%		(2.53	)%^(b)		(7.62	)%		18.02	%


Ratios to Average Net Assets
Total expenses		0.49	%^(e)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Total expenses excluding professional fees for foreign withholding tax claims		0.49	%^(e)		N/A			0.49	%		0.48	%		N/A			N/A

Net investment income		0.87	%^(e)		2.36	%		2.63	%		2.69	%^(b)		2.50	%		2.89	%


Supplemental Data
Net assets, end of period (000)	$	6,394,997		$	9,558,234		$	13,286,216		$	8,293,591		$	10,134,616		$	8,702,637

Portfolio turnover rate^(f)		3	%^(d)		5	%		4	%		4	%		5	%		7	%

^(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 August 31, 2016:

• Net investment income per share by $0.02.

• Total return by 0.08%.

• Ratio of net investment income to average net assets by 0.06%.

^(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)	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			33

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Germany ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	30.36		$	30.71		$	26.18		$	26.34		$	28.97		$	25.61

Net investment income^(a)		0.01			0.64			0.59			0.49			0.58			0.59
Net realized and unrealized gain (loss)^(b)		(3.07	)		(0.16	)		4.54			(0.04	)		(2.70	)		3.40

Net increase (decrease) from investment operations		(3.06	)		0.48			5.13			0.45			(2.12	)		3.99


Distributions
From net investment income		—			(0.83	)		(0.60	)		(0.61	)		(0.51	)		(0.63	)

Total distributions		—			(0.83	)		(0.60	)		(0.61	)		(0.51	)		(0.63	)


Net asset value, end of period	$	27.30		$	30.36		$	30.71		$	26.18		$	26.34		$	28.97


Total Return
Based on net asset value		(10.08	)%^(c)		1.52	%		19.63	%		1.81	%		(7.50	)%		15.41	%


Ratios to Average Net Assets
Total expenses		0.49	%^(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		0.09	%^(d)		1.99	%		2.08	%		1.90	%		2.03	%		1.95	%


Supplemental Data
Net assets, end of period (000)	$	2,350,369		$	3,351,228		$	4,809,899		$	3,596,902		$	6,607,056		$	4,797,434

Portfolio turnover rate^(e)		5	%^(c)		6	%		3	%		3	%		3	%		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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


34		2 0 1 9 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 Italy ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)		Year Ended 08/31/15	^(a)		Year Ended 08/31/14	^(a)


Net asset value, beginning of period	$	27.18		$	30.21		$	22.60		$	29.50		$	32.03		$	26.12

Net investment income^(b)		0.20			0.82			0.57			0.66			0.70			0.82
Net realized and unrealized gain (loss)^(c)		0.13			(2.86	)		7.76			(6.82	)		(2.49	)		5.77

Net increase (decrease) from investment operations		0.33			(2.04	)		8.33			(6.16	)		(1.79	)		6.59


Distributions
From net investment income		(0.32	)		(0.99	)		(0.72	)		(0.72	)		(0.74	)		(0.68	)
Return of capital		—			—			—			(0.02	)		—			—

Total distributions		(0.32	)		(0.99	)		(0.72	)		(0.74	)		(0.74	)		(0.68	)


Net asset value, end of period	$	27.19		$	27.18		$	30.21		$	22.60		$	29.50		$	32.03


Total Return
Based on net asset value		1.32	%^(d)		(6.98	)%		37.37	%		(20.97	)%		(5.66	)%		25.20	%


Ratios to Average Net Assets
Total expenses		0.49	%^(e)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		1.54	%^(e)		2.64	%		2.59	%		2.54	%		2.34	%		2.49	%


Supplemental Data
Net assets, end of period (000)	$	205,990		$	405,625		$	840,630		$	461,031		$	1,077,437		$	1,556,860

Portfolio turnover rate^(f)		5	%^(d)		10	%		18	%		16	%		22	%		24	%

^(a)	Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(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)	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			35

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Spain ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	29.85		$	33.63		$	26.49		$	31.96		$	40.61		$	30.44

Net investment income^(a)		0.45			0.99			0.94			1.00			1.32			1.80
Net realized and unrealized gain (loss)^(b)		(0.62	)		(3.72	)		7.19			(5.40	)		(8.35	)		9.53

Net increase (decrease) from investment operations		(0.17	)		(2.73	)		8.13			(4.40	)		(7.03	)		11.33


Distributions
From net investment income		(0.52	)		(1.05	)		(0.99	)		(1.07	)		(1.62	)		(1.16	)

Total distributions		(0.52	)		(1.05	)		(0.99	)		(1.07	)		(1.62	)		(1.16	)


Net asset value, end of period	$	29.16		$	29.85		$	33.63		$	26.49		$	31.96		$	40.61


Total Return
Based on net asset value		(0.44	)%^(c)		(8.28	)%		31.48	%		(13.82	)%		(17.63	)%		37.39	%


Ratios to Average Net Assets
Total expenses		0.49	%^(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		3.22	%^(d)		3.02	%		3.10	%		3.53	%		3.70	%		4.48	%


Supplemental Data
Net assets, end of period (000)	$	815,615		$	875,442		$	1,528,533		$	599,944		$	1,666,091		$	2,473,038

Portfolio turnover rate^(e)		6	%^(c)		21	%		16	%		9	%		15	%		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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


36		2 0 1 9 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 Switzerland ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	34.91		$	34.27		$	30.22		$	31.90		$	33.64		$	29.36

Net investment income (loss)^(a)		(0.05	)		0.66			0.69			0.81			0.83			0.80
Net realized and unrealized gain (loss)^(b)		(0.17	)		0.79			4.11			(1.70	)		(1.77	)		4.27

Net increase (decrease) from investment operations		(0.22	)		1.45			4.80			(0.89	)		(0.94	)		5.07


Distributions
From net investment income		—			(0.81	)		(0.75	)		(0.79	)		(0.80	)		(0.79	)

Total distributions		—			(0.81	)		(0.75	)		(0.79	)		(0.80	)		(0.79	)


Net asset value, end of period	$	34.69		$	34.91		$	34.27		$	30.22		$	31.90		$	33.64


Total Return
Based on net asset value		(0.63	)%^(c)		4.43	%		15.90	%		(2.76	)%		(2.92	)%		17.21	%


Ratios to Average Net Assets
Total expenses		0.49	%^(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income (loss)		(0.32	)%^(d)		1.91	%		2.18	%		2.68	%		2.49	%		2.41	%


Supplemental Data
Net assets, end of period (000)	$	901,945		$	1,034,086		$	1,259,258		$	1,091,735		$	1,200,164		$	1,072,157

Portfolio turnover rate^(e)		5	%^(c)		9	%		13	%		6	%		7	%		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)	Not annualized.

^(d)	Annualized.

^(e)	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			37

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
MSCI Eurozone		Diversified
MSCI Germany		Non-diversified
MSCI Italy		Non-diversified
MSCI Spain		Non-diversified
MSCI Switzerland		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES


38		2 0 1 9 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)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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.

•

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).

4.	SECURITIES AND OTHER INVESTMENTS


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			39

Notes to Financial Statements (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
MSCI Eurozone
Goldman Sachs & Co.	$	4,193,816	$	4,193,816		$	—	$	—
Jefferies LLC		2,831,581		2,831,581			—		—
JPMorgan Securities LLC		11,643,966		11,643,966			—		—
Morgan Stanley & Co. LLC		25,582,330		25,582,330			—		—
State Street Bank & Trust Company		667,568		667,568			—		—

	$	44,919,261	$	44,919,261		$	—	$	—


MSCI Germany
Goldman Sachs & Co.	$	35,074,541	$	35,074,541		$	—	$	—
Merrill Lynch, Pierce, Fenner & Smith		585,585		585,585			—		—
Morgan Stanley & Co. LLC		6,788,965		6,788,965			—		—

	$	42,449,091	$	42,449,091		$	—	$	—

MSCI Italy
Goldman Sachs & Co.	$	5,000,011	$	5,000,011		$	—	$	—

^(a)

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 if 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


40		2 0 1 9 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)

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


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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 February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
MSCI Eurozone	$	85,859
MSCI Germany		46,699
MSCI Italy		2,487
MSCI Spain		5,388
MSCI Switzerland		3,377

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.


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			41

Notes to Financial Statements (unaudited) (continued)

For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
MSCI Eurozone		$ 19,169,172		$ 10,253,551
MSCI Germany		5,780,153		2,576,917
MSCI Italy		4,249,948		2,502,739
MSCI Spain		9,975,321		7,641,630
MSCI Switzerland		18,703,042		22,253,944

7.	PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
MSCI Eurozone		$ 195,315,813		$ 229,161,356
MSCI Germany		138,423,504		141,868,761
MSCI Italy		14,062,273		16,403,777
MSCI Spain		50,846,472		57,944,630
MSCI Switzerland		45,560,930		53,614,890

For the six months ended February 28, 2019, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Eurozone		$ —		$ 2,420,916,264
MSCI Germany		53,714,876		720,807,182
MSCI Italy		124,112,073		316,154,511
MSCI Spain		283,911,296		328,756,593
MSCI Switzerland		120,995,009		229,774,879

8.	INCOME TAX INFORMATION

As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


iShares ETF	Non-Expiring^(a)		Expiring 2019		Total
MSCI Eurozone	$	390,879,862	$	30,230,739	$	421,110,601
MSCI Germany		113,101,718		32,215,954		145,317,672
MSCI Italy		183,331,855		9,459,662		192,791,517
MSCI Spain		145,451,894		8,619,903		154,071,797
MSCI Switzerland		37,199,053		6,955,758		44,154,811

^(a)

Must be utilized prior to losses subject to expiration.


42		2 0 1 9 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)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Eurozone	$	7,644,073,511	$	365,776,330	$	(1,591,212,358	)	$	(1,225,436,028	)
MSCI Germany		3,051,903,410		170,128,723		(841,652,879	)		(671,524,156	)
MSCI Italy		261,840,891		6,662,909		(57,631,473	)		(50,968,564	)
MSCI Spain		1,080,574,486		17,191,607		(281,753,853	)		(264,562,246	)
MSCI Switzerland		932,405,398		55,242,761		(94,637,783	)		(39,395,022	)

9.	PRINCIPAL RISKS

10.

CAPITAL SHARE TRANSACTIONS


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			43

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:


	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
MSCI Eurozone
Shares sold		—		$	—			68,400,000		$	2,997,558,675
Shares redeemed		(65,700,000	)		(2,452,032,229	)		(155,400,000	)		(6,673,014,158	)

Net decrease		(65,700,000	)	$	(2,452,032,229	)		(87,000,000	)	$	(3,675,455,483	)

MSCI Germany
Shares sold		2,100,000		$	54,329,586			13,200,000		$	424,091,640
Shares redeemed		(26,400,000	)		(728,585,865	)		(59,400,000	)		(1,925,166,681	)

Net decrease		(24,300,000	)	$	(674,256,279	)		(46,200,000	)	$	(1,501,075,041	)

MSCI Italy
Shares sold		5,025,000		$	128,408,189			3,675,000		$	113,455,292
Shares redeemed		(12,375,000	)		(322,500,074	)		(16,575,000	)		(509,638,308	)

Net decrease		(7,350,000	)	$	(194,091,885	)		(12,900,000	)	$	(396,183,016	)

MSCI Spain
Shares sold		11,175,000		$	320,272,725			19,125,000		$	614,707,341
Shares redeemed		(12,525,000	)		(350,790,831	)		(35,250,000	)		(1,129,819,049	)

Net decrease		(1,350,000	)	$	(30,518,106	)		(16,125,000	)	$	(515,111,708	)

MSCI Switzerland
Shares sold		3,750,000		$	125,327,851			8,625,000		$	295,601,568
Shares redeemed		(7,375,000	)		(240,140,209	)		(15,750,000	)		(541,911,664	)

Net decrease		(3,625,000	)	$	(114,812,358	)		(7,125,000	)	$	(246,310,096	)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company 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 Company’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 MSCI Eurozone 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 a receivable for all recoverable taxes withheld by Finland based upon recent favorable determinations issued by the Finnish authorities. Professional fees associated with the filing of these claims that result in the recovery of 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. Foreign withholding tax claims and associated payable amounts 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 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


44		2 0 1 9 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)

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. Plaintiffs have appealed the court’s decision.

13.

REGULATION S-X AMENDMENTS

Distributions for the year ended August 31, 2018 were classified as follows:


iShares ETF	Net Investment Income
MSCI Eurozone	$	344,359,197
MSCI Germany		97,497,098
MSCI Italy		17,400,893
MSCI Spain		31,909,333
MSCI Switzerland		22,803,569

Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:


iShares ETF	Undistributed (distributions in excess of) net investment income
MSCI Eurozone	$	23,152,634
MSCI Germany		(489,869	)
MSCI Italy		2,341,634
MSCI Spain		9,976,406
MSCI Switzerland		(455,027	)

14.

SUBSEQUENT EVENTS


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

Supplemental Information (unaudited)

Section 19(a) Notices


	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 Eurozone^(a)	$	0.183003	$	—	$	0.009456	$	0.192459		95	%		—	%		5	%		100	%
MSCI Spain^(a)		0.392342		—		0.127260		0.519602		76			—			24			100

^(a)


46		2 0 1 9 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 signup for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.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 www.icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N			47

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

ADR		American Depositary Receipt

NVS		Non-Voting Shares


48		2 0 1 9 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

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

LOGO

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”).

FEBRUARY 28, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

▶ iShares MSCI Hong Kong ETF | EWH | NYSE Arca

▶ iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca

▶ iShares MSCI Malaysia ETF | EWM | NYSE Arca

▶ iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca

▶ iShares MSCI Singapore ETF | EWS | NYSE Arca

▶ iShares MSCI Taiwan ETF | EWT | NYSE Arca

▶ iShares MSCI Thailand ETF | THD | NYSE Arca

Table of Contents


	Page
Fund Summary		5
About Fund Performance		12
Shareholder Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		41
Statements of Operations		43
Statements of Changes in Net Assets		45
Financial Highlights		49
Notes to Financial Statements		56
Supplemental Information		65
General Information		66
Glossary of Terms Used in this Report		67


Fund Summary as of February 28, 2019		iShares^® MSCI Hong Kong ETF

Investment Objective

The iShares MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong 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		8.30	%		3.24	%		8.53	%		13.58	%		3.24	%		50.58	%		257.21	%
Fund Market		8.26			3.79			8.56			13.77			3.79			50.77			263.45
Index		8.62			3.80			9.13			14.22			3.80			54.81			277.79

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,083.00	$	2.53		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	35.4	%
Real Estate	26.4
Industrials	11.8
Consumer Discretionary	10.8
Utilities	10.6
Consumer Staples	2.0
Communication Services	1.6
Other (each representing less than 1%)	1.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
AIA Group Ltd.	21.8	%
Hong Kong Exchanges & Clearing Ltd.	6.6
CK Hutchison Holdings Ltd.	5.2
Sun Hung Kai Properties Ltd.	4.8
Link REIT	4.3
CK Asset Holdings Ltd.	3.9
Hong Kong & China Gas Co. Ltd.	3.9
CLP Holdings Ltd.	3.5
Hang Seng Bank Ltd.	3.4
Galaxy Entertainment Group Ltd.	3.1


F U N D S U M M A R Y			5


Fund Summary as of February 28, 2019		iShares^® MSCI Japan Small-Cap ETF

Investment Objective

The iShares MSCI Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Japanese equities, as represented by the MSCI Japan 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		(8.16	)%		(13.38	)%		7.95	%		10.46	%		(13.38	)%		46.62	%		170.35	%
Fund Market		(7.64	)		(12.40	)		7.78			10.83			(12.40	)		45.46			179.65
Index		(8.00	)		(12.99	)		8.29			10.88			(12.99	)		48.94			180.89

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	918.40	$	2.33		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Industrials	24.7	%
Consumer Discretionary	15.2
Information Technology	11.6
Real Estate	11.2
Consumer Staples	9.6
Materials	9.2
Financials	6.9
Health Care	6.7
Communication Services	3.2
Utilities	1.1
Energy	0.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Sojitz Corp.	0.7	%
PeptiDream Inc.	0.6
Orix JREIT Inc.	0.6
Advantest Corp.	0.6
GLP J-REIT	0.5
Nihon M&A Center Inc.	0.5
Japan Hotel REIT Investment Corp.	0.5
Haseko Corp.	0.5
Advance Residence Investment Corp.	0.5
TIS Inc.	0.5


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Fund Summary as of February 28, 2019		iShares^® MSCI Malaysia ETF

Investment Objective

The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia 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		(4.42	)%		(8.99	)%		(3.47	)%		7.84	%		(8.99	)%		(16.20	)%		112.78	%
Fund Market		(4.40	)		(9.29	)		(3.64	)		7.71			(9.29	)		(16.94	)		110.12
Index		(4.32	)		(8.70	)		(3.25	)		8.26			(8.70	)		(15.24	)		121.18

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	955.80	$	2.38		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	35.3	%
Consumer Staples	13.6
Utilities	11.8
Industrials	9.2
Communication Services	8.5
Materials	5.7
Consumer Discretionary	5.3
Health Care	5.2
Energy	3.5
Real Estate	1.9

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Public Bank Bhd	14.8	%
Tenaga Nasional Bhd	8.6
Malayan Banking Bhd	7.5
CIMB Group Holdings Bhd	5.7
Petronas Chemicals Group Bhd	4.5
Genting Bhd	3.2
DiGi.Com Bhd	2.9
Hong Leong Bank Bhd	2.8
Maxis Bhd	2.6
IHH Healthcare Bhd	2.6


F U N D S U M M A R Y			7


Fund Summary as of February 28, 2019		iShares MSCI Pacific ex Japan ETF

Investment Objective

The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific 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		1.49	%		(1.11	)%		3.74	%		12.24	%		(1.11	)%		20.16	%		217.44	%
Fund Market		1.51			(0.25	)		3.70			12.42			(0.25	)		19.95			222.54
Index		1.73			(0.67	)		4.18			12.73			(0.67	)		22.69			231.38

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,014.90	$	2.40		$	1,000.00	$	1,022.40	$	2.41		0.48	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	37.8	%
Real Estate	14.2
Materials	10.5
Industrials	9.0
Consumer Discretionary	6.9
Health Care	5.6
Utilities	4.8
Consumer Staples	4.1
Energy	3.6
Communication Services	2.8
Information Technology	0.7

^(a)

Excludes money market funds.

ALLOCATION BY COUNTRY


Country	Percent of Total Investments	^(a)
Australia	55.2	%
Hong Kong	32.4
Singapore	10.5
New Zealand	1.9


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Fund Summary as of February 28, 2019		iShares^® MSCI Singapore ETF

Investment Objective

The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore 25/50 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		0.60	%		(8.99	)%		2.16	%		11.34	%		(8.99	)%		11.27	%		192.81	%
Fund Market		0.67			(8.51	)		2.21			11.44			(8.51	)		11.55			195.29
Index		0.93			(8.39	)		2.58			11.75			(8.39	)		13.59			203.77

Index performance through November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Singapore 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,006.00	$	2.44		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	47.5	%
Industrials	18.7
Real Estate	14.8
Communication Services	6.8
Consumer Discretionary	5.1
Consumer Staples	4.5
Information Technology	2.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
DBS Group Holdings Ltd.	17.5	%
Oversea-Chinese Banking Corp. Ltd.	13.6
United Overseas Bank Ltd.	13.1
Singapore Telecommunications Ltd.	4.6
Keppel Corp. Ltd.	4.2
Ascendas REIT	3.7
Singapore Exchange Ltd.	3.2
Wilmar International Ltd.	3.1
Genting Singapore Ltd.	3.1
Singapore Technologies Engineering Ltd.	3.1


F U N D S U M M A R Y			9


Fund Summary as of February 28, 2019		iShares^® MSCI Taiwan ETF

Investment Objective

The iShares MSCI Taiwan ETF (the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 25/50 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		(7.75	)%		(6.87	)%		6.66	%		12.01	%		(6.87	)%		38.04	%		210.91	%
Fund Market		(9.56	)		(6.53	)		6.17			12.04			(6.53	)		34.89			211.65
Index		(7.56	)		(6.45	)		7.36			12.67			(6.45	)		42.61			229.63

Index performance through November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Taiwan 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	922.50	$	2.81		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	53.1	%
Financials	19.3
Materials	10.7
Consumer Discretionary	4.5
Communication Services	4.3
Consumer Staples	3.5
Industrials	2.8
Other (each representing less than 1%)	1.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Taiwan Semiconductor Manufacturing Co. Ltd.	22.7	%
Hon Hai Precision Industry Co. Ltd.	5.4
Formosa Plastics Corp.	2.7
Largan Precision Co. Ltd.	2.6
MediaTek Inc.	2.5
Chunghwa Telecom Co. Ltd.	2.4
Nan Ya Plastics Corp.	2.3
Cathay Financial Holding Co. Ltd.	2.2
CTBC Financial Holding Co. Ltd.	2.2
Formosa Chemicals & Fibre Corp.	2.1


10		2 0 1 9 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 February 28, 2019		iShares^® MSCI Thailand ETF

Investment Objective

The iShares MSCI Thailand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand IMI 25/50 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		0.02	%		(8.34	)%		8.30	%		18.28	%		(8.34	)%		48.96	%		436.12	%
Fund Market		(0.06	)		(8.56	)		8.20			18.25			(8.56	)		48.27			434.73
Index		0.15			(8.19	)		8.56			18.66			(8.19	)		50.80			453.30

Index performance through February 11, 2013 reflects the performance of the MSCI Thailand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Thailand IMI 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,000.20	$	2.93		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Energy	20.1	%
Financials	18.6
Consumer Staples	12.8
Industrials	10.9
Materials	9.6
Communication Services	6.7
Real Estate	6.2
Consumer Discretionary	5.4
Health Care	4.7
Utilities	3.3
Information Technology	1.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
PTT PCL	10.7	%
CP ALL PCL	8.2
Airports of Thailand PCL	6.1
Kasikornbank PCL	4.9
Siam Commercial Bank PCL (The)	4.5
Advanced Info Service PCL	4.0
Siam Cement PCL (The)	3.8
PTT Exploration & Production PCL	3.7
PTT Global Chemical PCL	3.4
Kasikornbank PCL	2.6


F U N D S U M M A R Y			11

About Fund Performance

Shareholder Expenses


12		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Hong Kong ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Auto Components — 0.5%
Minth Group Ltd.^(a)		4,282,000	$	16,964,789


Banks — 7.0%
Bank of East Asia Ltd. (The)		7,207,210		25,111,110
BOC Hong Kong Holdings Ltd.		20,673,500		86,383,195
Hang Seng Bank Ltd.		4,257,300		105,486,108

				216,980,413

Biotechnology — 0.8%
BeiGene Ltd., ADR^(b)		185,382		25,406,603


Capital Markets — 6.6%
Hong Kong Exchanges & Clearing Ltd.		5,912,300		203,810,082


Diversified Telecommunication Services — 1.5%
HKT Trust & HKT Ltd.		21,281,500		33,237,941
PCCW Ltd.		24,341,169		14,636,082

				47,874,023

Electric Utilities — 6.7%
CK Infrastructure Holdings Ltd.		3,690,500		30,770,622
CLP Holdings Ltd.		9,105,700		107,879,194
HK Electric Investments & HK Electric Investments Ltd.		14,987,000		15,617,425
Power Assets Holdings Ltd.		7,710,000		53,529,389

				207,796,630

Equity Real Estate Investment Trusts (REITs) — 4.3%
Link REIT		11,758,500		132,941,842


Food & Staples Retailing — 0.6%
Dairy Farm International Holdings Ltd.		1,954,700		17,475,018


Food Products — 1.4%
WH Group Ltd.^(c)		49,526,000		43,975,161


Gas Utilities — 3.9%
Hong Kong & China Gas Co. Ltd.		51,415,182		119,076,665


Hotels, Restaurants & Leisure — 8.1%
Galaxy Entertainment Group Ltd.		13,249,000		94,095,614
Melco Resorts & Entertainment Ltd., ADR		1,396,819		32,182,710
MGM China Holdings Ltd.^(a)		5,447,088		11,449,585
Sands China Ltd.		13,449,600		67,164,045
Shangri-La Asia Ltd.		7,162,000		10,182,160
SJM Holdings Ltd.		11,256,000		12,690,209
Wynn Macau Ltd.		8,734,800		21,587,189

				249,351,512

Household Durables — 1.7%
Techtronic Industries Co. Ltd.		7,707,647		51,500,176


Industrial Conglomerates — 10.2%
CK Hutchison Holdings Ltd.		15,005,767		159,715,131
Jardine Matheson Holdings Ltd.		1,223,800		83,903,728
Jardine Strategic Holdings Ltd.		1,234,700		48,770,650
NWS Holdings Ltd.		8,734,000		21,140,156

				313,529,665

Insurance — 21.7%
AIA Group Ltd.		66,949,200		669,509,058


Security	Shares		Value

Real Estate Management & Development — 22.0%
CK Asset Holdings Ltd.		14,401,267	$	119,524,388
Hang Lung Group Ltd.		4,941,000		15,515,765
Hang Lung Properties Ltd.		11,273,000		26,625,063
Henderson Land Development Co. Ltd.		7,370,148		41,686,995
Hongkong Land Holdings Ltd.		6,487,100		46,512,507
Hysan Development Co. Ltd.		3,476,000		18,354,633
Kerry Properties Ltd.		3,663,500		15,307,753
New World Development Co. Ltd.		34,302,066		54,797,308
Sino Land Co. Ltd.		18,444,000		34,351,357
Sun Hung Kai Properties Ltd.		8,862,000		146,762,975
Swire Pacific Ltd., Class A		2,752,500		32,732,792
Swire Properties Ltd.		6,483,000		26,015,249
Wharf Holdings Ltd. (The)		6,828,150		21,354,822
Wharf Real Estate Investment Co. Ltd.		6,741,150		47,361,006
Wheelock & Co. Ltd.		4,600,357		31,148,434

				678,051,047

Road & Rail — 1.6%
MTR Corp. Ltd.		8,561,083		49,186,584


Semiconductors & Semiconductor Equipment — 0.6%
ASM Pacific Technology Ltd.		1,738,400		18,414,222


Textiles, Apparel & Luxury Goods — 0.5%
Yue Yuen Industrial Holdings Ltd.		4,289,500		14,426,202


Total Common Stocks — 99.7% (Cost: $2,795,447,522)				3,076,269,692


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		4,963,202		4,965,187
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		1,319,843		1,319,843

				6,285,030


Total Short-Term Investments — 0.2% (Cost: $6,284,700)				6,285,030


Total Investments in Securities — 99.9% (Cost: $2,801,732,222)				3,082,554,722

Other Assets, Less Liabilities — 0.1%				1,891,477


Net Assets — 100.0%			$	3,084,446,199

^(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)	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 S			13

Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Hong Kong ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, 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		08/31/18	Net Activity			02/28/19		02/28/19		Income			Gain (Loss)	^(a)		(Depreciation	)

BlackRock Cash Funds: Institutional, SL Agency Shares		18,423,432	(13,460,230	)		4,963,202	$	4,965,187	$	26,762	^(b)	$	685		$	(426	)
BlackRock Cash Funds: Treasury, SL Agency Shares		663,373	656,470			1,319,843		1,319,843		30,012			—			—

							$	6,285,030	$	56,774		$	685		$	(426	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Hang Seng Index	34	03/28/19	$	6,208	$	(44,797	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation^(a)	$	44,797

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(245,092	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	167,450

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	9,149,283

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

Fair Value Measurements


14		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Hong Kong ETF

Fair Value Measurements (continued)



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	3,076,269,692		$	—	$	—	$	3,076,269,692
Money Market Funds		6,285,030			—		—		6,285,030

	$	3,082,554,722		$	—	$	—	$	3,082,554,722

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(44,797	)	$	—	$	—	$	(44,797	)

^(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			15

Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.0%
Jamco Corp.^(a)		2,100	$	46,878


Air Freight & Logistics — 0.3%
Kintetsu World Express Inc.		8,400		133,108
Konoike Transport Co. Ltd.		6,300		101,416
Maruwa Unyu Kikan Co. Ltd.		2,100		71,119
Mitsui-Soko Holdings Co. Ltd.^(b)		4,200		71,535
SBS Holdings Inc.		4,200		68,780

				445,958

Auto Components — 3.3%
Aisan Industry Co. Ltd.		6,300		42,785
Akebono Brake Industry Co. Ltd.^(b)		18,900		28,184
Daido Metal Co. Ltd.		6,300		44,313
Daikyonishikawa Corp.		8,400		93,493
Eagle Industry Co. Ltd.		4,200		49,765
Exedy Corp.		6,300		150,256
FCC Co. Ltd.		6,300		145,842
Futaba Industrial Co. Ltd.		10,500		56,688
G-Tekt Corp.		4,200		64,781
Ichikoh Industries Ltd.		6,300		37,295
Kasai Kogyo Co. Ltd.		4,200		34,824
Keihin Corp.		8,400		147,671
KYB Corp.		4,200		110,659
Mitsuba Corp.		6,300		39,276
Musashi Seimitsu Industry Co. Ltd.		8,400		119,677
NHK Spring Co. Ltd.		39,900		371,688
Nifco Inc./Japan		16,800		427,093
Nihon Tokushu Toryo Co. Ltd.		2,100		25,486
Nippon Seiki Co. Ltd.		10,500		193,550
Nissin Kogyo Co. Ltd.		8,400		118,318
NOK Corp.		18,900		304,587
Pacific Industrial Co. Ltd.		8,400		127,901
Piolax Inc.		6,300		131,071
Press Kogyo Co. Ltd.		18,900		104,076
Riken Corp.		2,100		99,227
Sanden Holdings Corp.^(b)		4,200		30,523
Shoei Co. Ltd.		2,100		76,684
Showa Corp.		10,500		146,200
Sumitomo Riko Co. Ltd.		8,400		76,741
Tachi-S Co. Ltd.		6,300		93,323
Taiho Kogyo Co. Ltd.		4,200		37,654
Tokai Rika Co. Ltd.		10,500		192,135
Topre Corp.		6,300		136,843
Toyo Tire Corp.		22,400		285,131
Toyota Boshoku Corp.		12,600		207,472
TPR Co. Ltd.		4,200		92,285
TS Tech Co. Ltd.		8,400		244,862
Unipres Corp.		8,400		149,709
Yorozu Corp.		4,200		60,291

				4,898,359

Automobiles — 0.1%
Nissan Shatai Co. Ltd.		12,600		112,395


Banks — 4.5%
77 Bank Ltd. (The)		10,500		168,366
Aichi Bank Ltd. (The)		2,100		63,196
Akita Bank Ltd. (The)		2,100		42,389
Aomori Bank Ltd. (The)		4,200		110,697


Security	Shares		Value

Banks (continued)
Awa Bank Ltd. (The)		6,300	$	163,782
Bank of Iwate Ltd. (The)		4,200		121,488
Bank of Nagoya Ltd. (The)		2,100		66,214
Bank of Okinawa Ltd. (The)		4,200		129,599
Bank of Saga Ltd. (The)		2,100		34,164
Bank of the Ryukyus Ltd.		8,400		92,889
Chiba Kogyo Bank Ltd. (The)		8,400		24,977
Chugoku Bank Ltd. (The)		31,500		294,853
Chukyo Bank Ltd. (The)		2,100		41,691
Daishi Hokuetsu Financial Group Inc.		8,400		259,953
Ehime Bank Ltd. (The)		6,300		63,611
Eighteenth Bank Ltd. (The)		2,100		50,312
Gunma Bank Ltd. (The)		67,200		283,119
Hachijuni Bank Ltd. (The)		73,500		305,700
Hiroshima Bank Ltd. (The)		48,300		269,008
Hokkoku Bank Ltd. (The)		4,200		131,674
Hokuhoku Financial Group Inc.		23,100		252,955
Hyakugo Bank Ltd. (The)		42,000		143,748
Hyakujushi Bank Ltd. (The)		4,200		92,134
Iyo Bank Ltd. (The)		48,300		266,405
Jimoto Holdings Inc.		33,600		38,635
Juroku Bank Ltd. (The)		6,300		131,920
Kansai Mirai Financial Group Inc.^(b)		18,974		140,447
Keiyo Bank Ltd. (The)		18,900		117,488
Kiyo Bank Ltd. (The)		12,600		175,667
Kyushu Financial Group Inc.		69,300		281,383
Miyazaki Bank Ltd. (The)		2,100		51,632
Musashino Bank Ltd. (The)		6,300		131,750
Nanto Bank Ltd. (The)		6,300		121,110
Nishi-Nippon Financial Holdings Inc.		27,300		242,541
North Pacific Bank Ltd.		56,700		156,368
Ogaki Kyoritsu Bank Ltd. (The)		6,300		127,449
Oita Bank Ltd. (The)		2,100		64,894
San ju San Financial Group Inc.		4,200		60,366
San-in Godo Bank Ltd. (The)		29,400		212,603
Senshu Ikeda Holdings Inc.		50,400		134,014
Shiga Bank Ltd. (The)		8,400		196,870
Shikoku Bank Ltd. (The)		6,300		58,688
Suruga Bank Ltd.^(a)		33,600		162,084
Tochigi Bank Ltd. (The)		16,800		35,314
Toho Bank Ltd. (The)		39,900		110,395
Tokyo Kiraboshi Financial Group Inc.		4,230		61,748
TOMONY Holdings Inc.		29,400		109,339
Towa Bank Ltd. (The)		6,300		40,181
Yamagata Bank Ltd. (The)		4,200		75,383
Yamanashi Chuo Bank Ltd. (The)		4,200		53,349

				6,564,542

Beverages — 0.7%
Ito En Ltd.		10,500		475,386
Sapporo Holdings Ltd.		12,600		274,932
Takara Holdings Inc.		31,500		356,540

				1,106,858

Biotechnology —1.0%
GNI Group Ltd.^(b)		2,299		63,712
HEALIOS KK^(a)(b)		4,200		71,798
Japan Tissue Engineering Co. Ltd.^(a)(b)		2,100		20,487
PeptiDream Inc.^(a)(b)		18,900		898,140
SanBio Co. Ltd.^(a)(b)		5,200		127,104


16		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Takara Bio Inc.		10,500	$	240,240

				1,421,481

Building Products — 1.7%
Aica Kogyo Co. Ltd.		10,500		365,500
Bunka Shutter Co. Ltd.		10,500		78,382
Central Glass Co. Ltd.		8,400		196,946
Maeda Kosen Co. Ltd.		4,200		105,981
Nichias Corp.		11,500		226,963
Nichiha Corp.		6,300		178,553
Nippon Sheet Glass Co. Ltd.		18,900		156,708
Nitto Boseki Co. Ltd.		4,400		77,589
Noritz Corp.		6,300		92,927
Okabe Co. Ltd.		8,400		73,722
Sankyo Tateyama Inc.		4,200		55,198
Sanwa Holdings Corp.		39,900		462,728
Sekisui Jushi Corp.		6,300		118,507
Sinko Industries Ltd.		4,200		59,197
Takara Standard Co. Ltd.		6,300		97,454
Takasago Thermal Engineering Co. Ltd.		10,500		171,478

				2,517,833

Capital Markets — 1.0%
GMO Financial Holdings Inc.		10,500		65,271
Ichiyoshi Securities Co. Ltd.		8,400		66,630
Jafco Co. Ltd.		6,300		220,715
kabu.com Securities Co. Ltd.		27,300		137,579
Kyokuto Securities Co. Ltd.		4,200		44,784
M&A Capital Partners Co. Ltd.^(a)(b)		2,100		96,398
Marusan Securities Co. Ltd.		10,500		78,382
Matsui Securities Co. Ltd.		23,100		250,672
Monex Group Inc.^(a)		35,700		136,617
Okasan Securities Group Inc.		23,100		100,850
SPARX Group Co. Ltd.		18,900		35,654
Strike Co. Ltd.		2,100		42,407
Tokai Tokyo Financial Holdings Inc.		44,100		190,551
Uzabase Inc.^(b)		2,100		49,576

				1,516,086

Chemicals — 5.8%
Achilles Corp.		4,200		76,100
ADEKA Corp.		16,800		250,068
C.I. Takiron Corp.		4,200		23,769
Chugoku Marine Paints Ltd.		12,600		114,432
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		2,100		59,329
Denka Co. Ltd.		16,800		506,324
DIC Corp.		14,700		467,463
Fujimi Inc.		4,200		89,607
Fujimori Kogyo Co. Ltd.		2,100		57,348
Fuso Chemical Co. Ltd.		4,200		79,307
Hodogaya Chemical Co. Ltd.		2,100		64,422
Ishihara Sangyo Kaisha Ltd.^(b)		6,300		66,611
JCU Corp.		4,200		66,441
JSP Corp.		2,100		48,293
Kanto Denka Kogyo Co. Ltd.		8,400		64,970
KH Neochem Co. Ltd.		6,300		161,858
Koatsu Gas Kogyo Co. Ltd.		6,300		47,708
Konishi Co. Ltd.		6,300		91,908
Kumiai Chemical Industry Co. Ltd.		18,949		121,878
Kureha Corp.		4,200		258,821
Lintec Corp.		10,500		237,976
Nihon Nohyaku Co. Ltd.		8,400		36,522


Security	Shares		Value

Chemicals (continued)
Nihon Parkerizing Co. Ltd.		18,900	$	249,748
Nippon Kayaku Co. Ltd.		27,300		332,299
Nippon Shokubai Co. Ltd.		6,300		429,545
Nippon Soda Co. Ltd.		4,200		108,924
NOF Corp.		14,700		506,418
Okamoto Industries Inc.		2,100		109,792
Osaka Soda Co. Ltd.		2,100		52,293
Sakai Chemical Industry Co. Ltd.		2,100		45,614
Sakata INX Corp.		8,400		88,814
Sanyo Chemical Industries Ltd.		2,100		102,434
Sekisui Plastics Co. Ltd.		4,200		36,748
Shikoku Chemicals Corp.		6,300		73,232
Shin-Etsu Polymer Co. Ltd.		8,400		64,441
Stella Chemifa Corp.^(a)		2,100		62,536
Sumitomo Bakelite Co. Ltd.		6,300		237,410
Sumitomo Seika Chemicals Co. Ltd.		2,100		80,740
T. Hasegawa Co. Ltd.		6,300		97,284
Taiyo Holdings Co. Ltd.		4,200		142,427
Takasago International Corp.		2,100		68,195
Tanaka Chemical Corp.^(b)		2,100		17,167
Tayca Corp.		2,100		40,182
Tenma Corp.		4,200		76,930
Toagosei Co. Ltd.		21,000		229,581
Tokai Carbon Co. Ltd.^(a)		39,900		553,410
Tokuyama Corp.		12,600		316,019
Tokyo Ohka Kogyo Co. Ltd.		6,300		182,797
Toyo Ink SC Holdings Co. Ltd.		6,300		147,483
Toyobo Co. Ltd.		16,800		238,297
Ube Industries Ltd.		21,000		476,141
Valqua Ltd.		2,100		43,238
W-Scope Corp.^(a)		6,300		81,155
Zeon Corp.		29,400		300,022

				8,582,471

Commercial Services & Supplies — 1.7%
Aeon Delight Co. Ltd.		4,200		156,198
Bell System24 Holdings Inc.		6,300		83,249
Central Security Patrols Co. Ltd.		2,100		80,646
Daiseki Co. Ltd.		8,460		208,992
Duskin Co. Ltd.		8,400		208,415
Itoki Corp.		6,300		32,372
Japan Elevator Service Holdings Co. Ltd.^(a)		4,200		79,156
Kokuyo Co. Ltd.		16,800		247,503
Matsuda Sangyo Co. Ltd.		2,160		28,290
Mitsubishi Pencil Co. Ltd.^(a)		6,300		127,166
Nichiban Co. Ltd.		2,100		42,634
Nippon Kanzai Co. Ltd.		4,200		73,043
Nippon Parking Development Co. Ltd.		39,900		56,631
Okamura Corp.		12,600		148,502
Oyo Corp.		4,200		44,822
Pilot Corp.		6,300		288,627
Prestige International Inc.		10,500		122,525
Raksul Inc.^(a)(b)		4,200		145,446
Relia Inc.		8,400		73,345
Sato Holdings Corp.		4,200		101,831
Toppan Forms Co. Ltd.		10,500		90,927
Tosho Printing Co. Ltd.		4,200		37,352

				2,477,672

Communications Equipment — 0.1%
Denki Kogyo Co. Ltd.		2,100		55,292


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)

February 28, 2019

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment (continued)
Icom Inc.		2,100	$	43,615

				98,907

Construction & Engineering — 5.1%
Chiyoda Corp.^(a)		35,700		99,095
Chudenko Corp.		6,300		131,127
COMSYS Holdings Corp.		25,200		673,237
Dai-Dan Co. Ltd.		2,100		45,690
Daiho Corp.		4,200		122,054
Fudo Tetra Corp.		4,220		62,474
Fukuda Corp.		2,100		82,061
Hazama Ando Corp.		37,800		266,556
Hibiya Engineering Ltd.		4,200		71,119
Kandenko Co. Ltd.		18,900		169,102
Kinden Corp.		27,300		442,902
Kumagai Gumi Co. Ltd.		6,300		200,058
Kyowa Exeo Corp.		21,000		566,879
Kyudenko Corp.		8,400		287,496
Maeda Corp.		29,400		311,114
Maeda Road Construction Co. Ltd.		12,600		246,861
Mirait Holdings Corp.^(a)		15,100		235,751
Nippo Corp.		11,100		215,977
Nippon Densetsu Kogyo Co. Ltd.		6,300		129,543
Nippon Koei Co. Ltd.		2,100		46,105
Nippon Road Co. Ltd. (The)		2,100		125,638
Nishimatsu Construction Co. Ltd.		10,700		249,045
Okumura Corp.		6,300		197,512
OSJB Holdings Corp.^(a)		25,200		66,328
Penta-Ocean Construction Co. Ltd.		56,700		285,741
Raito Kogyo Co. Ltd.		8,400		115,828
Sanki Engineering Co. Ltd.		8,400		91,304
Shinnihon Corp.		6,300		59,480
SHO-BOND Holdings Co. Ltd.		4,200		300,701
Sumitomo Densetsu Co. Ltd.		4,200		73,006
Sumitomo Mitsui Construction Co. Ltd.		33,600		221,243
Taihei Dengyo Kaisha Ltd.		2,100		46,916
Taikisha Ltd.		4,200		126,015
Takamatsu Construction Group Co. Ltd.		2,100		51,953
Tekken Corp.		2,100		51,557
Toa Corp./Tokyo		2,100		29,787
Toda Corp.		46,200		293,419
Tokyu Construction Co. Ltd.		16,840		143,561
Toshiba Plant Systems & Services Corp.		10,500		190,343
Totetsu Kogyo Co. Ltd.		4,200		114,508
Toyo Construction Co. Ltd.		14,700		60,348
Toyo Engineering Corp.^(a)(b)		6,300		40,917
Yahagi Construction Co. Ltd.		6,300		44,086
Yokogawa Bridge Holdings Corp.		6,300		117,375
Yurtec Corp.		6,300		50,764

				7,552,576

Construction Materials — 0.2%
Sumitomo Osaka Cement Co. Ltd.		8,400		345,221


Consumer Finance — 0.4%
Aiful Corp.^(b)		67,200		180,496
Hitachi Capital Corp.		10,500		248,823
J Trust Co. Ltd.^(a)		12,600		49,010
Jaccs Co. Ltd.		4,200		72,402
Orient Corp.^(a)		92,400		101,265

				651,996


Security	Shares		Value

Containers & Packaging — 0.7%
FP Corp.		4,200	$	256,558
Fuji Seal International Inc.		8,400		314,660
Pack Corp. (The)		2,100		60,838
Rengo Co. Ltd.		37,800		328,017

				960,073

Distributors — 0.5%
Arata Corp.		2,100		80,080
Canon Marketing Japan Inc.		10,500		197,512
Chori Co. Ltd.		2,100		29,033
Doshisha Co. Ltd.		4,200		67,610
PALTAC Corp.		6,300		324,847

				699,082

Diversified Consumer Services — 0.1%
Meiko Network Japan Co. Ltd.		4,200		35,692
Riso Kyoiku Co. Ltd.		21,000		96,398
Studio Alice Co. Ltd.		2,100		43,105

				175,195

Diversified Financial Services — 0.8%
eGuarantee Inc.		4,200		41,200
Financial Products Group Co. Ltd.		12,600		121,337
Fuyo General Lease Co. Ltd.		4,200		221,470
IBJ Leasing Co. Ltd.		6,300		155,236
Japan Investment Adviser Co. Ltd.^(a)		2,100		60,461
Japan Securities Finance Co. Ltd.		18,900		105,094
NEC Capital Solutions Ltd.		2,100		32,013
Ricoh Leasing Co. Ltd.		2,100		64,611
Zenkoku Hosho Co. Ltd.		10,500		386,251

				1,187,673

Diversified Telecommunication Services — 0.2%
Internet Initiative Japan Inc.		6,300		142,220
Vision Inc./Tokyo Japan^(b)		2,100		85,928

				228,148

Electric Utilities — 0.7%
Hokkaido Electric Power Co. Inc.		35,700		227,695
Hokuriku Electric Power Co.^(b)		35,700		303,380
Okinawa Electric Power Co. Inc. (The)		8,412		155,061
Shikoku Electric Power Co. Inc.		29,400		370,537

				1,056,673

Electrical Equipment — 1.7%
Chiyoda Integre Co. Ltd.		2,100		41,427
Cosel Co. Ltd.		4,200		44,256
Daihen Corp.		4,200		98,360
Denyo Co. Ltd.		4,200		54,028
Fujikura Ltd.		48,300		204,359
Furukawa Electric Co. Ltd.		14,700		451,617
Futaba Corp.		6,300		101,189
GS Yuasa Corp.		12,600		252,521
Idec Corp./Japan		6,300		114,489
Mabuchi Motor Co. Ltd.		10,500		361,256
Nippon Carbon Co. Ltd.^(a)		2,100		104,887
Nissin Electric Co. Ltd.		10,500		94,700
Nitto Kogyo Corp.		4,200		85,758
Sanyo Denki Co. Ltd.		2,100		76,118
Sinfonia Technology Co. Ltd.		4,200		50,481
Tatsuta Electric Wire and Cable Co. Ltd.		8,400		37,805
Toyo Tanso Co. Ltd.^(a)		2,100		42,030
Ushio Inc.		21,000		235,807

				2,451,088


18		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components — 4.4%
Ai Holdings Corp.		6,300	$	108,264
Amano Corp.		10,500		222,979
Anritsu Corp.		27,300		540,016
Azbil Corp.		25,200		556,428
Canon Electronics Inc.		4,200		68,365
Citizen Watch Co. Ltd.		60,900		346,296
CMK Corp.		8,400		52,292
CONEXIO Corp.		2,100		28,165
Daiwabo Holdings Co. Ltd.		4,200		237,316
Dexerials Corp.		10,500		77,628
Elematec Corp.		2,100		34,050
Enplas Corp.		2,100		56,103
ESPEC Corp.		4,200		78,326
Hioki E.E. Corp.		2,100		82,627
Hochiki Corp.		2,100		21,864
Horiba Ltd.		8,400		425,584
Hosiden Corp.		10,500		84,041
Ibiden Co. Ltd.		23,100		327,866
Iriso Electronics Co. Ltd.		4,200		185,816
Japan Aviation Electronics Industry Ltd.		10,500		136,674
Japan Cash Machine Co. Ltd.		4,200		42,143
Japan Display Inc.^(a)(b)		119,700		76,345
Kaga Electronics Co. Ltd.		4,200		80,929
Koa Corp.		4,200		59,725
Macnica Fuji Electronics Holdings Inc.		10,500		147,804
Maruwa Co. Ltd./Aichi		2,100		114,508
Meiko Electronics Co. Ltd.^(a)		4,200		67,346
Nichicon Corp.		10,500		93,945
Nippon Ceramic Co. Ltd.^(a)		4,200		106,320
Nippon Chemi-Con Corp.		2,100		36,918
Nippon Signal Co. Ltd.		8,400		75,760
Nissha Co. Ltd.^(a)		8,400		96,058
Nohmi Bosai Ltd.		4,200		72,289
Ohara Inc.^(a)		2,100		32,768
Oki Electric Industry Co. Ltd.		16,800		198,002
Optex Group Co. Ltd.		6,300		109,112
Osaki Electric Co. Ltd.		6,300		40,068
Riken Keiki Co. Ltd.		2,100		41,502
Ryosan Co. Ltd.		4,200		117,526
Ryoyo Electro Corp.		4,200		58,820
Sanshin Electronics Co. Ltd.		2,100		34,428
Siix Corp.^(a)		6,300		94,115
Taiyo Yuden Co. Ltd.		25,200		496,213
Tamura Corp.		12,600		67,460
Topcon Corp.		21,000		284,288
UKC Holdings Corp.		2,100		38,899
V Technology Co. Ltd.		900		118,361

				6,472,352

Energy Equipment & Services — 0.2%
Modec Inc.		4,200		113,942
Shinko Plantech Co. Ltd.		8,400		92,587
Toyo Kanetsu KK		2,100		44,011

				250,540

Entertainment — 1.8%
Akatsuki Inc.		2,100		121,299
Amuse Inc.		2,100		45,671
Ateam Inc.		2,100		35,937
Avex Inc.		6,300		82,117
Capcom Co. Ltd.		16,800		336,996


Security	Shares		Value

Entertainment (continued)
COLOPL Inc.		10,500	$	65,743
Daiichikosho Co. Ltd.		8,400		415,020
GungHo Online Entertainment Inc.^(a)		79,800		230,110
KLab Inc.^(a)(b)		6,300		46,237
Koei Tecmo Holdings Co. Ltd.		9,468		169,679
Marvelous Inc.		6,300		50,934
Shochiku Co. Ltd.		2,100		215,056
Square Enix Holdings Co. Ltd.		17,000		500,898
Toei Animation Co. Ltd.		2,100		83,476
Toei Co. Ltd.		1,400		178,961
UUUM Inc.^(b)		2,100		110,923

				2,689,057

Equity Real Estate Investment Trusts (REITs) — 9.2%
Activia Properties Inc.		126		525,755
Advance Residence Investment Corp.		252		701,761
AEON REIT Investment Corp.		294		339,901
Comforia Residential REIT Inc.		126		325,753
Daiwa Office Investment Corp.		63		420,490
Frontier Real Estate Investment Corp.		105		433,884
Fukuoka REIT Corp.		147		223,564
Global One Real Estate Investment Corp.		168		190,758
GLP J-REIT		714		745,941
Hankyu Hanshin REIT Inc.		105		136,485
Heiwa Real Estate REIT Inc.		189		209,170
Hoshino Resorts REIT Inc.^(a)		42		200,719
Hulic Reit Inc.		231		367,085
Ichigo Office REIT Investment		252		233,166
Industrial & Infrastructure Fund Investment Corp.		294		312,963
Invesco Office J-Reit Inc.		1,785		257,680
Invincible Investment Corp.		1,197		545,166
Japan Excellent Inc.		252		348,390
Japan Hotel REIT Investment Corp.		924		713,004
Japan Logistics Fund Inc.		189		378,951
Japan Rental Housing Investments Inc.		336		265,311
Kenedix Office Investment Corp.		84		560,654
Kenedix Residential Next Investment Corp.		168		273,762
Kenedix Retail REIT Corp.		105		241,277
LaSalle Logiport REIT		231		219,338
MCUBS MidCity Investment Corp.		336		295,796
Mirai Corp.		63		107,471
Mitsubishi Estate Logistics REIT Investment Corp.		42		92,964
Mitsui Fudosan Logistics Park Inc.		63		186,476
Mori Hills REIT Investment Corp.		336		428,904
Mori Trust Hotel Reit Inc.		63		76,911
Mori Trust Sogo REIT Inc.		210		321,074
Nippon Accommodations Fund Inc.		84		418,038
NIPPON REIT Investment Corp.		105		389,081
One REIT Inc.		42		103,340
Orix JREIT Inc.		546		895,613
Premier Investment Corp.		273		325,432
Sekisui House Reit Inc.		756		520,887
Tokyu REIT Inc.		189		281,157

				13,614,072

Food & Staples Retailing — 3.2%
Ain Holdings Inc.		6,300		432,941
Arcs Co. Ltd.		8,400		195,059
Axial Retailing Inc.		2,100		67,063
Belc Co. Ltd.		2,100		96,964
Cawachi Ltd.		2,100		39,521


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)

February 28, 2019

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food & Staples Retailing (continued)
cocokara fine Inc.		4,200	$	187,702
Cosmos Pharmaceutical Corp.		2,100		384,837
Create SD Holdings Co. Ltd.		6,300		165,423
Daikokutenbussan Co. Ltd.		2,100		74,704
Genky DrugStores Co. Ltd.^(a)		2,100		49,312
Halows Co. Ltd.		2,100		41,351
Heiwado Co. Ltd.		6,300		140,522
Japan Meat Co. Ltd.		2,100		33,541
Kansai Super Market Ltd.		2,100		18,940
Kato Sangyo Co. Ltd.		4,200		139,598
Kobe Bussan Co. Ltd.		6,300		215,056
Kusuri no Aoki Holdings Co. Ltd.^(a)		3,200		222,206
Life Corp.		2,100		46,765
Matsumotokiyoshi Holdings Co. Ltd.		16,800		576,500
Ministop Co. Ltd.		2,100		35,843
Mitsubishi Shokuhin Co. Ltd.		2,100		54,613
Nihon Chouzai Co. Ltd.		2,100		75,175
Okuwa Co. Ltd.		4,200		43,011
Qol Holdings Co. Ltd.		4,200		55,575
Retail Partners Co. Ltd.		4,800		44,714
San-A Co. Ltd.		4,200		167,706
Shoei Foods Corp.^(a)		2,100		60,838
Sogo Medical Holdings Co. Ltd.		4,200		69,421
Sugi Holdings Co. Ltd.		8,400		364,840
United Super Markets Holdings Inc.		10,500		111,961
Valor Holdings Co. Ltd.		8,400		213,169
Yakuodo Co. Ltd.		2,100		50,406
Yaoko Co. Ltd.		4,200		222,979
Yokohama Reito Co. Ltd.^(a)		8,400		69,346

				4,767,602

Food Products — 4.7%
Ariake Japan Co. Ltd.		4,200		221,470
Chubu Shiryo Co. Ltd.		4,200		42,068
DyDo Group Holdings Inc.		2,100		103,944
Ezaki Glico Co. Ltd.		8,400		425,584
Feed One Co. Ltd.		16,800		27,316
Fuji Oil Holdings Inc.		10,500		351,824
Fujicco Co. Ltd.		4,200		85,683
Fujiya Co. Ltd.		2,100		42,521
Hokuto Corp.		4,200		74,817
House Foods Group Inc.		12,600		504,815
Itoham Yonekyu Holdings Inc.		29,400		177,213
J-Oil Mills Inc.		2,100		74,892
Kagome Co. Ltd.		14,700		377,404
Kameda Seika Co. Ltd.		2,100		100,737
Kenko Mayonnaise Co. Ltd.^(a)		2,100		42,181
Kewpie Corp.		21,000		479,536
KEY Coffee Inc.		4,200		78,891
Kotobuki Spirits Co. Ltd.		4,200		165,253
Marudai Food Co. Ltd.		4,200		71,534
Maruha Nichiro Corp.		8,400		280,327
Megmilk Snow Brand Co. Ltd.		10,500		256,369
Mitsui Sugar Co. Ltd.		4,200		108,358
Morinaga & Co. Ltd./Japan		8,400		376,536
Morinaga Milk Industry Co. Ltd.		6,300		201,473
Nagatanien Holdings Co. Ltd.		2,100		44,954
Nichirei Corp.		21,200		527,524
Nippon Beet Sugar Manufacturing Co. Ltd.		2,100		35,805
Nippon Flour Mills Co. Ltd.		10,500		178,647
Nippon Suisan Kaisha Ltd.		58,800		385,063


Security	Shares		Value

Food Products (continued)
Nisshin OilliO Group Ltd. (The)		4,200	$	130,354
Prima Meat Packers Ltd.		6,300		114,262
Riken Vitamin Co. Ltd.		2,100		68,573
Rock Field Co. Ltd.		4,200		60,329
Rokko Butter Co. Ltd.		2,100		36,993
S Foods Inc.		4,200		162,801
Sakata Seed Corp.		6,300		213,641
Showa Sangyo Co. Ltd.		4,200		115,262
Starzen Co. Ltd.		2,100		74,232
Warabeya Nichiyo Holdings Co. Ltd.		2,100		34,824

				6,854,010

Gas Utilities — 0.3%
K&O Energy Group Inc.		4,200		59,121
Nippon Gas Co. Ltd.		8,400		292,778
Shizuoka Gas Co. Ltd.		10,500		84,325

				436,224

Health Care Equipment & Supplies — 1.6%
CYBERDYNE Inc.^(a)(b)		23,100		136,126
Eiken Chemical Co. Ltd.		6,300		147,822
Hogy Medical Co. Ltd.		4,200		144,691
JEOL Ltd.		6,300		103,340
Mani Inc.		4,200		194,305
Menicon Co. Ltd.		4,200		114,130
Nagaileben Co. Ltd.		4,200		91,116
Nakanishi Inc.		14,700		263,047
Nihon Kohden Corp.		16,800		504,815
Nikkiso Co. Ltd.		10,500		120,073
Nipro Corp.		29,400		387,440
Paramount Bed Holdings Co. Ltd.		4,200		192,796
Seed Co. Ltd/Tokyo		2,100		24,807

				2,424,508

Health Care Providers & Services — 1.3%
AS ONE Corp.		2,600		202,497
BML Inc.		4,200		127,713
Japan Lifeline Co. Ltd.		10,500		172,611
Miraca Holdings Inc.		10,500		281,176
NichiiGakkan Co. Ltd.		8,400		92,059
Ship Healthcare Holdings Inc.		8,400		318,056
Solasto Corp.		10,500		109,697
Toho Holdings Co. Ltd.		10,500		265,801
Tokai Corp./Gifu		4,200		113,149
Tsukui Corp.		12,600		85,909
Vital KSK Holdings Inc.^(a)		8,400		84,740

				1,853,408

Health Care Technology — 0.0%
Medical Data Vision Co. Ltd.^(a)(b)		4,200		42,973


Hotels, Restaurants & Leisure — 4.0%
Aeon Fantasy Co. Ltd.		2,100		49,991
Arcland Service Holdings Co. Ltd.		2,100		38,484
Atom Corp.^(a)		18,900		174,025
BRONCO BILLY Co. Ltd.		2,100		50,595
Colowide Co. Ltd.		12,600		274,026
Create Restaurants Holdings Inc.^(a)		8,400		98,096
Daisyo Corp.^(a)		2,100		28,504
Doutor Nichires Holdings Co. Ltd.		6,300		122,468
Fuji Kyuko Co. Ltd.^(a)		4,200		152,237
Fujita Kanko Inc.^(a)		2,100		50,217
Hiday Hidaka Corp.		4,684		87,941


20		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
HIS Co. Ltd.^(a)		6,300	$	241,089
Ichibanya Co. Ltd.		2,100		89,512
Kappa Create Co. Ltd.		6,300		82,513
Kisoji Co. Ltd.		4,200		98,435
KNT-CT Holdings Co. Ltd.^(b)		2,100		26,222
Komeda Holdings Co. Ltd.		8,400		160,726
Koshidaka Holdings Co. Ltd.		8,400		122,770
Kura Corp.		2,100		112,433
Kyoritsu Maintenance Co. Ltd.^(a)		6,380		303,182
Matsuyafoods Holdings Co. Ltd.		2,100		70,742
Monogatari Corp. (The)		900		79,150
MOS Food Services Inc.		4,200		105,679
Ohsho Food Service Corp.		2,100		140,918
Pepper Food Service Co. Ltd.^(a)		2,100		50,368
Plenus Co. Ltd.		4,200		68,516
Renaissance Inc.		2,100		38,578
Resorttrust Inc.		16,800		233,015
Ringer Hut Co. Ltd.		4,200		88,060
Round One Corp.		14,700		191,211
Royal Holdings Co. Ltd.		6,300		158,971
Saizeriya Co. Ltd.		6,300		116,017
Skylark Holdings Co. Ltd.		39,900		611,117
St. Marc Holdings Co. Ltd.		4,200		98,360
Sushiro Global Holdings Ltd.		4,200		264,481
TKP Corp.^(a)(b)		2,100		69,987
Tokyo Dome Corp.		16,800		157,255
Tokyotokeiba Co. Ltd.		4,200		137,334
Toridoll Holdings Corp.^(a)		4,200		85,004
Tosho Co. Ltd.^(a)		4,200		125,072
WATAMI Co. Ltd.		4,200		62,932
Yoshinoya Holdings Co. Ltd.^(a)		12,600		204,642
Zensho Holdings Co. Ltd.		18,900		439,053

				5,959,928

Household Durables — 1.7%
Chofu Seisakusho Co. Ltd.		4,200		85,532
Clarion Co. Ltd.		4,200		94,624
Cleanup Corp.		4,200		23,430
Corona Corp.		2,100		20,317
ES-Con Japan Ltd.		6,300		44,200
Foster Electric Co. Ltd.		4,200		58,178
France Bed Holdings Co. Ltd.		6,300		50,651
Fujitsu General Ltd.		12,600		168,649
Haseko Corp.		56,700		708,495
Hinokiya Group Co. Ltd.		2,100		42,219
JVC Kenwood Corp.		31,500		77,533
LEC Inc.		4,800		67,222
Misawa Homes Co. Ltd.		4,200		29,240
Pioneer Corp.^(a)(b)		67,200		39,238
Pressance Corp.		6,300		79,627
Sangetsu Corp.		10,500		195,720
Starts Corp. Inc.		6,300		137,296
Sumitomo Forestry Co. Ltd.		27,300		355,842
Tamron Co. Ltd.		2,100		40,691
Token Corp.		2,120		130,453
Zojirushi Corp.^(a)		8,400		89,720

				2,538,877

Household Products — 0.1%
Earth Corp.		2,100		94,134


Security	Shares		Value

Household Products (continued)
S.T. Corp.		2,100	$	37,314

				131,448

Independent Power and Renewable Electricity Producers — 0.1%
eRex Co. Ltd.^(a)		6,300		52,689
RENOVA Inc.^(a)(b)		6,300		58,631

				111,320

Industrial Conglomerates — 0.4%
Katakura Industries Co. Ltd.		4,200		47,199
Mie Kotsu Group Holdings Inc.		10,500		57,820
Nisshinbo Holdings Inc.		31,500		269,102
TOKAI Holdings Corp.		18,900		157,217

				531,338

Insurance — 0.1%
Anicom Holdings Inc.^(a)		4,200		109,905


Interactive Media & Services — 0.5%
Bengo4.com Inc.^(a)(b)		2,100		74,043
COOKPAD Inc.^(b)		12,600		32,711
Dip Corp.		6,300		111,093
Gree Inc.		23,100		97,322
Gurunavi Inc.		6,300		41,031
Itokuro Inc.^(a)(b)		2,100		62,630
Lifull Co. Ltd.		12,600		71,987
Mixi Inc.		8,400		204,039
MTI Ltd.		4,200		24,486
ZIGExN Co. Ltd.^(a)(b)		12,600		72,327

				791,669

Internet & Direct Marketing Retail — 0.3%
ASKUL Corp.		4,200		96,473
Belluna Co. Ltd.		10,500		86,400
Istyle Inc.^(a)		8,400		62,932
Oisix ra daichi Inc.^(a)(b)		4,200		71,195
Open Door Inc.^(b)		2,100		57,065
Yume No Machi Souzou Iinkai Co. Ltd.^(a)		4,200		79,118

				453,183

IT Services — 3.3%
Argo Graphics Inc.		2,100		92,625
Comture Corp.		2,100		60,650
Digital Garage Inc.		6,300		170,347
Digital Hearts Holdings Co. Ltd.		2,100		24,882
DTS Corp.		4,200		159,971
Future Corp.		4,200		63,800
GMO Internet Inc.		14,700		244,032
GMO Payment Gateway Inc.^(a)		6,948		413,185
Ines Corp.		4,200		49,123
Infocom Corp.		4,200		75,760
Information Services International-Dentsu Ltd.		2,100		68,667
Itochu Techno-Solutions Corp.		21,000		494,251
Kanematsu Electronics Ltd.		2,100		64,234
LAC Co. Ltd.		2,100		29,674
Mitsubishi Research Institute Inc.		2,100		61,404
NEC Networks & System Integration Corp.		4,200		101,718
NET One Systems Co. Ltd.		16,800		392,986
Nihon Unisys Ltd.		14,700		383,610
NS Solutions Corp.		6,300		166,498
NSD Co. Ltd.		8,400		189,928
Remixpoint Inc.^(a)		6,300		18,676
SCSK Corp.		10,556		461,801
SHIFT Inc.^(a)(b)		2,100		86,022


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) (continued)

February 28, 2019

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Softbank Technology Corp.		2,100	$	39,578
TIS Inc.		14,748		686,262
TKC Corp.		2,100		74,892
Transcosmos Inc.		6,300		125,694

				4,800,270

Leisure Products — 0.5%
Fields Corp.		4,200		27,429
Heiwa Corp.		10,516		208,393
Mars Group Holdings Corp.		2,100		40,766
Mizuno Corp.		4,200		96,738
Tomy Co. Ltd.		16,800		171,139
Universal Entertainment Corp.		4,200		133,372
Yonex Co. Ltd.^(a)		12,600		72,440

				750,277

Life Sciences Tools & Services — 0.1%
CMIC Holdings Co. Ltd.		2,100		32,843
EPS Holdings Inc.		6,300		106,226
Linical Co. Ltd.		2,100		31,146

				170,215

Machinery — 5.8%
Aichi Corp.		6,300		40,521
Aida Engineering Ltd.		10,500		76,590
Anest Iwata Corp.		6,300		56,537
Asahi Diamond Industrial Co. Ltd.		10,500		73,572
Bando Chemical Industries Ltd.		6,300		66,724
CKD Corp.		10,500		94,323
Daiwa Industries Ltd.		6,300		70,855
DMG Mori Co. Ltd.		23,100		299,229
Ebara Corp.		21,000		596,119
Fuji Corp./Aichi		12,600		178,043
Fujitec Co. Ltd.		12,600		147,257
Fukushima Industries Corp.		2,100		72,628
Furukawa Co. Ltd.		6,300		82,004
Giken Ltd.		2,100		64,139
Glory Ltd.		10,500		256,746
Harmonic Drive Systems Inc.^(a)		6,300		206,001
Hirata Corp.^(a)		2,100		118,281
Hisaka Works Ltd.		2,100		16,978
Hitachi Zosen Corp.		33,600		103,830
Hosokawa Micron Corp.		2,100		91,399
Iseki & Co. Ltd.^(a)		4,200		61,649
Japan Steel Works Ltd. (The)		12,600		227,167
Kitz Corp.		14,700		108,414
Komori Corp.		10,500		114,036
Kyokuto Kaihatsu Kogyo Co. Ltd.		6,300		83,985
Makino Milling Machine Co. Ltd.		4,200		168,838
Max Co. Ltd.		4,200		58,933
Meidensha Corp.		8,400		119,828
METAWATER Co. Ltd.		2,100		59,046
Mitsubishi Logisnext Co. Ltd.		6,300		78,439
Mitsuboshi Belting Ltd.		4,200		80,137
Mitsui E&S Holdings Co. Ltd.^(b)		14,700		162,028
Miura Co. Ltd.		18,900		432,941
Morita Holdings Corp.		6,300		103,170
Nachi-Fujikoshi Corp.		2,100		82,627
Namura Shipbuilding Co. Ltd.		10,500		38,861
Nippon Sharyo Ltd.^(b)		2,100		52,594
Nippon Thompson Co. Ltd.		12,600		59,423
Nissei ASB Machine Co. Ltd.^(a)		2,100		75,552


Security	Shares		Value

Machinery (continued)
Nitta Corp.		4,200	$	146,955
Nitto Kohki Co. Ltd.		2,100		42,030
Nittoku Engineering Co. Ltd.^(a)		2,100		51,387
Noritake Co. Ltd./Nagoya Japan		2,100		103,000
NTN Corp.		81,900		256,765
Obara Group Inc.		2,400		80,309
Oiles Corp.		4,296		75,022
OKUMA Corp.		4,200		231,657
Organo Corp.		2,100		59,612
OSG Corp.		14,700		289,986
Rheon Automatic Machinery Co. Ltd.		4,200		59,838
Ryobi Ltd.		4,200		102,849
Shibuya Corp.		2,100		64,517
Shima Seiki Manufacturing Ltd.		4,200		137,334
Shinmaywa Industries Ltd.		16,800		209,623
Sintokogio Ltd.		8,400		76,062
Sodick Co. Ltd.		8,400		63,838
Star Micronics Co. Ltd.		6,300		95,870
Tadano Ltd.		21,000		219,017
Takeuchi Manufacturing Co. Ltd.		6,300		110,301
Takuma Co. Ltd.		14,700		194,380
Teikoku Sen-I Co. Ltd.		4,200		97,416
Tocalo Co. Ltd.		11,300		92,678
Toshiba Machine Co. Ltd.		4,200		85,343
Tsubaki Nakashima Co. Ltd.		8,400		151,067
Tsubakimoto Chain Co.		4,200		155,632
Tsugami Corp.		8,400		55,990
Tsukishima Kikai Co. Ltd.		6,300		77,024
Tsurumi Manufacturing Co. Ltd.		4,200		69,157
Union Tool Co.		2,100		56,594
YAMABIKO Corp.		6,300		61,121
Yamashin-Filter Corp.		6,300		39,898
Yushin Precision Equipment Co. Ltd.		4,200		39,238

				8,530,954

Marine — 0.2%
Iino Kaiun Kaisha Ltd.		16,800		59,763
Kawasaki Kisen Kaisha Ltd.^(a)(b)		16,800		237,241
NS United Kaiun Kaisha Ltd.		2,100		48,425

				345,429

Media — 0.7%
F@N Communications Inc.		8,400		39,767
Kadokawa Dwango^(b)		10,508		115,917
Macromill Inc.^(a)		6,300		79,627
OPT Holding Inc.^(a)		2,100		32,013
Proto Corp.		2,100		30,787
SKY Perfect JSAT Holdings Inc.		27,300		122,129
Tokyo Broadcasting System Holdings Inc.		6,300		120,827
TV Asahi Holdings Corp.		4,200		76,967
ValueCommerce Co. Ltd.		4,200		77,722
Vector Inc.^(b)		6,300		79,457
Wowow Inc.		2,100		57,160
Zenrin Co. Ltd.		6,300		173,176

				1,005,549

Metals & Mining — 1.9%
Aichi Steel Corp.		2,100		67,063
Asahi Holdings Inc.		8,400		168,347
Daido Steel Co. Ltd.		6,300		265,990
Dowa Holdings Co. Ltd.		10,500		343,334
Godo Steel Ltd.		2,100		32,636


22		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining (continued)
Kyoei Steel Ltd.		4,200	$	64,819
Mitsubishi Steel Manufacturing Co. Ltd.		2,100		30,881
Mitsui Mining & Smelting Co. Ltd.		12,600		305,605
Nakayama Steel Works Ltd.		4,200		18,865
Neturen Co. Ltd.		6,300		51,104
Nippon Denko Co. Ltd.		21,000		43,954
Nippon Light Metal Holdings Co. Ltd.		113,400		250,596
Nittetsu Mining Co. Ltd.		2,100		86,683
Osaka Steel Co. Ltd.		2,100		35,201
OSAKA Titanium Technologies Co. Ltd.^(a)		4,200		60,178
Pacific Metals Co. Ltd.		2,100		53,575
Sanyo Special Steel Co. Ltd.		4,200		95,417
Toho Titanium Co. Ltd.^(a)		6,300		52,745
Toho Zinc Co. Ltd.		2,100		61,310
Tokyo Steel Manufacturing Co. Ltd.		23,100		191,532
Topy Industries Ltd.		2,100		44,200
UACJ Corp.		6,314		124,386
Yamato Kogyo Co. Ltd.		8,400		232,411
Yodogawa Steel Works Ltd.		4,200		82,551

				2,763,383

Multiline Retail — 0.8%
Fuji Co. Ltd./Ehime		4,200		73,270
H2O Retailing Corp.		18,935		258,885
Izumi Co. Ltd.		8,400		381,818
Kintetsu Department Store Co. Ltd.		2,100		64,328
Matsuya Co. Ltd.		6,300		60,725
Parco Co. Ltd.		4,200		40,106
Seria Co. Ltd.		8,400		284,477

				1,163,609

Oil, Gas & Consumable Fuels — 0.4%
Cosmo Energy Holdings Co. Ltd.		10,500		221,092
Itochu Enex Co. Ltd.		8,400		71,006
Japan Petroleum Exploration Co. Ltd.		6,300		131,241
San-Ai Oil Co. Ltd.		10,500		91,116
Sinanen Holdings Co. Ltd.		2,100		42,822

				557,277

Paper & Forest Products — 0.5%
Daiken Corp.		2,100		38,427
Daio Paper Corp.		14,700		172,988
Hokuetsu Corp.		25,200		140,126
Nippon Paper Industries Co. Ltd.		18,900		376,744
Tokushu Tokai Paper Co. Ltd.		2,100		75,552

				803,837

Personal Products — 0.8%
Euglena Co. Ltd.^(a)(b)		12,600		83,306
Fancl Corp.		14,700		333,431
Kitanotatsujin Corp.^(a)		12,600		50,029
Mandom Corp.		8,400		212,867
Milbon Co. Ltd.		4,200		188,457
MTG Co. Ltd.		2,100		50,330
Noevir Holdings Co. Ltd.		4,200		202,228
YA-MAN Ltd.		6,300		77,080

				1,197,728

Pharmaceuticals — 2.6%
ASKA Pharmaceutical Co. Ltd.		4,200		48,821
Fuji Pharma Co. Ltd.		2,100		35,447
JCR Pharmaceuticals Co. Ltd.		2,100		116,583
Kaken Pharmaceutical Co. Ltd.		6,300		304,474
Kissei Pharmaceutical Co. Ltd.		6,300		173,176


Security	Shares		Value

Pharmaceuticals (continued)
KYORIN Holdings Inc.		8,400	$	166,310
Mochida Pharmaceutical Co. Ltd.		2,100		223,922
Nichi-Iko Pharmaceutical Co. Ltd.		8,450		123,198
Nippon Shinyaku Co. Ltd.		10,500		666,861
Rohto Pharmaceutical Co. Ltd.		18,900		496,948
Sawai Pharmaceutical Co. Ltd.		8,400		481,423
Seikagaku Corp.		8,400		102,019
Sosei Group Corp.^(a)(b)		14,700		164,140
Torii Pharmaceutical Co. Ltd.		2,100		43,917
Towa Pharmaceutical Co. Ltd.		2,100		165,631
Tsumura & Co.		12,600		397,853
ZERIA Pharmaceutical Co. Ltd.		6,300		107,471

				3,818,194

Professional Services — 2.4%
Altech Corp.		2,100		38,653
BayCurrent Consulting Inc.		2,100		62,819
Benefit One Inc.		12,600		246,409
en-japan Inc.		6,300		202,888
FULLCAST Holdings Co. Ltd.		4,200		82,702
Funai Soken Holdings Inc.		8,400		194,078
JAC Recruitment Co. Ltd.		2,100		46,860
Link And Motivation Inc.		6,300		47,312
Meitec Corp.		4,400		201,581
Nihon M&A Center Inc.		29,400		742,131
Nomura Co. Ltd.		8,400		242,221
Outsourcing Inc.^(a)		21,000		264,858
Pasona Group Inc.		4,200		60,291
SMS Co. Ltd.		12,600		223,205
Tanseisha Co. Ltd.		6,300		74,421
TechnoPro Holdings Inc.		8,400		453,503
Trust Tech Inc.		2,100		65,460
UT Group Co. Ltd.^(b)		4,200		95,681
WDB Holdings Co. Ltd.		2,100		56,405
World Holdings Co. Ltd.		2,100		39,276
YAMADA Consulting Group Co. Ltd.		2,100		46,482
Yumeshin Holdings Co. Ltd.		8,400		59,310

				3,546,546

Real Estate Management & Development — 1.9%
Daibiru Corp.		10,500		102,246
Goldcrest Co. Ltd.		4,200		59,423
Heiwa Real Estate Co. Ltd.		6,300		119,695
Ichigo Inc.		50,400		170,234
Japan Asset Marketing Co. Ltd.^(b)		27,300		25,995
Katitas Co. Ltd.		4,200		131,674
Kenedix Inc.		50,400		244,032
Leopalace21 Corp.^(a)		52,500		113,659
Open House Co. Ltd.		6,500		229,474
Raysum Co. Ltd.		2,100		21,656
Relo Group Inc.		23,100		602,609
SAMTY Co. Ltd.		4,300		58,405
Shinoken Group Co. Ltd.		6,300		42,615
Sun Frontier Fudousan Co. Ltd.		6,300		71,817
Takara Leben Co. Ltd.		16,800		54,481
Tateru Inc.^(a)		8,400		20,600
TOC Co. Ltd.		10,500		76,213
Tokyo Tatemono Co. Ltd.		39,900		463,445
Tosei Corp.		6,300		57,725
Unizo Holdings Co. Ltd.		6,300		121,563

				2,787,561


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)

February 28, 2019

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Road & Rail — 2.5%
Fukuyama Transporting Co. Ltd.		6,300	$	261,463
Hamakyorex Co. Ltd.		2,100		85,551
Hitachi Transport System Ltd.		8,400		250,521
Maruzen Showa Unyu Co. Ltd.		2,100		54,952
Nankai Electric Railway Co. Ltd.		21,000		563,672
Nikkon Holdings Co. Ltd.		12,600		318,622
Nishi-Nippon Railroad Co. Ltd.		12,600		300,965
Sakai Moving Service Co. Ltd.		2,100		131,486
Sankyu Inc.		10,700		523,850
Seino Holdings Co. Ltd.		27,300		385,270
Senko Group Holdings Co. Ltd.		21,000		174,874
Sotetsu Holdings Inc.		14,700		441,713
Tonami Holdings Co. Ltd.		800		45,850
Trancom Co. Ltd.		2,100		126,958

				3,665,747

Semiconductors & Semiconductor Equipment — 1.8%
Advantest Corp.		37,800		892,707
Ferrotec Holdings Corp.		6,300		59,367
Japan Material Co. Ltd.		12,600		159,254
Lasertec Corp.		8,400		295,419
Megachips Corp.^(a)		4,200		76,288
Micronics Japan Co. Ltd.^(a)		6,300		43,634
Mimasu Semiconductor Industry Co. Ltd.		2,100		28,617
Mitsui High-Tec Inc.^(a)		4,200		37,201
Optorun Co. Ltd.		2,100		41,294
Sanken Electric Co. Ltd.		4,200		81,948
SCREEN Holdings Co. Ltd.		8,400		335,034
Shindengen Electric Manufacturing Co. Ltd.		2,100		79,797
Shinko Electric Industries Co. Ltd.		14,700		106,434
Tokyo Seimitsu Co. Ltd.		8,400		216,263
Ulvac Inc.		8,400		239,957

				2,693,214

Software — 1.2%
Broadleaf Co. Ltd.		18,900		100,510
Computer Engineering & Consulting Ltd.		4,200		86,588
Digital Arts Inc.		2,100		166,951
Fuji Soft Inc.		4,200		174,686
Fukui Computer Holdings Inc.		2,100		36,484
Gunosy Inc.^(a)(b)		2,100		49,331
Infomart Corp.^(a)		18,900		211,886
Justsystems Corp.		6,300		161,858
Miroku Jyoho Service Co. Ltd.		4,200		108,961
Money Forward Inc.^(a)(b)		2,700		89,863
OBIC Business Consultants Co. Ltd.		4,200		162,235
PKSHA Technology Inc.^(a)(b)		1,600		77,614
Rakus Co. Ltd.		4,200		82,513
Sourcenext Corp.^(a)		16,800		76,515
Systena Corp.		14,700		158,066
UNITED Inc./Japan^(a)		2,100		30,221

				1,774,282

Specialty Retail — 2.7%
Adastria Co. Ltd.		6,300		110,018
Alpen Co. Ltd.		4,200		62,706
AOKI Holdings Inc.		8,400		94,323
Aoyama Trading Co. Ltd.		8,400		206,001
Arcland Sakamoto Co. Ltd.		4,200		54,217
Asahi Co. Ltd.		2,100		28,523
Autobacs Seven Co. Ltd.		14,700		247,465
Bic Camera Inc.		21,000		238,448


Security	Shares		Value

Specialty Retail (continued)
Chiyoda Co. Ltd.		4,200	$	70,478
DCM Holdings Co. Ltd.		21,000		204,492
EDION Corp.		12,600		112,848
Geo Holdings Corp.		6,300		92,417
IDOM Inc.^(a)		12,600		42,558
JINS Inc.		2,700		133,157
Joshin Denki Co. Ltd.		4,200		83,947
Joyful Honda Co. Ltd.		10,500		135,353
Keiyo Co. Ltd.		6,300		29,315
Kohnan Shoji Co. Ltd.		6,300		159,707
Komeri Co. Ltd.		6,300		158,915
K’s Holdings Corp.		33,600		309,076
LIXIL VIVA Corp.		4,400		58,261
Nextage Co. Ltd.^(a)		6,300		58,348
Nishimatsuya Chain Co. Ltd.		8,400		70,402
Nojima Corp.		6,300		114,942
PAL GROUP Holdings Co. Ltd.		2,100		59,518
PC Depot Corp.^(a)		6,340		25,629
Sac’s Bar Holdings Inc.		4,200		41,804
Sanrio Co. Ltd.		10,500		223,167
Shimachu Co. Ltd.		8,400		225,846
T-Gaia Corp.		4,200		76,288
Tokyo Base Co. Ltd.^(b)		4,200		34,258
United Arrows Ltd.		4,200		138,843
VT Holdings Co. Ltd.		14,700		55,198
Xebio Holdings Co. Ltd.		4,200		47,463
Yellow Hat Ltd.		4,200		112,055

				3,915,986

Technology Hardware, Storage & Peripherals — 0.7%
Eizo Corp.		4,200		170,158
Elecom Co. Ltd.		4,200		127,901
Maxell Holdings Ltd.		10,500		153,934
MCJ Co. Ltd.		12,600		91,116
Melco Holdings Inc.		2,100		72,440
Noritsu Koki Co. Ltd.		4,200		81,797
Riso Kagaku Corp.		4,200		69,950
Roland DG Corp.		2,100		43,973
Toshiba TEC Corp.		4,200		118,092
Wacom Co. Ltd.		29,400		122,808

				1,052,169

Textiles, Apparel & Luxury Goods — 1.1%
Descente Ltd.^(a)		6,300		137,239
Fujibo Holdings Inc.		2,100		52,896
Goldwin Inc.		2,100		255,803
Gunze Ltd.		4,200		191,664
Japan Wool Textile Co. Ltd. (The)		8,400		69,271
Kurabo Industries Ltd.		4,200		85,683
Onward Holdings Co. Ltd.		18,900		106,452
Seiko Holdings Corp.		6,300		153,652
Seiren Co. Ltd.		8,400		140,126
TSI Holdings Co. Ltd.		12,600		78,212
Unitika Ltd.^(b)		10,500		45,369
Wacoal Holdings Corp.		8,400		210,604
Yondoshi Holdings Inc.		4,200		81,683

				1,608,654

Thrifts & Mortgage Finance — 0.1%
Aruhi Corp.^(a)		4,200		78,476


24		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors — 2.4%
Advan Co. Ltd.		4,200	$	39,163
Daiichi Jitsugyo Co. Ltd.		2,100		65,271
Gecoss Corp.		2,100		19,978
Hanwa Co. Ltd.		6,300		187,608
Inaba Denki Sangyo Co. Ltd.		4,400		179,051
Inabata & Co. Ltd.		8,400		118,243
Iwatani Corp.		8,400		274,290
Japan Pulp & Paper Co. Ltd.		2,100		81,023
Kamei Corp.		4,200		45,313
Kanamoto Co. Ltd.		6,300		166,102
Kanematsu Corp.		16,800		197,700
Nagase & Co. Ltd.		21,000		309,190
Nichiden Corp.		2,100		29,844
Nippon Steel & Sumikin Bussan Corp.		2,244		96,960
Nishio Rent All Co. Ltd.		4,200		129,411
Sojitz Corp.		258,300		949,018
Trusco Nakayama Corp.		8,400		231,657
Wakita & Co. Ltd.		8,400		89,116
Yamazen Corp.		12,600		135,711
Yuasa Trading Co. Ltd.		4,200		126,581

				3,471,230

Transportation Infrastructure — 0.3%
Mitsubishi Logistics Corp.		12,600		317,490
Nissin Corp.		2,100		36,333
Sumitomo Warehouse Co. Ltd. (The)		12,600		163,443

				517,266


Total Common Stocks — 99.2% (Cost: $186,454,000)				146,147,432


Security	Shares		Value

Short-Term Investments

Money Market Funds — 6.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(c)(d)(e)		10,082,912	$	10,086,945
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(c)(d)		71,380		71,380

				10,158,325


Total Short-Term Investments — 6.9% (Cost: $ 10,154,817)				10,158,325


Total Investments in Securities — 106.1% (Cost: $ 196,608,817)				156,305,757

Other Assets, Less Liabilities — (6.1)%				(8,972,267	)


Net Assets — 100.0%			$	147,333,490

^(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 February 28, 2019, 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		08/31/18	Net Activity			02/28/19		02/28/19		Income			Gain (Loss)	^(a)		(Depreciation	)

BlackRock Cash Funds: Institutional, SL Agency Shares		17,897,350	(7,814,438	)		10,082,912	$	10,086,945	$	206,710	^(b)	$	1,851		$	(854	)
BlackRock Cash Funds: Treasury, SL Agency Shares		55,060	16,320			71,380		71,380		1,812			—			—

							$	10,158,325	$	208,522		$	1,851		$	(854	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

TOPIX Index

03/07/19

1,154

37,519


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)

February 28, 2019

iShares^® MSCI Japan Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



	Equity
	Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	37,519

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity
	Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(261,165	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	39,324

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,386,042

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

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	146,147,432	$	—	$	—	$	146,147,432
Money Market Funds		10,158,325		—		—		10,158,325

	$	156,305,757	$	—	$	—	$	156,305,757

Derivative financial instruments^(a)
Assets
Futures Contracts	$	37,519	$	—	$	—	$	37,519

^(a)

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

See notes to financial statements.


26		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Malaysia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.9%
AirAsia Group Bhd		7,227,400	$	4,923,128


Banks — 35.2%
Alliance Bank Malaysia Bhd		4,835,900		4,709,250
AMMB Holdings Bhd		7,967,037		8,757,569
CIMB Group Holdings Bhd		22,982,312		33,061,976
Hong Leong Bank Bhd		3,125,240		16,354,385
Hong Leong Financial Group Bhd		1,102,900		5,342,956
Malayan Banking Bhd		18,585,781		43,556,497
Public Bank Bhd		13,992,480		86,022,870
RHB Bank Bhd		4,817,802		6,705,707
RHB Capital Bhd^(a)(b)		1,621,200		4

				204,511,214

Beverages — 0.9%
Fraser & Neave Holdings Bhd		616,900		5,355,114


Chemicals — 4.5%
Petronas Chemicals Group Bhd		11,533,900		26,150,881


Construction & Engineering — 2.2%
Gamuda Bhd		9,488,700		6,860,145
IJM Corp. Bhd^(c)		13,977,880		6,187,184

				13,047,329

Diversified Telecommunication Services — 0.7%
Telekom Malaysia Bhd^(c)		5,418,400		4,063,967


Electric Utilities — 8.5%
Tenaga Nasional Bhd		15,031,512		49,606,023


Energy Equipment & Services — 2.4%
Dialog Group Bhd^(c)		17,623,154		13,997,980


Food Products — 11.7%
Genting Plantations Bhd		1,161,600		2,999,336
IOI Corp. Bhd		9,060,530		10,004,126
Kuala Lumpur Kepong Bhd^(c)		2,052,100		12,484,681
Nestle Malaysia Bhd		281,700		10,252,453
PPB Group Bhd		2,734,719		12,347,090
QL Resources Bhd^(c)		3,118,800		5,291,951
Sime Darby Plantation Bhd		11,439,155		14,346,414

				67,726,051

Gas Utilities — 2.5%
Petronas Gas Bhd^(c)		3,328,300		14,797,901


Health Care Equipment & Supplies — 2.7%
Hartalega Holdings Bhd		6,397,800		7,866,470
Top Glove Corp. Bhd^(c)		6,768,000		7,556,061

				15,422,531

Health Care Providers & Services — 2.6%
IHH Healthcare Bhd^(c)		10,535,800		14,845,723


Hotels, Restaurants & Leisure — 5.3%
Genting Bhd		10,247,300		18,571,892
Genting Malaysia Bhd		14,268,500		12,280,770

				30,852,662

Industrial Conglomerates — 2.3%
HAP Seng Consolidated Bhd		2,991,200		7,245,376
Sime Darby Bhd		11,439,155		6,104,258

				13,349,634


Security	Shares		Value

Marine — 1.6%
MISC Bhd		5,363,020	$	9,099,923


Metals & Mining — 1.2%
Press Metal Aluminium Holdings Bhd^(c)		6,643,700		6,910,820


Multi-Utilities — 0.7%
YTL Corp. Bhd		15,730,162		4,100,325


Oil, Gas & Consumable Fuels — 1.1%
Petronas Dagangan Bhd		954,900		6,269,723


Real Estate Management & Development — 1.9%
IOI Properties Group Bhd^(c)		7,938,425		3,142,964
Sime Darby Property Bhd		14,707,455		3,797,572
SP Setia Bhd Group		7,606,400		4,283,452

				11,223,988

Tobacco — 1.0%
British American Tobacco Malaysia Bhd^(c)		686,100		5,685,865


Transportation Infrastructure — 2.2%
Malaysia Airports Holdings Bhd		4,239,000		8,516,569
Westports Holdings Bhd		4,916,300		4,461,121

				12,977,690

Wireless Telecommunication Services — 7.7%
Axiata Group Bhd		13,077,900		13,378,597
DiGi.Com Bhd^(c)		14,946,000		16,723,054
Maxis Bhd		11,269,500		14,881,892

				44,983,543


Total Common Stocks — 99.8% (Cost: $430,197,091)				579,902,015


Short-Term Investments

Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		12,888,137		12,893,292
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		845,051		845,051

				13,738,343


Total Short-Term Investments — 2.4% (Cost: $13,734,973)				13,738,343


Total Investments in Securities — 102.2% (Cost: $443,932,064)				593,640,358

Other Assets, Less Liabilities — (2.2)%				(12,520,620	)


Net Assets — 100.0%			$	581,119,738

^(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)	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 S			27

Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Malaysia ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, 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		08/31/18	Net Activity			02/28/19		02/28/19		Income			Gain (Loss)	^(a)		(Depreciation	)

BlackRock Cash Funds: Institutional, SL Agency Shares		13,332,868	(444,731	)		12,888,137	$	12,893,292	$	208,578	^(b)	$	(2,018	) $		1,724
BlackRock Cash Funds: Treasury, SL Agency Shares		—	845,051			845,051		845,051		7,229			—			—

							$	13,738,343	$	215,807		$	(2,018	)	$	1,724

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	579,902,011	$	—	$	4	$	579,902,015
Money Market Funds		13,738,343		—		—		13,738,343

	$	593,640,354	$	—	$	4	$	593,640,358

See notes to financial statements.


28		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Pacific ex Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 54.8%
AGL Energy Ltd.		864,105	$	13,039,220
Alumina Ltd.		3,205,752		5,815,868
Amcor Ltd./Australia		1,522,922		16,306,419
AMP Ltd.		3,852,309		6,468,112
APA Group		1,557,585		11,092,521
Aristocrat Leisure Ltd.		758,436		13,284,690
ASX Ltd.		256,274		12,720,896
Aurizon Holdings Ltd.		2,617,142		8,416,086
AusNet Services		2,384,835		2,943,759
Australia & New Zealand Banking Group Ltd.		3,786,412		75,427,607
Bank of Queensland Ltd.		529,746		3,395,759
Bendigo & Adelaide Bank Ltd.		644,323		4,519,860
BGP Holdings PLC^(a)(b)		27,004,595		307
BHP Group Ltd.		3,881,590		102,812,786
BlueScope Steel Ltd.		707,159		6,771,838
Boral Ltd.		1,548,636		5,486,850
Brambles Ltd.		2,098,986		17,561,487
Caltex Australia Ltd.		343,423		6,987,790
Challenger Ltd./Australia		718,413		4,114,476
CIMIC Group Ltd.		128,927		4,600,015
Coca-Cola Amatil Ltd.		671,935		3,810,044
Cochlear Ltd.		75,866		9,202,716
Coles Group Ltd.^(b)		1,495,282		12,053,063
Commonwealth Bank of Australia		2,330,922		122,633,846
Computershare Ltd.		606,944		7,448,729
Crown Resorts Ltd.		500,166		4,077,962
CSL Ltd.		596,103		82,173,136
Dexus		1,335,422		11,420,035
Domino’s Pizza Enterprises Ltd.		78,012		2,289,443
Flight Centre Travel Group Ltd.		74,220		2,416,831
Fortescue Metals Group Ltd.		2,051,480		8,844,725
Goodman Group		2,152,966		19,606,116
GPT Group (The)		2,372,171		9,872,935
Harvey Norman Holdings Ltd.		776,247		1,988,140
Incitec Pivot Ltd.		2,163,279		5,186,649
Insurance Australia Group Ltd.		3,048,693		15,942,098
James Hardie Industries PLC		582,644		7,312,170
Lendlease Group		744,990		6,826,699
Macquarie Group Ltd.		426,000		38,987,920
Medibank Pvt Ltd.		3,639,077		7,352,821
Mirvac Group		4,822,143		8,816,935
National Australia Bank Ltd.		3,602,588		64,409,736
Newcrest Mining Ltd.		1,011,840		17,507,327
Oil Search Ltd.		1,804,718		10,746,802
Orica Ltd.		500,029		6,278,911
Origin Energy Ltd.^(b)		2,321,385		12,155,405
QBE Insurance Group Ltd.		1,749,507		15,371,883
Ramsay Health Care Ltd.		185,372		8,543,376
REA Group Ltd.		69,666		4,041,439
Rio Tinto Ltd.		489,510		33,488,867
Santos Ltd.		2,327,635		11,459,493
Scentre Group		6,980,389		19,219,187
Seek Ltd.		441,647		5,787,744
Sonic Healthcare Ltd.		569,294		9,769,185
South32 Ltd.		6,690,569		18,611,623
Stockland		3,201,417		7,971,769
Suncorp Group Ltd.		1,706,858		16,454,365
Sydney Airport		1,453,431		7,445,114


Security	Shares		Value

Australia (continued)
Tabcorp Holdings Ltd.		2,519,094	$	8,459,229
Telstra Corp. Ltd.		5,472,358		12,186,059
TPG Telecom Ltd.		491,148		2,327,186
Transurban Group		3,517,828		31,209,405
Treasury Wine Estates Ltd.		949,723		10,121,694
Vicinity Centres		4,330,136		7,578,462
Washington H Soul Pattinson & Co. Ltd.		143,273		2,999,847
Wesfarmers Ltd.		1,494,000		35,267,235
Westpac Banking Corp.		4,525,847		86,808,887
Woodside Petroleum Ltd.		1,233,517		31,812,484
Woolworths Group Ltd.		1,728,625		35,259,237
WorleyParsons Ltd.		423,265		4,489,877

				1,247,811,187
Hong Kong — 32.2%
AIA Group Ltd.		15,912,214		159,126,194
ASM Pacific Technology Ltd.		393,300		4,166,080
Bank of East Asia Ltd. (The)^(c)		1,662,720		5,793,191
BeiGene Ltd., ADR^(b)(c)		42,962		5,887,942
BOC Hong Kong Holdings Ltd.		4,876,000		20,374,124
CK Asset Holdings Ltd.		3,385,732		28,100,135
CK Hutchison Holdings Ltd.		3,558,232		37,872,339
CK Infrastructure Holdings Ltd.		883,208		7,364,005
CLP Holdings Ltd.^(c)		2,161,500		25,608,232
Dairy Farm International Holdings Ltd.		454,200		4,060,548
Galaxy Entertainment Group Ltd.^(c)		3,131,000		22,236,649
Hang Lung Group Ltd.		1,189,000		3,733,707
Hang Lung Properties Ltd.^(c)		2,672,736		6,312,584
Hang Seng Bank Ltd.		1,007,700		24,968,490
Henderson Land Development Co. Ltd.		1,746,402		9,877,990
HK Electric Investments & HK Electric Investments Ltd.^(c)		3,440,500		3,585,224
HKT Trust & HKT Ltd.		5,063,338		7,908,039
Hong Kong & China Gas Co. Ltd.^(c)		12,164,060		28,171,751
Hong Kong Exchanges & Clearing Ltd.		1,560,600		53,797,340
Hongkong Land Holdings Ltd.		1,536,600		11,017,422
Hysan Development Co. Ltd.		835,830		4,413,508
Jardine Matheson Holdings Ltd.^(c)		292,500		20,053,800
Jardine Strategic Holdings Ltd.		292,000		11,534,000
Kerry Properties Ltd.		875,500		3,658,233
Link REIT^(c)		2,787,086		31,510,852
Melco Resorts & Entertainment Ltd., ADR		323,800		7,460,352
MGM China Holdings Ltd.^(c)		1,234,400		2,594,665
Minth Group Ltd.^(c)		1,002,000		3,969,808
MTR Corp. Ltd.^(c)		2,010,786		11,552,708
New World Development Co. Ltd.		8,016,921		12,806,975
NWS Holdings Ltd.		2,081,000		5,036,944
PCCW Ltd.		5,444,867		3,273,940
Power Assets Holdings Ltd.		1,837,000		12,754,019
Sands China Ltd.		3,172,000		15,840,200
Shangri-La Asia Ltd.		1,685,000		2,395,551
Sino Land Co. Ltd.		4,374,800		8,147,924
SJM Holdings Ltd.		2,562,000		2,888,443
Sun Hung Kai Properties Ltd.		2,097,500		34,736,554
Swire Pacific Ltd., Class A		655,500		7,795,221
Swire Properties Ltd.		1,539,000		6,175,762
Techtronic Industries Co. Ltd.		1,797,207		12,008,396
WH Group Ltd.^(d)		11,531,000		10,238,614
Wharf Holdings Ltd. (The)		1,610,600		5,037,100
Wharf Real Estate Investment Co. Ltd.^(c)		1,599,600		11,238,240
Wheelock & Co. Ltd.		1,082,000		7,326,085


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)

February 28, 2019

iShares^® MSCI Pacific ex Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
Wynn Macau Ltd.^(c)		2,040,400	$	5,042,646
Yue Yuen Industrial Holdings Ltd.		975,000		3,279,064

				732,731,590

New Zealand — 1.9%
a2 Milk Co. Ltd.^(b)(c)		967,006		9,430,502
Auckland International Airport Ltd.		1,272,684		6,739,188
Fisher & Paykel Healthcare Corp. Ltd.^(c)		756,875		7,582,414
Fletcher Building Ltd.^(b)		1,116,781		3,721,713
Meridian Energy Ltd.		1,688,564		4,246,292
Ryman Healthcare Ltd.^(c)		532,910		3,994,961
Spark New Zealand Ltd.^(c)		2,423,231		6,159,843

				41,874,913

Singapore — 10.5%
Ascendas REIT		3,526,625		7,307,985
CapitaLand Commercial Trust		3,455,993		4,961,979
CapitaLand Ltd.		3,395,400		8,594,041
CapitaLand Mall Trust		3,400,100		6,039,254
City Developments Ltd.^(c)		551,200		3,638,768
ComfortDelGro Corp. Ltd.		2,866,200		5,069,729
DBS Group Holdings Ltd.		2,363,200		43,444,263
Genting Singapore Ltd.^(c)		8,032,200		6,063,384
Golden Agri-Resources Ltd.^(c)		8,462,987		1,722,411
Jardine Cycle & Carriage Ltd.		133,000		3,281,690
Keppel Corp. Ltd.^(c)		1,928,600		8,792,315
Oversea-Chinese Banking Corp. Ltd.^(c)		4,205,024		34,419,453
SATS Ltd.^(c)		903,900		3,431,770
Sembcorp Industries Ltd.^(c)		1,311,240		2,542,517
Singapore Airlines Ltd.		713,900		5,288,735
Singapore Exchange Ltd.		1,048,900		6,085,980
Singapore Press Holdings Ltd.^(c)		2,052,817		3,737,367
Singapore Technologies Engineering Ltd.		2,074,500		5,742,029
Singapore Telecommunications Ltd.^(c)		10,774,628		24,081,836
Suntec REIT^(c)		2,814,200		4,019,691
United Overseas Bank Ltd.		1,770,200		32,778,570
UOL Group Ltd.^(c)		675,400		3,314,019


Security	Shares		Value

Singapore (continued)
Venture Corp. Ltd.^(c)		365,200	$	4,810,953
Wilmar International Ltd.		2,549,000		6,036,708
Yangzijiang Shipbuilding Holdings Ltd.		3,171,300		3,356,246

				238,561,693


Total Common Stocks — 99.4% (Cost: $2,284,440,996)				2,260,979,383


Short-Term Investments

Money Market Funds — 4.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(e)(f)(g)		90,704,361		90,740,643
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(e)(f)		998,372		998,372

				91,739,015


Total Short-Term Investments — 4.0% (Cost: $91,722,560)				91,739,015


Total Investments in Securities — 103.4% (Cost: $2,376,163,556)				2,352,718,398

Other Assets, Less Liabilities — (3.4)%				(77,278,747	)


Net Assets — 100.0%			$	2,275,439,651

^(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)	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 February 28, 2019, 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		08/31/18	Net Activity			02/28/19		02/28/19		Income			Gain (Loss)	^(a)		(Depreciation	)

BlackRock Cash Funds: Institutional, SL Agency Shares		19,716,683	70,987,678			90,704,361	$	90,740,643	$	84,757	^(b)	$	4,390		$	12,537
BlackRock Cash Funds: Treasury, SL Agency Shares		1,387,961	(389,589	)		998,372		998,372		21,528			—			—

							$	91,739,015	$	106,285		$	4,390		$	12,537

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


30		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Pacific ex Japan ETF

Futures Contracts


Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index	79	03/21/19	$	8,640	$	315,677
Hang Seng Index	19	03/28/19		3,469		(20,481	)
MSCI Singapore Index	81	03/28/19		2,157		(31,812	)

					$	263,384

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	315,677


Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation^(a)	$	52,293

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(759,930	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	210,093

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	15,167,890

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

Fair Value Measurements


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)

February 28, 2019

iShares^® MSCI Pacific ex Japan ETF

Fair Value Measurements (continued)



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	2,260,979,076		$	—	$	307	$	2,260,979,383
Money Market Funds		91,739,015			—		—		91,739,015

	$	2,352,718,091		$	—	$	307	$	2,352,718,398

Derivative financial instruments^(a)
Assets
Futures Contracts	$	315,677		$	—	$	—	$	315,677
Liabilities
Futures Contracts		(52,293	)		—		—		(52,293	)

	$	263,384		$	—	$	—	$	263,384

^(a)

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

The Fund had transfers from Level 2 to Level 1 during the six months ended February 28, 2019 in the amount of $26,619,056 resulting from the resumption of trading after temporary suspensions.

See notes to financial statements.


32		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Singapore ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.1%
Singapore Technologies Engineering Ltd.		5,890,300	$	16,303,820


Airlines — 2.9%
Singapore Airlines Ltd.		2,050,767		15,192,553


Banks — 44.2%
DBS Group Holdings Ltd.		5,060,500		93,030,506
Oversea-Chinese Banking Corp. Ltd.^(a)		8,823,950		72,226,826
United Overseas Bank Ltd.		3,743,500		69,317,918

				234,575,250

Capital Markets — 3.2%
Singapore Exchange Ltd.		2,967,100		17,215,856


Distributors — 2.0%
Jardine Cycle & Carriage Ltd.		422,944		10,435,874


Diversified Telecommunication Services — 4.6%
Singapore Telecommunications Ltd.		10,917,468		24,401,090


Electronic Equipment, Instruments & Components — 2.6%
Venture Corp. Ltd.		1,044,300		13,757,060


Equity Real Estate Investment Trusts (REITs) — 8.3%
Ascendas REIT		9,520,381		19,728,439
CapitaLand Commercial Trust		3,409,483		4,895,202
CapitaLand Mall Trust		3,864,200		6,863,588
Suntec REIT		8,835,800		12,620,703

				44,107,932

Food Products — 4.5%
Golden Agri-Resources Ltd.		35,208,528		7,165,738
Wilmar International Ltd.		7,031,400		16,652,220

				23,817,958

Hotels, Restaurants & Leisure — 3.1%
Genting Singapore Ltd.		21,949,642		16,569,446


Industrial Conglomerates — 5.8%
Keppel Corp. Ltd.		4,887,300		22,280,764
Sembcorp Industries Ltd.^(a)		4,447,300		8,623,391

				30,904,155


Security	Shares		Value

Machinery — 2.1%
Yangzijiang Shipbuilding Holdings Ltd.		10,482,000	$	11,093,295


Media — 2.1%
Singapore Press Holdings Ltd.^(a)		6,280,900		11,435,031


Real Estate Management & Development — 6.5%
CapitaLand Ltd.		5,122,500		12,965,475
City Developments Ltd.		1,686,700		11,134,816
UOL Group Ltd.		2,138,000		10,490,631

				34,590,922

Road & Rail — 2.8%
ComfortDelGro Corp. Ltd.		8,384,000		14,829,603


Transportation Infrastructure — 2.0%
SATS Ltd.		2,866,600		10,883,406


Total Common Stocks — 99.8% (Cost: $570,169,420)				530,113,251


Short-Term Investments

Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(b)(c)(d)		11,494,135		11,498,733
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(b)(c)		293,957		293,957

				11,792,690


Total Short-Term Investments — 2.2% (Cost: $11,789,255)				11,792,690


Total Investments in Securities — 102.0% (Cost: $581,958,675)				541,905,941

Other Assets, Less Liabilities — (2.0)%				(10,628,544	)


Net Assets — 100.0%			$	531,277,397

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

^(b)	Affiliate of the Fund.

^(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 February 28, 2019, 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		08/31/18	Net Activity		02/28/19		02/28/19		Income			Gain (Loss)	^(a)		(Depreciation	)

BlackRock Cash Funds: Institutional, SL Agency Shares		6,147,480	5,346,655		11,494,135	$	11,498,733	$	17,410	^(b)	$	977		$	1,650
BlackRock Cash Funds: Treasury, SL Agency Shares		165,742	128,215		293,957		293,957		5,436			—			—

						$	11,792,690	$	22,846		$	977		$	1,650

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


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)

February 28, 2019

iShares^® MSCI Singapore ETF

Futures Contracts


Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Singapore Index	40	03/28/19	$	1,065	$	(17,156	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation^(a)	$	17,156

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(142,682	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	7,748

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,978,763

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

Fair Value Measurements



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	530,113,251		$	—	$	—	$	530,113,251
Money Market Funds		11,792,690			—		—		11,792,690

	$	541,905,941		$	—	$	—	$	541,905,941

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(17,156	)	$	—	$	—	$	(17,156	)

^(a)

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

See notes to financial statements.


34		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Taiwan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.6%
China Airlines Ltd.		27,405,761	$	9,038,340
Eva Airways Corp.		20,300,893		10,191,178

				19,229,518

Auto Components — 0.6%
Cheng Shin Rubber Industry Co. Ltd.^(a)		14,210,670		20,201,024


Banks — 12.2%
Chang Hwa Commercial Bank Ltd.		39,044,761		23,470,118
China Development Financial Holding Corp.		90,335,508		29,264,049
CTBC Financial Holding Co. Ltd.		109,620,325		74,263,928
E.Sun Financial Holding Co. Ltd.		62,930,217		45,188,952
First Financial Holding Co. Ltd.^(a)		63,611,132		42,990,969
Hua Nan Financial Holdings Co. Ltd.^(a)		52,032,529		31,953,432
Mega Financial Holding Co. Ltd.		68,005,271		60,212,943
Shanghai Commercial & Savings Bank Ltd. (The)		5,890,000		9,167,092
SinoPac Financial Holdings Co. Ltd.		74,095,724		25,881,079
Taishin Financial Holding Co. Ltd.		64,960,592		29,444,552
Taiwan Business Bank		34,510,524		12,727,063
Taiwan Cooperative Financial Holding Co. Ltd.		57,855,554		35,905,352

				420,469,529

Biotechnology — 0.3%
TaiMed Biologics Inc.^(a)(b)		1,607,000		9,477,052


Capital Markets — 1.1%
Yuanta Financial Holding Co. Ltd.		64,960,248		36,831,879


Chemicals — 7.1%
Formosa Chemicals & Fibre Corp.		21,315,610		73,068,635
Formosa Plastics Corp.		27,405,518		91,273,069
Nan Ya Plastics Corp.		31,465,938		78,622,671

				242,964,375
Construction Materials — 1.7%
Asia Cement Corp.^(a)		16,240,136		20,473,975
Taiwan Cement Corp.		30,450,554		37,993,315

				58,467,290

Diversified Financial Services — 0.9%
Chailease Holding Co. Ltd.		8,120,955		31,928,113


Diversified Telecommunication Services — 2.4%
Chunghwa Telecom Co. Ltd.		23,345,648		81,165,316


Electrical Equipment — 0.0%
Ya Hsin Industrial Co. Ltd.^(b)(c)		6,845,461		2


Electronic Equipment, Instruments & Components — 14.0%
AU Optronics Corp.^(a)		59,885,830		22,085,168
Delta Electronics Inc.^(a)		13,282,180		66,245,825
Foxconn Technology Co. Ltd.^(a)		7,105,499		14,568,160
Hon Hai Precision Industry Co. Ltd.		79,170,002		187,014,740
Innolux Corp.^(a)		63,945,873		21,296,938
Largan Precision Co. Ltd.^(a)		642,794		91,062,396
Pacific Electric Wire & Cable Co. Ltd.^(b)(c)		197		—
Synnex Technology International Corp.		11,165,364		13,604,573
Walsin Technology Corp.^(a)		2,460,000		14,467,532
WPG Holdings Ltd.		12,192,604		15,767,408
Yageo Corp.^(a)		2,030,125		22,823,364
Zhen Ding Technology Holding Ltd.^(a)		4,060,072		11,793,753

				480,729,857


Security	Shares		Value

Food & Staples Retailing — 1.2%
President Chain Store Corp.		4,060,215	$	42,018,374


Food Products — 2.3%
Standard Foods Corp.		4,060,056		6,952,218
Uni-President Enterprises Corp.		29,435,189		71,731,327

				78,683,545
Household Durables — 0.7%
Nien Made Enterprise Co. Ltd.		1,438,000		12,498,660
Tatung Co. Ltd.^(a)(b)		13,195,000		11,490,130

				23,988,790

Industrial Conglomerates — 0.6%
Far Eastern New Century Corp.		22,330,843		22,130,220


Insurance — 5.1%
Cathay Financial Holding Co. Ltd.		50,750,483		74,699,751
China Life Insurance Co. Ltd./Taiwan		19,285,605		18,015,731
Fubon Financial Holding Co. Ltd.		41,615,515		61,524,407
Shin Kong Financial Holding Co. Ltd.^(a)		72,065,929		21,612,871

				175,852,760
Leisure Products — 0.5%
Giant Manufacturing Co. Ltd.		3,045,590		16,773,431


Machinery — 0.8%
Airtac International Group		1,015,000		12,631,229
Hiwin Technologies Corp.^(a)		1,702,796		15,325,800

				27,957,029
Marine — 0.3%
Evergreen Marine Corp. Taiwan Ltd.		22,595,136		9,140,398


Metals & Mining — 1.9%
China Steel Corp.		79,170,977		65,597,450


Oil, Gas & Consumable Fuels — 0.9%
Formosa Petrochemical Corp.		8,120,950		30,740,684


Real Estate Management & Development — 0.6%
Highwealth Construction Corp.		7,105,790		11,024,693
Ruentex Development Co. Ltd.		6,090,076		9,597,215

				20,621,908
Semiconductors & Semiconductor Equipment — 31.6%
ASE Technology Holding Co. Ltd.		22,330,432		45,638,204
Globalwafers Co. Ltd.		1,560,000		16,980,488
MediaTek Inc.		9,393,175		85,457,703
Nanya Technology Corp.^(a)		8,120,000		16,410,703
Novatek Microelectronics Corp.		4,060,544		22,561,143
Phison Electronics Corp.		1,162,698		10,578,053
Powertech Technology Inc.		6,090,036		14,168,166
Realtek Semiconductor Corp.		3,045,063		17,611,529
Taiwan Semiconductor Manufacturing Co. Ltd.		100,485,882		780,339,733
United Microelectronics Corp.		80,185,501		29,831,982
Vanguard International Semiconductor Corp.^(a)		7,105,000		15,998,457
Win Semiconductors Corp.^(a)		3,231,000		18,371,972
Winbond Electronics Corp.^(a)		25,375,000		12,655,963

				1,086,604,096

Specialty Retail — 0.6%
Hotai Motor Co. Ltd.		2,030,000		22,063,425


Technology Hardware, Storage & Peripherals — 7.4%
Acer Inc.		23,345,737		15,436,640
Advantech Co. Ltd.^(a)		2,645,614		20,201,104
Asustek Computer Inc.		4,686,857		33,426,969


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)

February 28, 2019

iShares^® MSCI Taiwan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Catcher Technology Co. Ltd.		4,237,743	$	32,220,424
Chicony Electronics Co. Ltd.		5,122,405		11,317,841
Compal Electronics Inc.		31,465,554		19,527,629
Inventec Corp.		19,285,868		14,914,095
Lite-On Technology Corp.		15,225,071		22,038,793
Micro-Star International Co. Ltd.		5,075,000		13,488,701
Pegatron Corp.		14,210,037		24,378,664
Quanta Computer Inc.		18,270,240		33,956,354
Wistron Corp.		22,330,921		15,491,208

				256,398,422
Textiles, Apparel & Luxury Goods — 2.1%
Eclat Textile Co. Ltd.^(a)		1,407,601		16,122,020
Feng TAY Enterprise Co. Ltd.		3,045,476		19,147,714
Formosa Taffeta Co. Ltd.		8,120,515		9,380,024
Pou Chen Corp.		16,240,103		20,473,933
Ruentex Industries Ltd.		3,194,157		8,448,146

				73,571,837

Transportation Infrastructure — 0.5%
Taiwan High Speed Rail Corp.		15,225,000		16,324,956


Wireless Telecommunication Services — 1.9%
Far EasTone Telecommunications Co. Ltd.		11,165,259		26,156,814
Taiwan Mobile Co. Ltd.		11,165,609		39,907,624

				66,064,438


Total Common Stocks — 99.9% (Cost: $1,832,819,211)				3,435,995,718


Security	Shares		Value

Short-Term Investments

Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		148,703,289	$	148,762,770
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		3,570,832		3,570,832

				152,333,602


Total Short-Term Investments — 4.4% (Cost: $152,281,913)				152,333,602


Total Investments in Securities — 104.3% (Cost: $1,985,101,124)				3,588,329,320

Other Assets, Less Liabilities — (4.3)%				(147,495,836	)


Net Assets — 100.0%			$	3,440,833,484

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

^(b)	Non-income producing security.

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

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	146,508,163	2,195,126		148,703,289	$	148,762,770	$	1,710,517	^(b)	$	(9,199	)	$	11,505
BlackRock Cash Funds: Treasury, SL Agency Shares	33,708,447	(30,137,615	)	3,570,832		3,570,832		101,998			—			—

					$	152,333,602	$	1,812,515		$	(9,199	)	$	11,505

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Taiwan Index

03/28/19

2,345

3,051


36		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Taiwan ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	3,051

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(1,218,893	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(348,189	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	16,860,687

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

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	3,435,995,716	$	—	$	2	$	3,435,995,718
Money Market Funds		152,333,602		—		—		152,333,602

	$	3,588,329,318	$	—	$	2	$	3,588,329,320

Derivative financial instruments^(a)
Assets
Futures Contracts	$	3,051	$	—	$	—	$	3,051

^(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)

February 28, 2019

iShares^® MSCI Thailand ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.4%
Bangkok Airways PCL, NVDR^(a)		2,551,000	$	995,710
Thai Airways International PCL, NVDR^(b)		2,283,166		949,130

				1,944,840

Auto Components — 0.3%
Sri Trang Agro-Industry PCL, NVDR^(a)		2,658,645		1,341,451


Banks — 17.1%
Bangkok Bank PCL, Foreign		852,500		5,789,290
Kasikornbank PCL, NVDR		2,146,200		13,450,996
Kasikornbank PCL, Foreign		3,977,900		24,994,024
Kiatnakin Bank PCL, NVDR		1,281,173		2,866,250
Krung Thai Bank PCL, NVDR		11,981,000		7,337,828
Siam Commercial Bank PCL (The), NVDR		5,391,200		22,924,896
Thanachart Capital PCL, NVDR		2,033,700		3,597,898
Tisco Financial Group PCL, NVDR^(a)		1,101,410		3,058,259
TMB Bank PCL, NVDR^(a)		43,110,800		3,119,163

				87,138,604

Beverages — 0.1%
Carabao Group PCL, NVDR^(a)		254,400		444,014


Building Products — 0.1%
Dynasty Ceramic PCL, NVDR^(a)		8,165,540		575,248


Chemicals — 5.5%
Eastern Polymer Group PCL, NVDR^(a)		3,419,000		802,875
Global Green Chemicals PCL, NVDR^(b)		1,019,500		333,228
Indorama Ventures PCL, NVDR^(a)		5,486,410		8,966,287
PTT Global Chemical PCL, NVDR		7,494,307		17,123,050
Vinythai PCL, NVDR		861,000		689,893

				27,915,333

Construction & Engineering — 0.8%
CH Karnchang PCL, NVDR^(a)		1,473,300		1,192,198
Italian-Thai Development PCL, NVDR^(a)(b)		5,984,848		459,606
Sino-Thai Engineering & Construction PCL, NVDR^(a)(b)		2,573,628		1,821,242
Unique Engineering & Construction PCL, NVDR^(a)		1,856,400		618,555

				4,091,601

Construction Materials — 3.9%
Siam Cement PCL (The), NVDR		1,275,900		19,191,641
TPI Polene PCL, NVDR^(a)		13,094,900		880,958

				20,072,599

Consumer Finance — 1.4%
Muangthai Capital PCL, NVDR		2,188,800		3,264,533
Ratchthani Leasing PCL, NVDR^(a)		3,729,349		893,505
Srisawad Corp PCL, NVDR^(a)		1,925,218		3,069,963

				7,228,001

Containers & Packaging — 0.1%
Polyplex Thailand PCL, NVDR^(a)		1,161,900		582,563


Diversified Telecommunication Services — 1.6%
Jasmine International PCL, NVDR^(a)		10,495,168		1,998,287
Thaicom PCL, NVDR^(a)		1,575,500		369,971
True Corp. PCL, NVDR		34,322,718		5,881,560

				8,249,818

Electrical Equipment — 0.2%
Gunkul Engineering PCL, NVDR^(a)		7,784,968		805,363


Electronic Equipment, Instruments & Components — 1.7%
Delta Electronics Thailand PCL, NVDR		1,713,144		3,941,386


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Hana Microelectronics PCL, NVDR^(a)		1,931,800	$	2,191,570
KCE Electronics PCL, NVDR^(a)		1,809,600		1,579,183
SVI PCL, NVDR^(a)		4,846,615		784,379

				8,496,518

Entertainment — 0.5%
Major Cineplex Group PCL, NVDR		1,514,200		1,333,409
RS PCL, NVDR^(a)		1,586,000		900,893
Workpoint Entertainment PCL, NVDR^(a)		508,500		419,548

				2,653,850

Food & Staples Retailing — 9.4%
Berli Jucker PCL, NVDR^(a)		4,113,400		6,461,350
CP ALL PCL, NVDR		16,841,500		41,552,610

				48,013,960

Food Products — 3.3%
Charoen Pokphand Foods PCL, NVDR		11,342,200		9,448,084
GFPT PCL, NVDR^(a)		1,786,200		821,893
Khon Kaen Sugar Industry PCL, NVDR^(a)		5,439,778		545,488
Taokaenoi Food & Marketing PCL, NVDR^(a)		1,211,500		419,051
Thai Union Group PCL, NVDR^(a)		6,554,200		3,847,765
Thai Vegetable Oil PCL, NVDR		1,378,753		1,257,887
Thaifoods Group PCL, NVDR^(a)		4,485,600		435,571

				16,775,739

Health Care Providers & Services — 4.4%
Bangkok Chain Hospital PCL, NVDR		4,210,525		2,177,915
Bangkok Dusit Medical Services PCL, NVDR		13,314,700		9,971,501
Bumrungrad Hospital PCL, NVDR^(a)		1,226,976		7,261,595
Chularat Hospital PCL, NVDR		17,194,600		1,003,985
Principal Capital PCL, NVDR^(b)		2,255,000		346,345
Thonburi Healthcare Group PCL, NVDR^(a)		815,900		815,576
Vibhavadi Medical Center PCL, NVDR		18,314,300		1,115,858

				22,692,775

Hotels, Restaurants & Leisure — 2.0%
Erawan Group PCL (The), NVDR^(a)		4,307,200		1,011,449
Minor International PCL, NVDR		7,441,710		9,150,853

				10,162,302

Independent Power and Renewable Electricity Producers — 2.7%
BCPG PCL, NVDR^(a)		2,075,100		1,106,281
CK Power PCL, NVDR^(a)		6,475,460		1,015,114
Electricity Generating PCL, NVDR		452,400		3,833,108
Glow Energy PCL, NVDR		1,755,300		5,068,855
Gulf Energy Development PCL, NVDR		387,200		1,111,990
Inter Far East Energy Corp., NVDR^(b)(c)		3,184,500		1
SPCG PCL, NVDR^(a)		1,295,500		785,214
Super Energy Corp. PCL, NVDR^(a)(b)		38,335,050		717,737

				13,638,300

Industrial Conglomerates — 0.1%
Thoresen Thai Agencies PCL, NVDR^(a)		3,140,489		548,122


Marine — 0.1%
Precious Shipping PCL, NVDR^(a)(b)		1,944,000		564,462


Media — 0.6%
BEC World PCL, NVDR^(a)(b)		3,437,500		681,773
Plan B Media PCL, NVDR^(a)		3,729,000		733,671
VGI Global Media PCL, NVDR		5,989,140		1,482,437

				2,897,881

Multiline Retail — 0.7%
Robinson PCL, NVDR		1,716,300		3,512,935


38		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Thailand ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels — 20.1%
Bangchak Corp. PCL, NVDR		1,196,200	$	1,252,665
Banpu PCL, NVDR		7,054,600		3,649,028
Energy Absolute PCL, NVDR		4,229,800		6,409,296
Energy Earth PCL, NVDR^(a)(b)(c)		4,419,400		1
Esso Thailand PCL, NVDR		4,171,000		1,442,726
IRPC PCL, NVDR		34,339,400		6,429,273
Prima Marine PCL, NVDR^(a)		1,859,900		354,126
PTT Exploration & Production PCL, NVDR		4,744,284		18,743,780
PTT PCL, NVDR		35,474,800		54,598,264
Siamgas & Petrochemicals PCL, NVDR^(a)		2,588,900		817,439
Thai Oil PCL, NVDR		3,699,100		8,481,078

				102,177,676

Pharmaceuticals — 0.2%
Mega Lifesciences PCL, NVDR^(a)		1,201,000		1,267,219


Real Estate Management & Development — 6.1%
Amata Corp. PCL, NVDR^(a)		1,811,900		1,247,703
Ananda Development PCL, NVDR		5,245,500		612,565
AP Thailand PCL, NVDR^(a)		3,308,686		740,222
Bangkok Land PCL, NVDR^(a)		34,910,800		1,827,936
Central Pattana PCL, NVDR		4,621,800		11,073,253
Golden Land Property Development PCL, NVDR		1,699,400		447,601
Land & Houses PCL, NVDR		9,500,400		3,165,544
LPN Development PCL, NVDR^(a)		2,030,447		451,031
MBK PCL, NVDR^(a)		505,300		347,957
Origin Property PCL, NVDR^(a)		2,136,900		505,193
Platinum Group PCL (The), NVDR^(a)		2,963,700		686,553
Quality Houses PCL, NVDR		14,899,832		1,446,838
Sansiri PCL, NVDR		19,480,937		853,112
SC Asset Corp. PCL, NVDR^(a)		5,237,304		505,241
Siam Future Development PCL, NVDR^(a)		3,071,228		760,193
Singha Estate PCL, NVDR^(a)(b)		8,401,300		869,123
Supalai PCL, NVDR^(a)		2,087,100		1,298,125
U City PCL, NVDR^(a)(b)		9,712,141		776,663
Univentures PCL, NVDR^(a)		2,365,300		506,649
WHA Corp. PCL, NVDR		24,032,640		3,203,081

				31,324,583

Road & Rail — 1.3%
BTS Group Holdings PCL, NVDR		20,085,200		6,628,674


Specialty Retail — 2.4%
Beauty Community PCL, NVDR^(a)		6,470,900		1,406,606
Com7 PCL, NVDR^(a)		1,277,600		725,713
Home Product Center PCL, NVDR		13,536,273		6,443,287
PTG Energy PCL, NVDR^(a)		2,061,100		660,599
Siam Global House PCL, NVDR^(a)		4,820,741		2,906,595

				12,142,800

Textiles, Apparel & Luxury Goods — 0.1%
MC Group PCL, NVDR^(a)		1,285,000		420,008


Security	Shares		Value

Transportation Infrastructure — 7.9%
Airports of Thailand PCL, NVDR^(a)		14,481,000	$	31,018,406
Bangkok Aviation Fuel Services PCL, NVDR^(a)		675,900		750,702
Bangkok Expressway & Metro PCL, NVDR		25,730,153		8,654,966

				40,424,074

Water Utilities — 0.6%
TTW PCL, NVDR		4,817,266		1,941,429
WHA Utilities and Power PCL, NVDR^(a)		4,707,100		911,172

				2,852,601

Wireless Telecommunication Services — 4.0%
Advanced Info Service PCL, NVDR^(a)		3,543,919		20,467,853


Total Common Stocks — 99.7% (Cost: $540,902,794)				508,051,767


Warrants

Media — 0.0%
VGI Global Media PCL, (Expires 09/01/22)^(b)		1		—


Total Warrants — 0.0% (Cost: $0)				—


Short-Term Investments

Money Market Funds — 5.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		29,015,008		29,026,614
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		802,547		802,547

				29,829,161


Total Short-Term Investments — 5.9% (Cost: $29,819,121)				29,829,161


Total Investments in Securities — 105.6% (Cost: $570,721,915)				537,880,928

Other Assets, Less Liabilities — (5.6)%				(28,467,964	)


Net Assets — 100.0%			$	509,412,964

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

^(b)	Non-income producing security.

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

^(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 S			39

Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Thailand ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, 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		08/31/18	Net Activity			02/28/19		02/28/19		Income			Gain (Loss)	^(a)		(Depreciation	)

BlackRock Cash Funds: Institutional, SL Agency Shares		21,003,656	8,011,352			29,015,008	$	29,026,614	$	760,552	^(b)	$	(618	)	$	4,509
BlackRock Cash Funds: Treasury, SL Agency Shares		1,195,576	(393,029	)		802,547		802,547		8,523			—			—

							$	29,829,161	$	769,075		$	(618)		$	4,509

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	508,051,765		$	—	$	2	$	508,051,767
Warrants		0	^(a)		—		—		0	^(a)
Money Market Funds		29,829,161			—		—		29,829,161

	$	537,880,926		$	—	$	2	$	537,880,928

^(a)

Rounds to less than $1.

See notes to financial statements.


40		2 0 1 9 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)

February 28, 2019


	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF		iShares MSCI Pacific ex Japan ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	3,076,269,692		$	146,147,432		$	579,902,015	$	2,260,979,383
Affiliated^(c)		6,285,030			10,158,325			13,738,343		91,739,015
Foreign currency, at value^(d)		5,904,519			404,503			244,821		4,678,815
Foreign currency pledged:
Futures contracts^(e)		473,082			33,758			—		784,644
Receivables:
Investments sold		—			—			1,884,725		1,174,464
Securities lending income — Affiliated		847			28,378			16,201		19,485
Variation margin on futures contracts		84,322			—			—		66,293
Capital shares sold		12,789,768			—			—		—
Dividends		10,299			711,517			543,771		10,645,468

Total assets		3,101,817,559			157,483,913			596,329,876		2,370,087,567


LIABILITIES
Collateral on securities loaned, at value		4,932,375			10,082,826			12,893,603		90,714,922
Payables:
Investments purchased		11,359,986			—			2,098,663		3,064,784
Variation margin on futures contracts		—			9,973			—		42,246
Investment advisory fees		1,078,999			57,624			217,872		825,964

Total liabilities		17,371,360			10,150,423			15,210,138		94,647,916


NET ASSETS	$	3,084,446,199		$	147,333,490		$	581,119,738	$	2,275,439,651


NET ASSETS CONSIST OF:
Paid-in capital	$	3,274,570,802		$	218,528,326		$	513,353,241	$	2,785,481,730
Accumulated earnings (loss)		(190,124,603	)		(71,194,836	)		67,766,497		(510,042,079	)

NET ASSETS	$	3,084,446,199		$	147,333,490		$	581,119,738	$	2,275,439,651


Shares outstanding		119,175,000			2,100,000			18,825,000		50,100,000

Net asset value	$	25.88		$	70.16		$	30.87	$	45.42

Shares authorized		375 million			500 million			300 million		1 billion

Par value	$	0.001		$	0.001		$	0.001	$	0.001


^(a)Securities loaned, at value	$	4,687,395		$	9,380,644		$	10,853,960	$	83,918,987
^(b)Investments, at cost — Unaffiliated	$	2,795,447,522		$	186,454,000		$	430,197,091	$	2,284,440,996
^(c)Investments, at cost — Affiliated	$	6,284,700		$	10,154,817		$	13,734,973	$	91,722,560
^(d)Foreign currency, at cost	$	6,007,752		$	406,895		$	244,694	$	4,679,879
^(e)Foreign currency collateral pledged, at cost	$	370,209		$	34,332		$	—	$	785,541

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			41

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2019


	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF		iShares MSCI Thailand ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	530,113,251		$	3,435,995,718	$	508,051,767
Affiliated^(c)		11,792,690			152,333,602		29,829,161
Foreign currency, at value^(d)		1,568,755			889		—
Cash pledged:
Futures contracts^(e)		—			138,000		—
Foreign currency pledged:
Futures contracts^(e)		80,196			—		—
Receivables:
Investments sold		1,987,836			21,551,736		1,316,065
Securities lending income — Affiliated		5,696			323,728		122,781
Dividends		394			5,985		1,042,165

Total assets		545,548,818			3,610,349,658		540,361,939


LIABILITIES
Bank overdraft		—			22,940		—
Collateral on securities loaned, at value		11,489,408			148,735,580		29,010,443
Payables:
Investments purchased		2,554,339			19,027,463		1,552,285
Variation margin on futures contracts		25,322			22,940		—
Capital shares redeemed		—			—		156,758
Investment advisory fees		202,352			1,499,781		229,489
Foreign taxes		—			207,470		—

Total liabilities		14,271,421			169,516,174		30,948,975


NET ASSETS	$	531,277,397		$	3,440,833,484	$	509,412,964


NET ASSETS CONSIST OF:
Paid-in capital	$	734,619,735		$	2,402,368,579	$	574,414,188
Accumulated earnings (loss)		(203,342,338	)		1,038,464,905		(65,001,224	)

NET ASSETS	$	531,277,397		$	3,440,833,484	$	509,412,964


Shares outstanding		22,600,000			101,500,000		5,650,000

Net asset value	$	23.51		$	33.90	$	90.16

Shares authorized		300 million			900 million		200 million

Par value	$	0.001		$	0.001	$	0.001


^(a)Securities loaned, at value	$	10,894,593		$	141,237,466	$	27,282,112
^(b)Investments, at cost — Unaffiliated	$	570,169,420		$	1,832,819,211	$	540,902,794
^(c)Investments, at cost — Affiliated	$	11,789,255		$	152,281,913	$	29,819,121
^(d)Foreign currency, at cost	$	1,561,057		$	893	$	—
^(e)Foreign currency collateral pledged, at cost	$	79,216		$	—	$	—

See notes to financial statements.


42		2 0 1 9 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 February 28, 2019


	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	22,327,516		$	2,453,845		$	8,598,430		$	42,796,938
Dividends — Affiliated		30,012			1,812			7,229			21,528
Interest — Unaffiliated		—			—			—			2,375
Securities lending income — Affiliated — net		26,762			206,710			208,578			84,757
Foreign taxes withheld		—			(241,916	)		—			(521,193	)

Total investment income		22,384,290			2,420,451			8,814,237			42,384,405


EXPENSES
Investment advisory fees		6,044,552			656,444			1,331,214			5,233,973

Total expenses		6,044,552			656,444			1,331,214			5,233,973

Net investment income		16,339,738			1,764,007			7,483,023			37,150,432


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(49,709,659	)		(1,557,819	)		(19,123,938	)		(35,907,508	)
Investments — Affiliated		685			1,851			(2,018	)		4,390
In-kind redemptions — Unaffiliated		34,556,235			(25,672,273	)		—			12,337,904
Futures contracts		(245,092	)		(261,165	)		—			(759,930	)
Foreign currency transactions		48,969			10,907			(353,147	)		(260,849	)

Net realized loss		(15,348,862	)		(27,478,499	)		(19,479,103	)		(24,585,993	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		201,944,888			(8,447,856	)		(18,291,321	)		7,875,058
Investments — Affiliated		(426	)		(854	)		1,724			12,537
Futures contracts		167,450			39,324			—			210,093
Foreign currency translations		(1,154	)		(10,088	)		(13,332	)		58,999

Net change in unrealized appreciation (depreciation)		202,110,758			(8,419,474	)		(18,302,929	)		8,156,687

Net realized and unrealized gain (loss)		186,761,896			(35,897,973	)		(37,782,032	)		(16,429,306	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	203,101,634		$	(34,133,966	)	$	(30,299,009	)	$	20,721,126

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			43

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2019


	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF			iShares MSCI Thailand ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	3,402,505		$	14,118,862		$	3,774,176
Dividends — Affiliated		5,436			101,998			8,523
Interest — Unaffiliated		—			6,589			—
Securities lending income — Affiliated — net^(a)		17,410			1,710,517			760,552
Foreign taxes withheld		(104,638	)		(1,061,444	)		(375,982	)
Other foreign taxes		—			(413,241	)		—

Total investment income		3,320,713			14,463,281			4,167,269


EXPENSES
Investment advisory fees		1,297,659			10,358,057			1,409,109

Total expenses		1,297,659			10,358,057			1,409,109

Net investment income		2,023,054			4,105,224			2,758,160


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(7,581,011	)		(45,709,339	)		(2,275,571	)
Investments — Affiliated		977			(9,199	)		(618	)
In-kind redemptions — Unaffiliated		4,262,052			—			20,450,763
Futures contracts		(142,682	)		(1,218,893	)		—
Foreign currency transactions		(6,824	)		11,534			14,633

Net realized gain (loss)		(3,467,488	)		(46,925,897	)		18,189,207

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		3,452,634			(285,859,426	)		(19,998,347	)
Investments — Affiliated		1,650			11,505			4,509
Futures contracts		7,748			(348,189	)		—
Foreign currency translations		9,486			47,391			(6,555	)

Net change in unrealized appreciation (depreciation)		3,471,518			(286,148,719	)		(20,000,393	)

Net realized and unrealized gain (loss)		4,030			(333,074,616	)		(1,811,186	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,027,084		$	(328,969,392	)	$	946,974


^(a) Net of securities lending income tax paid of	$	—		$	423,790		$	—

See notes to financial statements.


44		2 0 1 9 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 MSCI Hong Kong ETF						iShares MSCI Japan Small-Cap ETF
	Six Months Ended						Six Months Ended
	02/28/19			Year Ended			02/28/19			Year Ended
	(unaudited)			08/31/18			(unaudited)			08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	16,339,738		$	66,523,413		$	1,764,007		$	4,235,524
Net realized gain (loss)		(15,348,862	)		(39,701,210	)		(27,478,499	)		49,208,901
Net change in unrealized appreciation (depreciation)		202,110,758			(32,661,007	)		(8,419,474	)		(45,831,781	)

Net increase (decrease) in net assets resulting from operations		203,101,634			(5,838,804	)		(34,133,966	)		7,612,644


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(27,613,711	)		(100,789,012	)		(2,265,403	)		(4,732,916	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		179,336,822			980,802,040			(101,179,499	)		92,816,668


NET ASSETS^(a)
Total increase (decrease) in net assets		354,824,745			874,174,224			(137,578,868	)		95,696,396
Beginning of period		2,729,621,454			1,855,447,230			284,912,358			189,215,962

End of period	$	3,084,446,199		$	2,729,621,454		$	147,333,490		$	284,912,358

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			45

Statements of Changes in Net Assets (continued)


	iShares MSCI Malaysia ETF						iShares MSCI Pacific ex Japan ETF
	Six Months Ended						Six Months Ended
	02/28/19			Year Ended			02/28/19			Year Ended
	(unaudited)			08/31/18			(unaudited)			08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	7,483,023		$	14,176,454		$	37,150,432		$	102,324,651
Net realized gain (loss)		(19,479,103	)		(7,368,623	)		(24,585,993	)		165,198,688
Net change in unrealized appreciation (depreciation)		(18,302,929	)		30,835,443			8,156,687			(145,434,956	)

Net increase (decrease) in net assets resulting from operations		(30,299,009	)		37,643,274			20,721,126			122,088,383


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(9,213,721	)		(30,357,233	)		(58,806,922	)		(129,611,494	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		63,412,409			112,710,143			(61,308,113	)		(738,069,585	)


NET ASSETS^(a)
Total increase (decrease) in net assets		23,899,679			119,996,184			(99,393,909	)		(745,592,696	)
Beginning of period		557,220,059			437,223,875			2,374,833,560			3,120,426,256

End of period	$	581,119,738		$	557,220,059		$	2,275,439,651		$	2,374,833,560

^(a)	Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.


46		2 0 1 9 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 MSCI Singapore ETF						iShares MSCI Taiwan ETF
	Six Months Ended						Six Months Ended
	02/28/19			Year Ended			02/28/19			Year Ended
	(unaudited)			08/31/18			(unaudited)			08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,023,054		$	27,561,521		$	4,105,224		$	102,838,128
Net realized gain (loss)		(3,467,488	)		(7,420,348	)		(46,925,897	)		46,785,988
Net change in unrealized appreciation (depreciation)		3,471,518			(29,174,128	)		(286,148,719	)		11,762,468

Net increase (decrease) in net assets resulting from operations		2,027,084			(9,032,955	)		(328,969,392	)		161,386,584


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(10,137,014	)		(31,091,826	)		(104,188,903	)		(104,132,193	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(39,905,080	)		19,149,528			(208,899,618	)		261,146,609


NET ASSETS^(a)
Total increase (decrease) in net assets		(48,015,010	)		(20,975,253	)		(642,057,913	)		318,401,000
Beginning of period		579,292,407			600,267,660			4,082,891,397			3,764,490,397

End of period	$	531,277,397		$	579,292,407		$	3,440,833,484		$	4,082,891,397

^(a)	Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			47

Statements of Changes in Net Assets (continued)


	iShares MSCI Thailand ETF
	Six Months Ended
	02/28/19			Year Ended
	(unaudited)			08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,758,160		$	9,935,178
Net realized gain		18,189,207			25,014,195
Net change in unrealized appreciation (depreciation)		(20,000,393	)		2,586,714

Net increase in net assets resulting from operations		946,974			37,536,087


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,630,954	)		(9,963,198	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		76,255,208			52,678,820


NET ASSETS^(a)
Total increase in net assets		73,571,228			80,251,709

Beginning of period		435,841,736			355,590,027

End of period	$	509,412,964		$	435,841,736

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.


48		2 0 1 9 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

(For a share outstanding throughout each period)


	iShares MSCI Hong Kong ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14

Net asset value, beginning of period	$	24.18		$	24.69		$	21.08		$	19.42		$	21.89		$	18.91

Net investment income^(a)		0.15			0.71			0.68			0.54			0.52			0.66
Net realized and unrealized gain (loss)^(b)		1.82			(0.12	)		3.54			1.72			(2.50	)		3.04

Net increase (decrease) from investment operations		1.97			0.59			4.22			2.26			(1.98	)		3.70


Distributions
From net investment income		(0.27	)		(1.10	)		(0.61	)		(0.60	)		(0.49	)		(0.72	)

Total distributions		(0.27	)		(1.10	)		(0.61	)		(0.60	)		(0.49	)		(0.72	)


Net asset value, end of period	$	25.88		$	24.18		$	24.69		$	21.08		$	19.42		$	21.89


Total Return
Based on net asset value		8.30	%^(c)		2.83	%		20.38	%		11.94	%		(9.29	)%		19.87	%


Ratios to Average Net Assets
Total expenses		0.49	%^(d)		0.48	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		1.33	%^(d)		2.83	%		3.08	%		2.73	%		2.36	%		3.24	%


Supplemental Data
Net assets, end of period (000)	$	3,084,446		$	2,729,621		$	1,855,447		$	1,596,576		$	2,722,224		$	3,221,312

Portfolio turnover rate^(e)		3	%^(c)		7	%		8	%		9	%		7	%		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)	Not annualized.

^(d)	Annualized.

^(e)	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			49

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Japan Small-Cap ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	77.00		$	72.78		$	60.95		$	56.79		$	56.61		$	49.44

Net investment income^(a)		0.47			0.94			1.02			0.84			0.70			0.70
Net realized and unrealized gain (loss)^(b)		(6.78	)		4.24			12.62			4.29			0.71			7.61

Net increase (decrease) from investment operations		(6.31	)		5.18			13.64			5.13			1.41			8.31


Distributions
From net investment income		(0.53	)		(0.96	)		(1.81	)		(0.97	)		(1.23	)		(1.14	)

Total distributions		(0.53	)		(0.96	)		(1.81	)		(0.97	)		(1.23	)		(1.14	)


Net asset value, end of period	$	70.16		$	77.00		$	72.78		$	60.95		$	56.79		$	56.61


Total Return
Based on net asset value		(8.16	)%^(c)		7.09	%		22.81	%		9.10	%		2.63	%		16.94	%


Ratios to Average Net Assets
Total expenses		0.49	%^(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		1.32	%^(d)		1.18	%		1.53	%		1.44	%		1.26	%		1.31	%


Supplemental Data
Net assets, end of period (000)	$	147,333		$	284,912		$	189,216		$	164,553		$	159,004		$	169,837

Portfolio turnover rate^(e)		5	%^(c)		9	%		8	%		12	%		10	%		14	%

^(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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


50		2 0 1 9 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 Malaysia ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)		Year Ended 08/31/15	^(a)		Year Ended 08/31/14	^(a)


Net asset value, beginning of period	$	32.87		$	32.03		$	33.13		$	40.75		$	64.53		$	58.40

Net investment income^(b)		0.42			0.91			0.56			1.00			1.44			2.16
Net realized and unrealized gain (loss)^(c)		(1.91	)		2.06			(0.05	)		2.79			(23.47	)		6.06

Net increase (decrease) from investment operations		(1.49	)		2.97			0.51			3.79			(22.03	)		8.22


Distributions
From net investment income		(0.51	)		(2.13	)		(1.61	)		(1.81	)		(1.57	)		(2.09	)
From net realized gain		—			—			—			(9.60	)		(0.18	)		—

Total distributions		(0.51	)		(2.13	)		(1.61	)		(11.41	)		(1.75	)		(2.09	)


Net asset value, end of period	$	30.87		$	32.87		$	32.03		$	33.13		$	40.75		$	64.53


Total Return
Based on net asset value		(4.42	)%^(d)		9.59	%		2.14	%		12.58	%		(34.62	)%		14.17	%


Ratios to Average Net Assets
Total expenses		0.49	%^(e)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		2.77	%^(e)		2.69	%		2.73	%		2.86	%		2.61	%		3.48	%


Supplemental Data
Net assets, end of period (000)	$	581,120		$	557,220		$	437,224		$	335,455		$	263,579		$	786,461

Portfolio turnover rate^(f)		26	%^(d)(g)		63	%^(g)		24	%^(g)		72	%^(g)		24	%^(g)		16	%^(g)


^(a) Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016. ^(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) Not annualized. ^(e) Annualized. ^(f) 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”).
^(g)Portfolio turnover rate excluding cash creations was as follows:		4	%		17	%		10	%		17	%		5	%		10	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S			51

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Pacific ex Japan ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	46.02		$	46.43		$	40.94		$	38.01		$	51.21		$	44.56

Net investment income^(a)		0.73			1.66			1.60			1.54			1.97			1.88
Net realized and unrealized gain (loss)^(b)		(0.16	)		0.03			5.55			2.98			(13.09	)		6.51

Net increase (decrease) from investment operations		0.57			1.69			7.15			4.52			(11.12	)		8.39


Distributions
From net investment income		(1.17	)		(2.10	)		(1.66	)		(1.59	)		(2.08	)		(1.74	)

Total distributions		(1.17	)		(2.10	)		(1.66	)		(1.59	)		(2.08	)		(1.74	)


Net asset value, end of period	$	45.42		$	46.02		$	46.43		$	40.94		$	38.01		$	51.21


Total Return
Based on net asset value		1.49	%^(c)		3.63	%		18.06	%		12.20	%		(22.19	)%		19.25	%


Ratios to Average Net Assets
Total expenses		0.48	%^(d)		0.48	%		0.49	%		0.49	%		0.49	%		0.49	%

Net investment income		3.43	%^(d)		3.52	%		3.69	%		4.00	%		4.31	%		3.90	%


Supplemental Data
Net assets, end of period (000)	$	2,275,440		$	2,374,834		$	3,120,426		$	2,357,962		$	1,984,205		$	3,472,048

Portfolio turnover rate^(e)		3	%^(c)		6	%		3	%		6	%		7	%		8	%

^(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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


52		2 0 1 9 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 Singapore ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)		Year Ended 08/31/15	^(a)		Year Ended 08/31/14	^(a)


Net asset value, beginning of period	$	23.84		$	24.70		$	21.22		$	21.25		$	27.93		$	24.98

Net investment income^(b)		0.09			1.04			0.56			0.84			0.82			0.80
Net realized and unrealized gain (loss)^(c)		0.02			(0.77	)		3.84			(0.24	)		(6.64	)		3.05

Net increase (decrease) from investment operations		0.11			0.27			4.40			0.60			(5.82	)		3.85


Distributions
From net investment income		(0.44	)		(1.13	)		(0.92	)		(0.63	)		(0.86	)		(0.90	)

Total distributions		(0.44	)		(1.13	)		(0.92	)		(0.63	)		(0.86	)		(0.90	)


Net asset value, end of period	$	23.51		$	23.84		$	24.70		$	21.22		$	21.25		$	27.93


Total Return
Based on net asset value		0.60	%^(d)		0.91	%		21.51	%		2.87	%		(21.27	)%		15.65	%


Ratios to Average Net Assets
Total expenses		0.49	%^(e)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		0.77	%^(e)		4.03	%		3.00	%		3.96	%		3.15	%		2.99	%


Supplemental Data
Net assets, end of period (000)	$	531,277		$	579,292		$	600,268		$	562,418		$	609,927		$	984,455

Portfolio turnover rate^(f)		3	%^(d)		26	%		12	%		7	%		10	%		4	%

^(a)	Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(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)	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			53

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Taiwan ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)		Year Ended 08/31/15	^(a)		Year Ended 08/31/14	^(a)


Net asset value, beginning of period	$	37.91		$	37.35		$	30.30		$	27.17		$	32.89		$	27.21

Net investment income^(b)		0.04			0.98			0.87			0.68			0.74			0.58
Net realized and unrealized gain (loss)^(c)		(3.05	)		0.60			6.88			3.25			(5.88	)		5.62

Net increase (decrease) from investment operations		(3.01	)		1.58			7.75			3.93			(5.14	)		6.20


Distributions
From net investment income		(1.00	)		(1.02	)		(0.70	)		(0.80	)		(0.58	)		(0.52	)

Total distributions		(1.00	)		(1.02	)		(0.70	)		(0.80	)		(0.58	)		(0.52	)


Net asset value, end of period	$	33.90		$	37.91		$	37.35		$	30.30		$	27.17		$	32.89


Total Return
Based on net asset value		(7.75	)%^(d)		4.43	%		26.17	%		15.02	%		(15.79	)%		23.24	%


Ratios to Average Net Assets
Total expenses		0.59	%^(e)		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%

Net investment income		0.23	%^(e)		2.65	%		3.10	%		2.51	%		2.36	%		1.98	%


Supplemental Data
Net assets, end of period (000)	$	3,440,833		$	4,082,891		$	3,764,790		$	2,656,889		$	3,276,410		$	3,298,664

Portfolio turnover rate^(f)		3	%^(d)(g)		12	%^(g)		11	%^(g)		27	%^(g)		14	%^(g)		11	%^(g)


^(a) Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. ^(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) Not annualized. ^(e) Annualized. ^(f) 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”).
^(g)Portfolio turnover rate excluding cash creations was as follows:		3	%		11	%		8	%		9	%		4	%		4	%

See notes to financial statements.


54		2 0 1 9 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 Thailand ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	90.80		$	82.70		$	75.94		$	65.01		$	83.41		$	67.73

Net investment income^(a)		0.50			2.12			1.99			2.05			1.66			1.67
Net realized and unrealized gain (loss)^(b)		(0.53	)		8.13			6.90			10.54			(17.98	)		15.84

Net increase (decrease) from investment operations		(0.03	)		10.25			8.89			12.59			(16.32	)		17.51


Distributions
From net investment income		(0.61	)		(2.15	)		(2.13	)		(1.66	)		(2.08	)		(1.83	)

Total distributions		(0.61	)		(2.15	)		(2.13	)		(1.66	)		(2.08	)		(1.83	)


Net asset value, end of period	$	90.16		$	90.80		$	82.70		$	75.94		$	65.01		$	83.41


Total Return
Based on net asset value		0.02	%^(c)		12.55	%		12.01	%		19.87	%		(19.92	)%		26.18	%


Ratios to Average Net Assets
Total expenses		0.59	%^(d)		0.59	%		0.62	%		0.63	%		0.62	%		0.62	%

Net investment income		1.16	%^(d)		2.30	%		2.63	%		3.08	%		2.09	%		2.24	%


Supplemental Data
Net assets, end of period (000)	$	509,413		$	435,842		$	355,590		$	448,075		$	237,304		$	571,370

Portfolio turnover rate^(e)		1	%^(c)		10	%		7	%		16	%		13	%		9	%

^(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)	Not annualized.

^(d)	Annualized.

^(e)	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			55


Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
MSCI Hong Kong		Non-diversified
MSCI Japan Small-Cap		Diversified
MSCI Malaysia		Non-diversified
MSCI Pacific ex Japan		Diversified
MSCI Singapore		Non-diversified
MSCI Taiwan		Non-diversified
MSCI Thailand		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES


56		2 0 1 9 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)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


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			57


Notes to Financial Statements (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

MSCI Hong Kong
Goldman Sachs & Co.	$	1,101,141	$	1,101,141		$	—	$	—
Morgan Stanley & Co. LLC		3,586,254		3,586,254			—		—

	$	4,687,395	$	4,687,395		$	—	$	—

MSCI Japan Small-Cap
Barclays Capital Inc.	$	323,369	$	323,369		$	—	$	—
BMO Capital Markets		11,095		11,095			—		—
Citigroup Global Markets Inc.		642,398		642,398			—		—
Credit Suisse Securities (USA) LLC		2,403,232		2,403,232			—		—
Goldman Sachs & Co.		1,338,159		1,338,159			—		—
HSBC Bank PLC		271,285		271,285			—		—
JPMorgan Securities LLC		2,339,356		2,339,356			—		—
Macquarie Bank Limited		86,022		86,022			—		—
Merrill Lynch, Pierce, Fenner & Smith		146,427		146,427			—		—
Morgan Stanley & Co. LLC		1,306,691		1,306,691			—		—
UBS AG		512,610		512,610			—		—

	$	9,380,644	$	9,380,644		$	—	$	—

MSCI Malaysia
JPMorgan Securities PLC	$	1,636,380	$	1,636,380		$	—	$	—
Macquarie Bank Limited		5,625,429		5,625,429			—		—
Morgan Stanley & Co. International PLC		2,908,994		2,908,994			—		—
UBS AG		683,157		683,157			—		—

	$	10,853,960	$	10,853,960		$	—	$	—

MSCI Pacific ex Japan
Barclays Capital Inc.	$	949,831	$	949,831		$	—	$	—
Citigroup Global Markets Inc.		2,137,451		2,137,451			—		—
Credit Suisse Securities (USA) LLC		3,779,734		3,779,734			—		—
Goldman Sachs & Co.		19,920,464		19,920,464			—		—
HSBC Bank PLC		40,137		40,137			—		—
Jefferies LLC		1,190,036		1,190,036			—		—
JPMorgan Securities LLC		716,631		716,631			—		—
Macquarie Bank Limited		437,346		437,346			—		—
Merrill Lynch, Pierce, Fenner & Smith		2,854,106		2,854,106			—		—
Morgan Stanley & Co. LLC		51,231,723		51,231,723			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		277,663		277,663			—		—
State Street Bank & Trust Company		383,865		383,865			—		—

	$	83,918,987	$	83,918,987		$	—	$	—


58		2 0 1 9 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)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

MSCI Singapore
Goldman Sachs & Co.	$	10,880,596	$	10,880,596		$	—	$	—
JPMorgan Securities LLC		13,997		13,997			—		—

	$	10,894,593	$	10,894,593		$	—	$	—

MSCI Taiwan
Citigroup Global Markets Ltd.	$	33,270,889	$	33,270,889		$	—	$	—
Credit Suisse Securities (Europe) Ltd.		8,100,416		8,100,416			—		—
JPMorgan Securities PLC		11,561,809		11,561,809			—		—
Morgan Stanley & Co. International PLC		85,487,007		85,487,007			—		—
UBS Ltd.		2,817,345		2,817,345			—		—

	$	141,237,466	$	141,237,466		$	—	$	—

MSCI Thailand
Barclays Capital Inc.	$	855,340	$	855,340		$	—	$	—
Credit Suisse Securities (USA) LLC		7,358,084		7,358,084			—		—
Goldman Sachs & Co.		12,062,716		12,062,716			—		—
JPMorgan Securities LLC		838,603		838,603			—		—
Macquarie Bank Limited		176,406		176,406			—		—
Merrill Lynch, Pierce, Fenner & Smith		286,723		286,723			—		—
Morgan Stanley & Co. LLC		3,787,751		3,787,751			—		—
Scotia Capital (USA) Inc.		621,930		621,930			—		—
SG Americas Securities LLC		43,894		43,894			—		—
UBS AG		1,250,665		1,250,665			—		—

	$	27,282,112	$	27,282,112		$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS


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			59


Notes to Financial Statements (unaudited) (continued)

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each of the iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore 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 $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

For its investment advisory services to the iShares MSCI Pacific 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 $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion		0.4073

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.

For its investment advisory services to each of the iShares MSCI Taiwan and iShares MSCI Thailand 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 $2 billion		0.74	%
Over $2 billion, up to and including $4 billion		0.69
Over $4 billion, up to and including $8 billion		0.64
Over $8 billion, up to and including $16 billion		0.57
Over $16 billion, up to and including $24 billion		0.51
Over $24 billion, up to and including $32 billion		0.48
Over $32 billion		0.45


60		2 0 1 9 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)


iShares ETF	Fees Paid to BTC
MSCI Hong Kong	$	5,733
MSCI Japan Small-Cap		41,735
MSCI Malaysia		39,135
MSCI Pacific ex Japan		24,316
MSCI Singapore		4,678
MSCI Taiwan		437,881
MSCI Thailand		149,954

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
MSCI Hong Kong	$	306,452	$	—
MSCI Japan Small-Cap		2,720,444		6,650,722
MSCI Pacific ex Japan		4,550,597		5,396,534
MSCI Singapore		633,076		635,923

7. PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
MSCI Hong Kong	$	488,967,770	$	69,333,395
MSCI Japan Small-Cap		11,995,023		13,682,831
MSCI Malaysia		202,964,527		141,281,580
MSCI Pacific ex Japan		70,771,588		81,443,404
MSCI Singapore		16,865,269		34,548,315
MSCI Taiwan		114,869,091		389,060,897
MSCI Thailand		18,394,393		5,903,658

For the six months ended February 28, 2019, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Hong Kong	$	39,774,385	$	285,853,464
MSCI Japan Small-Cap		82,343,997		182,624,846
MSCI Pacific ex Japan		48,931,018		117,945,068
MSCI Singapore		29,961,528		57,803,778
MSCI Thailand		203,520,049		140,008,633


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			61

Notes to Financial Statements (unaudited) (continued)

8. INCOME TAX INFORMATION

As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


iShares ETF	Non-Expiring^(a)		Expiring 2019		Total
MSCI Hong Kong	$	346,332,497	$	34,565,959	$	380,898,456
MSCI Japan Small-Cap		2,546,470		203,697		2,750,167
MSCI Malaysia		25,388,537		—		25,388,537
MSCI Pacific ex Japan		347,439,805		36,600,987		384,040,792
MSCI Singapore		125,868,470		11,588,528		137,456,998
MSCI Taiwan		290,527,903		19,669,958		310,197,861
MSCI Thailand		41,255,985		1,304,910		42,560,895

^(a)

Must be utilized prior to losses subject to expiration.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Hong Kong	$	2,875,210,378	$	414,747,287	$	(207,447,740	)	$	207,299,547
MSCI Japan Small-Cap		197,573,113		2,242,913		(43,472,750	)		(41,229,837)
MSCI Malaysia		481,255,137		158,542,695		(46,157,474	)		112,385,221
MSCI Pacific ex Japan		2,451,422,059		317,687,066		(416,127,343	)		(98,440,277)
MSCI Singapore		593,943,994		25,878,081		(77,933,290	)		(52,055,209)
MSCI Taiwan		2,192,445,667		1,657,813,723		(261,927,019	)		1,395,886,704
MSCI Thailand		579,546,272		18,578,965		(60,244,309	)		(41,665,344)

9. PRINCIPAL RISKS


62		2 0 1 9 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)

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.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples there of (”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						Year Ended
	02/28/19						08/31/18

iShares ETF	Shares			Amount			Shares			Amount

MSCI Hong Kong
Shares sold		20,400,000		$	499,894,704			38,250,000		$	993,462,562
Shares redeemed		(14,100,000	)		(320,557,882	)		(525,000	)		(12,660,522	)

Net increase		6,300,000		$	179,336,822			37,725,000		$	980,802,040

MSCI Japan Small-Cap
Shares sold		1,100,000		$	83,431,946			5,500,000		$	444,537,508
Shares redeemed		(2,700,000	)		(184,611,445	)		(4,400,000	)		(351,720,840	)

Net increase (decrease)		(1,600,000	)	$	(101,179,499	)		1,100,000		$	92,816,668

MSCI Malaysia
Shares sold		6,000,000		$	186,415,217			11,025,000		$	376,972,344
Shares redeemed		(4,125,000	)		(123,002,808	)		(7,725,000	)		(264,262,201	)

Net increase		1,875,000		$	63,412,409			3,300,000		$	112,710,143

MSCI Pacific ex Japan
Shares sold		1,500,000		$	64,545,548			4,500,000		$	212,570,632
Shares redeemed		(3,000,000	)		(125,853,661	)		(20,100,000	)		(950,640,217	)

Net decrease		(1,500,000	)	$	(61,308,113	)		(15,600,000	)	$	(738,069,585	)

MSCI Singapore
Shares sold		1,900,000		$	43,091,178			11,150,000		$	295,823,970
Shares redeemed		(3,600,000	)		(82,996,258	)		(11,150,000	)		(276,674,442	)

Net increase (decrease)		(1,700,000	)	$	(39,905,080	)		—		$	19,149,528

MSCI Taiwan
Shares sold		100,000		$	7,381,062			8,100,000		$	304,794,945
Shares redeemed		(6,300,000	)		(216,280,680	)		(1,200,000	)		(43,648,336	)

Net increase (decrease)		(6,200,000	)	$	(208,899,618	)		6,900,000		$	261,146,609

MSCI Thailand
Shares sold		2,500,000		$	219,570,425			2,250,000		$	213,303,678
Shares redeemed		(1,650,000	)		(143,315,217	)		(1,750,000	)		(160,624,858	)

Net increase		850,000		$	76,255,208			500,000		$	52,678,820


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			63

Notes to Financial Statements (unaudited) (continued)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company 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 Company’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 brokeragecosts) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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 U.S. Preferred Stock 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 usingstop-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. Plaintiffs have appealed the court’s decision.

12. REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.

Distributions for the year ended August 31, 2018 were classified as follows:


iShares ETF	Net Investment Income
MSCI Hong Kong	$	100,789,012
MSCI Japan Small-Cap		4,732,916
MSCI Malaysia		30,357,233
MSCI Pacific ex Japan		129,611,494
MSCI Singapore		31,091,826
MSCI Taiwan		104,132,193
MSCI Thailand		9,963,198

Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:


iShares ETF	Undistributed (distributions in excess of) net investment income
MSCI Hong Kong	$	10,599,938
MSCI Japan Small-Cap		322,056
MSCI Malaysia		(8,245,264)
MSCI Pacific ex Japan		5,556,042
MSCI Singapore		(2,982,920)
MSCI Taiwan		83,026,169
MSCI Thailand		1,914,983

13. SUBSEQUENT EVENTS


64		2 0 1 9 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


Supplemental Information (unaudited)

Section 19(a) Notices


		Total Cumulative Distributions								% Breakdown of the Total Cumulative
	for the Fiscal Year-to-Date								Distributions for the Fiscal Year-to-Date
		Net								Net
		Investment		Net Realized		Return of		Total Per		Investment		Net Realized		Return of		Total Per
iShares ETF		Income		Capital Gains		Capital		Share		Income		Capital Gains		Capital		Share
MSCI Japan Small-Cap^(a)	$	0.453993	$	—	$	0.072845	$	0.526838		86	%	—	%	14	%	100	%
MSCI Pacific ex Japan^(a)		0.801732		—		0.365072		1.166804		69		—		31		100
MSCI Singapore^(a)		0.068622		—		0.375011		0.443633		15		—		85		100

^(a)


S U P P L E M E N T A L I N F O R M A T I O N			65

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to www.icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


66		2 0 1 9 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

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity



ADR		American Depositary Receipt

NVDR		Non-Voting 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			67


		For more information visit www.iShares.com or call 1-800-iShares (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. ©2019 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.

FEBRUARY 28, 2019


2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

▶

iShares MSCI Brazil ETF | EWZ | NYSE Arca

▶

iShares MSCI Chile ETF | ECH | Cboe BZX

▶

iShares MSCI Colombia ETF | ICOL | NYSE Arca

▶

iShares MSCI Israel ETF | EIS | NYSE Arca

▶

iShares MSCI Russia ETF | ERUS | NYSE Arca

▶

iShares MSCI South Africa ETF | EZA | NYSE Arca

▶

iShares MSCI Turkey ETF | TUR | NASDAQ

▶

iShares MSCI USA Equal Weighted ETF | EUSA | NYSE Arca

Table of Contents


		Page
Fund Summary		5
About Fund Performance		13
Shareholder Expenses		13
Schedules of Investments		14
Financial Statements
Statements of Assets and Liabilities		37
Statements of Operations		39
Statements of Changes in Net Assets		41
Financial Highlights		45
Notes to Financial Statements		53
Supplemental Information		62
General Information		63
Glossary of Terms Used in this Report		64


Fund Summary as of February 28, 2019		iShares^® MSCI Brazil ETF

Investment Objective

The iShares MSCI Brazil ETF (the “Fund”) seeks to track the investment results of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 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		36.75	%		(2.06	)%		3.72	%		5.39%		(2.06	)%		20.04	%		69.03	%
Fund Market		34.45			(2.45	)		3.66			5.35		(2.45	)		19.69			68.43
Index		37.37			(1.34	)		4.41			6.00		(1.34	)		24.05			79.13

Index performance through February 11, 2013 reflects the performance of the MSCI Brazil Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Brazil 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,367.50	$	3.46		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	36.5	%
Materials	14.9
Energy	13.4
Consumer Staples	10.5
Consumer Discretionary	6.8
Industrials	6.6
Utilities	5.5
Communication Services	2.4
Real Estate	1.6
Information Technology	1.1
Health Care	0.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Itau Unibanco Holding SA (Preferred)	10.6	%
Vale SA	9.2
Banco Bradesco SA (Preferred)	8.9
Petroleo Brasileiro SA (Preferred)	6.2
Petroleo Brasileiro SA	5.1
B3 SA — Brasil, Bolsa, Balcao	4.7
Ambev SA	4.3
Banco do Brasil SA	3.0
Itausa-Investimentos Itau SA (Preferred)	2.8
Lojas Renner SA	2.3


F U N D S U M M A R Y			5


Fund Summary as of February 28, 2019		iShares^® MSCI Chile ETF

Investment Objective

The iShares MSCI Chile ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile IMI 25/50 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		3.86	%		(14.48	)%		2.37	%		4.87%		(14.48	)%		12.40	%		60.83	%
Fund Market		4.19			(14.19	)		2.41			4.72		(14.19	)		12.64			58.64
Index		4.14			(14.76	)		2.47			5.43		(14.76	)		12.99			69.66

Index performance through February 11, 2013 reflects the performance of the MSCI Chile Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Chile IMI 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,038.60	$	2.98		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Utilities	21.7	%
Financials	20.6
Materials	13.6
Consumer Staples	12.0
Consumer Discretionary	10.4
Energy	8.0
Industrials	6.8
Real Estate	2.7
Communication Services	2.7
Information Technology	1.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
SACI Falabella	8.3	%
Empresas COPEC SA	8.0
Banco Santander Chile	7.6
Sociedad Quimica y Minera de Chile SA (Preferred), Series B	7.2
Enel Americas SA	7.2
Empresas CMPC SA	4.8
Latam Airlines Group SA	4.6
Banco de Credito e Inversiones SA	4.5
Banco de Chile	4.3
Enel Chile SA	4.2


6		2 0 1 9 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 February 28, 2019		iShares^® MSCI Colombia ETF

Investment Objective

The iShares MSCI Colombia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Colombian equities, as represented by the MSCI All Colombia Capped 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		(2.94	)%		(6.97	)%		(8.41	)%		(8.84)%		(6.97	)%		(35.54	)%		(41.00	)%
Fund Market		(4.26	)		(8.93	)		(8.54	)		(8.93)		(8.93	)		(35.99	)		(41.32	)
Index		(2.79	)		(6.81	)		(8.01	)		(8.57)		(6.81	)		(34.14	)		(39.99	)

The inception date of the Fund was 6/18/13. The first day of secondary market trading was 6/20/13.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	970.60	$	2.98		$	1,000.00	$	1,021.80	$	3.06		0.61	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	37.9	%
Energy	27.1
Utilities	12.5
Materials	10.2
Consumer Staples	8.7
Industrials	2.7
Communication Services	0.9

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Ecopetrol SA	18.7	%
Bancolombia SA (Preferred)	15.8
Bancolombia SA	7.5
Grupo Energia Bogota SA ESP	4.7
Canacol Energy Ltd.	4.6
Banco Davivienda SA (Preferred)	4.5
Interconexion Electrica SA ESP	4.4
Almacenes Exito SA	4.4
Grupo de Inversiones Suramericana SA	4.3
Grupo Nutresa SA	4.3


F U N D S U M M A R Y			7


Fund Summary as of February 28, 2019		iShares^® MSCI Israel ETF

Investment Objective

The iShares MSCI Israel ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped Investable Market 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		(3.65	)%		6.29	%		3.40	%		8.02%		6.29	%		18.18	%		116.34	%
Fund Market		(3.73	)		6.45			3.13			8.30		6.45			16.64			121.98
Index		(3.31	)		6.94			3.90			8.42		6.94			21.06			124.39

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	963.50	$	2.87		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	30.4	%
Financials	26.0
Health Care	14.4
Real Estate	10.3
Industrials	5.6
Materials	4.0
Energy	3.4
Communication Services	2.6
Consumer Staples	2.2
Other (each representing less than 1%)	1.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Teva Pharmaceutical Industries Ltd.	14.1	%
Check Point Software Technologies Ltd.	13.8
Bank Leumi Le-Israel BM	8.9
Bank Hapoalim BM	6.5
Nice Ltd.	4.6
Israel Discount Bank Ltd., Class A	3.9
Wix. com Ltd.	3.9
Israel Chemicals Ltd.	3.2
CyberArk Software Ltd.	3.1
Elbit Systems Ltd.	3.0


8		2 0 1 9 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 February 28, 2019		iShares^® MSCI Russia ETF

Investment Objective

The iShares MSCI Russia ETF (the “Fund”) seeks to track the investment results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 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			Since Inception		1 Year			5 Years			Since Inception
Fund NAV		10.13	%		(5.24	)%		2.16	%		(1.25)%		(5.24	)%		11.29	%		(9.90	)%
Fund Market		9.87			(4.59	)		2.50			(1.34)		(4.59	)		13.12			(10.60	)
Index		10.43			(4.36	)		2.83			(0.62)		(4.36	)		14.97			(5.05	)

The inception date of the Fund was 11/9/10. The first day of secondary market trading was 11/10/10.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,101.30	$	3.07		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Energy	49.7	%
Materials	21.5
Financials	17.7
Consumer Staples	6.1
Communication Services	3.0
Utilities	2.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
LUKOIL PJSC	19.5	%
Gazprom PJSC	11.7
Sberbank of Russia PJSC	9.7
Sberbank of Russia PJSC	4.9
MMC Norilsk Nickel PJSC	4.8
Novatek PJSC	4.6
Tatneft PJSC	4.6
Magnit PJSC	3.6
Alrosa PJSC	3.1
Mobile TeleSystems PJSC	3.0


F U N D S U M M A R Y			9


Fund Summary as of February 28, 2019		iShares^® MSCI South Africa ETF

Investment Objective

The iShares MSCI South Africa ETF (the “Fund”) seeks to track the investment results of an index composed of South African equities, as represented by the MSCI South Africa 25/50 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		0.38	%		(22.28	)%		(0.10	)%		8.85%		(22.28	)%		(0.50	)%		133.40	%
Fund Market		0.00			(22.04	)		(0.07	)		8.87		(22.04	)		(0.34	)		133.86
Index		0.57			(21.95	)		0.51			9.55		(21.95	)		2.56			149.00

Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI South Africa 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,003.80	$	2.93		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	33.6	%
Consumer Discretionary	26.2
Materials	13.0
Consumer Staples	8.3
Communication Services	6.6
Real Estate	6.4
Health Care	3.1
Industrials	1.8
Energy	1.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Naspers Ltd., Class N	21.8	%
Standard Bank Group Ltd.	5.8
Sasol Ltd.	5.5
FirstRand Ltd.	5.0
MTN Group Ltd.	3.3
Sanlam Ltd.	3.3
Absa Group Ltd.	3.1
Old Mutual Ltd.	2.7
Nedbank Group Ltd.	2.7
Remgro Ltd.	2.6


10		2 0 1 9 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 February 28, 2019		iShares^® MSCI Turkey ETF

Investment Objective

The iShares MSCI Turkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey Investable Market 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		40.11	%		(35.18	)%		(5.78	)%		4.89%		(35.18	)%		(25.75	)%		61.20	%
Fund Market		38.45			(35.35	)		(5.82	)		4.80		(35.35	)		(25.91	)		59.81
Index		40.41			(35.02	)		(5.56	)		5.31		(35.02	)		(24.89	)		67.69

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,401.10	$	3.51		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	28.6	%
Industrials	22.9
Consumer Staples	13.9
Materials	11.2
Energy	7.8
Communication Services	6.9
Consumer Discretionary	5.3
Utilities	1.5
Real Estate	1.1
Health Care	0.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Turkiye Garanti Bankasi AS	9.0	%
Akbank T. A. S	8.5
BIM Birlesik Magazalar AS	8.0
Tupras Turkiye Petrol Rafinerileri AS	7.8
Turkcell Iletisim Hizmetleri AS	6.9
KOC Holding AS	6.2
Eregli Demir ve Celik Fabrikalari TAS	4.6
Turkiye Is Bankasi AS, Class C	4.0
Aselsan Elektronik Sanayi Ve Ticaret AS	3.7
Haci Omer Sabanci Holding AS	3.7


F U N D S U M M A R Y			11


Fund Summary as of February 28, 2019		iShares^® MSCI USA Equal Weighted ETF

Investment Objective

The iShares MSCI USA Equal Weighted ETF (the “Fund”) seeks to track the investment results of an index composed of equal weighted U.S. equities, as represented by the MSCI USA Equal Weighted 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		(2.55	)%		4.93	%		9.35	%		11.96%		4.93	%		56.36	%		170.81	%
Fund Market		(2.55	)		4.95			9.32			11.95		4.95			56.17			170.76
Index		(2.51	)		5.06			9.49			12.13		5.06			57.35			174.40

The inception date of the Fund was 5/5/10. The first day of secondary market trading was 5/7/10.

Index performance through August 31, 2015 reflects the performance of the MSCI USA Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Equal Weighted Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	974.50	$	0.73		$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	15.1	%
Financials	14.5
Industrials	13.8
Consumer Discretionary	12.7
Health Care	11.1
Real Estate	6.3
Consumer Staples	5.7
Communication Services	5.5
Energy	5.3
Utilities	5.1
Materials	4.9

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Wayfair Inc., Class A	0.2	%
MercadoLibre Inc.	0.2
WABCO Holdings Inc.	0.2
Garmin Ltd.	0.2
Best Buy Co. Inc.	0.2
Danaher Corp.	0.2
Zillow Group Inc., Class C	0.2
Albemarle Corp.	0.2
CoStar Group Inc.	0.2
Jazz Pharmaceuticals PLC	0.2


12		2 0 1 9 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

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.

Shareholder Expenses


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			13

Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Brazil ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.0%
Embraer SA		17,036,087	$	86,673,832


Banks — 6.1%
Banco Bradesco SA		15,173,324		155,890,454
Banco do Brasil SA		19,508,587		263,218,319
Banco Santander Brasil SA		10,454,575		125,279,275

				544,388,048

Beverages — 4.3%
Ambev SA		83,188,155		382,196,363


Capital Markets — 4.6%
B3 SA — Brasil, Bolsa, Balcao		47,324,977		413,782,013


Containers & Packaging — 1.0%
Klabin SA		18,369,500		88,363,650


Diversified Consumer Services — 1.2%
Kroton Educacional SA		35,429,819		103,637,121


Electric Utilities — 1.8%
Centrais Eletricas Brasileiras SA^(a)		6,623,300		65,310,215
Equatorial Energia SA		4,504,500		98,647,980

				163,958,195

Food & Staples Retailing — 1.8%
Atacadao Distribuicao Comercio e Industria Ltda		12,036,300		62,648,777
Raia Drogasil SA		5,886,100		102,662,436

				165,311,213

Food Products — 2.3%
BRF SA^(a)		13,882,850		76,146,983
JBS SA		25,425,507		91,051,146
M. Dias Branco SA		3,389,800		42,464,584

				209,662,713

Independent Power and Renewable Electricity Producers — 0.7%
Engie Brasil Energia SA		6,019,443		66,065,002


Insurance — 3.3%
BB Seguridade Participacoes SA		16,424,895		119,565,265
IRB Brasil Resseguros S/A		3,117,200		73,976,615
Porto Seguro SA		3,230,720		48,276,661
Sul America SA		6,445,349		52,246,813

				294,065,354

Internet & Direct Marketing Retail — 0.8%
B2W Cia. Digital^(a)		5,320,000		68,587,961


IT Services — 1.1%
Cielo SA		32,528,896		94,284,141


Machinery — 1.2%
WEG SA		21,269,681		104,469,708


Metals & Mining — 9.8%
Cia. Siderurgica Nacional SA^(a)		19,517,769		68,073,440
Vale SA		64,653,032		811,987,950

				880,061,390

Multiline Retail — 3.3%
Lojas Renner SA		17,332,890		200,031,326
Magazine Luiza SA		2,068,800		95,688,033

				295,719,359

Oil, Gas & Consumable Fuels — 7.1%
Cosan SA		5,119,050		59,650,019


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Petroleo Brasileiro SA		56,637,269	$	450,953,631
Ultrapar Participacoes SA		9,057,055		128,988,016

				639,591,666

Paper & Forest Products — 1.9%
Suzano Papel e Celulose SA		13,455,430		170,998,145


Personal Products — 0.8%
Natura Cosmeticos SA		5,587,565		72,082,233


Pharmaceuticals — 0.7%
Hypera SA		9,268,500		66,481,608


Real Estate Management & Development — 1.5%
BR Malls Participacoes SA		22,548,338		80,507,232
Multiplan Empreendimentos Imobiliarios SA		8,482,338		56,929,657

				137,436,889

Road & Rail — 3.1%
Localiza Rent a Car SA		14,667,431		135,126,922
Rumo SA^(a)		27,395,290		142,153,815

				277,280,737

Specialty Retail — 0.3%
Petrobras Distribuidora SA		4,138,700		26,982,525


Transportation Infrastructure — 1.3%
CCR SA		31,165,065		118,253,150


Water Utilities — 1.1%
Cia. de Saneamento Basico do Estado de Sao Paulo		9,202,600		96,559,512


Wireless Telecommunication Services — 0.8%
TIM Participacoes SA		22,965,825		72,383,455


Total Common Stocks — 62.9% (Cost: $4,057,551,549)				5,639,275,983


Preferred Stocks

Banks — 22.0%
Banco Bradesco SA, Preference Shares, NVS		68,075,289		785,445,705
Itau Unibanco Holding SA, Preference Shares, NVS		99,598,047		935,628,077
Itausa-Investimentos Itau SA, Preference Shares, NVS		75,823,127		250,098,548

				1,971,172,330

Chemicals — 0.8%
Braskem SA, Class A, Preference Shares, NVS		4,886,256		70,878,562


Diversified Telecommunication Services — 1.5%
Telefonica Brasil SA, Preference Shares, NVS		10,952,664		136,650,930


Electric Utilities — 1.8%
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		6,652,546		69,128,649
Cia. Energetica de Minas Gerais, Preference Shares, NVS		23,949,970		91,961,754

				161,090,403

Food & Staples Retailing — 1.2%
Cia. Brasileira de Distribuicao, Preference Shares, NVS		4,180,064		103,781,284


Metals & Mining — 1.2%
Gerdau SA, Preference Shares, NVS		26,052,326		105,174,912


Multiline Retail — 1.1%
Lojas Americanas SA, Preference Shares, NVS		19,379,017		102,882,802


14		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Brazil ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels — 6.1%
Petroleo Brasileiro SA, Preference Shares, NVS		76,193,683	$	549,776,965


Total Preferred Stocks — 35.7% (Cost: $1,952,619,450)				3,201,408,188


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(b)(c)		3,782,612		3,782,612


Total Short-Term Investments — 0.1% (Cost: $3,782,612)				3,782,612


Total Investments in Securities — 98.7% (Cost: $6,013,953,611)				8,844,466,783

Other Assets, Less Liabilities — 1.3%				120,686,680


Net Assets — 100.0%			$	8,965,153,463

^(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 February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	3,435,968	346,644	3,782,612	$	3,782,612	$	94,841	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini

2,341

03/15/19

122,516

2,856,714

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	2,856,714

^(a)


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)

February 28, 2019

iShares^® MSCI Brazil ETF

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(3,360,937	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,186,311

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	72,117,277

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	5,639,275,983	$	—	$	—	$	5,639,275,983
Preferred Stocks		3,201,408,188		—		—		3,201,408,188
Money Market Funds		3,782,612		—		—		3,782,612

	$	8,844,466,783	$	—	$	—	$	8,844,466,783

Derivative financial instruments^(a)
Assets
Futures Contracts	$	2,856,714	$	—	$	—	$	2,856,714

^(a)

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

See notes to financial statements.


16		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Chile ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 4.6%
Latam Airlines Group SA		1,865,499	$	21,708,246


Banks — 19.4%
Banco de Chile		129,036,796		20,515,437
Banco de Credito e Inversiones SA		313,021		21,435,001
Banco Santander Chile		450,816,959		36,006,150
Grupo Security SA		5,030,384		2,211,656
Itau CorpBanca		1,214,486,243		11,517,519

				91,685,763

Beverages — 4.9%
Cia. Cervecerias Unidas SA		1,128,823		15,988,750
Vina Concha y Toro SA		3,335,638		7,162,077

				23,150,827

Construction & Engineering — 1.9%
Besalco SA		4,294,123		4,262,482
Salfacorp SA		3,182,786		4,906,203

				9,168,685

Diversified Financial Services — 1.3%
Inversiones La Construccion SA		334,916		6,044,931


Electric Utilities — 13.3%
Enel Americas SA		196,172,568		34,152,137
Enel Chile SA		188,684,582		19,827,261
Engie Energia Chile SA		4,419,193		8,809,029

				62,788,427

Food & Staples Retailing — 4.4%
Cencosud SA		9,270,047		17,285,118
SMU SA^(a)		13,725,264		3,700,524

				20,985,642

Independent Power and Renewable Electricity Producers — 4.6%
AES Gener SA		25,685,898		7,692,139
Colbun SA		61,366,114		14,197,635

				21,889,774

IT Services — 1.5%
SONDA SA		4,266,952		7,141,072


Marine — 0.3%
Cia. Sud Americana de Vapores SA^(a)		37,879,478		1,237,920


Metals & Mining — 1.6%
CAP SA		672,433		7,424,309


Multiline Retail — 9.4%
Ripley Corp. SA		6,337,870		5,342,655
SACI Falabella		5,058,665		39,398,605

				44,741,260

Oil, Gas & Consumable Fuels — 8.0%
Empresas COPEC SA		2,786,524		37,872,811


Security	Shares		Value

Paper & Forest Products — 4.8%
Empresas CMPC SA		6,113,181	$	22,965,564


Real Estate Management & Development — 2.7%
Parque Arauco SA		4,656,593		12,800,164


Specialty Retail — 0.3%
Empresas Tricot SA		900,610		1,292,824


Textiles, Apparel & Luxury Goods — 0.6%
Forus SA		1,083,733		3,076,969


Water Utilities — 3.8%
Aguas Andinas SA, Class A		20,576,785		12,066,560
Inversiones Aguas Metropolitanas SA		3,730,252		5,764,922

				17,831,482

Wireless Telecommunication Services — 2.7%
Empresa Nacional de Telecomunicaciones SA		1,212,004		12,771,088


Total Common Stocks — 90.1% (Cost: $313,654,549)				426,577,758


Preferred Stocks

Beverages — 2.7%
Coca-Cola Embonor SA, Class B, Preference Shares		951,836		2,543,462
Embotelladora Andina SA, Class B, Preference Shares		2,722,343		10,206,318

				12,749,780

Chemicals — 7.2%
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		822,480		34,226,824


Total Preferred Stocks — 9.9% (Cost: $34,279,809)				46,976,604


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(b)(c)		470,484		470,484


Total Short-Term Investments — 0.1% (Cost: $470,484)				470,484


Total Investments in Securities — 100.1% (Cost: $348,404,842)				474,024,846

Other Assets, Less Liabilities — (0.1)%				(387,137	)


Net Assets — 100.0%			$	473,637,709

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	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)

February 28, 2019

iShares^® MSCI Chile ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	280,439	190,045	470,484	$	470,484	$	10,027	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	426,577,758	$	—	$	—	$	426,577,758
Preferred Stocks		46,976,604		—		—		46,976,604
Money Market Funds		470,484		—		—		470,484

	$	474,024,846	$	—	$	—	$	474,024,846

See notes to financial statements.


18		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Colombia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 8.1%
Banco de Bogota SA		5,530	$	113,358
Bancolombia SA		152,320		1,779,837

				1,893,195

Capital Markets — 1.0%
Bolsa de Valores de Colombia		68,250		239,380


Construction & Engineering — 0.3%
Constructora Conconcreto SA^(a)		813,715		81,128


Construction Materials — 8.9%
Cementos Argos SA		96,775		255,515
Cemex Latam Holdings SA^(a)		483,875		785,715
Grupo Argos SA/Colombia		116,738		679,379
Tecnoglass Inc.		41,475		367,054

				2,087,663

Diversified Financial Services — 5.3%
Corp. Financiera Colombiana SA^(a)		27,755		220,836
Grupo de Inversiones Suramericana SA		90,055		1,023,618

				1,244,454

Diversified Telecommunication Services — 0.9%
Empresa de Telecomunicaciones de Bogota^(a)		3,048,560		213,851


Electric Utilities — 7.9%
Celsia SA ESP		16,625		23,756
Enel Americas SA		4,500,405		783,486
Interconexion Electrica SA ESP		228,060		1,035,425

				1,842,667

Food & Staples Retailing — 4.4%
Almacenes Exito SA		217,245		1,030,065


Food Products — 4.4%
Grupo Nutresa SA		120,330		1,019,945


Gas Utilities — 4.8%
Grupo Energia Bogota SA ESP^(a)		1,679,475		1,112,669


Metals & Mining — 0.7%
Mineros SA		261,170		152,671


Oil, Gas & Consumable Fuels — 27.3%
Canacol Energy Ltd.^(a)		318,920		1,080,018
Ecopetrol SA		4,357,395		4,415,131
Empresas COPEC SA		66,430		902,878

				6,398,027


Total Common Stocks — 74.0% (Cost: $15,227,424)				17,315,715


Security	Shares		Value

Preferred Stocks

Airlines — 2.4%
Avianca Holdings SA, Preference Shares, NVS		935,480	$	565,079


Banks — 23.7%
Banco Davivienda SA, Preference Shares, NVS		87,045		1,066,861
Bancolombia SA, Preference Shares, NVS		308,525		3,719,294
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		1,986,145		757,898

				5,544,053

Construction Materials — 0.7%
Cementos Argos SA, Preference Shares, NVS		10,675		22,881
Grupo Argos SA/Colombia, Preference Shares, NVS		30,170		145,402

				168,283

Diversified Financial Services — 0.1%
Grupo de Inversiones Suramericana SA, Preference Shares, NVS		2,065		22,158


Total Preferred Stocks — 26.9% (Cost: $5,159,852)				6,299,573


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(b)(c)		28,125		28,125


Total Short-Term Investments — 0.1% (Cost: $28,125)				28,125


Total Investments in Securities — 101.0% (Cost: $20,415,401)				23,643,413

Other Assets, Less Liabilities — (1.0)%				(227,145	)


Net Assets — 100.0%			$	23,416,268

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	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			19

Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Colombia ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	—		—	$	—	$	48	^(b)	$	—		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	43,489	(15,364	)	28,125		28,125		376			—			—

					$	28,125	$	424		$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	17,315,715	$	—	$	—	$	17,315,715
Preferred Stocks		6,299,573		—		—		6,299,573
Money Market Funds		28,125		—		—		28,125

	$	23,643,413	$	—	$	—	$	23,643,413

See notes to financial statements.


20		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Israel ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.0%
Elbit Systems Ltd.		29,111	$	3,834,169


Banks — 23.0%
Bank Hapoalim BM		1,207,272		8,313,605
Bank Leumi Le-Israel BM		1,717,316		11,361,402
First International Bank of Israel Ltd.		58,825		1,410,897
Israel Discount Bank Ltd., Class A		1,408,124		4,978,559
Mizrahi Tefahot Bank Ltd.		175,217		3,357,179

				29,421,642

Biotechnology — 0.3%
UroGen Pharma Ltd.^(a)		9,267		356,594


Building Products — 0.4%
Caesarstone Ltd.		31,257		525,118


Chemicals — 3.9%
Israel Chemicals Ltd.		732,186		4,102,335
Israel Corp. Ltd. (The)		3,328		935,990

				5,038,325

Communications Equipment — 1.9%
Gilat Satellite Networks Ltd.^(a)		18,049		166,933
Ituran Location and Control Ltd.		24,236		894,308
Radware Ltd.^(a)		54,200		1,360,962

				2,422,203

Construction & Engineering — 1.5%
Elco Ltd.		9,730		182,588
Electra Ltd./Israel		2,786		694,203
Shapir Engineering and Industry Ltd.		147,853		499,896
Shikun & Binui Ltd.^(a)		302,060		557,658

				1,934,345

Diversified Telecommunication Services — 1.7%
Bezeq The Israeli Telecommunication Corp. Ltd.		2,516,340		2,207,176


Equity Real Estate Investment Trusts (REITs) — 0.8%
REIT 1 Ltd.		233,308		1,007,117


Food & Staples Retailing — 1.0%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		10,098		532,053
Shufersal Ltd.		105,911		757,102

				1,289,155

Food Products — 1.2%
Strauss Group Ltd.		61,113		1,546,906


Independent Power and Renewable Electricity Producers — 0.4%
Kenon Holdings Ltd./Singapore		29,056		550,782


Insurance — 3.0%
Clal Insurance Enterprises Holdings Ltd.^(a)		31,831		455,965
Harel Insurance Investments & Financial Services Ltd.		151,373		1,064,121
IDI Insurance Co. Ltd.		10,163		546,979
Menora Mivtachim Holdings Ltd.		41,591		528,963
Migdal Insurance & Financial Holding Ltd.		575,349		570,085
Phoenix Holdings Ltd. (The)		105,741		613,755

				3,779,868

IT Services — 4.6%
Formula Systems 1985 Ltd.		6,035		252,517
Matrix IT Ltd.		53,560		668,622
Wix.com Ltd.^(a)(b)		45,311		4,950,227

				5,871,366


Security	Shares		Value

Leisure Products — 0.1%
Maytronics Ltd.		30,205	$	192,577


Machinery — 0.7%
Kornit Digital Ltd.^(a)(b)		40,303		902,787


Oil, Gas & Consumable Fuels — 3.4%
Delek Group Ltd.		5,794		1,023,463
Equital Ltd.^(a)		23,692		685,294
Naphtha Israel Petroleum Corp. Ltd.		60,300		399,435
Oil Refineries Ltd.		1,440,176		764,776
Paz Oil Co. Ltd.		9,417		1,439,912

				4,312,880

Pharmaceuticals — 14.1%
Teva Pharmaceutical Industries Ltd., ADR^(a)		1,068,978		17,990,900


Real Estate Management & Development — 9.4%
ADO Group Ltd.^(a)		8,372		175,151
Africa Israel Properties Ltd.^(a)		21,551		581,241
Airport City Ltd.^(a)		106,911		1,533,515
Alony Hetz Properties & Investments Ltd.		139,391		1,533,507
Amot Investments Ltd.		175,108		1,014,937
Azrieli Group Ltd.		53,708		3,007,701
Bayside Land Corp.		1,146		559,217
Big Shopping Centers Ltd.		3,325		207,861
Blue Square Real Estate Ltd.		5,142		191,167
Brack Capital Properties NV^(a)		1,706		178,812
Gazit-Globe Ltd.		131,560		1,027,963
Industrial Buildings Corp. Ltd.^(a)		119,476		178,069
Jerusalem Economy Ltd.^(a)		96,267		292,270
Melisron Ltd.		24,071		1,159,303
Norstar Holdings Inc.		21,238		259,089
Summit Real Estate Holdings Ltd.		20,302		182,111

				12,081,914

Semiconductors & Semiconductor Equipment — 1.8%
Nova Measuring Instruments Ltd.^(a)		14,813		370,616
Tower Semiconductor Ltd.^(a)		109,890		1,980,255

				2,350,871

Software — 22.0%
Check Point Software Technologies Ltd.^(a)(b)		143,600		17,562,280
CyberArk Software Ltd.^(a)		36,282		3,982,675
Hilan Ltd.		7,214		186,545
Nice Ltd.^(a)		49,910		5,868,281
Sapiens International Corp. NV		41,847		568,139

				28,167,920

Specialty Retail — 0.2%
Delek Automotive Systems Ltd.		62,710		270,353


Textiles, Apparel & Luxury Goods — 0.4%
Delta-Galil Industries Ltd.^(b)		15,082		474,545


Wireless Telecommunication Services — 0.9%
Cellcom Israel Ltd.^(a)(b)		100,893		443,878
Partner Communications Co. Ltd.^(a)		161,418		703,919

				1,147,797


Total Common Stocks — 99.7% (Cost: $134,709,096)				127,677,310


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) (continued)

February 28, 2019

iShares^® MSCI Israel ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 18.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(c)(d)(e)		23,250,626	$	23,259,926
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(c)(d)		94,436		94,436

				23,354,362


Total Short-Term Investments — 18.3% (Cost: $23,348,979)				23,354,362


Total Investments in Securities — 118.0% (Cost: $158,058,075)				151,031,672

Other Assets, Less Liabilities — (18.0)%				(23,017,938	)


Net Assets — 100.0%			$	128,013,734

^(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 February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	7,120,644	16,129,982	23,250,626	$	23,259,926	$	20,180	^(b)	$	22		$	4,383
BlackRock Cash Funds: Treasury, SL Agency Shares	15,507	78,929	94,436		94,436		1,051			—			—

				$	23,354,362	$	21,231		$	22		$	4,383

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	127,677,310	$	—	$	—	$	127,677,310
Money Market Funds		23,354,362		—		—		23,354,362

	$	151,031,672	$	—	$	—	$	151,031,672

See notes to financial statements.


22		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Russia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 15.7%
Sberbank of Russia PJSC		17,691,520	$	55,789,182
Sberbank of Russia PJSC, ADR		2,208,765		28,183,841
VTB Bank PJSC		9,605,425,016		5,232,995
VTB Bank PJSC, GDR^(a)		922,492		1,085,773

				90,291,791

Capital Markets — 1.9%
Moscow Exchange MICEX-RTS PJSC^(b)		8,113,090		11,230,928


Chemicals — 1.9%
PhosAgro PJSC, GDR^(a)		803,817		10,980,140


Electric Utilities — 2.0%
Inter RAO UES PJSC		192,106,000		11,413,320


Food & Staples Retailing — 6.1%
Magnit PJSC, GDR^(a)		1,432,908		20,576,559
X5 Retail Group NV, GDR^(a)		564,453		14,360,536

				34,937,095

Metals & Mining — 19.6%
Alrosa PJSC		12,412,470		17,913,400
Magnitogorsk Iron & Steel Works PJSC		15,041,400		10,157,517
MMC Norilsk Nickel PJSC		128,036		27,423,413
Novolipetsk Steel PJSC		6,192,560		14,889,303
Polymetal International PLC		889,977		10,258,453
Polymetal International PLC		132,263		1,561,555
Polyus PJSC		170,945		14,190,021
Severstal PJSC		1,052,455		16,431,370

				112,825,032

Oil, Gas & Consumable Fuels — 46.1%
Gazprom PJSC		27,932,190		67,392,893
LUKOIL PJSC		1,345,488		112,320,951
Novatek PJSC, GDR^(a)		153,067		26,526,511
Rosneft Oil Co. PJSC, GDR^(a)		2,229,711		13,355,969
Rosneft Oil Co. PJSC		1,363,360		8,250,970
Surgutneftegas PJSC		27,988,746		10,911,560


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Tatneft PJSC		2,243,475	$	26,422,762

				265,181,616

Wireless Telecommunication Services — 3.0%
Mobile TeleSystems PJSC, ADR		2,245,972		17,361,364


Total Common Stocks — 96.3% (Cost: $542,125,368)				554,221,286


Preferred Stocks

Oil, Gas & Consumable Fuels — 3.5%
Surgutneftegas PJSC, Preference Shares, NVS		25,112,800		15,310,534
Transneft PJSC, Preference Shares		1,978		5,120,880

				20,431,414


Total Preferred Stocks — 3.5% (Cost: $18,774,462)				20,431,414


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(c)(d)		1,006,440		1,006,440


Total Short-Term Investments — 0.2% (Cost: $1,006,440)				1,006,440


Total Investments in Securities — 100.0% (Cost: $561,906,270)				575,659,140

Other Assets, Less Liabilities — (0.0)%				(206,675	)


Net Assets — 100.0%			$	575,452,465

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

^(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 February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	349,697	656,743	1,006,440	$	1,006,440	$	15,611	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


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)

February 28, 2019

iShares^® MSCI Russia ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	554,221,286	$	—	$	—	$	554,221,286
Preferred Stocks		20,431,414		—		—		20,431,414
Money Market Funds		1,006,440		—		—		1,006,440

	$	575,659,140	$	—	$	—	$	575,659,140

See notes to financial statements.


24		2 0 1 9 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)

February 28, 2019

iShares^® MSCI South Africa ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 13.0%
Absa Group Ltd.		1,367,176	$	17,561,308
Capitec Bank Holdings Ltd.		84,020		7,805,766
Nedbank Group Ltd.		756,957		15,311,420
Standard Bank Group Ltd.		2,371,005		32,674,675

				73,353,169

Capital Markets — 1.6%
Investec Ltd.		660,177		4,299,133
Reinet Investments SCA		312,706		4,939,020

				9,238,153

Chemicals — 5.5%
Sasol Ltd.		1,023,494		31,293,001


Diversified Financial Services — 10.0%
FirstRand Ltd.		6,183,230		28,277,503
PSG Group Ltd.		323,617		5,979,319
Remgro Ltd.		1,007,498		14,417,396
RMB Holdings Ltd.		1,419,420		8,088,473

				56,762,691

Diversified Telecommunication Services — 0.7%
Telkom SA SOC Ltd.		738,516		3,677,873


Equity Real Estate Investment Trusts (REITs) — 5.2%
Fortress REIT Ltd., Series A		2,655,863		3,573,893
Fortress REIT Ltd., Series B		2,199,676		2,174,644
Growthpoint Properties Ltd.		5,837,058		10,138,048
Hyprop Investments Ltd.		598,063		3,296,152
Redefine Properties Ltd.		10,867,354		7,505,122
Resilient REIT Ltd.		682,216		2,985,544

				29,673,403

Food & Staples Retailing — 7.2%
Bid Corp. Ltd.		644,929		13,516,446
Clicks Group Ltd.		514,284		6,608,147
Pick n Pay Stores Ltd.		832,989		4,107,477
Shoprite Holdings Ltd.		856,005		10,453,489
SPAR Group Ltd. (The)		412,412		5,857,658

				40,543,217

Food Products — 1.1%
Tiger Brands Ltd.		334,227		6,330,107


Health Care Providers & Services — 1.8%
Life Healthcare Group Holdings Ltd.		2,819,841		5,427,091
Netcare Ltd.		2,531,280		4,580,068

				10,007,159

Industrial Conglomerates — 1.7%
Bidvest Group Ltd. (The)		666,819		9,868,068


Insurance — 8.9%
Discovery Ltd.		720,843		7,899,537
Liberty Holdings Ltd.		348,825		2,555,404
MMI Holdings Ltd./South Africa^(a)		2,343,513		2,600,199
Old Mutual Ltd.		9,263,621		15,318,577
Rand Merchant Investment Holdings Ltd.		1,574,851		3,726,550
Sanlam Ltd.		3,310,901		18,530,213

				50,630,480

Internet & Direct Marketing Retail — 21.8%
Naspers Ltd., Class N		568,917		123,227,179


Security	Shares		Value

Media — 0.8%
Multichoice Group Ltd.		608,285	$	4,544,832


Metals & Mining — 5.3%
Anglo American Platinum Ltd.		124,356		6,780,410
AngloGold Ashanti Ltd.		826,388		11,873,303
Gold Fields Ltd.		1,778,689		7,275,420
Kumba Iron Ore Ltd.		163,804		4,349,427

				30,278,560

Multiline Retail — 1.2%
Woolworths Holdings Ltd./South Africa		2,008,903		6,543,937


Oil, Gas & Consumable Fuels — 1.0%
Exxaro Resources Ltd.		546,241		5,894,041


Paper & Forest Products — 2.1%
Mondi Ltd.		252,176		5,940,484
Sappi Ltd.		1,113,448		5,721,666

				11,662,150

Pharmaceuticals — 1.3%
Aspen Pharmacare Holdings Ltd.		764,832		7,585,219


Real Estate Management & Development — 1.2%
NEPI Rockcastle PLC		781,627		6,579,898


Specialty Retail — 3.3%
Foschini Group Ltd. (The)		476,883		5,827,063
Mr. Price Group Ltd.		508,900		7,814,112
Truworths International Ltd.		936,480		4,866,899

				18,508,074

Wireless Telecommunication Services — 5.1%
MTN Group Ltd.^(b)		3,146,247		18,689,513
Vodacom Group Ltd.		1,236,594		10,212,896

				28,902,409


Total Common Stocks — 99.8% (Cost: $664,206,750)				565,103,620


Short-Term Investments

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(c)(d)(e)		14,027,865		14,033,475
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(c)(d)		451		451

				14,033,926


Total Short-Term Investments — 2.5% (Cost: $14,029,731)				14,033,926


Total Investments in Securities — 102.3% (Cost: $678,236,481)				579,137,546

Other Assets, Less Liabilities — (2.3)%				(12,985,445	)


Net Assets — 100.0%			$	566,152,101

^(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			25

Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI South Africa ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	14,027,865		14,027,865	$	14,033,475	$	19,298	^(b)	$	(110	)	$	4,195
BlackRock Cash Funds: Treasury, SL Agency Shares	173,320	(172,869	)	451		451		3,527			—			—

					$	14,033,926	$	22,825		$	(110	)	$	4,195

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	565,103,620	$	—	$	—	$	565,103,620
Money Market Funds		14,033,926		—		—		14,033,926

	$	579,137,546	$	—	$	—	$	579,137,546

See notes to financial statements.


26		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Turkey ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.7%
Aselsan Elektronik Sanayi Ve Ticaret AS		4,444,016	$	20,428,810


Airlines — 3.9%
Pegasus Hava Tasimaciligi AS^(a)		466,709		2,581,161
Turk Hava Yollari AO^(a)		7,122,778		18,881,905

				21,463,066

Auto Components — 0.3%
Kordsa Teknik Tekstil AS		769,580		1,552,434


Automobiles — 1.7%
Ford Otomotiv Sanayi AS		908,185		9,441,106


Banks — 24.1%
Akbank T.A.S.		36,644,183		47,196,390
Turkiye Garanti Bankasi AS		29,648,485		49,580,894
Turkiye Halk Bankasi AS		8,072,047		11,576,895
Turkiye Is Bankasi AS, Class C		20,303,614		22,115,485
Turkiye Sinai Kalkinma Bankasi AS		16,707,371		2,631,082

				133,100,746

Beverages — 3.0%
Anadolu Efes Biracilik Ve Malt Sanayii AS		2,701,298		10,158,987
Coca-Cola Icecek AS		995,290		6,269,544

				16,428,531

Building Products — 0.7%
Trakya Cam Sanayii AS		5,691,975		4,108,381


Capital Markets — 0.2%
Verusa Holding AS^(b)		318,483		1,093,852


Chemicals — 3.8%
Petkim Petrokimya Holding AS		10,700,820		11,053,903
Sasa Polyester Sanayi AS^(a)		1,567,637		2,524,560
Soda Sanayii AS		5,145,855		7,351,221

				20,929,684

Construction & Engineering — 2.4%
Tekfen Holding AS		2,643,769		13,085,021


Containers & Packaging — 0.3%
Anadolu Cam Sanayii AS^(b)		2,435,688		1,465,796


Diversified Financial Services — 3.7%
Haci Omer Sabanci Holding AS		11,858,513		20,297,755


Electric Utilities — 0.6%
Enerjisa Enerji AS^(c)		3,056,969		3,243,803


Equity Real Estate Investment Trusts (REITs) —1.1%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS^(b)		22,263,112		6,385,932


Food & Staples Retailing — 9.3%
BIM Birlesik Magazalar AS		2,732,940		43,909,441
Migros Ticaret AS^(a)		695,356		2,046,698
Sok Marketler Ticaret AS^(a)(b)		2,767,323		5,530,496

				51,486,635

Food Products — 1.3%
Ulker Biskuvi Sanayi AS		2,000,741		7,269,284


Gas Utilities — 0.4%
Aygaz AS^(b)		968,525		2,077,226


Security	Shares		Value

Health Care Providers & Services — 0.8%
MLP Saglik Hizmetleri AS^(a)(c)		1,075,293	$	2,802,132
Selcuk Ecza Deposu Ticaret ve Sanayi AS		2,027,340		1,470,905

				4,273,037

Household Durables — 2.2%
Arcelik AS^(b)		2,642,909		10,315,967
Vestel Elektronik Sanayi ve Ticaret AS^(a)		1,101,922		2,067,910

				12,383,877

Independent Power and Renewable Electricity Producers — 0.5%
Aksa Enerji Uretim AS^(a)(b)		2,020,101		1,158,888
Zorlu Enerji Elektrik Uretim AS^(a)		6,467,839		1,867,355

				3,026,243

Industrial Conglomerates — 9.3%
AG Anadolu Grubu Holding AS^(b)		1,266,449		3,233,790
Dogan Sirketler Grubu Holding AS^(a)(b)		13,612,853		2,883,863
Enka Insaat ve Sanayi AS		1		1
KOC Holding AS		9,789,049		34,208,451
Turkiye Sise ve Cam Fabrikalari AS		8,704,762		10,999,268

				51,325,373

Insurance — 0.6%
Anadolu Anonim Turk Sigorta Sirketi		2,583,036		2,014,516
Anadolu Hayat Emeklilik AS		1,125,023		1,225,419

				3,239,935

Machinery — 0.7%
Otokar Otomotiv Ve Savunma Sanayi AS		110,156		2,457,549
Turk Traktor ve Ziraat Makineleri AS		191,184		1,248,036

				3,705,585

Metals & Mining — 7.1%
Eregli Demir ve Celik Fabrikalari TAS		14,566,358		25,451,530
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A^(a)		2,842,072		1,300,085
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D^(a)(b)		8,513,683		4,229,708
Koza Altin Isletmeleri AS^(a)		597,969		5,490,911
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)(b)		2,538,427		2,812,543

				39,284,777

Oil, Gas & Consumable Fuels — 7.8%
Tupras Turkiye Petrol Rafinerileri AS		1,611,621		43,357,258


Personal Products — 0.2%
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS^(b)		2,285,762		1,315,577


Textiles, Apparel & Luxury Goods — 1.0%
Aksa Akrilik Kimya Sanayii AS		1,116,778		1,972,262
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(c)		477,503		3,715,106

				5,687,368

Transportation Infrastructure — 2.2%
TAV Havalimanlari Holding AS		2,360,548		12,311,670


Wireless Telecommunication Services — 6.9%
Turkcell Iletisim Hizmetleri AS		14,209,515		38,094,500


Total Common Stocks — 99.8% (Cost: $696,108,269)				551,863,262


Short-Term Investments

Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		14,787,096		14,793,010


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)

February 28, 2019

iShares^® MSCI Turkey ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		147,730	$	147,730

				14,940,740


Total Short-Term Investments — 2.7% (Cost: $14,935,219)				14,940,740


Total Investments in Securities — 102.5% (Cost: $711,043,488)				566,804,002

Other Assets, Less Liabilities — (2.5)%				(13,987,344	)


Net Assets — 100.0%			$	552,816,658

^(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 February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	18,539,409	(3,752,313	)	14,787,096	$	14,793,010	$	810,789	^(b)	$	(3,647	)	$	1,459
BlackRock Cash Funds: Treasury, SL Agency Shares	315,285	(167,555	)	147,730		147,730		3,679			—			—

					$	14,940,740	$	814,468		$	(3,647	)	$	1,459

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	551,863,262	$	—	$	—	$	551,863,262
Money Market Funds		14,940,740		—		—		14,940,740

	$	566,804,002	$	—	$	—	$	566,804,002

See notes to financial statements.


28		2 0 1 9 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)

February 28, 2019

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.1%
Arconic Inc.		22,395	$	414,084
Boeing Co. (The)		942		414,442
General Dynamics Corp.		2,243		381,803
Harris Corp.		2,385		393,358
Huntington Ingalls Industries Inc.		1,800		376,938
L3 Technologies Inc.		1,852		392,161
Lockheed Martin Corp.		1,281		396,354
Northrop Grumman Corp.		1,370		397,245
Raytheon Co.		2,129		397,058
Spirit AeroSystems Holdings Inc., Class A		4,107		405,772
Textron Inc.		7,170		389,331
TransDigm Group Inc.^(a)		895		388,511
United Technologies Corp.		3,082		387,315

				5,134,372

Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		4,298		388,453
Expeditors International of Washington Inc.		5,337		400,008
FedEx Corp.		2,192		396,752
United Parcel Service Inc., Class B		3,545		390,659
XPO Logistics Inc.^(a)		7,563		380,797

				1,956,669

Airlines — 0.6%
American Airlines Group Inc.		11,214		399,555
Delta Air Lines Inc.		7,695		381,518
Southwest Airlines Co.		6,812		381,745
United Continental Holdings Inc.^(a)		4,451		390,842

				1,553,660

Auto Components — 0.8%
Aptiv PLC		4,855		403,499
Autoliv Inc.		5,024		411,014
BorgWarner Inc.		9,376		380,759
Goodyear Tire & Rubber Co. (The)		20,917		413,738
Lear Corp.		2,504		380,783

				1,989,793

Automobiles — 0.7%
Ford Motor Co.		46,023		403,622
General Motors Co.		10,055		396,971
Harley-Davidson Inc.		10,537		391,133
Tesla Inc.^(a)(b)		1,277		408,487

				1,600,213

Banks — 3.6%
Bank of America Corp.		13,502		392,638
BB&T Corp.		7,752		395,119
CIT Group Inc.		7,742		394,610
Citigroup Inc.		6,115		391,238
Citizens Financial Group Inc.		10,709		395,591
Comerica Inc.		4,551		396,438
East West Bancorp. Inc.		7,291		398,162
Fifth Third Bancorp.		14,466		398,972
First Republic Bank/CA		3,867		405,958
Huntington Bancshares Inc./OH		28,054		404,258
JPMorgan Chase & Co.		3,724		388,637
KeyCorp		22,446		396,396
M&T Bank Corp.		2,282		394,923
People’s United Financial Inc.		22,666		402,548
PNC Financial Services Group Inc. (The)		3,165		398,853
Regions Financial Corp.		24,565		402,866


Security	Shares		Value

Banks (continued)
Signature Bank/New York NY		2,941	$	399,270
SunTrust Banks Inc.		6,036		391,555
SVB Financial Group^(a)		1,592		393,479
U.S. Bancorp		7,660		395,945
Wells Fargo & Co.		7,985		398,372
Zions Bancorp. N.A.		7,843		400,777

				8,736,605

Beverages — 1.0%
Brown-Forman Corp., Class B, NVS		8,033		397,553
Coca-Cola Co. (The)		8,688		393,914
Constellation Brands Inc., Class A		2,247		380,103
Molson Coors Brewing Co., Class B		6,453		397,892
Monster Beverage Corp.^(a)		6,734		429,831
PepsiCo Inc.		3,391		392,135

				2,391,428

Biotechnology — 2.3%
AbbVie Inc.		4,861		385,186
Alexion Pharmaceuticals Inc.^(a)		3,037		410,997
Alkermes PLC^(a)		12,079		401,868
Alnylam Pharmaceuticals Inc.^(a)(b)		4,705		399,925
Amgen Inc.		2,087		396,697
Biogen Inc.^(a)		1,181		387,380
BioMarin Pharmaceutical Inc.^(a)		4,182		390,013
Celgene Corp.^(a)		4,334		360,242
Gilead Sciences Inc.		5,815		378,091
Incyte Corp.^(a)		4,671		402,780
Regeneron Pharmaceuticals Inc.^(a)		927		399,296
Seattle Genetics Inc.^(a)		5,499		408,466
United Therapeutics Corp.^(a)		3,292		415,747
Vertex Pharmaceuticals Inc.^(a)		2,090		394,488

				5,531,176

Building Products — 1.1%
Allegion PLC		4,293		386,198
AO Smith Corp.		7,611		395,239
Fortune Brands Home & Security Inc.		8,292		390,719
Johnson Controls International PLC		11,254		396,929
Lennox International Inc.		1,593		390,683
Masco Corp.		10,492		394,080
Owens Corning		7,187		358,847

				2,712,695

Capital Markets — 4.1%
Affiliated Managers Group Inc.		3,607		395,363
Ameriprise Financial Inc.		3,008		395,943
Bank of New York Mellon Corp. (The)		7,417		389,244
BlackRock Inc.^(c)		910		403,330
Cboe Global Markets Inc.		4,202		403,014
Charles Schwab Corp. (The)		8,483		390,303
CME Group Inc.		2,241		407,660
E*TRADE Financial Corp.		8,281		405,686
Eaton Vance Corp., NVS		9,575		400,714
Franklin Resources Inc.		12,112		394,972
Goldman Sachs Group Inc. (The)		1,980		389,466
Intercontinental Exchange Inc.		5,206		401,643
Invesco Ltd.		20,840		403,254
KKR & Co. Inc., Class A, NVS		16,704		371,330
Moody’s Corp.		2,322		401,985
Morgan Stanley		9,360		392,933
MSCI Inc.		2,244		414,512
Nasdaq Inc.		4,479		410,142


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)

February 28, 2019

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Northern Trust Corp.		4,222	$	393,490
Raymond James Financial Inc.		4,802		396,549
S&P Global Inc.		1,982		397,133
SEI Investments Co.		7,534		397,419
State Street Corp.		5,562		399,741
T Rowe Price Group Inc.		4,028		404,532
TD Ameritrade Holding Corp.		6,912		389,353

				9,949,711

Chemicals — 2.8%
Air Products & Chemicals Inc.		2,258		409,104
Albemarle Corp.		4,830		440,931
Axalta Coating Systems Ltd.^(a)		14,731		393,760
Celanese Corp.		3,920		400,977
CF Industries Holdings Inc.		9,410		397,102
Chemours Co. (The)		10,412		395,968
DowDuPont Inc.		7,246		385,705
Eastman Chemical Co.		4,752		392,943
Ecolab Inc.		2,404		406,060
FMC Corp.		4,605		412,147
International Flavors & Fragrances Inc.		2,983		380,332
Linde PLC		2,332		403,996
LyondellBasell Industries NV, Class A		4,485		383,557
Mosaic Co. (The)		12,240		382,745
PPG Industries Inc.		3,602		403,316
Sherwin-Williams Co. (The)		895		387,714
Westlake Chemical Corp.		4,870		340,267

				6,716,624

Commercial Services & Supplies — 1.0%
Cintas Corp.		1,929		398,532
Copart Inc.^(a)		7,274		426,766
Republic Services Inc.		5,063		397,091
Rollins Inc.		9,799		388,628
Waste Connections Inc.		4,746		395,816
Waste Management Inc.		3,968		401,760

				2,408,593

Communications Equipment — 1.0%
Arista Networks Inc.^(a)		1,489		424,737
Cisco Systems Inc.		7,951		411,623
CommScope Holding Co. Inc.^(a)		17,330		403,963
F5 Networks Inc.^(a)		2,295		385,881
Juniper Networks Inc.		14,492		392,444
Motorola Solutions Inc.		2,835		405,745

				2,424,393

Construction & Engineering — 0.3%
Fluor Corp.		10,824		406,982
Jacobs Engineering Group Inc.		5,719		421,948

				828,930

Construction Materials — 0.3%
Martin Marietta Materials Inc.		2,068		388,370
Vulcan Materials Co.		3,474		387,212

				775,582

Consumer Finance — 0.8%
Ally Financial Inc.		14,552		394,214
American Express Co.		3,660		394,328
Capital One Financial Corp.		4,818		402,689
Discover Financial Services		5,513		394,786
Synchrony Financial		12,379		403,679

				1,989,696


Security	Shares		Value

Containers & Packaging — 1.1%
Avery Dennison Corp.		3,747	$	404,826
Ball Corp.		7,261		397,758
Crown Holdings Inc.^(a)(b)		7,377		400,497
International Paper Co.		8,371		383,559
Packaging Corp. of America		3,999		382,264
Sealed Air Corp.		9,325		406,757
Westrock Co.		10,065		376,230

				2,751,891

Distributors — 0.3%
Genuine Parts Co.		3,653		397,374
LKQ Corp.^(a)		14,476		400,985

				798,359

Diversified Consumer Services — 0.2%
H&R Block Inc.		16,309		393,862


Diversified Financial Services — 0.6%
AXA Equitable Holdings Inc.		20,322		388,557
Berkshire Hathaway Inc., Class B^(a)		1,915		385,490
Jefferies Financial Group Inc.		18,698		379,008
Voya Financial Inc.		7,927		400,868

				1,553,923

Diversified Telecommunication Services — 0.6%
AT&T Inc.		12,899		401,417
CenturyLink Inc.		28,605		377,300
Verizon Communications Inc.		7,125		405,555
Zayo Group Holdings Inc.^(a)		15,287		379,117

				1,563,389

Electric Utilities — 2.5%
Alliant Energy Corp.		8,738		400,812
American Electric Power Co. Inc.		4,958		402,342
Duke Energy Corp.		4,491		402,663
Edison International		6,496		389,045
Entergy Corp.		4,374		408,225
Evergy Inc.		6,688		373,926
Eversource Energy		5,599		390,866
Exelon Corp.		8,144		395,717
FirstEnergy Corp.		9,928		404,566
NextEra Energy Inc.		2,148		403,223
OGE Energy Corp.		9,385		399,050
Pinnacle West Capital Corp.		4,369		409,550
PPL Corp.		12,903		415,090
Southern Co. (The)		8,094		402,191
Xcel Energy Inc.		7,352		403,331

				6,000,597

Electrical Equipment — 1.0%
Acuity Brands Inc.		2,999		390,230
AMETEK Inc.		4,975		395,910
Eaton Corp. PLC		4,992		398,212
Emerson Electric Co.		5,775		393,566
Rockwell Automation Inc.		2,216		395,689
Sensata Technologies Holding PLC^(a)		7,987		405,181

				2,378,788

Electronic Equipment, Instruments & Components — 1.8%
Amphenol Corp., Class A		4,240		398,433
Arrow Electronics Inc.^(a)		4,841		385,828
CDW Corp./DE		4,144		389,080
Cognex Corp.		7,748		413,743
Corning Inc.		11,389		396,451
Flex Ltd.^(a)		38,345		404,156


30		2 0 1 9 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)

February 28, 2019

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
FLIR Systems Inc.		7,499	$	385,824
IPG Photonics Corp.^(a)		2,538		393,466
Keysight Technologies Inc.^(a)		4,890		412,765
TE Connectivity Ltd.		4,785		392,801
Trimble Inc.^(a)		10,024		401,060

				4,373,607

Energy Equipment & Services — 0.9%
Baker Hughes a GE Co.		15,216		401,398
Halliburton Co.		12,340		378,715
Helmerich & Payne Inc.		6,847		371,107
National Oilwell Varco Inc.		13,185		371,026
Schlumberger Ltd.		8,744		385,261
TechnipFMC PLC		16,697		372,176

				2,279,683

Entertainment — 1.4%
Activision Blizzard Inc.		8,812		371,338
Electronic Arts Inc.^(a)		3,679		352,375
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		12,513		389,405
Live Nation Entertainment Inc.^(a)		7,003		396,090
Netflix Inc.^(a)		1,103		394,984
Take-Two Interactive Software Inc.^(a)		4,213		367,626
Twenty-First Century Fox Inc., Class A, NVS		5,521		278,424
Twenty-First Century Fox Inc., Class B		2,339		117,324
Viacom Inc., Class B, NVS		13,483		393,973
Walt Disney Co. (The)		3,491		393,924

				3,455,463

Equity Real Estate Investment Trusts (REITs) — 5.9%
Alexandria Real Estate Equities Inc.		2,920		396,799
American Tower Corp.		2,215		390,172
AvalonBay Communities Inc.		2,005		390,233
Boston Properties Inc.		2,947		391,037
Brookfield Property REIT Inc., Class A		19,642		385,376
Camden Property Trust		3,983		390,692
Crown Castle International Corp.		3,272		388,550
Digital Realty Trust Inc.		3,417		386,531
Duke Realty Corp.		13,285		392,837
Equinix Inc.		933		395,126
Equity Residential		5,369		395,642
Essex Property Trust Inc.		1,410		394,574
Extra Space Storage Inc.		3,950		378,963
Federal Realty Investment Trust		2,901		387,545
HCP Inc.		12,744		392,133
Host Hotels & Resorts Inc.		21,086		413,496
Invitation Homes Inc.		16,711		384,353
Iron Mountain Inc.		11,191		396,385
Kimco Realty Corp.		22,130		389,267
Liberty Property Trust		8,267		391,277
Macerich Co. (The)		8,996		392,226
Mid-America Apartment Communities Inc.		3,773		390,807
National Retail Properties Inc.		7,476		389,500
Prologis Inc.		5,521		386,801
Public Storage		1,892		400,139
Realty Income Corp.		5,608		387,849
Regency Centers Corp.		5,926		386,672
SBA Communications Corp.^(a)		2,119		382,607
Simon Property Group Inc.		2,144		388,407
SL Green Realty Corp.		4,291		389,280
UDR Inc.		8,814		391,518
Ventas Inc.		6,027		378,194


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
VEREIT Inc.		47,526	$	378,782
Vornado Realty Trust		5,713		384,542
Welltower Inc.		5,064		376,306
Weyerhaeuser Co.		15,389		383,032
WP Carey Inc.		5,227		386,119

				14,403,769

Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		1,816		397,232
Kroger Co. (The)		13,323		390,764
Sysco Corp.		5,819		393,073
Walgreens Boots Alliance Inc.		5,353		381,080
Walmart Inc.		3,931		389,130

				1,951,279

Food Products — 2.4%
Archer-Daniels-Midland Co.		9,362		397,885
Bunge Ltd.		7,514		398,843
Campbell Soup Co.		11,297		406,918
Conagra Brands Inc.		16,042		374,902
General Mills Inc.		8,726		411,256
Hershey Co. (The)		3,610		399,555
Hormel Foods Corp.		9,098		394,489
Ingredion Inc.		4,200		388,290
JM Smucker Co. (The)		3,802		402,670
Kellogg Co.		6,921		389,375
Kraft Heinz Co. (The)		8,254		273,950
Lamb Weston Holdings Inc.		5,654		391,879
McCormick &Co. Inc./MD, NVS		3,065		416,779
Mondelez International Inc., Class A		8,161		384,873
Tyson Foods Inc., Class A		6,278		387,101

				5,818,765

Gas Utilities — 0.3%
Atmos Energy Corp.		4,050		400,343
UGI Corp.		7,355		403,789

				804,132

Health Care Equipment & Supplies — 3.3%
Abbott Laboratories		5,223		405,409
ABIOMED Inc.^(a)		1,086		363,267
Align Technology Inc.^(a)(b)		1,542		399,332
Baxter International Inc.		5,353		400,030
Becton Dickinson and Co.		1,588		395,079
Boston Scientific Corp.^(a)		9,823		394,099
Cooper Companies Inc. (The)		1,411		403,532
Danaher Corp.		3,533		448,762
DENTSPLY SIRONA Inc.		9,019		376,633
DexCom Inc.^(a)		2,647		368,806
Edwards Lifesciences Corp.^(a)		2,211		374,300
Hologic Inc.^(a)		8,491		400,351
IDEXX Laboratories Inc.^(a)		1,873		395,259
Intuitive Surgical Inc.^(a)		717		392,636
Medtronic PLC		4,260		385,530
ResMed Inc.		3,913		400,809
Stryker Corp.		2,104		396,625
Teleflex Inc.		1,375		398,530
Varian Medical Systems Inc.^(a)		2,961		397,840
Zimmer Biomet Holdings Inc.		3,179		394,577

				7,891,406

Health Care Providers & Services — 2.4%
AmerisourceBergen Corp.		4,535		377,765
Anthem Inc.		1,264		380,123


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)

February 28, 2019

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Cardinal Health Inc.		7,127	$	387,281
Centene Corp.^(a)		6,049		368,324
Cigna Corp.		1,990		347,135
CVS Health Corp.		5,653		326,913
DaVita Inc.^(a)		6,650		378,385
HCA Healthcare Inc.		2,730		379,579
Henry Schein Inc.^(a)		6,300		373,590
Humana Inc.		1,267		361,146
Laboratory Corp. of America Holdings^(a)		2,623		388,833
McKesson Corp.		2,905		369,400
Quest Diagnostics Inc.		4,476		387,398
UnitedHealth Group Inc.		1,450		351,219
Universal Health Services Inc., Class B		2,905		403,301
WellCare Health Plans Inc.^(a)		1,408		357,041

				5,937,433

Health Care Technology — 0.3%
Cerner Corp.^(a)(b)		6,787		379,733
Veeva Systems Inc., Class A^(a)(b)		3,260		384,386

				764,119

Hotels, Restaurants & Leisure — 2.6%
Aramark		12,360		374,508
Carnival Corp.		6,865		396,522
Chipotle Mexican Grill Inc.^(a)		649		394,287
Darden Restaurants Inc.		3,512		393,730
Domino’s Pizza Inc.		1,398		350,814
Hilton Worldwide Holdings Inc.		4,808		399,545
Las Vegas Sands Corp.		6,517		400,339
Marriott International Inc./MD, Class A		3,247		406,752
McDonald’s Corp.		2,184		401,507
MGM Resorts International		13,933		372,708
Norwegian Cruise Line Holdings Ltd.^(a)		7,419		411,977
Royal Caribbean Cruises Ltd.		3,332		394,775
Starbucks Corp.		5,558		390,505
Vail Resorts Inc.		1,908		397,608
Wynn Resorts Ltd.		3,157		399,487
Yum! Brands Inc.		4,176		394,632

				6,279,696

Household Durables — 1.5%
DR Horton Inc.		9,833		382,405
Garmin Ltd.		5,488		460,827
Leggett & Platt Inc.		8,744		397,153
Lennar Corp., Class A		8,038		385,663
Mohawk Industries Inc.^(a)		2,829		385,084
Newell Brands Inc.		22,904		371,732
NVR Inc.^(a)		148		387,760
PulteGroup Inc.		14,492		391,284
Whirlpool Corp.		2,826		399,907

				3,561,815

Household Products — 0.8%
Church & Dwight Co. Inc.		6,076		399,801
Clorox Co. (The)		2,515		397,446
Colgate-Palmolive Co.		5,912		389,423
Kimberly-Clark Corp.		3,325		388,460
Procter & Gamble Co. (The)		3,991		393,313

				1,968,443

Independent Power and Renewable Electricity Producers — 0.5%
AES Corp./VA		23,229		400,235
NRG Energy Inc.		9,257		385,832


Security	Shares		Value

Independent Power and Renewable Electricity Producers (continued)
Vistra Energy Corp.^(a)		14,826	$	386,069

				1,172,136

Industrial Conglomerates — 0.7%
3M Co.		1,882		390,308
General Electric Co.		38,953		404,722
Honeywell International Inc.		2,564		395,035
Roper Technologies Inc.		1,260		407,799

				1,597,864

Insurance — 5.0%
Aflac Inc.		7,976		391,940
Alleghany Corp.		607		390,277
Allstate Corp. (The)		4,173		393,848
American Financial Group Inc./OH		3,272		326,088
American International Group Inc.		9,287		401,198
Aon PLC		2,290		392,804
Arch Capital Group Ltd.^(a)		12,477		407,624
Arthur J Gallagher & Co.		4,923		395,218
Assurant Inc.		4,002		412,166
Athene Holding Ltd., Class A^(a)		8,866		394,980
Brighthouse Financial Inc.^(a)		9,369		362,768
Chubb Ltd.		2,951		395,139
Cincinnati Financial Corp.		4,598		399,198
Everest Re Group Ltd.		1,812		409,711
Fidelity National Financial Inc.		11,307		396,763
Hartford Financial Services Group Inc. (The)		8,066		398,138
Lincoln National Corp.		6,379		398,815
Loews Corp.		8,416		400,770
Markel Corp.^(a)		390		391,903
Marsh & McLennan Companies Inc.		4,320		401,846
MetLife Inc.		8,761		395,910
Principal Financial Group Inc.		7,738		407,328
Progressive Corp. (The)		5,516		402,116
Prudential Financial Inc.		4,190		401,612
Reinsurance Group of America Inc.		2,722		393,302
RenaissanceRe Holdings Ltd.		2,765		406,593
Torchmark Corp.		4,715		389,270
Travelers Companies Inc. (The)		3,053		405,774
Unum Group		10,821		404,273
Willis Towers Watson PLC		2,318		398,742
WR Berkley Corp.		4,516		377,809

				12,243,923

Interactive Media & Services — 1.0%
Alphabet Inc., Class A^(a)		172		193,767
Alphabet Inc., Class C, NVS^(a)		181		202,705
Facebook Inc., Class A^(a)		2,419		390,548
IAC/InterActiveCorp.^(a)		1,790		381,359
TripAdvisor Inc.^(a)		6,918		367,830
Twitter Inc.^(a)		12,585		387,366
Zillow Group Inc., Class C, NVS^(a)(b)		10,571		441,868

				2,365,443

Internet & Direct Marketing Retail — 1.4%
Amazon.com Inc.^(a)		245		401,758
Booking Holdings Inc.^(a)		203		344,499
eBay Inc.		10,745		399,177
Expedia Group Inc		3,093		381,398
GrubHub Inc.^(a)		4,728		385,710
MercadoLibre Inc.^(a)		1,084		497,328
Qurate Retail Inc.^(a)		17,980		323,820


32		2 0 1 9 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)

February 28, 2019

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Internet & Direct Marketing Retail (continued)
Wayfair Inc., Class A^(a)		3,219	$	533,324

				3,267,014

IT Services — 4.4%
Accenture PLC, Class A		2,473		399,093
Akamai Technologies Inc.^(a)		5,608		390,653
Alliance Data Systems Corp.		2,269		392,537
Automatic Data Processing Inc.		2,632		402,775
Broadridge Financial Solutions Inc.		3,917		396,596
Cognizant Technology Solutions Corp., Class A		5,343		379,246
DXC Technology Co.		6,004		395,423
Fidelity National Information Services Inc.		3,608		390,205
First Data Corp., Class A^(a)		15,365		386,276
Fiserv Inc.^(a)(b)		4,582		388,050
FleetCor Technologies Inc.^(a)		1,757		409,873
Gartner Inc.^(a)		2,742		390,187
Global Payments Inc.		3,188		415,651
GoDaddy Inc., Class A^(a)		5,394		402,662
International Business Machines Corp.		2,853		394,085
Jack Henry & Associates Inc.		2,938		389,667
Leidos Holdings Inc.		6,202		400,587
Mastercard Inc., Class A		1,818		408,632
Paychex Inc.		5,187		399,503
PayPal Holdings Inc.^(a)		4,141		406,108
Sabre Corp.		17,445		391,291
Square Inc., Class A^(a)		5,196		422,123
Total System Services Inc.		4,236		399,878
VeriSign Inc.^(a)		2,241		398,988
Visa Inc., Class A		2,718		402,590
Western Union Co. (The)		22,081		394,588
Worldpay Inc., Class A^(a)		4,455		426,789

				10,774,056

Leisure Products — 0.5%
Hasbro Inc.		4,549		386,210
Mattel Inc.^(a)		28,440		410,105
Polaris Industries Inc.		4,529		386,007

				1,182,322

Life Sciences Tools & Services — 1.0%
Agilent Technologies Inc.		5,020		398,789
Illumina Inc.^(a)		1,311		410,041
IQVIA Holdings Inc.^(a)		2,771		388,217
Mettler-Toledo International Inc.^(a)		588		400,375
Thermo Fisher Scientific Inc.		1,557		404,150
Waters Corp.^(a)		1,675		405,719

				2,407,291

Machinery — 2.9%
Caterpillar Inc.		2,886		396,363
Cummins Inc.		2,528		389,539
Deere & Co.		2,472		405,507
Dover Corp.		4,310		390,184
Flowserve Corp.		8,226		365,317
Fortive Corp.		4,805		391,944
IDEX Corp.		2,727		392,961
Illinois Tool Works Inc.		2,731		393,482
Ingersoll-Rand PLC		3,766		397,539
Middleby Corp. (The)^(a)		3,113		381,623
PACCAR Inc.		5,771		391,274
Parker-Hannifin Corp.		2,268		399,531
Pentair PLC		9,200		391,368
Snap-on Inc.		2,491		398,560


Security	Shares		Value

Machinery (continued)
Stanley Black & Decker Inc.		2,882	$	381,663
WABCO Holdings Inc.^(a)		3,366		462,926
Wabtec Corp.^(b)		5,544		406,153
Xylem Inc./NY		5,316		401,624

				7,137,558

Media — 2.1%
Altice USA Inc., Class A		18,205		397,051
CBS Corp., Class B, NVS		7,761		389,680
Charter Communications Inc., Class A^(a)		1,126		388,369
Comcast Corp., Class A		10,406		402,400
Discovery Inc., Class A^(a)		4,717		136,321
Discovery Inc., Class C, NVS^(a)		9,216		251,136
DISH Network Corp., Class A^(a)		12,720		413,527
Interpublic Group of Companies Inc. (The)		16,811		387,157
Liberty Broadband Corp., Class C, NVS^(a)		4,414		395,053
Liberty Global PLC, Class A^(a)(b)		4,152		109,405
Liberty Global PLC, Class C, NVS^(a)		11,543		293,077
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		3,298		134,888
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		6,398		263,662
News Corp., Class A, NVS		30,826		401,355
Omnicom Group Inc.		5,251		397,501
Sirius XM Holdings Inc.^(b)		65,180		386,517

				5,147,099

Metals & Mining — 0.7%
Freeport-McMoRan Inc.		32,006		412,877
Newmont Mining Corp.		11,824		403,435
Nucor Corp.		6,606		400,126
Steel Dynamics Inc.		10,597		395,480

				1,611,918

Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		22,306		393,701
Annaly Capital Management Inc.		38,668		391,707

				785,408

Multi-Utilities — 1.7%
Ameren Corp.		5,656		402,933
CenterPoint Energy Inc.		12,724		383,501
CMS Energy Corp.		7,462		405,933
Consolidated Edison Inc.		5,006		412,745
Dominion Energy Inc.		5,365		397,493
DTE Energy Co.		3,289		406,389
NiSource Inc.		14,514		391,588
Public Service Enterprise Group Inc.		6,979		410,435
Sempra Energy		3,426		412,627
WEC Energy Group Inc.		5,278		402,606

				4,026,250

Multiline Retail — 1.0%
Dollar General Corp.		3,303		391,273
Dollar Tree Inc.^(a)		3,976		383,008
Kohl’s Corp.		5,961		402,546
Macy’s Inc.		15,797		391,608
Nordstrom Inc.		8,844		418,144
Target Corp.		5,396		391,966

				2,378,545

Oil, Gas & Consumable Fuels — 4.4%
Anadarko Petroleum Corp.		8,690		378,015
Apache Corp.		11,803		391,624
Cabot Oil & Gas Corp.		15,578		383,530
Cheniere Energy Inc.^(a)		5,935		382,511


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)

February 28, 2019

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Chevron Corp.		3,293	$	393,777
Cimarex Energy Co.		5,172		371,918
Concho Resources Inc.		3,196		351,560
ConocoPhillips		5,600		379,960
Continental Resources Inc./OK^(a)(b)		8,399		374,679
Devon Energy Corp.		13,830		408,123
Diamondback Energy Inc.		3,733		384,238
EOG Resources Inc.		3,921		368,574
Exxon Mobil Corp.		5,058		399,734
Hess Corp.		6,826		394,884
HollyFrontier Corp.		6,789		347,597
Kinder Morgan Inc./DE		20,906		400,559
Marathon Oil Corp.		23,011		381,983
Marathon Petroleum Corp.		6,033		374,106
Noble Energy Inc.		17,360		384,524
Occidental Petroleum Corp.		5,850		386,977
ONEOK Inc.		5,805		373,029
Parsley Energy Inc., Class A^(a)		20,984		380,650
Phillips 66		4,095		394,594
Pioneer Natural Resources Co.		2,704		381,129
Plains GP Holdings LP, Class A		16,228		376,327
Targa Resources Corp.		8,636		347,513
Valero Energy Corp.		4,657		379,825
Williams Companies Inc. (The)		14,413		384,683

				10,656,623

Personal Products — 0.3%
Coty Inc., Class A		35,601		391,611
Estee Lauder Companies Inc. (The), Class A		2,536		398,000

				789,611

Pharmaceuticals — 1.8%
Allergan PLC		2,826		389,168
Bristol-Myers Squibb Co.		7,607		392,978
Eli Lilly & Co.^(b)		3,209		405,265
Jazz Pharmaceuticals PLC^(a)		3,121		437,034
Johnson & Johnson		2,882		393,796
Merck & Co. Inc.		4,925		400,353
Mylan NV^(a)		12,344		325,758
Nektar Therapeutics^(a)		9,428		382,211
Perrigo Co. PLC		8,029		391,012
Pfizer Inc.		9,270		401,855
Zoetis Inc.		4,121		388,322

				4,307,752

Professional Services — 1.3%
CoStar Group Inc.^(a)		958		438,314
Equifax Inc.		3,596		393,798
IHS Markit Ltd.^(a)		7,357		391,172
Manpower Group Inc.		4,655		392,184
Nielsen Holdings PLC		15,034		393,891
Robert Half International Inc.		5,868		400,139
TransUnion		6,226		401,950
Verisk Analytics Inc.^(a)		3,147		397,875

				3,209,323

Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A^(a)		7,854		390,815
Jones Lang LaSalle Inc.		2,383		393,481

				784,296

Road & Rail — 1.3%
AMERCO		1,046		402,281
CSX Corp.		5,434		394,889


Security	Shares		Value

Road & Rail (continued)
JB Hunt Transport Services Inc.		3,460	$	372,538
Kansas City Southern		3,655		397,079
Knight-Swift Transportation Holdings Inc.		11,722		394,211
Norfolk Southern Corp.		2,153		386,033
Old Dominion Freight Line Inc.		2,690		405,572
Union Pacific Corp.		2,309		387,219

				3,139,822

Semiconductors & Semiconductor Equipment — 2.9%
Advanced Micro Devices Inc.^(a)		16,598		390,551
Analog Devices Inc.		3,717		397,570
Applied Materials Inc.		10,052		385,394
Broadcom Inc.		1,394		383,852
Intel Corp.		7,608		402,920
KLA-Tencor Corp.		3,633		419,575
Lam Research Corp.		2,175		382,996
Marvell Technology Group Ltd.		20,873		416,416
Maxim Integrated Products Inc.		7,037		383,024
Microchip Technology Inc.		4,314		374,757
Micron Technology Inc.^(a)		9,360		382,637
NVIDIA Corp.		2,502		385,959
ON Semiconductor Corp.^(a)(b)		17,111		367,544
Qorvo Inc.^(a)		6,032		423,084
QUALCOMM Inc.		7,561		403,682
Skyworks Solutions Inc.		4,714		384,945
Texas Instruments Inc.		3,654		386,520
Xilinx Inc.		3,294		412,738

				7,084,164

Software — 3.6%
Adobe Inc.^(a)		1,515		397,687
ANSYS Inc.^(a)		2,257		400,076
Autodesk Inc.^(a)		2,451		399,538
Cadence Design Systems Inc.^(a)		7,475		427,944
CDK Global Inc.		6,754		391,800
Citrix Systems Inc.		3,691		389,400
Fortinet Inc.^(a)		4,729		410,430
Intuit Inc.		1,685		416,414
Microsoft Corp.		3,632		406,893
Oracle Corp.		7,599		396,136
Palo Alto Networks Inc.^(a)		1,736		427,525
PTC Inc.^(a)(b)		4,284		397,641
Red Hat Inc.^(a)		2,172		396,607
salesforce.com Inc.^(a)		2,471		404,379
ServiceNow Inc.^(a)		1,676		401,301
Splunk Inc.^(a)		2,885		392,014
SS&C Technologies Holdings Inc.		6,566		404,334
Symantec Corp.		16,978		381,835
Synopsys Inc.^(a)		3,867		393,197
Tableau Software Inc., Class A^(a)		3,039		400,844
VMware Inc., Class A		2,321		398,771
Workday Inc., Class A^(a)		2,060		407,736

				8,842,502

Specialty Retail — 2.5%
Advance Auto Parts Inc.		2,312		374,035
AutoZone Inc.^(a)		428		401,879
Best Buy Co. Inc.		6,531		449,594
Burlington Stores Inc.^(a)		2,414		409,753
CarMax Inc.^(a)		6,333		393,279
Gap Inc. (The)		15,678		398,221
Home Depot Inc. (The)		2,043		378,241


34		2 0 1 9 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)

February 28, 2019

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
L Brands Inc.		14,376	$	375,789
Lowe’s Companies Inc.		3,778		397,030
O’Reilly Automotive Inc.^(a)		1,013		376,796
Ross Stores Inc.		4,181		396,484
Tiffany & Co.		4,327		411,238
TJX Companies Inc. (The)		7,825		401,344
Tractor Supply Co.		4,028		384,070
Ulta Salon Cosmetics & Fragrance Inc.^(a)		1,283		400,925

				5,948,678

Technology Hardware, Storage & Peripherals — 1.3%
Apple Inc.		2,311		400,150
Dell Technologies Inc., Class C^(a)		7,146		398,890
Hewlett Packard Enterprise Co.		24,427		400,114
HP Inc.		16,883		333,101
NetApp Inc.		6,138		400,198
Seagate Technology PLC		8,598		400,323
Western Digital Corp.		8,248		414,874
Xerox Corp.		12,903		398,703

				3,146,353

Textiles, Apparel & Luxury Goods — 1.5%
Capri Holdings Ltd.^(a)		8,834		402,830
Hanesbrands Inc.		20,940		389,275
Lululemon Athletica Inc.^(a)		2,606		391,995
NIKE Inc., Class B		4,603		394,615
PVH Corp.		3,481		399,758
Ralph Lauren Corp.		3,142		393,284
Tapestry Inc.		10,945		382,418
Under Armour Inc., Class A^(a)		9,661		217,856
Under Armour Inc., Class C, NVS^(a)(b)		9,905		198,892
VF Corp.		4,523		395,129

				3,566,052

Tobacco — 0.3%
Altria Group Inc.		8,064		422,634
Philip Morris International Inc.		4,709		409,401

				832,035

Trading Companies & Distributors — 0.6%
Fastenal Co.		6,242		392,871


Security	Shares		Value

Trading Companies & Distributors (continued)
HD Supply Holdings Inc.^(a)		8,971	$	385,843
United Rentals Inc.^(a)		2,920		393,003
WW Grainger Inc.		1,243		378,829

				1,550,546

Water Utilities — 0.2%
American Water Works Co. Inc.		4,009		407,395


Wireless Telecommunication Services — 0.3%
Sprint Corp.^(a)		62,387		396,157
T-Mobile U.S. Inc.^(a)		5,455		393,906

				790,063


Total Common Stocks — 99.8% (Cost: $222,712,289)				242,782,601


Short-Term Investments

Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(c)(d)(e)		4,155,092		4,156,753
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(c)(d)		191,638		191,638

				4,348,391


Total Short-Term Investments — 1.8% (Cost: $4,346,930)				4,348,391


Total Investments in Securities — 101.6% (Cost: $227,059,219)				247,130,992

Other Assets, Less Liabilities — (1.6)%				(4,008,561	)


Net Assets — 100.0%			$	243,122,431

^(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 February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased	Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	4,597,711	—	(442,619	)^(b)	4,155,092	$	4,156,753	$	13,359	^(c)	$	(146	)	$	413
BlackRock Cash Funds: Treasury, SL Agency Shares	339,808	—	(148,170	)^(b)	191,638		191,638		2,765			—			—
BlackRock Inc.	643	283	(16	)	910		403,330		4,684			409			(17,933	)
PNC Financial Services Group Inc. (The) ^(d)	2,134	1,165	(134	)	3,165		N/A		4,632			(61	)		(51,311	)

						$	4,751,721	$	25,440		$	202		$	(68,831	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

^(d)

As of period end, the entity is no longer an affiliate of the Fund.


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)

February 28, 2019

iShares^® MSCI USA Equal Weighted ETF

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	242,782,601	$	—	$	—	$	242,782,601
Money Market Funds		4,348,391		—		—		4,348,391

	$	247,130,992	$	—	$	—	$	247,130,992

See notes to financial statements.


36		2 0 1 9 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)

February 28, 2019


	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Colombia ETF			iShares MSCI Israel ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	8,840,684,171		$	473,554,362		$	23,615,288		$	127,677,310
Affiliated^(c)		3,782,612			470,484			28,125			23,354,362
Foreign currency, at value^(d)		8,567,737			—			5,659			341,097
Cash pledged:
Futures contracts		5,573,000			—			—			—
Receivables:
Investments sold		100,444,556			13,388,202			2,319,119			553,475
Securities lending income — Affiliated		—			—			—			5,391
Dividends		104,150,677			875			2,860			35,484

Total assets		9,063,202,753			487,413,923			25,971,051			151,967,119


LIABILITIES
Collateral on securities loaned, at value		—			—			—			23,252,827
Deferred foreign capital gain tax		—			—			—			59,071
Payables:
Investments purchased		92,524,558			4,471,654			2,544,032			585,185
Variation margin on futures contracts		1,496,807			—			—			—
Capital shares redeemed		—			9,092,332			—			—
Investment advisory fees		4,027,925			212,228			10,751			56,302

Total liabilities		98,049,290			13,776,214			2,554,783			23,953,385


NET ASSETS	$	8,965,153,463		$	473,637,709		$	23,416,268		$	128,013,734


NET ASSETS CONSIST OF:
Paid-in capital	$	8,994,725,439		$	526,851,366		$	35,024,377		$	173,816,901
Accumulated loss		(29,571,976	)		(53,213,657	)		(11,608,109	)		(45,803,167	)

NET ASSETS	$	8,965,153,463		$	473,637,709		$	23,416,268		$	128,013,734


Shares outstanding		207,800,000			10,450,000			1,750,000			2,350,000

Net asset value	$	43.14		$	45.32		$	13.38		$	54.47

Shares authorized		500 million			200 million			25 million			500 million

Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	—		$	—		$	—		$	22,492,559
^(b)Investments, at cost — Unaffiliated	$	6,010,170,999		$	347,934,358		$	20,387,276		$	134,709,096
^(c)Investments, at cost — Affiliated	$	3,782,612		$	470,484		$	28,125		$	23,348,979
^(d)Foreign currency, at cost	$	8,579,409		$	—		$	5,524		$	341,682

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 Assets and Liabilities (unaudited) (continued)

February 28, 2019


	iShares MSCI Russia ETF			iShares MSCI South Africa ETF			iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	574,652,700		$	565,103,620		$	551,863,262		$	242,379,271
Affiliated^(c)		1,006,440			14,033,926			14,940,740			4,751,721
Foreign currency, at value^(d)		—			546,409			163,596			—
Receivables:
Investments sold		10,125,980			9,393,052			2,807,362			8,580,414
Securities lending income — Affiliated		—			4,752			69,755			1,254
Dividends		14,563			202			406			373,828

Total assets		585,799,683			589,081,961			569,845,121			256,086,488


LIABILITIES
Collateral on securities loaned, at value		—			14,029,390			14,783,317			4,156,265
Payables:
Investments purchased		10,092,835			8,642,028			1,939,323			8,759,764
Capital shares redeemed		—			—			51,223			20,647
Investment advisory fees		254,383			258,442			254,600			27,381

Total liabilities		10,347,218			22,929,860			17,028,463			12,964,057


NET ASSETS	$	575,452,465		$	566,152,101		$	552,816,658		$	243,122,431


NET ASSETS CONSIST OF:
Paid-in capital	$	676,503,642		$	810,228,535		$	815,757,999		$	224,537,085
Accumulated earnings (loss)		(101,051,177	)		(244,076,434	)		(262,941,341	)		18,585,346

NET ASSETS	$	575,452,465		$	566,152,101		$	552,816,658		$	243,122,431


Shares outstanding		16,800,000			10,500,000			19,700,000			4,250,000

Net asset value	$	34.25		$	53.92		$	28.06		$	57.21

Shares authorized		1 billion			400 million			200 million			500 million

Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	—		$	13,103,486		$	13,956,122		$	4,058,113
^(b)Investments, at cost — Unaffiliated	$	560,899,830		$	664,206,750		$	696,108,269		$	222,323,430
^(c)Investments, at cost — Affiliated	$	1,006,440		$	14,029,731		$	14,935,219		$	4,735,789
^(d)Foreign currency, at cost	$	—		$	550,570		$	158,583		$	—

See notes to financial statements.


38		2 0 1 9 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 February 28, 2019


	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Colombia ETF			iShares MSCI Israel ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	170,385,819		$	3,664,842		$	268,103		$	632,407
Dividends — Affiliated		94,841			10,027			376			1,051
Securities lending income — Affiliated — net		—			—			48			20,180
Foreign taxes withheld		(14,703,492	)		(1,186,994	)		(14,647	)		(133,318	)

Total investment income		155,777,168			2,487,875			253,880			520,320


EXPENSES
Investment advisory fees		21,634,461			1,281,997			70,496			357,729
Commitment fees		—			—			41			—

Total expenses		21,634,461			1,281,997			70,537			357,729

Net investment income		134,142,707			1,205,878			183,343			162,591


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		25,550,473			(9,319,339	)		(2,217,930	)		4,130,705
Investments — Affiliated		—			—			—			22
In-kind redemptions — Unaffiliated		—			—			12,709			537,313
Futures contracts		(3,360,937	)		—			—			—
Foreign currency transactions		(1,648,871	)		(5,618	)		(27,803	)		(7,271	)

Net realized gain (loss)		20,540,665			(9,324,957	)		(2,233,024	)		4,660,769

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		1,958,032,877			23,576,008			1,015,094			(9,544,909	)
Investments — Affiliated		—			—			—			4,383
Futures contracts		4,186,311			—			—			—
Foreign currency translations		5,791,661			9			(22,033	)		(2,323	)

Net change in unrealized appreciation (depreciation)		1,968,010,849			23,576,017			993,061			(9,542,849	)

Net realized and unrealized gain (loss)		1,988,551,514			14,251,060			(1,239,963	)		(4,882,080	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,122,694,221		$	15,456,938		$	(1,056,620	)	$	(4,719,489	)


^(a)Net of foreign capital gain tax of	$	—		$	—		$	—		$	1,336
^(b)Net of deferred foreign capital gain tax of	$	—		$	—		$	—		$	27,757

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

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2019


	iShares MSCI Russia ETF			iShares MSCI South Africa ETF			iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	11,060,722		$	6,135,287		$	2,161,912		$	2,045,451
Dividends — Affiliated		15,611			3,527			3,679			12,081
Securities lending income — Affiliated — net		—			19,298			810,789			13,359
Foreign taxes withheld		(1,187,075	)		(895,353	)		(324,275	)		(226	)

Total investment income		9,889,258			5,262,759			2,652,105			2,070,665


EXPENSES
Investment advisory fees		1,507,101			1,290,791			1,479,023			153,979

Total expenses		1,507,101			1,290,791			1,479,023			153,979

Net investment income		8,382,157			3,971,968			1,173,082			1,916,686


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(16,669,880	)		(16,405,668	)		(36,176,336	)		(3,019,477	)
Investments — Affiliated		—			(110	)		(3,647	)		(3,008	)
In-kind redemptions — Unaffiliated		2,589,966			10,348,331			18,406,048			3,734,655
In-kind redemptions — Affiliated		—			—			—			3,210
Foreign currency transactions		21,824			48,978			108,703			(2	)

Net realized gain (loss)		(14,058,090	)		(6,008,469	)		(17,665,232	)		715,378

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		53,985,736			(3,790,209	)		177,311,086			(4,793,505	)
Investments — Affiliated		—			4,195			1,459			(68,831	)
Foreign currency translations		387			25,085			10,294			—

Net change in unrealized appreciation (depreciation)		53,986,123			(3,760,929	)		177,322,839			(4,862,336	)

Net realized and unrealized gain (loss)		39,928,033			(9,769,398	)		159,657,607			(4,146,958	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	48,310,190		$	(5,797,430	)	$	160,830,689		$	(2,230,272	)

See notes to financial statements.


40		2 0 1 9 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 MSCI Brazil ETF						iShares MSCI Chile ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	134,142,707		$	215,074,597		$	1,205,878		$	7,512,011
Net realized gain (loss)		20,540,665			(317,730,471	)		(9,324,957	)		29,985,852
Net change in unrealized appreciation (depreciation)		1,968,010,849			(1,355,630,047	)		23,576,017			(56,500,492	)

Net increase (decrease) in net assets resulting from operations		2,122,694,221			(1,458,285,921	)		15,456,938			(19,002,629	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(113,734,764	)		(186,603,443	)		(676,823	)		(7,431,414	)
Return of capital		—			—			—			(465,343	)

Decrease in net assets resulting from distributions to shareholders		(113,734,764	)		(186,603,443	)		(676,823	)		(7,896,757	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,455,162,794			818,001,540			65,506,406			(47,394,474	)


NET ASSETS^(a)
Total increase (decrease) in net assets		3,464,122,251			(826,887,824	)		80,286,521			(74,293,860	)
Beginning of period		5,501,031,212			6,327,919,036			393,351,188			467,645,048

End of period	$	8,965,153,463		$	5,501,031,212		$	473,637,709		$	393,351,188

^(a)	Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			41

Statements of Changes in Net Assets (continued)


	iShares MSCI Colombia ETF						iShares MSCI Israel ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	183,343		$	462,142		$	162,591		$	1,215,568
Net realized gain (loss)		(2,233,024	)		(150,451	)		4,660,769			3,243,415
Net change in unrealized appreciation (depreciation)		993,061			(1,227,252	)		(9,542,849	)		15,413,516

Net increase (decrease) in net assets resulting from operations		(1,056,620	)		(915,561	)		(4,719,489	)		19,872,499


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(295,125	)		(365,825	)		(184,183	)		(2,219,395	)

Decrease in net assets resulting from distributions to shareholders		(295,125	)		(365,825	)		(184,183	)		(2,219,395	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,066,268	)		4,521,784			11,182,036			14,930,276


NET ASSETS^(a)
Total increase (decrease) in net assets		(2,418,013	)		3,240,398			6,278,364			32,583,380
Beginning of period		25,834,281			22,593,883			121,735,370			89,151,990

End of period	$	23,416,268		$	25,834,281		$	128,013,734		$	121,735,370

^(a)	Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


42		2 0 1 9 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 MSCI Russia ETF						iShares MSCI South Africa ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,382,157		$	21,439,425		$	3,971,968		$	9,864,282
Net realized gain (loss)		(14,058,090	)		49,219,605			(6,008,469	)		(17,918,274	)
Net change in unrealized appreciation (depreciation)		53,986,123			(37,535,134	)		(3,760,929	)		(35,884,667	)

Net increase (decrease) in net assets resulting from operations		48,310,190			33,123,896			(5,797,430	)		(43,938,659	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(21,626,313	)		(20,645,275	)		(8,217,109	)		(9,978,039	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		69,908,765			(63,695,247	)		207,052,709			7,443,919


NET ASSETS^(a)
Total increase (decrease) in net assets		96,592,642			(51,216,626	)		193,038,170			(46,472,779	)
Beginning of period		478,859,823			530,076,449			373,113,931			419,586,710

End of period	$	575,452,465		$	478,859,823		$	566,152,101		$	373,113,931

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			43

Statements of Changes in Net Assets (continued)


	iShares MSCI Turkey ETF						iShares MSCI USA Equal Weighted ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,173,082		$	9,347,813		$	1,916,686		$	2,628,092
Net realized gain (loss)		(17,665,232	)		(19,295,791	)		715,378			9,677,841
Net change in unrealized appreciation (depreciation)		177,322,839			(211,430,501	)		(4,862,336	)		11,921,504

Net increase (decrease) in net assets resulting from operations		160,830,689			(221,378,479	)		(2,230,272	)		24,227,437


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,599,742	)		(8,942,652	)		(2,089,362	)		(2,338,579	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		6,788,907			192,391,352			54,621,704			34,986,308


NET ASSETS^(a)
Total increase (decrease) in net assets		166,019,854			(37,929,779	)		50,302,070			56,875,166
Beginning of period		386,796,804			424,726,583			192,820,361			135,945,195

End of period	$	552,816,658		$	386,796,804		$	243,122,431		$	192,820,361

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


44		2 0 1 9 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

(For a share outstanding throughout each period)


	iShares MSCI Brazil ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	32.03		$	40.06		$	33.52		$	24.71		$	53.61		$	42.52

Net investment income^(a)		0.71			1.14			0.76			0.63			1.00			1.56
Net realized and unrealized gain (loss)^(b)		10.97			(8.22	)		6.45			8.62			(28.87	)		11.08

Net increase (decrease) from investment operations		11.68			(7.08	)		7.21			9.25			(27.87	)		12.64


Distributions
From net investment income		(0.57	)		(0.95	)		(0.67	)		(0.44	)		(1.03	)		(1.55	)

Total distributions		(0.57	)		(0.95	)		(0.67	)		(0.44	)		(1.03	)		(1.55	)


Net asset value, end of period	$	43.14		$	32.03		$	40.06		$	33.52		$	24.71		$	53.61


Total Return
Based on net asset value		36.75	%^(c)		(17.87	)%		22.03	%		38.22	%		(52.49	)%		30.33	%


Ratios to Average Net Assets
Total expenses		0.59	%^(d)		0.59	%		0.62	%		0.63	%		0.62	%		0.62	%

Net investment income		3.66	%^(d)		2.86	%		2.10	%		2.41	%		2.73	%		3.37	%


Supplemental Data
Net assets, end of period (000)	$	8,965,153		$	5,501,031		$	6,327,919		$	3,899,630		$	1,989,135		$	5,449,685

Portfolio turnover rate^(e)		6	%^(c)(f)		30	%^(f)		20	%^(f)		18	%^(f)		63	%^(f)		54	%^(f)


^(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)Not annualized.
^(d)Annualized.
^(e)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”).
^(f) Portfolio turnover rate excluding cash creations was as follows:		5	%		13	%		13	%		4	%		48	%		11	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S			45

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Chile ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	43.71		$	47.96		$	36.77		$	34.75		$	43.52		$	47.70

Net investment income^(a)		0.12			0.78			0.69			0.78			0.66			0.69
Net realized and unrealized gain (loss)^(b)		1.55			(4.06	)		11.21			2.03			(8.81	)		(4.18	)

Net increase (decrease) from investment operations		1.67			(3.28	)		11.90			2.81			(8.15	)		(3.49	)


Distributions
From net investment income		(0.06	)		(0.92	)		(0.67	)		(0.75	)		(0.62	)		(0.69	)
Return of capital		—			(0.05	)		(0.04	)		(0.04	)		—			—

Total distributions		(0.06	)		(0.97	)		(0.71	)		(0.79	)		(0.62	)		(0.69	)


Net asset value, end of period	$	45.32		$	43.71		$	47.96		$	36.77		$	34.75		$	43.52


Total Return
Based on net asset value		3.86	%^(c)		(7.03	)%		32.65	%		8.17	%		(18.85	)%		(7.40	)%


Ratios to Average Net Assets
Total expenses		0.59	%^(d)		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%

Net investment income		0.56	%^(d)		1.55	%		1.68	%		2.20	%		1.64	%		1.49	%


Supplemental Data
Net assets, end of period (000)	$	473,638		$	393,351		$	467,645		$	327,244		$	234,536		$	352,499

Portfolio turnover rate^(e)		34	%^(c)(f)		54	%^(f)		54	%^(f)		73	%^(f)		71	%^(f)		91	%^(f)


^(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)Not annualized.
^(d)Annualized.
^(e)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”).
^(f)Portfolio turnover rate excluding cash creations was as follows:		3	%		11	%		8	%		11	%		10	%		11	%

See notes to financial statements.


46		2 0 1 9 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 Colombia ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	13.96		$	14.58		$	13.18		$	11.88		$	28.22		$	25.98

Net investment income^(a)		0.10			0.30			0.23			0.25			0.46	^(b)		0.67
Net realized and unrealized gain (loss)^(c)		(0.52	)		(0.70	)		1.34			1.23			(16.34	)		2.24

Net increase (decrease) from investment operations		(0.42	)		(0.40	)		1.57			1.48			(15.88	)		2.91


Distributions
From net investment income		(0.16	)		(0.22	)		(0.17	)		(0.18	)		(0.45	)		(0.63	)
From net realized gain		—			—			—			—			—			(0.03	)
Return of capital		—			—			—			—			(0.01	)		(0.01	)

Total distributions		(0.16	)		(0.22	)		(0.17	)		(0.18	)		(0.46	)		(0.67	)


Net asset value, end of period	$	13.38		$	13.96		$	14.58		$	13.18		$	11.88		$	28.22


Total Return
Based on net asset value		(2.94	)%^(d)		(2.69	)%		12.05	%		12.49	%		(56.73	)%		11.44	%


Ratios to Average Net Assets
Total expenses		0.61	%^(e)		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%

Net investment income		1.59	%^(e)		2.01	%		1.72	%		2.16	%		2.60	%^(b)		2.54	%


Supplemental Data
Net assets, end of period (000)	$	23,416		$	25,834		$	22,594		$	17,136		$	14,251		$	25,396

Portfolio turnover rate^(f)		34	%^(d)		26	%		14	%		68	%		86	%		34	%

^(a)	Based on average shares outstanding.

^(b)	Includes a one-time special distribution from Ecopetrol SA. Excluding such special distribution, the net investment income would have been $0.33 per share and 1.87% of average net assets.

^(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)	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			47

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Israel ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	56.62		$	48.19		$	49.36		$	50.51		$	50.69		$	42.85

Net investment income^(a)		0.07			0.59			0.62			0.71			1.23			0.87
Net realized and unrealized gain (loss)^(b)		(2.14	)		8.88			(0.98	)		(0.87	)		(0.34	)		7.95

Net increase (decrease) from investment operations		(2.07	)		9.47			(0.36	)		(0.16	)		0.89			8.82


Distributions
From net investment income		(0.08	)		(1.04	)		(0.81	)		(0.99	)		(1.07	)		(0.98	)

Total distributions		(0.08	)		(1.04	)		(0.81	)		(0.99	)		(1.07	)		(0.98	)


Net asset value, end of period	$	54.47		$	56.62		$	48.19		$	49.36		$	50.51		$	50.69


Total Return
Based on net asset value		(3.65	)%^(c)		19.91	%		(0.77	)%		(0.23	)%		1.80	%		20.67	%


Ratios to Average Net Assets
Total expenses		0.59	%^(d)		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%

Net investment income		0.27	%^(d)		1.15	%		1.25	%		1.46	%		2.45	%		1.74	%


Supplemental Data
Net assets, end of period (000)	$	128,014		$	121,735		$	89,152		$	93,793		$	126,285		$	121,645

Portfolio turnover rate^(e)		13	%^(c)		6	%		28	%		46	%		14	%		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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


48		2 0 1 9 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 Russia ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)		Year Ended 08/31/15	^(a)		Year Ended 08/31/14	^(a)


Net asset value, beginning of period	$	32.47		$	32.13		$	27.92		$	25.03		$	36.68		$	39.68

Net investment income^(b)		0.55			1.21			1.14			1.06			0.94			1.26
Net realized and unrealized gain (loss)^(c)		2.61			0.22			4.07			2.65			(11.27	)		(4.01	)

Net increase (decrease) from investment operations		3.16			1.43			5.21			3.71			(10.33	)		(2.75	)


Distributions
From net investment income		(1.38	)		(1.09	)		(1.00	)		(0.82	)		(1.32	)		(0.25	)

Total distributions		(1.38	)		(1.09	)		(1.00	)		(0.82	)		(1.32	)		(0.25	)


Net asset value, end of period	$	34.25		$	32.47		$	32.13		$	27.92		$	25.03		$	36.68


Total Return
Based on net asset value		10.13	%^(d)		4.37	%		18.73	%		15.62	%		(27.57	)%		(7.00	)%


Ratios to Average Net Assets
Total expenses		0.59	%^(e)		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%

Net investment income		3.29	%^(e)		3.50	%		4.27	%		4.17	%		3.33	%		3.14	%


Supplemental Data
Net assets, end of period (000)	$	575,452		$	478,860		$	530,076		$	319,629		$	210,912		$	289,775

Portfolio turnover rate^(f)		11	%^(d)		32	%		18	%		23	%		19	%		15	%

^(a)	Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(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)	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			49

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI South Africa ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	54.87		$	62.62		$	52.78		$	57.44		$	70.77		$	58.88

Net investment income^(a)		0.47			1.41			1.07			1.02			1.28			1.57
Net realized and unrealized gain (loss)^(b)		(0.35	)		(7.69	)		9.79			(3.24	)		(13.24	)		11.86

Net increase (decrease) from investment operations		0.12			(6.28	)		10.86			(2.22	)		(11.96	)		13.43


Distributions
From net investment income		(1.07	)		(1.47	)		(1.02	)		(2.44	)		(1.37	)		(1.54	)

Total distributions		(1.07	)		(1.47	)		(1.02	)		(2.44	)		(1.37	)		(1.54	)


Net asset value, end of period	$	53.92		$	54.87		$	62.62		$	52.78		$	57.44		$	70.77


Total Return
Based on net asset value		0.38	%^(c)		(10.20	)%		20.91	%		(3.64	)%		(17.07	)%		23.13	%


Ratios to Average Net Assets
Total expenses		0.59	%^(d)		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%

Net investment income		1.81	%^(d)		2.20	%		1.91	%		1.96	%		1.94	%		2.40	%


Supplemental Data
Net assets, end of period (000)	$	566,152		$	373,114		$	419,587		$	406,443		$	373,346		$	587,396

Portfolio turnover rate^(e)		6	%^(c)		15	%		13	%		12	%		9	%		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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


50		2 0 1 9 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 Turkey ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	20.09		$	46.17		$	38.16		$	38.27		$	55.72		$	49.00

Net investment income^(a)		0.06			1.01			0.97			0.96			1.13	^(b)		0.85
Net realized and unrealized gain (loss)^(c)		7.99			(26.05	)		8.12			(0.17	)		(17.49	)		6.75

Net increase (decrease) from investment operations		8.05			(25.04	)		9.09			0.79			(16.36	)		7.60


Distributions
From net investment income		(0.08	)		(1.04	)		(1.08	)		(0.90	)		(1.09	)		(0.88	)

Total distributions		(0.08	)		(1.04	)		(1.08	)		(0.90	)		(1.09	)		(0.88	)


Net asset value, end of period	$	28.06		$	20.09		$	46.17		$	38.16		$	38.27		$	55.72


Total Return
Based on net asset value		40.11	%^(d)		(54.97	)%		24.23	%		1.98	%		(29.69	)%		15.52	%


Ratios to Average Net Assets
Total expenses		0.59	%^(e)		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%

Net investment income		0.47	%^(e)		2.76	%		2.58	%		2.45	%		2.31	%^(b)		1.64	%


Supplemental Data
Net assets, end of period (000)	$	552,817		$	386,797		$	424,727		$	368,225		$	371,225		$	515,367

Portfolio turnover rate^(f)		7	%^(d)		7	%		6	%		6	%		6	%		8	%

^(a)	Based on average shares outstanding.

^(b)	Includes a one-time special distribution from Turkcell Iletisim Hizmetleri AS. Excluding such special distribution, the net investment income would have been $0.76 per share and 1.55% of average net assets.

^(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)	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			51

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI USA Equal Weighted ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	59.33		$	51.30		$	46.05		$	42.51		$	43.08		$	35.26

Net investment income^(a)		0.51			0.98			0.85			0.77			0.80			0.71
Net realized and unrealized gain (loss)^(b)		(2.06	)		7.94			5.18			3.63			(0.57	)		8.01

Net increase (decrease) from investment operations		(1.55	)		8.92			6.03			4.40			0.23			8.72


Distributions
From net investment income		(0.57	)		(0.89	)		(0.78	)		(0.86	)		(0.80	)		(0.90	)

Total distributions		(0.57	)		(0.89	)		(0.78	)		(0.86	)		(0.80	)		(0.90	)


Net asset value, end of period	$	57.21		$	59.33		$	51.30		$	46.05		$	42.51		$	43.08


Total Return
Based on net asset value		(2.55	)%^(c)		17.55	%		13.22	%		10.54	%		0.48	%		24.98	%


Ratios to Average Net Assets
Total expenses		0.15	%^(d)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Net investment income		1.87	%^(d)		1.76	%		1.72	%		1.79	%		1.82	%		1.82	%


Supplemental Data
Net assets, end of period (000)	$	243,122		$	192,820		$	135,945		$	73,673		$	44,632		$	47,391

Portfolio turnover rate^(e)		11	%^(c)		23	%		27	%		28	%		39	%		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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


52		2 0 1 9 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)

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
MSCI Brazil		Non-diversified
MSCI Chile		Non-diversified
MSCI Colombia		Non-diversified
MSCI Israel		Non-diversified
MSCI Russia		Non-diversified
MSCI South Africa		Non-diversified
MSCI Turkey		Non-diversified
MSCI USA Equal Weighted		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES


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			53

Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


54		2 0 1 9 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)

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.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
MSCI Israel
JPMorgan Securities LLC	$	393,960	$	393,960		$	—	$	—
Merrill Lynch, Pierce, Fenner & Smith		4,902,555		4,902,555			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		17,103,655		17,103,655			—		—
UBS AG		92,389		92,389			—		—

	$	22,492,559	$	22,492,559		$	—	$	—

MSCI South Africa
Citigroup Global Markets Inc.	$	13,103,486	$	13,103,486		$	—	$	—

MSCI Turkey
Credit Suisse Securities (USA) LLC	$	7,523,695	$	7,523,695		$	—	$	—
Deutsche Bank Securities Inc.		1,107,987		1,107,987			—		—
Goldman Sachs & Co.		21,130		21,130			—		—
HSBC Bank PLC		18,795		18,795			—		—
JPMorgan Securities LLC		3,108,480		3,108,480			—		—
Merrill Lynch, Pierce, Fenner & Smith		167,244		167,244			—		—
Morgan Stanley & Co. LLC		1,747,047		1,747,047			—		—
UBS AG		261,744		261,744			—		—

	$	13,956,122	$	13,956,122		$	—	$	—

MSCI USA Equal Weighted
BNP Paribas Prime Brokerage International Ltd.	$	1,234,274	$	1,234,274		$	—	$	—
Citigroup Global Markets Inc.		5,270		5,270			—		—
Credit Suisse Securities (USA) LLC		378,491		378,491			—		—
Goldman Sachs & Co.		659,751		659,751			—		—
HSBC Bank PLC		529,575		529,575			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		458,725		458,725			—		—
National Financial Services LLC		5,539		5,539			—		—
TD Prime Services LLC		362,331		362,331			—		—
UBS AG		424,157		424,157			—		—

	$	4,058,113	$	4,058,113		$	—	$	—

^(a)


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			55

Notes to Financial Statements (unaudited) (continued)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each of the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Israel, iShares MSCI Russia, iShares MSCI South Africa and iShares MSCI Turkey 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 $2 billion		0.74	%
Over $2 billion, up to and including $4 billion		0.69
Over $4 billion, up to and including $8 billion		0.64
Over $8 billion, up to and including $16 billion		0.57
Over $16 billion, up to and including $24 billion		0.51
Over $24 billion, up to and including $32 billion		0.48
Over $32 billion		0.45

For its investment advisory services to each of the following Funds, 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
MSCI Colombia		0.61	%
MSCI USA Equal Weighted		0.15


56		2 0 1 9 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)

Pursuant to the current securities lending agreement, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 73.5% 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 MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI Russia ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey 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, the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income 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 Group 1 Fund would have retained for the remainder of that calendar year 75% of securities lending income (which excludes collateral investment fees) and the amount retained would not have been less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund was subject to the same terms under the previous securities lending fee arrangement.


iShares ETF	Fees Paid to BTC
MSCI Colombia	$	8
MSCI Israel		5,876
MSCI South Africa		5,596
MSCI Turkey		155,571
MSCI USA Equal Weighted		5,459

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

For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
MSCI Israel	$	577,066	$	1,562,066
MSCI Russia		3,314,597		886,771
MSCI USA Equal Weighted		9,012,813		7,506,339

7.	PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
MSCI Brazil	$	1,871,921,450	$	458,652,121
MSCI Chile		213,759,976		147,625,062
MSCI Colombia		8,044,234		8,834,144
MSCI Israel		15,913,636		15,945,196
MSCI Russia		61,356,371		55,668,676
MSCI South Africa		33,491,113		25,800,826
MSCI Turkey		35,579,429		40,393,771
MSCI USA Equal Weighted		23,224,722		22,205,821


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			57

Notes to Financial Statements (unaudited) (continued)

For the six months ended February 28, 2019, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Colombia	$	153,255	$	213,804
MSCI Israel		13,528,998		2,370,627
MSCI Russia		63,691,276		13,563,821
MSCI South Africa		373,365,588		171,464,721
MSCI Turkey		72,424,684		65,721,709
MSCI USA Equal Weighted		65,692,022		11,269,102

8.	INCOME TAX INFORMATION

As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


iShares ETF	Non-Expiring^(a)		Expiring 2019		Total
MSCI Brazil	$	2,448,185,257	$	—	$	2,448,185,257
MSCI Chile		125,803,638		976,991		126,780,629
MSCI Colombia		8,968,691		—		8,968,691
MSCI Israel		33,403,898		7,130,249		40,534,147
MSCI Russia		83,968,805		—		83,968,805
MSCI South Africa		108,053,243		6,137,142		114,190,385
MSCI Turkey		81,724,632		3,859,184		85,583,816
MSCI USA Equal Weighted		950,870		—		950,870

^(a)

Must be utilized prior to losses subject to expiration.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Brazil	$	6,524,440,357	$	2,950,527,093	$	(627,643,953	)	$	2,322,883,140
MSCI Chile		391,610,186		126,825,613		(44,410,953	)		82,414,660
MSCI Colombia		24,061,134		3,715,362		(4,133,083	)		(417,721	)
MSCI Israel		160,880,209		21,502,383		(31,350,920	)		(9,848,537	)
MSCI Russia		579,206,339		61,525,848		(65,073,047	)		(3,547,199	)
MSCI South Africa		706,246,642		10,883,044		(137,992,140	)		(127,109,096	)
MSCI Turkey		726,312,915		14,803,678		(174,312,591	)		(159,508,913	)
MSCI USA Equal Weighted		228,830,061		28,119,708		(9,818,777	)		18,300,931

9.	LINE OF CREDIT

The iShares MSCI Colombia 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 23, 2019. 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 February 28, 2019.


58		2 0 1 9 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)

10.

PRINCIPAL RISKS

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia, Norway, Switzerland and Canada, have imposed economic sanctions, which can consist of prohibiting certain securities trades, prohibiting certain private transactions in the energy sector, asset freezes and prohibition of all business, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy, and may negatively impact a fund. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

11.

CAPITAL SHARE TRANSACTIONS


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			59

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:


	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
MSCI Brazil
Shares sold		38,400,000		$	1,536,626,625			51,100,000		$	2,106,146,096
Shares redeemed		(2,350,000	)		(81,463,831	)		(37,300,000	)		(1,288,144,556	)

Net increase		36,050,000		$	1,455,162,794			13,800,000		$	818,001,540

MSCI Chile
Shares sold		4,500,000		$	200,090,036			4,200,000		$	204,165,240
Shares redeemed		(3,050,000	)		(134,583,630	)		(4,950,000	)		(251,559,714	)

Net increase(decrease)		1,450,000		$	65,506,406			(750,000	)	$	(47,394,474	)

MSCI Colombia
Shares sold		350,000		$	4,605,984			400,000		$	6,036,941
Shares redeemed		(450,000	)		(5,672,252	)		(100,000	)		(1,515,157	)

Net increase(decrease)		(100,000	)	$	(1,066,268	)		300,000		$	4,521,784

MSCI Israel
Shares sold		250,000		$	13,618,762			600,000		$	30,421,376
Shares redeemed		(50,000	)		(2,436,726	)		(300,000	)		(15,491,100	)

Net increase		200,000		$	11,182,036			300,000		$	14,930,276

MSCI Russia
Shares sold		2,550,000		$	86,467,817			6,800,000		$	228,623,987
Shares redeemed		(500,000	)		(16,559,052	)		(8,550,000	)		(292,319,234	)

Net increase(decrease)		2,050,000		$	69,908,765			(1,750,000	)	$	(63,695,247	)

MSCI South Africa
Shares sold		7,100,000		$	378,771,749			3,500,000		$	223,536,185
Shares redeemed		(3,400,000	)		(171,719,040	)		(3,400,000	)		(216,092,266	)

Net increase		3,700,000		$	207,052,709			100,000		$	7,443,919

MSCI Turkey
Shares sold		3,000,000		$	72,879,422			13,950,000		$	339,600,282
Shares redeemed		(2,550,000	)		(66,090,515	)		(3,900,000	)		(147,208,930	)

Net increase		450,000		$	6,788,907			10,050,000		$	192,391,352

MSCI USA Equal Weighted
Shares sold		1,200,000		$	66,040,244			1,400,000		$	78,296,192
Shares redeemed		(200,000	)		(11,418,540	)		(800,000	)		(43,309,884	)

Net increase		1,000,000		$	54,621,704			600,000		$	34,986,308

12.

LEGAL PROCEEDINGS


60		2 0 1 9 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)

13.

REGULATION S-X AMENDMENTS

Distributions for the year ended August 31, 2018 were classified as follows:


iShares ETF	Net Investment Income		Return of capital
MSCI Brazil	$	186,603,443	$	—
MSCI Chile		7,431,414		465,343
MSCI Colombia		365,825		—
MSCI Israel		2,219,395		—
MSCI Russia		20,645,275		—
MSCI South Africa		9,978,039		—
MSCI Turkey		8,942,652		—
MSCI USA Equal Weighted		2,338,579		—

Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:


iShares ETF	Undistributed (distributions in excess of) net investment income
MSCI Brazil	$	50,812,884
MSCI Chile		(51,786	)
MSCI Colombia		100,951
MSCI Israel		(519,165	)
MSCI Russia		13,405,253
MSCI South Africa		504,766
MSCI Turkey		167,417
MSCI USA Equal Weighted		692,087

14.

SUBSEQUENT EVENTS


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			61

Supplemental Information (unaudited)

Section 19(a) Notices


	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 Brazil^(a)	$	0.411091	$	—	$	0.163327	$	0.574418		72	%		—	%		28	%		100	%
MSCI Colombia^(a)		0.136165		—		0.019164		0.155329		88			—			12			100
MSCI Israel^(a)		0.051244		—		0.025499		0.076743		67			—			33			100
MSCI Russia^(a)		1.216263		—		0.165610		1.381873		88			—			12			100
MSCI South Africa^(a)		1.018108		—		0.049049		1.067157		95			—			5			100
MSCI Turkey^(a)		0.050520		—		0.025840		0.076360		66			—			34			100
MSCI USA Equal Weighted^(a)		0.465325		—		0.109672		0.574997		81			—			19			100

^(a)


62		2 0 1 9 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

To enroll in electronic delivery:

•

Go to www.icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			63

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

NVS		Non-Voting Shares


64		2 0 1 9 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

LOGO

For more information visit www.iShares.com or call 1-800-iShares (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”).

FEBRUARY 28, 2019


2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

▶

iShares MSCI Australia ETF | EWA | NYSE Arca

▶

iShares MSCI Canada ETF | EWC | NYSE Arca

▶

iShares MSCI Japan ETF | EWJ | NYSE Arca

▶

iShares MSCI Mexico ETF | EWW | NYSE Arca

▶

iShares MSCI South Korea ETF | EWY | NYSE Arca

Table of Contents


	Page
Fund Summary		5
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		30
Statements of Operations		32
Statements of Changes in Net Assets		34
Financial Highlights		37
Notes to Financial Statements		42
Supplemental Information		50
General Information		51
Glossary of Terms Used in this Report		52


Fund Summary as of February 28, 2019		iShares^® MSCI Australia ETF

Investment Objective

The iShares MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed of Australian equities, as represented by the MSCI Australia 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		(1.81	)%		(2.25	)%		1.80	%		11.53	%		(2.25	)%		9.33	%		197.72	%
Fund Market		(1.82	)		(1.34	)		1.67			11.65			(1.34	)		8.61			200.89
Index		(1.63	)		(1.88	)		2.16			11.99			(1.88	)		11.27			210.36

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	981.90	$	2.41		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	38.0	%
Materials	18.8
Health Care	8.8
Real Estate	7.3
Energy	6.5
Industrials	6.0
Consumer Discretionary	5.4
Consumer Staples	4.9
Utilities	2.2
Communication Services	1.5
Information Technology	0.6

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Commonwealth Bank of Australia	9.8	%
BHP Group Ltd.	8.2
Westpac Banking Corp.	7.0
CSL Ltd.	6.6
Australia & New Zealand Banking Group Ltd.	6.0
National Australia Bank Ltd.	5.2
Macquarie Group Ltd.	3.1
Woolworths Group Ltd.	2.8
Wesfarmers Ltd.	2.8
Rio Tinto Ltd.	2.7

^(a)

Excludes money market funds.


F U N D S U M M A R Y			5


Fund Summary as of February 28, 2019		iShares^® MSCI Canada ETF

Investment Objective

The iShares MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of Canadian equities, as represented by the MSCI Canada Custom Capped 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		(1.72	)%		2.70	%		1.19	%		8.46	%		2.70	%		6.10	%		125.33	%
Fund Market		(1.75	)		2.81			1.18			8.51			2.81			6.03			126.31
Index		(1.67	)		2.84			1.37			8.68			2.84			7.01			129.98

Index performance through August 31, 2017 reflects the performance of the MSCI Canada Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Canada Custom Capped Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	982.80	$	2.41		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	39.4	%
Energy	20.3
Materials	10.3
Industrials	9.2
Information Technology	4.8
Consumer Staples	4.4
Consumer Discretionary	4.2
Communication Services	3.2
Utilities	2.3
Health Care	1.2
Real Estate	0.7

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Royal Bank of Canada	8.2	%
Toronto-Dominion Bank (The)	7.6
Enbridge Inc.	4.8
Bank of Nova Scotia (The)	4.8
Canadian National Railway Co.	4.4
Suncor Energy Inc.	4.0
Bank of Montreal	3.7
TransCanada Corp.	2.9
Brookfield Asset Management Inc., Class A	2.8
Canadian Imperial Bank of Commerce	2.7

^(a)

Excludes money market funds.


6		2 0 1 9 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 February 28, 2019		iShares^® MSCI Japan ETF

Investment Objective

The iShares MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities, as represented by the MSCI 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		(6.43	)%		(10.58	)%		4.85	%		7.63	%		(10.58	)%		26.72	%		108.53	%
Fund Market		(5.94	)		(9.61	)		4.73			7.94			(9.61	)		26.00			114.65
Index		(6.27	)		(10.29	)		5.22			8.12			(10.29	)		28.99			118.33

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	935.70	$	2.35		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Industrials	20.9	%
Consumer Discretionary	18.5
Financials	11.2
Information Technology	10.4
Health Care	9.3
Consumer Staples	8.6
Communication Services	8.3
Materials	5.6
Real Estate	4.1
Utilities	2.1
Energy	1.0

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Toyota Motor Corp.	4.2	%
SoftBank Group Corp.	2.3
Sony Corp.	1.9
Mitsubishi UFJ Financial Group Inc.	1.9
Takeda Pharmaceutical Co. Ltd.	1.8
Keyence Corp.	1.8
Sumitomo Mitsui Financial Group Inc.	1.4
Honda Motor Co. Ltd.	1.4
KDDI Corp.	1.3
Kao Corp.	1.2

^(a)

Excludes money market funds.


F U N D S U M M A R Y			7


Fund Summary as of February 28, 2019		iShares^® MSCI Mexico ETF

Investment Objective

The iShares MSCI Mexico ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico IMI 25/50 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		(12.65	)%		(10.84	)%		(4.56	)%		7.96	%		(10.84	)%		(20.82	)%		115.10	%
Fund Market		(12.70	)		(10.92	)		(4.53	)		8.01			(10.92	)		(20.70	)		116.09
Index		(12.46	)		(10.54	)		(4.27	)		7.88			(10.54	)		(19.61	)		113.45

Index performance through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico IMI 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	873.50	$	2.28		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Consumer Staples	29.2	%
Communication Services	19.5
Financials	16.7
Materials	12.6
Industrials	11.5
Real Estate	6.4
Consumer Discretionary	2.4
Utilities	1.3
Health Care	0.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
America Movil SAB de CV, Series L	14.8	%
Fomento Economico Mexicano SAB de CV	10.6
Grupo Financiero Banorte SAB de CV, Class O	8.5
Wal-Mart de Mexico SAB de CV	8.0
Grupo Mexico SAB de CV, Series B	4.9
Cemex SAB de CV	4.1
Grupo Televisa SAB	3.3
Fibra Uno Administracion SA de CV	2.8
Grupo Aeroportuario del Sureste SAB de CV, Class B	2.3
Grupo Financiero Inbursa SAB de CV, Class O	2.3

^(a)

Excludes money market funds.


8		2 0 1 9 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 February 28, 2019		iShares^® MSCI South Korea ETF

Investment Objective

The iShares MSCI South Korea ETF (the “Fund”) seeks to track the investment results of an index composed of South Korean equities, as represented by the MSCI Korea 25/50 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		(5.35	)%		(12.26	)%		2.37	%		12.50	%		(12.26	)%		12.41	%		224.71	%
Fund Market		(5.08	)		(11.50	)		2.45			12.80			(11.50	)		12.86			233.64
Index		(5.25	)		(11.98	)		2.83			13.13			(11.98	)		14.99			243.31

Index performance through February 11, 2013 reflects the performance of the MSCI Korea Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Korea 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	946.50	$	2.85		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	31.8	%
Financials	13.3
Consumer Discretionary	12.1
Industrials	11.0
Materials	8.4
Consumer Staples	6.8
Health Care	6.3
Communication Services	6.3
Energy	2.6
Utilities	1.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Samsung Electronics Co. Ltd.	22.0	%
SK Hynix Inc.	5.2
POSCO	2.6
Hyundai Motor Co.	2.5
Shinhan Financial Group Co. Ltd.	2.4
NAVER Corp.	2.4
LG Chem Ltd.	2.3
KB Financial Group Inc.	2.3
Celltrion Inc.	2.2
Hyundai Mobis Co. Ltd.	2.0

^(a)

Excludes money market funds.


F U N D S U M M A R Y			9

About Fund Performance

Shareholder Expenses


10		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Australia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 28.3%
Australia & New Zealand Banking Group Ltd.		3,677,072	$	73,249,488
Bank of Queensland Ltd.		506,501		3,246,755
Bendigo & Adelaide Bank Ltd.		622,437		4,366,332
Commonwealth Bank of Australia		2,270,334		119,446,207
National Australia Bank Ltd.		3,506,465		62,691,178
Westpac Banking Corp.		4,405,089		84,492,665

				347,492,625

Beverages — 1.1%
Coca-Cola Amatil Ltd.		651,837		3,696,083
Treasury Wine Estates Ltd.		922,577		9,832,385

				13,528,468

Biotechnology — 6.5%
CSL Ltd.		580,193		79,979,934


Capital Markets — 4.1%
ASX Ltd.		248,356		12,327,863
Macquarie Group Ltd.		414,702		37,953,916

				50,281,779

Chemicals — 0.9%
Incitec Pivot Ltd.		2,099,206		5,033,029
Orica Ltd.		486,146		6,104,581

				11,137,610

Commercial Services & Supplies — 1.4%
Brambles Ltd.		2,041,727		17,082,421


Construction & Engineering — 0.4%
CIMIC Group Ltd.		125,092		4,463,185


Construction Materials — 1.0%
Boral Ltd.		1,504,530		5,330,582
James Hardie Industries PLC		566,009		7,103,401

				12,433,983

Containers & Packaging — 1.3%
Amcor Ltd./Australia		1,485,302		15,903,609


Diversified Financial Services — 0.8%
AMP Ltd.		3,739,807		6,279,219
Challenger Ltd./Australia		707,601		4,052,553

				10,331,772

Diversified Telecommunication Services — 1.1%
Telstra Corp. Ltd.		5,338,557		11,888,106
TPG Telecom Ltd.		474,514		2,248,369

				14,136,475

Electric Utilities — 0.2%
AusNet Services		2,304,359		2,844,422


Energy Equipment & Services — 0.4%
WorleyParsons Ltd.		412,976		4,380,734


Equity Real Estate Investment Trusts (REITs) — 6.7%
BGP Holdings PLC^(a)(b)		18,888,372		215
Dexus		1,304,538		11,155,926
Goodman Group		2,093,651		19,065,960
GPT Group (The)		2,315,235		9,635,969
Mirvac Group		4,693,766		8,582,207
Scentre Group		6,818,996		18,774,822
Stockland		3,086,215		7,684,908


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Vicinity Centres		4,212,025	$	7,371,748

				82,271,755

Food & Staples Retailing — 3.7%
Coles Group Ltd.^(b)		1,454,138		11,721,413
Woolworths Group Ltd.		1,684,322		34,355,577

				46,076,990

Gas Utilities — 0.9%
APA Group		1,514,880		10,788,393


Health Care Equipment & Supplies — 0.7%
Cochlear Ltd.		74,061		8,983,765


Health Care Providers & Services — 1.5%
Ramsay Health Care Ltd.		181,175		8,349,946
Sonic Healthcare Ltd.		554,708		9,518,887

				17,868,833

Hotels, Restaurants & Leisure — 2.4%
Aristocrat Leisure Ltd.		737,033		12,909,797
Crown Resorts Ltd.		486,098		3,963,263
Domino’s Pizza Enterprises Ltd.^(c)		76,408		2,242,370
Flight Centre Travel Group Ltd.		71,077		2,314,485
Tabcorp Holdings Ltd.		2,448,648		8,222,669

				29,652,584

Insurance — 4.4%
Insurance Australia Group Ltd.		2,963,448		15,496,338
Medibank Pvt Ltd.		3,529,363		7,131,142
QBE Insurance Group Ltd.		1,703,054		14,963,728
Suncorp Group Ltd.		1,665,315		16,053,884

				53,645,092

Interactive Media & Services — 0.3%
REA Group Ltd.		67,815		3,934,059


IT Services — 0.6%
Computershare Ltd.		591,085		7,254,099


Metals & Mining — 15.4%
Alumina Ltd.		3,141,038		5,698,464
BHP Group Ltd.		3,778,024		100,069,604
BlueScope Steel Ltd.		697,553		6,679,850
Fortescue Metals Group Ltd.		1,995,986		8,605,469
Newcrest Mining Ltd.		984,615		17,036,267
Rio Tinto Ltd.		476,018		32,565,838
South32 Ltd.		6,513,924		18,120,237

				188,775,729

Multi-Utilities — 1.0%
AGL Energy Ltd.		841,085		12,691,852


Multiline Retail — 3.0%
Harvey Norman Holdings Ltd.		757,083		1,939,056
Wesfarmers Ltd.		1,454,138		34,326,256

				36,265,312

Oil, Gas & Consumable Fuels — 6.0%
Caltex Australia Ltd.		334,483		6,805,884
Oil Search Ltd.		1,754,903		10,450,162
Origin Energy Ltd.^(b)		2,257,204		11,819,335
Santos Ltd.		2,273,703		11,193,973
Washington H Soul Pattinson & Co. Ltd.		137,728		2,883,745
Woodside Petroleum Ltd.		1,200,598		30,963,501

				74,116,600


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)

February 28, 2019

iShares^® MSCI Australia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services — 0.5%
Seek Ltd.		428,092	$	5,610,107


Real Estate Management & Development — 0.5%
Lendlease Group		735,976		6,744,099


Road & Rail — 0.7%
Aurizon Holdings Ltd.		2,548,037		8,193,861


Transportation Infrastructure — 3.1%
Sydney Airport		1,415,386		7,250,231
Transurban Group		3,427,989		30,412,373

				37,662,604


Total Common Stocks — 98.9% (Cost: $1,458,987,822)				1,214,532,751


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.62%^(d)(e)(f)		2,223,435		2,224,325


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.33%^(d)(e)		663,873	$	663,873

				2,888,198


Total Short-Term Investments — 0.2% (Cost: $2,887,315)				2,888,198


Total Investments in Securities — 99.1% (Cost: $1,461,875,137)				1,217,420,949

Other Assets, Less Liabilities — 0.9%				11,285,700


Net Assets — 100.0%			$	1,228,706,649

^(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)	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 February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	5,082,269	(2,858,834	)	2,223,435	$	2,224,325	$	14,720	^(b)	$	663		$	(261	)
BlackRock Cash Funds: Treasury, SL Agency Shares	358,813	305,060		663,873		663,873		16,217			—			—

					$	2,888,198	$	30,937		$	663		$	(261	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

ASX SPI 200 Index

128

03/21/19

13,999

456,706

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	456,706

^(a)


12		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Australia ETF

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(1,080,414	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	276,271

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	13,555,449

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

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	1,214,532,536	$	—	$	215	$	1,214,532,751
Money Market Funds		2,888,198		—		—		2,888,198

	$	1,217,420,734	$	—	$	215	$	1,217,420,949

Derivative financial instruments^(a)
Assets
Futures Contracts	$	456,706	$	—	$	—	$	456,706

^(a)

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

The Fund had transfers from Level 2 to Level 1 during the six months ended February 28, 2019 in the amount of $ 26,380,384 (the value of the securities as of the beginning of the period), resulting in a difference of valuation methodology, due to a resumption of trading.

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			13

Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Canada ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.8%
Bombardier Inc., Class B^(a)		4,145,489	$	8,813,492
CAE Inc.		522,879		11,017,382

				19,830,874

Auto Components — 1.3%
Magna International Inc.		660,431		34,821,814


Banks — 28.0%
Bank of Montreal		1,237,543		96,428,749
Bank of Nova Scotia (The)		2,262,876		125,669,514
Canadian Imperial Bank of Commerce		842,382		71,400,989
National Bank of Canada		657,389		30,992,622
Royal Bank of Canada		2,763,712		215,829,749
Toronto-Dominion Bank (The)		3,524,218		201,926,720

				742,248,343

Capital Markets — 3.2%
Brookfield Asset Management Inc., Class A		1,612,399		72,772,207
CI Financial Corp.		532,098		7,514,824
IGM Financial Inc.		167,510		4,372,812

				84,659,843

Chemicals — 2.8%
Methanex Corp.		130,717		7,351,715
Nutrien Ltd.		1,237,265		67,293,312

				74,645,027

Construction & Engineering — 0.8%
SNC-Lavalin Group Inc.		340,765		9,405,321
WSP Global Inc.		201,696		10,672,888

				20,078,209

Containers & Packaging — 0.4%
CCL Industries Inc., Class B, NVS		288,107		11,760,541


Diversified Financial Services — 0.4%
Onex Corp.		167,701		10,078,614


Diversified Telecommunication Services — 1.0%
BCE Inc.		297,007		13,197,304
TELUS Corp.		380,465		13,808,829

				27,006,133

Electric Utilities — 1.6%
Emera Inc.		114,634		4,075,295
Fortis Inc./Canada		810,876		29,214,933
Hydro One Ltd.^(b)		635,333		9,961,751

				43,251,979

Equity Real Estate Investment Trusts (REITs) —0.5%
H&R Real Estate Investment Trust		280,533		4,837,437
RioCan REIT		307,313		5,866,248
SmartCentres Real Estate Investment Trust		131,954		3,382,511

				14,086,196

Food & Staples Retailing — 3.8%
Alimentation Couche-Tard Inc., Class B		830,849		46,791,245
Empire Co. Ltd., Class A, NVS		339,440		7,879,029
George Weston Ltd.		149,360		10,637,789
Loblaw Companies Ltd.		370,776		18,451,525
Metro Inc.		470,264		17,660,788

				101,420,376

Food Products — 0.6%
Saputo Inc.		449,388		14,634,967


Security	Shares		Value

Gas Utilities — 0.3%
AltaGas Ltd.		519,872	$	6,978,995


Hotels, Restaurants & Leisure — 1.2%
Restaurant Brands International Inc.		446,321		28,202,607
Stars Group Inc. (The)^(a)(c)		197,192		3,285,036

				31,487,643

Insurance — 7.7%
Fairfax Financial Holdings Ltd.		53,701		26,566,296
Great-West Lifeco Inc.		573,104		13,167,902
IA Financial Corp Inc.^(a)		208,327		7,986,659
Intact Financial Corp.		268,583		22,432,901
Manulife Financial Corp.		3,807,009		64,288,444
Power Corp. of Canada		682,507		14,557,040
Power Financial Corp.		485,531		10,827,673
Sun Life Financial Inc.		1,174,868		44,443,374

				204,270,289

IT Services — 2.5%
CGI Inc.^(a)		491,137		32,902,823
Shopify Inc., Class A^(a)(c)		168,774		31,945,317

				64,848,140

Media — 0.7%
Shaw Communications Inc., Class B, NVS		875,783		18,047,647


Metals & Mining — 6.8%
Agnico Eagle Mines Ltd.		450,037		19,125,718
Barrick Gold Corp.		3,358,864		42,336,479
First Quantum Minerals Ltd.		1,338,041		15,331,085
Franco-Nevada Corp.		357,628		26,921,215
Goldcorp Inc.		1,673,870		17,666,509
Kinross Gold Corp.^(a)		2,428,568		8,095,227
Lundin Mining Corp.		1,291,044		6,548,348
Teck Resources Ltd., Class B		990,928		22,188,661
Turquoise Hill Resources Ltd.^(a)		1,982,060		3,416,307
Wheaton Precious Metals Corp.		855,010		18,580,399

				180,209,948

Multi-Utilities — 0.4%
Atco Ltd./Canada, Class I, NVS		151,339		5,089,449
Canadian Utilities Ltd., Class A, NVS		254,491		6,761,306

				11,850,755

Multiline Retail — 1.1%
Canadian Tire Corp. Ltd., Class A, NVS		121,543		13,400,185
Dollarama Inc.		601,574		16,270,361

				29,670,546

Oil, Gas & Consumable Fuels — 20.2%
ARC Resources Ltd.		703,742		5,311,463
Cameco Corp.		771,596		8,946,295
Canadian Natural Resources Ltd.		2,338,043		66,359,945
Cenovus Energy Inc.		2,018,655		18,485,178
Enbridge Inc.		3,452,188		127,602,515
Encana Corp.		2,935,777		21,533,490
Husky Energy Inc.		689,597		7,660,444
Imperial Oil Ltd.		563,252		15,238,169
Inter Pipeline Ltd.		742,217		11,925,066
Keyera Corp.		401,646		9,853,593
Pembina Pipeline Corp.		966,862		35,356,168
PrairieSky Royalty Ltd.		419,450		6,105,434
Seven Generations Energy Ltd., Class A^(a)		533,790		3,899,058
Suncor Energy Inc.		3,102,223		106,846,496
Tourmaline Oil Corp.		506,215		7,675,864


14		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Canada ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
TransCanada Corp.		1,690,455	$	75,537,796
Vermilion Energy Inc.		284,287		7,265,832

				535,602,806

Paper & Forest Products — 0.2%
West Fraser Timber Co. Ltd.		118,646		5,835,005


Pharmaceuticals — 1.2%
Aurora Cannabis Inc.^(a)(c)		591,594		4,456,046
Bausch Health Companies Inc.^(a)		605,950		14,382,686
Canopy Growth Corp.^(a)(c)		251,553		11,914,864

				30,753,596

Professional Services — 0.8%
Thomson Reuters Corp.		394,256		21,422,141


Real Estate Management & Development — 0.2%
First Capital Realty Inc.		332,524		5,408,249


Road & Rail — 6.6%
Canadian National Railway Co.		1,370,136		117,475,898
Canadian Pacific Railway Ltd.		277,129		57,218,616

				174,694,514

Software — 2.3%
BlackBerry Ltd.^(a)		997,688		8,666,325
Constellation Software Inc./Canada		38,805		33,110,359
Open Text Corp.		513,257		19,439,073

				61,215,757

Textiles, Apparel & Luxury Goods — 0.6%
Gildan Activewear Inc.		425,784		15,214,423


Trading Companies & Distributors — 0.2%
Finning International Inc.		328,663		6,121,567


Security	Shares		Value

Wireless Telecommunication Services — 1.5%
Rogers Communications Inc., Class B, NVS		696,450	$	38,450,174


Total Common Stocks — 99.7% (Cost: $3,114,137,839)				2,640,605,111


Short-Term Investments

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.62%^(d)(e)(f)		40,196,185		40,212,263
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.33%^(d)(e)		1,384,636		1,384,636

				41,596,899


Total Short-Term Investments — 1.5% (Cost: $41,589,187)				41,596,899


Total Investments in Securities — 101.2% (Cost: $3,155,727,026)				2,682,202,010

Other Assets, Less Liabilities — (1.2)%				(32,914,482	)


Net Assets — 100.0%			$	2,649,287,528

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18		Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares		13,326,671		26,869,514		40,196,185	$	40,212,263	$	334,564	^(b)	$	(2,418	)	$	6,308
BlackRock Cash Funds: Treasury, SL Agency Shares		840,722		543,914		1,384,636		1,384,636		22,040			—			—

							$	41,596,899	$	356,604		$	(2,418	)	$	6,308

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P/TSX 60 Index

03/14/19

7,665

400,683


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)

February 28, 2019

iShares^® MSCI Canada ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	400,683

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(617,089	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	388,785

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	10,028,165

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

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	2,640,605,111	$	—	$	—	$	2,640,605,111
Money Market Funds		41,596,899		—		—		41,596,899

	$	2,682,202,010	$	—	$	—	$	2,682,202,010

Derivative financial instruments^(a)
Assets
Futures Contracts	$	400,683	$	—	$	—	$	400,683

^(a)

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

See notes to financial statements.


16		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.3%
SG Holdings Co. Ltd.		413,600	$	12,112,253
Yamato Holdings Co. Ltd.		1,490,600		38,818,266

				50,930,519

Airlines — 0.3%
ANA Holdings Inc.		572,400		21,246,468
Japan Airlines Co. Ltd.		572,400		20,901,958

				42,148,426

Auto Components — 2.7%
Aisin Seiki Co. Ltd.		769,000		30,015,316
Bridgestone Corp.		2,888,700		113,996,219
Denso Corp.		2,098,800		90,158,656
Koito Manufacturing Co. Ltd.		520,400		30,105,785
NGK Spark Plug Co. Ltd.		758,300		16,116,940
Stanley Electric Co. Ltd.		573,400		16,482,932
Sumitomo Electric Industries Ltd.		3,434,400		47,789,127
Sumitomo Rubber Industries Ltd.		765,100		9,835,233
Toyoda Gosei Co. Ltd.		348,100		7,886,348
Toyota Industries Corp.		763,200		39,147,251
Yokohama Rubber Co. Ltd. (The)		572,400		11,677,330

				413,211,137

Automobiles — 7.9%
Honda Motor Co. Ltd.		7,632,000		216,166,870
Isuzu Motors Ltd.		2,480,400		35,550,469
Mazda Motor Corp.		2,666,800		31,322,682
Mitsubishi Motors Corp.		3,017,700		16,942,710
Nissan Motor Co. Ltd.		10,862,200		93,907,485
Subaru Corp.		2,928,100		74,346,700
Suzuki Motor Corp.		1,639,900		83,983,740
Toyota Motor Corp.		10,735,200		645,828,552
Yamaha Motor Co. Ltd.		1,331,800		27,002,090

				1,225,051,298

Banks — 6.1%
Aozora Bank Ltd.		572,400		16,505,605
Bank of Kyoto Ltd. (The)		262,100		11,737,051
Chiba Bank Ltd. (The)		2,864,400		17,394,308
Concordia Financial Group Ltd.		5,151,600		20,871,107
Fukuoka Financial Group Inc.		729,500		15,780,057
Japan Post Bank Co. Ltd.		1,718,200		19,185,435
Mebuki Financial Group Inc.		3,625,280		9,802,455
Mitsubishi UFJ Financial Group Inc.		55,332,180		286,651,709
Mizuho Financial Group Inc.		112,953,780		177,771,310
Resona Holdings Inc.		9,541,000		43,136,771
Seven Bank Ltd.		2,657,600		7,758,893
Shinsei Bank Ltd.		755,500		10,376,927
Shizuoka Bank Ltd. (The)		2,077,000		16,400,314
Sumitomo Mitsui Financial Group Inc.		6,296,400		222,964,506
Sumitomo Mitsui Trust Holdings Inc.		1,555,232		58,942,902
Yamaguchi Financial Group Inc.		839,400		7,826,960

				943,106,310

Beverages — 1.3%
Asahi Group Holdings Ltd.		1,717,200		74,151,818
Coca-Cola Bottlers Japan Holdings Inc.		629,500		16,218,164
Kirin Holdings Co. Ltd.		3,939,300		88,078,672
Suntory Beverage & Food Ltd.		638,700		28,171,191

				206,619,845

Building Products — 1.3%
AGC Inc./Japan		917,400		31,810,672


Security	Shares		Value

Building Products (continued)
Daikin Industries Ltd.		1,179,500	$	128,100,566
LIXIL Group Corp.		1,286,200		17,435,104
TOTO Ltd.		674,300		25,531,571

				202,877,913

Capital Markets — 1.1%
Daiwa Securities Group Inc.		7,552,300		38,365,304
Japan Exchange Group Inc.		2,264,400		39,970,769
Nomura Holdings Inc.		16,245,200		62,838,512
SBI Holdings Inc./Japan		1,087,110		22,890,638

				164,065,223

Chemicals — 4.0%
Air Water Inc.		756,900		12,075,588
Asahi Kasei Corp.		5,842,900		63,719,732
Daicel Corp.		1,144,800		12,052,691
Hitachi Chemical Co. Ltd.		403,100		7,321,849
JSR Corp.		941,500		15,612,729
Kaneka Corp.		248,000		9,702,120
Kansai Paint Co. Ltd.		786,900		14,469,856
Kuraray Co. Ltd.		1,521,200		20,415,674
Mitsubishi Chemical Holdings Corp.		5,874,800		43,374,938
Mitsubishi Gas Chemical Co. Inc.		779,500		11,917,975
Mitsui Chemicals Inc.		844,500		20,581,463
Nippon Paint Holdings Co. Ltd.^(a)		724,900		27,870,751
Nissan Chemical Corp.		582,900		29,427,758
Nitto Denko Corp.		779,600		41,613,216
Shin-Etsu Chemical Co. Ltd.		1,735,100		144,503,343
Showa Denko KK		637,100		23,722,417
Sumitomo Chemical Co. Ltd.		6,679,000		33,119,008
Taiyo Nippon Sanso Corp.		583,000		8,238,044
Teijin Ltd.		732,400		12,283,424
Toray Industries Inc.		6,487,200		45,192,451
Tosoh Corp.		1,285,400		18,971,543

				616,186,570

Commercial Services & Supplies — 1.0%
Dai Nippon Printing Co. Ltd.		1,159,400		26,849,921
Park24 Co. Ltd.		572,400		13,749,529
Secom Co. Ltd.		963,100		83,228,728
Sohgo Security Services Co. Ltd.		381,600		16,488,466
Toppan Printing Co. Ltd.		1,194,100		19,007,772

				159,324,416

Construction & Engineering — 0.9%
JGC Corp.		953,000		13,860,106
Kajima Corp.		2,100,400		31,094,675
Obayashi Corp.		3,050,100		29,728,337
Shimizu Corp.		2,480,400		21,791,513
Taisei Corp.		999,500		47,227,542

				143,702,173

Construction Materials — 0.1%
Taiheiyo Cement Corp.		572,400		19,565,056


Consumer Finance — 0.2%
Acom Co. Ltd.		1,529,600		5,235,157
AEON Financial Service Co. Ltd.		572,470		11,257,068
Credit Saison Co. Ltd.		764,400		11,096,572

				27,588,797

Containers & Packaging — 0.1%
Toyo Seikan Group Holdings Ltd.		756,900		15,998,794


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)

February 28, 2019

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Consumer Services — 0.1%
Benesse Holdings Inc.		381,600	$	10,369,565


Diversified Financial Services — 0.7%
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,889,000		9,621,479
ORIX Corp.		6,105,600		88,413,827
Tokyo Century Corp.		196,200		8,750,745

				106,786,051

Diversified Telecommunication Services — 0.8%
Nippon Telegraph & Telephone Corp.		2,972,800		128,210,679


Electric Utilities — 1.3%
Chubu Electric Power Co. Inc.		2,847,000		44,820,046
Chugoku Electric Power Co. Inc. (The)		1,331,800		17,311,486
Kansai Electric Power Co. Inc. (The)		3,384,700		50,639,758
Kyushu Electric Power Co. Inc.		1,710,600		20,345,261
Tohoku Electric Power Co. Inc.		2,081,600		27,300,898
Tokyo Electric Power Co. Holdings Inc.^(b)		6,740,000		42,019,044

				202,436,493

Electrical Equipment — 1.6%
Fuji Electric Co. Ltd.		572,400		17,996,766
Mitsubishi Electric Corp.		8,315,500		104,130,498
Nidec Corp.		1,074,200		130,029,150

				252,156,414

Electronic Equipment, Instruments & Components — 5.6%
Alps Alpine Co. Ltd.		1,032,100		20,276,704
Hamamatsu Photonics KK		583,200		20,536,687
Hirose Electric Co. Ltd.		167,658		17,244,737
Hitachi High-Technologies Corp.		347,000		13,201,087
Hitachi Ltd.		4,581,200		137,246,694
Keyence Corp.		466,152		271,894,083
Kyocera Corp.		1,526,400		84,204,298
Murata Manufacturing Co. Ltd.		862,900		134,295,208
Nippon Electric Glass Co. Ltd.		385,700		10,429,006
Omron Corp.		954,000		41,178,315
Shimadzu Corp.		1,090,100		26,880,385
TDK Corp.		612,100		47,837,496
Yaskawa Electric Corp.		1,142,400		32,480,201
Yokogawa Electric Corp.		926,200		17,838,419

				875,543,320

Entertainment — 1.5%
DeNA Co. Ltd.		557,300		8,585,784
Konami Holdings Corp.		431,700		17,819,453
Nexon Co. Ltd.^(b)		2,101,200		33,352,681
Nintendo Co. Ltd.		544,300		148,836,615
Toho Co. Ltd./Tokyo		572,400		20,464,894

				229,059,427

Equity Real Estate Investment Trusts (REITs) — 1.3%
Daiwa House REIT Investment Corp.		7,644		17,056,860
Japan Prime Realty Investment Corp.		3,816		14,980,165
Japan Real Estate Investment Corp.		6,036		34,973,230
Japan Retail Fund Investment Corp.		11,448		23,076,996
Nippon Building Fund Inc.		6,259		40,763,340
Nippon Prologis REIT Inc.		7,644		16,260,324
Nomura Real Estate Master Fund Inc.		19,068		26,138,850
United Urban Investment Corp.		13,247		20,539,276

				193,789,041

Food & Staples Retailing — 1.9%
Aeon Co. Ltd.		2,671,200		56,293,884
FamilyMart UNY Holdings Co. Ltd.		1,218,800		34,761,858


Security	Shares		Value

Food & Staples Retailing (continued)
Lawson Inc.		233,400	$	14,152,443
Seven & i Holdings Co. Ltd.		3,625,280		159,379,449
Sundrug Co. Ltd.		365,700		11,202,273
Tsuruha Holdings Inc.		190,800		16,899,820
Welcia Holdings Co. Ltd.		202,500		7,185,367

				299,875,094

Food Products — 1.5%
Ajinomoto Co. Inc.		2,098,800		31,749,723
Calbee Inc.		382,600		10,602,956
Kikkoman Corp.		714,600		35,563,097
MEIJI Holdings Co. Ltd.		580,056		45,958,443
NH Foods Ltd.		442,700		16,165,788
Nisshin Seifun Group Inc.		763,275		16,373,524
Nissin Foods Holdings Co. Ltd.		281,500		19,547,206
Toyo Suisan Kaisha Ltd.		387,900		14,391,188
Yakult Honsha Co. Ltd.		572,400		38,410,241
Yamazaki Baking Co. Ltd.		575,000		9,845,041

				238,607,207

Gas Utilities — 0.6%
Osaka Gas Co. Ltd.		1,725,700		35,344,916
Toho Gas Co. Ltd.		381,600		17,345,455
Tokyo Gas Co. Ltd.		1,717,200		47,280,075

				99,970,446

Health Care Equipment & Supplies — 2.1%
Asahi Intecc Co. Ltd.		442,100		21,247,170
Hoya Corp.		1,835,100		112,179,802
Olympus Corp.		1,352,300		59,828,221
Sysmex Corp.		793,200		47,733,083
Terumo Corp.		1,470,600		90,096,047

				331,084,323

Health Care Providers & Services — 0.4%
Alfresa Holdings Corp.		933,100		27,032,407
Medipal Holdings Corp.		764,400		17,825,929
Suzuken Co. Ltd./Aichi Japan		381,640		20,912,720

				65,771,056

Health Care Technology — 0.2%
M3 Inc.		1,836,500		30,454,357


Hotels, Restaurants & Leisure — 0.8%
McDonald’s Holdings Co. Japan Ltd.		381,600		17,105,497
Oriental Land Co. Ltd./Japan^(a)		954,000		104,809,738

				121,915,235

Household Durables — 3.4%
Casio Computer Co. Ltd.		753,600		10,228,976
Iida Group Holdings Co. Ltd.		745,780		13,626,631
Nikon Corp.		1,521,200		23,039,375
Panasonic Corp.		10,113,415		93,121,185
Rinnai Corp.		190,800		12,837,693
Sekisui Chemical Co. Ltd.		1,710,600		26,845,295
Sekisui House Ltd.		2,906,200		43,689,595
Sharp Corp./Japan		988,600		11,562,677
Sony Corp.		6,053,300		290,430,069

				525,381,496

Household Products — 0.7%
Lion Corp.		1,106,300		22,688,492
Pigeon Corp.		572,400		23,344,377
Unicharm Corp.		1,908,400		60,773,248

				106,806,117


18		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		741,700	$	18,549,163


Industrial Conglomerates — 0.7%
Keihan Holdings Co. Ltd.		381,600		15,802,874
Toshiba Corp.		3,104,500		97,329,366

				113,132,240

Insurance — 3.2%
Dai-ichi Life Holdings Inc.		5,140,600		77,834,004
Japan Post Holdings Co. Ltd.		7,338,800		89,328,728
MS&AD Insurance Group Holdings Inc.		2,270,140		68,173,536
Sompo Holdings Inc.		1,526,450		57,001,910
Sony Financial Holdings Inc.		782,500		14,796,645
T&D Holdings Inc.		2,657,000		31,899,753
Tokio Marine Holdings Inc.		3,174,800		154,747,258

				493,781,834

Interactive Media & Services — 0.4%
Kakaku.com Inc.		575,000		11,058,884
LINE Corp.^(a)(b)		357,100		13,184,342
Yahoo Japan Corp.		12,975,400		34,734,722

				58,977,948

Internet & Direct Marketing Retail — 0.3%
Rakuten Inc.^(a)		4,006,800		31,530,334
ZOZO Inc.		959,000		18,056,630

				49,586,964

IT Services — 1.1%
Fujitsu Ltd.		954,000		64,351,294
Nomura Research Institute Ltd.		572,404		23,293,120
NTT Data Corp.		2,862,000		31,288,663
Obic Co. Ltd.		343,000		32,753,234
Otsuka Corp.		434,900		15,646,555

				167,332,866

Leisure Products — 0.9%
Bandai Namco Holdings Inc.		954,098		40,625,445
Sankyo Co. Ltd.		190,800		7,027,309
Sega Sammy Holdings Inc.		775,000		9,022,637
Shimano Inc.		368,300		55,946,398
Yamaha Corp.		611,500		30,102,587

				142,724,376

Machinery — 5.1%
Amada Holdings Co. Ltd.		1,531,700		16,112,295
Daifuku Co. Ltd.		478,800		23,484,082
FANUC Corp.		930,200		154,086,310
Hino Motors Ltd.		1,146,400		10,535,099
Hitachi Construction Machinery Co. Ltd.		537,100		13,408,201
Hoshizaki Corp.		256,400		17,366,655
IHI Corp.		719,500		18,976,392
JTEKT Corp.		953,000		11,814,050
Kawasaki Heavy Industries Ltd.		715,100		18,372,134
Komatsu Ltd.		4,388,700		107,667,442
Kubota Corp.		4,538,300		61,254,004
Kurita Water Industries Ltd.		385,600		9,712,742
Makita Corp.		1,091,300		38,673,900
MINEBEA MITSUMI Inc.		1,717,200		27,550,478
MISUMI Group Inc.		1,331,800		32,313,976
Mitsubishi Heavy Industries Ltd.		1,470,000		59,832,645
Nabtesco Corp.		557,000		14,705,560
NGK Insulators Ltd.		1,142,400		17,435,659
NSK Ltd.		1,699,100		15,614,259
SMC Corp./Japan		275,600		95,935,142


Security	Shares		Value

Machinery (continued)
Sumitomo Heavy Industries Ltd.		557,400	$	19,077,380
THK Co. Ltd.		572,400		14,068,329

				797,996,734

Marine — 0.2%
Mitsui OSK Lines Ltd.		563,300		13,207,088
Nippon Yusen KK		751,400		11,846,092

				25,053,180

Media — 0.5%
CyberAgent Inc.		485,600		15,115,020
Dentsu Inc.		1,022,400		42,707,150
Hakuhodo DY Holdings Inc.		954,000		14,628,800

				72,450,970

Metals & Mining — 1.2%
Hitachi Metals Ltd.		976,600		9,948,476
JFE Holdings Inc.		2,345,650		40,909,805
Kobe Steel Ltd.		1,494,600		11,828,446
Maruichi Steel Tube Ltd.		247,200		7,439,095
Mitsubishi Materials Corp.		535,100		14,709,001
Nippon Steel & Sumitomo Metal Corp.		3,859,470		69,461,446
Sumitomo Metal Mining Co. Ltd.		1,128,500		33,088,609

				187,384,878

Multiline Retail — 0.7%
Isetan Mitsukoshi Holdings Ltd.		1,534,960		15,250,321
J Front Retailing Co. Ltd.		1,129,500		12,510,542
Marui Group Co. Ltd.		763,200		13,430,729
Pan Pacific International Holdings Corp.^(a)		572,400		34,142,436
Ryohin Keikaku Co. Ltd.		119,600		28,385,124
Takashimaya Co. Ltd.		706,000		9,291,143

				113,010,295

Oil, Gas & Consumable Fuels — 1.0%
Idemitsu Kosan Co. Ltd.		646,400		22,936,400
Inpex Corp.		4,896,800		47,639,547
JXTG Holdings Inc.		15,264,095		71,397,900
Showa Shell Sekiyu KK		918,500		13,779,150

				155,752,997

Paper & Forest Products — 0.2%
Oji Holdings Corp.		3,963,200		23,568,437


Personal Products — 2.3%
Kao Corp.		2,364,400		178,922,975
Kobayashi Pharmaceutical Co. Ltd.		222,600		17,956,773
Kose Corp.		148,000		23,957,600
Pola Orbis Holdings Inc.		409,500		11,495,576
Shiseido Co. Ltd.		1,814,200		119,751,541

				352,084,465

Pharmaceuticals — 6.5%
Astellas Pharma Inc.		8,587,050		132,562,392
Chugai Pharmaceutical Co. Ltd.		1,086,200		73,863,942
Daiichi Sankyo Co. Ltd.		2,694,069		100,846,079
Eisai Co. Ltd.		1,203,400		99,400,494
Hisamitsu Pharmaceutical Co. Inc.		258,000		12,747,036
Kyowa Hakko Kirin Co. Ltd.		1,172,600		22,394,427
Mitsubishi Tanabe Pharma Corp.		1,142,400		16,481,265
Ono Pharmaceutical Co. Ltd.		1,830,200		37,624,979
Otsuka Holdings Co. Ltd.		1,908,000		79,562,846
Santen Pharmaceutical Co. Ltd.		1,518,600		23,668,442
Shionogi & Co. Ltd.		1,335,600		85,376,658
Sumitomo Dainippon Pharma Co. Ltd.		764,400		18,862,799


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)

February 28, 2019

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Taisho Pharmaceutical Holdings Co. Ltd.		190,800	$	19,316,529
Takeda Pharmaceutical Co. Ltd.		7,059,600		283,411,358

				1,006,119,246

Professional Services — 1.0%
Persol Holdings Co. Ltd.		810,000		13,883,219
Recruit Holdings Co. Ltd.		5,151,600		144,107,819

				157,991,038

Real Estate Management & Development — 2.8%
Aeon Mall Co. Ltd.		535,200		8,730,895
Daito Trust Construction Co. Ltd.		352,900		48,931,113
Daiwa House Industry Co. Ltd.		2,682,400		83,011,750
Hulic Co. Ltd.		1,331,800		12,238,874
Mitsubishi Estate Co. Ltd.		5,343,400		91,824,687
Mitsui Fudosan Co. Ltd.		4,227,000		100,150,130
Nomura Real Estate Holdings Inc.		575,000		10,893,595
Sumitomo Realty & Development Co. Ltd.		1,717,200		64,233,029
Tokyu Fudosan Holdings Corp.		2,739,200		15,133,022

				435,147,095

Road & Rail — 4.4%
Central Japan Railway Co.		686,500		154,018,483
East Japan Railway Co.		1,480,200		141,743,909
Hankyu Hanshin Holdings Inc.		1,130,200		41,016,960
Keikyu Corp.^(a)		1,101,000		18,257,690
Keio Corp.		532,000		31,254,761
Keisei Electric Railway Co. Ltd.		590,500		20,157,204
Kintetsu Group Holdings Co. Ltd.		825,100		37,282,187
Kyushu Railway Co.		764,400		26,162,091
Nagoya Railroad Co. Ltd.		877,600		24,163,169
Nippon Express Co. Ltd.		381,600		22,521,667
Odakyu Electric Railway Co. Ltd.		1,331,800		31,117,605
Seibu Holdings Inc.		1,113,400		19,783,554
Tobu Railway Co. Ltd.		953,000		26,624,416
Tokyu Corp.		2,297,600		38,946,921
West Japan Railway Co.		763,200		57,527,948

				690,578,565

Semiconductors & Semiconductor Equipment — 1.2%
Disco Corp.		142,300		19,609,073
Renesas Electronics Corp.^(b)		3,816,000		22,350,269
Rohm Co. Ltd.		440,800		27,837,082
SUMCO Corp.		1,123,700		14,263,278
Tokyo Electron Ltd.		763,252		103,874,127

				187,933,829

Software — 0.3%
Oracle Corp. Japan		190,800		14,243,155
Trend Micro Inc./Japan		572,400		28,229,213

				42,472,368

Specialty Retail — 1.6%
ABC-Mart Inc.		190,800		10,935,178
Fast Retailing Co. Ltd.		281,000		131,665,110
Hikari Tsushin Inc.		99,600		17,849,623
Nitori Holdings Co. Ltd.		381,600		47,597,161
Shimamura Co. Ltd.		108,100		9,137,810
USS Co. Ltd.		953,100		17,363,338
Yamada Denki Co. Ltd.^(a)		2,654,800		12,830,420

				247,378,640

Technology Hardware, Storage & Peripherals — 2.2%
Brother Industries Ltd.		954,000		17,439,723


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Canon Inc.		4,579,250	$	131,676,062
FUJIFILM Holdings Corp.		1,860,500		83,414,979
Konica Minolta Inc.		2,089,400		20,270,859
NEC Corp.		1,270,200		42,389,445
Ricoh Co. Ltd.		3,052,800		30,988,717
Seiko Epson Corp.		1,331,800		19,692,264

				345,872,049

Textiles, Apparel & Luxury Goods — 0.1%
Asics Corp.		764,400		10,176,435


Tobacco — 0.8%
Japan Tobacco Inc.		5,151,600		131,103,870


Trading Companies & Distributors — 3.8%
ITOCHU Corp.		6,487,200		116,433,935
Marubeni Corp.		7,251,400		51,766,866
Mitsubishi Corp.		6,296,400		177,545,810
Mitsui & Co. Ltd.		7,822,800		122,977,902
MonotaRO Co. Ltd.^(a)		574,400		13,549,896
Sumitomo Corp.		5,117,200		73,572,391
Toyota Tsusho Corp.		981,000		31,151,949

				586,998,749

Transportation Infrastructure — 0.1%
Japan Airport Terminal Co. Ltd.		190,800		7,575,782
Kamigumi Co. Ltd.		381,600		8,847,553

				16,423,335

Wireless Telecommunication Services — 5.2%
KDDI Corp.		8,205,400		198,169,403
NTT DOCOMO Inc.		6,105,600		142,136,744
Softbank Corp.^(b)		7,872,000		98,293,927
SoftBank Group Corp.		3,935,900		363,466,152

				802,066,226


Total Common Stocks — 99.7% (Cost: $16,897,758,390)				15,480,241,590


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.62%^(c)(d)(e)		31,785,538		31,798,253
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.33%^(c)(d)		8,014,536		8,014,536

				39,812,789


Total Short-Term Investments — 0.2% (Cost: $39,805,137)				39,812,789


Total Investments in Securities — 99.9% (Cost: $16,937,563,527)				15,520,054,379

Other Assets, Less Liabilities — 0.1%				11,347,565


Net Assets — 100.0%			$	15,531,401,944

^(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.


20		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Japan ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	71,651,613	(39,866,075	)	31,785,538	$	31,798,253	$	1,566,964	^(b)	$	21,130		$	(10,183	)
BlackRock Cash Funds: Treasury, SL Agency Shares	6,517,877	1,496,659		8,014,536		8,014,536		116,957			—			—

					$	39,812,789	$	1,683,921		$	21,130		$	(10,183	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

TOPIX Index

323

03/07/19

$46,599

1,300,486

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	1,300,486

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(16,223,271	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,773,028

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	79,940,938

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

Fair Value Measurements


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) (continued)

February 28, 2019

iShares^® MSCI Japan ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	15,480,241,590	$	—	$	—	$	15,480,241,590
Money Market Funds		39,812,789		—		—		39,812,789

	$	15,520,054,379	$	—	$	—	$	15,520,054,379

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,300,486	$	—	$	—	$	1,300,486

^(a)

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

See notes to financial statements.


22		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Mexico ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.7%
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(a)		5,169,900	$	4,424,164
Grupo Aeromexico SAB de CV^(a)		2,439,443		2,635,723

				7,059,887

Banks — 14.2%
Banco del Bajio SA^(b)		5,029,330		9,714,376
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		12,882,450		17,696,233
Grupo Financiero Banorte SAB de CV, Class O		16,234,061		88,333,215
Grupo Financiero Inbursa SAB de CV, Class O		16,096,092		24,023,582
Regional SAB de CV		1,753,500		9,121,689

				148,889,095

Beverages — 13.8%
Arca Continental SAB de CV		3,107,729		17,527,549
Coca-Cola Femsa SAB de CV, Series L, NVS		2,617,547		15,838,771
Fomento Economico Mexicano SAB de CV		12,188,210		110,619,918

				143,986,238

Capital Markets — 0.7%
Bolsa Mexicana de Valores SAB de CV		3,404,987		7,103,460


Chemicals — 1.7%
Mexichem SAB de CV		7,344,418		17,803,102


Construction Materials — 4.2%
Cemex SAB de CV, CPO^(a)		87,336,529		42,876,121
Grupo Cementos de Chihuahua SAB de CV		192,100		1,046,656

				43,922,777

Consumer Finance — 1.1%
Credito Real SAB de CV SOFOM ER		2,277,774		2,280,191
Gentera SAB de CV		7,662,606		6,294,856
Unifin Financiera SAB de CV SOFOM ENR		1,267,748		2,950,034

				11,525,081

Diversified Telecommunication Services — 0.8%
Axtel SAB de CV, CPO^(a)		11,530,677		1,663,520
Telesites SAB de CV^(a)		10,439,346		6,479,372

				8,142,892

Equity Real Estate Investment Trusts (REITs) — 5.6%
Concentradora Fibra Danhos SA de CV		2,503,000		3,572,086
Concentradora Fibra Hotelera Mexicana SA de CV^(b)		7,592,490		4,066,234
Fibra Uno Administracion SA de CV		21,128,800		29,254,258
Macquarie Mexico Real Estate Management SA de CV^(b)		6,251,800		7,225,264
PLA Administradora Industrial S. de RL de CV		6,110,900		9,063,498
Prologis Property Mexico SA de CV		3,027,100		5,559,500

				58,740,840

Food & Staples Retailing — 9.0%
Grupo Comercial Chedraui SA de CV		2,840,400		5,561,536
La Comer SAB de CV^(a)		4,202,255		4,416,069
Wal-Mart de Mexico SAB de CV		32,417,833		83,864,386

				93,841,991

Food Products — 4.7%
Gruma SAB de CV, Series B		1,501,635		16,274,456
Grupo Bimbo SAB de CV, Series A		11,393,604		22,604,445
Grupo Herdez SAB de CV		2,020,744		4,478,879
Industrias Bachoco SAB de CV, Series B		1,526,200		5,927,529

				49,285,309


Security	Shares		Value

Gas Utilities — 1.3%
Infraestructura Energetica Nova SAB de CV		3,612,500	$	13,897,295


Hotels, Restaurants & Leisure — 1.3%
Alsea SAB de CV		3,765,666		9,538,477
Hoteles City Express SAB de CV^(a)		3,499,100		3,991,282

				13,529,759

Household Durables — 0.2%
Consorcio ARA SAB de CV		9,291,519		2,521,836


Household Products — 1.7%
Kimberly-Clark de Mexico SAB de CV, Class A		10,756,754		17,388,724


Industrial Conglomerates — 3.4%
Alfa SAB de CV, Class A		20,424,051		23,265,096
Grupo Carso SAB de CV, Series A1		3,338,879		12,366,443

				35,631,539

Insurance — 0.4%
Qualitas Controladora SAB de CV		1,668,200		4,275,782


Machinery — 0.2%
Grupo Rotoplas SAB de CV		1,892,800		2,018,575


Media — 3.8%
Grupo Televisa SAB, CPO		14,490,847		33,953,141
Megacable Holdings SAB de CV, CPO		895,700		4,092,798
TV Azteca SAB de CV, CPO		15,645,339		1,883,655

				39,929,594

Metals & Mining — 6.7%
Grupo Mexico SAB de CV, Series B		20,260,986		50,774,565
Industrias CH SAB de CV, Series B^(a)		1,304,983		5,732,036
Industrias Penoles SAB de CV		1,015,358		13,457,628

				69,964,229

Mortgage Real Estate Investment — 0.2%
Concentradora Hipotecaria SAPI de CV^(c)		3,145,400		2,301,566


Multiline Retail — 0.9%
El Puerto de Liverpool SAB de CV, Series C1, NVS		1,436,865		9,015,849


Pharmaceuticals — 0.4%
Genomma Lab Internacional SAB de CV, Class B^(a)		6,792,193		4,487,111


Real Estate Management & Development — 0.8%
Corp Inmobiliaria Vesta SAB de CV		4,626,949		6,689,663
Grupo GICSA SA de CV^(a)		5,594,566		1,802,962

				8,492,625

Transportation Infrastructure — 7.2%
Grupo Aeroportuario del Centro Norte SAB de CV		2,051,392		11,694,378
Grupo Aeroportuario del Pacifico SAB de CV, Series B		2,485,149		23,162,594
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,436,875		24,381,214
Promotora y Operadora de Infraestructura SAB de CV		1,628,710		16,047,437

				75,285,623

Wireless Telecommunication Services — 14.8%
America Movil SAB de CV, Series L, NVS		215,184,118		154,998,719


Total Common Stocks — 99.8% (Cost: $1,478,735,388)				1,044,039,498


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		181,348		181,420


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)

February 28, 2019

iShares^® MSCI Mexico ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		167,152	$	167,152

				348,572


Total Short-Term Investments — 0.0% (Cost: $348,505)				348,572


Total Investments in Securities — 99.8% (Cost: $1,479,083,893)				1,044,388,070

Other Assets, Less Liabilities — 0.2%				2,317,527


Net Assets — 100.0%			$	1,046,705,597

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	16,322,257	(16,140,909	)	181,348	$	181,420	$	78,871	^(b)	$	(977	)	$	(4,806	)
BlackRock Cash Funds: Treasury, SL Agency Shares	734,154	(567,002	)	167,152		167,152		10,012			—			—

					$	348,572	$	88,883		$	(977	)	$	(4,806	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MEX BOLSA Index

110

03/15/19

2,454

4,456

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



		Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	4,456

^(a)


24		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Mexico ETF

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



		Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(465,098	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	13,801

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	2,536,807

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,044,039,498	$	—	$	—	$	1,044,039,498
Money Market Funds		348,572		—		—		348,572

	$	1,044,388,070	$	—	$	—	$	1,044,388,070

Derivative financial instruments^(a)
Assets
Futures Contracts	$	4,456	$	—	$	—	$	4,456

^(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)

February 28, 2019

iShares^® MSCI South Korea ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.4%
Korea Aerospace Industries Ltd.^(a)		624,963	$	20,448,687


Air Freight & Logistics — 0.4%
Hyundai Glovis Co. Ltd.		165,840		20,569,645


Airlines — 0.3%
Korean Air Lines Co. Ltd.^(a)		479,487		15,688,736


Auto Components — 2.8%
Hankook Tire Co. Ltd.		619,103		23,532,189
Hanon Systems		1,717,956		19,017,118
Hyundai Mobis Co. Ltd.		498,572		97,746,178

				140,295,485

Automobiles — 3.8%
Hyundai Motor Co.		1,116,201		125,544,080
Kia Motors Corp.		1,989,522		64,654,600

				190,198,680

Banks — 8.1%
BNK Financial Group Inc.		2,283,073		14,392,271
DGB Financial Group Inc.		1,619,714		12,212,301
Hana Financial Group Inc.		2,178,536		75,252,177
Industrial Bank of Korea		2,045,625		25,372,516
KB Financial Group Inc.		2,871,005		113,211,587
Shinhan Financial Group Co. Ltd.		3,095,627		120,142,366
Woori Financial Group Inc.^(a)		3,585,971		47,188,024

				407,771,242

Biotechnology — 3.6%
Celltrion Inc.^(a)(b)		597,585		108,656,648
Medy-Tox Inc.		36,681		17,807,261
SillaJen Inc.^(a)(b)		449,646		29,704,541
ViroMed Co. Ltd.^(a)		112,838		27,870,896

				184,039,346

Building Products — 0.3%
KCC Corp.		53,948		15,325,319


Capital Markets — 1.5%
Korea Investment Holdings Co. Ltd.^(a)		342,208		19,625,158
Mirae Asset Daewoo Co. Ltd.		3,290,518		22,118,179
NH Investment & Securities Co. Ltd.^(a)		1,282,763		14,884,020
Samsung Securities Co. Ltd.		566,147		17,441,979

				74,069,336

Chemicals — 4.0%
Hanwha Chemical Corp.		926,881		19,284,267
Kumho Petrochemical Co. Ltd.		167,547		14,256,467
LG Chem Ltd.		334,928		116,288,240
Lotte Chemical Corp.		132,445		37,565,533
OCI Co. Ltd.^(a)		158,003		15,172,334

				202,566,841

Commercial Services & Supplies — 0.3%
S-1 Corp.		165,898		15,045,431


Construction & Engineering — 2.1%
Daelim Industrial Co. Ltd.		250,035		20,808,461
Daewoo Engineering & Construction Co. Ltd.^(a)		1,917,061		8,607,769
GS Engineering & Construction Corp.		472,741		17,989,966
HDC Hyundai Development Co-Engineering & Construction, Class E^(a)		237,105		10,150,801
Hyundai Engineering & Construction Co. Ltd.		618,454		31,453,338


Security	Shares		Value

Construction & Engineering (continued)
Samsung Engineering Co. Ltd.^(a)		1,351,077	$	18,860,059

				107,870,394

Construction Materials — 0.2%
POSCO Chemtech Co. Ltd.^(b)		202,743		12,420,194


Consumer Finance — 0.2%
Samsung Card Co. Ltd.		320,102		9,691,005


Diversified Telecommunication Services — 0.4%
KT Corp.		205,716		5,203,717
LG Uplus Corp.		940,855		12,548,079

				17,751,796

Electric Utilities — 1.2%
Korea Electric Power Corp.^(a)		1,930,832		59,828,839


Electronic Equipment, Instruments & Components — 3.4%
LG Display Co. Ltd.^(a)		1,840,045		34,765,677
LG Innotek Co. Ltd.		131,483		12,625,735
Samsung Electro-Mechanics Co. Ltd.^(b)		422,281		40,174,328
Samsung SDI Co. Ltd.		405,514		85,631,346

				173,197,086

Entertainment — 1.7%
NCSoft Corp.		134,905		55,295,816
Netmarble Corp.^(a)(b)(c)		207,499		21,770,145
Pearl Abyss Corp.^(a)(b)		58,642		9,390,437

				86,456,398

Food & Staples Retailing —1.0%
BGF retail Co. Ltd.		77,036		14,589,373
E-MART Inc.		164,137		26,268,925
GS Retail Co. Ltd.		293,285		10,091,695

				50,949,993

Food Products — 0.9%
CJ CheilJedang Corp.		72,640		20,796,728
Orion Corp./Republic of Korea		181,376		17,981,172
Ottogi Corp.		13,512		9,178,597

				47,956,497

Gas Utilities — 0.2%
Korea Gas Corp.		266,149		11,855,664


Health Care Providers & Services — 0.5%
Celltrion Healthcare Co. Ltd.^(a)(b)		386,449		23,983,409


Hotels, Restaurants & Leisure — 0.5%
Kangwon Land Inc.^(a)		986,158		27,093,698


Household Durables — 1.7%
Coway Co. Ltd.		422,342		35,523,743
LG Electronics Inc.		800,175		50,157,675

				85,681,418

Industrial Conglomerates — 4.1%
CJ Corp.		135,868		15,100,471
Hanwha Corp.		425,549		12,164,489
LG Corp.		726,624		48,454,521
Lotte Corp.		282,270		13,326,698
Samsung C&T Corp.		569,690		58,503,774
SK Holdings Co. Ltd.		239,191		57,952,830

				205,502,783

Insurance — 3.4%
DB Insurance Co. Ltd.		420,644		27,115,400
Hanwha Life Insurance Co. Ltd.		2,928,087		10,856,337


26		2 0 1 9 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)

February 28, 2019

iShares^® MSCI South Korea ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Hyundai Marine & Fire Insurance Co. Ltd.		560,208	$	18,778,200
Orange Life Insurance Ltd.^(c)		332,772		10,562,781
Samsung Fire & Marine Insurance Co. Ltd.		232,658		62,368,976
Samsung Life Insurance Co. Ltd.		535,347		42,220,396

				171,902,090

Interactive Media & Services — 3.1%
Kakao Corp.		393,644		36,224,908
NAVER Corp.		1,013,779		119,883,175

				156,108,083

Internet & Direct Marketing Retail — 0.4%
CJ ENM Co. Ltd.		89,673		18,999,801


IT Services — 1.1%
Samsung SDS Co. Ltd.		266,302		54,576,875


Leisure Products — 0.4%
HLB Inc.^(a)(b)		263,979		21,077,011


Life Sciences Tools & Services — 0.8%
Samsung Biologics Co. Ltd.^(a)(c)		126,044		42,137,943


Machinery — 2.2%
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		345,408		9,704,715
Doosan Bobcat Inc.		492,107		13,957,689
Hyundai Heavy Industries Co. Ltd.^(a)		296,119		34,622,253
Hyundai Heavy Industries Holdings Co. Ltd.		80,433		25,816,941
Samsung Heavy Industries Co. Ltd.^(a)		3,376,871		27,502,568

				111,604,166

Marine — 0.2%
Pan Ocean Co. Ltd.^(a)		2,594,668		9,977,718


Media — 0.3%
Cheil Worldwide Inc.		705,714		15,718,090


Metals & Mining — 3.7%
Hyundai Steel Co.		642,798		28,490,691
Korea Zinc Co. Ltd.^(a)		70,181		28,485,486
POSCO		561,383		131,273,877

				188,250,054

Multiline Retail — 0.9%
Hyundai Department Store Co. Ltd.		138,197		11,894,256
Lotte Shopping Co. Ltd.		100,446		17,058,048
Shinsegae Inc.		62,995		15,990,995

				44,943,299

Oil, Gas & Consumable Fuels — 2.6%
GS Holdings Corp.		436,686		20,811,212
SK Innovation Co. Ltd.		476,115		79,585,329
S-Oil Corp.		356,478		31,695,385

				132,091,926

Personal Products — 2.7%
Amorepacific Corp.		239,713		42,627,011
AMOREPACIFIC Group		241,610		15,746,433
LG Household & Health Care Ltd.		68,730		76,142,598

				134,516,042

Pharmaceuticals — 1.2%
Celltrion Pharm Inc.^(a)(b)		157,044		8,461,693
Hanmi Pharm Co. Ltd.		54,873		24,101,771
Hanmi Science Co. Ltd.^(b)		154,999		11,204,249
Yuhan Corp.		83,924		19,438,252

				63,205,965


Security	Shares		Value

Road & Rail — 0.3%
CJ Logistics Corp.^(a)		85,019	$	14,362,594


Semiconductors & Semiconductor Equipment — 5.1%
SK Hynix Inc.		4,138,589		257,580,893


Specialty Retail — 0.4%
Hotel Shilla Co. Ltd.		255,929		18,659,356


Technology Hardware, Storage & Peripherals — 21.7%
Samsung Electronics Co. Ltd.		27,379,355		1,097,900,694


Textiles, Apparel & Luxury Goods — 0.4%
Fila Korea Ltd.		395,688		19,560,997


Tobacco — 1.6%
KT&G Corp.		861,333		80,795,440


Trading Companies & Distributors — 0.2%
Posco Daewoo Corp.		549,066		9,251,179


Wireless Telecommunication Services — 0.7%
SK Telecom Co. Ltd.		159,740		36,998,552


Total Common Stocks — 97.0% (Cost: $3,051,253,859)				4,906,476,690


Preferred Stocks

Automobiles — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		219,822		14,404,625
Series 2, Preference Shares, NVS		312,046		22,306,836

				36,711,461

Chemicals — 0.3%
LG Chem Ltd., Preference Shares, NVS		75,466		14,761,732


Industrial Conglomerates — .00%
CJ Corp., Preference Shares		17,539		421,048


Personal Products — 0.5%
Amorepacific Corp., Preference Shares, NVS		92,172		9,137,706
LG Household & Health Care Ltd., Preference Shares, NVS		20,480		13,638,766

				22,776,472

Technology Hardware, Storage & Peripherals — .00%
Samsung Electronics Co. Ltd., Preference Shares, NVS		22,352		715,455


Total Preferred Stocks — 1.5% (Cost: $57,939,949)				75,386,168


Short-Term Investments

Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		186,701,514		186,776,194


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)

February 28, 2019

iShares^® MSCI South Korea ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		8,062,513	$	8,062,513

				194,838,707


Total Short-Term Investments — 3.8% (Cost: $194,777,913)				194,838,707


Total Investments in Securities — 102.3% (Cost: $3,303,971,721)				5,176,701,565

Other Assets, Less Liabilities — (2.3)%				(116,991,839	)


Net Assets — 100.0%			$	5,059,709,726

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	289,663,819	(102,962,305	)	186,701,514	$	186,776,194	$	4,207,317	^(b)	$	9,520		$	667
BlackRock Cash Funds: Treasury, SL Agency Shares	3,563,166	4,499,347		8,062,513		8,062,513		97,946			—			—

					$	194,838,707	$	4,305,263		$	9,520		$	667

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

KOSPI 200 Index

1,200

03/14/19

75,714

5,136,660

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



		Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	5,136,660

^(a)


28		2 0 1 9 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)

February 28, 2019

iShares^® MSCI South Korea ETF

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



		Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(1,062,674	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	5,128,687

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	32,271,852

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,906,476,690	$	—	$	—	$	4,906,476,690
Preferred Stocks		74,965,120		421,048		—		75,386,168
Money Market Funds		194,838,707		—		—		194,838,707

	$	5,176,280,517	$	421,048	$	—	$	5,176,701,565

Derivative financial instruments^(a)
Assets
Futures Contracts	$	5,136,660	$	—	$	—	$	5,136,660

^(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			29

Statements of Assets and Liabilities (unaudited)

February 28, 2019


	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,214,532,751		$	2,640,605,111		$	15,480,241,590		$	1,044,039,498
Affiliated^(c)		2,888,198			41,596,899			39,812,789			348,572
Foreign currency, at value^(d)		2,979,791			4,691,056			5,572,635			2,051,323
Foreign currency pledged:
Futures contracts^(e)		601,176			367,502			936,606			228,340
Receivables:
Investments sold		1,027,137			6,674,180			21,511,255			1,478,313
Securities lending income — Affiliated		2,920			110,650			31,146			2,517
Variation margin on futures contracts		96,180			—			—			—
Capital shares sold		—			—			1,645,912			4,239,933
Dividends		10,627,850			3,943,033			27,577,534			772,372
Tax reclaims		—			—			366,512			—

Total assets		1,232,756,003			2,697,988,431			15,577,695,979			1,053,160,868


LIABILITIES
Collateral on securities loaned, at value		2,224,424			40,210,527			31,773,328			181,488
Payables:
Investments purchased		1,361,805			7,463,034			84			5,732,082
Variation margin on futures contracts		—			40,372			292,889			25,061
Capital shares redeemed		—			—			8,236,055			106,085
Investment advisory fees		463,125			986,970			5,991,679			410,555

Total liabilities		4,049,354			48,700,903			46,294,035			6,455,271


NET ASSETS	$	1,228,706,649		$	2,649,287,528		$	15,531,401,944		$	1,046,705,597


NET ASSETS CONSIST OF:
Paid-in capital	$	1,727,406,941		$	3,653,459,391		$	17,754,743,144		$	1,810,151,916
Accumulated loss		(498,700,292	)		(1,004,171,863	)		(2,223,341,200	)		(763,446,319	)

NET ASSETS	$	1,228,706,649		$	2,649,287,528		$	15,531,401,944		$	1,046,705,597


Shares outstanding		57,600,000			95,200,000			286,200,000			24,000,000

Net asset value	$	21.33		$	27.83		$	54.27		$	43.61

Shares authorized		627.8 million			340.2 million			2.5246 billion			255 million

Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	2,110,601		$	38,646,486		$	27,245,530		$	174,736
^(b)Investments, at cost — Unaffiliated	$	1,458,987,822		$	3,114,137,839		$	16,897,758,390		$	1,478,735,388
^(c)Investments, at cost — Affiliated	$	2,887,315		$	41,589,187		$	39,805,137		$	348,505
^(d)Foreign currency, at cost	$	2,985,715		$	4,683,284		$	5,562,868		$	2,044,116
^(e)Foreign currency collateral pledged, at cost	$	603,548		$	361,137		$	948,639		$	223,156

See notes to financial statements.


30		2 0 1 9 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) (continued)

February 28, 2019


	iShares MSCI South Korea ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	4,981,862,858
Affiliated^(c)		194,838,707
Foreign currency, at value^(d)		761
Foreign currency pledged:
Futures contracts^(e)		5,324,962
Receivables:
Investments sold		26,955,394
Securities lending income — Affiliated		629,124
Variation margin on futures contracts		5,139,348
Dividends		61,139,842

Total assets		5,275,890,996


LIABILITIES
Collateral on securities loaned, at value		186,724,697
Payables:
Investments purchased		27,209,594
Investment advisory fees		2,226,474
Foreign taxes		20,505

Total liabilities		216,181,270


NET ASSETS	$	5,059,709,726


NET ASSETS CONSIST OF:
Paid-in capital	$	4,153,185,378
Accumulated earnings		906,524,348

NET ASSETS	$	5,059,709,726


Shares outstanding		80,100,000

Net asset value	$	63.17

Shares authorized		200 million

Par value	$	0.001


^(a) Securities loaned, at value	$	176,962,653
^(b) Investments, at cost — Unaffiliated	$	3,109,193,808
^(c) Investments, at cost — Affiliated	$	194,777,913
^(d) Foreign currency, at cost	$	761
^(e) Foreign currency collateral pledged, at cost	$	5,509,139

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			31

Statements of Operations (unaudited)

Six Months Ended February 28, 2019


	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	33,769,598		$	41,699,181		$	179,097,926		$	10,102,926
Dividends — Affiliated		16,217			22,040			116,957			10,012
Interest — Unaffiliated		112			2,688			—			6,597
Securities lending income — Affiliated — net		14,720			334,564			1,566,964			78,871
Foreign taxes withheld		(271,084	)		(6,223,156	)		(17,891,709	)		(637,914	)

Total investment income		33,529,563			35,835,317			162,890,138			9,560,492


EXPENSES
Investment advisory fees		2,935,040			6,519,859			39,613,969			2,576,529

Total expenses		2,935,040			6,519,859			39,613,969			2,576,529

Net investment income		30,594,523			29,315,458			123,276,169			6,983,963


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(32,936,541	)		(74,376,071	)		(208,584,381	)		(9,725,527	)
Investments — Affiliated		663			(2,418	)		21,130			(977	)
In-kind redemptions — Unaffiliated		6,193,337			22,016,610			505,540,633			(12,681,467	)
Futures contracts		(1,080,414	)		(617,089	)		(16,223,271	)		(465,098	)
Foreign currency transactions		(268,831	)		4,405			(978,173	)		(299,158	)

Net realized gain (loss)		(28,091,786	)		(52,974,563	)		279,775,938			(23,172,227	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(33,578,577	)		(57,842,455	)		(1,515,402,672	)		(94,903,118	)
Investments — Affiliated		(261	)		6,308			(10,183	)		(4,806	)
Futures contracts		276,271			388,785			1,773,028			13,801
Foreign currency translations		56,015			15,312			(244,866	)		250,647

Net change in unrealized appreciation (depreciation)		(33,246,552	)		(57,432,050	)		(1,513,884,693	)		(94,643,476	)

Net realized and unrealized loss		(61,338,338	)		(110,406,613	)		(1,234,108,755	)		(117,815,703	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(30,743,815	)	$	(81,091,155	)	$	(1,110,832,586	)	$	(110,831,740	)

See notes to financial statements.


32		2 0 1 9 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) (continued)

Six Months Ended February 28, 2019


	iShares MSCI South Korea ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	80,904,715
Dividends — Affiliated		97,946
Interest — Unaffiliated		748
Securities lending income — Affiliated — net		4,207,317
Foreign taxes withheld		(12,635,541	)
Other foreign taxes		(20,722	)

Total investment income		72,554,463


EXPENSES
Investment advisory fees		11,993,631

Total expenses		11,993,631

Net investment income		60,560,832


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(27,357,198	)
Investments — Affiliated		9,520
Futures contracts		(1,062,674	)
Foreign currency transactions		81,252

Net realized loss		(28,329,100	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(176,223,786	)
Investments — Affiliated		667
Futures contracts		5,128,687
Foreign currency translations		(239,818	)

Net change in unrealized appreciation (depreciation)		(171,334,250	)

Net realized and unrealized loss		(199,663,350	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(139,102,518	)


^(a)Net of foreign capital gain tax of	$	155,721

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 Changes in Net Assets


	iShares MSCI Australia ETF						iShares MSCI Canada ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	30,594,523		$	64,332,341		$	29,315,458		$	59,726,961
Net realized gain (loss)		(28,091,786	)		50,011,791			(52,974,563	)		136,191,288
Net change in unrealized appreciation (depreciation)		(33,246,552	)		(43,294,526	)		(57,432,050	)		(30,882,799	)

Net increase (decrease) in net assets resulting from operations		(30,743,815	)		71,049,606			(81,091,155	)		165,035,450


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(43,797,886	)		(70,243,817	)		(40,528,818	)		(62,114,985	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(59,521,814	)		(403,947,951	)		(223,719,461	)		(236,213,205	)


NET ASSETS^(a)
Total decrease in net assets		(134,063,515	)		(403,142,162	)		(345,339,434	)		(133,292,740	)
Beginning of period		1,362,770,164			1,765,912,326			2,994,626,962			3,127,919,702

End of period	$	1,228,706,649		$	1,362,770,164		$	2,649,287,528		$	2,994,626,962

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.


34		2 0 1 9 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 MSCI Japan ETF						iShares MSCI Mexico ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	123,276,169		$	282,498,661		$	6,983,963		$	20,797,009
Net realized gain (loss)		279,775,938			941,647,734			(23,172,227	)		(73,800,013	)
Net change in unrealized appreciation (depreciation)		(1,513,884,693	)		60,627,778			(94,643,476	)		(90,670,280	)

Net increase (decrease) in net assets resulting from operations		(1,110,832,586	)		1,284,774,173			(110,831,740	)		(143,673,284	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(118,844,429	)		(279,038,333	)		(9,554,874	)		(22,542,336	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(211,959,305	)		(50,386,475	)		(1,838,042	)		14,504,278


NET ASSETS^(a)
Total increase (decrease) in net assets		(1,441,636,320	)		955,349,365			(122,224,656	)		(151,711,342	)
Beginning of period		16,973,038,264			16,017,688,899			1,168,930,253			1,320,641,595

End of period	$	15,531,401,944		$	16,973,038,264		$	1,046,705,597		$	1,168,930,253

^(a)	Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

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 Changes in Net Assets (continued)


	iShares MSCI South Korea ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	60,560,832		$	52,988,296
Net realized gain (loss)		(28,329,100	)		37,400,518
Net change in unrealized appreciation (depreciation)		(171,334,250	)		(23,002,777	)

Net increase (decrease) in net assets resulting from operations		(139,102,518	)		67,386,037


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(52,766,055	)		(118,169,941	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,344,687,385			173,037,055


NET ASSETS^(a)
Total increase in net assets		1,152,818,812			122,253,151
Beginning of period		3,906,890,914			3,784,637,763

End of period	$	5,059,709,726		$	3,906,890,914

^(a)	Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.


36		2 0 1 9 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

(For a share outstanding throughout each period)


	iShares MSCI Australia ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	22.56		$	22.58		$	20.30		$	18.66		$	27.15		$	23.61

Net investment income^(a)		0.53			0.90			0.84			0.84			1.23			1.10
Net realized and unrealized gain (loss)^(b)		(1.02	)		0.07			2.45			1.59			(8.49	)		3.43

Net increase (decrease) from investment operations		(0.49	)		0.97			3.29			2.43			(7.26	)		4.53


Distributions
From net investment income		(0.74	)		(0.99	)		(1.01	)		(0.79	)		(1.23	)		(0.99	)

Total distributions		(0.74	)		(0.99	)		(1.01	)		(0.79	)		(1.23	)		(0.99	)


Net asset value, end of period	$	21.33		$	22.56		$	22.58		$	20.30		$	18.66		$	27.15


Total Return
Based on net asset value		(1.81	)%^(c)		4.43	%		16.70	%		13.36	%		(27.31	)%		19.76	%


Ratios to Average Net Assets
Total expenses		0.49	%^(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		5.13	%^(d)		3.95	%		3.90	%		4.41	%		5.37	%		4.28	%


Supplemental Data
Net assets, end of period (000)	$	1,228,707		$	1,362,770		$	1,765,912		$	1,668,702		$	1,228,063		$	2,047,113

Portfolio turnover rate^(e)		4	%^(c)		3	%		4	%		7	%		9	%		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)	Not annualized.

^(d)	Annualized.

^(e)	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			37

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Canada ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	28.79		$	27.83		$	25.33		$	24.02		$	32.93		$	27.34

Net investment income^(a)		0.29			0.58			0.51			0.51			0.54			0.59
Net realized and unrealized gain (loss)^(b)		(0.84	)		0.97			2.47			1.29			(8.85	)		5.62

Net increase (decrease) from investment operations		(0.55	)		1.55			2.98			1.80			(8.31	)		6.21


Distributions
From net investment income		(0.41	)		(0.59	)		(0.48	)		(0.49	)		(0.60	)		(0.62	)

Total distributions		(0.41	)		(0.59	)		(0.48	)		(0.49	)		(0.60	)		(0.62	)


Net asset value, end of period	$	27.83		$	28.79		$	27.83		$	25.33		$	24.02		$	32.93


Total Return
Based on net asset value		(1.72	)%^(c)		5.61	%		11.88	%		7.73	%		(25.48	)%		23.00	%


Ratios to Average Net Assets
Total expenses		0.49	%^(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		2.21	%^(d)		2.01	%		1.93	%		2.18	%		1.92	%		1.97	%


Supplemental Data
Net assets, end of period (000)	$	2,649,288		$	2,994,627		$	3,127,920		$	3,097,794		$	1,931,454		$	3,786,906

Portfolio turnover rate^(e)		4	%^(c)		3	%		6	%		4	%		5	%		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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


38		2 0 1 9 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 Japan ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)		Year Ended 08/31/15	^(a)		Year Ended 08/31/14	^(a)


Net asset value, beginning of period	$	58.45		$	54.57		$	49.05		$	48.61		$	47.32		$	43.87

Net investment income^(b)		0.42			0.87			0.49			0.72			0.60			0.60
Net realized and unrealized gain (loss)^(c)		(4.19	)		3.87			5.96			0.44			1.22			3.53

Net increase (decrease) from investment operations		(3.77	)		4.74			6.45			1.16			1.82			4.13


Distributions
From net investment income		(0.41	)		(0.86	)		(0.93	)		(0.72	)		(0.53	)		(0.68	)

Total distributions		(0.41	)		(0.86	)		(0.93	)		(0.72	)		(0.53	)		(0.68	)


Net asset value, end of period	$	54.27		$	58.45		$	54.57		$	49.05		$	48.61		$	47.32


Total Return
Based on net asset value		(6.43	)%^(d)		8.67	%		13.31	%		2.44	%		3.84	%		9.39	%


Ratios to Average Net Assets
Total expenses		0.49	%^(e)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		1.53	%^(e)		1.46	%		1.45	%		1.53	%		1.20	%		1.31	%


Supplemental Data
Net assets, end of period (000)	$	15,531,402		$	16,973,038		$	16,017,689		$	14,015,180		$	19,147,802		$	14,729,189

Portfolio turnover rate^(f)		3	%^(d)		4	%		4	%		4	%		2	%		2	%

^(a)	Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016.

^(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)	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			39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Mexico ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	50.38		$	56.68		$	50.48		$	52.70		$	71.51		$	61.93

Net investment income^(a)		0.30			0.95			0.88			0.93			0.68			1.06
Net realized and unrealized gain (loss)^(b)		(6.70	)		(6.17	)		6.10			(1.82	)		(18.56	)		9.61

Net increase (decrease) from investment operations		(6.40	)		(5.22	)		6.98			(0.89	)		(17.88	)		10.67


Distributions
From net investment income		(0.37	)		(1.08	)		(0.78	)		(1.33	)		(0.93	)		(1.09	)

Total distributions		(0.37	)		(1.08	)		(0.78	)		(1.33	)		(0.93	)		(1.09	)


Net asset value, end of period	$	43.61		$	50.38		$	56.68		$	50.48		$	52.70		$	71.51


Total Return
Based on net asset value		(12.65	)%^(c)		(9.02	)%		14.03	%		(1.68	)%		(25.10	)%		17.42	%


Ratios to Average Net Assets
Total expenses		0.49	%^(d)		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%

Net investment income		1.33	%^(d)		1.87	%		1.79	%		1.82	%		1.10	%		1.61	%


Supplemental Data
Net assets, end of period (000)	$	1,046,706		$	1,168,930		$	1,320,642		$	1,317,518		$	1,206,942		$	3,275,152

Portfolio turnover rate^(e)		1	%^(c)		7	%		8	%		8	%		13	%		19	%

^(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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


40		2 0 1 9 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 South Korea ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	67.65		$	68.19		$	56.89		$	48.15		$	66.42		$	57.67

Net investment income^(a)		0.91			0.94			0.64			0.56			0.46			0.25
Net realized and unrealized gain (loss)^(b)		(4.60	)		0.70			11.31			9.38			(18.07	)		9.40

Net increase (decrease) from investment operations		(3.69	)		1.64			11.95			9.94			(17.61	)		9.65


Distributions
From net investment income		(0.79	)		(2.18	)		(0.65	)		(1.20	)		(0.66	)		(0.90	)

Total distributions		(0.79	)		(2.18	)		(0.65	)		(1.20	)		(0.66	)		(0.90	)


Net asset value, end of period	$	63.17		$	67.65		$	68.19		$	56.89		$	48.15		$	66.42


Total Return
Based on net asset value		(5.35	)%^(c)		2.15	%		21.28	%		20.92	%		(26.58	)%		16.83	%


Ratios to Average Net Assets
Total expenses		0.59	%^(d)		0.59	%		0.62	%		0.64	%		0.62	%		0.62	%

Net investment income		2.98	%^(d)		1.31	%		1.05	%		1.09	%		0.81	%		0.39	%


Supplemental Data
Net assets, end of period (000)	$	5,059,710		$	3,906,891		$	3,784,638		$	3,452,970		$	3,160,954		$	4,891,619

Portfolio turnover rate^(e)		2	%^(c)(f)		18	%^(f)		16	%^(f)		22	%^(f)		24	%^(f)		13	%^(f)


^(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) Not annualized. ^(d) Annualized. ^(e) 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”).
^(f)Portfolio turnover rate excluding cash creations was as follows:		2	%		11	%		6	%		10	%		10	%		10	%

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

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
MSCI Australia		Non-diversified
MSCI Canada		Diversified
MSCI Japan		Diversified
MSCI Mexico		Non-diversified
MSCI South Korea		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES


42		2 0 1 9 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)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


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			43

Notes to Financial Statements (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
MSCI Australia
JPMorgan Securities LLC	$	1,505,958	$	1,505,958		$	—	$	—
Macquarie Bank Limited		604,643		604,643			—		—

	$	2,110,601	$	2,110,601		$	—	$	—

MSCI Canada
BNP Paribas Securities Corp.	$	3,847,335	$	3,847,335		$	—	$	—
Credit Suisse Securities (USA) LLC		158,330		158,330			—		—
Goldman Sachs & Co.		2,622,849		2,622,849			—		—
JPMorgan Securities LLC		10,405,027		10,405,027			—		—
Morgan Stanley & Co. LLC		161,401		161,401			—		—
State Street Bank & Trust Company		12,288,379		12,288,379			—		—
UBS AG		2,822,869		2,822,869			—		—
Wells Fargo Securities LLC		6,340,296		6,340,296			—		—

	$	38,646,486	$	38,646,486		$	—	$	—

MSCI Japan
Barclays Capital Inc.	$	1,846,029	$	1,846,029		$	—	$	—
Credit Suisse Securities (USA) LLC		2,326,985		2,326,985			—		—
Goldman Sachs & Co.		9,090,763		9,090,763			—		—
Jefferies LLC		369,206		369,206			—		—
JPMorgan Securities LLC		49,436		49,436			—		—
Macquarie Bank Limited		203,063		203,063			—		—
Morgan Stanley & Co. LLC		4,059,659		4,059,659			—		—
State Street Bank & Trust Company		3,027,488		3,027,488			—		—
UBS AG		738,412		738,412			—		—
Wells Fargo Securities LLC		5,534,489		5,534,489			—		—

	$	27,245,530	$	27,245,530		$	—	$	—

MSCI Mexico
Deutsche Bank Securities Inc.	$	174,736	$	174,736		$	—	$	—

MSCI South Korea
Citigroup Global Markets Inc.	$	41,908,318	$	41,908,318		$	—	$	—
Credit Suisse Securities (USA) LLC		7,268,838		7,268,838			—		—
Goldman Sachs & Co.		88,033,495		88,033,495			—		—
Jefferies LLC		262,292		262,292			—		—
Macquarie Bank Limited		811,139		811,139			—		—
Morgan Stanley & Co. LLC		38,678,571		38,678,571			—		—

	$	176,962,653	$	176,962,653		$	—	$	—

^(a)


44		2 0 1 9 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)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Canada, iShares MSCI Japan and iShares MSCI Mexico 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 $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

For its investment advisory services to the iShares MSCI South Korea 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 $2 billion		0.74	%
Over $2 billion, up to and including $4 billion		0.69
Over $4 billion, up to and including $8 billion		0.64
Over $8 billion, up to and including $16 billion		0.57
Over $16 billion, up to and including $24 billion		0.51
Over $24 billion, up to and including $32 billion		0.48
Over $32 billion		0.45


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)


iShares ETF	Fees Paid to BTC
MSCI Australia	$	3,726
MSCI Canada		72,919
MSCI Japan		328,570
MSCI Mexico		16,947
MSCI South Korea		837,865

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
MSCI Australia	$	2,867,047	$	3,152,007
MSCI Japan		6,316,752		41,958,385

7.	PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
MSCI Australia	$	48,826,568	$	63,769,538
MSCI Canada		96,658,868		100,541,964
MSCI Japan		515,856,970		449,547,961
MSCI Mexico		19,877,043		12,846,751
MSCI South Korea		1,365,563,338		74,136,410


46		2 0 1 9 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 February 28, 2019, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Australia	$	129,689,221	$	187,109,223
MSCI Canada		126,252,996		347,630,077
MSCI Japan		3,423,861,634		3,721,453,626
MSCI Mexico		926,883,381		936,293,824

8.	INCOME TAX INFORMATION

As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


iShares ETF	Non-Expiring^(a)		Expiring 2019		Total
MSCI Australia	$	169,154,600	$	12,127,364	$	181,281,964
MSCI Canada		408,551,036		14,903,919		423,454,955
MSCI Japan		768,834,306		139,228,194		908,062,500
MSCI Mexico		248,780,167		22,863,665		271,643,832
MSCI South Korea		328,092,540		78,503,704		406,596,244

^(a)

Must be utilized prior to losses subject to expiration.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Australia	$	1,508,876,269	$	66,594,293	$	(357,592,907	)	$	(290,998,614	)
MSCI Canada		3,208,747,923		172,274,535		(698,419,765	)		(526,145,230	)
MSCI Japan		17,134,800,478		804,850,236		(2,418,295,849	)		(1,613,445,613	)
MSCI Mexico		1,516,182,228		5,776,414		(477,566,116	)		(471,789,702	)
MSCI South Korea		3,866,321,054		1,960,485,628		(644,968,457	)		1,315,517,171

9.	PRINCIPAL RISKS


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			47

Notes to Financial Statements (unaudited) (continued)

Or to factors that affect a particular industry or group of industries. 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.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
MSCI Australia
Shares sold		6,400,000		$	130,440,646			8,600,000		$	194,963,106
Shares redeemed		(9,200,000	)		(189,962,460	)		(26,400,000	)		(598,911,057	)

Net decrease		(2,800,000	)	$	(59,521,814	)		(17,800,000	)	$	(403,947,951	)

MSCI Canada
Shares sold		4,600,000		$	127,122,023			35,900,000		$	1,032,578,219
Shares redeemed		(13,400,000	)		(350,841,484	)		(44,300,000	)		(1,268,791,424	)

Net decrease		(8,800,000	)	$	(223,719,461	)		(8,400,000	)	$	(236,213,205	)

MSCI Japan
Shares sold		68,250,000		$	3,734,304,291			99,600,000		$	6,015,335,010
Shares redeemed		(72,450,000	)		(3,946,263,596	)		(102,750,000	)		(6,065,721,485	)

Net decrease		(4,200,000	)	$	(211,959,305	)		(3,150,000	)	$	(50,386,475	)

MSCI Mexico
Shares sold		22,000,000		$	938,736,358			33,200,000		$	1,674,175,777
Shares redeemed		(21,200,000	)		(940,574,400	)		(33,300,000	)		(1,659,671,499	)

Net increase (decrease)		800,000		$	(1,838,042	)		(100,000	)	$	14,504,278

MSCI South Korea
Shares sold		22,350,000		$	1,344,687,385			6,850,000		$	492,531,534
Shares redeemed		—			—			(4,600,000	)		(319,494,479	)

Net increase		22,350,000		$	1,344,687,385			2,250,000		$	173,037,055


48		2 0 1 9 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)

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.

11.

LEGAL PROCEEDINGS

12.

REGULATION S-X AMENDMENTS

Distributions for the year ended August 31, 2018 were classified as follows:


iShares ETF	Net Investment Income
MSCI Australia	$	70,243,817
MSCI Canada		62,114,985
MSCI Japan		279,038,333
MSCI Mexico		22,542,336
MSCI South Korea		118,169,941

Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:


iShares ETF	Undistributed (distributions in excess of) net investment income
MSCI Australia	$	5,589,658
MSCI Canada		4,969,296
MSCI Japan		(13,175,500	)
MSCI Mexico		5,242,328
MSCI South Korea		(104,898,504	)

13.

SUBSEQUENT EVENTS


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

Supplemental Information (unaudited)

Section 19(a) Notices


	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 Australia^(a)	$	0.508674	$	—	$	0.236188	$	0.744862		68	%		—	%		32	%		100	%
MSCI Canada^(a)		0.282805		—		0.126577		0.409382		69			—			31			100
MSCI South Korea^(a)		0.318643		—		0.471268		0.789911		40			—			60			100

^(a)


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General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to www.icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N			51

Glossary of Terms Used in this Report


Portfolio Abbreviations — Equity

CPO		Certificates of Participation (Ordinary)

NVS		Non-Voting Shares


52		2 0 1 9 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

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

LOGO

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”).

FEBRUARY 28, 2019


2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

▶

iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca

▶

iShares MSCI BRIC ETF | BKF | NYSE Arca

▶

iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ

▶

iShares MSCI Emerging Markets Small-Cap ETF | EEMS | NYSE Arca

Table of Contents


	Page


Fund Summary		5
About Fund Performance		9
Shareholder Expenses		9
Consolidated Schedules of Investments		10
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		58
Consolidated Statements of Operations		59
Consolidated Statements of Changes in Net Assets		60
Consolidated Financial Highlights		62
Notes to Consolidated Financial Statements		66
Supplemental Information		76
General Information		77
Glossary of Terms Used in this Report		78


Fund Summary as of February 28, 2019		iShares^® Core MSCI Emerging Markets ETF

Investment Objective

The iShares Core MSCI Emerging Markets ETF( the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Investable Market 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		(0.08	)%		(10.07	)%		3.93	%		2.95	%		(10.07	)%		21.28	%		20.35	%
Fund Market		(0.52	)		(9.47	)		3.96			2.88			(9.47	)		21.43			19.83
Index		(0.19	)		(10.38	)		3.87			2.90			(10.38	)		20.93			19.97

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	999.20	$	0.69		$	1,000.00	$	1,024.10	$	0.70		0.14	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	23.1	%
Information Technology	14.6
Consumer Discretionary	13.4
Communication Services	11.2
Materials	7.9
Energy	7.3
Consumer Staples	6.4
Industrials	6.4
Real Estate	3.5
Health Care	3.4
Utilities	2.8

^(a)

Excludes money market funds.

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
China	30.2	%
South Korea	14.1
Taiwan	12.0
India	9.1
Brazil	7.5
South Africa	6.0
Russia	3.4
Mexico	2.7
Thailand	2.6
Malaysia	2.4


F U N D S U M M A R Y			5


Fund Summary as of February 28, 2019		iShares^® MSCI BRIC ETF

Investment Objective

The iShares MSCI BRIC ETF (the “Fund”) seeks to track the investment of an index composed of Chinese equities that are available to international investors, and Brazilian, Russian, and Indian equities, as represented by the MSCI BRIC 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		4.07	%		(9.13	)%		5.87	%		9.01	%		(9.13	)%		33.02	%		136.89	%
Fund Market		4.17			(7.95	)		6.05			9.11			(7.95	)		34.12			139.18
Index		4.12			(8.79	)		6.39			9.65			(8.79	)		36.31			151.26

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,040.70	$	3.54		$	1,000.00	$	1,021.30	$	3.51		0.70	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	25.1	%
Communication Services	16.6
Consumer Discretionary	16.6
Energy	11.8
Materials	5.8
Information Technology	5.0
Consumer Staples	5.0
Industrials	4.8
Real Estate	3.5
Utilities	3.0
Health Care	2.8

^(a)

Excludes money market funds.

ALLOCATION BY COUNTRY


Country		Percent of Total Investments	^(a)
China		62.1	%
India		16.2
Brazil		14.5
Russia	7.2


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Fund Summary as of February 28, 2019		iShares^® MSCI Emerging Markets Asia ETF

Investment Objective

The iShares MSCI Emerging Markets Asia ETF (the “Fund”) seeks to track the investment results of an index composed of Asian emerging market equities, as represented by the MSCI EM Asia Custom Capped 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		(2.80	)%		(9.99	)%		5.70	%		4.76	%		(9.99	)%		31.94	%		38.81	%
Fund Market		(2.73	)		(9.08	)		5.68			4.72			(9.08	)		31.83			38.43
Index^(a)		(2.73	)		(9.81	)		6.11			5.12			(9.81	)		34.51			42.23
MSCI Emerging Markets Asia Index		(2.70	)		(9.76	)		6.12			4.90			(9.76	)		34.60			40.18
MSCI EM Asia Custom Capped Index^(b)		(2.73	)		N/A			N/A			N/A			N/A			N/A			N/A

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

^(a)

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets Asia. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EM Asia Custom Capped Index, which, effective as of June 1, 2018, replaced the MSCI Emerging Markets Asia Index as the underlying index of the Fund.

^(b)

The inception date of the MSCI EM Asia Custom Capped Index was February 27, 2018. The cumulative total return of this index for the period February 27, 2018 through February 28, 2019 was -10.92%.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	972.00	$	2.44		$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	21.4	%
Information Technology	19.6
Communication Services	14.1
Consumer Discretionary	14.0
Industrials	5.8
Energy	5.6
Materials	5.5
Consumer Staples	5.3
Health Care	3.2
Real Estate	3.1
Utilities	2.4

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.

ALLOCATION BY COUNTRY


Country	Percent of Total Investments	^(a)
China	43.5	%
South Korea	18.8
Taiwan	15.0
India	11.7
Thailand	3.3
Malaysia	3.2
Indonesia	3.0
Philippines	1.5
Pakistan	0.0	^(b)


F U N D S U M M A R Y			7


Fund Summary as of February 28, 2019		iShares^® MSCI Emerging Markets Small-Cap ETF

Investment Objective

The iShares MSCI Emerging Markets Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization emerging market equities, as represented by the MSCI Emerging Markets 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			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(4.06	)%		(14.01	)%		1.59	%		1.23	%		(14.01	)%		8.21	%		9.67	%
Fund Market		(3.90	)		(13.25	)		1.62			1.16			(13.25	)		8.36			9.12
Index		(4.20	)		(14.34	)		2.00			1.68			(14.34	)		10.42			13.40

The inception date of the Fund was 8/16/11. The first day of secondary market trading was 8/18/11.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	959.40	$	3.35		$	1,000.00	$	1,021.40	$	3.46		0.69	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	14.5	%
Consumer Discretionary	14.3
Industrials	14.2
Materials	11.7
Financials	10.9
Health Care	8.6
Real Estate	7.6
Consumer Staples	7.0
Utilities	4.8
Communication Services	4.5
Energy	1.9

^(a)

Excludes money market funds.

TEN LARGEST COUNTRIES


Country		Percent of Total Investments	^(a)
Taiwan		19.1	%
South Korea		18.2
India		14.4
China		12.3
Brazil		6.8
South Africa		5.6
Thailand		3.9
Malaysia		3.2
Mexico		3.0
Indonesia	2.7


8		2 0 1 9 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

Shareholder Expenses


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			9

Consolidated Schedule of Investments (unaudited)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 4.7%
AES Tiete Energia SA		1,604,400	$	4,979,726
Aliansce Shopping Centers SA		1,072,900		5,750,361
Alupar Investimento SA		1,917,524		11,683,334
Ambev SA		46,580,599		214,008,058
Anima Holding SA		235,300		1,174,539
Arezzo Industria e Comercio SA		503,712		7,248,940
Atacadao Distribuicao Comercio e Industria Ltda		3,785,000		19,700,873
B2W Cia. Digital^(a)		1,822,374		23,494,909
B3 SA - Brasil, Bolsa, Balcao		20,473,328		179,006,846
Banco ABC Brasil SA^(a)		39,331		189,825
Banco Bradesco SA		10,086,424		103,627,736
Banco do Brasil SA		8,507,013		114,780,310
Banco Santander Brasil SA		4,056,663		48,611,809
BB Seguridade Participacoes SA		6,739,243		49,058,418
BK Brasil Operacao e Assessoria a Restaurantes SA		1,050,800		6,211,915
BR Malls Participacoes SA		8,306,765		29,658,712
BR Properties SA		1,251,800		2,924,010
BRF SA^(a)		5,242,658		28,755,810
Camil Alimentos SA		1,148,300		2,201,527
CCR SA		12,091,487		45,880,104
Centrais Eletricas Brasileiras SA^(a)		2,168,000		21,377,945
Cia. de Saneamento Basico do Estado de Sao Paulo		3,396,228		35,635,377
Cia. de Saneamento de Minas Gerais-COPASA		642,100		10,606,785
Cia. Hering		1,237,100		9,958,816
Cia. Siderurgica Nacional SA^(a)		6,292,356		21,946,275
Cielo SA		12,325,618		35,725,476
Cosan Logistica SA^(a)		812,684		3,265,688
Cosan SA		1,639,377		19,102,933
CVC Brasil Operadora e Agencia de Viagens SA		1,337,340		20,825,453
Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,595,300		11,833,779
Dommo Energia SA^(a)		10,936,300		2,595,376
Duratex SA		3,205,308		10,085,363
EcoRodovias Infraestrutura e Logistica SA		2,546,600		7,686,824
EDP - Energias do Brasil SA		3,080,200		14,209,042
Embraer SA		6,621,383		33,687,351
Eneva SA^(a)		843,500		4,203,724
Engie Brasil Energia SA		1,852,775		20,334,703
Equatorial Energia SA		1,708,076		37,406,648
Estacio Participacoes SA		2,642,824		19,414,653
Ez Tec Empreendimentos e Participacoes SA		705,823		5,019,479
Fleury SA		1,844,014		9,834,086
Gafisa SA^(a)		1		3
Grendene SA		1,737,200		4,016,139
Guararapes Confeccoes SA		56,700		2,209,490
Hypera SA		3,149,600		22,591,625
Iguatemi Empresa de Shopping Centers SA		893,500		10,006,533
Instituto Hermes Pardini SA		662,074		3,382,531
Iochpe Maxion SA		1,095,028		6,341,979
IRB Brasil Resseguros S/A		1,033,915		24,536,614
JBS SA		9,521,361		34,096,894
Klabin SA		6,913,624		33,256,923
Kroton Educacional SA		14,036,215		41,057,870
Light SA		938,500		4,967,462
Linx SA		1,245,100		9,468,769
Localiza Rent a Car SA		5,459,284		50,294,850


Security	Shares		Value

Brazil (continued)
LOG Commercial Properties e Participacoes SA^(a)		245,572	$	1,143,962
Lojas Renner SA		7,291,160		84,144,098
M. Dias Branco SA		1,042,304		13,057,114
Magazine Luiza SA		753,821		34,866,420
Mahle-Metal Leve SA		188,300		1,322,029
Marfrig Global Foods SA^(a)		2,486,713		3,646,936
Movida Participacoes SA		751,500		2,324,485
MRV Engenharia e Participacoes SA		2,940,992		10,657,445
Multiplan Empreendimentos Imobiliarios SA		2,532,133		16,994,544
Multiplus SA		698,400		4,966,690
Natura Cosmeticos SA		1,931,817		24,921,354
Odontoprev SA		2,782,100		12,314,608
Omega Geracao SA		232,075		1,230,844
Petrobras Distribuidora SA		3,464,412		22,586,460
Petroleo Brasileiro SA		29,494,279		234,837,456
Porto Seguro SA		974,298		14,558,939
QGEP Participacoes SA		584,200		2,059,362
Qualicorp Consultoria e Corretora de Seguros SA		2,415,900		9,978,612
Raia Drogasil SA		2,296,157		40,048,431
Rumo SA^(a)		10,951,881		56,829,173
Santos Brasil Participacoes SA		1,977,900		1,988,316
Sao Martinho SA		1,772,411		8,875,643
Ser Educacional SA^(b)		585,300		2,962,201
SLC Agricola SA		510,289		5,581,509
Smiles Fidelidade SA		638,000		8,165,856
Sonae Sierra Brasil SA		482,443		3,973,779
Sul America SA		2,070,432		16,783,183
Suzano Papel e Celulose SA		5,374,754		68,304,987
TIM Participacoes SA		8,455,800		26,650,905
TOTVS SA		1,109,200		10,780,705
Transmissora Alianca de Energia Eletrica SA		1,923,100		12,799,300
Tupy SA		429,300		2,106,292
Ultrapar Participacoes SA		3,588,280		51,103,269
Vale SA		31,308,083		393,203,309
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		515,600		2,707,063
Via Varejo SA		4,709,299		5,751,240
Vulcabras Azaleia SA^(a)		595,000		1,262,902
WEG SA		8,375,059		41,135,547
Wiz Solucoes e Corretagem de Seguros SA		543,900		1,303,823

				2,757,860,011

Chile — 1.0%
AES Gener SA		31,498,183		9,432,740
Aguas Andinas SA, Class A		25,901,125		15,188,840
Banco de Chile		262,763,109		41,776,455
Banco de Credito e Inversiones SA		495,741		33,947,272
Banco Santander Chile		653,754,857		52,214,529
Besalco SA		1,030,637		1,023,043
CAP SA		839,069		9,264,132
Cencosud SA		13,614,588		25,386,037
Cia. Cervecerias Unidas SA		1,539,267		21,802,316
Cia. Sud Americana de Vapores SA^(a)		190,335,970		6,220,272
Colbun SA		84,829,482		19,626,109
Empresa Nacional de Telecomunicaciones SA		1,511,493		15,926,853
Empresas CMPC SA		12,562,254		47,192,983
Empresas COPEC SA		3,918,192		53,253,784
Enel Americas SA		290,588,423		50,589,211
Enel Chile SA		292,221,691		30,707,097
Engie Energia Chile SA		5,543,939		11,051,050
Forus SA		346,847		984,779


10		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chile (continued)
Grupo Security SA		3,666,773	$	1,612,131
Inversiones Aguas Metropolitanas SA		5,173,152		7,994,853
Inversiones La Construccion SA		522,722		9,434,660
Itau CorpBanca		1,502,118,029		14,245,261
Latam Airlines Group SA		3,031,343		35,274,819
Parque Arauco SA		6,650,476		18,281,001
Ripley Corp. SA		2,429,458		2,047,968
SACI Falabella		7,075,610		55,107,259
Salfacorp SA		4,858,469		7,489,235
SONDA SA		4,744,785		7,940,763
Vina Concha y Toro SA		4,942,481		10,612,191

				615,627,643

China — 30.1%
21Vianet Group Inc., ADR^(a)		684,158		6,458,452
361 Degrees International Ltd.		11,666,000		2,303,536
3SBio Inc.^(b)(c)		12,849,000		21,246,404
500.com Ltd., ADR^(a)(c)		96,061		1,460,127
51job Inc., ADR^(a)(c)		247,648		17,895,045
58.com Inc., ADR^(a)		939,327		68,486,332
AAC Technologies Holdings Inc.		7,267,500		43,189,492
Agile Group Holdings Ltd.^(c)		15,512,500		19,386,179
Agricultural Bank of China Ltd., Class A		21,783,548		12,363,706
Agricultural Bank of China Ltd., Class H		288,619,000		138,246,508
AGTech Holdings Ltd.^(a)(c)		35,792,000		2,507,784
Air China Ltd., Class H		18,190,000		19,650,335
Ajisen China Holdings Ltd.		11,289,000		3,207,021
AK Medical Holdings Ltd.^(b)		4,018,000		2,160,050
Alibaba Group Holding Ltd., ADR^(a)(c)		12,808,611		2,344,360,071
Alibaba Health Information Technology Ltd.^(a)		34,920,000		35,810,594
Alibaba Pictures Group Ltd.^(a)(c)		147,200,000		27,190,502
Aluminum Corp. of China Ltd., Class H^(a)		41,222,000		16,909,328
Angang Steel Co. Ltd., Class H		9,266,000		6,893,608
Anhui Conch Cement Co. Ltd., Class H		12,542,500		71,741,732
ANTA Sports Products Ltd.		10,726,000		62,854,595
Anton Oilfield Services Group/Hong Kong^(a)		13,878,000		1,838,661
APT Satellite Holdings Ltd.		8,709,500		3,872,220
Ascletis Pharma Inc.^(a)(b)		2,543,000		2,264,462
Asia Cement China Holdings Corp.		6,168,500		5,571,437
Autohome Inc., ADR^(a)		585,135		55,031,947
AviChina Industry & Technology Co. Ltd., Class H		21,342,000		15,143,690
BAIC Motor Corp. Ltd., Class H^(b)		17,830,500		11,334,581
Baidu Inc., ADR^(a)(c)		2,734,745		444,505,452
Bank of Beijing Co. Ltd., Class A		12,845,282		12,317,289
Bank of China Ltd., Class H		787,938,000		367,379,179
Bank of Communications Co. Ltd., Class A		14,931,801		14,273,439
Bank of Communications Co. Ltd., Class H		85,223,000		71,545,717
Baoshan Iron & Steel Co. Ltd., Class A		5,689,482		6,373,389
Baozun Inc., ADR^(a)(c)		368,005		13,781,787
BBMG Corp., Class H		20,347,000		7,465,077
Beijing Capital International Airport Co. Ltd., Class H		16,646,000		16,646,424
Beijing Capital Land Ltd., Class H		13,332,000		5,587,694
Beijing Enterprises Holdings Ltd.		4,944,500		29,006,373
Beijing Enterprises Water Group Ltd.^(c)		57,040,000		34,152,208
Beijing Gas Blue Sky Holdings Ltd.^(a)		73,664,000		2,956,019
Beijing Sports and Entertainment Industry Group Ltd.^(a)(c)		4,170,000		1,418,367
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		3,449,000		5,949,127
Bitauto Holdings Ltd., ADR^(a)		271,898		5,318,325
BOC Aviation Ltd.^(b)		2,469,700		21,362,663


Security	Shares		Value

China (continued)
BOE Technology Group Co. Ltd., Class A		17,777,100	$	10,806,667
Bosideng International Holdings Ltd.		35,796,000		6,885,775
Brilliance China Automotive Holdings Ltd.^(c)		30,212,000		29,596,968
BYD Co. Ltd., Class H^(c)		6,566,000		41,990,013
BYD Electronic International Co. Ltd.		7,046,500		9,012,568
C&D International Investment Group Ltd.		922,000		902,056
Camsing International Holding Ltd.^(c)		3,294,000		3,386,402
Canvest Environment Protection Group Co. Ltd.		4,140,000		2,172,896
CAR Inc.^(a)		5,999,000		5,273,141
Carnival Group International Holdings Ltd.^(a)(c)		48,920,000		760,305
CGN Power Co. Ltd., Class H^(b)		115,134,000		30,360,949
Changyou.com Ltd., ADR		153,668		3,134,827
Chaowei Power Holdings Ltd.^(c)		8,511,000		3,393,644
China Agri-Industries Holdings Ltd.		25,273,200		8,982,678
China Aircraft Leasing Group Holdings Ltd.		5,268,500		5,919,663
China Animal Healthcare Ltd.^(a)(c)(d)		1,237,000		9,455
China Animation Characters Co. Ltd.		1,596,000		502,194
China Aoyuan Group Ltd.		12,818,000		10,075,041
China BlueChemical Ltd., Class H		20,588,000		6,504,400
China Cinda Asset Management Co. Ltd., Class H		90,966,000		26,421,371
China CITIC Bank Corp. Ltd., Class H		87,871,000		57,089,620
China Coal Energy Co. Ltd., Class H		15,217,000		6,610,356
China Communications Construction Co. Ltd., Class H		44,185,000		47,619,697
China Communications Services Corp. Ltd., Class H		23,938,000		24,060,590
China Conch Venture Holdings Ltd.		16,210,500		54,105,213
China Construction Bank Corp., Class H		949,485,000		844,276,962
China Datang Corp. Renewable Power Co. Ltd., Class H		34,902,000		4,668,539
China Ding Yi Feng Holdings Ltd.^(a)		9,096,000		29,316,518
China Dongxiang Group Co. Ltd.		48,108,000		6,925,277
China Eastern Airlines Corp. Ltd., Class H		12,468,000		7,957,487
China Everbright Bank Co. Ltd., Class A		17,572,344		11,102,135
China Everbright Bank Co. Ltd., Class H		19,171,000		9,182,777
China Everbright Greentech Ltd., Class L^(b)(c)		4,764,000		3,744,539
China Everbright International Ltd.^(c)		34,306,148		33,564,067
China Everbright Ltd.		9,802,000		19,804,291
China Everbright Water Ltd.^(c)		13,369,700		3,463,140
China Evergrande Group^(c)		25,850,000		79,857,130
China Fiber Optic Network System Group Ltd.^(d)		10,394,800		463,474
China First Capital Group Ltd.^(a)		33,284,000		14,755,576
China Foods Ltd.^(c)		10,632,000		4,090,377
China Galaxy Securities Co. Ltd., Class H		35,955,000		24,459,184
China Gas Holdings Ltd.		17,574,400		57,761,920
China Goldjoy Group Ltd.^(c)		85,492,000		4,193,027
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A^(a)		4,016,000		2,517,099
China Harmony New Energy Auto Holding Ltd.		2,999,500		1,199,831
China High Speed Transmission Equipment Group Co. Ltd.^(c)		3,838,000		3,774,537
China Hongqiao Group Ltd.^(c)		20,752,500		13,879,414
China Huarong Asset Management Co. Ltd., Class H^(b)		102,319,000		23,462,279
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		16,599,187		42,292
China Huiyuan Juice Group Ltd.^(a)(c)(d)		10,877,000		2,036,891
China International Capital Corp. Ltd., Class H^(b)(c)		10,463,200		24,312,564
China International Travel Service Corp. Ltd., Class A		770,438		7,341,669
China Jinmao Holdings Group Ltd.^(c)		51,064,000		24,784,560


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			11

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


China (continued)
China Life Insurance Co. Ltd., Class H		73,498,000	$	202,241,688
China Lilang Ltd.		5,270,000		5,055,301
China Literature Ltd.^(a)(b)(c)		2,910,200		13,884,047
China LNG Group Ltd.^(a)		3,883,000		608,435
China Logistics Property Holdings Co. Ltd.^(a)(b)(c)		13,617,000		4,492,857
China Longyuan Power Group Corp. Ltd., Class H		31,535,000		23,541,377
China Lumena New Materials Corp.^(a)(c)(d)		2,584,000		3
China Maple Leaf Educational Systems Ltd.^(c)		15,682,000		7,052,085
China Medical System Holdings Ltd.		13,814,000		14,535,866
China Mengniu Dairy Co. Ltd.		27,331,000		84,432,310
China Merchants Bank Co. Ltd., Class A		4,202,322		19,921,989
China Merchants Bank Co. Ltd., Class H		38,067,464		174,581,353
China Merchants Land Ltd.		28,526,000		4,397,113
China Merchants Port Holdings Co. Ltd.		13,670,270		28,734,421
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,333,397		7,388,579
China Metal Recycling Holdings Ltd.^(a)(d)		62,400		—
China Metal Resources Utilization Ltd.^(a)(b)		1,204,000		671,803
China Minsheng Banking Corp. Ltd., Class H		63,911,220		49,339,091
China Mobile Ltd.		60,624,000		637,919,743
China Molybdenum Co. Ltd., Class H		42,555,000		20,383,551
China National Building Material Co. Ltd., Class H		38,794,850		30,888,406
China New Higher Education Group Ltd.^(b)(c)		4,870,000		2,766,975
China Oil and Gas Group Ltd.		75,248,000		5,272,287
China Oilfield Services Ltd., Class H		17,878,000		17,696,255
China Oriental Group Co. Ltd.		9,770,000		6,546,689
China Overseas Grand Oceans Group Ltd.		17,453,500		6,870,406
China Overseas Land & Investment Ltd.		37,366,000		137,567,505
China Overseas Property Holdings Ltd.		8,865,000		3,331,518
China Pacific Insurance Group Co. Ltd., Class A		1,790,445		9,097,703
China Pacific Insurance Group Co. Ltd., Class H		25,409,200		95,651,082
China Petroleum & Chemical Corp., Class A		10,746,014		9,646,246
China Petroleum & Chemical Corp., Class H		248,990,200		215,056,888
China Power Clean Energy Development Co. Ltd.^(c)		7,189,000		2,509,345
China Power International Development Ltd.		47,187,000		11,902,247
China Railway Construction Corp. Ltd., Class H^(c)		20,137,500		28,988,477
China Railway Group Ltd., Class H		38,088,000		37,749,324
China Railway Signal & Communication Corp. Ltd., Class H^(b)		11,902,000		9,855,410
China Reinsurance Group Corp., Class H		41,958,000		9,674,639
China Resources Beer Holdings Co. Ltd.		14,464,000		53,895,895
China Resources Cement Holdings Ltd.		24,308,000		25,887,905
China Resources Gas Group Ltd.^(c)		8,788,000		38,175,597
China Resources Land Ltd.		27,243,777		101,689,555
China Resources Medical Holdings Co. Ltd.^(c)		10,659,000		7,644,802
China Resources Pharmaceutical Group Ltd.^(b)		17,202,000		23,053,459
China Resources Power Holdings Co. Ltd.		18,588,000		35,235,221
China SCE Group Holdings Ltd.		19,896,200		7,831,952
China Shenhua Energy Co. Ltd., Class H		33,619,000		82,914,704
China Shineway Pharmaceutical Group Ltd.		3,329,000		3,485,997
China Southern Airlines Co. Ltd., Class H		19,156,000		15,642,432
China State Construction Engineering Corp. Ltd., Class A		11,782,121		10,822,686
China State Construction International Holdings Ltd.		20,148,000		21,303,524
China Suntien Green Energy Corp. Ltd., Class H		19,795,000		5,497,350
China Taiping Insurance Holdings Co. Ltd.		16,135,108		49,948,167
China Telecom Corp. Ltd., Class H		134,832,000		73,000,076
China Tian Lun Gas Holdings Ltd.		2,251,000		2,606,638
China Tower Corp. Ltd., Class H^(a)(b)		412,026,000		97,629,030


Security	Shares		Value


China (continued)
China Traditional Chinese Medicine Holdings Co. Ltd.		22,740,000	$	15,005,886
China Travel International Investment Hong Kong Ltd.		28,152,000		8,356,157
China Unicom Hong Kong Ltd.		58,730,000		69,654,807
China Vanke Co. Ltd., Class A		2,241,288		9,369,944
China Vanke Co. Ltd., Class H		11,984,687		45,497,168
China Vast Industrial Urban Development Co. Ltd.^(b)		759,000		312,310
China Water Affairs Group Ltd.^(c)		8,714,000		9,080,552
China Yangtze Power Co. Ltd., Class A		4,172,193		10,157,538
China Youzan Ltd.^(a)(c)		126,812,000		8,723,596
China Yuchai International Ltd.		121,914		2,344,406
China Yuhua Education Corp. Ltd., Class L^(b)(c)		12,520,000		4,992,178
China ZhengTong Auto Services Holdings Ltd.^(c)		11,660,000		7,115,009
China Zhongwang Holdings Ltd.^(c)		5,710,000		3,026,013
Chinasoft International Ltd.^(c)		21,268,000		13,086,249
Chong Sing Holdings FinTech Group^(a)(c)		196,152,000		1,799,147
Chongqing Rural Commercial Bank Co. Ltd., Class H		24,982,000		15,626,082
CIFI Holdings Group Co. Ltd.		34,710,000		22,639,456
CIMC Enric Holdings Ltd.		7,568,000		6,758,348
CITIC Ltd.		56,774,000		86,356,539
CITIC Resources Holdings Ltd.		42,828,000		3,928,273
CITIC Securities Co. Ltd., Class A		4,359,145		15,307,011
CITIC Securities Co. Ltd., Class H		22,510,500		54,542,754
Citychamp Watch & Jewellery Group Ltd.		6,298,000		1,339,863
CNOOC Ltd.		176,721,000		304,823,351
COFCO Meat Holdings Ltd.^(a)(c)		5,909,000		1,610,902
Colour Life Services Group Co. Ltd.^(c)		4,105,000		2,452,604
Comba Telecom Systems Holdings Ltd.^(a)(c)		20,699,524		5,511,224
Concord New Energy Group Ltd.		131,490,000		6,281,529
Consun Pharmaceutical Group Ltd.		2,133,000		1,633,077
Coolpad Group Ltd.^(a)(c)(d)		22,836,000		145,456
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		9,216,000		5,424,077
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)		26,864,000		11,704,105
COSCO SHIPPING International Hong Kong Co. Ltd.^(c)		12,214,000		4,527,853
COSCO SHIPPING Ports Ltd.		16,972,000		18,031,858
Country Garden Holdings Co. Ltd.^(c)		75,183,733		99,034,345
Country Garden Services Holdings Co. Ltd.^(a)		12,426,000		20,451,976
CPMC Holdings Ltd.^(c)		5,740,000		2,530,052
CRRC Corp. Ltd., Class A		7,522,491		10,628,923
CRRC Corp. Ltd., Class H		39,730,750		41,705,697
CSPC Pharmaceutical Group Ltd.		46,450,000		79,292,466
CT Environmental Group Ltd.^(c)		33,282,000		1,632,344
Ctrip.com International Ltd., ADR^(a)(c)		4,057,327		138,476,571
Dah Chong Hong Holdings Ltd.^(c)		13,821,000		5,158,798
Dali Foods Group Co. Ltd.^(b)		19,363,000		13,196,776
Daqin Railway Co. Ltd., Class A		6,515,399		8,690,183
Daqo New Energy Corp., ADR^(a)(c)		87,382		3,178,957
Datang International Power Generation Co. Ltd., Class H		25,892,000		7,190,573
Dawnrays Pharmaceutical Holdings Ltd.		15,649,000		3,269,429
Digital China Holdings Ltd.^(a)(c)		10,575,000		5,658,106
Dongfeng Motor Group Co. Ltd., Class H		26,898,000		28,611,977
Dongyue Group Ltd.		10,572,000		7,205,305
Eastern Communications Co. Ltd., Class B		5,143,049		3,296,694
eHi Car Services Ltd., ADR^(a)(c)		150,289		1,812,485
ENN Energy Holdings Ltd.		7,825,900		80,753,382


12		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


China (continued)
Fang Holdings Ltd., ADR^(a)(c)		2,542,003	$	3,965,525
Fanhua Inc., ADR^(c)		385,491		9,714,373
Fantasia Holdings Group Co. Ltd.^(c)		30,973,500		4,853,296
Far East Horizon Ltd.		22,255,000		24,835,512
FingerTango Inc.^(a)		2,488,700		519,945
First Tractor Co. Ltd., Class H^(a)		9,278,000		2,517,534
Focus Media Information Technology Co. Ltd., Class A		4,160,311		4,188,149
Foshan Haitian Flavouring & Food Co. Ltd., Class A		689,831		7,900,622
Fosun International Ltd.		25,859,000		42,561,375
Fu Shou Yuan International Group Ltd.		10,211,000		8,910,463
Fufeng Group Ltd.		18,092,400		9,196,244
Fullshare Holdings Ltd.^(c)		67,185,000		13,437,342
Future Land Development Holdings Ltd.		18,288,000		15,749,048
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		5,206,400		18,604,235
GCL New Energy Holdings Ltd.^(a)(c)		116,302,000		5,481,890
GCL-Poly Energy Holdings Ltd.^(a)(c)		137,851,000		11,941,537
GDS Holdings Ltd., ADR^(a)(c)		758,899		25,248,570
Geely Automobile Holdings Ltd.		49,020,000		92,047,543
Gemdale Properties & Investment Corp. Ltd.		26,026,000		2,983,949
Genertec Universal Medical Group Co. Ltd.^(b)		9,787,500		9,176,794
Genscript Biotech Corp.^(a)(c)		9,072,000		16,965,650
GF Securities Co. Ltd., Class H		14,781,800		24,931,977
Glorious Property Holdings Ltd.^(a)(c)		40,822,000		1,898,141
GOME Retail Holdings Ltd.^(a)(c)		125,218,000		11,325,738
Goodbaby International Holdings Ltd.^(c)		5,174,000		1,865,324
Grand Baoxin Auto Group Ltd.		3,305,500		1,027,468
Great Wall Motor Co. Ltd., Class H^(c)		30,935,000		22,659,972
Greatview Aseptic Packaging Co. Ltd.		13,402,000		8,331,647
Gree Electric Appliances Inc. of Zhuhai, Class A		1,175,002		7,862,363
Greenland Hong Kong Holdings Ltd.		3,405,000		1,006,344
Greentown China Holdings Ltd.		9,446,500		8,026,721
Greentown Service Group Co. Ltd.		7,888,000		7,194,843
Guangdong Investment Ltd.		29,444,000		56,488,909
Guangdong Land Holdings Ltd.^(a)		4,992,000		1,023,863
Guangzhou Automobile Group Co. Ltd., Class H		29,225,200		35,927,435
Guangzhou R&F Properties Co. Ltd., Class H		9,591,600		17,937,360
Guorui Properties Ltd.		6,257,000		1,299,257
Guotai Junan Securities Co. Ltd., Class A		4,358,745		12,701,505
Guotai Junan Securities Co. Ltd., Class H^(b)		4,084,600		9,095,621
Haier Electronics Group Co. Ltd.		12,743,000		37,986,471
Haitian International Holdings Ltd.		6,619,000		14,469,418
Haitong Securities Co. Ltd., Class H		33,364,800		44,289,181
Hanergy Thin Film Power Group Ltd.^(a)(d)		8,046		—
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		2,747,751		14,159,011
Hangzhou Steam Turbine Co. Ltd., Class B		4,134,359		3,734,185
Harbin Electric Co. Ltd., Class H		5,816,000		3,082,188
HC Group Inc.^(a)(c)		6,970,500		4,253,445
Hengan International Group Co. Ltd.^(c)		7,110,500		57,474,232
Heng Ten Networks Group Ltd.^(a)(c)		238,724,000		8,515,213
Hi Sun Technology China Ltd.^(a)(c)		37,238,000		6,119,522
Hope Education Group Co. Ltd.^(a)(b)		18,456,000		2,821,371
Hua Han Health Industry Holdings Ltd., Class H^(a)(c)(d)		22,424,288		914,134
Hua Hong Semiconductor Ltd.^(b)(c)		4,544,000		10,628,021
Huabao International Holdings Ltd.		11,824,000		5,287,044
Huadian Power International Corp. Ltd., Class H		16,070,000		7,042,320
Huaneng Power International Inc., Class H		42,110,000		25,964,025
Huaneng Renewables Corp. Ltd., Class H		48,482,000		14,761,138


Security	Shares		Value


China (continued)
Huangshi Dongbei Electrical Appliance Co. Ltd., Class B^(a)		2,379,586	$	3,086,323
Huatai Securities Co. Ltd., Class H^(b)		16,691,000		33,808,110
Huaxia Bank Co. Ltd., Class A		9,393,415		11,673,021
Huazhu Group Ltd., ADR^(c)		1,297,207		45,493,050
Hutchison China MediTech Ltd., ADR^(a)(c)		528,437		13,786,921
IGG Inc.		10,382,000		14,760,009
IMAX China Holding Inc.^(b)		971,600		2,537,364
Industrial & Commercial Bank of China Ltd., Class H		688,813,000		530,004,652
Industrial Bank Co. Ltd., Class A		6,229,344		16,617,291
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,861,628		7,518,584
Inner Mongolia Yitai Coal Co. Ltd., Class B		11,315,895		13,975,130
Inspur International Ltd.		2,788,000		1,616,016
iQIYI Inc., ADR^(a)		965,933		26,234,740
JD.com Inc., ADR^(a)(c)		7,241,299		200,656,395
Jiangsu Expressway Co. Ltd., Class H		12,360,000		17,036,765
Jiangsu Hengrui Medicine Co. Ltd., Class A		965,978		10,373,673
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		370,377		6,143,262
Jiangxi Copper Co. Ltd., Class H		13,308,000		18,173,936
Jiayuan International Group Ltd.		12,592,000		6,127,728
Jinchuan Group International Resources Co. Ltd.^(a)(c)		23,379,000		2,114,588
JNBY Design Ltd.		1,882,000		3,716,146
Jumei International Holding Ltd., ADR^(a)		1,027,651		2,723,275
Kaisa Group Holdings Ltd.^(c)		22,052,000		7,865,882
Kama Co. Ltd., Class B^(a)		4,396,224		2,444,301
Kasen International Holdings Ltd.^(c)		4,228,000		2,725,379
Kingboard Holdings Ltd.		7,042,200		24,670,756
Kingboard Laminates Holdings Ltd.		11,039,500		13,529,006
Kingdee International Software Group Co. Ltd.^(c)		23,019,000		24,925,667
Kingsoft Corp. Ltd.		8,521,000		16,564,812
Konka Group Co. Ltd., Class B		11,249,818		3,797,806
Kunlun Energy Co. Ltd.		32,678,000		35,884,272
Kweichow Moutai Co. Ltd., Class A		216,356		24,398,217
KWG Group Holdings Ltd.		12,561,500		11,809,711
Launch Tech Co. Ltd., Class H		3,141,500		2,321,167
Lee & Man Paper Manufacturing Ltd.		16,033,000		14,767,076
Lee’s Pharmaceutical Holdings Ltd.		3,636,500		3,173,332
Legend Holdings Corp., Class H^(b)		2,418,500		6,731,920
Lenovo Group Ltd.		73,172,000		65,903,085
Li Ning Co. Ltd.^(a)		17,556,500		24,602,092
Lifetech Scientific Corp.^(a)		28,508,000		6,028,597
Logan Property Holdings Co. Ltd.		13,434,000		19,133,242
Longfor Group Holdings Ltd.		14,636,000		43,442,992
Lonking Holdings Ltd.		20,856,000		6,987,602
Luthai Textile Co. Ltd., Class B		3,896,221		4,789,744
Luye Pharma Group Ltd.^(b)(c)		12,412,500		9,266,128
Maanshan Iron & Steel Co. Ltd., Class H		15,506,000		7,387,760
Meitu Inc.^(a)(b)(c)		19,554,500		7,996,375
Meituan Dianping, Class B^(a)		2,499,600		19,392,295
Metallurgical Corp. of China Ltd., Class H		8,964,000		2,626,462
Midea Group Co. Ltd., Class A		1,727,036		12,324,916
Ming Lam Holdings Ltd.^(a)(c)		94,940,000		786,147
MMG Ltd.^(a)(c)		24,547,999		11,633,234
Momo Inc., ADR^(a)(c)		1,440,430		47,779,063
NetDragon Websoft Holdings Ltd.^(c)		2,626,500		5,634,572
NetEase Inc., ADR		768,083		171,451,487


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			13

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


China (continued)
New China Life Insurance Co. Ltd., Class H		8,341,400	$	40,379,780
New Oriental Education & Technology Group Inc., ADR^(a)		1,415,181		116,129,753
Nexteer Automotive Group Ltd.		8,641,000		12,306,859
Nine Dragons Paper Holdings Ltd.		16,786,000		17,406,563
Noah Holdings Ltd., ADR^(a)(c)		282,981		16,342,153
Panda Green Energy Group Ltd.^(a)(c)		72,342,852		3,502,036
PAX Global Technology Ltd.^(c)		12,268,000		5,735,632
People’s Insurance Co. Group of China Ltd. (The), Class H		69,905,000		31,702,948
PetroChina Co. Ltd., Class H		207,970,000		137,502,140
PICC Property & Casualty Co. Ltd., Class H		67,625,040		80,979,818
Pinduoduo Inc., ADR^(a)		1,664,219		49,826,717
Ping An Bank Co. Ltd., Class A		4,667,861		8,617,332
Ping An Insurance Group Co. of China Ltd., Class A		2,231,735		23,336,684
Ping An Insurance Group Co. of China Ltd., Class H		51,252,000		539,628,755
Poly Developments and Holdings Group Co. Ltd., Class A		3,066,939		6,051,240
Poly Property Group Co. Ltd.		23,618,000		8,905,868
Postal Savings Bank of China Co. Ltd., Class H^(b)		69,571,000		41,655,036
Pou Sheng International Holdings Ltd.^(c)		23,926,000		4,876,761
Powerlong Real Estate Holdings Ltd.		3,575,000		1,666,858
Q Technology Group Co. Ltd.		3,473,000		2,884,654
Qingdao Haier Co. Ltd., Class A		2,510,510		6,179,532
Realord Group Holdings Ltd.^(a)		1,568,000		1,000,749
Redco Group^(b)		6,912,000		3,240,358
Redsun Properties Group Ltd.^(a)		3,438,000		1,357,716
Renhe Commercial Holdings Co. Ltd.^(a)(c)		57,304,000		2,591,521
RISE Education Cayman Ltd., ADR^(a)(c)		119,835		1,313,392
Road King Infrastructure Ltd.		4,328,000		8,281,301
Ronshine China Holdings Ltd.^(a)		5,810,500		7,624,162
SAIC Motor Corp. Ltd., Class A		2,217,786		9,381,004
Sany Heavy Equipment International Holdings Co. Ltd.^(a)		14,040,000		5,008,026
Seaspan Corp.^(c)		627,678		5,523,566
Semiconductor Manufacturing International Corp.^(a)(c)		30,659,700		31,051,061
Shandong Airlines Co. Ltd., Class B		2,221,153		3,664,288
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		19,524,000		16,962,684
Shang Gong Group Co. Ltd., Class B^(a)		5,202,560		3,849,894
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		6,718,227		4,655,731
Shanghai Electric Group Co. Ltd., Class H		29,974,000		11,111,664
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		5,763,500		20,448,097
Shanghai Fudan Microelectronics Group Co. Ltd., Class H^(a)		436,000		466,004
Shanghai Haixin Group Co., Class B		6,646,610		3,283,425
Shanghai Haohai Biological Technology Co. Ltd., Class H^(b)		156,000		954,903
Shanghai Industrial Holdings Ltd.		4,884,000		10,950,394
Shanghai Industrial Urban Development Group Ltd.		28,198,000		5,316,446
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B		2,584,241		2,728,959
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		9,956,927		14,069,138
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		8,858,300		19,906,292
Shanghai Pudong Development Bank Co. Ltd., Class A		7,851,368		13,767,335


Security	Shares		Value


China (continued)
Shanghai Shibei Hi-Tech Co. Ltd., Class B		3,660,600	$	1,910,833
Sheng Ye Capital Ltd.^(a)		1,348,000		1,348,034
Shenzhen International Holdings Ltd.		9,781,750		20,187,056
Shenzhen Investment Ltd.		35,668,000		13,313,363
Shenzhou International Group Holdings Ltd.		7,533,700		94,053,683
Shimao Property Holdings Ltd.		11,382,000		26,911,504
Shougang Concord International Enterprises Co. Ltd.^(a)(c)		266,070,000		7,761,985
Shougang Fushan Resources Group Ltd.		29,366,000		6,658,957
Shui On Land Ltd.		43,681,666		10,906,783
Sihuan Pharmaceutical Holdings Group Ltd.		40,254,000		8,409,967
Silver Grant International Industries Ltd.^(a)(c)		5,108,000		1,073,683
SINA Corp./China^(a)		649,951		43,787,199
Sino Biopharmaceutical Ltd.		69,040,000		59,894,825
Sinofert Holdings Ltd.^(a)(c)		37,754,000		4,905,740
Sino-Ocean Group Holding Ltd.		30,824,500		14,411,312
Sinopec Engineering Group Co. Ltd., Class H		11,276,000		10,242,029
Sinopec Kantons Holdings Ltd.^(c)		12,296,000		5,780,050
Sinopec Shanghai Petrochemical Co. Ltd., Class H		33,999,000		17,238,149
Sinopharm Group Co. Ltd., Class H		11,801,200		52,467,818
Sinosoft Technology Group Ltd.^(c)		8,803,600		3,028,067
Sinotrans Ltd., Class H		21,416,000		10,067,141
Sinotruk Hong Kong Ltd.		6,882,500		12,520,332
Skyfame Realty Holdings Ltd.		45,074,000		6,890,469
SMI Holdings Group Ltd.^(a)(c)(d)		15,427,999		4,697,307
SOHO China Ltd.^(a)(c)		22,800,500		9,730,398
Springland International Holdings Ltd.		3,333,000		666,617
SSY Group Ltd.		15,286,411		13,553,647
Sun Art Retail Group Ltd.^(c)		23,794,500		24,189,165
Sunac China Holdings Ltd.^(c)		23,997,000		100,423,125
Suning.com Co. Ltd., Class A		4,674,273		8,545,391
Sunny Optical Technology Group Co. Ltd.^(c)		7,090,100		83,999,503
Superb Summit International Group Ltd.^(a)(c)(d)		6,035,000		7,688
TAL Education Group, ADR^(a)		3,519,683		125,300,715
Tarena International Inc., ADR^(c)		423,665		2,800,426
TCL Electronics Holdings Ltd.		10,134,000		4,996,125
Tencent Holdings Ltd.		56,484,800		2,416,315,809
Tencent Music Entertainment Group, ADR^(a)		539,175		9,715,934
Texhong Textile Group Ltd.		1,847,500		2,475,948
Tian Ge Interactive Holdings Ltd.^(b)		7,625,000		3,292,918
Tiangong International Co. Ltd.^(c)		5,154,000		1,168,707
Tianjin Development Holdings Ltd.		10,366,000		3,869,192
Tianjin Port Development Holdings Ltd.		44,830,000		5,196,986
Tianneng Power International Ltd.^(c)		7,078,000		6,933,912
Tibet Water Resources Ltd.^(a)(c)		26,120,000		8,185,584
Tingyi Cayman Islands Holding Corp.		19,662,000		27,302,071
Tong Ren Tang Technologies Co. Ltd., Class H		6,623,000		8,673,398
Tongda Group Holdings Ltd.^(c)		42,290,000		4,687,037
Towngas China Co. Ltd.		11,413,000		9,101,554
TravelSky Technology Ltd., Class H		9,542,000		27,654,271
Truly International Holdings Ltd.^(a)(c)		19,750,000		3,648,182
Tsaker Chemical Group Ltd.^(b)		3,629,000		693,457
Tsingtao Brewery Co. Ltd., Class H		3,536,000		15,000,229
Tuniu Corp., ADR^(a)(c)		393,960		1,961,921
Uni-President China Holdings Ltd.		12,771,000		11,372,174
Vinda International Holdings Ltd.^(c)		3,023,000		5,930,622
Vipshop Holdings Ltd., ADR^(a)		4,330,287		31,091,461
Want Want China Holdings Ltd.^(c)		50,077,000		40,381,591
Wasion Holdings Ltd.		6,614,000		3,227,040
Weibo Corp., ADR^(a)(c)		546,202		39,463,095


14		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Weichai Power Co. Ltd., Class H		19,492,000	$	27,066,014
West China Cement Ltd.		35,204,000		5,291,946
Wisdom Education International Holdings Co. Ltd.		5,278,000		2,292,795
Wise Talent Information Technology Co. Ltd.^(a)		943,200		3,244,210
Wuliangye Yibin Co. Ltd., Class A		913,775		9,758,471
Wuxi Biologics Cayman Inc.^(a)(b)(c)		5,030,000		47,738,159
Xiamen International Port Co. Ltd., Class H		25,324,000		3,645,459
Xiaomi Corp., Class B^(a)(b)		29,775,000		45,365,360
Xingda International Holdings Ltd.		13,638,000		4,048,070
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		5,921,000		6,788,581
Xinyi Solar Holdings Ltd.		30,148,800		14,825,138
Xtep International Holdings Ltd.		11,655,500		7,646,797
Yadea Group Holdings Ltd.^(b)		7,430,000		2,707,050
Yanzhou Coal Mining Co. Ltd., Class H		18,396,000		18,255,859
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H^(b)		1,285,200		5,484,751
Yihai International Holding Ltd.^(c)		4,436,000		14,014,727
Yintech Investment Holdings Ltd., ADR		160,426		1,065,229
Yirendai Ltd., ADR^(c)		105,195		1,474,834
Youyuan International Holdings Ltd.^(a)		3,050,000		971,362
Yuexiu Property Co. Ltd.		71,048,880		16,382,388
Yuexiu REIT		18,702,000		12,650,975
Yuexiu Transport Infrastructure Ltd.		11,188,000		8,708,334
Yum China Holdings Inc.		3,578,598		149,299,109
Yunnan Baiyao Group Co. Ltd., Class A^(d)		424,124		5,389,603
Yuzhou Properties Co. Ltd.		17,581,400		8,578,150
YY Inc., ADR^(a)(c)		490,462		34,577,571
Zai Lab Ltd., ADR^(a)		236,171		6,806,448
Zhaojin Mining Industry Co. Ltd., Class H		12,084,000		12,884,797
Zhejiang Expressway Co. Ltd., Class H		14,664,000		15,299,518
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		2,738,000		10,289,562
Zhongsheng Group Holdings Ltd.^(c)		5,693,000		13,228,403
Zhuguang Holdings Group Co. Ltd.^(a)		5,996,000		954,801
Zhuzhou CRRC Times Electric Co. Ltd., Class H		5,434,900		30,498,528
Zijin Mining Group Co. Ltd., Class H		59,684,000		25,546,924
ZTE Corp., Class H^(a)		7,511,440		22,439,205
ZTO Express Cayman Inc., ADR		2,834,102		56,341,948

				17,662,954,901

Colombia — 0.3%
Almacenes Exito SA		2,015,192		9,555,015
Bancolombia SA		1,934,886		22,608,859
Cementos Argos SA		4,802,553		12,680,162
Corp. Financiera Colombiana SA^(a)		1,249,133		9,938,867
Ecopetrol SA		49,149,125		49,800,361
Grupo Argos SA/Colombia		2,879,142		16,755,724
Grupo de Inversiones Suramericana SA		2,612,040		29,689,984
Interconexion Electrica SA ESP		4,161,038		18,891,696

				169,920,668

Czech Republic — 0.2%
Central European Media Enterprises Ltd. Class A^(a)		466,110		1,638,876
CEZ AS		1,640,111		39,805,865
Komercni Banka AS		787,852		33,129,659
Moneta Money Bank AS^(b)		5,831,658		20,685,981

				95,260,381

Egypt — 0.2%
Alexandria Mineral Oils Co.		2,614,519		914,783
Commercial International Bank Egypt SAE		11,863,755		47,522,736


Security	Shares		Value

Egypt (continued)
Eastern Tobacco		8,547,771	$	8,142,825
Egyptian Financial Group-Hermes Holding Co.^(a)		8,189,859		7,984,178
EISewedy Electric Co.		4,950,968		4,863,365
Ezz Steel Co.^(a)		3,621,229		3,970,537
Global Telecom Holding SAE^(a)		32,473,057		8,804,054
Heliopolis Housing		2,650,149		3,128,144
Juhayna Food Industries		1,869,301		1,424,382
Medinet Nasr Housing^(a)		8,256,253		3,407,118
Oriental Weavers		2,364,462		1,616,795
Palm Hills Developments SAE^(a)		13,649,493		2,158,053
Pioneers Holding For Financial Investments SAE^(a)		4,490,649		1,835,220
Sidi Kerir Petrochemicals Co.		820,598		904,906
Six of October Development & Investment^(a)		3,641,920		3,350,899
Talaat Moustafa Group		3,490,863		2,243,557
Telecom Egypt Co.		5,763,845		4,898,610

				107,170,162

Greece — 0.3%
Alpha Bank AE^(a)		13,967,348		19,721,737
Athens Water Supply & Sewage Co. SA		412,698		2,631,661
Eurobank Ergasias SA^(a)(c)		19,018,824		14,488,363
FF Group^(a)(d)		343,633		3,913
GEK Terna Holding Real Estate Construction SA^(a)		237,437		1,400,515
Grivalia Properties REIC AE		346,544		3,871,123
Hellenic Exchanges-Athens Stock Exchange SA		851,775		4,054,252
Hellenic Telecommunications Organization SA		2,440,356		30,984,007
Holding Co. ADMIE IPTO SA		1,336,491		2,648,042
JUMBO SA		1,049,854		17,095,212
Motor Oil Hellas Corinth Refineries SA		586,725		14,297,427
Mytilineos Holdings SA		1,082,479		11,303,120
National Bank of Greece SA^(a)		6,064,794		10,980,515
OPAP SA		2,341,885		24,000,352
Piraeus Bank SA^(a)(c)		3,338,097		4,675,344
Piraeus Port Authority SA		69,974		1,324,272
Public Power Corp. SA^(a)(c)		1,520,634		2,721,992
Sarantis SA		113,196		943,521
Terna Energy SA		388,052		2,916,375
Titan Cement Co. SA		450,059		9,870,412

				179,932,155

Hungary —0.3%
Magyar Telekom Telecommunications PLC		4,646,412		7,830,694
MOL Hungarian Oil & Gas PLC		3,640,269		42,518,642
Opus Global Nyrt^(a)		814,165		1,276,740
OTP Bank Nyrt		2,249,501		95,203,999
Richter Gedeon Nyrt		1,403,490		27,194,977

				174,025,052

India — 9.1%
Aarti Industries Ltd.		162,904		3,183,815
Adani Enterprises Ltd.		1,476,219		2,674,270
Adani Ports &Special Economic Zone Ltd.		5,413,940		24,802,831
Adani Power Ltd.^(a)		7,184,510		4,863,664
Adani Transmissions Ltd.^(a)		609,685		1,747,376
Aditya Birla Fashion and Retail Ltd.^(a)		1,653,559		5,237,825
Aegis Logistics Ltd.		318,019		889,320
AIA Engineering Ltd.		504,212		12,160,423
Ajanta Pharma Ltd.		299,844		4,126,708
Alembic Pharmaceuticals Ltd.		86,973		678,591
Allahabad Bank^(a)		2,611,792		1,762,584
Amara Raja Batteries Ltd.		464,243		4,679,226
Ambuja Cements Ltd.		6,488,734		19,344,982


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			15

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


India (continued)
Anup Engineering Ltd. (The)^(a)		55,455	$	1,347,796
Apollo Hospitals Enterprise Ltd.		928,545		14,894,318
Apollo Tyres Ltd.		3,192,470		9,760,146
Arvind Fashions Ltd.^(a)		299,456		2,911,230
Arvind Ltd.		1,503,819		1,598,407
Ashok Leyland Ltd.		12,276,633		14,930,195
Asian Paints Ltd.		2,960,448		58,487,851
Astral Poly Technik Ltd.		235,546		3,578,580
Atul Ltd.		46,400		2,196,467
AU Small Finance Bank Ltd.^(b)		1,197,052		9,754,645
Aurobindo Pharma Ltd.		2,677,021		26,799,850
Avanti Feeds Ltd.		440,721		2,073,598
Avenue Supermarts Ltd.^(a)(b)		1,297,652		26,560,121
Axis Bank Ltd.^(a)		17,971,720		179,284,497
Bajaj Auto Ltd.		849,684		34,650,968
Bajaj Consumer Care Ltd.^(a)		110,032		541,294
Bajaj Electricals Ltd.		164,176		1,045,630
Bajaj Finance Ltd.		1,759,052		65,513,488
Bajaj Finserv Ltd.		391,328		35,555,616
Balkrishna Industries Ltd.		819,755		10,208,003
BASF India Ltd.		28,052		520,289
Bata India Ltd.		495,786		8,983,589
Bayer CropScience Ltd./India		149,850		9,156,016
Bharat Financial Inclusion Ltd.^(a)		952,597		12,373,833
Bharat Forge Ltd.		2,235,686		16,121,802
Bharat Petroleum Corp. Ltd.		7,543,727		35,800,918
Bharti Airtel Ltd.		14,124,823		63,160,928
Bharti Infratel Ltd.		3,632,345		14,996,406
Birlasoft Ltd.^(a)		2,005,865		3,065,500
Blue Dart Express Ltd.		101,478		4,462,528
Blue Star Ltd.		96,012		838,006
Bosch Ltd.		79,165		21,176,669
Britannia Industries Ltd.		591,012		25,400,813
Cadila Healthcare Ltd.		2,199,979		9,857,589
Can Fin Homes Ltd.		237,218		887,822
Canara Bank^(a)		1,702,134		5,538,868
Care Ratings Ltd.		387,461		5,232,334
Ceat Ltd.		308,829		4,733,847
Century Plyboards India Ltd.		202,286		475,950
Century Textiles & Industries Ltd.		516,895		5,828,729
CESC Ltd.		855,820		8,097,208
CESC Ventures Ltd.^(a)		161,239		1,129,730
CG Power and Industrial Solutions Ltd.^(a)		4,859,959		2,200,182
Chambal Fertilizers and Chemicals Ltd.		667,992		1,485,288
Cipla Ltd./India		3,489,250		27,204,634
City Union Bank Ltd.		2,352,153		6,066,712
Coal India Ltd.		7,078,975		22,721,991
Container Corp. of India Ltd.		2,165,079		14,390,483
Coromandel International Ltd.		255,698		1,588,445
Cox & Kings Ltd.		475,558		970,489
CRISIL Ltd.		311,826		6,392,047
Crompton Greaves Consumer Electricals Ltd.		4,348,893		12,840,091
Dabur India Ltd.		5,464,823		33,656,571
DCB Bank Ltd.		2,716,912		6,942,567
DCM Shriram Ltd.		141,474		780,008
Dilip Buildcon Ltd.^(b)		310,509		1,877,209
Dish TV India Ltd.		8,604,093		4,717,803
Dishman Carbogen Amcis Ltd.^(a)		257,990		675,750
Divi’s Laboratories Ltd.		752,494		17,501,460
Dr Lal PathLabs Ltd.^(b)		203,893		2,899,028


Security	Shares		Value


India (continued)
Dr. Reddy’s Laboratories Ltd.		1,152,205	$	42,631,241
Edelweiss Financial Services Ltd.		4,770,878		9,172,669
Eicher Motors Ltd.		135,397		37,823,118
EIH Ltd.		771,286		2,012,086
Endurance Technologies Ltd.^(b)		104,139		1,900,604
Engineers India Ltd.		1,045,500		1,575,756
Equitas Holdings Ltd./India^(a)		1,395,151		2,232,202
Escorts Ltd.		710,108		6,565,326
Exide Industries Ltd.		2,722,860		8,412,485
Federal Bank Ltd.		15,381,641		18,133,257
Finolex Cables Ltd.		1,297,679		7,363,572
Fortis Healthcare Ltd.^(a)		4,223,477		8,001,456
Future Consumer Ltd.^(a)		3,961,855		2,584,560
GAIL India Ltd.		8,004,861		38,490,184
Gayatri Projects Ltd.^(a)		359,943		759,599
GE T&D India Ltd.		1,106,636		4,498,037
Gillette India Ltd.		18,000		1,647,392
Glenmark Pharmaceuticals Ltd.		1,479,874		12,411,997
GMR Infrastructure Ltd.^(a)		21,011,080		4,785,568
Godrej Consumer Products Ltd.		3,653,386		34,560,809
Godrej Industries Ltd.		1,225,376		8,494,355
Godrej Properties Ltd.^(a)		440,228		4,391,062
Granules India Ltd.		834,018		1,145,619
Graphite India Ltd.		552,706		3,201,947
Grasim Industries Ltd.		3,482,667		38,047,927
Great Eastern Shipping Co. Ltd. (The)		149,391		564,683
GRUH Finance Ltd.		2,182,782		7,595,488
Gujarat Fluorochemicals Ltd.		97,265		1,243,808
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		620,476		2,265,952
Gujarat Pipavav Port Ltd.		2,673,019		3,044,088
Gujarat State Petronet Ltd.		795,887		1,759,593
Havells India Ltd.		2,634,375		26,495,143
HCL Technologies Ltd.		5,465,392		80,982,431
HEG Ltd.		79,074		2,269,509
Hero MotoCorp Ltd.		520,479		19,231,590
Hexaware Technologies Ltd.		1,144,021		5,705,126
Himachal Futuristic Communications Ltd.		4,454,153		1,324,481
Himadri Speciality Chemical Ltd.		546,375		900,303
Hindalco Industries Ltd.		12,104,409		33,313,131
Hindustan Petroleum Corp. Ltd.		6,085,675		19,110,181
Hindustan Unilever Ltd.		6,554,265		159,663,236
Housing Development Finance Corp. Ltd.		16,079,471		416,239,040
ICICI Bank Ltd.		23,951,424		117,911,335
ICICI Securities Ltd.^(b)		439,159		1,240,120
IDFC First Bank Ltd.^(a)		20,630,450		12,979,914
IDFC Ltd.		11,803,105		6,065,320
IFCI Ltd.^(a)		15,142,527		2,671,851
IIFL Holdings Ltd.		1,177,809		5,445,563
India Cements Ltd. (The)		3,638,436		4,483,702
Indiabulls Housing Finance Ltd.		2,799,652		25,791,771
Indiabulls Ventures Ltd.		1,626,573		6,394,120
Indian Bank^(a)		883,463		2,789,769
Indian Hotels Co. Ltd. (The)		5,750,965		11,214,690
Indian Oil Corp. Ltd.		14,497,060		29,472,591
Indraprastha Gas Ltd.		1,805,338		7,431,897
Info Edge India Ltd.		582,199		14,649,056
Infosys Ltd.		34,641,624		357,636,520
Inox Leisure Ltd.^(a)		284,199		1,108,606
InterGlobe Aviation Ltd.^(b)		954,435		15,100,943


16		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Ipca Laboratories Ltd.		316,804	$	3,606,937
IRB Infrastructure Developers Ltd.		2,013,545		3,800,544
ITC Ltd.		34,269,491		133,004,242
Jain Irrigation Systems Ltd.		4,397,860		3,515,135
Jammu & Kashmir Bank Ltd. (The)^(a)		4,020,470		2,176,244
Jindal Steel & Power Ltd.^(a)		4,087,227		9,013,291
JM Financial Ltd.		824,535		899,582
JSW Energy Ltd.^(a)		1,215,318		1,101,242
JSW Steel Ltd.		8,583,295		33,922,275
Jubilant Foodworks Ltd.		683,917		12,199,711
Jubilant Life Sciences Ltd.		829,548		9,137,989
Just Dial Ltd.^(a)		451,446		3,283,994
Jyothy Laboratories Ltd.		514,111		1,296,368
Kajaria Ceramics Ltd.		822,160		6,264,489
Karnataka Bank Ltd. (The)		970,899		1,532,253
Karur Vysya Bank Ltd. (The)		5,600,700		5,445,084
Kaveri Seed Co. Ltd.		163,552		936,915
KEC International Ltd.		382,913		1,421,262
KEI Industries Ltd.		304,261		1,463,422
KPIT Engineering Ltd.^(a)		2,363,284		2,661,119
KRBL Ltd.		334,980		1,657,798
Lakshmi Machine Works Ltd.		3,936		317,428
Larsen & Toubro Ltd.		4,834,054		87,874,591
Lemon Tree Hotels Ltd.^(a)(b)		912,868		976,062
LIC Housing Finance Ltd.		3,122,255		20,873,197
Lupin Ltd.		2,249,970		24,160,062
Mahanagar Gas Ltd.		453,834		5,736,871
Mahindra & Mahindra Financial Services Ltd.		3,224,463		17,968,273
Mahindra & Mahindra Ltd.		7,586,636		68,894,511
Mahindra CIE Automotive Ltd.^(a)		225,320		738,118
Manappuram Finance Ltd.		5,363,476		8,524,855
Marico Ltd.		4,815,196		22,997,446
Maruti Suzuki India Ltd.		1,066,146		102,373,699
Max Financial Services Ltd.^(a)		1,594,272		8,845,953
Merck Ltd./India		29,024		1,284,950
Minda Industries Ltd.		396,548		1,793,564
Mindtree Ltd.		1,027,563		13,129,460
Motherson Sumi Systems Ltd.		10,887,347		24,889,301
Motilal Oswal Financial Services Ltd.		298,224		2,362,060
Mphasis Ltd.		890,083		13,029,710
Muthoot Finance Ltd.		754,578		5,601,549
Natco Pharma Ltd.		1,012,965		8,197,573
National Aluminium Co. Ltd.		6,208,585		4,412,491
NBCC India Ltd.		3,694,468		2,745,156
NCC Ltd./India		5,168,216		6,219,916
Nestle India Ltd.		242,325		36,249,309
NIIT Technologies Ltd.		388,540		7,214,563
NTPC Ltd.		19,979,770		39,677,932
Oberoi Realty Ltd.		375,692		2,616,461
Oil & Natural Gas Corp. Ltd.		14,094,278		29,456,276
Page Industries Ltd.		56,849		17,813,586
PC Jeweller Ltd.		1,307,487		1,298,732
Persistent Systems Ltd.		521,218		4,801,350
Petronet LNG Ltd.		6,116,844		19,229,558
Pfizer Ltd./India		88,330		4,020,450
Phillips Carbon Black Ltd.		359,649		786,031
Phoenix Mills Ltd. (The)		206,898		1,813,689
PI Industries Ltd.		754,096		9,778,426
Pidilite Industries Ltd.		1,273,017		20,626,540
Piramal Enterprises Ltd.		837,457		27,393,341


Security	Shares		Value

India (continued)
PNB Housing Finance Ltd.^(b)		542,660	$	6,836,061
Power Finance Corp. Ltd.		6,588,536		10,388,630
Power Grid Corp. of India Ltd.		16,537,035		42,513,093
Prestige Estates Projects Ltd.		750,522		2,172,650
PTC India Ltd.		4,490,120		4,835,672
PVR Ltd.		285,965		6,041,244
Quess Corp. Ltd.^(a)(b)		330,494		3,326,953
Radico Khaitan Ltd.		440,044		2,242,716
Rain Industries Ltd.		1,129,113		1,442,223
Rajesh Exports Ltd.		963,660		7,859,534
Rallis India Ltd.		1,823,390		3,863,340
Ramco Cements Ltd. (The)		1,021,334		9,633,757
Raymond Ltd.		371,827		4,013,570
RBL Bank Ltd.^(b)		2,776,197		22,554,619
REC Ltd.		7,249,366		13,897,134
Redington India Ltd.		3,927,431		4,674,182
Reliance Industries Ltd.		28,269,843		489,293,197
Reliance Infrastructure Ltd.		1,433,790		2,475,449
Reliance Power Ltd.^(a)		4,723,580		713,920
Repco Home Finance Ltd.		246,214		1,159,479
Sadbhav Engineering Ltd.		361,930		969,370
Sanofi India Ltd.		16,682		1,400,231
Schaeffler India Ltd.		6,462		490,558
Shree Cement Ltd.		90,877		21,200,385
Shriram Transport Finance Co. Ltd.		1,506,505		24,193,674
Sobha Ltd.		730,030		4,495,571
Sonata Software Ltd.		268,620		1,276,890
Spencer’s Retail Ltd.^(a)		483,770		969,223
SpiceJet Ltd.^(a)		1,186,905		1,332,481
SRF Ltd.		185,826		5,996,359
State Bank of India^(a)		18,004,242		68,104,832
Sterlite Technologies Ltd.		1,190,520		4,043,931
Strides Pharma Science Ltd.		354,246		2,096,303
Sun Pharma Advanced Research Co. Ltd.^(a)		1,210,222		3,033,797
Sun Pharmaceutical Industries Ltd.		8,485,244		53,105,659
Sundaram Finance Ltd.		442,997		10,195,759
Sundram Fasteners Ltd.		137,061		1,000,022
Sunteck Realty Ltd.		333,413		1,623,792
Supreme Industries Ltd.		261,897		4,205,191
Suzlon Energy Ltd.^(a)		26,331,657		2,128,708
Symphony Ltd.		62,920		1,144,306
Syngene International Ltd.^(b)		242,794		2,014,685
Tata Chemicals Ltd.		340,046		2,659,842
Tata Communications Ltd.		1,013,105		8,405,241
Tata Consultancy Services Ltd.		8,981,251		250,454,119
Tata Elxsi Ltd.		332,519		4,136,721
Tata Global Beverages Ltd.		3,253,026		8,859,052
Tata Motors Ltd.^(a)		16,134,476		40,253,251
Tata Power Co. Ltd. (The)		11,759,576		10,821,100
Tata Steel Ltd.		3,599,165		25,324,014
TeamLease Service Ltd.^(a)		52,297		2,096,990
Tech Mahindra Ltd.		4,785,506		55,854,031
Thermax Ltd.		453,779		6,309,411
Thomas Cook India Ltd.		524,945		1,562,076
TI Financial Holdings Ltd.		1,006,146		6,197,326
Time Technoplast Ltd.		495,906		615,993
Titan Co. Ltd.		3,131,706		45,139,804
Torrent Power Ltd.		1,471,672		5,026,874
TTK Prestige Ltd		66,226		7,052,840
Tube Investments of India Ltd.		943,290		4,747,865


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			17

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
TV18 Broadcast Ltd.^(a)		7,600,778	$	3,590,603
UltraTech Cement Ltd.		988,439		53,176,736
United Spirits Ltd.^(a)		2,923,450		22,452,112
UPL Ltd.		3,628,988		44,776,716
Varun Beverages Ltd.		271,539		3,088,905
Vedanta Ltd.		13,275,071		31,616,977
Venky’s India Ltd.		29,547		855,571
V-Guard Industries Ltd.		690,487		1,991,577
Vijaya Bank		4,341,630		2,466,064
Vinati Organics Ltd.		53,567		1,087,777
VIP Industries Ltd.		283,887		1,628,255
V-Mart Retail Ltd.		40,044		1,452,593
Vodafone Idea Ltd.^(a)		20,875,534		8,775,641
Voltas Ltd.		1,292,524		10,295,488
WABCO India Ltd.		12,167		1,164,222
Welspun India Ltd.		3,884,483		2,815,347
Westlife Development Ltd.^(a)		158,114		784,943
Whirlpool of India Ltd.		178,380		3,444,774
Wipro Ltd.		11,303,421		58,625,782
Wockhardt Ltd.^(a)		599,663		3,338,663
Yes Bank Ltd.		17,128,240		55,664,297
Zee Entertainment Enterprises Ltd.		5,034,788		33,036,123
Zensar Technologies Ltd.		403,542		1,144,365
Zydus Wellness Ltd.		853		14,938

				5,318,359,931

Indonesia — 2.2%
Ace Hardware Indonesia Tbk PT		82,973,400		10,351,400
Adaro Energy Tbk PT		141,448,600		13,172,040
Adhi Karya Persero Tbk PT		24,979,100		2,663,490
AKR Corporindo Tbk PT		19,620,900		7,740,963
Alam Sutera Realty Tbk PT^(a)		148,475,300		3,419,655
Aneka Tambang Tbk		95,113,443		6,862,637
Astra International Tbk PT		198,984,100		101,136,401
Bank Central Asia Tbk PT		97,290,400		190,707,857
Bank Danamon Indonesia Tbk PT		29,410,000		17,822,659
Bank Mandiri Persero Tbk PT		183,059,800		92,717,333
Bank Negara Indonesia Persero Tbk PT		73,418,900		45,927,586
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		29,059,900		4,234,782
Bank Rakyat Indonesia Persero Tbk PT		543,256,300		148,678,639
Bank Tabungan Negara Persero Tbk PT		44,817,176		7,741,655
Bukit Asam Tbk PT		24,092,800		6,816,374
Bumi Resources Tbk PT^(a)		538,777,900		5,744,922
Bumi Serpong Damai Tbk PT^(a)		84,629,300		8,151,605
Charoen Pokphand Indonesia Tbk PT		73,461,000		38,120,867
Ciputra Development Tbk PT		107,672,527		6,697,243
Delta Dunia Makmur Tbk PT^(a)		54,172,400		2,195,008
Eagle High Plantations Tbk PT^(a)		137,107,700		1,617,905
Gudang Garam Tbk PT		4,633,600		28,129,336
Hanjaya Mandala Sampoerna Tbk PT		91,319,500		24,667,787
Hanson International Tbk PT^(a)		818,727,400		5,819,992
Indah Kiat Pulp & Paper Corp. Tbk PT		27,278,100		21,378,429
Indika Energy Tbk PT		19,887,500		2,763,822
Indocement Tunggal Prakarsa Tbk PT		18,210,800		24,887,338
Indofood CBP Sukses Makmur Tbk PT		23,924,900		17,389,878
Indofood Sukses Makmur Tbk PT		43,032,400		21,642,384
Inti Agri Resources Tbk PT^(a)		339,383,800		4,825,076
Japfa Comfeed Indonesia Tbk PT		34,657,500		5,518,593
Jasa Marga Persero Tbk PT		24,664,880		9,161,116
Kalbe Farma Tbk PT		205,847,000		21,876,045


Security	Shares		Value

Indonesia (continued)
Krakatau Steel Persero Tbk PT^(a)		65,669,914	$	2,231,400
Kresna Graha Investama Tbk PT^(a)		102,479,300		4,480,168
Link Net Tbk PT		15,591,800		4,765,931
Matahari Department Store Tbk PT		24,994,900		10,216,504
Medco Energi Internasional Tbk PT^(a)		74,415,100		4,893,120
Media Nusantara Citra Tbk PT		69,346,200		4,609,113
Mitra Adiperkasa Tbk PT		111,346,100		8,390,038
Pabrik Kertas Tjiwi Kimia Tbk PT		13,244,900		10,521,540
Pakuwon Jati Tbk PT		192,663,000		8,491,278
Panin Financial Tbk PT^(a)		210,184,100		6,663,736
Perusahaan Gas Negara Persero Tbk PT		108,143,300		19,526,141
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		34,652,200		3,005,202
Pool Advista Indonesia Tbk PT^(a)		12,496,200		4,343,801
PP Persero Tbk PT		33,255,550		4,727,997
PP Properti Tbk PT		189,452,100		2,114,376
Ramayana Lestari Sentosa Tbk PT		38,233,000		4,756,193
Salim Ivomas Pratama Tbk PT		58,165,800		1,968,148
Sawit Sumbermas Sarana Tbk PT		19,703,300		1,526,682
Semen Indonesia Persero Tbk PT		29,673,000		26,683,025
Sentul City Tbk PT^(a)		142,223,400		1,273,869
Sugih Energy Tbk PT^(a)(d)		82,105,800		291,828
Summarecon Agung Tbk PT		107,472,200		7,181,366
Surya Citra Media Tbk PT		65,488,500		8,146,783
Telekomunikasi Indonesia Persero Tbk PT		490,037,000		134,461,903
Timah Tbk PT		50,885,352		4,955,602
Tower Bersama Infrastructure Tbk PT		23,927,200		6,769,522
Trada Alam Minera Tbk PT^(a)		231,502,500		2,995,092
Unilever Indonesia Tbk PT		14,892,500		51,529,585
United Tractors Tbk PT		16,484,100		31,052,330
Waskita Beton Precast Tbk PT		60,640,600		1,663,925
Waskita Karya Persero Tbk PT		50,245,500		6,697,019
Wijaya Karya Persero Tbk PT		33,980,823		4,311,766

				1,305,825,800

Malaysia — 2.4%
Aeon Co. M Bhd		2,473,900		1,003,796
AEON Credit Service M Bhd		2,634,500		10,715,512
AirAsia Group Bhd		15,042,000		10,246,241
Alliance Bank Malaysia Bhd		11,510,400		11,208,947
AMMB Holdings Bhd^(c)		17,043,300		18,734,428
Axiata Group Bhd^(c)		27,220,700		27,846,579
Berjaya Corp. Bhd^(a)(c)		49,997,706		3,319,656
Berjaya Sports Toto Bhd		8,264,773		4,796,475
Bermaz Auto Bhd		2,912,000		1,568,248
British American Tobacco Malaysia Bhd		1,135,800		9,412,630
Bursa Malaysia Bhd^(c)		7,426,500		12,966,470
Cahya Mata Sarawak Bhd^(c)		6,441,900		5,021,720
Carlsberg Brewery Malaysia Bhd^(c)		1,835,900		11,060,998
CIMB Group Holdings Bhd		45,875,800		65,996,171
Dialog Group Bhd^(c)		36,791,396		29,223,216
DiGi.Com Bhd^(c)		31,432,900		35,170,219
DRB-Hicom Bhd^(c)		8,147,000		3,706,369
Eastern & Oriental Bhd^(a)		12,657,519		2,676,864
FGV Holdings Bhd^(a)		18,260,200		5,029,245
Fraser & Neave Holdings Bhd		738,900		6,414,157
Gamuda Bhd		19,997,800		14,458,019
Genting Bhd		21,157,800		38,345,748
Genting Malaysia Bhd^(c)		29,657,800		25,526,202
Genting Plantations Bhd^(c)		3,383,100		8,735,411
Globetronics Technology BHD		3,429,000		1,619,004


18		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Malaysia (continued)
HAP Seng Consolidated Bhd^(c)		7,409,500	$	17,947,516
Hartalega Holdings Bhd		13,378,400		16,449,527
Hibiscus Petroleum Bhd^(a)		8,471,900		2,125,006
Hong Leong Bank Bhd		6,779,500		35,477,133
Hong Leong Financial Group Bhd		2,580,300		12,500,162
IHH Healthcare Bhd		23,427,400		33,010,944
IJM Corp. Bhd^(c)		30,084,200		13,316,503
Inari Amertron Bhd^(c)		25,554,200		9,866,001
IOI Corp. Bhd^(c)		20,049,200		22,137,196
IOI Properties Group Bhd		20,153,541		7,979,147
Kossan Rubber Industries^(c)		7,348,100		7,011,098
KPJ Healthcare Bhd^(c)		31,746,700		7,884,954
Kuala Lumpur Kepong Bhd^(c)		4,683,000		28,490,697
Lafarge Malaysia Bhd^(a)(c)		5,683,900		2,613,769
Magnum Bhd^(c)		10,147,800		6,014,066
Mah Sing Group Bhd^(c)		18,228,323		4,482,558
Malayan Banking Bhd		36,504,600		85,549,942
Malaysia Airports Holdings Bhd^(c)		7,264,300		14,594,696
Malaysia Building Society Bhd^(c)		18,765,400		4,799,217
Malaysian Pacific Industries Bhd		397,800		963,563
Malaysian Resources Corp. Bhd^(c)		20,335,300		3,900,537
Maxis Bhd^(c)		20,157,900		26,619,433
MISC Bhd		11,246,300		19,082,619
My EG Services Bhd		20,579,300		5,111,298
Nestle Malaysia Bhd		528,600		19,238,362
OSK Holdings Bhd^(c)		14,340,300		3,403,022
Padini Holdings Bhd		2,708,100		2,563,921
Pavilion REIT		16,269,800		6,961,626
Petronas Chemicals Group Bhd		23,829,800		54,029,449
Petronas Dagangan Bhd^(c)		2,163,200		14,203,231
Petronas Gas Bhd		6,850,700		30,458,787
Pos Malaysia Bhd^(c)		4,841,900		2,286,106
PPB Group Bhd		6,006,520		27,119,072
Press Metal Aluminium Holdings Bhd^(c)		14,388,200		14,966,700
Public Bank Bhd^(c)		28,801,860		177,067,872
QL Resources Bhd^(c)		7,037,995		11,942,006
RHB Bank Bhd		9,418,066		13,108,632
RHB Capital Bhd^(a)(d)		1,769,000		4
Sapura Energy Bhd^(a)(c)		57,897,600		4,413,687
Scientex BHD		1,131,300		2,459,287
Serba Dinamik Holdings Bhd		5,191,300		5,042,576
Sime Darby Bhd^(c)		23,853,700		12,729,012
Sime Darby Plantation Bhd		23,651,500		29,662,523
Sime Darby Property Bhd		30,252,000		7,811,287
SKP Resources Bhd		3,499,500		1,153,161
SP Setia Bhd Group		13,073,100		7,361,957
Sunway Bhd^(c)		23,077,954		9,193,726
Sunway Construction Group Bhd^(c)		7,761,370		3,320,985
Sunway REIT^(c)		22,650,200		9,803,111
Supermax Corp. Bhd		8,727,400		3,283,640
Telekom Malaysia Bhd^(c)		11,633,700		8,725,633
Tenaga Nasional Bhd^(c)		31,151,900		102,805,483
TIME dotCom Bhd^(c)		4,878,100		9,296,760
Top Glove Corp. Bhd		14,206,600		15,860,805
UEM Sunrise Bhd^(c)		18,591,600		3,748,952
UMW Holdings Bhd		1,934,100		2,758,584
UOA Development Bhd^(c)		11,023,700		6,180,754
ViTrox Corp. Bhd		795,200		1,368,843
VS Industry Bhd^(c)		14,699,675		3,596,748
WCT Holdings Bhd^(c)		13,734,679		2,854,003


Security	Shares		Value

Malaysia (continued)
Westports Holdings Bhd		11,723,400	$	10,637,980
Yinson Holdings BHD		1,630,400		1,744,065
YTL Corp. Bhd		35,772,966		9,324,811

				1,405,217,070

Mexico — 2.7%
Alfa SAB de CV, Class A .		29,885,547		34,042,713
Alsea SAB de CV^(c)		5,098,495		12,914,549
America Movil SAB de CV, Series L, NVS		332,677,072		239,629,766
Arca Continental SAB de CV		4,462,438		25,168,090
Axtel SAB de CV, CPO^(a)(c)		17,693,500		2,552,625
Banco del Bajio SA^(b)		7,193,997		13,895,528
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		17,856,111		24,528,401
Bolsa Mexicana de Valores SAB de CV		4,842,678		10,102,761
Cemex SAB de CV, CPO^(a)		148,975,683		73,136,631
Coca-Cola Femsa SAB de CV, Series L, NVS^(c)		5,073,700		30,700,946
Concentradora Fibra Hotelera Mexicana SA de CV^(b)		8,312,663		4,451,930
Concentradora Hipotecaria SAPI de CV^(c)		1,464,200		1,071,391
Consorcio ARA SAB de CV^(c)		14,319,200		3,886,412
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(a)(c)		7,183,459		6,147,276
Corp. Inmobiliaria Vesta SAB de CV.		6,141,300		8,879,118
Credito Real SAB de CV SOFOM ER		977,800		978,838
El Puerto de Liverpool SAB de CV, Series C1, NVS^(c)		1,829,005		11,476,396
Fibra Uno Administracion SA de CV		33,771,400		46,758,796
Fomento Economico Mexicano SAB de CV		19,278,545		174,971,638
Genomma Lab Internacional SAB de CV, Class B^(a)(c)		9,105,268		6,015,193
Gentera SAB de CV		8,703,492		7,149,948
Gruma SAB de CV, Series B		2,127,765		23,060,344
Grupo Aeromexico SAB de CV^(a)(c)		4,779,300		5,163,848
Grupo Aeroportuario del Centro Norte SAB de CV		3,275,900		18,674,936
Grupo Aeroportuario del Pacifico SAB de CV, Series B		3,561,900		33,198,349
Grupo Aeroportuario del Sureste SAB de CV, Class B		2,100,625		35,643,871
Grupo Bimbo SAB de CV, Series A^(c)		16,489,202		32,713,903
Grupo Carso SAB de CV, Series A1^(c)		4,656,048		17,244,935
Grupo Cementos de Chihuahua SAB de CV^(c)		916,200		4,991,909
Grupo Comercial Chedraui SA de CV		4,169,300		8,163,537
Grupo Financiero Banorte SAB de CV, Class O .		25,555,778		139,054,795
Grupo Financiero Inbursa SAB de CV, Class O^(c)		23,594,342		35,214,796
Grupo Herdez SAB de CV^(c)		3,148,000		6,977,386
Grupo Mexico SAB de CV, Series B .		35,000,320		87,711,724
Grupo Televisa SAB, CPO^(c)		24,695,056		57,862,367
Hoteles City Express SAB de CV^(a)		1,129,300		1,288,147
Industrias Bachoco SAB de CV, Series B^(c)		2,140,084		8,311,761
Industrias CH SAB de CV, Series B^(a)(c)		1,822,400		8,004,750
Industrias Penoles SAB de CV		1,440,790		19,096,334
Infraestructura Energetica Nova SAB de CV		5,389,071		20,731,768
Kimberly-Clark de Mexico SAB de CV, Class A		15,181,075		24,540,816
La Comer SAB de CV^(a)(c)		5,564,602		5,847,733
Macquarie Mexico Real Estate Management SA de CV^(b)		9,497,700		10,976,581
Megacable Holdings SAB de CV, CPO		2,436,577		11,133,659
Mexichem SAB de CV		10,537,583		25,543,435
PLA Administradora Industrial S.de RL de CV^(c)		8,160,549		12,103,474
Prologis Property Mexico SA de CV		1,163,500		2,136,857


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			19

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mexico (continued)
Promotora y Operadora de Infraestructura SAB de CV^(c)		2,297,580	$	22,637,713
Qualitas Controladora SAB de CV		2,576,678		6,604,312
Regional SAB de CV^(c)		2,511,747		13,066,082
Telesites SAB de CV^(a)(c)		16,790,495		10,421,329
Unifin Financiera SAB de CV SOFOM ENR		480,700		1,118,583
Wal-Mart de Mexico SAB de CV		51,282,796		132,667,726

				1,580,366,706

Pakistan — 0.1%
Engro Corp. Ltd./Pakistan		3,525,900		8,301,521
Engro Fertilizers Ltd.		6,671,847		3,540,174
Fauji Fertilizer Co. Ltd.		6,554,320		5,070,252
Habib Bank Ltd.		5,864,700		5,565,325
Hub Power Co. Ltd. (The)		8,034,495		5,038,818
Lucky Cement Ltd.		1,597,600		5,383,854
MCB Bank Ltd.		4,101,300		6,074,366
National Bank of Pakistan^(a)		5,799,500		1,793,029
Nishat Mills Ltd.		4,195,800		4,236,395
Oil & Gas Development Co. Ltd.		7,572,600		8,155,444
Pakistan Oilfields Ltd.		1,498,020		5,091,213
Pakistan State Oil Co. Ltd.		2,915,438		4,717,957
Searle Co. Ltd. (The)		1,359,375		2,473,670
United Bank Ltd./Pakistan		4,845,200		4,754,243

				70,196,261

Peru — 0.4%
Cia. de Minas Buenaventura SAA, ADR		1,861,436		30,974,295
Credicorp Ltd.		675,381		164,178,367
Southern Copper Corp.		875,402		31,173,065

				226,325,727

Philippines — 1.1%
Aboitiz Equity Ventures Inc.		20,164,950		23,783,100
Aboitiz Power Corp.		14,108,600		9,506,665
Alliance Global Group Inc.		37,012,700		9,804,215
Ayala Corp.		2,546,085		45,536,130
Ayala Land Inc.		73,502,900		62,531,470
Bank of the Philippine Islands		9,688,323		15,735,095
BDO Unibank Inc.		20,061,676		49,494,777
Bloomberry Resorts Corp.		38,126,500		8,403,753
Cebu Air Inc.		3,280,380		5,330,935
Cosco Capital Inc.		32,631,500		4,952,770
D&L Industries Inc.		34,079,600		7,696,244
DMCI Holdings Inc		43,488,000		9,585,522
DoubleDragon Properties Corp.^(a)		2,718,200		1,135,211
Filinvest Land Inc.		136,055,000		3,893,299
First Gen Corp.		14,938,900		6,137,889
Globe Telecom Inc.		352,210		12,938,882
GT Capital Holdings Inc.		912,219		16,843,951
Integrated Micro-Electronics Inc.		2,615,000		661,334
International Container Terminal Services Inc.		6,011,340		13,482,510
JG Summit Holdings Inc.		29,295,643		37,497,517
Jollibee Foods Corp.		4,484,700		26,689,688
MacroAsia Corp.		3,301,000		1,227,982
Manila Electric Co.		1,667,770		11,853,679
Manila Water Co. Inc.		14,980,000		7,820,186
Megawide Construction Corp.		5,207,000		2,013,534
Megaworld Corp.		122,152,600		12,210,536
Metro Pacific Investments Corp.		152,536,000		13,861,547
Metropolitan Bank & Trust Co.		13,589,192		19,968,650
Petron Corp.		7,871,600		1,015,150


Security	Shares		Value

Philippines (continued)
Pilipinas Shell Petroleum Corp.		1,091,700	$	1,033,231
PLDT Inc.		891,955		17,763,218
Robinsons Land Corp.		24,542,713		11,104,012
Security Bank Corp.		2,450,230		7,854,759
SM Investments Corp.		2,465,862		44,816,517
SM Prime Holdings Inc.		95,310,396		70,671,958
Universal Robina Corp.		9,233,830		24,298,613
Vista Land & Lifescapes Inc.		56,127,100		8,030,560
Wilcon Depot Inc.		10,211,500		2,914,187

				630,099,276

Poland — 1.2%
Alior Bank SA^(a)		967,454		15,029,655
Asseco Poland SA		712,202		10,008,714
Bank Handlowy w Warszawie SA		355,839		6,206,111
Bank Millennium SA^(a)		6,509,738		14,902,536
Bank Polska Kasa Opieki SA		1,609,517		48,262,082
Budimex SA.		143,038		4,360,984
CCC SA		296,042		14,377,056
CD Projekt SA^(a)		677,200		34,070,589
Ciech SA		316,223		4,979,560
Cyfrowy Polsat SA^(a)		2,638,984		17,823,706
Dino Polska SA^(a)(b)		496,248		14,052,808
Enea SA^(a)		2,464,379		6,574,286
Energa SA^(a)		1,377,998		3,574,006
Eurocash SA^(c)		939,651		5,065,685
Famur SA		507,434		655,360
Grupa Azoty SA^(c)		495,305		5,833,286
Grupa Lotos SA		909,270		22,904,412
Jastrzebska Spolka Weglowa SA^(a)		539,525		8,224,597
KGHM Polska Miedz SA^(a)		1,421,508		38,110,033
KRUK SA^(c)		191,492		8,362,096
LPP SA		13,402		28,925,052
Lubelski Wegiel Bogdanka SA^(a)(c)		195,958		2,670,858
mBank SA		153,678		17,383,083
Orange Polska SA^(a)		6,566,252		9,418,840
PGE Polska Grupa Energetyczna SA^(a)		8,389,370		25,755,377
PLAY Communications SA^(b)		1,170,118		6,627,107
Polski Koncern Naftowy ORLEN SA		2,926,132		78,913,021
Polskie Gornictwo Naftowe i Gazownictwo SA		17,267,101		31,623,221
Powszechna Kasa Oszczednosci Bank Polski SA		8,669,988		87,284,992
Powszechny Zaklad Ubezpieczen SA		5,981,343		64,586,157
Santander Bank Polska SA		351,052		34,970,484
Tauron Polska Energia SA^(a)		12,050,806		7,431,091
Warsaw Stock Exchange^(c)		436,227		4,641,081

				683,607,926

Qatar — 1.0%
Al Meera Consumer Goods Co. QSC		132,941		5,618,762
Barwa Real Estate Co. .		1,366,092		14,798,863
Commercial Bank PQSC (The) .		2,191,582		24,041,154
Doha Bank QPSC		1,241,615		6,962,962
Ezdan Holding Group QSC^(a)		8,043,716		28,605,747
Gulf International Services QSC^(a)		891,809		3,432,568
Industries Qatar QSC		1,749,189		63,641,673
Masraf Al Rayan QSC .		4,128,268		41,672,299
Medicare Group		48,461		882,254
Ooredoo QPSC		894,204		16,387,013
Qatar Electricity & Water Co. QSC		476,544		23,009,169
Qatar Gas Transport Co. Ltd. .		2,752,058		15,057,081
Qatar Industrial Manufacturing Co. QSC		345,263		3,872,462


20		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Qatar (continued)
Qatar Insurance Co. SAQ		1,742,959	$	15,972,952
Qatar Islamic Bank SAQ		1,149,836		45,672,599
Qatar National Bank QPSC		4,489,702		231,148,110
Qatar National Cement Co. QSC		268,434		4,552,840
Qatar Navigation QSC		148,212		2,736,783
United Development Co. QSC		2,266,945		8,582,826
Vodafone Qatar QSC^(a)		3,325,422		7,468,668

				564,116,785

Russia — 3.3%
Aeroflot PJSC		6,894,927		10,159,871
Alrosa PJSC		27,962,730		40,355,189
Credit Bank of Moscow PJSC^(a)		16,617,900		1,390,788
Detsky Mir PJSC^(b)		1,003,490		1,354,103
Gazprom PJSC		86,033,590		207,576,007
Gazprom PJSC, ADR		9,387,090		44,532,355
Inter RAO UES PJSC		362,938,505		21,562,748
LSR Group PJSC, GDR^(e)		3,150,884		6,144,224
LUKOIL PJSC		4,129,655		344,742,412
LUKOIL PJSC, ADR		745,266		62,006,131
M.Video PJSC^(a)		749,267		4,684,607
Magnit PJSC, GDR^(e)		3,376,266		48,483,180
Magnitogorsk Iron & Steel Works PJSC		26,881,757		18,153,358
Mechel PJSC, ADR^(a)		1,162,867		2,697,851
MMC Norilsk Nickel PJSC		667,388		142,944,617
Mobile TeleSystems PJSC, ADR		5,107,398		39,480,187
Moscow Exchange MICEX-RTS PJSC^(a)		13,482,645		18,663,989
Novatek PJSC, GDR^(e)		907,692		157,303,024
Novolipetsk Steel PJSC		13,165,048		31,653,853
PhosAgro PJSC, GDR^(e)		1,425,976		19,478,832
Polymetal International PLC		1,000,000		11,526,649
Polyus PJSC		180,001		14,941,753
Raspadskaya OJSC^(a)		1,033,000		2,445,167
Ros Agro PLC, GDR^(e)		269,830		3,394,564
Rosneft Oil Co. PJSC		1,378,100		8,340,175
Rosneft Oil Co. PJSC, GDR^(e)		10,260,525		61,460,545
Safmar Financial Investment		273,080		2,149,954
Sberbank of Russia PJSC		14,908,356		47,012,635
Sberbank of Russia PJSC, ADR		22,080,397		281,745,866
Severstal PJSC		2,260,110		35,285,789
Sistema PJSFC, GDR^(e)		493,840		1,473,619
Surgutneftegas PJSC		65,895,150		25,689,571
Surgutneftegas PJSC, ADR		1,602,484		6,175,973
Tatneft PJSC		15,388,518		181,239,886
Unipro PJSC		37,730,000		1,551,656
VTB Bank PJSC		2,703,690,000		1,472,959
VTB Bank PJSC, GDR^(e)		12,368,775		14,558,048
X5 Retail Group NV, GDR^(e)		1,053,466		26,801,764

				1,950,633,899

South Africa — 6.0%
Absa Group Ltd.		6,925,914		88,963,020
Adcock Ingram Holdings Ltd.^(c)		1,093,372		5,054,707
Advtech Ltd.^(c)		6,595,776		6,239,248
AECI Ltd.		1,471,744		10,247,776
African Rainbow Minerals Ltd.		1,146,378		13,679,078
Alexander Forbes Group Holdings Ltd.		4,646,880		1,523,621
Anglo American Platinum Ltd.		544,430		29,684,600
AngloGold Ashanti Ltd.		4,165,931		59,854,888
Arrowhead Properties Ltd., Class A		6,029,324		1,775,349
Aspen Pharmacare Holdings Ltd.		3,854,957		38,231,522


Security	Shares		Value

South Africa (continued)
Astral Foods Ltd.		476,932	$	5,529,155
Attacq Ltd.		6,201,647		6,938,258
AVI Ltd.^(c)		3,436,215		21,883,264
Barloworld Ltd.		2,092,796		18,771,160
Bid Corp. Ltd.		3,373,130		70,694,183
Bidvest Group Ltd. (The)		3,245,745		48,032,871
Blue Label Telecoms Ltd.^(a)		6,429,930		2,085,383
Brait SE^(a)(c)		3,397,030		6,523,457
Capitec Bank Holdings Ltd.		404,331		37,563,385
Cashbuild Ltd.^(c)		262,769		4,821,792
City Lodge Hotels Ltd.		620,340		5,549,969
Clicks Group Ltd.^(c)		2,527,313		32,473,995
Coronation Fund Managers Ltd.		2,090,703		6,336,049
Curro Holdings Ltd.^(a)		389,612		693,875
DataTec Ltd.^(a)		1,335,494		2,992,038
Dis-Chem Pharmacies Ltd.^(b)		2,772,350		5,087,243
Discovery Ltd.		3,521,554		38,591,824
Emira Property Fund Ltd.		7,432,516		7,945,286
EOH Holdings Ltd.^(a)(c)		581,239		669,706
Equites Property Fund Ltd.		1,466,334		2,094,167
Exxaro Resources Ltd.		2,490,776		26,875,934
Famous Brands Ltd.^(a)		964,782		6,175,703
FirstRand Ltd.		32,907,527		150,494,594
Fortress REIT Ltd., Series A		13,102,580		17,631,637
Fortress REIT Ltd., Series B		5,614,232		5,550,343
Foschini Group Ltd. (The)		2,222,474		27,156,546
Gold Fields Ltd.		8,334,828		34,092,173
Grindrod Ltd.^(a)		5,619,356		3,317,259
Growthpoint Properties Ltd.		29,670,327		51,532,673
Harmony Gold Mining Co. Ltd.^(a)		4,814,959		10,136,756
Hosken Consolidated Investments Ltd.		839,626		6,957,072
Hudaco Industries Ltd.		656,336		5,881,816
Hyprop Investments Ltd.		2,656,673		14,641,934
Impala Platinum Holdings Ltd.^(a)(c)		6,969,721		29,841,906
Imperial Logistics Ltd.		1,600,050		7,332,235
Investec Ltd.		2,675,552		17,423,438
JSE Ltd.^(c)		873,135		10,031,116
KAP Industrial Holdings Ltd.		14,555,453		8,126,622
Kumba Iron Ore Ltd.		651,724		17,304,987
Liberty Holdings Ltd.		1,291,184		9,458,887
Life Healthcare Group Holdings Ltd.		13,307,759		25,612,230
Massmart Holdings Ltd.		1,132,518		7,016,618
MMI Holdings Ltd./South Africa^(a)		9,012,584		9,999,738
Mondi Ltd.		1,192,243		28,085,548
Motus Holdings Ltd.^(a)		1,579,903		10,169,361
Mr. Price Group Ltd.		2,495,198		38,313,535
MTN Group Ltd.^(c)		16,715,528		99,294,516
Multichoice Group Ltd.		4,360,795		32,581,900
Murray & Roberts Holdings Ltd.		4,500,626		4,529,435
Nampak Ltd.^(a)(c)		6,825,861		5,558,756
Naspers Ltd., Class N		4,343,136		940,721,404
Nedbank Group Ltd.		3,797,580		76,815,914
NEPI Rockcastle PLC		3,749,116		31,560,837
Netcare Ltd.		10,865,615		19,660,117
Northam Platinum Ltd.^(a)		3,735,403		14,689,220
Old Mutual Ltd.		49,074,587		81,151,077
Omnia Holdings Ltd.		780,608		3,311,754
Pick n Pay Stores Ltd.		3,733,514		18,409,995
Pioneer Foods Group Ltd.		1,364,530		7,812,565
PPC Ltd.^(a)(c)		17,026,697		6,297,214


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			21

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Africa (continued)
PSG Group Ltd.^(c)		1,472,356	$	27,204,029
Rand Merchant Investment Holdings Ltd.		7,377,485		17,457,249
Redefine Properties Ltd.		54,221,401		37,445,932
Reinet Investments SCA		1,467,334		23,175,737
Remgro Ltd.		5,157,929		73,810,478
Resilient REIT Ltd.		2,797,546		12,242,746
Reunert Ltd.		1,795,042		8,936,909
RMB Holdings Ltd.		7,046,439		40,153,677
Royal Bafokeng Platinum Ltd.^(a)		801,109		1,851,781
SA Corporate Real Estate Ltd.		27,979,350		7,283,387
Sanlam Ltd.		17,075,354		95,566,117
Sappi Ltd.		5,473,830		28,128,323
Sasol Ltd.		5,527,439		168,999,678
Shoprite Holdings Ltd.		4,302,553		52,542,557
Sibanye Gold Ltd.^(a)		17,957,584		19,643,502
SPAR Group Ltd. (The)		1,917,624		27,236,807
Standard Bank Group Ltd.		12,596,518		173,591,844
Steinhoff International Holdings NV, Class H^(a)		17,834,413		2,613,008
Sun International Ltd./South Africa^(a)		341,126		1,528,516
Super Group Ltd./South Africa^(a)(c)		3,865,761		9,276,727
Telkom SA SOC Ltd.		2,745,768		13,674,159
Tiger Brands Ltd.^(c)		1,577,741		29,881,696
Tongaat Hulett Ltd.		1,265,701		2,526,901
Trencor Ltd.		2,212,093		4,413,173
Truworths International Ltd.^(c)		4,373,355		22,728,382
Tsogo Sun Holdings Ltd.		5,076,128		7,451,727
Vodacom Group Ltd.		5,732,525		47,344,296
Vukile Property Fund Ltd.		7,568,514		10,830,619
Wilson Bayly Holmes-Ovcon Ltd.		622,383		5,267,680
Woolworths Holdings Ltd./South Africa		9,983,581		32,521,196
Zeder Investments Ltd.		16,677,671		5,017,535

				3,512,432,602

South Korea — 13.4%
Advanced Process Systems Corp.^(c)		130,990		3,284,359
Aekyung Industrial Co. Ltd.		58,206		2,411,665
Ahnlab Inc.		69,125		3,116,064
AK Holdings Inc.		63,023		3,081,946
Amicogen Inc.^(a)		119,556		3,848,073
Amorepacific Corp.		316,018		56,195,963
AMOREPACIFIC Group		287,718		18,751,427
Ananti Inc.^(a)(c)		493,136		9,251,507
Anterogen Co. Ltd.^(a)		32,887		2,476,686
Aprogen pharmaceuticals Inc.^(a)(c)		1,474,677		3,212,375
Asia Cement Co. Ltd.		11,683		1,288,070
Asiana Airlines Inc.^(a)		1,155,036		4,333,824
ATGen Co. Ltd.^(a)(c)		357,258		4,383,534
BGF retail Co. Ltd.^(c)		77,605		14,697,133
BH Co. Ltd.^(a)(c)		265,450		4,590,560
Binex Co. Ltd.^(a)		222,018		2,131,941
Binggrae Co. Ltd.^(a)(c)		79,887		4,972,073
BNK Financial Group Inc.		2,495,801		15,733,288
Boditech Med Inc.		320,698		3,492,976
Bukwang Pharmaceutical Co. Ltd.		381,031		7,707,349
Cafe24 Corp.^(a)		60,554		6,358,520
Caregen Co. Ltd.^(c)		51,993		3,448,633
Celltrion Healthcare Co. Ltd.^(a)(c)		498,110		30,913,202
Celltrion Inc.^(a)(c)		822,307		149,517,010
Celltrion Pharm Inc.^(a)(c)		144,419		7,781,445
Cheil Worldwide Inc.		715,560		15,937,386
Chong Kun Dang Pharmaceutical Corp.		74,750		6,978,528


Security	Shares		Value

South Korea (continued)
CJ CGV Co. Ltd.^(c)		174,752	$	6,828,799
CJ CheilJedang Corp.		77,971		22,322,986
CJ Corp.		143,766		15,978,261
CJ ENM Co. Ltd.		107,422		22,760,436
CJ Freshway Corp.^(c)		83,696		2,336,671
CJ Logistics Corp.^(a)(c)		79,305		13,397,306
CMG Pharmaceutical Co. Ltd.^(a)		685,428		2,980,122
Com2uSCorp		97,752		10,586,106
Cosmax Inc.^(c)		78,061		10,167,988
Coway Co. Ltd.		510,451		42,934,707
CrystalGenomics Inc.^(a)(c)		372,248		6,156,142
Cuckoo Holdings Co. Ltd.^(a)		9,367		1,178,475
Cuckoo Homesys Co. Ltd.^(a)(c)		5,913		938,446
Dae Hwa Pharmaceutical Co. Ltd.		75,288		1,459,303
Daea TI Co. Ltd.^(c)		574,145		3,731,662
Daeduck Electronics Co.^(c)		689,350		6,251,774
Daekyo Co. Ltd.		437,443		2,570,906
Daelim Industrial Co. Ltd.		268,880		22,376,783
Daesang Corp.		234,165		5,756,790
Daewoo Engineering & Construction Co. Ltd.^(a)		1,652,159		7,418,336
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)(c)		347,983		9,777,063
Daewoong Co. Ltd.^(a)		148,000		2,631,813
Daewoong Pharmaceutical Co. Ltd.^(a)(c)		48,082		8,293,685
Daishin Securities Co. Ltd.^(a)		440,449		4,346,923
Daou Technology Inc.		354,274		6,929,873
DB HiTek Co. Ltd.		405,806		4,492,118
DB Insurance Co. Ltd.		486,883		31,385,274
Dentium Co. Ltd.^(a)(c)		80,614		4,465,415
DGB Financial Group Inc.		1,543,237		11,635,680
DIO Corp.^(a)		158,056		4,307,297
Dong-A Socio Holdings Co. Ltd.^(a)		47,800		4,590,024
Dong-A ST Co. Ltd.		60,356		5,527,401
DongKook Pharmaceutical Co. Ltd.		76,540		3,913,088
Dongkuk Steel Mill Co. Ltd.^(a)(c)		655,885		4,781,948
Dongsuh Cos. Inc.		375,327		6,590,832
Dongsung Pharmaceutical Co. Ltd.^(a)(c)		156,053		2,469,764
Dongwon F&B Co. Ltd.		7,916		1,914,423
Dongwon Industries Co. Ltd.		18,475		3,695,986
Doosan Bobcat Inc.		365,672		10,371,598
Doosan Heavy Industries & Construction Co. Ltd.^(a)(c)		833,845		6,138,736
Doosan Infracore Co. Ltd.^(a)(c)		1,313,191		8,885,377
DoubleUGames Co. Ltd.^(c)		94,280		5,138,583
Douzone Bizon Co. Ltd.^(c)		196,957		7,442,582
E1 Corp.		44,199		2,295,031
Ecopro Co. Ltd.^(a)(c)		194,821		5,629,663
E-MART Inc.		205,341		32,863,324
Enzychem Lifesciences Corp.^(a)		50,201		4,293,888
Eo Technics Co Ltd.^(a)		111,332		5,830,404
Esmo Corp.^(a)		369,769		2,123,862
Eugene Corp.		324,929		1,935,649
F&F Co. Ltd.		56,592		3,310,886
Feelux Co. Ltd.^(a)(c)		377,039		3,939,013
Fila Korea Ltd.		482,493		23,852,237
Foosung Co. Ltd.^(a)(c)		647,632		4,692,986
Gamevil Inc.^(a)		31,026		1,464,818
GemVax & Kael Co. Ltd.^(a)(c)		344,028		4,450,616
Genexine Co. Ltd.^(a)(c)		142,025		10,935,685
Grand Korea Leisure Co. Ltd.		337,117		7,073,852


22		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Green Cross Cell Corp.		64,512	$	3,068,722
Green Cross Corp./South Korea		62,527		8,394,752
Green Cross Holdings Corp.		323,041		7,510,912
Green Cross LabCell Corp.		40,927		1,735,768
GS Engineering & Construction Corp.		575,885		21,915,069
GS Holdings Corp.		490,577		23,379,503
GS Home Shopping Inc.		37,029		6,057,914
GS Retail Co. Ltd.		266,691		9,176,618
G-treeBNT Co. Ltd.^(a)(c)		224,782		6,055,743
Halla Holdings Corp.^(c)		102,358		3,963,449
Hana Financial Group Inc.		2,836,564		97,982,139
Hana Tour Service Inc.^(c)		108,906		6,758,815
Hanall Biopharma Co. Ltd.^(a)		288,176		9,531,561
Hancom Inc.		254,365		3,041,886
Handok Inc.		43,345		1,092,585
Handsome Co. Ltd.		160,305		5,238,027
Hanil Cement Co. Ltd./New^(c)		25,897		3,292,675
Hanil Holdings Co. Ltd.		23,444		1,244,427
Hanjin Kal Corp.^(a)(c)		435,502		9,874,012
Hanjin Transportation Co. Ltd.^(a)(c)		81,851		3,103,890
Hankook Shell Oil Co. Ltd.		14,397		4,249,848
Hankook Tire Co. Ltd.		715,716		27,204,463
Hankook Tire Worldwide Co. Ltd.^(c)		347,526		5,036,609
Hanmi Pharm Co. Ltd.		63,083		27,707,835
Hanmi Science Co. Ltd.^(c)		129,173		9,337,392
Hanon Systems		1,835,570		20,319,060
Hansae Co. Ltd.		196,230		4,213,528
Hansol Chemical Co. Ltd.		98,136		7,852,974
Hanwha Aerospace Co. Ltd.^(a)		364,186		10,669,448
Hanwha Chemical Corp.		1,036,019		21,554,943
Hanwha Corp.		399,901		11,431,330
Hanwha General Insurance Co. Ltd.		743,642		3,577,046
Hanwha Investment & Securities Co. Ltd.^(a)(c)		1,811,109		3,671,493
Hanwha Life Insurance Co. Ltd.		2,623,902		9,728,524
Harim Holdings Co. Ltd.		183,191		2,011,567
HDC Holdings Co. Ltd.^(a)		277,411		4,920,734
HDC Hyundai Development Co-Engineering& Construction, Class E^(a)(c)		269,479		11,536,778
Hite Jinro Co. Ltd.^(a)		306,822		4,828,620
HLB Inc.^(a)(c)		327,957		26,185,239
HLB Life Science Co. Ltd.^(a)(c)		325,402		5,497,144
Hotel Shilla Co. Ltd.^(c)		312,185		22,760,887
HS Industries Co. Ltd.^(a)(c)		573,284		4,011,510
Huchems Fine Chemical Corp.		225,544		4,401,788
Hugel Inc.^(a)		24,944		7,780,168
Huons Co. Ltd.^(c)		62,841		4,095,532
Huons Global Co. Ltd.^(c)		68,846		2,650,513
Hy-Lok Corp.^(c)		129,132		2,066,663
Hyosung Advanced Materials Corp.^(a)(c)		30,087		3,143,258
Hyosung Chemical Corp.^(c)		24,302		3,295,150
Hyosung Heavy Industries Corp.^(a)		68,042		2,661,908
Hyosung TNC Co. Ltd.		26,493		3,957,343
Hyundai Construction Equipment Co. Ltd.^(c)		125,271		5,992,336
Hyundai Department Store Co. Ltd.		136,362		11,736,322
Hyundai Electric & Energy System Co. Ltd.^(a)		90,444		2,444,650
Hyundai Elevator Co. Ltd.^(a)(c)		147,988		12,539,572
Hyundai Engineering & Construction Co. Ltd.		767,574		39,037,284
Hyundai Glovis Co. Ltd.		184,679		22,906,304
Hyundai Greenfood Co. Ltd.		535,549		6,618,770
Hyundai Heavy Industries Co. Ltd.^(a)		374,318		43,765,286


Security	Shares		Value

South Korea (continued)
Hyundai Heavy Industries Holdings Co. Ltd.		97,060	$	31,153,783
Hyundai Home Shopping Network Corp.		77,212		7,482,980
Hyundai Livart Furniture Co. Ltd.^(c)		165,182		3,076,876
Hyundai Marine & Fire Insurance Co. Ltd.		610,972		20,479,812
Hyundai Merchant Marine Co. Ltd.^(a)(c)		2,632,999		9,364,271
Hyundai Mipo Dockyard Co. Ltd.^(c)		234,755		12,982,805
Hyundai Mobis Co. Ltd.		669,979		131,350,911
Hyundai Motor Co.		1,378,586		155,055,685
Hyundai Rotem Co. Ltd.^(a)(c)		294,345		6,778,284
Hyundai Steel Co.		774,760		34,339,634
Hyundai Wia Corp.		125,638		4,853,713
Il Dong Pharmaceutical Co. Ltd.		144,828		2,614,038
Iljin Materials Co. Ltd.^(a)(c)		207,948		7,534,348
Ilyang Pharmaceutical Co. Ltd.^(a)		206,092		5,451,442
InBody Co. Ltd.		127,928		2,695,735
Industrial Bank of Korea		2,396,613		29,725,928
Innocean Worldwide Inc.		105,112		6,532,701
Innox Advanced Materials Co. Ltd.^(a)(c)		96,453		4,399,430
Inscobee Inc.^(a)		760,991		3,890,547
iNtRON Biotechnology Inc.^(a)(c)		276,713		5,068,274
IS Dongseo Co. Ltd.		178,544		5,246,625
It’s Hanbul Co. Ltd.^(a)(c)		103,660		2,875,604
Jayjun Cosmetic Co. Ltd.^(a)(c)		259,520		2,584,355
JB Financial Group Co. Ltd.		1,962,499		10,364,759
Jcontentree Corp.^(a)		307,359		1,407,397
Jeil Pharmaceutical Co. Ltd.^(c)		66,234		2,658,900
Jeju Air Co. Ltd.		37,783		1,268,168
Jenax Inc.^(a)(c)		182,144		1,838,121
Jusung Engineering Co. Ltd.^(c)		556,872		3,569,883
JW Holdings Corp.		439,717		2,861,855
JW Pharmaceutical Corp.		143,208		5,335,125
JYP Entertainment Corp.		247,604		6,274,308
Kakao Corp.		500,782		46,084,233
Kangwon Land Inc.^(a)		1,129,211		31,023,935
KB Financial Group Inc.		3,906,072		154,027,112
KCC Corp.		57,954		16,463,326
KEPCO Engineering & Construction Co. Inc.^(a)		152,982		3,590,935
KEPCO Plant Service & Engineering Co. Ltd.^(a)		231,372		7,447,023
Kginicis Co. Ltd.		108,823		1,398,144
Kia Motors Corp.		2,520,982		81,925,751
KISWIRE Ltd.^(a)(c)		110,757		2,708,116
KIWOOM Securities Co. Ltd.^(a)(c)		130,761		9,417,303
Koh Young Technology Inc.^(c)		117,925		8,450,925
Kolmar BNH Co. Ltd.^(a)		76,190		1,991,630
Kolmar Korea Holdings Co. Ltd.^(a)(c)		54,244		1,762,797
Kolon Corp.^(c)		94,739		2,935,587
Kolon Industries Inc.^(c)		168,385		8,084,636
Kolon Life Science Inc.^(a)		79,526		6,045,588
Komipharm International Co Ltd.^(a)(c)		420,444		8,897,099
Korea Aerospace Industries Ltd.^(a)		727,420		23,801,063
Korea Electric Power Corp.^(a)		2,500,591		77,483,415
Korea Gas Corp.		259,033		11,538,680
Korea Investment Holdings Co. Ltd.^(a)		412,828		23,675,119
Korea Kolmar Co. Ltd.^(a)(c)		149,800		10,548,733
Korea Line Corp.^(a)		146,755		2,994,601
Korea Petrochemical Ind. Co. Ltd.		35,273		5,488,375
Korea REIT Co. Ltd.^(c)		2,148,243		4,851,549
Korea Zinc Co. Ltd.^(a)		81,971		33,270,882
Korean Air Lines Co. Ltd.^(a)		451,182		14,762,601
Korean Reinsurance Co.		985,232		7,936,518


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			23

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
KT Corp.		51,660	$	1,306,772
KT Skylife Co. Ltd.		396,610		4,178,740
KT&G Corp.		1,142,204		107,141,924
Kumho Industrial Co. Ltd.^(c)		226,786		2,520,517
Kumho Petrochemical Co. Ltd.		178,795		15,213,552
Kumho Tire Co. Inc.^(a)(c)		1,035,442		4,704,462
Kwang Dong Pharmaceutical Co. Ltd.		562,680		3,627,127
Kyung Dong Navien Co. Ltd.^(c)		43,960		1,842,904
L&F Co. Ltd.^(c)		141,599		4,286,873
LEENO Industrial Inc.		70,466		3,308,086
LegoChem Biosciences Inc.^(a)		72,632		3,681,003
LF Corp.		218,983		4,945,468
LG Chem Ltd.		452,641		157,158,629
LG Corp.		924,328		61,638,304
LG Display Co. Ltd.^(a)(c)		2,263,607		42,768,426
LG Electronics Inc.		1,048,344		65,713,748
LG Hausys Ltd.		88,244		5,146,978
LG Household & Health Care Ltd.		92,765		102,769,796
LG Innotek Co. Ltd.		142,065		13,641,878
LG International Corp.		328,877		4,941,781
LG Uplus Corp.		1,050,033		14,004,174
LIG Nex1 Co. Ltd.^(c)		107,207		3,712,735
Lock&Lock Co. Ltd.		217,003		3,665,917
Lotte Chemical Corp.		166,840		47,321,028
Lotte Chilsung Beverage Co. Ltd.^(a)		1,199		1,698,237
Lotte Confectionery Co. Ltd.^(a)(c)		24,447		3,890,827
Lotte Corp.		293,176		13,841,598
LOTTE Fine Chemical Co. Ltd.		188,780		8,140,686
Lotte Food Co. Ltd.^(a)		6,646		3,894,118
LOTTE Himart Co. Ltd.		87,304		3,799,707
Lotte Shopping Co. Ltd.		109,242		18,551,811
Lotte Tour Development Co. Ltd.^(a)(c)		97,751		1,225,473
LS Corp.		189,725		10,205,710
LS Industrial Systems Co. Ltd.		158,286		7,459,018
Maeil Dairies Co. Ltd.^(a)		51,314		3,604,344
Mando Corp.^(c)		330,765		9,646,210
Medipost Co. Ltd.^(a)		80,023		5,763,193
Medy-Tox Inc.		43,251		20,996,751
MeereCo. Inc.		26,706		1,536,301
Meritz Financial Group Inc.		131,719		1,499,069
Meritz Fire & Marine Insurance Co. Ltd.		521,207		10,241,553
Meritz Securities Co. Ltd.^(c)		3,063,677		12,516,756
Mezzion Pharma Co. Ltd.^(a)		54,848		5,686,207
Mirae Asset Daewoo Co. Ltd.^(c)		3,953,006		26,571,286
Mirae Asset Life Insurance Co. Ltd.		385,392		1,781,843
Modetour Network Inc.		175,549		3,746,044
Muhak Co. Ltd.		233,754		2,972,066
Namhae Chemical Corp.^(a)		241,179		2,605,428
Namyang Dairy Products Co. Ltd.^(a)(c)		6,461		3,601,891
Naturalendo Tech Co. Ltd.^(a)(c)		185,527		1,623,176
Naturecell Co. Ltd.^(a)(c)		387,268		4,717,322
NAVER Corp.		1,392,827		164,707,025
NCSoft Corp.		173,600		71,156,397
Netmarble Corp.^(a)(b)(c)		255,236		26,778,561
Nexen Corp.		572,756		3,116,624
Nexen Tire Corp.		402,941		3,435,764
NH Investment & Securities Co. Ltd.^(a)		1,409,901		16,359,214
NHN Entertainment Corp.^(a)		120,650		7,938,206
NICE Holdings Co. Ltd.^(a)		235,490		3,747,907
NICE Information Service Co. Ltd.^(a)		378,156		3,479,963


Security	Shares		Value

South Korea (continued)
Nong Shim Holdings Co. Ltd.^(c)		43,754	$	3,256,166
NongShim Co. Ltd.		30,852		7,379,024
NS Shopping Co. Ltd.		317,639		3,487,900
NUTRIBIOTECH Co. Ltd.		144,887		2,164,223
OCI Co. Ltd.^(a)		177,828		17,076,042
Orange Life Insurance Ltd.^(b)(c)		336,197		10,671,497
Orion Corp./Republic of Korea		213,971		21,212,560
Orion Holdings Corp.		148,520		2,515,610
Oscotec Inc.^(a)(c)		216,624		5,537,423
Osstem Implant Co. Ltd.^(a)		127,356		5,967,512
Ottogi Corp.		13,384		9,091,648
Pan Ocean Co. Ltd.^(a)		2,393,530		9,204,248
Paradise Co. Ltd.^(c)		475,426		7,777,930
Partron Co. Ltd.		464,098		4,085,152
Pearl Abyss Corp.^(a)(c)		59,135		9,469,382
Peptron Inc.^(a)		100,224		2,267,894
Pharmicell Co. Ltd.^(a)(c)		508,596		5,471,692
Poongsan Corp.		230,056		6,525,106
POSCO		765,751		179,063,317
POSCO Chemtech Co. Ltd.^(c)		232,824		14,262,980
Posco Daewoo Corp.		475,400		8,009,985
Posco ICT Co. Ltd.		555,451		2,859,484
Prostemics Co. Ltd.^(a)		235,860		1,304,392
RFHIC Corp.		84,505		2,178,932
S&T Motiv Co. Ltd.		124,773		4,004,895
S-1 Corp.		169,960		15,413,817
Sam Chun Dang Pharm Co. Ltd.		120,471		5,441,386
Samchully Co. Ltd.^(a)		34,845		2,958,742
Samjin Pharmaceutical Co. Ltd.^(a)		120,278		4,331,163
Samsung Biologics Co. Ltd.^(a)(b)(c)		163,505		54,661,581
Samsung C&T Corp.		760,234		78,071,510
Samsung Card Co. Ltd.		247,016		7,478,345
Samsung Electro-Mechanics Co. Ltd.^(c)		556,708		52,963,240
Samsung Electronics Co. Ltd.		47,147,383		1,890,590,356
Samsung Engineering Co. Ltd.^(a)		1,554,249		21,696,194
Samsung Fire & Marine Insurance Co. Ltd.		299,304		80,234,868
Samsung Heavy Industries Co. Ltd.^(a)		4,360,830		35,516,318
Samsung Life Insurance Co. Ltd.		680,905		53,699,896
Samsung SDI Co. Ltd.		551,771		116,516,060
Samsung SDS Co. Ltd.		346,648		71,043,268
Samsung Securities Co. Ltd.		600,125		18,488,780
Samwha Capacitor Co. Ltd.^(c)		71,200		3,886,974
Samyang Corp.^(c)		58,082		3,263,788
Samyang Foods Co. Ltd.^(c)		22,184		1,289,974
Samyang Holdings Corp.		44,881		3,363,980
Sangsangin Co. Ltd.^(a)(c)		334,402		6,228,969
Seah Besteel Corp.		172,069		2,952,727
Sebang Global Battery Co. Ltd.		105,743		3,897,081
Seegene Inc.^(a)		307,468		5,891,291
Seobu T&D^(a)		408,830		3,326,038
Seoul Semiconductor Co. Ltd.^(a)(c)		402,031		8,489,585
SFA Engineering Corp.		209,080		7,733,376
Shinhan Financial Group Co. Ltd.		4,036,886		156,672,956
Shinsegae Food Co. Ltd.		31,418		2,544,838
Shinsegae Inc.		73,339		18,616,773
Shinsegae International Inc.^(c)		26,878		5,424,830
Silicon Works Co. Ltd.^(c)		130,363		4,978,297
SillaJen Inc.^(a)(c)		589,355		38,934,006
Sindoh Co. Ltd.		93,430		4,062,174
SK Chemicals Co. Ltd.^(c)		100,672		6,596,894


24		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
SK D&D Co. Ltd.		40,634	$	1,085,669
SK Discovery Co. Ltd.		97,626		2,499,892
SK Gas Ltd.^(c)		57,066		4,079,405
SK Holdings Co. Ltd.		312,897		75,810,823
SK Hynix Inc.		5,750,024		357,874,704
SK Innovation Co. Ltd.		631,933		105,631,194
SK Materials Co. Ltd.^(c)		57,666		8,752,188
SK Networks Co. Ltd.		1,430,508		7,504,221
SK Telecom Co. Ltd.		192,518		44,590,503
SKC Co. Ltd.		223,793		7,700,533
SKCKOLONPI Inc.^(c)		161,919		4,966,841
SL Corp.^(a)(c)		151,426		2,840,836
SM Entertainment Co. Ltd.^(a)		196,009		8,103,866
S-Oil Corp.		438,771		39,012,270
Songwon Industrial Co. Ltd.^(c)		170,766		3,127,749
Soulbrain Co. Ltd.		108,663		4,946,693
SPC Samlip Co. Ltd.^(a)		28,389		2,877,519
Ssangyong Motor Co.^(a)(c)		828,501		3,734,774
STCUBE^(a)(c)		201,577		4,659,911
Sungwoo Hitech Co. Ltd.		721,086		2,692,772
Taekwang Industrial Co. Ltd.^(a)(c)		4,435		5,914,911
Taeyoung Engineering & Construction Co. Ltd.		369,113		3,905,437
Taihan Fiberoptics Co. Ltd.^(a)(c)		455,379		2,048,740
Tego Science Inc.^(a)(c)		37,506		1,310,559
Telcon RF Pharmaceutical Inc.^(a)(c)		663,270		4,776,818
Tera Resource Co. Ltd.^(a)(d)		49,111		—
Theragen Etex Co. Ltd.^(a)(c)		205,515		2,211,018
Tokai Carbon Korea Co. Ltd.		30,838		1,765,775
Tongyang Inc.^(a)(c)		2,246,017		3,804,270
Tongyang Life Insurance Co. Ltd.		557,647		2,392,324
Toptec Co. Ltd.^(c)		241,273		2,177,399
Value Added Technology Co. Ltd.^(a)(c)		120,513		2,544,842
Vieworks Co. Ltd.		89,520		2,730,093
ViroMed Co. Ltd.^(a)(c)		135,107		33,371,321
Webzen Inc.^(a)(c)		172,814		3,188,308
WeMade Entertainment Co. Ltd.		83,639		3,636,478
Wonik Holdings Co. Ltd.^(a)(c)		810,227		2,993,237
WONIK IPS Co. Ltd.^(a)		300,793		6,164,558
Woori Financial Group Inc.^(a)(c)		4,595,386		60,470,981
Woori Investment Bank Co. Ltd.^(a)		1,865,660		1,250,740
YG Entertainment Inc.^(c)		121,203		4,531,507
Youlchon Chemical Co. Ltd.		217,858		2,605,308
Youngone Corp.^(a)		219,382		6,846,544
Youngone Holdings Co. Ltd.^(a)		91,271		5,015,158
Yuanta Securities Korea Co. Ltd.^(a)(c)		1,235,029		3,618,228
Yuhan Corp.		88,633		20,528,938
Yungjin Pharmaceutical Co. Ltd.^(a)		1,151,085		6,785,537
Yuyang DNU Co. Ltd.^(a)		398,776		3,439,252

				7,878,388,013

Taiwan — 12.0%
AcBel Polytech Inc.^(c)		7,726,000		5,397,267
Accton Technology Corp.^(c)		4,674,000		16,477,800
Acer Inc.^(c)		29,363,872		19,415,944
A-DATA Technology Co. Ltd.^(c)		2,730,820		3,864,221
Advanced Ceramic X Corp.^(c)		465,000		3,966,094
Advantech Co. Ltd.		3,216,165		24,557,658
Airtac International Group^(c)		1,093,880		13,612,855
AmTRAN Technology Co. Ltd.^(a)(c)		10,789,000		4,329,412
Arcadyan Technology Corp.^(c)		1,186,000		3,533,742
Ardentec Corp.		5,119,546		4,990,378


Security	Shares		Value

Taiwan (continued)
ASE Technology Holding Co. Ltd.		36,813,222	$	75,237,654
Asia Cement Corp.^(c)		21,728,050		27,392,600
Asia Optical Co. Inc.^(c)		2,416,000		6,060,312
Asia Pacific Telecom Co. Ltd.^(a)		27,729,000		6,414,975
ASMedia Technology Inc.^(c)		251,000		4,779,166
Asustek Computer Inc.		6,586,000		46,971,780
AU Optronics Corp.^(c)		82,839,000		30,550,019
Bank of Kaohsiung Co. Ltd.^(c)		25,692,303		7,989,061
BES Engineering Corp.^(c)		21,661,000		5,609,415
Bizlink Holding Inc.^(c)		1,053,926		6,814,656
Brighton-Best International Taiwan Inc.		3,560,000		4,164,216
Capital Securities Corp.		28,370,050		8,535,950
Career Technology MFG. Co. Ltd.^(c)		3,630,000		3,520,722
Casetek Holdings Ltd.^(c)		2,097,485		3,284,934
Catcher Technology Co. Ltd.^(c)		6,444,000		48,995,045
Cathay Financial Holding Co. Ltd.		79,805,078		117,465,275
Cathay Real Estate Development Co. Ltd.		8,536,900		5,755,712
Center Laboratories Inc.^(c)		2,599,898		6,622,975
Century Iron & Steel Industrial Co. Ltd.^(c)		1,061,000		2,392,520
Chailease Holding Co. Ltd.		11,611,803		45,652,630
Chang Hwa Commercial Bank Ltd.^(c)		53,799,768		32,339,470
Charoen Pokphand Enterprise		1,156,000		2,009,520
Cheng Loong Corp.^(c)		8,908,000		5,846,721
Cheng Shin Rubber Industry Co. Ltd.^(c)		18,317,650		26,039,257
Cheng Uei Precision Industry Co. Ltd.		4,676,000		4,375,702
Chicony Electronics Co. Ltd.		4,794,787		10,593,976
Chilisin Electronics Corp.^(c)		1,540,000		4,423,375
China Airlines Ltd.		26,732,000		8,816,136
China Bills Finance Corp.		17,329,000		8,079,904
China Development Financial Holding Corp.		147,775,000		47,871,485
China General Plastics Corp.		2,083,000		1,597,284
China Life Insurance Co. Ltd./Taiwan .		28,211,499		26,353,893
China Man-Made Fiber Corp.		15,856,535		5,136,700
China Metal Products^(c)		3,430,146		4,224,084
China Motor Corp.^(c)		6,091,000		4,789,440
China Petrochemical Development Corp.^(a)(c)		27,430,900		9,759,666
China Steel Chemical Corp.^(c)		1,949,000		8,549,218
China Steel Corp.		119,350,529		98,888,389
Chin-Poon Industrial Co. Ltd.^(c)		3,936,000		5,269,059
Chipbond Technology Corp.		6,105,000		13,389,680
ChipMOS Technologies Inc.		1,767,000		1,466,926
Chlitina Holding Ltd.		472,000		4,263,513
Chong Hong Construction Co. Ltd.		2,332,122		6,584,940
Chroma ATE Inc.^(c)		3,723,000		15,484,022
Chung Hung Steel Corp.^(a)(c)		5,452,000		2,134,635
Chunghwa Precision Test Tech Co. Ltd.^(c)		198,000		2,676,328
Chunghwa Telecom Co. Ltd.		37,111,000		129,023,021
Cleanaway Co. Ltd.^(c)		858,000		4,878,722
Clevo Co.^(c)		5,084,175		4,947,640
CMC Magnetics Corp.^(a)(c)		17,840,566		3,889,663
Compal Electronics Inc.		38,242,000		23,733,115
Compeq Manufacturing Co. Ltd.^(c)		10,989,000		8,105,220
Concraft Holding Co. Ltd.^(c)		409,300		1,516,098
Continental Holdings Corp.^(c)		10,148,600		4,946,274
Coretronic Corp.		4,345,200		6,551,014
CSBC Corp. Taiwan^(a)(c)		2,553,715		2,373,117
CTBC Financial Holding Co. Ltd.		171,856,599		116,426,822
CTCI Corp.^(c)		6,367,000		9,971,550
Cub Elecparts Inc.^(c)		523,079		5,302,768
Darfon Electronics Corp.		1,803,000		2,847,166


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			25

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Darwin Precisions Corp.^(c)		4,185,000	$	2,801,196
Delta Electronics Inc.		20,719,000		103,337,498
Depo Auto Parts Ind. Co. Ltd.^(c)		1,068,000		2,363,193
E Ink Holdings Inc.		8,781,000		9,201,412
E.Sun Financial Holding Co. Ltd.		96,306,999		69,156,164
Eclat Textile Co. Ltd.		1,621,683		18,574,018
Elan Microelectronics Corp.		2,958,100		8,592,730
Elite Material Co. Ltd.^(c)		2,852,000		8,822,004
Elite Semiconductor Memory Technology Inc.^(c)		4,492,000		4,977,083
eMemory Technology Inc.		630,000		5,680,471
Ennoconn Corp.^(c)		535,000		5,093,334
Epistar Corp.^(c)		10,128,000		8,983,946
Eternal Materials Co. Ltd.^(c)		10,279,915		8,534,168
Eva Airways Corp.		21,043,081		10,563,761
Evergreen Marine Corp. Taiwan Ltd.		23,378,544		9,457,309
Everlight Chemical Industrial Corp.^(c)		10,026,781		5,440,750
Everlight Electronics Co. Ltd.^(c)		4,338,000		4,454,074
Far Eastern Department Stores Ltd.		10,603,167		5,615,701
Far Eastern International Bank^(c)		25,813,265		9,058,316
Far Eastern New Century Corp.		28,599,916		28,342,971
Far EasTone Telecommunications Co. Ltd.		14,756,000		34,568,830
Faraday Technology Corp.^(c)		2,289,000		3,417,528
Farglory Land Development Co. Ltd.		3,256,782		3,904,773
Feng Hsin Steel Co. Ltd.		4,689,000		9,019,505
Feng TAY Enterprise Co. Ltd.		3,066,506		19,279,935
Firich Enterprises Co. Ltd.^(c)		2,878,041		4,021,112
First Financial Holding Co. Ltd.^(c)		93,113,512		62,929,867
FLEXium Interconnect Inc.^(c)		3,313,616		9,679,271
Formosa Chemicals & Fibre Corp.		34,242,210		117,380,246
Formosa Petrochemical Corp.^(c)		12,049,000		45,609,751
Formosa Plastics Corp.		43,006,800		143,232,564
Formosa Taffeta Co. Ltd.		5,389,000		6,224,845
Foxconn Technology Co. Ltd.		9,060,424		18,576,276
Foxsemicon Integrated Technology Inc.^(c)		773,000		3,553,994
Fubon Financial Holding Co. Ltd.		64,671,000		95,609,653
General Interface Solution Holding Ltd.^(c)		2,335,000		8,155,979
Genius Electronic Optical Co. Ltd.^(c)		640,000		6,654,428
Getac Technology Corp.		4,879,000		7,498,471
Giant Manufacturing Co. Ltd.		2,891,000		15,922,035
Gigabyte Technology Co. Ltd.^(c)		5,557,000		8,648,816
Ginko International Co. Ltd.		531,000		3,933,781
Global Unichip Corp.^(c)		851,000		5,848,180
Globalwafers Co. Ltd.^(c)		2,179,000		23,718,259
Goldsun Building Materials Co. Ltd.^(c)		19,229,000		5,579,418
Gourmet Master Co. Ltd.^(c)		872,471		6,562,703
Grand Pacific Petrochemical		9,492,000		7,417,432
Grape King Bio Ltd.^(c)		1,088,000		7,194,060
Great Wall Enterprise Co. Ltd.^(c)		6,935,895		7,820,108
Greatek Electronics Inc.		4,237,000		5,823,440
HannStar Display Corp.^(c)		30,992,640		7,139,792
Highwealth Construction Corp.		8,149,230		12,643,599
Hiwin Technologies Corp.^(c)		2,240,890		20,168,847
Holtek Semiconductor Inc.		1,310,000		3,107,241
Holy Stone Enterprise Co. Ltd.^(c)		1,301,330		5,137,413
Hon Hai Precision Industry Co. Ltd.		130,225,928		307,618,637
Hota Industrial Manufacturing Co. Ltd.^(c)		2,219,216		8,652,898
Hotai Motor Co. Ltd.^(c)		2,679,000		29,117,200
Hsin Kuang Steel Co. Ltd.^(c)		1,722,000		1,812,838
HTC Corp.^(a)(c)		6,905,000		8,256,429
Hua Nan Financial Holdings Co. Ltd.		75,231,155		46,199,822


Security	Shares		Value

Taiwan (continued)
Huaku Development Co. Ltd.		3,132,000	$	7,082,911
Hung Sheng Construction Ltd.^(c)		8,239,000		7,549,260
IEI Integration Corp.		3,307,623		3,826,016
Innolux Corp.^(c)		88,499,241		29,474,346
International CSRC Investment Holdings Co.^(c)		7,206,757		10,455,435
International Games System Co. Ltd.		655,000		4,171,365
Inventec Corp.		24,813,000		19,188,322
ITEQ Corp.^(c)		2,323,000		5,155,261
Kenda Rubber Industrial Co. Ltd.		5,165,889		5,153,048
Kerry TJ Logistics Co. Ltd.^(c)		4,007,000		4,940,966
Kindom Construction Corp.^(c)		4,784,000		2,992,283
King Slide Works Co. Ltd.^(c)		545,000		5,932,286
King Yuan Electronics Co. Ltd.^(c)		11,920,000		9,779,540
King’s Town Bank Co. Ltd.		10,293,000		11,036,635
Kinpo Electronics^(c)		21,210,000		8,166,572
Kinsus Interconnect Technology Corp.^(c)		3,007,000		4,147,553
LandMark Optoelectronics Corp.^(c)		687,900		6,861,901
Largan Precision Co. Ltd.^(c)		985,000		139,541,533
Lealea Enterprise Co. Ltd.^(c)		11,924,173		3,804,701
Lien Hwa Industrial Corp.^(c)		8,475,945		8,716,510
Lite-On Technology Corp.		21,016,238		30,421,698
Long Chen Paper Co. Ltd.^(c)		5,060,000		2,868,975
Lotes Co. Ltd.		669,722		4,983,229
Lotus Pharmaceutical Co. Ltd.^(a)		725,000		2,497,035
Machvision Inc.		301,000		4,767,842
Macronix International^(c)		18,451,554		13,999,116
Makalot Industrial Co. Ltd.		1,906,208		11,613,211
MediaTek Inc.		14,811,572		134,753,470
Mega Financial Holding Co. Ltd.		104,628,958		92,640,135
Mercuries Life Insurance Co. Ltd.^(a)(c)		4,770,000		1,759,118
Merida Industry Co. Ltd.		2,143,850		11,215,046
Merry Electronics Co. Ltd.^(c)		1,834,053		9,802,990
Micro-Star International Co. Ltd.		6,684,000		17,765,217
Mitac Holdings Corp.^(c)		9,750,632		9,472,939
momo.com Inc.^(c)		250,000		1,998,278
Nan Kang Rubber Tire Co. Ltd.^(c)		6,576,000		5,993,430
Nan Ya Plastics Corp.		49,292,440		123,165,033
Nan Ya Printed Circuit Board Corp.^(c)		2,572,000		3,154,777
Nanya Technology Corp.^(c)		10,520,000		21,261,157
Nien Made Enterprise Co. Ltd.		1,508,000		13,107,078
Novatek Microelectronics Corp.		5,285,000		29,364,450
OBI Pharma Inc.^(a)		1,112,000		6,503,664
On-Bright Electronics Inc.		251,000		1,549,559
Oriental Union Chemical Corp.		6,396,000		5,444,908
Pan Jit International Inc.^(a)(c)		2,615,000		2,442,814
Pan-International Industrial Corp.		5,937,366		4,253,860
Parade Technologies Ltd.^(c)		671,000		11,882,280
PChome Online Inc.^(a)(c)		936,070		4,288,528
Pegatron Corp.^(c)		18,383,000		31,537,777
PharmaEngine Inc.		1,202,793		4,064,480
PharmaEssentia Corp.^(a)		1,535,000		8,478,872
Pharmally International Holding Co. Ltd.^(c)		449,704		3,075,811
Phison Electronics Corp.		1,383,000		12,582,327
Pixart Imaging Inc.^(c)		1,356,000		3,930,116
Pou Chen Corp.		19,153,000		24,146,228
Powertech Technology Inc.		6,594,000		15,340,614
Poya International Co. Ltd.		512,447		5,244,937
President Chain Store Corp. .		5,557,000		57,508,310
President Securities Corp.^(c)		15,036,135		6,595,546
Primax Electronics Ltd.		4,347,000		8,220,408


26		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Prince Housing & Development Corp.		14,131,995	$	5,005,077
Qisda Corp.^(c)		17,889,000		11,566,978
Quanta Computer Inc.^(c)		25,437,000		47,276,214
Radiant Opto-Electronics Corp.		4,350,000		12,946,891
Radium Life Tech Co. Ltd.^(a)		10,377,196		5,007,111
Realtek Semiconductor Corp.		4,524,110		26,165,795
Ritek Corp.^(a)		13,678,583		4,933,383
Roo Hsing Co. Ltd.^(a)(c)		5,375,000		2,567,300
Ruentex Development Co. Ltd.^(c)		6,023,391		9,492,128
Ruentex Industries Ltd.		3,837,943		10,150,880
Sanyang Motor Co. Ltd.		7,921,000		5,237,514
ScinoPharm Taiwan Ltd.^(c)		2,870,027		2,527,179
SDI Corp.		756,000		2,004,438
Sercomm Corp.^(c)		2,455,000		5,224,847
Shanghai Commercial & Savings Bank Ltd. (The)		23,563,000		36,673,036
Shin Kong Financial Holding Co. Ltd.^(c)		106,857,188		32,046,914
Shin Zu Shing Co. Ltd.		1,376,000		4,515,653
Shining Building Business Co. Ltd.^(a)(c)		10,789,945		3,716,258
Shinkong Synthetic Fibers Corp.^(c)		18,136,000		7,719,578
Sigurd Microelectronics Corp.		6,575,000		6,409,111
Silergy Corp.^(c)		646,000		11,628,483
Simplo Technology Co. Ltd.		1,489,400		10,574,104
Sinbon Electronics Co. Ltd.		2,665,809		7,812,973
Sino-American Silicon Products Inc.		4,991,000		11,578,880
SinoPac Financial Holdings Co. Ltd.		99,891,660		34,891,406
Sinyi Realty Inc.^(c)		4,442,704		4,467,749
Sitronix Technology Corp.^(c)		1,093,000		4,155,151
Soft-World International Corp.^(c)		1,298,000		3,036,603
Sporton International Inc.		490,000		2,674,768
St. Shine Optical Co. Ltd.^(c)		456,000		8,563,937
Standard Foods Corp.		5,873,096		10,056,769
Sunny Friend Environmental Technology Co. Ltd.^(c)		698,000		5,601,872
Sunonwealth Electric Machine Industry Co. Ltd.		1,172,000		1,458,502
Supreme Electronics Co. Ltd.		1,323,000		1,289,620
Synnex Technology International Corp.		13,072,250		15,928,042
TA Chen Stainless Pipe^(c)		8,298,596		11,864,189
Taichung Commercial Bank Co. Ltd.^(c)		29,472,899		10,198,898
TaiDoc Technology Corp.		358,000		2,070,541
Taigen Biopharmaceuticals Holdings Ltd.^(a)(c)		4,786,000		2,690,293
TaiMed Biologics Inc.^(a)(c)		1,749,000		10,314,477
Tainan Spinning Co. Ltd.^(c)		12,287,894		4,890,962
Taishin Financial Holding Co. Ltd.		95,341,424		43,215,209
Taiwan Business Bank		42,777,706		15,775,899
Taiwan Cement Corp.^(c)		44,337,800		55,320,505
Taiwan Cogeneration Corp.^(c)		6,049,000		5,070,889
Taiwan Cooperative Financial Holding Co. Ltd.		81,022,964		50,283,126
Taiwan Fertilizer Co. Ltd.^(c)		5,864,000		8,574,074
Taiwan Glass Industry Corp		13,489,053		5,982,668
Taiwan High Speed Rail Corp.		17,910,000		19,203,938
Taiwan Hon Chuan Enterprise Co. Ltd.		3,980,674		6,518,804
Taiwan Mobile Co. Ltd.		15,200,000		54,327,165
Taiwan Paiho Ltd.		2,342,000		4,923,477
Taiwan Secom Co. Ltd.		2,851,185		8,004,236
Taiwan Semiconductor Co. Ltd.		2,495,000		4,499,293
Taiwan Semiconductor Manufacturing Co. Ltd.		243,396,000		1,890,131,886
Taiwan Shin Kong Security Co. Ltd.^(c)		6,099,770		7,590,895
Taiwan Styrene Monomer		2,410,000		1,910,679
Taiwan TEA Corp.^(c)		11,707,000		6,067,183
Taiwan Union Technology Corp.		1,696,000		5,538,252
Tanvex BioPharma Inc.^(a)		486,000		1,192,241


Security	Shares		Value

Taiwan (continued)
Tatung Co. Ltd.^(a)(c)		18,630,000	$	16,222,897
TCI Co. Ltd.^(c)		743,557		11,367,230
Teco Electric and Machinery Co. Ltd.		20,496,000		12,686,589
Test Research Inc.^(c)		1,852,400		3,087,684
Test Rite International Co. Ltd.^(c)		9,479,000		7,006,880
Thinking Electronic Industrial Co. Ltd.		373,000		1,007,142
Ton Yi Industrial Corp.^(c)		10,373,000		4,499,522
Tong Hsing Electronic Industries Ltd.^(c)		1,436,000		4,945,852
Tong Yang Industry Co. Ltd.^(c)		3,881,400		4,842,843
Topco Scientific Co. Ltd.		2,406,639		5,982,093
TPK Holding Co. Ltd.^(c)		3,597,000		6,112,557
Transcend Information Inc.^(c)		2,047,000		4,576,011
Tripod Technology Corp.		4,429,000		13,570,572
TSRC Corp.^(c)		6,857,900		6,294,922
TTY Biopharm Co. Ltd.		2,339,124		6,209,492
Tung Ho Steel Enterprise Corp.^(c)		9,709,000		6,467,093
TXC Corp.^(c)		4,235,000		4,671,689
U-Ming Marine Transport Corp.		5,338,000		5,333,404
Unimicron Technology Corp.^(c)		12,638,000		9,896,375
Uni-President Enterprises Corp.		47,247,369		115,138,261
Unitech Printed Circuit Board Corp.^(c)		4,214,000		2,772,684
United Integrated Services Co. Ltd.		2,353,400		7,990,847
United Microelectronics Corp.^(c)		117,220,000		43,610,190
United Renewable Energy Co. Ltd.^(a)(c)		24,464,895		6,955,561
UPC Technology Corp.^(c)		11,606,826		4,978,152
USI Corp.^(c)		13,390,300		5,351,508
Vanguard International Semiconductor Corp.		8,907,000		20,056,053
Via Technologies Inc.^(a)(c)		1,634,000		1,505,171
Visual Photonics Epitaxy Co. Ltd.^(c)		1,837,000		4,261,752
Voltronic Power Technology Corp.^(c)		454,974		8,470,752
Wafer Works Corp.^(c)		5,119,404		6,570,483
Wah Lee Industrial Corp.		2,796,000		4,733,209
Walsin Lihwa Corp.		26,976,000		15,908,710
Walsin Technology Corp.^(c)		3,114,597		18,317,289
Waterland Financial Holdings Co. Ltd.		31,494,645		10,335,675
Win Semiconductors Corp.^(c)		3,446,427		19,596,924
Winbond Electronics Corp.^(c)		30,252,480		15,088,641
Wistron Corp.^(c)		28,345,004		19,663,244
Wistron NeWeb Corp.		2,842,654		7,259,845
WPG Holdings Ltd.^(c)		13,939,200		18,026,097
WT Microelectronics Co. Ltd.^(c)		5,839,734		7,608,836
XinTec Inc.^(a)(c)		1,583,000		2,057,414
XPEC Entertainment Inc.^(d)		31,000		—
Xxentria Technology Materials Corp.		826,000		1,969,958
Yageo Corp.^(c)		2,504,454		28,155,933
Yang Ming Marine Transport Corp.^(a)		14,225,677		4,266,340
YFY Inc.^(c)		16,103,000		6,357,170
Yieh Phui Enterprise Co. Ltd.^(c)		16,870,477		5,536,426
Yuanta Financial Holding Co. Ltd.		100,813,912		57,160,586
Yulon Finance Corp.^(c)		1,818,000		6,113,853
Yulon Motor Co. Ltd.^(c)		9,795,000		6,015,158
YungShin Global Holding Corp.		4,112,650		5,512,219
Yungtay Engineering Co. Ltd.		3,910,000		7,584,586
Zhen Ding Technology Holding Ltd.		4,346,950		12,627,080

				7,041,594,660

Thailand — 2.6%
Advanced Info Service PCL, NVDR		10,164,400		58,704,349
Airports of Thailand PCL, NVDR		42,507,100		91,050,512
Amata Corp. PCL, NVDR^(c)		6,132,200		4,222,729
AP Thailand PCL, NVDR		18,950,990		4,239,730


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			27

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thailand (continued)
Bangchak Corp. PCL, NVDR		5,217,200	$	5,463,470
Bangkok Airways PCL, NVDR^(c)		9,243,200		3,607,818
Bangkok Bank PCL, Foreign		2,364,500		16,057,215
Bangkok Chain Hospital PCL, NVDR		15,310,550		7,919,459
Bangkok Dusit Medical Services PCL, NVDR		38,572,300		28,887,149
Bangkok Expressway & Metro PCL, NVDR		77,462,785		26,056,502
Bangkok Land PCL, NVDR		150,251,300		7,867,184
Banpu PCL, NVDR^(c)		21,559,900		11,151,967
BCPG PCL, NVDR^(c)		4,351,500		2,319,879
Beauty Community PCL, NVDR^(c)		22,357,700		4,859,984
BEC World PCL, NVDR^(a)		8,021,000		1,590,837
Berli Jucker PCL, NVDR^(c)		12,439,700		19,540,346
BTS Group Holdings PCL, NVDR		66,179,600		21,841,106
Bumrungrad Hospital PCL, NVDR		3,515,000		20,802,777
Carabao Group PCL, NVDR^(c)		2,324,200		4,056,517
Central Pattana PCL, NVDR^(c)		13,491,600		32,324,182
Charoen Pokphand Foods PCL, NVDR^(c)		32,695,200		27,235,192
Chularat Hospital PCL, NVDR^(c)		70,959,300		4,143,280
CK Power PCL, NVDR^(c)		13,524,200		2,120,097
CP ALL PCL, NVDR		49,823,600		122,928,517
Delta Electronics Thailand PCL, NVDR		5,293,000		12,177,469
Dynasty Ceramic PCL, NVDR^(c)		47,064,320		3,315,598
Eastern Polymer Group PCL, NVDR^(c)		14,681,300		3,447,572
Electricity Generating PCL, NVDR		1,439,400		12,195,789
Energy Absolute PCL, NVDR^(c)		13,023,600		19,734,293
Esso Thailand PCL, NVDR		12,486,000		4,318,839
GFPT PCL, NVDR		2,928,600		1,347,551
Glow Energy PCL, NVDR		5,225,300		15,089,323
Gulf Energy Development PCL, NVDR		3,931,500		11,290,781
Gunkul Engineering PCL, NVDR^(c)		41,216,135		4,263,851
Hana Microelectronics PCL, NVDR^(c)		6,682,300		7,580,872
Home Product Center PCL, NVDR		41,476,375		19,742,820
Indorama Ventures PCL, NVDR^(c)		16,981,400		27,752,229
Inter Far East Energy Corp., NVDR^(a)(c)(d)		7,049,000		2
IRPC PCL, NVDR		102,985,200		19,281,640
Italian-Thai Development PCL, NVDR^(a)(c)		36,226,500		2,782,011
Jasmine International PCL, NVDR^(c)		46,814,700		8,913,549
Kasikornbank PCL, Foreign		11,692,400		73,465,933
Kasikornbank PCL, NVDR		5,732,000		35,924,474
KCE Electronics PCL, NVDR^(c)		5,954,400		5,196,224
Khon Kaen Sugar Industry PCL, NVDR^(c)		23,474,486		2,353,967
Kiatnakin Bank PCL, NVDR^(c)		4,534,500		10,144,617
Krung Thai Bank PCL, NVDR^(c)		33,262,500		20,371,797
Land & Houses PCL, NVDR		11,378,700		3,791,396
LPN Development PCL, NVDR^(c)		10,902,100		2,421,728
Major Cineplex Group PCL, NVDR		5,822,200		5,127,046
MBK PCL, NVDR^(c)		4,422,600		3,045,472
Mega Lifesciences PCL, NVDR^(c)		2,172,000		2,291,757
Minor International PCL, NVDR^(c)		22,925,160		28,190,399
Muangthai Capital PCL, NVDR^(c)		6,764,200		10,088,612
Origin Property PCL, NVDR		4,592,900		1,085,826
Plan B Media PCL, NVDR^(c)		6,555,400		1,289,757
Precious Shipping PCL, NVDR^(a)		3,788,700		1,100,091
Prima Marine PCL, NVDR^(c)		6,042,200		1,150,439
PTG Energy PCL, NVDR^(c)		9,046,000		2,899,313
PTT Exploration & Production PCL, NVDR		13,684,801		54,066,092
PTT Global Chemical PCL, NVDR		21,766,200		49,731,580
PTT PCL, NVDR		103,301,500		158,988,425
Quality Houses PCL, NVDR		60,139,317		5,839,788
Ratchthani Leasing PCL, NVDR^(c)		6,908,600		1,655,214


Security	Shares		Value

Thailand (continued)
Robinson PCL, NVDR		5,480,600	$	11,217,729
RS PCL, NVDR		3,427,100		1,946,691
Siam Cement PCL (The),NVDR		3,628,400		54,577,123
Siam Commercial Bank PCL (The),NVDR^(c)		17,860,900		75,949,563
Siam Global House PCL, NVDR^(c)		19,214,365		11,585,020
Siamgas & Petrochemicals PCL, NVDR^(c)		4,493,600		1,418,844
Singha Estate PCL, NVDR^(a)(c)		39,687,700		4,105,733
Sino-Thai Engineering & Construction PCL, NVDR^(a)(c)		8,997,428		6,367,081
Sri Trang Agro-Industry PCL, NVDR^(c)		8,598,560		4,338,504
Srisawad Corp. PCL, NVDR^(c)		5,874,681		9,367,798
Supalai PCL, NVDR^(c)		9,228,700		5,740,024
Super Energy Corp. PCL, NVDR^(a)(c)		114,052,500		2,135,374
SVI PCL, NVDR		7,957,200		1,287,798
Taokaenoi Food & Marketing PCL, NVDR^(c)		4,212,400		1,457,046
Thai Airways International PCL, NVDR^(a)(c)		7,959,500		3,308,828
Thai Oil PCL, NVDR		10,601,100		24,305,576
Thai Union Group PCL, NVDR^(c)		19,111,600		11,219,821
Thai Vegetable Oil PCL, NVDR^(c)		6,484,400		5,915,954
Thanachart Capital PCL, NVDR		6,721,300		11,890,916
Thonburi Healthcare Group PCL, NVDR^(c)		1,402,800		1,402,244
Thoresen Thai Agencies PCL, NVDR^(c)		17,708,423		3,090,720
Tisco Financial Group PCL, NVDR^(c)		3,620,850		10,053,927
TMB Bank PCL, NVDR^(c)		131,672,400		9,526,793
TPI Polene PCL, NVDR		26,787,200		1,802,106
True Corp. PCL, NVDR		105,083,311		18,007,136
TTW PCL, NVDR^(c)		20,262,600		8,166,125
U City PCL, NVDR^(a)(c)		17,524,900		1,401,436
Unique Engineering & Construction PCL, NVDR		10,538,500		3,511,440
VGI Global Media PCL, NVDR		35,293,900		8,735,975
Vibhavadi Medical Center PCL, NVDR^(c)		69,460,600		4,232,110
WHA Corp. PCL, NVDR^(c)		76,611,700		10,210,841
Workpoint Entertainment PCL, NVDR^(c)		1,598,200		1,318,626

				1,512,039,836

Turkey —0.7%
AG Anadolu Grubu Holding AS^(c)		967,407		2,470,207
Akbank T.A.S.^(c)		28,411,164		36,592,557
Aksa Akrilik Kimya Sanayii AS		1,469,778		2,595,671
Anadolu Efes Biracilik Ve Malt Sanayii AS		2,365,736		8,897,012
Arcelik AS		1,794,613		7,004,845
Aselsan Elektronik Sanayi Ve Ticaret AS		3,476,104		15,979,391
BIM Birlesik Magazalar AS^(c)		2,178,329		34,998,649
Coca-Cola Icecek AS		961,344		6,055,710
Dogan Sirketler Grubu Holding AS^(a)		9,455,724		2,003,181
Emlak Konut Gayrimenkul Yatirim Ortakligi AS^(c)		22,337,364		6,407,230
Eregli Demir ve Celik Fabrikalari TAS		14,149,566		24,723,276
Ford Otomotiv Sanayi AS		772,441		8,029,969
Haci Omer Sabanci Holding AS		10,321,706		17,667,262
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D^(a)(c)		8,694,325		4,319,453
KOC Holding AS		7,574,737		26,470,397
Koza Altin Isletmeleri AS^(a)		506,491		4,650,905
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)(c)		2,017,427		2,235,282
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(b)		295,914		2,302,293
MLP Saglik Hizmetleri AS^(a)(b)(c)		661,637		1,724,176
Petkim Petrokimya Holding AS		8,503,382		8,783,959
Sasa Polyester Sanayi AS^(a)		962,208		1,549,563
Soda Sanayii AS		4,501,180		6,430,257
Sok Marketler Ticaret AS^(a)		1,773,588		3,544,516
TAV Havalimanlari Holding AS		1,938,122		10,108,465


28		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Turkey (continued)
Tekfen Holding AS		2,220,304	$	10,989,131
Trakya Cam Sanayii AS		6,840,375		4,937,279
Tupras Turkiye Petrol Rafinerileri AS		1,246,107		33,523,876
Turk Hava Yollari AO^(a)		5,502,236		14,585,980
Turkcell Iletisim Hizmetleri AS		11,157,724		29,912,908
Turkiye Garanti Bankasi AS		22,926,731		38,340,165
Turkiye Halk Bankasi AS		5,449,254		7,815,297
Turkiye Is Bankasi AS, Class C		16,277,090		17,729,639
Turkiye Sise ve Cam Fabrikalari AS		7,673,164		9,695,749
Ulker Biskuvi Sanayi AS		2,096,224		7,616,202
Zorlu Enerji Elektrik Uretim AS^(a)(c)		12,345,748		3,564,389

				424,254,841

United Arab Emirates — 0.7%
Abu Dhabi Commercial Bank PJSC		21,370,083		55,447,016
Air Arabia PJSC		28,929,884		7,466,793
Aldar Properties PJSC		37,435,753		18,142,020
Amanat Holdings PJSC		12,072,868		3,286,923
Arabtec Holding PJSC		5,403,296		3,177,544
DAMAC Properties Dubai Co. PJSC		17,974,525		6,753,293
Deyaar Development PJSC^(a)		31,498,329		3,078,655
DP World Ltd.		1,750,384		28,023,648
Dubai Investments PJSC		20,546,017		7,160,060
Dubai Islamic Bank PJSC		19,672,683		27,958,455
DXB Entertainments PJSC^(a)		24,749,909		1,772,182
Emaar Development PJSC		7,769,525		8,249,700
Emaar Malls PJSC		19,688,494		9,380,578
Emaar Properties PJSC		36,194,900		48,286,145
Emirates Telecommunications Group Co. PJSC		18,433,709		84,715,766
Eshraq Properties Co. PJSC^(a)		22,335,199		2,663,441
First Abu Dhabi Bank PJSC		25,823,984		106,867,563

				422,429,782


Total Common Stocks — 96.0% (Cost: $51,641,714,056)				56,288,640,088


Preferred Stocks

Brazil — 2.7%
Alpargatas SA, Preference Shares, NVS		1,746,500		8,932,170
Banco ABC Brasil SA, Preference Shares, NVS		1,227,297		5,982,265
Banco Bradesco SA, Preference Shares, NVS		33,000,202		380,752,947
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		1,881,400		12,541,830
Bradespar SA, Preference Shares, NVS		2,234,300		17,170,195
Braskem SA, Class A, Preference Shares, NVS		1,719,300		24,939,649
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		2,238,100		23,256,785
Cia. Brasileira de Distribuicao, Preference Shares, NVS		1,568,600		38,944,696
Cia. de Gas de Sao Paulo - COMGAS, Class A, Preference Shares, NVS		151,192		3,268,755
Cia. de Saneamento do Parana, Preference Shares, NVS		1,413,709		5,156,867
Cia. Energetica de Minas Gerais, Preference Shares, NVS		8,643,094		33,187,268
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		1,883,900		12,106,390
Cia. Energetica do Ceara, Class A, Preference Shares, NVS		107,700		1,579,495


Security	Shares		Value

Brazil (continued)
Cia. Paranaense de Energia, Preference Shares, NVS		1,018,600	$	9,707,290
Gerdau SA, Preference Shares, NVS		10,273,374		41,474,270
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS		1,080,400		7,680,412
Itau Unibanco Holding SA, Preference Shares, NVS		47,827,682		449,295,177
Itausa-Investimentos Itau SA, Preference Shares, NVS		44,188,977		145,754,988
Lojas Americanas SA, Preference Shares, NVS		7,444,110		39,520,627
Marcopolo SA, Preference Shares, NVS		6,077,021		6,562,745
Metalurgica Gerdau SA, Preference Shares, NVS		6,789,336		12,998,449
Petroleo Brasileiro SA, Preference Shares, NVS		38,727,808		279,441,233
Randon SA Implemetos e Participacoes, Preference Shares, NVS		1,416,800		3,645,656
Telefonica Brasil SA, Preference Shares, NVS		4,374,640		54,580,203

				1,618,480,362

Chile — 0.1%
Coca-Cola Embonor SA, Class B, Preference Shares		779,845		2,083,874
Embotelladora Andina SA, Class B, Preference Shares		2,945,591		11,043,296
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		1,193,468		49,665,182

				62,792,352

Colombia — 0.1%
Avianca Holdings SA, Preference Shares, NVS		4,610,799		2,785,167
Bancolombia SA, Preference Shares, NVS		4,642,977		55,971,455
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		41,387,540		15,793,180
Grupo de Inversiones Suramericana SA, Preference Shares, NVS		827,135		8,875,208

				83,425,010

Russia — 0.1%
Surgutneftegas PJSC,Preference Shares, NVS		72,920,377		44,457,403
Transneft PJSC, Preference Shares		2,163		5,599,830

				50,057,233

South Korea — 0.6%
Amorepacific Corp., Preference Shares, NVS		92,740		9,194,016
CJ Corp., Preference Shares		19,985		479,768
Hyundai Motor Co. Preference Shares, NVS		216,488		14,186,153
Series 2, Preference Shares, NVS		341,547		24,415,737
LG Chem Ltd., Preference Shares, NVS		75,101		14,690,335
LG Household & Health Care Ltd., Preference Shares, NVS		21,212		14,126,245
Samsung Electronics Co. Ltd., Preference Shares, NVS		8,165,346		261,360,768

				338,453,022


Total Preferred Stocks — 3.6% (Cost: $1,753,618,681)				2,153,207,979


Rights

China — 0.0%
China Aoyuan Group Ltd. (Expires 03/04/19)^(a)		153,482		—


Total Rights — 0.0% (Cost: $0)				—


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			29

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Warrants

Thailand — 0.0%
BTS Group Holdings PCL, NVDR (Expires 11/29/19)^(a)		6,377,054	$	145,703


Total Warrants — 0.0% (Cost: $0)				145,703


Short-Term Investments

Money Market Funds — 4.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(f)(g)(h)		2,544,054,738		2,545,072,360
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(f)(g)		126,376,708		126,376,708

				2,671,449,068


Total Short-Term Investments — 4.6% (Cost: $2,670,561,694)				2,671,449,068


Total Investments in Securities — 104.2% (Cost: $56,065,894,431)				61,113,442,838

Other Assets, Less Liabilities — (4.2)%				(2,463,211,077	)


Net Assets — 100.0%			$	58,650,231,761

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

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

^(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 February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	2,670,933,233	(126,878,495	)	2,544,054,738	$	2,545,072,360	$	27,018,948	^(b)	$	(34,473	)	$	255,039
BlackRock Cash Funds: Treasury, SL Agency Shares	110,463,488	15,913,220		126,376,708		126,376,708		1,220,705			—			—

					$	2,671,449,068	$	28,239,653		$	(34,473	)	$	255,039

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini

3,258

03/15/19

$170,507

(2,071,283

)


30		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Core MSCI Emerging Markets ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:



		Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation^(a)	$	2,071,283

^(a)

Represents cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported separately within the Consolidated Statement of Assets and Liabilities.

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	9,519,916


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,000,093

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	151,771,782

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

Fair Value Measurements



		Level 1			Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	56,267,717,893		$	6,920,145		$	14,002,050	$	56,288,640,088
Preferred Stocks		2,152,728,211			479,768			—		2,153,207,979
Rights		—			0	^(a)		—		0	^(a)
Warrants		145,703			—			—		145,703
Money Market Funds		2,671,449,068			—			—		2,671,449,068

	$	61,092,040,875		$	7,399,913		$	14,002,050	$	61,113,442,838

Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(2,071,283	)	$	—		$	—	$	(2,071,283	)

^(a)

Rounds to less than $1.

^(b)

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

See notes to consolidated financial statements.


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			31

Consolidated Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI BRIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 9.1%
Ambev SA		518,065	$	2,380,177
Atacadao Distribuicao Comercio e Industria Ltda		42,000		218,609
B2W Cia. Digital^(a)		14,000		180,495
B3 SA - Brasil, Bolsa, Balcao		224,069		1,959,129
Banco Bradesco SA		112,039		1,151,087
Banco do Brasil SA		84,089		1,134,565
Banco Santander Brasil SA		42,000		503,294
BB Seguridade Participacoes SA		70,000		509,566
BR Malls Participacoes SA		86,718		309,620
BRF SA^(a)		56,000		307,158
CCR SA		126,000		478,096
Centrais Eletricas Brasileiras SA^(a)		28,000		276,099
Cia. de Saneamento Basico do Estado de Sao Paulo		42,000		440,691
Cia. Siderurgica Nacional SA^(a)		70,000		244,144
Cielo SA		126,021		365,269
Cosan SA		14,000		163,136
Embraer SA		70,000		356,136
Engie Brasil Energia SA		16,325		179,171
Equatorial Energia SA		14,000		306,598
Hypera SA		42,000		301,260
IRB Brasil Resseguros S/A		14,000		332,245
JBSSA		98,052		351,133
Klabin SA		70,000		336,724
Kroton Educacional SA		154,064		450,658
Localiza Rent a Car SA		56,079		516,640
Lojas Renner SA		70,060		808,532
M. Dias Branco SA		14,000		175,380
Magazine Luiza SA		14,000		647,541
Multiplan Empreendimentos Imobiliarios SA		28,030		188,125
Natura Cosmeticos SA		28,000		361,213
Petrobras Distribuidora SA		42,000		273,822
Petroleo Brasileiro SA		336,000		2,675,278
Porto Seguro SA		14,000		209,202
Raia Drogasil SA		28,050		489,234
Rumo SA^(a)		112,000		581,167
Sul America SA		28,089		227,693
Suzano Papel e Celulose SA		54,115		687,720
TIM Participacoes SA		98,069		309,093
Ultrapar Participacoes SA		42,000		598,152
Vale SA		336,029		4,220,243
WEG SA		91,672		450,263

				26,654,358

China — 62.0%
3SBio Inc.^(b)		140,000		231,496
51job Inc., ADR^(a)		2,660		192,212
58.com Inc., ADR^(a)		9,940		724,725
AAC Technologies Holdings Inc.		84,000		499,197
Agile Group Holdings Ltd.		280,000		349,920
Agricultural Bank of China Ltd., Class A		256,800		145,752
Agricultural Bank of China Ltd., Class H		2,940,000		1,408,240
Air China Ltd., Class H		280,000		302,479
Alibaba Group Holding Ltd., ADR^(a)(c)		138,180		25,291,084
Alibaba Health Information Technology Ltd.^(a)		358,000		367,130
Alibaba Pictures Group Ltd.^(a)		1,400,000		258,605
Aluminum Corp. of China Ltd., Class H^(a)		560,000		229,713
Angang Steel Co. Ltd., Class A		42,000		35,569
Anhui Conch Cement Co. Ltd., Class H		140,000		800,785
ANTA Sports Products Ltd.		140,040		820,637


Security	Shares		Value

China (continued)
Anxin Trust Co. Ltd., Class A		58,400	$	65,856
Autohome Inc., ADR^(a)		6,580		618,849
AviChina Industry & Technology Co. Ltd., Class H		280,000		198,680
BAIC Motor Corp. Ltd., Class H^(b)		210,000		133,494
Baidu Inc., ADR^(a)		29,820		4,846,943
Bank of China Ltd., Class H		8,680,000		4,047,084
Bank of Communications Co. Ltd., Class H		980,200		822,890
Baozun Inc., ADR^(a)(c)		5,460		204,477
BBMG Corp., Class H .		280,000		102,729
Beijing Capital International Airport Co. Ltd., Class H		280,000		280,007
Beijing Enterprises Holdings Ltd.		70,000		410,647
Beijing Enterprises Water Group Ltd.^(c)		560,000		335,295
BOC Aviation Ltd.^(b)		28,000		242,197
BOE Technology Group Co. Ltd., Class A		98,000		59,574
Brilliance China Automotive Holdings Ltd.^(c)		280,000		274,300
BYD Co. Ltd., Class H^(c)		70,000		447,655
BYD Electronic International Co. Ltd.		70,000		89,531
CAR Inc.^(a)		140,000		123,060
CGN Power Co. Ltd., Class H^(b)		980,000		258,427
China Agri-Industries Holdings Ltd.		140,000		49,759
China Cinda Asset Management Co. Ltd., Class H		980,000		284,644
China CITIC Bank Corp. Ltd., Class H		980,000		636,704
China Coal Energy Co. Ltd., Class H		280,000		121,634
China Communications Construction Co. Ltd., Class H		420,000		452,648
China Communications Services Corp. Ltd., Class H		280,800		282,238
China Conch Venture Holdings Ltd		210,000		700,910
China Construction Bank Corp., Class A		56,000		60,055
China Construction Bank Corp., Class H		10,220,370		9,087,898
China Ding Yi Feng Holdings Ltd.^(a)		56,000		180,489
China Eastern Airlines Corp. Ltd., Class A		112,000		97,694
China Everbright Bank Co. Ltd., Class H		280,000		134,118
China Everbright International Ltd.		360,000		352,213
China Evergrande Group		280,000		864,990
China First Capital Group Ltd.^(a)		280,000		124,131
China Galaxy Securities Co. Ltd., Class H		350,000		238,095
China Gas Holdings Ltd.		196,000		644,195
China Grand Automotive Services Co. Ltd., Class A		42,000		30,927
China Hongqiao Group Ltd.^(c)		210,000		140,449
China Huarong Asset Management Co. Ltd., Class H^(b)		980,000		224,719
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		51,450		131
China International Capital Corp. Ltd., Class H^(b)		112,000		260,246
China Jinmao Holdings Group Ltd.		560,000		271,803
China Life Insurance Co. Ltd., Class H		840,000		2,311,396
China Literature Ltd.^(a)(b)(c)		28,000		133,583
China Longyuan Power Group Corp. Ltd., Class H		280,000		209,024
China Medical System Holdings Ltd.		144,000		151,525
China Mengniu Dairy Co. Ltd.		280,000		864,990
China Merchants Bank Co. Ltd., Class A		57,600		273,065
China Merchants Bank Co. Ltd., Class H		420,456		1,928,255
China Merchants Port Holdings Co. Ltd.		136,000		285,867
China Minsheng Banking Corp. Ltd., Class H		770,000		594,436
China Mobile Ltd.		630,000		6,629,213
China Molybdenum Co. Ltd., Class H .		420,000		201,177
China National Building Material Co. Ltd., Class H		326,000		259,561
China National Nuclear Power Co. Ltd., Class A		126,000		112,729
China Oilfield Services Ltd., Class H		280,000		277,154
China Overseas Land & Investment Ltd.		376,800		1,387,235
China Pacific Insurance Group Co. Ltd., Class H		280,000		1,054,040
China Petroleum & Chemical Corp., Class H		2,800,600		2,418,924
China Power International Development Ltd.		420,000		105,939


32		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI BRIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
China Railway Construction Corp. Ltd., Class H		222,000	$	319,575
China Railway Group Ltd., Class H		420,000		416,265
China Railway Signal & Communication Corp. Ltd., Class H^(b)		144,000		119,239
China Reinsurance Group Corp., Class H		560,000		129,124
China Resources Beer Holdings Co. Ltd.		138,000		514,217
China Resources Cement Holdings Ltd.		280,000		298,199
China Resources Gas Group Ltd.		59,000		256,300
China Resources Land Ltd.		280,444		1,046,779
China Resources Pharmaceutical Group Ltd.^(b)		140,000		187,623
China Resources Power Holdings Co. Ltd.		280,200		531,144
China Shenhua Energy Co. Ltd., Class H		350,000		863,207
China Southern Airlines Co. Ltd., Class H		280,000		228,643
China State Construction Engineering Corp. Ltd., Class A		98,000		90,020
China State Construction International Holdings Ltd.		280,000		296,059
China Taiping Insurance Holdings Co. Ltd.		168,040		520,188
China Telecom Corp. Ltd., Class H		1,680,000		909,577
China Tower Corp. Ltd., Class H^(a)(b)		4,200,000		995,185
China Traditional Chinese Medicine Holdings Co. Ltd.		280,000		184,769
China Travel International Investment Hong Kong Ltd.		280,000		83,110
China Unicom Hong Kong Ltd.		603,900		716,236
China Vanke Co. Ltd., Class H		154,001		584,630
China Yangtze Power Co. Ltd., Class A		42,000		102,252
China Zhongwang Holdings Ltd.		224,000		118,709
Chongqing Rural Commercial Bank Co. Ltd., Class H		280,000		175,138
CIFI Holdings Group Co. Ltd.		280,000		182,629
CITIC Ltd.		560,000		851,792
CITIC Securities Co. Ltd., Class H		280,000		678,438
CNOOC Ltd.		1,820,000		3,139,290
COSCO SHIPPING Development Co. Ltd., Class A^(a)		98,000		43,766
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		280,000		164,794
COSCO SHIPPING Holdings Co. Ltd., Class A^(a)		98,000		73,333
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)		140,000		60,995
COSCO SHIPPING Ports Ltd.		280,000		297,485
Country Garden Holdings Co. Ltd.		840,046		1,106,535
Country Garden Services Holdings Co. Ltd.^(a)		144,000		237,010
CRRC Corp. Ltd., Class H		495,400		520,025
CSPC Pharmaceutical Group Ltd.		560,000		955,948
Ctrip.com International Ltd., ADR^(a)(c)		43,260		1,476,464
Dali Foods Group Co. Ltd.^(b)		210,000		143,125
Datang International Power Generation Co. Ltd., Class H		280,000		77,760
Dongfeng Motor Group Co. Ltd., Class H		280,000		297,842
ENN Energy Holdings Ltd.		84,000		866,774
Everbright Securities Co. Ltd., Class A		42,097		83,185
Far East Horizon Ltd.		280,000		312,467
Focus Media Information Technology Co. Ltd., Class A		73,239		73,729
Fosun International Ltd.		280,000		460,853
Founder Securities Co. Ltd., Class A		28,099		31,225
Fullshare Holdings Ltd.^(c)		785,000		157,004
Future Land Development Holdings Ltd.^(c)		280,000		241,127
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		56,000		200,107
GDS Holdings Ltd., ADR^(a)		6,580		218,917
Geely Automobile Holdings Ltd.		560,000		1,051,543
GF Securities Co. Ltd., Class H		140,000		236,133
GOME Retail Holdings Ltd.^(a)(c)		1,260,400		114,001
Great Wall Motor Co. Ltd., Class H^(c)		350,000		256,376
Greentown China Holdings Ltd.		70,000		59,479
Guangdong Investment Ltd.		280,000		537,186


Security	Shares		Value

China (continued)
Guangzhou Automobile Group Co. Ltd., Class H		286,235	$	351,877
Guangzhou R&F Properties Co. Ltd., Class H		112,000		209,452
Guotai Junan Securities Co. Ltd., Class A		70,000		203,982
Guotai Junan Securities Co. Ltd., Class H^(b)		28,000		62,351
Haier Electronics Group Co. Ltd.		160,000		476,955
Haitong Securities Co. Ltd., Class H		336,000		446,014
Hanergy Thin Film Power Group Ltd.^(a)(d)		7,709		—
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		28,000		144,282
Hengan International Group Co. Ltd.		70,000		565,811
HengTen Networks Group Ltd.^(a)		2,240,000		79,900
Huadian Power International Corp. Ltd., Class A		112,000		74,441
Huaneng Power International Inc., Class H		560,000		345,283
Huaneng Renewables Corp. Ltd., Class H		560,000		170,501
Huatai Securities Co. Ltd., Class H^(b)		168,000		340,289
Huayu Automotive Systems Co. Ltd., Class A		14,699		45,556
Huazhu Group Ltd., ADR		14,700		515,529
Hubei Biocause Pharmaceutical Co. Ltd., Class A		42,000		43,849
Hubei Energy Group Co. Ltd., Class A		72,400		44,228
Hutchison China MediTech Ltd., ADR^(a)(c)		5,880		153,409
Industrial & Commercial Bank of China Ltd., Class A		70,000		60,118
Industrial & Commercial Bank of China Ltd., Class H		7,560,050		5,817,053
Industrial Bank Co. Ltd., Class A		70,000		186,731
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		14,000		56,542
Inner Mongolia Yitai Coal Co. Ltd., Class B		112,000		138,320
iQIYI Inc., ADR^(a)		13,300		361,228
JD.com Inc., ADR^(a)		77,560		2,149,188
Jiangxi Copper Co. Ltd., Class H		140,000		191,190
Kaisa Group Holdings Ltd.		280,000		99,875
Kangmei Pharmaceutical Co. Ltd., Class A		14,000		22,207
Kingboard Holdings Ltd.		70,000		245,229
Kingboard Laminates Holdings Ltd.		140,000		171,571
Kingdee International Software Group Co. Ltd.		280,000		303,192
Kingsoft Corp. Ltd.		140,000		272,160
Kunlun Energy Co. Ltd.		280,000		307,473
KWG Group Holdings Ltd.		140,000		131,621
Lee & Man Paper Manufacturing Ltd.		140,000		128,946
Legend Holdings Corp., Class H^(b)		42,000		116,907
Lenovo Group Ltd.		840,000		756,554
Logan Property Holdings Co. Ltd.		280,000		398,787
Longfor Group Holdings Ltd.		140,000		415,552
Luxshare Precision Industry Co. Ltd., Class A		17,570		55,031
Luye Pharma Group Ltd.^(b)(c)		140,000		104,512
Maanshan Iron & Steel Co. Ltd., Class H		280,000		133,405
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		16,638		42,992
Meitu Inc.^(a)(b)(c)		210,000		85,875
Meituan Dianping, Class B^(a)		28,000		217,228
Metallurgical Corp. of China Ltd., Class A		224,000		116,430
Metallurgical Corp. of China Ltd., Class H		140,000		41,020
Midea Group Co. Ltd., Class A		14,700		104,906
Momo Inc., ADR^(a)		14,560		482,955
NetEase Inc., ADR		8,400		1,875,048
New China Life Insurance Co. Ltd., Class H		98,000		474,407
New Hope Liuhe Co. Ltd., Class A		72,400		114,625
New Oriental Education & Technology Group Inc., ADR^(a).		15,260		1,252,236
Nexteer Automotive Group Ltd.		140,000		199,394
Nine Dragons Paper Holdings Ltd.		140,000		145,176
Noah Holdings Ltd., ADR^(a)		2,800		161,700
People’s Insurance Co. Group of China Ltd. (The), Class H		840,000		380,952


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			33

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI BRIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
PetroChina Co. Ltd., Class H		2,240,000	$	1,481,006
PICC Property & Casualty Co. Ltd., Class H		842,322		1,008,666
Pinduoduo Inc., ADR^(a)		20,300		607,782
Ping An Insurance Group Co. of China Ltd., Class A		14,000		146,394
Ping An Insurance Group Co. of China Ltd., Class H		560,000		5,896,201
Postal Savings Bank of China Co. Ltd., Class H^(b)		840,000		502,943
Qingdao Haier Co. Ltd., Class A		28,079		69,115
Sanan Optoelectronics Co. Ltd., Class A		14,096		30,318
SDIC Power Holdings Co. Ltd., Class A		70,099		84,598
Semiconductor Manufacturing International Corp.^(a)(c)		280,200		283,777
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		184,000		159,861
Shanghai 2345 Network Holding Group Co. Ltd., Class A		56,050		41,021
Shanghai Electric Group Co. Ltd., Class A		126,000		105,013
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		73,500		260,768
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		112,080		158,369
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		98,000		220,225
Shanghai Pudong Development Bank Co. Ltd., Class A		84,000		147,294
Shenergy Co. Ltd., Class A		72,400		59,259
Shenwan Hongyuan Group Co. Ltd., Class A		281,999		231,658
Shenzhen Energy Group Co. Ltd., Class A		57,600		52,565
Shenzhen International Holdings Ltd.		70,000		144,462
Shenzhen Investment Ltd.		280,000		104,512
Shenzhou International Group Holdings Ltd.		78,500		980,025
Shimao Property Holdings Ltd.		140,000		331,015
Shui On Land Ltd.		350,000		87,391
Sichuan Chuantou Energy Co. Ltd., Class A		72,400		99,486
Sihuan Pharmaceutical Holdings Group Ltd.		420,000		87,747
SINA Corp./China^(a)		7,000		471,590
Sino Biopharmaceutical Ltd.		700,000		607,277
Sino-Ocean Group Holding Ltd.		350,000		163,635
Sinopec Engineering Group Co. Ltd., Class H		140,000		127,162
Sinopec Shanghai Petrochemical Co. Ltd., Class H		281,000		142,472
Sinopharm Group Co. Ltd., Class H		112,000		497,949
Sinotrans Ltd., Class H		140,000		65,811
Sinotruk Hong Kong Ltd.		70,000		127,341
SOHO China Ltd.^(a)		210,000		89,620
SSY Group Ltd.		280,000		248,261
Sun Art Retail Group Ltd.		280,000		284,644
Sunac China Holdings Ltd.		280,000		1,171,750
Suning.com Co. Ltd., Class A		42,000		76,783
Sunny Optical Technology Group Co. Ltd.		70,000		829,320
TAL Education Group, ADR^(a)		36,960		1,315,776
Tencent Holdings Ltd.		609,000		26,051,899
Tencent Music Entertainment Group, ADR^(a)		9,520		171,550
Tingyi Cayman Islands Holding Corp.		280,000		388,800
Tongwei Co. Ltd., Class A		14,695		26,119
Towngas China Co. Ltd.		140,000		111,646
TravelSky Technology Ltd., Class H		140,000		405,743
Tsingtao Brewery Co. Ltd., Class H		40,000		169,686
Uni-President China Holdings Ltd.		140,000		124,666
Vipshop Holdings Ltd., ADR^(a)		47,880		343,778
Want Want China Holdings Ltd.		560,000		451,578
Wanxiang Qianchao Co. Ltd., Class A		43,600		39,724
Weibo Corp., ADR^(a)		5,180		374,255
Weichai Power Co. Ltd., Class H		140,100		194,539
Wuxi Biologics Cayman Inc.^(a)(b)		70,000		664,348
Xiaomi Corp., Class B^(a)(b)		364,000		554,592


Security	Shares		Value

China (continued)
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		43,599	$	89,996
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		28,000		32,103
Xinyi Solar Holdings Ltd.		344,000		169,156
Yanzhou Coal Mining Co. Ltd., Class H		280,000		277,867
Yonghui Superstores Co. Ltd., Class A		56,093		72,470
Youngor Group Co. Ltd., Class A		57,687		73,410
Yuexiu Property Co. Ltd.		840,000		193,686
Yum China Holdings Inc		38,080		1,588,698
Yuzhou Properties Co. Ltd.		140,000		68,307
YY Inc., ADR^(a)		5,040		355,320
Zhaojin Mining Industry Co. Ltd., Class H		140,000		149,278
Zhejiang Expressway Co. Ltd., Class H		280,000		292,135
Zhejiang Longsheng Group Co. Ltd., Class A		42,000		68,126
Zhejiang Zheneng Electric Power Co. Ltd., Class A		112,000		79,962
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		28,000		105,226
Zhongjin Gold Corp. Ltd., Class A		56,000		72,685
Zhongsheng Group Holdings Ltd.		70,000		162,654
Zhuzhou CRRC Times Electric Co. Ltd., Class H		56,000		314,250
Zijin Mining Group Co. Ltd., Class A		154,000		82,346
Zijin Mining Group Co. Ltd., Class H		591,000		252,970
ZTE Corp., Class H^(a)		56,048		167,434
ZTO Express Cayman Inc., ADR		33,880		673,534

				182,159,010

India — 16.1%
Adani Ports & Special Economic Zone Ltd.		59,781		273,874
Ambuja Cements Ltd.		66,220		197,423
Ashok Leyland Ltd.		136,382		165,861
Asian Paints Ltd.		31,780		627,859
Aurobindo Pharma Ltd.		29,960		299,932
Avenue Supermarts Ltd.^(a)(b)		13,300		272,222
Axis Bank Ltd.^(a)		194,880		1,944,108
Bajaj Auto Ltd.		8,960		365,398
Bajaj Finance Ltd.		18,900		703,905
Bajaj Finserv Ltd.		3,920		356,167
Bharat Forge Ltd.		20,860		150,424
Bharat Petroleum Corp. Ltd.		84,560		401,304
Bharti Airtel Ltd.		148,680		664,841
Bharti Infratel Ltd.		36,820		152,014
Bosch Ltd.		840		224,700
Britannia Industries Ltd.		6,160		264,748
Cadila Healthcare Ltd.		22,820		102,251
Cipla Ltd./India		39,340		306,722
Coal India Ltd.		76,440		245,356
Container Corp. of India Ltd.		16,450		109,337
Dabur India Ltd.		58,380		359,549
Divi’s Laboratories Ltd.		8,680		201,879
Dr. Reddy’s Laboratories Ltd.		12,180		450,656
Eicher Motors Ltd.		1,400		391,090
GAIL India Ltd.		81,340		391,111
Glenmark Pharmaceuticals Ltd.		15,820		132,685
Godrej Consumer Products Ltd.		39,668		375,257
Grasim Industries Ltd.		35,467		387,475
Havells India Ltd.		28,280		284,425
HCL Technologies Ltd.		58,100		860,886
Hero MotoCorp Ltd.		5,040		186,227
Hindalco Industries Ltd.		128,660		354,091
Hindustan Petroleum Corp. Ltd.		68,040		213,659
Hindustan Unilever Ltd.		70,980		1,729,087


34		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI BRIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Housing Development Finance Corp. Ltd.		172,900	$	4,475,752
ICICI Bank Ltd.		253,960		1,250,229
Indiabulls Housing Finance Ltd.		31,080		286,324
Indian Oil Corp. Ltd.		150,640		306,252
Infosys Ltd.		373,240		3,853,291
InterGlobe Aviation Ltd.^(b)		10,360		163,915
ITC Ltd.		382,060		1,482,823
JSW Steel Ltd.		90,902		359,256
Larsen & Toubro Ltd.		51,100		928,908
LIC Housing Finance Ltd.		32,760		219,010
Lupin Ltd.		24,220		260,073
Mahindra & Mahindra Financial Services Ltd.		34,249		190,852
Mahindra & Mahindra Ltd.		80,511		731,123
Marico Ltd.		49,280		235,362
Maruti Suzuki India Ltd.		11,340		1,088,892
Motherson Sumi Systems Ltd.		107,426		245,584
Nestle India Ltd.		2,520		376,966
NTPC Ltd.		194,460		386,179
Oil & Natural Gas Corp. Ltd.		135,940		284,107
Page Industries Ltd.		560		175,476
Petronet LNG Ltd.		62,720		197,173
Pidilite Industries Ltd.		11,340		183,741
Piramal Enterprises Ltd.		9,190		300,606
Power Grid Corp. of India Ltd.		160,860		413,536
REC Ltd.		72,240		138,485
Reliance Industries Ltd.		303,940		5,260,580
Shree Cement Ltd.		980		228,621
Shriram Transport Finance Co. Ltd.		16,940		272,047
State Bank of India^(a)		190,820		721,817
Sun Pharmaceutical Industries Ltd.		89,740		561,646
Tata Consultancy Services Ltd.		97,300		2,713,340
Tata Motors Ltd.^(a)		160,720		400,974
Tata Power Co. Ltd. (The)		58,660		53,979
Tata Steel Ltd.		38,220		268,919
Tech Mahindra Ltd.		49,420		576,805
Titan Co. Ltd.		32,760		472,196
UltraTech Cement Ltd.		9,940		534,759
United Spirits Ltd.^(a)		32,900		252,672
UPL Ltd.		38,298		472,545
Vedanta Ltd.		135,660		323,099
Vodafone Idea Ltd.^(a)		219,100		92,105
Wipro Ltd.		120,960		627,365
Yes Bank Ltd.		182,560		593,294
Zee Entertainment Enterprises Ltd.		51,800		339,889

				47,447,090

Russia — 7.0%
Alrosa PJSC		294,000		424,294
Gazprom PJSC		986,424		2,379,977
Gazprom PJSC, ADR		90,160		427,719
Inter RAO UES PJSC		4,060,000		241,211
LUKOIL PJSC		37,380		3,120,472
LUKOIL PJSC, ADR		15,280		1,271,296
Magnit PJSC, GDR^(e)		26,319		377,941
Magnitogorsk Iron & Steel Works PJSC		322,000		217,448
MMC Norilsk Nickel PJSC		7,000		1,499,296
Mobile TeleSystems PJSC,ADR		55,580		429,633
Moscow Exchange MICEX-RTS PJSC^(a)		96,000		132,893
Novatek PJSC, GDR^(e)		9,800		1,698,340
Novolipetsk Steel PJSC		133,000		319,783
PhosAgro PJSC, GDR^(e)		16,800		229,488


Security	Shares		Value

Russia (continued)
Polymetal International PLC		13,206	$	152,221
Polyus PJSC		2,093		173,739
Rosneft Oil Co. PJSC		85,562		517,816
Rosneft Oil Co. PJSC, GDR^(e)		40,000		239,600
Sberbank of Russia PJSC		1,164,350		3,671,710
Severstal PJSC .		21,000		327,861
Surgutneftegas PJSC		672,010		261,987
Surgutneftegas PJSC, ADR		11,340		43,704
Tatneft PJSC		168,003		1,978,673
VTB Bank PJSC		254,006,001		138,381
X5 Retail Group NV, GDR^(e)		12,460		317,001

				20,592,484


Total Common Stocks — 94.2% (Cost: $256,831,140)				276,852,942


Preferred Stocks

Brazil — 5.4%
Banco Bradesco SA, Preference Shares, NVS		350,002		4,038,287
Braskem SA, Class A, Preference Shares, NVS		14,000		203,080
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		28,082		291,809
Cia. Brasileira de Distribuicao, Preference Shares, NVS		14,356		356,426
Cia. Energetica de Minas Gerais, Preference Shares, NVS		98,087		376,629
Gerdau SA, Preference Shares, NVS		112,000		452,151
Itau Unibanco Holding SA, Preference Shares, NVS		504,056		4,735,122
Itausa-Investimentos Itau SA, Preference Shares, NVS		490,044		1,616,384
Lojas Americanas SA, Preference Shares, NVS		84,104		446,506
Petroleo Brasileiro SA, Preference Shares, NVS		392,014		2,828,585
Telefonica Brasil SA, Preference Shares, NVS		42,064		524,812

				15,869,791

Russia — 0.2%
Surgutneftegas PJSC, Preference Shares, NVS		812,000		495,053


Total Preferred Stocks — 5.6% (Cost: $11,857,215)				16,364,844


Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SLAgency Shares, 2.62%^(f)(g)(h)		1,839,262		1,839,999
BlackRock Cash Funds: Treasury, SLAgency Shares, 2.33%^(f)(g)		130,111		130,111

				1,970,110


Total Short-Term Investments — 0.7% (Cost: $1,969,467)				1,970,110


Total Investments in Securities — 100.5% (Cost: $270,657,822)				295,187,896

Other Assets, Less Liabilities — (0.5)%				(1,399,148	)


Net Assets — 100.0%			$	293,788,748

^(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.


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			35

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI BRIC ETF

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

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

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SLAgency Shares	3,027,232	(1,187,970	)	1,839,262	$	1,839,999	$	30,496	^(b)	$	1,001		$	(53	)
BlackRock Cash Funds: Treasury, SLAgency Shares	—	130,111		130,111		130,111		3,625			—			—

					$	1,970,110	$	34,121		$	1,001		$	(53	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	276,852,811	$	—	$	131	$	276,852,942
Preferred Stocks		16,364,844		—		—		16,364,844
Money Market Funds		1,970,110		—		—		1,970,110

	$	295,187,765	$	—	$	131	$	295,187,896

See notes to consolidated financial statements.


36		2 0 1 9 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

Consolidated Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

China — 43.3%
3SBio Inc.^(a)		173,500	$	286,890
51job Inc., ADR^(b)(c)		3,241		234,195
58.com Inc., ADR^(b)		12,227		891,471
AAC Technologies Holdings Inc.		97,000		576,454
Agile Group Holdings Ltd.		218,000		272,438
Agricultural Bank of China Ltd., Class A		96,700		54,884
Agricultural Bank of China Ltd., Class H		3,828,000		1,833,586
Air China Ltd., Class H		232,000		250,625
Alibaba Group Holding Ltd., ADR^(b)(c)		164,102		30,035,588
Alibaba Health Information Technology Ltd.^(b)		232,000		237,917
Alibaba Pictures Group Ltd.^(b)(c)		750,000		138,539
Aluminum Corp. of China Ltd., Class H^(b)		566,000		232,174
Angang Steel Co. Ltd., Class A		26,900		22,781
Angang Steel Co. Ltd., Class H		126,000		93,740
Anhui Conch Cement Co. Ltd., Class A		9,700		51,360
Anhui Conch Cement Co. Ltd., Class H		156,500		895,163
ANTA Sports Products Ltd.		141,000		826,263
Autohome Inc., ADR^(b)		7,843		737,634
AviChina Industry & Technology Co. Ltd., Class H		302,000		214,291
BAIC Motor Corp. Ltd., Class H^(a)		242,000		153,836
Baidu Inc., ADR^(b)		36,459		5,926,046
Bank of Beijing Co. Ltd., Class A		43,500		41,712
Bank of China Ltd., Class A		83,300		47,776
Bank of China Ltd., Class H		10,427,000		4,861,630
Bank of Communications Co. Ltd., Class A		79,000		75,517
Bank of Communications Co. Ltd., Class H		1,106,000		928,500
Bank of Jiangsu Co. Ltd., Class A		19,799		20,996
Bank of Ningbo Co. Ltd., Class A		10,100		29,115
Bank of Shanghai Co. Ltd., Class A		15,000		27,557
Baoshan Iron & Steel Co. Ltd., Class A		46,100		51,641
Baozun Inc., ADR^(b)(c)		2,086		78,121
BBMG Corp., Class H		343,000		125,843
Beijing Capital International Airport Co. Ltd., Class H		240,000		240,006
Beijing Enterprises Holdings Ltd.		66,000		387,182
Beijing Enterprises Water Group Ltd.^(c)		746,000		446,661
BOC Aviation Ltd.^(a)		28,700		248,252
BOE Technology Group Co. Ltd., Class A		100,700		61,215
Brilliance China Automotive Holdings Ltd.		400,000		391,857
BYD Co. Ltd., Class H^(c)		87,000		556,371
BYD Electronic International Co. Ltd.		95,000		121,506
CAR Inc.^(b)		90,000		79,110
CGN Power Co. Ltd., Class H^(a)		1,406,000		370,764
Changjiang Securities Co. Ltd., Class A		22,000		23,100
China Agri-Industries Holdings Ltd.		268,000		95,253
China Cinda Asset Management Co. Ltd., Class H		1,237,000		359,291
China CITIC Bank Corp. Ltd., Class H		1,201,000		780,287
China Coal Energy Co. Ltd., Class H		322,000		139,879
China Communications Construction Co. Ltd., Class H		569,000		613,231
China Communications Services Corp. Ltd., Class H		318,000		319,629
China Conch Venture Holdings Ltd.		205,500		685,890
China Construction Bank Corp., Class A		20,200		21,663
China Construction Bank Corp., Class H		12,690,000		11,283,880
China Eastern Airlines Corp. Ltd., Class A		41,100		35,850
China Eastern Airlines Corp. Ltd., Class H		160,000		102,117
China Everbright Bank Co. Ltd., Class A		93,000		58,757
China Everbright Bank Co. Ltd., Class H		289,000		138,429
China Everbright International Ltd.		447,481		437,801
China Everbright Ltd.		116,000		234,370


Security	Shares		Value

China (continued)
China Evergrande Group^(c)		348,000	$	1,075,059
China First Capital Group Ltd.^(b)		418,000		185,309
China Galaxy Securities Co. Ltd., Class H		488,500		332,313
China Gas Holdings Ltd.		229,600		754,628
China Huarong Asset Management Co. Ltd., Class H^(a)		1,359,000		311,626
China Huishan Dairy Holdings Co. Ltd.^(b)(d)		20,200		51
China International Capital Corp. Ltd., Class H^(a)		141,200		328,096
China International Marine Containers Group Co. Ltd., Class A		9,900		19,563
China International Travel Service Corp. Ltd., Class A		4,300		40,976
China Jinmao Holdings Group Ltd.		676,000		328,105
China Life Insurance Co. Ltd., Class H		980,000		2,696,629
China Literature Ltd.^(a)(b)(c)		2,800		13,358
China Longyuan Power Group Corp. Ltd., Class H		422,000		315,030
China Medical System Holdings Ltd.		187,000		196,772
China Mengniu Dairy Co. Ltd.		361,000		1,115,219
China Merchants Bank Co. Ltd., Class A		22,700		107,614
China Merchants Bank Co. Ltd., Class H		512,831		2,351,896
China Merchants Port Holdings Co. Ltd.		178,000		374,150
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		14,600		46,230
China Minsheng Banking Corp. Ltd., Class A		88,800		86,609
China Minsheng Banking Corp. Ltd., Class H		709,660		547,853
China Mobile Ltd.		810,000		8,523,274
China Molybdenum Co. Ltd., Class H		516,000		247,160
China National Building Material Co. Ltd., Class H		506,000		402,877
China National Nuclear Power Co. Ltd., Class A		43,900		39,276
China Oilfield Services Ltd., Class H		236,000		233,601
China Overseas Land & Investment Ltd.		506,000		1,862,901
China Pacific Insurance Group Co. Ltd., Class A		10,900		55,386
China Pacific Insurance Group Co. Ltd., Class H		340,600		1,282,164
China Petroleum & Chemical Corp., Class A		68,500		61,490
China Petroleum & Chemical Corp., Class H		3,324,600		2,871,511
China Power International Development Ltd.		622,000		156,891
China Railway Construction Corp. Ltd., Class A		15,999		27,242
China Railway Construction Corp. Ltd., Class H		264,000		380,035
China Railway Group Ltd., Class H		505,000		500,510
China Railway Signal & Communication Corp. Ltd., Class H^(a)		195,000		161,469
China Reinsurance Group Corp., Class H		816,000		188,153
China Resources Beer Holdings Co. Ltd.		192,000		715,432
China Resources Cement Holdings Ltd.		340,000		362,098
China Resources Gas Group Ltd.		116,000		503,911
China Resources Land Ltd.		365,777		1,365,292
China Resources Pharmaceutical Group Ltd.^(a)		209,000		280,094
China Resources Power Holdings Co. Ltd.		250,000		473,897
China Shenhua Energy Co. Ltd., Class H		450,000		1,109,837
China Southern Airlines Co. Ltd., Class H		268,000		218,844
China State Construction Engineering Corp. Ltd., Class A		59,740		54,875
China State Construction International Holdings Ltd.		284,000		300,288
China Taiping Insurance Holdings Co. Ltd.		220,300		681,965
China Telecom Corp. Ltd., Class H		1,836,000		994,038
China Tower Corp. Ltd., Class H^(a)(b)		4,556,000		1,079,538
China Traditional Chinese Medicine Holdings Co. Ltd.		306,000		201,926
China Travel International Investment Hong Kong Ltd.		352,000		104,482
China Unicom Hong Kong Ltd.		814,000		965,418
China Vanke Co. Ltd., Class A		14,900		62,291
China Vanke Co. Ltd., Class H		159,900		607,024
China Yangtze Power Co. Ltd., Class A		22,500		54,778
China Zhongwang Holdings Ltd.		236,400		125,280


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			37

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Chongqing Rural Commercial Bank Co. Ltd., Class H		365,000	$	228,305
CIFI Holdings Group Co. Ltd.		450,000		293,511
CITIC Ltd.		770,000		1,171,215
CITIC Securities Co. Ltd., Class A		20,500		71,985
CITIC Securities Co. Ltd., Class H		296,500		718,417
CNOOC Ltd.		2,354,000		4,060,379
COSCO SHIPPING Development Co. Ltd., Class A^(b)		75,900		33,896
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		174,000		102,408
COSCO SHIPPING Holdings Co. Ltd., Class H^(b)		360,000		156,845
COSCO SHIPPING Ports Ltd.		228,000		242,238
Country Garden Holdings Co. Ltd.		1,000,828		1,318,322
Country Garden Services Holdings Co. Ltd.^(b)		64,000		105,338
CRRC Corp. Ltd., Class A		31,300		44,225
CRRC Corp. Ltd., Class H		557,750		585,475
CSPC Pharmaceutical Group Ltd.		616,000		1,051,543
Ctrip.com International Ltd., ADR^(b)		51,899		1,771,313
Dali Foods Group Co. Ltd.^(a)		288,000		196,285
Daqin Railway Co. Ltd., Class A		18,899		25,207
Datang International Power Generation Co. Ltd., Class H		420,000		116,640
Dongfeng Motor Group Co. Ltd., Class H		346,000		368,048
ENN Energy Holdings Ltd.		99,800		1,029,810
Far East Horizon Ltd.		294,000		328,090
Focus Media Information Technology Co. Ltd., Class A		18,400		18,523
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,800		20,615
Fosun International Ltd.		352,500		580,180
Fullshare Holdings Ltd.^(c)		557,500		111,503
Future Land Development Holdings Ltd.		238,000		204,958
Fuyao Glass Industry Group Co. Ltd., Class H^(a)		72,000		257,280
GDS Holdings Ltd., ADR^(b)		7,603		252,952
Geely Automobile Holdings Ltd.		650,000		1,220,541
Gemdale Corp., Class A		13,200		22,298
Genscript Biotech Corp.^(b)		106,000		198,232
GF Securities Co. Ltd., Class H		209,200		352,851
GOME Retail Holdings Ltd.^(b)(c)		1,665,000		150,596
Great Wall Motor Co. Ltd., Class H^(c)		415,500		304,355
Gree Electric Appliances Inc. of Zhuhai, Class A		4,600		30,780
Greentown China Holdings Ltd.		135,000		114,710
Guangdong Investment Ltd.		380,000		729,038
Guangzhou Automobile Group Co. Ltd., Class H		396,800		487,798
Guangzhou R&F Properties Co. Ltd., Class H		128,800		240,870
Guotai Junan Securities Co. Ltd., Class A		18,300		53,327
Guotai Junan Securities Co. Ltd., Class H^(a)		80,000		178,145
Haier Electronics Group Co. Ltd.		158,000		470,993
Haitian International Holdings Ltd.		95,000		207,674
Haitong Securities Co. Ltd., Class H		434,400		576,632
Hanergy Thin Film Power Group Ltd.^(b)(d)		2,513		—
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		13,200		68,019
Hengan International Group Co. Ltd.		96,000		775,969
HengTen Networks Group Ltd.^(b)		2,564,000		91,457
Hua Hong Semiconductor Ltd.^(a)		9,000		21,050
Huadian Power International Corp. Ltd., Class H		244,000		106,928
Huaneng Power International Inc., Class H		558,000		344,050
Huaneng Renewables Corp. Ltd., Class H		644,000		196,076
Huatai Securities Co. Ltd., Class A		12,200		41,929
Huatai Securities Co. Ltd., Class H^(a)		206,400		418,069
Huaxia Bank Co. Ltd., Class A		39,700		49,334
Huazhu Group Ltd., ADR^(c)		17,434		611,410
Industrial & Commercial Bank of China Ltd., Class A		94,400		81,073
Industrial & Commercial Bank of China Ltd., Class H		9,121,000		7,018,120


Security	Shares		Value

China (continued)
Industrial Bank Co. Ltd., Class A		25,800	$	68,824
Industrial Securities Co. Ltd., Class A		42,900		43,828
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,600		34,733
Inner Mongolia Yitai Coal Co. Ltd., Class B		151,200		186,732
iQIYI Inc., ADR^(b)		1,037		28,165
JD.com Inc., ADR^(b)(c)		95,398		2,643,479
Jiangsu Expressway Co. Ltd., Class H		170,000		234,324
Jiangsu Hengrui Medicine Co. Ltd., Class A		5,600		60,139
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,803		29,905
Jiangxi Copper Co. Ltd., Class H		178,000		243,084
Jiayuan International Group Ltd.		126,000		61,316
Kaisa Group Holdings Ltd.		332,000		118,423
Kangmei Pharmaceutical Co. Ltd., Class A		5,900		9,359
Kingboard Holdings Ltd.		93,000		325,804
Kingboard Laminates Holdings Ltd.		161,000		197,307
Kingdee International Software Group Co. Ltd.		254,000		275,039
Kingsoft Corp. Ltd.		107,000		208,008
Kunlun Energy Co. Ltd.		436,000		478,779
Kweichow Moutai Co. Ltd., Class A		1,418		159,906
KWG Group Holdings Ltd.		173,000		162,646
Lee & Man Paper Manufacturing Ltd.		205,000		188,814
Legend Holdings Corp., Class H^(a)		46,300		128,877
Lenovo Group Ltd.^(c)		968,000		871,839
Logan Property Holdings Co. Ltd.		180,000		256,363
Longfor Group Holdings Ltd.		196,000		581,773
Luye Pharma Group Ltd.^(a)(c)		167,000		124,668
Luzhou Laojiao Co. Ltd., Class A		2,500		19,133
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		13,320		34,418
Meitu Inc.^(a)(b)(c)		207,000		84,648
Metallurgical Corp. of China Ltd., Class A		72,100		37,476
Metallurgical Corp. of China Ltd., Class H		345,000		101,085
Midea Group Co. Ltd., Class A		10,400		74,219
MMG Ltd.^(b)		324,000		153,543
Momo Inc., ADR^(b)		15,774		523,224
NetEase Inc., ADR		10,468		2,336,667
New China Life Insurance Co. Ltd., Class A		3,600		26,971
New China Life Insurance Co. Ltd., Class H		112,000		542,179
New Oriental Education & Technology Group Inc., ADR^(b)		18,805		1,543,138
Nexteer Automotive Group Ltd.		109,000		155,242
Nine Dragons Paper Holdings Ltd.		222,000		230,207
Noah Holdings Ltd., ADR^(b)(c)		3,818		220,489
People’s Insurance Co. Group of China Ltd. (The), Class H		1,007,000		456,689
PetroChina Co. Ltd., Class H		2,782,000		1,839,356
PICC Property & Casualty Co. Ltd., Class H		908,740		1,088,200
Pinduoduo Inc., ADR^(b)		12,584		376,765
Ping An Bank Co. Ltd., Class A		21,000		38,768
Ping An Insurance Group Co. of China Ltd., Class A		12,600		131,755
Ping An Insurance Group Co. of China Ltd., Class H		685,500		7,217,582
Poly Developments and Holdings Group Co. Ltd., Class A		13,100		25,847
Postal Savings Bank of China Co. Ltd., Class H^(a)		471,000		282,007
Qingdao Haier Co. Ltd., Class A		10,700		26,338
RiseSun Real Estate Development Co. Ltd., Class A		14,900		21,253
SAIC Motor Corp. Ltd., Class A		10,400		43,991
Semiconductor Manufacturing International Corp.^(b)(c)		372,300		377,052
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		260,000		225,891
Shanghai Electric Group Co. Ltd., Class H		434,000		160,888
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		5,100		21,923
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		73,500		260,768


38		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Shanghai Industrial Holdings Ltd.		63,000	$	141,252
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		116,180		164,162
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		10,800		29,713
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		114,100		256,404
Shanghai Pudong Development Bank Co. Ltd., Class A		34,000		59,619
Shenwan Hongyuan Group Co. Ltd., Class A		88,300		72,537
Shenzhen International Holdings Ltd.		124,000		255,905
Shenzhen Investment Ltd.		450,000		167,966
Shenzhou International Group Holdings Ltd.		98,600		1,230,961
Shimao Property Holdings Ltd.		150,000		354,659
Shui On Land Ltd.		496,000		123,845
Sihuan Pharmaceutical Holdings Group Ltd.		499,000		104,252
SINA Corp./China^(b)		8,643		582,279
Sino Biopharmaceutical Ltd.		878,500		762,132
Sino-Ocean Group Holding Ltd.		362,500		169,479
Sinopec Engineering Group Co. Ltd., Class H		176,500		160,316
Sinopec Shanghai Petrochemical Co. Ltd., Class H		411,000		208,385
Sinopharm Group Co. Ltd., Class H		157,600		700,685
Sinotrans Ltd., Class H		286,000		134,442
Sinotruk Hong Kong Ltd.		97,000		176,458
SOHO China Ltd.^(b)		321,000		136,991
SSY Group Ltd.		218,000		193,289
Sun Art Retail Group Ltd.		325,000		330,391
Sunac China Holdings Ltd.		319,000		1,334,958
Suning.com Co. Ltd., Class A		13,300		24,315
Sunny Optical Technology Group Co. Ltd.		94,100		1,114,844
TAL Education Group, ADR^(b)		43,699		1,555,684
Tencent Holdings Ltd.		739,000		31,613,060
Tingyi Cayman Islands Holding Corp.		258,000		358,251
Tong Ren Tang Technologies Co. Ltd., Class H		82,000		107,386
Towngas China Co. Ltd.		118,000		94,102
TravelSky Technology Ltd., Class H		126,000		365,169
Tsingtao Brewery Co. Ltd., Class H		48,000		203,623
Uni-President China Holdings Ltd.		195,000		173,641
Vipshop Holdings Ltd., ADR^(b)		56,844		408,140
Want Want China Holdings Ltd.		654,000		527,379
Weibo Corp., ADR^(b)(c)		6,167		445,566
Weichai Power Co. Ltd., Class H		270,200		375,192
Wuliangye Yibin Co. Ltd., Class A		4,700		50,193
Wuxi Biologics Cayman Inc.^(a)(b)		64,000		607,404
XCMG Construction Machinery Co. Ltd., Class A		34,200		20,126
Xiaomi Corp., Class B^(a)(b)		211,400		322,090
Xinhu Zhongbao Co. Ltd., Class A		19,200		10,496
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		15,800		32,614
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		79,800		91,493
Xinyi Solar Holdings Ltd.		366,000		179,974
Yanzhou Coal Mining Co. Ltd., Class H		228,000		226,263
Yuexiu Property Co. Ltd.		868,000		200,143
Yum China Holdings Inc.		48,409		2,019,623
Yunnan Baiyao Group Co. Ltd., Class A^(d)		2,100		26,686
Yuzhou Properties Co. Ltd.		192,000		93,679
YY Inc., ADR^(b)		6,258		441,189
Zhaojin Mining Industry Co. Ltd., Class H^(c)		149,000		158,874
Zhejiang Expressway Co. Ltd., Class H		198,000		206,581
Zhejiang Semir Garment Co. Ltd., Class A		19,900		29,871
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		24,900		93,576
Zhongsheng Group Holdings Ltd.		78,500		182,405


Security	Shares		Value

China (continued)
Zhuzhou CRRC Times Electric Co. Ltd., Class H		69,500	$	390,007
Zijin Mining Group Co. Ltd., Class H		796,000		340,717
ZTE Corp., Class H^(b)		98,960		295,627
ZTO Express Cayman Inc., ADR		23,313		463,462

				215,697,169

India — 11.7%
Adani Ports & Special Economic Zone Ltd.		69,580		318,766
Ambuja Cements Ltd.		77,413		230,793
Ashok Leyland Ltd.		150,048		182,481
Asian Paints Ltd.		38,301		756,691
Aurobindo Pharma Ltd.		34,655		346,934
Avenue Supermarts Ltd.^(a)(b)		16,184		331,251
Axis Bank Ltd.^(b)		226,967		2,264,205
Bajaj Auto Ltd.		11,396		464,740
Bajaj Finance Ltd.		22,954		854,890
Bajaj Finserv Ltd.		5,103		463,653
Bharat Forge Ltd.		26,703		192,559
Bharat Petroleum Corp. Ltd.		102,207		485,053
Bharti Airtel Ltd.		185,044		827,448
Bharti Infratel Ltd.		45,072		186,083
Bosch Ltd.		980		262,150
Britannia Industries Ltd.		7,693		330,634
Cadila Healthcare Ltd.		28,422		127,352
Cipla Ltd./India		44,702		348,528
Coal India Ltd.		91,987		295,259
Container Corp. of India Ltd.		27,371		181,925
Dabur India Ltd.		69,972		430,941
Dr. Reddy’s Laboratories Ltd.		15,067		557,475
Eicher Motors Ltd.		1,771		494,728
GAIL India Ltd.		104,977		504,766
Glenmark Pharmaceuticals Ltd.		18,631		156,262
Godrej Consumer Products Ltd.		48,567		459,441
Grasim Industries Ltd.		44,464		485,767
Havells India Ltd.		34,272		344,690
HCL Technologies Ltd.		71,622		1,061,246
Hero MotoCorp Ltd.		6,869		253,808
Hindalco Industries Ltd.		150,868		415,211
Hindustan Petroleum Corp. Ltd.		76,638		240,658
Hindustan Unilever Ltd.		85,661		2,086,720
Housing Development Finance Corp. Ltd.		208,664		5,401,552
ICICI Bank Ltd.		315,694		1,554,141
Indiabulls Housing Finance Ltd.		37,187		342,585
Indian Oil Corp. Ltd.		242,337		492,672
Infosys Ltd.		461,078		4,760,121
InterGlobe Aviation Ltd.^(a)		11,749		185,891
ITC Ltd.		449,930		1,746,235
JSW Steel Ltd.		109,229		431,687
Larsen & Toubro Ltd.		63,041		1,145,974
LIC Housing Finance Ltd.		38,421		256,856
Lupin Ltd.		28,819		309,457
Mahindra & Mahindra Financial Services Ltd.		39,489		220,052
Mahindra & Mahindra Ltd.		99,664		905,052
Marico Ltd.		61,780		295,062
Maruti Suzuki India Ltd.		14,022		1,346,424
Motherson Sumi Systems Ltd.		122,399		279,813
Nestle India Ltd.		3,084		461,334
NTPC Ltd.		262,957		522,208
Oil & Natural Gas Corp. Ltd.		194,983		407,504
Page Industries Ltd.		460		144,141
Petronet LNG Ltd.		78,750		247,567


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			39

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Pidilite Industries Ltd.		15,992	$	259,116
Piramal Enterprises Ltd.		11,123		363,835
Power Grid Corp. of India Ltd.		208,444		535,864
REC Ltd.		93,891		179,990
Reliance Industries Ltd.		375,901		6,506,078
Shree Cement Ltd.		1,068		249,150
Shriram Transport Finance Co. Ltd.		18,716		300,569
State Bank of India^(b)		229,936		869,781
Sun Pharmaceutical Industries Ltd.		110,895		694,046
Tata Consultancy Services Ltd.		118,827		3,313,649
Tata Motors Ltd.^(b)		211,815		528,449
Tata Power Co. Ltd. (The)		150,665		138,641
Tata Steel Ltd.		47,162		331,836
Tech Mahindra Ltd.		62,225		726,259
Titan Co. Ltd.		41,167		593,373
UltraTech Cement Ltd.		12,755		686,202
United Spirits Ltd.^(b)		39,490		303,283
UPL Ltd.		47,460		585,591
Vedanta Ltd.		166,762		397,174
Vodafone Idea Ltd.^(b)		271,445		114,110
Wipro Ltd.		150,270		779,383
Yes Bank Ltd.		218,829		711,163
Zee Entertainment Enterprises Ltd.		62,988		413,300

				57,980,278

Indonesia — 3.0%
Adaro Energy Tbk PT		1,948,000		181,402
Astra International Tbk PT		2,664,900		1,354,472
Bank Central Asia Tbk PT		1,295,900		2,540,213
Bank Danamon Indonesia Tbk PT		386,300		234,100
Bank Mandiri Persero Tbk PT		2,460,300		1,246,109
Bank Negara Indonesia Persero Tbk PT		981,000		613,670
Bank Rakyat Indonesia Persero Tbk PT		7,311,300		2,000,960
Bank Tabungan Negara Persero Tbk PT		615,200		106,269
Bumi Serpong Damai Tbk PT^(b)		959,600		92,430
Charoen Pokphand Indonesia Tbk PT		992,500		515,035
Gudang Garam Tbk PT		62,700		380,635
Hanjaya Mandala Sampoerna Tbk PT		1,248,300		337,198
Indah Kiat Pulp & Paper Corp. Tbk PT		372,900		292,250
Indocement Tunggal Prakarsa Tbk PT		237,100		324,027
Indofood CBP Sukses Makmur Tbk PT		302,200		219,655
Indofood Sukses Makmur Tbk PT		584,500		293,964
Jasa Marga Persero Tbk PT		306,498		113,841
Kalbe Farma Tbk PT		2,818,600		299,542
Pakuwon Jati Tbk PT		2,025,300		89,261
Perusahaan Gas Negara Persero Tbk PT		1,588,200		286,762
Semen Indonesia Persero Tbk PT		392,700		353,130
Surya Citra Media Tbk PT		868,900		108,091
Telekomunikasi Indonesia Persero Tbk PT		6,620,900		1,816,718
Tower Bersama Infrastructure Tbk PT		296,400		83,858
Unilever Indonesia Tbk PT		203,900		705,515
United Tractors Tbk PT		217,800		410,286

				14,999,393

Malaysia — 3.2%
AirAsia Group Bhd		204,400		139,232
Alliance Bank Malaysia Bhd		144,300		140,521
AMMB Holdings Bhd		217,600		239,191
Axiata Group Bhd		360,600		368,891
British American Tobacco Malaysia Bhd		18,600		154,142
CIMB Group Holdings Bhd		604,300		869,336


Security	Shares		Value

Malaysia (continued)
Dialog Group Bhd		482,678	$	383,389
DiGi.Com Bhd^(c)		414,000		463,224
Fraser & Neave Holdings Bhd		17,700		153,648
Gamuda Bhd		251,600		181,902
Genting Bhd		277,000		502,026
Genting Malaysia Bhd^(c)		414,000		356,326
Genting Plantations Bhd		37,800		97,602
HAP Seng Consolidated Bhd		77,800		188,450
Hartalega Holdings Bhd		175,100		215,296
Hong Leong Bank Bhd		89,600		468,877
Hong Leong Financial Group Bhd		31,900		154,538
IHH Healthcare Bhd		321,100		452,454
IJM Corp. Bhd^(c)		404,100		178,871
IOI Corp. Bhd		255,000		281,557
IOI Properties Group Bhd		277,943		110,043
Kuala Lumpur Kepong Bhd		56,300		342,521
Malayan Banking Bhd		497,900		1,166,848
Malaysia Airports Holdings Bhd		109,300		219,594
Maxis Bhd^(c)		309,100		408,181
MISC Bhd		144,500		245,186
Nestle Malaysia Bhd		7,800		283,880
Petronas Chemicals Group Bhd		319,900		725,311
Petronas Dagangan Bhd		25,800		169,399
Petronas Gas Bhd		92,400		410,818
PPB Group Bhd		73,280		330,855
Press Metal Aluminium Holdings Bhd^(c)		173,300		180,268
Public Bank Bhd		383,510		2,357,740
RHB Bank Bhd		137,962		192,024
RHB Capital Bhd^(b)(d)		28,800		—
Sime Darby Bhd		316,400		168,840
Sime Darby Plantation Bhd		311,000		390,041
Sime Darby Property Bhd		437,800		113,043
SP Setia Bhd Group		220,700		124,285
Telekom Malaysia Bhd^(c)		154,900		116,180
Tenaga Nasional Bhd^(c)		409,600		1,351,735
Top Glove Corp. Bhd		194,900		217,594
Westports Holdings Bhd		128,000		116,149
YTL Corp. Bhd		383,708		100,020

				15,830,028

Pakistan — 0.0%
Habib Bank Ltd.		62,100		58,930
MCB Bank Ltd.		51,800		76,720
Oil & Gas Development Co. Ltd.		82,400		88,742

				224,392

Philippines — 1.5%
Aboitiz Equity Ventures Inc.		248,850		293,501
Aboitiz Power Corp.		211,800		142,715
Alliance Global Group Inc.		568,800		150,668
Ayala Corp.		32,760		585,905
Ayala Land Inc.		962,500		818,832
Bank of the Philippine Islands		117,772		191,277
BDO Unibank Inc.		260,049		641,575
DMCI Holdings Inc.		566,100		124,778
Globe Telecom Inc.		4,685		172,109
GT Capital Holdings Inc.		11,506		212,456
International Container Terminal Services Inc.		59,410		133,248
JG Summit Holdings Inc.		376,716		482,185
Jollibee Foods Corp.		56,150		334,164
Manila Electric Co.		29,370		208,747


40		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Philippines (continued)
Megaworld Corp.		1,613,500	$	161,288
Metro Pacific Investments Corp.		1,976,400		179,603
Metropolitan Bank & Trust Co.		105,168		154,539
PLDT Inc.		11,440		227,827
Robinsons Land Corp.		274,390		124,144
Security Bank Corp.		26,770		85,817
SM Investments Corp.		31,509		572,669
SM Prime Holdings Inc.		1,326,950		983,924
Universal Robina Corp.		115,500		303,936

				7,285,907

South Korea — 17.8%
Amorepacific Corp.		4,157		739,219
AMOREPACIFIC Group		3,735		243,421
BGF retail Co. Ltd.		1,008		190,899
BNK Financial Group Inc.		34,000		214,333
Celltrion Healthcare Co. Ltd.^(b)		4,725		293,238
Celltrion Inc.^(b)		10,947		1,990,452
Celltrion Pharm Inc.^(b)		2,180		117,461
Cheil Worldwide Inc.		9,242		205,843
CJ CheilJedang Corp.		1,095		313,497
CJ Corp.		1,895		210,612
CJ ENM Co. Ltd.		1,507		319,301
CJ Logistics Corp.^(b)		1,078		182,111
Coway Co. Ltd.		7,105		597,611
Daelim Industrial Co. Ltd.		3,601		299,683
Daewoo Engineering & Construction Co. Ltd.^(b)		19,492		87,521
DB Insurance Co. Ltd.		6,466		416,809
DGB Financial Group Inc.		22,419		169,035
Doosan Bobcat Inc.		6,113		173,384
E-MART Inc.		2,716		434,676
GS Engineering & Construction Corp.		6,344		241,418
GS Holdings Corp.		7,010		334,077
GS Retail Co. Ltd.		3,271		112,552
Hana Financial Group Inc.		39,050		1,348,886
Hankook Tire Co. Ltd.		9,757		370,865
Hanmi Pharm Co. Ltd.		853		374,662
Hanmi Science Co. Ltd.		1,867		134,958
Hanon Systems		25,342		280,526
Hanwha Chemical Corp.		14,055		292,422
Hanwha Corp.		5,629		160,907
Hanwha Life Insurance Co. Ltd.		42,214		156,515
HDC Hyundai Development Co-Engineering & Construction, Class E^(b)		3,414		146,158
HLB Inc.^(b)		4,189		334,464
Hotel Shilla Co. Ltd.		3,962		288,863
Hyundai Department Store Co. Ltd.		1,990		171,274
Hyundai Engineering & Construction Co. Ltd.		10,464		532,178
Hyundai Glovis Co. Ltd.		2,393		296,811
Hyundai Heavy Industries Co. Ltd.^(b)		4,859		568,115
Hyundai Heavy Industries Holdings Co. Ltd.		1,289		413,736
Hyundai Marine & Fire Insurance Co. Ltd.		8,574		287,401
Hyundai Mobis Co. Ltd.		9,001		1,764,667
Hyundai Motor Co.		20,564		2,312,924
Hyundai Steel Co.		10,603		469,956
Industrial Bank of Korea		33,415		414,457
Kakao Corp.		6,646		611,595
Kangwon Land Inc.^(b)		16,030		440,408
KB Financial Group Inc.		52,583		2,073,492
KCC Corp.		789		224,136
Kia Motors Corp.		34,986		1,136,959


Security	Shares		Value

South Korea (continued)
Korea Aerospace Industries Ltd.^(b)		9,646	$	315,616
Korea Electric Power Corp.^(b)		33,886		1,049,993
Korea Gas Corp.		3,522		156,888
Korea Investment Holdings Co. Ltd.^(b)		5,655		324,306
Korea Zinc Co. Ltd.^(b)		1,134		460,275
Korean Air Lines Co. Ltd.^(b)		6,345		207,607
KT Corp.		574		14,520
KT&G Corp.		15,370		1,441,749
Kumho Petrochemical Co. Ltd.		2,385		202,938
LG Chem Ltd.		6,094		2,115,859
LG Corp.		12,513		834,422
LG Display Co. Ltd.^(b)		31,056		586,770
LG Electronics Inc.		14,059		881,266
LG Household & Health Care Ltd.		1,228		1,360,441
LG Innotek Co. Ltd.		1,970		189,170
LG Uplus Corp.		19,808		264,177
Lotte Chemical Corp.		2,274		644,977
Lotte Corp.		3,769		177,944
Lotte Shopping Co. Ltd.		1,420		241,149
Medy-Tox Inc.		563		273,316
Mirae Asset Daewoo Co. Ltd.		51,705		347,550
NAVER Corp.		18,523		2,190,414
NCSoft Corp.		2,324		952,578
Netmarble Corp.^(a)(b)		3,362		352,730
NH Investment & Securities Co. Ltd.^(b)		18,910		219,414
OCI Co. Ltd.^(b)		2,373		227,869
Orange Life Insurance Ltd.^(a)		4,475		142,045
Orion Corp./Republic of Korea		3,004		297,809
Ottogi Corp.		173		117,518
Pan Ocean Co. Ltd.^(b)		30,895		118,806
Pearl Abyss Corp.^(b)		780		124,903
POSCO		10,343		2,418,609
Posco Daewoo Corp.		5,945		100,167
S-1 Corp.		2,179		197,615
Samsung Biologics Co. Ltd.^(a)(b)		2,169		725,121
Samsung C&T Corp.		10,122		1,039,469
Samsung Card Co. Ltd.		3,485		105,507
Samsung Electro-Mechanics Co. Ltd.		7,463		710,004
Samsung Electronics Co. Ltd.		622,986		24,981,478
Samsung Engineering Co. Ltd.^(b)		21,264		296,830
Samsung Fire & Marine Insurance Co. Ltd.		4,059		1,088,102
Samsung Heavy Industries Co. Ltd.^(b)		51,133		416,447
Samsung Life Insurance Co. Ltd.		9,403		741,572
Samsung SDI Co. Ltd.		7,280		1,537,299
Samsung SDS Co. Ltd.		4,616		946,019
Samsung Securities Co. Ltd.		8,255		254,322
Shinhan Financial Group Co. Ltd.		56,297		2,184,906
Shinsegae Inc.		977		248,007
SillaJen Inc.^(b)(c)		6,624		437,595
SK Holdings Co. Ltd.		4,196		1,016,636
SK Hynix Inc.		76,786		4,779,070
SK Innovation Co. Ltd.		8,533		1,426,339
SK Telecom Co. Ltd.		2,739		634,400
S-Oil Corp.		5,943		528,408
ViroMed Co. Ltd.^(b)		1,802		445,093
Woori Financial Group Inc.^(b)		62,569		823,350
Yuhan Corp.		1,218		282,110

				88,693,982

Taiwan — 15.0%
Acer Inc.		387,062		255,933


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			41

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Advantech Co. Ltd.		45,282	$	345,760
Airtac International Group		16,000		199,113
ASE Technology Holding Co. Ltd.		460,484		941,122
Asia Cement Corp.		303,229		382,281
Asustek Computer Inc.		93,000		663,282
AU Optronics Corp.		1,057,000		389,809
Catcher Technology Co. Ltd.		87,000		661,479
Cathay Financial Holding Co. Ltd.		1,070,944		1,576,325
Chailease Holding Co. Ltd.		154,105		605,875
Chang Hwa Commercial Bank Ltd.		763,585		458,997
Cheng Shin Rubber Industry Co. Ltd.		264,776		376,389
Chicony Electronics Co. Ltd.		80,518		177,903
China Airlines Ltd.		336,000		110,812
China Development Financial Holding Corp.		1,868,200		605,201
China Life Insurance Co. Ltd./Taiwan		324,298		302,944
China Steel Corp.		1,661,867		1,376,947
Chunghwa Telecom Co. Ltd.		499,000		1,734,863
Compal Electronics Inc.		571,000		354,365
CTBC Financial Holding Co. Ltd.		2,250,265		1,524,476
Delta Electronics Inc.		273,000		1,361,607
E.Sun Financial Holding Co. Ltd.		1,225,564		880,053
Eclat Textile Co. Ltd.		24,604		281,803
Eva Airways Corp.		325,669		163,488
Evergreen Marine Corp. Taiwan Ltd.		275,221		111,335
Far Eastern New Century Corp.		427,460		423,620
Far EasTone Telecommunications Co. Ltd.		216,000		506,022
Feng TAY Enterprise Co. Ltd.		43,064		270,755
First Financial Holding Co. Ltd.		1,246,725		842,587
Formosa Chemicals & Fibre Corp.		465,950		1,597,249
Formosa Petrochemical Corp.		169,000		639,725
Formosa Plastics Corp.		591,400		1,969,636
Formosa Taffeta Co. Ltd.		103,000		118,976
Foxconn Technology Co. Ltd.		123,521		253,251
Fubon Financial Holding Co. Ltd.		873,396		1,291,229
Giant Manufacturing Co. Ltd.		45,000		247,835
Globalwafers Co. Ltd.		31,000		337,433
Highwealth Construction Corp.		100,840		156,454
Hiwin Technologies Corp.		32,181		289,641
Hon Hai Precision Industry Co. Ltd.		1,737,651		4,104,665
Hotai Motor Co. Ltd.		37,000		402,141
Hua Nan Financial Holdings Co. Ltd.		990,461		608,247
Innolux Corp.		1,190,620		396,532
Inventec Corp.		345,980		267,552
Largan Precision Co. Ltd.		13,000		1,841,665
Lite-On Technology Corp.		263,032		380,747
MediaTek Inc.		197,176		1,793,878
Mega Financial Holding Co. Ltd.		1,430,542		1,266,624
Micro-Star International Co. Ltd.		88,000		233,893
Nan Ya Plastics Corp.		680,090		1,699,313
Nanya Technology Corp.		142,000		286,985
Nien Made Enterprise Co. Ltd.		20,000		173,834
Novatek Microelectronics Corp.		76,000		422,270
Pegatron Corp.		264,000		452,917
Phison Electronics Corp.		23,000		209,251
Pou Chen Corp.		283,000		356,779
Powertech Technology Inc.		103,000		239,624
President Chain Store Corp.		75,000		776,160
Quanta Computer Inc.		341,000		633,769
Realtek Semiconductor Corp.		62,140		359,395
Ruentex Development Co. Ltd.		80,439		126,762


Security	Shares		Value

Taiwan (continued)
Ruentex Industries Ltd.		50,113	$	132,543
Shanghai Commercial & Savings Bank Ltd. (The)		154,000		239,683
Shin Kong Financial Holding Co. Ltd.		1,399,389		419,683
SinoPac Financial Holdings Co. Ltd.		1,419,699		495,890
Standard Foods Corp.		52,987		90,732
Synnex Technology International Corp.		186,050		226,695
TaiMed Biologics Inc.^(b)		25,000		147,434
Taishin Financial Holding Co. Ltd.		1,254,129		568,456
Taiwan Business Bank .		487,278		179,702
Taiwan Cement Corp.		610,100		761,225
Taiwan Cooperative Financial Holding Co. Ltd.		1,187,626		737,045
Taiwan High Speed Rail Corp.		272,000		291,651
Taiwan Mobile Co. Ltd.		217,000		775,592
Taiwan Semiconductor Manufacturing Co. Ltd.		2,944,000		22,862,119
Uni-President Enterprises Corp.		633,650		1,544,157
United Microelectronics Corp.		1,601,000		595,631
Vanguard International Semiconductor Corp.		120,000		270,206
Walsin Technology Corp.		41,000		241,126
Win Semiconductors Corp.		52,000		295,680
Winbond Electronics Corp.		397,000		198,007
Wistron Corp.		396,080		274,765
WPG Holdings Ltd.		209,320		270,691
Yageo Corp.		32,151		361,453
Yuanta Financial Holding Co. Ltd.		1,319,893		748,367
Zhen Ding Technology Holding Ltd.		55,455		161,086

				74,709,197

Thailand — 3.3%
Advanced Info Service PCL, NVDR		141,100		814,921
Airports of Thailand PCL, NVDR		564,600		1,209,377
Bangkok Bank PCL, Foreign		31,400		213,236
Bangkok Dusit Medical Services PCL, NVDR		508,400		380,745
Bangkok Expressway & Metro PCL, NVDR		993,500		334,188
Banpu PCL, NVDR		258,600		133,762
Berli Jucker PCL, NVDR		159,800		251,015
BTS Group Holdings PCL,, NVDR		723,200		238,676
Bumrungrad Hospital PCL, NVDR		47,600		281,710
Central Pattana PCL, NVDR		178,400		427,424
Charoen Pokphand Foods PCL, NVDR^(c)		447,200		372,519
CP ALL PCL, NVDR		661,000		1,630,869
Delta Electronics Thailand PCL, NVDR		73,700		169,560
Electricity Generating PCL, NVDR		17,200		145,733
Energy Absolute PCL, NVDR		166,900		252,899
Glow Energy PCL, NVDR		71,300		205,896
Home Product Center PCL, NVDR		533,949		254,161
Indorama Ventures PCL, NVDR		213,800		349,407
IRPC PCL, NVDR		1,301,600		243,695
Kasikornbank PCL, Foreign		159,600		1,002,802
Kasikornbank PCL, NVDR		83,700		524,577
Krung Thai Bank PCL, NVDR		478,750		293,213
Land & Houses PCL, NVDR		355,800		118,553
Minor International PCL, NVDR		305,680		375,886
PTT Exploration & Production PCL, NVDR		183,510		725,014
PTT Global Chemical PCL, NVDR		290,900		664,650
PTT PCL, NVDR		1,391,600		2,141,772
Robinson PCL, NVDR		75,100		153,715
Siam Cement PCL (The),NVDR		51,300		771,637
Siam Commercial Bank PCL (The), NVDR		243,300		1,034,580
Thai Oil PCL, NVDR		150,200		344,370
Thai Union Group PCL, NVDR		294,100		172,657
TMB Bank PCL, NVDR		1,509,500		109,216


42		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thailand (continued)
True Corp. PCL, NVDR		1,237,005	$	211,974

				16,554,409


Total Common Stocks — 98.8% (Cost: $444,714,107)				491,974,755


Preferred Stocks

South Korea — 0.9%
Amorepacific Corp., Preference Shares, NVS		1,338		132,646
CJ Corp., Preference Shares		284		6,818
Hyundai Motor Co.
Preference Shares, NVS		2,840		186,101
Series 2, Preference Shares, NVS		4,779		341,630
LG Chem Ltd., Preference Shares, NVS		937		183,285
LG Household & Health Care Ltd., Preference
Shares, NVS		298		198,455
Samsung Electronics Co. Ltd., Preference Shares, NVS		106,048		3,394,441

				4,443,376


Total Preferred Stocks — 0.9% (Cost: $3,534,641)				4,443,376


Short-Term Investments

Money Market Funds — 7.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(e)(f)(g)		36,639,670		36,654,327


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(e)(f)		99,014	$	99,014

				36,753,341


Total Short-Term Investments — 7.4% (Cost: $36,745,236)				36,753,341


Total Investments in Securities — 107.1% (Cost: $484,993,984)				533,171,472

Other Assets, Less Liabilities — (7.1)%				(35,503,771	)


Net Assets — 100.0%			$	497,667,701

^(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)	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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)	Change in Unrealized Appreciation (Depreciation	)

BlackRock Cash Funds: Institutional, SL Agency Shares	31,286,159	5,353,511	36,639,670	$	36,654,327	$	112,770^(b	⁾	$	(2,582	) $	3,170
BlackRock Cash Funds: Treasury, SL Agency Shares	—	99,014	99,014		99,014		7,867			—		—

				$	36,753,341	$	120,637		$	(2,582	) $	3,170

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			43

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Asia ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	491,948,018	$	—	$	26,737	$	491,974,755
Preferred Stocks		4,436,558		6,818		—		4,443,376
Money Market Funds		36,753,341		—		—		36,753,341

	$	533,137,917	$	6,818	$	26,737	$	533,171,472

See notes to consolidated financial statements.


44		2 0 1 9 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

Consolidated Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 5.2%
AES Tiete Energia SA		68,800	$	213,541
Aliansce Shopping Centers SA		34,900		187,052
Alupar Investimento SA		72,608		442,395
Anima Holding SA		16,000		79,867
Arezzo Industria e Comercio SA		18,700		269,112
Banco ABC Brasil SA^(a)		1,053		5,082
BK Brasil Operacao e Assessoria a Restaurantes SA		53,600		316,862
BR Properties SA		48,641		113,618
Camil Alimentos SA		68,100		130,562
Cia. de Saneamento de Minas Gerais-COPASA		26,900		444,358
Cia. Hering		56,600		455,637
Cosan Logistica SA^(a)		60,922		244,809
CVC Brasil Operadora e Agencia de Viagens SA		56,000		872,049
Cyrela Brazil Realty SA Empreendimentos e Participacoes		108,200		493,359
Dommo Energia SA^(a)		523,800		124,307
Duratex SA		129,000		405,893
EcoRodovias Infraestrutura e Logistica SA		94,199		284,336
EDP — Energias do Brasil SA		129,000		595,080
Eneva SA^(a)		57,700		287,558
Estacio Participacoes SA		109,300		802,937
Ez Tec Empreendimentos e Participacoes SA		21,844		155,344
Fleury SA		79,800		425,572
Grendene SA		115,500		267,018
Guararapes Confeccoes SA		3,600		140,285
Iguatemi Empresa de Shopping Centers SA		37,000		414,372
Instituto Hermes Pardini SA		23,300		119,040
Iochpe Maxion SA		46,805		271,076
Light SA		35,500		187,901
Linx SA		52,300		397,732
LOG Commercial Properties e Participacoes SA^(a)		11,760		54,782
Mahle-Metal Leve SA		17,300		121,461
Marfrig Global Foods SA^(a)		93,300		136,831
Minerva SA^(a)		53,600		91,185
MRV Engenharia e Participacoes SA		118,300		428,691
Multiplus SA		24,400		173,521
Odontoprev SA		109,800		486,016
QGEP Participacoes SA		33,800		119,148
Qualicorp Consultoria e Corretora de Seguros SA		100,600		415,517
Santos Brasil Participacoes SA		116,400		117,013
Sao Martinho SA		68,600		343,526
Ser Educacional SA^(b)		32,535		164,660
SLC Agricola SA		20,400		223,134
Smiles Fidelidade SA		25,900		331,498
TOTVS SA		52,800		513,182
Transmissora Alianca de Energia Eletrica SA		95,700		636,937
Tupy SA		24,300		119,224
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		31,940		167,695
Via Varejo SA		184,500		225,321
Wiz Solucoes e Corretagem de Seguros SA		38,200		91,572

				14,107,668

Chile — 1.6%
AES Gener SA		1,180,229		353,442
Besalco SA		160,834		159,649
CAP SA		31,711		350,120
Cia. Sud Americana de Vapores SA^(a)		6,652,312		217,401
Engie Energia Chile SA		215,232		429,034


Security	Shares		Value

Chile (continued)
Forus SA		41,471	$	117,746
Grupo Security SA		453,614		199,436
Inversiones Aguas Metropolitanas SA		193,423		298,926
Inversiones La Construccion SA		13,447		242,706
Parque Arauco SA		235,144		646,370
Ripley Corp. SA		296,314		249,785
Salfacorp SA		138,659		213,740
SMU SA^(a)		1,023,539		275,960
SONDA SA		195,021		326,383
Vina Concha y Toro SA		162,479		348,865

				4,429,563

China — 12.3%
21Vianet Group Inc., ADR^(a)		26,186		247,196
361 Degrees International Ltd.		451,000		89,053
500.com Ltd., ADR^(a)(c)		7,245		110,124
AGM Group Holdings Inc.^(a)		3,851		108,637
AGTech Holdings Ltd.^(a)(c)		1,568,000		109,863
Ajisen China Holdings Ltd.		311,000		88,350
AK Medical Holdings Ltd.^(b)(c)		160,000		86,015
Anton Oilfield Services Group/Hong Kong^(a)		858,000		113,674
Anxin-China Holdings Ltd.^(a)(d)		1,084,000		11,047
APT Satellite Holdings Ltd.		271,000		120,486
Ascletis Pharma Inc.^(a)(b)		111,000		98,842
Asia Cement China Holdings Corp.		201,000		181,545
AVIC International Holdings Ltd., Class H		124,000		85,302
Beijing Capital Land Ltd., Class H		412,000		172,677
Beijing Gas Blue Sky Holdings Ltd.^(a)(c)		2,904,000		116,533
Beijing Sports and Entertainment Industry Group Ltd.^(a)(c)		527,500		179,422
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		120,000		206,986
Best Pacific International Holdings Ltd.^(c)		202,000		60,473
Bitauto Holdings Ltd., ADR^(a)		11,145		217,996
Boshiwa International Holding Ltd.^(a)(d)		32,000		122
Bosideng International Holdings Ltd.		1,354,000		260,458
Camsing International Holding Ltd.^(c)		186,000		191,218
Canvest Environment Protection Group Co. Ltd.^(c)		472,000		247,731
Capital Environment Holdings Ltd.^(a)(c)		3,002,000		72,279
Carnival Group International Holdings Ltd.^(a)		4,577,500		71,143
Central China Real Estate Ltd.		368,000		155,173
CGN Meiya Power Holdings Co. Ltd.^(a)(b)		734,000		111,272
Changyou.com Ltd., ADR		7,876		160,670
Chaowei Power Holdings Ltd.		287,000		114,437
China Aircraft Leasing Group Holdings Ltd.		162,500		182,584
China Animal Healthcare Ltd.^(a)(c)(d)		126,000		963
China Aoyuan Group Ltd.		498,000		391,432
China BlueChemical Ltd., Class H		778,000		245,795
China Datang Corp. Renewable Power Co. Ltd., Class H		1,104,000		147,673
China Dongxiang Group Co. Ltd.		1,749,000		251,773
China Everbright Greentech Ltd., Class L^(b)(c)		261,000		205,148
China Fangda Group Co. Ltd., Class B		263,600		138,352
China Foods Ltd.		384,000		147,734
China Goldjoy Group Ltd.^(c)		3,748,000		183,824
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A^(a)		592,000		371,046
China Harmony New Energy Auto Holding Ltd.		335,500		134,203
China High Speed Transmission Equipment Group Co. Ltd.^(c)		221,000		217,346
China Huiyuan Juice Group Ltd.^(a)(d)		379,000		70,974
China Lilang Ltd.		186,000		178,422
China LNG Group Ltd.^(a)(c)		946,000		148,231
China Logistics Property Holdings Co. Ltd.^(a)(b)(c)		507,000		167,282


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			45

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
China Lumena New Materials Corp.^(a)(c)(d)		210,000	$	—
China Maple Leaf Educational Systems Ltd.^(c)		626,000		281,508
China Merchants Land Ltd.		752,000		115,916
China Metal Recycling Holdings Ltd.^(a)(d)		12,000		—
China Metal Resources Utilization Ltd.^(a)(b)(c)		368,000		205,335
China Modern Dairy Holdings Ltd.^(a)		951,000		136,899
China New Higher Education Group Ltd.^(b)		193,000		109,656
China Oil and Gas Group Ltd.		2,490,000		174,463
China Overseas Grand Oceans Group Ltd.		631,000		248,387
China Overseas Property Holdings Ltd.^(c)		580,000		217,967
China Power Clean Energy Development Co. Ltd.		272,000		94,943
China Resources Medical Holdings Co. Ltd.		369,000		264,653
China Sanjiang Fine Chemicals Co. Ltd.		394,000		106,910
China SCE Group Holdings Ltd.		713,000		280,666
China Shineway Pharmaceutical Group Ltd.		128,000		134,037
China Suntien Green Energy Corp. Ltd., Class H		676,000		187,735
China Tian Lun Gas Holdings Ltd.		137,000		158,645
China Water Affairs Group Ltd.		344,000		358,470
China Youzan Ltd.^(a)(c)		3,096,000		212,979
China Yuchai International Ltd.		7,846		150,879
China Yuhua Education Corp Ltd., Class L^(b)		480,000		191,393
China ZhengTong Auto Services Holdings Ltd.		478,500		291,984
Chinasoft International Ltd.^(c)		866,000		532,852
Chong Sing Holdings FinTech Group^(a)		7,372,000		67,618
CIMC Enric Holdings Ltd.		268,000		239,328
CITIC Resources Holdings Ltd.		1,568,000		143,820
Citychamp Watch & Jewellery Group Ltd.		874,000		185,938
COFCO Meat Holdings Ltd.^(a)		370,000		100,869
Colour Life Services Group Co. Ltd.^(c)		148,000		88,425
Comba Telecom Systems Holdings Ltd.^(a)(c)		630,894		167,975
Concord New Energy Group Ltd.		3,990,000		190,610
Consun Pharmaceutical Group Ltd.		169,000		129,391
Coolpad Group Ltd.^(a)(d)		1,024,000		6,522
COSCO SHIPPING International Hong Kong Co. Ltd.^(c)		406,000		150,508
Cosmo Lady China Holdings Co. Ltd.^(b)(c)		284,000		89,725
CPMC Holdings Ltd.		202,000		89,037
Dah Chong Hong Holdings Ltd.^(c)		387,000		144,451
Daqo New Energy Corp., ADR^(a)(c)		4,072		148,139
Dawnrays Pharmaceutical Holdings Ltd.		471,000		98,403
Digital China Holdings Ltd.^(a)(c)		351,000		187,801
Dongyue Group Ltd.		493,000		336,002
eHi Car Services Ltd., ADR^(a)(c)		12,557		151,437
Fang Holdings Ltd., ADR^(a)(c)		94,949		148,120
Fanhua Inc., ADR^(c)		16,250		409,500
Fantasia Holdings Group Co. Ltd.		754,500		118,224
Fu Shou Yuan International Group Ltd.^(c)		382,000		333,346
Fufeng Group Ltd.		652,400		331,610
GCL New Energy Holdings Ltd.^(a)(c)		3,240,000		152,717
GCL-Poly Energy Holdings Ltd.^(a)(c)		5,367,000		464,924
Gemdale Properties & Investment Corp. Ltd.		2,182,000		250,172
Genertec Universal Medical Group Co. Ltd.^(b)		368,000		345,038
Glorious Property Holdings Ltd.^(a)		1,454,000		67,608
Goodbaby International Holdings Ltd.^(c)		396,000		142,765
Grand Baoxin Auto Group Ltd.		323,500		100,555
Greatview Aseptic Packaging Co. Ltd.		344,000		213,855
Greenland Hong Kong Holdings Ltd.		410,000		121,175
Guorui Properties Ltd.		440,000		91,365
Haichang Ocean Park Holdings Ltd.^(a)(b)		619,000		126,169
Hangzhou Steam Turbine Co. Ltd., Class B		173,880		157,050
Harbin Electric Co. Ltd., Class H		286,000		151,566


Security	Shares		Value

China (continued)
HC Group Inc.^(a)(c)		243,000	$	148,280
Hi Sun Technology China Ltd.^(a)		939,000		154,311
Honghua Group Ltd.^(a)		1,337,000		95,381
Hope Education Group Co. Ltd.^(a)(b)		796,000		121,685
Hua Han Health Industry Holdings Ltd., Class H^(a)(d)		1,112,400		45,347
Huabao International Holdings Ltd.		343,000		153,371
Huangshi Dongbei Electrical Appliance Co. Ltd., Class B^(a)		84,400		109,467
Huanxi Media Group Ltd.^(a)(c)		540,000		111,442
IGG Inc.		384,000		545,930
IMAX China Holding Inc.^(b)		54,400		142,067
Jinchuan Group International Resources Co. Ltd.^(a)(c)		1,104,000		99,855
JinkoSolar Holding Co. Ltd., ADR^(a)(c)		12,312		253,504
JNBY Design Ltd.		78,500		155,004
Jumei International Holding Ltd., ADR^(a)		35,452		93,948
Kama Co. Ltd., Class B^(a)		174,700		97,133
Kasen International Holdings Ltd.		333,000		214,653
Konka Group Co. Ltd., Class B		426,300		143,914
Launch Tech Co. Ltd., Class H		99,500		73,518
Lee’s Pharmaceutical Holdings Ltd.		126,000		109,952
Li Ning Co. Ltd.^(a)		726,500		1,018,051
Lifestyle China Group Ltd.^(a)		316,500		120,958
Lifetech Scientific Corp.^(a)		1,010,000		213,585
Lonking Holdings Ltd.		819,000		274,398
Luthai Textile Co. Ltd., Class B		133,100		163,624
Nam Tai Property Inc.		14,836		140,794
National Agricultural Holdings Ltd.^(a)(c)(d)		354,000		32,019
NetDragon Websoft Holdings Ltd.^(c)		101,000		216,673
Panda Green Energy Group Ltd.^(a)(c)		1,840,000		89,072
PAX Global Technology Ltd.		412,000		192,621
Phoenix Media Investment Holdings Ltd.		646,000		74,066
Poly Property Group Co. Ltd.		862,000		325,043
Pou Sheng International Holdings Ltd.		947,000		193,024
Powerlong Real Estate Holdings Ltd.		493,000		229,863
Q Technology Group Co. Ltd.^(c)		167,000		138,709
Realord Group Holdings Ltd.^(a)		244,000		155,729
Redco Group^(b)		376,000		176,269
Renhe Commercial Holdings Co. Ltd.^(a)(c)		9,648,000		436,322
Road King Infrastructure Ltd.		102,000		195,169
Ronshine China Holdings Ltd.^(a)		233,500		306,384
Sany Heavy Equipment International Holdings Co. Ltd.^(a)		428,000		152,666
Seaspan Corp.^(c)		29,085		255,948
Shandong Airlines Co. Ltd., Class B		63,400		104,592
Shang Gong Group Co. Ltd., Class B^(a)		193,600		143,264
Shanghai Fudan Microelectronics Group Co. Ltd., Class H^(a)		134,000		143,221
Shanghai Haixin Group Co., Class B		268,600		132,688
Shanghai Haohai Biological Technology Co. Ltd., Class H^(b)		18,300		112,018
Shanghai Industrial Urban Development Group Ltd.		796,000		150,078
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B		143,500		151,536
Shanghai Shibei Hi-Tech Co. Ltd., Class B		122,600		63,997
Sheng Ye Capital Ltd.^(a)		74,000		74,002
Shougang Concord International Enterprises Co. Ltd.^(a)		3,806,000		111,031
Shougang Fushan Resources Group Ltd.		1,022,000		231,746
Silver Grant International Industries Ltd.^(a)		610,000		128,220
Sinopec Kantons Holdings Ltd.		438,000		205,893
Sinosoft Technology Group Ltd.		285,800		98,303
Skyfame Realty Holdings Ltd.		1,120,000		171,215


46		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Skyworth Digital Holdings Ltd.		772,000	$	240,949
SMI Holdings Group Ltd.^(a)(d)		468,800		142,734
Sohu.com Ltd., ADR^(a)(c)		13,182		264,431
Superb Summit International Group Ltd.^(a)(c)(d)		238,250		304
Tarena International Inc., ADR		15,452		102,138
TCL Electronics Holdings Ltd.		363,000		178,961
Texhong Textile Group Ltd.		126,000		168,860
Tian Ge Interactive Holdings Ltd.^(b)		285,000		123,080
Tianjin Development Holdings Ltd.		440,000		164,233
Tianjin Port Development Holdings Ltd.		1,468,000		170,180
Tianneng Power International Ltd.		278,000		272,341
Tibet Water Resources Ltd.^(a)		937,000		293,641
Tongda Group Holdings Ltd.^(c)		1,640,000		181,763
Truly International Holdings Ltd.^(a)		752,000		138,908
Vinda International Holdings Ltd.		108,000		211,878
Wasion Holdings Ltd.		266,000		129,784
West China Cement Ltd.		1,172,000		176,178
Wisdom Education International Holdings Co. Ltd.^(c)		252,000		109,470
Wise Talent Information Technology Co. Ltd.^(a)		47,000		161,660
Xiamen International Port Co. Ltd., Class H		872,000		125,527
Xingda International Holdings Ltd.		422,000		125,259
Xtep International Holdings Ltd.		433,500		284,405
Xunlei Ltd., ADR^(a)		13,038		58,801
Yadea Group Holdings Ltd.^(b)		526,000		191,643
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H^(b)		43,800		186,922
Yirendai Ltd., ADR^(c)		5,106		71,586
Yuexiu REIT		695,000		470,133
Yuexiu Transport Infrastructure Ltd.		370,000		287,995
Zai Lab Ltd., ADR^(a)		11,053		318,547
Zhuguang Holdings Group Co. Ltd.^(a)(c)		894,000		142,360

				33,355,765

Colombia — 0.3%
Almacenes Exito SA		75,007		355,645
Cemex Latam Holdings SA^(a)		88,694		144,021
Corp. Financiera Colombiana SA^(a)		40,325		320,851

				820,517

Czech Republic — 0.1%
Central European Media Enterprises Ltd. Class A^(a)(c)		51,171		179,921


Egypt — 0.7%
Alexandria Mineral Oils Co.		158,301		55,387
Egyptian Financial Group-Hermes Holding Co.^(a)		262,107		255,524
Ezz Steel Co.^(a)		93,860		102,914
Global Telecom Holding SAE^(a)		855,206		231,862
Heliopolis Housing		74,860		88,362
Juhayna Food Industries		209,252		159,447
Medinet Nasr Housing^(a)		284,520		117,413
Oriental Weavers		104,075		71,166
Palm Hills Developments SAE^(a)		715,941		113,194
Pioneers Holding For Financial Investments SAE^(a)		251,076		102,609
Sidi Kerir Petrochemicals Co.		76,412		84,263
Six of October Development & Investment^(a)		94,670		87,105
Talaat Moustafa Group		418,476		268,952
Telecom Egypt Co.		133,088		113,110

				1,851,308

Greece — 1.1%
Aegean Airlines SA		23,169		205,784
Eurobank Ergasias SA^(a)		782,403		596,027


Security	Shares		Value

Greece (continued)
GEK Terna Holding Real Estate Construction SA^(a)		42,302	$	249,517
Grivalia Properties REIC AE		25,192		281,411
Hellenic Exchanges-Athens Stock Exchange SA		44,324		210,972
Mytilineos Holdings SA		45,935		479,648
National Bank of Greece SA^(a)		238,908		432,551
Piraeus Bank SA^(a)(c)		123,941		173,592
Public Power Corp. SA^(a)(c)		56,032		100,299
Terna Energy SA		27,039		203,210

				2,933,011

Hungary — 0.1%
Magyar Telekom Telecommunications PLC		224,398		378,183
Opus Global Nyrt^(a)		29,350		46,025

				424,208

India — 14.3%
Aarti Industries Ltd.		8,974		175,389
Adani Enterprises Ltd.		53,448		96,825
Adani Power Ltd.^(a)		334,912		226,724
Adani Transmissions Ltd.^(a)		105,879		303,452
Aditya Birla Fashion and Retail Ltd.^(a)		80,333		254,463
Aegis Logistics Ltd.		37,817		105,753
AIA Engineering Ltd.		17,467		421,263
Ajanta Pharma Ltd.		10,021		137,918
Alembic Pharmaceuticals Ltd.		21,547		168,117
Amara Raja Batteries Ltd.		10,907		109,935
Anup Engineering Ltd. (The)^(a)		1,927		46,838
Apollo Hospitals Enterprise Ltd.		37,883		607,662
Apollo Tyres Ltd.		106,037		324,181
Arvind Fashions Ltd.^(a)		10,406		101,164
Arvind Ltd.		72,422		76,977
Asahi India Glass Ltd.		31,990		115,364
Astral Poly Technik Ltd.		21,518		326,917
Atul Ltd.		7,449		352,618
AU Small Finance Bank Ltd.^(b)		63,244		515,368
Avanti Feeds Ltd.		15,918		74,894
Bajaj Consumer Care Ltd.^(a)		27,186		133,739
Balkrishna Industries Ltd.		33,034		411,356
BASF India Ltd.		6,389		118,499
Bata India Ltd.		15,834		286,910
Bayer CropScience Ltd./India		3,654		223,264
Bharat Financial Inclusion Ltd.^(a)		45,064		585,362
Birla Corp. Ltd.		10,104		65,978
Birlasoft Ltd.^(a)		66,651		101,861
Blue Dart Express Ltd.		2,885		126,869
Can Fin Homes Ltd.		13,848		51,828
Canara Bank^(a)		64,962		211,391
Care Ratings Ltd.		11,484		155,082
Ceat Ltd.		8,809		135,028
Century Plyboards India Ltd.		39,496		92,929
Century Textiles & Industries Ltd.		14,243		160,610
CESC Ltd.		29,009		274,464
CESC Ventures Ltd.^(a)		6,897		48,324
CG Power and Industrial Solutions Ltd.^(a)		172,978		78,310
City Union Bank Ltd.		124,636		321,463
Coromandel International Ltd.		33,904		210,618
Cox & Kings Financial Service Ltd.^(a)		13,922		10,353
Cox & Kings Ltd.		44,525		90,864
CRISIL Ltd.		8,930		183,054
Crompton Greaves Consumer Electricals Ltd.		163,274		482,066
DCB Bank Ltd.		74,593		190,609


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			47

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
DCM Shriram Ltd.		9,559	$	52,703
Dewan Housing Finance Corp. Ltd.		61,725		110,561
Dilip Buildcon Ltd.^(b)		15,973		96,566
Dish TV India Ltd.		283,803		155,615
Dr Lal PathLabs Ltd.^(b)		11,530		163,938
eClerx Services Ltd.		10,198		148,612
Edelweiss Financial Services Ltd.		192,411		369,937
EID Parry India Ltd.		33,627		87,535
EIH Ltd.		69,637		181,665
Endurance Technologies Ltd.^(b)		13,372		244,048
Engineers India Ltd.		87,910		132,496
Equitas Holdings Ltd./India^(a)		71,003		113,603
Eris Lifesciences Ltd.^(a)(b)		17,349		148,607
Escorts Ltd.		26,899		248,696
Exide Industries Ltd.		94,270		291,254
Federal Bank Ltd.		616,396		726,663
Finolex Cables Ltd.		34,035		193,129
Fortis Healthcare Ltd.^(a)		183,640		347,909
Future Consumer Ltd.^(a)		198,600		129,559
Future Lifestyle Fashions Ltd.		23,059		139,113
Gayatri Projects Ltd.^(a)		49,988		105,491
GE T&D India Ltd.		31,490		127,994
Gillette India Ltd.		3,512		321,424
GMR Infrastructure Ltd.^(a)		638,154		145,349
Godfrey Phillips India Ltd.		6,727		83,759
Godrej Industries Ltd.		38,176		264,638
Godrej Properties Ltd.^(a)		24,658		245,952
Graphite India Ltd.		24,817		143,770
Great Eastern Shipping Co. Ltd. (The)		26,986		102,004
GRUH Finance Ltd.		75,736		263,541
Gujarat Fluorochemicals Ltd.		13,889		177,610
Gujarat Gas Ltd.		91,410		153,001
Gujarat Mineral Development Corp. Ltd.		60,176		65,103
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		21,559		78,733
Gujarat Pipavav Port Ltd.		111,598		127,090
Gujarat State Petronet Ltd.		71,495		158,065
HEG Ltd.		3,264		93,680
Hexaware Technologies Ltd.		41,580		207,356
IDFC First Bank Ltd.^(a)		892,656		561,626
IDFC Ltd.		384,044		197,351
IIFL Holdings Ltd.		41,719		192,887
India Cements Ltd. (The)		91,114		112,281
Indiabulls Real Estate Ltd.^(a)		98,920		97,979
Indiabulls Ventures Ltd.		66,371		260,907
Indian Bank^(a)		43,435		137,158
Indian Hotels Co. Ltd. (The)		216,176		421,555
Indraprastha Gas Ltd.		92,626		381,306
Info Edge India Ltd.		26,605		669,424
Inox Leisure Ltd.^(a)		25,878		100,945
Ipca Laboratories Ltd.		19,596		223,108
IRB Infrastructure Developers Ltd.		61,616		116,300
Jain Irrigation Systems Ltd.		133,860		106,992
Jammu & Kashmir Bank Ltd. (The)^(a)		124,274		67,268
Jindal Steel & Power Ltd.^(a)		166,268		366,660
JK Cement Ltd.		10,329		105,343
JM Financial Ltd.		94,136		102,704
JSW Energy Ltd.^(a)		144,004		130,487
Jubilant Foodworks Ltd.		27,955		498,661
Jubilant Life Sciences Ltd.		30,820		339,502
Just Dial Ltd.^(a)		15,739		114,492


Security	Shares		Value

India (continued)
Kajaria Ceramics Ltd.		28,387	$	216,296
Karnataka Bank Ltd. (The)		80,311		126,745
Karur Vysya Bank Ltd. (The)		139,913		136,026
Kaveri Seed Co. Ltd.		12,734		72,947
KEC International Ltd.		30,264		112,331
KPIT Engineering Ltd.^(a)		69,401		78,147
KRBL Ltd.		23,173		114,682
Lakshmi Machine Works Ltd.		1,614		130,165
Laurus Labs Ltd.^(b)		20,772		97,382
Magma Fincorp Ltd.		64,061		92,228
Mahanagar Gas Ltd.		18,600		235,121
Mahindra CIE Automotive Ltd.^(a)		48,829		159,957
Manappuram Finance Ltd.		189,237		300,778
Max Financial Services Ltd.^(a)		55,778		309,489
Minda Industries Ltd.		29,812		134,838
Mindtree Ltd.		42,264		540,019
MOIL Ltd.		43,010		86,744
Motilal Oswal Financial Services Ltd.		16,888		133,760
Mphasis Ltd.		38,962		570,355
Muthoot Finance Ltd.		42,397		314,731
Natco Pharma Ltd.		39,534		319,935
National Aluminium Co. Ltd.		208,272		148,021
NBCC India Ltd.		196,716		146,169
NCC Ltd./India		185,529		223,283
NIIT Technologies Ltd.		13,085		242,967
Oberoi Realty Ltd.		23,867		166,219
Odisha Cement Ltd.^(a)		21,660		351,183
PC Jeweller Ltd.		69,858		69,390
Persistent Systems Ltd.		18,053		166,300
Pfizer Ltd./India		5,152		234,500
Phoenix Mills Ltd. (The)		25,021		219,337
PI Industries Ltd.		25,411		329,507
PNB Housing Finance Ltd.^(b)		24,708		311,255
Power Finance Corp. Ltd.		270,613		426,695
Prestige Estates Projects Ltd.		55,895		161,808
PVR Ltd.		13,870		293,015
Quess Corp. Ltd.^(a)(b)		17,149		172,632
Radico Khaitan Ltd.		22,515		114,749
Rain Industries Ltd.		36,126		46,144
Rajesh Exports Ltd.		32,857		267,979
Ramco Cements Ltd. (The)		29,677		279,929
Raymond Ltd.		12,027		129,822
RBL Bank Ltd.^(b)		129,205		1,049,698
Redington India Ltd.		109,389		130,188
Reliance Capital Ltd.		45,596		110,743
Reliance Communications Ltd.^(a)		282,146		25,784
Reliance Infrastructure Ltd.		56,755		97,988
Reliance Power Ltd.^(a)		273,896		41,397
Repco Home Finance Ltd.		16,410		77,278
Sadbhav Engineering Ltd.		50,092		134,163
Sanofi India Ltd.		3,021		253,573
Shankara Building Products Ltd.		5,942		35,818
Sobha Ltd.		18,957		116,738
Spencer’s Retail Ltd.^(a)(d)		19,481		39,030
SpiceJet Ltd.^(a)		66,189		74,307
SRF Ltd.		6,056		195,419
Sterlite Technologies Ltd.		42,751		145,216
Strides Pharma Science Ltd.		20,075		118,797
Sun Pharma Advanced Research Co. Ltd.^(a)		41,814		104,820
Sundaram Finance Ltd.		12,712		292,572


48		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Sundram Fasteners Ltd.		26,779	$	195,384
Sunteck Realty Ltd.		24,557		119,598
Supreme Industries Ltd.		16,915		271,598
Suzlon Energy Ltd.^(a)		1,519,756		122,860
Symphony Ltd.		8,736		158,879
Syngene International Ltd.^(b)		23,497		194,976
Tata Chemicals Ltd.		30,852		241,325
Tata Communications Ltd.		29,766		246,954
Tata Elxsi Ltd.		9,401		116,954
Tata Global Beverages Ltd.		129,650		353,079
TeamLease Service Ltd.^(a)		3,867		155,058
Thermax Ltd.		14,520		201,888
Thomas Cook India Ltd.		49,769		148,097
TI Financial Holdings Ltd.		32,377		199,425
Time Technoplast Ltd.		66,055		82,051
Timken India Ltd.		16,724		134,142
Torrent Power Ltd.		55,832		190,709
TTK Prestige Ltd.		1,550		165,070
Tube Investments of India Ltd.		39,355		198,086
TV18 Broadcast Ltd.^(a)		258,366		122,052
Union Bank of India^(a)		102,992		103,750
Varun Beverages Ltd.		20,202		229,809
V-Guard Industries Ltd.		55,706		160,673
Vinati Organics Ltd.		5,939		120,602
VIP Industries Ltd.		16,545		94,895
V-Mart Retail Ltd.		3,765		136,575
Voltas Ltd.		42,804		340,952
WABCO India Ltd.		2,395		229,170
Welspun India Ltd.		130,953		94,910
Whirlpool of India Ltd.		14,263		275,439
Wockhardt Ltd.^(a)		15,405		85,768

				38,862,195

Indonesia — 2.7%
Ace Hardware Indonesia Tbk PT		3,185,000		397,347
AKR Corporindo Tbk PT		754,700		297,749
Alam Sutera Realty Tbk PT^(a)		6,126,600		141,107
Aneka Tambang Tbk		3,720,300		268,428
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		953,000		138,877
Bumi Resources Tbk PT^(a)		21,467,300		228,903
Ciputra Development Tbk PT		4,369,763		271,800
Delta Dunia Makmur Tbk PT^(a)		1,993,500		80,775
Global Mediacom Tbk PT		3,227,900		90,865
Hanson International Tbk PT^(a)		32,695,900		232,422
Indika Energy Tbk PT		818,100		113,694
Inti Agri Resources Tbk PT^(a)		13,140,200		186,816
Japfa Comfeed Indonesia Tbk PT		1,980,400		315,344
Krakatau Steel Persero Tbk PT^(a)		2,709,000		92,049
Kresna Graha Investama Tbk PT^(a)		5,421,100		236,999
Link Net Tbk PT		532,300		162,708
Lippo Karawaci Tbk PT		5,295,300		117,443
Matahari Department Store Tbk PT		1,033,900		422,600
Medco Energi Internasional Tbk PT^(a)		3,109,066		204,435
Media Nusantara Citra Tbk PT		2,731,100		181,523
Mitra Adiperkasa Tbk PT		3,567,600		268,822
Panin Financial Tbk PT^(a)		6,839,900		216,854
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,432,500		124,233
Pool Advista Indonesia Tbk PT^(a)		636,400		221,219
PP Persero Tbk PT		1,242,125		176,595


Security	Shares		Value

Indonesia (continued)
PP Properti Tbk PT		12,756,569	$	142,369
Ramayana Lestari Sentosa Tbk PT		1,209,300		150,437
Sawit Sumbermas Sarana Tbk PT		1,839,200		142,508
Sentul City Tbk PT^(a)		5,165,800		46,269
Sitara Propertindo Tbk PT^(a)		2,911,400		165,567
Sri Rejeki Isman Tbk PT		5,297,700		132,560
Sugih Energy Tbk PT^(a)(d)		5,450,300		19,372
Summarecon Agung Tbk PT		4,477,900		299,216
Timah Tbk PT		1,331,796		129,700
Trada Alam Minera Tbk PT^(a)		10,442,100		135,096
Tunas Baru Lampung Tbk PT		1,343,200		79,250
Waskita Beton Precast Tbk PT		5,581,400		153,149
Waskita Karya Persero Tbk PT		1,954,800		260,547
Wijaya Karya Persero Tbk PT		1,441,648		182,928

				7,228,575

Malaysia — 3.2%
Aeon Co. M Bhd		308,000		124,972
AEON Credit Service M Bhd		44,000		178,965
Berjaya Sports Toto Bhd		339,500		197,029
Bermaz Auto Bhd^(c)		373,300		201,039
Bumi Armada Bhd^(a)(c)		1,167,100		51,661
Bursa Malaysia Bhd		285,850		499,086
Cahya Mata Sarawak Bhd		248,900		194,028
Carlsberg Brewery Malaysia Bhd		69,000		415,714
DRB-Hicom Bhd^(c)		302,600		137,664
Eastern & Oriental Bhd^(a)		482,677		102,079
Eco World Development Group Bhd^(a)		556,900		130,101
FGV Holdings Bhd^(a)		722,200		198,909
Globetronics Technology BHD		247,066		116,652
Hengyuan Refining Co. Bhd		49,800		73,233
Hibiscus Petroleum Bhd^(a)		541,800		135,900
IGB REIT^(c)		935,300		400,202
Inari Amertron Bhd		1,006,250		388,494
Kossan Rubber Industries		292,000		278,608
KPJ Healthcare Bhd		1,021,400		253,686
Lafarge Malaysia Bhd^(a)(c)		209,000		96,110
Magnum Bhd		325,000		192,610
Mah Sing Group Bhd		478,957		117,781
Malaysia Building Society Bhd		714,100		182,630
Malaysian Pacific Industries Bhd		37,300		90,349
Malaysian Resources Corp. Bhd^(c)		777,300		149,095
My EG Services Bhd		909,800		225,968
OSK Holdings Bhd		828,080		196,507
Padini Holdings Bhd^(c)		164,300		155,553
Pos Malaysia Bhd^(c)		186,700		88,151
Sapura Energy Bhd^(a)		2,537,400		193,433
Scientex BHD		113,400		246,516
Serba Dinamik Holdings Bhd^(c)		292,300		283,926
SKP Resources Bhd^(c)		382,000		125,877
Sunway Bhd		750,035		298,797
Sunway Construction Group Bhd		242,020		103,557
Sunway REIT		813,800		352,216
Supermax Corp. Bhd		363,000		136,577
TIME dotCom Bhd		178,800		340,760
UMW Holdings Bhd		124,600		177,715
Velesto Energy Bhd^(a)(c)		1,316,400		80,930
ViTrox Corp. Bhd		76,100		130,997
VS Industry Bhd^(c)		572,625		140,111
WCT Holdings Bhd^(c)		470,415		97,750


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			49

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Malaysia (continued)
Yinson Holdings BHD^(c)		275,500	$	294,707

				8,576,645

Mexico — 3.0%
Banco del Bajio SA^(b)		348,200		672,564
Bolsa Mexicana de Valores SAB de CV		170,100		354,861
Concentradora Fibra Danhos SA de CV		150,200		214,354
Concentradora Fibra Hotelera Mexicana SA de CV^(b)		348,800		186,803
Consorcio ARA SAB de CV		432,300		117,332
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(a)(c)		252,500		216,078
Corp Inmobiliaria Vesta SAB de CV		269,700		389,934
Credito Real SAB de CV SOFOM ER		132,400		132,541
Genomma Lab Internacional SAB de CV, Class B^(a)		352,300		232,739
Gentera SAB de CV^(c)		442,200		363,269
Grupo Aeromexico SAB de CV^(a)(c)		148,100		160,016
Grupo Aeroportuario del Centro Norte SAB de CV		136,700		779,286
Grupo Cementos de Chihuahua SAB de CV^(c)		74,600		406,458
Grupo Comercial Chedraui SA de CV		145,700		285,282
Grupo Herdez SAB de CV^(c)		100,600		222,975
Hoteles City Express SAB de CV^(a)(c)		169,800		193,684
Industrias Bachoco SAB de CV, Series B		84,100		326,632
Industrias CH SAB de CV, Series B^(a)(c)		69,997		307,456
La Comer SAB de CV^(a)(c)		211,500		222,261
Macquarie Mexico Real Estate Management SA de CV^(b)		346,700		400,685
PLA Administradora Industrial S. de RL de CV^(c)		331,000		490,929
Prologis Property Mexico SA de CV		148,300		272,364
Qualitas Controladora SAB de CV		75,800		194,284
Regional SAB de CV		93,000		483,785
Telesites SAB de CV^(a)(c)		563,200		349,560
TV Azteca SAB de CV, CPO^(c)		650,100		78,270
Unifin Financiera SAB de CV SOFOM ENR		48,200		112,161
Urbi Desarrollos Urbanos SAB de CV^(a)		1		—

				8,166,563

Pakistan — 0.8%
Bank Alfalah Ltd.		259,850		90,901
DG Khan Cement Co. Ltd.		119,973		79,927
Engro Corp. Ltd./Pakistan		116,300		273,821
Engro Fertilizers Ltd.		220,000		116,735
Fauji Cement Co. Ltd.		328,500		50,402
Fauji Fertilizer Co. Ltd.		200,000		154,715
Hub Power Co. Ltd. (The)		260,400		163,309
Indus Motor Co. Ltd.		5,220		46,066
International Steels Ltd.		81,500		37,519
Kot Addu Power Co. Ltd.		133,000		43,271
Lucky Cement Ltd.		57,050		192,256
Millat Tractors Ltd.		17,610		105,125
National Bank of Pakistan^(a)		128,500		39,728
Nishat Mills Ltd.		72,764		73,468
Packages Ltd.		27,850		73,645
Pakistan Oilfields Ltd.		43,850		149,030
Pakistan State Oil Co. Ltd.		87,057		140,881
Searle Co. Ltd. (The)		39,647		72,146
SUI Northern Gas Pipeline^(a)		78,300		41,327
Thal Ltd.		15,200		49,012
United Bank Ltd./Pakistan		180,000		176,621

				2,169,905

Philippines — 1.1%
Bloomberry Resorts Corp.		1,653,100		364,372
Cebu Air Inc.		92,330		150,045


Security	Shares		Value

Philippines (continued)
Cosco Capital Inc.		1,307,300	$	198,420
D&L Industries Inc.		1,352,600		305,460
DoubleDragon Properties Corp.^(a)		381,510		159,331
Filinvest Land Inc.		5,915,000		169,261
First Gen Corp.		560,900		230,455
MacroAsia Corp.		131,000		48,732
Manila Water Co. Inc.		627,900		327,790
Megawide Construction Corp.		376,700		145,669
Petron Corp.		1,294,000		166,879
Pilipinas Shell Petroleum Corp.		193,800		183,421
Vista Land & Lifescapes Inc.		1,708,800		244,492
Wilcon Depot Inc.		637,500		181,932

				2,876,259

Poland — 1.1%
Asseco Poland SA		32,392		455,211
Boryszew SA^(a)		48,673		58,482
Budimex SA		5,201		158,570
Ciech SA		12,118		190,822
Enea SA^(a)		94,601		252,369
Energa SA^(a)		87,586		227,165
Eurocash SA^(c)		35,020		188,794
Famur SA		132,225		170,771
Grupa Azoty SA^(c)		19,033		224,155
KRUK SA		7,360		321,397
PKP Cargo SA^(a)		13,605		153,747
PLAY Communications SA^(b)		47,797		270,704
Tauron Polska Energia SA^(a)		451,723		278,554
Warsaw Stock Exchange		13,217		140,618

				3,091,359

Qatar — 1.0%
Doha Bank QPSC		63,137		354,071
Gulf International Services QSC^(a)		35,465		136,505
Gulf Warehousing Co.		14,485		166,386
Medicare Group		6,293		114,567
Qatar Gas Transport Co. Ltd.		114,904		628,664
Qatar National Cement Co. QSC		9,535		161,721
Qatar Navigation QSC		24,108		445,162
United Development Co. QSC		82,215		311,272
Vodafone Qatar QSC^(a)		146,779		329,655

				2,648,003

Russia — 0.9%
Aeroflot PJSC		231,316		340,851
Credit Bank of Moscow PJSC^(a)		3,703,900		309,987
Detsky Mir PJSC^(b)		119,810		161,671
LSR Group PJSC, GDR^(e)		102,356		199,594
M.Video PJSC^(a)		27,830		174,000
Mechel PJSC, ADR^(a)		48,587		112,722
Raspadskaya OJSC^(a)		63,220		149,645
Ros Agro PLC, GDR^(e)		15,452		194,392
Safmar Financial Investment		22,000		173,206
Sistema PJSFC, GDR^(e)		69,415		207,134
TMK PJSC, GDR^(e)		30,683		88,981
Unipro PJSC		5,879,000		241,775

				2,353,958

South Africa — 5.5%
Adcock Ingram Holdings Ltd.		21,766		100,625
Advtech Ltd.^(c)		220,253		208,347
AECI Ltd.		44,297		308,441
African Rainbow Minerals Ltd.		44,597		532,151


50		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Africa (continued)
Alexander Forbes Group Holdings Ltd.		369,052	$	121,005
Arrowhead Properties Ltd., Class A		445,237		131,101
Ascendis Health Ltd.^(a)		113,615		46,707
Astral Foods Ltd.		17,750		205,779
Attacq Ltd.		238,226		266,522
AVI Ltd.^(c)		141,145		898,871
Barloworld Ltd.		86,918		779,604
Blue Label Telecoms Ltd.^(a)		172,847		56,058
Brait SE^(a)(c)		142,044		272,773
Cashbuild Ltd.		8,328		152,818
City Lodge Hotels Ltd.		15,686		140,337
Coronation Fund Managers Ltd.		87,018		263,715
Curro Holdings Ltd.^(a)(c)		75,707		134,830
DataTec Ltd.^(a)		89,263		199,985
Delta Property Fund Ltd.		302,262		53,960
Dis-Chem Pharmacies Ltd.^(b)(c)		137,693		252,666
Emira Property Fund Ltd.		199,205		212,948
EOH Holdings Ltd.^(a)		57,185		65,889
Equites Property Fund Ltd.		151,266		216,033
Famous Brands Ltd.^(a)		31,130		199,267
Grindrod Ltd.^(a)		195,323		115,304
Harmony Gold Mining Co. Ltd.^(a)		191,703		403,585
Hosken Consolidated Investments Ltd.		20,638		171,005
Hudaco Industries Ltd.		14,279		127,963
Impala Platinum Holdings Ltd.^(a)		290,090		1,242,064
Imperial Logistics Ltd.		66,239		303,540
Invicta Holdings Ltd.		34,402		68,877
JSE Ltd.^(c)		34,327		394,370
KAP Industrial Holdings Ltd.		828,367		462,495
Massmart Holdings Ltd.		44,565		276,106
Motus Holdings Ltd.^(a)		66,757		429,695
Murray & Roberts Holdings Ltd.		167,937		169,012
Nampak Ltd.^(a)		271,133		220,802
Northam Platinum Ltd.^(a)		149,842		589,244
Oceana Group Ltd.		19,395		100,700
Omnia Holdings Ltd.		28,545		121,103
Pioneer Foods Group Ltd.		53,725		307,600
PPC Ltd.^(a)(c)		642,204		237,515
Reunert Ltd.		71,565		356,298
Royal Bafokeng Platinum Ltd.^(a)		23,393		54,073
SA Corporate Real Estate Ltd.		803,797		209,239
Sibanye Gold Ltd.^(a)		760,042		831,397
Steinhoff International Holdings NV, Class H^(a)(c)		1,464,685		214,598
Sun International Ltd./South Africa^(a)		53,190		238,334
Super Group Ltd./South Africa^(a)		147,444		353,824
Tongaat Hulett Ltd.^(c)		44,942		89,724
Trencor Ltd.		71,803		143,249
Tsogo Sun Holdings Ltd.		216,995		318,547
Vukile Property Fund Ltd.		283,133		405,166
Wilson Bayly Holmes-Ovcon Ltd.		20,352		172,254
Zeder Investments Ltd.		404,799		121,785

				15,069,900

South Korea — 18.1%
Advanced Process Systems Corp.^(c)		5,119		128,351
Aekyung Industrial Co. Ltd.		2,773		114,894
Ahnlab Inc.		2,938		132,441
AK Holdings Inc.		2,318		113,355
Amicogen Inc.^(a)		5,734		184,557
Ananti Inc.^(a)(c)		12,097		226,947
Anterogen Co. Ltd.^(a)(c)		1,691		127,347


Security	Shares		Value

South Korea (continued)
Aprogen KIC Inc.^(a)(c)		15,444	$	35,222
Aprogen pharmaceuticals Inc.^(a)		54,208		118,084
APS Holdings Corp.^(a)		1		4
Asiana Airlines Inc.^(a)		45,844		172,012
ATGen Co. Ltd.^(a)(c)		12,410		152,270
BGF Co. Ltd.		15,184		117,994
BH Co. Ltd.^(a)(c)		11,067		191,387
Binex Co. Ltd.^(a)		13,883		133,312
Binggrae Co. Ltd.^(a)		3,134		195,056
Bukwang Pharmaceutical Co. Ltd.		16,933		342,514
Cafe24 Corp.^(a)		2,669		280,260
Caregen Co. Ltd.		2,119		140,551
Chabiotech Co. Ltd.^(a)		1		21
Chong Kun Dang Pharmaceutical Corp.		2,994		279,515
CJ CGV Co. Ltd.		6,343		247,866
CJ Freshway Corp.		3,123		87,190
CMG Pharmaceutical Co. Ltd.^(a)(c)		37,426		162,722
Com2uSCorp.		4,161		450,618
Cosmax Inc.		3,291		428,676
CrystalGenomics Inc.^(a)(c)		14,794		244,659
Dae Hwa Pharmaceutical Co. Ltd.		6,129		118,798
Daea TI Co. Ltd.^(c)		25,335		164,665
Daeduck Electronics Co.		27,946		253,445
Daesang Corp.		9,629		236,723
Daewoong Co. Ltd.^(a)		10,672		189,775
Daewoong Pharmaceutical Co. Ltd.^(a)		2,014		347,396
Daishin Securities Co. Ltd.^(a)		21,000		207,255
Daou Technology Inc.		13,232		258,828
DB HiTek Co. Ltd.		16,581		183,545
Dentium Co. Ltd.^(a)		3,210		177,810
DIO Corp.^(a)		5,320		144,979
Dong-A Socio Holdings Co. Ltd.^(a)		1,993		191,379
Dong-A ST Co. Ltd.		2,349		215,121
Dongjin Semichem Co. Ltd.^(a)		14,991		135,288
DongKook Pharmaceutical Co. Ltd.		2,952		150,920
Dongkuk Steel Mill Co. Ltd.^(a)		26,692		194,607
Dongsuh Cos. Inc.		14,892		261,507
Dongsung Pharmaceutical Co. Ltd.^(a)		7,906		125,124
Dongwon F&B Co. Ltd.		541		130,837
Dongwon Industries Co. Ltd.		721		144,238
Doosan Heavy Industries & Construction Co. Ltd.^(a)(c)		33,731		248,326
Doosan Infracore Co. Ltd.^(a)(c)		57,913		391,854
DoubleUGames Co. Ltd.		3,773		205,641
Douzone Bizon Co. Ltd.		8,342		315,226
Duk San Neolux Co. Ltd.^(a)		5,558		93,399
Easy Bio Inc.^(a)(c)		23,172		126,295
Ecopro Co. Ltd.^(a)		8,109		234,323
Enzychem Lifesciences Corp.^(a)		2,826		241,719
Eo Technics Co Ltd.^(a)		4,233		221,680
Esmo Corp.^(a)(c)		18,511		106,323
Eugene Corp.^(c)		19,838		118,178
F&F Co. Ltd.		2,641		154,510
Feelux Co. Ltd.^(a)		17,273		180,455
Foosung Co. Ltd.^(a)(c)		24,646		178,594
Gamevil Inc.^(a)		1,968		92,914
GemVax & Kael Co. Ltd.^(a)		13,203		170,804
Genexine Co. Ltd.^(a)		5,711		439,737
Grand Korea Leisure Co. Ltd.		13,818		289,948
Green Cross Cell Corp.		2,438		115,971
Green Cross Corp./South Korea		2,532		339,941


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			51

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


South Korea (continued)
Green Cross Holdings Corp.		12,270	$	285,285
Green Cross LabCell Corp.		2,032		86,180
GS Home Shopping Inc.		1,439		235,419
G-treeBNT Co. Ltd.^(a)(c)		9,233		248,742
Halla Holdings Corp.^(c)		4,018		155,583
Hana Tour Service Inc.		4,308		267,359
Hanall Biopharma Co. Ltd.^(a)		12,293		406,597
Handsome Co. Ltd.		6,513		212,815
Hanil Cement Co. Ltd./New^(c)		952		121,042
Hanil Holdings Co. Ltd.		726		38,537
Hanjin Kal Corp.^(a)(c)		18,757		425,272
Hanjin Transportation Co. Ltd.^(a)		3,158		119,755
Hankook Tire Worldwide Co. Ltd.		12,422		180,029
Hansae Co. Ltd.		8,351		179,316
Hansol Chemical Co. Ltd.		4,087		327,047
Hanssem Co. Ltd.		4,516		360,573
Hanwha Aerospace Co. Ltd.^(a)		15,352		449,763
Hanwha General Insurance Co. Ltd.		26,998		129,865
Hanwha Investment & Securities Co. Ltd.^(a)		60,737		123,127
Harim Holdings Co. Ltd.		17,470		191,833
HDC Holdings Co. Ltd.^(a)		15,469		274,390
Hite Jinro Co. Ltd.^(a)		14,464		227,628
HLB Life Science Co. Ltd.^(a)(c)		15,239		257,438
HS Industries Co. Ltd.^(a)		21,134		147,884
Huchems Fine Chemical Corp.		9,329		182,068
Hugel Inc.^(a)		1,032		321,886
Huons Co. Ltd.^(c)		2,440		159,022
Huons Global Co. Ltd.		2,566		98,789
Hyosung Advanced Materials Corp.^(a)		1,320		137,903
Hyosung Chemical Corp.		906		122,846
Hyosung Corp.		3,872		258,202
Hyosung Heavy Industries Corp.^(a)		2,592		101,403
Hyosung TNC Co. Ltd.		1,212		181,040
Hyundai Construction Equipment Co. Ltd.^(c)		5,053		241,710
Hyundai Electric & Energy System Co. Ltd.^(a)		4,656		125,849
Hyundai Elevator Co. Ltd.^(a)		6,303		534,077
Hyundai Greenfood Co. Ltd.		22,901		283,030
Hyundai Home Shopping Network Corp.		3,061		296,656
Hyundai Livart Furniture Co. Ltd.		7,169		133,538
Hyundai Merchant Marine Co. Ltd.^(a)		108,370		385,418
Hyundai Mipo Dockyard Co. Ltd.		10,183		563,157
Hyundai Rotem Co. Ltd.^(a)		12,561		289,259
Hyundai Wia Corp.		6,917		267,221
Iljin Materials Co. Ltd.^(a)(c)		8,768		317,681
Ilyang Pharmaceutical Co. Ltd.^(a)		8,144		215,421
InBody Co. Ltd.		5,254		110,714
Innocean Worldwide Inc.		3,805		236,480
Innox Advanced Materials Co. Ltd.^(a)		3,101		141,443
Inscobee Inc.^(a)		35,531		181,651
iNtRON Biotechnology Inc.^(a)		10,124		185,431
IS Dongseo Co. Ltd.^(c)		7,010		205,993
It’s Hanbul Co. Ltd.^(a)		3,763		104,388
Jayjun Cosmetic Co. Ltd.^(a)(c)		9,338		92,990
JB Financial Group Co. Ltd.		62,878		332,084
Jeil Pharmaceutical Co. Ltd.		2,549		102,327
Jeju Air Co. Ltd.		3,389		113,750
Jenax Inc.^(a)		7,453		75,213
Jin Air Co. Ltd.^(a)		5,765		109,180
Jusung Engineering Co. Ltd.^(c)		19,133		122,654
JW Holdings Corp.		17,088		111,216


Security	Shares		Value


South Korea (continued)
JW Pharmaceutical Corp.		6,062	$	225,836
JYP Entertainment Corp.		11,402		288,928
KEPCO Engineering & Construction Co. Inc.^(a)		5,829		136,824
KEPCO Plant Service & Engineering Co. Ltd.^(a)		9,745		313,656
Kginicis Co. Ltd.^(c)		7,732		99,340
KIWOOM Securities Co. Ltd.^(a)(c)		5,170		372,339
Koh Young Technology Inc.		4,845		347,210
Kolmar BNH Co. Ltd.^(a)		5,950		155,535
Kolmar Korea Holdings Co. Ltd.^(a)(c)		4,072		132,330
Kolon Corp.		3,420		105,972
Kolon Industries Inc.		7,335		352,174
Kolon Life Science Inc.^(a)		3,256		247,522
Komipharm International Co. Ltd.^(a)		16,817		355,868
Korea Kolmar Co. Ltd.^(a)(c)		6,351		447,230
Korea Line Corp.^(a)		5,535		112,944
Korea Petrochemical Ind. Co Ltd.		1,397		217,369
Korea REIT Co. Ltd.		87,414		197,414
Korean Reinsurance Co.		43,453		350,035
KT Skylife Co. Ltd.		13,302		140,152
Kumho Tire Co. Inc.^(a)		44,741		203,278
Kyung Dong Navien Co. Ltd.^(c)		2,758		115,622
L&F Co. Ltd.		5,694		172,384
LEENO Industrial Inc.		4,685		219,941
LegoChem Biosciences Inc.^(a)		3,431		173,884
LF Corp.		9,079		205,038
LG Hausys Ltd.		3,141		183,204
LG International Corp.		15,314		230,112
LIG Nex1 Co. Ltd.		4,348		150,578
Lock&Lock Co. Ltd.		9,196		155,352
Lotte Chilsung Beverage Co. Ltd.^(a)		169		239,368
LOTTE Fine Chemical Co. Ltd.		7,823		337,348
Lotte Food Co. Ltd.^(a)		276		161,718
LOTTE Himart Co. Ltd.		3,773		164,211
Lotte Tour Development Co. Ltd.^(a)		3,522		44,154
LS Corp.		7,714		414,952
LS Industrial Systems Co. Ltd.		6,488		305,738
Maeil Dairies Co. Ltd.^(a)		1,910		134,160
Mando Corp.		13,775		401,725
Medipost Co. Ltd.^(a)		3,299		237,591
MeereCo. Inc.		1,453		83,586
Meritz Financial Group Inc.		19,733		224,578
Meritz Fire & Marine Insurance Co. Ltd.		21,995		432,195
Meritz Securities Co. Ltd.^(c)		127,886		522,483
Mezzion Pharma Co. Ltd.^(a)		2,629		272,554
Mirae Asset Life Insurance Co. Ltd.		36,356		168,090
Modetour Network Inc.		6,307		134,585
Muhak Co. Ltd.		8,350		106,166
Namhae Chemical Corp.^(a)		10,553		114,003
Naturalendo Tech Co. Ltd.^(a)		6,870		60,106
Naturecell Co. Ltd.^(a)(c)		17,717		215,811
Nexen Tire Corp.		15,681		133,707
NHN Entertainment Corp.^(a)		4,775		314,173
NICE Holdings Co. Ltd.^(a)(c)		8,800		140,055
NICE Information Service Co. Ltd.^(a)		14,920		137,301
NongShim Co. Ltd.		1,385		331,257
NUTRIBIOTECH Co. Ltd.		5,211		77,838
Orion Holdings Corp.^(c)		10,896		184,555
Oscotec Inc.^(a)(c)		9,717		248,390
Osstem Implant Co. Ltd.^(a)		5,187		243,047
Paradise Co. Ltd.		19,479		318,675


52		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Partron Co. Ltd.		19,429	$	171,021
Peptron Inc.^(a)(c)		5,781		130,814
Pharmicell Co. Ltd.^(a)		23,012		247,573
Poongsan Corp.		8,561		242,817
Posco ICT Co. Ltd.		29,060		149,602
Prostemics Co. Ltd.^(a)		8,377		46,328
RFHIC Corp.		5,119		131,992
S&T Motiv Co. Ltd.		4,961		159,235
Sam Chun Dang Pharm Co. Ltd.		5,606		253,210
Samjin Pharmaceutical Co. Ltd.^(a)		4,250		153,041
Samwha Capacitor Co. Ltd.^(c)		3,451		188,398
Samyang Corp.		2,798		157,227
Samyang Foods Co. Ltd.		1,616		93,969
Samyang Holdings Corp.		1,702		127,571
Sangsangin Co. Ltd.^(a)		13,893		258,788
Seah Besteel Corp.		7,792		133,712
Seegene Inc.^(a)		10,098		193,484
Seoul Semiconductor Co. Ltd.^(a)		16,135		340,719
SFA Engineering Corp.		8,358		309,143
Shinsegae International Inc.		1,055		212,932
Silicon Works Co. Ltd.^(c)		5,369		205,031
SK Chemicals Co. Ltd.^(c)		3,933		257,724
SK Discovery Co. Ltd.		6,023		154,230
SK Gas Ltd.		2,127		152,050
SK Materials Co. Ltd.		2,325		352,874
SK Networks Co. Ltd.		65,224		342,155
SKC Co. Ltd.		9,107		313,364
SKCKOLONPI Inc.^(c)		6,776		207,853
SL Corp.^(a)		3,103		58,214
SM Entertainment Co. Ltd.^(a)(c)		8,075		333,856
Songwon Industrial Co. Ltd.		6,655		121,893
Soulbrain Co. Ltd.		4,413		200,894
SPC Samlip Co. Ltd.^(a)		968		98,117
STCUBE^(a)		9,364		216,470
Sungwoo Hitech Co. Ltd.		29,162		108,901
Taekwang Industrial Co. Ltd.^(a)		188		250,734
Taeyoung Engineering & Construction Co. Ltd.		15,514		164,147
Taihan Fiberoptics Co. Ltd.^(a)(c)		27,455		123,519
Tego Science Inc.^(a)		1,301		45,460
Telcon RF Pharmaceutical Inc.^(a)		27,088		195,086
Theragen Etex Co. Ltd.^(a)(c)		12,022		129,338
Tokai Carbon Korea Co. Ltd.		2,201		126,029
Tongyang Inc.^(a)		87,637		148,438
Tongyang Life Insurance Co. Ltd.		20,355		87,324
Toptec Co. Ltd.		8,783		79,263
Vieworks Co. Ltd.^(c)		3,341		101,891
Webzen Inc.^(a)		7,747		142,927
WeMade Entertainment Co. Ltd.		4,363		189,696
WONIK IPS Co. Ltd.^(a)		12,842		263,189
YG Entertainment Inc.^(c)		4,754		177,741
Young Poong Corp.^(a)		240		168,578
Youngone Corp.^(a)		10,930		341,107
Yuanta Securities Korea Co. Ltd.^(a)(c)		46,118		135,111
Yungjin Pharmaceutical Co. Ltd.^(a)		44,694		263,467
Yuyang DNU Co. Ltd.^(a)(c)		19,178		165,401

				49,234,911

Taiwan — 19.0%
AcBel Polytech Inc.		329,000		229,834
Accton Technology Corp.		196,000		690,982
A-DATA Technology Co. Ltd.		89,000		125,939


Security	Shares		Value

Taiwan (continued)
Advanced Ceramic X Corp.		19,000	$	162,055
AmTRAN Technology Co. Ltd.^(a)		488,312		195,950
Arcadyan Technology Corp.		50,000		148,977
Ardentec Corp.		178,000		173,509
Asia Optical Co. Inc.		97,000		243,316
Asia Pacific Telecom Co. Ltd.^(a)		904,000		209,136
ASMedia Technology Inc.		11,000		209,446
ASPEED Technology Inc.		9,000		204,994
BES Engineering Corp.		693,000		179,462
Bizlink Holding Inc.		45,770		295,948
Brighton-Best International Taiwan Inc.		228,000		266,697
Capital Securities Corp.		972,530		292,614
Career Technology MFG. Co. Ltd.		164,000		159,063
Casetek Holdings Ltd.		70,816		110,907
Cathay Real Estate Development Co. Ltd.		246,300		166,059
Center Laboratories Inc.		95,200		242,512
Century Iron & Steel Industrial Co. Ltd.		49,000		110,493
Charoen Pokphand Enterprise		74,000		128,637
Cheng Loong Corp.		331,000		217,250
Cheng Uei Precision Industry Co. Ltd.		170,000		159,082
Chilisin Electronics Corp.		65,459		188,019
China Bills Finance Corp.		591,000		275,563
China General Plastics Corp.		138,660		106,327
China Man-Made Fiber Corp.		510,595		165,406
China Motor Corp.		344,000		270,492
China Petrochemical Development Corp.^(a)		1,126,000		400,621
China Steel Chemical Corp.		69,000		302,666
Chin-Poon Industrial Co. Ltd.		146,000		195,448
Chipbond Technology Corp.		249,000		546,115
ChipMOS Technologies Inc.		130,000		107,923
Chlitina Holding Ltd.		18,000		162,592
Chong Hong Construction Co. Ltd.		81,424		229,907
Chroma ATE Inc.		155,000		644,648
Chung Hung Steel Corp.^(a)		433,000		169,534
Chunghwa Precision Test Tech Co. Ltd.		8,000		108,134
Cleanaway Co. Ltd.		57,000		324,111
Clevo Co.		209,000		203,387
CMC Magnetics Corp.^(a)		698,000		152,180
Compeq Manufacturing Co. Ltd.		426,000		314,207
Concraft Holding Co. Ltd.		15,980		59,192
Coretronic Corp.		157,400		237,303
CSBC Corp. Taiwan^(a)		79,455		73,836
CTCI Corp.		274,000		429,120
Cub Elecparts Inc.		20,008		202,833
Darfon Electronics Corp.		86,000		135,805
Darwin Precisions Corp.		164,000		109,772
E Ink Holdings Inc.		348,000		364,661
Elan Microelectronics Corp.		113,000		328,244
Elite Material Co. Ltd.		113,000		349,539
Elite Semiconductor Memory Technology Inc.		126,000		139,607
eMemory Technology Inc.		29,000		261,482
Ennoconn Corp.		22,000		209,446
Epistar Corp.		406,000		360,138
Eternal Materials Co. Ltd.		510,399		423,722
Everlight Electronics Co. Ltd.		169,000		173,522
Far Eastern Department Stores Ltd.		486,000		257,398
Far Eastern International Bank		935,832		328,399
Faraday Technology Corp.		94,000		140,344
Farglory Land Development Co. Ltd.		150,000		179,845
Feng Hsin Steel Co. Ltd.		215,000		413,562


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			53

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Firich Enterprises Co. Ltd.		99,155	$	138,536
FLEXium Interconnect Inc.		126,418		369,275
Foxsemicon Integrated Technology Inc.		28,200		129,654
General Interface Solution Holding Ltd.		100,000		349,292
Genius Electronic Optical Co. Ltd.		28,000		291,131
Getac Technology Corp.		170,000		261,271
Gigabyte Technology Co. Ltd.		209,000		325,284
Ginko International Co. Ltd.		21,000		155,573
Global Unichip Corp.		35,000		240,524
Goldsun Building Materials Co. Ltd.		670,000		194,405
Gourmet Master Co. Ltd.		38,821		292,011
Grand Pacific Petrochemical		358,000		279,756
Grape King Bio Ltd.		50,000		330,609
Great Wall Enterprise Co. Ltd.		251,466		283,524
Greatek Electronics Inc.		141,000		193,794
HannStar Display Corp.		1,232,320		283,890
Holtek Semiconductor Inc.		73,000		173,152
Holy Stone Enterprise Co. Ltd.		57,050		225,223
Hota Industrial Manufacturing Co. Ltd.		92,192		359,464
Hsin Kuang Steel Co. Ltd.		103,000		108,433
HTC Corp.^(a)		291,000		347,954
Huaku Development Co. Ltd.		112,080		253,465
Hung Sheng Construction Ltd.		277,400		254,177
International CSRC Investment Holdings Co.		270,810		392,886
International Games System Co. Ltd.		34,000		216,529
ITEQ Corp.		89,600		198,843
Jih Sun Financial Holdings Co. Ltd.		592,752		180,080
Kenda Rubber Industrial Co. Ltd.		250,341		249,719
Kerry TJ Logistics Co. Ltd.		129,000		159,068
Kindom Construction Corp.		165,000		103,204
King Slide Works Co. Ltd.		28,000		304,778
King Yuan Electronics Co. Ltd.		465,000		381,501
King’s Town Bank Co. Ltd.		331,000		354,914
Kinpo Electronics		656,000		252,582
Kinsus Interconnect Technology Corp.		106,000		146,206
LandMark Optoelectronics Corp.		27,400		273,319
Lealea Enterprise Co. Ltd.		290,590		92,720
Lien Hwa Industrial Corp.		269,494		277,143
Long Chen Paper Co. Ltd.		255,751		145,009
Lotes Co. Ltd.		27,968		208,103
Lotus Pharmaceutical Co. Ltd.^(a)		35,000		120,547
Lung Yen Life Service Corp.		80,000		165,321
Machvision Inc.		13,000		205,920
Macronix International		759,000		575,850
Makalot Industrial Co. Ltd.		77,559		472,514
Mercuries & Associates Holding Ltd.		175,436		105,456
Mercuries Life Insurance Co. Ltd.^(a)		507,246		187,066
Merida Industry Co. Ltd.		88,000		460,351
Merry Electronics Co. Ltd.		74,224		396,726
Mitac Holdings Corp.		328,509		319,153
momo.com Inc.		18,000		143,876
Nan Kang Rubber Tire Co. Ltd.		204,000		185,928
OBI Pharma Inc.^(a)		49,000		286,582
On-Bright Electronics Inc.		14,000		86,430
Oriental Union Chemical Corp.		237,000		201,758
Pan Jit International Inc.^(a)		133,000		124,243
Pan-International Industrial Corp.		225,722		161,720
Parade Technologies Ltd.		29,000		513,541
PChome Online Inc.^(a)		42,305		193,817
PharmaEngine Inc.		41,756		141,102


Security	Shares		Value

Taiwan (continued)
PharmaEssentia Corp.^(a)		70,000	$	386,659
Pharmally International Holding Co. Ltd.		16,851		115,255
Pixart Imaging Inc.		54,635		158,349
Poya International Co. Ltd.		23,453		240,043
President Securities Corp.		422,741		185,434
Primax Electronics Ltd.		159,000		300,677
Prince Housing & Development Corp.		573,917		203,262
Qisda Corp.		694,000		448,739
Radiant Opto-Electronics Corp.		180,000		535,733
Radium Life Tech Co. Ltd.^(a)		293,707		141,717
Ritek Corp.^(a)		548,218		197,723
Roo Hsing Co. Ltd.^(a)		304,000		145,202
Run Long Construction Co. Ltd.		59,000		117,707
Sanyang Motor Co. Ltd.		356,820		235,936
ScinoPharm Taiwan Ltd.		114,708		101,005
SDI Corp.		56,000		148,477
Senao International Co. Ltd.		58,000		65,865
Sercomm Corp.		94,000		200,055
Shin Zu Shing Co. Ltd.		59,000		193,622
Shining Building Business Co. Ltd.^(a)		218,300		75,187
Shinkong Synthetic Fibers Corp.		486,135		206,923
Sigurd Microelectronics Corp.		177,000		172,534
Silergy Corp.		28,000		504,021
Simplo Technology Co. Ltd.		71,600		508,329
Sinbon Electronics Co. Ltd.		90,000		263,773
Sino-American Silicon Products Inc.		212,000		491,830
Sinyi Realty Inc.		144,778		145,594
Sitronix Technology Corp.		46,000		174,874
Soft-World International Corp.		48,140		112,621
Sporton International Inc.		30,330		165,563
St. Shine Optical Co. Ltd.		20,000		375,611
Sunny Friend Environmental Technology Co. Ltd.		26,000		208,666
Supreme Electronics Co. Ltd.		175,000		170,585
TA Chen Stainless Pipe		347,188		496,362
Taichung Commercial Bank Co. Ltd.		1,174,400		406,393
TaiDoc Technology Corp.		22,000		127,240
Tainan Spinning Co. Ltd.		577,190		229,739
Taiwan Cogeneration Corp.		206,000		172,690
Taiwan Fertilizer Co. Ltd.		342,000		500,057
Taiwan Glass Industry Corp.		486,000		215,551
Taiwan Hon Chuan Enterprise Co. Ltd.		135,004		221,084
Taiwan Paiho Ltd.		102,050		214,535
Taiwan Secom Co. Ltd.		149,450		419,556
Taiwan Semiconductor Co. Ltd.		91,000		164,102
Taiwan Shin Kong Security Co. Ltd.		155,640		193,687
Taiwan Styrene Monomer		218,000		172,833
Taiwan TEA Corp.		414,000		214,557
Taiwan Union Technology Corp.		90,000		293,893
TCI Co. Ltd.		31,181		476,684
Teco Electric and Machinery Co. Ltd.		799,000		494,564
Test Research Inc.		62,000		103,345
Ton Yi Industrial Corp.		510,000		221,224
Tong Hsing Electronic Industries Ltd.		60,000		206,651
Tong Yang Industry Co. Ltd.		139,133		173,597
Topco Scientific Co. Ltd.		82,000		203,824
TPK Holding Co. Ltd.		131,000		222,615
Transcend Information Inc.		117,000		261,550
Tripod Technology Corp.		183,000		560,717
TSRC Corp.		291,000		267,111
TTY Biopharm Co. Ltd.		103,450		274,621


54		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Tung Ho Steel Enterprise Corp.		454,000	$	302,406
TXC Corp.		154,000		169,880
U-Ming Marine Transport Corp.		208,000		207,821
Unimicron Technology Corp.		530,000		415,024
Unitech Printed Circuit Board Corp.		216,420		142,398
United Integrated Services Co. Ltd.		74,400		252,621
United Renewable Energy Co. Ltd.^(a)		865,563		246,086
UPC Technology Corp.		357,458		153,313
USI Corp.		581,070		232,228
Visual Photonics Epitaxy Co. Ltd.		71,425		165,703
Voltronic Power Technology Corp.		24,077		448,268
Wafer Works Corp.		209,681		269,114
Wah Lee Industrial Corp.		126,000		213,299
Walsin Lihwa Corp.		1,117,000		658,735
Waterland Financial Holdings Co. Ltd.		1,211,178		397,475
Win Semiconductors Corp.		1		6
Wistron NeWeb Corp.		121,481		310,250
WT Microelectronics Co. Ltd.		218,757		285,028
XinTec Inc.^(a)		67,000		87,079
Xxentria Technology Materials Corp.		61,000		145,481
Yang Ming Marine Transport Corp.^(a)		478,820		143,600
YFY Inc.		640,000		252,660
Yieh Phui Enterprise Co. Ltd.		630,782		207,005
Yulon Finance Corp.		52,000		174,874
Yulon Motor Co. Ltd.		390,000		239,501
YungShin Global Holding Corp.		155,200		208,016
Yungtay Engineering Co. Ltd.		152,000		294,848

				51,621,886

Thailand — 3.9%
Amata Corp. PCL, NVDR^(c)		274,600		189,094
Bangchak Corp. PCL, NVDR		254,100		266,095
Bangkok Airways PCL, NVDR^(c)		511,600		199,688
Bangkok Chain Hospital PCL, NVDR^(c)		671,700		347,440
Bangkok Land PCL, NVDR		3,794,200		198,665
Beauty Community PCL, NVDR		940,900		204,527
Carabao Group PCL, NVDR		94,900		165,633
CH Karnchang PCL, NVDR		376,300		304,503
Chularat Hospital PCL, NVDR		2,539,000		148,251
CK Power PCL, NVDR		920,700		144,332
Eastern Polymer Group PCL, NVDR		691,500		162,383
Esso Thailand PCL, NVDR		537,700		185,988
GFPT PCL, NVDR		335,200		154,237
Gunkul Engineering PCL, NVDR^(c)		1,662,583		171,996
Hana Microelectronics PCL, NVDR		265,300		300,975
Italian-Thai Development PCL, NVDR^(a)(c)		2,059,700		158,175
Jasmine International PCL, NVDR		1,942,800		369,910
KCE Electronics PCL, NVDR^(c)		245,700		214,415
Khon Kaen Sugar Industry PCL, NVDR^(c)		1,394,030		139,790
Kiatnakin Bank PCL, NVDR		210,132		470,109
LPN Development PCL, NVDR^(c)		459,700		102,115
Major Cineplex Group PCL, NVDR		363,000		319,659
MBK PCL, NVDR		200,600		138,136
Mega Lifesciences PCL, NVDR		121,500		128,199
PTG Energy PCL, NVDR^(c)		358,700		114,966
Quality Houses PCL, NVDR		3,051,667		296,330
Siam Global House PCL, NVDR^(c)		719,028		433,527
Siamgas & Petrochemicals PCL, NVDR		377,400		119,163
Sino-Thai Engineering & Construction PCL, NVDR^(a)		358,628		253,785
Sri Trang Agro-Industry PCL, NVDR		356,080		179,664
Srisawad Corp PCL, NVDR^(c)		247,943		395,371


Security	Shares		Value

Thailand (continued)
Supalai PCL, NVDR^(c)		463,800	$	288,472
Super Energy Corp. PCL, NVDR^(a)		6,239,800		116,826
Taokaenoi Food & Marketing PCL, NVDR^(c)		308,600		106,743
Thai Airways International PCL, NVDR^(a)(c)		417,500		173,558
Thai Vegetable Oil PCL, NVDR		290,600		265,125
Thaicom PCL, NVDR		372,600		87,497
Thanachart Capital PCL, NVDR		336,000		594,431
Tisco Financial Group PCL, NVDR		160,840		446,601
TTW PCL, NVDR		1,038,100		418,370
U City PCL, NVDR^(a)(c)		1,306,800		104,503
VGI Global Media PCL, NVDR^(c)		1,295,100		320,564
Vibhavadi Medical Center PCL, NVDR		2,195,800		133,786
WHA Corp. PCL, NVDR^(c)		3,601,700		480,036
Workpoint Entertainment PCL, NVDR^(c)		102,000		84,157

				10,597,790

Turkey — 1.3%
AG Anadolu Grubu Holding AS^(c)		48,165		122,986
Aygaz AS		50,486		108,279
Coca-Cola Icecek AS		36,436		229,518
Dogan Sirketler Grubu Holding AS^(a)		450,890		95,520
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		880,496		252,561
Enerjisa Enerji AS^(b)		189,900		201,506
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D^(a)(c)		356,321		177,025
Koza Altin Isletmeleri AS^(a)		21,721		199,455
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)(c)		82,820		91,763
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(b)		16,963		131,977
MLP Saglik Hizmetleri AS^(a)(b)(c)		36,879		96,104
Otokar Otomotiv Ve Savunma Sanayi AS		5,492		122,525
Pegasus Hava Tasimaciligi AS^(a)		9,365		51,794
Sasa Polyester Sanayi AS^(a)(c)		58,153		93,651
Soda Sanayii AS		192,128		274,469
Sok Marketler Ticaret AS^(a)(c)		95,585		191,027
Tekfen Holding AS		92,212		456,392
Trakya Cam Sanayii AS		242,824		175,267
Turkiye Sinai Kalkinma Bankasi AS		906,926		142,823
Ulker Biskuvi Sanayi AS		82,038		298,068

				3,512,710

United Arab Emirates — 0.6%
Air Arabia PJSC		1,088,711		280,996
Amanat Holdings PJSC		673,856		183,462
Arabtec Holding PJSC		285,404		167,839
Deyaar Development PJSC^(a)		1,063,003		103,898
Drake & Scull International PJSC^(a)(d)		241,185		20,770
Dubai Financial Market PJSC		1,103,900		252,157
Dubai Investments PJSC		882,498		307,541
DXB Entertainments PJSC^(a)		1,680,393		120,322
Eshraq Properties Co. PJSC^(a)		868,661		103,586

				1,540,571


Total Common Stocks — 97.9% (Cost: $269,886,376)				265,653,191


Preferred Stocks

Brazil — 1.6%
Alpargatas SA, Preference Shares, NVS		67,800		346,751
Banco ABC Brasil SA, Preference Shares, NVS		29,416		143,384
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		75,500		503,300


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			55

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Brazil (continued)
Bradespar SA, Preference Shares, NVS		93,700	$	720,068
Cia. de Gas de Sao Paulo - COMGAS, Class A, Preference Shares, NVS		11,460		247,764
Cia. de Saneamento do Parana, Preference Shares, NVS		38,000		138,615
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		79,000		507,673
Cia. Paranaense de Energia, Preference Shares, NVS		42,800		407,885
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS		43,800		311,368
Marcopolo SA, Preference Shares, NVS		226,069		244,138
Metalurgica Gerdau SA, Preference Shares, NVS		279,700		535,497
Randon SA Implemetos e Participacoes, Preference Shares, NVS		76,625		197,168

				4,303,611

Chile — 0.1%
Coca-Cola Embonor SA, Class B, Preference Shares		110,409		295,031


Colombia — 0.0%
Avianca Holdings SA, Preference Shares, NVS		146,059		88,227


Total Preferred Stocks — 1.7% (Cost: $3,217,379)				4,686,869


Rights

China — 0.0%
China Aoyuan Group Ltd. (Expires 03/04/19)^(a)		6,094		—


Total Rights — 0.0% (Cost: $0)				—


Warrants

Thailand — 0.0%
Samart Corp. PCL (Expires 05/17/21)^(a)		101,933		1,456


Total Warrants — 0.0% (Cost: $0)				1,456


Security	Shares		Value

Short-Term Investments

Money Market Funds — 6.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(f)(g)(h)		18,190,879	$	18,198,155
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(f)(g)		85,339		85,339

				18,283,494


Total Short-Term Investments — 6.8% (Cost: $18,276,390)				18,283,494


Total Investments in Securities — 106.4% (Cost: $291,380,145)				288,625,010

Other Assets, Less Liabilities — (6.4)%				(17,286,134	)


Net Assets — 100.0%			$	271,338,876

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

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

^(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 February 28, 2019, for purposes of
Section 2(a)(3) of the 1940Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity	Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	21,372,298	(3,181,419)	18,190,879	$	18,198,155	$	535,497	^(b)	$	465		$	692
BlackRock Cash Funds: Treasury, SL Agency Shares	768,641	(683,302)	85,339		85,339		4,240			—			—

				$	18,283,494	$	539,737		$	465		$	692

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


56		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets Small-Cap ETF

Fair Value Measurements (continued)



	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	265,066,515	$	236,502		$	350,174	$	265,653,191
Preferred Stocks		4,686,869		—			—		4,686,869
Rights		—		0	^(a)		—		0	^(a)
Warrants		1,456		—			—		1,456
Money Market Funds		18,283,494		—			—		18,283,494

	$	288,038,334	$	236,502		$	350,174	$	288,625,010

^(a)

Rounds to less than $1.

See notes to consolidated financial statements.


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S			57

Consolidated Statements of Assets and Liabilities (unaudited)

February 28, 2019


	iShares Core MSCI Emerging Markets ETF		iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF		iShares MSCI Emerging Markets Small-Cap ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	58,441,993,770	$	293,217,786		$	496,418,131	$	270,341,516
Affiliated^(c)		2,671,449,068		1,970,110			36,753,341		18,283,494
Cash		15,370,651		101,148			229,769		79,563
Foreign currency, at value^(d)		63,638,653		679,165			337,648		366,503
Cash pledged:
Futures contracts		15,252,200		—			—		—
Receivables:
Investments sold		247,479,101		4,839,848			1,906,635		1,208,139
Securities lending income — Affiliated		4,006,184		4,901			13,101		66,320
Capital shares sold		65,450,068		—			—		—
Dividends		156,902,194		533,702			1,252,184		657,807

Total assets		61,681,541,889		301,346,660			536,910,809		291,003,342


LIABILITIES
Collateral on securities loaned, at value		2,544,509,653		1,838,861			36,651,621		18,193,095
Deferred foreign capital gain tax		30,143,555		330,839			413,371		—
Payables:
Investments purchased		446,547,799		5,238,240			1,881,846		1,319,891
Variation margin on futures contracts		3,733,406		—			—		—
Bank borrowings		—		—			115,011		—
Capital shares redeemed		—		—			—		7,378
Investment advisory fees		5,771,855		149,972			180,922		143,631
Professional fees		6,227		—			—		—
Foreign taxes		597,633		—			337		471

Total liabilities		3,031,310,128		7,557,912			39,243,108		19,664,466


NET ASSETS	$	58,650,231,761	$	293,788,748		$	497,667,701	$	271,338,876


NET ASSETS CONSIST OF:
Paid-in capital	$	56,348,027,579	$	497,904,809		$	494,427,073	$	303,359,565
Accumulated earnings (loss)		2,302,204,182		(204,116,061	)		3,240,628		(32,020,689	)

NET ASSETS	$	58,650,231,761	$	293,788,748		$	497,667,701	$	271,338,876

Shares outstanding		1,143,600,000		7,000,000			7,500,000		6,050,000

Net asset value	$	51.29	$	41.97		$	66.36	$	44.85

Shares authorized		2.05 billion		500 million			500 million		500 million

Par value	$	0.001	$	0.001		$	0.001	$	0.001


^(a) Securities loaned, at value	$	2,359,558,257	$	1,749,320		$	35,511,432	$	16,705,838
^(b) Investments, at cost — Unaffiliated	$	53,395,332,737	$	268,688,355		$	448,248,748	$	273,103,755
^(c) Investments, at cost — Affiliated	$	2,670,561,694	$	1,969,467		$	36,745,236	$	18,276,390
^(d)Foreign currency, at cost	$	63,701,738	$	679,056		$	337,163	$	367,113

See notes to consolidated financial statements


58		2 0 1 9 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

Consolidated Statements of Operations (unaudited)

Six Months Ended February 28, 2019


	iShares Core MSCI Emerging Markets ETF			iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Small-Cap ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	475,826,715		$	1,675,815		$	3,117,196		$	2,229,330
Dividends — Affiliated		1,220,705			3,625			7,867			4,240
Interest — Unaffiliated		161,156			—			48			7,769
Securities lending income — Affiliated — net^(a)		27,018,948			30,496			112,770			535,497
Foreign taxes withheld		(49,269,463	)		(117,088	)		(321,054	)		(243,724	)
Foreign withholding tax claims		62,273			—			—			—
Other foreign taxes		(581,891	)		—			(4,705	)		(6,848	)

Total investment income		454,438,443			1,592,848			2,912,122			2,526,264


EXPENSES
Investment advisory fees		34,791,420			681,725			1,038,882			850,977
Commitment fees		155,542			1,232			1,740			1,292
Professional fees		6,227			—			—			—
Mauritius income taxes		1,113,198			12,789			14,576			8,982
Interest expense		—			134			11			2,145

Total expenses		36,066,387			695,880			1,055,209			863,396

Less:
Investment advisory fees waived		(1,268,740	)		—			—			—

Total expenses after fees waived		34,797,647			695,880			1,055,209			863,396

Net investment income		419,640,796			896,968			1,856,913			1,662,868


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(b)		(793,492,897	)		(1,597,748	)		(2,772,457	)		(8,206,033	)
Investments — Affiliated		(34,473	)		1,001			(2,582	)		465
In-kind redemptions — Unaffiliated		—			1,154,989			1,275,648			649,908
Futures contracts		9,519,916			—			—			—
Foreign currency transactions		(2,965,031	)		(11,464	)		(10,353	)		(23,712	)

Net realized loss		(786,972,485	)		(453,222	)		(1,509,744	)		(7,579,372	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(c)		746,034,516			8,505,307			(8,183,695	)		(3,293,523	)
Investments — Affiliated		255,039			(53	)		3,170			692
Futures contracts		1,000,093			—			—			—
Foreign currency translations		2,261,045			24,203			(3,010	)		5,198

Net change in unrealized appreciation (depreciation)		749,550,693			8,529,457			(8,183,535	)		(3,287,633	)

Net realized and unrealized gain (loss)		(37,421,792	)		8,076,235			(9,693,279	)		(10,867,005	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	382,219,004		$	8,973,203		$	(7,836,366	)	$	(9,204,137	)


^(a)Net of securities lending income tax paid of	$	1,246,768		$	—		$	—		$	—
^(b)Net of foreign capital gain tax of	$	41,618		$	—		$	2,556		$	—
^(c)Net of deferred foreign capital gain tax of	$	(33,129,520	)	$	(368,432	)	$	(523,046	)	$	(23,388	)

See notes to consolidated financial statements.


C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S			59

Consolidated Statements of Changes in Net Assets


	iShares Core MSCI Emerging Markets ETF						iShares MSCI BRIC ETF

	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	419,640,796		$	1,131,105,074		$	896,968		$	4,523,668
Net realized gain (loss)		(786,972,485	)		(779,346,985	)		(453,222	)		18,799,905
Net change in unrealized appreciation (depreciation)		749,550,693			(1,566,053,631	)		8,529,457			(26,853,985	)

Net increase (decrease) in net assets resulting from operations		382,219,004			(1,214,295,542	)		8,973,203			(3,530,412	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(878,886,503	)		(1,110,833,238	)		(2,980,864	)		(4,984,880	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		10,067,173,676			14,629,556,824			82,732,263			(48,122,268	)


NET ASSETS^(a)
Total increase (decrease) in net assets		9,570,506,177			12,304,428,044			88,724,602			(56,637,560	)
Beginning of period		49,079,725,584			36,775,297,540			205,064,146			261,701,706

End of period	$	58,650,231,761		$	49,079,725,584		$	293,788,748		$	205,064,146

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 14 for this prior year information.

See notes to consolidated financial statements.


60		2 0 1 9 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

Consolidated Statements of Changes in Net Assets (continued)


	iShares MSCI Emerging Markets Asia ETF						iShares MSCI Emerging Markets Small-Cap ETF

	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,856,913		$	8,923,956		$	1,662,868		$	6,406,951
Net realized gain (loss)		(1,509,744	)		25,175,395			(7,579,372	)		13,157,734
Net change in unrealized appreciation (depreciation)		(8,183,535	)		(22,402,586	)		(3,287,633	)		(26,436,641	)

Net increase (decrease) in net assets resulting from operations		(7,836,366	)		11,696,765			(9,204,137	)		(6,871,956	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,767,800	)		(10,521,349	)		(4,832,530	)		(8,416,326	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		71,733,687			(61,967,541	)		23,351,830			23,792,902


NET ASSETS^(a)
Total increase (decrease) in net assets		57,129,521			(60,792,125	)		9,315,163			8,504,620
Beginning of period		440,538,180			501,330,305			262,023,713			253,519,093

End of period	$	497,667,701		$	440,538,180		$	271,338,876		$	262,023,713

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 14 for this prior year information.

See notes to consolidated financial statements.


C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S			61

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	iShares Core MSCI Emerging Markets ETF

		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	52.27		$	53.91		$	44.60		$	40.75		$	53.89		$	45.71

Net investment income^(a)		0.41			1.39			1.31			1.20			1.21			1.31
Net realized and unrealized gain (loss)^(b)		(0.53	)		(1.61	)		8.95			3.58			(13.26	)		7.78

Net increase (decrease) from investment operations		(0.12	)		(0.22	)		10.26			4.78			(12.05	)		9.09


Distributions
From net investment income		(0.86	)		(1.42	)		(0.95	)		(0.93	)		(1.09	)		(0.91	)

Total distributions		(0.86	)		(1.42	)		(0.95	)		(0.93	)		(1.09	)		(0.91	)


Net asset value, end of period	$	51.29		$	52.27		$	53.91		$	44.60		$	40.75		$	53.89


Total Return
Based on net asset value		(0.08	)%^(c)		(0.52	)%		23.45	%		11.99	%		(22.61	)%		20.05	%


Ratios to Average Net Assets
Total expenses		0.15	%^(d)		0.14	%		0.15	%		0.17	%		0.18	%		0.18	%

Total expenses after fees waived		0.14	%^(d)		0.14	%		0.14	%		0.17	%		0.18	%		0.17	%

Total expenses excluding professional fees for foreign withholding tax claims		0.15	%^(d)		N/A			N/A			N/A			N/A			N/A

Net investment income		1.69	%^(d)		2.48	%		2.74	%		2.93	%		2.49	%		2.61	%


Supplemental Data
Net assets, end of period (000)	$	58,650,232		$	49,079,726		$	36,775,298		$	16,003,488		$	7,025,331		$	5,669,167

Portfolio turnover rate^(e)		4	%^(c)		6	%		4	%		10	%		7	%		8	%

^(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)	Not annualized.

^(d)	Annualized.

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

See notes to consolidated financial statements.


62		2 0 1 9 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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI BRIC ETF

		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	41.01		$	42.21		$	33.48		$	30.74		$	41.12		$	34.41

Net investment income^(a)		0.18			0.68			0.70			0.64			0.77			0.89
Net realized and unrealized gain (loss)^(b)		1.42			(1.13	)		8.57			2.84			(10.20	)		6.53

Net increase (decrease) from investment operations		1.60			(0.45	)		9.27			3.48			(9.43	)		7.42


Distributions
From net investment income		(0.64	)		(0.75	)		(0.54	)		(0.74	)		(0.95	)		(0.71	)


Total distributions		(0.64	)		(0.75	)		(0.54	)		(0.74	)		(0.95	)		(0.71	)


Net asset value, end of period	$	41.97		$	41.01		$	42.21		$	33.48		$	30.74		$	41.12


Total Return
Based on net asset value		4.07	%^(c)		(1.16	)%		28.15	%		11.61	%		(23.19	)%		21.73	%


Ratios to Average Net Assets
Total expenses		0.70	%^(d)		0.67	%		0.70	%		0.73	%		0.69	%		0.68	%

Net investment income		0.90	%^(d)		1.51	%		1.96	%		2.13	%		2.07	%		2.38	%


Supplemental Data
Net assets, end of period (000)	$	293,789		$	205,064		$	261,702		$	182,488		$	196,758		$	411,164

Portfolio turnover rate^(e)		7	%^(c)		22	%		24	%		20	%		9	%		10	%

^(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)	Not annualized.

^(d)	Annualized.

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

See notes to consolidated financial statements.


C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S			63

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets Asia ETF

		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	69.38		$	69.15		$	56.33		$	50.87		$	62.08		$	52.23

Net investment income^(a)		0.28			1.16			1.31			1.02			1.25			1.36
Net realized and unrealized gain (loss)^(b)		(2.31	)		0.42			12.43			5.54			(11.61	)		9.75

Net increase (decrease) from investment operations		(2.03	)		1.58			13.74			6.56			(10.36	)		11.11


Distributions
From net investment income		(0.99	)		(1.35	)		(0.92	)		(1.10	)		(0.85	)		(1.26	)

Total distributions		(0.99	)		(1.35	)		(0.92	)		(1.10	)		(0.85	)		(1.26	)


Net asset value, end of period	$	66.36		$	69.38		$	69.15		$	56.33		$	50.87		$	62.08


Total Return
Based on net asset value		(2.80	)%^(c)		2.22	%		24.80	%		13.14	%		(16.86	)%		21.54	%^(d)


Ratios to Average Net Assets
Total expenses		0.50	%^(e)		0.50	%		0.49	%		0.66	%		0.68	%		0.68	%

Total expenses after fees waived		0.50	%^(e)		0.50	%		0.49	%		0.49	%		0.49	%		0.49	%

Net investment income		0.88	%^(e)		1.58	%		2.16	%		1.98	%		2.10	%		2.36	%


Supplemental Data
Net assets, end of period (000)	$	497,668		$	440,538		$	501,330		$	216,863		$	124,637		$	80,706

Portfolio turnover rate^(f)		4	%^(c)		33	%		15	%		22	%		16	%		33	%

^(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)	Not annualized.

^(d)	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 21.46%.

^(e)	Annualized.

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

See notes to consolidated financial statements.


64		2 0 1 9 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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets Small-Cap ETF

		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	47.64		$	49.23		$	43.27		$	40.06		$	51.37		$	43.78

Net investment income^(a)		0.29			1.10			1.04			0.90			1.04			0.93
Net realized and unrealized gain (loss)^(b)		(2.29	)		(1.22	)		5.81			3.36			(11.06	)		7.67

Net increase (decrease) from investment operations		(2.00	)		(0.12	)		6.85			4.26			(10.02	)		8.60


Distributions
From net investment income		(0.79	)		(1.47	)		(0.89	)		(1.05	)		(1.29	)		(1.01	)


Total distributions		(0.79	)		(1.47	)		(0.89	)		(1.05	)		(1.29	)		(1.01	)


Net asset value, end of period	$	44.85		$	47.64		$	49.23		$	43.27		$	40.06		$	51.37


Total Return
Based on net asset value		(4.06	)%^(c)		(0.38	)%		16.17	%		10.83	%		(19.77	)%		19.92	%^(d)


Ratios to Average Net Assets
Total expenses		0.69	%^(e)		0.67	%		0.69	%		0.71	%		0.69	%		0.67	%

Net investment income		1.33	%^(e)		2.14	%		2.32	%		2.20	%		2.20	%		1.93	%


Supplemental Data
Net assets, end of period (000)	$	271,339		$	262,024		$	253,519		$	121,151		$	76,120		$	43,666

Portfolio turnover rate^(f)		15	%^(c)		39	%		19	%		24	%		23	%		20	%

^(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)	Not annualized.

^(d)	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 19.73%.

^(e)	Annualized.

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

See notes to consolidated financial statements.


C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S			65

Notes to Consolidated Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
Core MSCI Emerging Markets		Diversified
MSCI BRIC		Diversified
MSCI Emerging Markets Asia		Diversified
MSCI Emerging Markets Small-Cap		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for each Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, each 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

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 consolidated 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 February 28, 2019, if any, are disclosed in the consolidated statement of assets and liabilities.

Each Fund 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, each Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. Taxes on income, if any, are paid by each Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.


66		2 0 1 9 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 Consolidated 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.

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 Directors of the Company ( 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:

•

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.

•

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

•


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S			67

Notes to Consolidated Financial Statements (unaudited) (continued)

4.	SECURITIES AND OTHER INVESTMENTS

As of February 28, 2019, 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 consolidated 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 consolidated schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the consolidated statements of assets and liabilities.


68		2 0 1 9 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 Consolidated Financial Statements (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Core MSCI Emerging Markets
Barclays Bank PLC	$	51,282,502	$	51,282,502		$	—	$	—
Barclays Capital Inc.		134,539,436		134,539,436			—		—
BNP Paribas Prime Brokerage International Ltd.		401,927		401,927			—		—
BNP Paribas Securities Corp.		3,656,790		3,656,790			—		—
Citigroup Global Markets Inc.		257,157,011		257,157,011			—		—
Citigroup Global Markets Ltd.		59,069,180		59,069,180			—		—
Credit Suisse Securities (Europe) Ltd.		28,772,692		28,772,692			—		—
Credit Suisse Securities (USA) LLC		172,832,719		172,832,719			—		—
Deutsche Bank AG		426,700		426,700			—		—
Deutsche Bank Securities Inc.		2,917,333		2,917,333			—		—
Goldman Sachs & Co.		302,224,135		302,224,135			—		—
Goldman Sachs International		81,038,705		81,038,705			—		—
HSBC Bank PLC		49,141,935		49,141,935			—		—
Jefferies LLC		5,621,251		5,621,251			—		—
JPMorgan Securities LLC		492,173,936		492,173,936			—		—
JPMorgan Securities PLC		42,340,302		42,340,302			—		—
Macquarie Bank Limited		30,629,277		30,629,277			—		—
Merrill Lynch, Pierce, Fenner & Smith		12,336,337		12,336,337			—		—
Morgan Stanley & Co. International PLC		225,231,407		225,231,407			—		—
Morgan Stanley & Co. LLC		323,569,905		323,569,905			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		34,202,124		34,202,124			—		—
SG Americas Securities LLC		629,842		629,842			—		—
State Street Bank & Trust Company		329,137		329,137			—		—
UBS AG		15,981,438		15,981,438			—		—
UBS Ltd.		12,653,919		12,653,919			—		—
UBS Securities LLC		6,707,014		6,707,014			—		—
Wells Fargo Bank, National Association		6,790,413		6,790,413			—		—
Wells Fargo Securities LLC		6,900,890		6,806,144			—		(94,746	)^(b)

	$	2,359,558,257	$	2,359,463,511		$	—	$	(94,746	)

MSCI BRIC
Barclays Bank PLC	$	19,147	$	19,147		$	—	$	—
Barclays Capital Inc.		7,902		7,902			—		—
Citigroup Global Markets Inc.		72,643		72,643			—		—
Credit Suisse Securities (USA) LLC		184,560		184,560			—		—
Jefferies LLC		146,946		146,946			—		—
JPMorgan Securities LLC		575,505		575,505			—		—
Macquarie Bank Limited		578,807		578,807			—		—
Morgan Stanley & Co. LLC		153,374		153,374			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		10,436		10,436			—		—

	$	1,749,320	$	1,749,320		$	—	$	—

MSCI Emerging Markets Asia
Barclays Capital Inc.	$	1,065,755	$	1,065,755		$	—	$	—
Citigroup Global Markets Inc.		1,367,518		1,367,518			—		—
Credit Suisse Securities (USA) LLC		426,978		426,978			—		—
Deutsche Bank AG		71,752		71,752			—		—
HSBC Bank PLC		18,161		18,161			—		—
Jefferies LLC		82,051		82,051			—		—
JPMorgan Securities LLC		29,915,990		29,915,990			—		—
JPMorgan Securities PLC		58,090		58,090			—		—
Macquarie Bank Limited		1,129,929		1,129,929			—		—
Morgan Stanley & Co. International PLC		283,919		283,919			—		—
Morgan Stanley & Co. LLC		1,071,146		1,071,146			—		—
Nomura Securities International Inc.		20,143		20,143			—		—

	$	35,511,432	$	35,511,432		$	—	$	—


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S			69

Notes to Consolidated 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 Emerging Markets Small-Cap
Barclays Bank PLC	$	214,755	$	214,755		$	—	$	—
Barclays Capital Inc.		204,513		204,513			—		—
Citigroup Global Markets Inc.		940,990		940,990			—		—
Credit Suisse Securities (USA) LLC		2,269,017		2,269,017			—		—
Deutsche Bank AG		44,101		44,101			—		—
Deutsche Bank Securities Inc.		408,232		408,232			—		—
Goldman Sachs & Co.		3,587,960		3,587,960			—		—
HSBC Bank PLC		2,412,719		2,412,719			—		—
JPMorgan Securities LLC		987,923		987,923			—		—
Macquarie Bank Limited		1,054,401		1,054,401			—		—
Merrill Lynch, Pierce, Fenner & Smith		58,898		58,898			—		—
Morgan Stanley & Co. International PLC		114,890		114,890			—		—
Morgan Stanley & Co. LLC		2,916,087		2,916,087			—		—
SG Americas Securities LLC		2,038		2,038			—		—
UBS AG		1,047,948		1,047,948			—		—
UBS Securities LLC		441,366		441,366			—		—

	$	16,705,838	$	16,705,838		$	—	$	—

^(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 consolidated statement of assets and liabilities.

^(b)

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 if 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

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 consolidated schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the consolidated 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 consolidated statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the consolidated 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


70		2 0 1 9 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 Consolidated Financial Statements (unaudited) (continued)


iShares ETF	Investment Advisory Fee
Core MSCI Emerging Markets		0.14	%
MSCI Emerging Markets Asia		0.49

For its investment advisory services to each of the iShares MSCIBRIC and iShares MSCI Emerging Markets Small-Cap 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 $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

Each 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. Each 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: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Core MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2022 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.14% of average daily net assets.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its consolidated statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
Core MSCI Emerging Markets	$	5,856,522
MSCI BRIC		6,936
MSCI Emerging Markets Asia		26,637
MSCI Emerging Markets Small-Cap		105,097

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S			71

Notes to Consolidated Financial Statements (unaudited) (continued)

For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	24,055,790	$	15,604,888
MSCI BRIC		124,257		831,072
MSCI Emerging Markets Asia		305,727		67,223
MSCI Emerging Markets Small-Cap		2,373,037		1,318,818

7.	PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	7,801,782,672	$	1,837,422,557
MSCI BRIC		86,242,398		16,262,255
MSCI Emerging Markets Asia		88,403,264		17,114,299
MSCI Emerging Markets Small-Cap		60,037,745		38,093,250

For the six months ended February 28, 2019, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Core MSCI Emerging Markets	$	3,767,417,056	$	—
MSCI BRIC		19,138,598		8,473,887
MSCI Emerging Markets Asia		4,767,336		9,448,267
MSCI Emerging Markets Small-Cap		5,260,479		6,971,180

8.	INCOME TAX INFORMATION

As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


iShares ETF	Non-Expiring^(a)		Expiring 2019		Total
Core MSCI Emerging Markets	$	1,039,051,226	$	—	$	1,039,051,226
MSCI BRIC		216,012,610		7,760,558		223,773,168
MSCI Emerging Markets Asia		34,528,807		—		34,528,807
MSCI Emerging Markets Small-Cap		9,761,132		—		9,761,132

^(a)

Must be utilized prior to losses subject to expiration.


72		2 0 1 9 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 Consolidated Financial Statements (unaudited) (continued)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core MSCI Emerging Markets	$	57,066,388,069	$	8,177,056,418	$	(4,132,072,932	)	$	4,044,983,486
MSCI BRIC		274,791,848		43,847,725		(23,451,677	)		20,396,048
MSCI Emerging Markets Asia		493,370,308		71,817,239		(32,016,075	)		39,801,164
MSCI Emerging Markets Small-Cap		303,009,888		32,275,831		(46,660,709	)		(14,384,878	)

9.	LINE OF CREDIT

The Funds, 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 23, 2019. 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 Core MSCI Emerging Markets ETF did not borrow under the credit agreement during the six months ended February 28, 2019.

For the six months ended ended February 28, 2019, the maximum amount borrowed, the average 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 BRIC	$	240,000	$	10,840		3.21	%
MSCI Emerging Markets Asia		115,000		635		3.49
MSCI Emerging Markets Small-Cap		2,800,000		141,436		3.31

10.

PRINCIPAL RISKS


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S			73

Notes to Consolidated Financial Statements (unaudited) (continued)

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.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount

Core MSCI Emerging Markets
Shares sold		204,600,000		$	10,067,173,676			256,800,000		$	14,629,556,824


MSCI BRIC
Shares sold		2,350,000		$	96,105,672			1,450,000		$	67,260,906
Shares redeemed		(350,000	)		(13,373,409	)		(2,650,000	)		(115,383,174	)

Net increase(decrease)		2,000,000		$	82,732,263			(1,200,000	)	$	(48,122,268	)


MSCI Emerging Markets Asia
Shares sold		1,500,000		$	94,065,859			2,100,000		$	159,314,183
Shares redeemed		(350,000	)		(22,332,172	)		(3,000,000	)		(221,281,724	)

Net increase(decrease)		1,150,000		$	71,733,687			(900,000	)	$	(61,967,541	)


MSCI Emerging Markets Small-Cap
Shares sold		1,100,000		$	47,301,251			2,450,000		$	129,553,510
Shares redeemed		(550,000	)		(23,949,421	)		(2,100,000	)		(105,760,608	)

Net increase		550,000		$	23,351,830			350,000		$	23,792,902


74		2 0 1 9 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 Consolidated Financial Statements (unaudited) (continued)

12.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares Core MSCI Emerging Markets ETF has filed claims to recover taxes withheld by Poland on dividend income on the basis that Poland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has received payments on certain of the claims resulting from a favorable court ruling that the imposition of a withholding tax by a European Union member state on dividends paid to a nonresident company, including the Fund, while exempting domestic funds from such taxes results in discriminatory tax withholding contrary to the free movement of capital. The Fund continues to evaluate developments in Poland for potential impacts to the receivables and payables recorded. Polish withholding tax claims received are disclosed in the statement of operations. Professional fees associated with the filing of tax claims in Poland that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund.

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 U.S. Preferred Stock 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. Plaintiffs have appealed the court’s decision.

14.

REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the consolidated statement of assets and liabilities, consolidated statement of changes in net assets and notes to the consolidated financial statements.

Prior year distribution information and undistributed (distributions in excess of) net investment income in the consolidated statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended August 31, 2018 were classified as follows:


iShares ETF	Net Investment Income
Core MSCI Emerging Markets	$	1,110,833,238
MSCI BRIC		4,984,880
MSCI Emerging Markets Asia		10,521,349
MSCI Emerging Markets Small-Cap		8,416,326

Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:


iShares ETF	Undistributed net investment income
Core MSCI Emerging Markets	$	396,725,467
MSCI BRIC		1,966,005
MSCI Emerging Markets Asia		3,898,199
MSCI Emerging Markets Small-Cap		377,735

15.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S			75

Supplemental Information (unaudited)

Section 19(a) Notices


	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 Emerging Markets^(a)	$	0.700665	$	—	$	0.157958	$	0.858623		82	%		—	%		18	%		100	%
MSCI BRIC^(a)		0.500345		—		0.140701		0.641046		78			—			22			100
MSCI Emerging Markets Asia^(a)		0.789428		—		0.198572		0.988000		80			—			20			100
MSCI Emerging Markets Small-Cap^(a)		0.630850		—		0.161368		0.792218		80			—			20			100

^(a)


76		2 0 1 9 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

To enroll in electronic delivery:

•

Go to www.icsdelivery.com.

•

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

Householding

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 on Form N-Q.The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N			77

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


78		2 0 1 9 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

For more information visit www.iShares.com or call 1-800-iShares (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. ©2019 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.

FEBRUARY 28, 2019


2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

▶

iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX

▶

iShares MSCI Emerging Markets ETF | EEM | NYSE Arca

Table of Contents


	Page
Fund Summary		5
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		23
Statements of Operations		24
Statements of Changes in Net Assets		25
Financial Highlights		26
Notes to Financial Statements		28
Supplemental Information		37
General Information		38
Glossary of Terms Used in this Report		39


Fund Summary as of February 28, 2019		iShares^® Currency Hedged MSCI Emerging Markets ETF

Investment Objective

The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 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 Emerging Markets ETF.

Performance


				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(0.93	)%		(4.74	)%		3.83	%		(4.74	)%		18.12	%
Fund Market		(0.82	)		(4.55	)		3.86			(4.55	)		18.29
Index		(0.83	)		(5.27	)		4.26			(5.27	)		20.34

The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)(b)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)
$	1,000.00	$	990.70	$	0.00		$	1,000.00	$	1,024.80	$	0.00		0.00	%

^(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)

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.


ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Financials	24.6	%
Information Technology	14.5
Consumer Discretionary	13.3
Communication Services	12.0
Energy	8.0
Materials	7.4
Consumer Staples	6.4
Industrials	5.5
Real Estate	3.0
Health Care	2.7
Utilities	2.6

^(a)

Excludes money market funds.


TEN LARGEST COUNTRIES
Country	Percent of Total Investments	^(a)
China	32.4	%
South Korea	13.5
Taiwan	11.2
India	8.5
Brazil	7.6
South Africa	6.1
Russia	3.7
Mexico	2.7
Thailand	2.4
Malaysia	2.3


F U N D S U M M A R Y			5


Fund Summary as of February 28, 2019		iShares^® MSCI Emerging Markets ETF

Investment Objective

The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets 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		0.09	%		(10.33	)%		3.56	%		9.26	%		(10.33	)%		19.10	%		142.38	%
Fund Market		(0.22	)		(9.70	)		3.62			9.28			(9.70	)		19.48			142.87
Index		0.33			(9.89	)		4.13			10.32			(9.89	)		22.45			167.13

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,000.90	$	3.42		$	1,000.00	$	1,021.40	$	3.46		0.69	%

^(a)

Portfolio Information


ALLOCATION BY SECTOR
Sector	Percent of Total Investments	^(a)
Financials	24.6	%
Information Technology	14.5
Consumer Discretionary	13.3
Communication Services	12.0
Energy	8.0
Materials	7.4
Consumer Staples	6.4
Industrials	5.5
Real Estate	3.0
Health Care	2.7
Utilities	2.6

^(a)

Excludes money market funds.


TEN LARGEST COUNTRIES
Country	Percent of Total Investments	^(a)
China	32.4	%
South Korea	13.5
Taiwan	11.2
India	8.5
Brazil	7.6
South Africa	6.1
Russia	3.7
Mexico	2.7
Thailand	2.4
Malaysia	2.3


6		2 0 1 9 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

Shareholder Expenses


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			7

Schedule of Investments (unaudited)

February 28, 2019

iShares^® Currency Hedged MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 99.6%
iShares MSCI Emerging Markets ETF^(a)(b)		6,267,104	$	265,975,894


Total Investment Companies — 99.6% (Cost: $266,091,390)				265,975,894


Short-Term Investments

Money Market Funds — 42.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.62%^(a)(c)(d)		112,643,337		112,688,394
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.33%^(a)(c)		168,256		168,256

				112,856,650


Total Short-Term Investments — 42.3% (Cost: $112,856,650)				112,856,650


Total Investments in Securities — 141.9% (Cost: $378,948,040)				378,832,544

Other Assets, Less Liabilities — (41.9)%				(111,923,701	)


Net Assets — 100.0%			$	266,908,843

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased	Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	155,991,380	—	(43,348,043	)^(b)	112,643,337	$	112,688,394	$	71,610	^(c)	$	11,689		$	(2,548	)
BlackRock Cash Funds: Treasury, SL Agency Shares	7,866,429	—	(7,698,173	)^(b)	168,256		168,256		12,624			—			—
iShares MSCI Emerging Markets ETF	7,975,290	1,289,480	(2,997,666	)	6,267,104		265,975,894		4,082,350			2,248,389			(11,812,623	)

						$	378,832,544	$	4,166,584		$	2,260,078		$	(11,815,171	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CLP	114,477,000	USD	172,698	MS	03/06/19	$	1,854
CNY	539,000	USD	80,222	MS	03/06/19		232
EUR	21,000	USD	23,870	MS	03/06/19		20
INR	1,724,414,000	USD	24,219,313	MS	03/06/19		49,104
TWD	5,974,000	USD	194,029	MS	03/06/19		11
USD	43,837,904	BRL	163,825,000	MS	03/06/19		222,766
USD	325,432	CLP	212,605,000	MS	03/06/19		1,256
USD	5,252,581	EUR	4,580,000	MS	03/06/19		42,199
USD	63,253,214	HKD	495,581,000	MS	03/06/19		114,167


8		2 0 1 9 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)

February 28, 2019

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	108,159	INR	7,649,000	MS	03/06/19	$	511
USD	48,475,388	KRW	54,158,394,000	MS	03/06/19		325,483
USD	7,755,732	MXN	148,071,000	MS	03/06/19		78,727
USD	795,238	RUB	52,343,000	MS	03/06/19		1,536
USD	342,217	TRY	1,807,000	MS	03/06/19		4,694
USD	2,275,858	TWD	69,801,000	MS	03/06/19		8,671
USD	17,515,673	ZAR	239,435,000	MS	03/06/19		530,776
RUB	7,585,000	USD	114,560	MS	04/02/19		34
USD	21,200,539	BRL	79,211,000	MS	04/02/19		151,139
USD	4,291,284	CLP	2,785,538,000	MS	04/02/19		44,514
USD	2,171,858	CNY	14,515,320	MS	04/02/19		5,033
USD	5,085,878	EUR	4,456,000	MS	04/02/19		4,988
USD	60,963,096	HKD	478,030,000	MS	04/02/19		4,215
USD	46,713,976	KRW	52,233,980,000	MS	04/02/19		270,923
USD	7,448,755	MXN	143,391,000	MS	04/02/19		45,675
USD	8,915,531	RUB	588,960,000	MS	04/02/19		17,595
USD	1,814,255	TRY	9,786,000	MS	04/02/19		14,334
USD	41,446,881	TWD	1,273,787,000	MS	04/02/19		87,091
USD	16,670,151	ZAR	232,002,000	MS	04/02/19		264,886

							2,292,434

BRL	164,190,000	USD	43,989,825	MS	03/06/19		(277,513	)
CLP	2,721,517,000	USD	4,194,370	MS	03/06/19		(44,663	)
CNY	12,787,320	USD	1,913,857	MS	03/06/19		(5,169	)
EUR	4,622,000	USD	5,265,674	MS	03/06/19		(7,511	)
HKD	495,581,000	USD	63,156,541	MS	03/06/19		(17,494	)
KRW	54,399,156,000	USD	48,633,477	MS	03/06/19		(269,521	)
MXN	149,394,000	USD	7,793,237	MS	03/06/19		(47,639	)
RUB	613,484,000	USD	9,320,913	MS	03/06/19		(18,368	)
TRY	10,194,000	USD	1,918,809	MS	03/06/19		(14,713	)
TWD	1,321,044,000	USD	42,963,730	MS	03/06/19		(55,277	)
USD	96,948	BRL	365,000	MS	03/06/19		(226	)
USD	3,915,759	CLP	2,623,389,000	MS	03/06/19		(84,325	)
USD	1,973,937	CNY	13,326,320	MS	03/06/19		(15,204	)
USD	71,346	EUR	63,000	MS	03/06/19		(325	)
USD	24,033,640	INR	1,716,765,000	MS	03/06/19		(127,129	)
USD	213,927	KRW	240,762,000	MS	03/06/19		(124	)
USD	68,175	MXN	1,323,000	MS	03/06/19		(419	)
USD	8,433,712	RUB	561,141,000	MS	03/06/19		(75,132	)
USD	1,547,269	TRY	8,387,000	MS	03/06/19		(19,305	)
USD	40,814,908	TWD	1,257,217,000	MS	03/06/19		(20,399	)
ZAR	239,435,000	USD	17,285,485	MS	03/06/19		(300,588	)
BRL	1,443,000	USD	384,559	MS	04/02/19		(1,098	)
CLP	50,089,000	USD	76,403	MS	04/02/19		(38	)
CNY	81,000	USD	12,094	MS	04/02/19		(2	)
EUR	80,000	USD	91,267	MS	04/02/19		(49	)
HKD	6,737,000	USD	859,143	MS	04/02/19		(34	)
INR	11,700,000	USD	164,596	MS	04/02/19		(77	)
KRW	710,540,000	USD	632,119	MS	04/02/19		(353	)
MXN	3,945,000	USD	203,868	MS	04/02/19		(193	)


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)

February 28, 2019

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
RUB	2,539,000	USD	38,375	MS	04/02/19	$	(16	)
TRY	266,000	USD	48,979	MS	04/02/19		(54	)
TWD	6,887,000	USD	223,675	MS	04/02/19		(55	)
USD	10,147	CNY	68,000	MS	04/02/19		(4	)
USD	23,943	EUR	21,000	MS	04/02/19		(2	)
USD	2,540,579	HKD	19,924,000	MS	04/02/19		(150	)
USD	22,799,420	INR	1,630,988,000	MS	04/02/19		(134,611	)
USD	216,222	KRW	243,259,000	MS	04/02/19		(68	)
USD	33,968	MXN	658,000	MS	04/02/19		(4	)
USD	41,259	RUB	2,733,000	MS	04/02/19		(31	)
USD	8,276	TRY	45,000	MS	04/02/19		(1	)
USD	1,351,963	TWD	41,650,000	MS	04/02/19		(410	)
ZAR	2,081,000	USD	147,548	MS	04/02/19		(396	)

							(1,538,690	)

	Net unrealized appreciation					$	753,744

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement 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	$	2,292,434


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts	$	1,538,690

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Foreign Currency Exchange Contracts

Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	3,639,558


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	(6,309,565	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	359,855,884
Average amounts sold — in USD	$	630,428,166

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


10		2 0 1 9 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)

February 28, 2019

iShares^® Currency Hedged MSCI Emerging Markets ETF

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	$	2,292,434	$	1,538,690

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	2,292,434	$	1,538,690
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA	$	2,292,434	$	1,538,690

The following tables presents 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	$	2,292,434	$	(1,538,690	)	$	753,744



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Net Amount of Derivative Liabilities

Morgan Stanley & Co. International PLC	$	1,538,690	$	(1,538,690	)	$	—

^(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



	Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	265,975,894	$	—		$	—	$	265,975,894
Money Market Funds		112,856,650		—			—		112,856,650

	$	378,832,544	$	—		$	—	$	378,832,544

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	2,292,434		$	—	$	2,292,434
Liabilities
Forward Foreign Currency Exchange Contracts		—		(1,538,690	)		—		(1,538,690	)

	$	—	$	753,744		$	—	$	753,744

^(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			11

Consolidated Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 4.7%
Ambev SA		30,938,715	$	142,143,606
Atacadao Distribuicao Comercio e Industria Ltda		2,562,300		13,336,737
B2W Cia. Digital^(a)		1,190,200		15,344,622
B3 SA — Brasil, Bolsa, Balcao		13,482,901		117,886,627
Banco Bradesco SA		6,645,391		68,274,626
Banco do Brasil SA		5,614,374		75,751,570
Banco Santander Brasil SA		2,686,300		32,190,473
BB Seguridade Participacoes SA		4,596,300		33,458,834
BR Malls Participacoes SA		5,426,388		19,374,531
BRF SA^(a)		3,415,585		18,734,373
CCR SA		7,899,100		29,972,453
Centrais Eletricas Brasileiras SA^(a)		1,350,100		13,312,899
Cia. de Saneamento Basico do Estado de Sao Paulo		2,215,924		23,250,879
Cia. Siderurgica Nacional SA^(a)		4,115,828		14,355,051
Cielo SA		7,981,976		23,135,545
Cosan SA		1,044,900		12,175,756
Embraer SA		4,389,400		22,331,778
Engie Brasil Energia SA		1,317,550		14,460,465
Equatorial Energia SA		1,094,000		23,958,462
Hypera SA		2,216,000		15,895,047
IRB Brasil Resseguros S/A		695,700		16,510,179
JBS SA		6,221,965		22,281,445
Klabin SA		4,554,900		21,910,645
Kroton Educacional SA		9,162,780		26,802,399
Localiza Rent a Car SA		3,767,589		34,709,739
Lojas Renner SA		4,691,990		54,148,211
M. Dias Branco SA		667,700		8,364,388
Magazine Luiza SA		495,600		22,922,945
Multiplan Empreendimentos Imobiliarios SA		1,836,409		12,325,156
Natura Cosmeticos SA		1,263,100		16,294,588
Petrobras Distribuidora SA		2,258,900		14,727,046
Petroleo Brasileiro SA		19,488,674		155,171,470
Porto Seguro SA		638,100		9,535,131
Raia Drogasil SA		1,515,200		26,427,367
Rumo SA^(a)		7,141,500		37,057,154
Sul America SA		1,340,636		10,867,365
Suzano Papel e Celulose SA		3,542,500		45,019,812
TIM Participacoes SA		5,443,576		17,157,008
Ultrapar Participacoes SA		2,346,400		33,416,765
Vale SA		20,643,009		259,258,909
WEG SA		5,449,006		26,763,733

				1,601,015,789

Chile — 1.0%
Aguas Andinas SA, Class A		18,069,094		10,596,010
Banco de Chile		165,411,791		26,298,662
Banco de Credito e Inversiones SA		292,885		20,056,131
Banco Santander Chile		432,598,354		34,551,054
Cencosud SA		9,235,987		17,221,609
Cia. Cervecerias Unidas SA		976,004		13,824,208
Colbun SA		54,600,645		12,632,379
Empresa Nacional de Telecomunicaciones SA		1,006,218		10,602,687
Empresas CMPC SA		8,449,402		31,742,113
Empresas COPEC SA		2,502,353		34,010,524
Enel Americas SA		189,085,304		32,918,298
Enel Chile SA		192,654,915		20,244,469
Itau CorpBanca		1,039,522,619		9,858,261
Latam Airlines Group SA		2,016,149		23,461,315


Security	Shares		Value

Chile (continued)
SACI Falabella		4,766,404	$	37,122,377

				335,140,097
China — 32.3%
3SBio Inc.^(b)(c)		8,420,500		13,923,678
51job Inc., ADR^(a)(c)		165,193		11,936,846
58.com Inc., ADR^(a)(c)		616,505		44,949,380
AAC Technologies Holdings Inc.^(c)		4,806,000		28,561,225
Agile Group Holdings Ltd.		10,160,000		12,697,088
Agricultural Bank of China Ltd., Class A		13,197,100		7,490,289
Agricultural Bank of China Ltd., Class H		186,246,000		89,210,548
Air China Ltd., Class H		12,358,000		13,350,129
Alibaba Group Holding Ltd., ADR^(a)(c)		8,448,775		1,546,379,288
Alibaba Health Information Technology Ltd.^(a)		23,076,000		23,664,526
Alibaba Pictures Group Ltd.^(a)(c)		94,310,000		17,420,762
Aluminum Corp. of China Ltd., Class H^(a)(c)		26,846,000		11,012,270
Angang Steel Co. Ltd., Class A		3,608,083		3,055,597
Angang Steel Co. Ltd., Class H		4,636,000		3,449,036
Anhui Conch Cement Co. Ltd., Class H		8,413,500		48,124,303
ANTA Sports Products Ltd.		6,980,402		40,905,309
Autohome Inc., ADR^(a)		388,117		36,502,404
AviChina Industry & Technology Co. Ltd., Class H		14,421,000		10,232,741
BAIC Motor Corp. Ltd., Class H^(b)		11,548,000		7,340,890
Baidu Inc., ADR^(a)		1,802,644		293,001,756
Bank of Beijing Co. Ltd., Class A		7,546,007		7,235,835
Bank of China Ltd., Class A		8,868,400		5,086,429
Bank of China Ltd., Class H		515,172,000		240,200,963
Bank of Communications Co. Ltd., Class A		10,617,893		10,149,736
Bank of Communications Co. Ltd., Class H		49,612,600		41,650,365
Bank of Shanghai Co. Ltd., Class A		2,432,850		4,469,479
Baoshan Iron & Steel Co. Ltd., Class A		2,704,874		3,030,015
Baozun Inc., ADR^(a)(c)		244,430		9,153,904
BBMG Corp., Class H		16,094,000		5,904,701
Beijing Capital International Airport Co. Ltd., Class H		11,186,000		11,186,285
Beijing Enterprises Holdings Ltd.		3,365,500		19,743,341
Beijing Enterprises Water Group Ltd.^(c)		37,434,000		22,413,284
BOC Aviation Ltd.^(b)		1,381,300		11,948,110
BOE Technology Group Co. Ltd., Class A		5,688,700		3,458,150
Brilliance China Automotive Holdings Ltd.^(c)		19,864,000		19,459,624
BYD Co. Ltd., Class H^(c)		4,344,000		27,780,173
BYD Electronic International Co. Ltd.		4,576,500		5,853,405
CAR Inc.^(a)(c)		4,789,000		4,209,547
CGN Power Co. Ltd., Class H^(b)		72,485,000		19,114,366
China Agri-Industries Holdings Ltd.		13,094,000		4,653,910
China Cinda Asset Management Co. Ltd., Class H		60,212,000		17,488,772
China CITIC Bank Corp. Ltd., Class H		59,492,800		38,652,358
China Coal Energy Co. Ltd., Class H		12,822,000		5,569,953
China Communications Construction Co. Ltd., Class H		29,513,000		31,807,177
China Communications Services Corp. Ltd., Class H		16,098,000		16,180,440
China Conch Venture Holdings Ltd.		10,771,000		35,949,986
China Construction Bank Corp., Class A		3,089,069		3,312,749
China Construction Bank Corp., Class H		629,020,760		559,321,881
China Ding Yi Feng Holdings Ltd.^(a)(c)		5,872,000		18,925,527
China Eastern Airlines Corp. Ltd., Class A		4,893,032		4,268,029
China Eastern Airlines Corp. Ltd., Class H		5,124,000		3,270,305
China Everbright Bank Co. Ltd., Class H		19,441,000		9,312,105
China Everbright International Ltd.^(c)		22,413,813		21,928,977
China Everbright Ltd.		6,512,000		13,157,064


12		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
China Evergrande Group^(c)		17,083,388	$	52,774,868
China First Capital Group Ltd.^(a)		21,288,000		9,437,468
China Galaxy Securities Co. Ltd., Class H		23,461,500		15,960,204
China Gas Holdings Ltd.		11,627,600		38,216,525
China Hongqiao Group Ltd.^(c)		14,241,500		9,524,813
China Huarong Asset Management Co. Ltd., Class H^(b)		66,903,000		15,341,206
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		5,603,350		14,276
China International Capital Corp. Ltd., Class H^(b)		6,851,600		15,920,556
China International Marine Containers Group Co. Ltd., Class A		1,363,673		2,694,676
China International Travel Service Corp. Ltd., Class A		368,244		3,509,076
China Jinmao Holdings Group Ltd.		34,380,000		16,686,769
China Life Insurance Co. Ltd., Class H		48,865,000		134,459,986
China Literature Ltd.^(a)(b)(c)		1,556,600		7,426,262
China Longyuan Power Group Corp. Ltd., Class H		21,107,000		15,756,710
China Medical System Holdings Ltd.		9,147,000		9,624,987
China Mengniu Dairy Co. Ltd.^(c)		18,067,000		55,813,492
China Merchants Bank Co. Ltd., Class A		2,602,987		12,340,006
China Merchants Bank Co. Ltd., Class H		25,140,467		115,296,799
China Merchants Port Holdings Co. Ltd.		8,846,000		18,593,977
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,168,273		3,699,275
China Minsheng Banking Corp. Ltd., Class A		9,378,353		9,146,948
China Minsheng Banking Corp. Ltd., Class H		34,671,048		26,765,848
China Mobile Ltd.		40,061,500		421,549,581
China Molybdenum Co. Ltd., Class H		26,427,000		12,658,351
China National Building Material Co. Ltd., Class H		25,658,000		20,428,864
China Oilfield Services Ltd., Class H		12,216,000		12,091,814
China Oriental Group Co. Ltd.		7,280,000		4,878,188
China Overseas Land & Investment Ltd.		25,090,960		92,375,442
China Pacific Insurance Group Co. Ltd., Class A		960,474		4,880,411
China Pacific Insurance Group Co. Ltd., Class H		16,831,000		63,359,073
China Petroleum & Chemical Corp., Class A		6,059,622		5,439,468
China Petroleum & Chemical Corp., Class H		163,868,800		141,536,149
China Power International Development Ltd.		28,069,000		7,080,005
China Railway Construction Corp. Ltd., Class H		13,935,000		20,059,810
China Railway Group Ltd., Class H		25,463,000		25,236,584
China Railway Signal & Communication Corp. Ltd., Class H^(b)		9,580,000		7,932,686
China Reinsurance Group Corp., Class H		31,516,000		7,266,932
China Resources Beer Holdings Co. Ltd.		9,462,000		35,257,395
China Resources Cement Holdings Ltd.		15,870,000		16,901,475
China Resources Gas Group Ltd.		5,756,000		25,004,408
China Resources Land Ltd.		18,137,333		67,699,031
China Resources Pharmaceutical Group Ltd.^(b)		10,786,000		14,454,982
China Resources Power Holdings Co. Ltd.		12,450,999		23,601,985
China Shenhua Energy Co. Ltd., Class H		22,607,500		55,756,987
China Southern Airlines Co. Ltd., Class H		12,780,000		10,435,909
China State Construction Engineering Corp. Ltd., Class A		6,247,373		5,738,640
China State Construction International Holdings Ltd.^(c)		13,182,000		13,938,011
China Taiping Insurance Holdings Co. Ltd.		10,674,460		33,044,075
China Telecom Corp. Ltd., Class H		91,004,000		49,270,937
China Tower Corp. Ltd., Class H^(a)(b)		259,762,000		61,550,271
China Traditional Chinese Medicine Holdings Co. Ltd.		15,060,000		9,937,935


Security	Shares		Value

China (continued)
China Travel International Investment Hong Kong Ltd.		13,966,000	$	4,145,428
China Unicom Hong Kong Ltd.		39,984,000		47,421,723
China United Network Communications Ltd., Class A		5,458,700		5,242,478
China Vanke Co. Ltd., Class A		1,329,565		5,558,389
China Vanke Co. Ltd., Class H		7,862,731		29,849,090
China Yangtze Power Co. Ltd., Class A		2,551,165		6,211,015
China Zhongwang Holdings Ltd.^(c)		10,623,200		5,629,763
Chongqing Rural Commercial Bank Co. Ltd., Class H		17,150,000		10,727,216
CIFI Holdings Group Co. Ltd.		22,782,000		14,859,466
CITIC Ltd.		38,319,000		58,285,416
CITIC Securities Co. Ltd., Class A		1,772,185		6,222,976
CITIC Securities Co. Ltd., Class H		14,563,000		35,286,028
CNOOC Ltd.		116,443,000		200,850,750
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		7,426,000		4,370,573
COSCO SHIPPING Holdings Co. Ltd., Class A^(a)		4,181,109		3,128,713
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)		14,427,000		6,285,554
COSCO SHIPPING Ports Ltd.		11,484,000		12,201,147
Country Garden Holdings Co. Ltd.^(c)		49,596,939		65,330,626
Country Garden Services Holdings Co. Ltd.^(a)		7,809,000		12,852,847
CRRC Corp. Ltd., Class A		4,080,142		5,765,047
CRRC Corp. Ltd., Class H		25,824,300		27,107,981
CSPC Pharmaceutical Group Ltd.		30,708,000		52,420,087
Ctrip.com International Ltd., ADR^(a)(c)		2,691,155		91,849,120
Dali Foods Group Co. Ltd.^(b)		13,368,000		9,110,907
Daqin Railway Co. Ltd., Class A		2,961,755		3,950,363
Datang International Power Generation Co. Ltd., Class H		19,570,000		5,434,865
Dongfeng Motor Group Co. Ltd., Class H		18,230,000		19,391,641
ENN Energy Holdings Ltd.		5,149,500		53,136,322
Far East Horizon Ltd.		14,303,000		15,961,461
Focus Media Information Technology Co. Ltd., Class A		2,144,278		2,158,626
Foshan Haitian Flavouring & Food Co. Ltd., Class A		369,153		4,227,902
Fosun International Ltd.		17,065,000		28,087,314
Fullshare Holdings Ltd.^(c)		46,750,000		9,350,238
Future Land Development Holdings Ltd.^(c)		11,670,000		10,049,836
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		3,500,400		12,508,117
GDS Holdings Ltd., ADR^(a)(c)		387,330		12,886,469
Geely Automobile Holdings Ltd.^(c)		32,319,000		60,687,159
Genscript Biotech Corp.^(a)(c)		6,000,000		11,220,668
GF Securities Co. Ltd., Class H		9,864,600		16,638,297
GOME Retail Holdings Ltd.^(a)(c)		77,855,200		7,041,860
Great Wall Motor Co. Ltd., Class H^(c)		20,461,500		14,988,105
Gree Electric Appliances Inc. of Zhuhai, Class A		559,575		3,744,318
Greentown China Holdings Ltd.		5,758,500		4,893,016
Greentown Service Group Co. Ltd.		6,354,000		5,795,643
Guangdong Investment Ltd.		19,620,110		37,641,578
Guangzhou Automobile Group Co. Ltd., Class H		19,515,838		23,991,418
Guangzhou R&F Properties Co. Ltd., Class H		6,364,400		11,902,137
Guotai Junan Securities Co. Ltd., Class A		2,522,800		7,351,510
Guotai Junan Securities Co. Ltd., Class H^(b)		2,140,400		4,766,261
Haier Electronics Group Co. Ltd.		8,306,000		24,759,917
Haitian International Holdings Ltd.		4,503,000		9,843,751
Haitong Securities Co. Ltd., Class H		22,400,000		29,734,261


S C H E D U L E O F I N V E S T M E N T S			13

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		1,395,302	$	7,189,915
Hengan International Group Co. Ltd.		4,752,500		38,414,498
HengTen Networks Group Ltd.^(a)(c)		147,664,000		5,267,130
Hua Hong Semiconductor Ltd.^(b)		2,921,000		6,831,965
Huadian Power International Corp. Ltd., Class H		10,938,000		4,793,335
Huaneng Power International Inc., Class H		28,330,000		17,467,604
Huaneng Renewables Corp. Ltd., Class H		32,724,000		9,963,357
Huatai Securities Co. Ltd., Class H^(b)		11,477,200		23,247,405
Huazhu Group Ltd., ADR^(c)		863,409		30,279,754
Hutchison China MediTech Ltd., ADR^(a)(c)		353,799		9,230,616
Industrial & Commercial Bank of China Ltd., Class A		8,541,035		7,335,248
Industrial & Commercial Bank of China Ltd., Class H		449,912,085		346,183,214
Industrial Bank Co. Ltd., Class A		3,476,372		9,273,510
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		965,920		3,901,075
Inner Mongolia Yitai Coal Co. Ltd., Class B		6,746,417		8,331,825
iQIYI Inc., ADR^(a)		808,029		21,946,068
JD.com Inc., ADR^(a)(c)		4,764,900		132,035,379
Jiangsu Expressway Co. Ltd., Class H		8,400,000		11,578,384
Jiangsu Hengrui Medicine Co. Ltd., Class A		521,467		5,600,053
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		203,787		3,380,115
Jiangxi Copper Co. Ltd., Class H		8,825,000		12,051,772
Jiayuan International Group Ltd.		6,566,000		3,195,256
Kaisa Group Holdings Ltd.		13,999,000		4,993,401
Kangmei Pharmaceutical Co. Ltd., Class A		914,794		1,451,056
Kingboard Holdings Ltd.		4,626,500		16,207,897
Kingboard Laminates Holdings Ltd.		7,100,500		8,701,726
Kingdee International Software Group Co. Ltd.		15,217,000		16,477,426
Kingsoft Corp. Ltd.^(c)		5,469,000		10,631,728
Kunlun Energy Co. Ltd.		21,404,000		23,504,099
Kweichow Moutai Co. Ltd., Class A		131,713		14,853,123
KWG Group Holdings Ltd.^(c)		8,348,500		7,848,853
Lee & Man Paper Manufacturing Ltd.		10,400,000		9,578,843
Legend Holdings Corp., Class H^(b)		2,447,200		6,811,807
Lenovo Group Ltd.^(c)		47,326,000		42,624,630
Logan Property Holdings Co. Ltd.		8,950,000		12,746,949
Longfor Group Holdings Ltd.		9,881,000		29,329,066
Luye Pharma Group Ltd.^(b)(c)		7,717,000		5,760,863
Maanshan Iron &Steel Co. Ltd., Class H		11,590,000		5,522,001
Meitu Inc.^(a)(b)(c)		11,485,500		4,696,738
Meituan Dianping, Class B^(a)		1,810,400		14,045,372
Metallurgical Corp. of China Ltd., Class A		8,745,590		4,545,742
Metallurgical Corp. of China Ltd., Class H		12,177,000		3,567,874
Midea Group Co. Ltd., Class A		913,160		6,516,726
MMG Ltd.^(a)(c)		16,168,000		7,661,974
Momo Inc., ADR^(a)		954,538		31,662,025
NetEase Inc., ADR		506,084		112,968,070
New China Life Insurance Co. Ltd., Class H		5,651,500		27,358,277
New Oriental Education & Technology Group Inc., ADR^(a)		932,530		76,523,412
Nexteer Automotive Group Ltd.		5,830,000		8,303,320
Nine Dragons Paper Holdings Ltd.		10,910,000		11,313,333
Noah Holdings Ltd., ADR^(a)(c)		189,658		10,952,750
People’s Insurance Co. Group of China Ltd. (The), Class H		48,582,000		22,032,653
Petro China Co. Ltd., Class H		140,024,000		92,578,736


Security	Shares		Value

China (continued)
PICC Property & Casualty Co. Ltd., Class H		45,097,192	$	54,003,109
Pinduoduo Inc., ADR^(a)		1,224,503		36,661,620
Ping An Bank Co. Ltd., Class A		2,956,334		5,457,684
Ping An Insurance Group Co. of China Ltd., Class A		1,457,894		15,244,826
Ping An Insurance Group Co. of China Ltd., Class H		33,544,500		353,187,715
Poly Developments and Holdings Group Co. Ltd., Class A		1,659,430		3,274,147
Postal Savings Bank of China Co. Ltd., Class H^(b)		43,208,000		25,870,417
Qingdao Haier Co. Ltd., Class A		1,193,644		2,938,113
SAIC Motor Corp. Ltd., Class A		1,235,878		5,227,635
Semiconductor Manufacturing International Corp.^(a)(c)		19,947,999		20,202,628
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		13,100,000		11,381,436
Shanghai Electric Group Co. Ltd., Class H		20,162,000		7,474,257
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,849,500		13,657,491
Shanghai Industrial Holdings Ltd.		3,434,000		7,699,355
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		6,903,472		9,754,606
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,941,500		13,351,685
Shanghai Pudong Development Bank Co. Ltd., Class A		4,552,945		7,983,566
Shenzhen International Holdings Ltd.		6,001,500		12,385,577
Shenzhen Investment Ltd.		17,062,000		6,368,527
Shenzhou International Group Holdings Ltd.		4,922,800		61,458,177
Shimao Property Holdings Ltd.		7,612,500		17,998,930
Shui On Land Ltd.		23,265,000		5,808,989
Sihuan Pharmaceutical Holdings Group Ltd.		25,857,000		5,402,110
SINA Corp./China^(a)		429,648		28,945,386
Sino Biopharmaceutical Ltd.		45,723,500		39,666,875
Sino-Ocean Group Holding Ltd.		20,481,000		9,575,438
Sinopec Engineering Group Co. Ltd., Class H		8,384,000		7,615,216
Sinopec Shanghai Petrochemical Co. Ltd., Class H		23,733,000		12,033,089
Sinopharm Group Co. Ltd., Class H		7,822,000		34,776,402
Sinotrans Ltd., Class H		13,202,000		6,205,939
Sinotruk Hong Kong Ltd.		4,561,500		8,298,074
SOHO China Ltd.^(a)(c)		14,923,000		6,368,576
SSY Group Ltd.		9,778,000		8,669,632
Sun Art Retail Group Ltd.^(c)		15,760,000		16,021,402
Sunac China Holdings Ltd.		15,839,000		66,283,364
Suning.com Co. Ltd., Class A		2,205,435		4,031,922
Sunny Optical Technology Group Co. Ltd.^(c)		4,692,100		55,589,353
TAL Education Group, ADR^(a)		2,319,618		82,578,401
Tencent Holdings Ltd.		37,255,500		1,593,721,738
Tencent Music Entertainment Group, ADR^(a)		542,238		9,771,129
Tingyi Cayman Islands Holding Corp.		12,902,000		17,915,335
Tong Ren Tang Technologies Co. Ltd., Class H		3,466,000		4,539,030
Towngas China Co. Ltd.		6,231,000		4,969,051
TravelSky Technology Ltd., Class H		6,301,000		18,261,325
Tsingtao Brewery Co. Ltd., Class H		2,310,000		9,799,358
Uni-President China Holdings Ltd.^(c)		8,401,000		7,480,826
Vipshop Holdings Ltd., ADR^(a)(c)		2,864,481		20,566,974
Want Want China Holdings Ltd.^(c)		33,000,000		26,610,869
Weibo Corp., ADR^(a)(c)		362,981		26,225,377
Weichai Power Co. Ltd., Class H		13,076,800		18,158,058


14		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Wuliangye Yibin Co. Ltd., Class A		486,281	$	5,193,137
Wuxi Biologics Cayman Inc.^(a)(b)		3,224,000		30,597,977
Xiaomi Corp., Class B^(a)(b)		21,920,800		33,398,656
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,817,737		3,752,110
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,863,400		3,282,963
Xinyi Solar Holdings Ltd.^(c)		20,332,000		9,997,901
Yanzhou Coal Mining Co. Ltd., Class H		12,212,800		12,119,763
Yihai International Holding Ltd.^(c)		3,052,000		9,642,233
Yuexiu Property Co. Ltd.		43,004,000		9,915,825
Yum China Holdings Inc.		2,355,846		98,285,895
Yunnan Baiyao Group Co. Ltd., Class A^(d)		220,692		2,804,468
Yuzhou Properties Co. Ltd.		10,897,000		5,316,761
YY Inc., ADR^(a)		324,462		22,874,571
Zhaojin Mining Industry Co. Ltd., Class H		6,625,000		7,064,033
Zhejiang Expressway Co. Ltd., Class H		9,682,000		10,101,605
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		1,573,200		5,912,176
Zhongsheng Group Holdings Ltd.		3,718,500		8,640,404
Zhuzhou CRRC Times Electric Co. Ltd., Class H		3,617,500		20,299,992
Zijin Mining Group Co. Ltd., Class H		39,988,000		17,116,319
ZTE Corp., Class H^(a)		5,042,600		15,063,947
ZTO Express Cayman Inc., ADR		1,815,272		36,087,607

				11,134,487,559
Colombia — 0.3%
Bancolombia SA		1,496,694		17,488,650
Cementos Argos SA		3,117,684		8,231,609
Ecopetrol SA		32,296,843		32,724,782
Grupo Argos SA/Colombia		2,038,125		11,861,263
Grupo de Inversiones Suramericana SA		1,731,533		19,681,623
Interconexion Electrica SA ESP		2,687,733		12,202,685

				102,190,612
Czech Republic — 0.2%
CEZ AS		1,058,924		25,700,325
Komercni Banka AS		486,248		20,447,026
Moneta Money Bank AS^(b)		3,177,740		11,272,038

				57,419,389
Egypt — 0.1%
Commercial International Bank Egypt SAE		8,400,132		33,648,474
Eastern Tobacco		6,608,122		6,295,066
EISewedy Electric Co.		4,520,308		4,440,325

				44,383,865
Greece — 0.2%
Alpha Bank AE^(a)		9,087,070		12,830,840
FF Group^(a)(d)		246,892		2,811
Hellenic Telecommunications Organization SA		1,504,909		19,107,094
JUMBO SA		701,034		11,415,230
Motor Oil Hellas Corinth Refineries SA		377,414		9,196,897
OPAP SA		1,416,581		14,517,554
Titan Cement Co. SA		315,636		6,922,331

				73,992,757
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		2,422,745		28,297,862
OTP Bank Nyrt		1,476,652		62,495,271
Richter Gedeon Nyrt		915,411		17,737,626

				108,530,759


Security	Shares		Value
India — 8.4%
Adani Ports & Special Economic Zone Ltd.		3,374,038	$	15,457,448
Ambuja Cements Ltd.		3,910,754		11,659,203
Ashok Leyland Ltd.		7,801,361		9,487,604
Asian Paints Ltd.		1,883,098		37,203,273
Aurobindo Pharma Ltd.		1,748,140		17,500,755
Avenue Supermarts Ltd.^(a)(b)		819,931		16,782,208
Axis Bank Ltd.^(a)		11,778,807		117,504,473
Bajaj Auto Ltd.		548,286		22,359,654
Bajaj Finance Ltd.		1,143,053		42,571,447
Bajaj Finserv Ltd.		251,018		22,807,209
Bharat Forge Ltd.		1,396,898		10,073,201
Bharat Petroleum Corp. Ltd.		4,953,962		23,510,446
Bharti Airtel Ltd.		9,160,064		40,960,382
Bharti Infratel Ltd.		2,125,482		8,775,210
Bosch Ltd.		49,432		13,223,080
Britannia Industries Ltd.		373,043		16,032,831
Cadila Healthcare Ltd.		1,357,796		6,083,965
Cipla Ltd./India		2,260,378		17,623,488
Coal India Ltd.		4,407,202		14,146,173
Container Corp. of India Ltd.		1,304,400		8,669,867
Dabur India Ltd.		3,459,708		21,307,535
Divi’s Laboratories Ltd.		515,769		11,995,724
Dr. Reddy’s Laboratories Ltd.		755,794		27,964,152
Eicher Motors Ltd.		87,731		24,507,633
GAIL India Ltd.		5,160,379		24,812,915
Glenmark Pharmaceuticals Ltd.		916,990		7,690,977
Godrej Consumer Products Ltd.		2,345,442		22,187,739
Grasim Industries Ltd.		2,173,902		23,749,749
Havells India Ltd.		1,654,639		16,641,479
HCL Technologies Ltd.		3,581,859		53,073,531
Hero MotoCorp Ltd.		326,540		12,065,584
Hindalco Industries Ltd.		7,763,692		21,366,833
Hindustan Petroleum Corp. Ltd.		3,970,112		12,466,909
Hindustan Unilever Ltd.		4,256,727		103,694,741
Housing Development Finance Corp. Ltd.		10,585,905		274,030,591
ICICI Bank Ltd.		15,675,790		77,170,916
Indiabulls Housing Finance Ltd.		1,829,511		16,854,355
Indian Oil Corp. Ltd.		11,367,316		23,109,807
Infosys Ltd.		22,835,708		235,753,472
InterGlobe Aviation Ltd.^(b)		605,917		9,586,738
ITC Ltd.		22,384,504		86,877,100
JSW Steel Ltd.		5,549,914		21,933,967
Larsen & Toubro Ltd.		3,104,714		56,438,234
LIC Housing Finance Ltd.		1,956,387		13,079,025
Lupin Ltd.		1,460,203		15,679,584
Mahindra & Mahindra Financial Services Ltd.		1,994,360		11,113,542
Mahindra & Mahindra Ltd.		4,916,329		44,645,358
Marico Ltd.		2,932,644		14,006,350
Maruti Suzuki India Ltd.		694,211		66,659,677
Motherson Sumi Systems Ltd.		6,223,666		14,227,772
Nestle India Ltd.		151,531		22,667,468
NTPC Ltd.		12,897,040		25,612,301
Oil & Natural Gas Corp. Ltd.		9,081,977		18,980,839
Page Industries Ltd.		35,917		11,254,561
Petronet LNG Ltd.		3,900,075		12,260,688
Pidilite Industries Ltd.		785,522		12,727,718
Piramal Enterprises Ltd.		541,664		17,717,908
Power Grid Corp. of India Ltd.		10,784,802		27,725,362
REC Ltd.		4,669,247		8,951,011
Reliance Industries Ltd.		18,607,476		322,057,374


S C H E D U L E O F I N V E S T M E N T S			15

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Shree Cement Ltd.		56,611	$	13,206,587
Shriram Transport Finance Co. Ltd.		985,966		15,834,093
State Bank of India^(a)		11,769,366		44,520,102
Sun Pharmaceutical Industries Ltd.		5,525,451		34,581,530
Tata Consultancy Services Ltd.		5,885,190		164,116,344
Tata Motors Ltd.^(a)		10,297,279		25,690,264
Tata Power Co. Ltd. (The)		7,575,084		6,970,552
Tata Steel Ltd.		2,266,103		15,944,483
Tech Mahindra Ltd.		3,109,841		36,296,508
Titan Co. Ltd.		2,038,522		29,382,862
UltraTech Cement Ltd.		627,493		33,758,310
United Spirits Ltd.^(a)		1,916,179		14,716,266
UPL Ltd.		2,365,230		29,183,682
Vedanta Ltd.		8,605,436		20,495,399
Vodafone Idea Ltd.^(a)		12,867,515		5,409,236
Wipro Ltd.		7,414,997		38,458,268
Yes Bank Ltd.		11,237,866		36,521,435
Zee Entertainment Enterprises Ltd.		3,160,837		20,740,059

				2,902,905,116
Indonesia — 2.2%
Adaro Energy Tbk PT		93,976,900		8,751,359
Astra International Tbk PT		131,398,700		66,785,193
Bank Central Asia Tbk PT		64,260,800		125,963,502
Bank Danamon Indonesia Tbk PT		20,034,716		12,141,173
Bank Mandiri Persero Tbk PT		121,350,900		61,462,603
Bank Negara Indonesia Persero Tbk PT		48,484,576		30,329,786
Bank Rakyat Indonesia Persero Tbk PT		362,055,010		99,087,385
Bank Tabungan Negara Persero Tbk PT		27,885,800		4,816,954
Bukit Asam Tbk PT		18,592,200		5,260,135
Bumi Serpong Damai Tbk PT^(a)		50,420,300		4,856,549
Charoen Pokphand Indonesia Tbk PT		48,572,345		25,205,482
Gudang Garam Tbk PT		3,093,000		18,776,769
Hanjaya Mandala Sampoerna Tbk PT		59,894,200		16,178,991
Indah Kiat Pulp & Paper Corp. Tbk PT		17,977,100		14,089,037
Indocement Tunggal Prakarsa Tbk PT		12,115,300		16,557,074
Indofood CBP Sukses Makmur Tbk PT		15,208,500		11,054,339
Indofood Sukses Makmur Tbk PT		28,295,200		14,230,570
Jasa Marga Persero Tbk PT		14,440,195		5,363,428
Kalbe Farma Tbk PT		138,288,815		14,696,412
Pabrik Kertas Tjiwi Kimia Tbk PT		7,844,500		6,231,547
Pakuwon Jati Tbk PT		123,214,600		5,430,464
Perusahaan Gas Negara Persero Tbk PT		71,764,900		12,957,729
Semen Indonesia Persero Tbk PT		19,536,100		17,567,561
Surya Citra Media Tbk PT		39,006,700		4,852,442
Telekomunikasi Indonesia Persero Tbk PT		322,739,000		88,556,783
Tower Bersama Infrastructure Tbk PT		14,062,500		3,978,585
Unilever Indonesia Tbk PT		9,871,300		34,155,715
United Tractors Tbk PT		10,894,553		20,522,883

				749,860,450
Malaysia — 2.3%
AirAsia Group Bhd		9,972,100		6,792,750
Alliance Bank Malaysia Bhd		7,107,500		6,921,357
AMMB Holdings Bhd		11,247,375		12,363,400
Axiata Group Bhd		17,925,300		18,337,452
British American Tobacco Malaysia Bhd		936,900		7,764,301
CIMB Group Holdings Bhd		30,575,400		43,985,267
Dialog Group Bhd		23,729,112		18,847,911
DiGi.Com Bhd^(c)		20,977,800		23,472,025
Fraser & Neave Holdings Bhd		723,700		6,282,211


Security	Shares		Value

Malaysia (continued)
Gamuda Bhd		12,792,800	$	9,248,944
Genting Bhd		13,974,700		25,327,318
Genting Malaysia Bhd		19,443,000		16,734,415
Genting Plantations Bhd		1,949,300		5,033,235
HAP Seng Consolidated Bhd^(c)		3,969,300		9,614,559
Hartalega Holdings Bhd		8,789,100		10,806,713
Hong Leong Bank Bhd		4,253,200		22,257,001
Hong Leong Financial Group Bhd		1,419,200		6,875,259
IHH Healthcare Bhd^(c)		15,065,100		21,227,843
IJM Corp. Bhd^(c)		19,310,640		8,547,683
IOI Corp. Bhd		13,331,520		14,719,913
IOI Properties Group Bhd^(c)		13,616,456		5,390,998
Kuala Lumpur Kepong Bhd		2,912,500		17,719,230
Malayan Banking Bhd		24,895,700		58,344,036
Malaysia Airports Holdings Bhd^(c)		5,746,900		11,546,089
Maxis Bhd^(c)		14,281,500		18,859,377
MISC Bhd		7,609,500		12,911,730
Nestle Malaysia Bhd		373,500		13,593,508
Petronas Chemicals Group Bhd		15,694,300		35,583,781
Petronas Dagangan Bhd		1,376,200		9,035,913
Petronas Gas Bhd		4,555,000		20,251,912
PPB Group Bhd		3,939,760		17,787,777
Press Metal Aluminium Holdings Bhd^(c)		9,017,400		9,379,959
Public Bank Bhd		19,039,030		117,048,014
QL Resources Bhd		3,025,400		5,133,471
RHB Bank Bhd		5,911,225		8,227,600
RHB Capital Bhd^(a)(d)		3,214,200		8
Sime Darby Bhd		15,683,073		8,368,934
Sime Darby Plantation Bhd		15,681,973		19,667,543
Sime Darby Property Bhd		18,662,073		4,818,684
SP Setia Bhd Group		8,516,400		4,795,907
Telekom Malaysia Bhd^(c)		7,327,800		5,496,075
Tenaga Nasional Bhd		20,349,250		67,155,277
Top Glove Corp. Bhd		9,240,400		10,316,345
Westports Holdings Bhd		6,681,500		6,062,888
YTL Corp. Bhd		22,053,489		5,748,604

				788,403,217
Mexico — 2.7%
Alfa SAB de CV, Class A		19,710,400		22,452,173
Alsea SAB de CV^(c)		2,986,000		7,563,574
America Movil SAB de CV, Series L, NVS		219,312,300		157,972,279
Arca Continental SAB de CV		2,877,336		16,228,136
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		12,014,300		16,503,682
Cemex SAB de CV, CPO^(a)		95,912,773		47,086,457
Coca-Cola Femsa SAB de CV, Series L, NVS		3,417,993		20,682,267
El Puerto de Liverpool SAB de CV, Series C1, NVS^(c)		1,208,465		7,582,715
Fibra Uno Administracion SA de CV		21,850,000		30,252,808
Fomento Economico Mexicano SAB de CV		12,635,800		114,682,235
Gruma SAB de CV, Series B		1,391,795		15,084,030
Grupo Aeroportuario del Pacifico SAB de CV, Series B		2,333,100		21,745,436
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,371,175		23,266,402
Grupo Bimbo SAB de CV, Series A^(c)		10,912,100		21,649,161
Grupo Carso SAB de CV, Series A1		3,295,313		12,205,085
Grupo Financiero Banorte SAB de CV, Class O		16,925,056		92,093,075
Grupo Financiero Inbursa SAB de CV, Class O^(c)		15,296,600		22,830,332
Grupo Mexico SAB de CV, Series B		22,934,888		57,475,434


16		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Mexico (continued)
Grupo Televisa SAB, CPO^(c)		16,073,800	$	37,662,118
Industrias Penoles SAB de CV		934,473		12,385,572
Infraestructura Energetica Nova SAB de CV		3,539,800		13,617,618
Kimberly-Clark de Mexico SAB de CV, Class A		10,040,700		16,231,194
Megacable Holdings SAB de CV, CPO		1,677,200		7,663,773
Mexichem SAB de CV		6,951,734		16,851,223
Promotora y Operadora de Infraestructura SAB de CV		1,520,605		14,982,294
Wal-Mart de Mexico SAB de CV		33,969,000		87,877,228

				914,626,301

Pakistan — 0.0%
Habib Bank Ltd.		3,891,200		3,692,566
MCB Bank Ltd.		2,533,400		3,752,176
Oil & Gas Development Co. Ltd.		4,391,500		4,729,503

				12,174,245

Peru — 0.4%
Cia. de Minas Buenaventura SAA, ADR		1,176,595		19,578,541
Credicorp Ltd.		442,854		107,653,379
Southern Copper Corp.		565,231		20,127,876

				147,359,796

Philippines — 1.1%
Aboitiz Equity Ventures Inc.		14,024,440		16,540,813
Aboitiz Power Corp.		8,229,464		5,545,182
Alliance Global Group Inc.		24,795,780		6,568,101
Ayala Corp.		1,680,996		30,064,217
Ayala Land Inc.		49,823,700		42,386,752
Bank of the Philippine Islands		6,265,654		10,176,236
BDO Unibank Inc.		13,137,991		32,413,141
DMCI Holdings Inc.		25,403,100		5,599,291
Globe Telecom Inc.		232,195		8,529,979
GT Capital Holdings Inc.		588,616		10,868,683
International Container Terminal Services Inc.		4,270,410		9,577,872
JG Summit Holdings Inc.		19,416,744		24,852,832
Jollibee Foods Corp.		3,030,699		18,036,526
Manila Electric Co.		1,241,010		8,820,481
Megaworld Corp.		73,877,700		7,384,913
Metro Pacific Investments Corp.		92,077,800		8,367,472
Metropolitan Bank & Trust Co.		8,345,200		12,262,862
PLDT Inc.		593,723		11,823,950
Robinsons Land Corp.		12,403,506		5,611,795
Security Bank Corp.		1,357,650		4,352,250
SM Investments Corp.		1,645,722		29,910,647
SM Prime Holdings Inc.		64,529,325		47,848,020
Universal Robina Corp.		6,035,060		15,881,123

				373,423,138

Poland — 1.2%
Alior Bank SA^(a)		598,935		9,304,614
Bank Handlowy w Warszawie SA		228,753		3,989,631
Bank Millennium SA^(a)		4,067,991		9,312,723
Bank Polska Kasa Opieki SA		1,107,879		33,220,244
CCC SA		191,735		9,311,465
CD Projekt SA^(a)		444,931		22,384,910
Cyfrowy Polsat SA^(a)		1,644,985		11,110,233
Dino Polska SA^(a)(b)		320,355		9,071,850
Grupa Lotos SA		598,360		15,072,623
Jastrzebska Spolka Weglowa SA^(a)		350,941		5,349,795
KGHM Polska Miedz SA^(a)		932,364		24,996,288
LPP SA		8,465		18,269,704
mBank SA		98,237		11,111,948


Security	Shares		Value


Poland (continued)
Orange Polska SA^(a)		4,333,476	$	6,216,075
PGE Polska Grupa Energetyczna SA^(a)		5,534,532		16,991,021
Polski Koncern Naftowy ORLEN SA		1,945,685		52,471,960
Polskie Gornictwo Naftowe i Gazownictwo SA		11,245,286		20,594,781
Powszechna Kasa Oszczednosci Bank Polski SA		5,745,663		57,844,388
Powszechny Zaklad Ubezpieczen SA		3,914,550		42,269,059
Santander Bank Polska SA		228,870		22,799,171

				401,692,483

Qatar — 1.0%
Barwa Real Estate Co.		756,354		8,193,576
Commercial Bank PQSC (The)		1,398,427		15,340,425
Ezdan Holding Group QSC^(a)		5,340,324		18,991,714
Industries Qatar QSC		1,121,664		40,810,098
Masraf Al Rayan QSC		2,601,832		26,263,877
Ooredoo QPSC		563,072		10,318,751
Qatar Electricity & Water Co. QSC		331,176		15,990,306
Qatar Insurance Co. SAQ		1,095,442		10,038,929
Qatar Islamic Bank SAQ		775,618		30,808,298
Qatar National Bank QPSC		2,974,431		153,135,799

				329,891,773

Russia — 3.6%
Alrosa PJSC		17,256,150		24,903,691
Gazprom PJSC		58,732,609		141,706,053
Gazprom PJSC, ADR		4,872,415		23,114,737
Inter RAO UES PJSC		211,252,000		12,550,814
LUKOIL PJSC		2,861,965		238,916,015
LUKOIL PJSC, ADR		370,729		30,844,653
Magnit PJSC, GDR^(e)		2,214,763		31,803,997
Magnitogorsk Iron & Steel Works PJSC		15,026,100		10,147,185
MMC Norilsk Nickel PJSC		425,185		91,068,325
Mobile TeleSystems PJSC, ADR		3,300,169		25,510,306
Moscow Exchange MICEX-RTS PJSC^(a)		8,099,560		11,212,199
Novatek PJSC, GDR^(e)		599,562		103,904,095
Novolipetsk Steel PJSC		8,032,910		19,314,214
PhosAgro PJSC, GDR^(e)		736,836		10,065,180
Polymetal International PLC		704,203		8,314,129
Polyus PJSC		184,968		15,354,060
Rosneft Oil Co. PJSC		6,537,457		39,564,282
Rosneft Oil Co. PJSC, GDR^(e)		832,490		4,986,615
Sberbank of Russia PJSC		59,354,441		187,170,785
Sberbank of Russia PJSC, ADR		2,501,515		31,919,331
Severstal PJSC		1,401,103		21,874,610
Surgutneftegas PJSC		37,301,460		14,542,171
Surgutneftegas PJSC, ADR		1,017,908		3,923,017
Tatneft PJSC		10,033,720		118,173,190
VTB Bank PJSC		18,901,881,998		10,297,666
X5 Retail Group NV, GDR^(e)		802,798		20,424,392

				1,251,605,712

South Africa — 6.0%
Absa Group Ltd.		4,679,732		60,110,925
Anglo American Platinum Ltd.		355,470		19,381,711
AngloGold Ashanti Ltd.		2,700,123		38,794,584
Aspen Pharmacare Holdings Ltd.^(c)		2,541,183		25,202,173
Bid Corp. Ltd.		2,218,944		46,504,710
Bidvest Group Ltd. (The)		2,174,943		32,186,372
Capitec Bank Holdings Ltd.		265,098		24,628,283
Clicks Group Ltd.		1,661,929		21,354,487
Discovery Ltd.		2,351,173		25,765,913
Exxaro Resources Ltd.		1,642,875		17,726,925


S C H E D U L E O F I N V E S T M E N T S			17

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


South Africa (continued)
FirstRand Ltd.		21,861,612	$	99,978,780
Fortress REIT Ltd., Series A		7,018,950		9,445,130
Fortress REIT Ltd., Series B		5,024,095		4,966,922
Foschini Group Ltd. (The)		1,455,006		17,778,807
Gold Fields Ltd.		5,381,535		22,012,239
Growthpoint Properties Ltd.		19,296,789		33,515,476
Hyprop Investments Ltd.		1,687,999		9,303,204
Investec Ltd.		1,866,024		12,151,718
Kumba Iron Ore Ltd.^(c)		427,521		11,351,808
Liberty Holdings Ltd.		855,964		6,270,576
Life Healthcare Group Holdings Ltd.		8,795,306		16,927,524
MMI Holdings Ltd./South Africa^(a)(c)		6,418,190		7,121,178
Mondi Ltd.		782,340		18,429,504
Mr. Price Group Ltd.		1,681,543		25,819,937
MTN Group Ltd.		11,043,112		65,598,913
Multichoice Group Ltd.		2,884,045		21,548,288
Naspers Ltd., Class N		2,860,747		619,636,579
Nedbank Group Ltd.		2,541,377		51,405,947
NEPI Rockcastle PLC		2,481,030		20,885,826
Netcare Ltd.		7,670,839		13,879,527
Old Mutual Ltd.		32,499,221		53,741,599
Pick n Pay Stores Ltd.^(c)		2,424,556		11,955,510
PSG Group Ltd.		991,900		18,326,869
Rand Merchant Investment Holdings Ltd.		4,550,793		10,768,484
Redefine Properties Ltd.		35,038,395		24,197,924
Reinet Investments SCA		971,523		15,344,674
Remgro Ltd.		3,504,286		50,146,682
Resilient REIT Ltd.		1,842,881		8,064,898
RMB Holdings Ltd.		4,695,825		26,758,855
Sanlam Ltd.		11,691,797		65,435,811
Sappi Ltd.		3,509,052		18,031,935
Sasol Ltd.		3,650,665		111,617,914
Shoprite Holdings Ltd.		2,866,651		35,007,395
SPAR Group Ltd. (The)		1,259,686		17,891,842
Standard Bank Group Ltd.		8,410,865		115,909,616
Telkom SA SOC Ltd.^(c)		1,870,473		9,315,115
Tiger Brands Ltd.		1,063,696		20,145,918
Truworths International Ltd.^(c)		2,900,179		15,072,267
Vodacom Group Ltd.		3,927,791		32,439,196
Woolworths Holdings Ltd./South Africa		6,499,729		21,172,659

				2,081,029,129

South Korea — 12.9%
Amorepacific Corp.^(c)		210,364		37,408,020
AMOREPACIFIC Group		190,556		12,419,094
BGF retail Co. Ltd.^(c)		53,065		10,049,653
BNK Financial Group Inc.		1,723,268		10,863,315
Celltrion Healthcare Co. Ltd.^(a)(c)		330,299		20,498,684
Celltrion Inc.^(a)(c)		542,909		98,715,116
Celltrion Pharm Inc.^(a)(c)		101,467		5,467,147
Cheil Worldwide Inc.		462,590		10,303,085
CJ CheilJedang Corp.		53,404		15,289,489
CJ Corp.		96,306		10,703,521
CJ ENM Co. Ltd.		71,065		15,057,161
CJ Logistics Corp.^(a)(c)		53,342		9,011,274
Coway Co. Ltd.		335,366		28,208,076
Daelim Industrial Co. Ltd.		182,162		15,159,921
Daewoo Engineering & Construction Co. Ltd.^(a)		1,091,214		4,899,645
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)(c)		242,970		6,826,578
DB Insurance Co. Ltd.		327,841		21,133,167


Security	Shares		Value


South Korea (continued)
DGB Financial Group Inc.		1,119,689	$	8,442,218
Doosan Bobcat Inc.		280,270		7,949,331
E-MART Inc.		135,538		21,691,865
Fila Korea Ltd.		319,233		15,781,413
GS Engineering & Construction Corp.		369,879		14,075,595
GS Holdings Corp.		332,942		15,867,068
GS Retail Co. Ltd.		179,068		6,161,582
Hana Financial Group Inc.		1,903,181		65,740,715
Hankook Tire Co. Ltd.		482,960		18,357,375
Hanmi Pharm Co. Ltd.^(c)		42,275		18,568,374
Hanmi Science Co. Ltd.		87,179		6,301,816
Hanon Systems		1,235,167		13,672,828
Hanwha Chemical Corp.		705,222		14,672,530
Hanwha Corp.		272,346		7,785,120
Hanwha Life Insurance Co. Ltd.		1,906,602		7,069,023
HDC Holdings Co. Ltd.^(a)		1		18
HDC Hyundai Development Co-Engineering & Construction, Class E^(a)		178,961		7,661,574
HLB Inc.^(a)(c)		214,655		17,138,809
Hotel Shilla Co. Ltd.^(c)		207,483		15,127,239
Hyundai Department Store Co. Ltd.		91,806		7,901,503
Hyundai Engineering & Construction Co. Ltd.		515,239		26,204,028
Hyundai Glovis Co. Ltd.		123,548		15,324,038
Hyundai Heavy Industries Co. Ltd.^(a)		246,842		28,860,783
Hyundai Heavy Industries Holdings Co. Ltd.		64,886		20,826,750
Hyundai Marine & Fire Insurance Co. Ltd.		414,362		13,889,435
Hyundai Mobis Co. Ltd.		443,846		87,017,021
Hyundai Motor Co.		900,820		101,319,223
Hyundai Steel Co.		518,603		22,986,005
Industrial Bank of Korea		1,655,527		20,534,011
Kakao Corp.		329,727		30,342,975
Kangwon Land Inc.^(a)		770,334		21,164,151
KB Financial Group Inc.		2,590,768		102,161,075
KCC Corp.		39,833		11,315,590
Kia Motors Corp.		1,710,767		55,595,745
Korea Aerospace Industries Ltd.^(a)		484,852		15,864,278
Korea Electric Power Corp.^(a)		1,665,249		51,599,473
Korea Gas Corp.		181,592		8,089,054
Korea Investment Holdings Co. Ltd.^(a)		275,720		15,812,163
Korea Zinc Co. Ltd.^(a)		55,161		22,389,078
Korean Air Lines Co. Ltd.^(a)		311,654		10,197,268
KT Corp.		167,676		4,241,471
KT&G Corp.		757,802		71,083,943
Kumho Petrochemical Co. Ltd.		122,840		10,452,377
LG Chem Ltd.		297,879		103,424,691
LG Corp.		613,105		40,884,569
LG Display Co. Ltd.^(a)(c)		1,525,264		28,818,227
LG Electronics Inc.		692,700		43,420,779
LG Household & Health Care Ltd.		61,337		67,952,256
LG Innotek Co. Ltd.		93,500		8,978,394
LG Uplus Corp.		729,681		9,731,675
Lotte Chemical Corp.		111,233		31,549,148
Lotte Corp.^(c)		198,559		9,374,485
Lotte Shopping Co. Ltd.		74,158		12,593,739
Medy-Tox Inc.^(c)		28,945		14,051,720
Mirae Asset Daewoo Co. Ltd.		2,633,603		17,702,533
NAVER Corp.		901,261		106,577,499
NCSoft Corp.		115,228		47,230,469
Netmarble Corp.^(a)(b)(c)		169,220		17,754,032
NH Investment & Securities Co. Ltd.^(a)		942,593		10,936,995


18		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


South Korea (continued)
OCI Co. Ltd.^(a)		118,135	$	11,343,985
Orange Life Insurance Ltd.^(b)		218,235		6,927,171
Orion Corp./Republic of Korea		144,134		14,289,091
Ottogi Corp.^(c)		7,973		5,415,997
Pan Ocean Co. Ltd.^(a)(c)		1,564,357		6,015,688
Pearl Abyss Corp.^(a)(c)		38,599		6,180,919
POSCO		508,081		118,809,730
POSCO Chemtech Co. Ltd.^(c)		154,279		9,451,252
Posco Daewoo Corp.		317,455		5,348,779
S-1 Corp.		114,488		10,383,014
Samsung Biologics Co. Ltd.^(a)(b)(c)		108,716		36,344,995
Samsung C&T Corp.		500,833		51,432,570
Samsung Card Co. Ltd.		198,323		6,004,177
Samsung Electro-Mechanics Co. Ltd.^(c)		369,117		35,116,492
Samsung Electronics Co. Ltd.		31,054,225		1,245,261,445
Samsung Engineering Co. Ltd.^(a)		1,030,685		14,387,619
Samsung Fire & Marine Insurance Co. Ltd.		202,222		54,209,952
Samsung Heavy Industries Co. Ltd.^(a)(c)		2,908,229		23,685,763
Samsung Life Insurance Co. Ltd.		456,229		35,980,717
Samsung SDI Co. Ltd.		358,842		75,775,740
Samsung SDS Co. Ltd.		228,905		46,912,601
Samsung Securities Co. Ltd.		420,683		12,960,493
Shinhan Financial Group Co. Ltd.		2,708,958		105,135,607
Shinsegae Inc.		48,750		12,374,967
SillaJen Inc.^(a)(c)		389,908		25,758,126
SK Holdings Co. Ltd.		207,986		50,392,269
SK Hynix Inc.		3,797,173		236,331,564
SK Innovation Co. Ltd.		419,558		70,131,505
SK Telecom Co. Ltd.		129,868		30,079,678
S-Oil Corp.^(c)		294,801		26,211,523
ViroMed Co. Ltd.^(a)(c)		89,750		22,168,178
Woori Financial Group Inc.^(a)		2,968,951		39,068,618
Yuhan Corp.		59,785		13,847,242

				4,423,967,555

Taiwan — 11.1%
Acer Inc.		19,205,121		12,698,787
Advantech Co. Ltd.		2,312,126		17,654,691
Airtac International Group^(c)		726,000		9,034,751
ASE Technology Holding Co. Ltd.^(c)		22,796,110		46,589,941
Asia Cement Corp.		14,489,077		18,266,411
Asustek Computer Inc.		4,527,968		32,293,762
AU Optronics Corp.^(c)		56,259,000		20,747,637
Catcher Technology Co. Ltd.^(c)		4,273,210		32,490,086
Cathay Financial Holding Co. Ltd.		53,484,644		78,724,169
Chailease Holding Co. Ltd.		7,734,370		30,408,226
Chang Hwa Commercial Bank Ltd.		35,754,377		21,492,242
Cheng Shin Rubber Industry Co. Ltd.^(c)		12,711,128		18,069,366
Chicony Electronics Co. Ltd.		3,802,998		8,402,640
China Airlines Ltd.		17,374,347		5,730,009
China Development Financial Holding Corp.		90,265,848		29,241,483
China Life Insurance Co. Ltd./Taiwan		17,139,002		16,010,473
China Steel Corp.		82,397,313		68,270,644
Chunghwa Telecom Co. Ltd.		24,680,410		85,805,854
Compal Electronics Inc.		27,292,908		16,938,071
CTBC Financial Holding Co. Ltd.		114,843,772		77,802,630
Delta Electronics Inc.		13,585,000		67,756,161
E.Sun Financial Holding Co. Ltd.		63,588,789		45,661,860
Eclat Textile Co. Ltd.		1,114,427		12,764,139
Eva Airways Corp.		15,177,953		7,619,430
Evergreen Marine Corp. Taiwan Ltd.		14,725,663		5,956,964


Security	Shares		Value


Taiwan (continued)
Far Eastern New Century Corp.		20,995,038	$	20,806,416
Far EasTone Telecommunications Co. Ltd.		10,347,000		24,239,881
Feng TAY Enterprise Co. Ltd.^(c)		2,164,529		13,608,967
First Financial Holding Co. Ltd.		64,307,155		43,461,369
Formosa Chemicals & Fibre Corp.		22,944,090		78,650,967
Formosa Petrochemical Corp.		8,032,000		30,403,977
Formosa Plastics Corp.		29,253,280		97,426,972
Formosa Taffeta Co. Ltd.		5,243,000		6,056,200
Foxconn Technology Co. Ltd.		6,106,637		12,520,228
Fubon Financial Holding Co. Ltd.		43,796,969		64,749,471
Giant Manufacturing Co. Ltd.		2,063,203		11,362,985
Globalwafers Co. Ltd.^(c)		1,423,000		15,489,253
Highwealth Construction Corp.		5,527,170		8,575,451
Hiwin Technologies Corp.^(c)		1,420,135		12,781,746
Hon Hai Precision Industry Co. Ltd.		86,100,873		203,386,788
Hotai Motor Co. Ltd.^(c)		1,806,000		19,628,840
Hua Nan Financial Holdings Co. Ltd.		50,355,883		30,923,795
Innolux Corp.^(c)		58,207,002		19,385,628
Inventec Corp.		16,424,281		12,701,181
Largan Precision Co. Ltd.^(c)		651,000		92,224,912
Lite-On Technology Corp.		13,891,246		20,108,037
MediaTek Inc.		9,828,338		89,416,751
Mega Financial Holding Co. Ltd.		71,018,162		62,880,604
Micro-Star International Co. Ltd.		4,431,000		11,777,031
Nan Ya Plastics Corp.		33,610,160		83,980,352
Nanya Technology Corp.^(c)		6,943,000		14,031,959
Nien Made Enterprise Co. Ltd.		1,016,000		8,830,764
Novatek Microelectronics Corp.		3,822,000		21,235,748
Pegatron Corp.^(c)		12,868,414		22,076,983
Phison Electronics Corp.		947,535		8,620,532
Pou Chen Corp.		14,503,220		18,284,241
Powertech Technology Inc.^(c)		4,892,300		11,381,693
President Chain Store Corp.		3,734,000		38,642,438
Quanta Computer Inc.		17,539,000		32,597,300
Realtek Semiconductor Corp.		2,959,637		17,117,456
Ruentex Development Co. Ltd.		3,790,458		5,973,298
Ruentex Industries Ltd.		2,374,958		6,281,467
Shanghai Commercial & Savings Bank Ltd. (The)		16,089,000		25,040,635
Shin Kong Financial Holding Co. Ltd.^(c)		67,822,088		20,340,126
SinoPac Financial Holdings Co. Ltd.		71,170,626		24,859,364
Standard Foods Corp.		2,998,615		5,134,665
Synnex Technology International Corp.		9,365,834		11,411,914
TaiMed Biologics Inc.^(a)(c)		1,138,000		6,711,192
Taishin Financial Holding Co. Ltd.^(c)		64,772,566		29,359,326
Taiwan Business Bank		26,149,137		9,643,485
Taiwan Cement Corp.		29,828,025		37,216,583
Taiwan Cooperative Financial Holding Co. Ltd.		56,906,563		35,316,406
Taiwan High Speed Rail Corp.		12,390,000		13,285,136
Taiwan Mobile Co. Ltd.		10,362,600		37,037,545
Taiwan Semiconductor Manufacturing Co. Ltd.		160,670,000		1,247,709,454
Tatung Co. Ltd.^(a)(c)		12,243,000		10,661,134
Uni-President Enterprises Corp.		31,527,839		76,830,956
United Microelectronics Corp.^(c)		77,912,000		28,986,155
Vanguard International Semiconductor Corp.		5,900,000		13,285,136
Walsin Technology Corp.^(c)		2,066,000		12,150,374
Win Semiconductors Corp.^(c)		2,279,000		12,958,751
Winbond Electronics Corp.^(c)		20,086,000		10,018,037
Wistron Corp.		18,616,940		12,914,778
WPG Holdings Ltd.		10,033,449		12,975,201
Yageo Corp.^(c)		1,649,861		18,548,305


S C H E D U L E O F I N V E S T M E N T S			19

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Taiwan (continued)
Yuanta Financial Holding Co. Ltd.		67,112,635	$	38,052,263
Zhen Ding Technology Holding Ltd.		2,920,075		8,482,274

				3,836,981,303

Thailand — 2.4%
Advanced Info Service PCL, NVDR^(c)		6,720,700		38,815,308
Airports of Thailand PCL, NVDR		27,832,000		59,616,343
Bangkok Bank PCL, Foreign		1,593,800		10,823,426
Bangkok Dusit Medical Services PCL, NVDR		25,476,800		19,079,809
Bangkok Expressway & Metro PCL, NVDR		50,424,000		16,961,346
Banpu PCL, NVDR		13,750,200		7,112,361
Berli Jucker PCL, NVDR^(c)		8,014,600		12,589,376
BTS Group Holdings PCL, NVDR		38,545,800		12,721,184
Bumrungrad Hospital PCL, NVDR		2,364,100		13,991,421
Central Pattana PCL, NVDR^(c)		8,743,000		20,947,132
Charoen Pokphand Foods PCL, NVDR		21,992,000		18,319,397
CP ALL PCL, NVDR		32,665,500		80,594,768
Delta Electronics Thailand PCL, NVDR		3,380,700		7,777,890
Electricity Generating PCL, NVDR		849,600		7,198,515
Energy Absolute PCL, NVDR^(c)		8,602,400		13,034,973
Glow Energy PCL, NVDR		3,445,200		9,948,852
Gulf Energy Development PCL, NVDR^(c)		2,771,200		7,958,543
Home Product Center PCL, NVDR		26,165,714		12,454,921
Indorama Ventures PCL, NVDR		10,976,780		17,939,046
IRPC PCL, NVDR		66,813,400		12,509,292
Kasikornbank PCL, Foreign		8,237,000		51,754,891
Kasikornbank PCL, NVDR		3,483,100		21,829,822
Krung Thai Bank PCL, NVDR		22,692,700		13,898,266
Land & Houses PCL, NVDR		20,154,300		6,715,435
Minor International PCL, NVDR		14,981,620		18,422,460
Muangthai Capital PCL, NVDR		4,157,000		6,200,048
PTT Exploration & Production PCL, NVDR		8,930,939		35,284,471
PTT Global Chemical PCL, NVDR		14,273,330		32,611,813
PTT PCL, NVDR		68,342,700		105,184,322
Robinson PCL, NVDR		3,412,200		6,984,114
Siam Cement PCL (The), NVDR		2,446,100		36,793,380
Siam Commercial Bank PCL (The), NVDR		11,999,100		51,023,543
Thai Oil PCL, NVDR		7,341,500		16,832,158
Thai Union Group PCL, NVDR		12,951,000		7,603,126
TMB Bank PCL, NVDR		73,568,300		5,322,831
True Corp. PCL, NVDR		66,508,901		11,397,003

				828,251,586

Turkey — 0.7%
Akbank T.A.S.^(c)		18,647,329		24,017,089
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,388,577		5,222,132
Arcelik AS^(c)		1,402,894		5,475,863
Aselsan Elektronik Sanayi Ve Ticaret AS		2,274,837		10,457,256
BIM Birlesik Magazalar AS^(c)		1,368,937		21,994,357
Enka Insaat ve Sanayi AS		1		—
Eregli Demir ve Celik Fabrikalari TAS		9,180,698		16,041,264
Ford Otomotiv Sanayi AS		461,992		4,802,673
Haci Omer Sabanci Holding AS		6,021,863		10,307,388
KOC Holding AS		4,883,425		17,065,437
Petkim Petrokimya Holding AS		5,436,738		5,616,128
TAV Havalimanlari Holding AS		1,160,951		6,055,054
Tupras Turkiye Petrol Rafinerileri AS		805,193		21,662,016
Turk Hava Yollari AO^(a)		3,632,213		9,628,701
Turkcell Iletisim Hizmetleri AS		7,229,579		19,381,886
Turkiye Garanti Bankasi AS		14,813,046		24,771,723
Turkiye Halk Bankasi AS		4,081,361		5,853,471


Security	Shares		Value


Turkey (continued)
Turkiye Is Bankasi AS, Class C		10,196,402	$	11,106,317
Turkiye Sise ve Cam Fabrikalari AS		4,571,897		5,777,013

				225,235,768

United Arab Emirates — 0.7%
Abu Dhabi Commercial Bank PJSC		14,067,765		36,500,354
Aldar Properties PJSC		22,648,937		10,976,071
DAMAC Properties Dubai Co. PJSC		11,221,386		4,216,039
DP World Ltd.		1,128,546		18,068,022
Dubai Islamic Bank PJSC		12,226,881		17,376,618
Emaar Development PJSC		4,241,907		4,504,067
Emaar Malls PJSC		13,830,617		6,589,594
Emaar Properties PJSC		23,660,222		31,564,141
Emirates Telecommunications Group Co. PJSC		11,880,508		54,599,231
First Abu Dhabi Bank PJSC		17,062,570		70,610,145

				255,004,282


Total Common Stocks — 95.8% (Cost: $28,587,581,118)				32,979,572,681


Preferred Stocks

Brazil — 2.9%
Banco Bradesco SA, Preference Shares, NVS		21,844,346		252,037,825
Braskem SA, Class A, Preference Shares, NVS		1,120,600		16,255,087
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		1,558,437		16,194,198
Cia. Brasileira de Distribuicao, Preference Shares, NVS		1,027,186		25,502,643
Cia. Energetica de Minas Gerais, Preference Shares, NVS		5,707,110		21,913,842
Gerdau SA, Preference Shares, NVS		6,644,085		26,822,598
Itau Unibanco Holding SA, Preference Shares, NVS		31,579,979		296,663,598
Itausa-Investimentos Itau SA, Preference Shares, NVS		29,126,392		96,071,854
Lojas Americanas SA, Preference Shares, NVS		4,861,224		25,808,138
Petroleo Brasileiro SA, Preference Shares, NVS		25,484,227		183,881,923
Telefonica Brasil SA, Preference Shares, NVS		2,900,967		36,193,919

				997,345,625

Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares		1,827,406		6,851,115
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		786,309		32,721,598

				39,572,713

Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		3,011,821		36,307,741
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		22,682,820		8,655,597
Grupo de Inversiones Suramericana SA, Preference Shares, NVS		611,774		6,564,371

				51,527,709

Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		45,733,600		27,882,427
Transneft PJSC, Preference Shares		3,000		7,766,755

				35,649,182

South Korea — 0.7%
Amorepacific Corp., Preference Shares, NVS		60,893		6,036,783
CJ Corp., Preference Shares		13,396		321,590


20		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Hyundai Motor Co.
Preference Shares, NVS		153,025	$	10,027,512
Series 2, Preference Shares, NVS		243,974		17,440,659
LG Chem Ltd., Preference Shares, NVS		51,489		10,071,646
LG Household & Health Care Ltd., Preference Shares, NVS		13,876		9,240,796
Samsung Electronics Co. Ltd., Preference Shares, NVS		5,463,011		174,862,982

				228,001,968


Total Preferred Stocks — 3.9% (Cost: $854,565,703)				1,352,097,197


Short-Term Investments

Money Market Funds — 4.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
2.62%^(f)(g)(h)		1,581,022,544		1,581,654,953
BlackRock Cash Funds: Treasury, SL Agency Shares,
2.33%^(f)(g)		71,090,729		71,090,729

				1,652,745,682


Total Short-Term Investments — 4.8% (Cost: $1,652,149,749)				1,652,745,682


Total Investments in Securities — 104.5% (Cost: $31,094,296,570)				35,984,415,560

Other Assets, Less Liabilities — (4.5)%				(1,542,667,228	)


Net Assets — 100.0%			$	34,441,748,332

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

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

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,641,918,956	(60,896,412	)	1,581,022,544	$	1,581,654,953	$	10,729,860	^(b)	$	1,478		$	186,724
BlackRock Cash Funds: Treasury, SL Agency Shares	97,280,989	(26,190,260	)	71,090,729		71,090,729		590,287			—			—

					$	1,652,745,682	$	11,320,147		$	1,478		$	186,724

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MSCI Emerging Markets E-Mini

1,973

03/15/19

103,257

56,769


S C H E D U L E O F I N V E S T M E N T S			21

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® MSCI Emerging Markets ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	56,769

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	610,980

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,735,139

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	74,220,647

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	32,976,751,118	$	—	$	2,821,563	$	32,979,572,681
Preferred Stocks		1,351,775,607		321,590		—		1,352,097,197
Money Market Funds		1,652,745,682		—		—		1,652,745,682

	$	35,981,272,407	$	321,590	$	2,821,563	$	35,984,415,560

Derivative financial instruments^(a)
Assets
Futures Contracts	$	56,769	$	—	$	—	$	56,769

^(a)

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

See notes to financial statements.


22		2 0 1 9 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)

February 28, 2019


	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	—		$	34,331,669,878
Affiliated^(c)		378,832,544			1,652,745,682
Cash		—			6,799,016
Foreign currency, at value^(d)		96			14,586,773
Cash pledged:
Futures contracts		—			6,799,000
Receivables:
Investments sold		—			182,311,944
Securities lending income — Affiliated		18,402			1,625,959
Capital shares sold		4,603			527,609
Dividends		1,055			96,062,888
Unrealized appreciation on:
Forward foreign currency exchange contracts		2,292,434			—

Total assets		381,149,134			36,293,128,749


LIABILITIES
Collateral on securities loaned, at value		112,688,400			1,580,947,851
Deferred foreign capital gain tax		—			27,364,739
Payables:
Investments purchased		13,201			223,567,079
Variation margin on futures contracts		—			1,738,001
Investment advisory fees		—			17,528,083
Foreign taxes		—			234,664
Unrealized depreciation on:
Forward foreign currency exchange contracts		1,538,690			—

Total liabilities		114,240,291			1,851,380,417


NET ASSETS	$	266,908,843		$	34,441,748,332


NET ASSETS CONSIST OF:
Paid-in capital	$	274,958,491		$	41,928,419,048
Accumulated loss		(8,049,648	)		(7,486,670,716	)

NET ASSETS	$	266,908,843		$	34,441,748,332


Shares outstanding		10,650,000			807,750,000

Net asset value	$	25.06		$	42.64

Shares authorized		250 million			2 billion

Par value	$	0.001		$	0.001


^(a)Securities loaned, at value	$	108,693,084		$	1,491,970,302
^(b)Investments, at cost — Unaffiliated	$	—		$	29,442,146,821
^(c)Investments, at cost — Affiliated	$	378,948,040		$	1,652,149,749
^(d)Foreign currency, at cost	$	96		$	14,542,746

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			23

Statements of Operations (unaudited)

Six Months Ended February 28, 2019


	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)


INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	291,557,014
Dividends — Affiliated		4,094,974			590,287
Interest — Unaffiliated		—			26,116
Securities lending income — Affiliated — net^(a)		71,610			10,729,860
Foreign taxes withheld		—			(30,529,869	)
Other foreign taxes		—			(242,429	)

Total investment income		4,166,584			272,130,979


EXPENSES
Investment advisory fees		1,157,191			103,068,672
Commitment fees		—			90,660
Professional fees		—			1,661
Mauritius income taxes		—			801,601
Interest expense		—			6,482

Total expenses		1,157,191			103,969,076

Less:
Investment advisory fees waived		(1,157,191	)		—

Total expenses after fees waived		—			103,969,076

Net investment income		4,166,584			168,161,903


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(b)		—			(315,206,389	)
Investments — Affiliated		(1,685,877	)		1,478
In-kind redemptions — Unaffiliated		—			10,830,338
In-kind redemptions — Affiliated		3,945,955			—
Futures contracts		—			610,980
Forward foreign currency exchange contracts		3,639,558			—
Foreign currency transactions		—			(1,261,845	)

Net realized gain (loss)		5,899,636			(305,025,438	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(c)		—			239,135,478
Investments — Affiliated		(11,815,171	)		186,724
Futures contracts		—			1,735,139
Forward foreign currency exchange contracts		(6,309,565	)		—
Foreign currency translations		—			1,840,042

Net change in unrealized appreciation (depreciation)		(18,124,736	)		242,897,383

Net realized and unrealized loss		(12,225,100	)		(62,128,055	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,058,516	)	$	106,033,848


^(a)Net of securities lending income tax paid of	$	—		$	403,815
^(b)Net of foreign capital gain tax of	$	—		$	191,869
^(c)Net of deferred foreign capital gain tax of	$	—		$	(21,176,402	)

See notes to financial statements.


24		2 0 1 9 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 Currency Hedged MSCI Emerging Markets ETF						iShares MSCI Emerging Markets ETF (Consolidated)

	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,166,584		$	9,047,280		$	168,161,903		$	678,464,472
Net realized gain (loss)		5,899,636			33,646,135			(305,025,438	)		508,209,075
Net change in unrealized appreciation (depreciation)		(18,124,736	)		(30,845,086	)		242,897,383			(1,724,206,375	)

Net increase (decrease) in net assets resulting from operations		(8,058,516	)		11,848,329			106,033,848			(537,532,828	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,226,180	)		(9,015,264	)		(431,098,987	)		(789,458,393	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(65,134,226	)		(52,262,674	)		3,617,801,452			(3,415,886,805	)


NET ASSETS^(a)
Total increase (decrease) in net assets		(77,418,922	)		(49,429,609	)		3,292,736,313			(4,742,878,026	)
Beginning of period		344,327,765			393,757,374			31,149,012,019			35,891,890,045

End of period	$	266,908,843		$	344,327,765		$	34,441,748,332		$	31,149,012,019

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			25

Financial Highlights

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI Emerging Markets ETF

		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Period From 09/23/14 to 08/31/15	^(a)


Net asset value, beginning of period	$	25.70		$	25.57		$	21.72		$	21.40		$	24.44

Net investment income^(b)		0.34			0.60			0.36			0.50			0.41
Net realized and unrealized gain (loss)^(c)		(0.62	)		0.12			3.83			1.08			(2.80	)

Net increase (decrease) from investment operations		(0.28	)		0.72			4.19			1.58			(2.39	)


Distributions
From net investment income		(0.36	)		(0.59	)		(0.34	)		(0.48	)		(0.65	)
From net realized gain		—			—			—			(0.78	)		—

Total distributions		(0.36	)		(0.59	)		(0.34	)		(1.26	)		(0.65	)


Net asset value, end of period	$	25.06		$	25.70		$	25.57		$	21.72		$	21.40


Total Return
Based on net asset value		(0.93	)%^(d)		2.77	%		19.55	%		7.84	%		(10.01	)%^(d)


Ratios to Average Net Assets
Total expenses^(e)		0.78	%^(f)		0.78	%		0.78	%		0.78	%		0.78	%^(f)

Total expenses after fees waived^(e)		0.00	%^(f)		0.00	%		0.00	%		0.00	%		0.02	%^(f)

Net investment income		2.81	%^(f)		2.25	%		1.56	%		2.42	%		1.82	%^(f)


Supplemental Data
Net assets, end of period (000)	$	266,909		$	344,328		$	393,757		$	180,254		$	211,865

Portfolio turnover rate^(g)(h)		3	%^(d)		7	%		4	%		11	%		7	%^(d)

^(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)	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.


26		2 0 1 9 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 Emerging Markets ETF (Consolidated)

	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	43.24		$	44.76		$	36.74		$	33.79		$	45.11		$	38.44

Net investment income^(a)		0.23			0.83	^(b)		0.75			0.72			0.73			0.83
Net realized and unrealized gain (loss)^(c)		(0.25	)		(1.36	)		7.86			3.00			(11.21	)		6.55

Net increase (decrease) from investment operations		(0.02	)		(0.53	)		8.61			3.72			(10.48	)		7.38


Distributions
From net investment income		(0.58	)		(0.99	)		(0.59	)		(0.77	)		(0.84	)		(0.71	)

Total distributions		(0.58	)		(0.99	)		(0.59	)		(0.77	)		(0.84	)		(0.71	)


Net asset value, end of period	$	42.64		$	43.24		$	44.76		$	36.74		$	33.79		$	45.11


Total Return
Based on net asset value		0.09	%^(d)		(1.28	)%^(b)		23.80	%		11.28	%		(23.46	)%		19.34	%


Ratios to Average Net Assets
Total expenses		0.69	%^(e)		0.67	%		0.69	%		0.72	%		0.69	%		0.68	%

Total expenses after fees waived		0.69	%^(e)		0.67	%		0.69	%		0.72	%		0.69	%		0.67	%

Total expenses excluding professional fees for foreign withholding tax claims		0.69	%^(e)		0.67	%		0.69	%		N/A			N/A			N/A

Net investment income		1.11	%^(e)		1.78	%^(b)		1.92	%		2.15	%		1.79	%		1.98	%


Supplemental Data
Net assets, end of period (000)	$	34,441,748		$	31,149,012		$	35,891,890		$	30,866,469		$	21,000,865		$	44,336,401

Portfolio turnover rate^(f)		2	%^(d)		16	%		9	%		23	%		10	%		22	%

^(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 August 31, 2018:

•

Net investment income per share by $0.02.

•

Total return by 0.07%.

•

Ratio of net investment income to average net assets by 0.04%.

^(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)	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			27


Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
Currency Hedged MSCI Emerging Markets		Diversified	^(a)
MSCI Emerging Markets		Diversified

^(a)

The Fund’s classification changed from non-diversified to diversified during the reporting period.

Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF (the “underlying fund”). The financial statements and schedule of investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.

Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “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 iShares MSCI Emerging Markets 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, on an annual basis, 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.

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, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. 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.


28		2 0 1 9 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)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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.

•

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.

•

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


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)

•

4.	SECURITIES AND OTHER INVESTMENTS

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Currency Hedged MSCI Emerging Markets
Merrill Lynch, Pierce, Fenner & Smith	$	96,631,636	$	96,631,636		$	—	$	—
UBS AG		12,061,448		12,061,448			—		—

	$	108,693,084	$	108,693,084		$	—	$	—


30		2 0 1 9 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)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

MSCI Emerging Markets
Barclays Bank PLC	$	4,329,834	$	4,329,834		$	—	$	—
Barclays Capital Inc.		2,965,691		2,965,691			—		—
Citigroup Global Markets Inc.		106,430,224		106,430,224			—		—
Citigroup Global Markets Ltd.		13,851,567		13,851,567			—		—
Credit Suisse Securities (USA) LLC		70,319,318		70,319,318			—		—
Deutsche Bank AG		505,776		505,776			—		—
Goldman Sachs & Co.		180,187,732		180,187,732			—		—
Goldman Sachs International		29,154,225		29,154,225			—		—
HSBC Bank PLC		4,989,102		4,989,102			—		—
ING Financial Markets LLC		1,279,013		1,279,013			—		—
Jefferies LLC		188,850		188,850			—		—
JPMorgan Securities LLC		842,281,728		842,281,728			—		—
JPMorgan Securities PLC		12,064,866		12,064,866			—		—
Macquarie Bank Limited		15,855,045		15,855,045			—		—
Morgan Stanley & Co. International PLC		58,131,582		58,131,582			—		—
Morgan Stanley & Co. LLC		128,080,666		128,080,666			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		17,645,540		17,645,540			—		—
Nomura Securities International Inc.		158,816		158,816			—		—
UBS AG		808,580		700,087			—		(108,493	)^(b)
Wells Fargo Securities LLC		2,742,147		2,679,881			—		(62,266	)^(b)

	$	1,491,970,302	$	1,491,799,543		$	—	$	(170,759	)

^(a)

^(b)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: The 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.


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

Notes to Financial Statements (unaudited) (continued)

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

For its investment advisory services to the following Fund, 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:


iShares ETF	Investment Advisory Fee
Currency Hedged MSCI Emerging Markets		0.78	%

For its investment advisory services to the iShares MSCI Emerging Markets 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

For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 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 investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.

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.


32		2 0 1 9 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)


iShares ETF	Fees Paid to BTC
Currency Hedged MSCI Emerging Markets	$	23,718
MSCI Emerging Markets		2,401,909

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

For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
MSCI Emerging Markets	$	8,953,832	$	18,674,238

7.	PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Currency Hedged MSCI Emerging Markets	$	9,943,201	$	13,117,372
MSCI Emerging Markets		2,532,365,100		586,082,625

For the six months ended February 28, 2019, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI Emerging Markets	$	42,676,593	$	108,255,562
MSCI Emerging Markets		1,514,455,560		52,275,333


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			33

Notes to Financial Statements (unaudited) (continued)

8.	INCOME TAX INFORMATION

As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


iShares ETF	Non-Expiring^(a)		Expiring 2019		Total
Currency Hedged MSCI Emerging Markets	$	5,739,018	$	—	$	5,739,018
MSCI Emerging Markets		10,011,988,372		873,167,649		10,885,156,021

^(a)

Must be utilized prior to losses subject to expiration.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI Emerging Markets	$	381,042,621	$	2,292,434	$	(3,748,767	)	$	(1,456,333	)
MSCI Emerging Markets		32,289,852,935		8,343,278,072		(4,648,658,678	)		3,694,619,394

9.	LINE OF CREDIT

The iShares MSCI Emerging Markets 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 23, 2019. 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.

For the six months ended ended February 28, 2019, the maximum amount borrowed, the average 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 Emerging Markets

9,900,000

382,873

3.37

10.

PRINCIPAL RISKS


34		2 0 1 9 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)

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. 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.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI Emerging Markets
Shares sold		1,750,000		$	42,852,200			2,800,000		$	73,618,617
Shares redeemed		(4,500,000	)		(107,986,426	)		(4,800,000	)		(125,881,291	)

Net decrease		(2,750,000	)	$	(65,134,226	)		(2,000,000	)	$	(52,262,674	)


MSCI Emerging Markets
Shares sold		90,000,000		$	3,727,074,288			110,250,000		$	5,376,896,402
Shares redeemed		(2,700,000	)		(109,272,836	)		(191,700,000	)		(8,792,783,207	)

Net increase(decrease)		87,300,000		$	3,617,801,452			(81,450,000	)	$	(3,415,886,805	)


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			35

Notes to Financial Statements (unaudited) (continued)

12.

LEGAL PROCEEDINGS

13.

REGULATION S-X AMENDMENTS

Distributions for the year ended August 31, 2018 were classified as follows:


iShares ETF	Net Investment Income
Currency Hedged MSCI Emerging Markets	$	9,015,264
MSCI Emerging Markets		789,458,393

Undistributed net investment income as of August 31, 2018 are as follows:


iShares ETF	Undistributed net investment income
Currency Hedged MSCI Emerging Markets	$	88,535
MSCI Emerging Markets		169,219,344

14.

SUBSEQUENT EVENTS


36		2 0 1 9 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

Supplemental Information (unaudited)

Section 19(a) Notices


	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
Currency Hedged MSCI Emerging Markets^(a)	$	0.280296	$	—	$	0.080916	$	0.361212		78	%		—	%		22	%		100	%
MSCI Emerging Markets^(a)		0.448904		—		0.134885		0.583789		77			—			23			100

^(a)


S U P P L E M E N T A L I N F O R M A T I O N			37

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to www.icsdelivery.com.

•

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

Householding

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 on Form N-Q.The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


38		2 0 1 9 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

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

Counterparty Abbreviations



MS		Morgan Stanley & Co. International PLC

Currency Abbreviations



BRL		Brazilian Real

CLP		Chilean Peso

CNY		Chinese Yuan

EUR		Euro

HKD		Hong Kong Dollar

INR		Indian Rupee

KRW		South Korean Won

MXN		Mexican Peso

RUB		New Russian Ruble

TRY		Turkish Lira

TWD		New Taiwan Dollar

USD		United States Dollar

ZAR		South African Rand


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			39


		For more information visit www.iShares.com or call 1-800-iShares (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. ©2019 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.

FEBRUARY 28, 2019


2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

▶

iShares MSCI Frontier 100 ETF | FM | NYSE Arca

▶

iShares MSCI World ETF | URTH | NYSE Arca

Table of Contents


	Page
Fund Summary		5
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		24
Statements of Operations		25
Statements of Changes in Net Assets		26
Financial Highlights		27
Notes to Financial Statements		29
Supplemental Information		37
General Information		38
Glossary of Terms Used in this Report		39


Fund Summary as of February 28, 2019		iShares^® MSCI Frontier 100 ETF

Investment Objective

The iShares MSCI Frontier 100 ETF (the “Fund”) seeks to track the investment results of an index composed of frontier market equities, as represented by the MSCI Frontier Markets 100 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		0.57	%		(15.50	)%		0.58	%		5.57	%		(15.50	)%		2.93	%		41.99	%
Fund Market		3.28			(13.87	)		0.54			5.74			(13.87	)		2.71			43.50
Index		1.11			(14.73	)		2.08			6.88			(14.73	)		10.82			53.81

The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.

The NAV total returns presented in the table for the 6 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.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period ^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	1,005.70	$	3.93	$	1,000.00	$	1,020.90	$	3.96		0.79	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Financials		45.5%
Communication Services		11.4
Consumer Staples		9.3
Real Estate		9.3
Energy		6.0
Industrials		4.3
Materials		4.2
Utilities		3.6
Health Care		2.8
Consumer Discretionary		1.9
Information Technology		1.7

^(a)

Excludes money market funds.

TEN LARGEST COUNTRIES


Country	Percent of Total Investments^(a)
Kuwait		23.4%
Vietnam		17.5
Argentina		16.2
Morocco		7.1
Kenya		6.9
Bangladesh		6.2
Nigeria		5.9
Romania		5.2
Bahrain		4.9
Oman		2.0


F U N D S U M M A R Y			5


Fund Summary as of February 28, 2019		iShares^® MSCI World ETF

Investment Objective

The iShares MSCI World ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, as represented by the MSCI World 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		(3.16	)%		0.79	%		6.76	%		10.35	%		0.79	%		38.69	%		101.96	%
Fund Market		(3.14	)		0.95			6.68			10.32			0.95			38.14			101.62
Index		(3.34	)		0.43			6.53			10.14			0.43			37.20			99.28

The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period ^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
$	1,000.00	$	968.40	$	1.17	$	1,000.00	$	1,023.60	$	1.20		0.24	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments^(a)
Financials		16.3%
Information Technology		15.4
Health Care		12.9
Industrials		11.2
Consumer Discretionary		10.5
Consumer Staples		8.3
Communication Services		8.3
Energy		6.1
Materials		4.5
Utilities		3.3
Real Estate		3.2

^(a)

Excludes money market funds.

TEN LARGEST COUNTRIES


Country	Percent of Total Investments^(a)
United States		61.7%
Japan		8.3
United Kingdom		5.8
France		3.8
Canada		3.6
Switzerland		3.1
Germany		3.0
Australia		2.5
Hong Kong		1.4
Netherlands		1.2


6		2 0 1 9 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

Shareholder Expenses


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			7

Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Frontier 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Argentina — 16.3%
Adecoagro SA^(a)(b)		382,327	$	2,718,345
Arcos Dorados Holdings Inc., Class A		461,290		3,824,094
Banco Macro SA, ADR		172,974		8,735,187
BBVA Banco Frances SA, ADR		267,943		2,968,808
Central Puerto SA, ADR		280,797		2,864,129
Corp. America Airports SA^(a)(b)		125,196		990,300
Cresud SACIF y A, ADR^(a)		121,448		1,514,457
Despegar.com Corp.^(a)(b)		79,875		1,436,951
Empresa Distribuidora y Comercializadora Norte SA, ADR^(a)		82,171		2,176,710
Globant SA^(a)(b)		121,198		8,349,330
Grupo Financiero Galicia SA, ADR		386,469		11,814,357
Grupo Supervielle SA, ADR		224,084		1,998,829
IRSA Inversiones y Representaciones SA, ADR^(a)		87,548		1,200,283
Loma Negra Cia Industrial Argentina SA, ADR^(a)		225,755		2,535,229
Pampa Energia SA, ADR^(a)		251,628		8,016,868
Telecom Argentina SA, ADR		399,940		5,955,107
Transportadora de Gas del Sur SA, Class B, ADR		295,920		4,299,718
YPF SA, ADR		669,469		9,466,292

				80,864,994

Bahrain — 4.9%
Ahli United Bank BSC		23,574,177		19,263,249
Aluminium Bahrain BSC		760,814		851,627
GFH Financial Group BSC		14,951,496		3,887,470
Ithmaar Holding BSC^(a)		7,341,331		570,858

				24,573,204

Bangladesh — 6.2%
Acme Laboratores Ltd. (The)		840,886		923,052
Bangladesh Export Import Co. Ltd.		4,287,096		1,201,966
Beximco Pharmaceuticals Ltd.		2,089,058		2,258,441
BRAC Bank Ltd.^(a)		3,532,320		3,407,477
City Bank Ltd. (The)		3,524,579		1,210,102
Eastern Bank Ltd.		2,556,866		1,166,423
GrameenPhone Ltd.		591,959		2,767,281
International Finance Investment & Commerce Bank Ltd.^(a)		4,954,936		759,355
Islami Bank Bangladesh Ltd.		4,708,687		1,404,075
LafargeHolcim Bangladesh Ltd.		2,592,209		1,256,455
National Bank Ltd.^(a)		11,201,500		1,317,432
Pubali Bank Ltd.		2,635,282		873,470
Renata Ltd.		79,477		1,101,867
Square Pharmaceuticals Ltd.		3,038,082		9,882,113
Summit Power Ltd.		2,822,058		1,414,801

				30,944,310

Jordan — 1.6%
Arab Bank PLC		451,278		4,055,931
Bank of Jordan		348,828		1,240,277
Jordan Islamic Bank		259,800		1,180,326
Jordan Petroleum Refinery Co.		425,919		1,568,464

				8,044,998

Kazakhstan — 1.6%
Halyk Savings Bank of Kazakhstan JSC, GDR		430,586		4,908,681
KCell JSC, GDR		244,113		1,244,976
NAC Kazatomprom JSC, GDR^(a)		121,438		1,794,368

				7,948,025

Kenya — 7.0%
Co-operative Bank of Kenya Ltd. (The)		11,616,760		1,685,273


Security	Shares		Value

Kenya (continued)
East African Breweries Ltd.		2,106,142	$	4,051,083
Equity Group Holdings PLC/Kenya		15,404,400		6,342,082
KCB Group Ltd.		13,377,936		5,574,698
Safaricom PLC		65,053,267		16,922,310

				34,575,446

Kuwait — 23.4%
Agility Public Warehousing Co. KSC		3,175,916		8,591,193
Alimtiaz Investment Group KSC		3,011,760		1,220,581
Boubyan Bank KSCP		2,698,595		4,845,912
Boubyan Petrochemicals Co. KSCP		1,492,472		4,592,978
Burgan Bank SAK		2,754,456		2,813,448
Gulf Bank KSCP		5,142,024		4,811,647
Humansoft Holding Co. KSC		350,480		3,464,382
Integrated Holding Co. KCSC^(a)		529,254		1,360,192
Kuwait Finance House KSCP		12,973,071		26,715,550
Kuwait International Bank KSCP		2,009,996		1,920,589
Kuwait Projects Co. Holding KSCP		1,907,238		1,200,272
Mabanee Co. SAK		1,883,849		3,631,142
Mezzan Holding Co. KSCC		484,119		717,804
Mobile Telecommunications Co. KSC		8,162,582		12,183,360
National Bank of Kuwait SAKP		11,683,360		33,644,997
National Industries Group Holding SAK		3,859,572		2,111,001
National Real Estate Co. KPSC^(a)		2,242,271		577,745
Warba Bank KSCP^(a)		2,920,642		2,117,105

				116,519,898

Mauritius — 0.2%
Lighthouse Capital Ltd.		2,078,061		1,055,288


Morocco — 7.1%
Attijariwafa Bank		218,223		10,236,683
Banque Centrale Populaire		128,022		3,579,123
Cosumar		155,336		2,804,891
Douja Promotion Groupe Addoha SA		610,647		818,429
Maroc Telecom		940,533		14,530,948
Societe d’Exploitation des Ports		119,707		2,218,572
TOTAL Maroc SA		7,445		888,690

				35,077,336

Nigeria — 5.9%
Access Bank PLC		76,390,963		1,207,009
Afriland Properties PLC^(a)		8,020		44
Dangote Cement PLC		8,382,705		4,538,163
FBN Holdings PLC		96,914,329		2,055,148
Guaranty Trust Bank PLC		80,440,252		7,882,364
Nestle Nigeria PLC		1,482,472		6,040,842
United Bank for Africa PLC		91,743,731		1,894,639
Wapic Insurance PLC^(a)		73,817		88
Zenith Bank PLC		85,656,378		5,674,809

				29,293,106

Oman — 2.0%
Bank Muscat SAOG		4,847,639		5,212,786
Bank Nizwa SAOG^(a)		3,798,776		897,892
Bank Sohar SAOG		2,185,248		652,736
Oman Telecommunications Co. SAOG		1,009,962		1,836,295
Ooredoo		890,458		1,267,457

				9,867,166

Romania — 5.2%
Banca Transilvania SA		19,365,122		8,828,730
BRD-Groupe Societe Generale SA		1,111,811		3,174,697
OMV Petrom SA		62,671,484		5,128,009


8		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Frontier 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Romania (continued)
Societatea Energetica Electrica SA		820,169	$	2,066,412
Societatea Nationala de Gaze Naturale ROMGAZ SA		636,993		4,631,287
Transgaz SA Medias		25,199		2,061,874

				25,891,009

Slovenia — 0.4%
Zavarovalnica Triglav DD		53,384		1,999,938


Sri Lanka — 0.8%
John Keells Holdings PLC		3,348,094		2,966,783
Sampath Bank PLC^(a)		979,177		1,261,507

				4,228,290

Vietnam — 17.6%
Bank for Foreign Trade of Vietnam JSC		1,278,365		3,333,667
Bank for Investment and Development of Vietnam JSC^(a)		759,500		1,063,955
Bao Viet Holdings		176,570		715,413
FLC Faros Construction JSC^(a)		634,042		946,964
Hoa Phat Group JSC^(a)		4,602,330		6,665,443
Hoang Huy Investment Financial Services JSC		789,650		830,494
Kinh Bac City Development Share Holding Corp.^(a)		1,072,180		672,423
Masan Group Corp.^(a)		2,044,800		7,835,462
No Va Land Investment Group Corp.^(a)		1,007,509		2,497,059
PetroVietnam Fertilizer & Chemicals JSC		820,620		721,580
PetroVietnam Gas JSC		269,210		1,139,501
PetroVietnam Technical Services Corp.		884,898		778,100
Saigon Beer Alcohol Beverage Corp.		282,230		2,919,621
Saigon Securities Inc.		1,364,560		1,641,001
Saigon Thuong Tin Commercial JSB^(a)		2,539,289		1,346,261
Thanh Thanh Cong—Bien Hoa JSC		882,688		751,426
Viet Capital Securities JSC		293,310		556,278
Vietnam Dairy Products JSC		3,059,818		18,609,496
Vincom Retail JSC^(a)		4,130,317		5,875,020
Vingroup JSC^(a)		3,507,398		17,234,628
Vinhomes JSC^(a)(c)		2,947,095		11,115,121

				87,248,913


Total Common Stocks — 100.2% (Cost: $451,777,801)				498,131,921


Security	Shares		Value

Rights

Morocco — 0.0%
Cosumar (Expires 12/18/28)^(a)(d)		1	$	9


Total Rights — 0.0% (Cost: $0)				9


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SLAgency Shares, 2.62%^(e)(f)(g)		2,189,719		2,190,595


Total Short-Term Investments — 0.5% (Cost: $2,190,250)				2,190,595


Total Investments in Securities — 100.7% (Cost: $453,968,051)				500,322,525

Other Assets, Less Liabilities — (0.7)%				(3,357,088	)


Net Assets — 100.0%			$	496,965,437

^(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)	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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18		Net Activity			Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SLAgency Shares		2,634,883		(445,164	)		2,189,719	$	2,190,595	$	5,879	^(b)	$	627	$	32
BlackRock Cash Funds: Treasury, SLAgency Shares		—		—			—		—		4,233			—		—

								$	2,190,595	$	10,112		$	627	$	32

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


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)

February 28, 2019

iShares^® MSCI Frontier 100 ETF

Forward Foreign Currency Exchange Contracts

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Foreign Currency Exchange Contracts
Net Realized Gain (Loss)from:
Forward foreign currency exchange contracts	$	171

Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	2

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	138,473
Average amounts sold — in USD	$	138,473

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	498,131,877	$	44	$	—	$	498,131,921
Rights		—		—		9		9
Money Market Funds		2,190,595		—		—		2,190,595

	$	500,322,472	$	44	$	9	$	500,322,525

See notes to financial statements.


10		2 0 1 9 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)

February 28, 2019

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.5%
AGL Energy Ltd.		13,108	$	197,798
Amcor Ltd./Australia		21,136		226,310
APA Group		24,964		177,784
Aristocrat Leisure Ltd.		10,970		192,149
ASX Ltd.		4,017		199,395
Aurizon Holdings Ltd.		35,657		114,664
Australia & New Zealand Banking Group Ltd.		39,671		790,270
Bendigo & Adelaide Bank Ltd.		11,171		78,363
BHP Group Ltd.		43,090		1,141,337
BHP Group PLC		31,978		742,643
BlueScope Steel Ltd.		10,317		98,797
Brambles Ltd.		24,958		208,815
Cochlear Ltd.		1,327		160,968
Coles Group Ltd.^(a)		18,104		145,931
Commonwealth Bank of Australia		25,320		1,332,129
Computershare Ltd.		9,563		117,362
Crown Resorts Ltd.		7,693		62,723
CSL Ltd.		7,020		967,711
Dexus		21,557		184,348
Fortescue Metals Group Ltd.		21,016		90,608
Goodman Group		35,858		326,543
GPT Group (The)		49,646		206,626
Incitec Pivot Ltd.		40,877		98,006
Insurance Australia Group Ltd.		37,829		197,814
James Hardie Industries PLC		9,906		124,320
Lendlease Group		14,113		129,324
Macquarie Group Ltd.		4,761		435,731
Medibank Pvt Ltd.		50,049		101,125
Mirvac Group		100,685		184,095
National Australia Bank Ltd.		36,595		654,273
Newcrest Mining Ltd.		13,912		240,712
Oil Search Ltd.		26,562		158,172
Orica Ltd.		7,693		96,602
Origin Energy Ltd.^(a)		35,791		187,411
QBE Insurance Group Ltd.		21,337		187,476
Ramsay Health Care Ltd.		2,741		126,326
Rio Tinto Ltd.		3,931		268,932
Santos Ltd.		28,781		141,696
Scentre Group		80,502		221,647
Sonic Healthcare Ltd.		9,094		156,055
South32 Ltd.		84,198		234,219
Stockland		50,117		124,795
Suncorp Group Ltd.		18,010		173,619
Sydney Airport		19,536		100,072
Tabcorp Holdings Ltd.		36,975		124,164
Telstra Corp. Ltd.		57,626		128,324
Transurban Group		45,752		405,902
Treasury Wine Estates Ltd.		13,137		140,008
Vicinity Centres		66,630		116,614
Wesfarmers Ltd.		15,520		366,364
Westpac Banking Corp.		47,153		904,427
Woodside Petroleum Ltd.		12,793		329,932
Woolworths Group Ltd.		19,413		395,972

				15,017,403

Austria — 0.1%
ANDRITZ AG		1,937		96,829
Erste Group Bank AG		5,482		207,558
OMV AG		4,081		215,018


Security	Shares		Value

Austria (continued)
Raiffeisen Bank International AG		2,654	$	67,756

				587,161

Belgium — 0.4%
Ageas		4,148		204,662
Anheuser-Busch InBev SA/NV		10,832		845,523
Colruyt SA^(b)		1,118		79,821
Groupe Bruxelles Lambert SA		1,133		109,121
KBC Group NV		4,029		298,759
Proximus SADP		3,411		90,228
Solvay SA		1,140		127,761
UCB SA		2,339		196,241
Umicore SA		4,946		214,017

				2,166,133

Canada — 3.6%
Agnico Eagle Mines Ltd.		4,477		190,264
Alimentation Couche-Tard Inc., Class B		6,896		388,365
Bank of Montreal		9,570		745,690
Bank of Nova Scotia (The)		17,816		989,417
Barrick Gold Corp.		26,293		331,408
BCE Inc.		1,408		62,564
BlackBerry Ltd.^(a)(b)		12,209		106,052
Bombardier Inc., Class B^(a)		41,995		89,283
Brookfield Asset Management Inc., Class A		13,036		588,352
Cameco Corp.		8,759		101,557
Canadian Imperial Bank of Commerce		6,767		573,576
Canadian National Railway Co.		11,640		998,017
Canadian Natural Resources Ltd.		18,708		530,983
Canadian Pacific Railway Ltd.		2,272		469,098
Canadian Tire Corp. Ltd., Class A, NVS		1,468		161,848
Canadian Utilities Ltd., Class A, NVS		6,270		166,581
Canopy Growth Corp.^(a)(b)		3,555		168,383
CGI Inc.^(a)		4,014		268,911
CI Financial Corp.		8,074		114,029
Constellation Software Inc./Canada		396		337,887
Dollarama Inc.		5,693		153,975
Enbridge Inc.		30,285		1,119,418
Fairfax Financial Holdings Ltd.		464		229,544
Finning International Inc.		4,745		88,379
First Quantum Minerals Ltd.		11,836		135,615
Fortis Inc./Canada		7,985		287,690
Franco-Nevada Corp.		3,076		231,553
George Weston Ltd.		2,451		174,566
Gildan Activewear Inc.		4,081		145,825
Goldcorp Inc.		14,807		156,277
Great-West Lifeco Inc.		4,014		92,228
Husky Energy Inc.		8,138		90,402
IGM Financial Inc.		3,229		84,292
Imperial Oil Ltd.		5,080		137,434
Intact Financial Corp.		2,138		178,573
Inter Pipeline Ltd.		11,338		182,166
Loblaw Companies Ltd.		2,585		128,642
Magna International Inc.		5,817		306,707
Manulife Financial Corp.		28,098		474,487
Metro Inc.		6,018		226,006
National Bank of Canada		6,228		293,619
Nutrien Ltd.		9,730		529,203
Onex Corp.		2,473		148,624
Open Text Corp.		4,946		187,325
Pembina Pipeline Corp.		8,978		328,307


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)

February 28, 2019

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Canada (continued)
Power Corp. of Canada		5,482	$	116,924
Power Financial Corp.		3,880		86,527
PrairieSky Royalty Ltd.		7,863		114,452
Restaurant Brands International Inc.		3,947		249,407
RioCan REIT		7,796		148,817
Rogers Communications Inc., Class B, NVS		6,152		339,645
Royal Bank of Canada		20,544		1,604,366
Saputo Inc.		5,616		182,893
Shaw Communications Inc., Class B, NVS		7,915		163,108
Shopify Inc., Class A^(a)(b)		1,456		275,590
SNC-Lavalin Group Inc.		3,823		105,517
Sun Life Financial Inc.		8,366		316,472
Suncor Energy Inc.		24,161		832,151
Teck Resources Ltd., Class B		7,771		174,007
TELUS Corp.		2,639		95,781
Thomson Reuters Corp.		3,254		176,808
Toronto-Dominion Bank (The)		27,320		1,565,351
TransCanada Corp.		13,316		595,024
Vermilion Energy Inc.		5,526		141,234
Waste Connections Inc.		4,916		409,994
Wheaton Precious Metals Corp.		7,283		158,268

				21,345,458

Denmark — 0.6%
AP Moller - Maersk A/S, Class A		204		262,616
Carlsberg A/S, Class B		2,050		248,604
Coloplast A/S, Class B		2,540		253,446
Danske Bank A/S		11,836		235,734
DSV A/S		3,866		321,916
Genmab A/S^(a)		1,033		178,701
Novo Nordisk A/S, Class B		27,696		1,360,432
Novozymes A/S, Class B		4,611		209,568
Vestas Wind Systems A/S		3,356		279,654
William Demant Holding A/S^(a)		2,914		87,612

				3,438,283

Finland — 0.5%
Elisa OYJ		3,612		151,728
Fortum OYJ		7,925		176,152
Kone OYJ, Class B		5,348		261,677
Metso OYJ		3,094		105,025
Neste OYJ		2,120		203,987
Nokia OYJ		86,192		521,749
Nordea Bank Abp		43,848		397,880
Sampo OYJ, Class A		5,616		270,634
Stora Enso OYJ, Class R		12,400		166,403
UPM-Kymmene OYJ		10,117		305,517
Wartsila OYJ Abp		10,434		169,663

				2,730,415

France — 3.8%
Accor SA		3,478		147,010
Air Liquide SA		6,263		781,989
Airbus SE		8,692		1,124,366
Alstom SA		4,148		180,526
Atos SE		2,001		192,354
AXA SA		27,508		698,355
BNP Paribas SA		16,330		837,797
Bollore SA		31,777		141,409
Bouygues SA		4,500		170,378
Bureau Veritas SA		5,483		131,238
Capgemini SE		2,540		304,270


Security	Shares		Value

France (continued)
Carrefour SA		10,032	$	205,622
Cie. de Saint-Gobain		8,928		321,866
Cie. Generale des Etablissements Michelin SCA		2,875		345,382
Credit Agricole SA		17,952		229,604
Danone SA		9,317		703,713
Dassault Systemes SE		1,928		282,440
Edenred		4,611		204,876
Electricite de France SA		10,834		157,539
Engie SA		25,575		385,870
EssilorLuxottica SA		4,928		597,346
Eutelsat Communications SA		4,352		86,030
Getlink SE		12,648		186,942
Hermes International		545		345,545
Iliad SA		664		69,183
Ingenico Group SA		1,272		85,486
Ipsen SA		922		127,666
Kering SA		1,266		692,110
Klepierre SA		4,574		159,846
Legrand SA		4,611		304,532
L’Oreal SA		3,815		963,965
LVMH Moet Hennessy Louis Vuitton SE		4,081		1,403,405
Orange SA		27,964		427,965
Pernod Ricard SA		3,140		541,334
Peugeot SA		8,709		221,743
Publicis Groupe SA		3,416		189,550
Renault SA		2,889		198,139
Safran SA		5,016		684,835
Sanofi		16,921		1,416,194
Schneider Electric SE		7,980		621,721
SCOR SE		2,942		132,629
SES SA		6,286		126,444
Societe BIC SA		868		82,185
Societe Generale SA		11,372		349,631
Sodexo SA^(b)		1,669		183,549
STMicroelectronics NV		12,240		200,285
Suez		8,786		112,402
Teleperformance		991		177,167
Thales SA		2,138		263,539
TOTAL SA		36,193		2,060,237
Ubisoft Entertainment SA^(a)		1,587		114,752
Unibail-Rodamco-Westfield		1,677		271,163
Unibail-Rodamco-Westfield, New^(a)		510		82,465
Valeo SA		4,218		133,284
Veolia Environnement SA		8,715		191,529
Vinci SA		7,492		715,934
Vivendi SA		16,324		477,715

				22,545,051

Germany — 2.8%
1&1 Drillisch AG^(b)		1,861		73,703
adidas AG		2,808		682,980
Allianz SE, Registered		6,353		1,415,003
BASF SE		13,108		999,899
Bayer AG, Registered		14,451		1,156,483
Bayerische Motoren Werke AG		4,614		390,422
Beiersdorf AG		2,902		269,516
Brenntag AG		3,612		179,326
Commerzbank AG^(a)		20,945		173,032
Continental AG		1,620		265,636
Daimler AG, Registered		13,065		783,429
Deutsche Bank AG, Registered^(b)		31,977		297,160


12		2 0 1 9 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)

February 28, 2019

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Deutsche Boerse AG		3,321	$	420,139
Deutsche Lufthansa AG, Registered		4,799		122,681
Deutsche Post AG, Registered		15,319		476,563
Deutsche Telekom AG, Registered		48,165		794,437
Deutsche Wohnen SE		5,333		248,980
E.ON SE		35,551		392,068
Fresenius Medical Care AG & Co. KGaA		3,679		288,558
Fresenius SE & Co. KGaA		6,626		372,951
GEA Group AG		3,478		83,446
Hannover Rueck SE		1,062		158,418
HeidelbergCement AG		2,674		196,821
Henkel AG & Co. KGaA		1,937		182,188
Infineon Technologies AG		19,316		424,616
LANXESS AG		2,473		134,183
Merck KGaA		2,473		255,637
MTU Aero Engines AG		903		193,825
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		2,205		519,994
OSRAM Licht AG		1,864		80,869
Puma SE		174		98,175
QIAGEN NV^(a)		4,988		190,956
RWE AG		10,099		246,784
SAP SE		14,721		1,579,057
Siemens AG, Registered		11,104		1,215,480
thyssenkrupp AG^(b)		7,425		111,181
TUI AG		8,960		95,365
United Internet AG, Registered		2,929		106,695
Vonovia SE		10,528		511,179
Wirecard AG^(b)		1,926		264,273
Zalando SE^(a)(c)		3,287		121,270

				16,573,378

Hong Kong — 1.4%
AIA Group Ltd.		186,400		1,864,048
Bank of East Asia Ltd. (The)		52,400		182,570
BOC Hong Kong Holdings Ltd.		70,500		294,581
CK Asset Holdings Ltd.		34,000		282,186
CK Hutchison Holdings Ltd.		35,000		372,525
CLP Holdings Ltd.		35,000		414,660
Galaxy Entertainment Group Ltd.		44,000		312,492
Hang Seng Bank Ltd.		14,600		361,754
Hong Kong & China Gas Co. Ltd.		191,446		443,386
Hong Kong Exchanges & Clearing Ltd.		16,000		551,555
Jardine Matheson Holdings Ltd.		6,800		466,208
Link REIT		35,000		395,711
Melco Resorts & Entertainment Ltd., ADR		6,905		159,091
Minth Group Ltd.^(b)		8,000		31,695
MTR Corp. Ltd.		68,500		393,558
New World Development Co. Ltd.		136,333		217,791
Sands China Ltd.		54,800		273,658
Sun Hung Kai Properties Ltd.		42,000		695,559
Techtronic Industries Co. Ltd.		26,000		173,724
WH Group Ltd.^(c)		205,000		182,024
Wynn Macau Ltd.		63,200		156,193

				8,224,969

Ireland — 0.4%
AIB Group PLC		14,563		68,587
Bank of Ireland Group PLC		17,076		111,125
CRH PLC		12,243		388,120
Kerry Group PLC, Class A		3,350		345,225


Security	Shares		Value

Ireland (continued)
Linde PLC		8,328	$	1,442,743
Paddy Power Betfair PLC		1,618		130,996
Smurfit Kappa Group PLC		4,428		125,752

				2,612,548

Israel — 0.2%
Bank Hapoalim BM		41,887		288,445
Check Point Software Technologies Ltd.^(a)(b)		1,729		211,457
Nice Ltd.^(a)		1,870		219,870
Teva Pharmaceutical Industries Ltd., ADR^(a)		16,004		269,347

				989,119

Italy — 0.8%
Assicurazioni Generali SpA		17,524		313,187
Atlantia SpA		9,384		228,457
CNH Industrial NV		19,760		214,297
Enel SpA		120,700		731,187
Eni SpA		36,595		631,979
Ferrari NV		2,396		308,710
Fiat Chrysler Automobiles NV^(a)		17,816		263,367
Intesa Sanpaolo SpA		236,971		585,281
Leonardo SpA		3,996		40,342
Mediobanca Banca di Credito Finanziario SpA		13,635		136,972
Snam SpA		53,830		266,332
Telecom Italia SpA/Milano^(a)		287,028		175,120
Tenaris SA		8,759		116,994
Terna Rete Elettrica Nazionale SpA		57,351		357,091
UniCredit SpA		30,000		408,771

				4,778,087

Japan — 8.2%
Aeon Co. Ltd.		13,700		288,719
Aisin Seiki Co. Ltd.		7,000		273,221
Ajinomoto Co. Inc.		13,700		207,248
Alps Alpine Co. Ltd.		7,600		149,310
ANA Holdings Inc.		7,000		259,827
Asahi Group Holdings Ltd.		3,800		164,091
Asahi Kasei Corp.		23,800		259,551
Astellas Pharma Inc.		32,500		501,718
Bandai Namco Holdings Inc.		2,900		123,482
Bridgestone Corp.		13,700		540,640
Canon Inc.		20,400		586,601
Casio Computer Co. Ltd.		13,900		188,671
Central Japan Railway Co.		2,200		493,577
Chubu Electric Power Co. Inc.		13,600		214,103
Chugai Pharmaceutical Co. Ltd.		7,000		476,015
Chugoku Electric Power Co. Inc. (The)		13,600		176,780
Concordia Financial Group Ltd.		39,500		160,030
Daifuku Co. Ltd.		1,000		49,048
Dai-ichi Life Holdings Inc.		23,000		348,244
Daiichi Sankyo Co. Ltd.		7,600		284,488
Daikin Industries Ltd.		3,200		347,539
Daiwa House Industry Co. Ltd.		13,700		423,971
Denso Corp.		7,000		300,701
Dentsu Inc.		5,000		208,857
East Japan Railway Co.		6,800		651,168
Eisai Co. Ltd.		3,900		322,139
FamilyMart UNY Holdings Co. Ltd.		4,000		114,085
FANUC Corp.		2,700		447,251
Fast Retailing Co. Ltd.		700		327,991
FUJIFILM Holdings Corp.		7,000		313,843
Fujitsu Ltd.		4,000		269,817


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)

February 28, 2019

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Hakuhodo DY Holdings Inc.		6,900	$	105,806
Hitachi Ltd.		13,600		407,438
Honda Motor Co. Ltd.		26,200		742,082
Hoya Corp.		7,000		427,911
Hulic Co. Ltd.		13,700		125,899
Idemitsu Kosan Co. Ltd.		900		31,935
Iida Group Holdings Co. Ltd.		7,000		127,902
Inpex Corp.		20,400		198,466
ITOCHU Corp.		26,200		470,244
Japan Airlines Co. Ltd.		1,900		69,381
Japan Exchange Group Inc.		13,700		241,830
Japan Post Holdings Co. Ltd.		27,200		331,082
Japan Retail Fund Investment Corp.		137		276,166
Japan Tobacco Inc.		20,400		519,163
JFE Holdings Inc.		13,700		238,938
JTEKT Corp.		7,000		86,777
JXTG Holdings Inc.		59,700		279,247
Kansai Electric Power Co. Inc. (The)		17,300		258,832
Kao Corp.		6,800		514,581
KDDI Corp.		26,200		632,759
Keyence Corp.		2,000		1,166,547
Kikkoman Corp.		2,300		114,463
Kirin Holdings Co. Ltd.		13,700		306,318
Kobe Steel Ltd.		7,000		55,399
Komatsu Ltd.		18,100		444,045
Konami Holdings Corp.		2,900		119,704
Konica Minolta Inc.		15,700		152,318
Kose Corp.		200		32,375
Kubota Corp.		20,400		275,341
Kuraray Co. Ltd.		8,000		107,366
Kyocera Corp.		7,000		386,157
Kyushu Electric Power Co. Inc.		13,700		162,943
M3 Inc.		7,200		119,396
Marubeni Corp.		39,600		282,700
Marui Group Co. Ltd.		7,000		123,185
Mazda Motor Corp.		13,700		160,912
MEIJI Holdings Co. Ltd.		1,500		118,847
MINEBEA MITSUMI Inc.		13,800		221,405
Mitsubishi Chemical Holdings Corp.		32,800		242,170
Mitsubishi Corp.		20,400		575,239
Mitsubishi Electric Corp.		37,100		464,583
Mitsubishi Estate Co. Ltd.		21,400		367,752
Mitsubishi Heavy Industries Ltd.		7,000		284,917
Mitsubishi Motors Corp.		20,500		115,096
Mitsubishi UFJ Financial Group Inc.		194,400		1,007,101
Mitsubishi UFJ Lease & Finance Co. Ltd.		25,900		131,920
Mitsui & Co. Ltd.		27,200		427,596
Mitsui Fudosan Co. Ltd.		20,500		485,706
Mizuho Financial Group Inc.		441,000		694,064
MS&AD Insurance Group Holdings Inc.		8,600		258,263
Murata Manufacturing Co. Ltd.		2,700		420,207
Nagoya Railroad Co. Ltd.		7,000		192,733
NEC Corp.		3,000		100,117
Nexon Co. Ltd.^(a)		9,500		150,795
Nidec Corp.		4,700		568,923
Nikon Corp.		6,900		104,504
Nintendo Co. Ltd.		1,600		437,513
Nippon Paint Holdings Co. Ltd.		4,900		188,394
Nippon Steel & Sumitomo Metal Corp.		13,747		247,414
Nippon Telegraph & Telephone Corp.		13,700		590,852


Security	Shares		Value

Japan (continued)
Nissan Motor Co. Ltd.		46,300	$	400,280
Nitori Holdings Co. Ltd.		900		112,257
Nitto Denko Corp.		3,700		197,497
Nomura Holdings Inc.		92,600		358,189
Nomura Real Estate Master Fund Inc.		137		187,803
NTT DOCOMO Inc.		19,400		451,627
Olympus Corp.		7,000		309,693
Omron Corp.		200		8,633
Oriental Land Co. Ltd./Japan		2,400		263,672
ORIX Corp.		20,400		295,408
Otsuka Holdings Co. Ltd.		7,000		291,897
Pan Pacific International Holdings Corp.		1,700		101,401
Panasonic Corp.		46,100		424,474
Rakuten Inc.		13,600		107,021
Recruit Holdings Co. Ltd.		20,400		570,658
Renesas Electronics Corp.^(a)		20,600		120,654
Resona Holdings Inc.		53,100		240,076
Ricoh Co. Ltd.		9,600		97,449
Secom Co. Ltd.		4,300		371,595
Sekisui House Ltd.		20,500		308,181
Seven & i Holdings Co. Ltd.		13,700		602,298
Seven Bank Ltd.		31,200		91,089
Shin-Etsu Chemical Co. Ltd.		6,800		566,320
Shionogi & Co. Ltd.		7,000		447,467
Shiseido Co. Ltd.		6,800		448,854
SMC Corp./Japan		600		208,857
Softbank Corp.^(a)		26,600		332,142
SoftBank Group Corp.		13,600		1,255,911
Sompo Holdings Inc.		7,000		261,400
Sony Corp.		20,400		978,767
Subaru Corp.		13,800		350,393
Sumitomo Chemical Co. Ltd.		39,500		195,868
Sumitomo Corp.		20,400		293,300
Sumitomo Electric Industries Ltd.		20,400		283,863
Sumitomo Metal Mining Co. Ltd.		900		26,389
Sumitomo Mitsui Financial Group Inc.		20,400		722,393
Sumitomo Mitsui Trust Holdings Inc.		7,000		265,298
Sumitomo Realty & Development Co. Ltd.		11,800		441,387
Suzuki Motor Corp.		7,000		358,489
Sysmex Corp.		4,000		240,711
T&D Holdings Inc.		13,700		164,481
Takeda Pharmaceutical Co. Ltd.		24,526		984,609
TDK Corp.		1,900		148,491
Terumo Corp.		7,000		428,854
Tohoku Electric Power Co. Inc.		13,700		179,680
Tokio Marine Holdings Inc.		13,700		667,770
Tokyo Electric Power Co. Holdings Inc.^(a)		26,100		162,715
Tokyo Electron Ltd.		1,700		231,360
Tokyo Gas Co. Ltd.		6,900		189,979
Tokyu Fudosan Holdings Corp.		26,200		144,745
Toray Industries Inc.		27,200		189,486
Toshiba Corp.		9,800		307,240
Tosoh Corp.		13,800		203,678
Toyota Motor Corp.		34,000		2,045,437
Unicharm Corp.		7,000		222,916
USS Co. Ltd.		13,800		251,405
Yahoo Japan Corp.		65,800		176,144
Yakult Honsha Co. Ltd.		500		33,552
Yamada Denki Co. Ltd.		26,200		126,622
Yamaha Corp.		4,800		236,292


14		2 0 1 9 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)

February 28, 2019

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Yamaha Motor Co. Ltd.		7,700	$	156,117
Yamato Holdings Co. Ltd.		7,000		182,294
Yaskawa Electric Corp.		2,400		68,236
Yokogawa Electric Corp.		7,000		134,819

				49,191,028

Netherlands — 1.2%
Aegon NV		27,830		149,831
AerCap Holdings NV^(a)		2,875		129,778
Akzo Nobel NV		3,576		324,660
ArcelorMittal		11,124		255,998
ASML Holding NV		5,820		1,067,780
Heineken Holding NV		2,272		220,035
Heineken NV		3,545		357,651
ING Groep NV		55,392		733,687
Koninklijke Ahold Delhaize NV		20,292		523,940
Koninklijke DSM NV		3,278		352,363
Koninklijke KPN NV		61,550		190,076
Koninklijke Philips NV		14,865		592,437
NN Group NV		4,352		189,800
NXP Semiconductors NV		5,214		476,143
Randstad NV		2,287		122,268
Unilever NV, CVA		22,192		1,201,970
Wolters Kluwer NV		5,811		383,653

				7,272,070

New Zealand — 0.1%
a2 Milk Co. Ltd.^(a)(b)		14,218		138,657
Fletcher Building Ltd.^(a)		26,045		86,796
Spark New Zealand Ltd.		54,845		139,416

				364,869

Norway —0.2%
DNB ASA		16,592		318,390
Equinor ASA		17,591		395,913
Norsk Hydro ASA		25,820		107,070
Orkla ASA		19,078		150,500
Telenor ASA		11,859		231,521
Yara International ASA		4,014		169,129

				1,372,523

Portugal — 0.1%
EDP — Energias de Portugal SA		49,882		183,182
Galp Energia SGPS SA		10,160		166,944

				350,126

Singapore — 0.4%
Ascendas REIT		114,565		237,405
CapitaLand Ltd.		93,200		235,897
CapitaLand Mall Trust		82,900		147,247
DBS Group Holdings Ltd.		24,900		457,753
Genting Singapore Ltd.		153,500		115,875
Keppel Corp. Ltd.		40,800		186,004
Oversea-Chinese Banking Corp. Ltd.		43,800		358,517
Singapore Press Holdings Ltd.		3,700		6,736
Singapore Telecommunications Ltd.		133,400		298,156
United Overseas Bank Ltd.		25,300		468,477
Venture Corp. Ltd.		7,000		92,214

				2,604,281

Spain — 1.1%
ACS Actividades de Construccion y Servicios SA		5,266		233,740
Aena SME SA^(c)		1,401		250,306
Amadeus IT Group SA		7,425		559,711


Security	Shares		Value

Spain (continued)
Banco Bilbao Vizcaya Argentaria SA		99,291	$	618,905
Banco de Sabadell SA		113,407		129,330
Banco Santander SA		236,858		1,158,676
Bankia SA		27,748		84,837
Bankinter SA		18,008		148,092
CaixaBank SA		56,533		201,877
Enagas SA		2,268		64,693
Endesa SA		5,055		127,498
Ferrovial SA		9,724		224,333
Grifols SA		5,106		132,913
Iberdrola SA		88,838		743,728
Industria de Diseno Textil SA		16,670		503,786
International Consolidated Airlines Group SA		131		1,038
Naturgy Energy Group SA		6,632		180,263
Red Electrica Corp. SA		5,764		124,706
Repsol SA		20,673		356,048
Telefonica SA		66,193		572,013

				6,416,493

Sweden — 0.8%
Alfa Laval AB		6,219		136,094
Assa Abloy AB, Class B		16,190		335,088
Atlas Copco AB, Class A		8,759		237,462
Atlas Copco AB, Class B		7,492		188,138
Boliden AB		5,342		146,272
Electrolux AB, Series B		4,544		118,982
Epiroc AB, Class A^(a)		8,759		87,991
Epiroc AB, Class B^(a)		7,492		70,434
Essity AB, Class B		9,362		261,366
Hennes & Mauritz AB, Class B		13,601		205,959
Hexagon AB, Class B		4,745		249,723
Investor AB, Class B		6,688		298,872
Kinnevik AB, Class B		5,849		148,273
Lundin Petroleum AB		5,013		164,010
Millicom International Cellular SA, SDR^(a)		1,878		113,119
Sandvik AB		20,812		342,143
Skandinaviska Enskilda Banken AB, Class A		21,136		215,282
Skanska AB, Class B		6,755		121,918
SKF AB, Class B		6,688		112,630
Svenska Handelsbanken AB, Class A		21,471		245,049
Swedbank AB, Class A		11,956		219,803
Swedish Match AB		3,128		146,730
Telefonaktiebolaget LM Ericsson, Class B		46,493		425,809
Telia Co. AB		35,887		155,861
Volvo AB, Class B		23,425		345,131

				5,092,139

Switzerland — 3.0%
ABB Ltd., Registered		28,835		572,098
Adecco Group AG, Registered		2,808		146,178
Baloise Holding AG, Registered		1,535		251,159
Cie. Financiere Richemont SA, Registered		7,961		610,860
Coca-Cola HBC AG^(a)		3,656		123,322
Credit Suisse Group AG, Registered		39,005		483,354
Geberit AG, Registered		798		319,136
Givaudan SA, Registered		137		343,394
Julius Baer Group Ltd.		4,953		216,725
Kuehne + Nagel International AG, Registered		1,843		240,966
LafargeHolcim Ltd., Registered		8,176		405,435
Lonza Group AG, Registered		1,270		353,769
Nestle SA, Registered		45,156		4,095,860


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)

February 28, 2019

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
Novartis AG, Registered		31,844	$	2,910,136
Partners Group Holding AG		462		334,836
Roche Holding AG, NVS		10,436		2,904,942
Schindler Holding AG, Participation Certificates, NVS		798		180,716
Schindler Holding AG, Registered		798		177,351
SGS SA, Registered		68		173,720
Sonova Holding AG, Registered		1,060		198,604
Swatch Group AG (The), Bearer		732		217,131
Swiss Life Holding AG, Registered		731		319,198
Swiss Prime Site AG, Registered		3,419		289,150
Swiss Re AG		4,014		398,177
Swisscom AG, Registered		444		205,955
Temenos AG, Registered		1,202		174,593
UBS Group AG, Registered		65,666		837,139
Zurich Insurance Group AG		2,137		707,900

				18,191,804

United Kingdom — 5.7%
3i Group PLC		17,494		220,076
Admiral Group PLC		4,218		122,418
Anglo American PLC		18,127		483,058
Antofagasta PLC		10,434		130,012
Aptiv PLC		3,965		329,531
Ashtead Group PLC		8,117		216,252
Associated British Foods PLC		6,085		181,541
AstraZeneca PLC		18,735		1,529,804
Auto Trader Group PLC^(c)		24,687		156,202
Aviva PLC		58,803		331,001
BAE Systems PLC		49,846		308,959
Barclays PLC		254,756		556,258
BP PLC		280,500		1,993,810
British American Tobacco PLC		34,055		1,249,506
British Land Co. PLC (The)		14,247		114,496
BT Group PLC		122,966		351,157
Bunzl PLC		7,827		247,046
Burberry Group PLC		7,157		179,871
Capri Holdings Ltd.^(a)		2,339		106,658
Carnival PLC		4,014		225,093
Compass Group PLC		23,105		511,687
Croda International PLC		3,232		206,819
Diageo PLC		35,791		1,386,990
Experian PLC		15,788		412,328
Ferguson PLC		3,622		251,528
G4S PLC		32,648		91,149
GlaxoSmithKline PLC		72,386		1,441,706
Glencore PLC		180,841		731,111
Hammerson PLC		13,912		70,631
HSBC Holdings PLC		292,469		2,384,261
Imperial Brands PLC		13,786		460,344
Informa PLC		20,271		190,139
InterContinental Hotels Group PLC		3,538		212,212
Intertek Group PLC		4,014		271,543
Investec PLC		14,783		96,899
ITV PLC		71,551		124,768
J Sainsbury PLC		35,973		109,571
Johnson Matthey PLC		3,480		143,167
Kingfisher PLC		34,518		111,154
Land Securities Group PLC		11,600		138,801
Legal & General Group PLC		83,825		312,857
Lloyds Banking Group PLC		1,063,285		898,631
London Stock Exchange Group PLC		6,022		361,005


Security	Shares		Value

United Kingdom (continued)
Marks & Spencer Group PLC		29,920	$	108,645
Meggitt PLC		17,390		124,719
Melrose Industries PLC		88,083		203,740
Micro Focus International PLC		6,892		171,561
National Grid PLC		46,550		524,987
Next PLC		2,473		167,361
NMC Health PLC		2,414		86,822
Pearson PLC		12,840		144,484
Prudential PLC		37,862		800,728
Reckitt Benckiser Group PLC		10,035		769,754
RELX PLC		34,301		788,835
Rio Tinto PLC		19,620		1,131,547
Rolls-Royce Holdings PLC		27,361		347,552
Royal Bank of Scotland Group PLC		68,817		243,205
Royal Dutch Shell PLC, Class A		61,848		1,932,794
Royal Dutch Shell PLC, Class B		58,023		1,824,836
RSA Insurance Group PLC		21,025		142,903
Sage Group PLC (The)		22,275		195,841
Segro PLC		25,050		220,239
Severn Trent PLC		5,750		154,415
Smith & Nephew PLC		13,979		267,095
Smiths Group PLC		9,161		174,307
SSE PLC		16,594		262,322
Standard Chartered PLC		49,375		395,093
Taylor Wimpey PLC		87,402		210,884
Tesco PLC		149,134		448,301
Unilever PLC		18,931		1,009,220
United Utilities Group PLC		13,845		154,725
Vodafone Group PLC		394,333		704,302
Weir Group PLC (The)		4,812		104,967
Whitbread PLC		3,076		198,555
WPP PLC		20,630		226,599

				34,193,388

United States — 61.4%
3M Co		8,500		1,762,815
Abbott Laboratories		25,282		1,962,389
AbbVie Inc.		22,807		1,807,227
ABIOMED Inc.^(a)		731		244,519
Accenture PLC, Class A		9,550		1,541,179
Activision Blizzard Inc.		10,703		451,024
Acuity Brands Inc.		667		86,790
Adobe Inc.^(a)		7,425		1,949,062
Advance Auto Parts Inc.		1,198		193,812
Advanced Micro Devices Inc.^(a)		14,828		348,903
AES Corp./VA		9,831		169,388
Affiliated Managers Group Inc.		1,066		116,844
Aflac Inc.		11,372		558,820
Agilent Technologies Inc.		5,131		407,607
AGNC Investment Corp.		8,682		153,237
Air Products & Chemicals Inc.		3,212		581,950
Akamai Technologies Inc.^(a)		2,875		200,272
Albemarle Corp.		2,005		183,036
Alexion Pharmaceuticals Inc.^(a)		3,478		470,678
Align Technology Inc.^(a)		1,225		317,238
Alkermes PLC^(a)		3,553		118,208
Alleghany Corp.		297		190,959
Allergan PLC		5,219		718,708
Alliance Data Systems Corp.		865		149,645
Alliant Energy Corp.		7,260		333,016
Allstate Corp. (The)		5,214		492,097


16		2 0 1 9 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)

February 28, 2019

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Alnylam Pharmaceuticals Inc.^(a)(b)		1,724	$	146,540
Alphabet Inc., Class A^(a)		4,488		5,055,956
Alphabet Inc., Class C, NVS^(a)		4,680		5,241,226
Altria Group Inc.		28,110		1,473,245
Amazon.com Inc.^(a)		6,194		10,157,107
Ameren Corp.		4,410		314,168
American Airlines Group Inc.		2,071		73,790
American Electric Power Co. Inc.		7,090		575,353
American Express Co.		10,903		1,174,689
American International Group Inc.		13,330		575,856
American Tower Corp.		6,418		1,130,531
American Water Works Co. Inc.		3,062		311,160
Ameriprise Financial Inc.		2,205		290,244
AmerisourceBergen Corp.		2,540		211,582
AMETEK Inc.		4,477		356,280
Amgen Inc.		9,129		1,735,240
Amphenol Corp., Class A		5,214		489,960
Anadarko Petroleum Corp.		8,095		352,132
Analog Devices Inc.		5,738		613,736
Annaly Capital Management Inc.		17,457		176,839
ANSYS Inc.^(a)		1,737		307,901
Anthem Inc.		3,880		1,166,832
Aon PLC		3,700		634,661
Apache Corp.		6,296		208,901
Apple Inc.		71,278		12,341,786
Applied Materials Inc.		15,939		611,101
Arch Capital Group Ltd.^(a)		7,425		242,575
Archer-Daniels-Midland Co.		9,100		386,750
Arconic Inc.		7,222		133,535
Arista Networks Inc.^(a)		885		252,446
Arrow Electronics Inc.^(a)		2,004		159,719
Arthur J Gallagher & Co.		2,771		222,456
Assurant Inc.		1,334		137,389
AT&T Inc.		107,697		3,351,531
Autodesk Inc.^(a)		3,344		545,105
Autoliv Inc.		1,468		120,097
Automatic Data Processing Inc.		6,621		1,013,212
AutoZone Inc.^(a)		395		370,893
AvalonBay Communities Inc.		2,004		390,039
Avery Dennison Corp.		2,138		230,990
Ball Corp.		5,338		292,416
Bank of America Corp.		141,964		4,128,313
Bank of New York Mellon Corp. (The)		15,319		803,941
Baxter International Inc.		7,487		559,503
BB&T Corp.		11,713		597,012
Becton Dickinson and Co.		4,164		1,035,962
Berkshire Hathaway Inc., Class B^(a)		19,047		3,834,161
Best Buy Co. Inc.		4,352		299,592
Biogen Inc.^(a)		3,074		1,008,303
BioMarin Pharmaceutical Inc.^(a)		3,210		299,365
BlackRock Inc.^(d)		1,736		769,430
Boeing Co. (The)		8,161		3,590,514
Booking Holdings Inc.^(a)		731		1,240,536
BorgWarner Inc.		3,545		143,962
Boston Properties Inc.		2,540		337,033
Boston Scientific Corp.^(a)		21,069		845,288
Brighthouse Financial Inc.^(a)(b)		2,466		95,484
Bristol-Myers Squibb Co.		25,031		1,293,101
Broadcom Inc.		6,223		1,713,565
Brookfield Property REIT Inc., Class A		5,323		104,437


Security	Shares		Value

United States (continued)
Brown-Forman Corp., Class B, NVS		4,352	$	215,380
Bunge Ltd.		2,611		138,592
Cabot Oil & Gas Corp.		8,162		200,948
Cadence Design Systems Inc.^(a)		4,564		261,289
Campbell Soup Co.		3,679		132,518
Capital One Financial Corp.		7,425		620,581
Cardinal Health Inc.		4,812		261,484
CarMax Inc.^(a)		3,076		191,020
Carnival Corp.		4,611		266,331
Caterpillar Inc.		8,502		1,167,665
Cboe Global Markets Inc.		1,831		175,611
CBRE Group Inc., Class A^(a)		5,281		262,783
CBS Corp., Class B, NVS		5,440		273,142
CDK Global Inc.		2,741		159,005
Celanese Corp.		2,607		266,670
Celgene Corp.^(a)		10,760		894,371
Centene Corp.^(a)		6,286		382,755
CenterPoint Energy Inc.		7,703		232,168
CenturyLink Inc.		16,620		219,218
Cerner Corp.^(a)		4,544		254,237
CF Industries Holdings Inc.		3,819		161,162
CH Robinson Worldwide Inc.		2,741		247,732
Charles Schwab Corp. (The)		18,194		837,106
Charter Communications Inc., Class A^(a)		2,485		857,101
Chemours Co. (The)		2,815		107,054
Cheniere Energy Inc.^(a)		3,746		241,430
Chevron Corp.		28,315		3,385,908
Chipotle Mexican Grill Inc.^(a)		396		240,582
Chubb Ltd.		6,297		843,168
Church & Dwight Co. Inc.		4,400		289,520
Cigna Corp.		5,935		1,035,301
Cimarex Energy Co.		1,874		134,759
Cincinnati Financial Corp.		2,540		220,523
Cintas Corp.		1,801		372,087
Cisco Systems Inc.		68,953		3,569,697
CIT Group Inc.		3,136		159,842
Citigroup Inc.		37,135		2,375,897
Citizens Financial Group Inc.		9,128		337,188
Citrix Systems Inc.		2,331		245,920
Clorox Co. (The)		2,273		359,202
CME Group Inc.		5,282		960,849
CMS Energy Corp.		4,736		257,638
Coca-Cola Co. (The)		59,589		2,701,765
Cognex Corp.		3,354		179,104
Cognizant Technology Solutions Corp., Class A		8,960		635,981
Colgate-Palmolive Co.		12,857		846,891
Comcast Corp., Class A		67,836		2,623,218
Comerica Inc.		3,474		302,620
Conagra Brands Inc.		8,378		195,794
Concho Resources Inc.		3,291		362,010
ConocoPhillips		17,658		1,198,095
Consolidated Edison Inc.		4,812		396,749
Constellation Brands Inc., Class A		2,672		451,996
Continental Resources Inc./OK^(a)		1,744		77,800
Copart Inc.^(a)		3,478		204,054
Corning Inc.		13,480		469,239
CoStar Group Inc.^(a)		663		303,342
Costco Wholesale Corp.		6,624		1,448,934
Crown Castle International Corp.		5,951		706,681
Crown Holdings Inc.^(a)		3,210		174,271


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)

February 28, 2019

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
CSX Corp.		13,041	$	947,689
Cummins Inc.		2,540		391,389
CVS Health Corp.		19,589		1,132,832
Danaher Corp.		8,759		1,112,568
Darden Restaurants Inc.		2,135		239,355
DaVita Inc.^(a)		2,339		133,089
Deere & Co.		4,352		713,902
Dell Technologies Inc., Class C^(a)(b)		2,448		136,647
Delta Air Lines Inc.		2,560		126,925
DENTSPLY SIRONA Inc.		3,746		156,433
Devon Energy Corp.		8,310		245,228
DexCom Inc.^(a)		1,525		212,478
Diamondback Energy Inc.		2,764		284,499
Digital Realty Trust Inc.		3,210		363,115
Discover Financial Services		6,085		435,747
Discovery Inc., Class A^(a)(b)		2,272		65,661
Discovery Inc., Class C, NVS^(a)		5,901		160,802
DISH Network Corp., Class A^(a)		4,224		137,322
Dollar General Corp.		4,206		498,243
Dollar Tree Inc.^(a)		3,545		341,490
Dominion Energy Inc.		10,929		809,730
Domino’s Pizza Inc.		732		183,688
Dover Corp.		3,009		272,405
DowDuPont Inc.		33,907		1,804,870
DR Horton Inc.		5,884		228,829
DTE Energy Co.		2,875		355,235
Duke Energy Corp.		10,035		899,738
Duke Realty Corp.		8,296		245,313
DXC Technology Co.		4,599		302,890
Eastman Chemical Co.		2,540		210,033
Eaton Corp. PLC		6,554		522,813
Eaton Vance Corp., NVS		3,082		128,982
eBay Inc.		14,917		554,167
Ecolab Inc.		4,218		712,462
Edison International		4,946		296,216
Edwards Lifesciences Corp.^(a)		3,140		531,571
Electronic Arts Inc.^(a)		4,745		454,476
Eli Lilly & Co.		14,588		1,842,319
Emerson Electric Co.		9,094		619,756
Entergy Corp.		3,009		280,830
EOG Resources Inc.		8,571		805,674
Equifax Inc.		1,870		204,784
Equinix Inc.		1,200		508,200
Equity Residential		5,482		403,969
Essex Property Trust Inc.		1,133		317,059
Estee Lauder Companies Inc. (The), Class A		3,344		524,807
Everest Re Group Ltd.		773		174,783
Eversource Energy		5,214		363,989
Exelon Corp.		13,242		643,429
Expedia Group Inc.		1,937		238,851
Expeditors International of Washington Inc.		3,880		290,806
Exxon Mobil Corp.		62,817		4,964,427
F5 Networks Inc.^(a)		1,401		235,564
Facebook Inc., Class A^(a)		36,074		5,824,147
Fastenal Co.		4,611		290,216
Federal Realty Investment Trust		1,468		196,110
FedEx Corp.		3,746		678,026
Fidelity National Financial Inc.		4,544		159,449
Fidelity National Information Services Inc.		4,608		498,355
Fifth Third Bancorp.		13,108		361,519


Security	Shares		Value

United States (continued)
First Data Corp., Class A^(a)		8,433	$	212,006
First Republic Bank/CA^(b)		2,942		308,851
FirstEnergy Corp.		7,432		302,854
Fiserv Inc.^(a)(b)		5,448		461,391
FleetCor Technologies Inc.^(a)		1,402		327,059
Flex Ltd.^(a)		9,873		104,061
FLIR Systems Inc.		2,936		151,057
Flowserve Corp.		3,009		133,630
Fluor Corp.		2,875		108,100
FMC Corp.		2,473		221,333
Ford Motor Co.		55,305		485,025
Fortinet Inc.^(a)		2,373		205,953
Fortive Corp.		4,905		400,101
Franklin Resources Inc.		5,817		189,692
Freeport-McMoRan Inc.		22,119		285,335
Gap Inc. (The)		3,947		100,254
Garmin Ltd.		2,539		213,200
Gartner Inc.^(a)		1,606		228,534
General Dynamics Corp.		3,947		671,858
General Electric Co.		131,089		1,362,015
General Mills Inc.		9,441		444,954
General Motors Co.		18,931		747,396
Genuine Parts Co.		2,741		298,166
Gilead Sciences Inc.		18,797		1,222,181
Global Payments Inc.		2,875		374,842
Goldman Sachs Group Inc. (The)		5,147		1,012,415
Goodyear Tire & Rubber Co. (The)		5,226		103,370
GrubHub Inc.^(a)		1,731		141,215
H&R Block Inc.		3,746		90,466
Halliburton Co.		13,669		419,502
Hanesbrands Inc.		6,085		113,120
Harley-Davidson Inc.		2,741		101,746
Harris Corp.		1,987		327,716
Hartford Financial Services Group Inc. (The)		6,219		306,970
Hasbro Inc.		2,347		199,260
HCA Healthcare Inc.		4,352		605,102
HCP Inc.		8,037		247,298
Helmerich & Payne Inc.		2,076		112,519
Henry Schein Inc.^(a)		2,620		155,366
Hershey Co. (The)		2,607		288,543
Hess Corp.		4,693		271,490
Hewlett Packard Enterprise Co.		22,752		372,678
Hilton Worldwide Holdings Inc.		4,016		333,730
HollyFrontier Corp.		3,277		167,782
Hologic Inc.^(a)		4,713		222,218
Home Depot Inc. (The)		16,854		3,120,350
Honeywell International Inc.		10,570		1,628,520
Hormel Foods Corp.		5,281		228,984
Host Hotels & Resorts Inc.		10,970		215,122
HP Inc.		26,155		516,038
Humana Inc.		2,272		647,611
Huntington Bancshares Inc./OH		19,730		284,309
IAC/InterActiveCorp.^(a)		1,297		276,326
IDEXX Laboratories Inc.^(a)		1,332		281,092
IHS Markit Ltd.^(a)		6,291		334,492
Illinois Tool Works Inc.		4,879		702,966
Illumina Inc.^(a)		2,339		731,569
Incyte Corp.^(a)		3,147		271,366
Ingersoll-Rand PLC		4,285		452,325
Intel Corp.		68,053		3,604,087


18		2 0 1 9 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)

February 28, 2019

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Intercontinental Exchange Inc.		8,960	$	691,264
International Business Machines Corp.		13,520		1,867,518
International Flavors & Fragrances Inc.		1,535		195,712
International Paper Co.		6,360		291,415
Interpublic Group of Companies Inc. (The)		7,425		170,998
Intuit Inc.		3,880		958,864
Intuitive Surgical Inc.^(a)		1,870		1,024,031
IPG Photonics Corp.^(a)(b)		801		124,179
IQVIA Holdings Inc.^(a)		2,305		322,930
Iron Mountain Inc.		4,569		161,834
Jacobs Engineering Group Inc.^(b)		2,674		197,288
Jazz Pharmaceuticals PLC^(a)		1,270		177,838
JB Hunt Transport Services Inc.^(b)		1,736		186,915
Jefferies Financial Group Inc.		6,688		135,566
JM Smucker Co. (The)		2,071		219,340
Johnson & Johnson		39,625		5,414,360
Johnson Controls International PLC		15,926		561,710
JPMorgan Chase & Co.		49,767		5,193,684
Juniper Networks Inc.		6,420		173,854
Kansas City Southern		2,071		224,993
Kellogg Co.		4,218		237,305
KeyCorp.		18,060		318,940
Keysight Technologies Inc.^(a)		2,892		244,114
Kimberly-Clark Corp.		5,482		640,462
Kimco Realty Corp.		7,849		138,064
Kinder Morgan Inc./DE		33,388		639,714
KLA-Tencor Corp.		2,668		308,127
Kohl’s Corp.		3,143		212,247
Kraft Heinz Co. (The)		9,630		319,620
Kroger Co. (The)		12,898		378,298
L3 Technologies Inc.		1,468		310,849
Laboratory Corp. of America Holdings^(a)		1,803		267,277
Lam Research Corp.		2,516		443,042
Lamb Weston Holdings Inc.		2,370		164,265
Las Vegas Sands Corp.		5,951		365,570
Leggett & Platt Inc.		4,879		221,604
Lennar Corp., Class A		4,967		238,317
Liberty Global PLC, Class A^(a)(b)		4,148		109,300
Liberty Global PLC, Class C, NVS^(a)		8,307		210,915
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		5,147		212,108
Liberty Property Trust		3,411		161,443
Lincoln National Corp.		3,746		234,200
LKQ Corp.^(a)		5,750		159,275
Lockheed Martin Corp.		3,705		1,146,364
Loews Corp.		5,348		254,672
Lowe’s Companies Inc.		12,176		1,279,576
Lululemon Athletica Inc.^(a)		1,734		260,828
LyondellBasell Industries NV, Class A		5,080		434,442
M&T Bank Corp.		2,272		393,192
Macerich Co. (The)		2,886		125,830
Macy’s Inc.		5,493		136,171
ManpowerGroup Inc.		1,334		112,389
Marathon Oil Corp.		13,645		226,507
Marathon Petroleum Corp.		11,715		726,447
Markel Corp.^(a)(b)		262		263,279
Marriott International Inc./MD, Class A		5,021		628,981
Marsh & McLennan Companies Inc.		7,359		684,534
Martin Marietta Materials Inc.		1,202		225,736
Marvell Technology Group Ltd.		9,199		183,520
Masco Corp.		6,152		231,069


Security	Shares		Value

United States (continued)
Mastercard Inc., Class A		14,072	$	3,162,963
Maxim Integrated Products Inc.		5,013		272,858
McCormick & Co. Inc./MD, NVS		1,993		271,008
McDonald’s Corp.		11,368		2,089,893
McKesson Corp.		3,210		408,184
Medtronic PLC		19,327		1,749,093
MercadoLibre Inc.^(a)		665		305,095
Merck & Co. Inc.		39,782		3,233,879
MetLife Inc.		13,382		604,733
MGM Resorts International		9,255		247,571
Microchip Technology Inc.		3,876		336,708
Micron Technology Inc.^(a)		17,174		702,073
Microsoft Corp.		107,806		12,077,506
Mohawk Industries Inc.^(a)		1,200		163,344
Molson Coors Brewing Co., Class B		3,215		198,237
Mondelez International Inc., Class A		22,616		1,066,571
Monster Beverage Corp.^(a)		6,755		431,172
Moody’s Corp.		3,143		544,116
Morgan Stanley		21,471		901,353
Mosaic Co. (The)		5,959		186,338
Motorola Solutions Inc.		2,739		392,006
Mylan NV^(a)		8,649		228,247
Nasdaq Inc.		2,339		214,182
National Oilwell Varco Inc.		6,564		184,711
Nektar Therapeutics^(a)		3,087		125,147
NetApp Inc.		4,014		261,713
Netflix Inc.^(a)		6,623		2,371,696
Newell Brands Inc.		8,722		141,558
Newmont Mining Corp.		8,229		280,773
News Corp., Class A, NVS		7,781		101,309
NextEra Energy Inc.		6,704		1,258,475
Nielsen Holdings PLC		6,232		163,278
NIKE Inc., Class B		18,797		1,611,467
Noble Energy Inc.		8,720		193,148
Nordstrom Inc.		2,339		110,588
Norfolk Southern Corp.		4,352		780,314
Northern Trust Corp.		3,478		324,150
Northrop Grumman Corp.		2,540		736,498
NRG Energy Inc.		5,259		219,195
Nucor Corp.		4,879		295,521
NVIDIA Corp.		8,625		1,330,492
O’Reilly Automotive Inc.^(a)		1,269		472,017
Occidental Petroleum Corp.		11,581		766,083
Omnicom Group Inc.		3,813		288,644
ON Semiconductor Corp.^(a)(b)		7,291		156,611
ONEOK Inc.		6,295		404,517
Oracle Corp.		41,099		2,142,491
PACCAR Inc.		5,482		371,680
Palo Alto Networks Inc.^(a)		1,669		411,025
Parker-Hannifin Corp.		2,406		423,841
Paychex Inc.		5,080		391,262
PayPal Holdings Inc.^(a)		16,921		1,659,442
Pentair PLC		3,411		145,104
People’s United Financial Inc.		9,630		171,029
PepsiCo Inc.		21,082		2,437,922
Pfizer Inc.		85,231		3,694,764
Philip Morris International Inc.		23,019		2,001,272
Phillips 66		6,755		650,912
Pinnacle West Capital Corp.		2,269		212,696
Pioneer Natural Resources Co.		2,676		377,182


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)

February 28, 2019

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Plains GP Holdings LP, Class A		3,356	$	77,826
PNC Financial Services Group Inc. (The)		6,286		792,162
PPG Industries Inc.		4,148		464,452
PPL Corp.		10,998		353,806
Principal Financial Group Inc.		4,817		253,567
Procter & Gamble Co. (The)		36,967		3,643,098
Progressive Corp. (The)		8,953		652,674
Prologis Inc.		10,103		707,816
Prudential Financial Inc.		6,353		608,935
Public Service Enterprise Group Inc.		7,889		463,952
Public Storage		2,406		508,845
PulteGroup Inc.		6,018		162,486
PVH Corp.		1,334		153,197
Qorvo Inc.^(a)		2,486		174,368
QUALCOMM Inc.		18,544		990,064
Quest Diagnostics Inc.		2,272		196,642
Qurate Retail Inc.^(a)		8,028		144,584
Ralph Lauren Corp.		1,066		133,431
Raytheon Co.		4,477		834,960
Realty Income Corp.		4,477		309,629
Red Hat Inc.^(a)		2,675		488,455
Regency Centers Corp.		3,411		222,568
Regeneron Pharmaceuticals Inc.^(a)		1,200		516,888
Regions Financial Corp.		21,605		354,322
Reinsurance Group of America Inc.		806		116,459
RenaissanceRe Holdings Ltd.		701		103,082
Republic Services Inc.		4,136		324,386
ResMed Inc.		2,690		275,537
Robert Half International Inc.		2,808		191,478
Rockwell Automation Inc.		2,272		405,688
Roper Technologies Inc.		1,803		583,541
Ross Stores Inc.		6,018		570,687
Royal Caribbean Cruises Ltd.		2,540		300,939
S&P Global Inc.		4,218		845,161
salesforce.com Inc.^(a)		11,117		1,819,297
SBA Communications Corp.^(a)		2,002		361,481
Schlumberger Ltd.		21,053		927,595
Seagate Technology PLC		3,880		180,653
Seattle Genetics Inc.^(a)		2,176		161,633
SEI Investments Co.		3,612		190,533
Sempra Energy		4,363		525,480
ServiceNow Inc.^(a)		2,740		656,066
Sherwin-Williams Co. (The)		1,267		548,864
Simon Property Group Inc.		4,556		825,365
Sirius XM Holdings Inc.		30,479		180,740
Skyworks Solutions Inc.		2,804		228,975
SL Green Realty Corp.		1,701		154,315
Southern Co. (The)		14,381		714,592
Southwest Airlines Co.		2,272		127,323
Spirit AeroSystems Holdings Inc., Class A		1,949		192,561
Splunk Inc.^(a)		2,473		336,031
Sprint Corp.^(a)		15,459		98,165
Square Inc., Class A^(a)		5,034		408,962
SS&C Technologies Holdings Inc.		4,031		248,229
Stanley Black & Decker Inc.		2,540		336,372
Starbucks Corp.		19,047		1,338,242
State Street Corp.		5,689		408,868
Stryker Corp.		4,812		907,110
SunTrust Banks Inc.		7,291		472,967
SVB Financial Group^(a)		865		213,793


Security	Shares		Value

United States (continued)
Symantec Corp.		10,185	$	229,061
Synchrony Financial		10,706		349,123
Synopsys Inc.^(a)		3,746		380,893
Sysco Corp.		8,028		542,291
T-Mobile U.S. Inc.^(a)		4,946		357,151
T Rowe Price Group Inc.		3,752		376,813
Take-Two Interactive Software Inc.^(a)		1,928		168,237
Tapestry Inc.		4,544		158,767
Targa Resources Corp.		5,020		202,005
Target Corp.		7,894		573,420
TD Ameritrade Holding Corp.		4,352		245,148
TE Connectivity Ltd.		5,281		433,517
TechnipFMC PLC		10,067		224,393
Teleflex Inc.		717		207,815
Tesla Inc.^(a)(b)		1,936		619,288
Texas Instruments Inc.		13,716		1,450,878
Textron Inc.		4,879		264,930
Thermo Fisher Scientific Inc.		5,953		1,545,220
Tiffany & Co.		1,803		171,357
TJX Companies Inc. (The)		18,463		946,967
Torchmark Corp.		2,893		238,846
Total System Services Inc.		3,344		315,674
Tractor Supply Co.		2,272		216,635
TransDigm Group Inc.^(a)		797		345,970
TransUnion		3,013		194,519
Travelers Companies Inc. (The)		3,382		449,502
Trimble Inc.^(a)		4,812		192,528
TripAdvisor Inc.^(a)		2,138		113,677
Twenty-First Century Fox Inc., Class A, NVS		21,412		1,079,807
Twenty-First Century Fox Inc., Class B		4,541		227,777
Twitter Inc.^(a)		10,912		335,871
Tyson Foods Inc., Class A		4,812		296,708
U.S. Bancorp.		23,615		1,220,659
UDR Inc.		5,281		234,582
Ulta Salon Cosmetics & Fragrance Inc.^(a)		999		312,178
Under Armour Inc., Class A^(a)		3,009		67,853
Under Armour Inc., Class C, NVS^(a)		3,021		60,662
Union Pacific Corp.		11,504		1,929,221
United Parcel Service Inc., Class B		10,230		1,127,346
United Rentals Inc.^(a)		1,468		197,578
United Technologies Corp.		12,022		1,510,805
UnitedHealth Group Inc.		13,981		3,386,478
Universal Health Services Inc., Class B		1,468		203,802
Unum Group		3,947		147,460
Valero Energy Corp.		6,822		556,402
Varian Medical Systems Inc.^(a)		1,599		214,842
Veeva Systems Inc., Class A^(a)		2,201		259,520
Ventas Inc.		5,492		344,623
VEREIT Inc.		24,553		195,687
VeriSign Inc.^(a)		2,138		380,650
Verisk Analytics Inc.^(a)		2,741		346,545
Verizon Communications Inc.		60,678		3,453,792
Vertex Pharmaceuticals Inc.^(a)		4,014		757,642
VF Corp.		5,080		443,789
Visa Inc., Class A		25,491		3,775,727
VMware Inc., Class A		1,131		194,317
Vornado Realty Trust		2,808		189,006
Vulcan Materials Co.		2,339		260,705
Wabtec Corp.		2,036		149,157
Walmart Inc.		22,015		2,179,265


20		2 0 1 9 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)

February 28, 2019

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Walgreens Boots Alliance Inc.		12,706	$	904,540
Walt Disney Co. (The)		21,873		2,468,149
Waste Management Inc.		6,487		656,809
Waters Corp.^(a)		1,331		322,395
WEC Energy Group Inc.		5,009		382,087
WellCare Health Plans Inc.^(a)		763		193,482
Wells Fargo & Co.		67,693		3,377,204
Welltower Inc.		5,687		422,601
Western Digital Corp.		4,499		226,300
Western Union Co. (The)		9,027		161,312
Westrock Co.		4,899		183,125
Weyerhaeuser Co.		11,640		289,720
Whirlpool Corp.		1,267		179,293
Williams Companies Inc. (The)		18,678		498,516
Willis Towers Watson PLC		1,937		333,203
Workday Inc., Class A^(a)		2,276		450,489
Worldpay Inc., Class A^(a)		4,393		420,849
WR Berkley Corp.		2,947		246,546
WW Grainger Inc.		789		240,464
Wynn Resorts Ltd.		1,668		211,069
Xcel Energy Inc.		7,760		425,714
Xerox Corp.		3,457		106,821
Xilinx Inc.		3,539		443,437
Xylem Inc./NY		3,009		227,330
Yum! Brands Inc.		4,874		460,593
Zillow Group Inc., Class C, NVS^(a)		2,526		105,587
Zimmer Biomet Holdings Inc.		3,079		382,165
Zoetis Inc.		7,693		724,911

				365,790,516


Total Common Stocks — 99.3% (Cost: $569,125,310)				591,847,242


Preferred Stocks

Germany — 0.2%
Henkel AG & Co. KGaA, Preference Shares, NVS		3,215		321,575


Security	Shares		Value

Germany (continued)
Porsche Automobil Holding SE, Preference Shares, NVS		2,879	$	192,175
Sartorius AG, Preference Shares, NVS		731		116,035
Volkswagen AG, Preference Shares, NVS		3,210		551,574

				1,181,359


Total Preferred Stocks — 0.2% (Cost: $1,339,641)				1,181,359


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		4,273,033		4,274,742
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		491,914		491,914

				4,766,656


Total Short-Term Investments — 0.8% (Cost: $4,765,437)				4,766,656


Total Investments in Securities — 100.3% (Cost: $575,230,388)				597,795,257

Other Assets, Less Liabilities — (0.3)%				(2,061,983	)


Net Assets — 100.0%			$	595,733,274

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18		Shares Purchased		Shares Sold			Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		5,240,465		—		(967,432	)^(b)		4,273,033	$	4,274,742	$	23,990	^(c)	$	1,026	$	153
BlackRock Cash Funds: Treasury, SL Agency Shares		1,226,612		—		(734,698	)^(b)		491,914		491,914		14,036			—		—
BlackRock Inc.		1,586		850		(700	)		1,736		769,430		10,085			49,933		(79,626	)
PNC Financial Services Group Inc. (The) ^(d)		5,734		3,128		(2,576	)		6,286		N/A		12,730			86,836		(236,888	)

										$	5,536,086	$	60,841		$	137,795	$	(316,361	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

^(d)

As of period end, the entity is no longer an affiliate of the Fund.


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) (continued)

February 28, 2019

iShares^® MSCI World ETF

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		14		03/15/19	$	526	$	14,224
FTSE 100 Index		3		03/15/19		282		2,371
S&P 500 E-Mini Index		11		03/15/19		1,532		85,902
TOPIX Index		2		03/07/19		288		(1,826	)

							$	100,671

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	102,497


Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation^(a)	$	1,826

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(200,661	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	49,255

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	3,238,715

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

Fair Value Measurements


22		2 0 1 9 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)

February 28, 2019

iShares^® MSCI World ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	591,847,242		$	—	$	—	$	591,847,242
Preferred Stocks		1,181,359			—		—		1,181,359
Money Market Funds		4,766,656			—		—		4,766,656

	$	597,795,257		$	—	$	—	$	597,795,257

Derivative financial instruments^(a)
Assets
Futures Contracts	$	102,497		$	—	$	—	$	102,497
Liabilities
Futures Contracts		(1,826	)		—		—		(1,826	)

	$	100,671		$	—	$	—	$	100,671

^(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			23

Statements of Assets and Liabilities (unaudited)

February 28, 2019


	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	498,131,930		$	592,259,171
Affiliated^(c)		2,190,595			5,536,086
Cash		215,297			—
Foreign currency, at value^(d)		726,463			830,232
Cash pledged:
Futures contracts		—			74,000
Foreign currency pledged:
Futures contracts^(e)		—			55,100
Receivables:
Investments sold		8,242,769			2,363,547
Securities lending income — Affiliated		366			2,921
Variation margin on futures contracts		—			3,100
Dividends		159,188			1,368,396
Tax reclaims		—			225,683

Total assets		509,666,608			602,718,236


LIABILITIES
Collateral on securities loaned, at value		2,188,958			4,273,458
Deferred foreign capital gain tax		78,790			—
Payables:
Investments purchased		9,543,809			2,566,978
Variation margin on futures contracts		—			8,309
Bank borrowings		580,054			—
Capital shares redeemed		—			15,903
Investment advisory fees		304,000			120,314
Foreign taxes		5,560			—

Total liabilities		12,701,171			6,984,962


NET ASSETS	$	496,965,437		$	595,733,274


NET ASSETS CONSIST OF:
Paid-in capital	$	609,723,636		$	522,298,189
Accumulated earnings (loss)		(112,758,199	)		73,435,085

NET ASSETS	$	496,965,437		$	595,733,274


Shares outstanding		17,650,000			6,800,000

Net asset value	$	28.16		$	87.61

Shares authorized		500 million			500 million

Par value	$	0.001		$	0.001


^(a)Securities loaned, at value	$	2,077,572		$	4,146,507
^(b)Investments, at cost — Unaffiliated	$	451,777,801		$	569,774,096
^(c)Investments, at cost — Affiliated	$	2,190,250		$	5,456,292
^(d)Foreign currency, at cost	$	726,637		$	830,937
^(e)Foreign currency collateral pledged, at cost	$	—		$	54,674

See notes to financial statements.


24		2 0 1 9 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

Statement of Operations (unaudited)

Six Months Ended February 28, 2019


	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	5,906,794		$	6,578,453
Dividends — Affiliated		4,233			36,851
Interest— Unaffiliated		—			113
Securities lending income — Affiliated — net		5,879			23,990
Foreign taxes withheld		(274,742	)		(209,002	)

Total investment income		5,642,164			6,430,405


EXPENSES
Investment advisory fees		1,937,604			703,515
Commitment fees		4,302			—
Interest expense		5,639			—

Total expenses		1,947,545			703,515

Net investment income		3,694,619			5,726,890


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(7,558,743	)		(2,196,105	)
Investments —Affiliated		627			1,026
In-kind redemptions — Unaffiliated		544,197			56,212,089
In-kind redemptions — Affiliated		—			136,769
Futures contracts		—			(200,661	)
Forward foreign currency exchange contracts		171			—
Foreign currency transactions		(173,506	)		(12,548	)

Net realized gain (loss)		(7,187,254	)		53,940,570

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		5,750,857			(61,853,363	)
Investments —Affiliated		32			(316,361	)
Futures contracts		—			49,255
Forward foreign currency exchange contracts		2			—
Foreign currency translations		3,468			(3,259	)

Net change in unrealized appreciation (depreciation)		5,754,359			(62,123,728	)

Net realized and unrealized loss		(1,432,895	)		(8,183,158	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,261,724		$	(2,456,268	)


^(a)Net of foreign capital gain tax of	$	38,266		$	—
^(b)Net of deferred foreign capital gain tax of	$	72,611		$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			25

Statements of Changes in Net Assets


	iShares MSCI Frontier 100 ETF						iShares MSCI World ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,694,619		$	18,028,411		$	5,726,890		$	11,438,335
Net realized gain (loss)		(7,187,254	)		(20,691,002	)		53,940,570			14,728,753
Net change in unrealized appreciation (depreciation)		5,754,359			(22,992,487	)		(62,123,728	)		42,000,038

Net increase (decrease) in net assets resulting from operations		2,261,724			(25,655,078	)		(2,456,268	)		68,167,126


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,630,265	)		(24,308,098	)		(6,014,807	)		(11,541,113	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(23,111,497	)		(54,217,461	)		37,961,745			(152,528	)


NET ASSETS^(a)
Total increase (decrease) in net assets		(26,480,038	)		(104,180,637	)		29,490,670			56,473,485
Beginning of period		523,445,475			627,626,112			566,242,604			509,769,119

End of period	$	496,965,437		$	523,445,475		$	595,733,274		$	566,242,604

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


26		2 0 1 9 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

(For a share outstanding throughout each period)


	iShares MSCI Frontier 100 ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	28.29		$	30.62		$	24.20		$	26.20		$	37.79		$	30.12

Net investment income^(a)		0.21			0.87			0.72			0.76			0.77			1.09
Net realized and unrealized gain (loss)^(b)		(0.02	)		(1.99	)		6.00			(2.17	)		(8.78	)		7.47

Net increase (decrease) from investment operations		0.19			(1.12	)		6.72			(1.41	)		(8.01	)		8.56


Distributions
From net investment income		(0.32	)		(1.21	)		(0.30	)		(0.59	)		(0.76	)		(0.89	)
From net realized gain		—			—			—			—			(2.82	)		—

Total distributions		(0.32	)		(1.21	)		(0.30	)		(0.59	)		(3.58	)		(0.89	)


Net asset value, end of period	$	28.16		$	28.29		$	30.62		$	24.20		$	26.20		$	37.79


Total Return
Based on net asset value		0.71	%^(c)		(3.92	)%		27.91	%		(5.45	)%		(21.70	)%		28.56	%


Ratios to Average Net Assets
Total expenses		0.79	%^(d)		0.81	%		0.80	%		0.79	%		0.79	%		0.79	%

Net investment income		1.51	%^(d)		2.69	%		2.65	%		3.03	%		2.43	%		3.07	%


Supplemental Data
Net assets, end of period (000)	$	496,965		$	523,445		$	627,626		$	407,722		$	502,993		$	799,349

Portfolio turnover rate^(e)		7	%^(c)		35	%		32	%		20	%		47	%		61	%

^(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)	Not annualized.

^(d)	Annualized.

^(e)	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			27

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI World ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	91.33		$	82.22		$	72.15		$	68.95		$	73.36		$	61.76

Net investment income^(a)		0.82			1.84			1.74			1.62			1.64			1.81
Net realized and unrealized gain (loss)^(b)		(3.78	)		9.15			9.90			3.16			(4.49	)		11.16

Net increase (decrease) from investment operations		(2.96	)		10.99			11.64			4.78			(2.85	)		12.97


Distributions
From net investment income		(0.76	)		(1.88	)		(1.57	)		(1.58	)		(1.56	)		(1.37	)

Total distributions		(0.76	)		(1.88	)		(1.57	)		(1.58	)		(1.56	)		(1.37	)


Net asset value, end of period	$	87.61		$	91.33		$	82.22		$	72.15		$	68.95		$	73.36


Total Return
Based on net asset value		(3.16	)%^(c)		13.46	%		16.29	%		7.05	%		(3.97	)%		21.07	%


Ratios to Average Net Assets
Total expenses		0.24	%^(d)		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%

Net investment income		1.95	%^(d)		2.09	%		2.25	%		2.34	%		2.25	%		2.57	%


Supplemental Data
Net assets, end of period (000)	$	595,733		$	566,243		$	509,769		$	288,603		$	206,842		$	168,728

Portfolio turnover rate^(e)		3	%^(c)		3	%		3	%		5	%		5	%		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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


28		2 0 1 9 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)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
MSCI Frontier 100		Diversified
MSCI World		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES


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)

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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.

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


30		2 0 1 9 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)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
MSCI Frontier 100
Credit Suisse Securities (USA) LLC	$	523,382		$ 523,382	$	—	$	—
Goldman Sachs & Co.		186,003		186,003		—		—
Jefferies LLC		19,775		19,775		—		—
JPMorgan Securities LLC		486,406		486,406		—		—
Merrill Lynch, Pierce, Fenner & Smith		836,410		836,410		—		—
National Financial Services LLC		24,885		24,885		—		—
SG Americas Securities LLC		711		711		—		—

	$	2,077,572		$ 2,077,572	$	—	$	—

MSCI World
Barclays Bank PLC	$	384,203		$ 384,203	$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		412,450		412,450		—		—
BNP Paribas Securities Corp.		50,823		50,823		—		—
Citigroup Global Markets Inc.		294,980		294,980		—		—
Goldman Sachs & Co.		440,330		440,330		—		—
HSBC Bank PLC		534,200		534,200		—		—
Jefferies LLC		42,422		42,422		—		—
JPMorgan Securities LLC		664,166		664,166		—		—
Merrill Lynch, Pierce, Fenner & Smith		263,279		263,279		—		—
Morgan Stanley & Co. LLC		372,187		372,187		—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		203,042		203,042		—		—
State Street Bank & Trust Company		381,642		381,642		—		—
UBS AG		7,863		7,863		—		—
Wells Fargo Securities LLC		94,920		94,920		—		—

	$	4,146,507		$ 4,146,507	$	—	$	—

^(a)


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

Notes to Financial Statements (unaudited) (continued)

DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: 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.

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.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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
MSCI Frontier 100		0.79	%
MSCI World		0.24


32		2 0 1 9 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)


iShares ETF	Fees Paid to BTC
MSCI Frontier 100	$	1,752
MSCI World		5,570

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
MSCI Frontier 100	$	362,078	$	383,624
MSCI World		2,180,098		970,883

PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
MSCI Frontier 100	$	34,862,280	$	54,511,457
MSCI World		25,222,559		17,322,465

For the six months ended February 28, 2019, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Frontier 100	$	849,773	$	4,966,789
MSCI World		263,070,901		230,263,168


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			33

Notes to Financial Statements (unaudited) (continued)

INCOME TAX INFORMATION

As of August 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
MSCI Frontier 100	$	125,262,256
MSCI World		2,981,594


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Frontier 100	$	480,355,588	$	99,541,702	$	(79,574,765	)	$	19,966,937
MSCI World		577,374,402		60,035,459		(39,513,933	)		20,521,526

LINE OF CREDIT

The iShares MSCI Frontier 100 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 23, 2019. 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.

For the six months ended ended February 28, 2019, the maximum amount borrowed, the average 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 Frontier 100	$	13,500,000	$	498,232		3.05	%

10.

PRINCIPAL RISKS


34		2 0 1 9 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)

or to factors that affect a particular industry or group of industries. 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.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
MSCI Frontier 100
Shares sold		150,000		$	4,414,270			3,100,000		$	105,659,783
Shares redeemed		(1,000,000	)		(27,525,767	)		(5,100,000	)		(159,877,244	)

Net decrease		(850,000	)	$	(23,111,497	)		(2,000,000	)	$	(54,217,461	)


MSCI World
Shares sold		3,400,000		$	276,795,525			600,000		$	53,126,579
Shares redeemed		(2,800,000	)		(238,833,780	)		(600,000	)		(53,279,107	)

Net increase (decrease)		600,000		$	37,961,745			—		$	(152,528	)

12.

LEGAL PROCEEDINGS


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			35

Notes to Financial Statements (unaudited) (continued)

13.

REGULATION S-X AMENDMENTS

Prior year distribution information and undistributed net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended August 31, 2018 were classified as follows:


iShares ETF	Net Investment Income
MSCI Frontier 100	$	24,308,098
MSCI World		11,541,113

Undistributed net investment income as of August 31, 2018 are as follows:


iShares ETF	Undistributed net investment income
MSCI Frontier 100	$	1,425,283
MSCI World		1,827,733

14.

SUBSEQUENT EVENTS


36		2 0 1 9 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

Supplemental Information (unaudited)

Section 19(a) Notices


	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 Frontier 100^(a)	$	0.309640	$	—	$	0.007558	$	0.317198		98	%		—	%		2	%		100%
MSCI World^(a)		0.676605		—		0.084763		0.761368		89			—			11			100

^(a)


S U P P L E M E N T A L I N F O R M A T I O N			37

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to www.icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


38		2 0 1 9 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

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


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			39

For more information visit www.iShares.com or call 1-800-iShares (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”).

iS-SAR-811-0219

FEBRUARY 28, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

▶ iShares MSCI Global Agriculture Producers ETF | VEGI | NYSE Arca

▶ iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca

▶ iShares MSCI Global Gold Miners ETF | RING | NASDAQ

▶ iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX

▶ iShares MSCI Global Silver Miners ETF | SLVP | Cboe BZX

Table of Contents


	Page
Fund Summary		5
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		26
Statements of Operations		28
Statements of Changes in Net Assets		30
Financial Highlights		33
Notes to Financial Statements		38
Supplemental Information		46
General Information		47
Glossary of Terms Used in this Report		48


Fund Summary as of February 28, 2019		iShares^® MSCI Global Agriculture Producers ETF

Investment Objective

The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market 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		(1.80	)%		(2.08	)%		3.64	%		3.76	%		(2.08	)%		19.56	%		29.82	%
Fund Market		(1.87	)		(2.85	)		3.54			3.71			(2.85	)		18.98			29.42
Index		(1.76	)		(2.17	)		3.58			3.80			(2.17	)		19.22			30.26

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	982.00	$	1.92		$	1,000.00	$	1,022.90	$	1.96		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Fertilizers & Agricultural Chemicals	33.4	%
Agricultural & Farm Machinery	27.7
Agricultural Products	22.2
Packaged Foods & Meats	16.7

^(a)

Excludes money market funds.

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
United States	45.4	%
Canada	10.6
Norway	8.1
Japan	6.6
Italy	3.4
Malaysia	3.1
Hong Kong	2.6
India	2.5
Singapore	2.2
Australia	1.9


F U N D S U M M A R Y			5


Fund Summary as of February 28, 2019		iShares^® MSCI Global Energy Producers ETF

Investment Objective

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market 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		(7.73	)%		3.51	%		(1.38	)%		0.20	%		3.51	%		(6.70	)%		1.43	%
Fund Market		(7.98	)		3.79			(1.38	)		0.20			3.79			(6.73	)		1.44
Index		(7.83	)		3.20			(1.60	)		0.02			3.20			(7.74	)		0.12

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	922.70	$	1.86		$	1,000.00	$	1,022.90	$	1.96		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Integrated Oil & Gas	62.9	%
Oil & Gas Exploration & Production	25.6
Oil & Gas Refining & Marketing	9.8
Coal & Consumable Fuels	1.7

^(a)

Excludes money market funds.

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
United States	46.3	%
United Kingdom	17.5
Canada	6.8
France	5.9
Russia	3.8
India	2.7
China	2.5
Brazil	2.2
Australia	2.1
Italy	1.9


6		2 0 1 9 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 February 28, 2019		iShares^® MSCI Global Gold Miners ETF

Investment Objective

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market 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	21.32	%		2.25	%	(3.66	)%	(13.00	)%		2.25	%	(17.03	)%	(62.68	)%
Fund Market	21.50			1.90		(3.69	)	(13.01	)		1.90		(17.15	)	(62.71	)
Index	21.73			2.69		(3.42	)	(12.81	)		2.69		(15.99	)	(62.14	)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,213.20	$	2.14		$	1,000.00	$	1,022.90	$	1.96		0.39	%

^(a)

Portfolio Information


ALLOCATION BY COUNTRY

Country		Percent of Total Investments^(a)

Canada		54.3%
United States		14.3
Australia		12.7
South Africa		11.6
Peru		3.0
Russia		1.7
United Kingdom		1.6
Turkey		0.8

^(a)

Excludes money market funds.


TEN LARGEST HOLDINGS

Security		Percent of Total Investments^(a)

Barrick Gold Corp.		16.0%
Newmont Mining Corp.		13.5
Newcrest Mining Ltd.		9.5
Goldcorp Inc.		6.2
Kirkland Lake Gold Ltd.		5.0
AngloGold Ashanti Ltd.		4.7
Agnico Eagle Mines Ltd.		4.5
Kinross Gold Corp.		3.7
Gold Fields Ltd.		3.4
Cia. de Minas Buenaventura SAA		3.0


F U N D S U M M A R Y			7


Fund Summary as of February 28, 2019		iShares^® MSCI Global Metals & Mining Producers ETF

Investment Objective

The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market 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	2.09	%		(9.66	)%	(0.36	)%	(2.97	)%		(9.66	)%	(1.81	)%	(19.24	)%
Fund Market	2.22			(9.29	)	(0.59	)	(3.02	)		(9.29	)	(2.92	)	(19.50	)
Index	2.28			(9.19	)	(0.13	)	(2.84	)		(9.19	)	(0.67	)	(18.45	)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,020.90	$	1.95		$	1,000.00	$	1,022.90	$	1.96		0.39	%

^(a)

Portfolio Information


ALLOCATION BY SECTOR

Sector		Percent of Total Investments^(a)

Diversified Metals & Mining		53.1%
Steel		34.3
Copper		6.8
Aluminum		4.1
Precious Metals & Minerals		1.7

^(a)

Excludes money market funds.


TEN LARGEST COUNTRIES

Country		Percent of Total Investments^(a)

Australia		26.4%
United Kingdom		20.1
United States		11.1
Japan		7.0
Brazil		6.6
Canada		4.2
South Korea		3.6
Russia		3.4
Netherlands		2.3
Taiwan		2.0


8		2 0 1 9 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 February 28, 2019		iShares^® MSCI Global Silver Miners ETF

Investment Objective

The iShares MSCI Global Silver Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver mining, as represented by the MSCI ACWI Select Silver Miners Investable Market 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	9.52	%		(5.24	)%	(5.58	)%	(11.83	)%		(5.24	)%	(24.94	)%	(58.99	)%
Fund Market	10.14			(5.51	)	(5.62	)	(11.79	)		(5.51	)	(25.11	)	(58.87	)
Index	9.60			(5.29	)	(5.58	)	(11.81	)		(5.29	)	(24.96	)	(58.94	)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,095.20	$	2.03		$	1,000.00	$	1,022.90	$	1.96		0.39	%

^(a)

Portfolio Information


ALLOCATION BY COUNTRY

Country		Percent of Total Investments^(a)

Canada		61.1%
United States		10.8
United Kingdom		10.6
Peru		9.1
Mexico		5.6
Japan		2.8

^(a)

Excludes money market funds.


TEN LARGEST HOLDINGS

Security		Percent of Total Investments^(a)

Wheaton Precious Metals Corp.		23.2%
Cia. de Minas Buenaventura SAA		9.1
Fresnillo PLC		7.8
Industrias Penoles SAB de CV		5.6
SSR Mining Inc.		4.6
Pan American Silver Corp.		4.5
First Majestic Silver Corp.		4.4
Hecla Mining Co.		3.9
Coeur Mining Inc.		3.3
MAG Silver Corp.		3.0


F U N D S U M M A R Y			9


About Fund Performance

Shareholder Expenses


10		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Global Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.9%
Australian Agricultural Co. Ltd.^(a)		32,613	$	22,622
Costa Group Holdings Ltd.		26,082		99,089
Elders Ltd.		10,185		44,926
GrainCorp Ltd., Class A		20,916		145,087
Inghams Group Ltd.		22,638		65,068
Nufarm Ltd./Australia		24,150		90,031
Select Harvests Ltd.		8,841		37,362
Tassal Group Ltd.		16,128		56,339

				560,524

Brazil — 0.4%
Sao Martinho SA		14,700		73,613
SLC Agricola SA		4,200		45,939

				119,552

Canada — 10.6%
Ag Growth International Inc.		1,680		74,497
Nutrien Ltd.		55,818		3,035,872
Rogers Sugar Inc.		8,694		39,542

				3,149,911

China — 1.0%
Beijing Dabeinong Technology Group Co. Ltd., Class A		6,900		4,050
China Agri-Industries Holdings Ltd.		189,200		67,246
China BlueChemical Ltd., Class H		168,000		53,076
China Huishan Dairy Holdings Co. Ltd.^(a)(b)		295,050		752
China Modern Dairy Holdings Ltd.^(a)		168,000		24,184
COFCO Meat Holdings Ltd.^(a)		63,000		17,175
First Tractor Co. Ltd., Class H^(a)		42,000		11,396
Henan Shuanghui Investment & Development Co. Ltd., Class A		4,200		15,150
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,400		33,925
Muyuan Foodstuff Co. Ltd., Class A		2,100		14,049
New Hope Liuhe Co. Ltd., Class A		4,200		6,650
Sinofert Holdings Ltd.^(a)(c)		210,000		27,287
Tongwei Co. Ltd., Class A		4,200		7,465

				282,405

Finland — 0.1%
Ponsse OYJ		1,029		32,574


France — 0.1%
Vilmorin & Cie SA		617		39,625


Germany — 1.7%
K+S AG, Registered		17,241		328,940
KWS Saat SE		210		66,358
Suedzucker AG^(c)		6,552		95,908

				491,206

Hong Kong — 2.6%
Ausnutria Dairy Corp. Ltd.		42,000		52,862
WH Group Ltd.^(d)		798,000		708,561

				761,423

India — 2.5%
Bayer CropScience Ltd./India		756		46,192
Chambal Fertilizers and Chemicals Ltd.		9,219		20,499
Coromandel International Ltd.		6,447		40,050
EID Parry India Ltd.		4,914		12,792
Escorts Ltd.		5,523		51,063
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		3,465		12,654
Jain Irrigation Systems Ltd.		25,872		20,679


Security	Shares		Value

India (continued)
Kaveri Seed Co. Ltd.		2,121	$	12,150
KRBL Ltd.		4,410		21,825
Monsanto India Ltd.		168		6,014
Rallis India Ltd.		4,431		9,388
Sharda Cropchem Ltd.		1,827		9,250
Tata Global Beverages Ltd.		27,510		74,919
UPL Ltd.		32,466		400,586
Venky’s India Ltd.		336		9,729

				747,790

Indonesia — 1.8%
Charoen Pokphand Indonesia Tbk PT		669,900		347,629
Eagle High Plantations Tbk PT^(a)		896,700		10,581
Inti Agri Resources Tbk PT^(a)		2,977,800		42,336
Japfa Comfeed Indonesia Tbk PT		426,300		67,881
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		277,200		24,040
Salim Ivomas Pratama Tbk PT		249,900		8,456
Sawit Sumbermas Sarana Tbk PT		321,300		24,895
Tunas Baru Lampung Tbk PT		233,100		13,753

				539,571

Ireland — 0.2%
Origin Enterprises PLC		11,382		70,247


Israel — 1.6%
Israel Chemicals Ltd.		64,113		359,216
Israel Corp. Ltd. (The)		357		100,405

				459,621

Italy — 3.4%
CNH Industrial NV		92,358		1,001,621


Japan — 6.6%
Chubu Shiryo Co. Ltd.		2,100		21,034
Hokuto Corp.		2,100		37,408
Iseki & Co. Ltd.		2,100		30,825
Kubota Corp.		90,300		1,218,790
Kumiai Chemical Industry Co. Ltd.		8,400		54,028
Maruha Nichiro Corp.		4,200		140,164
Mitsui Sugar Co. Ltd.		2,100		54,179
NH Foods Ltd.		8,400		306,737
Sakata Seed Corp.		2,400		81,387
YAMABIKO Corp.		2,100		20,374

				1,964,926

Malaysia — 3.0%
Boustead Plantations Bhd		54,600		10,540
FGV Holdings Bhd^(a)		153,300		42,222
Genting Plantations Bhd		23,100		59,646
IOI Corp. Bhd		170,100		187,815
Kuala Lumpur Kepong Bhd		37,800		229,970
QL Resources Bhd		58,805		99,780
Sime Darby Plantation Bhd		218,400		273,906

				903,879

Mexico — 0.2%
Industrias Bachoco SAB de CV, Series B		16,800		65,249


Netherlands — 0.6%
ForFarmers NV		3,276		30,701
OCINV^(a)		6,762		160,697

				191,398

Norway — 8.1%
Austevoll Seafood ASA		8,211		99,534


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)

February 28, 2019

iShares^® MSCI Global Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway (continued)
Bakkafrost P/F		3,738	$	191,746
Grieg Seafood ASA		4,683		61,206
Leroy Seafood Group ASA		27,027		203,974
Mowi ASA^(a)		39,627		915,282
Norway Royal Salmon ASA		1,219		28,741
Salmar ASA		4,620		221,745
Yara International ASA		16,128		679,549

				2,401,777

Pakistan — 0.5%
Engro Corp. Ltd./Pakistan		25,200		59,332
Engro Fertilizers Ltd.		52,967		28,105
Fauji Fertilizer Bin Qasim Ltd.		31,500		8,850
Fauji Fertilizer Co. Ltd.		44,100		34,115
Millat Tractors Ltd.		2,520		15,043

				145,445

Poland — 0.2%
Grupa Azoty SA		4,116		48,475


Russia — 0.6%
PhosAgro PJSC, GDR^(e)		10,437		142,569
Ros Agro PLC, GDR^(e)		3,087		38,836

				181,405

Singapore — 2.2%
Bumitama Agri Ltd.		29,400		14,578
China XLX Fertiliser Ltd.		42,000		15,195
First Resources Ltd.^(c)		50,400		63,783
Golden Agri-Resources Ltd.		585,900		119,244
Japfa Ltd.		33,600		19,023
Wilmar International Ltd.		174,300		412,789

				644,612

South Africa — 0.3%
Astral Foods Ltd.		3,738		43,335
Oceana Group Ltd.		3,759		19,517
Tongaat Hulett Ltd.		10,038		20,040

				82,892

South Korea — 0.4%
Dongwon Industries Co. Ltd.		126		25,207
Easy Bio Inc.^(a)		3,696		20,144
Farmsco		1,512		11,239
Harim Holdings Co. Ltd.		2,982		32,745
Namhae Chemical Corp.^(a)		2,058		22,232

				111,567

Sweden — 0.1%
Scandi Standard AB		5,061		35,857


Taiwan — 0.4%
Charoen Pokphand Enterprise		21,000		36,505
Taiwan Fertilizer Co. Ltd.		63,000		92,116

				128,621

Thailand — 1.0%
Charoen Pokphand Foods PCL, NVDR		310,800		258,898
GFPT PCL, NVDR		46,200		21,258
Khon Kaen Sugar Industry PCL, NVDR		153,354		15,378
Thaifoods Group PCL, NVDR		123,900		12,031

				307,565

Turkey — 0.0%
Turk Traktor ve Ziraat Makineleri AS		997		6,508


Security	Shares		Value

United Kingdom — 0.9%
Cranswick PLC		4,620	$	151,906
Sirius Minerals PLC^(a)(c)		390,747		103,843

				255,749

United States — 45.2%
AGCO Corp.		5,985		404,466
AgroFresh Solutions Inc.^(a)(c)		2,541		10,952
American Vanguard Corp.		2,457		46,142
Archer-Daniels-Midland Co.		50,841		2,160,742
Bunge Ltd.		12,810		679,955
Cal-Maine Foods Inc.		2,793		123,171
CF Industries Holdings Inc.		21,000		886,200
Darling Ingredients Inc.^(a)		14,994		329,568
Deere & Co.		27,762		4,554,078
FMC Corp.		12,243		1,095,749
Fresh Del Monte Produce Inc.		2,835		78,473
Ingredion Inc.		6,363		588,259
Intrepid Potash Inc.^(a)		8,967		34,075
Lindsay Corp.		987		91,268
Mosaic Co. (The)		33,285		1,040,822
Pilgrim’s Pride Corp.^(a)		5,649		111,116
Sanderson Farms Inc.		1,869		215,309
Scotts Miracle-Gro Co. (The)		3,780		309,582
Titan International Inc.		4,599		28,790
Toro Co. (The)		9,576		656,722

				13,445,439


Total Common Stocks — 98.2% (Cost: $29,795,976)				29,177,434


Preferred Stocks

Chile — 1.5%
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		10,941		455,301


Total Preferred Stocks — 1.5% (Cost: $381,094)				455,301


Short-Term Investments

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(f)(g)(h)		268,324		268,431
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(f)(g)		13,461		13,461

				281,892


Total Short-Term Investments — 0.9% (Cost: $281,814)				281,892


Total Investments in Securities — 100.6% (Cost: $30,458,884)				29,914,627

Other Assets, Less Liabilities — (0.6)%				(182,632	)


Net Assets — 100.0%			$	29,731,995

^(a)	Non-income producing security.

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

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


12		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Global Agriculture Producers 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)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(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 February 28, 2019, 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		08/31/18	Net Activity			02/28/19		02/28/19		Income			Gain (Loss)	^(a)		(Depreciation	)

BlackRock Cash Funds: Institutional, SL Agency Shares		311,298	(42,974	)		268,324	$	268,431	$	7,339	^(b)	$	46		$	13
BlackRock Cash Funds: Treasury, SL Agency Shares		31,148	(17,687	)		13,461		13,461		326			—			—

							$	281,892	$	7,665		$	46		$	13

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	29,176,682	$	—	$	752	$	29,177,434
Preferred Stocks		455,301		—		—		455,301
Money Market Funds		281,892		—		—		281,892

	$	29,913,875	$	—	$	752	$	29,914,627

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			13

Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.1%
Beach Energy Ltd.		37,128	$	54,943
Cooper Energy Ltd.^(a)		35,568		13,158
New Hope Corp. Ltd.		6,504		19,434
Oil Search Ltd.		28,680		170,785
Santos Ltd.		37,704		185,626
Senex Energy Ltd.^(a)		28,872		8,011
Washington H Soul Pattinson & Co. Ltd.		2,352		49,246
Whitehaven Coal Ltd.		14,400		45,077
Woodside Petroleum Ltd.		19,512		503,216

				1,049,496

Austria — 0.3%
OMV AG		3,072		161,857


Brazil — 1.0%
Dommo Energia SA^(a)		21,600		5,126
Petroleo Brasileiro SA		62,400		496,838
QGEP Participacoes SA		2,400		8,460

				510,424

Canada — 6.8%
Advantage Oil & Gas Ltd.^(a)(b)		3,912		6,654
ARC Resources Ltd.		7,296		55,066
Athabasca Oil Corp.^(a)		9,312		6,717
Baytex Energy Corp.^(a)		11,961		21,434
Birchcliff Energy Ltd.		5,424		14,868
Bonterra Energy Corp.		648		3,090
Cameco Corp.		8,328		96,559
Canacol Energy Ltd.^(a)		2,568		8,696
Canadian Natural Resources Ltd.		25,536		724,780
Cardinal Energy Ltd.		3,840		6,969
Cenovus Energy Inc.		21,744		199,114
Crescent Point Energy Corp.		11,304		36,478
Encana Corp.		20,088		147,342
Encana Corp.		10,901		79,032
Enerplus Corp.		5,040		44,392
Freehold Royalties Ltd.		2,064		13,995
Husky Energy Inc.		7,512		83,448
Imperial Oil Ltd.		5,904		159,726
Kelt Exploration Ltd.^(a)		3,031		12,083
MEG Energy Corp.^(a)(b)		5,064		20,764
NexGen Energy Ltd.^(a)		7,105		11,653
NuVista Energy Ltd.^(a)		4,080		12,980
Obsidian Energy Ltd.^(a)		9,120		3,151
Paramount Resources Ltd., Class A^(a)(b)		1,200		8,182
Parex Resources Inc.^(a)		3,264		50,484
Pengrowth Energy Corp.^(a)		9,120		5,401
Peyto Exploration & Development Corp.		3,432		19,779
PrairieSky Royalty Ltd.		4,584		66,724
Seven Generations Energy Ltd., Class A^(a)		5,856		42,775
Suncor Energy Inc.		34,008		1,171,301
Surge Energy Inc.		6,528		7,138
Tamarack Valley Energy Ltd.^(a)		3,960		8,329
TORC Oil & Gas Ltd.		3,432		12,065
Tourmaline Oil Corp.		5,448		82,609
Ultra Petroleum Corp.^(a)(b)		4,368		2,938
Vermilion Energy Inc.		2,966		75,805
Whitecap Resources Inc.		9,192		33,641

				3,356,162


Security	Shares		Value

China — 2.5%
China Coal Energy Co. Ltd., Class H		24,000	$	10,426
China Shenhua Energy Co. Ltd., Class H		72,000		177,574
CNOOC Ltd.		384,000		662,356
Inner Mongolia Yitai Coal Co. Ltd., Class B		19,200		23,712
PetroChina Co. Ltd., Class H		452,000		298,846
Yanzhou Coal Mining Co. Ltd., Class H		48,000		47,634

				1,220,548

Colombia — 0.2%
Ecopetrol SA		104,904		106,294


Finland — 0.5%
Neste OYJ		2,712		260,949


France — 5.9%
Esso SA Francaise		72		2,775
Etablissements Maurel et Prom^(a)		936		3,784
TOTAL SA		50,880		2,896,275

				2,902,834

Greece — 0.1%
Motor Oil Hellas Corinth Refineries SA		1,272		30,996


Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		8,160		95,310


India — 2.7%
Bharat Petroleum Corp. Ltd.		15,864		75,287
Coal India Ltd.		16,512		53,000
Gujarat Mineral Development Corp. Ltd.		1,968		2,129
Hindustan Petroleum Corp. Ltd.		12,984		40,772
Indian Oil Corp. Ltd.		38,736		78,751
Oil & Natural Gas Corp. Ltd.		27,672		57,833
Reliance Industries Ltd.		2,328		40,293
Reliance Industries Ltd., GDR^(c)		28,680		995,196

				1,343,261

Indonesia — 0.3%
Adaro Energy Tbk PT		297,600		27,713
Bukit Asam Tbk PT		60,000		16,975
Bumi Resources Tbk PT^(a)		1,161,600		12,386
Delta Dunia Makmur Tbk PT^(a)		108,000		4,376
Indika Energy Tbk PT		33,600		4,670
Medco Energi Internasional Tbk PT^(a)		178,666		11,748
Sugih Energy Tbk PT^(a)(d)		618,000		2,197
United Tractors Tbk PT		33,600		63,295

				143,360

Israel — 0.1%
Equital Ltd.^(a)		353		10,196
Naphtha Israel Petroleum Corp. Ltd.		553		3,660
Oil Refineries Ltd.		44,136		23,437
Paz Oil Co. Ltd.		216		33,028

				70,321

Italy — 1.9%
Eni SpA		53,400		922,193
Saras SpA		12,096		23,966

				946,159

Japan — 1.4%
Cosmo Energy Holdings Co. Ltd.		836		17,603
Idemitsu Kosan Co. Ltd.		2,400		85,160
Inpex Corp.		21,600		210,140
Japan Petroleum Exploration Co. Ltd.		100		2,083
JXTG Holdings Inc.		69,600		325,554


14		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Showa Shell Sekiyu KK		4,800	$	72,009

				712,549

Malaysia — 0.0%
Hengyuan Refining Co. Bhd		2,400		3,529
Hibiscus Petroleum Bhd^(a)		21,600		5,418
Petron Malaysia Refining & Marketing Bhd		2,400		3,907

				12,854

New Zealand — 0.0%
New Zealand Refining Co. Ltd. (The)		3,960		5,667


Norway — 1.3%
Aker BP ASA		2,304		78,180
DNO ASA		13,488		28,731
Equinor ASA		24,792		557,983

				664,894

Pakistan — 0.1%
Oil & Gas Development Co. Ltd.		16,800		18,093
Pakistan Oilfields Ltd.		2,911		9,893

				27,986

Philippines — 0.0%
Petron Corp.		91,200		11,762


Poland — 0.4%
Grupa Lotos SA		1,896		47,760
Lubelski Wegiel Bogdanka SA^(a)		176		2,399
Polski Koncern Naftowy ORLEN SA		6,288		169,577

				219,736

Portugal — 0.4%
Galp Energia SGPS SA		10,488		172,333


Russia — 3.6%
LUKOIL PJSC		9,000		751,317
LUKOIL PJSC, ADR		1,368		113,818
Novatek PJSC, GDR^(e)		1,920		332,736
Rosneft Oil Co. PJSC		8,820		53,378
Rosneft Oil Co. PJSC, GDR^(e)		14,688		87,981
Surgutneftegas PJSC		81,600		31,812
Surgutneftegas PJSC, ADR		6,344		24,450
Tatneft PJSC		31,680		373,115

				1,768,607

South Africa — 0.1%
Exxaro Resources Ltd.		5,256		56,713


South Korea — 0.6%
SK Innovation Co. Ltd.		1,368		228,669
S-Oil Corp.		960		85,356

				314,025

Spain — 1.0%
Repsol SA		29,928		515,445


Sweden — 0.3%
Lundin Petroleum AB		3,912		127,989


Thailand — 0.5%
Bangchak Corp. PCL, NVDR		7,200		7,540
Banpu PCL, NVDR		43,200		22,345
Esso Thailand PCL, NVDR		19,200		6,641
IRPC PCL, NVDR		218,400		40,891
PTT Exploration & Production PCL, NVDR		28,831		113,906


Security	Shares		Value

Thailand (continued)
Thai Oil PCL, NVDR		24,000	$	55,026

				246,349

Turkey — 0.1%
Tupras Turkiye Petrol Rafinerileri AS		2,592		69,732


United Kingdom — 17.4%
BP PLC		422,664		3,004,319
Cairn Energy PLC^(a)		12,216		32,984
EnQuest PLC^(a)		43,008		11,121
Gulf Keystone Petroleum Ltd.^(a)		4,824		14,662
Hurricane Energy PLC^(a)		28,488		16,324
Nostrum Oil & Gas PLC^(a)		1,992		2,644
Ophir Energy PLC^(a)		16,608		12,216
Premier Oil PLC^(a)		15,312		15,112
Royal Dutch Shell PLC, Class A		95,016		2,969,317
Royal Dutch Shell PLC, Class B		78,528		2,469,723
Soco International PLC		5,232		4,565
Sound Energy PLC^(a)		12,384		3,871
Tullow Oil PLC^(a)		29,064		85,241

				8,642,099

United States — 46.0%
Anadarko Petroleum Corp.		10,728		466,668
Antero Resources Corp.^(a)		4,368		37,827
Apache Corp.		8,016		265,971
Arch Coal Inc., Class A		408		38,009
Berry Petroleum Corp.		456		5,805
Bonanza Creek Energy Inc.^(a)		336		7,718
Cabot Oil & Gas Corp.		9,240		227,489
California Resources Corp.^(a)(b)		936		22,136
Callon Petroleum Co.^(a)		4,728		36,169
Carrizo Oil & Gas Inc.^(a)		2,016		22,136
Centennial Resource Development Inc./DE, Class A^(a)(b)		3,456		31,346
Chaparral Energy Inc., Class A^(a)(b)		1,080		5,832
Chesapeake Energy Corp.^(a)		25,800		76,368
Chevron Corp.		40,248		4,812,856
Cimarex Energy Co.		1,992		143,245
CNX Resources Corp.^(a)		3,648		38,669
Concho Resources Inc.		4,200		462,000
ConocoPhillips		24,384		1,654,454
CONSOL Energy Inc.^(a)		528		20,038
Continental Resources Inc./OK^(a)(b)		1,968		87,793
CVR Energy Inc.		672		27,243
Delek U.S. Holdings Inc.		1,632		57,740
Denbury Resources Inc.^(a)		9,288		17,833
Devon Energy Corp.		10,344		305,251
Diamondback Energy Inc.		3,293		338,949
Eclipse Resources Corp.^(a)(b)		2,904		3,398
EOG Resources Inc.		12,168		1,143,792
EQT Corp.		5,520		100,022
Extraction Oil & Gas Inc.^(a)		1,848		7,762
Exxon Mobil Corp.		88,992		7,033,038
Gran Tierra Energy Inc.^(a)(b)		7,752		17,520
Gulfport Energy Corp.^(a)		3,288		25,186
Halcon Resources Corp.^(a)(b)		2,472		3,708
Hess Corp.		5,688		329,051
HighPoint Resources Corp.^(a)(b)		2,568		6,651
HollyFrontier Corp.		3,528		180,634
Jagged Peak Energy Inc.^(a)		1,152		10,909
Kosmos Energy Ltd.^(a)		5,448		34,867
Laredo Petroleum Inc.^(a)		3,312		11,360


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)

February 28, 2019

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Marathon Oil Corp.		17,880	$	296,808
Marathon Petroleum Corp.		14,472		897,409
Matador Resources Co.^(a)		2,184		40,622
Murphy Oil Corp.		3,432		99,185
Noble Energy Inc.		10,152		224,867
Northern Oil and Gas Inc.^(a)		2,208		5,233
Oasis Petroleum Inc.^(a)		5,856		32,735
Occidental Petroleum Corp.		16,056		1,062,104
Par Pacific Holdings Inc.^(a)		408		6,895
Parsley Energy Inc., Class A^(a)		5,376		97,521
PBF Energy Inc., Class A		2,448		76,059
PDC Energy Inc.^(a)		1,392		51,601
Peabody Energy Corp.		1,704		52,568
Penn Virginia Corp.^(a)(b)		240		12,878
Pioneer Natural Resources Co.		3,576		504,037
QEP Resources Inc.^(a)		4,896		37,993
Range Resources Corp.^(b)		4,968		53,158
Resolute Energy Corp.^(a)		480		14,837
Ring Energy Inc.^(a)		1,152		7,108
SandRidge Energy Inc.^(a)		336		2,611
SM Energy Co.		2,232		36,471
Southwestern Energy Co.^(a)(b)		12,576		53,196
SRC Energy Inc.^(a)		5,280		24,288
Talos Energy Inc.^(a)(b)		504		11,315
Tellurian Inc.^(a)(b)		1,632		16,744
Texas Pacific Land Trust		144		107,081
Valero Energy Corp.		8,952		730,125
W&T Offshore Inc.^(a)		1,944		10,128
Whiting Petroleum Corp.^(a)		1,884		45,913
WPX Energy Inc.^(a)		8,712		107,506

				22,836,439


Total Common Stocks — 97.8% (Cost: $49,771,760)				48,603,150


Preferred Stocks

Brazil — 1.2%
Petroleo Brasileiro SA, Preference Shares, NVS		81,600		588,786


Security	Shares		Value

Russia — 0.2%
Surgutneftegas PJSC, Preference Shares, NVS		153,600	$	93,646


Total Preferred Stocks — 1.4% (Cost: $392,978)				682,432


Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(f)(g)(h)		264,542		264,648
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(f)(g)		28,672		28,672

				293,320


Total Short-Term Investments — 0.6% (Cost: $293,217)				293,320


Total Investments in Securities — 99.8% (Cost: $50,457,955)				49,578,902

Other Assets, Less Liabilities — 0.2%				84,982


Net Assets — 100.0%			$	49,663,884

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

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:



															Change in
	Shares				Shares										Unrealized
	Held at				Held at		Value at					Net Realized			Appreciation
Affiliated Issuer		08/31/18	Net Activity			02/28/19		02/28/19		Income			Gain (Loss)	^(a)		(Depreciation	)

BlackRock Cash Funds: Institutional, SL Agency Shares		554,418	(289,876	)		264,542	$	264,648	$	3,344	^(b)	$	262		$	(59	)
BlackRock Cash Funds: Treasury, SL Agency Shares		70,523	(41,851	)		28,672		28,672		651			—			—

							$	293,320	$	3,995		$	262		$	(59	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


16		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Global Energy Producers ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	48,600,953	$	—	$	2,197	$	48,603,150
Preferred Stocks		682,432		—		—		682,432
Money Market Funds		293,320		—		—		293,320

	$	49,576,705	$	—	$	2,197	$	49,578,902

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			17

Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Global Gold Miners ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 12.7%
Newcrest Mining Ltd.		1,170,942	$	20,260,184
Resolute Mining Ltd.^(a)		2,168,038		1,696,696
St. Barbara Ltd.		1,220,343		3,880,912
Westgold Resources Ltd.^(b)		1,333,038		1,147,552

				26,985,344
Canada — 54.1%
Agnico Eagle Mines Ltd.		225,603		9,587,699
Alacer Gold Corp.^(b)		1,057,676		2,642,182
Alamos Gold Inc., Class A		892,804		4,311,491
Barrick Gold Corp.		2,695,052		33,969,524
Centerra Gold Inc.^(b)		570,818		2,973,281
China Gold International Resources Corp. Ltd.^(b)		978,167		1,418,602
Detour Gold Corp.^(b)		366,224		3,703,951
Eldorado Gold Corp.^(b)		430,180		1,865,093
Endeavour Mining Corp.^(a)(b)		170,723		2,593,901
Goldcorp Inc.		1,238,109		13,067,361
Guyana Goldfields Inc.^(b)		830,418		914,280
IAMGOLD Corp.^(b)		996,928		3,338,233
Kinross Gold Corp.^(b)		2,359,136		7,863,787
Kirkland Lake Gold Ltd.		289,838		10,589,981
New Gold Inc.^(b)		1,765,652		1,555,168
Premier Gold Mines Ltd.^(b)		694,782		975,966
SEMAFO Inc.^(b)		947,689		2,662,452
SSR Mining Inc.^(b)		254,749		3,532,055
Torex Gold Resources Inc.^(b)		207,482		2,508,059
Yamana Gold Inc.		2,032,739		5,278,639

				115,351,705

Peru — 3.0%
Cia. de Minas Buenaventura SAA, ADR		384,875		6,404,320


Russia — 1.8%
Polymetal International PLC		323,074		3,723,961


South Africa — 11.5%
AngloGold Ashanti Ltd.		701,450		10,078,230
Gold Fields Ltd.		1,749,614		7,156,494
Harmony Gold Mining Co. Ltd.^(b)		1,353,496		2,849,465
Sibanye Gold Ltd.^(a)(b)		4,117,742		4,504,329

				24,588,518


Security	Shares		Value


Turkey — 0.8%
Koza Altin Isletmeleri AS^(b)		185,242	$	1,701,004


United Kingdom — 1.6%
Acacia Mining PLC^(b)		140,305		403,472
Centamin PLC		2,498,504		3,031,478

				3,434,950

United States — 14.2%
McEwen Mining Inc.^(a)		970,035		1,755,763
Newmont Mining Corp.		837,797		28,585,634

				30,341,397


Total Common Stocks — 99.7% (Cost: $246,775,727)				212,531,199


Short-Term Investments

Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(c)(d)(e)		5,515,428		5,517,634
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(c)(d)		140,184		140,184

				5,657,818


Total Short-Term Investments — 2.7% (Cost: $5,655,893)				5,657,818


Total Investments in Securities — 102.4% (Cost: $252,431,620)				218,189,017

Other Assets, Less Liabilities — (2.4)%				(5,118,287	)


Net Assets — 100.0%			$	213,070,730

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	8,281,703	(2,766,275	)	5,515,428	$	5,517,634	$	43,033	^(b)	$	459		$	(165	)
BlackRock Cash Funds: Treasury, SL Agency Shares	114,042	26,142		140,184		140,184		1,407			—			—

					$	5,657,818	$	44,440		$	459		$	(165	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


18		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Global Gold Miners ETF

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	212,531,199	$	—	$	—	$	212,531,199
Money Market Funds		5,657,818		—		—		5,657,818

	$	218,189,017	$	—	$	—	$	218,189,017

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)

February 28, 2019

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 26.4%
Altura Mining Ltd.^(a)(b)		367,235	$	41,803
Alumina Ltd.		875,442		1,588,225
Ausdrill Ltd.		270,102		334,366
BHP Group Ltd.		1,060,761		28,096,680
BHP Group PLC		760,746		17,667,224
BlueScope Steel Ltd.		195,585		1,872,945
Fortescue Metals Group Ltd.		560,913		2,418,313
Galaxy Resources Ltd.^(a)(b)		138,595		215,942
Iluka Resources Ltd.		151,335		987,309
Independence Group NL^(b)		178,947		621,282
Kidman Resources Ltd.^(a)(b)		129,564		128,128
Lynas Corp. Ltd.^(a)		230,985		289,228
Mineral Resources Ltd.		56,817		608,358
Orocobre Ltd.^(a)(b)		75,048		205,029
OZ Minerals Ltd.		114,342		837,891
Pilbara Minerals Ltd.^(a)(b)		557,550		295,518
Rio Tinto Ltd.		133,812		9,154,486
Sandfire Resources NL		56,109		292,205
Sims Metal Management Ltd.		61,950		499,803
South32 Ltd.		1,843,809		5,129,052
Syrah Resources Ltd.^(a)(b)		123,192		120,074
Western Areas Ltd.		104,430		170,882

				71,574,743
Austria — 0.5%
voestalpine AG		41,595		1,289,255


Belgium — 0.1%
Bekaert SA		13,098		348,407


Brazil — 5.6%
Cia. Siderurgica Nacional SA^(a)		212,400		740,802
Vale SA		1,142,462		14,348,366

				15,089,168
Canada — 4.2%
Altius Minerals Corp.		14,337		137,709
First Quantum Minerals Ltd.		249,039		2,853,454
HudBay Minerals Inc.		93,456		628,007
Ivanhoe Mines Ltd., Class A^(a)		202,488		528,898
Labrador Iron Ore Royalty Corp.		22,833		569,005
Largo Resources Ltd.^(a)(b)		94,695		163,218
Lithium Americas Corp.^(a)(b)		18,408		67,650
Lucara Diamond Corp.		110,448		138,374
Lundin Mining Corp.		237,180		1,203,009
Major Drilling Group International Inc.^(a)		29,205		104,003
Mountain Province Diamonds Inc.		62,127		65,099
Nemaska Lithium Inc.^(a)(b)		244,437		69,600
Stelco Holdings Inc.		9,912		148,115
Teck Resources Ltd., Class B		183,903		4,117,919
Trevali Mining Corp.^(a)		256,650		72,104
Turquoise Hill Resources Ltd.^(a)		363,912		627,244

				11,493,408
Chile — 0.1%
CAP SA		26,904		297,046


China — 1.9%
Aluminum Corp. of China Ltd.^(a)		194,700		123,883
Aluminum Corp. of China Ltd., Class H^(a)		1,416,000		580,845
Angang Steel Co. Ltd., Class A		54,064		45,785
Angang Steel Co. Ltd., Class H		354,000		263,365


Security	Shares		Value


China (continued)
Baoshan Iron & Steel Co. Ltd., Class A		106,299	$	119,077
Chiho Environmental Group Ltd.^(a)(b)		354,000		69,449
China Hongqiao Group Ltd.		796,500		532,705
China Metal Recycling Holdings Ltd.^(a)(c)		132,000		—
China Molybdenum Co. Ltd., Class H		1,593,000		763,036
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		35,400		56,363
China Oriental Group Co. Ltd.		354,000		237,209
China Zhongwang Holdings Ltd.		495,600		262,643
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		159,398		42,140
Inner Mongolia Eerduosi Resources Co. Ltd., Class B		183,596		171,295
Jiangxi Copper Co. Ltd., Class H		531,000		725,155
Jinchuan Group International Resources Co. Ltd.^(a)(b)		885,000		80,047
Jinduicheng Molybdenum Co. Ltd., Class A		17,700		18,109
Maanshan Iron & Steel Co. Ltd., Class H		708,000		337,323
MMG Ltd.^(a)		714,000		338,363
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		35,400		25,644
Shougang Fushan Resources Group Ltd.		708,000		160,544
Tiangong International Co. Ltd.^(b)		354,000		80,272
Tongling Nonferrous Metals Group Co. Ltd., Class A		177,000		62,655

				5,095,907
Egypt — 0.0%
Ezz Steel Co.^(a)		99,545		109,147


Finland — 0.2%
Outokumpu OYJ		112,572		449,035


France — 0.3%
APERAM SA		18,762		613,583
Eramet, NVS		3,363		202,003

				815,586
Germany — 1.3%
Aurubis AG		13,629		750,671
Salzgitter AG		14,160		433,090
thyssenkrupp AG		157,176		2,353,540

				3,537,301
India — 1.8%
APL Apollo Tubes Ltd.		3,186		53,705
Hindalco Industries Ltd.		433,650		1,193,469
Jindal Saw Ltd.		52,746		60,365
Jindal Steel & Power Ltd.^(a)		146,667		323,435
JSW Steel Ltd.		307,272		1,214,378
MOIL Ltd.		30,090		60,687
National Aluminium Co. Ltd.		190,275		135,230
Tata Steel Ltd., GDR^(b)(d)		119,829		834,010
Vedanta Ltd.		61,596		146,702
Vedanta Ltd., ADR, NVS		98,943		949,853
Welspun Corp. Ltd.		20,116		30,615

				5,002,449
Indonesia — 0.1%
Aneka Tambang Tbk		3,044,438		219,663
Krakatau Steel Persero Tbk PT^(a)		1,097,453		37,290
Timah Tbk PT		1,239,067		120,670

				377,623
Japan — 7.0%
Asahi Holdings Inc.		17,700		354,731
Daido Steel Co. Ltd.		17,700		747,305
Dowa Holdings Co. Ltd.		17,700		578,764
Hitachi Metals Ltd.		70,800		721,229


20		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
JFE Holdings Inc.		171,200	$	2,985,850
Kobe Steel Ltd.		106,200		840,480
Kyoei Steel Ltd.		17,700		273,164
Maruichi Steel Tube Ltd.		17,700		532,654
Mitsubishi Materials Corp.		35,400		973,087
Mitsui Mining & Smelting Co. Ltd.		23,800		577,255
Nakayama Steel Works Ltd.		17,700		79,500
Neturen Co. Ltd.		17,700		143,578
Nippon Denko Co. Ltd.		36,200		75,769
Nippon Light Metal Holdings Co. Ltd.		177,000		391,143
Nippon Steel & Sumitomo Metal Corp.		300,905		5,415,587
Sumitomo Metal Mining Co. Ltd.		88,500		2,594,897
Toho Titanium Co. Ltd.		17,700		148,189
Tokyo Steel Manufacturing Co. Ltd.		35,400		293,516
UACJ Corp.		17,738		349,438
Yamato Kogyo Co. Ltd.		17,700		489,723
Yodogawa Steel Works Ltd.		17,700		347,894

				18,913,753
Malaysia — 0.2%
Press Metal Aluminium Holdings Bhd		495,600		515,526


Mexico — 1.3%
Grupo Mexico SAB de CV, Series B		1,274,400		3,193,680
Industrias CH SAB de CV, Series B^(a)		53,100		233,238

				3,426,918
Netherlands — 2.3%
AMG Advanced Metallurgical Group NV		10,266		398,392
ArcelorMittal		239,481		5,511,210
Constellium NV, Class A^(a)		43,542		411,907

				6,321,509
Norway — 0.7%
Norsk Hydro ASA		484,980		2,011,103


Pakistan — 0.0%
International Steels Ltd.		35,400		16,297


Peru — 0.4%
Southern Copper Corp.		34,338		1,222,776


Poland — 0.6%
Boryszew SA^(a)		25,842		31,050
Jastrzebska Spolka Weglowa SA^(a)		18,939		288,709
KGHM Polska Miedz SA^(a)		49,914		1,338,173
Stalprodukt SA		835		71,821

				1,729,753
Russia — 3.4%
Alrosa PJSC		927,482		1,338,521
Magnitogorsk Iron & Steel Works PJSC		778,800		525,927
Mechel PJSC, ADR^(a)		38,232		88,698
MMC Norilsk Nickel PJSC		22,833		4,890,490
Novolipetsk Steel PJSC		431,880		1,038,406
Raspadskaya OJSC^(a)		53,100		125,691
Severstal PJSC		74,340		1,160,628

				9,168,361
South Africa — 1.4%
African Rainbow Minerals Ltd.^(b)		39,648		473,097
Anglo American Platinum Ltd.		19,116		1,042,284
Impala Platinum Holdings Ltd.^(a)		247,446		1,059,477
Kumba Iron Ore Ltd.		22,656		601,577
Northam Platinum Ltd.^(a)		129,564		509,502


Security	Shares		Value


South Africa (continued)
Royal Bafokeng Platinum Ltd.^(a)		29,382	$	67,917

				3,753,854
South Korea — 3.6%
Dongkuk Steel Mill Co. Ltd.^(a)		20,178		147,114
Hyundai Steel Co.		28,497		1,263,071
Jenax Inc.^(a)		6,050		61,054
KISWIRE Ltd.^(a)(b)		1,947		47,606
Korea Zinc Co. Ltd.^(a)		3,009		1,221,311
Poongsan Corp.		6,726		190,770
POSCO		28,320		6,622,353
Seah Besteel Corp.		4,425		75,934
SeAH Steel Holdings Corp.^(a)		1		47
Young Poong Corp.^(a)		177		124,326

				9,753,586
Spain — 0.3%
Acerinox SA		58,410		619,089
Tubacex SA		40,002		137,790

				756,879
Sweden — 1.5%
Boliden AB		98,766		2,704,357
Granges AB		26,550		278,135
SSAB AB, Class A		80,358		315,227
SSAB AB, Class B		204,966		674,804

				3,972,523
Switzerland — 0.0%
Schmolz + Bickenbach AG, Registered^(a)		135,582		79,618


Taiwan — 2.0%
China Metal Products		177,011		217,982
China Steel Corp.		4,602,612		3,813,514
Chung Hung Steel Corp.^(a)		360,000		140,952
Feng Hsin Steel Co. Ltd.		177,000		340,467
TA Chen Stainless Pipe		354,610		506,972
Tung Ho Steel Enterprise Corp.		354,000		235,797
Yieh Phui Enterprise Co. Ltd.		395,887		129,919

				5,385,603
Turkey — 0.4%
Eregli Demir ve Celik Fabrikalari TAS		493,122		861,623
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A^(a)		73,632		33,682
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D^(a)(b)		266,562		132,432
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)(b)		74,517		82,564

				1,110,301
United Kingdom — 20.1%
Anglo American PLC		379,665		10,117,525
Antofagasta PLC		141,777		1,766,595
Central Asia Metals PLC		58,764		196,187
Ferrexpo PLC		105,315		364,067
Glencore PLC		4,098,258		16,568,601
Hill & Smith Holdings PLC		27,966		438,932
KAZ Minerals PLC		88,970		784,824
Petra Diamonds Ltd.^(a)		327,450		96,864
Rio Tinto PLC		418,251		24,121,852

				54,455,447
United States — 11.1%
AK Steel Holding Corp.^(a)		116,997		353,331
Alcoa Corp.^(a)		67,437		1,989,392


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) (continued)

February 28, 2019

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United States (continued)
Allegheny Technologies Inc.^(a)(b)		45,135	$	1,292,215
Carpenter Technology Corp.		16,815		789,296
Century Aluminum Co.^(a)		20,355		175,664
Cleveland-Cliffs Inc.^(b)		101,067		1,120,833
Commercial Metals Co.		41,595		688,397
Compass Minerals International Inc.		12,036		630,446
Freeport-McMoRan Inc.		496,308		6,402,373
Haynes International Inc.		4,425		155,672
Kaiser Aluminum Corp.		6,018		658,851
Materion Corp.		7,257		419,309
Nucor Corp.		113,811		6,893,532
Reliance Steel & Aluminum Co.		25,665		2,290,601
Ryerson Holding Corp.^(a)		7,434		62,966
Schnitzer Steel Industries Inc., Class A		9,558		232,259
Steel Dynamics Inc.		84,606		3,157,496
SunCoke Energy Inc.^(a)		20,355		201,922
TimkenSteel Corp.^(a)		13,806		172,023
U.S. Steel Corp.		63,720		1,427,965
Warrior Met Coal Inc.		13,275		388,692
Worthington Industries Inc.		15,753		619,250

				30,122,485


Total Common Stocks — 98.8% (Cost: $289,855,280)				268,195,367


Preferred Stocks

Brazil — 1.0%
Bradespar SA, Preference Shares, NVS		88,500		680,106
Gerdau SA, Preference Shares, NVS		371,700		1,500,577
Metalurgica Gerdau SA, Preference Shares, NVS		247,800		474,423

				2,655,106


Total Preferred Stocks — 1.0% (Cost: $1,128,995)				2,655,106


Security	Shares		Value


Short-Term Investments

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(e)(f)(g)		3,817,263	$	3,818,790
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(e)(f)		330,292		330,292

				4,149,082


Total Short-Term Investments — 1.5% (Cost: $4,147,754)				4,149,082


Total Investments in Securities — 101.3% (Cost: $295,132,029)				274,999,555

Other Assets, Less Liabilities — (1.3)%				(3,465,168	)


Net Assets — 100.0%			$	271,534,387

^(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.

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	13,214,268	(9,397,005	)	3,817,263	$	3,818,790	$	100,212	^(b)	$	1,024		$	(624	)
BlackRock Cash Funds: Treasury, SL Agency Shares	469,147	(138,855	)	330,292		330,292		5,539			—			—

					$	4,149,082	$	105,751		$	1,024		$	(624	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


22		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Global Metals & Mining Producers ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3			Total

Investments
Assets
Common Stocks	$	268,195,367	$	—	$	0	^(a)	$	268,195,367
Preferred Stocks		2,655,106		—		—			2,655,106
Money Market Funds		4,149,082		—		—			4,149,082

	$	274,999,555	$	—	$	0	^(a)	$	274,999,555

^(a)

Rounds to less than $1.

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			23

Schedule of Investments (unaudited)

February 28, 2019

iShares^® MSCI Global Silver Miners ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Canada — 61.1%
Americas Silver Corp.^(a)(b)		218,645	$	439,946
Dundee Precious Metals Inc.^(a)		415,865		1,477,789
Eldorado Gold Corp.^(a)		347,510		1,506,668
Endeavour Silver Corp.^(a)(b)		425,044		1,100,532
Excellon Resources Inc.^(a)		449,774		368,835
First Majestic Silver Corp.^(a)(b)		399,439		2,693,256
Fortuna Silver Mines Inc.^(a)		411,221		1,542,469
GoGold Resources Inc.^(a)(b)		1,225,643		241,965
Golden Queen Mining Co. Ltd.^(a)		2,635,736		100,066
Great Panther Silver Ltd.^(a)(b)		980,240		930,372
Levon Resources Ltd.^(a)		1,138,452		103,731
Lundin Gold Inc.^(a)		176,313		736,311
MAG Silver Corp.^(a)		185,780		1,819,713
Mandalay Resources Corp.^(a)(b)		3,359,386		382,618
Maya Gold & Silver Inc.^(a)(b)		183,570		362,401
Minco Silver Corp.^(a)(b)		452,579		189,004
Pan American Silver Corp.		202,942		2,708,975
Premier Gold Mines Ltd.^(a)		483,713		679,475
Seabridge Gold Inc.^(a)(b)		105,899		1,523,756
Silvercorp Metals Inc.		495,668		1,287,156
SSR Mining Inc.^(a)		199,446		2,765,288
Wheaton Precious Metals Corp.		647,402		14,068,827

				37,029,153

Japan — 2.8%
Asahi Holdings Inc.		86,000		1,723,554


Mexico — 5.6%
Industrias Penoles SAB de CV		256,327		3,397,377


Peru — 9.1%
Cia. de Minas Buenaventura SAA, ADR		330,887		5,505,960


United Kingdom — 10.6%
Fresnillo PLC		411,402		4,705,971
Hochschild Mining PLC		656,481		1,732,400

				6,438,371


Security	Shares		Value


United States — 10.8%
Coeur Mining Inc.^(a)(b)		422,340	$	2,018,785
Gold Resource Corp.		152,584		715,619
Golden Minerals Co.^(a)(b)		649,376		129,875
Hecla Mining Co		980,738		2,353,771
McEwen Mining Inc.^(b)		721,675		1,306,232

				6,524,282


Total Common Stocks — 100.0% (Cost: $64,868,390)				60,618,697


Short-Term Investments

Money Market Funds — 11.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(c)(d)(e)		6,990,039		6,992,835
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(c)(d)		19,612		19,612

				7,012,447


Total Short-Term Investments — 11.6% (Cost: $7,010,098)				7,012,447


Total Investments in Securities — 111.6% (Cost: $71,878,488)				67,631,144

Other Assets, Less Liabilities — (11.6)%				(7,044,924	)


Net Assets — 100.0%			$	60,586,220

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	7,592,922	(602,883	)	6,990,039	$	6,992,835	$	106,337	^(b)	$	(150	)	$	623
BlackRock Cash Funds: Treasury, SL Agency Shares	32,226	(12,614	)	19,612		19,612		393			—			—

					$	7,012,447	$	106,730		$	(150	)	$	623

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


24		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Global Silver Miners ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	60,618,697	$	—	$	—	$	60,618,697
Money Market Funds		7,012,447		—		—		7,012,447

	$	67,631,144	$	—	$	—	$	67,631,144

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

Statements of Assets and Liabilities (unaudited)

February 28, 2019


	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF			iShares MSCI Global Metals & Mining Producers ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	29,632,735		$	49,285,582		$	212,531,199		$	270,850,473
Affiliated^(c)		281,892			293,320			5,657,818			4,149,082
Foreign currency, at value^(d)		26,749			58,335			191,204			17,153
Receivables:
Investments sold		56,822			88,485			6,431,183			1,197,373
Securities lending income — Affiliated		1,236			442			4,522			9,728
Capital shares sold		—			—			153,007			—
Dividends		57,239			323,429			112,298			496,011
Tax reclaims		9,182			939			—			34,525

Total assets		30,065,855			50,050,532			225,081,231			276,754,345


LIABILITIES
Collateral on securities loaned, at value		268,374			264,326			5,519,626			3,815,789
Payables:
Investments purchased		56,605			107,594			6,428,498			733,528
Capital shares redeemed		—			—			—			586,272
Investment advisory fees		8,881			14,728			62,377			84,327
Foreign taxes		—			—			—			42

Total liabilities		333,860			386,648			12,010,501			5,219,958


NET ASSETS	$	29,731,995		$	49,663,884		$	213,070,730		$	271,534,387


NET ASSETS CONSIST OF:
Paid-in capital	$	31,765,378		$	53,088,156		$	309,441,842		$	336,314,895
Accumulated loss		(2,033,383	)		(3,424,272	)		(96,371,112	)		(64,780,508	)

NET ASSETS	$	29,731,995		$	49,663,884		$	213,070,730		$	271,534,387


Shares outstanding		1,050,000			2,400,000			12,200,000			8,850,000

Net asset value	$	28.32		$	20.69		$	17.46		$	30.68

Shares authorized		500 million			500 million			500 million			500 million

Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a) Securities loaned, at value	$	254,112		$	249,494		$	5,107,515		$	3,444,273
^(b) Investments, at cost — Unaffiliated	$	30,177,070		$	50,164,738		$	246,775,727		$	290,984,275
^(c) Investments, at cost — Affiliated	$	281,814		$	293,217		$	5,655,893		$	4,147,754
^(d) Foreign currency, at cost	$	26,590		$	57,677		$	191,627		$	17,063

See notes to financial statements.


26		2 0 1 9 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) (continued)

February 28, 2019


	iShares MSCI Global Silver Miners ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	60,618,697
Affiliated^(c)		7,012,447
Foreign currency, at value^(d)		57,539
Receivables:
Investments sold		3,222,713
Securities lending income — Affiliated		15,207
Capital shares sold		160,958
Dividends		42

Total assets		71,087,603


LIABILITIES
Collateral on securities loaned, at value		6,989,545
Payables:
Investments purchased		3,493,949
Investment advisory fees		17,889

Total liabilities		10,501,383


NET ASSETS	$	60,586,220


NET ASSETS CONSIST OF:
Paid-in capital	$	84,365,920
Accumulated loss		(23,779,700	)

NET ASSETS	$	60,586,220


Shares outstanding		6,600,000

Net asset value	$	9.18

Shares authorized		500 million

Par value	$	0.001


^(a) Securities loaned, at value	$	6,300,139
^(b) Investments, at cost — Unaffiliated	$	64,868,390
^(c) Investments, at cost — Affiliated	$	7,010,098
^(d) Foreign currency, at cost	$	57,448

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			27

Statements of Operations (unaudited)

Six Months Ended February 28, 2019


	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF			iShares MSCI Global Metals & Mining Producers ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	309,003		$	871,256		$	1,084,026		$	7,526,372
Dividends — Affiliated		326			651			1,407			5,539
Securities lending income — Affiliated — net		7,339			3,344			43,033			100,212
Foreign taxes withheld		(24,861	)		(46,134	)		(55,403	)		(207,252	)

Total investment income		291,807			829,117			1,073,063			7,424,871


EXPENSES
Investment advisory fees		59,983			90,773			376,095			629,970
Commitment fees		26			5			—			77

Total expenses		60,009			90,778			376,095			630,047

Net investment income		231,798			738,339			696,968			6,794,824


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(417,873	)		(613,216	)		(6,362,184	)		(7,976,832	)
Investments — Affiliated		46			262			459			1,024
In-kind redemptions — Unaffiliated		583,224			—			(14,533,427	)		(2,244,966	)
Foreign currency transactions		(1,566	)		(2,181	)		(4,242	)		12,739

Net realized gain (loss)		163,831			(615,135	)		(20,899,394	)		(10,208,035	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,077,740	)		(3,667,336	)		58,724,783			2,514,994
Investments — Affiliated		13			(59	)		(165	)		(624	)
Foreign currency translations		1,135			1,830			3,140			61,855

Net change in unrealized appreciation (depreciation)		(1,076,592	)		(3,665,565	)		58,727,758			2,576,225

Net realized and unrealized gain (loss)		(912,761	)		(4,280,700	)		37,828,364			(7,631,810	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(680,963	)	$	(3,542,361	)	$	38,525,332		$	(836,986	)


^(a) Net of foreign capital gain tax of	$	72		$	1		$	—		$	209

See notes to financial statements.


28		2 0 1 9 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) (continued)

Six Months Ended February 28, 2019


	iShares MSCI Global Silver Miners ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	202,627
Dividends — Affiliated		393
Securities lending income — Affiliated — net		106,337
Foreign taxes withheld		(15,177	)

Total investment income		294,180


EXPENSES
Investment advisory fees		98,272

Total expenses		98,272

Net investment income		195,908


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(4,943,064	)
Investments — Affiliated		(150	)
Foreign currency transactions		19,986

Net realized loss		(4,923,228	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		9,879,289
Investments — Affiliated		623
Foreign currency translations		(81	)

Net change in unrealized appreciation (depreciation)		9,879,831

Net realized and unrealized gain		4,956,603

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,152,511

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			29

Statements of Changes in Net Assets


	iShares MSCI Global Agriculture Producers ETF						iShares MSCI Global Energy Producers ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	231,798		$	580,997		$	738,339		$	1,091,652
Net realized gain (loss)		163,831			658,065			(615,135	)		83,290
Net change in unrealized appreciation (depreciation)		(1,076,592	)		1,441,579			(3,665,565	)		6,714,181

Net increase (decrease) in net assets resulting from operations		(680,963	)		2,680,641			(3,542,361	)		7,889,123


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(299,125	)		(539,577	)		(757,961	)		(1,078,574	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,809,131	)		2,945,823			6,075,149			9,510,421


NET ASSETS^(a)
Total increase (decrease) in net assets		(3,789,219	)		5,086,887			1,774,827			16,320,970
Beginning of period		33,521,214			28,434,327			47,889,057			31,568,087

End of period	$	29,731,995		$	33,521,214		$	49,663,884		$	47,889,057

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.


30		2 0 1 9 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 MSCI Global Gold Miners ETF						iShares MSCI Global Metals & Mining Producers ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	696,968		$	1,843,233		$	6,794,824		$	15,533,636
Net realized gain (loss)		(20,899,394	)		5,370,210			(10,208,035	)		31,205,185
Net change in unrealized appreciation (depreciation)		58,727,758			(104,086,474	)		2,576,225			(65,843,140	)

Net increase (decrease) in net assets resulting from operations		38,525,332			(96,873,031	)		(836,986	)		(19,104,319	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(516,888	)		(2,189,407	)		(8,561,504	)		(14,546,060	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(57,927,072	)		(59,194,873	)		(122,703,104	)		90,027,203


NET ASSETS^(a)
Total increase (decrease) in net assets		(19,918,628	)		(158,257,311	)		(132,101,594	)		56,376,824
Beginning of period		232,989,358			391,246,669			403,635,981			347,259,157

End of period	$	213,070,730		$	232,989,358		$	271,534,387		$	403,635,981

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			31

Statements of Changes in Net Assets (continued)


	iShares MSCI Global Silver Miners ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	195,908		$	567,136
Net realized loss		(4,923,228	)		(3,089,345	)
Net change in unrealized appreciation (depreciation)		9,879,831			(15,232,129	)

Net increase (decrease) in net assets resulting from operations		5,152,511			(17,754,338	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(284,478	)		(528,302	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		5,141,382			4,601,395


NET ASSETS^(a)
Total increase (decrease) in net assets		10,009,415			(13,681,245	)
Beginning of period		50,576,805			64,258,050

End of period	$	60,586,220		$	50,576,805

^(a)	Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.


32		2 0 1 9 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

(For a share outstanding throughout each period)


	iShares MSCI Global Agriculture Producers ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	29.15		$	27.08		$	24.31		$	24.03		$	27.29		$	24.63

Net investment income^(a)		0.21			0.53			0.45			0.54			0.50			0.58
Net realized and unrealized gain (loss)^(b)		(0.76	)		2.03			2.81			0.27			(3.21	)		2.63

Net increase (decrease) from investment operations		(0.55	)		2.56			3.26			0.81			(2.71	)		3.21


Distributions
From net investment income		(0.28	)		(0.49	)		(0.49	)		(0.53	)		(0.55	)		(0.55	)

Total distributions		(0.28	)		(0.49	)		(0.49	)		(0.53	)		(0.55	)		(0.55	)


Net asset value, end of period	$	28.32		$	29.15		$	27.08		$	24.31		$	24.03		$	27.29


Total Return
Based on net asset value		(1.80	)%^(c)		9.49	%		13.53	%		3.55	%		(10.11	)%		13.05	%


Ratios to Average Net Assets
Total expenses		0.39	%^(d)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Total expenses after fees waived		0.39	%^(d)		0.37	%		0.37	%		0.38	%		0.38	%		0.38	%

Net investment income		1.51	%^(d)		1.84	%		1.76	%		2.38	%		1.87	%		2.17	%


Supplemental Data
Net assets, end of period (000)	$	29,732		$	33,521		$	28,434		$	27,951		$	27,640		$	46,395

Portfolio turnover rate^(e)		2	%^(c)		25	%		16	%		7	%		10	%		14	%

^(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)	Not annualized.

^(d)	Annualized.

^(e)	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			33

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Energy Producers ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	22.80		$	18.57		$	18.72		$	17.67		$	28.06		$	24.06

Net investment income^(a)		0.33			0.64			0.60			0.59			0.68			0.68
Net realized and unrealized gain (loss)^(b)		(2.12	)		4.23			(0.16	)		1.00			(10.61	)		3.96

Net increase (decrease) from investment operations		(1.79	)		4.87			0.44			1.59			(9.93	)		4.64


Distributions
From net investment income		(0.32	)		(0.64	)		(0.59	)		(0.54	)		(0.46	)		(0.64	)

Total distributions		(0.32	)		(0.64	)		(0.59	)		(0.54	)		(0.46	)		(0.64	)


Net asset value, end of period	$	20.69		$	22.80		$	18.57		$	18.72		$	17.67		$	28.06


Total Return
Based on net asset value		(7.73	)%^(c)		26.48	%		2.26	%		9.31	%		(35.63	)%		19.44	%


Ratios to Average Net Assets
Total expenses		0.39	%^(d)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Net investment income		3.17	%^(d)		2.93	%		3.10	%		3.36	%		3.23	%		2.57	%


Supplemental Data
Net assets, end of period (000)	$	49,664		$	47,889		$	31,568		$	37,440		$	24,739		$	8,419

Portfolio turnover rate^(e)		3	%^(c)		5	%		4	%		6	%		4	%		8	%

^(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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


34		2 0 1 9 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 Global Gold Miners ETF
		Six Months Ended 02/28/19 (unaudited	)		Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)		Year Ended 08/31/15	^(a)		Year Ended 08/31/14	^(a)


Net asset value, beginning of period	$	14.43		$	19.96		$	21.20		$	11.13		$	22.53		$	23.20

Net investment income^(b)		0.06			0.10			0.06			0.02			0.14			0.16
Net realized and unrealized gain (loss)^(c)		3.01			(5.51	)		(1.04	)		10.11			(11.42	)		(0.67	)

Net increase (decrease) from investment operations		3.07			(5.41	)		(0.98	)		10.13			(11.28	)		(0.51	)


Distributions
From net investment income		(0.04	)		(0.12	)		(0.26	)		(0.06	)		(0.12	)		(0.16	)

Total distributions		(0.04	)		(0.12	)		(0.26	)		(0.06	)		(0.12	)		(0.16	)


Net asset value, end of period	$	17.46		$	14.43		$	19.96		$	21.20		$	11.13		$	22.53


Total Return
Based on net asset value		21.32	%^(d)		(27.22	)%		(4.30	)%		91.17	%		(50.16	)%		(2.01	)%


Ratios to Average Net Assets
Total expenses		0.39	%^(e)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Net investment income		0.72	%^(e)		0.56	%		0.38	%		0.06	%		0.88	%		0.81	%


Supplemental Data
Net assets, end of period (000)	$	213,071		$	232,989		$	391,247		$	266,108		$	45,926		$	70,976

Portfolio turnover rate^(f)		7	%^(d)		4	%		26	%		30	%		20	%		22	%

^(a)	Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(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)	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			35

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Metals & Mining Producers ETF
		Six Months Ended 02/28/19 (unaudited	)		Year Ended 08/31/18			Year Ended 08/31/17	^(a)		Year Ended 08/31/16	^(a)		Year Ended 08/31/15	^(a)		Year Ended 08/31/14	^(a)


Net asset value, beginning of period	$	30.93		$	31.86		$	21.67		$	21.30		$	40.37		$	36.23

Net investment income^(b)		0.62			1.06			0.53			0.42			1.62			1.00
Net realized and unrealized gain (loss)^(c)		(0.07	)		(1.05	)		10.26			0.41			(17.91	)		4.44

Net increase (decrease) from investment operations		0.55			0.01			10.79			0.83			(16.29	)		5.44


Distributions
From net investment income		(0.80	)		(0.94	)		(0.60	)		(0.46	)		(2.78	)		(1.30	)

Total distributions		(0.80	)		(0.94	)		(0.60	)		(0.46	)		(2.78	)		(1.30	)


Net asset value, end of period	$	30.68		$	30.93		$	31.86		$	21.67		$	21.30		$	40.37


Total Return
Based on net asset value		2.09	%^(d)		(0.10	)%		50.55	%		4.52	%		(41.94	)%		15.32	%


Ratios to Average Net Assets
Total expenses		0.39	%^(e)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Total expenses after fees waived		0.39	%^(e)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Net investment income		4.21	%^(e)		3.15	%		2.31	%		2.16	%		5.18	%		2.53	%


Supplemental Data
Net assets, end of period (000)	$	271,534		$	403,636		$	347,259		$	223,182		$	69,219		$	183,699

Portfolio turnover rate^(f)		7	%^(d)		14	%		12	%		8	%		17	%		18	%

^(a)	Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


36		2 0 1 9 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 Global Silver Miners ETF
		Six Months Ended 02/28/19 (unaudited	)		Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	8.43		$	11.47		$	13.61		$	6.14		$	12.70		$	13.92

Net investment income^(a)		0.03			0.10			0.09			0.05			0.05			0.08
Net realized and unrealized gain (loss)^(b)		0.77			(3.05	)		(1.94	)		7.44			(6.42	)		(1.15	)

Net increase (decrease) from investment operations		0.80			(2.95	)		(1.85	)		7.49			(6.37	)		(1.07	)


Distributions
From net investment income		(0.05	)		(0.09	)		(0.29	)		(0.02	)		(0.19	)		(0.15	)

Total distributions		(0.05	)		(0.09	)		(0.29	)		(0.02	)		(0.19	)		(0.15	)


Net asset value, end of period	$	9.18		$	8.43		$	11.47		$	13.61		$	6.14		$	12.70


Total Return
Based on net asset value		9.52	%^(c)		(25.87	)%		(13.26	)%		122.11	%		(50.51	)%		(7.48	)%


Ratios to Average Net Assets
Total expenses		0.39	%^(d)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Net investment income		0.78	%^(d)		0.94	%		0.79	%		0.47	%		0.57	%		0.63	%


Supplemental Data
Net assets, end of period (000)	$	60,586		$	50,577		$	64,258		$	87,078		$	12,279		$	13,975

Portfolio turnover rate^(e)		17	%^(c)		19	%		14	%		27	%		31	%		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)	Not annualized.

^(d)	Annualized.

^(e)	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			37

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
MSCI Global Agriculture Producers		Non-diversified
MSCI Global Energy Producers		Non-diversified
MSCI Global Gold Miners		Non-diversified
MSCI Global Metals & Mining Producers		Non-diversified
MSCI Global Silver Miners		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES


38		2 0 1 9 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)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

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

•

4.	SECURITIES AND OTHER INVESTMENTS


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			39

Notes to Financial Statements (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:



		Market Value of		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty		Securities on Loan		Received	^(a)		Received		Net Amount

MSCI Global Agriculture Producers
Citigroup Global Markets Inc.	$	95,908	$	95,908		$	—	$	—
Deutsche Bank Securities Inc.		103,843		103,843			—		—
Morgan Stanley & Co. LLC		20,686		20,686			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		10,952		10,802			—		(150	)^(b)
SG Americas Securities LLC		22,723		22,723			—		—

	$	254,112	$	253,962		$	—	$	(150	)

MSCI Global Energy Producers
Barclays Bank PLC	$	376	$	376		$	—	$	—
Barclays Capital Inc.		5,936		5,936			—		—
BNP Paribas Prime Brokerage International Ltd.		21,610		21,610			—		—
Citigroup Global Markets Inc.		28,976		28,976			—		—
Credit Suisse Securities (USA) LLC		18,525		18,525			—		—
Goldman Sachs & Co.		9,643		9,643			—		—
JPMorgan Securities LLC		5,051		5,051			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		93,903		93,903			—		—
State Street Bank & Trust Company		35,320		35,320			—		—
UBS AG		30,154		30,154			—		—

	$	249,494	$	249,494		$	—	$	—

MSCI Global Gold Miners
BNP Paribas Prime Brokerage International Ltd.	$	40,725	$	40,725		$	—	$	—
Credit Suisse Securities (USA) LLC		972,086		972,086			—		—
Deutsche Bank Securities Inc.		1,992,274		1,992,274			—		—
Goldman Sachs & Co.		112,071		112,071			—		—
JPMorgan Securities LLC		1,287,337		1,287,337			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		702,841		702,841			—		—
SG Americas Securities LLC		181		181			—		—

	$	5,107,515	$	5,107,515		$	—	$	—

MSCI Global Metals & Mining Producers
BMO Capital Markets	$	6,960	$	6,960		$	—	$	—
Credit Suisse Securities (USA) LLC		1,325,134		1,325,134			—		—
JPMorgan Securities LLC		154,886		154,886			—		—
Macquarie Bank Limited		43,690		43,690			—		—
Merrill Lynch, Pierce, Fenner & Smith		195,980		195,980			—		—
Morgan Stanley & Co. LLC		580,845		580,845			—		—
SG Americas Securities LLC		59,147		59,147			—		—
UBS AG		22,673		22,673			—		—
Wells Fargo Bank, National Association		1,054,958		1,054,958			—		—

	$	3,444,273	$	3,444,273		$	—	$	—


40		2 0 1 9 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 Global Silver Miners
Barclays Bank PLC	$	21,601	$	21,601		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		30,589		30,589			—		—
Citigroup Global Markets Inc.		998,024		998,024			—		—
Credit Suisse Securities (USA) LLC		168,922		168,922			—		—
Goldman Sachs & Co.		22,901		20,194			—		(2,707	)^(b)
JPMorgan Securities LLC		1,061,959		1,061,959			—		—
Merrill Lynch, Pierce, Fenner & Smith		1,021,964		1,021,964			—		—
Morgan Stanley & Co. LLC		50,721		50,721			—		—
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending)		203,822		203,822			—		—
Scotia Capital (USA) Inc.		2,619,143		2,619,143			—		—
UBS AG		100,493		100,493			—		—

	$	6,300,139	$	6,297,432		$	—	$	(2,707	)

^(a)

^(b)

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39%, 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”). For each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares 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			41

Notes to Financial Statements (unaudited) (continued)


iShares ETF	Fees Paid to BTC
MSCI Global Agriculture Producers	$	1,473
MSCI Global Energy Producers		752
MSCI Global Gold Miners		9,354
MSCI Global Metals & Mining Producers		19,955
MSCI Global Silver Miners		21,499

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	—	$	101,043
MSCI Global Energy Producers		20,579		33,638
MSCI Global Gold Miners		133,964		1,180,204
MSCI Global Metals & Mining Producers		131,668		175,734
MSCI Global Silver Miners		1,072,546		14,244

6.	PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	611,382	$	1,010,018
MSCI Global Energy Producers		1,407,541		1,207,625
MSCI Global Gold Miners		14,522,928		15,320,997
MSCI Global Metals & Mining Producers		21,863,758		40,395,525
MSCI Global Silver Miners		9,975,135		8,953,854

For the six months ended February 28, 2019, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Agriculture Producers	$	—	$	2,458,283
MSCI Global Energy Producers		5,792,938		—
MSCI Global Gold Miners		32,134,655		89,120,507
MSCI Global Metals & Mining Producers		21,465,098		125,052,475
MSCI Global Silver Miners		5,126,994		—

7.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’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 carry forwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.


42		2 0 1 9 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)

As of August 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
MSCI Global Agriculture Producers	$	1,212,896
MSCI Global Energy Producers		1,630,024
MSCI Global Gold Miners		30,033,150
MSCI Global Metals & Mining Producers		27,282,543
MSCI Global Silver Miners		11,160,122


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Global Agriculture Producers	$	31,010,653	$	3,342,350	$	(4,438,376	)	$	(1,096,026	)
MSCI Global Energy Producers		51,026,830		3,799,402		(5,247,330	)		(1,447,928	)
MSCI Global Gold Miners		263,966,628		13,277,624		(59,055,235	)		(45,777,611	)
MSCI Global Metals & Mining Producers		304,280,924		24,808,310		(54,089,679	)		(29,281,369	)
MSCI Global Silver Miners		75,239,107		5,929,470		(13,537,433	)		(7,607,963	)

8. LINE OF CREDIT

The iShares MSCI Global Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers 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 23, 2019. 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 Funds did not borrow under the credit agreement during the six months ended February 28, 2019.

9. PRINCIPAL RISKS


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			43

Notes to Financial Statements (unaudited) (continued)

10. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 02/28/19						Year Ended 08/31/18

iShares ETF	Shares			Amount			Shares			Amount

MSCI Global Agriculture Producers
Shares sold		—		$	—			150,000		$	4,376,651
Shares redeemed		(100,000	)		(2,809,131	)		(50,000	)		(1,430,828	)

Net increase (decrease)		(100,000	)	$	(2,809,131	)		100,000		$	2,945,823

MSCI Global Energy Producers
Shares sold		300,000		$	6,075,149			500,000		$	11,572,019
Shares redeemed		—			—			(100,000	)		(2,061,598	)

Net increase		300,000		$	6,075,149			400,000		$	9,510,421

MSCI Global Gold Miners
Shares sold		2,050,000		$	33,452,377			4,250,000		$	76,199,350
Shares redeemed		(6,000,000	)		(91,379,449	)		(7,700,000	)		(135,394,223	)

Net decrease		(3,950,000	)	$	(57,927,072	)		(3,450,000	)	$	(59,194,873	)

MSCI Global Metals & Mining Producers
Shares sold		800,000		$	25,459,785			9,100,000		$	313,480,901
Shares redeemed		(5,000,000	)		(148,162,889	)		(6,950,000	)		(223,453,698	)

Net increase (decrease)		(4,200,000	)	$	(122,703,104	)		2,150,000		$	90,027,203

MSCI Global Silver Miners
Shares sold		600,000		$	5,141,382			900,000		$	9,366,685
Shares redeemed		—			—			(500,000	)		(4,765,290	)

Net increase		600,000		$	5,141,382			400,000		$	4,601,395


44		2 0 1 9 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)

11. LEGAL PROCEEDINGS

12. REGULATION S-X AMENDMENTS

Distributions for the year ended August 31, 2018 were classified as follows:


iShares ETF	Net Investment Income
MSCI Global Agriculture Producers	$	539,577
MSCI Global Energy Producers		1,078,574
MSCI Global Gold Miners		2,189,407
MSCI Global Metals & Mining Producers		14,546,060
MSCI Global Silver Miners		528,302

Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:


iShares ETF	Undistributed (distributions in excess of) net investment income
MSCI Global Agriculture Producers	$	107,413
MSCI Global Energy Producers		267,105
MSCI Global Gold Miners		159,655
MSCI Global Metals & Mining Producers		3,206,084
MSCI Global Silver Miners		(266,371	)

13. SUBSEQUENT EVENTS


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

Supplemental Information (unaudited)

Section 19(a) Notices


		Total Cumulative Distributions								% Breakdown of the Total Cumulative
	For the Fiscal Year-to-Date								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 Global Energy Producers^(a)	$	0.269678	$	—	$	0.046139	$	0.315817		85	%	—	%	15	%	100	%
MSCI Global Metals & Mining Producers^(a)		0.716248		—		0.080171		0.796419		90		—		10		100
MSCI Global Silver Miners^(a)		0.033520		—		0.013893		0.047413		71		—		29		100

^(a)


46		2 0 1 9 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

To enroll in electronic delivery:

•

Go to www.icsdelivery.com.

•

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

Householding

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 on Form N-Q.The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N			47


Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity


ADR		American Depositary Receipt

GDR		Global Depositary Receipt

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares


48		2 0 1 9 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

LOGO

For more information visit www.iShares.com or call 1-800-iShares (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”).

FEBRUARY 28, 2019


2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

▶

iShares Edge MSCI Min Vol Emerging Markets ETF | EEMV | Cboe BZX

▶

iShares Edge MSCI Min Vol Global ETF | ACWV | Cboe BZX

▶

iShares Edge MSCI Multifactor Emerging Markets ETF | EMGF | Cboe BZX

▶

iShares ESG MSCI EM ETF | ESGE | NASDAQ

▶

iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ

Table of Contents


	Page
Fund Summary		5
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		37
Statements of Operations		39
Statements of Changes in Net Assets		41
Financial Highlights		44
Notes to Financial Statements		49
Supplemental Information		59
General Information		60
Glossary of Terms Used in this Report		61


Fund Summary as of February 28, 2019		iShares^® Edge MSCI Min Vol Emerging Markets ETF

Investment Objective

The iShares Edge MSCI Min Vol Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets 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		1.30	%		(2.34	)%		3.73	%		5.08	%		(2.34	)%		20.12	%		44.03	%
Fund Market		0.84			(1.80	)		3.76			4.99			(1.80	)		20.25			43.15
Index		1.42			(2.03	)		3.95			5.31			(2.03	)		21.40			46.45

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,013.00	$	1.25		$	1,000.00	$	1,023.60	$	1.25		0.25	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	28.7	%
Communication Services	13.0
Consumer Staples	11.6
Information Technology	11.5
Utilities	7.7
Consumer Discretionary	7.0
Industrials	6.9
Health Care	5.6
Energy	3.8
Materials	2.8
Real Estate	1.4

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
China	25.9	%
Taiwan	14.8
South Korea	9.0
India	9.0
Thailand	7.7
Malaysia	7.3
Indonesia	4.6
Chile	3.3
Philippines	3.2
Qatar	2.9

^(a)

Excludes money market funds.


F U N D S U M M A R Y			5


Fund Summary as of February 28, 2019		iShares^® Edge MSCI Min Vol Global ETF

Investment Objective

The iShares Edge MSCI Min Vol Global ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI 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		1.82	%		7.07	%		9.03	%		10.33	%		7.07	%		54.10	%		106.36	%
Fund Market		2.13			7.45			9.08			10.34			7.45			54.45			106.41
Index		1.70			6.92			8.80			10.06			6.92			52.43			102.69

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,018.20	$	1.00		$	1,000.00	$	1,023.80	$	1.00		0.20	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	15.9	%
Consumer Staples	13.0
Health Care	12.5
Information Technology	10.3
Industrials	9.8
Communication Services	9.1
Consumer Discretionary	8.6
Utilities	8.4
Real Estate	8.4
Materials	2.3
Energy	1.7

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
United States	57.7	%
Japan	12.5
Switzerland	4.9
Hong Kong	3.7
Taiwan	3.2
Canada	3.0
China	2.1
India	2.0
United Kingdom	1.2
Singapore	1.2

^(a)

Excludes money market funds.


6		2 0 1 9 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 February 28, 2019		iShares^® Edge MSCI Multifactor Emerging Markets ETF

Investment Objective

The iShares Edge MSCI Multifactor Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the MSCI Emerging Markets 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		(2.98	)%		(14.57	)%		9.69	%		(14.57	)%		34.79	%
Fund Market		(2.93	)		(13.98	)		9.64			(13.98	)		34.57
Index		(2.69	)		(14.76	)		9.80			(14.76	)		35.24

The inception date of the Fund was 12/8/15. The first day of secondary market trading was 12/10/15.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	970.20	$	2.20		$	1,000.00	$	1,022.60	$	2.26		0.45	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	19.8	%
Information Technology	18.6
Consumer Discretionary	12.3
Communication Services	11.1
Industrials	8.4
Materials	7.7
Health Care	6.9
Energy	5.6
Consumer Staples	3.7
Real Estate	3.4
Utilities	2.5

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
China	36.5	%
South Korea	17.3
Taiwan	12.3
Brazil	8.7
South Africa	5.3
Russia	3.8
India	3.8
Malaysia	2.5
Indonesia	2.2
Peru	1.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y			7


Fund Summary as of February 28, 2019		iShares^® ESG MSCI EM ETF

Investment Objective

The iShares ESG MSCI EM ETF (the “Fund”) (formerly the iShares MSCI EM ESG Optimized ETF) seeks to track the investment results of an index composed of large-and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics, as represented by the MSCI Emerging Markets Extended ESG Focus 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		1.56	%		(9.61	)%		13.36	%		(9.61	)%		39.85	%
Fund Market		1.19			(9.01	)		13.37			(9.01	)		39.88
Index^(a)		1.65			(9.83	)		14.03			(9.83	)		42.03
MSCI Emerging Markets ESG Focus Index		1.67			(9.80	)		14.05			(9.80	)		42.08
MSCI Emerging Markets Extended ESG Focus Index^(b)		1.65			N/A			N/A			N/A			N/A

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

^(a)

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus Index, which, effective as of June 1, 2018, replaced the MSCI Emerging Markets ESG Focus Index as the underlying index of the Fund.

^(b)

The inception date of the MSCI Emerging Markets Extended ESG Focus Index was March 27, 2018. The cumulative total return of this index for the period March 27, 2018 through February 28, 2019 was -9.18%.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,015.60	$	1.25		$	1,000.00	$	1,023.60	$	1.25		0.25	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	26.1	%
Information Technology	16.8
Consumer Discretionary	13.2
Communication Services	11.5
Energy	8.6
Materials	6.7
Consumer Staples	5.9
Industrials	4.4
Real Estate	2.4
Health Care	2.4
Utilities	2.0

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
China	29.2	%
South Korea	13.4
Taiwan	12.2
India	9.0
Brazil	7.4
South Africa	6.8
Russia	3.7
Thailand	3.6
Malaysia	3.0
Mexico	2.6

^(a)

Excludes money market funds.


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Fund Summary as of February 28, 2019		iShares^® MSCI Emerging Markets ex China ETF

Investment Objective

The iShares MSCI Emerging Markets ex China ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China, as represented by the MSCI Emerging Markets ex China 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		(0.17	)%		(9.28	)%		0.14	%		(9.28	)%		0.23	%
Fund Market		(0.56	)		(8.75	)		0.15			(8.75	)		0.24
Index		(0.06	)		(9.08	)		0.61			(9.08	)		0.99

The inception date of the Fund was 7/18/17. The first day of secondary market trading was 7/20/17.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/18)		Ending Account Value (02/28/19)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	998.30	$	2.03		$	1,000.00	$	1,022.80	$	2.06		0.41	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	22.4	%
Information Technology	17.9
Exchanged-Traded Funds	12.6
Materials	8.9
Energy	7.7
Consumer Discretionary	7.5
Consumer Staples	7.0
Communication Services	5.2
Industrials	4.9
Utilities	2.1
Health Care	2.0
Real Estate	1.8

TEN LARGEST COUNTRIES


Country	Percent of Total Investments	^(a)
South Korea	20.2	%
Taiwan	16.5
India	12.6
Brazil	11.2
South Africa	9.0
Russia	5.5
Mexico	3.9
Thailand	3.5
Malaysia	3.4
Indonesia	3.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y			9

About Fund Performance

Shareholder Expenses


10		2 0 1 9 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

Consolidated Schedule of Investments (unaudited)

February 28, 2019

iShares^® Edge MSCI Min Vol Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 2.5%
Ambev SA		5,721,800	$	26,288,011
BB Seguridade Participacoes SA		2,532,600		18,436,099
Equatorial Energia SA		1,876,000		41,084,162
Hypera SA		2,063,600		14,801,904
IRB Brasil Resseguros S/A		137,630		3,266,201
Magazine Luiza SA		187,600		8,677,047
Raia Drogasil SA		750,400		13,088,105
Rumo SA^(a)		1,500,800		7,787,632
Sul America SA		469,000		3,801,773

				137,230,934

Chile — 3.2%
Aguas Andinas SA, Class A		53,553,846		31,404,844
Banco de Chile		518,371,630		82,415,409
Banco de Credito e Inversiones SA		123,816		8,478,652
Cia. Cervecerias Unidas SA		223,244		3,162,048
Colbun SA		23,262,400		5,381,978
Enel Americas SA		24,584,980		4,280,056
SACI Falabella		5,744,312		44,738,657

				179,861,644

China — 25.9%
3SBio Inc.^(b)		1,876,000		3,102,051
51job Inc., ADR^(a)(c)		58,156		4,202,353
AAC Technologies Holdings Inc.		1,407,000		8,361,557
Agricultural Bank of China Ltd., Class H		86,296,000		41,335,188
Alibaba Group Holding Ltd., ADR^(a)(c)		382,704		70,046,313
ANTA Sports Products Ltd.		2,814,000		16,490,102
Autohome Inc., ADR^(a)		56,286		5,293,698
Baidu Inc., ADR^(a)		173,530		28,205,566
Bank of Beijing Co. Ltd., Class A		6,929,957		6,645,108
Bank of China Ltd., Class H		114,436,000		53,356,233
Bank of Communications Co. Ltd., Class A		12,944,474		12,373,735
Bank of Communications Co. Ltd., Class H		5,628,000		4,724,773
Bank of Jiangsu Co. Ltd., Class A		3,834,693		4,066,543
Bank of Nanjing Co. Ltd., Class A		2,709,021		3,010,383
Bank of Ningbo Co. Ltd., Class A		1,595,039		4,597,959
Bank of Shanghai Co. Ltd., Class A		3,553,046		6,527,432
Beijing Capital International Airport Co. Ltd., Class H		8,390,000		8,390,214
BOC Aviation Ltd.^(b)		656,600		5,679,526
BOE Technology Group Co. Ltd., Class A		6,003,200		3,649,334
CAR Inc.^(a)(c)		15,008,000		13,192,081
China CITIC Bank Corp. Ltd., Class H		22,512,000		14,626,003
China Construction Bank Corp., Class H		4,690,000		4,170,323
China Ding Yi Feng Holdings Ltd.^(a)(c)		3,300,000		10,635,940
China Everbright Bank Co. Ltd., Class H		20,636,000		9,884,501
China First Capital Group Ltd.^(a)		9,380,000		4,158,373
China Gas Holdings Ltd.		2,251,200		7,399,037
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		22,241,266		56,667
China Life Insurance Co. Ltd., Class H		1,930,000		5,310,709
China Medical System Holdings Ltd.		6,566,000		6,909,114
China Mengniu Dairy Co. Ltd.		3,752,000		11,590,869
China Merchants Port Holdings Co. Ltd.		1,132,000		2,379,424
China Minsheng Banking Corp. Ltd., Class A		3,559,596		3,471,765
China Mobile Ltd.		7,973,000		83,896,379
China Pacific Insurance Group Co. Ltd., Class A		750,760		3,814,801
China Petroleum & Chemical Corp., Class H		56,280,000		48,609,952
China Railway Signal & Communication Corp. Ltd., Class H^(b)		30,016,000		24,854,646
China Reinsurance Group Corp., Class H		116,312,000		26,819,119


Security	Shares		Value

China (continued)
China Resources Beer Holdings Co. Ltd.		9,650,000	$	35,957,922
China Resources Gas Group Ltd.		2,718,000		11,807,154
China Resources Pharmaceutical Group Ltd.^(b)		11,256,000		15,084,858
China Resources Power Holdings Co. Ltd.		3,842,000		7,282,856
China Shenhua Energy Co. Ltd., Class A		1,402,084		4,280,469
China Telecom Corp. Ltd., Class H		88,172,000		47,737,649
China Unicom Hong Kong Ltd.		3,752,000		4,449,938
China Yangtze Power Co. Ltd., Class A		4,686,152		11,408,812
CITIC Ltd.		1,876,000		2,853,505
CNOOC Ltd.		1,930,000		3,329,027
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		9,380,000		5,520,599
COSCO SHIPPING Ports Ltd.		17,370,000		18,454,712
CSPC Pharmaceutical Group Ltd.		10,208,000		17,425,565
Dali Foods Group Co. Ltd.^(b)(c)		3,752,000		2,557,161
Daqin Railway Co. Ltd., Class A		4,779,963		6,375,473
Dongfeng Motor Group Co. Ltd., Class H		3,752,000		3,991,083
ENN Energy Holdings Ltd.		750,400		7,743,178
Focus Media Information Technology Co. Ltd., Class A		2,902,979		2,922,404
Fullshare Holdings Ltd.^(c)		24,765,000		4,953,126
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		1,158,000		4,137,927
Guangdong Investment Ltd.		40,530,000		77,757,624
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		1,407,481		7,252,673
Hengan International Group Co. Ltd.^(c)		2,895,000		23,400,310
Huadian Power International Corp. Ltd., Class H		7,504,000		3,288,461
Huaneng Power International Inc., Class H		33,768,000		20,820,546
Huaxia Bank Co. Ltd., Class A		2,345,000		2,914,088
Hutchison China MediTech Ltd., ADR^(a)(c)		378,952		9,886,858
Industrial & Commercial Bank of China Ltd., Class H		39,396,000		30,313,109
Industrial Bank Co. Ltd., Class A		6,753,612		18,015,819
Inner Mongolia Yitai Coal Co. Ltd., Class B		11,995,202		14,814,074
Jiangsu Expressway Co. Ltd., Class H		25,090,000		34,583,531
Jiangsu Hengrui Medicine Co. Ltd., Class A		563,308		6,049,385
Jiayuan International Group Ltd.		1,840,000		895,411
Kangmei Pharmaceutical Co. Ltd., Class A		1,407,002		2,231,802
Kweichow Moutai Co. Ltd., Class A		20,190		2,276,803
Lee & Man Paper Manufacturing Ltd.		6,566,000		6,047,566
Lenovo Group Ltd.		35,644,000		32,103,121
NetEase Inc., ADR		91,924		20,519,275
New Oriental Education & Technology Group Inc., ADR^(a)		199,800		16,395,588
PetroChina Co. Ltd., Class H		50,652,000		33,489,246
Ping An Insurance Group Co. of China Ltd., Class H		938,000		9,876,137
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		15,008,000		13,039,130
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		20,069,434		28,358,110
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,939,600		8,853,034
Shanghai Pudong Development Bank Co. Ltd., Class A		9,567,688		16,776,893
Shenzhen International Holdings Ltd.		2,345,000		4,839,486
Shenzhou International Group Holdings Ltd.		2,907,800		36,302,122
Sihuan Pharmaceutical Holdings Group Ltd.		17,828,000		3,724,671
SINA Corp./China^(a)		36,582		2,464,529
Sinopec Shanghai Petrochemical Co. Ltd., Class H		18,760,000		9,511,682
Sinopharm Group Co. Ltd., Class H		2,626,400		11,676,904
Sun Art Retail Group Ltd.		5,628,000		5,721,348
TAL Education Group, ADR^(a)		232,624		8,281,414
Tencent Holdings Ltd.		750,400		32,100,731
TravelSky Technology Ltd., Class H		2,814,000		8,155,431


S C H E D U L E O F I N V E S T M E N T S			11

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Edge MSCI Min Vol Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Want Want China Holdings Ltd.		4,825,000	$	3,890,832
Weibo Corp., ADR^(a)(c)		42,216		3,050,106
Yum China Holdings Inc.		954,884		39,837,760
Yunnan Baiyao Group Co. Ltd., Class A^(d)		363,914		4,624,478
Zhaojin Mining Industry Co. Ltd., Class H		22,043,000		23,503,772
ZTE Corp., Class H^(a)		2,016,800		6,024,862

				1,433,779,911

Colombia — 0.5%
Grupo Argos SA/Colombia		458,682		2,669,388
Interconexion Electrica SA ESP		5,966,618		27,089,283


			29,758,671

Czech Republic — 0.5%
CEZ AS		133,196		3,232,697
Komercni Banka AS		372,894		15,680,421
Moneta Money Bank AS^(b)		2,879,660		10,214,692

				29,127,810

Egypt — 0.4%
Commercial International Bank Egypt SAE		5,493,866		22,006,822


Greece — 0.6%
Hellenic Telecommunications Organization SA		413,658		5,252,013
JUMBO SA		189,476		3,085,317
Motor Oil Hellas Corinth Refineries SA		360,192		8,777,228
OPAP SA		494,326		5,066,004
Titan Cement Co. SA		597,506		13,104,127

				35,284,689

Hungary — 1.0%
MOL Hungarian Oil & Gas PLC		1,675,268		19,567,269
OTP Bank Nyrt		205,422		8,693,926
Richter Gedeon Nyrt		1,294,440		25,081,950

				53,343,145

India — 9.0%
Asian Paints Ltd.		1,875,062		37,044,511
Bajaj Finance Ltd.		285,152		10,620,097
Bajaj Finserv Ltd.		133,196		12,102,037
Bharti Infratel Ltd.		1,111,530		4,589,034
Britannia Industries Ltd.		471,814		20,277,861
Cadila Healthcare Ltd.		554,358		2,483,948
Cipla Ltd./India		387,394		3,020,395
Coal India Ltd.		771,036		2,474,860
Dabur India Ltd.		6,365,268		39,202,202
Eicher Motors Ltd.		8,442		2,358,270
HCL Technologies Ltd.		3,050,376		45,198,380
Hindustan Unilever Ltd.		1,349,782		32,880,966
Housing Development Finance Corp. Ltd.		430,542		11,145,167
Infosys Ltd.		5,846,554		60,359,215
InterGlobe Aviation Ltd.^(b)		179,158		2,834,614
ITC Ltd.		754,152		2,926,959
Lupin Ltd.		267,330		2,870,576
Marico Ltd.		4,047,470		19,330,775
Maruti Suzuki India Ltd.		31,892		3,062,340
Nestle India Ltd.		42,210		6,314,179
Petronet LNG Ltd.		3,318,644		10,432,840
Pidilite Industries Ltd.		214,802		3,480,411
Power Grid Corp. of India Ltd.		2,734,270		7,029,209
Reliance Industries Ltd.		808,556		13,994,452
Sun Pharmaceutical Industries Ltd.		894,852		5,600,511
Tata Consultancy Services Ltd.		1,432,326		39,942,314
Tech Mahindra Ltd.		2,078,608		24,260,472


Security	Shares		Value

India (continued)
Titan Co. Ltd.		726,950	$	10,478,116
Wipro Ltd.		11,734,380		60,860,973

				497,175,684

Indonesia — 4.6%
Bank Central Asia Tbk PT		45,211,600		88,623,413
Bank Mandiri Persero Tbk PT		15,664,600		7,933,910
Bank Rakyat Indonesia Persero Tbk PT		35,268,800		9,652,382
Gudang Garam Tbk PT		2,438,800		14,805,297
Hanjaya Mandala Sampoerna Tbk PT		88,548,400		23,919,241
Indofood CBP Sukses Makmur Tbk PT		13,882,400		10,090,460
Indofood Sukses Makmur Tbk PT		20,260,800		10,189,810
Jasa Marga Persero Tbk PT		10,036,695		3,727,864
Telekomunikasi Indonesia Persero Tbk PT		139,293,000		38,220,791
Unilever Indonesia Tbk PT		13,694,800		47,385,420

				254,548,588

Malaysia — 7.3%
DiGi.Com Bhd^(c)		4,690,000		5,247,633
Fraser & Neave Holdings Bhd		1,500,800		13,027,970
HAP Seng Consolidated Bhd		8,160,600		19,766,853
Hong Leong Bank Bhd		9,567,600		50,067,264
IHH Healthcare Bhd		42,210,000		59,477,019
IOI Corp. Bhd		2,063,600		2,278,511
Kuala Lumpur Kepong Bhd		2,907,800		17,690,636
Malayan Banking Bhd		27,764,800		65,067,882
Maxis Bhd^(c)		9,755,200		12,882,190
Nestle Malaysia Bhd		93,800		3,413,845
Petronas Chemicals Group Bhd		8,911,000		20,203,964
Petronas Dagangan Bhd		1,500,800		9,854,017
PPB Group Bhd		3,752,000		16,940,052
Public Bank Bhd		13,132,080		80,733,309
Tenaga Nasional Bhd		6,378,400		21,049,583
Westports Holdings Bhd		4,314,800		3,915,311

				401,616,039

Mexico — 1.2%
Arca Continental SAB de CV		2,814,000		15,870,922
Coca-Cola Femsa SAB de CV, Series L, NVS		750,400		4,540,669
Gruma SAB de CV, Series B		891,100		9,657,585
Infraestructura Energetica Nova SAB de CV		2,123,000		8,167,185
Wal-Mart de Mexico SAB de CV		11,068,400		28,633,764

				66,870,125

Pakistan — 0.1%
MCB Bank Ltd.		4,127,200		6,112,726


Peru — 1.3%
Credicorp Ltd.		301,098		73,193,913


Philippines — 3.2%
Aboitiz Equity Ventures Inc.		13,225,980		15,599,087
Aboitiz Power Corp.		30,578,800		20,604,625
Bank of the Philippine Islands		16,433,768		26,690,574
BDO Unibank Inc.		14,426,443		35,591,920
International Container Terminal Services Inc.		3,339,280		7,489,491
Jollibee Foods Corp.		5,524,820		32,879,729
Manila Electric Co.		1,904,140		13,533,679
Metropolitan Bank & Trust Co.		5,365,362		7,884,136
Security Bank Corp.		1,876,000		6,013,937
SM Investments Corp.		131,320		2,386,713
Universal Robina Corp.		3,132,920		8,244,208

				176,918,099


12		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Edge MSCI Min Vol Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Poland — 0.4%
Bank Polska Kasa Opieki SA		351,750	$	10,547,380
CD Projekt SA^(a)		86,296		4,341,635
Cyfrowy Polsat SA^(a)		716,632		4,840,135

				19,729,150

Qatar — 2.9%
Barwa Real Estate Co.		1,961,358		21,247,374
Commercial Bank PQSC (The)		999,258		10,961,632
Masraf Al Rayan QSC		2,995,972		30,242,475
Qatar Electricity & Water Co. QSC		593,023		28,633,172
Qatar Islamic Bank SAQ		988,742		39,273,790
Qatar National Bank QPSC		626,740		32,267,123

				162,625,566

Russia — 0.2%
Rosneft Oil Co. PJSC		371,300		2,247,085
Rosneft Oil Co. PJSC, GDR^(e)		1,361,976		8,158,236

				10,405,321

South Africa — 1.1%
AngloGold Ashanti Ltd.		350,812		5,040,365
Bidvest Group Ltd. (The)		396,774		5,871,747
Fortress REIT Ltd., Series A		15,038,954		20,237,341
Gold Fields Ltd.		885,472		3,621,870
Reinet Investments SCA		322,672		5,096,428
Sappi Ltd.		423,976		2,178,682
SPAR Group Ltd. (The)		226,058		3,210,795
Tiger Brands Ltd.		122,878		2,327,253
Vodacom Group Ltd.		1,570,212		12,968,209

				60,552,690

South Korea — 9.0%
Celltrion Inc.^(a)(c)		36,307		6,601,566
Cheil Worldwide Inc.		250,446		5,578,085
CJ CheilJedang Corp.		16,884		4,833,865
CJ Logistics Corp.^(a)(c)		64,722		10,933,742
Coway Co. Ltd.		98,490		8,284,124
DB Insurance Co. Ltd.		480,256		30,958,087
E-MART Inc.		37,781		6,046,572
GS Retail Co. Ltd.		87,234		3,001,650
Hanmi Science Co. Ltd.		41,084		2,969,796
Hanwha Life Insurance Co. Ltd.		878,906		3,258,681
Hyundai Glovis Co. Ltd.		45,024		5,584,465
Hyundai Marine & Fire Insurance Co. Ltd.		363,944		12,199,421
Hyundai Mobis Co. Ltd.		17,822		3,494,044
Kangwon Land Inc.^(a)		978,334		26,878,741
Kia Motors Corp.		318,920		10,364,120
Korea Electric Power Corp.^(a)		303,912		9,417,030
Korea Gas Corp.		61,908		2,757,705
KT Corp.		262,836		6,648,603
KT&G Corp.		529,970		49,712,666
Lotte Chemical Corp.		14,070		3,990,691
Lotte Corp.		55,342		2,612,839
Medy-Tox Inc.		5,785		2,808,402
NAVER Corp.		236,376		27,952,350
NCSoft Corp.		64,722		26,528,712
S-1 Corp.		290,780		26,371,086
Samsung Biologics Co. Ltd.^(a)(b)(c)		44,086		14,738,451
Samsung Electronics Co. Ltd.		1,089,018		43,669,167
Samsung Fire & Marine Insurance Co. Ltd.		127,568		34,197,343
Samsung Life Insurance Co. Ltd.		358,316		28,258,762
SK Hynix Inc.		565,614		35,203,147


Security	Shares		Value

South Korea (continued)
SK Telecom Co. Ltd.		181,034	$	41,930,610

				497,784,523

Taiwan — 14.8%
Advantech Co. Ltd.		3,979,333		30,384,977
Asustek Computer Inc.		2,814,000		20,069,631
AU Optronics Corp.		24,388,000		8,993,999
Cathay Financial Holding Co. Ltd.		4,690,000		6,903,222
Chicony Electronics Co. Ltd.		10,697,455		23,635,792
China Development Financial Holding Corp.		21,574,000		6,988,864
Chunghwa Telecom Co. Ltd.		22,512,000		78,266,989
Compal Electronics Inc.		8,442,000		5,239,134
E.Sun Financial Holding Co. Ltd.		36,582,833		26,269,414
Eva Airways Corp.		8,331,332		4,182,382
Far EasTone Telecommunications Co. Ltd.		32,830,000		76,910,727
First Financial Holding Co. Ltd.		118,188,710		79,876,697
Formosa Petrochemical Corp.		5,056,000		19,138,759
Formosa Plastics Corp.		2,814,840		9,374,721
Hon Hai Precision Industry Co. Ltd.		7,504,500		17,727,069
Hua Nan Financial Holdings Co. Ltd.		73,164,160		44,930,470
Innolux Corp.		9,380,000		3,123,974
Lite-On Technology Corp.		1,876,752		2,716,661
Mega Financial Holding Co. Ltd.		16,884,000		14,949,361
Powertech Technology Inc.		3,752,000		8,728,842
President Chain Store Corp.		3,525,000		36,479,538
Quanta Computer Inc.		3,860,000		7,174,045
Standard Foods Corp.		2,257,476		3,865,579
Synnex Technology International Corp.		16,884,000		20,572,515
Taiwan Business Bank		42,210,855		15,566,851
Taiwan Cooperative Financial Holding Co. Ltd.		136,954,953		84,994,707
Taiwan High Speed Rail Corp.		10,318,000		11,063,441
Taiwan Mobile Co. Ltd.		22,717,000		81,194,093
Taiwan Semiconductor Manufacturing Co. Ltd.		7,504,000		58,273,553
United Microelectronics Corp.		7,504,000		2,791,766
WPG Holdings Ltd.		7,362,440		9,521,067

				819,908,840

Thailand — 7.6%
Advanced Info Service PCL, NVDR		2,532,600		14,626,996
Airports of Thailand PCL, NVDR		25,044,600		53,645,712
Bangkok Dusit Medical Services PCL, NVDR		51,777,600		38,776,719
Bangkok Expressway & Metro PCL, NVDR		96,051,200		32,309,170
BTS Group Holdings PCL, NVDR		119,126,000		39,314,888
Bumrungrad Hospital PCL, NVDR		4,502,400		26,646,493
Central Pattana PCL, NVDR		1,876,000		4,494,661
CP ALL PCL, NVDR		20,823,600		51,377,545
Delta Electronics Thailand PCL, NVDR		7,316,400		16,832,654
Electricity Generating PCL, NVDR		2,626,400		22,253,036
Glow Energy PCL, NVDR		10,411,800		30,066,602
Home Product Center PCL, NVDR		34,893,600		16,609,409
IRPC PCL, NVDR		38,927,000		7,288,197
Kasikornbank PCL, NVDR		1,969,800		12,345,434
Krung Thai Bank PCL, NVDR		39,958,800		24,472,982
Minor International PCL, NVDR		4,502,400		5,536,470
PTT Global Chemical PCL, NVDR		2,063,600		4,714,929
Robinson PCL, NVDR		2,626,400		5,375,733
Siam Cement PCL (The), NVDR		656,600		9,876,347
Thai Union Group PCL, NVDR		10,974,600		6,442,843

				423,006,820

United Arab Emirates — 2.2%
DP World Ltd.		801,052		12,824,842


S C H E D U L E O F I N V E S T M E N T S			13

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Edge MSCI Min Vol Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Arab Emirates (continued)
Dubai Islamic Bank PJSC		5,383,182	$	7,650,479
Emaar Development PJSC		1,970,738		2,092,534
Emirates Telecommunications Group Co. PJSC		8,233,764		37,839,896
First Abu Dhabi Bank PJSC		15,315,664		63,380,913

				123,788,664


Total Common Stocks — 99.5% (Cost: $4,858,380,372)				5,514,630,374


Preferred Stocks

Brazil — 0.1%
Telefonica Brasil SA, Preference Shares, NVS		469,000		5,851,479


Colombia — 0.1%
Grupo de Inversiones Suramericana SA, Preference Shares, NVS		579,684		6,220,044


Russia — 0.1%
Transneft PJSC, Preference Shares		695		1,799,298


Total Preferred Stocks — 0.3% (Cost: $13,766,391)				13,870,821


Warrants

Thailand — 0.0%
BTS Group Holdings PCL, NVDR (Expires 11/29/19)^(a)		10,792,211		246,581


Total Warrants — 0.0% (Cost: $0)				246,581


Security	Shares		Value

Short-Term Investments

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(f)(g)(h)		41,336,593	$	41,353,128
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(f)(g)		12,187,281		12,187,281

				53,540,409


Total Short-Term Investments — 1.0% (Cost: $53,524,060)				53,540,409


Total Investments in Securities — 100.8% (Cost: $4,925,670,823)				5,582,288,185

Other Assets, Less Liabilities — (0.8)%				(41,751,702	)


Net Assets — 100.0%			$	5,540,536,483

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

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

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	74,656,625	(33,320,032	)	41,336,593	$	41,353,128	$	759,477	^(b)	$	(501	)	$	1,579
BlackRock Cash Funds: Treasury, SL Agency Shares	14,250,979	(2,063,698	)	12,187,281		12,187,281		99,806			—			—

					$	53,540,409	$	859,283		$	(501	)	$	1,579

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini		132		03/15/19	$	6,908	$	(12,418	)


14		2 0 1 9 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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2019

iShares^® Edge MSCI Min Vol Emerging Markets ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation^(a)	$	12,418

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,211,396


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(29,807	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	10,698,470

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

Fair Value Measurements


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	5,509,949,229		$	—	$	4,681,145	$	5,514,630,374
Preferred Stocks		13,870,821			—		—		13,870,821
Warrants		246,581			—		—		246,581
Money Market Funds		53,540,409			—		—		53,540,409

	$	5,577,607,040		$	—	$	4,681,145	$	5,582,288,185

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(12,418	)	$	—	$	—	$	(12,418	)

^(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			15

Schedule of Investments (unaudited)

February 28, 2019

iShares^® Edge MSCI Min Vol Global ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.0%
Woolworths Group Ltd.		83,963	$	1,712,616


Austria — 0.1%
Erste Group Bank AG		62,411		2,362,992


Belgium — 0.5%
Colruyt SA^(a)		106,862		7,629,576
Proximus SADP		250,991		6,639,217
UCB SA		60,166		5,047,895

				19,316,688

Brazil — 0.1%
BB Seguridade Participacoes SA		257,500		1,874,475


Canada — 3.0%
Agnico Eagle Mines Ltd.		228,990		9,731,640
Barrick Gold Corp.		1,031,353		12,999,590
BCE Inc.		258,175		11,471,831
Fairfax Financial Holdings Ltd.		14,368		7,107,960
First Capital Realty Inc.		80,447		1,308,409
Franco-Nevada Corp.		305,769		23,017,417
Goldcorp Inc.		202,499		2,137,233
Intact Financial Corp.		233,929		19,538,489
RioCan REIT		120,332		2,296,998
Rogers Communications Inc., Class B, NVS		97,882		5,403,949
Shaw Communications Inc., Class B, NVS		199,356		4,108,217
TELUS Corp.		329,566		11,961,469
Thomson Reuters Corp.		130,210		7,075,040

				118,158,242

Chile — 0.4%
Banco de Chile		42,531,525		6,762,047
SACI Falabella		966,248		7,525,468

				14,287,515

China — 2.1%
Agricultural Bank of China Ltd., Class H		5,837,000		2,795,883
China Huishan Dairy Holdings Co. Ltd.^(b)(c)		2,093,055		5,333
China Mobile Ltd.		2,469,500		25,985,465
China Railway Signal & Communication Corp. Ltd., Class H^(d)		2,694,000		2,230,757
China Reinsurance Group Corp., Class H		11,601,000		2,674,948
China Resources Beer Holdings Co. Ltd.		898,000		3,346,136
China Resources Pharmaceutical Group Ltd.^(d)		2,511,500		3,365,816
China Telecom Corp. Ltd., Class H		20,654,000		11,182,387
China Unicom Hong Kong Ltd.		2,694,000		3,195,131
COSCO SHIPPING Ports Ltd.		1,796,000		1,908,156
Fullshare Holdings Ltd.^(a)		5,430,000		1,086,028
Guangdong Investment Ltd.		3,593,147		6,893,525
Inner Mongolia Yitai Coal Co. Ltd., Class B		1,696,952		2,095,736
Jiangsu Expressway Co. Ltd., Class H		1,992,000		2,745,731
Lenovo Group Ltd.		4,550,000		4,098,002
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		1,885,831		2,664,679
Shenzhen International Holdings Ltd.		1,571,500		3,243,178
Sinopharm Group Co. Ltd., Class H		359,200		1,596,994
Yum China Holdings Inc.		77,677		3,240,684

				84,354,569

Czech Republic — 0.1%
Komercni Banka AS		60,615		2,548,898


Security	Shares		Value

Denmark — 0.5%
Chr Hansen Holding A/S		22,450	$	2,289,439
Coloplast A/S, Class B		65,554		6,541,093
Pandora A/S		103,270		5,424,894
Tryg A/S		208,336		5,685,100

				19,940,526

Finland — 0.2%
Elisa OYJ		96,984		4,073,974
Sampo OYJ, Class A		87,555		4,219,259

				8,293,233

France — 0.6%
Dassault Systemes SE		17,511		2,565,254
Getlink SE		180,947		2,674,457
Hermes International		30,532		19,358,157

				24,597,868

Germany — 0.1%
TUI AG		264,910		2,819,560


Hong Kong — 3.6%
CK Infrastructure Holdings Ltd.		1,122,500		9,359,172
CLP Holdings Ltd.		1,571,754		18,621,254
Hang Seng Bank Ltd.		1,257,200		31,150,526
HK Electric Investments & HK Electric Investments Ltd.		4,490,000		4,678,871
HKT Trust & HKT Ltd.		7,111,000		11,106,125
Hong Kong & China Gas Co. Ltd.		5,028,937		11,646,930
Jardine Matheson Holdings Ltd.		179,600		12,313,376
Jardine Strategic Holdings Ltd.		44,900		1,773,550
Link REIT		1,347,000		15,229,210
MTR Corp. Ltd.		2,469,500		14,188,190
PCCW Ltd.		7,633,000		4,589,640
Power Assets Holdings Ltd.		898,000		6,234,681
Yue Yuen Industrial Holdings Ltd.		673,500		2,265,077

				143,156,602

Hungary — 0.1%
OTP Bank Nyrt		98,780		4,180,594


India — 2.0%
Asian Paints Ltd.		254,134		5,020,778
Bajaj Finserv Ltd.		49,839		4,528,315
Britannia Industries Ltd.		96,086		4,129,633
Coal India Ltd.		1,141,807		3,664,955
Dabur India Ltd.		721,992		4,446,580
Eicher Motors Ltd.		15,715		4,389,981
HCL Technologies Ltd.		403,651		5,981,024
Hero MotoCorp Ltd.		58,370		2,156,759
Hindustan Unilever Ltd.		140,088		3,412,572
Infosys Ltd.		974,779		10,063,517
InterGlobe Aviation Ltd.^(d)		151,762		2,401,158
Maruti Suzuki India Ltd.		83,963		8,062,313
Petronet LNG Ltd.		987,351		3,103,941
Pidilite Industries Ltd.		202,499		3,281,067
Sun Pharmaceutical Industries Ltd.		285,564		1,787,228
Tata Consultancy Services Ltd.		215,520		6,010,062
Wipro Ltd.		185,052		959,782
Wipro Ltd., ADR^(a)		893,090		5,001,304

				78,400,969

Indonesia — 0.8%
Bank Central Asia Tbk PT		9,653,500		18,922,713
Indofood CBP Sukses Makmur Tbk PT		2,903,200		2,110,199
Kalbe Farma Tbk PT		21,776,500		2,314,261


16		2 0 1 9 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)

February 28, 2019

iShares^® Edge MSCI Min Vol Global ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Indonesia (continued)
Telekomunikasi Indonesia Persero Tbk PT		20,923,400	$	5,741,199
Unilever Indonesia Tbk PT		942,900		3,262,531

				32,350,903

Ireland — 0.4%
AIB Group PLC		509,615		2,400,116
Kerry Group PLC, Class A		111,352		11,475,091
Ryanair Holdings PLC, ADR^(c)		41,308		3,079,098

				16,954,305

Israel — 0.5%
Azrieli Group Ltd.		55,227		3,092,767
Bank Hapoalim BM		379,216		2,611,385
Bank Leumi Le-Israel BM		431,957		2,857,737
Check Point Software Technologies Ltd.^(a)(c)		35,378		4,326,729
Mizrahi Tefahot Bank Ltd.		233,929		4,482,108
Nice Ltd.^(c)		18,409		2,164,480

				19,535,206

Italy — 0.4%
Intesa Sanpaolo SpA		1,636,156		4,041,046
Snam SpA		2,423,253		11,989,417

				16,030,463

Japan — 12.4%
ABC-Mart Inc.		49,800		2,854,150
Ajinomoto Co. Inc.		179,600		2,716,910
ANA Holdings Inc.		179,600		6,666,432
Asahi Group Holdings Ltd.		44,900		1,938,864
Astellas Pharma Inc.		1,167,400		18,021,711
Benesse Holdings Inc.		134,700		3,660,326
Canon Inc.		673,500		19,366,453
Daiichi Sankyo Co. Ltd.		179,600		6,722,900
Daito Trust Construction Co. Ltd.		44,900		6,225,579
Daiwa House REIT Investment Corp.		3,143		7,013,306
FamilyMart UNY Holdings Co. Ltd.		238,800		6,810,906
FUJIFILM Holdings Corp.		99,600		4,465,537
Hamamatsu Photonics KK		134,700		4,743,299
Hankyu Hanshin Holdings Inc.		44,900		1,629,501
Japan Airlines Co. Ltd.		179,600		6,558,336
Japan Post Bank Co. Ltd.		718,400		8,021,660
Japan Post Holdings Co. Ltd.		1,930,700		23,500,705
Japan Prime Realty Investment Corp.		1,347		5,287,810
Japan Real Estate Investment Corp.		2,245		13,007,770
Japan Retail Fund Investment Corp.		4,668		9,409,802
KDDI Corp.		89,800		2,168,768
Keikyu Corp.^(a)		134,700		2,233,706
Kintetsu Group Holdings Co. Ltd.		44,900		2,028,809
Kirin Holdings Co. Ltd.		134,700		3,011,753
Kyushu Railway Co.		224,500		7,683,660
Lawson Inc.		89,800		5,445,113
McDonald’s Holdings Co. Japan Ltd.		104,200		4,670,841
MEIJI Holdings Co. Ltd.		89,800		7,114,948
Mitsubishi Tanabe Pharma Corp.		404,100		5,829,901
Mizuho Financial Group Inc.		2,289,900		3,603,939
Nagoya Railroad Co. Ltd.		314,300		8,653,697
NEC Corp.		356,800		11,907,222
Nippon Building Fund Inc.		2,245		14,621,137
Nippon Prologis REIT Inc.		3,143		6,685,792
Nippon Telegraph & Telephone Corp.		493,900		21,300,880
Nissan Motor Co. Ltd.		1,212,300		10,480,754
Nissin Foods Holdings Co. Ltd.		89,800		6,235,663
Nitori Holdings Co. Ltd.		51,100		6,373,729


Security	Shares		Value

Japan (continued)
Nomura Real Estate Master Fund Inc.		7,184	$	9,847,991
Nomura Research Institute Ltd.		44,930		1,828,359
NTT Data Corp.		628,600		6,872,136
NTT DOCOMO Inc.		1,481,700		34,493,582
Ono Pharmaceutical Co. Ltd.		179,600		3,692,190
Oracle Corp. Japan		49,800		3,717,553
Oriental Land Co. Ltd./Japan		149,400		16,413,601
Otsuka Corp.		142,300		5,119,579
Otsuka Holdings Co. Ltd.		224,500		9,361,561
Park24 Co. Ltd.		179,600		4,314,143
Sankyo Co. Ltd.		89,800		3,307,402
Secom Co. Ltd.		269,400		23,280,884
Seven & i Holdings Co. Ltd.		44,900		1,973,954
Shimamura Co. Ltd.		44,900		3,795,446
Shionogi & Co. Ltd.		39,429		2,520,452
Suntory Beverage & Food Ltd.		224,500		9,902,039
Taisho Pharmaceutical Holdings Co. Ltd.		49,800		5,041,736
Takeda Pharmaceutical Co. Ltd.		179,600		7,210,137
Terumo Corp.		46,300		2,836,561
Tobu Railway Co. Ltd.		314,300		8,780,749
Toho Co. Ltd./Tokyo		98,600		3,525,225
Toyo Suisan Kaisha Ltd.		134,700		4,997,404
Tsuruha Holdings Inc.		31,400		2,781,207
United Urban Investment Corp.		5,388		8,354,014
USS Co. Ltd.		134,700		2,453,931
West Japan Railway Co.		44,900		3,384,440
Yahoo Japan Corp.		718,400		1,923,133
Yamada Denki Co. Ltd.		1,122,500		5,424,946
Yamazaki Baking Co. Ltd.		179,600		3,075,077

				488,901,701

Malaysia — 0.9%
Hong Leong Bank Bhd		1,122,500		5,874,044
IHH Healthcare Bhd		1,840,900		2,593,965
Malayan Banking Bhd		2,559,300		5,997,818
Maxis Bhd^(a)		3,098,100		4,091,183
Petronas Chemicals Group Bhd		754,000		1,709,549
Petronas Dagangan Bhd		359,200		2,358,451
Public Bank Bhd		1,751,160		10,765,769

				33,390,779

Netherlands — 0.3%
Koninklijke Ahold Delhaize NV		365,935		9,448,454
NXP Semiconductors NV		33,675		3,075,201

				12,523,655

New Zealand — 0.2%
Fisher & Paykel Healthcare Corp. Ltd.		312,504		3,130,681
Spark New Zealand Ltd.		1,849,431		4,701,246

				7,831,927

Peru — 0.2%
Cia. de Minas Buenaventura SAA, ADR		151,762		2,525,320
Credicorp Ltd.		15,266		3,711,012

				6,236,332

Philippines — 0.4%
Bank of the Philippine Islands		1,418,849		2,304,395
BDO Unibank Inc.		2,334,809		5,760,279
Jollibee Foods Corp.		743,010		4,421,858
PLDT Inc.		73,420		1,462,154

				13,948,686


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)

February 28, 2019

iShares^® Edge MSCI Min Vol Global ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Qatar — 0.3%
Qatar Islamic Bank SAQ		70,493	$	2,800,050
Qatar National Bank QPSC		210,132		10,818,450

				13,618,500

Singapore — 1.2%
CapitaLand Commercial Trust		3,951,200		5,672,978
CapitaLand Mall Trust		4,265,500		7,576,377
Oversea-Chinese Banking Corp. Ltd.^(a)		428,700		3,509,045
SATS Ltd.		1,167,400		4,432,180
Singapore Airlines Ltd.		898,000		6,652,590
Singapore Press Holdings Ltd.		1,813,800		3,302,212
Singapore Telecommunications Ltd.		6,735,000		15,053,064

				46,198,446

South Korea — 0.4%
DB Insurance Co. Ltd.		34,573		2,228,632
KT&G Corp.		21,103		1,979,520
S-1 Corp.		28,736		2,606,092
Samsung Fire & Marine Insurance Co. Ltd.		16,164		4,333,108
SK Telecom Co. Ltd.		15,266		3,535,870

				14,683,222

Switzerland — 4.9%
Chocoladefabriken Lindt & Spruengli AG, Registered		156		11,556,716
EMS-Chemie Holding AG, Registered		12,123		7,015,569
Givaudan SA, Registered		898		2,250,859
Kuehne + Nagel International AG, Registered		91,147		11,917,182
Nestle SA, Registered		462,919		41,988,919
Novartis AG, Registered		236,623		21,624,330
Partners Group Holding AG		14,817		10,738,681
Roche Holding AG, NVS		88,453		24,621,579
Schindler Holding AG, Registered		34,124		7,583,872
Sonova Holding AG, Registered		26,042		4,879,281
Swiss Life Holding AG, Registered		7,633		3,333,020
Swiss Prime Site AG, Registered		71,840		6,075,607
Swiss Re AG		28,214		2,798,743
Swisscom AG, Registered		46,247		21,452,257
Zurich Insurance Group AG		43,104		14,278,579

				192,115,194

Taiwan — 3.1%
Asustek Computer Inc.		1,174,000		8,373,044
Chang Hwa Commercial Bank Ltd.		8,531,855		5,128,566
Chicony Electronics Co. Ltd.		903,020		1,995,203
Chunghwa Telecom Co. Ltd.		6,735,000		23,415,431
Compal Electronics Inc.		3,143,000		1,950,556
CTBC Financial Holding Co. Ltd.		3,143,000		2,129,272
E.Sun Financial Holding Co. Ltd.		9,429,260		6,770,966
Far EasTone Telecommunications Co. Ltd.		2,963,000		6,941,410
First Financial Holding Co. Ltd.		17,209,422		11,630,822
Formosa Petrochemical Corp.		1,347,000		5,098,874
Hua Nan Financial Holdings Co. Ltd.		13,470,092		8,272,050
Mega Financial Holding Co. Ltd.		16,613,000		14,709,413
Quanta Computer Inc.		1,209,000		2,247,000
Synnex Technology International Corp.		2,245,250		2,735,752
Taiwan Cooperative Financial Holding Co. Ltd.		15,175,977		9,418,263
Taiwan Mobile Co. Ltd.		2,980,000		10,650,984
WPG Holdings Ltd.		1,606,760		2,077,853

				123,545,459

Thailand — 0.9%
Advanced Info Service PCL, NVDR		269,400		1,555,916
Airports of Thailand PCL, NVDR		2,963,400		6,347,624
Bangkok Dusit Medical Services PCL, NVDR		6,465,600		4,842,147


Security	Shares		Value

Thailand (continued)
Bangkok Expressway & Metro PCL, NVDR		12,616,900	$	4,244,003
BTS Group Holdings PCL, NVDR		9,967,800		3,289,651
Bumrungrad Hospital PCL, NVDR		583,700		3,454,504
CPALL PCL, NVDR		808,200		1,994,051
Home Product Center PCL, NVDR		7,228,900		3,440,968
IRPC PCL, NVDR		11,359,700		2,126,846
Krung Thai Bank PCL, NVDR		5,837,000		3,574,902

				34,870,612

United Arab Emirates — 0.3%
Emirates Telecommunications Group Co. PJSC		1,459,699		6,708,336
First Abu Dhabi Bank PJSC		906,082		3,749,645

				10,457,981

United Kingdom — 1.2%
Admiral Group PLC		61,962		1,798,310
AstraZeneca PLC		30,532		2,493,086
Compass Group PLC		497,492		11,017,542
Direct Line Insurance Group PLC		2,299,405		10,909,453
GlaxoSmithKline PLC		577,414		11,500,309
Kingfisher PLC		567,985		1,829,010
Marks & Spencer Group PLC		1,024,169		3,718,936
Royal Mail PLC		647,458		2,435,429
RSA Insurance Group PLC		246,052		1,672,369

				47,374,444

United States — 57.4%
Abbott Laboratories		169,273		13,138,970
Accenture PLC, Class A		33,153		5,350,231
AGNC Investment Corp.		934,369		16,491,613
Alleghany Corp.		22,899		14,723,141
Allstate Corp. (The)		191,723		18,094,817
Altria Group Inc.		450,347		23,602,686
Ameren Corp.		57,921		4,126,292
American Electric Power Co. Inc.		161,191		13,080,650
American Tower Corp.		41,308		7,276,404
American Water Works Co. Inc.		95,188		9,673,005
Amphenol Corp., Class A		89,198		8,381,936
Annaly Capital Management Inc.		2,316,840		23,469,589
Anthem Inc.		19,307		5,806,194
Aon PLC		73,636		12,630,783
Apple Inc.		20,654		3,576,240
Aramark		101,025		3,061,058
Arch Capital Group Ltd.^(c)		682,929		22,311,290
Arthur J Gallagher & Co.		52,853		4,243,039
AT&T Inc.		776,770		24,173,082
Athene Holding Ltd., Class A^(c)		140,537		6,260,923
Automatic Data Processing Inc.		82,616		12,642,727
AutoZone Inc.^(c)		15,266		14,334,316
AvalonBay Communities Inc.		119,883		23,332,828
Baxter International Inc.		223,602		16,709,777
Becton Dickinson and Co.		43,104		10,723,844
Berkshire Hathaway Inc., Class B^(c)		98,331		19,794,030
Boston Scientific Corp.^(c)		166,130		6,665,136
Bristol-Myers Squibb Co.		85,759		4,430,310
Broadridge Financial Solutions Inc.		103,719		10,501,549
Burlington Stores Inc.^(c)		28,736		4,877,649
Camden Property Trust		56,574		5,549,344
Campbell Soup Co.		134,251		4,835,721
CH Robinson Worldwide Inc.		162,089		14,649,604
Chevron Corp.		17,960		2,147,657
Chubb Ltd.		130,659		17,495,240


18		2 0 1 9 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)

February 28, 2019

iShares^® Edge MSCI Min Vol Global ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Church & Dwight Co. Inc.		278,829	$	18,346,948
Cigna Corp.		12,572		2,193,060
Cincinnati Financial Corp.		112,699		9,784,527
Cisco Systems Inc.		202,499		10,483,373
Clorox Co. (The)		139,190		21,996,196
CMS Energy Corp.		45,798		2,491,411
Coca-Cola Co. (The)		665,867		30,190,410
Cognizant Technology Solutions Corp., Class A		35,022		2,485,862
Colgate-Palmolive Co.		146,374		9,641,655
Comcast Corp., Class A		326,423		12,622,777
CommScope Holding Co. Inc.^(c)		147,721		3,443,377
Conagra Brands Inc.		244,512		5,714,245
Consolidated Edison Inc.		518,595		42,758,158
Constellation Brands Inc., Class A		43,553		7,367,425
Cooper Companies Inc. (The)		9,878		2,825,009
Costco Wholesale Corp.		42,206		9,232,140
Crown Castle International Corp.		123,026		14,609,338
CVS Health Corp.		202,499		11,710,517
Danaher Corp.		76,779		9,752,469
Darden Restaurants Inc.		42,655		4,782,052
Dell Technologies Inc., Class C^(c)		13,021		726,832
Dollar General Corp.		117,189		13,882,209
Dominion Energy Inc.		290,503		21,523,367
DTE Energy Co.		72,738		8,987,507
Duke Energy Corp.		343,485		30,796,865
Duke Realty Corp.		186,784		5,523,203
eBay Inc.		97,433		3,619,636
Ecolab Inc.		26,418		4,462,264
Edison International		35,920		2,151,249
Eli Lilly & Co.^(a)		219,561		27,728,359
Entergy Corp.		50,737		4,735,284
Equity Residential		177,804		13,102,377
Essex Property Trust Inc.		13,470		3,769,445
Estee Lauder Companies Inc. (The), Class A		13,470		2,113,982
Everest Re Group Ltd.		47,594		10,761,479
Evergy Inc.		141,884		7,932,734
Eversource Energy		80,371		5,610,700
Expeditors International of Washington Inc.		199,356		14,941,732
Extra Space Storage Inc.		54,778		5,255,401
Exxon Mobil Corp.		358,751		28,352,092
F5 Networks Inc.^(c)		91,147		15,325,457
Federal Realty Investment Trust		16,613		2,219,331
Fidelity National Financial Inc.		129,761		4,553,314
Fidelity National Information Services Inc.		145,476		15,733,229
Fiserv Inc.^(a)(c)		278,829		23,614,028
General Dynamics Corp.		10,327		1,757,862
General Mills Inc.		114,495		5,396,149
Genuine Parts Co.		39,961		4,346,958
Gilead Sciences Inc.		28,287		1,839,221
Harris Corp.		73,636		12,144,785
HCA Healthcare Inc.		19,756		2,746,874
HCP Inc.		341,689		10,513,771
Henry Schein Inc.^(c)		92,494		5,484,894
Hershey Co. (The)		96,535		10,684,494
Home Depot Inc. (The)		54,329		10,058,471
Hormel Foods Corp.		280,176		12,148,431
Humana Inc.		24,246		6,911,080
Intel Corp.		39,063		2,068,776
International Business Machines Corp.		74,534		10,295,381
Intuit Inc.		17,511		4,327,493


Security	Shares		Value

United States (continued)
Invitation Homes Inc.		128,414	$	2,953,522
Jack Henry & Associates Inc.		128,414		17,031,549
JM Smucker Co. (The)		71,840		7,608,574
Johnson & Johnson		378,956		51,780,548
Kellogg Co.		254,450		14,315,357
Kimberly-Clark Corp.		108,209		12,642,057
Kraft Heinz Co. (The)		86,657		2,876,146
L3 Technologies Inc.		16,613		3,517,803
Laboratory Corp. of America Holdings^(c)		86,657		12,846,034
Liberty Broadband Corp., Class C, NVS^(a)(c)		40,859		3,656,881
Liberty Property Trust		210,132		9,945,548
Lockheed Martin Corp.		110,903		34,314,497
Lowe’s Companies Inc.		23,348		2,453,641
Markel Corp.^(c)		23,797		23,913,129
Marsh & McLennan Companies Inc.		312,953		29,110,888
Mastercard Inc., Class A		49,839		11,202,312
McCormick & Co. Inc./MD, NVS		200,703		27,291,594
McDonald’s Corp.		215,969		39,703,741
Medtronic PLC		176,906		16,009,993
Merck & Co. Inc.		424,754		34,528,253
Microsoft Corp.		30,981		3,470,801
Mid-America Apartment Communities Inc.		17,960		1,860,297
Mondelez International Inc., Class A		78,482		3,701,211
Motorola Solutions Inc.		250,542		35,857,571
National Retail Properties Inc.		219,561		11,439,128
Newmont Mining Corp.		378,058		12,899,339
NextEra Energy Inc.		159,844		30,005,916
Nordstrom Inc.		62,411		2,950,792
Northrop Grumman Corp.		45,349		13,149,396
O’Reilly Automotive Inc.^(c)		21,552		8,016,482
Occidental Petroleum Corp.		96,086		6,356,089
Oracle Corp.		71,840		3,745,019
Palo Alto Networks Inc.^(c)		38,541		9,491,492
Paychex Inc.		321,933		24,795,280
PepsiCo Inc.		307,565		35,566,817
Pfizer Inc.		683,827		29,643,900
Philip Morris International Inc.		44,451		3,864,570
Pinnacle West Capital Corp.		22,450		2,104,463
Procter & Gamble Co. (The)		350,669		34,558,430
Progressive Corp. (The)		178,702		13,027,376
Public Storage		122,128		25,828,851
Raytheon Co.		168,824		31,485,676
Realty Income Corp.		120,332		8,322,161
RenaissanceRe Holdings Ltd.		66,901		9,837,792
Republic Services Inc.		386,589		30,320,175
Rollins Inc.		71,391		2,831,367
Ross Stores Inc.		162,538		15,413,479
Simon Property Group Inc.		57,023		10,330,287
Southern Co. (The)		656,438		32,618,404
Starbucks Corp.		216,867		15,237,075
Stryker Corp.		130,210		24,545,887
Synopsys Inc.^(c)		35,920		3,652,346
Sysco Corp.		141,435		9,553,934
Tapestry Inc.		179,151		6,259,536
Target Corp.		51,186		3,718,151
TJX Companies Inc. (The)		660,695		33,887,047
Travelers Companies Inc. (The)		119,883		15,933,650
Twenty-First Century Fox Inc., Class B		39,694		1,991,051
Tyson Foods Inc., Class A		37,267		2,297,883
UDR Inc.		294,544		13,083,645


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)

February 28, 2019

iShares^® Edge MSCI Min Vol Global ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Ulta Salon Cosmetics & Fragrance Inc.^(c)		9,429	$	2,946,468
UnitedHealth Group Inc.		96,535		23,382,708
Universal Health Services Inc., Class B		26,042		3,615,411
Varian Medical Systems Inc.^(c)		28,736		3,860,969
Ventas Inc.		136,047		8,536,949
VeriSign Inc.^(c)		33,675		5,995,497
Verizon Communications Inc.		663,958		37,792,489
Visa Inc., Class A		204,744		30,326,681
Walmart Inc.		296,789		29,379,143
Walt Disney Co. (The)		41,757		4,711,860
Waste Management Inc.		466,960		47,279,700
WEC Energy Group Inc.		354,261		27,023,029
Welltower Inc.		92,494		6,873,229
Worldpay Inc., Class A^(c)		39,063		3,742,235
WP Carey Inc.		184,988		13,665,064
WR Berkley Corp.		158,484		13,258,771
Xcel Energy Inc.		496,594		27,243,147
Yum! Brands Inc.		90,698		8,570,961

				2,258,298,484

Total Common Stocks — 99.6% (Cost: $3,453,197,105)				3,914,871,646


Short-Term Investments

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(e)(f)(g)		47,476,690		47,495,681


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(e)(f)		3,429,491	$	3,429,491

				50,925,172


Total Short-Term Investments — 1.3% (Cost: $50,920,754)				50,925,172


Total Investments in Securities — 100.9% (Cost: $3,504,117,859)				3,965,796,818

Other Assets, Less Liabilities — (0.9)%				(34,312,461	)


Net Assets — 100.0%			$	3,931,484,357

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

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

^(c)	Non-income producing security.

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income			NetRealized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	40,988,658	6,488,032		47,476,690	$	47,495,681	$	157,901	^(b)	$	10,582		$	(7,122	)
BlackRock Cash Funds: Treasury, SL Agency Shares	3,646,867	(217,376	)	3,429,491		3,429,491		70,827			—			—

					$	50,925,172	$	228,728		$	10,582		$	(7,122	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE E-Mini		49		03/15/19	$	4,579	$	223,500
MSCI Emerging Markets E-Mini		39		03/15/19		2,041		70,886
S&P 500 E-Mini Index		33		03/15/19		4,595		276,888

							$	571,274


20		2 0 1 9 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)

February 28, 2019

iShares^® Edge MSCI Min Vol Global ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	571,274

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(576,477	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	494,766

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	16,589,663

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,914,866,313	$	—	$	5,333	$	3,914,871,646
Money Market Funds		50,925,172		—		—		50,925,172

	$	3,965,791,485	$	—	$	5,333	$	3,965,796,818

Derivative financial instruments^(a)
Assets
Futures Contracts	$	571,274	$	—	$	—	$	571,274

^(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)

February 28, 2019

iShares^® Edge MSCI Multifactor Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 6.4%
BB Seguridade Participacoes SA		400,200	$	2,913,262
Cia. de Saneamento Basico do Estado de Sao Paulo		193,200		2,027,177
Hypera SA		200,100		1,435,288
IRB Brasil Resseguros S/A		62,100		1,473,742
Lojas Renner SA		407,100		4,698,163
M. Dias Branco SA		62,100		777,937
Magazine Luiza SA		41,400		1,914,871
Petrobras Distribuidora SA		41,400		269,910
Porto Seguro SA		53,300		796,462
Sul America SA		117,378		951,481
TIM Participacoes SA		489,900		1,544,062

				18,802,355

Chile — 0.4%
Cia. Cervecerias Unidas SA		85,284		1,207,970


China — 36.3%
51job Inc., ADR^(a)(b)		14,007		1,012,146
Agile Group Holdings Ltd.		828,000		1,034,763
Alibaba Group Holding Ltd., ADR^(a)		35,949		6,579,745
Angang Steel Co. Ltd., Class A		6,900		5,843
Angang Steel Co. Ltd., Class H		658,000		489,531
Anhui Conch Cement Co. Ltd., Class A		41,400		219,206
Anhui Conch Cement Co. Ltd., Class H		690,000		3,946,725
ANTA Sports Products Ltd.		69,000		404,342
Beijing Capital International Airport Co. Ltd., Class H		966,000		966,025
BOC Aviation Ltd.^(c)		117,300		1,014,633
BYD Electronic International Co. Ltd.		379,500		485,386
China Agri-Industries Holdings Ltd.		1,311,000		465,960
China CITIC Bank Corp. Ltd., Class H		4,761,000		3,093,213
China Communications Services Corp. Ltd., Class H		1,380,000		1,387,067
China Conch Venture Holdings Ltd.		931,500		3,109,035
China Everbright Ltd.		552,000		1,115,279
China Longyuan Power Group Corp. Ltd., Class H		1,794,000		1,339,249
China Medical System Holdings Ltd.		759,000		798,662
China Mobile Ltd.		931,500		9,801,766
China Oriental Group Co. Ltd.		690,000		462,356
China Reinsurance Group Corp., Class H		3,381,000		779,588
China Resources Cement Holdings Ltd.		1,380,000		1,469,693
China Telecom Corp. Ltd., Class H		8,004,000		4,333,486
China Travel International Investment Hong Kong Ltd.		1,242,000		368,654
China Zhongwang Holdings Ltd.		938,400		497,305
Chongqing Rural Commercial Bank Co. Ltd., Class H		1,449,000		906,340
COSCO SHIPPING Ports Ltd.		966,000		1,026,324
CSPC Pharmaceutical Group Ltd.		2,484,000		4,240,312
Dongfeng Motor Group Co. Ltd., Class H		1,518,000		1,614,729
Guangzhou Automobile Group Co. Ltd., Class H		1,656,000		2,035,772
Haitian International Holdings Ltd.		345,000		754,185
Henan Shuanghui Investment & Development Co. Ltd., Class A		20,670		74,558
Hua Hong Semiconductor Ltd.^(c)		276,000		645,540
Huaneng Renewables Corp. Ltd., Class H		2,760,000		840,327
Jiangsu Expressway Co. Ltd., Class H		690,000		951,082
Kingboard Holdings Ltd.		379,500		1,329,492
Kingboard Laminates Holdings Ltd.		621,000		761,041
Kingdee International Software Group Co. Ltd.		1,311,000		1,419,590
Lee & Man Paper Manufacturing Ltd.		897,000		826,175
Logan Property Holdings Co. Ltd.		828,000		1,179,271
Luye Pharma Group Ltd.^(b)(c)		310,500		231,793


Security	Shares		Value

China (continued)
Maanshan Iron & Steel Co. Ltd., Class A		62,100	$	36,452
Maanshan Iron & Steel Co. Ltd., Class H		966,000		460,246
Nexteer Automotive Group Ltd.		533,000		759,120
Nine Dragons Paper Holdings Ltd.		897,000		930,161
Noah Holdings Ltd., ADR^(a)(b)		16,008		924,462
People’s Insurance Co. Group of China Ltd. (The), Class H		4,209,000		1,908,844
PICC Property & Casualty Co. Ltd., Class H		3,865,000		4,628,271
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,104,000		959,168
Shanghai Industrial Holdings Ltd.		276,000		618,818
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		448,500		1,007,865
Shenzhen International Holdings Ltd.		552,000		1,139,188
Shui On Land Ltd.		2,070,000		516,854
Sihuan Pharmaceutical Holdings Group Ltd.		2,139,000		446,885
Sino Biopharmaceutical Ltd.		4,002,000		3,471,887
Sino-Ocean Group Holding Ltd.		1,725,000		806,486
Sinopec Engineering Group Co. Ltd., Class H		759,000		689,402
Sinopec Shanghai Petrochemical Co. Ltd., Class H		1,794,000		909,593
Sinotrans Ltd., Class H		1,173,000		551,399
Sinotruk Hong Kong Ltd.		379,500		690,369
SSY Group Ltd.		828,000		734,144
Sun Art Retail Group Ltd.		1,345,500		1,367,817
Tencent Holdings Ltd.		172,500		7,379,233
Towngas China Co. Ltd.		621,000		495,230
Uni-President China Holdings Ltd.		759,000		675,866
Yum China Holdings Inc.		179,814		7,501,840
Yuzhou Properties Co. Ltd.		897,000		437,656
YY Inc., ADR^(a)		27,393		1,931,206
Zhongsheng Group Holdings Ltd.		310,500		721,486

				106,716,137

Czech Republic — 0.3%
Moneta Money Bank AS^(c)		284,280		1,008,394


Egypt — 0.2%
Eastern Tobacco		500,146		476,452


Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		58,857		687,455


India — 3.8%
Dr. Reddy’s Laboratories Ltd.		55,131		2,039,830
Glenmark Pharmaceuticals Ltd.		79,626		667,839
Hero MotoCorp Ltd.		28,635		1,058,057
Hindustan Petroleum Corp. Ltd.		347,691		1,091,816
Marico Ltd.		112,263		536,170
Page Industries Ltd.		3,105		972,949
Petronet LNG Ltd.		287,937		905,189
REC Ltd.		392,127		751,713
Tech Mahindra Ltd.		267,651		3,123,889

				11,147,452

Indonesia — 2.2%
Adaro Energy Tbk PT		8,197,200		763,343
Bank Danamon Indonesia Tbk PT		1,642,200		995,184
Bank Negara Indonesia Persero Tbk PT		255,300		159,704
Bank Tabungan Negara Persero Tbk PT		2,353,000		406,454
Bukit Asam Tbk PT		1,621,500		458,758
Indah Kiat Pulp & Paper Corp. Tbk PT		1,559,400		1,222,135
Pabrik Kertas Tjiwi Kimia Tbk PT		793,500		630,344


22		2 0 1 9 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)

February 28, 2019

iShares^® Edge MSCI Multifactor Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Indonesia (continued)
United Tractors Tbk PT		952,200	$	1,793,730

				6,429,652

Malaysia — 2.5%
AirAsia Group Bhd		869,400		592,214
Alliance Bank Malaysia Bhd		593,400		577,859
AMMB Holdings Bhd		924,600		1,016,344
Hartalega Holdings Bhd		759,000		933,235
Nestle Malaysia Bhd		27,600		1,004,500
PPB Group Bhd		345,020		1,557,744
Sime Darby Bhd		1,359,300		725,361
Top Glove Corp. Bhd		800,400		893,598

				7,300,855

Mexico — 0.3%
Megacable Holdings SAB de CV, CPO		165,600		756,690


Peru — 1.3%
Credicorp Ltd.		15,939		3,874,612


Philippines — 0.2%
DMCI Holdings Inc.		2,318,400		511,016


Poland — 0.9%
Dino Polska SA^(a)(c)		27,807		787,442
Jastrzebska Spolka Weglowa SA^(a)		29,739		453,345
PGE Polska Grupa Energetyczna SA^(a)		479,757		1,472,855

				2,713,642

Qatar — 1.1%
Barwa Real Estate Co.		109,434		1,185,498
Commercial Bank PQSC (The)		112,401		1,233,013
Ooredoo QPSC		46,437		850,996

				3,269,507

Russia — 3.0%
Inter RAOUES PJSC		18,009,000		1,069,943
Magnitogorsk Iron & Steel Works PJSC		1,242,000		838,728
Mobile TeleSystems PJSC, ADR		17,388		134,409
Tatneft PJSC		570,630		6,720,655

				8,763,735

South Africa — 5.3%
Bidvest Group Ltd. (The)		191,958		2,840,733
Capitec Bank Holdings Ltd.		22,977		2,134,622
Exxaro Resources Ltd.		142,209		1,534,461
Investec Ltd.		163,116		1,062,226
Kumba Iron Ore Ltd.		36,432		967,366
Liberty Holdings Ltd.		74,037		542,376
Mondi Ltd.		67,620		1,592,918
Mr. Price Group Ltd.		145,935		2,240,818
Netcare Ltd.		589,191		1,066,075
RMB Holdings Ltd.		129,041		735,332
Telkom SA SOC Ltd.		165,462		824,015

				15,540,942

South Korea — 15.3%
BNK Financial Group Inc.		154,353		973,026
Daelim Industrial Co. Ltd.		16,146		1,343,705
DB Insurance Co. Ltd.		28,497		1,836,963
DGB Financial Group Inc.		100,050		754,356
E-MART Inc.		12,006		1,921,472
Hana Financial Group Inc.		171,180		5,912,993
Hankook Tire Co. Ltd.		42,918		1,631,319
Hanwha Chemical Corp.		60,444		1,257,571


Security	Shares		Value

South Korea (continued)
Hanwha Corp.		24,909	$	712,034
Hanwha Life Insurance Co. Ltd.		186,162		690,225
Hyundai Department Store Co. Ltd.		8,195		705,322
Hyundai Marine & Fire Insurance Co. Ltd.		36,087		1,209,638
Hyundai Steel Co.		46,023		2,039,874
Kumho Petrochemical Co. Ltd.		10,419		886,546
LG Corp.		37,329		2,489,264
LG Uplus Corp.		63,963		853,067
Orange Life Insurance Ltd.^(c)		19,803		628,583
POSCO Chemtech Co. Ltd.^(b)		13,455		824,264
Samsung Electronics Co. Ltd.		176,157		7,063,822
SK Hynix Inc.		117,783		7,330,675
SK Telecom Co. Ltd.		11,799		2,732,853
Yuhan Corp.		5,145		1,191,671

				44,989,243

Taiwan — 12.2%
Asia Cement Corp.		1,242,000		1,565,792
AU Optronics Corp.		4,899,000		1,806,692
Chicony Electronics Co. Ltd.		331,169		731,711
China Life Insurance Co. Ltd./Taiwan		1,518,599		1,418,606
Far Eastern New Century Corp.		1,794,000		1,777,882
Feng TAY Enterprise Co. Ltd.		207,880		1,306,997
Innolux Corp.		5,106,000		1,700,534
Inventec Corp.		1,449,000		1,120,537
Lite-On Technology Corp.		1,173,718		1,698,995
Micro-Star International Co. Ltd.		414,000		1,100,359
Nanya Technology Corp.		414,000		836,703
Novatek Microelectronics Corp.		345,000		1,916,885
Phison Electronics Corp.		69,000		627,752
Powertech Technology Inc.		207,000		481,575
Realtek Semiconductor Corp.		276,000		1,596,283
Ruentex Development Co. Ltd.		345,000		543,678
Ruentex Industries Ltd.		193,400		511,519
Shin Kong Financial Holding Co. Ltd.		5,037,742		1,510,840
Synnex Technology International Corp.		759,000		924,813
Taiwan Business Bank		2,208,004		814,285
Taiwan Semiconductor Manufacturing Co. Ltd.		621,000		4,822,478
United Microelectronics Corp.		6,141,000		2,284,680
Win Semiconductors Corp.		192,000		1,091,742
Wistron Corp.		1,252,063		868,570
WPG Holdings Ltd.		897,160		1,160,202
Yageo Corp.		163,358		1,836,527

				36,056,637

Thailand — 1.0%
Central Pattana PCL, NVDR		772,800		1,851,532
Robinson PCL, NVDR		296,700		607,287
TMB Bank PCL, NVDR		6,127,200		443,317

				2,902,136

Turkey — 0.3%
TAV Havalimanlari Holding AS		104,328		544,133
Turkiye Sise ve Cam Fabrikalari AS		374,118		472,733

				1,016,866

United Arab Emirates — 1.2%
Aldar Properties PJSC		2,255,886		1,093,242
Dubai Islamic Bank PJSC		792,603		1,126,433


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)

February 28, 2019

iShares^® Edge MSCI Multifactor Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Arab Emirates (continued)
Emaar Properties PJSC		1,007,676	$	1,344,299

				3,563,974


Total Common Stocks — 94.4% (Cost: $287,513,661)				277,735,722


Preferred Stocks

Brazil — 2.2%
Itausa-Investimentos Itau SA, Preference Shares, NVS		1,973,438		6,509,281


Russia — 0.8%
Surgutneftegas PJSC, Preference Shares, NVS		3,933,000		2,397,834


South Korea — 2.0%
Samsung Electronics Co. Ltd., Preference Shares, NVS		178,089		5,700,368


Total Preferred Stocks — 5.0% (Cost: $13,434,329)				14,607,483


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(d)(e)(f)		1,371,986		1,372,534


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		191,684	$	191,684

				1,564,218


Total Short-Term Investments — 0.5% (Cost: $1,563,815)				1,564,218


Total Investments in Securities — 99.9% (Cost: $302,511,805)				293,907,423

Other Assets, Less Liabilities — 0.1%				292,690


Net Assets — 100.0%			$	294,200,113

^(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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased	Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	7,667,698	—	(6,295,712	)^(b)	1,371,986	$	1,372,534	$	13,564	^(c)	$	42		$	(252	)
BlackRock Cash Funds: Treasury, SL Agency Shares	315,226	—	(123,542	)^(b)	191,684		191,684		5,569			—			—
iShares MSCI India ETF	269,999	—	(269,999	)	—		—		—			(511,127	)		(462,793	)

						$	1,564,218	$	19,133		$	(511,085	)	$	(463,045	)

^(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 offees 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 Emerging Markets E-Mini

03/15/19

1,779

83,948


24		2 0 1 9 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)

February 28, 2019

iShares^® Edge MSCI Multifactor Emerging Markets ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	83,948

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(22,624	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	99,043

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,091,938

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	277,735,722	$	—	$	—	$	277,735,722
Preferred Stocks		14,607,483		—		—		14,607,483
Money Market Funds		1,564,218		—		—		1,564,218

	$	293,907,423	$	—	$	—	$	293,907,423

Derivative financial instruments^(a)
Assets
Futures Contracts	$	83,948	$	—	$	—	$	83,948

^(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)

February 28, 2019

iShares^® ESG MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 4.0%
Atacadao Distribuicao Comercio e Industria Ltda		151,000	$	785,953
B3 SA - Brasil, Bolsa, Balcao		422,800		3,696,717
Banco Bradesco SA		135,902		1,396,255
Banco do Brasil SA		135,900		1,833,622
Banco Santander Brasil SA		106,900		1,281,004
Cielo SA		211,400		612,737
Cosan SA		166,100		1,935,490
Engie Brasil Energia SA		131,000		1,437,760
Klabin SA		105,700		508,454
Localiza Rent a Car SA		90,630		834,949
Lojas Renner SA		45,300		522,787
M. Dias Branco SA		45,300		567,480
Natura Cosmeticos SA		105,700		1,363,580
Petrobras Distribuidora SA		75,500		492,227
Ultrapar Participacoes SA		135,900		1,935,449
WEGSA		241,680		1,187,053


			20,391,517

Chile — 0.9%
Banco Santander Chile		12,873,354		1,028,177
Empresas COPEC SA		175,311		2,382,725
Enel AmericasSA		6,840,300		1,190,844


			4,601,746

China — 29.1%
3SBio Inc.^(a)		302,000		499,371
AAC Technologies Holdings Inc.		109,500		650,740
Agricultural Bank ofChina Ltd., Class H		1,510,000		723,280
Alibaba Group Holding Ltd., ADR^(b)(c)		122,914		22,496,949
Alibaba Health Information Technology Ltd.^(b)		604,000		619,404
Alibaba Pictures Group Ltd.^(b)		4,530,000		836,773
BAIC Motor Corp. Ltd., Class H^(a)		830,500		527,936
Baidu Inc., ADR^(b)		16,912		2,748,876
Bank of China Ltd., Class H		3,020,000		1,408,087
Baozun Inc., ADR^(b)(c)		15,855		593,770
BBMG Corp., Class H		1,963,000		720,202
BOC Aviation Ltd.^(a)		120,800		1,044,908
Brilliance China Automotive Holdings Ltd.		604,000		591,704
BYD Co. Ltd., Class H^(c)		151,000		965,655
BYD Electronic International Co. Ltd.		453,000		579,393
CAR Inc.^(b)		1,510,000		1,327,295
China Agri-Industries Holdings Ltd.		1,359,000		483,020
China CITIC Bank Corp. Ltd., Class H		604,000		392,418
China Construction Bank Corp., Class H		9,513,000		8,458,908
China Everbright Bank Co. Ltd., Class H		2,567,000		1,229,575
China Everbright International Ltd.		1,057,666		1,034,787
China Everbright Ltd.		346,000		699,070
China First Capital Group Ltd.^(b)		1,208,000		535,535
China International Capital Corp. Ltd., Class H^(a)		483,200		1,122,776
China Life Insurance Co. Ltd., Class H		302,000		831,002
China Longyuan Power Group Corp. Ltd., Class H		1,208,000		901,791
China Mengniu DairyCo. Ltd.		246,000		759,956
China Merchants Bank Co. Ltd., Class H		830,500		3,808,759
China Minsheng BankingCorp. Ltd., Class H		2,189,500		1,690,281
China Mobile Ltd.		255,000		2,683,253
China Molybdenum Co. Ltd., Class H		2,325,000		1,113,659
China Oilfield Services Ltd., Class H		582,000		576,083
China Overseas Land & Investment Ltd.		302,000		1,111,850
China Pacific Insurance Group Co. Ltd., Class H		241,600		909,486
China Petroleum &Chemical Corp., Class H		906,000		782,527


Security	Shares		Value

China (continued)
China Shenhua Energy Co. Ltd., Class H		226,500	$	558,618
China Tower Corp. Ltd., Class H^(a)(b)		6,342,000		1,502,729
China Travel International Investment Hong Kong Ltd.		3,322,000		986,045
China Vanke Co. Ltd., Class H		196,300		745,209
CNOOC Ltd.		1,359,000		2,344,118
Country Garden Holdings Co. Ltd.		453,000		596,706
Country Garden Services Holdings Co. Ltd.^(b)		755,000		1,242,656
CSPC Pharmaceutical Group Ltd.		604,000		1,031,058
Ctrip.com International Ltd., ADR^(b)(c)		32,918		1,123,491
Fosun International Ltd.		906,000		1,491,187
GDS Holdings Ltd., ADR^(b)		17,516		582,757
Geely Automobile Holdings Ltd.		1,395,000		2,619,468
Genscript Biotech Corp.^(b)		302,000		564,774
Greentown China Holdings Ltd.		604,000		513,221
Greentown Service Group Co. Ltd.		604,000		550,924
Guangzhou Automobile Group Co. Ltd., Class H		605,200		743,991
HengTen Networks Group Ltd.^(b)		13,892,000		495,523
Huaneng Renewables Corp. Ltd., Class H		2,822,000		859,204
Huazhu Group Ltd., ADR		15,855		556,035
Hutchison China MediTech Ltd., ADR^(b)		18,422		480,630
Industrial &Commercial Bank of China Ltd., Class H		4,832,000		3,717,965
JD.com Inc., ADR^(b)		43,035		1,192,500
Kingboard Holdings Ltd.		151,000		528,994
Kingboard Laminates Holdings Ltd.		453,000		555,156
Kingdee International Software Group Co. Ltd.		1,359,000		1,471,566
Lee & Man Paper Manufacturing Ltd.		604,000		556,310
Legend Holdings Corp., Class H^(a)		347,300		966,713
Lenovo Group Ltd.		2,114,000		1,903,995
MMG Ltd.^(b)		2,416,000		1,144,936
Momo Inc., ADR^(b)		15,704		520,902
Net Ease Inc., ADR		3,624		808,949
New Oriental Education & Technology Group Inc., ADR^(b)		11,174		916,938
PetroChina Co. Ltd., Class H		604,000		399,343
Ping An Insurance Group Co. of China Ltd., Class H		528,500		5,564,540
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		151,000		535,727
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		679,500		1,526,966
Shenzhou International Group Holdings Ltd.		135,900		1,696,629
Shui On Land Ltd.		3,624,000		904,869
Sino Biopharmaceutical Ltd.		755,000		654,991
Sinopharm Group Co. Ltd., Class H		120,800		537,074
Sinotrans Ltd., Class H.		1,510,000		709,814
SOHO China Ltd.^(b)		2,491,500		1,063,279
Sunac China Holdings Ltd.		312,000		1,305,664
SunnyOptical Technology Group Co. Ltd.		45,300		536,689
TAL Education Group, ADR^(b)		20,536		731,082
Tencent Holdings Ltd.		589,200		25,204,892
Tong Ren Tang Technologies Co. Ltd., Class H		302,000		395,495
Towngas China Co. Ltd.		761,000		606,877
TravelSky Technology Ltd., Class H		314,000		910,023
Vipshop Holdings Ltd., ADR^(b)		74,594		535,585
Wuxi Biologics Cayman Inc.^(a)(b)		151,000		1,433,094
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		543,600		623,252
Xinyi Solar Holdings Ltd.		1,554,000		764,152
Yanzhou Coal Mining Co. Ltd., Class H		604,000		599,399
Yuzhou Properties Co. Ltd.		1,057,000		515,721
Zhongsheng Group Holdings Ltd. .		377,500		877,169

				147,964,673

Colombia — 0.8%
Bancolombia SA		44,545		520,502


26		2 0 1 9 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)

February 28, 2019

iShares^® ESG MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Colombia (continued)
Cementos Argos SA		807,246	$	2,131,369
Ecopetrol SA		471,875		478,127
Grupo Argos SA/Colombia		139,524		811,987


			3,941,985

Czech Republic — 0.3%
Komercni Banka AS		33,371		1,403,271


Egypt — 0.1%
Commercial International Bank Egypt SAE		113,050		452,845


Greece — 0.2%
Hellenic Telecommunications Organization SA		66,640		846,095


Hungary — 0.7%
MOLHungarian Oil & Gas PLC		302,906		3,537,967


India — 9.0%
Asian Paints Ltd.		157,342		3,108,515
Axis Bank Ltd., GDR^(b)		58,320		2,898,504
Bajaj Finance Ltd.		25,066		933,549
Bharat Petroleum Corp. Ltd.		121,253		575,441
Bharti Airtel Ltd.		167,761		750,164
Bharti Infratel Ltd.		126,387		521,798
Dabur India Ltd.		305,624		1,882,267
Eicher Motors Ltd.		2,114		590,545
HCL Technologies Ltd.		83,503		1,237,290
Hindalco Industries Ltd.		195,998		539,416
Hindustan Unilever Ltd.		113,703		2,769,828
Housing Development Finance Corp. Ltd.		165,647		4,287,999
Indiabulls Housing Finance Ltd.		79,728		734,494
Indian Oil Corp. Ltd.		410,267		834,075
Infosys Ltd.		398,489		4,113,959
Infosys Ltd., ADR		152,661		1,636,526
Mahindra & Mahindra Ltd.		46,206		419,598
Mahindra & Mahindra Ltd., GDR		155,379		1,429,487
Marico Ltd.		237,070		1,132,250
Nestle India Ltd.		9,513		1,423,046
Piramal Enterprises Ltd.		15,553		508,741
Power Grid Corp. of India Ltd.		178,633		459,226
Reliance Industries Ltd.		38,354		663,829
Reliance Industries Ltd., GDR^(a)		90,751		3,149,060
Tata Consultancy Services Ltd.		166,100		4,631,919
Tech Mahindra Ltd.		49,377		576,304
Titan Co. Ltd.		84,409		1,216,655
Wipro Ltd.		85,919		445,623
Wipro Ltd., ADR^(c)		193,884		1,085,750
Yes Bank Ltd.		371,611		1,207,682


			45,763,540

Indonesia — 1.9%
Astra International Tbk PT		4,348,800		2,210,337
Bank Danamon Indonesia Tbk PT		921,100		558,193
Bank Mandiri Persero Tbk PT		2,582,100		1,307,799
Bank Negara Indonesia Persero Tbk PT		1,253,300		784,008
Bank Rakyat Indonesia Persero Tbk PT		3,382,400		925,697
Indah Kiat Pulp & Paper Corp. Tbk PT		604,000		473,368
Kalbe Farma Tbk PT		4,681,000		497,465
Telekomunikasi Indonesia Persero Tbk PT		3,503,200		961,248
Unilever Indonesia Tbk PT		211,400		731,466
United Tractors Tbk PT		634,200		1,194,690


			9,644,271


Security	Shares		Value

Malaysia — 2.9%
Axiata Group Bhd		679,500	$	695,124
CIMB Group Holdings Bhd		921,100		1,325,079
Malayan Banking Bhd.		573,800		1,344,723
Maxis Bhd^(c)		1,041,900		1,375,877
Nestle Malaysia Bhd		53,100		1,932,571
Petronas Dagangan Bhd		135,900		892,298
Public Bank Bhd		785,200		4,827,247
RHB Bank Bhd		377,500		525,427
Sime Darby Plantation Bhd		1,147,600		1,439,262
Telekom Malaysia Bhd		875,800		656,877


			15,014,485

Mexico — 2.6%
Alsea SAB de CV		332,200		841,467
Arca Continental SAB de CV		332,200		1,873,604
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		377,500		518,560
Cemex SAB de CV, CPO^(b)		2,989,800		1,467,783
Coca-Cola Femsa SAB de CV, Series L, NVS		468,100		2,832,472
Fomento Economico Mexicano SAB de CV		45,300		411,142
Grupo Financiero Banorte SAB de CV, Class O		377,500		2,054,063
Infraestructura Energetica Nova SAB de CV		483,200		1,858,871
Kimberly-Clark de Mexico SAB de CV, Class A		724,800		1,171,668


			13,029,630

Peru — 0.1%
Credicorp Ltd.		2,265		550,599


Philippines — 0.6%
BDO Unibank Inc.		401,660		990,948
Globe Telecom Inc.		14,345		526,982
JG Summit HoldingsInc.		308,040		394,281
SM Prime Holdings Inc.		1,872,400		1,388,371


			3,300,582

Poland — 0.9%
Bank Polska Kasa Opieki SA		33,069		991,588
KGHM Polska Miedz SA^(b)		52,699		1,412,838
Polski Koncern Naftowy ORLEN SA		61,004		1,645,179
Santander Bank Polska SA		7,701		767,145


			4,816,750

Qatar — 0.8%
Commercial Bank PQSC (The)		78,671		863,003
Ooredoo QPSC		49,679		910,408
Qatar National Bank QPSC		40,166		2,067,909


			3,841,320

Russia — 3.7%
AlrosaPJSC		407,700		588,384
Gazprom PJSC		308,040		743,218
Gazprom PJSC, ADR		96,338		457,027
Inter RAOUES PJSC		24,311,000		1,444,355
LUKOIL PJSC		59,645		4,979,147
LUKOIL PJSC, ADR		5,436		452,275
Novatek PJSC, GDR^(d)		17,063		2,957,018
Novolipetsk Steel PJSC		366,930		882,241
Polymetal International PLC		102,272		1,178,854
Rosneft Oil Co. PJSC		2,040		12,346
Rosneft Oil Co. PJSC, GDR^(d)		85,315		511,037
Sberbank of Russia PJSC		73,710		232,440
Sberbank of Russia PJSC, ADR		253,529		3,235,030
TatneftPJSC		105,700		1,244,893


			18,918,265


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)

February 28, 2019

iShares^® ESG MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Africa — 6.8%
Absa Group Ltd.		55,568	$	713,768
Aspen Pharmacare Holdings Ltd.		44,696		443,272
Bidvest Group Ltd. (The)		36,089		534,071
Clicks Group Ltd.		36,844		473,417
Exxaro Resources Ltd.		73,990		798,366
FirstRand Ltd.		332,200		1,519,236
Foschini Group Ltd. (The)		40,770		498,171
Growthpoint Properties Ltd.		970,628		1,685,828
Investec Ltd.		367,534		2,393,415
Kumba Iron Ore Ltd.		42,884		1,138,683
Mondi Ltd.		88,335		2,080,899
Mr. Price Group Ltd.		31,106		477,630
MTN Group Ltd.		105,549		626,988
Multichoice Group Ltd.		43,035		321,538
Naspers Ltd., Class N		42,884		9,288,656
Nedbank Group Ltd.		38,203		772,755
NEPI Rockcastle PLC		92,714		780,486
Netcare Ltd.		554,623		1,003,528
Old Mutual Ltd.		1,484,632		2,455,028
Sanlam Ltd.		91,959		514,669
Sasol Ltd.		15,553		475,528
Standard Bank Group Ltd.		169,422		2,334,794
Vodacom Group Ltd.		326,160		2,693,720
Woolworths Holdings Ltd./South Africa		180,898		589,269


			34,613,715

South Korea — 12.6%
Amorepacific Corp.		5,436		966,658
AMOREPACIFIC Group		15,553		1,013,635
BNK Financial Group Inc.		94,375		594,931
Celltrion Inc.^(b)		5,226		950,224
DGB Financial Group Inc.		207,927		1,567,726
GS Engineering & Construction Corp.		15,855		603,355
GS Holdings Corp.		30,502		1,453,638
Hana Financial Group Inc.		26,320		909,160
Hankook Tire Co. Ltd.		33,069		1,256,957
Hyundai Engineering & Construction Co. Ltd.		9,815		499,171
Hyundai Marine & Fire Insurance Co. Ltd.		17,818		597,260
Hyundai Motor Co.		4,379		492,526
KB Financial Group Inc.		69,309		2,733,044
LG Chem Ltd.		7,399		2,568,960
LG Corp.		19,479		1,298,946
LG DisplayCo. Ltd.^(b)		89,845		1,697,525
LG Electronics Inc.		29,143		1,826,782
LG Household & Health Care Ltd.		1,208		1,338,284
LG Innotek Co. Ltd.		5,587		536,495
Lotte Chemical Corp.		2,869		813,738
NAVER Corp.		11,778		1,392,793
NCSoft Corp.		1,661		680,822
POSCO		16,610		3,884,085
SamsungCard Co. Ltd.		14,798		448,006
Samsung Electro-Mechanics Co. Ltd.		6,493		617,721
Samsung Electronics Co. Ltd.		463,268		18,576,853
Samsung Fire & Marine Insurance Co. Ltd.		5,134		1,376,279
SamsungSDI Co. Ltd.		6,040		1,275,451
Shinhan Financial Group Co. Ltd.		101,321		3,932,303
SK Holdings Co. Ltd.		7,550		1,829,266
SKHynix Inc.		43,488		2,706,642
SK Innovation Co. Ltd.		7,852		1,312,506
SK Telecom Co. Ltd.		5,436		1,259,072
S-Oil Corp.		8,456		751,845


Security	Shares		Value

South Korea (continued)
ViroMed Co. Ltd.^(b)		2,114	$	522,156


			64,284,815

Taiwan — 12.1%
Acer Inc.		1,510,000		998,440
ASE Technology Holding Co. Ltd.		453,186		926,207
Cathay Financial Holding Co. Ltd.		2,114,000		3,111,601
China Steel Corp.		2,416,000		2,001,787
Chunghwa Telecom Co. Ltd.		1,815,000		6,310,172
Delta Electronics Inc.		302,000		1,506,247
E.Sun Financial Holding Co. Ltd.		6,342,514		4,554,435
Eva Airways Corp.		3,624,606		1,819,575
Far Eastern New Century Corp.		1,359,000		1,346,791
Far EasTone Telecommunications Co. Ltd.		453,000		1,061,241
Fubon Financial Holding Co. Ltd.		2,170,000		3,208,130
Hiwin Technologies Corp.		18,496		166,471
Hotai Motor Co. Ltd.		157,000		1,706,383
Inventec Corp.		1,661,000		1,284,480
Lite-On Technology Corp.		755,039		1,092,944
MediaTek Inc.		157,000		1,428,362
President Chain Store Corp.		152,000		1,573,018
Taiwan Business Bank		2,114,000		779,618
Taiwan Semiconductor Manufacturing Co. Ltd.		2,872,000		22,302,991
TatungCo. Ltd.^(b)		604,000		525,960
United Microelectronics Corp.		1,510,000		561,776
Win Semiconductors Corp.		151,000		858,610
Wistron Corp.		2,265,768		1,571,788
Yageo Corp.		32,000		359,755
Yuanta Financial Holding Co. Ltd.		1,359,000		770,541


			61,827,323

Thailand — 3.6%
BTSGroup HoldingsPCL, NVDR		9,286,500		3,064,803
Central Pattana PCL, NVDR		739,900		1,772,708
Kasikornbank PCL, NVDR .		347,300		2,176,652
Minor International PCL, NVDR.		2,144,200		2,636,660
PTT Exploration & Production PCL, NVDR		317,100		1,252,803
PTT PCL, NVDR		1,378,000		2,120,841
Siam Cement PCL (The),NVDR.		196,300		2,952,676
Siam Commercial Bank PCL (The), NVDR		528,500		2,247,330


			18,224,473

Turkey — 0.5%
Anadolu Efes Biracilik Ve Malt Sanayii AS		128,954		484,967
Arcelik AS		396,224		1,546,566
Turkcell Iletisim Hizmetleri AS		161,268		432,346


			2,463,879

United Arab Emirates — 0.8%
Abu Dhabi Commercial Bank PJSC		509,137		1,321,012
DP World Ltd.		25,670		410,977
First Abu Dhabi Bank PJSC		577,575		2,390,182

				4,122,171


Total Common Stocks — 95.0% (Cost: $474,667,500)				483,555,917


Preferred Stocks

Brazil — 3.4%
Banco Bradesco SA, Preference Shares, NVS		498,355		5,749,969
Cia. Brasileira de Distribuicao, Preference Shares, NVS		45,300		1,124,694


28		2 0 1 9 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)

February 28, 2019

iShares^® ESG MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Brazil (continued)
Cia. Energetica de Minas Gerais, Preference Shares, NVS		362,482	$	1,391,838
Gerdau SA, Preference Shares, NVS		105,700		426,718
Itau Unibanco Holding SA, Preference Shares, NVS		483,210		4,539,294
Itausa-Investimentos Itau SA, Preference Shares, NVS		724,831		2,390,816
Telefonica Brasil SA, Preference Shares, NVS		135,900		1,695,557

				17,318,886

Chile — 0.3%
Embotelladora Andina SA, Class B, Preference Shares		260,022		974,847
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		17,818		741,481

				1,716,328

South Korea — 0.7%
LG Household & Health Care Ltd., Preference
Shares, NVS		717		477,490
Samsung Electronics Co. Ltd., Preference Shares, NVS		96,187		3,078,805

				3,556,295


Total Preferred Stocks — 4.4% (Cost: $20,039,414)				22,591,509


Short-Term Investments

Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%^(e)(f)(g)		15,274,856		15,280,966


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(e)(f)		671,777	$	671,777

				15,952,743


Total Short-Term Investments — 3.1% (Cost: $15,948,630)				15,952,743


Total Investments in Securities — 102.5% (Cost: $510,655,544)				522,100,169

Other Assets, Less Liabilities — (2.5)%				(12,937,194	)


Net Assets — 100.0%			$	509,162,975

^(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)	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-dayyield 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 February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18		Net Activity			Shares Held at 02/28/19		Value at 02/28/19		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		18,597,393		(3,322,537	)		15,274,856	$	15,280,966	$	46,654	^(b)	$	(706	)	$	1,620
BlackRock Cash Funds: Treasury, SL Agency Shares		—		671,777			671,777		671,777		5,901			—			—

								$	15,952,743	$	52,555		$	(706	)	$	1,620

^(a)

Includes realized capital gain distributions fromanaffiliated fund, if any.

^(b)

Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net offees 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)

LongContracts

MSCI Emerging Markets E-Mini

03/15/19

2,617

95,813


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)

February 28, 2019

iShares^® ESG MSCI EM ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation^(a)	$	95,813

^(a)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(56,862	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	107,096

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,806,983

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

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	483,555,917	$	—	$	—	$	483,555,917
Preferred Stocks		22,591,509		—		—		22,591,509
Money Market Funds		15,952,743		—		—		15,952,743

	$	522,100,169	$	—	$	—	$	522,100,169

Derivative financial instruments^(a)
Assets
Futures Contracts	$	95,813	$	—	$	—	$	95,813

^(a)

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

See notes to financial statements.


30		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 6.8%
Ambev SA		19,500	$	89,590
B2W Cia. Digital^(a)		600		7,735
B3 SA - Brasil, Bolsa, Balcao		8,700		76,068
Banco Bradesco SA		3,620		37,192
Banco do Brasil SA		3,300		44,525
Banco Santander Brasil SA		1,800		21,570
BB Seguridade Participacoes SA		3,300		24,022
BR Malls Participacoes SA		5,100		18,209
BRF SA^(a)		2,100		11,518
CCR SA		6,000		22,766
Centrais Eletricas Brasileiras SA^(a)		1,500		14,791
Cia. de Saneamento Basico do Estado de Sao Paulo		1,500		15,739
Cia. Siderurgica Nacional SA^(a)		2,700		9,417
Cielo SA		5,400		15,652
Embraer SA		3,000		15,263
Engie Brasil Energia SA		700		7,683
Equatorial Energia SA		900		19,710
Hypera SA		1,500		10,759
JBS SA		3,900		13,966
Klabin SA		3,300		15,874
Kroton Educacional SA		5,700		16,673
Localiza Rent a Car SA		2,400		22,111
Lojas Renner SA		3,300		38,084
Magazine Luiza SA		300		13,876
Multiplan Empreendimentos Imobiliarios SA		1,800		12,081
Petrobras Distribuidora SA		1,200		7,823
Petroleo Brasileiro SA		12,300		97,934
Raia Drogasil SA		900		15,697
Rumo SA^(a)		5,100		26,464
Suzano Papel e Celulose SA		2,100		26,688
TIM Participacoes SA		3,900		12,292
Ultrapar Participacoes SA		1,500		21,363
Vale SA		12,971		162,905
WEG SA		4,240		20,826


			986,866

Chile — 1.4%
Banco de Chile		88,383		14,052
Banco de Credito e Inversiones SA		222		15,202
Banco Santander Chile		243,915		19,481
Cencosud SA		5,685		10,600
Cia. Cervecerias Unidas SA		822		11,643
Empresas CMPC SA		4,629		17,390
Empresas COPEC SA		1,866		25,362
Enel Americas SA		146,199		25,452
Enel Chile SA		169,086		17,768
Latam Airlines Group SA		1,668		19,410
SACI Falabella		3,150		24,533


			200,893

Colombia — 0.5%
Bancolombia SA		1,470		17,177
Ecopetrol SA		21,924		22,215
Grupo Argos SA/Colombia		1,923		11,191
Grupo de Inversiones Suramericana SA		1,482		16,845
Interconexion Electrica SA ESP		2,568		11,659


			79,087

Czech Republic — 0.3%
CEZ AS		666		16,164
Komercni Banka AS		390		16,399


Security	Shares		Value

Czech Republic (continued)
Moneta Money Bank AS^(b)		2,370	$	8,407


			40,970

Egypt — 0.2%
Commercial International Bank Egypt SAE		5,358		21,463


Greece — 0.3%
Alpha Bank AE^(a)		6,003		8,476
Hellenic Telecommunications Organization SA		1,191		15,121
JUMBO SA		666		10,845
OPAP SA		1,083		11,099


			45,541

Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		1,656		19,342
OTP Bank Nyrt		969		41,010
Richter Gedeon Nyrt		624		12,091


			72,443

Indonesia — 3.2%
Adaro Energy Tbk PT		67,200		6,258
Astra International Tbk PT		86,100		43,761
Bank Central Asia Tbk PT		42,900		84,092
Bank Mandiri Persero Tbk PT		79,800		40,418
Bank Negara Indonesia Persero Tbk PT		33,300		20,831
Bank Rakyat Indonesia Persero Tbk PT		234,600		64,205
Charoen Pokphand Indonesia Tbk PT		39,000		20,238
Gudang Garam Tbk PT		2,400		14,570
Hanjaya Mandala Sampoerna Tbk PT		48,900		13,209
Indah Kiat Pulp & Paper Corp. Tbk PT		10,800		8,464
Indocement Tunggal Prakarsa Tbk PT		8,700		11,890
Indofood Sukses Makmur Tbk PT		24,000		12,070
Kalbe Farma Tbk PT		84,300		8,959
Pabrik Kertas Tjiwi Kimia Tbk PT		6,300		5,005
Perusahaan Gas Negara Persero Tbk PT		46,500		8,396
Semen Indonesia Persero Tbk PT		17,100		15,377
Telekomunikasi Indonesia Persero Tbk PT		204,900		56,223
Unilever Indonesia Tbk PT		6,600		22,837
United Tractors Tbk PT		7,800		14,693


			471,496

Malaysia — 3.4%
Axiata Group Bhd		12,900		13,197
British American Tobacco Malaysia Bhd		600		4,972
CIMB Group Holdings Bhd		20,400		29,347
Dialog Group Bhd		13,200		10,485
DiGi.Com Bhd		15,300		17,119
Gamuda Bhd		13,200		9,543
Genting Bhd		10,200		18,486
Genting Malaysia Bhd		13,800		11,877
Hartalega Holdings Bhd		6,600		8,115
Hong Leong Bank Bhd		3,900		20,409
IHH Healthcare Bhd		9,000		12,682
IOI Corp. Bhd		12,300		13,581
Kuala Lumpur Kepong Bhd		2,400		14,601
Malayan Banking Bhd		16,200		37,965
Malaysia Airports Holdings Bhd		4,800		9,644
Maxis Bhd		10,200		13,470
MISC Bhd		7,200		12,217
Nestle Malaysia Bhd		300		10,918
Petronas Chemicals Group Bhd		10,200		23,126
Petronas Gas Bhd		3,600		16,006
PPB Group Bhd		3,940		17,789


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)

February 28, 2019

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Malaysia (continued)
Press Metal Aluminium Holdings Bhd		4,500	$	4,681
Public Bank Bhd		12,300		75,618
Sime Darby Bhd		8,400		4,482
Sime Darby Plantation Bhd		11,700		14,674
Sime Darby Property Bhd		36,900		9,528
Tenaga Nasional Bhd		13,500		44,552
Top Glove Corp. Bhd		5,400		6,029
YTL Corp. Bhd		18,340		4,781


			489,894

Mexico — 3.9%
Alfa SAB de CV, Class A		14,700		16,745
America Movil SAB de CV, Series L, NVS		138,300		99,619
Arca Continental SAB de CV		1,800		10,152
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		6,300		8,654
Cemex SAB de CV, CPO^(a)		60,600		29,750
Coca-Cola Femsa SAB de CV, Series L, NVS		2,100		12,707
Fibra Uno Administracion SA de CV		12,900		17,861
Fomento Economico Mexicano SAB de CV		8,100		73,515
Gruma SAB de CV, Series B		1,095		11,867
Grupo Aeroportuario del Pacifico SAB de CV, Series B		1,800		16,777
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,155		19,598
Grupo Bimbo SAB de CV, Series A		8,100		16,070
Grupo Financiero Banorte SAB de CV, Class O		10,500		57,133
Grupo Financiero Inbursa SAB de CV, Class O		7,500		11,194
Grupo Mexico SAB de CV, Series B		14,700		36,839
Grupo Televisa SAB, CPO		10,800		25,305
Industrias Penoles SAB de CV		600		7,952
Infraestructura Energetica Nova SAB de CV		1,800		6,925
Kimberly-Clark de Mexico SAB de CV, Class A		7,500		12,124
Megacable Holdings SAB de CV, CPO		1,200		5,483
Mexichem SAB de CV		3,900		9,454
Promotora y Operadora de Infraestructura SAB de CV		1,185		11,676
Wal-Mart de Mexico SAB de CV		21,300		55,103


			572,503

Pakistan — 0.0%
MCB Bank Ltd.		2,700		3,999


Peru — 0.7%
Cia. de Minas Buenaventura SAA, ADR		807		13,428
Credicorp Ltd.		285		69,281
Southern Copper Corp.		387		13,781


			96,490

Philippines — 1.6%
Aboitiz Equity Ventures Inc.		10,950		12,915
Ayala Corp.		1,180		21,104
Ayala Land Inc.		39,000		33,179
BDO Unibank Inc.		9,690		23,906
GT Capital Holdings Inc.		557		10,285
JG Summit Holdings Inc.		14,520		18,585
Jollibee Foods Corp.		2,430		14,462
Manila Electric Co.		360		2,559
Metro Pacific Investments Corp.		99,600		9,051
Metropolitan Bank & Trust Co.		5,340		7,847
PLDT Inc.		450		8,962
SM Investments Corp.		1,080		19,629
SM Prime Holdings Inc.		46,500		34,479
Universal Robina Corp.		5,610		14,762


			231,725


Security	Shares		Value

Poland — 1.7%
Alior Bank SA^(a)		576	$	8,948
Bank Polska Kasa Opieki SA		753		22,579
CCC SA		144		6,993
CD Projekt SA^(a)		291		14,641
KGHM Polska Miedz SA^(a)		681		18,257
LPP SA		6		12,950
mBank SA		63		7,126
PGE Polska Grupa Energetyczna SA^(a)		4,092		12,562
Polski Koncern Naftowy ORLEN SA		1,275		34,385
Polskie Gornictwo Naftowe i Gazownictwo SA		8,637		15,818
Powszechna Kasa Oszczednosci Bank Polski SA		3,912		39,384
Powszechny Zaklad Ubezpieczen SA		2,943		31,778
Santander Bank Polska SA		183		18,230


			243,651

Qatar — 1.4%
Commercial Bank PQSC (The)		705		7,734
Ezdan Holding Group QSC^(a)		3,942		14,019
Industries Qatar QSC		760		27,652
Masraf Al Rayan QSC		1,674		16,898
Ooredoo QPSC		357		6,542
Qatar Electricity & Water Co. QSC		264		12,747
Qatar Insurance Co. SAQ		738		6,763
Qatar Islamic Bank SAQ		444		17,636
Qatar National Bank QPSC		1,872		96,378


			206,369

Russia — 5.4%
Alrosa PJSC		11,700		16,885
Gazprom PJSC		44,460		107,270
Inter RAO UES PJSC		177,000		10,516
LUKOIL PJSC		2,043		170,549
Magnit PJSC, GDR^(c)		1,006		14,446
MMC Norilsk Nickel PJSC		270		57,830
Mobile TeleSystems PJSC, ADR		2,208		17,068
Moscow Exchange MICEX-RTS PJSC^(a)		3,220		4,457
Novatek PJSC, GDR^(c)		381		66,027
Novolipetsk Steel PJSC		6,930		16,662
PhosAgro PJSC, GDR^(c)		636		8,688
Polyus PJSC		62		5,147
Rosneft Oil Co. PJSC, GDR^(c)		4,683		28,051
Sberbank of Russia PJSC, ADR		10,677		136,239
Severstal PJSC		900		14,051
Surgutneftegas PJSC		30,000		11,696
Tatneft PJSC		6,540		77,026
VTB Bank PJSC, GDR^(c)		5,751		6,769
X5 Retail Group NV, GDR^(c)		513		13,051


			782,428

South Africa — 8.9%
Absa Group Ltd.		2,940		37,764
Anglo American Platinum Ltd.		159		8,669
AngloGold Ashanti Ltd.		1,707		24,526
Aspen Pharmacare Holdings Ltd.		1,731		17,167
Bid Corp. Ltd.		1,347		28,230
Bidvest Group Ltd. (The)		1,278		18,913
Capitec Bank Holdings Ltd.		174		16,165
Clicks Group Ltd.		975		12,528
Discovery Ltd.		1,518		16,635
Exxaro Resources Ltd.		957		10,326
FirstRand Ltd.		13,623		62,301
Fortress REIT Ltd., Series B		3,105		3,070


32		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Africa (continued)
Foschini Group Ltd. (The)		1,032	$	12,610
Gold Fields Ltd.		3,789		15,498
Growthpoint Properties Ltd.		13,341		23,171
Hyprop Investments Ltd.		1,797		9,904
Investec Ltd.		1,419		9,241
Life Healthcare Group Holdings Ltd.		6,255		12,038
Mondi Ltd.		540		12,721
Mr. Price Group Ltd.		1,149		17,643
MTN Group Ltd.		7,191		42,716
Multichoice Group Ltd.		1,815		13,561
Naspers Ltd., Class N		1,815		393,128
Nedbank Group Ltd.		1,414		28,602
NEPI Rockcastle PLC		1,656		13,941
Netcare Ltd.		4,524		8,186
Old Mutual Ltd.		20,244		33,476
Pick n Pay Stores Ltd.		1,326		6,539
PSG Group Ltd.		642		11,862
Rand Merchant Investment Holdings Ltd.		3,585		8,483
Redefine Properties Ltd.		28,641		19,780
Reinet Investments SCA		612		9,666
Remgro Ltd.		2,193		31,382
Resilient REIT Ltd.		861		3,768
RMB Holdings Ltd.		2,913		16,600
Sanlam Ltd.		7,443		41,656
Sappi Ltd.		2,526		12,980
Sasol Ltd.		2,253		68,885
Shoprite Holdings Ltd.		1,848		22,568
SPAR Group Ltd. (The)		894		12,698
Standard Bank Group Ltd.		5,373		74,045
Tiger Brands Ltd.		732		13,864
Truworths International Ltd.		1,935		10,056
Vodacom Group Ltd.		2,313		19,103
Woolworths Holdings Ltd./South Africa		4,866		15,851


			1,302,516

South Korea — 19.2%
Amorepacific Corp.		147		26,140
AMOREPACIFIC Group		108		7,039
BGF retail Co. Ltd.		43		8,143
BNK Financial Group Inc.		1,182		7,451
Celltrion Healthcare Co. Ltd.^(a)		198		12,288
Celltrion Inc.^(a)		345		62,730
Celltrion Pharm Inc.^(a)		66		3,556
CJ CheilJedangCorp.		42		12,025
CJ Corp.		78		8,669
CJ ENM Co. Ltd.		42		8,899
Coway Co. Ltd.		240		20,187
Daelim Industrial Co. Ltd.		150		12,483
Daewoo Shipbuilding & Marine Engineering Co. Ltd.^(a)		156		4,383
DB Insurance Co. Ltd.		228		14,697
DGB Financial Group Inc.		759		5,723
E-MART Inc.		87		13,924
Fila Korea Ltd.		219		10,826
GS Engineering & Construction Corp.		219		8,334
GS Holdings Corp.		231		11,009
Hana Financial Group Inc.		1,197		41,347
Hankook Tire Co. Ltd.		369		14,026
Hanmi Pharm Co. Ltd.		30		13,177
Hanon Systems		957		10,594
Hanwha Chemical Corp.		543		11,297
Hanwha Corp.		234		6,689


Security	Shares		Value

South Korea (continued)
HDC Hyundai Development Co-Engineering & Construction Class E^(a)		135	$	5,780
HLB Inc.^(a)		129		10,300
Hotel Shilla Co. Ltd.		138		10,061
Hyundai Engineering & Construction Co. Ltd.		348		17,699
Hyundai Glovis Co. Ltd.		93		11,535
Hyundai Heavy Industries Co. Ltd.^(a)		195		22,799
Hyundai Heavy Industries Holdings Co. Ltd.		63		20,221
Hyundai Marine & Fire Insurance Co. Ltd.		303		10,157
Hyundai Mobis Co. Ltd.		279		54,699
Hyundai Motor Co.		582		65,460
Hyundai Steel Co.		363		16,089
Industrial Bank of Korea		1,116		13,842
Kakao Corp.		213		19,601
Kangwon Land Inc.^(a)		567		15,578
KB Financial Group Inc.		1,587		62,580
KCC Corp.		21		5,966
Kia Motors Corp.		1,116		36,267
Korea Aerospace Industries Ltd.^(a)		348		11,386
Korea Electric Power Corp.^(a)		1,149		35,603
Korea Investment Holdings Co. Ltd.^(a)		189		10,839
Korea Zinc Co. Ltd.^(a)		39		15,830
KT&G Corp.		495		46,432
LG Chem Ltd.		204		70,830
LG Corp.		459		30,608
LG Display Co. Ltd.^(a)		948		17,911
LG Electronics Inc.		471		29,524
LG Household & Health Care Ltd.		42		46,530
LG Innotek Co. Ltd.		51		4,897
LG Uplus Corp.		516		6,882
Lotte Chemical Corp.		72		20,421
Lotte Corp.		117		5,524
Lotte Shopping Co. Ltd.		52		8,831
Medy-Tox Inc.		21		10,195
Mirae Asset Daewoo Co. Ltd.		1,752		11,777
NAVER Corp.		573		67,759
NCSoft Corp.		78		31,971
Netmarble Corp.^(a)(b)		102		10,702
NH Investment &Securities Co. Ltd.^(a)		771		8,946
OCI Co. Ltd.^(a)		69		6,626
Orion Corp./Republic of Korea		87		8,625
Pearl Abyss Corp.^(a)		24		3,843
POSCO		324		75,764
POSCO Chemtech Co. Ltd.		87		5,330
Samsung Biologics Co. Ltd.^(a)(b)		69		23,067
Samsung C&T Corp.		327		33,581
Samsung Electro-Mechanics Co. Ltd.		228		21,691
Samsung Electronics Co. Ltd.		19,482		781,220
Samsung Engineering Co. Ltd.^(a)		585		8,166
Samsung Fire & Marine Insurance Co. Ltd.		138		36,994
Samsung Heavy Industries Co. Ltd.^(a)		2,421		19,718
Samsung Life Insurance Co. Ltd.		330		26,026
Samsung SDI Co. Ltd.		219		46,246
Samsung SDSCo. Ltd.		150		30,742
Samsung Securities Co. Ltd.		306		9,427
Shinhan Financial Group Co. Ltd.		1,701		66,016
Shinsegae Inc.		30		7,615
SillaJen Inc.^(a)		252		16,648
SK Holdings Co. Ltd.		150		36,343
SKHynix Inc.		2,349		146,199


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)

February 28, 2019

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
SK Innovation Co. Ltd.		273	$	45,633
SK Telecom Co. Ltd.		87		20,151
S-Oil Corp.		204		18,138
ViroMed Co. Ltd.^(a)		57		14,079
Woori Financial Group Inc.^(a)		1,188		15,633
Yuhan Corp.		51		11,812


			2,793,001

Taiwan — 16.4%
Acer Inc.		12,000		7,935
ASE Technology Holding Co. Ltd.		15,000		30,657
Asia Cement Corp.		12,000		15,128
Asustek Computer Inc.		3,000		21,396
AU Optronics Corp.		33,000		12,170
Catcher Technology Co. Ltd.		3,000		22,810
Cathay Financial Holding Co. Ltd.		36,000		52,989
Chailease Holding Co. Ltd.		6,080		23,904
Chang Hwa Commercial Bank Ltd.		25,472		15,311
Cheng Shin Rubber Industry Co. Ltd.		6,000		8,529
China Airlines Ltd.		16,000		5,277
China Development Financial Holding Corp.		72,000		23,324
China Life Insurance Co. Ltd./Taiwan		13,243		12,371
China Steel Corp.		54,000		44,742
Chunghwa Telecom Co. Ltd.		15,000		52,150
Compal Electronics Inc.		24,000		14,895
CTBC Financial Holding Co. Ltd.		72,000		48,778
Delta Electronics Inc.		9,000		44,888
E.Sun Financial Holding Co. Ltd.		40,671		29,205
Far Eastern New Century Corp.		15,000		14,865
Far EasTone Telecommunications Co. Ltd.		9,000		21,084
Feng TAY Enterprise Co. Ltd.		3,000		18,862
First Financial Holding Co. Ltd.		39,785		26,888
Formosa Chemicals & Fibre Corp.		15,000		51,419
Formosa Petrochemical Corp.		6,000		22,712
Formosa Plastics Corp.		18,000		59,948
Foxconn Technology Co. Ltd.		6,000		12,302
Fubon Financial Holding Co. Ltd.		24,000		35,482
Hon Hai Precision Industry Co. Ltd.		52,200		123,306
Hotai Motor Co. Ltd.		600		6,521
Hua Nan Financial Holdings Co. Ltd.		36,139		22,193
Innolux Corp.		42,000		13,988
Inventec Corp.		15,000		11,600
Largan Precision Co. Ltd.		410		58,083
Lite-On Technology Corp.		12,000		17,370
MediaTek Inc.		6,000		54,587
Mega Financial Holding Co. Ltd.		48,000		42,500
Micro-Star International Co. Ltd.		3,000		7,974
Nan Ya Plastics Corp.		21,000		52,472
Nanya Technology Corp.		6,000		12,126
Novatek Microelectronics Corp.		3,000		16,669
Pegatron Corp.		9,000		15,440
Pou Chen Corp.		12,000		15,128
Powertech Technology Inc.		3,000		6,979
President Chain Store Corp.		3,000		31,046
Quanta Computer Inc.		12,000		22,303
Realtek Semiconductor Corp.		3,000		17,351
Shanghai Commercial &Savings Bank Ltd. (The)		11,000		17,120
Shin Kong Financial Holding Co. Ltd.		45,374		13,608
SinoPac Financial Holdings Co. Ltd.		45,259		15,809
Synnex Technology International Corp.		3,000		3,655
Taishin Financial Holding Co. Ltd.		33,032		14,972


Security	Shares		Value

Taiwan (continued)
Taiwan Business Bank		21,000	$	7,745
Taiwan Cement Corp.		16,000		19,963
Taiwan Cooperative Financial Holding Co. Ltd.		37,461		23,248
Taiwan High Speed Rail Corp.		12,000		12,867
Taiwan Mobile Co. Ltd.		6,000		21,445
Taiwan Semiconductor Manufacturing Co. Ltd.		102,000		792,098
Tatung Co. Ltd.^(a)		6,000		5,225
Uni-President Enterprises Corp.		21,000		51,175
United Microelectronics Corp.		45,000		16,742
Vanguard International Semiconductor Corp.		3,000		6,755
Walsin Technology Corp.		1,000		5,881
Win Semiconductors Corp.		2,000		11,372
Winbond Electronics Corp.		21,000		10,474
Wistron Corp.		15,598		10,821
WPG Holdings Ltd.		7,520		9,725
Yageo Corp.		198		2,226
Yuanta Financial Holding Co. Ltd.		39,000		22,113


			2,392,696

Thailand — 3.5%
Advanced Info Service PCL, NVDR		5,100		29,455
Airports of Thailand PCL, NVDR		20,700		44,340
Bangkok Bank PCL, Foreign		900		6,112
Bangkok Dusit Medical Services PCL, NVDR		21,600		16,176
Banpu PCL, NVDR		16,500		8,535
Berli Jucker PCL, NVDR		8,100		12,724
Bumrungrad Hospital PCL, NVDR		2,100		12,428
Central Pattana PCL, NVDR		6,300		15,094
Charoen Pokphand Foods PCL, NVDR		17,700		14,744
CP ALL PCL, NVDR		22,200		54,774
Energy Absolute PCL, NVDR		6,900		10,455
Indorama Ventures PCL, NVDR		9,600		15,689
Kasikornbank PCL, Foreign		4,800		30,159
Kasikornbank PCL, NVDR		3,300		20,682
Krung Thai Bank PCL, NVDR		21,300		13,045
Minor International PCL, NVDR		9,900		12,174
PTT Exploration & Production PCL, NVDR		6,300		24,890
PTT Global Chemical PCL, NVDR		11,100		25,361
PTT PCL, NVDR		45,000		69,258
Siam Cement PCL (The), NVDR		1,500		22,563
Siam Commercial Bank PCL (The), NVDR		8,100		34,443
Thai Oil PCL, NVDR		5,100		11,693
True Corp. PCL, NVDR		53,400		9,151


			513,945

Turkey — 1.0%
Akbank T.A.S.		14,226		18,323
BIM Birlesik Magazalar AS		1,071		17,207
Eregli Demir ve Celik Fabrikalari TAS		7,269		12,701
Haci Omer Sabanci Holding AS		8,145		13,941
KOC Holding AS		3,645		12,738
Petkim Petrokimya Holding AS		5,698		5,886
Tupras Turkiye Petrol Rafinerileri AS		612		16,465
Turk Hava Yollari AO^(a)		2,781		7,372
Turkcell Iletisim Hizmetleri AS		5,442		14,590
Turkiye Garanti Bankasi AS		10,860		18,161


			137,384

United Arab Emirates — 1.1%
Abu Dhabi Commercial Bank PJSC		9,204		23,881
Aldar Properties PJSC		26,193		12,693
DAMAC Properties Dubai Co. PJSC		10,539		3,960


34		2 0 1 9 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)

February 28, 2019

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Arab Emirates (continued)
DP World Ltd.		819	$	13,112
Dubai Islamic Bank PJSC		6,399		9,094
Emaar Properties PJSC		16,314		21,764
Emirates Telecommunications Group Co. PJSC		8,403		38,618
First Abu Dhabi Bank PJSC		10,236		42,360

				165,482


Total Common Stocks — 81.4% (Cost: $12,080,533)				11,850,842


Investment Companies

India — 12.5%
iShares MSCI India ETF^(d)		55,771		1,823,154


Total Investment Companies — 12.5% (Cost: $1,860,273)				1,823,154


Preferred Stocks

Brazil — 4.4%
Banco Bradesco SA, Preference Shares, NVS		14,230		164,184
Braskem SA, Class A, Preference Shares, NVS		600		8,703
Cia. Brasileira de Distribuicao, Preference Shares, NVS		600		14,897
Cia. Energetica de Minas Gerais, Preference Shares, NVS		4,808		18,462
Gerdau SA, Preference Shares, NVS		4,500		18,167
Itau Unibanco HoldingSA, Preference Shares, NVS		20,400		191,638
Itausa-Investimentos Itau SA, Preference Shares, NVS		18,734		61,793
Lojas Americanas SA, Preference Shares, NVS		3,600		19,112
Petroleo Brasileiro SA, Preference Shares, NVS		15,900		114,727
Telefonica Brasil SA, Preference Shares, NVS		1,800		22,458

				634,141

Chile — 0.2%
Embotelladora Andina SA, Class B, Preference Shares		2,562		9,605
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares		462		19,226

				28,831


Security	Shares		Value

Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		1,383	$	16,672


Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		30,000		18,290


South Korea — 0.9%
CJ Corp., Preference Shares		7		168
Hyundai Motor Co.
Preference Shares, NVS		84		5,505
Series 2, Preference Shares, NVS		129		9,222
Samsung Electronics Co. Ltd., Preference Shares, NVS		3,555		113,790

				128,685


Total Preferred Stocks — 5.7% (Cost: $746,319)				826,619


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%^(d)(e)		16,210		16,210


Total Short-Term Investments — 0.1% (Cost: $16,210)				16,210


Total Investments in Securities — 99.7% (Cost: $14,703,335)				14,516,825

Other Assets, Less Liabilities — 0.3%				47,537


Net Assets — 100.0%			$	14,564,362

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

^(d)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:


Affiliated Issuer	Shares Held at 08/31/18	Shares Purchased	Shares Sold		Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	17,460	—	(1,250	)^(b)	16,210	$	16,210	$	170	$	—		$	—
iShares MSCI India ETF	37,615	19,288	(1,132	)	55,771		1,823,154		10,053		(2,011	)		(113,006	)

						$	1,839,364	$	10,223	$	(2,011	)	$	(113,006	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any. (b) Net of purchases and sales.

Fair Value Measurements


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)

February 28, 2019

iShares^® MSCI Emerging Markets ex China ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	11,850,842	$	—	$	—	$	11,850,842
Investment Companies		1,823,154		—		—		1,823,154
Preferred Stocks		826,451		168		—		826,619
Money Market Funds		16,210		—		—		16,210

	$	14,516,657	$	168	$	—	$	14,516,825

See notes to financial statements.


36		2 0 1 9 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)

February 28, 2019


	iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)			iShares Edge MSCI Min Vol Global ETF		iShares Edge MSCI Multifactor Emerging Markets ETF			iShares ESG MSCI EM ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	5,528,747,776		$	3,914,871,646	$	292,343,205		$	506,147,426
Affiliated^(c)		53,540,409			50,925,172		1,564,218			15,952,743
Cash		668,085			—		4,847			4,746,251
Foreign currency, at value^(d)		5,210,210			4,482,812		350,663			479,870
Cash pledged:
Futures contracts		864,000			526,000		99,000			145,000
Receivables:
Investments sold		—			—		—			24,845,859
Securities lending income — Affiliated		77,142			12,752		1,862			4,044
Capital shares sold		—			65,633		—			24,820
Dividends		10,043,091			7,623,695		1,359,781			1,650,321
Tax reclaims		—			1,154,569		—			—

Total assets		5,599,150,713			3,979,662,279		295,723,576			553,996,334


LIABILITIES
Collateral on securities loaned, at value		41,321,495			47,465,892		1,372,173			15,277,902
Deferred foreign capital gain tax		8,892,861			—		26,517			—
Payables:
Investments purchased		7,199,647			65,633		—			24,679,595
Variation margin on futures contracts		180,573			55,190		24,015			35,291
Bank borrowings		—			—		—			4,746,707
Investment advisory fees		1,019,492			591,207		99,788			93,846
Foreign taxes		162			—		970			18

Total liabilities		58,614,230			48,177,922		1,523,463			44,833,359


NET ASSETS	$	5,540,536,483		$	3,931,484,357	$	294,200,113		$	509,162,975


NET ASSETS CONSIST OF:
Paid-in capital	$	5,586,588,642		$	3,536,583,947	$	334,448,175		$	519,568,985
Accumulated earnings (loss)		(46,052,159	)		394,900,410		(40,248,062	)		(10,406,010	)

NET ASSETS	$	5,540,536,483		$	3,931,484,357	$	294,200,113		$	509,162,975


Shares outstanding		93,800,000			44,900,000		6,900,000			15,100,000

Net asset value	$	59.07		$	87.56	$	42.64		$	33.72

Shares authorized		500 million			500 million		25 million			25 million

Par value	$	0.001		$	0.001	$	0.001		$	0.001


^(a)Securities loaned, at value	$	39,138,739		$	46,345,587	$	1,346,648		$	14,819,301
^(b)Investments, at cost — Unaffiliated	$	4,872,146,763		$	3,453,197,105	$	300,947,990		$	494,706,914
^(c)Investments, at cost — Affiliated	$	53,524,060		$	50,920,754	$	1,563,815		$	15,948,630
^(d)Foreign currency, at cost	$	5,179,694		$	4,452,557	$	350,536		$	478,200

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 Assets and Liabilities (unaudited) (continued)

February 28, 2019


	iShares MSCI Emerging Markets ex China ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	12,677,461
Affiliated^(b)		1,839,364
Cash		99
Foreign currency, at value^(c)		22,144
Receivables:
Dividends		46,680

Total assets		14,585,748


LIABILITIES
Payables:
Investments purchased		17,122
Investment advisory fees		4,255
Foreign taxes		9

Total liabilities		21,386


NET ASSETS	$	14,564,362


NET ASSETS CONSIST OF:
Paid-in capital	$	14,957,560
Accumulated loss		(393,198	)

NET ASSETS	$	14,564,362


Shares outstanding		300,000

Net asset value	$	48.55

Shares authorized		25 million

Par value	$	0.001


^(a) Investments, at cost — Unaffiliated	$	12,826,852
^(b) Investments, at cost — Affiliated	$	1,876,483
^(c)Foreign currency, at cost	$	22,116

See notes to financial statements.


38		2 0 1 9 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 February 28, 2019


	iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)			iShares Edge MSCI Min Vol Global ETF			iShares Edge MSCI Multifactor Emerging Markets ETF			iShares ESG MSCI EM ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	40,358,513		$	38,798,868		$	3,662,912		$	3,869,682
Dividends — Affiliated		99,806			70,827			5,569			5,901
Interest — Unaffiliated		2,069			—			564			771
Securities lending income — Affiliated — net		759,477			157,901			13,564			46,654
Foreign taxes withheld		(3,528,763	)		(1,229,632	)		(378,412	)		(434,339	)
Other foreign taxes		(138,738	)		(22,112	)		(7,290	)		(8,530	)

Total investment income		37,552,364			37,775,852			3,296,907			3,480,139


EXPENSES
Investment advisory fees		16,650,920			5,443,068			591,581			488,914
Commitment fees		13,997			2,120			144			516
Mauritius income taxes		136,990			—			—			—
Interest expense		27,022			—			6,570			9,153

Total expenses		16,828,929			5,445,188			598,295			498,583

Less:
Investment advisory fees waived		(10,735,147)			(1,994,503)			(4,877)			—

Total expenses after fees waived		6,093,782			3,450,685			593,418			498,583

Net investment income		31,458,582			34,325,167			2,703,489			2,981,556


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(67,079,294	)		(15,380,587	)		(23,139,829	)		(10,008,865	)
Investments — Affiliated		(501	)		10,582			(533,519	)		(706	)
In-kind redemptions — Unaffiliated		3,606,567			69,357,560			2,081,027			—
In-kind redemptions — Affiliated		—			—			22,434			—
Futures contracts		1,211,396			(576,477	)		(22,624	)		(56,862	)
Foreign currency transactions		(678,975	)		(43,638	)		(39,471	)		(120,229	)

Net realized gain (loss)		(62,940,807	)		53,367,440			(21,631,982	)		(10,186,662	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(a)		128,594,355			10,420,202			8,626,952			21,963,551
Investments — Affiliated		1,579			(7,122	)		(463,045	)		1,620
Futures contracts		(29,807	)		494,766			99,043			107,096
Foreign currency translations		97,471			(32,268	)		3,953			20,595

Net change in unrealized appreciation (depreciation)		128,663,598			10,875,578			8,266,903			22,092,862

Net realized and unrealized gain (loss)		65,722,791			64,243,018			(13,365,079	)		11,906,200

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	97,181,373		$	98,568,185		$	(10,661,590	)	$	14,887,756


^(a)Net of deferred foreign capital gain tax of	$	2,065,024		$	(741,082)		$	26,517		$	—

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

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2019


	iShares MSCI Emerging Markets ex China ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	116,799
Dividends — Affiliated		10,223
Foreign taxes withheld		(13,334	)
Other foreign taxes		(90	)

Total investment income		113,598


EXPENSES
Investment advisory fees		24,443

Total expenses		24,443

Less:
Investment advisory fees waived		(4,093)

Total expenses after fees waived		20,350

Net investment income		93,248


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(69,700	)
Investments — Affiliated		(2,011	)
Foreign currency transactions		(699	)

Net realized loss		(72,410	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		3,676
Investments — Affiliated		(113,006	)
Foreign currency translations		1,018

Net change in unrealized appreciation (depreciation)		(108,312	)

Net realized and unrealized loss		(180,722	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(87,474	)

See notes to financial statements.


40		2 0 1 9 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 Emerging Markets ETF (Consolidated)						iShares Edge MSCI Min Vol Global ETF
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	31,458,582		$	112,709,267		$	34,325,167		$	77,040,036
Net realized gain (loss)		(62,940,807	)		136,647,961			53,367,440			279,118,419
Net change in unrealized appreciation (depreciation)		128,663,598			(53,879,594	)		10,875,578			(29,519,148	)

Net increase in net assets resulting from operations		97,181,373			195,477,634			98,568,185			326,639,307


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(71,276,153	)		(114,335,550	)		(40,753,239	)		(74,053,110	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		847,934,337			548,126,747			531,269,709			(585,560,427	)


NET ASSETS^(a)
Total increase (decrease) in net assets		873,839,557			629,268,831			589,084,655			(332,974,230	)
Beginning of period		4,666,696,926			4,037,428,095			3,342,399,702			3,675,373,932

End of period	$	5,540,536,483		$	4,666,696,926		$	3,931,484,357		$	3,342,399,702

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			41

Statements of Changes in Net Assets (continued)


	iShares Edge MSCI Multifactor Emerging Markets ETF						iShares ESG MSCI EM ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,703,489		$	5,316,058		$	2,981,556		$	6,146,417
Net realized gain (loss)		(21,631,982	)		66,941			(10,186,662	)		(4,948,243	)
Net change in unrealized appreciation (depreciation)		8,266,903			(28,814,504	)		22,092,862			(22,830,787	)

Net increase (decrease) in net assets resulting from operations		(10,661,590	)		(23,431,505	)		14,887,756			(21,632,613	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,204,641	)		(3,373,796	)		(5,744,681	)		(4,257,999	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		18,995,442			235,003,288			170,267,201			258,830,853


NET ASSETS^(a)
Total increase in net assets		3,129,211			208,197,987			179,410,276			232,940,241
Beginning of period		291,070,902			82,872,915			329,752,699			96,812,458

End of period	$	294,200,113		$	291,070,902		$	509,162,975		$	329,752,699

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


42		2 0 1 9 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 MSCI Emerging Markets ex China ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	93,248		$	219,005
Net realized loss		(72,410	)		(122,947	)
Net change in unrealized appreciation (depreciation)		(108,312	)		(235,426	)

Net decrease in net assets resulting from operations		(87,474	)		(139,368	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(177,870	)		(169,215	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,911,101			—


NET ASSETS^(a)
Total increase (decrease) in net assets		4,645,757			(308,583	)
Beginning of period		9,918,605			10,227,188

End of period	$	14,564,362		$	9,918,605

^(a)	Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			43

Financial Highlights

(For a share outstanding throughout each period)


	iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated)
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	59.22		$	58.01		$	53.40		$	50.98		$	62.47		$	55.56

Net investment income^(a)		0.37			1.49			1.28			1.57			1.58			1.51
Net realized and unrealized gain (loss)^(b)		0.34			1.23			4.48			2.13			(11.65	)		6.94

Net increase (decrease) from investment operations		0.71			2.72			5.76			3.70			(10.07	)		8.45


Distributions
From net investment income		(0.86	)		(1.51	)		(1.15	)		(1.28	)		(1.42	)		(1.54	)

Total distributions		(0.86	)		(1.51	)		(1.15	)		(1.28	)		(1.42	)		(1.54	)


Net asset value, end of period	$	59.07		$	59.22		$	58.01		$	53.40		$	50.98		$	62.47


Total Return
Based on net asset value		1.30	%^(c)		4.70	%		11.11	%		7.48	%		(16.32	)%		15.44	%


Ratios to Average Net Assets
Total expenses		0.69	%^(d)		0.67	%		0.69	%		0.71	%		0.69	%		0.67	%

Total expenses after fees waived		0.25	%^(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		1.29	%^(d)		2.47	%		2.40	%		3.12	%		2.71	%		2.58	%


Supplemental Data
Net assets, end of period (000)	$	5,540,536		$	4,666,697		$	4,037,428		$	4,379,041		$	2,462,357		$	2,080,363

Portfolio turnover rate^(e)		11	%^(c)		22	%		23	%		23	%		28	%		34	%

^(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)	Not annualized.

^(d)	Annualized.

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

See notes to financial statements.


44		2 0 1 9 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 Edge MSCI Min Vol Global ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14


Net asset value, beginning of period	$	87.04		$	81.13		$	75.82		$	67.59		$	68.25		$	59.99

Net investment income^(a)		0.84			1.82			1.84			1.79			1.70			1.72
Net realized and unrealized gain (loss)^(b)		0.67			5.85			5.40			8.07			(0.89	)		8.18

Net increase from investment operations		1.51			7.67			7.24			9.86			0.81			9.90


Distributions
From net investment income		(0.99	)		(1.76	)		(1.93	)		(1.63	)		(1.47	)		(1.64	)

Total distributions		(0.99	)		(1.76	)		(1.93	)		(1.63	)		(1.47	)		(1.64	)


Net asset value, end of period	$	87.56		$	87.04		$	81.13		$	75.82		$	67.59		$	68.25


Total Return
Based on net asset value		1.82	%^(c)		9.56	%		9.75	%		14.76	%		1.15	%		16.70	%


Ratios to Average Net Assets
Total expenses		0.32	%^(d)		0.31	%		0.32	%		0.32	%		0.33	%		0.33	%

Total expenses after fees waived		0.20	%^(d)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income		1.99	%^(d)		2.17	%		2.40	%		2.49	%		2.41	%		2.67	%


Supplemental Data
Net assets, end of period (000)	$	3,931,484		$	3,342,400		$	3,675,374		$	3,267,688		$	2,115,632		$	1,283,012

Portfolio turnover rate^(e)		10	%^(c)		23	%		24	%		24	%		22	%		24	%

^(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)	Not annualized.

^(d)	Annualized.

^(e)	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			45

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Edge MSCI Multifactor Emerging Markets ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Year Ended 08/31/17			Period From 12/08/15 to 08/31/16	^(a)


Net asset value, beginning of period	$	44.78		$	46.04		$	37.46		$	33.82

Net investment income^(b)		0.42			1.39			0.91			1.27
Net realized and unrealized gain (loss)^(c)		(1.83	)		(1.63	)		8.53			2.50

Net increase (decrease) from investment operations		(1.41	)		(0.24	)		9.44			3.77


Distributions
From net investment income		(0.73	)		(1.02	)		(0.86	)		(0.13	)

Total distributions		(0.73	)		(1.02	)		(0.86	)		(0.13	)


Net asset value, end of period	$	42.64		$	44.78		$	46.04		$	37.46


Total Return
Based on net asset value		(2.98	)%^(d)		(0.65	)%		25.80	%		11.16	%^(d)


Ratios to Average Net Assets
Total expenses		0.46	%^(e)		0.45	%^(f)		0.50	%^(f)		0.65	%^(e)(f)

Total expenses after fees waived		0.45	%^(e)		0.42	%^(f)		0.42	%^(f)		0.49	%^(e)(f)

Net investment income		2.06	%^(e)		2.87	%		2.24	%		4.91	%^(e)


Supplemental Data
Net assets, end of period (000)	$	294,200		$	291,071		$	82,873		$	29,969

Portfolio turnover rate^(g)		35	%^(d)		39	%^(h)		36	%^(h)		11	%^(d)(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)	Not annualized.

^(e)	Annualized.

^(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)	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.


46		2 0 1 9 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 ESG MSCI EM ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18	^(a)		Year Ended 08/31/17	^(a)		Period From 06/28/16 to 08/31/16	^(a)(b)


Net asset value, beginning of period	$	33.65		$	34.58		$	28.23		$	25.19

Net investment income^(c)		0.24			0.94			0.85			0.16
Net realized and unrealized gain (loss)^(d)		0.25			(1.17	)		5.81			2.88

Net increase (decrease) from investment operations		0.49			(0.23	)		6.66			3.04


Distributions
From net investment income		(0.42	)		(0.70	)		(0.31	)		—

Total distributions		(0.42	)		(0.70	)		(0.31	)		—


Net asset value, end of period	$	33.72		$	33.65		$	34.58		$	28.23


Total Return
Based on net asset value		1.56	%^(e)		(0.72	)%		23.75	%		12.09	%^(e)


Ratios to Average Net Assets
Total expenses		0.25	%^(f)		0.25	%		0.42	%		0.45	%^(f)

Net investment income		1.52	%^(f)		2.63	%		2.73	%		3.26	%^(f)


Supplemental Data
Net assets, end of period (000)	$	509,163		$	329,753		$	96,812		$	5,645

Portfolio turnover rate^(g)		18	%^(e)		45	%		29	%		9	%^(e)

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 24, 2018.

^(b)	Commencement of operations.

^(c)	Based on average shares outstanding.

^(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)	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			47

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets ex China ETF
		Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18			Period From 07/18/17 to 08/31/17	^(a)


Net asset value, beginning of period	$	49.59		$	51.14		$	50.22

Net investment income^(b)		0.44			1.10			0.13
Net realized and unrealized gain (loss)^(c)		(0.59	)		(1.80	)		0.79

Net increase (decrease) from investment operations		(0.15	)		(0.70	)		0.92


Distributions
From net investment income		(0.89	)		(0.85	)		—

Total distributions		(0.89	)		(0.85	)		—


Net asset value, end of period	$	48.55		$	49.59		$	51.14


Total Return
Based on net asset value		(0.17	)%^(d)		(1.41	)%		1.83	%^(d)


Ratios to Average Net Assets
Total expenses^(e)		0.49	%^(f)		0.49	%		0.49	%^(f)

Total expenses after fees waived^(e)		0.41	%^(f)		0.41	%		0.41	%^(f)

Net investment income		1.87	%^(f)		2.09	%		2.07	%^(f)


Supplemental Data
Net assets, end of period (000)	$	14,564		$	9,919		$	10,227

Portfolio turnover rate^(g)(h)		3	%^(d)		9	%		0	%^(d)(i)

^(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)	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.

⁽ⁱ⁾	Rounds to less than 1%.

See notes to financial statements.


48		2 0 1 9 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)

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
Edge MSCI Min Vol Emerging Markets		Diversified
Edge MSCI Min Vol Global		Diversified
Edge MSCI Multifactor Emerging Markets		Diversified	^(a)
ESG MSCI EM^(b)		Non-diversified
MSCI Emerging Markets ex China		Non-diversified

^(a)

The Fund’s classification changed from non-diversified to diversified during the reporting period.

^(b)

Formerly the iShares MSCI EM ESG Optimized ETF.

Basis of Consolidation: The accompanying consolidated financial statements for the iShares Edge MSCI Min Vol Emerging Markets 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

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 consolidated 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 February 28, 2019, if any, are disclosed in the consolidated statement of assets and liabilities.

The iShares Edge MSCI Min Vol Emerging Markets 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, on an annual basis, 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.


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)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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.

•

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

•


50		2 0 1 9 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)

•

4.	SECURITIES AND OTHER INVESTMENTS

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Edge MSCI Min Vol Emerging Markets
Citigroup Global Markets Inc.	$	14,678,059	$	14,678,059		$	—	$	—
Credit Suisse Securities (USA) LLC		200,550		200,550			—		—
Goldman Sachs & Co.		13,388,201		13,388,201			—		—
HSBC Bank PLC		625,464		625,464			—		—
JPMorgan Securities LLC		5,060,709		5,060,709			—		—
Morgan Stanley & Co. International PLC		2,558,421		2,558,421			—		—
Morgan Stanley & Co. LLC		2,627,335		2,627,335			—		—

	$	39,138,739	$	39,138,739		$	—	$	—


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)


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
Edge MSCI Min Vol Global
Barclays Bank PLC	$	14,096,559	$	14,096,559	$	—	$	—
Citigroup Global Markets Inc.		584,035		584,035		—		—
Credit Suisse Securities (USA) LLC		155,558		155,558		—		—
Goldman Sachs & Co.		9,215,207		9,215,207		—		—
HSBC Bank PLC		72,202		72,202		—		—
JPMorgan Securities LLC		2,446,267		2,446,267		—		—
Merrill Lynch, Pierce, Fenner & Smith		14,616,299		14,616,299		—		—
Morgan Stanley & Co. International PLC		1,129,198		1,129,198		—		—
Morgan Stanley & Co. LLC		20,901		20,901		—		—
Morgan Stanley & Co. LLC (U. S. Equity Securities Lending)		4,009,361		4,009,361		—		—

	$	46,345,587	$	46,345,587	$	—	$	—

Edge MSCI Multifactor Emerging Markets
Citigroup Global Markets Inc.	$	328,089	$	328,089	$	—	$	—
HSBC Bank PLC		147,026		147,026		—		—
JPMorgan Securities LLC		871,533		871,533		—		—

	$	1,346,648	$	1,346,648	$	—	$	—

ESG MSCI EM
Barclays Bank PLC	$	134,029	$	134,029	$	—	$	—
Citigroup Global Markets Inc.		1,086,011		1,086,011		—		—
Jefferies LLC		135,575		135,575		—		—
JPMorgan Securities LLC		13,429,616		13,429,616		—		—
Morgan Stanley & Co. International PLC		34,070		34,070		—		—

	$	14,819,301	$	14,819,301	$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS


52		2 0 1 9 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)

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to the iShares Edge MSCI Min Vol Emerging Markets 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

For its investment advisory services to the iShares Edge MSCI Min Vol Global 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 ^(a)		0.227
Over $150 billion ^(a)		0.204

^(a)

Break level added or amended effective June 29, 2018.

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 Emerging Markets		0.45	%
ESG MSCI EM		0.25
MSCI Emerging Markets ex China		0.49

For each of the iShares Edge MSCI Min Vol Emerging Markets and iShares Edge MSCI Min Vol Global ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in order to limit each Fund’s total annual operating expenses after fee waiver to 0.25% and 0.20%, respectively, of average daily net assets.

For each of the iShares Edge MSCI Multifactor Emerging Markets and iShares MSCI Emerging Markets ex China ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2021 and December 31, 2022, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares 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			53

Notes to Financial Statements (unaudited) (continued)

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.


iShares ETF	Fees Paid to BTC
Edge MSCI Min Vol Emerging Markets	$	153,570
Edge MSCI Min Vol Global		34,831
Edge MSCI Multifactor Emerging Markets		3,072
ESG MSCI EM		11,292

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
Edge MSCI Min Vol Emerging Markets	$	7,742,607	$	6,047,993
Edge MSCI Min Vol Global		40,134,070		90,920,864
Edge MSCI Multifactor Emerging Markets		6,860,749		7,186,523

7.	PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
Edge MSCI Min Vol Emerging Markets	$	1,082,233,326	$	553,884,599
Edge MSCI Min Vol Global		620,683,469		364,178,750
Edge MSCI Multifactor Emerging Markets		110,537,389		93,228,341
ESG MSCI EM		175,064,874		74,637,250
MSCI Emerging Markets ex China		2,981,622		290,487

For the six months ended February 28, 2019, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Edge MSCI Min Vol Emerging Markets	$	294,750,540	$	12,711,387
Edge MSCI Min Vol Global		501,551,187		211,409,419
Edge MSCI Multifactor Emerging Markets		27,022,276		28,987,474
ESG MSCI EM		65,759,195		—
MSCI Emerging Markets ex China		2,133,177		—


54		2 0 1 9 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)

8.	INCOME TAX INFORMATION

As of August 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
Edge MSCI Min Vol Emerging Markets	$	572,886,160
Edge MSCI Min Vol Global		101,835,656
Edge MSCI Multifactor Emerging Markets		5,828,056
ESG MSCI EM		4,318,520
MSCI Emerging Markets ex China		138,264


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Edge MSCI Min Vol Emerging Markets	$	4,990,297,355	$	823,026,533	$	(231,048,121	)	$	591,978,412
Edge MSCI Min Vol Global		3,534,661,044		548,039,526		(116,332,478	)		431,707,048
Edge MSCI Multifactor Emerging Markets		307,537,815		14,290,999		(27,837,443	)		(13,546,444	)
ESG MSCI EM		519,205,615		28,572,402		(25,582,035	)		2,990,367
MSCI Emerging Markets ex China		14,737,609		799,752		(1,020,536	)		(220,784	)

9.	LINE OF CREDIT

The iShares Edge MSCI Min Vol Global and iShares MSCI Emerging Markets ex China ETFs did not borrow under the credit agreement during the six months ended February 28, 2019.

For the six months ended ended February 28, 2019, the maximum amount borrowed, the average 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 Min Vol Emerging Markets	$	48,200,000	$	1,597,790		3.36	%
Edge MSCI Multifactor Emerging Markets		2,100,000		387,293		3.04
ESG MSCI EM		23,000,000		821,802		3.05

10.

PRINCIPAL RISKS


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			55

Notes to Financial Statements (unaudited) (continued)

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.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
Edge MSCI Min Vol Emerging Markets
Shares sold		15,500,000		$	877,291,680			13,500,000		$	802,737,319
Shares redeemed		(500,000	)		(29,357,343	)		(4,300,000	)		(254,610,572	)

Net increase		15,000,000		$	847,934,337			9,200,000		$	548,126,747


56		2 0 1 9 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)


	Six Months Ended 02/28/19						Year Ended 08/31/18
iShares ETF	Shares			Amount			Shares			Amount
Edge MSCI Min Vol Global
Shares sold		9,000,000		$	747,876,368			6,900,000		$	577,447,826
Shares redeemed		(2,500,000	)		(216,606,659	)		(13,800,000	)		(1,163,008,253	)

Net increase (decrease)		6,500,000		$	531,269,709			(6,900,000	)	$	(585,560,427	)

Edge MSCI Multifactor Emerging Markets
Shares sold		1,800,000		$	75,042,551			5,500,000		$	273,243,599
Shares redeemed		(1,400,000	)		(56,047,109	)		(800,000	)		(38,240,311	)

Net increase		400,000		$	18,995,442			4,700,000		$	235,003,288

ESG MSCI EM
Shares sold		5,300,000		$	170,267,201			8,000,000	^(a)	$	293,587,360
Shares redeemed		—			—			(1,000,000	)^(a)		(34,756,507	)

Net increase		5,300,000		$	170,267,201			7,000,000		$	258,830,853

MSCI Emerging Markets ex China
Shares sold		100,000		$	4,911,101			—		$	—

^(a)

Per share amounts reflect a two-for-one stock split effective after the close of trading on May 24, 2018.

12.

LEGAL PROCEEDINGS

13.

REGULATION S-X AMENDMENTS

Distributions for the year ended August 31, 2018 were classified as follows:


iShares ETF	Net Investment Income
Edge MSCI Min Vol Emerging Markets	$	114,335,550
Edge MSCI Min Vol Global		74,053,110
Edge MSCI Multifactor Emerging Markets		3,373,796
ESG MSCI EM		4,257,999
MSCI Emerging Markets ex China		169,215


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			57

Notes to Financial Statements (unaudited) (continued)

Undistributed net investment income as of August 31, 2018 are as follows:


iShares ETF	Undistributed net investment income
Edge MSCI Min Vol Emerging Markets	$	42,180,696
Edge MSCI Min Vol Global		15,717,663
Edge MSCI Multifactor Emerging Markets		3,094,212
ESG MSCI EM		2,835,577
MSCI Emerging Markets ex China		92,335

14.

SUBSEQUENT EVENTS


58		2 0 1 9 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

Supplemental Information (unaudited)

Section 19(a) Notices


	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 Min Vol Emerging Markets^(a)	$	0.662236	$	—	$	0.199628	$	0.861864		77	%		—	%		23	%		100	%
Edge MSCI Min Vol Global^(a)		0.900386		—		0.091177		0.991563		91			—			9			100
Edge MSCI Multifactor Emerging Markets^(a)		0.623958		—		0.109090		0.733048		85			—			15			100
ESG MSCI EM^(a)		0.346357		—		0.076046		0.422403		82			—			18			100
MSCI Emerging Markets ex China^(a)		0.709970		—		0.179380		0.889350		80			—			20			100

^(a)


S U P P L E M E N T A L I N F O R M A T I O N			59

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to www.icsdelivery.com.

•

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

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


60		2 0 1 9 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

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


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			61

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

LOGO

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”).

©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are -iS the property of their respective owners.

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 Directors.

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, Inc.

By: /s/ Martin Small

Martin Small, President (Principal Executive Officer)

Date: April 29, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Martin Small

Martin Small, President (Principal Executive Officer)

Date: April 29, 2019

By: /s/ Neal Andrews

Neal Andrews, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: April 29, 2019